ANNUAL REPORT

ANNUAL REPORT 2003

ATHENS,JUNE 2004

∫∂º∞§∞π√ TABLE OF CONTENTS

A. SUMMARY FINANCIAL STATEMENTS OF THE COMPANY...... 6

B. FINANCIAL INDICATORS OF THE COMPANY...... 8

C. ADJUSTMENT OF THE COMPANY’S EARNINGS AND EQUITY CAPITAL...... 9

D. SUMMARY CONSOLIDATED FINANCIAL STATEMENTS ...... 13

E. CONSOLIDATED FINANCIAL INDICATORS...... 17

F. ADJUSTED CONSOLIDATED EARNINGS AND EQUITY CAPITAL ...... 18

I. INFORMATION ON THE ANNUAL REPORT AND THE COMPANY’S AUDITORS...... 22

II. SHARE CAPITAL INCREASE AND ALLOCATION OF RAISED FUNDS ...... 37

III. SHAREHOLDERS’ RIGHTS...... 44

IV. TAXATION OF DIVIDENDS ...... 46

V. INFORMATION ON THE COMPANY...... 47

VI. BUSINESS ACTIVITY ...... 57

VII. PRODUCTION WORK FLOW...... 87

VIII. FIXED ASSETS - GUARANTEES AND COLLATERALS ...... 92

IX. CORPORATE ACTIONS ON SHARE CAPITAL ...... 101

X. EQUITY CAPITAL - BOOK VALUE OF SHARE ...... 106

XI. CONSOLIDATED EQUITY CAPITAL - CONSOLIDATED BOOK VALUE OF SHARE...107

XII. SHAREHOLDERS - SHAREHOLDING STRUCTURE ...... 108

XIII. MARKET VALUE OF THE SHARES ...... 109

XIV. BOARD OF DIRECTORS ...... 110

XV. MANAGEMENT OF THE COMPANY ...... 117

XVI. PERSONNEL...... 120 XVII. THE COMPANY’S INVESTMENTS FOR THE PERIOD 1999-2003...... 121

XVIII. REVIEW OF ACTIVITIES AND EARNINGS...... 122

XIX. REVIEW OF THE COMPANY’S BALANCE SHEET ...... 128

XX. SOURCES AND USES OF CAPITAL ...... 143

XXI. CONSOLIDATED FINANCIAL STATEMENTS ...... 146

XXII. DIRECT AND INDIRECT HOLDINGS OF LAMBRAKIS PRESS SA OVER 5% ON 30.4.2004 ...... 156

XXIII. COMPANIES ASSOCIATED WITH LAMPRAKIS PRESS SA...... 157

XXIV. INTER COMPANY TRANSACTIONS WITHIN THE GROUP...... 252

APPENDIX...... 257 ∞. SUMMARY FINANCIAL DATA OF THE COMPANY

SUMMARY INCOME STATEMENT(1) 2002 2003 thousand euros thousand euros Turnover 113.967,10 123.354,46 Less: Cost of Goods Sold before depreciation (2) 72.081,56 70.965,02 Gross earnings before depreciation 41.885,54 52.389,44 (% of turnover) 36,75% 42,47% Plus: Other operating revenues 1.869,66 1.595,26 Total before depreciation 43.755,19 53.984,69 (% of turnover) 38,39% 43,76% Less: General Admin. & Selling Expenses before Depreciation (2) 39.676,29 43.712,77 Operating Result before depreciation 4.078,91 10.271,92 (% of turnover) 3,58% 8,33% Plus: Net income (expenses), profit (loss) from participations, securities, forecasts for decline of participations & securities 646,65 2.268,04 Plus: Extraordinary and non-Operating Income 1.325,51 2.671,60 Profit or Loss before Interest payments, Depreciations and Taxes 6.051,07 15.211,55 Less: Interest (Credit - Debit) 798,40 638,19 Profit or Loss before Depreciation and Taxes 5.252,67 14.573,36 (% of turnover) 4,61% 11,81% Profit or Loss before Fiscal year Taxes 2.008,34 12.050,59 (% of turnover) 1,76% 9,77% Profit or Loss after Fiscal year Taxes 1.925,44 11.960,23 (% of turnover) 1,69% 9,70% Profit or Loss after current year’s taxes, Board of Directors fees and tax imposed by Tax Audit of previous years (3) (4) 1.925,44 11.960,23 (% of turnover) 1,69% 9,70% Total Dividend 0,00 0,00 Total Dividend (5) 75.300.000 75.300.000 Profit or Loss per share (5) 2002 2003 euros euros Results before Depreciation and Fiscal year Taxes 0,07 0,19 Results before Fiscal year Taxes 0,03 0,16 Results after current year’s taxes, Board of Directors Fees and tax imposed by Tax Audit of previous fiscal years (3) (4) 0,03 0,16 Dividend per share 0,00 0,00

(1) Certain amounts of the year 2002 have been adjusted in order to be comparable with the respectire amounts of the year 2003. Specifically, direct selling expenses relating to fiscal year 2003, were included in distribution expenses instead of Cost of Goods sold in order to comply with industry practice, and the respective accounts for fiscal year 2002 were adjusted accordingly.

(2) To calculate Gross Results (Profit or Loss) before Depreciation and Operating Results before Depreciation, the Depreciation included in Operating Cost was deducted from the Cost of Goods Sold, the Administrative and Selling Expenses as follows:

6 SUMMARY FINANCIAL DATA

ALLOCATION OF DEPRECIATION 2002 2003 thousand euros thousand euros Cost of Goods Sold 1.520,74 898,78 Administrative Expenses 935,36 791,75 Selling Expenses 788,23 832,25 a) Included in the Operating Cost 3.244,33 2.522,78 b) Not included in the Operating Cost 0,00 0,00 Grand Total 3.244,33 2.522,78

(3) There was no distribution of profits to the Board of Directors for fiscal years 2002 and 2003. (4) The Company was subjected to ordinary tax audit for all kinds of tax purposes (income, Books and Records Code, stamp duties, tax on large real estate, wage tax (FMY), tax on third party remuneration) up until the year 1999 inclusive. The charges from the ordinary tax audits until 1998 burdened the fiscal years up to 1999. No tax discrepancies were noted during the audit for year 1999, given that the book discrepancies imputed reduced tax losses for the fiscal year 1999. Consequently, the operating earnings for fiscal years 2002 and 2003 will not be burdened with allocation of taxes from tax audits. In relation to this, the Chartered Accountant noted the following on the Report for fiscal year 2003: "The Company has been audited for tax purposes up to fiscal year 1999. Consequently, the Company’s tax obligations for fiscal years from 2000 to 2003 remain inconclusive" More information is provided in Chapter "INFORMATION ON THE ANNUAL REPORT AND THE COMPANY AUDITORS’ " (5) There were no exigencies for weighting of the shares during the fiscal years of 2002 and 2003. The earnings per share have been calculated on the basis of the number of shares existing at the end of the fiscal year

SUMMARY BALANCE SHEET OF LAMBRAKIS PRESS S.A. 2002 2003 thousand euros thousand euros Assets Non-depreciated Establishment Expenses 1.916,39 1.222,15 Non-depreciated Intangible Assets 80,81 70,86 Non-depreciated Tangible Assets 15.961,91 17.934,79 Participations in Subsidiaries 107.177,41 130.004,85 Other Long-term Receivables 360,66 442,86 Total Fixed Assets 123.580,79 148.453,36 Total Current Assets 87.359,75 83.159,26 Debit Items in Transit 598,78 2.975,02 Total Assets 213.455,70 235.809,78 Liabilities Total Shareholders’ Equity 172.993,52 182.266,84 Provisions 10,82 3,74 Total Short-term Liabilities 38.367,98 50.995,14 Total Liabilities 38.367,98 50.995,14 Transit Credit Balances 2.083,38 2.544,07 Total Liabilities 213.455,70 235.809,78 Book Value of Share (1) 2,30 2,42

(1) To calculate the book value of shares at the end of the fiscal year, the total equity capital was taken into account.

7 µ. FINANCIAL INDICATORS OF THE COMPANY The following table provides the development of the Company’s basic financial indices for fiscal years 2002 and 2003

FINANCIAL RATIOS PER FISCAL YEAR 2002 2003 GROWTH RATE (%) Turnover 9,02% 8,24% Fiscal year’s results before taxes 111,68% 500,03% Fiscal year’s results after taxes and Board of Directors fees 111,16% 521,17% Tangible assets (in acquisition value) -1,34% 8,39% Total Assets -3,31% 10,47% PROFITABILITY RATIOS (%) Gross results before depreciation 36,75% 42,47% Fiscal year’s results before taxes 1,76% 9,77% Fiscal year’s Results After Taxes and Board of Directors fees 1,69% 9,70% PERFORMANCE RATIOS (before taxes) (%) Return On Average Equity Capital 1,13% 6,78% Return On Average of Total Employed Capital 0,93% 5,36% TURNOVER RATIOS (days) Claims (1) 160,28 147,14 Suppliers (2) 111,18 76,03 Inventories 37,09 26,53 DEBT TO EQUITY RATIOS (:1) Borrowed Capital / Equity Capital 0,23 0,29 Bank Liabilities / Equity Capital 0,07 0,11 LIQUIDITY RATIOS (:1) General Liquidity 2,28 1,63 Immediate Liquidity 2,09 1,53 Cash Flow / Financial Expenses 3,12 25,05 Cash Flow / Total Fiscal Year’s Taxes 31,35 179,39 FINANCIAL BURDEN RATIOS (%) Financial Charges / Gross Result before Depreciation 1,99% 1,24% Financial Charges / Results before Interest, Depreciation and Taxes 13,75% 4,25%

8 SUMMARY FINANCIAL DATA

C. ADJUSTMENT OF THE COMPANY’S EARNINGS AND EQUITY CAPITAL For fiscal years 2002 and 2003 the Notes of the Company and the Remarks of the Chartered Accountant who conducted the Ordinary Audit were taken into account in the adjustment of earnings and valuation of the equity for the Lambrakis Press SA:

FISCAL YEAR 2002 1. On the basis of the expert opinion No. 205/1988 following a plenary session of the Legal Counsels to the Administration and as per art 31 par. 1.15, Law 2238/1994, there is no provision for compensation of the Company personnel due for pension. Had the Company made such a provision, as per art 42e par. 14 o, Law ¡.2190/1920, this would have amounted to approximately 7.327 thousand euros in which case the portion of 386 thousand euros would have a debit effect on the Results of Operations and the remaining balance (6.941 thousand euros) would have a debit effect on the previous fiscal years. 2. "Participations in subsidiaries" refers to:

a) The Company’s participation in the share capital of accompany listed on the Athens Stock Exchange. This participation was valuated at a market value, 17.716 thousand euros, as per art. 2, Law 2992/2002.

b) The Company’s participation in the share capital of companies not listed on the Athens Stock Exchange amounting to 89.608 thousand euros, out of which fifteen (15) with a value of approximately 88.763 thousand euros are audited by chartered auditors were valuated as per art 28 of CBR (PD 186/92) at acquisition value. If such participations had been valuated on the basis of their total intrinsic book value, this value would be lower by approximately 15,115 thousand euros, while as per art. 43 par. 6, Law 2190/20, (lowest between acquisition value and intrinsic book value per participation based on the latest published accounts of these companies) it would have been lower by 34.926 thousand euros, which would have had a debit effect of 8.640 thousand euros on the earnings of this fiscal year and 26.286 thousand euros on the previous fiscal years.

3. Current Assets Account (DIII 1. "Shares") includes the shares of two (2) companies not listed on the Athens Stock Exchange with a value of 816 thousand euros, that were valuated according to art. 28 of the Code of Books and Records (Presidential Decree 186/92) at their acquisition value. Had these participations been valuated on the basis of the intrinsic book value, this value would be lower by approximately 99 thousand euros, while according to art. 43 par. 6, Law 2190/1920, (lowest between acquisition value and intrinsic book value per participation) according to their latest published accounts, it would have been lower by approximately 262 thousand euros, which would have had a debit effect on the earnings of the previous fiscal years.

4. To cover against possible loss from the liquidation of doubtful, disputed and belated receivables totaling 5.877 thousand euros, the Company has formed a provision of 759 thousand euros according to art. 31 par. 1.9 of Law 2238/1994. The Company has not formed a provision for the remaining balance of 5.118 thousand:, 383 thousand euros of which should burden the earnings of this fiscal year operations and 4.735 thousand euros of the previous operations.

5. "Receivables" Account includes a receivable amounting to 5.430 thousand euros, representing a receivable from a company that is under liquidation. In this case no provision has been made to burden the earnings.

6. Asset Account (DIII 1. "Shares" includes the shares of companies listed on the Athens Stock Exchange with a value of approximately 26.063 thousand euros valuated at their current value according to art 43, par. 6, Law 2190/1920. The differences (losses) that resulted from that valuation, totaling 12.508 thousand euros (after the netting off with profits from the valuation of a participation in a company with shares listed on the

9 Athens Stock Exchange amounting to 2.297 thousand euros), were transferred directly under Equity (Law 2992/2002) and thus did not charge the earnings of this fiscal year by10.211 thousand euros.

7. The Company has been audited by the Tax Authorities up to fiscal year 1999. As a result the Company’s tax obligations for fiscal years 2000 to 2002 are not deemed finalized.

FISCAL YEAR 2003 1. The account "participations" (investments) includes participations in companies not listed on the Athens Stock Exchange amounting to Euro 112 million approximately, out of which sixteen (16) companies representing approximately Euro 87 million are audited by certified auditors, were valued at their acquisition cost and not according to article 43 par. 6 of the Corporate Law 2190/1920 (in the lower between acquisition cost and fair value, by participation). Had these participations been valued at their fair value, they would have been impaired by Euro 38 million approximately, which would have impacted the current year’s net income by Euro 3 million approximately and retained earnings by Euro 35 million approximately.

2. As reported in note 1 under the balance sheet, the Company did not record in current year’s net income, losses from the valuation of investments with shares listed in the Athens Stock Exchange, of Euro 2,8 million approximately, included in the Company’s portfolio before December 31, 2002, instead the Company transferred directly such losses to shareholder’s equity.

3. For possible losses relating to doubtful and in dispute receivables amounting to Euro 5,5 million approximately, the Company has formed a provision of Euro 0,3 million approximately. An additional provision should have been established for the difference of Euro 5,2 million that would have impacted the Company’s retained earnings.

4. Accounts receivable, DII(1), includes an amount of Euro 5,4 million, due from an affiliated company, which is under liquidation. A provision should have been established for this receivable that would have impacted the Company’s retained earnings.

5. The Company, in accordance with the Ruling 205/1988 expressed by the plenary session of the Legal Advisors to the Administration and article 31 of para. 1 xv of Law 2238/1994, did not provide for staff pension indemnities. Had the Company established this provision according to the article 42, v par. 14 of the Corporate Law 2190/1920 the cumulative amount would have been Euro 7,6 million approximately and would have impacted current year’s net income by Euro 0,6 million approximately and retained earnings by Euro 7 million approximately.

6. The Company has been audited by the tax authorities up to the fiscal year 1999 and consequently its tax liabilities for the unaudited fiscal years have not been finalized.

10 SUMMARY FINANCIAL DATA

TABLE OF ADJUSTED RESULTS FOR LAMBRAKIS PRESS SA ON THE BASIS OF THE REMARKS OF THE CHARTERED ACCOUNTANT 2002 2003 Thousand euros Thousand euros Results before Taxes according to Income Statement 2.008,34 12.050,59 Chartered Accountants’ Remarks Provision for personnel compensations as per art. 42e, par 14, Law 2190/1920 386,00 600,00 Difference from Valuation of Participations as per art 43, par. 6, Law 2190/1920 8.640,00 3.000,00 Difference from Valuation of ASE listed securities as per art 43, par. 6, Law 2190/1920 10.211,00 2.800,00 Doubtful, Disputed and Belated Receivables 383 0,00 Provision for receivables from a company under liquidation 5.430,00 0,00 Total Adjustments 25.050,00 6.400,00 Adjusted Results before Taxes -23.041,66 5.650,59 Other Taxes of current fiscal year 82,89 90,36 Adjusted Results After Current Year’s Taxes -23.124,56 5.560,23 Board of Directors’ fees 0,00 0,00 Adjusted Results after current Year’s Taxes and Board of Directors fees -23.124,56 5.560,23 Tax Audit adjustments to corresponding fiscal years 0,00 0,00 Adjusted Results After Current Year’s Taxes, Board of Directors fees and Tax imposed by Tax Auditor -23.124,56 5.560,23 Number of Shares by end of fiscal year 75.300.000 75.300.000

ADJUSTED RESULTS PER SHARE (1) (1) 2002 2003 euros euros Adjusted Results before Taxes -0,31 0,08 Adjusted Results after Current Year’s Taxes -0,31 0,07 Adjusted Results Current Year’s Taxes, Board of Directors fees and Tax imposed by Tax Auditor -0,31 0,07

(1) To calculate the adjusted earnings per share at the end of the fiscal year, the total equity capital was taken into account.

TABLE OF ADJUSTED EQUITY CAPITAL FOR LAMBRAKIS PRESS SA Remarks relating 2002 2003 Thousand euros to previous Fiscal year Fiscal year years Adjustments Adjustments Equity Capital on the basis of the Balance Sheet 172.993,52 182.266,84 Chartered Accountants’ Remarks Personnel compensation provisions as per art. 42e, par. 14, Law 2190/1920 6.614,00 386,00 600,00 Difference from Valuation of Participations as per art. 43, par. 6, Law 2190/1920 23.360,00 8.640,00 3.000,00 Bad, Litigious and Belated Receivables 4.817,00 383,00 0,00 Provision for receivables from a company under liquidation 0,00 5.430,00 0,00 Total Adjustments 34.791,00 14.839,00 3.600,00 Adjusted Equity Capital with Current Year’s Remarks 158.154,52 178.666,84 Number of Shares 75.300.000 75.300.000 Adjusted Book Value of Share (in €) 2,10 2,37

11 (1) For the calculation of the Adjusted Book Value of shares, the total equity capital was taken into account by the end of the fiscal year

ADJUSTED FINANCIAL RATIOS 2002 2003 GROWTH RATE (%) Fiscal year’s results before taxes 58,70% 124,52% Fiscal year’s Results After Taxes and Board of Directors fees 58,59% 124,04% PROFITABILITY RATIOS (%) Fiscal year’s results before taxes -20,22% 4,58% Fiscal year’s Results After Taxes and Board of Directors fees -20,29% 4,51% PERFORMANCE RATIOS (before taxes) (%) Return On Average Equity Capital -13,93% 3,36% Return On Average of Total Employed Capital -10,61% 2,52% DEBT TO EQUITY RATIOS (:1) Borrowed Capital / Equity Capital 0,26 0,30 Bank Liabilities / Equity Capital 0,08 0,11

More information is provided in the Notes of the Company and the Certificate of Audit by the Chartered Accountants. Specifically, this information is found in the published Financial Statements (Income Statement and Balance Sheet) for Lambrakis Press SA (fiscal years 2002 and 2003, Chapter: "INFORMATION ON THE ANNUAL REPORT AND THE COMPANY’S AUDITORS").

12 SUMMARY FINANCIAL DATA

D. SUMMARY CONSOLIDATED FINANCIAL STATEMENT OF THE GROUP

SUMMARY CONSOLIDATED RESULTS (1) 2002 2003 Thousand euros Thousand euros Turnover 260.203,61 286.503,48 Less: Cost of Goods Sold before Taxes (1) 183.847,79 189.023,12 Gross Profit before Depreciation 76.355,82 97.480,36 % of Turnover 29,34% 34,02% Plus : Other Operating Income 1.826,30 253,82 Total before Depreciation 78.182,12 97.734,18 % of Turnover 30,05% 34,11% Less: Admin. Expenses, Selling Expenses, R&D before Depreciation (1) 57.841,07 70.177,89 % of Turnover 22,23% 24,49% Operating Result before Depreciation 20.341,05 27.556,29 % of Turnover 7,82% 9,62% Plus: Revenue from Participation and Securities 1.710,37 1.531,03 Profits from sale of participations and securities 658,71 123,14 Less: Provisions for Devaluation 1.406,21 0,00 Participations and securities expenses and losses 0,00 88,82 Plus: Extraordinary Non-Operating Income 4.235,69 8.216,36 Less: Extraordinary and Non-Operating Expenses 4.939,73 5.548,40 Results before Taxes and Depreciations 20.599,87 31.789,60 % of Turnover 7,92% 11,10% Credit Interest 243,14 447,02 Debit Interest 3.136,92 6.740,76 Results before Taxes & Depreciations 17.706,10 25.495,86 % of Turnover 6,80% 8,90% Less: Depreciations to Operating Cost 15.787,73 17.885,77 Other Depreciations 0,00 5,27 Results before Taxes 1.918,37 7.604,82 % of Turnover 0,74% 2,65% Less: Income Tax 1.231,01 1.176,44 Tax Audit Adjustments (2) 0,00 858,33 Minority Rights -312,62 -743,76 Results after current year’s taxes, tax imposed by Tax Audit of previous years and Minority Rights 999,98 6.313,82 % of Turnover 0,38% 2,20% Number of Shares 75.300.000 75.300.000

CONSOLIDATED RESULTS PER SHARE (3) 2002 2003 euros euros Results before depreciation, current year’s taxes, tax imposed by tax audit of previous years and minority rights 0,24 0,34 Results before current year’s taxes, tax imposed by tax audit of previous years and minority rights 0,03 0,10 Results after current year’s taxes, tax imposed by tax audit of previous years and minority rights 0,01 0,08

(1) Certain previous period amounts have been adjusted in order to be comparable with the current period’s amounts. Specifically, direct selling expenses relating to fiscal year 2003 were

13 included in distribution expenses instead of cost of goods sold in order to become compatible with industry practice and the respective accounts for fiscal year 2002 were adjusted accordingly. (2) We calculated the Consolidated Gross Result before Depreciation and the Operating Result before Depreciation by subtracting the consolidated depreciation from the Cost of Goods Sold, Administrative Expenses and Selling Expenses, the allocation of which is the following:

ALLOCATION OF CONSOLIDATED DEPRECIATION 2002 2003 Thousand euros Thousand euros Cost of Goods Sold 11.866,89 12.073,96 Administrative Expenses 2.706,51 3.891,38 Selling Expenses 1.214,33 1.920,42 a) Included in Operating Cost 15.787,73 17.885,77 b) Not included in Operating Cost 0,00 5,27 Grand Total 15.787,73 17.891,03

(3) The companies participating in the Consolidated Financial Statements of the Lambrakis Press Group have not been tax audited for fiscal years 2002 and 2003. The companies IRIS Printing SA, Multimedia SA, Special Publications SA and ¡ea Aktina SA have been tax audited up to fiscal year 2001 inclusive. In relation to this, the Regular Chartered Accountant notes the following in the Certificate of Audit for fiscal year 2003 «"…the companies of the Group have not been tax audited for fiscal years 2000-2003; as a result their tax liabilities have not been finalized» The tax differences (858,33 thousand euros) noted in the Consolidated Statements of the company for the fiscal year ending 31.12.2003 are with respect to accounted tax from tax audits of the affiliated companies: IRIS Printing SA, Multimedia SA, Special Publications SA, ¡ea Aktina SA and Studio ATA SA. More information about the tax audits of companies included in the Consolidated Financial Statements of the Lambrakis Press Group is found in the Chapter "INFORMATION ABOUT THE CERTIFICATE OF AUDIT AND THE COMPANY’S AUDITORS".

(4) Weighting the number of shares for fiscal years 2002 and 2003 was not called for. The Earnings per share was calculated on the basis of the number of shares at fiscal year-end.

