The Water Supply and Sewerage Company of Thessaloniki announces that:

As concerns the modification of the timetable of the funds drawn for the construction of a building, registered in the Daily Rate Form issued by the Stock Market of Athens on December 28th, 2004 and for the purpose of better informing the public, the Water Supply and Sewerage Company wishes to remind anyone it may concern that during the company?s entry in the Stock Market of Athens it went ahead with increasing its share capital by 1.500.000 shares of nominal share value of 1? and disposal value of 3,94 Euro per share, thus yielding the amount of 5.910,000 Euro for the company, an amount which after deducting the amount of 480.799,71 Euro due to entry expenses was fixed at 5.429.200,29 Euro.

The company, in accordance with its entry form, is bound to dispose of these drawn funds during years 2002-2003 in the following ways:

1) An amount of 733.675,72 Euro will be disposed for purposes of purchasing special water-wagons, disposing of the amount of 440.000 Euro over the year 2002 and the amount of 294.000 Euro over the year 2003.

2) An amount of 4.695.524,57 Euro will be equally disposed for purposes of constructing a building in the area of Toumba, Thessaloniki over a period of two years.

At the extraordinary meeting held on December 30th, 2002, it was decided by the shareholders for the timetable of the drawn funds to be modified by transposing it to years 2003-2004. It was further decided for the amounts of 440.000 Euro and 294.000 Euro to be disposed for purposes of purchasing special water-wagons over years 2003 and 2004 respectively and for the same amount of money to be equally disposed over a period of two years for the construction of a building. The materialization of the timetable as concerns the purchase of the vehicles was completed within the time specified.

On 15/12/2004 the board of Water Supply and Sewerage Company of Thessaloniki according to its decision 366/04 modified the materialization of the timetable related to the construction of the building transposing it from years 2003-2004 to years 2005-2006. The construction of the building has been appointed by auction to the co-operative PAGONI SITHON LTD.

It must be noted that this decision must be finalized by the next general meeting of the shareholders.