At the meeting of February 27th 2004, ALUMINIUM DE GRECE?s Board of Directors approved the audited financial statements for fiscal year 2003, which show a yearly turnover amounting to 316.6 million Euro and a net profit before taxes of 17.2 million Euro.

Despite increased aluminium prices in US $ throughout the year, the significant depreciation by nearly 20% of the US $ against the Euro had a major negative impact on the 2003 results.

In a previous press release issued on January 16th, the Company has informed the market that, under present level of Euro/US$ exchange rates and oil prices on the world market, the available options of electricity supply would result in electricity prices for AdG substantially higher than the ongoing contract with DEH (the Public Power Company in Greece), which terminates on March 31st, 2006.

In view of this prospect, the Board of Directors has decided to appoint an independent financial advisor who will have the mission to provide to the Board an assessment of the value of the Company and to verify the economic value of its assets.

The Board will meet again before the next Annual General Shareholders? Meeting and decide if the expert?s conclusions justify an adjustment in the final 2003 financial statements.

Subject to such decision, it is the intention of the Board of Directors of ALUMINIUM DE GRECE to propose to the Annual General Shareholders? Meeting of 2004 the payment of a dividend of 0.30 Euro per share.