Macro environment

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Crude oil prices and foreign exchange rates, model refining margin of Grupa LOTOS S.A.

    1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
 
Quarterly average crude oil prices
Brent Dtd USD/bbl 76.34 78.24 76.74 86.43 105.45 116.92 113.23 109.39 118.63 108.02 109.60 110.14 112.54 102.53 110.19 109.22
Spread Brent Dtd vs  Ural Rtdm USD/bbl 1.41 1.74 0.92 1.51 2.93 2.83 0.67 0.26 1.20 1.97 0.69 0.97 1.69 0.65 0.15 1.40
 
Quarterly average FX rates
USD PLN 2.88 3.16 3.10 2.92 2.88 2.75 2.94 3.28 3.22 3.33 3.31 3.17 3.15 3.21 3.21 3.07
EUR PLN 3.99 4.01 4.01 3.97 3.95 3.96 4.15 4.42 4.23 4.26 4.14 4.11 4.16 4.20 4.25 4.19
 
Model refining margin
Model refining margin * USD/bbl                     9.68 9.10 7.31 6.08 4.32 5.48

* In order to facilitate assessment of the impact of global commodity and product prices on the profitability of Grupa LOTOS S.A.’s refinery, the Company revised its model refining margin for Q3 2013 and comparative periods. For a description of the new method of estimating the refining margin, see Current Report No. 25/2013 of October 29th 2013.