Grupa LOTOS debuted on the Warsaw Stock Exchange (WSE) on June 9th 2005. Under the Issue Prospectus, 78,700,000 ordinary Series A shares with a par value of PLN 1 per share and 35,000,000 ordinary Series B shares with a par value of PLN 1 per share were introduced to public trading. Following the issue of Series B shares, on June 28th 2005, the increase in Grupa LOTOS's share capital to PLN 113,700,000 was registered.

The issue price was set at PLN 29, and after the trading started, the market price rose to PLN 32, that is by 10.34%.

Through the public offering, Grupa LOTOS raised proceeds of PLN 1,015,000 thousand. They were applied towards the acquisition of shares in Rafineria Czechowice S.A. (80.04% ownership interest), Rafineria Jasło S.A. (80.01%), Rafineria Nafty Glimar S.A. (91.54%) and Petrobaltic S.A. (69%), as well as for the execution of the Comprehensive Technological Development Programme of the Company's refinery in Gdańsk (later called the 10+ Programme).

On July 17th 2009, another increase in Grupa LOTOS's share capital was registered, effected by way of the issue of 16,173,362 ordinary Series C shares covered with a non-cash contribution in the form of shares in LOTOS Petrobaltic, LOTOS Jasło and LOTOS Czechowice.

The current total number of Company shares is 129,873,362.

Shares' relative performance vs. stock-exchange indices

2011 was the time of falling stock prices and turbulences on the stock exchange. In the wake of the economic deceleration and the sovereign debt crisis in the eurozone, share prices on Warsaw Stock Exchange slid. Over the entire year, the WIG index lost 20.8% and WIG-20 - 21.9%. The index of fuel companies, WIG-PALIWA, fell by 16.6% in 2011 relative to 2010.

During the first half of the year, the price of Grupa LOTOS shares followed an uptrend, yielding a positive rate of return in the range from 10% to 30% at the beginning of the period. At the beginning of the year, the Company's shares outperformed significantly the WIG, WIG-20 and WIG-PALIWA indices. On April 21st 2011, the price of Company shares reached its all-year high of PLN 49.50 per share.

In the second half of 2011, the trend reversed and the Company's shares followed the market. At session close on December 31st 2011, the price was PLN 23.30 per share. The rate of return for the year 2011 was -35.90%. The Company’s market capitalization as at the end of 2011 was PLN 3,026bn.

All-year low and high closing prices of Grupa LOTOS shares and closing prices on the WSE

At year end
Year	Low (PLN)	High (PLN)	Closing price (PLN)
2009	7.21	32.80	31.80
2010	25.05	37.85	36.35
2011	22.26	49.50	23.30

By month – 2011
Month	Low (PLN)	High (PLN)	Closing price (PLN)
January	35.01	42.69	41.25
February	39.12	43.15	40.27
March	40.09	44.30	44.15
April	44.00	49.50	47.51
May	43.10	48.00	46.70
June	43.57	47.80	45.15
July	37.00	46.43	38.23
August	28.00	39.49	30.84
September	23.70	31.00	25.24
October	22.32	30.00	28.68
November	22.89	29.24	25.00
December	22.26	26.45	23.30

Rate of return

At year end
Year	Rate of return at end of period (%)	Rate of return at beginning of period (%)
2009	166.11	166.11
2010	14.31	14.31
2011	-35.90	-35.90

By month – 2011
Month	Rate of return at end of period (%)	Rate of return at beginning of period (%)
January	13.48	13.48
February	-2.38	10.78
March	9.64	21.46
April	7.61	30.70
May	-1.70	28.47
June	-3.32	24.21
July	-15.33	5.17
August	-19.33	-15.16
September	-18.16	-30.56
October	13.63	-21.10
November	-12.83	-31.22
December	-6.80	-35.90

According to data furnished by the WSE, the total value of trades on the Company shares, that is the aggregate value of all transactions on Grupa LOTOS securities concluded in 2011, was PLN 3,299.07m. 73.10% of Grupa LOTOS share were traded in 2011. The average daily trading volume was 377 thousand shares per session.

Company shares trading volume and value

At year end
Year	Trading value (PLN m)	Share in trade on the WSE (%)	Turnover rate (%)*	Average trading volume per session
2009	3642.56	1.11	173.00	381,938
2010	3684.33	0.88	53.40	234,464
2011	3299,.07	1.31	73,.10	377,048

By month – 2011
Month	Trading value (PLN m)	Share in trade (%)	Turnover rate (%)	Average trading volume per session
January	272.12	1.33	5.50	350,709
February	248.99	1.26	4.70	303,908
March	305.68	1.28	5.60	313,718
April	285.75	1.51	4.60	315,443
May	445.54	1.94	7.50	464,260
June	171.52	0.77	2.90	177,348
July	230.24	1.19	4.40	274,450
August	345.68	1.29	8.10	478,356
September	258.08	1.18	7.50	442,567
October	287.72	1.41	8.60	532,307
November	209.86	1.06	6.00	391,731
December	237.88	1.57	7.60	467,967

Stock market ratios

End of year, December 31
Year	Number of shares (million)	Weighted average number of shares (million)	Capitalisation at year end (PLN m)	Book value (PLN m)	Earnings per share (PLN)	P/E*	P/BV*
2009	129.87	121.144	4,130	6,809.4	7.44	4.28	0.61
2010	129.87	-	4,721	7,498.8	5.23	7.00	0.63
2011	129.87	-	3,026	7,781.4	5.00	4.66	0.39