Athens, August 31^st 2001

ANNOUNCEMENT

Q2 2001 FINANCIAL STATEMENTS

According to the financial results that were published in the interim accounts of 30.6.2001, consolidated turnover for the HELEX group accounts to 12.6 bn drachmas compared to 32.3 bn drachmas of the previous period. Profits before taxes and minority rights account to 4.9 bn drachmas compared to 28.1 bn drachmas. Net profits reached 3.8 bn drachmas compared to 20.4 bn drachmas for the same period in 2000. During the same period, the financial results for the mother company HELEX, which will close its first fiscal year on December 31, 2001, show that profits before taxes reached 12.2 bn drachmas.

The financial results for the period 1.1 ? 30.6.2001 do not meet the ones of the year 2000 period due to the negative financial occurrence of Greek and international stock exchanges. As a consequence, there was a decrease in the volume of transactions, which had an adverse effect on the financial results of the group. However, transaction volume has decreased internationally. More specifically, in the Hellenic capital market, value of transactions declined by 66% and market capitalization by 34% in comparison to last year?s period.

Given the high correlation of group revenues with market developments, HELEX?s fundamentals were proportionally influenced and reached lower levels in comparison to 2000 figures. Also, there was a drastic decrease in capital increases by listed, or ready to be listed companies on the Athens Stock Exchange (ASE).

The reorganization of the group companies to meet the new requirements set by the mature markets caused a significant increase of group operating expenses. Group personnel increased by 9% compared to the last period, by hiring specialized personnel, capable of offering high quality services that our stock market requires. Marketing, investors support, sales, research and development and business development departments were created at the ASE, with the goals of promoting the Hellenic market and informing the public. For the first time, the group proceeded with a marketing and advertising plan with the total cost exceeding 2 bn drachmas. The goal of these plans is to promote the group?s actions in Greece and abroad. The Thessaloniki Stock Exchange Center hired additional personnel and moved to new and larger offices for the organization, promotion and monitoring of the Greek Market of Emerging Capital Markets (EAGAK). Finally, the fact that the mother company HELEX, which is listed in the ASE, was obliged to depreciate expenses of 1.8 bn drachmas, which represent expenses of foundation, of the share capital increase as well as of enlistment on the ASE, so that the company could pay out an interim dividend of 65 drachmas per share to the shareholders of December 14th 2000, should not be overlooked.

It should be noted that the group has a strong capital structure, with shareholder equity reaching 100.3 bn drachmas. Furthermore, group liquidity remains at high levels reaching 93 bn drachmas on June 30th 2001. This figure is 57% of HELEX?s current capitalization and 79% of consolidated assets.

In the light of the development and strengthening of the Greek market and of diversifying the sources of group earnings, new markets are developed and new products are introduced. The oncoming operation of EAGAK and the products that will be traded on this market i.e. Greek Depository Receipts (ELPIS), Units of Mutual Funds investing in emerging markets (EKAA units) and Portfolio Management Firms shares investing in emerging markets (EXAA shares), are expected to produce an additional source of income for the group. The same goes for the New Stock Market (NEHA) where it is predicted that there will be acceleration in the listing of companies on the ASE through this market.

Trading, clearing and settlement of corporate bonds will add another potential source of income for HELEX group. With the implementation of the Euro, this product is expected to play an important role in fund raising for Greek companies.

Increased revenues are also expected to arise from the Central Securities Depository (CSD), which now operates in a totally demutualized environment. By using its technological framework and know-how, it is now capable of offering new products. A new source of income for the CSD will come from the billing of the over the counter transfers, as well as from updating the shareholder bases of listed companies with registered stocks.

The continuous increase in the turnover of the Athens Derivatives Exchange (ADEX) and the introduction of new products i.e. Stock Options, Stock Repo and Stock Reverse Repo will have an important impact on group earnings, especially during periods as the one we are going through, where security trading in Greece and abroad is low.

Furthermore, the financial restructuring of the group, which incorporates the merge between the ASE and the ADEX, will create synergies and economies of scale from the decrease in operating expenses. It will also rationalize the operations and the services of the group. It will lead to more efficient decision making, to more efficient use of personnel and to common marketing and sales plans. Additionally, it will significantly improve consolidated group profits after minority rights, since the companies of the group will be subsidiaries of HELEX by 100%.

The contemporary building complex will also play a major role in creating synergies and economies of scale. The new building, for which financing has already been provided for, will cover the basic needs of the group, will help in achieving its goals for meeting the increasing needs of the Hellenic capital market, will increase security and enhance HELEX?s position.

The peer group of listed exchanges includes Euronext, the London Stock Exchange the Deutsche Borse, along with the OM (Stockholm), the Australian Stock Exchange and the Singapore Stock Exchange. The companies that make up this sector are HELEX?s competitors. The course of HELEX share price up to now does not correspond with the sound fundamentals of the company and has been mainly influenced by the negative market developments. It should be noted that if HELEX?s share price is compared to the share prices of other listed exchanges, such as the Stockholm, the Frankfurt or the London exchange, HELEX?s share is the most attractive. If one takes into consideration the dividend policy of the company, the share is offered for long-term investments.

HELEX?s Board of Directors has called for an extraordinary general meeting of the shareholders of September 12th, with the main topic of deciding a share buy back in order to support the share price.

A high priority goal for HELEX is creating investor value for its shareholders. By attracting new investors, through the improvement of the market framework, through increasing the ASE?s reliability, through diversifying its sources of revenue, through improving efficiency and through using its liquidity for unification of the group, HELEX can create and offer shareholder value.