The Grupa LOTOS Management Board reports that in the period from April 26th to October 28th 2013 Grupa LOTOS entered into contracts with DEVONOIL S.A., a trading arm of OAO Tatneft, with an aggregate value of approximately PLN 865m, i.e. the value of a significant agreement (more than 10% of the equity of Grupa LOTOS S.A.).
On May 17th 2013, Grupa LOTOS S.A. and DEVONOIL S.A. executed a contract for the supply of crude oil to Grupa LOTOS (the highest-value contract from among the contracts with DEVONOIL S.A.). The contract was executed for a definite period (running from June 1st to June 30th 2013). The estimated value of the contract of May 17th 2013 is approximately PLN 480m.
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 this 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.