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LE MOT DU PRESIDENT

STAR OIL now has a history of its own.

When I joined the subsidiary, BP Mauritania, of the British group BP, in April 1990, at the
request of my late friend Sidi Mohamed ABBAS, I was thinking of soon going back to my
personal business after completion of the task I was entrusted with. Instead, many years have
passed; I found a passion for a new occupation; and here I remain.

The hardships and challenges were enormous in 1990; very few paths led to optimism.
However, we were convinced that the period was favorable to changes. Based on that
and our own capability to become the actors of our destiny, by assuring the strict control and
management of our business, I have accepted the responsibility and challenge to head the
company. Not only was it thrilling and fulfilling for me but also for others involved in the
endeavor: management and staff, shareholders and our bank BMCI. The rest is history and
our company’s success has been our pride.

Our company took on the name STAR OIL in 2003. It had either replaced or taken over
activities from BP, ELF, TOTAL, and EXXON MOBIL. It had continuously been enriched
with people, experience, know-how, sound business procedures and good practices from these
various groups. We still enjoy a fruitful and solid technical partnership with the BP Group.

STAR OIL invested and focused on the development of a diversified business and achieved
its goals by becoming a major player in Mauritania, a dynamic market leader in all sectors
of the oil distribution. Starting 2004, we have gone regional, expanding our business in
West Africa, namely in: Mali, Guinea and soon Senegal. This international activity has been
developed on the basis of a balanced and sustainable model that fits the requirements of the
markets where we operate. We also maintain our autonomy with regard to raising sufficient
capital to fund future investments. As for the future, it looks even more promising given that
we are, in terms of innovation, better equipped technically and commercially; and have access
to sounder lucrative investments.

An African led and owned company, STAR OIL is owned by several very different groups.
Our shareholders have invested their capital and have always backed the company by fully
assuming the inherent risks. In terms of Human resources, the team spirit built over the years
has helped attract talent, build motivation and retain staff.

We reiterate our mission to contribute responsibly and adequately to the needs of our
customers, in compliance with all existing laws and regulations, Human Rights, protection of
the Environment, and Health and Safety for a sustainable human development.

Finally, we take this opportunity to introduce you to our newly created website,
www.staroilgroup.com, where you will find useful corporate information. I hope you find
interest in visiting our website which will be a special link to our customers, partners and the
public in general.

Tidiani BEN AL HOUSSEIN
CEO