Increase of 21.1% in Turnover
Growth of 14.7% in EBITDA
Increase of 21.0% in Earnings before Taxes

GERMANOS Group of Companies demonstrated impressive growth rates for the 9-month period of 2004.
Financial results for 9-month 2004 reflected constant growth of operations in Greece, as well as stronger contribution from foreign markets to the Group's financial performance. According to the published financial statements, the Group generated turnover of euro 599.8 million, which was higher by 21.1% than the corresponding period of 2003.

The major growth drivers are presented below:
1. Airtime Revenues increased by 23.5% due to a constantly growing customer base and the gradual increase of ARPU.
2. Revenues from Mobile Telephony Sets grew by 17.2% due to the launch of new mobile telephony sets carrying more advanced technological standards.
3. Revenues from Industrial Activities posted strong growth of 51.2% on consolidated basis, with sales mainly channeled into foreign markets.
4. Revenues from Wholesale Activities rose by 47.2% as compared to 9-month 2003, implying steadily growing market shares both in Greece and abroad.

It is worth noting that turnover from foreign operations contributed a stake of 19.5% from 13.5% in 9-month 2003, implying the Group's dynamic presence abroad.
During the 9-month of 2004, on consolidated basis, earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 14.7% reaching euro 58.8 million, whereas EBITDA margin settled at the neighborhood of 10%.

At the same time, Duty Free Shops (DFS) had a significant contribution to the Group's financial results. It is reminded that Germanos holds 24.7% of DFS, which are consolidated on an equity basis.
Group's earnings before taxes reached ? 50.1 million, rising by 21.0% as compared to 9-month 2003, whereas net profit margin settled at 8.4% .

On a parent basis, GERMANOS SA demonstrated a similar financial performance. Turnover settled at euro 472.09 million, higher by 15.2%, whereas earnings before interest, taxes, depreciation and amortization (EBITDA) reached euro 53.6 million, demonstrating a growth of 14.5%. Finally, GERMANOS SA achieved earnings before taxes of euro 42.9 million, higher by 18.7% than the same period of 2003.