Announcement

Change in the HELEX BoD

1 November 2004 - The Company informs investors that the Board of Directors has appointed Mr. Spyros Capralos as member of the Board of Directors, in replacement of Mr. Gikas Manalis who resigned. Mr. Capralos has assumed the office of Chief Executive Officer of HELEX. Mr. Capralos assumes, at the same time, all executive management responsibility at the companies of the Group.

The election of the new member will be put to the approval at the first General Meeting of shareholders of the Company that will take place following this appointment.