MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. (the Company) announces that on 30.09.2024 it received a decision of the Hellenic Competition Commission regarding the imposition of a fine of Euro 9.2 million on the Company for alleged – as indicated by the Commission – obstruction of an ex-officio audit performed by the Commission at the Company's Headquarters in September 2021. Moreover, with the same decision a Euro 50,000 fine was imposed on the Company's CEO Mr. Ioannis V. Vardinoyannis.

With reference to the above, the Company hereby clarifies the following:

1. During the audit all Company executives cooperated with the auditors in compliance with their obligations as provided by the Law, fully responding to the auditors' requests, facilitating the audit procedure as stated in the documentation for the rationale of the decision of the Commission. The audit conducted by the Hellenic Competition Commission concluded that there is no breach of competition legislation issues associated with the Company. All files and data requested by the auditors were submitted or provided.
2. The allegation of the Commission regarding refusal of access to the office of the Company's CEO Mr. Ioannis V. Vardinoyannis is invalid. All evidence clearly proving that the office area in question constitutes private premises not belonging or rented to any company of the MOTOR OIL Group, was timely submitted to the Commission. In any case, the said office area, although located within the same building housing the Company's Headquarters, is positioned at a distinctly remote zone separate from the Company's office spaces. The Commission demonstrated discriminating firmness insisting to enter and inspect private office premises in a way violating any sense of legality. It appears that the aim of the Commission was to create impressions rather than to detect law violations. Hence, the Commission auditors' entrance in the Company's CEO private premises was forbidden on the grounds that these premises are not included in the office spaces rented to the Company.

The Company strongly believes that the decision of the Hellenic Competition Commission is incorrect and unsubstantiated in its totality.

In view of the above, the Company will appeal to the relevant courts for the cancellation of the above-mentioned decision of the Hellenic Competition Commission and will use all judicial means for the protection of its interests.

Maroussi, 4 October 2024