The Management Board of Grupa LOTOS S.A. reports that on February 26th 2010 Grupa LOTOS S.A. and LOTOS Asfalt Sp. z o.o. of Gdańsk (a wholly-owned subsidiary of Grupa LOTOS S.A.) entered into an agreement under which Grupa LOTOS S.A. will sell to LOTOS Asfalt Sp. z o.o. fuels intended to be used as bunker fuel.
The agreement was executed for an unspecified period starting on March 1st 2010. Its estimated value over a five-year term is approx. PLN 570m. The estimated maximum value of the contractual penalties is about PLN 5.5m.
The agreement does not contain any provisions which would prevent the parties from seeking additional compensation above the contractual penalties. The other terms and conditions of the agreement do not differ from the terms and conditions commonly used in agreements of such type.
The agreement has been classified as significant because its estimated 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.