Unconsolidated Annual Report 2004 and Consolidated Annual Report 2004 adjustment

Polski Koncern Naftowy ORLEN S.A. (“PKN ORLEN”, “Company”) Central Europe’s largest downstream oil company, hereby announces that, following the publication of the decree of the Arbitration Court, based in Warsaw, which states that the agreement for the purchase of 168,000 shares in Niezalezny Operator Miedzystrefowy Sp. z o.o. („NOM”) by Polskie Sieci Elektroenergetyczne S.A. („PSE”) in Warsaw from PKN ORLEN did not come into force because the suspending condition was not fulfilled, i.e. the lack of approval from the corporate organs of PSE for the deal, the Company has made a correction to the Annual Report for 2004, Consolidated Annual Report 2004 under PAS and IFRS which were published accordingly on 31 March 2005 and 20 April 2005.

The correction in the Annual Report 2004 relates to an increase in the provision for amounts receivable from PSE by 67m PLN to 111.5m PLN. In light of the above, the financial results of PKN ORLEN and the distribution of profits have been changed. The appropriate notes have also undergone changes.

PKN ORLEN has also made an amendment to the Consolidated Annual Report 2004 under PAS and IFRS. The amendment relates to the financial results of the Parent Company and the distribution of profits.

The corrected Annual Report 2004 and Consolidated Annual Report under PAS and IFRS will be published late afternoon today, and will be available on our website: www.orlen.pl