INFORMATION FOR THE MEDIA Vienna Commercial Court Rejects Legal Challenge of the Extraordinary General Meeting

• Downsizing of Supervisory Board and Supervisory Board elections are valid
Vienna, August 10, 2015
The Vienna Commercial Court rejected the legal challenge mounted by the shareholder Carsten Grau, lawyer at L2C Luecke & Partner mbB in Hamburg, against resolutions passed by the Extraordinary General Meeting of C.A.T. oil AG, Vienna on February 25, 2015. The court's judgment is not yet final. The court stated that the resolutions have become effective, and that the reduction in the number of Supervisory Board members from four to three people as well as the election of Maurice Dijols, Remi Paul and Ralf Wojtek to the Supervisory Board are legally valid.
More specifically, the resolution stipulating a downsizing of the Supervisory Board from four to three members and the resolution regarding the election of Maurice Dijols, Remi Paul and Ralf Wojtek to the Supervisory Board were contested, but not the dismissal of the former Supervisory Board. This was justified on the basis of illegible signatures on the powers of attorney, different proxy authorization forms and similar arguments. However, the Vienna Commercial Court did not discover any procedural errors on the part of the company, nor did it agree with the conclusions of the arguments brought by the plaintiff.
In spite of this clear judgment, Mr. Grau also challenged resolutions of the 10th Annual General Meeting of C.A.T. oil AG held on June 29, 2015. The arguments used are largely the same as in the previous legal proceedings, which is why the company assumes that this
legal challenge will not succeed. Furthermore, as was the case with Mr Grau's previous
claim, the company believes that this new claim by Mr. Grau is obviously another attempt of certain representatives of the former management of the company to destabilize the situation around C.A.T.oil AG., which is part of big aggression by certain representatives of the former management of the company triggered by the actions of the new company's management directed at taking full control over the company's operations and termination of suspicious business arrangements established by former management.
As reported in our press release regarding the previous claim submitted by Grau and dismissed by the court, Carsten Grau is the law firm partner of Walter Höft and Mirco Schroeter, who were both Supervisory Board members of C.A.T. oil AG in past years. Walter Höft was also previously the controlling owner of C.A.T. oil AG before he sold his shares in the fall of 2014. Mr. Grau holds only 20 bearer shares, corresponding to a stake of 0.00004% in the company (the company's charter capital consists of 48,850,000 outstanding shares). These 20 shares Mr. Grau acquired for approx EUR 200 only two days before the record
date of the previous shareholders' meeting of C.A.T.oil AG. This means that Mr. Grau has no economic interest arising from his participation in the company in challenging the resolutions of the shareholders' meetings. The value of his stake is too low to bear related legal costs, which give ground to believe that there should be some other interests of Mr. Grau or of
other persons pulling strings of Mr. Grau in this case.
The company is of the opinion that the shares were acquired by Mr. Grau exclusively for the purpose to challenge the resolutions passed at the extraordinary shareholders' meeting.
Contact: ir@catoilag.com presse@catoilag.com

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