Rule No 6, Section 3 of ”Best Practices for Companies Listed on the Warsaw Stock Exchange” sets out that: “At least two members of the Supervisory Board should meet the criteria of independence from the company and entities substantially related to the company. Criteria of independence of Supervisory Board members are governed by Appendix 2 to the European Commission’s Recommendation of 15 February 2005 on the role of non-executive directors or directors being members of supervisory boards of stock exchange companies and supervisory board commissions. Notwithstanding the provisions of art. b) of the Appendix, a person being an employee of a company, a subsidiary or an associate may not be considered as meeting the criteria of independence referred therein. In addition, any actual and significant relation with a shareholder having a right to exercise 5% and more of the total number of rights of vote at the General Shareholders Meeting is considered as a relation excluding the independence of a Supervisory Board member within the meaning of this rule.”

The above rule is not applied by the Company because Grupa LOTOS does not have any information on the independence of Supervisory Board members. The Company will start applying that rule after obtaining relevant information on the appointment or acknowledgement of at least two Supervisory Board members as independent members in accordance with Appendix 2 to the European Commission’s Recommendation of 15 February 2005.

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