Announcement of other important matters

The Board of Directors of the Company decided to proceed with the construction of a new Crude Distillation Unit with a capacity of approximately 60,000 bbl/d. 

This project is part of the Refinery Expansion Program in which the Company has already invested significant funds over the recent years. 

Following the installation of the new crude unit the total capacity of the Refinery will exceed 170,000 bbl/d or 9 million MT per annum. 

Additional benefits are expected from the substitution of imported Straight Run Fuel Oil by own produced SRFO, the optimization of crude supply, and the ability to process new types of crude.

Maroussi, May 29th, 2007.

The Board of Directors