Athens, September 21^st 2004

ANNOUNCEMENT

HELEX B.o.D. RESOLUTIONS

The Board of Directors of Hellenic Exchanges Holding S.A. on its session on 8.9.2004, following the statement proposal of the President Mr. Iakovos Georganas and having assessed the conclusions of the relevant study of PriceWaterhouseCoopers, selected Mr. Spyros Capralos as the Head of the Executive Administration of all the companies of HELEX Group.

Mr. Capralos comes back to the private sector as since 2000 till date, initially as Executive Consultant of the Organization Committee and afterwards as Olympic Games General Secretary of the Ministry of Culture and CITY Manager, he has served the issues of Olympic Games. During the last 20-year period (1979-2000), he has worked as Executive and Member of the Management of Financial Organizations both in Greece and abroad.

Mr. Capralos will undertake his new duties after the end of the Paralympics Games.