The Management Board of Grupa LOTOS S.A. (Grupa LOTOS) hereby reports that in the period of the last 12 months Grupa LOTOS executed with Shell Group companies contracts for a total value of PLN 5,092m. As the aggregate value of the contracts has exceeded 10% of Grupa LOTOS’s equity, the contracts are recognised as significant agreement.
On December 29th 2011, Grupa LOTOS and Shell Polska Sp. z o.o. executed a contract for sale of liquid fuels by Grupa LOTOS to Shell Polska Sp. z o.o. The contract was executed for a definite period, from January 1st to December 31st 2012, and is the highest-value contract in the series of contracts with the Shell Group.
The estimated value of the contract of December 29th 2011 is approx. PLN 4,400m (VAT-exclusive), and the maximum amount of contractual penalties under this contract is approx. PLN 64m (VAT-exclusive). The contract 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 contract do not differ from the terms and conditions commonly applied 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.