14 SUMMARY FINANCIAL DATA

SUMMARY CONSOLIDATED BALANCE SHEET 2002 2003 Thousand euros Thousand euros ASSETS Undepreciated Installation Expenses 9.895,06 8.861,07 Undepreciated Intangible Assets 198,66 448,95 Undepreciated Tangible Assets 152.748,75 167.666,33 Participation in Subsidiaries after Provisions 31.937,48 29.312,31 Participation in Other Companies 5.500,00 0,00 Other Long-term Receivables 1.242,42 1.002,98 Total Fixed Assets 191.627,31 198.430,57 Inventories 33.698,31 30.224,07 Total Receivables 134.421,73 151.805,05 Total Securities after Provisions 28.332,69 23.793,89 Cash 3.003,25 4.317,01 Total Current Assets 199.455,99 210.140,02 Transitory Accounts 6.327,35 7.246,41 TOTAL ASSETS 407.305,71 424.678,07 Off balance sheet accounts 21.286,18 154.836,47 LIABILITIES Share capital 45.180,00 45.180,00 Reserve from issue of shares above par 206.260,79 206.260,79 Revaluation of other assets 419,51 419,51 Subsidies to fixed asset investments 0,00 3.003,92 Goodwill write-off 0,00 -4.580,11 Reserve capital 16.783,82 16.279,80 Less: Loss from sale or devaluation of participations & securities netted off -39.510,79 -42.596,22 Consolidation differences 12.634,09 3.790,50 Results carried forward -46.751,78 -39.262,12 Minority Rights 30.057,33 26.088,90 Lambrakis Press S.A. Own Shares -31.123,14 -31.123,14 Total Equity Capital 193.949,83 183.461,84 Provisions 357,45 238,42 Total Long-term Liabilities 82.171,68 74.108,58 Total Short-term Liabilities 125.494,09 158.142,08 Transitory Accounts 5.332,67 8.727,15 TOTAL LIABILITIES 407.305,71 424.678,07 Off balance sheet accounts 21.286,18 154.836,47 Book Value of Share (1) 2,58 2,44

(1) Weighting the number of shares for fiscal years 2002 and 2003 was not called for. The Book Value of Shares was calculated on the basis of the number of shares at fiscal year-end.

The figures of the consolidated balance sheet and the consolidated income statement for the current year are not comparable to the respective figures of the previous year because in this year the company MICHALACOPOULOU SA is included in the consolidation for the first time while the company PHOENIX SA, that was included in the consolidation of the affiliated company IRIS PRINTING SA in the previous year, is not included in this year’s consolidation. Also, during the current year the acquired company ORAPRESS SA merged with the affiliate IRIS PRINTING SA according to the provisions of Law 2166/1993. It is finally noted that the company MICHALAKOPOULOU TOURIST - REAL ESTATE SA

15 was acquired in June 2003 and its financial statements that were consolidated, refereed to the second half of 2003. The company ACTION PLAN H.R. SA was consolidated for the year 2003 (although it run an over-12-month fiscal year).

Specifically, the companies fully consolidated in the Consolidated Financial Statements of the Lambrakis Press S.A. Group for fiscal years 2002 and 2003 are itemized as follows:

COMPANIES FULLY CONSOLIDATED IN THE FINANCIAL STATEMENTS OF LAMBRAKIS PRESS S.A. Fiscal year 2002 Fiscal year 2003 % of % of Lambrakis Companies Lambrakis Companies Press’s S.A. under % Press’s S.A. under % participation Name consolidation Participation participation Name consolidation Participation in the share outside in the share outside capital of the the mother capital of the the mother subsidiary company subsidiary company 100,00% MULTIMEDIA S.A. None 100,00% MULTIMEDIA S.A. None 100,00% MICHALAKOPOULOU SA " 50,50% NEA AKTINA S.A. " 50,50% NEA AKTINA S.A. " 95,00% STUDIO ATA S.A. " 95,00% STUDIO ATA S.A. " 65,58% SPECIAL PUBLICATIONS " 100,00% SPECIAL PUBLICATIONS " S.A. S.A. 50,00% MC HELLAS S.A. " 50,00% MC HELLAS S.A. " 50,00% HEARST LAMBRAKIS " 50,00% HEARST LAMBRAKIS " PUBLISHING LTD PUBLISHING LTD 51,00% ELLINIKA GRAMMATA " 51,00% ELLINIKA GRAMMATA " S.A. S.A. 70,00% IRIS PRINTING S.A. PHOENIX S.A. 50,00% 70,00% IRIS PRINTING S.A. " 85,00% ACTION PLAN S.A. ACTION PLAN H/R S.A. 99,00% 85,00% ACTION PLAN S.A ACTION PLAN 99,00% H/R S.A. EXPO PLAN S.A. 50,00% 98,00% EXPO PLAN S.A. 50,00% 98,00% EUROSTAR S.A. ∆Rπ∞π¡∞ TRAVEL-ST. 75,00% EUROSTAR S.A. ∆Rπ∞π¡∞ TRAVEL 75,00% LAGAS S.A. -ST. LAGAS S.A. RAMNET S.A. 100,00% RAMNET S.A. 100,00% RAMNET SHOP S.A. 100,00% RAMNET 100,00% 78,71% DOL DIGITAL S.A. 78,71% DOL DIGITAL S.A. SHOP S.A. ¡∂∆ √¡ LINE S.A. 100,00% ¡∂∆ √¡ LINE S.A. 100,00% ¡∂∆ √¡ LINE S.A. 100,00%

All the consolidated financial statements bear the same compilation date with the parent company (31.12.2003).

16 SUMMARY FINANCIAL DATA

E. CONSOLIDATED FINANCIAL INDICATORS The following table shows the basic consolidated financial indicators of the Lambrakis Press Group for the fiscal years 2002 and 2003.

CONSOLIDATED RATIOS PER FISCAL YEAR 2002 2003 CONSOLIDATED RATIOS PER FISCAL YEAR GROWTH RATIOS (%) -3,22% 10,11% Turnover 106,42% 296,42% Fiscal year’s results before taxes and third party rights 103,43% 531,39% Results after current year’s taxes, tax imposed by tax auditor and third party rights 13,46% 11,81% Tangible Assets (at acquisition value) -0,89% 4,27% Total Assets PROFITABILITY RATIOS (%) 29,34% 34,02% Gross Results before depreciation 0,74% 2,65% Fiscal year’s results before taxes & third party rights 0,38% 2,20% Results after current year’s taxes, tax imposed by tax audit and third party rights. PERFORMANCE RATIOS (before taxes) (%) 0,95% 4,03% Return On Average Equity Capital 0,47% 1,83% Return On Average of Total Assets TURNOVER RATIOS (days) 157,44 154,34 Receivables 110,84 82,33 Suppliers 66,90 58,36 Inventories DEBT TO EQUITY RATIOS (:1) 1,07 1,27 Borrowed Capital / Equity Capital 0,73 0,88 Bank Liabilities / Equity Capital LIQUIDITY RATIOS (:1) 1,59 1,33 General Liquidity 1,32 1,14 Immediate Liquidity 7,19 3,29 Cash Flow / Financial Expenses 18,31 18,86 Cash Flow / Total Fiscal Year Taxes FINANCIAL BURDEN RATIOS (%) 4,11% 6,91% Financial Charges / Gross Results before depreciation 15,23% 21,20%

The above financial indicators are given for the purpose of completeness; however, it should be taken into consideration that the figures of the consolidated financial statements and consolidated income statement of 2003 are not comparable to the corresponding figures of the previous year 2002 because in the year 2003 the company MICHALACOPOULOU SA is included in the consolidation for first time while the company PHOENIX SA, that was included in the consolidation of the affiliated company IRIS PRINTING SA in the prior year, is not included in this year’s consolidation. Also, during the current year the acquired company of ORAPRESS SA was merged with the subsidiary IRIS PRINTING SA according to the provisions of Law 2166/1993.

17 F. ADJUSTED CONSOLIDATED EARNINGS AND EQUITY CAPITAL OF LAMBRAKIS PRESS GROUP The following Notes by the Company and Remarks by the Regular Chartered Accountant who audited the Company’s accounts were taken into consideration for the adjustment of the Company’s Consolidated Results and Equity Capital for fiscal years 2002 and 2003:

FISCAL YEAR 2002 1. The shares of companies listed on the ASE, "Asset Account DIII", with a value of approximately 27.478 thousand euros, were valuated at their current value according to art. 43, par. 6. Law 2190/1920. The differences (losses) resulting from such valuation, totaling 13.062 thousand euros after their netting off against profits from the valuation of a participation in a company with shares listed on the ASE amounting to 2.297 thousand euros were transferred directly under Equity according to the provisions of Law 2992/2002 and thus did not burden the earnings of this fiscal year by 10.765 thousand euros. 2. Some companies in the Group have not effected depreciation on their tangible and intangible assets by an amount of 1.920 thousand euros. As a result the earnings of this fiscal year was not debited by 450 thousand euros and by 1.470 thousand euros for previous fiscal years (of which 933 thousand euros according to Law 2065/1992). 3. Contrary to this year, in the previous fiscal year some companies in the Group depreciated fully their installation expenses and tangible assets resulting in additional depreciation by approximately 1.832 thousand euros and the equal burdening of the earnings of the previous fiscal year and the equity capital. 4. Contrary to last year, in this fiscal year an affiliated company in the Group properly capitalized loan interest referring to the construction period amounting to 3.574 thousand euros. If the same accounting method were applied during the previous fiscal year, the earnings would be increased by approximately 600 thousand euros. 5. "Participations in subsidiaries" refers to: a) A participation in a company with shares listed on the ASE with a value of 17.716 thousand euros that was valuated at current value according to art. 2 of Law 2992/2002. b) Participation in companies with shares not listed on the ASE of an acquisition value of 14.368 thousand euros, seven (7) out of which are audited by chartered auditors with an acquisition value of approximately 12.170 thousand euros were valuated according to art. 28 of the Code of Books and Records (Presidential Decree 186/92). If these participations were valuated on the basis of their intrinsic book value according to art. 106, par. 4 of Law. 2190/1920, this value would be lower by 6.964 thousand euros. 6. The inventories of companies in the Group include obsolete and slow-moving inventory amounting to approximately 800 thousand euros against which no relevant provision has been formed. As a result, equity capital appears equally increased. 7. To cover possible loss from the liquidation of doubtful, disputed and belated receivables amounting to 16.266 thousand euros, the companies in the Group have formed provisions according to art 31, par. 1.9 of Law 2238/1994 amounting to 2.609 thousand euros. For the remaining balance of 13.657 thousand euros the Company has not formed a provision to debit this year’s earnings by 3.229 thousand euros and previous fiscal years by 10.428 thousand euros.

18 SUMMARY FINANCIAL DATA

8. The Receivables accounts include a receivable of 5.430 thousand euros from a company that is under liquidation, for which no provision has been formed debiting the earnings. 9. On the basis of Ruling No. 205/1988 by the plenary session of the Legal Counsels to the Administration and according to art. 31, par. 1.15 of Law 2238/1994, the companies in the Group have not formed a provisions for compensation of personnel due for pension, except for two companies with provision amounting to 101 thousand euros. If such compensation were formed with respect to all personnel, according to art. 42e, par. 14 of Law 2190/1920, the aggregate amount of compensation would amount to 10.184 thousand euros. Out of this amount 509 thousand euros would have to debit the earnings of this fiscal year and the remaining balance of 9.574 thousand euros the earnings of previous fiscal years. 10. The companies of the Group have not been tax audited for fiscal years 2000-2002. Consequently, their tax liabilities are not deemed final.

FISCAL YEAR 2003 1. Certain companies of the Group have not recorded depreciation for specific tangible and intangible assets in previous years amounting to 1,9 million euros. As a result, the Group’s retained earnings are overstated by an equal amount. 2. Current year’s net income has not been reduced with the amortization of Goodwill of approximately 6,5 million euros, which resulted from the absorption of a company by a subsidiary of the Group. 3. Participations in affiliated companies includes investments in companies not listed on the Athens Stock Exchange amounting to approximately 12 million euros, out of which five (5) companies representing approximately 9,9 million euros are audited by certified auditors, were valued at their acquisition cost. Had these participations been valued at the lowest between acquisition cost and fair value, in accordance to art. 106 par.4 of Company Law 2190/1920, their value would be lower by approximately 7,5 million euros, for which a related provision has not been recorded by reducing current year’s results by 0,5 thousand euros and the results of previous years by 7 million euros. 4. As reported in note 3 under the consolidated balance sheet, certain companies of the Group did not record in the current year’s net income losses from the valuation of investments in shares listed on the Athens Stock Exchange, of approximately 4,2 million euros. Instead the Company transferred directly such losses to shareholders’ equity. 5. The Current Assets Account D1 "Inventories" includes obsolete and slow-moving items amounting to approximately 1,3 million euros, for which a related provision has not been recorded that would reduce current year’s results by 0,5 thousand euros, and the results of previous years by 0,8 thousand euros. 6. To cover possible losses relating to doubtful and litiguious receivables amounting to approximately 18,8 million euros, the Company has formed a provision of approximately 1,1 million euros. An additional provision should have been formed for the remaining difference of 17,7 million euros, that would have impacted previous years’ results. 7. In accordance with the ruling 205/1988 expressed by the plenary session of the Legal Advisors to the Administration and article 31 of para. 1 xv of Law 2238/1994, the Company did not provide for personnel pension liabilities. Had the Company formed this provision according to art. 42, v par. 14 of Company Law 2190/1920 the cumulative amount would have been 10,5 million euros

19 approximately and would have impacted the current year’s net income by approximately 0,5 million euros and the retained earnings by 10 million euros approximately. 8. The account "Extraordinary Results" includes insurance compensation that should have been deferred and recorded in the year such amounts will be collected. As a result the current year’s net income and retained earnings are overstated by an amount of 2,1 million euros. 9. The Company and its subsidiaries have not been audited by the tax authorities mainly for the years 2000 to 2003. As a result their tax liabilities have not been finalized.

TABLE OF ADJUSTMENTS TO CONSOLIDATED EARNINGS OF THE LAMBRAKIS PRESS GROUP 2002 2003 Thousand Thousand euros euros Results before current year’s taxes and minority rights 1.918,37 7.604,82 Remarks by the Regular Chartered Auditor Provision for personnel compensations as per art. 42e, par. 14, 509,00 500,00 Law. 2190/1920 Difference from valuation of Participations as per art. 43, par. 6, .964,00 500,00 Law. 2190/1920 6 Difference from valuation of ASE listed securities as per art. 43, par. 6, 0.765,00 4.200,00 Law 2190/1920 1 Depreciation not effected 450,00 0,00 Provisions for inventory obsolescence and devaluation 800,00 500,00 Bad, litigious and belated Receivables 8.659,00 0,00 Total amortization of Goodwill 0,00 6.500,00 Not collected insurance compensation 0,00 2.100,00 Total Adjustments 28.147,00 14.300,00 Adjusted Results before current year’s taxes and minority rights -26.228,63 -6.695,18 Less: Minority Rights -312,62 -743,76 Current year’s taxes 1.231,01 1.176,44 Tax imposed by tax auditor payable in current year 0,00 0,00 Adjusted Results after current year’s taxes, tax imposed -27.147,02 -7.127,85 by tax auditor and third party rights Number of Shares at fiscal year end 75.300.000 75.300.000 ADJUSTED RESULTS PER SHARE 2003 2003 euros euros Adjusted Results before current year’s taxes and third party rights -0,35 -0,09 Adjusted Results after current year’s taxes, tax imposed -0,36 -0,09 by tax audit, and third party rights

20 SUMMARY FINANCIAL DATA

TABLE OF ADJUSTED CONSOLIDATED EQUITY CAPITAL FOR LAMBRAKIS PRESS GROUP Thousand euros Remarks relating to 2002 2003 previous fiscal Fiscal year’s Fiscal year’s years adjustments adjustments Equity Capital as per Balance Sheet 193.949,83 183.461,84 Less: Personnel compensation provisions 9.574,00 509,00 500,00 as per art. 42e par 14, Law. 2190/1920 Difference from Valuation of Participations 0,00 6.964,00 500,00 as per art. 43 par. 6, Law 2190/1920 Depreciation not effected 1.470,00 450,00 0,00 Provisions for inventory obsolescence and devaluation 0,00 800,00 500,00 Bad, litigious and belated receivables 9.041,00 8.659,00 0,00 Tax imposed by tax auditor payable in this year 858,33 0,00 0,00 Not collected insurance compensation 0,00 0,00 2.100,00 Total Adjustments 17.382,00 3.600,00 Equity Capital Adjusted to Fiscal Year’s Remarks 176.567,83 179.861,84 of Chartered Auditor Number of Shares 75.300.000 75.300.000 Adjusted Book Value of Share (in Euro) 2,34 2,39

The Note of the Company and the Remarks of the Regular Chartered Accountant, as mentioned in the published Consolidated Financial Statements for fiscal years 2002 and 2003 (which relate to the figures of the Consolidated Balance Sheet and Consolidated Results for the Lambrakis Press Group) are found in the Chapter "INFORMATION ABOUT THE CERTIFICATE OF AUDIT AND THE COMPANY’S AUDITORS".

ADJUSTED CONSOLIDATED FINANCIAL RATIOS 2002 2003 GROWTH RATIOS (%) Fiscal year’s results before taxes and third party rights 68,87% 74,47% Results after current year’s taxes, tax imposed by tax auditor and third party rights 67,53% 73,74% PROFITABILITY RATIOS (%) Fiscal year’s results before taxes and third party rights -10,08% -2,34% Results after current year’s taxes, tax imposed by tax auditor and third party rights -10,43% -2,49% PERFORMANCE RATIOS (before taxes) (%) Return On Average Equity Capital -0,14 -0,04 Return On Average of Total Assets -0,06 -0,02 DEBT TO EQUITY RATIOS (:1) Borrowed Capital / Equity Capital 1,18 1,29 Bank Liabilities / Equity Capital 0,80 0,90

21 INFORMATION ON THE ANNUAL REPORT AND THE COMPANY’S AUDITORS

This Annual Report is the translation of the body of the original Annual Report in Greek, that contained the information and financial data provided for in Resolution No. 5/204/14.11.2000 of the Capital Markets Commission relating to the provision of regular and adequate information on the activities of the company Lambrakis Press SA (hereafter the «Company» or «DOL») and the Company’s group. The Greek language is the original language of the Annual Report and prevails over the translation in English or in any other language. The Greek Annual Report was compiled and distributed according to the regulations of the statutory legislation in force (Presidential Decree 348/1985 and Resolution No. 5/204/14.11.2000 of the Capital Markets Commission).

CHAPTER I Investors requiring further information should address their enquiries during business hours to the office of the company’s Financial Division at 18, Panepistimiou Street, GR 106 72 Athens to Messrs Kleopatra Glynou, Manager of Business Development and Corporate Announcements and Alexandros Christakis, Investor Relations Manager (tel. +30-210- 3686786). The persons responsible for the compilation of the original Greek Annual Report and the accuracy of the data contained therein are: ■ Mr. St. Psycharis, Vice President of the Board of Directors and Managing Director of Lambrakis Press SA, at 3, Christou Lada Street, GR 102 37 Athens, tel +30-210-3333 103 and ■ Mr. D. Hadjikokkinos, General Financial and Administrative Officer of Lambrakis Press SA, at 18, Panepistimiou Street, GR 106 72 Athens, tel.: +30-210-3686 937 The Company’s Board of Directors declares that all its members are aware of the contents of the Greek Annual Report and, together with the Greek Annual Report’s compilers, confirm that: ■ All the information and data contained in the Greek Annual Report are complete and accurate. ■ There is no other data nor have any events occurred, the concealment or omission of which might render the entirety or part of the information and/or data contained in the Greek Annual Report misleading. There is no judicial litigation or arbitration pending in any judicial or administrative body, to which the company or companies within the group are subject, the ruling of which might have a materially adverse impact on their financial standing. Pending trials against the company, mainly stemming from articles published in newspapers, if ruled against the company, will not have material adverse effect in the financial standing or operation of the company or the companies within the group.

22 INFORMATION ON THE ANNUAL REPORT I

π.1. REGULAR CHARTERED AUDITORS ACCOUNTANTS OF THE COMPANY AND THE GROUP OF COMPANIES The Company is audited by Chartered Auditors Accountants. The audit of the fiscal years of:

■ 1.1-31.12.2002 was carried out by the Chartered Auditor Accountant Mr. Charalambos Petropoulos (SOEL Reg. Number 12001), resident of Athens, 152 Doiranis Street, tel.: 210.95.69.868, of the auditing company «SOL Ernst & Young SA». ■ 1.1 - 31.12.2003 was carried out by the Chartered Auditor Accountants Mr. ∂fstathios Prassas (SOEL Reg. Number 12061) resident of Athens, 152 Doiranis Street, tel.: 210.95.69.868, of the auditing company SOL SA and Ms Sofia Kalomenides (SOEL Reg. Number 13301), resident of Metamorphosis, 10th km, National Road of Athens - Lamia, tel.: 210.28.86.000 of the auditing company "ERNST & YOUNG (HELLAS) CERTIFIED AUDITORS ACCOUNTANTS SA"

The Notes of the Company and the Certificates of Audit of the Chartered Auditor - Accountant for the fiscal years 2001 and 2002 include the following:

FINANCIAL STATEMENTS OF FISCAL YEAR 2002 OF LAMBRAKIS PRESS SA

A. NOTES OF THE COMPANY

1. In section DIII 1 of the Assets, ‘Shares’, companies’ shares listed on the Athens Stock Exchange with a value of approximately 26,063 thousand euros assessed at their current value according to article 43, paragraph 6 of L. 2190/1920 are included. The differences (losses) arising from the assessment of total amount of 12,508 thousand euros (after netting off profits from the participation assessment of a company with shares listed on the Athens Stock Exchange amounting to 2,297 thousand euros) were immediately transferred to the net position according to the provisions of L 2992/2002 and have not burdened the operating earnings of the current fiscal year by 10,211 thousand euros. 2. The operating earnings of the fiscal year were burdened with employee compensations amounting to 2,254 thousand euros from which 1,202 thousand euros concern the last trimester. 3. There are judicial hearings pending involving the company, particularly in connection with press issues and even in the event of court judgments adverse to the company, they will not materially affect the financial status or operation of the company. There are also no claims under litigation or arbitration in any legal or administrative body. 4. Number of employees (average): 819 people. 5. The last revaluation of fixed assets took place on 31.12.2000. 6. There are no encumbrances on the real estate of the company. 7. The turnover analysis per category of financial activity (STAKOD 91) for the fiscal year 1.1 - 31.12.2002 is as follows: code 221.2, 108,341 thousand euros, code 521.4, 675 thousand euros, code 741.2, 4,424 thousand euros and code 372.0, 527,5 thousand euros. 8. Some of the entries of the previous fiscal year have been reformed in order to be comparable with the respective entries of the current year.

