Relevant to the statements of (MP) Mr. Miltiadis Evert that were released in the press on October 16, 2001 regarding the alleged price manipulation of shares by the Administration of the Athens Stock Exchange S.A. during the pre-election period in the year 2000 through acquisitions of shares of the National Bank of Greece S.A. and Commercial Bank of Greece S.A., the Board of Directors of the Athens Stock Exchange deems it necessary to announce the following, so that the creation of mistaken and misleading impressions to the public is avoided:

1. The Athens Stock Exchange S.A. has maintained a significant portfolio mainly consisting of bank stocks for at least three decades.

> 2. The management of cash reserves and, consequently, of the portfolio of shares is conducted by a committee consisting of three members, in which professional fund managers of the Greek capital market participate. In every case of realization of investments up to date, the committee has held sessions and the relevant minutes with the specific decisions were drawn up. Therefore, there is no issue of illegality or ‘illegal manipulation of the market ‘, nor an issue of realization of investments in secret.

3. As it is ascertained by the published financial reports of the Athens Stock Exchange S.A., the committee of management of liquid capital has systematically proceeded to a series of investments in bank stock mainly, in the recent years. The investment of a government agency, such as the Athens Stock Exchange S.A., in bank stock and especially in state owned banks, is not usual neither as regards the selection of the specific shares nor as regards the level of investment.

4. As it is ascertained by the company books in the specific period, its cash reserves had reached the amount of GRD 20 billion, while the total amount of its stock portfolio, according to its published financial reports of December 31, 1999, at current prices it reached the amount of GRD 50 billion. These data show that the mentioned investments, not only were part of the usual investment policy of the Athens Stock Exchange, but also that they were fully justified.

5. The insinuation that the purchases that the Athens Stock Exchange realized on the specific date constitute price manipulation of the shares, lack a substantial and legal base. It must be taken into account that the level of total acquisitions that were realized on the specific date on the Athens Stock Exchange amount to GRD 133.5 billion and consequently, the mentioned investments on the Athens Stock Exchange S.A. of GRD 4 billion were too limited for an issue of manipulation to be put forward. As regards the specific shares, on the specific date, Athens Stock Exchange bought back 80,000 shares of the National Bank of Greece S.A. out of total number of 1,227,246 shares that were acquired on the said date and 100,000 shares of the Commercial Bank of Greece out of the total number 366,010 shares acquired in the same session. In any case, the insinuation that an individual acquisition of a share, such as the alleged, constitutes market manipulation is not only novel but also mistaken.

The Board of Directors of the Athens Stock Exchange would like to emphasize that the allegations regarding market manipulation are completely untrue and, with this opportunity, it feels the obligation to repeat once more that any effort to involve the Stock Exchange into politics, with mechanisms that create impressions and injure the stock market institution, as well as the credibility of the Greek Stock Market, must be avoided.