Athens, November 28^th 2002

ANNOUNCEMENT

Q3 2002 FINANCIAL STATEMENTS

Hellenic Exchanges Holding S.A. announces its financial results for the period that ended on September 30th 2002:

The parent company presents net profits before taxes that amount to € 21.803 million compared to € 41.842 million for the relative period in 2001. It is noted that the current period?s results cannot be compared to those of last year's, since the latter concerned the company?s first fiscal year, which exceeded twelve months.

Consolidated turnover for the period from January 1st to September 30th 2002 amounts to € 38.084 million compared to € 55.024 million, while consolidated results before taxes and after the deduction of minority rights amount to € -13.870 million compared to € 14.697 million.

Consolidated turnover presents a decrease of 31%, because of the negative trend in the Hellenic securities market, since during the period under consideration there was a decrease in value of transactions of securities by 42%, a decrease in the average capitalisation of listed companies by 17% and a decrease in capital raised from listed or to be listed companies by 33% compared to the relative period in 2001. It should be noted that Group revenues depend on value of transactions of securities and on listed company capitalisation by 67%, while 14% of the revenues are generated from the derivatives market. As far as operational cost is concerned, HELEX management has taken steps from the beginning of the year to retain Group expenses, by revising the initial expense budget. The outcome was recorded in the financial results of June 30th, where operating expenses before depreciation had been decreased by 8.9% in relation to 2001. After the announcement of the half-year results, HELEX management has proceeded to further cost cutting, and is carefully monitoring cost development. As a consequence, during the period from January 1st to September 30th 2002, operational expenses before depreciation have been decreased by 11.9%, while if depreciation is included the decrease amounts to 20.3%.

Consolidated operating profit continues to be positive, amounting to ? 600 thousand, compared to ? 300 thousand on 30/6/2002, but operating profit before taxes is negative because of stock and holding devaluation provisions. On September 30th 2002 devaluation provisions amounted to € 23.329 million compared to € 4.931 million for 2001, because of the further decline in securities. HELEX valuates the shares of listed companies it holds at their current value, wishing to offer investors the most possible precise and transparent representation of the company.

HELEX management, after the financial restructuring of Group, is proceeding with the operational reengineering of its subsidiaries, aiming at more rapid and effective decision-making and in the more efficient use of personnel. Simultaneously, through the reorganisation process, besides the expected rationalisation of operations and decrease in operational cost, HELEX management is aiming at the development of new business and the enhancement of existing business, with the end result being the differentiation of sources of revenue and the decrease of their dependence on value of transactions.