23 µ. CERTIFICATE OF CHARTERED AUDITOR ACCOUNTANT

We audited the above Financial Statements as well as the related Addendum of the Lambrakis Press SA of the corporate year that ended on the 31st December 2001. Our audit, in the framework of which we were fully informed about the auditing report of the branches of the company, was carried out according to the regulations of article 37 of Codified Law 2190/1920 "on Incorporated Companies" and the auditing procedures deemed suitable according to the principles and rules of audit followed by the Body of Chartered Auditors Accountants. The books and records kept by the company were put at our disposal and we were given the requested clarifications and information. The company applied the Hellenic General Accounting Plan correctly. The inventory method was not altered in relation to the previous corporate year and the production cost stemming from the accounting books was determined according to the accepted principles of cost determination. We verified the accordance of the contents of the Management’s Report of the Board of Directors to the Ordinary General Meeting of the Shareholders with the related Financial Statements. The Addendum includes the information provided in par. 1 of article 43a of Codified Law 2190/1920. The above audit resulted in the following: 1.The «Participations in affiliated companies» concern: a) Participation in a company with shares listed on the Athens Stock Exchange with a value of 17.716 thousand euros valuated at the current value according to article 2 of L 2992/2002. b) Participation in companies with shares not listed on the Athens Stock Exchange with a value of 89.608 thousand euros, fifteen (15) of which with acquisition cost of approximately 88,763 thousand euros are audited by registered auditors and were assessed, according to article 28 of The Code of Books and Records (Presidential Decree 186/92) at their acquisition cost. If these participations were assessed on the basis of their intrinsic book value, it would be lower by approximately 15,115 thousand euros, whereas according to article 43, paragraph 6 of L 2190/20, (lowest value between acquisition cost and intrinsic book value per participation on the basis of the latest published balance sheets) it would be lower by 34,926 thousand euros having an effect of 8,640 thousand euros on the operating earnings of the current fiscal year and 26,286 thousand euros of the previous years. 2. In section DIII of the Assets, ‘Shares’, the shares of two (2) companies are included with acquisition cost 816 thousand euros. The shares are not listed on the Athens Stock Exchange and were assessed according to article 28 of KVS (Presidential Decree 186/92) at their acquisition cost. If these participations were assessed on the basis of their intrinsic book value, it would be lower by approximately 99 thousand euros, whereas according to article 43 paragraph 6 of L 2190/1920 (lower value between acquisition cost and intrinsic book value per participation) on the basis of their last published balance sheets, it would be lower by approximately 262 thousand euros having an effect on the operating earnings of the previous fiscal years. 3. In order to cover possible loss from the liquidation of doubtful claims, cases under dispute and delayed claims of a total amount of 5,877 thousand euros, the company has formed a provision of 759 thousand euros, according to article 31 paragraph 1i of L 2238/1994. The company has not formed a provision for the difference of 5,118 thousand euros and this burdens the operating earnings by 383 thousand euros and the operating

24 INFORMATION ON THE ANNUAL REPORT I

earnings of previous fiscal years by 4,735 thousand euros. 4. The account ‘Receivables’ include a claim of a total amount of 5,430 thousand euros from a company under liquidation for which a provision has not been formed to the detriment of the operating earnings. 5. The company based on ruling No 205/1988 of the plenary session of the Legal Advisors to the Administrator and article 31 paragraph 1 IV of L 2238/1994 has not formed a provision for personnel retirement compensation. If the company had formed such provision according to article 42e, paragraph 14 of L 2190/1920, it would amount to approximately 7,327 thousand euros, 386 thousand euros of which concerns the operating earnings of the current fiscal year and the remaining 6,941 thousand euros previous fiscal years. 6.The company has been inspected by taxation authorities up to and including fiscal year 1999, and consequently its taxation liabilities for the fiscal years 2000 to 2002 are not yet determined.

According to our opinion, the above Financial Statements, which arise from the books and the records of the Company, and after taking into consideration our above-mentioned observations as well as the notes of the company and more specifically note No 1 regarding the management of differences (losses) stemming from the assessment of companies’ shares listed on the Athens Stock Exchange, reflect along with the Addendum the asset structure and the financial standing of the company on the 31st December 2002 as well as the operating earnings of the fiscal year ending on that date, according to the related regulations and the generally accepted accounting principles and do not differ from the ones that the company applied in the previous fiscal year.

FINANCIAL STATEMENTS OF FISCAL YEAR 2003 OF LAMBRAKIS PRESS SA

A. NOTES OF THE COMPANY 1.Investments in shares listed in the Athens Stock Exchange, included in Accounts CIII and Dπππ of Assets, were valued at market in accordance with Law N. 2992/2002. The net loss that arose from the valuation of these shares amounting to Euro 2.687 thousand was transferred directly to shareholders equity as in prior year. 2.Outstanding lawsuits that have been filed against the Company, mainly from publications in press, are not expected to have a material impact on the financial position or operation of the Company. In addition, there are no legal or other disputes with legal or other regulatory authorities. 3.The average personnel employed during the period were 802. 4.There are no mortgages on the Company’s fixed assets. 5.Certain prior period balances have been adjusted in order to be comparable with current period’s balances. Specially, direct sales expenses relating to fiscal year 2003, were included in distribution expenses instead of cost of sales in order to be in uniform with industry practice, and the respective accounts for fiscal year 2002 were adjusted accordingly.

25 6.The analysis of the net sales proceeds by business activity for the period 1.1 - 31.12.2003 (STAKOD 91) was as follows: code 221.2 Euro 117.335 thousand, code 521.4 Euro 722 thousand, code 741.2 Euro 2.103 thousand and code 515.7 Euro 269 thousand. 7. The latest revaluation of the Company’s fixed assets was recorded at 31.12.2000.

µ. CERTIFICATE OF CHARTERED AUDITOR ACCOUNTANT We have audited the financial statements and the notes to the financial statements of LAMBRAKIS PRESS S.A. for the year ended 31 December 2003. Our audit, under which we took full cognizance of the results and position of the branches of the company, was made in accordance with article 37 of the Corporate Law 2190/1920 "the Companies Act of Greece" and the audit procedures we considered appropriate on the basis of the auditing principles and rules promulgated by the Institute of Certified Auditors and Accountants of Greece. All the books and records maintained by the Company were made available to us and we were provided with all the information and explanations that were necessary for our audit. The Company has applied correctly the Greek General Chart of Accounts. The accounting principles used for the preparation of the financial statements were applied on a basis consistent with that of the preceding year and the cost of sales which is derived from the accounting records has been determined in accordance with generally accepted costing principles. We agreed the relevant information contained in the Board of Directors report addressed to the Shareholders’ Ordinary General Assembly to the financial statements. The notes to the financial statements include the information required by paragraph 1 of article 43a of the Corporate Law 2190/1920. Based on our audit we note the following: 1.The account "participations" (investments) includes participations in companies not listed in the Athens Stock Exchange amounting to Euro 112 million approximately, out of which sixteen (16) companies representing approximately Euro 87 million are audited by certified auditors, were valued at their acquisition cost and not according to article 43 par. 6 of the Corporate Law 2190/1920 (in the lower between acquisition cost and fair value, by participation). Had these participations been valued at their fair value, they would have been impaired by Euro 38 million approximately, which would have impacted the current year’s net income by Euro 3 million approximately and retained earnings by Euro 35 million approximately. 2.As reported in note 1 under the balance sheet, the Company did not record in current year’s net income, losses from the valuation of investments with shares listed in the Athens Stock Exchange, of Euro 2,8 million approximately, included in the Company’s portfolio before December 31, 2002, instead the Company transferred directly such losses to shareholder’s equity. 3.For possible losses relating to doubtful and in dispute receivables amounting to Euro 5,5 million approximately, the Company has formed a provision of Euro 0,3 million approximately. An additional provision should have been established for the difference of Euro 5,2 million that would have impacted the Company’s retained earnings. 4.Accounts receivable, DII(1), includes an amount of Euro 5,4 million, due from an affiliated company, which is under liquidation. A provision should have been established for this receivable that would have impacted the Company’s retained earnings.

26 INFORMATION ON THE ANNUAL REPORT I

5.The Company, in accordance with the opinion 205/1988 expressed by the plenary session of the Legal Council to the State and article 31 of para. 1 xv of Law 2238/1994, did not provide for staff leaving indemnities. Had the Company established this provision according to the article 42, v par. 14 of the Corporate Law 2190/1920 the cumulative amount would have been Euro 7,6 million approximately and would have impacted current year’s net income by Euro 0,6 million approximately and retained earnings by Euro 7 million approximately. 6.The Company has been audited by the tax authorities up to the fiscal year 1999, and consequently its tax liabilities for the unaudited fiscal years have not been finalized. In our opinion the above financial statements, which are based on the Company’s books and records reflect together with the notes to the accounts and subject to the above findings, the net asset and financial position of the Company as at 31 December 2003, as well as the results for the year then ended, on the basis of the applicable legal requirements and generally accepted accounting principles (in Greece) which are consistent with those applied by the Company for the previous year.

CONSOLIDATED FINANCIAL STATEMENTS OF FISCAL YEAR 2002, LAMBRAKIS PRESS GROUP

∞. NOTES OF THE COMPANY 1. The companies included in the consolidation are: a) IRIS PRINTING SA (consolidated), b) MULTIMEDIA SA, c) STUDIO ATA SA, d) SPECIAL PUBLICATIONS SA, e) DOL DIGITAL SA (consolidated), f) HEARST LAMBRAKIS PUBLISHING Ltd, g) MC HELLAS SA, h) EUROSTAR SA (consolidated) i) ACTION PLAN SA (consolidated), j) NEA AKTINA SA and k) ELLINIKA GRAMMATA SA. The companies ACTION PLAN HR SA, subsidiary of ACTION PLAN SA, and ELLINIKA GRAMATA SA are included in the consolidation and, on the contrary, AGGELIDIS- GEORGAKOPOULOS SA is not included in the consolidation of the subsidiary IRIS PRINTING SA and therefore, the entries of the current consolidated balance sheet and the consolidated operating earnings are not comparable with the ones of last year. 2. Companies’ shares with shares listed on the Athens Stock Exchange, account DIII of the Assets, with a value of approximately 27,478 thousand euros were assessed at the current value according to article 43, paragraph 6 of L. 2190/1920. The differences (losses) arising from the assessment of total amount of 13,062 euros after balancing with profits from the participation assessment of a company with shares listed on the Athens Stock Exchange amounting to 2,297 thousand euros were immediately transferred to the net position according to the provisions of L 2992/2002 and have not burdened the operating earnings of the current fiscal year by 10,765 thousand euros. 3. There are judicial hearings pending involving the companies of the group, particularly in connection with newspaper issues and even in the event of court judgments adverse to the company, they will not materially affect the financial status or operation of the companies of the group. There are also no disputed claims or claims in arbitration in any legal or administrative body.

27 4. Number of employees (average) 2,474. 5. The last revaluation of fixed assets took place on 31/12/2000. 6. A 98,606 thousand euros preliminary mortgage exists on the real estate of a subsidiary covering a long-term bank loan amounting to 82,171 thousand euros. 7. Some of the figures of the previous fiscal year have been reformed to be comparable with the respective entries of the current year.

µ. CERTIFICATE OF CHARTERED AUDITOR ACCOUNTANT We have audited, according to article 108 of Codified L 2190/1920 "on Incorporated Companies", the 12th consolidated balance sheet and the Consolidated Income Statement, as well as the related Addendum, of the Lambrakis Press SA and its subsidiaries for the year that ended on the 31st December 2002. We applied the procedures deemed suitable to carry out our audit, which comply with the principles and rules of audit followed by the Body of Chartered Auditors Accountants and we verified the accordance of the contents of the Consolidated Management Report with the above consolidated financial statements. We did not extend our audit to the financial statements of a company included in the consolidation and representing 0.5% and 0.39% of the consolidated totals of assets and turnover. These statements have been audited by another Authorized Auditor. We took into consideration the certificate of the above auditor in order to express our opinion hereto, to the extent that this opinion pertains to the entries included in the consolidation of the above company. The consolidation includes financial statements that have not been audited by a Chartered Auditor Accountant representing 3.72% and 4.25% of the consolidated total assets and consolidated turnover. The above audit resulted in the following: 1. Companies of the group have not effected amortizations on the fixed and intangible assets of 1,920 thousand euros and consequently, the operating earnings of the present fiscal year were not burdened by 450 thousand euros and the operating earnings of previous fiscal years by 1,470 thousand euros (of which 933 thousand euros based on the provisions of L 2065/1992). 2. Companies of the group in the previous fiscal year contrary to the current one effected total amortization of the installation cost and fixed assets and consequently, higher amortization was recorded by approximately 1,832 thousand euros. The operating earnings of the previous fiscal year were equally burdened while the equity capital was reduced. 3. Contrary to the previous fiscal year, a subsidiary of the group properly capitalized the interests of loans of a construction period amounting to 3,574 thousand euros in the current fiscal year. If it had applied the same accounting method to the previous fiscal year, the operating earnings would be increased by approximately 600 thousand euros. 4. Participations in affiliated companies concern: a) Participation in a company with shares listed on the Athens Stock Exchange with a value of 17,716 thousand euros assessed at current value according to article 2 of Law 2992/2002. b) Participation in companies with shares not listed on the Athens Stock Exchange with acquisition cost of 14,368 thousand euros, seven (7) of which are audited by recognized auditors with acquisition cost of 12,170 thousand euros and were assessed at their acquisition cost according to art. 28 of the Code of Books and Records (Presidential Decree 186/92). If these participations were assessed at their intrinsic book value on the basis of art. 106, par. 4 of Codified Law 2190/1920, it would

28 INFORMATION ON THE ANNUAL REPORT I

be lower by 6,964 thousand euros. 5. The reserves of the companies of the group include reserves for obsolescence and slow moving inventories of approximately 800 thousand euros for which a provision has not been formed and consequently, equity capital appears equally increased. 6. In order to cover possible loss from the liquidation of doubtful claims, cases under dispute and delayed claims of a total amount of approximately 16,266 thousand euros, the companies of the group have formed a provision of 2,609 thousand euros according to article 31 paragraph 1i of Law 2238/1994. For the difference of 13,657 thousand euros the company has not formed a provision burdening the operation earnings by 3,229 thousand euros and by 10,428 thousand euros for previous fiscal years. 7. The accounts of Receivables include a claim amounting to 5,430 thousand euros from a company under liquidation for which a provision has not been formed to the detriment of the operating earnings. 8. The companies of the group based on ruling 205/1988 of the plenary session of the Legal Advisors to the Administrator and article 31, paragraph1 IV of L 2238/1994, have not formed a provision for personnel retirement compensation, with the exception of two companies of the group which have formed a provision of 101 thousand euros. If this provision were formed for the total of the employees, according to article 42e, paragraph 14 of L 2190/1920, it would amount to 10,184 thousand euros, 509 thousand euros of which should burden the operating earnings and the remaining 9,574 thousand euros the operating earnings of previous fiscal years. 9.The companies of the group have not been inspected by the tax authorities mainly for the fiscal years of 2000- 2002 and consequently, their taxation liabilities have not been determined. 10. Due to the fact that the equity capital of six (6) companies of the group is negative and in two (2) lower than the half (1/2) of the paid up share capital, the regulations of articles 47 and 48 of Law 2190/1920.apply. According to our opinion, after taking into consideration the said remarks and the notes of the company, and more specifically No 2 regarding the management of differences (losses) arising from the assessment of shares listed on the Athens Stock Exchange, these consolidated financial statements have been drafted according to the regulations of the Codified L 2190/1920 and reflect, on the basis of the related regulations and the accounting principles and practices applied by the mother company which are generally accepted and do not differ from the ones applied in the previous fiscal year with the exception of the cases in our above remarks No 2 and 3, the asset structure, the financial standing and the operating earnings of the total of companies included in the consolidation of 31/12/2002

CONSOLIDATED FINANCIAL STATEMENTS OF FISCAL YEAR 2003, LAMBRAKIS PRESS GROUP

∞. NOTES OF THE COMPANY 1. The companies included in the consolidation are: 1) IRIS PRINTING SA 2) MULTIMEDIA SA, 3) STUDIO ATA SA, 4) SPECIAL PUBLICATIONS SA, 5) DOL

29 DIGITAL SA (consolidated), 6) HEARST LAMBRAKIS PUBLISHING LTD, 7) MC HELLAS SA, 8) EUROSTAR SA (consolidated), 9) ACTION PLAN SA (consolidated), 10) ¡∂∞ ∞∫∆π¡∞ SA and 11) ELLINIKA GRAMMATA SA, 12) MICHALAKOPOULOY SA. The figures of the consolidated balance sheet and the consolidated income statement for the current year are not comparable to the respective figures of the previous year because in this year the company MICHALACOPOULOY SA is included in the consolidation for first time while the company PHOENIX SA, that was included in the consolidation of the affiliate company IRIS PRINTING SA in the prior year, is not included in this year’s consolidation. Also, during the current year the acquired company of ORAPRESS SA was merged with the subsidiary IRIS PRINTING SA in accordance with Law 2166/1993. 2. Participation in "Affiliated Companies" includes investments in companies that are not listed in the Athens Stock Exchange amounting to Euro 12 million, which were valued at their acquisition cost in accordance with article 28.5 para. c of Presidential Decree 186/1992 as amended by article 32 para. 5 of Law 3229/2004. 3.Investment in shares of companies listed on the Athens Stock Exchange (included in the Asset accounts Cπππ and DIII), were valuated at their market value according with Law 2992/2002. The loss arising from this valuation, amounting to Euro 2,705 thousand, as in the previous year was transferred directly to Shareholders’ Equity. In addition the Company transferred to Shareholders’ Equity the loss from the sale and valuation of affiliate companies not listed in the Athens Stock exchange, amounting to Euro 1,496 thousands. 4.A subsidiary of the Group in computing its annual depreciation applied the lower depreciation rates as noted in P.D 299/03. More details are stated in the detailed notes to the consolidated financial statements. 5.Outstanding lawsuits that have been filed against the Company, mainly from publications in press, are not expected to have a material impact on the financial position or operation of the Company. In addition, there are no legal or other disputes with legal or other regulatory authorities. 6.The average personnel employed during the period were 2,333. 7.There are mortgages on the fixed assets of the Company’s affiliates amounting to Euro 98,958 to secure a long-term bank loan approximately Euro 93,000. 8. Certain prior year balances have been adjusted in order to be comparable with current year’s balances. Specifically, expenses related to direct sales for the current year (2003) are included in distribution expenses instead of in cost of sales, in order to be in uniform with industry practice, and the respective balances of previous year (2002) were adjusted accordingly. 9. The latest revaluation of the Company’s fixed assets was recorded at 31.12.2000.

µ. CERTIFICATE OF CHARTERED AUDITOR ACCOUNTANT We have audited, pursuant to the provisions of article 108 of Corporate Law 2190/1920 "the Companies Act of Greece" the consolidated balance sheet, and the consolidated profit and loss account as well as the notes to the financial statements of LABRAKIS PRESS S.A. and its subsidiaries for the fiscal year ended 31 December 2003. We applied the procedures we considered appropriate for the purpose of our audit, which are in accordance with the auditing principles and rules followed by the Institute of Certified Auditors and Accountants

30 INFORMATION ON THE ANNUAL REPORT I

of Greece and we verified that the Board of Directors’ Consolidated Report is consistent with the above-mentioned financial statements. The consolidated financial statements includes financial statements not audited by Certified Auditors and Accountants, which represent in total 6,52% and 3,88% of the consolidated total assets and consolidated sales, respectively. Based on our audit we note the following:

1. Certain companies of the Group have not recorded depreciation for specific tangible and intangible assets in previous years amounting to 1,9 million euros. As a result, the Group’s retained earnings are overstated by an equal amount. 2. Current year’s net income has not been reduced with the amortization of Goodwill of approximately 6,5 million euros, which resulted from the absorption of a company by a subsidiary of the Group. 3. Participations in affiliated companies includes investments in companies not listed on the Athens Stock Exchange amounting to approximately 12 million euros, five (5) companies out of which representing approximately 9,9 million euros are audited by certified auditors, were valued at their acquisition cost. Had these participations been valued at the lowest between acquisition cost and fair value, in accordance to art. 106 par.4 of Company Law 2190/1920, their value would be lower by approximately 7,5 million euros, for which a related provision has not been recorded by reducing current year’s results by 0,5 thousand euros and the results of previous years by 7 million euros. 4. As reported in note 3 under the consolidated balance sheet, certain companies of the Group did not record in current year’s net income losses from the valuation of investments in shares listed on the Athens Stock Exchange, of approximately 4,2 million euros. Instead, the Company transferred directly such losses to shareholders’ equity. 5. The Current Assets Account D1, "Inventories" includes obsolete and slow-moving items amounting to approximately Euro 1,3 million, for which a related provision has not been recorded by reducing current year’s results by Euro 0,5 thousands, and the results of previous years by Euro 0,8 thousand. 6. For possible losses relating to doubtful and in dispute receivables amounting to approximately 18,8 million euros, the Company has recorded a provision of approximately 1,1 million euros. An additional provision should have been established for the remaining difference of 17,7 million euros, that would have impacted prior years results. 7. The Company, in accordance with the opinion 205/1988 expressed by the plenary session of the Legal Council to the State and article 31 of para. 1 xv of Law 2238/1994, did not provide for staff leaving indemnities. Had the Company established this provision according to the article 42, v par. 14 of Company Law 2190/1920 the cumulative amount would have been Euro 10,5 million approximately, and would have impacted current year’s net income by Euro 0,5 million approximately and retained earnings by Euro 10 million approximately. 8. The account "Extraordinary results" includes insurance compensation that should have been deferred and recorded in the year such amounts will be collected. As a result the current year’s net income and retained earnings are overstated by an amount of Euro 2,1 million. 9. The Company and its subsidiaries have not been audited by the tax authorities, mainly for the years 2000 to 2003. As a result their tax liabilities have not been finalized. In our opinion, subject to the above findings, and the notes of the Company stated under the

31 consolidated balance sheet, the accompanying consolidated financial statements and the related notes, have been prepared in accordance with the provisions of Corporate Law 2190/1920 and present in conformity with the applicable laws and generally accepted accounting principles (in Greece) applied by the Parent Company which are consistent with those applied in the previous year, the financial position and the results of operations of all the companies included in the consolidation dated 31 December 2003.

The Chartered Auditor Accountants, Mr. Charalambos Petropoulos, Mr. Efstathios Prassas and Ms Sofia Kalomenides certify that for fiscal years 2002 and 2003: ■ There were no arguments between the Management of the Company and himself ■ The Company applies a reliable system of internal auditing.

