The Management Board of Grupa LOTOS S.A. hereby reports that on December 29th 2010 Grupa LOTOS S.A. and Shell Polska Sp. z o.o. of Warsaw signed an agreement for the liquid fuel sale to Shell Polska Sp. z o.o.
The agreement was executed for a specified period from January 1st 2011 to December 31st 2012, and its estimated value is PLN 4bn.
The estimated maximum of contractual penalties is around PLN 64m. The agreement does not contain any provisions permitting either party to seek compensation in excess of the contractual penalties.
Other terms and conditions of the agreement do not differ from the terms and conditions commonly applied in agreements of such type.
The agreement is considered significant as 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.