Athens, May 31^st 2002

ANNOUNCEMENT

Q1 2002 FINANCIAL STATEMENTS

Hellenic Exchanges, based on the financial results of the first quarter announces the following:

Consolidated turnover amounts to € 12.803 million related to € 19.175 million for the respective period in 2001. Profits before taxes and minority rights amount to € 1.153 million related to ? 8.352 million. Consolidated net profits, after the deduction of minority rights amount to € 970 thousand, in relation to € 6,957 thousand for 2001.

For the same period, the parent?s company, HELEX, net profits before taxes amount to € 7.193 million, related to € 22.951 million for 2001. The financial items of this period cannot be compared to those of the previous one, since the last referred to the period from 29.3.2000 to 31.3.2001.

It must be noted that Group revenue depends on value of transactions by 52%, on capitalisation of listed companies by 8% and on share capital increases of listed companies or companies to be listed by 12%. As a consequence, present consolidated turnover has been affected by the decrease in the value of ASE transactions by 44%, by the decrease in the average capitalisation of listed companies by 15% and by the decrease of capital raised from listed companies or companies to be listed by 79% for the period under consideration. For these reasons, HELEX is promoting strategies for the diversification of its revenues, so as to restrain the effects on turnover that uncontrollable developments in domestic and international capital markets may have.

Taking into consideration the financial results and the present developments, the management of the Group has taken a set of actions in order to ensure the decrease in expenses. The total decrease in foreseen expenses, in relation to the original budget amounts to € 10 million, a reduction of 16%. As a consequence, the Group's expense budget will be lower than the one for 2001. It is noted that the influence of the decrease will become effective in the financial results of the second half of the year. Moreover, management is considering additional measures during 2002, in order to reduce expenses even more, with the ultimate goal of retaining Group profitability.

Expenses of the Group have been decreased by € 1.7 million in relation to last year's period. However, because of the decrease in turnover, the profit margin and the operating margin have been reduced as a percentage on sales. All the factors mentioned above, along with the decrease in revenue from participations and securities, the financials for the first quarter of 2002 have been shaped as described.

Finally, it is noted that the share capital increase of the parent company, was concluded during the first quarter. As a consequence, shareholder equity amounts to € 488 million, while Group liquidity amounts to € 270 million, an amount that represents 82% of consolidated assets and 74% of HELEX's current capitalization.