According to CMC decision 5/204/14.11.2000, the Company announces that the Annual Ordinary General Meeting was convened on May 31st, 2005 at 12.30 hours at Athens Plaza hotel, Syntagma Square and the shareholders present represented percentage 86.14% of the share capital.

The most important issues concerned the following:

1.The payment of a dividend amount of euros 0.85 per share for the fiscal year 2004. Eligible to receive the amount of dividend are the shareholders on record on May 31st, 2005. As of June 1st, 2005 the shares of the Company are traded on the ASE ex-dividend. It is reminded that on 20.12.2004 the Company paid an amount of euros 0.20 per share as interim dividend. The commencement of the payment will be within 20 calendar days following the AGM date. The first dividend payment date will be announced shortly following the decision of the Company`s BoD. This issue was approved with a unanimous decision.

2.The election of the new Board of Directors of the Company as follows: Vardis J. Vardinoyannis, Abdulhakim A.Al-Gouhi, Panagiotis N. Kontaxis, George P.Alexandridis, John N. Kosmadakis, Petros T. Tzannetakis, Majid Y. Al-Mugla, Jamal A. Al-Rammah, Ali A. Al Muhareb, Abdullah Mohammed Al Warthan, Konstantinos V. Maraveas, Ali A.S.Al-Ghamdi. The latter two BoD members are non - executive independent.The organization of the BoD as a Body Corporate will take place shortly. The election of the new BoD was approved with a voting percentage of 99.89% 3.The new share buy back program, according to article 16 par. 5 of the C.L 2190/1920, for up to 1,107,800 shares of the Company. The minimum purchase price per share was set at ? 7 and the maximum price per share at euros 17. The purchases will be effected within 12 months from the date of the AGM decision. This issue was approved with a voting percentage of 99.95%.

The approval of the year 2004 Financial Statements (Parent Company-Consolidated) received a unanimous vote.

The issues concerning the discharge of the Board of Directors and of the Auditors, the payment of fees to the members of the Board of Directors and the announcement of the registry of shareholders from whom the own shares of the Company were acquired were approved with a voting percentage of 99.95%. The approval of the Directors` and the Auditors` Reports received a voting percentage of 99.82%. Finally, the changes in the Composition of the BoD for the year 2004 and the election of Chartered Auditors for the fiscal year 2005 and approval of their fees received a voting percentage of 99.89%.