ANNOUNCEMENT

INTERIM FINANCIAL STATEMENTS - NINE MONTHS 2000

24 November 2000 - The Hellenic Exchanges Group (HELEX) of companies has released its consolidated financial statements for the period ended at September 2000. The integration includes the companies Hellenic Exchanges (holding), Athens Stock Exchange, Central Securities Depository, Systems Development & Support House of Capital Market, Thessalonica Financial Centre, Athens Derivatives Exchange and the Athens Derivatives Clearing House.

It is worth noticing that the nine months actual data is close to the budgeted figures for the current year, in spite of the market's negative conjecture circumstances. The end-year goals for sales and earning before taxes have been achieved by 73% and 74% respectively.

More specifically, consolidated turnover amounts to 42.3 billion GRD and operating profit to 34 billion. The budgeted figures for the whole year 2000 are 58 and 45.8 billion GRD respectively.

The Group's net worth amounts to 120 billion GRD. Furthermore, gross profit is 32.8 billion and consolidated net profit (minus minority shareholders' interests) amounts 24.5 billion GRD.

The mother company will close its first balance sheet at 31.12.2001 and has already announced an interim dividend of 65 GRD per share. The company will soon define the exact date the dividend will be paid to shareholders.

HELEX is planning to erect a modern financial centre that will house the Group's companies. The total number of the personnel employed amounts to 600 employees. An invitation to a public tender will be shortly announced for the recruitment of a technical consultant.

The Group?s growth strategy has two goals: The first is its further rationalisation and reorganisation that will increase its efficiency and productivity. Following this line, the Athens Stock Exchange (ASE) is applying a new structure that focuses on the creation of new businesses and products and their marketing. The ASE and the Athens Derivatives Exchange (ADEX) are to merge, achieving significant economies of scale with a positive effect on consolidated results.

The Athens Derivatives Exchange Clearing House SA (ADECH) is to become the only clearing house of the stocks' and derivatives' markets (ASE & ADEX). The Central Securities Depository (CSD) reinforces its position as the administrator of the Dematerialised Securities System following the European markets practice.

Thessalonica Stock Exchange Centre SA is operating the two new institutional capital markets, the New Market (NEXA) and the Market of Emerging Capital Markets (EAGAK). In this market the Greek Depository Certificates (ELPIS), the shares of Emerging Markets Investment Closed End Funds (EXAA) and the Greek Emerging Market Funds (EKAA) are to be traded. At the same time the possibility of "parallel or secondary listing" is provided in the Exchange's markets.

International strategic collaboration is the group?s second goal. To be more precise, besides internal changes, HELEX group is considering co-operations and alliances with other EU exchanges to expand the market and increase its liquidity. HELEX also aims at increasing the liquidity of the Greek capital market within the EU framework, in order to achieve its effective operation, as well as to deal with the competition regarding EU Exchanges.

The company?s share, which is considered as undervalued, is still an attractive investment opportunity to potential mid-term investors.