2004 is a milestone year for S&B Industrial Minerals S.A, as Ulysses Kyriacopoulos, Chairman of the Board of Directors of S&B, stressed in his speech, during the Company's Annual Ordinary Shareholders' General Assembly, which took place in Athens, on June 2nd. 'The year 2004 is a landmark year for our Company as we celebrate the 70th birthday of our Company and 10 years since the initial listing of our stock on the Athens Stock Exchange. This is a special anniversary as 2004 signals the Company's entry to a new phase of its development, with a new corporate name and identity as well as an important new business move enlarging the international presence of the S&B Group, which will soon extend to 19 countries in Europe, Asia, North and Latin America.''

Referring to the Company's performance in 2003, and after an overall review of the global economic environment within which S&B operated in the previous year, Mr. Kyriacopoulos concluded that: 'despite the extended international instability and the tough business environment, 2003 was a year of solid performance for S&B, a year of strengthening its leading position and general positive course, and a year of challenges and opportunities for further development and advancement of its global vision'. In parallel, he stressed that 'the realization of this global vision is based upon the same human principles and values that characterize our Company and its long standing productive tradition over the last 70 years'.

In turn, Efthimios Vidalis, the Company's Chief Executive Officer (CEO), referred in detail to the financial results as well as the business activity and strategic moves of 2003, both at Group level and per business division. Among other points, Mr. Vidalis noted the following: - In most areas we maintained or improved our market position, we achieved the highest ever after tax profitability on a consolidated basis and we maintained a consistent return on equity and capital employed. Group consolidated sales revenue remained essentially stable and reached 289.6 million euros against 291.3 million euros in 2002 (0.6% marginal decrease), reflecting a 2.7% reduction in the Industrial Minerals sector (that represents 75% of the consolidated turnover) and a 6.3% increase in the Commercial Activities sector. Net consolidated profits (after tax and the deduction of minority shares) amounted to 17.4 million euros, demonstrating an increase of 7.4% compared to 2002. Moreover, profits before taxes showed an increase of 2% (from 26.2 million euros in 2002 to 26.7 million euros in 2003), while the EBITDA margin amounted to 19.1% (against 19.6% in 2002). - All Industrial Minerals Divisions (bentonite, bauxite, perlite, Otavi Minerals) initiated business actions along the three driving axes of the Company's overall strategy: geographic expansion, promotion of value-adding chains ?from market to mine? and expansion of the products and services portfolio into new applications and new markets. In 2003, S&B continued to strengthen its infrastructure, rationalize its portfolio of activities and - most importantly - took steps for further development and expansion in 2004 and beyond.

Moreover, Mr. Vidalis referred to the multifaceted activity of S&B, during the previous year, in the Corporate Social Responsibility area, with emphasis on new forms of co-operation with the local communities in Greece, noting that: 'the implementation of a comprehensive and systematic social and environmental policy constitutes for S&B an integral and important element of its business strategy and activity'. Elaborating on the S&B Group's overall growth initiatives, Mr. Vidalis referred extensively to the recently announced acquisition of the Stollberg Group of Companies. Regarding Stollberg, which is a leading world-market player with a special role in the continuous casting process for the production of steel, Mr. Vidalis stated: 'this acquisition, consistent with S&B's strategy to achieve leading positions in specialized niche markets for value added industrial minerals, is expected to have a very signify ant positive impact on the Group's growth course, in combination with a series of synergies with S&B?s current activities'. Concluding his speech Mr. Vidalis highlighted that 'what we consider as our overall business value are the value-adding chains and the trust-based relationships we build with our customers and markets, rendering our Group a key player in providing industrial solutions from natural resources'.

During the Annual Ordinary General Shareholder Assembly, the following issues were approved, among others: Distribution of a 0.23 euros dividend per share, from the 2003 profits. - Authorization of the Company?s Board of Directors to issue corporate bonds, according to articles 1 (prg. 2) and 6 of Greek Law 3156/2003 and amendment of articles 4,8,14 and 20 of the corporate charter. - Adoption of an annual stock option plan, providing for a total of 150,000 shares (0.5% of total shares) that can be distributed to members of the Board and management executives, exercisable over the period of 2004-2008 at a price of ?5.48 per share. - A new decision for share buy back, according to article 16, prg. 5 of amended Greek Law 2190/20, in support of the share price.

It should be reminded that as of September 2003, S&B Industrial Minerals S.A. is the new distinctive title of the former Silver & Baryte Ores Mining Co. S.A.