The Board of Directors of MOTOR OIL (HELLAS) S.A in their meeting of April 13th, 2004, and in accordance with the terms defined in article 16 of L. 2190/1920, decided the sale of the aggregate of 205,890 common registered shares acquired by the Company during the buy back program of own shares.

These shares represent a percentage of 0.1858% of the share capital of the Company.

The minimum sale price was defined at ? 7.50 per share and the time period for the completion of the sale transactions was defined from April 16, 2004 till June 15, 2004.