An ancient Greek saying goes: "Μηδενί δίκην δικάσεις πριν αμφοίν λόγον ακούσεις"= Do not convict anybody before listening to both sides.

TECHNICAL OLYMPIC, following the publication in the press of the Prosecutor's order to continue the interrogation regarding Athens Exchange issues, deems it necessary to give substantial and objective information to the public, thus protecting its thousands of shareholders. The true story is as follows: Porto Carras was acquired by the TECHNICAL OLYMPIC S.A. Group on 4.12.1999. The acquisition cost was settled through a share capital increase by TECHNICAL OLYMPIC. It was essential that a short-term loan was issued by ALPHA BANK to Technical Olympic until the capital increase was effected. To settle this loan, the bank drew 19,08 billion GDR from Mr. Konstantinos Stengos' private bank account. Thus, there is no hint at all for "embezzlement" or any other criminal act, instead there has been a sound and costless financing of TECHNICAL OLYMPIC's big and extremely profitable investments, both for the company and its shareholders, through private funds of Mr. K. Stengos. As the media referred again to "bubble shares", inaccurately related to TECHNICAL OLYMPIC, we would like to remind that TECHNICAL OLYMPIC, for the 2005 nine month period had a turnover of 1.548.358.000 euro and profits before taxes of 188.486.000 euro and also that Mr. Konstantinos Stengos has been irrevocably being acquitted of this charge according to the ruling No 2094/2002 of the Council of the Athenian Judges of Appeal, and he has also been acquitted by the Administrative Court, after an appeal, of the related fine imposed by the Capital Market Committee. We believe that a thorough and sober investigation of the matter will lead to the same accurate judgment for all the pending cases.