The Management Board of Grupa LOTOS SA hereby reports that as a result of concluding on November 28th 2011 the agreement for heavy sulphur fuel oil sale by Grupa LOTOS S.A. to O.W. Supply & Trading A/S. of Danemark in December 2011 – March 2012, the total value of the agreements concluded between the above mentioned parties in the period of the recent 12 months is about USD 216.52m (ie PLN 729.78m, translated at USD the mid-exchange rate quoted by the National Bank of Poland for on the day the reported event) and thus reaches the value of a significant agreement, exceeding 10% of the equity of Grupa LOTOS S.A.
In terms of value, the largest of these agreements is the agreement of November 28th 2011 on the heavy sulphur fuel oil sale, of which estimated value is USD 68.76m (i.e. PLN 231.75m translated at the USD mid-exchange rate quoted by the National Bank of Poland for November 28th 2011).
The agreement does not include any condition precedent or specify any date of events giving rise to a claim (dies a quo), it does not provide for any contractual penalties and its terms and conditions do not differ from the terms and conditions commonly used in agreements of such type
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.