Athens, July 25^th 2000

ANNOUNCEMENT

THE ATHENS STOCK EXCHANGE GROUP OF COMPANIES STEPS IN SOPHOCLEOUS STREET

The shares of the company "Hellenic Exchanges S.A- Holding." are soon to be listed for trading at the Athens Stock Exchange. The Initial Public Offerings began yesterday, July 25th, 2000, and are going to last until July 28, 2000. The NATIONAL BANK OF GREECE and ALPHA FINANCE have been assigned as the main coordinators and underwriters and ETEBA and ALPHA FINANCE as the issuers' consultants.

Specifically, during the Initial Public Offering process, 2,375,000 shares will be issued through the Hellenic Exchanges S.A- Holding. Share Capital Increase and 2,275,000 existing shares, as ownership of the Greek Public. In addition, 350,000 shares will be issued through a private placement to the employees of the Athens Stock Exchange and its affiliated companies.

The issue price has been set at 5,250 drachmas per share and the revenues incurred from the issuance of shares, which are expected to reach 24.3 billion drachmas, will be equally allocated between the Company and the Greek Public.

The revenues that the Hellenic Exchanges S.A- Holding will incur through the Initial Public Offering process and which are estimated to reach 13 billion drachmas, will be used for funding the construction of a new financial center, a building complex of "special specifications" that will house all the services of the Hellenic Exchanges S.A- Holding Group of Companies (ASE SA, CSD SA, ADEX SA, ADECH S.A., ASYK S.A.), with an estimated budget of 20 billion drachmas.

This investment aims to cover the basic needs of the Company and its affiliates and will seek to serve in the best possible way the following growth-oriented objectives:

The development of modern and technologically advanced building complexes, The coverage of the increasing size and the complexity involved in the operations of the Greek Capital Market, The diminishment of fragmentation of services within subsidiary companies, The expansion of its activities through the participation of Greece to European and International alliances, soon to be emerged., The enhancement of the Company's corporate image, which in turn will help Greece and especially its Capital Market, undertake a leading financial position in the broader area of South Eastern Europe and Eastern Mediterranean.

The Hellenic Exchanges S.A is a holding company. It owns 100% of the Athens Stock Exchange S.A. shares and through it, significant strategic holding shares of the companies, which support the structure, and operation of the Greek Capital Market (CSD SA, ADEX SA, ADECH S.A., ASYK S.A., Thessalonica Financial Center S.A.). As a result, The Hellenic Exchanges S.A, derives all its economic benefits from the activities of the Athens Stock Exchange Group of Companies. According to consolidated financial data, the overall turnover profit of the Athens Stock Exchange Group of Companies, reached 73.8 billion drachmas in 1999, against the 24.1 billion drachmas reached in 1998. Quite impressive was also the increase noted in pre-tax profits, which came out to 67.4 and 22.1 billion drachmas respectively.