AXON S.A. HOLDING

Commentary on results of the first half of 2007

Pre-tax profits doubled in the first half of 2007
Pre-tax profits of the AXON Holdings Group during the first half of 2007 reached 22.85 million euro, compared to 11 million euro during the same period in 2006. Even more impressive was the increase in profits after taxes, which reached 18 million euro, compared to 5.2 million euro in the first half of 2006.
The group's EBITDA profits also marked a very significant increase of 74% and amounted to 34.4 million euro, compared to 19.8 million euro in the first half of 2006.
The group's consolidated turnover rose to 104.5 million euro, from 95 million euro, marking an increase of 10%.
At the level of the parent company, net pre-tax profits reached 2.5 million euro, from 513 thousand euro in the first half of 2006.
The economic results of the group and the company for the first half of 2007 have been published in the Press on 31 August 2007, in the KERDOS newspaper. On the same day they were also been put up on the company's website at www.axonholdings.gr.