Athens, May 21^st2004

ANNOUNCEMENT

Q1 2004 FINANCIAL STATEMENTS

Consolidated turnover reached €18.047 million against €10.608 million in the corresponding period in 2003, while profit before taxes, after the deduction of minority rights, amounted to €21.467 million versus losses of €8.578 million.

Turnover posted a 70% increase, boosted by the performance of the local cash and derivatives market. Operational cost has been reduced by a further 7%, while, if depreciation is included, the reduction amounts to 11%. Thus the EBITDA figure, positively affected by improvement in turnover, along with successful efforts for cost containment, amounted to €10.875 million, versus €3.232 million. The average number of employees employed during this period amounted to 464 employees, compared with 519 during last year.

The Group's results are significantly reinforced from a €9.2 million trading gain, stemming from selling 4,392,290 of its treasury stock to the minority shareholders of its subsidiary "Central Securities Depository" (CSD). The results are also positively affected by an extraordinary income of €2.6 million, derived from unutilised provisions for the devaluation of the Group's share portfolio, which were counted during previous years, burdening their results.

The holding company income from holdings in subsidiary companies and trading gains amounts to €16.355 million, compared to €5.786 million for 2003, the aforementioned €9.2 million trading gain from treasury stock included in this amount. The net profit before taxes amounts to €20.119 million, versus €4.738 million during 2003. It is noted that following these results all holding company losses, incurred during previous periods, are written off.