ZUG, Switzerland–(Business Wire)–
Regulatory News:

Petroplus Holdings AG (SIX: PPHN) today reported an estimated clean net loss of
$(5) million, or a loss of $(0.06) per share, as compared to clean net income of
$40 million, or $0.57 per share for the quarter ended March 31, 2009.

In accordance with the International Financial Reporting Standards (“IFRS”)
presentation, Petroplus reported a net loss from continuing operations of
$(26.4) million, or $(0.31) per share, for the three months ended March 31, 2010
as compared to net income from continuing operations of $3.6 million or $0.05
per share, for the three months ended March 31, 2009.

Presentation slides have been posted on the Investor Relations section of our
website at http://investors.petroplusholdings.com. The slides include an example
of the estimated impact of the net change in the crude and product price
environment for the first quarter 2010 results. Presentation slides have also
been posted, in the same section of our website, regarding Petroplus`s
investment in PBF Energy Partners, L.P. for the purchase of the Delaware City
refinery.

Commenting on the company`s first quarter financial results, Karyn F. Ovelmen,
Petroplus`s Chief Financial Officer, said, “With increased throughput at our
refineries and stronger refining margin cracks, the `clean` refining and
marketing EBITDA contribution was approximately $150 million in the first
quarter 2010 as compared to a loss of approximately $(15) million in the fourth
quarter of 2009. The $165 million increase was driven by an approximately $2 per
barrel increase in our average refineries` benchmark cracks, coupled with an
approximately 14 million barrel increase in throughput in the first quarter as
compared to the heavy maintenance fourth quarter. Heading into the second
quarter, we expect our throughput to average about 580,000 barrels per day after
considering our planned maintenance work.”

With respect to the company’s liquidity position and capital structure, Ms.
Ovelmen said, “We ended the quarter in a net cash position (cash, net of short
term borrowings) of about $200 million as we benefited from working capital
changes including the return of the German excise duty working capital benefit.
In terms of liquidity, the Company ended the quarter with approximately $500
million in available credit under our working capital facility, which is an
improvement of about $200 million compared to the end of the previous quarter.
The net debt-to-net capitalization ratio at March 31, 2010 improved to
approximately 43 percent as compared to 48 percent at December 31, 2009.”

Commenting on the company`s growth strategy, Jean-Paul Vettier, Petroplus`s
Chief Executive Officer, stated, “We are very excited with our investment in the
Delaware City refinery via PBF Energy Partners, L.P. This investment provides an
excellent opportunity for us to upgrade our refinery portfolio and enhance our
geographic diversity as we enter the U.S. market.” Regarding any other near term
refinery acquisitions by Petroplus in Northwest Europe, Mr. Vettier said, “There
are several refineries for sale in Northwest Europe. Currently, we are open to
any opportunity that meets Petroplus`s requirements for return on investment and
resilient cash flow. We believe such opportunities will come in the future but
they are not here today. As a growth company we look at all potential
opportunities to grow the company via refinery asset purchases that are
meaningfully accretive to earnings per share.”

With regards to the Reichstett refinery, Mr. Vettier said, “As previously
announced we are evaluating strategic alternatives for our Reichstett refinery,
including the sale of the refinery. During this process, the company plans to
operate the refinery and make the necessary investments required for compliance
with environmental, health and safety standards. The company`s first priority in
evaluating strategic alternatives for this site is to explore all opportunities
in an effort to keep the refinery operational. The sales and evaluation process
for the refinery is expected to be completed by early August. If there is no
potential buyer at that time, the company will decide on whether to continue to
run the refinery or implement a shutdown.”

Regarding the refining market, Thomas D. O`Malley, Chairman of the Board
commented, “The weak contango structure for gasoil in Europe helped to reduce
offshore floating inventory. This coupled with a pick up in worldwide demand for
transportation fuels has led to better refining margins. We have also seen the
light-heavy differential widen over the last few months. The Delaware City
refinery is well-positioned to capitalize on the widening of the light-heavy
differential as it is a highly complex refinery. We believe the trend to better
margins that we saw in the first quarter will continue as the world economy
recovers from the deep recession.” Mr. O`Malley stated further, “2009 was the
perfect storm which negatively affected the world`s refining industry. Storms
don`t last forever and it seems to have passed. We believe better days are
ahead.”

Throughput rates by refinery for the second quarter and full year 2010,
including intermediate feedstocks, should average approximately as follows:
Coryton at 180,000 to 190,000 bpd for the second quarter and 185,000 to 195,000
bpd for the year; BRC at 65,000 to 75,000 bpd for second quarter and 80,000 to
90,000 bpd for the year; Petit Couronne at 130,000 to 140,000 bpd for the second
quarter and 120,000 to 130,000 bpd for the year; Ingolstadt at 90,000 to 100,000
bpd for the second quarter and 95,000 to 105,000 bpd for the year; Reichstett at
55,000 to 65,000 bpd for the second quarter and 55,000 to 65,000 bpd for the
year; and Cressier at 30,000 to 40,000 bpd for the second quarter and 50,000 to
60,000 bpd for the year.

