Capital Stock Increase

PRESS RELEASE

CUTOFF DATE: 27th JULY 2000
REGISTRATION PERIOD: 4th AUGUST 2000 UNTIL 4th SEPTEMBER 2000 PUBLICATION CONSULTANT: TELESIS SECURITIES S.A.

The Company’s Board of Directors informs the Shareholders about the following:

1. The Shareholders Extraordinary General Assembly of 12th April 2000 decided on the capital increase by paying cash as follows:

• By the amount of drs. 9.365.950.000 and the issuing of 18.731.900 new common anonymous intangible stocks of nominal value drs. 500. These stocks will be distributed over the old stocks pro rata 1 (one) new stock for every 1 (one) old one. For acquiring each new stock the amount of drs. 1.200 must be paid in.
• By the amount of drs. 168.100.000 and the issuing of 336.200 new common anonymous intangible stocks of nominal value drs. 500. These stocks will be distributed according to the decision concerning the preemptive right over the old stocks for the 336.200 new stocks in question to the employees and cooperators of the Company and its subsidiaries. For acquiring each new stock the amount of drs. 1.200 must be paid in.

1. The total income of the increase raises at drs. 22.881.720.000, from which the amount of drs. 9.534.050.000 will be credited to the account "Share Capital" and the amount of drs. 13.347.670.000 will be credited to the account "Paid-in value above par".

2. A cash preemptive right over the share capital increase will be acknowledged to the Company’s Shareholders during the end of the Athens Stock Exchange session of 26th July 2000. From 27th July 2000, the Company’s stocks will be negotiated with no preemptive right over the above mentioned stocks.

3. From 4th August 2000 until 4th September 2000, the beneficiaries will be able to exercise their preemptive rights during working days and hours in one of the following branches of the National Bank of Greece:

• Central: 86, Aiolou str., Athens, Z.C. 102 32
• In Piraeus: 3, Ethnikis Antistaseos str., Piraeus, Z.C. 185 31
• In Amaroussio: 42, Dionisiou & Thiseos str., Maroussi, Z.C. 151 24
• In Thessaloniki: 11, Ionos Dragoumi & Mitropoleos str., Thessaloniki Z.C. 546 25

4. To exercise their right, the owners of rights or their authorized representatives shall exhibit to the Bank: a) an Anonymous Stock Preemption Certificate of the Rights Beneficiary and a Copy of the Print "Share and Stock Account Facts" (Intangible Stocks System facts), that their stock operators (securities companies or banks) will hand to them, b) their identification card. Also, they must be aware of the tax registration number, the tax office and the authorized stock account operator of the beneficiary (bank or securities company).

At the same time, the Shareholders shall pay in the value of the new stocks entitled to them, in one of the branches of the above mentioned Bank, registering to a special account that the Company will have opened for this purpose.

The registered shareholder will be handed to with the appropriate registration receipt, which is not a check, nor a provisional stock and will not be negotiable in the Athens Stock Exchange.

5. The preemptive right is transferable and negotiable in the Athens Stock Exchange during the preemptive right exercise deadline period, i.e. from 4th August 2000 until 4th September 2000.

6. The new stocks will result from the cash increase, will be intangible and will be credited to the accounts of the stocks beneficiaries opened at the Intangible Stocks System. The new stocks will be negotiable in the Athens Stock Exchange on a date announced in time via the Press.

7. All new stocks are entitled with a dividend for the financial year ending on 31/12/2000.

8. In case that the capital stock increase will not be fully covered, the share capital will increase, according to the article 13a of L.C. 2190/1920, up to the covered amount.

9. Due to the fact that the negotiation unit in the Stock Exchange is the 10-stock security, the Shareholders are recommended to acquire a negotiable number of stocks with the appropriate transaction of rights. This recommendation has simply an informational character and in no case offends the rights of the Shareholders of a smaller number of stocks.

10. Details about the Company, the stocks and their distribution are to be found in the Prospectus signed by the Athens Stock Exchange Board of Directors, as to its efficient information of the investors public. The Prospectus is available to all interested parties at the Company’s offices: 26, Amaroussiou - Halandriou Ave., Maroussi, at the Publications Consultant’s offices, TELESIS Securities S.A.: 11, Voukourestiou str., Athens, in the aforementioned branches of the National Bank, as well as in the Athens Stock Exchange: 10, Sofokleous str., Athens.

11. For further information, contact the Company’s Stockholders’ Department (person in charge: Mr. G. Koumarianos, tel. nο. 61.73.000) on working days and hours.

Maroussi, 24th July 2000
The Board of Directors