LAN-NET COMMUNICATIONS S.A., in accordance with the Hellenic Capital Markets Commission decision no. 5/204/14.11.2000 and the stock exchange legislation currently in force announces to the investing public the following:

According to corporate governance principles, the company has submitted a preliminary bounding offer, dated 31.1.2006, in order to acquire the total number of shares (100%) of the company TELEPASSPORT HELLAS S.A.The initial price amounts to EUR 35 million, which will be finalized according to the results that will be derived from the relevant due diligence report.

Through this action the company is aiming to double corporate figures as well as to acquire a significant market share, a fact that will allow it not only to strengthen its position in the Greek Telecommunications market, but also to acquire a leading role. The said bounding offer applies until 8.2.2006.

The management of the company will inform the investing public in the event there are new developments on the said issue.