At the end of the third Quarter of 2003, ALFA BETA VASSILOPOULOS continued to record increases in sales and improved profitability on Standalone as well on consolidated basis.

For ALFA BETA standalone, Turnover rose by 7.6% from EUR 531.4 million to EUR 571.6 million. EBIDTA reached 20.2 million EUR, up by 1.8% from EUR 19.8 million in 2002 while Profits Before Taxes increased by 6.5% and amounted to EUR 5.87 million compared to EUR 5.51 million last year.

Results were even more positive on a consolidated basis, where Turnover increased by 8.8% from EUR 600.4 million to EUR 653.0 million, EBIDTA amounted to EUR 28.7 million, up by 29.4% from last year?s EUR 22.1 million and Profits Before Taxes amounted to EUR 3.06 million, an important improvement over last years' loss of EUR 2.8 million.

The opening of two new stores, one in the Piraeus central market area and the second on Pendelis Avenue in Halandri, have began to contribute to the Company's increasing sales trend. Each store is representative of one of two new concepts that the Company is introducing.

The downtown Piraeus store is the first example of the 'City Store' concept that is being introduced in various European markets where Delhaize Group is active. It is a full self-service convenience store that responds to the day-to-day needs of the ever-busier customer.

The store in Halandri that opened on November 7th, with 1,500 m2 selling area, also addresses the time-conscious consumer. It is a 'free-flow' supermarket and introduces for the first time in Greece the self-scanning system. Thanks to self-scanning the customer will be able to register the shopping items while filling the basket or cart and pay the cashier without having to empty and reload the merchandise. Convenient parking, easy accessibility and functional layout will also add to the customer quick ser vice and convenience.

Remodeling, upgrading and in certain cases enlargement of stores have immediately contributed to increased sales. During the nine-month period a total of six formerly TROFO stores were remodeled and converted to ALFA BETA supermarkets and a seventh converted to an ALFA BETA City Market store. The conversion of TROFO stores is planned to be complete by the end of 2003.

Two ALFA BETA supermarkets were expanded and a new store opened in Nea Makri, Attica. The family of ALFA BETA franchisees has now been extended to twelve TROFO Market stores in Attica and in the provinces. Finally, the extensive remodeling of the Hellinikon store has introduced the Athenian consumer to the latest state of the art concepts in retailing.

For additional information you may contact Mr. Kostas Macheras or Ms Maria Kuhkalani at ++210 66.08.000.