The Management Board of Grupa LOTOS S.A. announces that over the last twelve months, by March 18th 2016, Grupa LOTOS and Varo Energy Supply Trading B.V. executed contracts for an aggregate amount of approximately USD 193m, VAT-exclusive (ca. PLN 731m translated at the USD/PLN mid rate quoted by the National Bank of Poland for March 18th 2016), thus meeting the criteria of a significant agreement (more than 10% of Grupa LOTOS S.A.’s equity).
On November 26th 2015, Grupa LOTOS S.A. and Varo Energy Supply Trading B.V. signed a contract for sale of unleaded gasoline to Varo Energy (the highest-value transaction from among the above contracts). The value of the contract of November 26th 2015 is estimated at approximately USD 102m, VAT-exclusive (ca. PLN 386m translated at the USD/PLN mid rate quoted by the National Bank of Poland as at March 18th 2016).
The contract does not include any condition or date precedent or 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.