Management Board and Supervisory Board Publish Joint Reasoned Statement on Takeover Offer made by Joma Industrial Source Corp.

The Management Board and Supervisory Board of C.A.T. oil AG (O2C, ISIN: AT0000A00Y78; "the Company”) today published their Joint Reasoned Statement pursuant to Article 27 WpÜG on the takeover offer made by Joma Industrial Source Corp. ("Joma”) on December 11, 2014. In this statement, Management Board and Supervisory Board indicate that the offer price of EUR 15.23 is adequate from a financial point of view. However, the bidder’s intentions remain, to a large extent, unclear. Management Board and Supervisory Board recommend shareholders of C.A.T. oil AG to accept the takeover offer. The evaluation of the offer price’s adequateness is, inter alia, supported by a Fairness Opinion based on marked standard valuation methods, provided by Commerzbank AG, Frankfurt.

Manfred Kastner, Chief Executive Officer of C.A.T. oil AG, said: "The offer price is adequate from a valuation perspective given the current geopolitical and macroeconomic environment. As a Management Board we are convinced that C.A.T. oil is perfectly positioned as it has a proven strategy geared towards profitable growth. We have an excellent track record and generated significant shareholder value – over the past three years C.A.T. oil’s share price increased by more than 218%. Moreover, C.A.T. oil enjoys an excellent reputation amongst customers for its reliability and high quality of services.”

The full Reasoned Statement by the Management Board and the Supervisory Board has been posted today on the Company’s website at http://www.catoilag.com/upload/Statement_2014-12-19.pdf and publication by announcement in the Federal Gazette (Bundesanzeiger) has been arranged for.

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