Ramoil Management Ltd. CEO Concludes Agreement With Board of Directors

    LAS VEGAS--Aug. 15, 2001--Ramoil Management Ltd. (Pink Sheets:RAMO) CEO Gary Walters said that an escrow was established today for an executive retirement agreement at Sterling Title Services Inc. in Stuart, Fla., as an addendum to the financing agreement with Century Capital, S.A.
    This agreement provides that a new chairman can be elected at a future date and based on existing by-laws, the new chairman can terminate the CEO. As a result, a protective covenant has been formulated for CEO Gary Walters that both he and the board accepted.
    The total financing package amounts to $1.035 billion in cash and $8.222 billion in stock. $167,000,000 of the first traunch is to be used for the acquisition of the Pacific Dunlop Automotive Divisions.

    Safe Harbor Forward-Looking Statements
    Except for historical information contained herein, the statements in this release are forward-looking statements that are made pursuant to the safe harbor provision of the Private Securities litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause the company's actual results in future periods to differ materially from forecasted results. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings and other risks.