MOTOR OIL (HELLAS) S.A announces that the Annual Ordinary General Meeting of the Company shareholders of June 1, 2004 approved the distribution of an aggregate dividend amount of euros 0.50 per share for the fiscal year 2003. It is reminded that on 19.12.2003 the Company paid an interim dividend of euros 0.20 per share as advance payment for the year 2003 dividend. As a result the remainder amount of dividend payable for the year 2003 equals euros 0.30 per share.

Shareholders entitled to the remainder amount of dividend are the owners of the shares of the Company at the closing of the trading day of the Athens Stock Exchange of June 1, 2004 according to the clearing of the Central Securities Depository S.A. As of June 2nd, 2004 the shares are traded ex-dividend remainder for the year 2003 the payment commencement date of which will be declared with another announcement.