The Piraeus Port Authority (PPA) acting within the frame of its approved Regulation of Operation which has also been legally published in the Government Gazette, signed in 2002 with MSC, one of the largest companies worldwide in its field, a contract for the handling of a significant volume of the company's transit cargo through the container terminal in Ikonio, which was necessary for the financial development of the port.

In its proposal to the Competition Commission, which should be noted is not binding, the General Directorate of Competition (GDC), further to the respective complaint of the Sarlis companies for an alleged infringement of free competition rules (Law 703/77), considers that basic terms of the above mentioned contract might consist a discrimination among shipping companies and proposes the imposition of a fine and the partial revision of the contract's terms, in case that the GDC's proposal is accepted in its whole.

The Competition Commission, during the hearing of the case, which starts on 18 September 2006 will decide as the competent authority as to the validity or non-validity of the complaint, taking into consideration, apart from the GDC's proposal, the views, arguments and data submitted or to be submitted by the PPA and the other companies involved.

The Management of the PPA considers that from the existing data no discrimination of the customers arises. On the contrary, the statistical data of the period in question, confirm the fair treatment of all users. Furthermore, the PPA's position is, that contracts, which follow the approved standards in all ports internationally, which are entered into within the frame of law and of strictly regulated rules and which correspond to the regional business conditions, should not be challenged and lead to their nullity wholly or as to their basic terms, causing damage to the PPA, its shareholders, the local community, the investment activity and the National Economy.

The PPA has faith in the judgment of the Competition Commission and is confident that the Commission, taking into consideration all the data and the well substantiated arguments of the PPA, which will be presented before the Commission, will decide in favor of the PPA.