In order to safeguard its long term financial health and the optimization of its energy supply, Aluminium de Grεce (ADG) is considering various possible options of electricity supply to its St. Nicholas aluminium smelter in 2006 and beyond.

Under present of Euro/USD exchange rates and oil prices on the world market, the available options would result in electricity prices for AdG substantially higher than the ongoing contract with DEH, the Public Power Company in Greece . This contract dates back to the creation of the Company in the 60s and will terminate on March 31, 2006.

AdG will continue to inform the market in due course of any material development on this matter.