Oil Terminal S A : Clarification on Oil Terminal s management activity

To:

BUCHAREST STOCK EXCHANGE

Fax: 021/256.92.76

FINANCIAL SURVEY AUTHORITY

Fax: 021/659.60.51

CURRENT REPORT according to FSA Regulation no. 5/2018

Report day: 15.04.2022

OIL TERMINAL S.A.Constanta

Headquarter: no.2 Caraiman str., Constanta Phone no.: 0241/702600, fax: 0241/694833

Registration number at Trade Register Office: J13/512/1991 Unique register number: 2410163

Important event to be reported: Clarification on Oil Terminal's management activity

In addition to Current Report no. 142 of 14.04.2022 the following clarification shall be made:

By OGSM Decision no. 7/01.04.2022, 5 interim managers were appointed for a 4-month period, as presented in current Report no. 120/01.04.2022. On 07.04.2022 the company submitted at the NTRO the necessary documents for the registration of managers, according to legal provisions in force. On the same date, through NTRO's portal, the company took note of the application for action submitted against the registration of OGSM decision regarding managers appointment and the file was sent to Constanta Court for settlement. For information, current Report no. 134/07.04.2022 was issued and published.

Therefore, the company currently has a Board of Directors of 5 interim managers appointed by OGSM, with effects on the company, but without effects on third parties as a result of their non-registration in NTRO. Consequently, appointed managers were not able to gather in order to elect the chairman of the Board of Directors and complete the OGSM convocation as requested by the Ministry of Energy, whereas both actions require effects on third parties for the registration of the Board of Directors' chairman in NTRO, namely for the publication of the completed OGSM convocation in the Official Gazette. The company informed the majority shareholder regarding the unfulfillment of the request to complete OGSM agenda of 27(28).04.2022.

We mention that the company shall take all legal steps required for the registration of the company's managers in NTRO as soon as possible.