MOTOR OIL (HELLAS) CORINTH REFINERIES S.A.: Positive Research Follows MOTOR OIL Solid 2004 Earnings

MOTOR OIL (HELLAS) CORINTH REFINERIES S.A.: Positive Research Follows MOTOR OIL Solid 2004 Earnings Two of Greece's top brokers, National Securities and P&K have published updated research reports for ASE listed Motor Oil Hellas (MOH), both maintaining favorable ratings and raising their target price. National Securities published a detailed update report on March 18th. It maintained its Buy rating for the MOH shares and increased its price target to Euro 12.25 from 11.22 Euro. National Securities maintains a positive 2005 outlook for Motor Oil's stock following its strong 2004 results and sustained increased refining margins above historic levels. National Securities also commented on the dividend payout exceeding expectations and slightly adjusted the assumptions in its valuation model which resulted in the higher target price. In its Flash Update Report dated March 7th reviewing 2004 Results, P&K reiterated its Overweight rating for Motor Oil Shares and raised its target price by 1 Euro to 12 Euro. The brokerage firm highlighted Motor Oil's strong 2004 results as well as the increased dividend payout of 0.85 Euro for this year which brings dividend yield at 6.8%. Motor Oil's stock closed at Euro 12.54 on May 4th. Motor Oil's turnover for 2004 amounted to 1.937 mil Euro compared to 1.560 mil Euro in 2003. The sales in volume increased amounting to 7.3 mil metric tons compared to approximately 6.8 mil metric tons in 2003 denoting an increase of approximately 8%. Gross Profit amounted to 272.2 mil Euro in 2004 compared to 208.2 mil Euro in 2003. Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) for 2004 reached 174.9 mil Euro compared to 111.8 mil Euro in 2003. Earnings before taxes reached 155.4 mil Euro compared to 95.1 mil Euro in 2003. The Return on Equity during 2004 was 59.8%, reaching for yet another year very high levels. MOTOR OIL HELLAS is the largest private industrial complex in Greece with total investments in excess of USD 1.5 billion. The Company currently completes a USD 500 million investment program which will further enhance its product mix. The Company exports its products to more than 30 countries while the product mix it offers to its clients includes the entire range of oil products. The privately owned oil refinery of the Company is among the most modern ones in Europe. News provided by Capital Link