ANNOUNCEMENT

FINALIZATION OF THE COOPERATION FRAMEWORK BETWEEN THE ATHENS EXCHANGE & THE CYPRUS STOCK EXCHANGE

1 March 2005 - Recognizing the need of developing common infrastructures that would facilitate access and use into the markets of the Athens Exchange S.A. and the Cyprus Stock Exchange, respectively, for all capital market participants (Members, Institutional and Retail Investors, Custodians, etc.), the management of the two aforementioned exchanges agreed to promote the said collaboration framework to their Board of Directors, in order to receive their relevant approval for the implementation of a common platform that will support the operation of the two markets.

At the same time, within the context of the aforementioned contacts, a meeting was held between Mr. Alexios Pilavios and Mr. Marios Kliridis, the Chairmen of the Greek & Cyprian Capital Markets Commission.

The development and implementation of the common platform is aiming at the following:

- The development of a homogeneous, efficient and effective environment for the carrying out and clearing of transactions in the two markets, according to European Union standards and the practices followed by most developed capital markets, on international scale.

- The reduction of operating costs of both exchanges, through the utilization of economies of scale as well as the curtailing of access costs for all prospective participants in the markets of both exchanges.

- The facilitation and promotion of further collaborations and initiatives for the business development of the two markets aiming also at attracting the participation of other regional markets.

In accordance with the detailed action plan that was agreed between the two exchanges, the common platform is expected to operate in the last quarter of 2005.

Furthermore, at the signing of the relevant agreement, the Chairmen of the two exchanges stated the following:

Mr.Spyros Capralos, Chairman of the ATHEX said: "We are particularly satisfied because an effort that has begun for quite some time will be actually realized within 2005 and will help us to achieve our objective: the development of an integrated market in our wider geographic region".

Mr.Akis Cleanthous, Chairman of the CSE said: "For the Cypriot Stock Exchange, this agreement, marks the new era, during which, the Stock Exchange is called henceforth to correspond to the increasing needs of the Cypriot Economy within the European Union".