32 INFORMATION ON THE ANNUAL REPORT I

π.2. REGULAR CHARTERED AUDITORS -ACCOUNTANTS OF THE COMPANIES PARTICIPATING IN THE CONSOLIDATED FINANCIAL STATEMENTS OF LAMBRAKIS PRESS SA FOR THE FISCAL YEAR 2003 The affiliated companies participating in the fiscal year of 2003 in the consolidated financial statements of Lambrakis Press SA were audited by the following Chartered Auditors Accountants:

CORPORATE YEARS 2002 - 2003 Company name Fiscal year Chartered Auditor Accountant SOEL ID Auditing Company 2002 Sophia Kalomenidos 13301 SOL ERNST & YOUNG SA MC HELLAS SA 2003 Charal. Ar. Petropoulos - 12001 SOL SA Sophia Kalomenides 13301 ERNST & YOUNG (HELLAS) SA HEARST LAMBRAKIS 2002 Charal. Ar. Petropoulos 12001 SOL ERNST & YOUNG SA PUBLISHING 2003 Charal. Ar. Petropoulos - 12001 SOL SA LTD Sophia Kalomenides 13301 ERNST & YOUNG (HELLAS) SA 2002 Charal. Ar. Petropoulos 12001 SOL ERNST & YOUNG SA SPECIAL 2003 Charal. Ar. Petropoulos - 12001 SOL SA PUBLICATIONS SA Sophia Kalomenides 13301 ERNST & YOUNG (HELLAS) SA 2002 Charal. Ar. Petropoulos 12001 SOL SA ¡∂∞ ∞∫∆π¡∞ SA 2003 Charal. Ar. Petropoulos - 12001 SOL SA Sophia Kalomenides 13301 ERNST & YOUNG (HELLAS) SA 2002 Charal. Ar. Petropoulos 12001 SOL ERNST & YOUNG SA IRIS PRINTING SA 2003 Ef. Prassas - 12061 SOL SA Sophia Kalomenides 13301 ERNST & YOUNG (HELLAS) SA 2002 Charal. Ar. Petropoulos 12001 SOL ERNST & YOUNG SA MULTIMEDIA SA 2003 Ef. Prassas - 12061 SOL SA Sophia Kalomenides 13301 ERNST & YOUNG (HELLAS) SA 2002 Charal. Ar. Petropoulos 12001 SOL ERNST & YOUNG SA EUROSTAR SA 2003 Ef. Prassas - 12061 SOL SA Sophia Kalomenides 13301 ERNST & YOUNG (HELLAS) SA 2002 Charal. Ar. Petropoulos 12001 SOL ERNST & YOUNG SA TRIAINA TRAVEL 2003 Charal. Ar. Petropoulos - 12001 SOL SA - ST.LAGAS SA Sophia Kalomenides 13301 ERNST & YOUNG (HELLAS) SA 2002 Review Report of the Financial Statements from SOL Ernst and Young in order to be included in the consolidation of Lambrakis Press SA EXPO PLAN SA 2003 Under liquidation (Liquidation commenced on 31.12.2003) 2002 Charal. Ar. Petropoulos 12001 SOL ERNST & YOUNG SA ACTION PLAN SA 2003 Charal. Ar. Petropoulos - 12001 SOL SA Sophia Kalomenides 13301 ERNST & YOUNG (HELLAS) SA 2003 Charal. Ar. Petropoulos - 12001 SOL SA ACTION PLAN HR SA (1st over-12-month Sophia Kalomenides 13301 ERNST & YOUNG (HELLAS) SA fiscal year) 2002 Not audited ELLINIKA GRAMMATA SA 2003 Charal. Ar. Petropoulos - 12001 SOL SA Sophia Kalomenides 13301 ERNST & YOUNG (HELLAS) SA 1.7.2001-30.6.2002 Charal. Ar. Petropoulos 12001 SOL ERNST & YOUNG SA STUDIO ATA SA 2003 Charal. Ar. Petropoulos - 12001 SOL SA Sophia Kalomenides 13301 ERNST & YOUNG (HELLAS) SA 2002 Charal. Ar. Petropoulos 12001 SOL ERNST & YOUNG SA DOL DIGITAL SA 2003 Ef. Prassas - 12061 SOL SA Sophia Kalomenides 13301 ERNST & YOUNG (HELLAS) SA 2002 Charal. Ar. Petropoulos 12001 SOL ERNST & YOUNG SA RAMNET SA 2003 Charal. Ar. Petropoulos - 12001 SOL SA Sophia Kalomenides 13301 ERNST & YOUNG (HELLAS) SA 2002 Charal. Ar. Petropoulos 12001 SOL ERNST & YOUNG SA RAMNET SHOP SA 2003 Charal. Ar. Petropoulos - 12001 SOL SA Sophia Kalomenides 13301 ERNST & YOUNG (HELLAS) SA 2002 Charal. Ar. Petropoulos 12001 SOL ERNST & YOUNG SA NET ON LINE SA 2003 Charal. Ar. Petropoulos - 12001 SOL SA Sophia Kalomenides 13301 ERNST & YOUNG (HELLAS) SA MICHALAKOPOULOU SA 2003 ∂. Panagiotopoulos - ∂. Polizoidis - Auditors of Law 2190/20

33 In relation to this the Regular Chartered Accountants mention the following in the Certificate of Audit for fiscal year 2003 «…the consolidated financial statements includes financial statements not audited by Certified Auditors and Accountants, which represent in total 6,52% and 3,88% of the consolidated total assets and consolidated sales, respectively». This note refers to the consolidated company «ªICHALAKOPOULOU SA», which was acquired by Lambrakis Press SA in fiscal year 2003, «Expo Plan SA», which is under liquidation and «Studio ATA SA», which at the time the Lambrakis Press consolidated statements of 31.12.2003 were compiled had not concluded the regular audit by its Chartered Auditors - Accountants.

π.3. TAX AUDIT OF THE COMPANY The Company has been audited in connection with its tax liabilities (income, Code of Books and Records, stamp duties, taxation on large real estate, wage taxes, taxation on third parties’ fees) up to the fiscal year 1999 inclusive. The Company was audited in connection with its tax liabilities in 1998 for the fiscal years of 1993 up to 1996 inclusive by the competent taxation authorities (DOY FAVE- Public Financial Agency for the Taxation of Incorporated Companies) of Athens and according to the sheets submitted to the Company on 18/2/98, the taxation differences amounted to 344,735,905 drachmas (1,011,697.45 Euros) and were accounted in the fiscal year 1997 burdening the appropriation of profits.

The Company was audited in connection with its tax liabilities in 1998 for the fiscal year of 1997 by the competent taxation authorities (DOY FAVE- Public Financial Agency for the Taxation of Incorporated Companies) of Athens and according to the sheets submitted to the Company on 7/9/98, the taxation differences amounted to 89,158,320 drachmas (261,653.18 Euros) and were accounted in the fiscal year 1998 burdening the appropriation of profits. The appropriation of profits of the Company in 1998 was also burdened with the taxation differences amounting to 28,199,284 drachmas (82,756.52 Euros) of ITHOMI Company, which was acquired in the fiscal year of 1997. Moreover, the appropriation of profits was burdened with taxes and surcharges of unofficial donations amounting to 20,097,371 drachmas (58,979.81 Euros) already paid up on 23.2.1998.

The Company was audited in connection with its tax liabilities in 1999 for the fiscal year of 1998 by the competent taxation authorities (DOY FAVE- Public Financial Agency for the Taxation of Incorporated Companies) of Athens and according to the sheets submitted to the Company, the taxation differences amounted to 90,110,857 drachmas (264,448.59 Euros) and were accounted in the fiscal year 1999 burdening the appropriation of profits.

Finally, the Company was audited in connection with its tax liabilities in 2000 for the fiscal year of 1999 by the competent taxation authorities (DOY FAVE- Public Financial Agency for the Taxation of Incorporated Companies) of Athens and according to the sheets submitted to the Company there were no taxation differences given the fact that the accounting differences found reduced the taxation losses for the fiscal year of 1999.

34 INFORMATION ON THE ANNUAL REPORT I

Specifically, the accounting differences, taxes, fines and surcharges arising as well as the fiscal years the income statements of which are burdened are presented in the following table:

RESULTS OF TAX AUDITS In thousand Euros Fines Fiscal Accounting and differences Taxes Total 1997 1998 1999 2000 Year surcharges 1993 354,51 124,14 142,92 267,06 267,06 1994 450,18 157,59 78,94 236,54 236,54 1995 457,52 160,23 80,41 240,65 240,65 1996 509,17 178,14 89,51 267,64 267,64 1997 633,60 253,85 7,63 261,78 261,78 1998 704,33 246,81 17,90 264,42 264,42 Clearing (1) -154,66 1999 1.033,02 0,00 0,00 0,00 Total 1.537,78 856,93 261,78 264,42

(1) It is noted that according to Circular No1115606/11044/µ 0012/POL 1327/18-12-1997 of the Ministry of Finance the manner of taxing the capital profit from the sale of securities was clarified and the possibility of submitting an amending income tax statement for the fiscal year 1996 was given. Based on the above-mentioned circular, the Company submitted an amending income tax statement, from which there stemmed a tax return amounting to 52.738.341 drachmas. (154.771,36 euros). The tax return was netted against the added taxes arising from the taxation audits of the fiscal years 1993-1996, which were accounted in 1997.

Given the fact that the Company has been audited in connection with its tax liabilities up to the fiscal year 1999 inclusive, the taxation liabilities for the fiscal years 2000 to 2003 have not been determined. However, it is not anticipated to have income taxes etc due to the loss making operating results of previous fiscal years.

In relation to this the Regular Chartered Accountants note the following in the Certificate of Audit for fiscal year 2003: «The Company has been audited by the tax authorities up to the fiscal year 1999, and consequently its tax liabilities for the unaudited fiscal years have not been finalized».

π.4. TAX AUDIT OF THE SUBSIDIARIES OF THE COMPANY The affiliated companies participating in the consolidated financial statements compiled by the parent company, Lambrakis Press SA, for the fiscal year 2003 have been audited in connection with their tax liabilities as follows:

35 TAX AUDIT OF SUBSIDIARY COMPANIES Burdening Fiscal year Total of Fiscal to which Tax Audit Taxation Year they refer up to fiscal Amount Company Name Differences year (inclusive) in in Fiscal thousand thousand euros 2002 2003 year euros MULTIMEDIA SA 2001 116,61 0,00 80,81(1) 2000 46,4 2001 34,41 STUDIO ∞∆∞ SA 1999/2000 108,83 0,00 63,48 1997/1998 98,16 1998/1999 0,00 1999/2000 10,67 IRIS PRINTING SA 2001 628,60 0,00 628,60 2000 220,60 2001 408,00 SPECIAL 2001 28,24 0,00 28,24 1997 20,45 PUBLICATIONS SA 1998 6,91 1999 0,47 2000 0,10 2001 0,31 ¡∂∞ ∞∫∆π¡∞ SA 2001 57,20 0,00 57,20 (2) 1999/2000 27,05 2001 30,15 Consolidated differences of tax audit 939,48 0,00 858,33 DOL DIGITAL SA Has been audited for tax liabilities up to fiscal year 1998 inclusive. The differences of the latest tax audit amounting to 99,78 thousand euros were charged to the earnings of fiscal years before 2002. EUROSTAR SA Has been audited for tax liabilities up to fiscal year 1999 inclusive. The differences of the latest tax audit amounting to 17,61 thousand euros were charged to the earnings of fiscal years before 2002. MC HELLAS SA It has not been audited in connection with tax liabilities HEARST LAMBRAKIS It has not been audited in connection with tax liabilities PUBLISHING LTD RAMNET SA It has not been audited in connection with tax liabilities RAMNET SHOP SA It has not been audited in connection with tax liabilities NET ON LINE SA It has not been audited in connection with tax liabilities ACTION PLAN SA It has not been audited in connection with tax liabilities ACTION PLAN HR SA It has not been audited in connection with tax liabilities EXPO PLAN SA It has not been audited in connection with tax liabilities TRIAINA TRAVEL SA It has not been audited for tax liabilities since its transformation into a Societe Anonyme ELLINIKA GRAMMATA It has not been audited for tax liabilities since its transformation into a Societe Anonyme SA MICHALAKOPOULOU It has not been audited in connection with tax liabilities SA

(1) The total differences of 116,61 thousand euros include surcharges and VAT amounting to 35,81 thousand euros, which were charged to the non-operating results of Multimedia SA of the fiscal year 2003. (2) After a 5% discount. In relation to this the Regular Chartered Accountants note the following in their Certificate of Audit for fiscal year 2003 «The Company and its subsidiaries have not been audited by the tax authorities, mainly for the years 2000 to 2003. As a result their tax liabilities have not been finalized »

π.5. PUBLIC TENDERS - PUBLIC OFFERINGS It is noted that during the fiscal years 2002 and 2003, there were no tenders or swap proposals by third parties concerning shares of Lambrakis Press SA or shares of any other company in the Lambrakis Press group included in the consolidated financial statements. Moreover, the Company did not proceed to any public tenders

36 SHARE CAPITAL INCREASE AND ALLOCATION OF RAISED FUNDS II

SHARE CAPITAL INCREASE AND ALLOCATION OF RAISED FUNDS

ππ.1.SHARE CAPITAL INCREASE OCTOBER 1998 With the increase of the share capital by a public offering in October 1998 to list the company’s shares on the Athens Stock Exchange (resolution of the General Meeting of Shareholders of 27th August 1998), the company raised net funds of 17,045 million drachmas (50,022.01 thousand Euros). After paying 4,445 million drachmas (13,044.75 thousand Euros) to reduce short term borrowing, the remaining funds were invested in accordance with the 1998-2000 investment program that was described in the IPO Prospectus and amended by resolutions of the General Meetings of Shareholders of 16.09.1999 and 29.06.2000 as follows (in thousand euros):

1998-2000 INVESTMENT PROGRAM CHAPTER II IPO Prospectus of October 1998 Realized as amended by the resolutions Investments of Extraordinary Meetings of Shareholders 01.08.1998 of 16/09/1999 and 29/06/2000 - 31.12.2000 Office buildings 2,289.07 2,289.07 Purchase of Printing Machinery & Equipment 10,344.83 10,344.83 Purchase of Land for Industrial use 3,448.28 3,448.28 Share capital increases and participations in companies 14,506.24 14,506.24 New publishing products 2,080.70 2,080.70 Training on and Completion of computer systems 2,312.55 2,312.55 Digital production workflow 1,995.60 1,995.60 Total investments 36,977.26 36,977.26

ππ.2. SHARE CAPITAL INCREASE OCTOBER 1999 Pursuant to resolution of the Shareholders' Ordinary General Meeting held on 16/09/1999, the company increased its share capital in cash. The procedure was concluded in November 1999 (issuing of 25,300,000 new common registered shares with a nominal value of 0.60 euro each subscribed between 29/10/99 and 29/11/99, the share capital increase was certified on 1/12/ 1999 and the new shares commenced trading on 29/12/1999). With the increase the company raised net funds of 184,617,755.53 euros - raised funds 185,619,955.98 Euros minus issuing expenses 1.002.200,45 euros- which are appropriated according to the 2000-2005 investment program (Prospectus of the rights offering of September 1999) as amended by resolutions of the Ordinary General Meetings of Shareholders of 22/06/2001, 21/6/2002 and 30/05/2003 and of the Board of Directors of 23.07.2003 as follows (in thousand Euros):

37 Investment Offering Amendments Amendments Amendments Amendments Realized investment Pending program prospectus approved by approved by approved by decided by investment Extraprdinary September the resolutions the resolutions the resolutions the Board of General 1999 of the O.G.M. of of the O.G.M. of of the O.G.M. of Directors of 29.11.1999 1.10.2003 Total 1.1.2004 Meeting of 22.6.2001 21.6.2002 30.5.2003 the Company -30.9.2003 - 31.12.2003 -29.11.1999 31.12.2003 16.09.1999 of 23.7.2003 -31.12.2003 DOL Digital SA share 17.843 0 17.843 capital increase Initial participation 977 0 977 in Microland SA (before its listing on the A.S.E.) Increase in participation 12.835 0 12.835 in Microland SA Total of digital 117.388 111.930 31.454 31.655 31.655 31.655 0 31.655 0 networks and subscription-based TV Increase in participation 440 0 440 in DOL Digital SA Share capital increase 1.878 0 1.878 of N. Greece Publishing SA Share capital increase 3.208 0 3.208 of Special Publications SA Share capital 3.287 0 3.287 increase of Tiletypos SA Share capital 88 0 88 increase of Expo Plan SA Share capital increase 241 0 241 of Hearst Lambrakis Publishing Ltd Share capital increase 147 0 147 of Publishing communications SA Share capital increase 611 0 611 of Freegate Inc. Share capital increase 4.062 0 4.062 of Paper-Pack SA Purchase of 1.62% of 2.585 0 2.585 Tiletypos SA stock Buyout of Action 1.212 0 1.212 Plan SA 1% participation in 20 2 Action Plan HR SA Share capital increase 2.960 0 2.960 of Action Plan SA Increase in participation 1.649 0 1.649 in Eurostar SA Increase in participation 17 0 17 in Ellinika Grammata SA 30% participation 126 0 126 in Ekdoseis 4 Ltd 1st payment to 13.042 0 13.042 11.739 purchase100% of Michalakopoulou SA Total of share capital 17.608 17.608 24.191 50.100 47.295 35.556 0 35.556 11.739 increases and participations

38 SHARE CAPITAL INCREASE AND ALLOCATION OF RAISED FUNDS II

Investment Offering Amendments Amendments Amendments Amendments Realized investments Pending program prospectus approved by approved by approved by decided by investments Extraprdinary September the resolutions the resolutions the resolutions the Board of General 1999 of the O.G.M. of of the O.G.M. of of the O.G.M. of Directors of 29.11.1999 1.10.2003 Total 1.1.2004 Meeting of 22.6.2001 21.6.2002 30.5.2003 the Company -30.9.2003 - 31.12.2003 -29.11.1999 31.12.2003 16.09.1999 of 23.7.2003 -31.12.2003 Super Omada 2.471 0 2.471 Tachydromos 7.416 0 7.416 N.G Traveler 194 0 194 VIMAgazino 5.479 0 5.479 Imerissio Vima 6.811 0 6.811 Economikos Tachydromos 2.820 0 2.820 VIMAdonna 1.106 0 1.106 TV Guide 921 0 921 Prosopa 3.175 0 3.175 Economia 1.159 0 1.159 In Life 405 0 405 Bit 352 0 352 Total new publishing 8.804 8.804 40.511 32.311 32.311 32.311 0 32.311 0 products Repayments of bank 39.058 42.679 42.679 47.257 50.062 50.063 0 50.063 0 loans and suppliers Full payment of leasing 1.761 1.761 0 0 0 0 0 0 0 amortization Renovation and 1.077 0 1.077 re-arrangements of buildings Refurbishment of 114 0 114 building fixtures Purchase of computers 981 0 981 and updating of electronic systems Lambrakis historical 1.156 0 1.156 archive Purchase of land plot 1.371 0 1.371 Purchase of land plot 00 0 in Paiania Construction of building 00 0 in Paiania Repairs of privately 00 0 owned building at 3, Chr. Lada str. Other relocation expenses 00 0 Renovation and relocation 1.000 1.755 2.755 7.036 expenses for office building at Michalakopoulou Total fixed-asset investments 0 1.837 28.176 14.491 14.491 5.700 1.755 7.455 7.036 Working capital increase 0 0 17.608 8.804 8.804 8.804 0 8.804 0 Grand Total of 184.619 184.619 184.619 184.619 184.619 164.089 1.755 165.844 18.775 Investments

The investment program of the Company was amended with the approval of the Ordinary General Meeting of the Shareholders on 22/06/2001. The funds concerning investment for the new economy (electronic networks and cable TV) were reduced by 5,458.55 thousand Euros and were transferred to investments in fixed assets concerning the re-arrangement and renovation of the company’s offices, the upgrading of its computer infrastructure (1,837.12

39 thousand Euros) and to a reduction of the short term borrowing (3,621.43 thousand Euros).

Also, the Ordinary General Meeting of the Shareholders of 21/6/2002 approved the to date implementation progress of the investment program of the Company and decided on the following: ∞. To amend the Implementation Timetable of the Investment Program extending the implementation period until 31/12/2005. This extension is necessitated by the general financial environment, which is characterized by a lack of investment opportunities. This fact impedes the channeling of the investment funds and at the same time helps the smooth liquidation of the Company’s portfolio of Mutual Funds and Shares of Listed Companies. In cases of damages that may arise from the liquidation of the above-mentioned portfolio the implementation of the remaining investment program will be pursued with the Company’s cash in hand/flow. µ. To increase the funds intended for investments in fixed equipment from 1,837 thousand Euros to 28,176 thousand Euros and to include the investment for the new Company’s building into the Investment Program. Specifically, it was decided to construct a new building complex of 18,000 m2, to which the company and several subsidiaries will be relocated and the restoration of the owned building of 3,000 m2 at Christou Lada street in order to house the departments or subsidiaries which due to the nature of their business need to have direct access in the center of the city. The new building will be constructed in an owned plot of land (13,300 m2) in Paiania that will be completed with the purchase of a new adjacent plot of land (9,000 m2). The investment is deemed proper mainly due to the considerable reduction of the company’s expenses by eliminating rents. It is also calculated that the benefit due to the reduction of the other operational expenses will be significant given the fact that the current situation of housing the Group in 15 different buildings burdens considerably not only the operational expenses of the Company directly connected with the buildings but it also burdens indirectly other expenses, such as communications etc. The total amount of the investment is calculated to be 23.476 thousand euros. C. To enhance the Publishing Sector. The enhancement and proliferation of publishing activities as well as the maintenance and confirmedness of the significant market share of the publications calls for continuous funding and creating either new stand-alone publishing products or new supplements in existing newspapers and magazines, evaluating the benefits arising from the increase of the number of publishing products and the consolidation of the existing ones towards maintaining the leading position in circulation, the advertising revenues and readership. So their direct funding is required up to the point of the establishment of the new titles in the market or the beneficial influence of the new supplements in the revenues from the sales and advertising of the existing magazines and newspapers. However, the creation and launching of any new publishing product always includes a relevant risk. In this context, the Company approved the appropriation of funds -during the fiscal years 2000- 2001 and the first five months of 2002- for publishing new products and supplements. The funds amount to 31,708 thousand Euros in total and consequently, this had a positive effect on the consolidation and strengthening of the newspapers and magazines of Lambrakis Press as they

40 SHARE CAPITAL INCREASE AND ALLOCATION OF RAISED FUNDS II

maintained their leading positions in terms of sales, attracted advertising revenues and readership in a market characterized by conditions of stagnant circulation and mild advertising recession. The above-mentioned funding of 31,708 thousand Euros was considered to concern a basic investment of the Company and it is irrevocably connected with the strengthening of the main publishing activity and as such, it is decided to be included in the investment program of the Company. In this way, the funds for investments in new publishing products are increased from the initially provided 8.804 thousand euros to 40.511 thousand Euros. D. The strengthening of the Operating Capital. Pursuant to the amendment of the investment program, it was decided to incorporate the amount of 8,804 thousand Euros which has already been appropriated during the fiscal year 2000 in order to strengthen the operating capital of the Company instead of the amount of 14,389 thousand Euros which was temporarily included in the program up to 31/3/2002. The rise in competition and the relevant deterioration in payment conditions -disproportional lengthening of the collection time of receivables in connection with the time of paying in full our liabilities- create conditions of restricted cash flow. Therefore, the strengthening of the operating capital was approved so that an increased cash flow margin will be ensured for the smooth operation and progress of the Company’s activities. For the same reasons, it was decided to anticipate the appropriation of an additional amount of 8,804 thousand Euros for the strengthening of the operation capitals of the Company up to the end of 2005. ∂. To increase the Funds intended for the Strengthening of the Capital Base of Subsidiaries of the Lambrakis Press Group. The raised funds -mainly through the participation of Lambrakis Press SA in increases of share capital- intended for the strengthening of the capital base of the subsidiaries of the Lambrakis Press Group activated in sectors other than the ones of digital economy and cable television amounted to 17,608 thousand Euros. It was decided to anticipate that an additional amount of approximately 2,934 thousand Euros will be invested for the same purpose up to the end of 2005. Therefore, the funds intended for the participation in the increase of the share capital of the subsidiaries were decided to be increased from 17,608 thousand Euros to 24,191 thousand Euros. F. To reduce the Funds intended for investment in Electronic Networks and Digital TV. It is decided that the raised funds intended for investment in Electronic Networks and Digital Television will be reduced due to the adverse conditions in the sector from 111,930 thousand Euros that were decided with a resolution of the General Meeting of 22/6/2001 to 31,454 thousand Euros. G. To exclude from the investment program the settlement of the Leasing Elements amounting to 1,761 thousand Euros.

The Ordinary General Meeting of the Shareholders of 30.5.2003 approved the to-date implementation progress of the investment program of the Company and decided on the following:

∞. To include in the Investment Program: ∞1. In the category "Electronic networks" funds amounting to 12.835 thousand euros that was invested during the fiscal years 1999 to 2001 to increase by 3,65% the holding of Lambrakis Press SA in the share capital of Microland SA (resolution of the company’s Board of Directors of 26.11.2002).

41 ∞2. In the category "Repayment of Bank Loans" funds amounting to 4.580 thousand euros with which the company repaid an equal amount of short-term bank loans on 31.10.2002 (resolution of the company’s Board of Directors of 26.2.2002). ∞3. In the category "Participations", the 100% acquisition of the company ªICHALAKOPOULOU TOURIST - REAL ESTATE SA, against a price of 27.586 thousand euros, given that the building owned by the company was deemed suitable for the concentration and relocation of the services of Lambrakis Press SA and its affiliates. ∞4. In the category "Fixed assets" the required expenditure to renovate and equip the building of MICHALAKOPOULOU SA, along with the other relocation expenses of Lambrakis Press SA to the new building, of a total budgeted cost of 9.791 thousand euros.

µ. To reduce funds to be allocated as follows: µ1. By 8.200 thousand euros the investments earmarked for "New Publishing Products". µ2. By 8.804 thousand euros the funds earmarked to "Increase working capital" of the company. µ3. To exclude from the investment program and specifically from the category "Assets" the allocation of funds to construct an owned building in Peania and the related expenditure for the repair and relocating of Lambrakis Press SA and its affiliated companies as well as the expenses to repair the existing owned building at 3, Chr. Lada street of a total budgeted amount of 23.478 thousand euros.

C. To reduce the materialized investment as follows: C1. By 6.460 thousand euros in the category Digital Television, given that pursuant to the private contract dated 13.9.2002, Lambrakis Press SA sold its holding in the companies of Odeon Group (resolution of the company’s Board of Directors of 26.11.2002). Pursuant to the above, it is resolved not to proceed with any further investments from the funds raised from the Share Capital Increase, that was resolved by the Extraordinary General Meeting of the Shareholders of 16.9.1999, in the categories: a) Electronic networks, b) New publishing products, c) Repayment of Bank Loans and d) Increase of working capital.

