The company TECHNICAL OLYMPIC S.A wishes to announce hereby that is has not been informed of any fine imposition by the Capital Market Commission, neither against the Company, nor against its management and officers. In the case that such published information are valid, the Company wishes hereby to express its deepest sorrow for being informed once again as well as the other interested parties and the investors, through the on-line Press and the Media, about fines that are reported to have been imposed by the Capital Market Commission to members of the company's Management and to its officers, relating to the Company and its officers, without the Company and its interested officers having first been informed of the relevant resolutions of such fines, as the case should be according to our laws. Furthermore, Technical Olympic S.A wishes to announce and to assure its investors that there has been no violation of the Athens Exchange Regulations or the overall legislation governing its operations by the Company?s management or its officers relating to the preparation and publication of the consolidated financial statements for the years 1999 and 2000, for which the Capital Market Commission is reported to have imposed such fine. The Company' s officers have always acted with utmost earnestness, accurateness and readiness in order to timely and adequately inform the competent authorities and its investors, always complying with the applicable Athens Exchange Regulations and the overall legislation and always acting to the benefit of the Company and its shareholders. The company TECHNICAL OLYMPIC S.A expresses once more its implicit confidence in the Greek Justice for its accurate and fair laying of charges to whoever it is right, and it will refer this case to the courts as soon as it will be served by the Capital Market Commission. Moreover, the Company reserves its right to proceed with every lawful action for any losses it will suffer from the spreading of such information and the untimely and unorthodox way its investors were informed through the on-line press and the Media, but also from the unjust and insubstantial charges attributed to it and its officers.