2003 was essentially the first year that ELLINIKI TECHNODOMIKI TEB A.E. operated as a holding, concessions and services company in infrastructure and real estate development.

In particular, according to the year-end 2003 accounting statements, the company's figures are broken down as follows:

Before consolidation

Turnover: EUR 11.68 compared to 9.71 million, 20.25% increase Profit before tax: EUR 48.30 compared to 19.95 million, 142.09% increase

After consolidation

Turnover: EUR 902.31 compared to 809.68 million, 11.50% increase Profit before tax: EUR 133.13 compared to EUR 111.37 million, 19.54% increase Profit before tax and after minority interests: EUR 97.02 compared to 93.17 million

In 2003 ELLINIKI TECHNODOMIKI TEB A.E. pursued its development strategy aiming not only at securing its leading position in the constructions branch, but also at developing dynamic activities in concessions, the environment, energy and real estate development.

In particular the company?s development progress thus far is pivoting around the following axes:

• High participation in concession projects implemented in Greece, and especially the ATTIKI ODOS motorway and the RIO-ANTIRRIO bridge, securing increased revenues for an extended period of time. At the same time, the company is bidding for more co-financed projects to be implemented on concession contracts, like the four major motorways, the Thessaloniki underwater link, and parking stations in Athens and Thessaloniki.

• Already as of early 2003, the Company is participating, through its affiliated company (with a 30% stake) Athens Resort Casino, in the administration, management and development of HELLENIC CASINO OF PARNITHA S.A. owner of the Parnitha Casino undertaking as well as the Mount Parnes and Xenia hotels. It is worth mentioning that the first phase of the Casino?s temporary improvements has been completed, while the implementation of the final project is scheduled for 2004 ? 2006, and is expected to give a strong boost to the undertaking's financial figures.

• As regards the field of real estate development and operation, the company is active via its subsidiary REDS. Two entertainment parks are already operational, Veso Mare in Patras, and since December 2003, Escape Centre in Ilion, while 200 high-standard residences are being constructed on Pallini hill, in a 46,000 m2 area.

• Using investment opportunities in the fields of the environment and energy through wind farm operating companies and HELECTOR S.A. As far as the environment is concerned, activities mostly concern managing urban waste and aggregates. Moreover, the company has acquired 21 power production licenses from wind farms with a total capacity of 260 MW, while two wind farms and one 13 MW biogas energy plant, the largest in Europe, are already operational.