Concurrently, it was resolved to allocate the funds amounting to 37.377 thousand euros that remained unallocated until 31.3.2003 as follows: a) In the category "Participations" to include the acquisition of the total shares of the company "ªICHALAKOPOULOU TOURIST – REAL ESTATE SA", against a price of 27.586 thousand euros and b) In the category "Assets" after the exclusion from the investment program of the funds earmarked for the construction of an owned building in Peania and the related expenditure to repair and relocate Lambrakis Press SA and its affiliates as well as the expenses to repair the existing owned building at 3, Christou Lada street of a total budgeted amount of 23.478 thousand euros - to include the expenses required to renovate and equip the building of MICHALAKOPOULOU SA, as well as the relocation expenses of Lambrakis Press SA to the new building totaling 9.791 thousand euros. The Company’s Board of Directors in its meeting of 23.7.2003 resolved for the following amendments of the company’s investment program:

42 SHARE CAPITAL INCREASE AND ALLOCATION OF RAISED FUNDS II

Given that pursuant to the Final Contract to Sell and Transfer Shares signed on July 7, 2003, the final price for the 100% acquisition of the company MICHALAKOPOULOU SA was fixed at 24.781 thousand euros, due to the reduction of the initially agreed price as follows:

Initially agreed price (preliminary purchase contract 30.3.2003) 27.586,21 Less: Outstanding balance of loan of Alpha Bank to Michalakopoulou SA 2.776,04 Fee owed by Michalakopoulou SA to ∆∂R¡∞ SA for already executed works 23,18 Compensation for expropriation of a 14,60 m2 land lot of Michalakopoulou SA 5,75 Total price (Final Contract to Sell and Transfer Shares signed on July 7, 2003) 24.781,24

The above amendments decided by the Board of Directors of the Company will be submitted for approval to the next General Meeting of the Shareholders.

The remaining amount of 18.775 thousand euros not appropriated on 31/12/2003 is placed in the following securities: Securities Acquisition value Valuation 31.12.03 In thousand euros Total of Listed Shares 4.102 1.132 Mutual Funds 14.674 5.756 Total 18.775 6.888

43 SHAREHOLDERS’ RIGHTS

The company’s share capital amounts to 45,180,000 euros and is divided into 75,300,000 common registered shares with a nominal value of 0.60 euro each. Each share of the company incorporates all the rights and liabilities defined in the Law and the company’s Articles of Association that is amended as needed according to resolutions of the Shareholders’ General Meeting to abide by the provisions of codified Law 2190/1920, as in force. By holding the title of the share, the shareholder accepts ipso jure the Articles of Association of the company and the legitimate resolutions of the General Meetings of the Shareholders. The company’s Articles of Association do not provide for special rights for any specific shareholders. The shares of the company are freely tradable. The trading unit is the title of 10 shares. The liability of shareholders is limited to the nominal value of the shares they hold. The

CHAPTER III shareholders participate in the company’s administration and profits according to the Law and the provisions of the Articles of Association. The rights and liabilities stemming from each share follow such share on to any full or specific successor of the shareholder. The shareholders exercise their rights relating to the administration of the company only by means of the General Meetings. The shareholders have pre-emptive right upon each future share capital increase of the company, pro rata to their participation in the existing share capital as described in art. 13 par. 5 of Codified Law 2190/1920. The shareholder’s lenders and their successors can in no case incite the confiscation or sealing of any of the company’s assets or books nor request the company’s liquidation or intervene in any way in the company’s administration or management. Each shareholder, regardless of domiciliation, is considered as legally domiciling at the company’s headquarters in relation to the shareholder’s relations with the company and is subject to the Greek Legislation. Each difference between the company and the any shareholder or third party is subject to the exclusive jurisdiction of tactical courts, while the company can be sued only upon the district courts of its headquarters. Each share is entitled to one vote. For joint owners of a share to be able to vote, such owners must specify to the company in writing a common representative for this share who will represent them in the General Meeting. Until such specification, the exercise of their rights is upheld. Each shareholder is entitled to participate in the General Meeting of the company’s shareholders either in person or through a proxy. To participate in the General Meeting, shareholders must deposit their shares in the company’s cashier or in the Savings and Loans Fund or in any bank in Greece at least five (5) days prior to the date set for the proceedings of the General Meeting. Within the same deadline the shareholders must deposit to the company the receipts of share deposits and the proxy documents and the company must give to the shareholder a receipt for his entry in the General Meeting.

Shareholders not complying with the above may participate in the General Meeting only after

44 SHAREHOLDERS’ RIGHTS III

the General Meeting’s permission. Shareholders representing 5% of the fully paid up capital: a) are entitled to request from the Civil Court of the company’s headquarters, the audit of the company according to art.40 and 40e of Law 2190/1920, and b) may request the summoning of Extraordinary General Meeting of the company’s shareholders. The Board of Directors is required to summon the Meeting no later than thirty (30) days from the day of deposit of such request to the President of the Board of Directors. In this request the shareholders must state the issues on which the General Meeting must resolve. Ten (10) days prior to the Ordinary General Meeting, each shareholder may request the annual financial statements and the related reports of the Board of Directors and the Auditors of the company. The dividend of each share is payable to the bearer at the company’s offices or at any other place duly specified, within two (2) months from the date of the Ordinary General Meeting that approved the Annual Financial Statements. The place of payment is announced via the Press. Dividends not requested for five years, since they were payable, are written off in flavor of the Greek State. In respect to the procedure of the deposit of shares in order the shareholders to participate in the General Meetings and the procedure of dividend payments, the company shall apply the provisions of the Regulation of Operation and Settlement of the Dematerialized Share System of the Central Securities Depository, as such regulation is amended from time to time.

45 TAXATION OF DIVIDENDS

According to statutory regulations (Law 2238/1994, art. 109), domestic incorporated companies with shares listed on the Athens Stock Exchange are taxed with a 35% factor on their taxable profits before any appropriation. As a result dividends are paid from profits already taxed at the company level and consequently shareholders have no tax liability on the amounts of dividends collected. The date on which the General Meeting of the company’s shareholders approves the annual financial reports is considered as the date on which the shareholder receives dividend as income. It is noted that according to the statutory regulations, the dividend payable to the parent company from profits realized by affiliated companies in a specific fiscal year is paid to such parent company in the next fiscal year (unless dividend pre-payment is effected during the same fiscal year). Consequently, such dividend is included in next year’s earnings of the parent company. Dividends payable from the profits of the parent company that encapsulate dividends from CHAPTER IV profits of the company’s affiliates are paid to the shareholders in the first fiscal year after their collection from the parent company. It is additionally noted that 5% of the profits of the parent company stemming from dividends is taxed with a 35% factor, since such dividends have already been taxed at the affiliate company level.

46 INFORMATION ON THE COMPANY V

INFORMATION ON THE COMPANY

V.1. GENERAL The company Lambrakis Press SA - with the trade name DOL. SA - was established in 1970 (Government Gazette, Volume on Sociétés Anonymes and Limited Liability Companies, issue No 1107/30.6.70) and resulted from the conversion into a société anonyme of the personal publishing company of Christos Lambrakis, Elsa Lambrakis, Lena Savvidis and Anna Lambrakis through the contribution to the new company of all assets of the personal enterprise which were valuated by the committee provided for in art. 9 of Codified Law 2190/1920.

After its registration in the Register of Sociétés Anonymes, the company has the registration number 1410/06/µ/86/40.

The duration of the company is set to 50 years from the date of its registration in the Register CHAPTER V of Sociétés Anonymes, i.e. until 2020. The company’s head office is in the Municipality of Athens and its registered office is at 3 Christou Lada street, 102 37 Athens. According to art 2 of the company’s Articles of Association, the objects of the company are:

1. Publishing daily newspapers, both morning and evening, of political, economic, social, cultural, scientific, technical, encyclopedic, recreational and sports content. 2. Publishing weekly newspapers and magazines of similar content. 3. Publishing special-interest newspapers. 4. Publishing variety magazines. 5. Publishing any type of printed media of general or special interest. 6. Publishing any type of books and textbooks by Greek or foreign writers, selling such books and textbooks as well as any other foreign publication, and importing, exporting and trading publications of all types. 7. Acting as agent and distributor of the publications referred to in (1)-(6) above for own or third party publications. 8. Undertaking any kind of typesetting, printing, publishing, lithographic and bookbinding operations and, in general, any operation related to graphic arts. 9. Establishing and operating printing facilities, printing presses, lithographic facilities and bookbinding facilities. 10. Acquiring any kind or means of participation into any Greek or foreign companies, already operating or to be established in the future. 11. Any journalistic or publishing activity. 12. Any activity related to communications systems (radio, television, news reporting, etc.). 13. Any activity or operation related to the broader edification of the public (education, information, intellectual uplift and culture, etc.). 14. Any activity or operation connected related to the foregoing, which may be decided upon by the company’s Board of Directors. 15. Promoting Greece and tourism to Greece through published articles, brochures, leaflets,

47 and special publications and by establishing and operating hotels, tourist enterprises, travel agencies and bureaus and any other similar operation or enterprise and by participating in other Greek or foreign enterprises with similar objects. 16. Cooperating with any person or legal entity under any arrangements. 17. Acting as agent of any Greek or foreign enterprise having the same or similar object. 18. Rendering any kind of services to third parties, both persons and legal entities, at a remuneration and undertaking projects of third parties, both persons and legal entities, on a contracted project basis at a compensation. 19. Conceding the use of the company’s real property, facilities and equipment to third parties at a compensation. 20. Assigning the management of the company to other persons or legal entities and undertaking the management of other companies. 21. Engaging in any commercial or industrial activity in order to enhance the afore objectives of the company. 22. Purchasing and selling securities and, in general, participating in mutual fund companies, investment companies, investment portfolio companies, etc. whether directly or through stock exchange institutions, for the purpose of maximizing the profitability of its liquid assets. 23. Participating in real estate companies. Over the past five years, the company’s object was amended through the addition of the above paragraphs:

■ 22 - following the resolution of the Shareholders’ General Meeting of 29.06.2000 and ■ 23 - following the resolution of the Shareholders’ General Meeting of 30.05.2003.

According to the Statistical Classification of Economic Activity Sectors of 1991 (STAKOD 91) the company is classified under the Publishing Sector (Code 221). The company’s turnover for the year 2003 per sector of business activity is analyzed to the following STAKOD codes:

TURNOVER BREAKDOWN PER SECTOR OF BUSINESS ACTIVITY STAKOD 91 Turnover Activity 2002 2003 Thousand euros Thousand euros % 221.2 Newspaper and magazine publishing 108.340,95 117.335,45 95,12% 741.2 Service rendering 4.423,74 4.862,73 3,94% 521.4 Sales of goods 674,89 721,97 0,59% 372.0 Sales of byproducts 527,52 0,00 0,00% 515.7 Wholesale of byproducts 0,00 434,31 0,35% Total turnover 113.967,10 123.354,46 100,00%

V.2. INSTITUTIONAL FRAMEWORK OF THE PUBLISHING SECTOR The publishing sector is governed by a network of special legislative regulations (Laws 1746/87, 1806/88, 2328/95, 2429/96, Presidential Decree.310/96, Law 3021/2002 and others). Their aim is to control the participation of persons and legal entities in publishing enterprises, to secure the transparency of the funding means of these enterprises and to achieve pluralism in the sensitive sector of Mass Media. This legislative framework institutes a series of strict

48 INFORMATION ON THE COMPANY V

requirements and formal procedures, which include the following: ■ Registration of shares down to the level of end beneficiary (person) with the exception of Organizations for Collective Investments in Transferable Securities (UCITS) of domestic or EU origin, provided that they jointly own a percentage not exceeding 10% of the share capital of the company and each one separately a percentage not exceeding 2.5% of such capital (Law 1746/1988, article 24). In the contrary case, the above-mentioned organizations are subjected to the requirement of the registration of their shares to the end beneficiary level. ■ Submitting annual statements of the assets of the company, the shareholders and the members of the Board of Directors. In particular, in June each year the shareholders of publishing companies are required to submit a statement on the origin of their financial or other means with which they participate in the (publishing) company to the competent Assistant District Attorney of the Supreme Court. These Statements are not confidential. The omission of submitting such Statement and the submission -knowingly- of inaccurate or incomplete Statement is punished with a year imprisonment, a pecuniary penalty and loss of civil rights for a period of 1-5 years (article 40, Law 1806/88, as applied). The same requirement is imposed also by Law 3213/2003, according to which (inter alia) the content of the Statement is precisely described (article 2) and strict penalties are provided for (article 4). ■ Registration of the company to the Transparency Register (Presidential Decree 310/96). ■ Notification to the Ministries of Press and Development and to EIHEA (Athens Daily Newspaper Publishers’ Association) of Notification to the above-mentioned Authorities for the publication of new magazines and newspapers (Law 2328/1995, article 13). ■ Restrictions to the execution of public contracts as such restrictions are described in article 14, paragraph 9 of the revised Greek Constitution and are detailed in Law 3021/2002

The Lambrakis Press SA abides by the provisions of the existing legislation.

V.3. BRIEF HISTORY - MILESTONES

1922 Launching of the daily newspaper "ELEFTHERON VIMA" by its founder and director Dimitrios C. Lambrakis. In 1945, after World War II, Dimitrios Lambrakis published the newspaper again under the title "TO VIMA" in a daily and a Sunday edition. In 1984 the publishing effort was focused on a new, weekly, edition titled "TO VIMA TIS KYRIAKIS". In March 1999, "TO VIMA" was published once again as a daily newspaper.

1926 Launching of "ECONOMICOS TACHYDROMOS", initially as a weekly financial supplement to "ELEFTHERON VIMA". In 1954 ECONOMICOS TACHYDROMOS became an independent weekly political and financial magazine. Since April 2000 it is published as a supplement to "TO VIMA" newspaper.

49 1931 Launching of "ATHINAIKA NEA", an evening daily newspaper. In 1945, after World War II, Dimitrios Lambrakis published the newspaper again under its present title "TA NEA".

1954 Launching of "O TACHYDROMOS", a weekly newsmagazine. Its publication was discontinued in 1993 with Lambrakis Press SA holding the copyright of the title for future use. In 2000, the magazine was republished as a supplement to "TA NEA SAVVATOKYRIAKO".

1957 Death of Dimitrios C. Lambrakis who was succeeded by journalist Christos D. Lambrakis as the head of Lambrakis Press.

1967 Launching of the annual tourist guide titled "DIAKOPES" containing detailed tourist information and maps about Greece.

1970 The personal company "Lambrakis Press" established in 1922 by journalist Dimitrios C. Lambrakis was incorporated into a société anonyme (public company limited by shares) bearing the same name.

1981 Lambrakis Press SA diversified into the tourist sector by establishing the "TRAVEL PLAN" domestic and overseas tourism travel agency.

1984 The weekly newspaper "TO VIMA TIS KYRIAKIS" appeared in its new format.

1988 Launching of the Greek edition of the French women’s magazine "MARIE CLAIRE" in October.

1989 "MEGA CHANNEL" free-to-air television station was established by "TILETYPOS SA". Lambrakis Press SA was among its founding members.

1993 Lambrakis Press SA acquires the "ITHOMI EKDOTIKI EKTYPOTIKI SA" which had been active in commercial printing. The company was entirely absorbed by Lambrakis Press in 1997. ■ Through its wholly owned subsidiary, "MULTIMEDIA SA", Lambrakis Press SA diversified into electronic prepress production. The company, which has made considerable investments so far, provides integrated services to the newspapers and magazines of Lambrakis Press as well as to those of third parties.

1994 The major printing facility of Lambrakis Press was completed and fully commissioned in the privately owned plant situated at Akadimia Platonos. Besides meeting the printing needs of Lambrakis Press, the facility, with its state-of-the-art equipment, printed newspapers and other publications of third parties.

50 INFORMATION ON THE COMPANY V

1996 Establishment of "NORTHERN GREECE PUBLISHING SA" (Northern Greece Publishing Co), in which Lambrakis Press holds a 33.3% participation. "Northern Greece Publishing SA" operates in the Northern Greece market, publishing the daily newspaper "Aggelioforos" and the weekly newspaper "Aggelioforos tis Kyriakis" and the monthly general-interest magazine "Close Up". The company also owns and operates the ultra-modern and vertically integrated printing and production unit PHILIPPOS.

1997 A special department created within Lambrakis Press was assigned the task to complete the study for and gradually implement the electronic storage of the records of "TO VIMA" and other Lambrakis Press publications, which will become an important source of information for researchers studying 20th century Greece.

1998 Lambrakis Press acquired IRIS PRINTING SA, a printing company specialized in sheet-feed presses. The purpose of the acquisition was to completely enhance the printing capacity of Lambrakis Press. ■ Lambrakis Press SA and the National Geographic Society finalize the agreement concerning the Greek edition of the monthly NATIONAL GEOGRAPHIC magazine and the production and exclusive distribution in Greece of books, video cassettes and other products of the National Geographic Society. The first issue of the Greek edition of the NATIONAL GEOGRAPHIC circulated in October 1998. ■ The company’s share capital was increased through a public offering and the listing of Lambrakis Press in the Primary Market of the Athens Stock Exchange.

1999 "ARGOS SA", jointly established in 1998 by Lambrakis Press SA and C. K. Tegopoulos SA, broadened its shareholder basis and applied for a license from the Ministry of Press to set up a newspaper and magazine distribution agency. After the license was granted, the company commenced operations in June 1999. The company’s shareholders currently include another 12 leading Greek publishing firms. ■ "TO VIMA" was republished as a morning daily newspaper. ■ Lambrakis Press and Terzopoulos Publishing Co establish the publishing company "Nea Aktina SA", which undertook to continue the publication of Disney’s children’s magazines (cartoons, comics, etc.). Lambrakis Press SA holds a 50,5% participation in the company. ■ Establishment of "Action Plan SA", a company whose object is the development, installation and operation of a fully automated Call Centre and a Customer Relation Management service for providing telemarketing and telesales services to third parties, the provision of data base services, the sale and promotion of third-party products for a fee, etc. The National Bank of Greece acquired a 15% participation in the new company, which was initially established as a wholly owned subsidiary of Lambrakis Press.

51 ■ The Group’s subsidiary "DOL Communications SA" was renamed to "DOL Digital SA" and converted into a holding company, its main object being to extend the activities of the Lambrakis Press Group of Companies to the new digital economy. ■ DOL Digital SA established RAMNET SA aiming to create and operate the first major Internet portal in.gr. The portal commenced operation in October 1999. ■ Lambrakis Press and the Hearst international publishing company established the publishing company Hearst Lambrakis Publishing Ltd, which undertook the publication of the "Cosmopolitan" magazine in Greece, which was launched in April 2000. This partnership is expected to extend to the publication of other magazines of the international firm in Greece. Lambrakis Press holds a 50% participation in the company. ■ In association with the French firm of MC Album SA, Lambrakis Press established MC Hellas SA which undertook the publication of the women’s magazine "Marie Claire", which had until then been published by Lambrakis Press SA The first issue to come out from the new company was that of January 2000. Lambrakis Press SA has a 50% participation in the company. ■ The spin-off of the printing sector of Lambrakis Press is concluded and the sector is contributed to IRIS PRINTING SA, a wholly owned subsidiary of Lambrakis Press.

2000 "TACHYDROMOS" was republished as a supplement to the newspaper "TA NEA SAVVATOKYRIAKO", six years after its publication was suspended. ■ "VIMAgazino", the variety weekly magazine was published as supplement to the newspaper "TO VIMA tis KYRIAKIS". ■ Lambrakis Press acquired a 55% participation in EIDIKES EKDOSEIS S.A that publishes the monthly magazines "KLIK" and "MEN" and the bimonthly magazine "GAIORAMA". ■ In the context of new strategic co-operations, Pegasus Publishing and Printing SA acquired a 30% participation in IRIS Printing SA. Lambrakis Press participation became 70%. ■ In the context of restructuring the group’s operations and supporting the autonomous growth of each sector, Lambrakis Press concluded the spin-off of the tourist sector from the parent company and its contribution to the affiliated company Eurostar SA, in which Lambrakis Press holds a direct participation of 98%. ■ DOL Digital SA acquired a 50% participation in the share capital of Phaistos Networks SA. The company develops Internet software and solutions (systems and applications design, search engines etc) and operates the second largest Greek portal named pathfinder.gr. ■ Lambrakis Press, Athens Medical Center SA and Qu.S. SA establish a new company named "In Health SA", aiming to create a health portal offering medical information and medical services in general. On behalf of Lambrakis Press group,

52 INFORMATION ON THE COMPANY V

RAMNET SA holds a 50% participation in the company’s share capital.

2001 IRIS PRINTING SA concludes its four-year investment program (2000-2003) totaling 140 million euros. ■ Eurostar SA, in which Lambrakis Press transferred its tourist business in October 2000, acquired a 75% participation in the share capital of "Triaina Travel - Stavros Lagas SA", which is active in tourist service rendering. ■ Ramnet Shop SA commenced its internet commerce operation through its internet shop "shop21.gr’, that evolved as a department store featuring consumer products such as DVDs, CDs, books, games, software and video cassettes. ■ Netonline SA commenced its operations by launching 4 subscription-based services (internet access, real-time stock exchange session feed, e-mail service and web design).

2002 In March 2002 the new monthly women’s magazine «VIMADonna» was published as a supplement of the Sunday newspaper «To Vima tis Kyriakis» every last Sunday of each month. The magazine ranks among the top five women’s magazines based on the nominal attracted advertisement spending. ■ In September 2002, «IRIS Printing SA» concluded its investment program, to build two state-of-the-art vertically integrated industrial printing plants (in Koropi, Attica and Inofyta, Viotia). The two new state-of-the-art plants concentrated all the company’s industrial production from the five older industrial units that were operating since 2001 («Koropi», «Tsefliki», «Madaro», «Ithomi», «Akadimia Platonos»). As a result, by operating the two up-to-date plants and relocating its administrative and financial departments in Koropi, the company gained considerable economies of scale that have already begun to yield positive results to the company and to Lambrakis Press Group.

V.4 THIS YEAR’S BUSINESS REVIEW

PUBLISHING SECTOR In 2003 the publications of Lambrakis Press Group widened their presence in the publishing market of newspapers and magazines, maintaining their top position both in terms of copies sold, attracted advertisement campaign and readership. According to recent market data for the full 2003, the newspapers and magazines of Lambrakis Press Group retained their top position and strengthened their lead against their competition. The high rate of readership of the titles of Lambrakis Press Group in conjunction to the wide spectrum of the group’s publications has resulted in their significant penetration among Greek readers. It is notable that more than 35% of the adult population in Greece reads at least one of Lambrakis Press publications. In fiscal year 2003, the Management of the Group determined its publishing strategy, taking into consideration the trends of the domestic publishing market, which was mainly characterized by a relative upturn of the advertisement market, the stagnation of circulations

53 and the intense competition among publications. The main orientation of their strategy was the continuous improvement of the competitiveness of Lambrakis Press publications and the promotion of the Group’s comparative advantages in the publishing sector stemming its the long and pioneering presence in the domestic publishing market in order to achieve high rates of operating earnings growth. Within this strategy, the Management of the Group re-examined and re-designed some of the existing publishing products aiming to improve their market position, to increase their readership penetration and to upgrade their quality and strengthen their profitability. Concurrently, aiming to access new readers and maintain its forefront position, Lambrakis Press Group invested in promoting new titles of magazines and supplements that enrich further the daily and Sunday editions of newspapers. At the same time the Group invested in gradually embedding new technologies in the production flow (like, for example, the computer-to-plate technology that abolishes various stages of the prepress-printing procedure and reduces the cost and production time of newspapers and magazines) thus further strengthening the profitability of its publications. The successful course and exploitation of the already established publications as well as the promotion of new publications in the market constitutes a main component for the Group’s development and a stable factor of profitability. As a result, Lambrakis Press Group remains the largest publishing group in the domestic market, publishing the two largest newspapers and 6 out of the top ten magazine titles that circulate in Greece.

