Announcement of Business Developments (CYCLON HELLAS S.A. separation of activities)

MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. hereby announces that the Draft Agreement for the separation of the retail fuel and the lubricants marketing & production business of CYCLON HELLAS S.A. has been submitted to the relevant Competent Authority (Piraeus Chamber of Commerce & Industry).

More specifically, the CYCLON network of retail fuel stations will be absorbed by the 100% MOTOR OIL subsidiary under the legal name AVIN OIL while the CYCLON lubricants marketing & production business will be transferred to a new 100% subsidiary under the legal name LPC.

It is reminded that the mandatory tender offer submitted by MOTOR OIL to the shareholders of CYCLON was completed in November 2014. As a result, MOTOR OIL became the only shareholder of CYCLON. The above mentioned separation of activities by absorption and incorporation of a new company will have no material effect on the financial position, operations and turnover of the MOTOR OIL group.

Maroussi, March 31, 2015

The Board of Directors