FOLLI-FOLLIE Α.Ε.Β.Τ.Ε.

Sale of its participation in EFSIMON S.A. and EFSIMON COLLECTIONS S.A.

Hellenic Duty Free Shops announces the sale of its participation in EFSIMON S.A. and EFSIMON COLLECTIONS S.A. Specifically, on December 6, 2004, the Company proceeded with the sale of 10,500 shares of EFSIMON S.A., namely its 35% participation, for the amount of euros 240,000 as well as the sale of 3,000 shares of EFSIMON COLLECTIONS S.A., namely its 10% participation, for the amount of euros 1,295,000.

The buyer of those shares is Mr. Ν. Konstantopoulos, major shareholder of Ν. KONSTANTOPOULOS BYZANTINE ART S.A. The shareholders of the company EFSIMON S.A., following the sale of HDFS' participation, are Mr. Ν. Konstantopoulos (35%) and the company Ν. KONSTANTOPOULOS BYZANTINE ART S.A. (65%). Additionally, the shareholders of the company EFSIMON COLLECTIONS S.A., following the sale of HDFS' participation, are the company EFSIMON S.A. (80%),

Mr. Ν. Konstantopoulos (10%) and the company Ν. KONSTANTOPOULOS BYZANTINE ART S.A. (10%). The Company received, in addition to the already mentioned amount (totaling to euros 1,535,000) dividends from previous fiscal years amounting to euros 22,050 from EFSIMON S.A. and euros 193,000 from EFSIMON COLLECTIONS S.A. Therefore, the total amount that the Company received as a result of its participation in EFSIMON S.A. and EFSIMON COLLECTIONS S.A. reached euros 1,750,050 compared to the total amount of euros 42,261 initially invested. The Company's management considers this transaction as considerably beneficiary to the Company since following the completion of the Athens Olympic Games EFSIMON S.A. and EFSIMON COLLECTIONS S.A. will no longer have significant activity or prospects.

Finally, the Company's management, following the transaction already mentioned and as a result of the subsequent exclusion of the above companies from the consolidated statements of HDFS for 2004, needs to readjust its estimates for the financial results of 2004. In particular, consolidated turnover is expected to reach euros 230-235 million while the Company reiterates its estimation for its consolidated earnings before tax after the deduction of minority interest of euros 58-60 million. The consolidated accounts w ill include, apart from the parent company, the results of the company HELLENIC DISTRIBUTIONS S.A. The results of the company VENUE RETAILING S.A. will be consolidated under the equity method.