NEW PUBLISHING PRODUCTS In 2003, the newspaper «∆∞ ¡∂∞» undertook an especially important scientific publishing project in publishing "The History of the Modern Greek Nation", a multi-volume historical project covering the political and economic history of the Greek nation from 1770 until today. «The History of the Modern Greek Nation» that is published in issues in the daily edition of the newspaper «TA NEA», is written and edited by a staff of eminent Greek historians aiming to offer to its readers a new and complete presentation of the history of Greeks from the late 18th to early 21st century. Also, targeting the market of juvenile publications, in June 2003 the affiliated company «Special Publications SA» published the new monthly magazine «FREE». The new magazine covers subjects of juvenile interest and life style and right from its first issues was very positively accepted and was very successful both in terms of circulation and attracted advertisement spending. The issues of «FREE» are bundled with Video CD or CD-ROM and are supplemented by extra issues with articles of special interest o tits readers.

PRINTING SECTOR In 2003, the affiliated company "IRIS PRINTING SA", (70% owned by Lambrakis Press SA) maintained its top position in the printing sector. The conclusion of the company’s 4-year investment program aiming to improve and extend the infrastructure of its industrial installations begun to yield and contribute to the strengthening of the effectiveness and efficiency of Lambrakis Press Group. The company’s vertically integrated industrial infrastructure combined with the implemented

54 INFORMATION ON THE COMPANY V

strategy of the Management for further penetration in the market offers the company an important comparative advantage to increase its market share along with significant economies of scale on the Group level. Concurrently, within the framework of strategic cooperation in the printing sector with the Group of "Pegasus" (which has a 30% holding in "IRIS Printing SA"), «IRIS Printing SA» decided to merge by acquisition with the printing company ORAPRESS SA, a "Pegasus" group affiliate. The merger was concluded in all legal formalities with the signing of the related notarial deed on 9.5.2003.

TOURIST SECTOR In 2003, taking into consideration the international negative circumstance and the differentiation in the demand for tourist services that characterized the domestic and international tourist market, the Management of Lambrakis Press Group adjusted its strategy to the new data, aiming to maintain and strengthen the position of its tourist sector companies in the market. In this context in order to overcome the issues of increased competition and decreasing demand for services, the tourist sector companies of Lambrakis Press Group, «EUROSTAR SA» and its affiliate «TRIAIANA TRAVEL – ST> LAGAS SA» adjusted their offered services to the new market conditions. The «Travel Plan» logo, under which EUROSTAR SA renders its services, remains the most identifiable and reliable trademark in the Greek market of tourist services.

HOLDINGS SECTOR The main constituent of the Management’s strategy was the optimization of the allocation of the Group’s funds aiming to achieve efficiency and to align the business targets of affiliated companies, the primary criterion being the maximization of effectiveness and efficiency at Group level In the framework of the strategy to re-examine and rationalize the holdings of Lambrakis Press, the Management of the Group decided to sell the minority holding in the companies Odeon SA, Odeon Licensing SA and Digital Press SA that are active in the cinema sector. Also, Lambrakis Press SA, shareholder of the company «Special Publications SA» by 65,58%, on 15.4.2003 purchased from the rest of the company’s shareholders their total holding in it and in this way became the sole shareholder of «Special Publications SA» having a 100% holding. Concurrently, the selling shareholder Mr. ∞. Terzopoulos transferred to «Special Publications SA" the logos of the magazines «ª∂¡», «GAIORAMA» and «GEORAMA» while he retained in his ownership the logo of the magazine «∫LIK». Moreover, Lambrakis Press SA in the framework of the investment plan pertaining to the relocation of Lambrakis Press Group in a single building, decided not to undertake the construction of a new building but to proceed to acquiring 100% of the company MICHALAKOPOULOU SA, which owns a multi-story building at 80, Michalakopoulou street of a total area of 14.718,56 m2 on a land lot of 985,04 m2 that after required repairs was deemed suitable for the relocation and concentration of the services of Lambrakis Press SA and the affiliated companies of its group. The relocation of the company will begin in June 2004 and will be concluded within the fiscal year 2004.

55 INFORMATION TECHNOLOGY (IT) AND NEW TECHNOLOGIES SECTOR Lambrakis Press Group steadily maintains the top position in the Greek Internet according to the spectrum of services it offers, the materialized investments and the accumulated know-how. Assessing the developments in the sector of information technology and the Internet in Greece, the Management of the Group proceeded with a strategic redesign of the Group’s IT sector aiming to reduce operating costs and to exploit the resources, the know-how and the products it offers more efficiently. To this end, the operation and the sector’s targets of the existing and new services and products were revised in order to improve their effectiveness and penetration in the market. The first positive effects of the continued redesign is already evident in the financial data of the fiscal year 2003.

56 BUSINESS ACTIVITY VI

BUSINESS ACTIVITY

The analysis and evolution of the Company’s activity per business sector for the fiscal years 2002 and 2003are shown in the following table

2002 2003 Turn over Thousand euros Thousand euros % _ Circulation revenue 58.897,17 64.718,05 52,47% _ Advertisement revenue 49.443,78 52.617,40 42,66% Total Income from publishing activity 108.340,95 117.335,45 95,12% Income from services rendered 4.423,74 4.862,73 3,94% Income from sale of goods 674,89 721,97 0,59% Income from sale of byproducts 527,52 434,31 0,35% Total turnover 113.967,10 123.354,46 100,00%

2002 2003 Geographical allocation of turnover Thousand euros Thousand euros % Domestic sales 113.095,61 123.146,32 99,83% International sales 871,49 208,14 0,17% CHAPTER VI Total turnover 113.967,10 123.354,46 100,00%

57 Vπ.2. PUBLISHING ACTIVITY The Publishing Sector of the Lambrakis Press Group comprises two media categories:

∞. Newspapers Publishing company Lambrakis Press holding (%) TO VIMA LAMBRAKIS PRESS SA TO VIMA TIS KYRIAKIS LAMBRAKIS PRESS SA TA NEA LAMBRAKIS PRESS SA TA NEA SAVVATOKYRIAKO LAMBRAKIS PRESS SA AGGELIOFOROS N.GREECE PUBLISHING SA 33,33% AGGELIOFOROS TIS KYRIAKIS N.GREECE PUBLISHING SA 33,33%

µ. Magazines Publishing company Lambrakis Press holding (%) TO PAIDI MOU KI EGO LAMBRAKIS PRESS SA VITA LAMBRAKIS PRESS SA GAMOS LAMBRAKIS PRESS SA DIAKOPES LAMBRAKIS PRESS SA NATIONAL GEOGRAPHIC - LAMBRAKIS PRESS SA NATIONAL GEOGRAPHIC RETRO RAM LAMBRAKIS PRESS SA HiTECH LAMBRAKIS PRESS SA VIMAgazino (1) LAMBRAKIS PRESS SA VIMADonna (2) LAMBRAKIS PRESS SA TACHYDROMOS (3) LAMBRAKIS PRESS SA ECONOMIKOS TACHYDROMOS (4) LAMBRAKIS PRESS SA AKINITA STHN ELLADA (5) LAMBRAKIS PRESS SA ª∂¡ SPECIAL PUBLICATIONS SA 100,00% GAIORAMA - GAIORAMA EPILOGES (6) SPECIAL PUBLICATIONS SA 100,00% FREE SPECIAL PUBLICATIONS SA 100,00% DISNEY PUBLICATIONS NEA AKTINA SA 50,50% ª∞RIE CLAIRE MC HELLAS SA 50,00% COSMOPOLITAN HEARST LAMBRAKIS LTD 50,00% TV ZAPPING MELLON GROUP SA 50,00% CLOSE UP N.GREECE PUBLISHING SA 33,33%

1 Supplement variety magazine in the newspaper «TO VIMA TIS KYRIAKIS» 2 Supplement women’s monthly magazine in the newspaper «TO VIMA TIS KYRIAKIS» (last edition of each month) 3 Supplement variety magazine in the newspaper «TA NEA SAVVATOKYRIAKO» 4 Supplement financial magazine in the newspaper «TO VIMA» (Thursday edition) 5. Supplement magazine with real estate classifieds in the newspaper «TA ¡∂∞» (Thursday edition) - Sold standalone every Saturday 6. GEORAMA - EPILOGES: Supplement geographical magazine in the newspaper «TO VIMA» (Wednesday edition)

58 BUSINESS ACTIVITY VI

NEWSPAPERS

™∏ª∂ƒ∞ ª∞∑π ª∂ «∆√ µ∏ª∞ ∆∏™ ∫Àƒπ∞∫∏™»

‚ »ˆ` ¢„”‚ ¶ƒ„˘¸ „ “¸`¶ „•¶˘ „ » •„ »¶ ˙˘ˆ ‚» ¨ ‚ Ł ºÆØøغ Ø ˘ˆ¸ `ATIONAL GEOGRAPHIC ØÆ Æ Æ ()players DVD + ˘ øº غ CD & PC Ł Ø Æ ØÆ Æ Ø łÆ Æ

TO VIMA TIS KYRIAKIS ¶POE¢PO™ ¢.™.: XPH™TO™ ¢. §AM¶PAKH™ EK¢OTH™ - ¢IEY£YNTH™: ™TAYPO™ ¶. æYXAPH™ ¢ƒÀ∆∏™: ¢∏ª∏∆ƒπ√™ §∞ª¶ƒ∞∫∏™ ∫Àƒπ∞∫∏ 16 ª∞´√À 2004 © TO BHMA ∫ÂÓÙÚÈο ÁÚ·Ê›·: ÃÚ‹ÛÙÔ˘ §·‰¿ 3, ∞ı‹Ó· 102 37 ∂ÙÔ˜ ȉڇÛˆ˜ 1922 ✝ ∆Ô˘ ∆˘ÊÏÔ‡, £ÂÔ‰ÒÚÔ˘ ËÁÈ·Ṳ̂ÓÔ˘ ∂Ή›‰ÂÙ·È ·fi ÙÔÓ ¢ËÌÔÛÈÔÁÚ·ÊÈÎfi ✆ 210 3333.555 ∂-mail: [email protected] EÙÔ˜ ¶°′ - ∞ÚÈı. 14165 - ∆ÈÌ‹: 2 ú ∞Ó·ÙÔÏ‹ 06.15 - ¢‡ÛË 20.29, ™ÂÏ‹ÓË 27 ËÌÂÚÒÓ √ÚÁ·ÓÈÛÌfi §·ÌÚ¿ÎË ∞.∂. Internet: http://tovima.dolnet.gr

ƒ∂¶√ƒ∆∞∑ ˆ Ł ØÆ Ø Æ ø Æ º Ø Ł 13Ł „ø ø ‚ Æ œ Æ ”ÆÆÆ ˘Ø ÆØ Ł `¢ - » ø ˘Ł ƒŁ øŁŁ ¶ø º ºÆØ ˆØº Æ ºÆØ Æ ⁄øº ˆº ● ™ÂÏ. ∞4-8 ‚ Æ Æ, Ł ƺ ØÆ ºÆØ Æº ıØ Ł º ŒØ

˘ Ø ∂ÓÈÛ¯‡ÂÙ·È ·ÈÊÓȉ›ˆ˜ ÙÔ ÂӉȷʤÚÔÓ ÙˆÓ ‰‡Ô ¶·™Ô∫ GENERAL INFORMATION ÌÂÁ¿ÏˆÓ ÎÔÌÌ¿ÙˆÓ ÁÈ· ÙÔ ·ÔÙ¤ÏÂÛÌ· ÙˆÓ ÂÈ- ΛÌÂÓˆÓ Â˘ÚˆÂÎÏÔÁÒÓ Î·È ÚÔÔȈӛ˙ÂÙ·È ¤ÓÙÔ- ¶⁄⁄ ¢ , ‚ƒ Æ Æ ÓË ÔÏÈÙÈ΋ ·Ó·Ì¤ÙÚËÛË, Ô˘ ı· ·Ú¯›ÛÂÈ Ó· ÎÏÈÌ·ÎÒÓÂÙ·È Ì ÙËÓ ·Ó·ÎÔ›ÓˆÛË ÙˆÓ „ËÊÔ- ƒºŁØ ¢Ø ı Ø ÆØ Ł º Ł... ‰ÂÏÙ›ˆÓ ˆ˜ ÙÔ Ù¤ÏÔ˜ Ù˘ ÚÔÛ¯ԇ˜ ‚‰ÔÌ¿- ”„ ‰Ô˜. ∏ ΢‚¤ÚÓËÛË ÂÌÊ·Ó›˙ÂÙ·È ÂÈÊ˘Ï·ÎÙÈ΋, ● ƒÆ Æ ø ™ÂÏ. ∞37 ηıÒ˜ Ù· ÚÔ‚Ï‹Ì·Ù· ÛÙÔ Ì¤ÙˆÔ Ù˘ ÔÈÎÔ- ` ƒ˘¸¥‚ ÓÔÌ›·˜ ÏËı‡ÓÔÓÙ·È Î·È Ô ‰ÚfiÌÔ˜ ÁÈ· ÙÔ˘˜ OÏ˘ÌÈ·ÎÔ‡˜ ∞ÁÒÓ˜ Ê·›ÓÂÙ·È ÛÙڈ̤ÓÔ˜ Ì ˘ ƺØ... ØÆ Æ Æ ÆŒŁ T ø “TAYPOY ƒ. YXAPH ·ÁοıÈ·. OÈ ÂÈÙÂÏ›˜ Ù˘ ¡¢ ÂÎÊÚ¿˙Ô˘Ó ÙÔÓ "∆√ VIMA TIS KYRIAKIS" has been published in its present form Êfi‚Ô fiÙÈ Ë ·ÓÂÚÁ›· Î·È Ë ·ÎÚ›‚ÂÈ· ÌÔÚ› Ó· ÆŒØØغ ŁÆ ÛÙÚ¤„Ô˘Ó ÙË Ï·˚΋ ‰˘Û·Ú¤ÛÎÂÈ· ÚÔ˜ ÙËÓ ºÆØ Ł È Û˘ÓÔÌÈϛ˜ ÙÔ˘ ¤ÏÏËÓ· ƒ Ø ÆØ Ø łæ ø Ø ∞ÎÚÔ‰ÂÍÈ¿. O Úˆı˘Ô˘ÚÁfi˜ Î. ∫. ∫·Ú·Ì·Ó- “ Ł ºÆ √ ¶Úˆı˘Ô˘ÚÁÔ‡ ÛÙËÓ O˘¿- Æ Æ Ø ø ø Æ Ï‹˜ ı¤ÏÂÈ Ó· ·ÓÙÈÌÂÙˆ›ÛÂÈ ÙÔ ÂӉ¯fiÌÂÓÔ ‰È·Ú- ÛÈÁÎÙÔÓ, fiÔ˘ Ô Î. ∫. ∫·Ú·Ì·Ó- ÚÔÒÓ Î·È ÛÙË ƒËÁ›ÏÏ˘ Û˘ÓÙ¿ÛÛÔ˘Ó Ô‰ËÁ›Â˜ ØÆ Ø ø º ø „ø ø Ï‹˜ ÌÂÙ·‚·›ÓÂÈ ˆ˜ ÚÔÛÎÂÎÏË- ● ™ÂÏ. ∞32 Î·È ÂȉÈÎfi ÚfiÁÚ·ÌÌ· ‰Ú¿Û˘ ÁÈ· ÙȘ ÙÚÂȘ ● ™ÂÏ. ∞16, ∞18 ̤ÓÔ˜ ÙÔ˘ ·ÌÂÚÈηÓÔ‡ ÚÔ¤‰ÚÔ˘ ÚÔÂÎÏÔÁÈΤ˜ ‚‰ÔÌ¿‰Â˜. ● ™ÂÏ. ∞14, µ2, µ6 ∆˙ÔÚÙ˙ ªÔ˘˜, ı· ¤¯Ô˘Ó ÙȘ Ô- ÏÈÙÈΤ˜ ÚÔÂÎÙ¿ÛÂȘ Ô˘ ˘·ÁÔ- since January 22, 1984. According to relevant market research, the ÚÂ‡Ô˘Ó ÙÚ›· ı¤Ì·Ù· Ù· ÔÔ›· newspaper is the main source of information for the most educated and dynamic readers. "∆√ VIMA THS KYRIAKIS" is a multi-segment newspaper with especially rich content that is supplemented with the following special sections, aiming to keep updated and inform in depth the Sunday readers:

● "Anaptyxi" Focusing on the economy, businesses, capital markets and stock exchange ● "To Allo Vima" Focusing and analyzing cultural and artistic topics ● "Vivlia" Focusing on literature and publishing topics.a ● "VIMAScience" Focusing on Greek and international scientific topics

Also, "To VIMA Tis Kyriakis" is accompanied by the following supplements:

● "VIMAgazino" A variety magazine with reportages, lifestyle topics and interviews. In 2003 the magazine included special issues on decoration, automobiles, vacations etc. ● "VIMADonna" A monthly women’s magazine (on last Sunday of the month) ● "TV Guide" Weekly TV Guide with reportages and television topics ● "Celebrities" Weekly supplement of «TV Guide» with reportages focusing on the artists’ lives ● "VIMA Istoria" A series of special historic supplements focusing on the most important moments and personalities of Greek history

In including the variety magazine «VIMAgazino» and the women’s magazine «VIMADonna» in its editions, «TO VIMA TIS KYRIAKIS» changed the profile of the Sunday newspaper market and created new standards in the printed media. The market responded to this publishing imitative very positively and as a result the newspaper’s readership widened

© TO BHMA ∫Àƒπ∞∫∏ 16 ª∞´√À 2004

√È ÙÂÏÂ˘Ù·›Â˜ √ «πfiÏ˘ÙÔ˜» ˘Ôı‹Î˜ ÙÈÌ¿ ÙÔ˘ °ÈÒÚÁÔ˘ Ù· 50¯ÚÔÓ· ∑ÔÁÁÔÏfiÔ˘ÏÔ˘ ÙˆÓ ∂ȉ·˘Ú›ˆÓ

¶¤‰ÚÔ ∞ÏÌÔ‰fi‚·Ú «ºÔ‚¿Ì·È ÙË ¢ÂÍÈ¿ Î·È ÙËÓ ÙÚÔÌÔÎÚ·Ù›·» O ÈÛ·Ófi˜ ÛÎËÓÔı¤Ù˘ ÌÈÏ¿ÂÈ ÛÙÔÓ °È¿ÓÓË ∑Ô˘ÌÔ˘Ï¿ÎË ÁÈ· ÙËÓ Ù·ÈÓ›· ÙÔ˘ «∫·Î‹ ÂÎ·›‰Â˘ÛË», ÙȘ Û¯¤ÛÂȘ ÙÔ˘ Ì ÙËÓ ∂ÎÎÏËÛ›· Î·È ÙȘ ‰ÈÂıÓ›˜ ÔÏÈÙÈΤ˜ ÂÍÂÏ›ÍÂȘ

59 significantly and the attracted advertisement spending increased to new higher levels.

In 2003, along with its rich printed content, «∆√ VIMA TIS KYRIAKIS» offered to its readers CDs and video-CDs featuring selected historical content («The Golden Age», «2nd World War», «Great Explorers», «The Miracles of the Universe» etc) as well as a series of 14 ∆√ ºπ§√∆∂á√ ∆∂ÀÃ√™ ● ∫Àƒπ∞∫∏ 16 ª∞´√À 2004 dictionaries.

Moreover, in 2003, «∆O VIMA TIS KYRIAKIS» included a significant number of extra supplements, guides and special sections with extensive historical, recreational and literary √,∆𠶃∂¶∂π ¡∞ °¡øƒπ∑∂∆∂ °π∞ ∆∏ ∑ø∏ ∆ø¡ «¢π∞™∏ª√∆∏∆ø¡» ● content covering the interests of the wide spectrum of its readers. («The copybooks of ™·ÏÌ¿ÓƒÔ‡ÛÓÙÈ November17», «Tax guide», «Official real estate price zones», «Pan Hellenic examinations», °¿ÌÔ˜ · Ï· Bollywood «The earthquakes of Zakynthos», maps, travel guides etc.) √,∆𠶃∂¶∂π ¡∞ °¡øƒπ∑∂∆∂ °π∞ ∆∏ ∑ø∏ ∆ø¡ ¢π∞™∏ª√∆∏∆ø¡ ● CIRCULATION "∆√ VIMA TIS KYRIAKIS" is the top Sunday newspaper both in terms of circulation and attracted advertisement spending. The following table presents the circulation figures of the Sunday newspapers’ sector in the past two years.

Circulation figures Copies sold per issue

2002 2003 Newspaper Average copies Average copies Market share sold sold ∆√ VIMA TIS KYRIAKIS (*) 202.541 212.288 24,0% KYRIAKATIKI ELEFTHEROTYPIA 179.291 190.449 21,6% TO ETHNOS TIS KYRIAKIS 150.875 176.785 20,0% I KATHIMERINI TIS KYRIAKIS 111.039 114.714 13,0% TYPOS TIS KYRIAKIS 62.351 54.076 6,1% RIZOSPASTIS 23.662 25.080 2,8% STO KARFI TIS KYRIAKIS 29.321 21.249 2,4% ESPRESSO ∆IS KYRIAKIS 23.609 21.041 2,4% APOGEVMATINI TIS KYRIAKIS 17.975 16.152 1,8% I HORA TIS KYRIAKIS 12.443 9.363 1,1% ADESMEFTOS TYPOS KYRIAKIS (1) 10.245 9.052 1,0% ADESMEFTOS TIS KYRIAKIS (2) 2.524 1.900 0,2% Other 44.430 31.215 3,5% TOTAL 870.306 883.364 100,0%

¶ËÁ‹: EIHEA (ŒÓˆÛË π‰ÈÔÎÙËÙÒÓ ∏ÌÂÚ‹ÛÈˆÓ ∂ÊËÌÂÚ›‰ˆÓ ∞ıËÓÒÓ) (*) ¶ÂÚÈÏ·Ì‚¿ÓÔÓÙ·È ÔÈ Û˘Ó‰ÚÔ̤˜ (1) ∂ΉfiÙ˘ ¢. ƒ›˙Ô˜ (2) ∂ΉfiÙ˘ ∫.ª‹ÙÛ˘

READERSHIP DATA According to the latest market research conducted by Focus Bari for 2003, the total readership of "TO VIMA TIS KYRIAKIS" amounts to 844.000 readers per issue. According to this figure, «TO VIMA TIS KYRIAKIS» is the publication with the largest readership in the Greek market of newspapers and magazines.In addition, according to the

60 BUSINESS ACTIVITY VI

same research, the newspaper’s main readership consists of men and women between 25-54 years of age, belonging to the middle and upper socio-economic class having higher-level education.

ADVERTISEMENT MARKET SHARE "∆√ VIMA TIS KYRIAKIS" ranks second in attracting nominal advertisement spending as shown in the following table which lists the Sunday newspapers ranked by the gross advertisement spending they attracted (in the main newspaper body excluding cross-media barter agreements) for the years 2002 - 2003. Respectively in 2003, the total attracted nominal advertisement spending for the newspaper and its magazine supplements (VIMAgazino, VIMADonna and TV Guide) amounts to 63,7 million euros, placing «TO VIMA TIS KYRIAKIS» at the top position in its category.

Attracted Advertisement Spending Figures

Sunday Newspapers (amounts in thousand euros) 2002 2003 Attracted Attracted Newspaper adverisement adverisement Market share spending spending ∆O VIMA TIS KYRIAKIS 22.653 24.507 21,9% KYRIAKATIKI ELEFTHEROTYPIA 20.767 26.447 23,6% I KATHIMERINI TIS KYRIAKIS 14.995 18.355 16,4% TO ETHNOS TIS KYRIAKIS 12.484 15.142 13,5% TYPOS TIS KYRIAKIS 4.507 3.598 3,2% Other 23.811 24.039 21,4% TOTAL 99.217 112.088 100,0%

Source: Media Services SA

TO BHMA, ”¸˜„ ”‚ 16 » «ˆ¸ 2004

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61 TO VIMA

GENERAL INFORMATION "TO VIMA" is published as a daily morning newspaper since March 1999.

