The Management of Hellenic Duty Free Shops announces its estimates for the financial results of 2004. Consolidated turnover is expected to reach euro 285-290 million and EBT after minorities at euro 58-60 million. The consolidated accounts include, apart from the mother company, the results of the companies HELLENIC DISTRIBUTIONS and EFSIMON COLLECTIONS. The results of the company VENUE RETAILING will be consolidated with the method of net position.

The Company, giving special emphasis to its extroversion, considers its responsibility to inform the investment community of the new estimates.

The forecasts for a significant increase in tourism, especially during the Athens 2004 Olympic Games, did not come true resulting to a considerable decrease of passenger traffic in Greece and a below expectations turnout of the Olympic Games spectators.

Bearing in mind the negative circumstances, the HDFS Management considers as major success the above-mentioned increase in consolidated sales and profits for 2004. The mother Company, in spite to the decreased passenger traffic, foresees an increase in sales and profits of approximately 13%, as a result of the upgrade of its stores and the opening of new ones, the addition of new product categories such as clothing and fuels, and the increase of passenger spending. HELLENIC DISTRIBUTIONS is expected to post a significant increase in sales and profits of approximately 45%. On the other hand, EFSIMON COLLECTIONS and especially VENUE RETAILING, were negatively affected by the decrease in passenger traffic during the Olympic Games. As a result, guaranteed sales were not reached; hence profitability will be less than expected. The fact that HDFS and HELLENIC DISTRIBUTIONS will meet expectations despite the negative environment confirms the dynamic and flexibility of HDFS and mirrors the long-term positive prospects of the Company.

The HDFS Management wish to reassure the investment community that the constant and continuous growth of the Company' s financial results as well as its high dividend policy will remain among its main priorities.

The financial results for the first nine months of 2004 will be published during the week of November 22, 2004.