Turnover of ALUMINIUM DE GRECE for the first quarter of the year 2004 was 85.7 million euros, compared to 80.4 million euros in 2003, corresponding to a 6.5% increase. Earnings from operations amounted to 16.3 million euros or 19% of sales (corresponding to increase 12.3% compared to 2003).

Net profit before taxes amounted to 12.8 million euros, compared to 10.4 million euros for the corresponding period in 2003, presenting an increase of 24%. The consolidated net profit before tax of ADG and its mining subsidiary Delphi-Distomon in the first quarter of the year 2004 amounted to 13.2 million euros, compared to 9 million euros in 2003 showing though an increase of 47%.

These results have been influenced by the positive evolution of alumina and primary metal prices (LME) and both ADG?s and D-D satisfactory industrial performance. The Company considers that its overall results for the 2004 will be closely depending on the continuation of the present external factors such as current prices of alumina and aluminium and the euros /USD parity combined with the present macroeconomic indicators in the global markets.