Consolidated sales of Titan Group amounted to ? 228 mil, a 4% increase vs. the previous year. Operating EBITDA amounted to ? 49 mil., an 8% increase. The net profits of the Group after deducting minority rights and provisions for taxes increased by 23%, to ? 19 mil.

The financial results of the first quarter are not necessarily indicative of the rest of the year, mainly due to the seasonality in demand for the Group's products. Specifically for the geographical regions in which the Group is present:

• In Greece, the demand for cement, concrete and aggregates has continued its upward trend, mainly as a result of the intensity of public works and an improvement in the housing and commercial activity.
• In the U.S.A., the gradual stabilization of the market for building materials, after the terrorist attack of September 11, 2001 has resulted in marginally lower performance, compared to the equivalent period of last year.
• In Egypt, the continuing oversupply of cement and currency instability affected results negatively.
• In Southeastern Europe, prevailing conditions were similar to those of last year.

The ? 41mil. acquisition of the Kosjeric plant in Serbia appears in the account ?other receivables?, as it was formally concluded on the 2nd of April 2002. The Group's net debt decreased by ?42 mil. vs. the previous year, to ?311 mil.

At the parent Company level, sales increased by 8% to ? 91 mil., while net profits for the first quarter increased by 23% to ?17 mil. Provisions for taxes are higher than those in the previous year, as a result of the non-renewal of the tax relief investment law.

The Annual General Meeting of the Group's Shareholders has been announced for the 19th of June 2002, at 13:00, at the Divani Hotel in Athens.