The Reference Price

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 ORLEN S.A. wishes to inform that on June 14, 2000, in consultation with the Ministry of Treasury and having taken into account recommendations of the Global Co-ordinators - CAIB, Lehman Brothers and WBK, the Management Board of Nafta Polska S.A.,fixed the Reference Price for the Retail Tranche. The Reference Price for orders placed during the Main Order Period, i.e. from June, 16 to June 26, 2000 is established at the level of PLN 22.00

The Reference Price for orders placed during the Final Order Period, i.e. from June, 27 to June 29, 2000 is established at the level of PLN 23.50. The above prices include, respectively, 10% and 4% discount entitled to individual investors compared to the price fixed for institutional investors (Offer Price) The Reference Price allows investors to place and pay the purchase orders for shares of PKN ORLEN offered in the Retail Tranche.

The Reference Price differs in each Order Period due to different discounts (compared to the Offer Price) for individual investors in each order period - 10% in the Main Order Period and 4% in the Final Order Period. The Reference Price is neither the Offer Price nor final price to be paid by individual investors. The Offer Price will be fixed on June 30, 2000 by Nafta Polska S.A. upon recommendations of the Global Coordinators taking into account results of the Book building process and demand volume made by individual investors.

The final price to be paid by individual investors may vary from the Reference Price, however it cannot be higher than the Reference Price. In the event the final price paid by individual investors is lower than the Reference Price, the investors will be returned the exceeding amount within 3 working days counted from tha date of share allocation, i.e not later than July 5, 2000.