Athens, September 2^nd2002

ANNOUNCEMENT

Q2 2002 FINANCIAL STATEMENTS

Hellenic Exchanges announces the company's results for the first half of 2002:

The results for the parent company present net profits before taxes amounting to € 14.561 million in relation to € 35.682 million for 2001. It must be noted that the current period's results cannot be compared to those of last year's, since the latter refer to the company's first fiscal year, which exceeded twelve months. Therefore the dividends that were included were for two years.

During the first half of 2002, consolidated turnover amounted to € 25.748 million, compared to € 36.923 million for the relative period in 2001, while consolidated profits before taxes and minority rights amounted to € -5.970 million compared to € 14.273 million. Net consolidated profits, after the deduction of minority rights, amounted to € -6.261 million, compared to € 11.106 million for last year's period.

Consolidated turnover shows a decrease of 30%. This reduction is due to the fact that during the first 6-month period of 2002, there was a decrease in the ASE's value of transactions by 42%, a decrease in the average capitalisation of listed companies by 17% and a decrease in capital raising of listed and to be listed companies by 78%, in relation to last year's period, following the negative trend of international markets. The negative concurrence along with the large dependence of the Group's sources of revenue on market developments, have a significant effect on our financial results. It is noted that revenues depend about 70% on the value of stock transactions and on listed companies' capitalisation. To this end, HELEX management is aiming at differentiating its sources of revenue, so as to minimise the dependence of turnover on domestic and international market developments, which it cannot affect.

During the period under consideration, an effort was made and it was attained to keep the Group's operational expenses to a lesser level (an 8% reduction was succeeded), since management, from the first quarter, imposed a set of measures to restrain costs. Towards this end, the initial expense budget was revised and the projected costs were decreased by € 10 million (16%). During the second semester, more cost-cutting measures were imposed since the value of transactions remained low. The effect of these measures will be apparent in the 2nd semester results and specifically during the last quarter.

During the period, HELEX management, aiming at the creation and operation of a coherent ??? effective Group, is proceeding with the reengineering of the Group companies. Part of this process is the merger between the Derivatives exchange with the Stock exchange, which was completed a few weeks ago. From the review of the Group's current position, several suggestions will emerge for the re-consideration of policies and for the development of new corporate structures, with the main aim of the further rationalisation of the structure and operation of the Group and therefore the significant decrease in costs. The improvement in the Group's internal structure and operation and the maximisation of synergies between companies and their services, is expected to bring about, besides decreased costs, the differentiation of Group revenues and the decrease of their dependence on value of transactions.

Lastly, profits before taxes are not formed, at this level, by operational profit but are negatively affected by projections for the devaluation of holdings and securities. The Group's liquid assets, which amounted to € 236 million on June 30th 2002, have been placed in bank deposits, repos, bonds, mutual funds, and listed stocks on the ASE. On June 30th 2002, the devaluation projections amounted to € 13.8 million compared to € 1.7 million for last year, since there was a continuous decline in stock prices, due to domestic and international reasons. HELEX management has valuated them at their current prices, whishing to offer investors the most possible precise representation of the company. It is noted that almost the sum of devaluation projections is covered by the surplus that has been formed from the stock profits of previous years.