The satisfactory development of MOTOR OIL (HELLAS) figures during the first 6 months of 2003 resulted in the Company sustaining its steady course of high profitability.

Earnings Before Taxes amounted to ? 53.4 million for 2003 compared to euro 51.9 million for the respective six-month period of 2002.

Earnings Before Depreciation, Interest and Taxes (EBITDA) for the period amounted to euro 65.7 million compared to euro 66.5 million for the respective six month period of 2002.

Turnover for the first half of 2003 amounted to euro 807.8 million compared to euro 693 million for the first six months of 2002.

Sales volume amounted to 3.383 thousand Metric Tonnes an increase of 9% from the relevant figure of 2002. This increase is mainly noted in Export sales while Domestic and Bunkering sales remained at the same as last year levels. The Company's inventories remained at low levels.

A major point of differentiation of Company figures for the first half as well as for the entire year is the increase in depreciation charges by an amount of euro 3 million 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 for 2003 and to approximately euro 400 million for the period 2003 - 2005