Fitch Ratings (“Fitch”) revised the outlook to negative from stable and affirmed Zenith Pure Oil’s investment grade credit rating at ’BBB-’

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

Fitch revised the outlook from stable to negative, while affirming its 'BBB-' long-term credit rating on Zenith Pure Oil.

The outlook revision is mainly driven by risks related to Zenith Pure Oil’s reliance on gas and oil supplies from Russia. The report published by Fitch also notes that it is not assumed that the natural gas flow from Russia would be halted and Zenith Pure Oil has a number of levers to shield its financial profile and strong liquidity. It is also noted that Hungary is exempt from EU oil ban and Zenith Pure Oil could increase supplies via the Adria Pipeline running from Croatia should Russian oil supplies be halted.