ANNOUNCEMENT

INVITATION TO FOURTH ANNUAL ORDINARY GENERAL SHAREHOLDERS' MEETING 25/04/2005

30 March 2005 - Hellenic Exchanges Holding S.A. (HELEX), in accordance with the law and the Articles of Association of the company, by the relevant decision of its Board of Directors, which was taken on March 21, 2005, invites its shareholders to the 4th Annual General Meeting, which will be convened on April 25th, 2005, at the former trading floor of the Athens Exchange, 10, Sofocleous Str., Athens, Greece, at 17:00, in order to discuss and approve on the following items of the Daily Agenda:

1. The Board of Directors and Chartered Auditors' reports for the Annual Financial Statements (corporate and consolidated) of the 4th fiscal year (01/01/2004-31/12/2004).

2. The Annual Financial Statements (corporate and consolidated) of the 4th fiscal year (01/01/2004-31/12/2004).

3. The Profit & Loss Account of the 4th fiscal year (01/01/2004-31/12/2004).

4. The exemption of the Board of Directors Members and the Chartered Auditors from any compensation liability for the annual financial statements and the management of the 4th fiscal year (01/01/2004-31/12/2004).

5. The remunerations of the Board of Directors members for the 4th fiscal year (01/01/2004-31/12/2004), in accordance with article 24, §2 of the Codified Law 2190/1920, as currently in force.

6. The remunerations of the working Board of Directors Members, in accordance with article 23(a), §2 of Codified Law 2190/1920, as currently in force.

7. The pre-approval of the remunerations of the Board of Directors Members of the next 5th fiscal year 2005, i.e. from 01/01/2005 until 31/12/2005.

8. The share capital decrease of the company by the amount of €145,730,754.65, through the decrease of the par value of each share by €2.05 and payment of the respective amount to shareholders.

9. The modification of Article 5 (re: Share Capital) of the Articles of Association of the company.

10. The stock option plan to executives of the companies of the Group, pursuant to Article 13, §9 of Codified Law 2190/1920, as currently in effect.

11. The ratification regarding the election of Board of Directors Members in replacement of resigned Members of the Board.

12. The appointment of the ordinary and deputy Chartered Auditors for the 5th fiscal year 2005 (01/01/2005-31/12/2005), as well as determination of their respective remunerations.

13. The modification of the table presenting the way raised capital was used.

14. Various announcements.

Shareholders who wish to participate in the 4th Ordinary General Meeting of the company must block their shares, either through their authorized user (provided their shares are registered in a User's Account in the Dematerialized Securities System-DSS), or via the Central Securities Depository-CSD in Athens (provided their shares are registered in the Special Investor's Account in the DSS) and to submit the relevant CSD certificates of blocking of shares for participation in the General Meeting as well as their relevant representation documents, at the company's headquarters (1, Pesmazoglou Str., 4th floor, Athens, Greece), the latest, until April 19, 2005.