LOTOS

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Rules of the Auditor Change

With respect to Grupa LOTOS S.A., a company in which the State Treasury is the majority shareholder, a change of the auditor is governed by the provisions of the Minister of State Treasury’s Regulation No. 34 of September 29th 2008, amended by Regulation No. 29 of July 23rd 2009. These Regulations of the Minister of State Treasury define detailed rules and procedures for the selection of auditors to audit financial statements of sole-shareholder companies of the State Treasury and companies in which the State Treasury holds majority interests. The selection of an unbiased and independent auditor to audit a company’s financial statements is within the powers of the supervisory board. The entire selection procedure is performed by the supervisory board. The procedure includes in particular:
a) definition of the criteria for auditor selection and bid assessment;
b) execution of the auditor selection procedure;
c) authorisation of the management board (director) to execute an agreement for the audit of financial statements.