HELLENIC DUTY FREE SHOPS' consolidated earnings after tax increased by 10.1% for the first three months of 2006, reaching Euro5.5 million compared to Euro5.0 million for the respective period of 2005. Consolidated sales (turnover) rose by 8.3%, reaching Euro42.0 million compared to Euro38.8 million for the respective period of 2005. Earnings before interest, tax, depreciation and amortization (EBITDA) reached Euro8.5 million from Euro7.9 million in the first quarter of 2005, posting an increase of 7.4%. Commenting on the financial results, the Company's CEO, Dimitris Koutsolioutsos mentioned that "we are very satisfied by the financial performance for the quarter, since we have accomplished a double digit growth in net consolidated earnings, despite the decrease in passenger traffic by 2% in the respective period. The main factors responsible for this decrease were the bad weather conditions in the Evros region, several avian influenza cases in neighboring countries and the strikes in the airports of Athens and Thessaloniki. Indicatively, I would like to mention a 29% decrease of departing passengers in Kipi Evros, a 11% decrease in Promachonas and a 55% in Kastanies". Mr Koutsolioutsos also mentioned that "the Company will continue to invest in the further development of its stores' network. In addition, we are carefully examining every prospect for expansion or cooperation, aiming at maximizing the return for our shareholders". In the first quarter of 2006 the Company's cost containment efforts on an operational level continued successfully resulting to a further decrease of operating and administration expenses to 34.2% of sales compared to 35.6% for the respective period of 2005.

The Company's subsidiary, HELLENIC DISTRIBUTIONS S.A., had a significant contribution to the consolidated results of the first quarter. More specifically, HELLENIC DISTRIBUTIONS's sales reached Euro4.5 million and net earnings Euro319 thousand, increased by 72.3% and 61.6% respectively. Finally, sales for the parent Company reached Euro38.0 million, while EBITDA and net earnings after tax reached Euro8.0 million and Euro5.2 million respectively. The petroleum products activities of the Company contributed to the Company's profitability by Euro340 thousand, or 6.5% of net earnings. The Annual General Assembly of the Company's Shareholders will take place on Wednesday 31 May 2005, at 12:00, at the Company's head office, 23 km of National Road Athens - Lamia, Agios Stefanos. The Company's BoD will propose the distribution of dividend amounting to Euro0.80 per share for the fiscal year of 2005 compared to Euro0.70 per share for 2004, an increase of 14.3%.