We have audited the above Financial Statements and the related notes, there on of Frigoglass SAIC for the year ended 31 December 2003. Our audit, which took into account the activities of the Company?s branch, was conducted in accordance with the provisions of article 37 of the Companies Act 2190/1920 and those auditing procedures which deemed necessary on the basis of auditing standards and principles promulgated by the Institute of Certified Auditors/Accountants in Greece.

The books and records maintain ed by the Company were made available to us and we obtained the relevant information and explanations, which we required for the purposes of our audit. The Company has properly applied the Greek General Chart of Accounts. There were no changes in the valuation methods applied by the Company compared to those of the preceding year and the cost of production, which was derived from the accounting records, has been determined in accordance with generally accepted costing principles.

We have confirmed that the contents of the Directors Report to the Annual General Meeting of the shareholders are in agreement with the related Financial Statements. The notes to the financial statements disclose the information stipulated by paragraph 1 of article 43a of the Companies Act 2190/1920.

Our audit revealed the following:

1. Included in the assets of the Company, disclosed under ??Participations and other long term receivables?? is an amount of euros 110.318.000, which represents the cost of direct investments in domestic and foreign subsidiaries, not listed in the stock exchange. The above investments are carried at cost in accordance with the provisions of the Tax Code of Books and Records. Had the Company accounted for its investments at the lower of cost and net asset value, as per article 43, paragraph 6 of Codified Law 21 90/1920, the value of these investments would have been lower by euros 4.653.000.

Taking into consideration and the indirect investments the total valuation difference would have been euros 58.810.000, which should have been deducted from the shareholders? equity. The management of the Company believes that due to the fact that these subsidiaries are profit-making entities, in cases of subsidiaries where the net asset value is lower than the cost of acquisition, this does not constitute a permanent diminution in value but it represents the goodwill on acquisition of the investments.

2. The Company's statutory records and tax returns for the years ended 2000 and up to 2003 are subject to an examination by the Tax Authorities. Until the statutory records and tax returns stated above are examined by the Tax Authorities and final tax assessments are raised, the Company?s tax position for these periods cannot be finally determined.

In our opinion, except for the matters referred to above, the above Financial Statements, which are in agreement with the books and records of the Company, present together with the notes thereon the assets, liabilities and financial position of the Company as at 31 December 2003 as well as the results of its operations for the year then ended, in conformity with prevailing legislation and generally accepted accounting principles applied on a basis consistent with the preceding year.