The Board of Directors of the company LAN-NET COMMUNICATIONS S.A. informs Messrs. shareholders about the following:

The 2nd Recurring Extraordinary Shareholders General Meeting of the company of 30/06/2005, by its relevant decision, approved the share capital increase of the company by the amount of ?15,351,519.04, through the issue of 14,761,076 new, common registered (CR) shares, that will be traded on the Main Market of the ATHEX (in dematerialized form) carrying a par value of euro 1.04 each, in the form of a rights? issue in favor of the old shareholders.

After the completion of the aforesaid increase, the share capital of the company will amount to ?53,730,316.64 and will be divided into 51,663,766 CR shares, of a par value equal to ?1.04 each. The rights? issue total revenues will reach ?15,351,519.04. The rights subscription period will take place from 14/11/2005 until 28/11/2005. The start date for the rights trading period on the ATHEX coincides with the start date of the rights? subscription period. It is noted that, the trading of the rights will not be possible during the last four (4) business days preceding the expiry of their subscription period. Also, the trading of the aforesaid rights will expire at the close of the ATHEX?s trading session on 22/11/2005. Preemption rights for the acquisition of new shares are transferable and will be traded on the ATHEX. Moreover, rights that will not be exercised up to the expiry date of the subscription period, i.e. until 28/11/2005 will cease to exist.

Furthermore, the new shares will have been credited to the beneficiaries? accounts by 8/12/2005. The exercise of the rights will be carried out during business days and hours via the network of National Bank of Greece S.A.

Also, the relevant Prospectus issued for the share capital increase of the company, as such was approved by the HCMC?s BoD on 4/11/2005, was published on 8/11/2005 in electronic form in the web sites of the company (www.lannet.gr) and the ATHEX (www.ase.gr). For further information about the aforesaid prospectus, please contact the company?s Shareholders? Service Department at +30 210-5708000.