According to PD 350/1985 Article 5 - par.. 5a we inform you about the following facts that significantly influence the company results for year 2003. In December 2002 Logismos publicized a company prospectus regarding the capital raise through I.P.O. for listing in the Athens Stock Exchange Parallel Market, which took place between February 10 and 12, 2003.

In that prospectus there were included, among others, predictions for 2003 company results. More specifically the company predicted for 2003 revenues 4.696.000. euros, profits before taxes 1.174.000. euros, and profits after taxes 880.000 euros.

One of the major assumptions of these predictions were projects to be undertaken through the European funded program 'Information Society' of the 3rd European Support Framework regarding the encouragement and funding of the modernization of Business Information Technology Systems. However in spite of the predictions, there was a significant delay of the announcement of the B' cycle of the program 'E-pixeireite', which resulted in delayed proposal submissions all over Greece (submission deadline 21/11/2003).

For B' Cycle of the program 'E-pixeireite' Logismos is participating as a vendor in more than 40 companies' proposals in the area of Central Macedonia regarding ERP, HRMS, CRM and other IT projects amounting totally to 5.000.000 euros. These proposals are the 8% of the total proposals submitted in that area.

A significant amount of the predicted results for 2003 included revenues from these proposals. However, due to the delay of the program announcement, for which the company can not be held responsible, the evaluations by the corresponding authorities will not be concluded before 31/12/2003. Consequently project funding approvals, assignments and invoicing will shift into 2004, thus shifting the corresponding revenues, which under other circumstances would have been materialized within 2003. From the above it is estimated that there will be only a time shift of the expected revenues for 2003, in regard to the estimations of the company prospectus.

As a result of the above Logismos is revising the predicted results for year 2003 and estimates that they will be formulated as follows: Revenues 3.700.000 euros, Profits before taxes 670.000 euros, Profits after taxes 500.000 euros.