The Management Board of Grupa LOTOS S.A. ("Grupa LOTOS") hereby reports that in the period from January 10th 2011 (Current Report No. 3/2011) to January 3rd 2012, Grupa LOTOS entered into contracts with members of the BP Group whose total value reached PLN 1,841m, i.e. the value of a significant agreement (more than 10% of the equity of Grupa LOTOS).
On January 3rd 2012, Grupa LOTOS and BP Europa SE Polish Branch executed a contract for sale of liquid fuels by Grupa LOTOS to BP Europa SE. The contract was executed for a definite period, from January 3rd to December 31st 2012, and is the highest-value contract in the series of contracts with the BP Group.
The estimated value of the contract of January 3rd 2012 is approx. PLN 1,300m (VAT-exclusive), and the maximum amount of contractual penalties under this contract is approx. PLN 19m (VAT-exclusive). The agreement does not contain any provisions under which the parties would be entitled to seek any 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.