MOTOR OIL (HELLAS) CORINTH REFINERIES S.A.

G.E.MI. 272801000

Prefecture of Attica Registration Nr 1482/06/ Β /86/26

Headquarters: Irodou Attikou 12 Α , 151 24 Maroussi Attica

ANNUAL FINANCIAL REPORT (ACCORDING TO L. 3556/2007) APRIL 2022 FOR THE FISCAL YEAR 2021 TABLE OF CONTENTS: DECLARATION OF THE BoD REPRESENTATIVES DIRECTORS’ REPORT CORPORATE GOVERNANCE STATEMENT (L.4548/2018) REPORT ON THE USE OF PROCEEDS € 200,000,000 CBL AUDIT COMMITTEE REPORT ANNUAL FINANCIAL STATEMENTS INDEPENDENT AUDITOR’S REPORT

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DECLARATION OF THE REPRESENTATIVES

OF THE BOARD OF DIRECTORS OF

“MOTOR OIL (HELLAS) CORINTH REFINERIES S.A.”

Pursuant to the provisions of article 4 paragraph 2 item c of Law 3556/2007 we hereby declare that to the best of our knowledge:

A. The single and consolidated financial statements of “MOTOR OIL (HELLAS) S.A.” (the Company) for the year ended December 31, 2021, which have been prepared in accordance with the applicable accounting standards, truly present the assets, the liabilities, the shareholders’ equity and the statement of comprehensive income of the Company and the companies included in the consolidated financial statements taken as a total, and

B. The Board of Directors’ annual report truly presents the course, the performance and the position of the Company and the companies included in the consolidated financial statements taken as a total, including the description of the most important risks and uncertainties they are facing.

Maroussi, April 11th, 2022

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(ACCORDING TO ARTICLE 4 OF THE LAW 3556/2007)

ON THE FINANCIAL STATEMENTS OF

“MΟΤΟ R Ο IL ( H Ε LL Α S ) CORINTH REFINERIES S. Α . ”

AND THE CONSOLIDATED FINANCIAL STATEMENTS OF THE GROUP

FOR THE YEAR ENDED 31 DECEMBER 2021

(01.01.20 2 1 – 31.12.20 2 1)

1. REVIEW OF OPERATIONS

The Group financial figures for the fiscal year 2021 compared to the fiscal year 2020 are presented hereunder:

(*) Includes government grants amortization Euro 2,552 thousand for 2021 and Euro 775 thousand for 2020.

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(*) Includes government grants amortization Euro 834 thousand for 2021 and Euro 775 thousand for 2020.

On the financial figures presented above we hereby note the following:

1. Turnover (Sales)

In principle, the turnover increase or decrease of oil refining and trading companies is mainly a combination of the following factors :

a ) Volume of Sales

b ) Crude Oil and Petroleum Product Prices , and

c ) Euro / US Dollar parity .

The industrial activity ( refining) concerns sales of products produced in the refinery of the parent company while the trading activity concerns sales generated as a result of imports of finished products from the international market and their subsequent resale to customers in the domestic market and abroad. The Group has the flexibility to take full advantage of the favorable market conditions in the oil sector, whenever these arise, and it is in a position to respond to any exceptional or unpredictable conditions meeting the demand in the domestic and the international market with imports of products.

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In 2021 the turnover of the Group reached Euro 10,266.6 million compared to Euro 6,120.4 million in 2020 which represents an increase of 67.74%. This development is attributed to the increase of the average prices of petroleum products (denominated in US Dollars) by 72.89%, the increase of the sales volume by 13.80% while part of it was offset by the devaluation of US Dollar against the Euro (average parity) by 3.55% (average exchange rate in 2021: 1€ = 1.1827$ against 1€ = 1.1422$ in 2020).

The greater part of the Group’s revenue from the rendering of services concerns electricity trading activities (wholesale and retail) and the remainder throughput & storage services and television revenue.

The breakdown of the consolidated sales volume confirms the solid exporting profile of the Group considering that export and bunkering sales combined accounted for 79.24% of the aggregate sales volume of fiscal 2021 compared to 76.65% in fiscal 2020, as well as the high contribution of refining activities (80.18% of the aggregate sales volume of fiscal 2021 compared to 82.62% in fiscal 2020).

