Announcement of business developments

MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. hereby announces that its wholly owned subsidiary CORAL A.E. entered into a Share Purchase Agreement (SPA) with LUKOIL EUROPE HOLDINGS B.V. (registered address Amsterdam, Netherlands) as counter party, for the acquisition of 100% of the shares issued by LUKOIL CYPRUS LIMITED.

LUKOIL CYPRUS LIMITED is a wholly owned subsidiary of LUKOIL EUROPE HOLDINGS B.V. operating a network of retail service stations in Cyprus comprising of 31 sites (the aggregate number of retail service stations operating in Cyprus is 286).

The value of the transaction will be in the magnitude of EURO 10 million.

The above mentioned agreement is subject to the approval by the relevant competent and competition authorities.

Maroussi, 9 November 2016

The Board of Directors