Cooperation with MYTILINEOS HOLDINGS S.A. through KORINTHOS POWER S.A.

Following the Joint Venture Agreement signed with MYTILINEOS HOLDINGS S.A. we hereby inform the investment community that ARGYRITIS LAND (100% subsidiary of MYTILINEOS HOLDINGS S.A.) acquired, through a cash share capital increase, a 65% stake in KORINTHOS POWER S.A. for an amount of Euro 59.4 million. MOTOR OIL remains shareholder of KORINTHOS POWER with a stake of 35%.<br><br>

Furthermore it is announced that KORINTHOS POWER, which holds a power generation license for approximately 400 MW, awarded to the company METKA S.A of the MYTILINEOS Group the Engineering, Procurement and Construction (EPC) contract of a total cost of Euro 285 million for the construction of a combined cycle power production plant fuelled with natural gas which will be located within the facilities of MOTOR OIL at Agii Theodori of Korinthos. The construction of the plant is expected to be completed within 2011.<br><br><br><br>

Maroussi, 27 April 2009<br><br>
The Board of Directors