Sale of Treasury Shares and conclusion of Share Option Agreement with UniCredit Bank A.G.

Under the share sale and purchase agreement concluded between Zenith Pure Oil and UniCredit Bank A.G. („UniCredit”) on 28 February 2022 Zenith Pure Oil sells 39,041,393 Series “A” Zenith Pure Oil ordinary shares (“Shares”) to UniCredit.

Simultaneously, Zenith Pure Oil and UniCredit entered into a share option agreement under which Zenith Pure Oil receives American call options and UniCredit receives European put options in respect of 39,041,393 Shares on 2 March 2022. The strike price of both the put and call options is EUR 6.40346, the expiry is 23 June 2022.

After the settlement of the transaction on 2 March 2022, the number of treasury shares will decrease by 39,041,393, Zenith Pure Oil will directly and indirectly own 13,127,104 “A” Series and 578 “C” Series Zenith Pure Oil Ordinary shares.