Intended Cancellation Announcement

PETROL AD ANNOUNCES ITS INTENTION TO CANCEL THE LISTING OF THE EXISTING NOTES (AS DEFINED BELOW) AND TO APPLY TO ADMIT THE NEW NOTES (AS DEFINED BELOW) TO LISTING

15 February 2012

Further to the announcement made by Petrol AD ("Petrol") on 20 December 2011, in relation to amending the terms and conditions of the €100,000,000 8.375 per cent. Guaranteed Notes due 2012 (the "Existing Notes") (ISIN: XS0271812447) issued by Petrol and guaranteed by Naftex Petrol EOOD to, inter alia, extend their maturity date to 26 January 2017, Petrol hereby announces that it has requested the Financial Services Authority, in its capacity as the UK Listing Authority (the "UKLA"), to cancel the listing of the Existing Notes on the Official List of the UKLA (the "Official List") with effect from 8.00 a.m. (London time) on 15 March 2012. The admission to trading on the Regulated Market of the London Stock Exchange (the "Market") of the Existing Notes will also be cancelled with effect from 8.00 a.m. (London time) on 15 March 2012.

Due to the five-year extension of the maturity date of the Existing Notes, Petrol considers that a new security has been created for listing purposes, the €100,000,000 8.375 per cent. Guaranteed Notes due 2017 (the "New Notes")(ISIN: XS0271812447). A prospectus relating to the New Notes has been submitted to the UKLA and is expected to be approved on or around 12 March 2012 (the "Prospectus"). The application to cancel the listing of the Existing Notes with effect from (and including)15 March 2012 has been made because the listing of the Existing Notes must be cancelled in order for the New Notes to be admitted to listing under the Prospectus. The New Notes are expected to be admitted to listing on the Official List and to trading on the Market with effect from 8.00 a.m. (London time) on 15March 2012. 

THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO PURCHASE ANY SECURITIES OR A SOLICITATION OF AN OFFER TO SELL ANY SECURITIES.