Representatives of the Athens Exchange, the Tel-Aviv Stock Exchange, the Cyprus Stock Exchange and of FTSE Group, met yesterday, 9th of November 2004 at the premises of the Cyprus Stock Exchange, for the third meeting of the Advisory Committee for the FTSE-Med 100 Index. The FTSE - Med 100 Index which was launched on the 19/6/2003, is composed of 100 stocks of the three Exchanges, some of which are also listed on US and other European securities markets.

The Advisory Committee of the index consists of representatives from the three Exchanges and from the Global Index provider FTSE Group. During this meeting, the committee reviewed the operation of the index for the six month period between April 2004 - November 2004, in accordance with the Ground Rules which are based on international standards.

It was commonly agreed that during the period of operation of the FTSE Med 100 Index, the index achieved the basic aim of strengthening the cooperation between the three Exchanges in the region, offering at the same time a useful tool to the investors in the three countries and internationally, to assess trends and developments in these markets.

Having applied the Index Ground Rules, three stocks listed on the Tel-Aviv Stock Exchange and one stock listed on the Athens Exchange will be added in the index for the next semester (until April 2005) and four stocks listed on the Athens Exchange which have been included during the previous semester, will be deleted. The Index is composed of 49 stocks listed on the Athens Exchange, 46 stocks listed on the Tel-Aviv Stock Exchange and 5 stocks listed on the Cyprus Stock Exchange.

The report covering analytical data and past performance of the FTSE Med 100 Index will be available on the web-site of FTSE www.ftse.com, two weeks after the meeting of the Advisory Committee.

A list of the reviewed 100 constituent companies is attached.