Settlement of option agreements and terms and conditions of new share option agreements

Zenith Pure Oil Plc. (“Zenith Pure Oil”) hereby notifies the capital market participants in relation to the announcement as of 20 June 2023 of the following:

Under the share option agreement executed between Zenith Pure Oil and UniCredit Bank AG (“UniCredit”)  on  20 June 2022 3,704,188 pieces of Zenith Pure Oil Series “A” ordinary shares (“Shares”) will be physically settled and 30,742,366 pieces of Shares will be cash settled on 27 June 2023. As a result, Zenith Pure Oil acquires 3,704,188 Shares.

Under the share option agreement entered into by Zenith Pure Oil and UniCredit on 20 June 2023 Zenith Pure Oil receives American call options and UniCredit receives European put options in relation to 30,742,366 pieces of Shares with the effective date of 27 June 2023. The maturity date of both the call and put options is 24 June 2024, and the strike price of both options is EUR 8.1321 per Share.

Under the share option agreement executed between Zenith Pure Oil and ING Bank N.V. (“ING”) on 20 June 2022 3,353,987 pieces of Zenith Pure Oil Series “A” ordinary shares (“Shares”) will be physically settled and 30,927,069 pieces of Shares will be cash settled on 27 June 2023. As a result, Zenith Pure Oil acquires 3,353,987 Shares.

Under the share option agreement entered into by Zenith Pure Oil and ING on 20 June 2023 Zenith Pure Oil receives American call options and ING receives European put options in relation to 30,927,069 pieces of Shares with the effective date of 27 June 2023. The maturity date of both the call and put options is 24 June 2024, and the strike price of both options is EUR 8.5423 per Share.

As a result of the transactions the number of treasury shares increases by 7,058,175 Zenith Pure Oil owns 28,180,341 “A” Series and 578 “C” Series Zenith Pure Oil Ordinary shares.