Signs an agreement with the company LA SOCIETE GENERALE IMMOBILLIERE ESPAGNE (LSGIE), for the sale of 100% of the shares of the company KANTZA COMMERCIAL S.A. REDS Α.Ε. - ΕΛΛΗΝΙΚΗ ΤΕΧΝΟΔΟΜΙΚΗ ΤΕΒ Α.Ε. - ΑΚΤΩΡ Α.Τ.Ε.

REDS Α.Ε.

Signs an agreement with the company LA SOCIETE GENERALE IMMOBILLIERE ESPAGNE (LSGIE), for the sale of 100% of the shares of the company KANTZA COMMERCIAL S.A. REDS Α.Ε. - ΕΛΛΗΝΙΚΗ ΤΕΧΝΟΔΟΜΙΚΗ ΤΕΒ Α.Ε. - ΑΚΤΩΡ Α.Τ.Ε.

The board of directors of the company REDS S.A. announces herewith that on 28/7/2005 it signed an agreement with the company LA SOCIETE GENERALE IMMOBILLIERE ESPAGNE (LSGIE), a member of the S.C.C. Group and leader in the development of professional real estate in Europe, which is based in Paris, for the sale of 100% of the shares of the company KANTZA COMMERCIAL S.A., against the price of euro 70,000,000. The consummation of the final contract is subject to the conditions concerning the absorpiton of KANTZA DEVELOPMENT S.A., which owns the neighboring property and the issue of the necessary building permits for the estates in the area of Kantza, Pallini. Other contracting parties to this agreement are the companies HELLENIKI TECHNODOMIKI TEV S.A. and AKTOR TECHNICAL CO. S.A., as shareholders of KANTZA DEVELOPMENT S.A. REDS S.A. considers the said agreement beneficial, as the participation of the specific investor in real estate development will pave the way for more favorable conditions towards the implementation of its investment plan and will curtail significantly investment risk.