Announcement of Business Developments

MOTOR OIL (HELLAS) S.A. and PUBLIC POWER CORPORATION S.A. hereby announce that they have entered into a Shareholders’ Agreement (The Agreement) for the establishment of a new company under the legal name HELLENIC HYDROGEN S.A. and shareholder structure as follows: MOTOR OIL – 51%, PPC S.A. – 49%.

The implementation of the Agreement and the formation of the new company are subject to the approval by the competent authorities to which the two shareholders will file an application.

The present announcement follows the announcement dated January 13th, 2022 which referred to the intention, on behalf of MOTOR OIL and PPC, to proceed with the establishment of a Joint Venture scheme with main objective the production and storage of green Hydrogen thus facilitating the process of Greece’s energy transition to an environment of Net Zero carbon emissions.

Athens, 7 July 2022