The satisfactory development of MOTOR OIL (HELLAS) figures during the 9 months of 2003 resulted in the Company sustaining its steady course of high profitability.

Earnings Before Taxes amounted to 79.2 million euros for 2003 compared to 74.9 million euros for the respective nine-month period of 2002.

Earnings Before Depreciation, Interest and Taxes (EBITDA) for the period amounted to 100.8 million εθροσ compared to 97.5 million euros for the respective nine- month period of 2002.

Turnover for the first nine-months of 2003 amounted to 1,150.9 million euros compared to 1,002.6 million euros for the respective period of 2002. Sales volume amounted to 4,928 thousand Metric Tonnes increased by 11% compared to the respective figure of 2002.

The Company's inventories remained at low levels.

A major point of differentiation of Company figures for the nine-month period as well as for the entire year is the increase in depreciation charges by an amount of approximately 5 million euros due to the completion of significant investment projects at the Refinery. The investment program is carried on normally with planned capital expenditure amounting to 70 million euros for 2003 and to approximately 400 million euros for the period 2003 - 2005.

The company showing consistency to its shareholders decided to distribute from the 9-months profits an interim Dividend of 0,20 Euro per share.

MOTOR OIL SUMMARY RESULTS (in 000 EURO)

9-MONTHS 2003 9-ΜONTHS 2002

TURNOVER 1.150.930 1.002.667

EBITDA 100.768 97.450

DEPRECIATION 22.850 18.067

EARNINGS BEFORE TAX 79.186 74.887