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 TNK Trade Ltd. contracts for a total value of approx. USD 213.65m (exclusive of VAT) (i.e. PLN 704.84m, as translated using the USD mid-exchange rate quoted by the National Bank of Poland for January 25th 2012). As the aggregate value of the contracts has exceeded 10% of Grupa LOTOS’ equity, the contracts are recognised as significant agreement.
On December 28th 2011, Grupa LOTOS and TNK Trade Ltd. executed a contract for the supply of crude oil to Grupa LOTOS. The contract was executed for a definite period (from December 28th 2011 to January 31st 2012), and is the highest value contract among the contracts with TNK Trade Ltd.).
The value of the contract of December 28th 2011 is estimated at approx. USD 40.35m (exclusive of VAT) (i.e. PLN 135.61m, as translated using the USD mid-exchange rate quoted by the National Bank of Poland for December 28th 2011). The contract does not include any condition precedent or specify any date of events giving rise to a claim (dies a quo), nor does it provide for any 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.