The company`s conference call concerning the first quarter results and PBF
Energy Partners, L.P.`s acquisition of the Delaware City Refinery will be
available live via webcast today, May 5, 2010, at 4:00 p.m. CET on the investor
relations section of the Petroplus Holdings AG website at

http://investors.petroplusholdings.com

The company also launched today an offering of 8.65 million newly issued
registered shares on a non-preemptive basis. The company intends to use
approximately $125 million of the net proceeds of the Offering to invest in PBF
Energy Partners, L.P. to fund the acquisition of the Delaware City refinery and
to use the balance to fund further investments in PBF Energy Partners, L.P.
related to this or other acquisitions.

Petroplus Holdings AG is the largest independent refiner and wholesaler of
petroleum products in Europe. Petroplus focuses on refining and currently owns
and operates six refineries across Europe: the Coryton Refinery on the Thames
Estuary in the United Kingdom, the Belgium Refining Corporation Refinery in
Antwerp, Belgium, the Petit Couronne Refinery in Petit Couronne, France, the
Ingolstadt Refinery in Ingolstadt, Germany, the Reichstett Refinery near
Strasbourg, France, and the Cressier Refinery in the canton of Neuchâtel,
Switzerland. The refineries have a combined throughput capacity of approximately
752,000 barrels per day. The company also owns the Teesside facility in
Teesside, United Kingdom.

This press release contains forward-looking statements, including the company`s
current expectations with respect to future market conditions, future operating
results, the future performance of its refinery operations, and other plans.
Words such as “expects,” “intends,” “plans,” “projects,” “believes,”
“estimates,” “may,” “will,” “should,” “shall,” and similar expressions typically
identify such forward-looking statements. Even though Petroplus believes the
expectations reflected in such forward-looking statements are based on
reasonable assumptions, it can give no assurance that its expectations will be
attained.

This press release does not constitute a prospectus within the meaning of
Article 652a or 1156 of the Swiss Code of Obligations or a listing prospectus
pursuant to the listing rules of the SIX Swiss Exchange. Any decision to
purchase any securities referred to herein should be solely based on the
relevant Offering Memorandum. This press release does not constitute an offer to
sell, purchase or solicitation to sell or to purchase any securities offered in
the Equity, Transactions in Switzerland.

This press release does not constitute an offer of securities for sale in the
United States of America or any other jurisdiction. The shares have not been and
will not be registered under the U.S. Securities Act of 1933, as amended (the
“Securities Act”), and may not be offered or sold in the United States of
America absent registration or an applicable exemption from registration under
the Securities Act.

Petroplus Holdings AG and Subsidiaries
Earnings Release

(in millions of USD, except for per share amounts) For the Three Months
ended March 31,
2010 2009 1)
INCOME STATEMENT DATA:

Revenue $ 4,973.5 $ 2,970.7
Materials cost 4,650.1 2,668.2

Gross margin 323.4 302.5
Personnel expenses 87.1 77.2
Operating expenses 105.2 114.6
Depreciation and amortization 79.5 59.8
Other administrative expenses 10.8 14.9

Operating profit 40.8 36.0
Financial expense, net (50.7) (37.4)
Foreign currency exchange (loss) / gain (2.6) 2.4
Share of loss from associates (0.8) (0.5)
(Loss) / income before income taxes (13.3) 0.5
Income tax (expense) / benefit (13.1) 3.1

Net (loss) / income from continuing operations (26.4) 3.6
Loss from discontinued operations, net of tax (11.0) (14.9)

Net loss $ (37.4) $ (11.3)

Net loss per share: 2)
Basic:
(Loss) / income from continuing operations $ (0.31) $ 0.05
Discontinued operations (0.13) (0.20)
Net loss $ (0.44) $ (0.15)

Weighted average shares outstanding (in millions) 86.3 74.5

Diluted:
(Loss) / income from continuing operations $ (0.31) $ 0.05
Discontinued operations (0.13) (0.20)
Net loss $ (0.44) $ (0.15)

Weighted average shares outstanding (in millions) 86.3 75.0

1) The 2009 financials have been reclassified to reflect the impact of discontinued operations related to the Teesside refinery and the Antwerp processing facilities.
2) In relation to the rights offering, the comparative earnings per share for the three months ended March 2009 have been restated to retroactively reflect the discount provided to shareholders in the September 2009 rights issue. As the rights issue was offered at a discount to market value the weighted average number of shares outstanding for prior periods was adjusted in accordance with IAS 33 Earnings Per Share. The adjustment resulted in an increase in the weighted average shares outstanding, both basic
and diluted, in 2009 of approximately 8%.

Petroplus Holdings AG and Subsidiaries
Earnings Release

(in millions of USD) March 31, December 31,
2010 2009
BALANCE SHEET DATA:

Cash and short-term deposits $ 226.0 $ 11.2
Total assets $ 7,022.5 $ 6,678.3
Total interest-bearing loans and short-term borrowings $ 1,712.3 $ 1,833.4
Shareholders’ equity $ 1,954.1 $ 1,988.0

Petroplus Holdings AG
Tom Trovato; +41 (0) 58 580 1166
Fredrik Olsson; +41 (0) 58 580 1244

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