Substantial increase in YTD September Earnings of 2004: Revenues of ALUMINIUM DE GRECE for the year-to-date September 2004 amounted to euros 261,1 million, compared to euros 235 million in 2003, corresponding to a 11,1% increase.

Earnings from operations amounted to euros 53,8 million or 20,6% of sales (corresponding to increase of 96,4% compared to 2003). Net profit before taxes amounted to euros 37,4 million, compared to euros 13,9 million for the corresponding period in 2003, presenting an increase of 168%.

The consolidated net profit before tax of ADG and its mining subsidiary Delphes & Distomon for the year-to-date September 2004 period amounted to euros 37,6 million, compared to euros 14,4 million in 2003. These results have been influenced positively by the evolution of alumina and primary metal prices (LME) and both ADG?s and D-D satisfactory industrial performance.