The newspaper includes the following special sections: The newspaper includes the following special sections:

● "Anaptyxi" A daily financial supplement ● "Vima Sport" A sports supplement published daily

From March 2003 onwords, the newspaper’s Wednesday edition includes the magazine «National Geographic Retro» as a special collector’s issue of the magazine «National Geographic» featuring rare historical and geographical content of the magazine from the early 20th century.

During the first quarter of 2003, the newspaper’s Saturday edition was accompanied by the supplement magazine "ECONOMIKOS TACHYDROMOS", one of the oldest and most reliable financial magazines with a rich content of economic articles and analysis. Since April 2003, "ECONOMIKOS TACHYDROMOS" is included as a supplement in the newspaper’s Thursday edition.

At the same time, since March 2003, "TO VIMA" of Saturday includes the "GAIORAMA" supplement magazine containing topics of geography and natural history from all over Greece and abroad along with 41 detailed colored maps of Greek areas and extra sections.

CIRCULATION In 2003 "TO VIMA" ranks second among the morning political newspapers according to copies sold and holds a 32,1% market share. The following table presents the circulation figures of the morning daily newspaper sector for the years 2002 and 2003.

62 BUSINESS ACTIVITY VI

Circulation figures Copies sold per issue

2002 2003 Newspaper Average copies Average copies Market share sold sold TO VIMA (*) 16.103 20.816 32.1% KATHIMERINI 27.873 29.987 46.3% OTHER 21.992 13.957 21.6% TOTAL 65.968 64.760 100.0%

Source: EIHEA (Athens Daily Newspaper Owners Association) (*)Subscriptions included

READERSHIP DATA According to the latest market research conducted by Focus Bari for 2003, the total readership of "TO VIMA TIS KYRIAKIS" amounts to 71.000 readers per issue. In addition, according to the same research, the newspaper’s main readership consists of men between 25-54 years of age, belonging to the middle and upper socio-economic class

ADVERTISEMENT MARKET SHARE "∆√ VIMA" ranks third in attracting nominal advertisement spending among morning newspapers (excluding free-sheet newspapers). The following table shows the ranking of daily morning newspapers according to the attracted nominal advertisement spending (excluding cross-media barter agreements) for the last two years:

Attracted advertisement spespending figures (amounts in thousand euros)

2002 2003 Newspaper Attracted Attracted advertisemen advertisement Market share spending spending TO VIMA 1.906 1.912 5.4% MACEDONIA 3.369 3.025 8,5% KATHIMERINI 2.978 3.167 8,9% METRORAMA (*) 13.793 16.249 45,8% Other 1.935 11.127 31,4% TOTAL 23.981 35.480 100.0%

Source: Media Services SA (*) Free-sheet

63 TA NEA

GENERAL INFORMATION "∆∞ ¡∂∞" was first published as a daily evening newspaper in 1931 under the title "ATHINAIKA NEA". In 1945, the newspaper was renamed "∆∞ ¡∂∞" and since that time it is being published uninterruptedly as a daily evening newspaper. «∆∞ ¡∂∞» is the largest evening newspaper with a rich staff of knowledgeable journalists and analysts and is distinguished for its wide spectrum of subjects that cover reliably the information needs of its readers. To provide its readers with more specialized information, the newspaper includes the following sections:

■ "Orizontes" Daily special section focusing on art, speech, TV and modern life topics ■ "Omada" Daily sports section ■ "Karieres" A special section on the labor market issued every Monday ■ "Ypopsifios" A special supplement of school exams’ subjects every Tuesday ■ "Auto Nea" A motor car supplement issued every Wednesday ■ "Ygeia, Drasi kai Zoi" A supplement issued every Thursday on health and physical fitness ■ «∞Îinita stin Ellada» Every Thursday in the Athens area, a special supplement magazine for the real estate market ■ «Diakopes» Every Friday, a supplement for itineraries and travel destinations

The supplement «∞kinita stin Ellada» is sold as a standalone magazine in the newsstands of the Athens area every Saturday. Also, from March 2003, the edition of the first Monday of each month is supplemented by the magazine «Chrysi Omada» featuring interviews and rich content from the Greek and international sports news. «∆∞ ¡∂∞» supplemented their issues with special sections of historical content, such as «The Catastrophe of Asia Minor» and «The Chronicle of Tergiversation» featuring rich journalistic and photographic content from the Historical Archives of Lambrakis Press. Also, from April 2003 the newspaper’s daily editions included «Neaniki Enkyklopaidia», a juvenile encyclopedia in issues, which was completed within 2003. Finally, the year 2003 marked for «∆∞ ¡∂∞» the undertaking of an especially important scientific publishing project with the publication of «The History of the Modern Greek Nation», a ten-volume history work that describes the political and economic history of the Greek nation from 1770 until today. 7Ô˜ ∆√ª√™ 1o T‡¯Ô˜ The issues of «The History of the modern Greek Nation», supplementing the daily edition of «TA NEA» from September 2003, are written and edited by a staff of eminent Greek historians aiming to offer to its readers a new complete presentation of the history of the Greek nation from the late 18th to the early 21st century. π™∆√ƒπ∞ ∆√À ¡∂√À ∂§§∏¡π™ª√À ❧1770 - 2000 ❧ O ME™O¶O§EMO™ (1922 - 1940) ∞fi ÙËÓ A‚·Û›Ï¢ÙË ¢ËÌÔÎÚ·Ù›· ÛÙË ¢ÈÎÙ·ÙÔÚ›· Ù˘ 4˘ A˘ÁÔ‡ÛÙÔ˘

64 BUSINESS ACTIVITY VI

™∞µµ∞∆√∫Àƒπ∞∫√ TA NEA SAVVATOKYRIAKO

GENERAL INFROMATION A multi-section Saturday edition of "∆∞ ¡∂∞", which was first published in March 1999. The success of the newspaper changed the landscape of the Saturday newspaper market and created a new powerful momentum both in terms of circulation and readership and in terms of attracted advertisement spending.

«∆∞ ¡∂∞ Savvatokyriako» fulfills the information needs of its readers having a rich spectrum of stories and articles and includes the following sections:

■ Oikonomia" A supplement focused on economic and financial topics ■ "Vivliodromio - Idees" A supplement focused on the world of arts

In addition, "TA NEA Savvatokyriako" includes the supplement variety magazine "TACHYDROMOS" with a variety of topics of general interest. In 2003 besides its regular content «∆ACHYDROMOS» featured a number of extensive special sections, such as "Automobile", "Deco", "Vacations" e.t.c.

The copies of "TA NEA Savvatokyriako" that are distributed in Thessaloniki are additionally accompanied by the multi-page supplement newspaper "Zo sti Thessaloniki" covering topics of local interest.

Also in 2003, besides its rich regular content «∆∞ ¡∂∞ SAVVATOKYRIAKO» often included CDs and video-CDs with historical, music and children’s content such as «Aris Velouhiotis», «Andreas Papandreou», «The recorded broadcast of the Polytechnic School», «Giorgos Dalaras», «Children’s Fairy Tales», «Traditional Carols» e.t.c.

Concurrently, «∆∞ ¡∂∞ SAVVATOKYRIAKO» included in their issues numerous extra inserts and special sections on a wide variety of topics («Business housing loans», «Tax guide», «Internet», «Paths of Greece», «Nutrition», as well as a series of issues featuring cities of Europe titled «Journeys in taste»)

CIRCULATION Over the past years, "∆∞ ¡∂∞" has steadily been the top-selling newspaper in a particularly competitive market. The following table shows its circulation figures of the daily evening newspaper sector for the years 2002 - 2003.

65 Circulation figures Copies sold per issue (*)

2002 2003 Nwespaper Average Average Market share copies sold copies sold ∆∞ ¡∂∞ (**) 82.856 77.740 23,0% ELEFTHEROTYPIA 79.106 74.615 22,1% ETHNOS 50.741 57.548 17,1% ELEFTHEROS TYPOS 39.562 37.598 11,1% ESPRESSO 25.384 21.895 6,5% APOGEVMATINI 21.528 20.783 6,2% ADESMEFTOS TYPOS (1) 10.325 9.180 2,7% ADESMEFTOS TYPOS (2) 2.662 1.756 0,5% Other 33.508 36.180 10,7% TOTAL 345.672 337.295 100,0%

Source: EIHEA (Athens Daily Newspaper Owners Association) (*)Saturday issues inclusive. (**)Subscriptions included (1) Publisher: D. Rizos (2) Publisher: ∫. Mitsis

READERSHIP DATA According to a recent market research conducted by Focus Bari in 2003, the total readership of "TA NEA" amounts to 250.000 readers per issue. Moreover, according to the same research the newspaper’s main readership consists of men of 25-54 years of age, belonging to the middle and upper socio-economic class

ADVERTISEMENT MARKET SHARE «∆∞ ¡∂∞» rank second in terms of attracting nominal advertisement spending. The table below presents the ranking of daily evening papers according to the gross advertisement spending they attracted in 2002 - 2003 (excluding cross-media barter agreements).

Attracted Advertisement Spending Figures (amounts in thousand euros)

2002 2003 Newspaper Attracted Attracted advertisement advertisement Market share spending spending TA NEA 14.650 13.984 28.1% ELEFTHEROTYPIA 13.386 16.307 25,7% TO ETHNOS 5.768 6.607 11,1% ELEFTHEROS TYPOS 3.622 8.092 6.9% ESPRESSO 3.350 3.087 6,4% AGGELIOFOROS 2.831 2.985 5,4% APOGEVMATINI 2.016 2.119 3.9% OTHER 6.517 4.740 12.5% TOTAL 52.140 57.921 100.0% (*) Saturday issues inclusive. Source: Media Services SA

66 BUSINESS ACTIVITY VI

AGGELIOFOROS

GENERAL INFORMATION "AGGELIOFOROS" is a daily evening political newspaper published and distributed in the total area of Northern Greece by the "NORTHERN GREECE PUBLISHING SA" (in which Lambrakis Press SA holds a 33,33% participation).

The Monday edition of the newspaper contains a special multi-page section of sport reportage under the title "Foni ton Spor".

CIRCULATION The following table shows the newspaper’s circulation figures in the past two years:

Circulation Figures Copies sold per issue

2002 2003 Newspaper Average copies Average copies sold sold AGGELIOFOROS 7.812 7.751 (Greece - total) AGGELIOFOROS 6.378 6.285 (City of Thessaloniki) MACEDONIA 4.913 4.066 (City of Thessaloniki) THESSALONIKI 5.126 4.569 (City of Thessaloniki)

Source: ARGOS SA Distribution Agency, Lambrakis Press Circulation Office

READERSHIP DATA According to a recent market research conducted by Focus Bari for 2003, the total readership of "AGGELIOFOROS" amounts to 40.000 readers per issue. Furthermore, according to the same research, the newspaper’s main readership consists of men and women of 25-54 years of age belonging to the middle socio-economic class having middle and higher level of education.

ADVERTISEMENT MARKET SHARE According to Media Services SA figures, attracted nominal advertisement spending in 2003 amounted to 2.985 thousand euros while the corresponding amount in 2002 was 2.831 thousand euros.

67 AGGELIOFOROS TIS KYRIAKIS

GENERAL INFORMATION "AGGELIOFOROS TIS KYRIAKIS" is the Sunday edition of the daily newspaper "AGGELIOFOROS".

The newspaper includes the variety supplement magazine "Sunday Date".

CIRCULATION The following table shows the Northern Greece Sunday newspapers’ circulation figures in the past two years:

Circulation Figures Copies sold per issue

2002 2003 Newspaper Average copies Average copies sold sold AGGELIOFOROS TIS KYRIAKIS 16.494 17.195 (Greece - total) AGGELIOFOROS TIS KYRIAKIS 12.920 13.285 (City of Thessaloniki) MACEDONIA TIS KYRIAKIS 13.625 11.600 (City of Thessaloniki)

Source: ARGOS SA Distribution Agency, Lambrakis Press Circulation Office

READERSHIP DATA According to a recent market research conducted by Focus Bari for 2003 the total readership of "AGGELIOFOROS TIS KYRIAKIS" amounts to 96.000 readers per issue. Furthermore, according to the same research, the newspaper’s main readership consists of men and women of 25-54 years of age belonging to the middle socio-economic class having middle and higher level of education.

ADVERTISEMENT MARKET SHARE According to Media Services SA figures, attracted nominal advertisement spending in 2003 amounted to 6.476 thousand euros while the corresponding amount in 2002 was 3.573 thousand euros.

68 BUSINESS ACTIVITY VI

MAGAZINES

TO PAIDI MOU KI EGO

GENERAL INFORMATION

First published in 1994, "To Paidi mou ki Ego" is a magazine for young parents having children under six 6 years old and has actually created a new genre among special-interest publications. Published from April 1994 to March 1996 as a bimonthly, it subsequently became a monthly magazine.

The magazine is the leader in its category both in terms of circulation and advertisement revenues and it is accompanied by special supplements and videos for children. In the beginning of 1998, it set up the club "To Paidi mou ki Ego" and in November 2000 the club of mothers to be. Members of the two clubs have a special membership card and are invited to attend for free events organized by the magazine all over Greece.

The December issue of the magazine is accompanied by the multi-page Annual Guide "Ola gia to Paidi".

CIRCULATION The following table shows the magazine’s circulation figures in the past two years in respect to its competitors: Circulation Figures Copies sold per issue

2002 2003 Magazine Average copies Average copies Market share sold sold To Paidi mou ki Ego (*) 16.951 15.553 35,1% Paidi kai Neoi Goneis 12.738 17.144 38,7% I Zoi me to Paidi 6.616 6.529 14,8% 9+ months 6.877 5.065 11,4% TOTAL 43.182 44.291 100,0%

Source: ARGOS SA Distribution Agency, EUROPE Distribution Agency, Lambrakis Press Circulation Office (*) Subscriptions included.

READERSHIP DATA According to a recent market research conducted by Focus Bari for 2003, the total readership of "To Paidi mou kai Ego" amounts to 202.000 readers per issue. Furthermore, according to the same research, the magazine’s main readership consists of women of 25-44 years of age belonging to the middle socio-economic class having middle level of education.

69 ADVERTISEMENT MARKET SHARE As was the case last year, "To Paidi mou ki Ego" assumed the top position among all similar magazines with a significant lead from the second in attracting advertisement spending. The following table shows the ranking of the magazine and its competitors according to the attracted nominal advertisement spending (excluding cross-media barter agreements) for the years 2002 - 2003.

Attracted Advertisement Spending (amounts in thousand euros)

2002 2003 Attracted Attracted Magazine advertisement advertisement Market share spending spending TO PAIDI MOU KI EGO 4.048 4.682 53,5% PAIDI KAI NEOI GONEIS 2.363 2.468 28,2% I ZOI ME TO PAIDI 1.179 1.410 16,1% 9+ MONTHS 1.709 196 2,2% TOTAL 9.299 8.755 100,0%

Source: Media Services SA

70 BUSINESS ACTIVITY VI

VITA

GENERAL INFORMATION First published in May 1997, "VITA" informs and familiarizes its readers with vital health-related issues, healthy living and physical fitness. Its contributors include top Greek and foreign scientists and since 2000 it has regularly been accompanied by special supplements focusing on healthy living topics. Every issue of the magazine is accompanied by a special multi-page guide of the series "Praktiki Vivliothiki - Odigoi gia na zoume Kalytera" focusing on nutrition, psychology and healthy living topics along with an extra issue «Psychology» that is written and edited by the specialized staff of the magazine. Also, 4-5 times per year the magazine includes extra issues with special sections on topics of specific interest to its readers. Year after year «VITA» maintains the top position among health and fitness magazines with a clear difference from its competitors both in terms of circulation and attracted advertisement spending. CIRCULATION The table below shows the circulation figures for "VITA" and magazines of the same kind over the past two years 2002-2003. Circulation Figures Copies sold per issue

2002 2003 Magazine Average copies Average copies Market share sold sold VITA (1) 65.281 66.675 39,6% FORMA (2) - 48.754 29,0% ∞Rª√¡π∞ 16.978 24.236 14,4% SALVE (3) - 21.292 12,7% YGHIA KAI EVEXIA (4) - 7.298 4,3% TOTAL 82.259 168.255 100.0% Source: ARGOS SA Distribution Agency, EUROPE Distribution Agency, Lambrakis Press Circulation Office (1) Subscriptions included (2) 1ST issue March 2003 (3) 1st issue August 2003 (4) Quarterly READERSHIP DATA According to a recent market research conducted by Focus Bari for 2003, the total readership of "Vita" amounts to 233.000 readers per issue. Furthermore, according to the same research the, the magazine’s main readership consists of women of 25-44 years of age belonging to the middle and upper socio-economic class having middle and higher level of education. ADVERTISEMENT MARKET SHARE According to Media Services SA figures, the attracted nominal advertisement spending in 2003 amounted to 3.040 thousand euros while the corresponding amount in 2002 was 3.002 thousand euros.

71 °∞ª√™ GAMOS

GENERAL INFORMATION Originally published by N. Theofanidis, "GAMOS" magazine was acquired by Lambrakis Press Group in 1988.

Published semi-annually, the magazine aims at providing advice on important and practical issues that encounter young readers at the beginning of their married life.

The magazine is accompanied by an extra issue containing suggestions for honeymooners and holds one of the leading positions in terms of circulation and advertisement spending.

In 2003, both the magazine’s issues were accompanied by an extra issue "Neo Spitiko" with decoration topics and shopping ideas for the new household.

CIRCULATION The table below shows the circulation figures for "GAMOS" and magazines of the same kind over the past two years

Circulation Figures Copies sold per issue

2002 2003 Magazine Average copies Average copies Market share sold sold GAMOS 9.493 10.415 38,7% NYFI 9.278 9.805 36,4% MARIAGES 5.378 6.713 24,9% TOTAL 24.149 26.933 100.0%

Source: ARGOS SA Distribution Agency, EUROPE Distribution Agency , Lambrakis Press Circulation Office

READERSHIP DATA According to a recent market research conducted by Focus Bari for 2003, the total readership of "GAMOS" amounts to 119.000 readers per issue Furthermore, according to the same research the magazine’s main readership consists of women of 18-34 of age belonging to the middle socio-economic class having middle level of education.

ADVERTISEMENT MARKET SHARE According to Media Services SA figures, the attracted nominal advertisement spending in 2003 amounted to 1.878 thousand euros while the corresponding amount in 2002 was 1.672 thousand euros

72 BUSINESS ACTIVITY VI

DIAKOPES

GENERAL INFORMATION From 1967 to date, the "DIAKOPES" annual edition is the only tourist guide covering all destinations in Greece. For the Greek readers, "DIAKOPES" is the only fully documented and indexed tourist guide for domestic destinations. . In its 1000-plus pages, the readers can find information on time tables, useful telephone numbers, hotels and rooms to let, restaurants, sightseeing spots, habits and events, the history and tradition of every area in Greece that is of particular tourist interest. The guide features updated and detailed maps aiming at providing its readers thorough information.

"DIAKOPES" holds the leading position in its area, as that all other similar publications lag significantly behind in terms of content and completeness of information.

CIRCULATION The following table shows the magazine’s circulation figures in the past two years:

Circulation Figures Copies sold per issue

2002 2003 Average copies sold Average copies sold DIAKOPES 29.402 28.876

Source: ARGOS SA Distribution Agency, Lambrakis Press Circulation Office

READERSHIP DATA According to a recent market research conducted by Focus Bari for 2003, the total readership of «DIAKOPES» amounts to 412.000 readers per issue

ADVERTISEMENT MARKET SHARE According to Media Services SA figures, the attracted nominal advertisement spending in 2003 amounted to 1.159 thousand euros while the corresponding amount in 2002 was 1.036 thousand euros.

73 MARIE CLAIRE

ΜΑΪΟΣ 2004 € 4.40 GENERAL INFORMATION 10 0 The "Marie Claire" monthly womenãs magazine was published by Lambrakis Press Group ™∂§π¢∂™ ª√¢∞ ñ¶∂πƒ∞∆π∫√ ™∆π§ ñ™∂•π ∞¡¢ƒπ∫√ since 1988 and as of January 2000 onwards it is published by the affiliated company MC ñ™√ºπ™∆π∫∂ ª∞Àƒ√∞™¶ƒ√ ñ∆∞ ¶ƒø∆∞ ª∞°π√ ¶√ƒ¡∂π∞ & √§Àª¶π∞∫√π ∞°ø¡∂™ HELLAS SA (in which Lambrakis Press holds a 50% participation). "Marie Claire" is the Greek ∂¶π∫π¡¢À¡∏ π™√ƒƒ√¶π∞ edition of the French magazine with the same name covering extensive topics on fashion, ¿ÓÔÈÍË! beauty, health and social life. The Greek edition ranks among the top ones according to its 5 ∞¡¢ƒ∂™ ∫√À∆™√ª¶√§∂À√À¡ °π∞ ∆∏¡ ∂ªº∞¡π™∏ ª∞™ ∆∑√ƒ∆∑ ª∞˚∫§ circulation and advertisement figures. °∫∂´, ∞∫∆πµπ™∆∏™ ∫∞π ∞∆ƒ√ª∏∆√™ ∞¶√∫§∂π™∆π∫∞ ™∆√ MARIE CLAIRE KI OMø™: ∂°π¡∂ ¶§√À™π∞ In 2003, the magazine’s issues offered a wide range of gifts, special offers and extra issues such Ã∞ƒ∏ ™∆∞ Ã∂∏ ∆∏™ as "Collection" (February, September), "Deco" (April, November), and "Omorfia" (June, December). «Astra» (July), «Paidi» (October) and «Dinner Party" (December). Also, from April 2003 each issue of "Marie Claire" includes the extra shopping supplement "Shopping».

CIRCULATION The table below shows the circulation figures for "Marie Claire" and magazines of the same kind over the past two years:

Circulation Figures Copies sold per issue

2002 2003 Magazine Average copies Average copies Market share sold sold MARIE CLAIRE 41.275 40.422 14.8% ELLE 46.141 50.076 18,3% MADAME FIGARO 43.037 43.548 15,9% LIPSTICK (*) 28.533 33.155 12.1% VOTRE BEAUTE 28.673 32.597 11.9% DIVA 26.048 31.561 11.6% VOGUE 27.154 26.365 9.7% GYNAIKA 17.271 15.574 5.7% TOTAL 258.132 273.298 100.0%

Source: ARGOS SA Distribution Agency, EUROPE Distribution Agency, Lambrakis Press Circulation Office (*) 8 issues

READERSHIP DATA According to a recent market research conducted by Focus Bari for 2003, the total readership of "Marie Claire" amounts to 323.000 readers per issue. Furthermore, according to the same research the magazine’s main readership consists of 18- 44 years of age belonging to the middle and upper socio-economic class having middle level of education.

74 BUSINESS ACTIVITY VI

ADVERTISEMENT MARKET SHARE According to Media Services SA figures, the attracted nominal advertisement spending of "Marie Claire" in 2003 amounted to 19.758 thousand euros, while the corresponding amount in 2002 was 19.268 thousand euros.

