In reply to the letter dated 12.07.2006 from the Athens Stock Exchange addressed to our Company concerning the online financial press release dated 12.07.2006 with respect to the retirement of the Company's Managing Director, Mr. Albert Corcos, and pursuant to articles 285 and 302 of the Athens Stock Exchange Regulation, which provide for reliable and timely investors information, the Company hereby informs the investing public that it proceeded with the relevant announcement to the Athens Exchange and its website on July 13th. Given the fact that the Board of Directors, which decided upon the forthcoming replacement of the resigned Managing Director, was convened on July 13th, the online financial press release is preposterous.