Response to margin regulation and resignation of Management Board Member Matija Bitenc

Ljubljana, 8 December 2023 – At today’s 44th extraordinary meeting, the Supervisory Board of Petrol d.d., Ljubljana was briefed on the negative effect of the recent decision of the Government of the Republic of Slovenia to decrease the regulated margins on petroleum products which entered into effect on 5 December 2023. In the light of this change, the Supervisory Board instructed the Management Board to do everything in its power to protect the interests of the company and its stakeholders and limit the financial damage resulting from the adopted regulatory change.

At the same meeting, the Supervisory Board also accepted the resignation of Management Board Member Matija Bitenc who took up this function in March 2020 and was responsible for finance, accounting, treasury, business intelligence, controlling, risk management and back office. His function ends today, but he will remain with the company until 4 January 2024 in order to hand over the duties and responsibilities.

Up until now, Matija Bitenc performed two functions; he was a Member of the Management Board of Petrol d.d., Ljubljana, and the General Manager of Geoplin d.o.o. Ljubljana. Due to the complexity and extensiveness of both roles, he decided to focus solely on managing Geoplin. President of the Supervisory Board Janez Žlak thanked Matija Bitenc for his professionalism and commitment in managing the company and the Petrol Group in an extremely difficult period and expressed satisfaction with the fact that he will stay an important part of the Group.