The Management of FASHION BOX GREECE S.A., is hereby announcing the financial results of 2003: Turnover (sales) rose up to 12.748.000 euros increased by 11,8% compared to 2002 and the Earnings Before Interest, Taxes, Depreciation & Amortisation (EBITDA) totalled the amount of 806.000 euros, decreased by 57,9 % while the Earnings Before Taxes totalled the amount of 178.000 euros, decreased by 84.8% compared to 2002.

Those results are in accordance with the revised forecast made by the Company's Management on 29-8-2003 due to a series of reasons which affected unfavourably the Company?s profitability. The reasons were: a) Firstly, the cease of operation of the Connection Group of companies due to financial problems which resulted to the non- performance of an important part of the Company's sales to that particular client , b) The negative occurrence in general to the retail business during the first semester of 2003 due to the Iraq war and the SARS virus which resulted to the further holdback to the Company's sales increase and c) the new pricing policy which decreased the sale prices almost by 6% to the wholesales and retail sales.

The Company's Management has already proceeded to take all necessary actions and with the investments implemented during 2003 together with the rationalisation that the Management will be undertaking during the course of 2004, the Company's results will certainly improve during the current financial year.

To be more specific, the following investments took place:

a) The operation of a new retail store in Pallini, Attica has begun on April,

b) A new retail store was established on May in the Shopping Mall 'Limani' of Thessaloniki,

c) The renovation of the Ermou store was concluded on October.

d) A new retail store was established in Scopje of the Former YougosSlavicYugoslavic Republic of Macedonia.

The total number of Replay stores has become 25, while 20 are operating in Greece and 5 abroad (16 of which are company owned and 6 operate by Franchise). The Management will be taking steps to improve the efficiency of the Company's retail structure, in order to concentrate on the most profitable activities therein.

Moreover, The Company's Management is hereby notifying about the joint decision for the ending of the co-operation between Fashion Box Group S.p.A. and Coca Cola Company. This decision was made jointly by the two multinational companies and will be valid on 30th June 2004.

FASHION BOX GREECE S.A. Management is pointing out that this development will not have any impact on its financial results for the future because our Company had not yet reached any significant sales of the Coca-Cola Jeanswear line, which represent only 0.2% of the Company's total sales.

FASHION BOX GREECE S.A is the representative in Balkans & Cyprus of the FASHION BOX GROUP which is operating in 50 countries in Europe, Asia and America. Its activity goals are the import, export, production and trade of clothing garment, footwear and similar accessories under the brand names REPLAY, REPLAY & SONS, E - PLAY.