With reference to a letter of the ATHEX, with reference 17690/20.05.2003, the company inform the following:

Present circumstances do not necessitate any public announcement by Petrola Hellas S.A., in accordance with article 4 of decision 5/204/14.11.2000 of the Hellenic Capital Market Commission. With regard to the rumours that have been published in various articles in the press, we reserve our right to make an announcement in the future, in accordance with article 5 of the above mentioned decision of the Hellenic Capital Market Commission.