Comment on press release

Following a previous announcement dated November 26th, 2009 published in the Athens Exchanges Daily Bulletin, according to which the establishment of a company, jointly with the MYTILINEOS Group, that will engage in importing and trading activities of all kinds of Natural Gas (LNG, CNG, etc.) was announced, and commenting on the electronic and printed press releases concerning the installation of a floating storage regasification unit (SFRU) for the delivery and storage of Natural Gas, MOTOR OIL (HELLAS) S.A. hereby announces the following: 

For the time being all possibilities with regard to the potential ways of delivery – importing – trading of Natural Gas are being considered. Within this context a series of preliminary contacts are conducted with international groups of companies with the necessary knowhow, expertise and background in the Natural Gas sector. With regard to the funding requirements, a prerequisite for the commencement of the joint engagement of the MOTOR OIL and MYTILINEOS groups in the Natural Gas sector, although it is premature to offer any concrete figures, it is apparent that the investment economics need to be examined in great detail before a final decision is made. In any case it is a firm policy of MOTOR OIL to only proceed with official announcements to the investment community in cases in which a business event, as provided for by the Regulation of the Athens Exchanges and the requirements of the legal framework for the listed companies, must be disclosed. 

The present announcement is made public in reply to a relevant Hellenic Capital Market Commission letter addressed to the Company on May 19th, 2010.

 Maroussi, May 20th, 2010