48. Transactions with Related Undertakings (including Associated Undertakings Valued with Equity Method and Non-Consolidated Undertakings)

Transactions with related undertakings are executed at arms’ length.

In the period January 1st – December 31st 2008, the total value of property, plant and equipment and intangible assets purchased by the LOTOS Group from the related undertakings was PLN 1 thousand.

In the period from January 1st to December 31st 2008, the total value of financial income from transactions concluded with related undertakings amounted to PLN 104 thousand (including interest income of PLN 50 thousand and dividend income of PLN 54 thousand).

In the period January 1st – December 31st 2007, total income on the sale of property, plant and equipment and intangible assets of the LOTOS Group to related undertakings was PLN 230 thousand.

In the period January 1st – December 31st 2007, total value of property, plant and equipment and intangible assets purchased by the LOTOS Group from related undertakings was PLN 210 thousand.

In the period January 1st – December 31st 2007, total value of financial income from transactions with related undertakings amounted to PLN 320 thousand and included dividend income.

In the period January 1st – December 31st 2007, total value of financial expenses incurred in connection with transactions with related undertakings amounted to PLN 777 thousand (provisions for interest on liabilities).

In the period January 1st – December 31st 2007, total value of other operating income from transactions with related undertakings was PLN 168 thousand (gain on disposal of non-financial non-current assets).

In the period January 1st – December 31st 2007, total value of other operating expenses incurred in connection with transactions with related undertakings amounted to PLN 1,488 thousand (including loss on disposal of non-financial non-current assets of PLN 26 thousand and other operating expenses of PLN 1,462 thousand).