Announcement

The company, following the notice of the Capital Market Committee, dated 24/3/2006, as well as the explanatory instruction, with P.N. 11/-23.03.2006, of the ELTE, notifies that in its published Interim Financial Statements for the period 1/1 - 31/03/2006, the comparative amounts for the period 1/1 - 31/03/2005 appear revised. A summary of the revisions in question follows:
1. The consolidated profits for the period 1/1/2005 - 31/3/2005 after taxes appear increased by euro 195 th. and the difference is allocated to the company's shareholders (increase of euro 377 th.) and to the minority shareholders (decrease of euro 182 th.)
2. The consolidated shareholders' equity, on 31/3/2005, appears increased by euro 2.229 th. (0,411% difference).
3. The non consolidated Shareholders equity on 31/3/2005 appear reduced by euro 100 th. (0,022% difference), while the non consolidated results do not show any difference.

In order to make the amounts comparable, the respective data, concerning the period 1/1 - 31/03/2004 were revised as follows:
1. The consolidated profits for the period 1/1/2004 - 31/3/2004 after taxes are deducted by euro 531 th. and the difference is allocated to the company's shareholders, euro 331 th. and to the minority shareholders, euro 200 th.
2. The consolidated shareholders equity on 31/3/2004 appears increased by euro 841 th. (0,169% difference). The non consolidated shareholders' equity on 31/3/2004 and the non consolidated results for the period1/1/2004 - 31/3/2004 do not show any difference. Due to the above changes, there are also differences in the amounts for the periods 1/4/2005 - 30/6/2005 and 1/4/2004 - 30/6/2004, which were published with the interim financial statements for the period 1/1/ - 30/06/ 2005. The main reason for the changes in the results and the shareholders' equity was the revision of the data, for the transfer to the IFRS, as they appear in the relevant report published in September 2005, as well as the correction of errors in the calculation of the deferred tax and the current years' tax. Aiming at the proper information of the public the company republishes through its web site www.elval.gr as well as the site of the stock exchange the interim financial statements for the period 1/1 - 31/03/2006, adding the note mentioning in details all the changes, as well as the reasons for them, in the amounts of the already published interim financial statements for the period 1/1/-31/03/2005 of the Group and the Company, giving explanations about those reasons, which made the company proceed to the changes. Detailed revised tables of financial statements, concerning all the periods under revision, are also published.


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