PKN ORLEN issued parent company guarantees

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN"), Central Europe’s largest downstream oil company, announces that on 14 June 2005 it issued parent company guarantees to Holborn European Marketing Company Ltd and Shell Deutschland Oil GmbH, for the total amount of EUR 64m, and a letter of guarantee to Bayerische-Hypo und Vereinsbank AG for the amount of EUR 25m to guarantee the liabilities of ORLEN Deutschland AG (PKN ORLEN’s 100% fuel subsidiary in Germany).

The approximate amount of PLN 359m in liabilities originates from ORLEN Deutschland’s fuel trading operations. The guarantees given to Holborn European Marketing Company Ltd. and Shell Deutschland Oil GmbH replace the currently valid guarantees issued on 4 January 2005 (see regulatory announcement dated 5 January 2005).

The guarantees given to Holborn European Marketing Company Ltd., Shell Deutschland Oil GmbH and Bayerische-Hypo und Vereinsbank AG are valid until 31 January 2006.