Impact of LIFO valuation of inventories on the financial results of PKN ORLEN in Q4 2004 and twelve months to the end-December 2004

Polski Koncern Naftowy ORLEN Spolka Akcyjna ("PKN ORLEN"), Central Europe’s largest downstream oil company, would like to outline the impact of LIFO valuation of inventories on the unconsolidated financial results of PKN ORLEN and the consolidated financial results of the PKN ORLEN Capital Group for Q4 2004 and post Q4 2004.