Athens, February 27^th 2004

ANNOUNCEMENT

FY 2003 FINANCIAL STATEMENTS

HELEX continues its strong financial performance throughout 2003. Hellenic Exchanges Holding S.A. announces its financial results for the period 1.1.2003 - 31.12.2003:

CONSOLIDATED RESULTS

Group turnover reached 62.238 million euros against 51.014 million euros, while Group profit before tax, after the deduction of minority rights, amounted to 43.789 million euros versus losses of 20.217 million euros.

The Group results are significantly reinforced from extraordinary income of 18.964 million euros. This amount is mainly derived from the reversal of unutilised provisions for the devaluation of the Group share portfolio, which were posted during previous years, affecting negatively the corresponding results. Thus, net profit before taxes and after minorities reached 43.789 million euros, against losses of 20.217 million euros in 2002.

Turnover posts a 22% increase, stemming from the gradual recovery of the local cash market during the second half of 2003, as well as from the constant growth in the derivatives market.

The consolidated EBITDA figure amounts to 29.292 million euros, presenting a 97% increase when compared to the relative 2002 figure of 14.858 million euros. Given that depreciation amounts to 9.876 million euros versus 14.087, the ΕΒΙΤ figure amounts to 19.416 million euros versus 771 thousand euros.

Regarding operational cost, HELEX management has continued the cost containment exercise. Thus operating cost has been reduced by ? 5,8 million, or 11%. Personnel expenses that account for the greatest part of the cost structure were down by 8%. HELEX management gives its full attention to cost control, while its containment effort is followed up intensively throughout the current year.

COMPANY RESULTS

The holding company posts a 99.829 million pre tax profit compared to losses of 131.517 million euros for 2002.

The Company profitability is significantly reinforced by the recent valuation of the other Group?s companies by an independent valuators. According to recent valuation, the current value of the Group?s subsidiaries is estimated 78.2 million euros higher than the respective value recorded in HELEX books. The aforementioned amount of 78.2 million euros has reduced the participations devaluation, recorded during previous periods, according to article 42a of Law 2190/1920.

HELEX income from holdings in subsidiary companies amounts to 20.4 million contributing to the Company's profitability. Operating cost has remained stable, while management continues it?s monitoring. As a result, losses carried forward have been reduced to 16.916 million euros (a decrease by 100 million euros), creating the conditions for writing-off all losses during the current period.