Athens, November 12^th2004

ANNOUNCEMENT

9M 2004 FINANCIAL STATEMENTS

Net profits before tax of €32.7m in the nine-months of 2004

The consolidated turnover of the Group reached €42.229m during the period of January - September 2004 compared to €43.290m in the corresponding period of 2003, while the Group's net results before tax and after the deduction of minority interests amounted to €32.702m versus €35.584m in the corresponding period in 2003.

The decrease of 2.45% that is noted in the consolidated turnover in the 9M of 2004 compared to the corresponding period last year derives mainly from the respective decrease of revenue generated from the derivatives market and secondly, from the carrying out of non-financial transactions. At the same time, the operating cost decreased by 7.96%.

Thus, the consolidated earnings before depreciation, interest, minority rights and taxes (EBITDA), notwithstanding the decrease of turnover, presented an increase of 1.32% amounting to €20.594m against €20,327m in the respective period of the previous year. Personnel salaries, which constitute the larger part of the cost of the HELEX Group, present a decrease of 5.94% (including also the cost of the voluntary retirement program, amounting €1,178m). The average number of employees reached 435 individuals as opposed to 503 at the corresponding period last year.

The earnings before tax (EBT) of the Group were considerably improved by profits of €9.2m that resulted from the sale of own shares as well as from extraordinary results, revenues amounting €3.8m that were generated from the cross-entry of the unutilized provisions carried out for the depreciation of the Group?s stock portfolio.

The consolidated financial statement of the HELEX Group for the nine-months of 2004 is presented in the table below:

(Sums in thousands of Euros)

2004                            2003

Fixed Assets (non-depreciated)                46,268                          51,876

Securities                                              201,070                         212,744

Reserves                                               66,062                          45,306

Other Assets                                          17,284                          18,808

TOTAL ASSETS                                     330,683                       328,734

Own equity                                            311,537                         309,451

Liabilities                                               10,864                          14,411

Other liabilities                                       8,282                            4,872

TOTAL LIABILITIES                               330,683                      328,734

Corporate non-consolidated results of HELEX The parent company, during the nine months of 2004, presents revenues generated from interest, dividends and financial transactions of €30.967m versus €17.297m in the corresponding period of 2003. In this item, ? of the revenues generated from the dividends of fiscal year 2003 that correspond to the first nine months are included, as well as the above-mentioned profits of €9,2m that stemmed from the sale of own shares. The net pre-tax profits of the company amounted to €34.332m against €16.433m in 2003, up by 108.9%. The positive 2004 9M results oversubscribe the accumulated losses (balance of losses carried forward) that the parent company incurred from previous fiscal years.