The Management Board of Grupa LOTOS S.A. hereby reports that until today the total value of agreements executed between Grupa LOTOS S.A. and Mercuria Energy Trading SA, of Geneva from the day of the execution of the last material agreement between the above mentioned companies (current report No. 43/2009 from December 4th 2009), amounted to USD 239.9m (or PLN 787.2m translated at the mid-exchange rate quoted for USD by the National Bank of Poland on May 7th 2009), and reached the status of a material agreement as its value exceeded 10% of Grupa LOTOS S.A.’s equity.
The largest transaction (in terms of value) concluded between the two companies is the agreement from May 7th 2010 for the supply of 150.000 tonnes of REBCO crude oil. According to the agreement the supplies will be executed through the Druzhba pipeline. The estimated value of this agreement is USD 85.6m (or PLN 280.9m translated at the mid-exchange rate quoted for USD by the National Bank of Poland on May 7th 2010).
The agreement does not contain any conditions precedent or specify any date of events giving rise to the claim (dies a quo), it does not provide for any contractual penalties, and was executed on typical market terms for this type of transactions.
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.