Guarantees issued by PKN ORLEN

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN"), Central Europe’s largest downstream oil company, announces that on 4 January 2005 it issued parent company guarantees to Holborn European Marketing Company Ltd, Deutsche BP Aktiengesellschaft, Shell Deutschland Oil GmbH for the total amounts of EUR 64m and USD 56m and a letter of guarantee to insurance institution Zurich Versicherung AG for the amount of EUR 25m to secure the liabilities of ORLEN Deutschland AG (PKN ORLEN’s fuel 100% subsidiary in Germany).

The approximate amount of PLN 533m in liabilities originates from ORLEN Deutschland’s fuel trading operations.

The guarantees come into force on 1 February 2005 and extend the period of validity currently binding until 31 January 2005. (see regulatory announcements dated 28 January 2004, 12 February 2004, 20 February 2004, 2 August 2004).

The guarantees given to Shell Deutschland Oil GmbH are valid till 30 June 2005; the guarantees given to Holborn European Marketing Company Ltd, Deutsche BP Aktiengesellschaft and Zurich Versicherung AG are valid till 31 December 2005.

PKN ORLEN holds a 100% stake in ORLEN Deutschland AG.