The Federal Supreme Court of Switzerland dismissed Croatia’s revision request of the UNCITRAL award

Zenith Pure Oil Plc. (“Zenith Pure Oil”) hereby notifies the market of the following:

The Federal Supreme Court of Switzerland in its ruling rendered on 11 October 2022 dismissed Croatia’s revision request and awarded CHF 250,000 to Zenith Pure Oil. Based upon this and a former ruling from 2017 of the Swiss Supreme Court the UNCITRAL award the First Amendment to the Shareholders Agreement, the Gas Master agreement both signed on 30 January 2009 as well an amendment to the Gas Master Agreement signed in December 2009 remain valid and binding upon Croatia and Zenith Pure Oil.

In February 2022 Croatia requested a revision of the UNCITRAL award, that was issued in the arbitration proceeding initiated by Croatia against Zenith Pure Oil in 2016. This award rejected Croatia’s corruption allegations and also found that corporate governance of INA d.d. was lawful and Zenith Pure Oil complied with all of its contractual obligations.