In the context of the annual presentation of the Company to the Association of the Greek Institutional Investors the developments and financial results as well as the objectives and growth strategy of the Company were presented. The world economy and in particular the economy of the USA as well as the economies of some Asian countries started to show signs of improvement indicating that we are nearing a growth phase of a rather permanent nature.

The EU countries appear to fall a little behind in relation to this trend, nevertheless, even there the first signs of improvement in the business environment and consumer confidence have made their appearance. The trends at the business level have gone even further regarding what had already started to develop since 2002, that is, a gradual turn from the high risk activities towards the more traditional sectors and towards larger firms. The three words maxim ?quality-transparency-permanence? comes more and more to the fore and is supplemented with the 3 key words ?continuity-consistency-stability?.

We believe that MOTOR OIL demonstrated the above characteristics also in 2003 and this fact is reflected by and large in its financial results. The strategy adopted by the Company aims, among other things, to the maximization and optimization of its Sales and to the maintenance of the High Safety and Environmental Protection Standards. Within this context the Company in the 3 year period 2003-2005 is carrying out an investment program the capital expenditure of which is in the region of euros 350 million. This investment will make possible the production of ?clean? fuels according to the specifications of the European Union effective as of 2005, as well as the increase in production of middle distillates (diesel and kerosene) of which there is a shortage in Greece and in Europe in general.

Moreover, the flexibility in the maximization of production of either diesel or gasolines dependent on seasonal demand will be enhanced. Ultimately, the environmental conditions of the refinery will improve as a result of the gaseous pollutants emissions being drastically reduced. The Annual General Meeting of the Company shareholders which took place recently approved the issuance of a Bond Loan up to the amount of euros 275 million for the financing of the investment program. MOTOR OIL has renewed its certificate for quality with ISO 9001:2000 and also holds the certificate for the protection of the environment with ISO 14001. It is the sole refinery in Greece and only one of a handful in Europe with both certifications. During the previous year the Company diversified into two new types of activity: a) connection with the natural gas network by entering into an agreement with the Natural Gas Corporation (DEPA). The natural gas will be used as feedstock for hydrogen production and as a source for the energy needs of the refinery and b) production of electricity power after obtaining the relevant license by the authorities to proceed with the construction of a 400 MW electricity production plant. During 2003 the Company performed a buy back program which was completed successfully. The recent Annual General Meeting of the Company approved a new buy back program similar to the previous one.