The respective breakdown of Company turnover is presented hereunder:

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In 2021 the turnover of the Company reached Euro 7,154 million compared to Euro 3,909.4 million in 2020 which represents an increase of 83%. This development of the turnover of the Company is attributed to the impact of the same parameters which influenced the development of the turnover at Group level and which have already been mentioned. The volume of Company sales increased by 12,83% in fiscal 2021 compared to fiscal 2020.

The breakdown of the Company sales volume confirms the solid exporting profile of the Refinery considering that export and bunkering sales combined accounted for 85.42% of the aggregate sales volume of 2021 compared to 82.26% in 2020, as well as the high contribution of refining activities (88.46% of the aggregate sales volume of 2021 compared to 90.38% in 2020).

The increase in sales volume in the fiscal year 2021 compared to 2020 is attributed to the higher demand for petroleum products following the gradual easing of the restrictive measures imposed on citizens’ movements against the spread of COVID-19 and to the higher quantity of crude and petroleum products processed by the Company in 2021 given that a scheduled turnaround had been executed in the period January – February 2020 with the main emphasis on the Mild Hydrocracking Complex.

Revenues from services concern storage fees and related services as the Company invests significant funds in the construction of storage tanks (please see section 4. Capital Expenditure ).

The international average prices of petroleum products (in US Dollars per Metric Ton) and the international average prices of the various types of crude (in US Dollars per barrel) during the period 2020 – 2021 are presented hereunder. On average, the prices of petroleum products increased by 72.89% and the respective crude prices by 68.59%.

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The sales of the Company per product as well as the Refinery production per product ( both in thousand Metric Tons ) during the period 2020– 2021 are presented hereunder:

A breakdown of the aggregate volume of crude oil and other r aw materials processed by the Company during fiscal 2021 compared to the respective volume processed during fiscal 2020 is presented next:

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The lower quantity of crude and raw materials processed by the Company in 2020 compared to 2021 is attributed to a great extent to the scheduled turnaround executed in the period January – February 2020 with the main emphasis being on the Mild Hydrocracking Complex.

It is apparent that the difference between the refinery processed volume and the refinery production volume concerns fuel consumption and loss.

2. Cost of Sales ( before Depreciation ) – Gross Profit

The Gross Profit (before depreciation) at Group level reached Euro 755,502 thousand in 2021 compared to Euro 352,711 thousand in fiscal year 2020 denoting an increase of 114.20%. The above development is attributed to the fact that in the fiscal year 2021 the consolidated turnover increased with a higher rate (67.74%) compared to the Cost of Sales (before depreciation) (increased by 64.90%).

The breakdown of the Cost of Sales at consolidated level per type of activity (refining–trading–services) is presented hereunder:

The Gross Profit (before depreciation) at Company level reached Euro 416,497 thousand in fiscal 2021 compared to Euro 92,768 thousand in the previous fiscal year denoting an increase of 348.97%. The above development is attributed to the fact that in the fiscal year 2021 the consolidated turnover increased with a higher rate (83.00%) compared to the Cost of Sales (before depreciation) (increased by 76.53%).

It is clarified that the Gross Profit of the Company was positively affected by the strong refining margins (the table below depicts the development of the Company Gross Profit Margin in USD per Metric Ton for the fiscal years 2021 and 2020) in conjunction with the significant increase in refining sales volumes and the positive impact of the inventory valuation (indicatively the price of Brent increased from USD 50.49/bbl on 31.12.2020 to USD 77.03/bbl on 31.12.2021).

3. Administrative and Selling Expenses ( before depreciation )

In 2021 the operating expenses (administrative and selling) at Group level increased by Euro 18,090 thousand (or 7.07%) while at Company level increased by Euro 10,271 thousand (or 17.29%) compared to fiscal 2020.

4a. Other Income (Expenses)

Other income concerns mainly rental income and income from commissions.

At Group level other income amounted to Euro 15,522 thousand in 2021 compared to Euro 12,982 thousand in 2020, while at Company level it amounted to Euro 2,111 thousand in 2021 compared to Euro 2,264 thousand in 2020.

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At Group level, the greater part of the losses of Euro 7,647 thousand in 2021 (compared to losses of Euro 25,141 thousand in fiscal 2020) relates to the impairment of goodwill of ALPHA SATELLITE TELEVISION SA of Euro 4,767 thousand.

