Following our letter dated 16/04/2004 with Reg. No 15746, we inform you that on 30/06/2004 the prefecture of Viotia approved of the merger of the Societes Anonymes MORNOS S.A. PRODUCTION AND TRADE OF PACKAGING MATERIAL headquartered in Theva, Viotia, to which ELBISCO HOLDING S.A. participates with 32.07% share through ELBISCO COMMERCIAL S.A., and DENISTONE S.A. PRODUCTION AND TRADE COMPANY OF HOUSEHOLD AND INDUSTRIAL-USE PRODUCTS, also headquartered in Theva, Viotia, through the absorption of the second company by the first.

The above-mentioned merge is one more strategic move made my MORNOS S.A., one of the largest Greek companies in the packaging sector, since its allows the creation of economies of scale, as well as the enhancement of the company?s presence in its sectors of activities.