HELLENIC EXCHANGES - ATHENS STOCK EXCHANGE S.A.

Sale of treasury shares.

According to the decision of the shareholders EGM of 9/2/2004, HELEX has sold 4,392,290 shares out of its treasury stock, at 7.62 euros per share, to the minority shareholders of its subsidiary 'Central Securities Depository', (CSD). These CSD minority shareholders are, at the same time, founding shareholders of HELEX.

The above-mentioned 4,392,290 shares represent 6.18% of HELEX share capital. Following this transaction, the Company holds currently 857,710 shares as treasury stock, (1.21% of its share capital). It is noted that the Company was holding 7.39% of its share capital (5,250,000 shares), following the September 12, 2001 EGM decision, providing for a share buy-back. The average acquisition price is 5.52 euros per share.

Finally, on the 18th of February 2004, the CSD shares that were held by the above-mentioned minority shareholders, were transferred to HELEX, according to the February 9, 2004 EGM decision. HELEX holds today, directly or indirectly, 100% of the CSD.