Exploinvest Ltd affiliated company (100%) of SANYO HELLAS HOLDING S.A., proceeded with a new agreement for participation in exploitation of Natural Gas in Ukraine.

The company has signed a contract with the American Company C & A GROUP LLC, in order to joint a company for the exploitation of natural gas deposits in the sea of Crimea (Black Sea project). Necessary geological investigations are executing, as well as proceedings for the acquisition of the relevant licenses. It is expected that the total net worth of the new company will came up to 11 million USD in 2002. The participation of Exploinvest Ltd in this company will be 50% and will be covered from the sale of its share in CJC PLAST which already activates in the region of Poltava and in which Exploinvest participates since 1999.

This transaction in the sector of Natural Gas decided by Exploinvest Ltd after the new shareholders structure in CJC PLAST which came up from the acquisition of the 70% of its shares by companies which the Austrian STEUERMANN belongs (a company cooperating with C & A GROUP LLC), as well as the new investment plan which demands big reserves and delays the collection of dividends. After the agreement of the three parts Exploinvest Ltd also takes 4,240 million USD from C & A GROUP LLC dividends which will came up from the profits of the new company. (Noted that the sale has executed in the amount of 2,22 billion drachmas while the first investment was 1.88 billion drachmas, plus the assignment of the dividends).

The new project concerns greater deposits than the others of CJC PLAST and in a shorter investment period, plus the fact that the Greek side will have more active role (with the new shareholders structure) in the management as well as in the company's decisions.

The procedure for the establishment of the new company will be concluded in March 2002, when the relevant announcements will be carry out concerning the deposits exploitation and the formation of the Business Plan.