At Company level, the greater part of the losses of Euro 7,008 thousand in fiscal 2021 (compared to losses of Euro 32,934 thousand in fiscal 2020) relates to the impairment of the participation value in the Companies Motor Oil Vegas Upstream Limited and Alpha Satellite Television S.A. of Euro 6,645 thousand and Euro 6,497 thousand respectively. Part of the losses was offset by foreign exchange gains of Euro 6,463 thousand.

5. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Subsequent to the above developments at Gross Margin level and at Operating Income & Expenses level, the EBITDA of the Group reached Euro 489,580 thousand in fiscal 2021 from Euro 84,845 thousand in fiscal 2020 (an increase of 477.03%) while the EBITDA of the Company reached Euro 341,940 thousand in fiscal 2021 from Euro 2,709 thousand in fiscal 2020 (an increase of 12,522.37%).

6. Income from Investments – Financial Expenses

The financial cost at Group level reached Euro 62,174 thousand in 2021 compared to Euro 79,419 thousand in fiscal 2020 decreased by Euro 17,245 thousand or 21.71%. A breakdown of this variation is presented in the table below:

For 2021, the amount of Euro 18,000 thousand (Profits from Associates) relates to the share of the Group in the combined financial results of the companies: KORINTHOS POWER S.A., SHELL & MOH AVIATION FUELS S.A., TALLON COMMODITIES LIMITED, TALLON PTE LTD, RHODES - ALEXANDROUPOLIS PETROLEUM INSTALLATION S.A., THERMOILEKTRIKI KOMOTINIS S.A. and GREEN PIXEL PRODUCTIONS S.A. consolidated under the net equity method. The greater part of the above amount (Euro 14.9 million) relates to the share of the Group in the earnings of KORINTHOS POWER S.A.

For 2020, the amount of Euro 3,202 thousand (Profits from Associates) relates to the share of the Group in the combined financial results of the companies: KORINTHOS POWER S.A., SHELL & MOH AVIATION FUELS S.A., RHODES - ALEXANDROUPOLIS PETROLEUM INSTALLATION S.A.,TALLON COMMODITIES LIMITED, TALLON PTE LTD, NEVINE HOLDINGS LIMITED, ALPHA SATELLITE TELEVISION S.A., ALPHA RADIO S.A. and ALPHA RADIO KRONOS S.A. consolidated under the net equity method. On July 27 2020, the 100% subsidiary MEDIAMAX HOLDINGS LIMITED has completed the transaction for the acquirement of exclusive shareholder control of ALPHA SATELITE TELEVISION S.A. and NEVINE HOLDINGS LIMITED.

The Investment income amount of Euro 508 thousand for 2021 relates to the dividend collected by the100% subsidiary company (indirect participation) IREON VENTURES LTD.

The Investment income amount of Euro 157 thousand for 2020 relates to the dividend from the fiscal year 2019 earnings of the company ATHENS AIRPORT FUEL PIPELINE COMPANY S.A

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For 2021 the “Investment income” amount of Euro 1,425 thousand concerns dividends from the companies TALLON COMMODITIES LIMITED (Euro 936 thousand) and OFC AVIATION FUEL SERVICES S.A. (Euro 490 thousand) (please see section “Related Party Transactions”).

For 2020 the breakdown of the amount of Euro 4,495 thousand (Profits from Associates) is as follows: amount of Euro 758 thousand relates to the dividend from the fiscal year 2019 earnings of the company OFC AVIATION FUEL SERVICES S.A., amount of Euro 3,275 thousand relates to the dividend from the fiscal year 2019 earnings of the company CORAL S.A., the amount of Euro 157 thousand relates to the dividend from the fiscal year 2019 earnings of the company ATHENS AIRPORT FUEL PIPELINE COMPANY S.A. and the amount of 305 thousand relates to the dividend from the fiscal year 2019 earnings of the company TALLON COMMODITIES LIMITED.

The reduced interest income in 2021 compared to 2020, at a consolidated and parent company level, is attributed to the de-escalation of USD deposit rates compared to the corresponding ones of 2020, given that the parent company MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. keeps high deposits in US dollars. In addition, it is noted that the amount of Euro 866 includes gains of Euro 60 thousand from the sale of the 96,353 Own Company shares which took place on 31.5.2021 at a price of 13.50 Euro per share. It is mentioned that the above 96,353 shares were acquired at an average price of Euro 12.88 per share by virtue of the relevant decision of the Annual Ordinary General Assembly dated June 6th, 2018. The said share buyback program terminated on 29.5.2020.

