Oltchim S.A. Announces Resignation of Karoly Borbely as Chairman of the Administration Board; Reports Earnings Results for the First Quarter Ended March 31, 2012

Oltchim SA is a Romania-based company engaged in the chemical industry. The Company’s production is organized in two divisions and four factories. The Petrochemical Division produces ethylene, propylene, ethylene oxide, monoethylene glycol and low and high density polyethylene. The Construction Materials Division produces rigid and foam PVC profiles, double glazing glass packages and foam PVC panels, among others. Its Chlorine Plant manufactures caustic soda, chlorine, hydrochloric acid, sodium hypochlorite, soda block, flakes and pearls. The Company’s Polyvinyl Chloride (PVC) Plant is involved in the production of vinyl chloride and polyvinyl chloride. Its Oxo-Plasticizers Plant produces oxo alcohols, phthalic anhydride and dioctyl phthalate. Its Propylene Oxide - Polyether Plant manufactures propylene oxide, propylene glycol, flexible polyether and polyether sugars. In January 2013, the Company entered the insolvency procedures.