MOTOR OIL(HELLAS) CORINTH REFINERIES S.A. announces that it has agreed with SHELL OVERSEAS HOLDINGS LTD to acquire the majority of its activities in Greece including:

- distribution and sales of fuels through its branded retail network of about 700 service stations,

- owned storage depots of 137,000 c.m. total capacity (Kalohori, Amfilohia, Perama, Chania, Alexandroupoli, Rhodes),

- lubricants blending operations in its plant in Perama,

- chemicals storage & distribution business,

- 49% of aviation activity.

The transfer of the afore-mentioned activities will be accomplished via the acquisition of 100% of SHELL HELLAS S.A. shares, a company which following the completion of its reorganization currently taking place, will incorporate them. The remaining 51% of the aviation will remain under SHELL OVERSEAS HOLDINGS LTD control. Lubricants sales and marketing activities are not a part of the above described deal.

The total value of the transaction amounts to Euro 219.1 million.

It has also been agreed that the retail service stations network will remain under the SHELL brand name for a period of at least 5 years.

In addition MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. agreed with SHELL GAS (LPG) HOLDINGS BV the acquisition of 100% of SHELL GAS A.E.B.E. YGRAERION shares, a company currently carrying the LPG business of SHELL Group in Greece.

The value of the SHELL GAS A.E.B.E. YGRAERION acquisition amounts to Euro 26.5 million.

The above mentioned agreements are subject to approval by the relevant authorities and the competent competition authorities.