Athens, May 30th 2003. M.J.MAILLIS GROUP is announcing its consolidated financial results for the first quarter 2003.

• Consolidated Sales of ? 77,6 mln versus ? 77,2 mln for the first quarter of 2002.
• Consolidated Earnings before Interest, Taxes and Depreciation (E.B.I.T.D.A.) of ? 13,7 mln versus ? 13,7 mln in the first quarter of 2002.
• Consolidated Earnings before Tax (E.B.T.) of ? 5,6 mln versus ? 7,5 mln in the first quarter of 2002.

It is well known that 97% of M.J.MAILLIS GROUP sales is realised abroad. The international economic slowdown was further deteriorating during the first months of 2003 especially in Europe as a result of the increased uncertainty caused by the war in Iraq.

M.J.MAILLIS GROUP sales remain at the same level of 2002 but there is significant deviation (20%) from 2003 budget.

The decrease of Earnings Before Taxes (E.B.T.) comes solely from lower extraordinary gains, mainly because of the dollar vs Euro decrease.

During the first quarter of the year, the efforts of cutting down production costs and expenses in general were successfully continued. There are signs of gradual improvement of international markets in the second half of the year, on the basis of which Group results are expected to improve substantially.