Increasing sales continued to mark ALFA-BETA VASSILOPOULOS S.A. performance through fiscal year 2003, both on a standalone and consolidated bases. In 2003, the rate of increase in Turnover within Alfa-Beta Group was the fastest at its subsidiary TROFO due to its stores upgrading and their integration into the ALFA BETA banner. This had a positive effect on Consolidated Turnover which increased by 7.7% from 837.29 million euros in 2002 to 901,55 million euros in 2003.

Consolidated Net Profit before Taxes amounted to 9,52 million euros in comparison with 5.76 million euros in 2002, an increase of 65,3% %. This significant increase is due to the significant improvemen ts at TROFO and better results of ENA S.A., although still negative.

The strong results of Trofo and its operational integration, which came about after very significant investments and efforts, brought us to the point where the company will be incorporated into a single entity with ALFA-BETA. Procedures for this merging have been initiated.

For ALFA-BETA VASSILOPOULOS S.A. standalone, Turnover increased by 6.9 % from 737.98 million euros in 2002 to 789,04 million euros in 2003 whereas Net Profit before Taxes amounted to 12.30 million euros compared to 13.40 million euros in 2002. This small decrease was due to continued price investments to reinforce the competitive position of Alfa-Beta.

Organic Expansion: During 2003, the major effort of upgrading all TROFO stores and integrating them into the ALFA BETA banner and culture was accomplished. The completion of this work made the re-activation of the organic expansion possible. The efforts in this area led to three store openings in 2003. The European City store in Piraeus and the 'free flow' store in Halandri are the first examples of two new store formats that we believe will decisively contribute in consolidating 'ALFA-BETA's' leading posi tion in the Greek food retail sector.

For additional information you may contact Mr. Konstantinos Macheras or Ms Maria Kuhkalani at +210 66.08.000.