Within the framework of its general policy to contribute, in any appropriate way, to the better promotion of the listed companies in Greece and overseas and to the orientation of the latter to adopt mechanisms of internal organization and operation and a behavior in line with the principles of the best international practices and, mainly to the better provision of information to the investors, the Athens Stock Exchange on August 30, 2001 decided to promote an initiative that concerns the encouragement of the listed companies to adopt mainly these qualitative criteria that will significantly help the achievement of the above objectives.

The qualitative criteria that resulted form a study that was conducted by the Research and Development Dept of the Business Development Sector of the Athens Stock Exchange, which was also based on the international experience from other Stock Exchanges, show that the success of the listed companies depends also to a great extent on the satisfaction, on their part, of the main criteria that concern :

a. The transparency of the company and the quality of its communication with its investors base.
b. The application of the principles of corporate governance and
c. The maintenance of its share free float percentage amounting to at least 25 %.

The transparency of the company operations and the efficient communication with investors, which is secured by the adoption of procedures of valid and timely dissemination of required information, in accordance with legislation in force, is achieved mainly through the direct and free access of investors to said information by means of new methods of communication that have been established internationally and more specifically through :

1. Operation of the company's website in the Internet in which the above information is presented
2. Frequent company's presentation in roadshows to investors
3. Establishment of Investors Relations Dept/Unit which provides services to investors over and above those dictated by the Capital Market Commission Decision 5/204/14.11.2000

The balanced composition of the companies Board of Directors with the participation of executive and non executive members, some of which must be independent, as well as the efficient organization of an internal audit system that it secured with the appointment of an Internal Audit Committee regarding the analysis and timely identification of problems relevant to the control of corporate activities, guarantees the good governance of the company. The maintenance of a minimum free float of shares of at least 25%, contributes to the better marketability/liquidity of the shares and it is directly related to the application of the principles of corporate governance.

The adoption of the above criteria by the listed companies is optional and is up to the companies to implement them but it doesn't revoke in any case, the obligation of the companies to abide by the obligation provided for by the legislation in force.

The Athens Stock Exchange, in its effort to induce its listed companies to proceed to activities of implementing the above criteria, will send them a letter and later on a questionnaire in order to define and announce to the public a list of companies which will have adopted these criteria. This table will be continuously updated according to the information received by the listed companies.