BALLIS CHEMICALS S.A. intends to proceed with the merger through the acquisition of LAMDA DETERGENT (subsidiary company of NEOCHEMIKI L.V.LAVRENTIADIS S.A.)

ΛΑΜΔΑ ΝΤΙΤΕΡΤΖΕΝΤ ΑΒΕΕ

BALLIS CHEMICALS S.A. intends to proceed with the merger through the acquisition of LAMDA DETERGENT (subsidiary company of NEOCHEMIKI L.V.LAVRENTIADIS S.A.)

The Board of Directors of BALLIS CHEMICALS S.A. announceS herewith the intention of the company to proceed with the merger by acquisition of the company LAMDA DETERGENT S.A. (subsidiary of NEOCHEMIKI L.V.LAVRENTIADIS S.A.). The said merger will be carried out in accordance with the provisions stipulated in articles of C.L.2190/1920 and L.2166/1993. Also, the date for the restucturing balance sheet of the acquired company will be 30.11.2005. Moreover, the proposed shares' exchange ratio of the acquiring and the acquired company will be determined after the valuation of an independent credit institution, investment services firm or auditing house. The aforesaid merger is subject to the approval of the General Meetings of both companies and the competent authorities and is expected to be completed within six months approximately.