During an event organized by SMEHA on Thursday February 12th, 2004 the presentation of MOTOR OIL (HELLAS) S.A and the developments concerning the Company took place.

The Company activities and financial figures as well as its objectives and growth strategies were presented.

MOTOR OIL (HELLAS) CORINTH REFINERIES S.A is one of the largest Greek companies with total investments exceeding the amount of 1.1 billion euros. Its activities cover the whole range of crude oil refining and trading of petroleum products and it owns one of the most modern Refineries in Europe which is the only Lubricants Refinery in Greece.

The Refinery of MOTOR OIL is certified for all its activities with the ISO 9001 for quality and with the ISO 14001 for the protection of the environment.

Following the presentation of the Company earnings for the 9-month period of 2003, it became evident that the steady course of high profitability was also sustained during 2003.

Earnings Before Taxes for this period amounted to 79.2 million euros 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 euros compared to 97.5 million euros for the respective nine- month period of 2002.

Turnover for the nine-month period 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 nine-month 2002 sales.

The Company's inventories remained at low levels.

The investment program of the Company is well under way with the completed capital expenditure for the year 2003 amounting to 70 million euros as planned, and the budgeted capital expenditure for the year 2004 amounting to approximately 200 million euros.

The 2003-2005 investment program of MOTOR OIL involves a total capital outlay of 400 million euros and it includes the installation of a Hydrocracking Unit in combination with a High-Pressure Desulphurization Unit, other necessary auxiliary units, as well as improvements to the already existing refinery complexes.

The investment project will endow MOTOR OIL, which is consistent with its strategy to be and remain a technologically advanced refinery, with the capability to produce 'clean' fuels with low sulphur content according to the European Union norm specifications effective as of 2005 but also those effective as of 2009. In addition, this investment will further enhance the flexibility in the maximization of the production of the refinery of "MOTOR OIL" of either diesel or gasolines depending on seasonal demand. Ultimately, the investment will improve the environmental conditions of the refinery as a result of the emissions of the gaseous pollutants (mainly sulphur and nitrogen oxides) from the Fuel Catalytic Cracking Unit being drastically reduced.

The primary strategy of the Company, which in essence remains unchanged, is summarized as follows:

• Continuous improvement of the refinery margin

• Establishment of a coherent sales network for the efficient promotion and sale of all refinery products at the best selling price while developing, at the same time, all three markets it engages in (Domestic-Exports-Bunkering) and

• Fulfillment of all specifications, as these evolve, regarding environmental protection.