In response to a letter of the ATHEX dated 26/3/2003, announces the following:

1. MOTOR OIL's short-term debt on 31/3/2003 is estimated to be approx. 36 million Euros, from 67 million Euros on 31/12/2002 whereas, the long-term debt will be around 148 million Euro) depending on the Exchange rates on 31/3/2003.

2. The Liabilities-to-Equity ratio in the parent balance sheet on 31/12/2002 is at the level of 2.5, which we consider very satisfactory. The use of debt, due to the very low interest rates, enables for optimum and more effective financing of the company's activities and investments, maximizing the return of Equity as well as the dividend yield.

3 & 4 Overdue amounts do not exist.

5. For Y2003, the amount of interest expenses and capital repayments is forecasted to be approx. 10 million Euros. These obligations will be met on time.

6. The uncertainty that dominates the markets due to the War in Iraq as well as the global recession urge for more attention and reservation. In spite of the above, the prospects of MOTOR OIL appear to be sound and it is our firm belief that the Company will be able to sustain its high profitability levels in Y2003, based on the following main assumptions:
a) increase sales-volume in Y2003 vs. Y2002
b) retain higher refinery margins compared to European refineries
c) continuation of competitive cost financing
d) optimize operating costs

7. With respect to the Auditor's Notes the answers are as follows:
Note 1

A)The Company, based on the interpretation of decision No. 205/1988 of the Legal Council, has not provided in full for the minimum amount payable as employee severance compensation upon retirement as provided by Law 2190/1920. Had the Company provided in full as at December 31, 2002 the provision for retirement benefits would have been approximately euro 17 million higher and the shareholders' equity would have been lower by the same amount.

B)Regarding a private defined benefit plan for its employees, contributions paid to the insurer are expensed in the year paid. Based on the first formal actuarial valuation of this fund, this fund is under-funded by approximately euro 11 million. The Company has commenced payments to remedy the situation.

Note 3

The Company did not provide for depreciation on its tangible fixed assets for the period January 1, 1994 to December 31, 1996 based on the treatment permitted by Law 2238/94. The Company did not lose its right for the above depreciations, which are transferred, to the following years. The booking of the above depreciation would not be appropriate since it would create accounting differences not accepted by the tax authorities.

Note 4

Based on an agreement with a related company receivables can be offset with payables. To that effect receivables of about euro 39 million included in ?Trade Payables? at December 31, 2002 have been set off against payables of about euro 79 million.

Note 5

Included in ?Receivables? and ?Other Long-Term Receivables? are outstanding receivables amounting to euro 9 million against which the Company has made a provision of euro 6.3 million. The Company believes that this amount is satisfactory since it is believed that part of this outstanding amount will be repaid.