Increase in EBITDA by 22.0%

Increase in Earnings Before Tax by 58.0%

GERMANOS' financial results demonstrated strong growth rates on both consolidated and parent basis for the nine-month period in 2003. More specifically, on consolidated basis, Turnover rose by 16.4% reaching 495.3 euros million from 425.6 million euros in 2002 continuing the positive growth trends observed over the past few years.

Sales increased in all business segments where the Group is currently involved in. Retail sales rose to ? 320.7 million, up 14% comparing to the same period last year, industrial sales moved 25% higher to 25.3 million euros, whereas wholesale activity rose by 17% to 132.2 million euros.

It is important to note that sales from international markets surged 85% reaching 69.7 million euros, contributing by 13.5% to total sales versus 8.5% in the same period last year.

Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) grew 22% to 51.22 million euros, with EBITDA margin rising to 10.34% versus 9.87% in 2002. This improvement is due to the management's constant efforts for a lower "operating expenses / turnover" ratio, and it is in the context of the three year plan - which started last year - aiming at a ratio of 15% on an annual basis.

Finally, Consolidated Earnings Before Taxes (after Minority Rights) rose by 58% to 41.4 million euros from 26.2 million euros in 2002.

An especially positive effect - of approximately 7.3 million euros on the bottom line - was generated by the financial results of Hellenic Duty Free Shops (HDFS), which have been consolidated through the equity method.

Parent company GERMANOS SA demonstrated a similar growth in its financial results. Sales moved 11.2% higher to 409.5 million euros, whereas Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) rose by 20.6% to 46.7 million euros. Finally, Earnings Before Tax grew by 22.1% to 36.1 million euros, versus 29.6 million euros in the corresponding period of 2002.