In compliance with article 281 of the Athens Stock Exchange Regulation and article 2 par. 2, subparagraph (e) of the Decision No 3/347/12-7-2005 of the Hellenic Capital Market Commission, the Company informs the investing public that the Company's Board of Directors at its session dated July 27th, 2006, accepted Jacques Gani's resignation from his position as independent member of the Board. Pursuant to articles 11 & 18 of the Company's Articles of Association and in compliance with the statutory maximum number of nine members of the Board, Mr Agisilaos Karampelas is elected to replace Mr. Jacques Gani, for the rest of the term of office of the resigned member, i.e. until the Ordinary Shareholders Meeting of the year 2009. The above-mentioned election shall be ratified at the first forthcoming Shareholders Meeting (Ordinary or Extraordinary).

Following the above, the Board of Directors re-constituted as a body as follows:
Manolis Kyprianides Chairman of the BoD (non executive member)
Ioannis Pechlivanidis Vice-Chairman (non executive member)
Albert Corcos Managing Director (executive member)
Jean-Charles Blatz Member (non executive member)
Eric Meuriot Member (non executive member)
Saad Sebar Member (executive member)
Anthimos Thomopoulos Member (non executive member)
Christos Sorotos Member (independent member)
Agisilaos Karampelas Member (independent member)

It is noted that by virtue of the decision of the Company's Board of Directors, dated July 13th,2006, and the relevant Company's announcement to A.S.E., Mr Saad Sebar shall take the position of Managing Director and executive member of the Board as of August 1st , 2006, while Mr. Albert Corcos shall maintain the position of non-executive member of the Board.