Athens, November 28^th 2003

ANNOUNCEMENT

Q3 2003 FINANCIAL STATEMENTS

Hellenic Exchanges Holding S.A. announces its financial results for the nine-month period ended 30 September 2003:

Group turnover reached 43.290 million euros against 38.084 million euros in the corresponding period in 2002, while Group profit before tax, after the deduction of minority rights, amounted to 35.585 million euros versus losses of 13.870 million euros.

The Group results are significantly reinforced from extraordinary income of 19.516 million euros. This amount is mainly derived from unutilised provisions for the devaluation of the Group share portfolio, which were posted during previous years, affecting negatively the corresponding results. Thus, net profit before taxes and after minorities reached 35.585 million euros, against losses of 13.870 million euros in 2002.

Turnover posts a 14% increase, stemming from the gradual recovery of the local market during the second and third quarter of the current year. At the same time, there was a further expansion of the Group sources of income. Derivatives income has increased by 28%, while there is also an increase in income derived from the registration of Government bonds through the Dematerialised Securities System, as well as income derived from information vendors.

The Group?s operational cost has been reduced by 13%, while, if depreciation is included, the cost contraction amounts to 16%. Personnel expenses that account for almost 50% of the Group?s cost structure, were reduced by 8%.

The consolidated EBITDA figure amounts to 20.327 million euros, presenting a 95% increase when compared to the relative 2002 figure of 10.430 million euros.

The holding company revenue, deriving from dividends and interest earned, amounts to 17.743 million euros compared to 24.952 million euros for the corresponding period, while profit before tax amounts to 16.433 million euros versus 21.803 million euros.