The Grupa LOTOS Management Board reports that in the twelve months to April 26th 2013 Grupa LOTOS entered into contracts with DEVONOIL S.A., a trading arm of OAO Tatneft, with an aggregate value of approximately PLN 874m, i.e. the value of a significant agreement (more than 10% of the equity of Grupa LOTOS S.A.).
On January 21st 2013, Grupa LOTOS and DEVONOIL S.A. executed a contract for the supply of crude oil to Grupa LOTOS. The contract was executed for a definite period (running from February 1st to February 28th 2013), and its estimated net value was approximately PLN 257m (the highest-value contract from among the contracts with DEVONOIL S.A.).
The contract 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 applied in contracts 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, as amended.