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Execution of Crude Oil Supply Agreement between Grupa LOTOS S.A. and Statoil ASA
Report no. 12/20112009-12-16


The Management Board of Grupa LOTOS S.A. hereby reports that on December 16th 2009, Grupa LOTOS S.A. and Statoil ASA of Stavanger executed an agreement providing for the supply to Grupa LOTOS S.A. of a minimum of four shipments of crude oil with the estimated volume of 2.4 million bbls (approx. 320 thousand tonnes) in the period January 1st–December 31st 2010. In accordance with the agreement, the supplies will be shipped by sea.

The aggregate value of agreements concluded between the members of the LOTOS Group and the Statoil ASA Group in the 12 months to and including the agreement date, i.e. December 16th 2009, is PLN 746m, translated at the mid-exchange rates quoted for the US dollar and the euro by the National Bank of Poland for December 16th 2009.

The agreement described in this report is one with the highest value, estimated for the agreement date at PLN 494m, translated at the US dollar mid-exchange rate quoted by the National Bank of Poland for December 16th 2009.

The agreement provides for no conditions precedent (specifically no conditions precedent related to meeting any specific deadline), nor does it provide for any contractual penalties. It was executed on typical terms commonly used in agreements of such type.

The agreements are considered significant because their estimated aggregate value exceeds 10% of Grupa LOTOS S.A.’s equity.

The legal basis for the publication of this Current Report is Par. 5.1.3 of the Minister of Finance’s Regulation on current and periodic information to be published by issuers of securities and conditions for recognition as equivalent of information whose disclosure is required under the laws of a non-member state, dated February 19th 2009.