In the context of the annual presentation of the Company to the Association of the Greek Institutional Investors, the developments and financial results, as well as, the objectives and growth strategy of the Company were presented. During 2004, MOTOR OIL was once more characterized by 'continuity-consistency-stability' a fact that, by and large, is reflected in its financial results. The strategy adopted by the Company aims, among other things, at the Maximization and Optimization of its Sales and at the continuation of the High Safety and Environmental Protection Standards. Within this context, the Company has been carrying out in the 3-year period 2003-2005 a Euro 350-million investment program, of which about Euro 250 million was invested during 2004.

In 2004, the 'white products', meaning high specifications and high value-added products, comprised 76% of the refinery production. The products of 'MOTOR OIL' are distributed in 3 main markets: Domestic, Export, Bunkering through a strong sales network and long-term relationships with its clients.

The turnover for 2004 amounted to Euro 1,937 million compared to Euro 1,560 million in 2003. The sales in volume increased to 7.3 million metric tons compared to approximately 6.8 million metric tons in 2003, representing an increase of approximately 8%. The Gross Profits of the Company amounted to Euro 272.2 million in 2004 compared to Euro 208.2 million in 2003. The profitability of the Company, in terms of refinery margin, improved in 2004 compared to the previous year. Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) for 2004 reached the amount of Euro 174.9 million compared to Euro 111.8 million in 2003. Earnings Before Tax amounted to Euro 155.4 million compared to Euro 95.1 million in 2003. The Return on Equity during 2004 was 87.6%, reaching for yet another year very high levels. The Company consistent in its policy towards the shareholders for the maximization of the dividend yield will propose the distribution of a dividend amount of Euro 0.85 per share for the financial year of 2004.