In the context of Article 292 of the Regulation of the Athens Exchange, MOTOR OIL (HELLAS) S.A proceeded with a presentation to analysts, at the Association of Greek Institutional Investors, the key points of which are presented hereunder:

Year 2005 proved to be one full of significant challenges for MOTOR OIL. During this year, the "Hydrocracker" project was completed rendering the refinery of MOTOR OIL one of the most modern ones all over Europe, endowed with a high complexity index, capable to produce high quality transportation fuel from a wide variety of lower-cost sour crude oils. Two more important events took place for the Company during the same year. In September, the successful completion of the placement among international and domestic investors of 18 million MOTOR OIL shares (16.4%), owned by MOTOR OIL HOLDINGS, led to the doubling of the free float of the Company and to the strengthening of its shareholding basis at the same time. In November, the purchase of the stake of ARAMCO OVERSEAS COMPANY by MOTOR OIL HOLDINGS, a Vardinoyannis Group entity, was concluded. During 2005 the international refinery margins advanced at historically high levels reflecting the increasing demand for oil petroleum products worldwide. The Company consistent in its policy towards the shareholders for the maximization of the dividend yield will propose the distribution of a dividend amount of euro 1.10 per share for the financial year 2005, which corresponds to a 5.5% yield based on the closing price as of 30.12.2005.

FINANCIAL RESULTS ANALYSIS
2005 is the first year that the International Financial Reporting Standards (IFRS) are adopted and it is in this format that the 2005 financial results are presented compared to those of 2004. MOTOR OIL continued selling its products in its 3 main markets: Domestic, Export & Bunkering through a strong sales network and long-term relationships with its clients. The turnover of the parent company for 2005 amounted to euro 2,924 million compared to euro 1,937 million for 2004. The sales in volume increased and totalled 7.6 million metric tons compared to 7.35 million metric tons in 2004. The Gross Profits of the parent company amounted to euro 353 million compared to euro 272 million in 2004. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) for 2005 reached euro 218.7 million compared to euro 184.6 million in 2004. Earnings before Tax amounted to euro 188.5 million compared to euro 166.7 million in 2004. Earnings after Tax (EAT) amounted to euro 130.7 compared to euro 118.7 million while Earnings per Share (EPS) amounted to euro 1.18 compared to euro 1.07.