Application of the International Accounting Standards to the Group's 2002 financial statements mainly affects the fixed assets and net worth accounts.

Following valuation of Group's real estate by appraisers Lambert Smith Hampton, Fixed Assets according to I.A.S. rise to euro 15.8 million (from euro 5.0 million according to the Greek Accounting Standards). Net Worth rises to euro 24.3 million, from euro 13.3 million.

Profit before tax to the I.A.S. is euro 2,652 thousand, somewhat higher than the euro 2,643 thousand according to the G.A.S.

The Solvency ratio rises form 57.18% to 68.46%

For more analytical presentation of the 2002 financial statements according to the I.A.S. please refer to the Group's website, www.petropoulos.com.

The Company was established in Thessaloniki in 1922. It manufactures, modifies, distributes and supports a wide range of automotive products including automobiles, trucks, buses, generating sets, diesel engines, boats, outboard engines, agricultural and industrial equipment. The Company has a leading position in the Greek market in each branch of its activity.

For further information, please contact Ms. Athina Tsiaga, tel. 30 10 3499211.