In reply to an Athens Exchanges letter dated October 3rd, 2008 (Ref. No 36953) concerning press releases regarding the Company's possible business partnership in the power generation sector, MOTOR OIL (HELLAS) S.A., hereby acknowledges the following:
- On June 20th, 2008 the Company announced that it entered into an agreement to repurchase from IBERDROLA S.A. the total stake of the latter in the share capital of KORINTHOS POWER S.A. The only pending issue for the conclusion of the transaction is the delivery of the share titles on the part of the selling shareholder and the payment on behalf of MOTOR OIL (HELLAS) S.A.
- In anticipation of the above change in the shareholder structure of KORINTHOS POWER S.A., MOTOR OIL (HELLAS) S.A. is examining the possibility of finding a strategic partner. Within this context a series of discussions have been conducted, among others, with the Mytilyneos Group.
It is a firm policy of the Company 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 Exchange and the requirements of the legal framework for the listed companies, must be disclosed. Maroussi, October 6th, 2008