Execution of a credit facility agreement for the refinancing of an existing credit facility contracted to finance Grupa LOTOS S.A.'s inventories
Report no. 32/20122012-10-10

On October 10th 2012, Grupa LOTOS and a syndicate of five banks, comprising:

- BANK POLSKA KASA OPIEKI S.A. of Warsaw, Poland,
- BRE BANK S.A. of Warsaw, Poland,
- ING BANK ŚLĄSKI S.A. of Katowice, Poland,
- NORDEA BANK AB (publ) of Stockholm, Sweden,
- SOCIETE GENERALE S.A. of Paris, France,

executed a credit facility agreement to refinance an existing credit facility, used to finance the Company's inventories, advanced to Grupa LOTOS pursuant to a credit facility agreement of December 20th 2007, as amended, by a syndicate comprising the following banks: BANK POLSKA KASA OPIEKI S.A. of Warsaw, POWSZECHNA KASA OSZCZĘDNOŚCI BANK POLSKI S.A. of Warsaw, BRE BANK S.A. of Warsaw, and NORDEA BANK POLSKA S.A. of Gdynia (Grupa LOTOS S.A.'s Current Report No. 55/2007 of December 20th 2007 and Grupa LOTOS S.A.'s Current Report No. 27/2011 of August 23rd 2011).

The agreement provides for a revolving credit facility for a total amount of USD 400m (or PLN 1,268m at the mid-exchange rate quoted by the National Bank of Poland as at October 10th 2012), granted to finance/refinance the Company's inventories. The lending period is 12 months, starting from December 20th 2012, with an option to extend for subsequent 12-month periods. The credit facility is secured primarily by an agreement on registered pledge over the Company's inventories (including the related assignments of rights under inventory storage agreements and insurance policies) and an agreement on pledge over amounts due related the aforementioned credit facility agreement, resulting from the agreement for the operation of Grupa LOTOS S.A.'s bank accounts (including a power of attorney to those bank accounts). The other terms and conditions of the credit facility agreement, including the provisions concerning penalties, do not differ from those commonly used in agreements of such type.

The agreement is subject to a condition precedent, i.e. it will enter into force once the Company's Supervisory Board adopts a resolution approving the agreement.

The agreement is classified as 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.