Athens, May 23, 2002 · ALTEC S.A. (ALTEC GA) (AICr.AT) presented a positive growth in its financial figures for the first quarter 2002, despite the recessional market conditions affecting the IT sector as well. Turnover grew 14.8% to 38.9 million Euros. EBITDA soared 99% to 8.6 million Euros, with an impressive improvement of EBITDA Margin to 22% from 12.7% relatively to Q1 2001. Profits before taxes increased by 6.5% amounting to 4.04 million Euros, despite the fact that last year's Q1 profits included financial income of 2.7 million Euros, while Q1 2002 profits are originated mainly from the Company's operating activities with financial income narrowed to 174 thousand Euros.

The dynamic improvement of the Company's profit Margins, is mainly due to the shift of the Company's activities, emphasizing on integrated IT projects, services and software, which are higher margin business relatively to the product distribution, which constituted the main activity of ALTEC parent company, prior to the merger. In addition, the merger cost cutting benefits are proved to be spectacular with the achievement of large synergies and economies of scale, following the merger by absorption of the companies Sysware, Unisoft and Stat.

The first quarter results, confirm the accuracy of the Company's strategic decisions, proving at the same time, the dynamics of the new profile of ALTEC, following the completion of the merger, aiming at creating the most powerful New Technology Company in Greece and in the Balkans.