Satisfactory Results despite of the unfavorable parity USD ? euro. In the first half of the year 2003, ALUMINIUM DE GRECE?s turnover was euro 161.1 million, compared to euro 190.3 million in 2002, corresponding to a 15% reduction. Earnings from operations amounted to euro 20.5 million or 13% of sales.

Net profit before taxes (EBIT) amounted to euro 11.8 million, compared to euro 22.8 million for the corresponding period in 2002. These results have been influenced by: The significant depreciation of the US Dollar against the Euro by 23% for the first half of 2003, which contributed to the reduction of aluminum prices in Euro by 18%, notwithstanding the stability of primary metal prices (LME-3 month average price for the first half of 2003 is USD1,383/ton, against USD 1,374/ton for 2002 respectively). The increased fuel oil prices in the first quarter of 2003 due to the Iraqi crisis as compared to 2002.

The evolution of the US/Euro parity as well as the general economic situation will determine the primary aluminum market, influencing accordingly AdG's performance.