We inform you for the distribution of funds raised via the issuance of Convertible Bond Loan though a private placement on the 4rth of February 2003 according to the approved by the BoD of the Athens Stock Exchange on 28/01/03 Information Memorandum, the changes that incurred after the decisions of the Annual General Meeting of the shareholders on the 26/06/2003 and the minutes of the BoD meeting with a reference 514/27-06-2003, as well as the amounts that were distributred for the decided purposes up until the 31/12/2005.

Repayment part of Long Term Borrowings
(a)According to the Information Memorandum: 11.800.000,00 Euros.
(b)According to the changes of the General Meeting : 14.200.000,00 Euros.
(c) Amounts Distribited until 31/12/2005: 14.194.000,00 Euros.

Increase participation in ELITE BREAD INDUSTRY S.A.
(a)According to the Information Memorandum: 6.760.000,00 Euros.
(b)According to the changes of the General Meeting : 7.050.000,00 Euros.
(c)Amounts Distribited until 31/12/2005: 7.056.000,00 Euros.

Increase participation in ZITO LUKS AD
(a)According to the Information Memorandum: 2.290.000,00 Euros.
(b)According to the changes of the General Meeting: (not occured).
(c)Distribition until 31/12/2005: (not occured)

Increase participation in ELBISCO COMMERCIAL
(a)According to the Information Memorandum: 2.400.000,00 Euros.
(b)According to the changes of the General Meeting : (not occured).
(c)Distribition until 31/12/2005: (not occured).

Increase participation in ELITE BREAD INDUSTRY S.A.
(a)According to the Information Memorandum : (not occured).
(b)According to the changes of the General Meeting : 2.000.000,00 Euros.
(c)Amounts Distribited until 31/12/2005: 2.000.000,00 Euros

Issuing Costs
(a) According to the Information Memorandum: 350.000,00 Euros.
(b)According to the changes of the General Meeting: 350.000,00 Euros.
(c)Distribition until 31/12/2005: 350.000,00 Euros.

TOTAL(a)According to the Information Memorandum : 23.600.000,00 Euros.
(b)According to the changes of the General Meeting: 23.600.000,00 Euros.
(c)Distribition until 31/12/2005: 23.600.000,00 Euros.