Updated corporate governance statement of PKN ORLEN

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN", “Company”), Central Europe’s largest downstream oil company, hereby announces the updated corporate governance statement implied by resolution no 44/1062/2004, dated December 15th, 2004, of the Warsaw Stock Exchange Supervisory Board (“corporate governance rules”).

In accordance with the declarations attached in the commentaries to the statement, published on June 30th, 2005, concerning the observing of corporate governance in PKN ORLEN, the following corporate acts of the company were modified:
a) The Articles of Association of PKN ORLEN – The unified text was accepted in a resolution of the Supervisory Board of PKN ORLEN dated October 7th, 2005;
b) The Constitution of the General Meeting of Shareholders of PKN ORLEN S.A. accepted in a resolution of the Ordinary General Meeting of PKN ORLEN dated June 29th, 2005;
c) The Constitution of the Management Board of PKN ORLEN accepted in a resolution of the Supervisory Board of PKN ORLEN dated October 7th, 2005;
d) The Constitution of the Supervisory Board of PKN ORLEN accepted in a resolution of the Supervisory Board of PKN ORLEN dated October 7th, 2005;
As a result of the changes mentioned above, the Company’s comments on each corporate governance rule was updated.

PKN ORLEN declares the observation of all corporate governance rules, except for rule no 20, which is not observed. PKN ORLEN's Management Board recommended to the Company's General Meeting held on June 29th, 2005, acceptance of the principle to observe all corporate governance rules. Rule no 20 was the only one not approved by the Company’s Shareholders.