On June 25th, 2004 the annual ordinary general meeting of shareholders of Elbisco Holding S.A. was held in the company?s headquarters in Kifissia, Attica. The shareholders who attended the meeting represented 67.82% of the company?s total share capital.

Elbisco Holding S.A.?s shareholders approved of the agenda. More particularly they:

1. Approved the financial statements, as well as the corresponding consolidated financial statements from 01-01-2003 till 31-12-2003.

2. Abated the members of the Board of Directors and the Certified Auditor-Accountants from any reimbursement on the financial statements and on the management for the fiscal year 2003.

3. Elected the company ?PRICEWATERHOUSECOOPERS? as auditor for the fiscal year 2004. The Certified Auditor Accountants charged with the task of the above-mentioned audit are 1) Mr. Kouvelas J. Constantinos (Ordinary) and 2) Mr. Riris G. Kyriakos (Deputy).

4. Approved of the election as of 12-01-2004 of the Independent and Non-Executive member of the company?s Board of Directors. Mr. Alexandros Moutsatsos, who replaced a resigned member.

5. Revoked all the members of the Board of Directors and elected a new Board of Directors as follows:

a. Kyriakos Ath. FILIPPOU, Member

b. Heleni K. FILIPPOU-COUMANTAROS, Member
c. Dimitrios M. ROUSSOS, Member
d. Alexandros D. MOUTSATSOS, Independent Member and
e. Eugenia El. ALOGOYANNI, Independent Member

It must be noted that the term of office of the new Board of Directors is the 25th June 2006.

6. Decided that there is no need to resolve on the definition of maximum salary wages of the members of the Board of Directors, since the said members who will be employed by the company will not be remunerated.

7. Approved the non-distribution of a dividend for the fiscal year 2003 and the transfer of all profits to the Shareholder?s Equity.

ELBISCO HOLDING S.A.?s administration stressed out the importance given to the enhancement of the group?s growth course by the continuation of the investment plan of its companies.

The main priorities are the improvement of the financial data and the completion of the companies? restructuring. At the same time, ELBISCO focuses on its commercial activities by launching new innovative value added products, by renewing and improving the old ones and by launching extensive advertising campaigns for famous brand names (ELITE, ALLATINI, KRIS KRIS, ELBISCO, VOSSINAKIS, FORMA) always with a view to achieve the best quality.