ANNOUNCEMENT

HELEX SHARE PRICE

8 September 2000 - The newly established Hellenic Exchanges SA (EXAE) is the holding company of its 100% subsidiary Athens Stock Exchange SA. The Athens Stock Exchange (ASE) controls a number of companies which support the structure and operation of the Hellenic Capital Market: Central Securities Depository SA, Athens Derivatives Exchange SA, Athens Derivatives Exchange Clearing House SA, ASYK SA-Systems Development of Capital Market and Thessalonica Financial Centre SA. Hellenic Exchanges Company derives most of its income from the activities of the Athens Stock Exchange Group of Companies. The company?s first fiscal period ends at 31.12.2001

The table below presents consolidated data for the year 1999, forecasts for the year 2000 as well as data for the first half of the year 2000:

One should take into account both past and forecasted figures in order to be able to assess the future course of the share price.

According to 30/06/2000 consolidated Income Statement, Group Turnover is 32.3 billion drachmas and Profits before Taxes 28.1 billion drachmas, as compared to Budget figures 58.1 billion and 45.8 billion respectively.

Hellenic Exchanges SA valuation based on the 2000 budgeted figures, produces a P/E of 14.0. This ratio, which is based on profits after taxes, fiscal differences, and minority rights, is considered rather conservative, since it is expected that end of year profits would exceed forecasted ones. Also, P/E ratio, calculated on a profits before taxes basis stands at 5.8 which is a very attractive figure.

The consolidated profit figure depends, to a large extent, on the bottom line of the Athens Stock Exchange and Athens Derivative Exchange companies. Thus, despite the over correction that the ASE has experienced for nearly a year now - a fact that has a negative impact on the ASE revenues - there are other income sources which contribute positively, even in periods that Stock Market hovers at lower levels.

More specifically during 1999, the capitalisation of the 41 new listed companies which is the basis upon which is calculated the new entrance fee, amounted to 2.45 trillion drachmas. On a 12-month basis this figure will be exceeded, since during the seven first months of 2000, 37 new companies were listed with a total capitalisation of 2.79 trillion drachmas.

The table below presents data of other listed international Stock Market Companies:

* EXAE = Hellenic Exchanges

LSE = London Stock Exchange

ASX = Australian Stock Exchange

ΟΜ = Stockholm Stock Exchange

**Figures in thousands (000)

It is worth noting that London Stock Exchange shares are not traded on the main stock market but on a matched bargain facility operated by a stockbroker. Negotiations for the merger with the Frankfurt Stock Exchange (iX International Exchange project) have had negative influence on the share?s price.

The comparison of data that are given above confirms Hellenic Exchanges positive prospects. Also, the low level of P/E ratio of Hellenic Exchanges compared to the P/E figures of the other three stock exchange companies add to the attractiveness of its share price. To this end also contributes the inclusion of company share in the FTSE/ASE Mid 40 Index. This is the mid capitalisation index that captures the performance of forty medium size companies within the Athens Stock Market.

On a mid-long term time basis, Hellenic Exchanges Holding SA which main goals remain, among others, the enhancement of the Group activities and the rationalisation of its operations, promises the potential investor a more than satisfactory return.