Regulated Information: Announcement of Business Developments

MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. announces that on 29 November 2019 its wholly owned subsidiary MEDIAMAX HOLDINGS LIMITED ^(*) which is based in Cyprus, following execution of the relevant contractual condition of the agreement of 30 October 2018, proceeded with the following:

• the acquisition of 24.95% of the shares issued by ALPHA SATTELITE TELEVISION S.A. owned by the Cyprus based company ALPHA MEDIA GROUP LIMITED (Seller)
• the acquisition of 998 registered shares (out of a total of 2,000) issued by NEVINE HOLDINGS LIMITED ^(**) owned by ALPHA MEDIA GROUP LIMITED (Seller)

The total consideration agreed between the Buyer and the Seller is Euro 4,450,000 payable in installments within a 12-month period following the date of the conclusion of the transactions.

It is noted that, following the execution of the said agreement, MEDIAMAX HOLDINGS LIMITED will become the sole shareholder of ALPHA SATTELITE TELEVISION S.A. with a direct participation of 49.90% and an indirect participation (through NEVINE HOLDINGS LIMITED) of 50.10%. Additionally, through NEVINE HOLDINGS LIMITED, MEDIAMAX HOLDINGS LIMITED will participate with 99.95% in the share capital of ALPHA RADIO S.A. and with 100% in the share capital of ALPHA RADIO KRONOS S.A.

The conclusion of the above transactions is subject to the granting of the necessary approvals according to the relevant legislation.

Maroussi, 2 December 2019

The Board of Directors

(*) Owns 24.95% of the shares issued by ALPHA SATTELITE TELEVISION S.A.

(**) Owns 50.10% of the shares issued by ALPHA SATTELITE TELEVISION S.A., 99.95% of the shares issued by ALPHA RADIO S.A. and 100% of the shares issued by ALPHA RADIO KRONOS S.A. The sole shareholders of NEVINE HOLDINGS LIMITED are MEDIAMAX HOLDINGS LIMITED and ALPHA MEDIA GROUP LIMITED owning respectively 1,002 and 998 shares issued by NEVINE HOLDINGS LIMITED.