On 17/03/03, the company THEMELIODOMI S.A., addressed a letter to the Athens Exchange (ATHEX), informing about the alterations made on its financial statements of 31.12.2002. The company proceeded with such alterations in order to comply with the provisions stipulated in the clearly stated Circular of the Ministry of Finance, dated 05.03.2003 in relation with article 29 of Law 3091/2002 (Gov.Gaz. 330/24.12.2002). This Circular, which was issued after 28.02.2003 (the last day for the publication of the financial statements of listed companies for 31.12.2002, as provided in Presidential Decree 360/85), allows companies to amortize the loss incurred from the merger of their subsidiary companies either in cash or in installments in two fiscal years setting off with the reserve above-par, in accordance with Law 2166/93.

In particular, the company?s Board of Directors decided to set-off 50% of the loss of euro 21,588,423.40, which derived from the absorption of construction companies related to the reserve account- ''The difference from the issue of shares above par''-in the financial statements of 31.12.2002 that are drafted according to Law 2190/20 and refer to the final accounts and results of the previous fiscal year. In addition, the company decided to apply the provisions stated in paragraph 1 of article 29, as this was stipulated in the relevant Circular of the Ministry of Finance. The remaining 50% (euro 10,794,211.70) will be amortized in the same manner in the next fiscal year.

The ATHEX Board of Directors, having taken into consideration the reissued financial statement of THEMELIODOMI S.A. as well as the rationale on the basis of which the company proceeded with the redraft of its financial statements of 31.12.2002, decided to revoke its decision of 6.03.2003 relating to the classification of the company in an ''under supervision'' status, as it does not fall under the provision § 1.2b of Decision No. 64 and specifically, the losses published amounting to euro 9,782 are equivalent to 16.5% of the company?s net turnover.

Furthermore, on its session today, the ATHEX Board of Directors examined the report that it has asked for to be prepared by an expert on 3.3.2003 concerning the way the turnover of construction companies is calculated. Based on this report, it occurs that proper attention must be paid to the way the financial statements of construction companies are structured, in order to avoid any misunderstandings and consequently incorporate all the information pertaining to their participation in joint-ventures.

The inclusion of the participation of construction companies in joint-ventures in the companies? turnover, despite any reservations, is considered necessary for these companies under specific terms and conditions, taking into consideration the specific nature of their activities as there are legal restraints concerning the undertaking of large construction projects by one technical company only and the fact that a significant percentage of their turnover may exclusively derive from participation in joint-ventures schemes.

At the same time, the ATHEX Board of Directors deems necessary that the financial statements of technical companies to be presented in a more clear and definite manner. As a result, it was decided to take the necessary measures in order to proceed with the adoption of a detailed financial statements scheme of technical companies that participate in joint-ventures. In this way, investors will have the opportunity to be properly informed about the effectiveness of the technical companies? joint-ventures and to make the proper decisions regarding the placement of their funds into the companies belonging in this sector