Outcome of the statutory Tax Audit for the fiscal years 2003 – 2005 of AVIN OIL

In the context of the Decision 3/347/2005 (article 2, paragraph 2, item id) of the Board of Directors of the Hellenic Capital Market Commission, MOTOR OIL (HELLAS) S.A hereby announces the completion of the statutory tax audit for the fiscal years 2003, 2004 and 2005 of the wholly owned subsidiary AVIN OIL Industrial, Commercial & Maritime Oil Company. According to the tax audit outcome the aggregate liability of AVIN OIL amounts to Euro 2,096,024 (of which an amount of Euro 1,502,026 concerns tax relating to accounting differences and an amount of Euro 593,998 concerns surcharges) and will be charged against the earnings of the fiscal year 2007.

MAROUSSI, OCTOBER 10th, 2007