GERMANOS SA, fully complying with the Legislation and Guidelines of the National Securities Commission announces the following

1. Completion of the acquisition of the remaining 9.84% of its subsidiary P.GERMANOS SA, according to item 12 the Agenda of the AGM that took place on the 24th June 2005. Today GERMANOS SA holds 100% of its subsidiary P. GERMANOS SA and the acquisition cost was euro 560,219.

2. GERMANOS SA increased its participation in GERMANOS TELECOM UKRAINE CLOSED JOINT STOCK COMPANY, where it held 61%, acquiring 24% from the remaining shareholders for ?1,055,000. Currently GERMANOS SA holds 85% of its subsidiary in UKRAINE.