May 5, 2003

According to the criteria stipulated in articles 4-7 of the Decision No.95/2002 of the ATHEX Board of Directors, the first evaluation of the shares that are traded with the method of the automated and continuous trading took place in today''s session of the ATHEX Board of Directors. As of the Board of Directors session on June 2nd, 2003 the following will apply:

1. The shares with a spread per session less or equal to two (2) percentage units, which is the annual limit set for 2003, will have a continuous five (5) hour trading, i.e. from 11:00am to 16:00pm, (see attached table 1) while
2. The shares with a spread per session greater than two (2) percentage units, will have a continuous three (3) hour trading in two periods, i.e. from 11:00am to 11:30am and from 13:30pm to 16:00pm. (see attached table 2). Between these two periods, buying and selling orders will be entered into the system in order to determine the starting price per share upon the starting of the second period (pre-opening procedure).

Until the last trading session in May, all the shares will be traded in the five (5) hour continuous trading. The period from 2-1-2003 until 30-4-2003 was the period for the first evaluation of the shares, whereas the period from 2-5-2003 until 30-9-2003 will be the period for the second evaluation. The shares for which the ATHEX Board of Directors approves the starting of market making in the transitional stage of May 2003, will be included as of the trading session of 2.6.2003 in the five hour continuous trading regardless of the spread of the session.

It should be noted that:

1. Shares that will be already traded in the three (3) hour continuous trading i.e. after the trading session on June 2nd, 2003, will be transferred to the five (5) hour continuous trading, provided that a market making agreement is concluded in accordance with the relevant decisions of the ATHEX and the Capital Market Commission (CMC), irrelevant from their average daily spread. In these cases, the date that the share will be included in the five- hour trading session, will be the date that, in accordance with the relevant decision of the ATHEX Board, market making on the share will start.

2. It is reminded that the shares included in Table 1-as this will be completed on the basis of all the above- will be able to participate in the Composite Index of the Main & Parallel Market of the ATHEX, in sector indices and in the FTSE/ASE indices until the date that the FTSE Indices Committee will come into session.

3. For the period 1/1-30/4/2003, 96.17% of all transactions is composed of shares that will be traded in the five (5) hour continuous trading, whereas the capitalization of these shares reaches the 94.64% of the total capitalization of the ATHEX for the same period. The 2.95% of transactions and the 4.80% of capitalization respectively, consists of shares that will be included in the three (3) hour continuous trading as of the trading session of June 2nd, 2003. 232 shares belong in the first group and 88 and 19 common and preferred shares respectively belong to the second group.

The category ''Other shares'' includes shares that are: a) either are traded with the method of call auction or b) have been placed under suspension for more than two months, but during the review period they were traded either with the method of continuous trading or with the method of call auction or c) have been de listed during the review period.

4. Following the announcement of 23/12/2002 which pertained to the measures for transparency and improvement of the liquidity in the ATHEX as well as with the relevant announcements that followed on 3/2/2003, 3/3/2003 and 1/4/2003, in the tables above, the average spread for shares that are traded under continuous trading for the periods a) 1/1-30/4/2003 and b) 1/4-30/4/2003 is published.

Download the Table of the shares of the 5-hour trading session

Download the Table of the shares of the 3-hour trading session