Agreement with a consortium of CAIB Securities S.A.

Under Art. 81 par. 1, item 2 of the Law on Public Trading of Securities dated 21 August, 1997 (Official Journal of Bills No 118, item 754 with the later amendments) The Management Board of Polski Koncern Naftowy S.A. wishes to announce that on March 13, 2000 Polski Koncern Naftowy S.A. signed an agreement with a consortium of CAIB Securities S.A., Lehman Brothers International (Europe), Wielkopolski Bank Kredytowy S.A. under which the consortium will be acting as an underwriter in the secondary stage of privatisation of Polski Koncern Naftowy S.A.