The increase of interest expenses and bank charges at a consolidated and parent company level in 2021 compared to 2020 is attributed to the increase in debt liabilities (through bank lending and bond issues) in order to meet the capital requirements for:

• The expansion of the Group’s retail activities of liquid fuels in Balkan countries (acquisition of APIOS D.O.O, please see section 5. Group Structure).

• The establishment of the Group in the Renewable Energy Sources Sector (acquisition of six companies with a portfolio of wind parks in full operation of an aggregate capacity of 220 MW, please see section 5. Group Structure).

• Setting a joint venture with the GEK TERNA Group for the construction of a Combined Cycle Gas Turbine power plant fueled with natural gas at the Komotini Industrial Area with a combined installed capacity of 877 MW (please see section 5. Group Structure).

• The construction of the New Naphtha Treatment Complex of the Refinery (please see section 4. Capital Expenditure)

• The increased working capital needs (indicatively the average price of Dated Brent in 2021 was 70.91$/bbl compared to 41.85 $/bbl in 2020.

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In particular, the net debt of the Group on 31.12.2021 amounted to Euro 1,450 million compared to 920.8 million on 31.12.2020 while the net debt of the Company amounted to 741.4 million compared to 478.5 million on 31.12.2020.

In 2021, there was a significant improvement in the results from hedging transactions performed as a means to offset the risk of any adverse petroleum product price movements compared to the year 2020. In particular, in 2021 the “Losses from derivatives” for the Group accounted at Fair Value Through Profit or Loss (FVTPL) amounted to Euro 5 million compared to losses of Euro 32.26 million in 2020 while for the Company the losses amounted to Euro 2.2 million compared to losses of Euro 34.5 in 2020.

7. Depreciation

The breakdown of the depreciation charge on the various cost accounts at Group level is presented in the next table :

The respective breakdown of the depreciation charge on the various cost accounts at Company level is presented hereunder :

The above figures include depreciation of rights of use assets due to the implementation of IFRS 16 since 1.1.2019.

8. Earnings (Losses) before Tax

The Earnings before Tax of the Group reached Euro 258,204 thousand in fiscal 2021 compared to Losses before Tax of Euro 137,663 thousand in fiscal 2020.

The Earnings before Tax of the Company amounted to Euro 241,369 thousand in fiscal 2021 compared to Losses before Tax of Euro 136,435 in fiscal 2020.

9. Income Tax

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The income tax for fiscal year 2021 in accordance with the Law 4799/2021 (Government Gazette A’ 78/18.05.2021), is calculated at a corporate tax rate of 24% while for 2020, in accordance with the Law 4646/2018 (Government Gazette A’ 201/12.12.2019), is calculated at a corporate tax rate of 24%.

The tax authorities have not performed a tax audit on CORAL PRODUCTS & TRADING for fiscal years 2018 to 2020, thus the tax liabilities for this company has not yet finalized. At a future tax audit it is probable for the tax authorities to impose additional tax which cannot be accurately estimated at this point of time. The Group however estimates that this will not have a material impact on its financial position.

There is an on-going tax audit by the tax authorities for NRG TRADING HOUSE S.A. for fiscal year 2017, for MOTOR OIL HELLAS S.A. for fiscal years 2017, 2018 and 2019 and for AVIN OIL for the fiscal years 2016, 2017 and 2018. However it is not expected that material liabilities will arise from these tax audits.

For the fiscal years from 2016, 2017, 2018 and 2019, MOH group companies that that selected tο undergo a tax compliance audit by the statutory auditors, have been audited by the appointed statutory auditors in accordance with article 82 of L 2238/1994 and article 65A of L4174/13 and the relevant Tax Compliance Certificates have been issued. In any case and according to Circ.1006/05.01.2016 these companies, for which a Tax Compliance Certificate has been issued, are not excluded from a further tax audit by the relevant tax authorities. Therefore, the tax authorities may perform a tax audit as well. However, the Group’s management believes that the outcome of such future audits, should these be performed, will not have a material impact on the financial position of the Group or the Company.