ΜΑΪΟΣ 2004

ΟCHEF ΚΙΕΓΩ

ΜΑΓΕΙΡΕΥΟΝΤΑΣ ΜΕ ΤΟΥΣ TOP CHEF ΤΗΣ 20 ΑΘΗΝΑΣ

ΜΕ ΤΗΝ ΕΥΓΕΝΙΚΗ ΧΟΡΗΓΙΑ ΤΟΥ

75 COSMOPOLITAN

π√À¡π√™ 2004 GENERAL INFORMATION

ÍÙÚ· COSMOPOLITAŒ ÔN˜ ¯ Ù‡ Ô˘ Ò˜ Û ¤ °(Î)¿Ì· ¶ Ó Î·Ï · ens... ™Ô‡ÙÚ· No6 Ù· te The "Cosmopolitan" monthly variety magazine is published by the affiliated company À¿Ú¯Ô˘Ó ·ÎfiÌ· Ӥ˜ ÛÙ¿ÛÂȘ; ¢ÔΛ̷Û ÙË °¤Ê˘Ú· ÙˆÓ ∞Ó·ÛÙÂÓ·ÁÌÒÓ, ÙË ™·ÚÎÈ΋ ª¤ÁÁÂÓË ∏ °ÎÔ˘¤Ó Î·È ÙÔ Õψ̷ ÙÔ˘ ∆Ú·¯·Ó¿! ÛÙÂÊ·ÓÒıËΠHEARST LAMBRAKIS PUBLISHING LTD (in which Lambrakis Press SA holds a 50% °ÈÔ˘, Ê¿Ô˘Ï; ∞§∏£π¡∏ π™∆√ƒπ∞ ŸÙ·Ó Â›Û·È Ì’ ¤Ó· ͤÓÔ ·ÁfiÚÈ «¶¤ı·Ó ÙË Î·È ¯¿ÓÂÛÙ ÛÙË ÌÂÙ¿ÊÚ·ÛË Ì¤Ú· Ô˘ ı· ÙÔ˘ ¤ÏÂÁ· participation) and is the Greek edition of the corresponding international young women’s ªπ∞ ∂•∆ƒ∞ Ã∂πƒ∞ µ√∏£∂π∞™ fiÙÈ ı· Á›ÓÂÈ ™Ã∂¢π√ ·Ù¤Ú·˜» ∞À¡∞¡ ºÔ‚¿Ì·È ÌËÓ magazine. "Cosmopolitan" is the only magazine in Greece published in two sizes, standard and √‰ËÁfi˜ ÁÈ· ÛÂÍ Ì ·ÎÔ‡˜ ÙÈ Ï¤ˆ ÙÔÓ ¿ÓıÚˆÔ Ô˘ ·Á·¿˜ ∫·È ¿ÏϘ ·Ú·ÓÔ˚Τ˜ ÊÔ‚›Â˜ Ô˘ ÛÔ˘ ÂÚÈÛÛfiÙÂÚÔ ÛÙÔÓ ÎfiÛÌÔ ‰˘ÛÎÔÏÂ‡Ô˘Ó ÙË ˙ˆ‹ pocket, and ranks first in its category according to annual circulation figures. Most issues of the O¯È È· ÌÂÚ›‰Â˜ Û ̤ÁÂıÔ˜ ÙÚ¿Ô˘Ï·˜ §∞√™ ªÈ· Ó¤· ‰È·ÙÚÔÊ‹ ÁÈ· Ó· ¯¿ÛÂȘ ∫∞π ÎÈÏ¿ ¯ˆÚ›˜ Ó· ÂȘ ÙÔ „ˆÌ› „ˆÌ¿ÎÈ ∫√§ø¡∞∫π magazine were supplemented by extra issues on topics of special interest to its readers, such as ∆∂ÀÃ√™ 51 ñ € 3,90 ª‹ˆ˜ ÓÈÒıÂȘ fiÙÈ ÂÛ‡ Â›Û·È Ë §·›‰Ë ÎÈ ÂΛÓÔ˜ Ô ∞Ï‹Ù˘; www.cosmopolitan.gr «Beauty», «Quiz», «Student Life» et.al.

CIRCULATION The table below shows the circulation figures for "Cosmopolitan" and its competitors over the past two years: Circulation Figures Copies sold per issue

2002 2003 Magazine Average copies Average copies Market share sold sold COSMOPOLITAN 88.981 92.246 30.6% GLAMOUR 86.701 80.620 26,7% MIRROR 67.249 68.383 22.7% PINK WOMAN 49.298 60.355 20,0% TOTAL 292.229 301.604 100.0%

Source: ARGOS SA Distribution Agency, EUROPE Distribution Agency, Lambrakis Press Circulation Office

READERSHIP DATA According to a recent market research conducted by Focus Bari for 2003, the total readership of "Cosmopolitan" amounts to 441.000 readers per issue. Furthermore, according to the same research the magazine’s main readership consists of women of 18-34 years of age belonging to the middle socio-economic class having middle level of education.

ADVERTISEMENT MARKET SHARE According to Media Services SA figures, the attracted nominal advertisement spending in 2003 for "Cosmopolitan" amounted to 12.104 thousand euros while the corresponding amount in 2002 was 10.639 thousand euros.

76 BUSINESS ACTIVITY VI

DISNEY PUBLICATIONS

GENERAL INFORMATION Lambrakis Press Group through its affiliated company "NEA AKTINA SA" (in which Lambrakis Press holds a 50.5% participation) publishes the Greek editions of the children’s magazines of Walt Disney characters such as Mickey Mouse, Donald Duck, Goofy, Uncle Scrooge and many others. Nea Aktina SA has signed an agreement with Walt Disney Co. granting the exclusive publication rights of magazines featuring Disney characters in Greek. The company publishes one weekly magazine (Mickey Mouse), 9 monthly (Almanaco, Comics, Megalo Mickey, Mikri Prigipissa, Mickey Mystirio, Minnie, Haroumenes Istories, Winnie and Witch), one bimonthly magazine (Klassika) 3 summer editions with 9 issues (Pasatempos, Serial and Festival) as well as extra issues.

CIRCULATION The table below shows comparative circulation figures of the main publications of the company over the past two years:

Circulation Figures Copies sold per issue (1)

2002 2003 Magazine Average copies Average copies sold sold MICKEY MOUSE 17.267 17.040 ALMANAKO 16.710 17.670 WINNIE 3.829 4.487 COMICS (2) 19.020 19.247 MEGALO MICKEY 13.491 12.969 ªIKRI PRIGIPISSA 6.700 7.639 MICKEY MYSTIRIO 12.586 9.420 MINNI 9.455 9.272 DONALD 22.203 22.926 HAROUMENES ISTORIES 3.758 3.394 WITCH 9.812 9.326 KLASSIKA DISNEY 25.756 26.795 PASATEMPOS 7.179 5.640 FESTIVAL 11.777 11.469 EXTRA ISSUES 10.967 29.157 SERIAL - (New magazine)

(1)Besides the sales shown in the table, in 2002 and 2003 the company sold 433.970 and 366.568 copies of back issues of its magazines. (2) Subscriptions included Source: ARGOS SA Distribution Agency, Lambrakis Press Circulation Office

77 TV ZAPPING

GENERAL INFORMATION "TV Zapping" is a weekly TV guide published by the subsidiary "MELLON GROUP SA" (formerly ZAPPING SA), in which Lambrakis Press holds a 50% participation. "TV Zapping" is ranked among the top magazines of the sector with regards to circulation and attracted advertisement spending figures. It contains a comprehensive range of topics and information on the Greek TV program.

In the course of 2003, many issues of the magazine were accompanied by an extra Cooking supplement. Also, some of the magazine’s issues were supplemented by inserts with special sections.

CIRCULATION The table below shows the circulation figures for "TV ZAPPING" and its competitors magazines over the past two years:

Circulation Figures Copies sold per issue

2002 2003 Magazine Average copies sold Average copies sold Market share TV ZAPPING 79.540 74.559 21,4% 7 MERES TV 112.941 102.823 29,5% TILETHEATIS 70.052 62.063 17,8% TILERAMA 44.965 47.056 13,5% TELECONTROL 21.192 31.966 9,2% RADIOTILEORASI 34.969 30.384 8,6% TOTAL 363.659 348.851 100.0% Source: ARGOS SA Distribution Agency, EUROPE Distribution Agency, Lambrakis Press Circulation Office

READERSHIP DATA According to a recent market research conducted by Focus Bari for 2003, the total readership of "TV ZAPPING" amounts to 409.000 readers per issue. Furthermore, according to the same research, the magazine’s main readership consists of women of 18-44 years belonging to the middle socio-economic class having lower level of education.

ADVERTISEMENT MARKET SHARE According to Media Services SA figures, the attracted nominal advertisement spending in 2003 amounted to 11.011 thousand euros, while the corresponding amount in 2002 was 11.201 thousand euros.

78 BUSINESS ACTIVITY VI

CLOSE UP

GENERAL INFORMATION "CLOSE UP" is a monthly variety magazine published by the affiliated company Northern Greece Publishing SA and addressed to readers in Northern Greece. The magazine covers topics of the cultural and social life of the city of Thessaloniki and the wider Northern Greece region. The magazine’s December issue was accompanied by the extra entertainment guide «City Guide» while on a monthly basis the magazine includes the special supplement "Gala". Also, the March and April issues were supplemented by the multi-page shopping guide «Best in Town», while two issues of the magazine were accompanied by the extra issue «Decoration».

CIRCULATION The following table shows circulation figures of "Close Up" in the past two years:

Circulation Figures Copies sold per issue

2002 2003 Magazine Average copies sold Average copies sold CLOSE UP 5.355 6.203

Source: ARGOS SA Distribution Agency, EUROPE Distribution Agency, Lambrakis Press Circulation Office

READERSHIP DATA According to a recent market research conducted by Focus Bari for 2003, the total readership of "CLOSE UP" amounts to 38.000 readers per issue. Furthermore, according to the same research the magazine’s main readership consists of women of 25 - 44 years of age belonging to the middle and upper socio-economic class having higher level of education.

ADVERTISEMENT MARKET SHARE According to Media Services SA figures, the attracted nominal advertisement spending in 2003 amounted to 3.557 thousand euros while the corresponding amount in 2002 was 3.002 thousand euros.

79 FREE

GENERAL INFORMATION «FREE» is a monthly life-style magazine for young people that was launched in June 2003 by the affiliated company «SPECIAL PUBLICATIONS SA».

The magazine covers topics of juvenile interest and life style. It immediately received a very positive response from young readers and from its initial issues was especially successful both in terms of circulation and attracted advertisement spending. A proof of the successful course of «FREE» is the fact that recently its sales exceeded 110.000 copies per issue.

The issues of «FREE» are accompanied by video CD or CD-ROM and are supplemented by an extra comics issue. Also, every month the magazine is accompanied by the extra issue «Love letters». Many of the magazine’s issues include gifts to its readers without a change in their cover price.

CIRCULATION The table below shows the circulation figures for «FREE» and similar magazines over the year 2003.

Circulation Figures Copies sold per issue

2002 2003 Magazine Average copies sold Average copies sold Market share FREE (*) - 62.713 36.6% NITRO 44.732 46.901 27,3% ª∞à 24.750 23.355 13,5% ∫Lπ∫ 26.679 19.957 11,6% OUT 22.108 18.856 11,0% TOTAL 118.269 171.382 100.0%

Source: EUROPE Distribution Agency, Lambrakis Press Circulation Office (*) First issue June 2003

READERSHIP DATA According to a recent market research conducted by Focus Bari for 2003, the total readership of «FREE» amounts to 224.000 readers per issue.

Furthermore, according to the same research, the magazine’s main readership consists of men of 18-34 years of age belonging to the middle socio-economic class having higher level of education.

ADVERTISEMENT MARKET SHARE According to Media Services SA figures the attracted nominal advertisement spending in 2003 amounted to 2.317 thousand euros

80 BUSINESS ACTIVITY VI

MEN

GENERAL INFORMATION "MEN" is a monthly men’s magazine published by Lambrakis Press affiliated company "SPECIAL PUBLICATIONS SA". The topics included in "MEN" cover the interests of modern men through a variety of articles on contemporary professional and social life.

Every month the issues of "MEN" are accompanied by the National Geographic Traveler Guide that contains information on cities and countries all over the world.

CIRCULATION The table below shows the circulation figures for "MEN" and similar magazines over the past two years:

Circulation Figures Copies sold per issue

2002 2003 Magazine Average copies sold Average copies sold Market share MEN 20.820 18.216 20,2% PLAYBOY 33.199 35.550 39,5% STATUS 19.954 18.218 20,2% PENTHOUSE 16.891 18.125 20,1% TOTAL 90.864 90.109 100,0%

Source: ARGOS SA Distribution Agency, EUROPE Distribution Agency, Lambrakis Press Circulation Office

READERSHIP DATA According to a recent market research conducted by Focus Bari for 2003 the total readership of "MEN" amounts to 68.000 readers per issue.

Furthermore, according to the same research the magazine’s main readership consists of men of 25-44 years of age belonging to the middle socio-economic class having middle level of education.

ADVERTISEMENT MARKET SHARE According to Media Services SA figures, the attracted nominal advertisement spending in 2003 amounted to 2.873 thousand euros while the corresponding amount in 2002 was 4.323 thousand euros.

81 NATIONAL GEOGRAPHIC GENERAL INFORMATION In May 1998, Lambrakis Press signed a long-term agreement with the National Geographic Society to publish in Greek the monthly "NATIONAL GEOGRAPHIC" magazine and to sell it in Greece, Cyprus, and all Greek-speaking regions worldwide. The industrial printing sector of Lambrakis Press that was assigned to print the magazine, became one of the few printing groups worldwide to which the National Geographic Society has assigned the printing license of its exceptionally demanding magazine.

Besides the magazine, the agreement between Lambrakis Press and the National Geographic Society also provides for the exclusive publication and distribution rights in Greece and Cyprus of: ■ All National Geographic Society publications in Greek. ■ All types of National Geographic Society videotapes and DVDs in Greek. ■ All other National Geographic Society products (with negotiation priority).

In 2003 the issues of "National Geographic" were accompanied by the series of maps titled «The New Europe», that includes 12 high quality maps of the countries of the European Union.

CIRCULATION The following table shows the circulation figures of "NATIONAL GEOGRAPHIC" in the past two years:

Circulation Figures Copies sold per issue

2002 2003 Magazine Average copies Average copies Market share sold sold NATIONAL GEOGRAPHIC (*) 42.579 40.614 36,8% FOCUS 46.638 45.672 41,4% GAIORAMA 29.849 24.000 21,8% TOTAL 89.217 110.286 100,0%

Source: ARGOS SA Distribution Agency, Lambrakis Press Circulation Office (*)Subscriptions included

82 BUSINESS ACTIVITY VI

READERSHIP DATA According to a recent market research conducted by Focus Bari for 2003, the total readership of "NATIONAL GEOGRAPHIC" amounts to 354.000 readers per issue.

Furthermore, according to the same research the magazine’s main readership is readers of 18- 44 years of age belonging to the middle and upper socio-economic class having middle and higher level of education.

ADVERTISEMENT MARKET SHARE According to Media Services SA figures, the attracted nominal advertisement spending in 2003 amounted to 2.326 thousand euros while the corresponding amount in 2001 was 2.388 thousand euros.

83 RAM

GENERAL INFORMATION "RAM" is the top selling monthly computer magazine in Greece. It was first published in February 1988 covering the broader area of information technology and reporting on new developments in the sector, and featuring tests that help prospective buyers to select hardware and software as well as advice on how to use hardware and software. The tests carried out by "RAM" are benchmarks for the Greek market and every month the magazine publishes comparative detailed tests for a large number of hardware and software products that are ranked in detail according to their features and performance. To perform these tests, «RAM» has a fully equipped and regularly updated laboratory for measurements and controls that is utilized by the magazine’s specialized journalists. Each issue of the magazine is accompanied by a CD-ROM or DVD-ROM containing useful programs and games for its readers and users as well as special books on various topics of the magazine. Also, in 2003, several issues of the magazine were accompanied by a CD with educational software for children («RAM Kid» - «Peris and Katia») Moreover, from 2003 onwards the topics of «RAM» extended into the systematic coverage of digital photography and digital video recording. Each month "RAM" is supplemented by the extra issue on digital photography «Psifiaki Fotografia» CIRCULATION The following table shows the circulation figures of "RAM" and similar magazines over the past two years: Circulation Figures Copies sold per issue

2002 2003 Magazine Average copies sold Average copies sold Market share RAM (*) 48.373 51.768 63,8% PC MAGAZINE 29.248 29.411 36,2% TOTAL 77.621 81.179 100,0%

Source: ARGOS SA Distribution Agency, Lambrakis Press Circulation Office (*) Subscriptions included

READERSHIP DATA According to a recent market research conducted by Focus Bari for 2003, the total readership of "RAª" amounts to 260.000 readers per issue. According to the same research, the magazine’s main readership consists of men of 25-44 years of age belonging to the middle and upper socio- economic class having middle and higher level of education. ADVERTISEMENT MARKET SHARE According to Media Services SA figures, the attracted nominal advertisement spending in 2003 amounted to 2.836 thousand euros while the corresponding amount in 2002 was 3.310 thousand euros.

84 BUSINESS ACTIVITY VI

HITECH

GENERAL INFORMATION First published in January 1996, "HiTECH" is the top monthly magazine on home electronics in Greece. The home electronics field traditionally includes the audiovisual appliances; but today it extends into the sector of multimedia, communications and home cinema. "HiTECH" has modern and fully equipped measurement laboratories as well as special projection rooms, which are used by the magazine’s specialized journalists. Also, the magazine’s tests on equipment and appliances are a point of reference for the Greek market. In 2003, the first seven issues of «HITECH» (from January to July) were accompanied by a DVD of high technical specifications while from August onwards the magazine was accompanied by a special DVD case by National Geographic featuring selected historical and geographic topics. Also, the detailed guides on DVD movies («DVD Guide"), that supplemented several issues of «HITECH» successfully in 2002, were sold for the first time separately as a standalone magazine in April 2003.

CIRCULATION The following table shows the circulation figures of "HiTECH" and similar magazines over the past two years:

Circulation Figures Copies sold per issue

2002 2003 Magazine Average copies sold Average copies sold Market share HITECH (*) 24.929 36.536 84.6% ECHOS 6.424 6.624 15.4% TOTAL 31.353 43.160 100.0%

Source: ARGOS SA Distribution Agency, EUROPE Distribution Agency, Lambrakis Press Circulation Office (*) Subscriptions included

READERSHIP DATA According to a recent market research conducted by Focus Bari for 2003 the total readership of "HiTECH" amounts to 149.000 readers per issue while the magazine’s main readership consists of men of 25-44 years of age belonging to the a middle and upper socio-economic class having middle and higher level of education.

ADVERTISEMENT MARKET SHARE According to Media Services SA figures, the attracted nominal advertisement spending in 2003 amounted to 2.341 euros while the corresponding amount in 2002 was 2.200 thousand euros.

85 °AIOPAMA GAIORAMA

GENERAL INFORMATION "GAIORAMA" is a bimonthly magazine of general knowledge and natural sciences content published by the affiliated company "SPECIAL PUBLICATIONS SA". The magazine’s articles deal with world culture, natural history and geography with particular emphasis on Greek topics.

CIRCULATION The following table shows the magazine’s circulation figures in the past two years:

Circulation Figures Copies sold per issue

Magazine 2002 2003 Average copies sold Average copies sold GAIORAMA 29.849 24.000

Source: ARGOS SA Distribution Agency, EUROPE Distribution Agency, Lambrakis Press Circulation Office (*) Subscriptions included

READERSHIP DATA According to a recent market research conducted by Focus Bari for 2003, the total readership of "GAIORAMA" amounts to 210.000 readers per issue. Furthermore, according to the same research the magazine’s main readership consists of men of 25-44 years of age belonging to the middle - upper socio-economic class having higher level of education.

ADVERTISEMENT MARKET SHARE According to Media Services SA figures, the attracted nominal advertisement spending in 2003 amounted to 260 thousand euros while the corresponding amount in 2002 was 540 thousand euros.

86 PRODUCTION WORK FLOW VII

PRODUCTION WORK FLOW Today, through a long evolution the Press as the prime sector providing services of recording, processing and managing information is required to follow and implement cutting-edge technology. Following the international developments in its sector, Lambrakis Press SA features a fully vertical production work flow through integrated infrastructure both owned and within its affiliated companies utilizing state-of-the-art technologies with top international specifications of reliability, operability and productivity. The production workflow has the following stages:

EDITING Each publication starts from a group of people that comprise the Editing Team. It includes journalists, article writers and other expert professionals such as photographers, cartoonists, proofreaders, art directors, and people responsible for the page layout, computer technicians and graphic designers.

After discussing the ideas and suggestions of its editors, the Management of each magazine or CHAPTER VII newspaper makes decisions on every issue’s topics and assigns duties to people or groups. In turn, editors collect the required information for their articles, while at the same time another procedure commences for the production of photographs, sketches or art material that will supplement or accompany the articles. In cooperation with the art direction team, editors make decisions on art material and appearance. The significance of art editing used to be of a greater concern in magazines than in newspapers. Currently, however, in combination with the extensive penetration of color printing in newspapers, newspapers’ fine arts requirements have developed. Having completed their articles, editors submit them to the chief editors for approval and forwarding. Editors type their articles in computers and submit them in electronic form to the chief editor, through the existing network, in special text management systems (databases). Editors who are reporting on-site or correspondents located in other cities can connect their computer to a telephone line and send over their texts electronically, via modems, through an Internet connection and electronic mail. Especially for on-site reporting, reporters can connect their computer to a mobile GSM phone and send their articles to the editorial team as easily. In the next stage, all articles go through the computer-processed spell checking and proof reading procedure. Proofreaders are helped by automatic spell checking programs. Besides articles, also pictures, sketches and any other fine art material can electronically reach the publication’s offices. Currently, the use of digital cameras provides pictures directly in digital form ready to be placed in the publications’ digitally created pages. In the same way, a large number of sketches and diagrams is developed in computers whilst of course the hand-made ones are easily digitized and saved in the computers of the editing team.

PAGE LAYOUT AND PREPRESS The editing team, having collected all articles and pictures, forward them to the page layout department where they will be put together in order to set up the pages of the publication

87 through a procedure known as page layout. In the past, the material was large packs of manuscripts, pictures, and drawings. Now, however, all material is in a digital form and is saved in the editing team’s servers. All content (texts and pictures) has been converted in computer files that can be transferred easily and fast through the network. Any pictures that are not digital, are run through scanners that digitize them. Today, a large volume of pictures is still produced on films especially when the quality requirements are high. This means that scanners digitize high volumes of information; however, their workload will decline as digital cameras improve their image quality. The procedure of composing pages with texts and pictures that is called page setting and is currently fully computerized utilizing specially configured computers that are called page- setting workstations. The station’s operator brings on his screen the texts and pictures and places them in the page layout according to the instructions he has received from editors and art directors. After a first page layout is completed, a copy is printed in paper and handed to the chief editing team for final inspection and corrections. After corrections are made, a second inspection is made and the copy is handed to the chief editor to approve and forward it for printing. In the next stage, the page layout station sends the page in a digital form to the electronic photo-transporting device that produces the necessary films of pages (one film per page for black & white ones and 4 films per page for color ones). These films are forwarded to the photomontage department where the pages are put together into printing sets groups of 8,16, or 32 pages each in order to be forwarded for printing. Especially in the case of newspapers, the film production procedure is bypassed and the metal plates (for the printing presses) are printed directly printed from the digital files. (computer-to-plate, CTP). Lambrakis Press SA and the Group’s publishing companies assign the prepress works mainly to the Group’s affiliate Multimedia SA.

PRINTING Immediately after the production of typographic faces with the pages, the film surfaces are led to the printing facilities. There, the photo-transporting unit produces special metal plates from the films. The metal plates are initially covered with photographic emulsion, which is exposed to light that passes goes though the films. The result is the creation of engraved dots that correspond to the dots of the film. Then, the plates are fit on the cylinders of the printing presses. Usually the printing presses of newspapers are different from those of magazines but the principle remains the same in both cases. The printing presses are series of large and technologically very advanced machines that accept white paper on one end and deliver the printed sheets on the other, folded or unfolded (depending on the machine). The procedure is simple in principle: paper passes under the metal plate that takes up ink from a special tank. Ink attaches only onto the dots of the metal plate’s surface and in turn is deposited on the paper. In this way all dots on the plate become ink dots on paper. In the case of black and white printing, there is only one ink color: black. In the case of color printing there are four metal plates and 4 ink tanks, one for each basic color (Cyan - Magenta - Yellow - Black, CMYK). For color printing, the printing press must constitute of at

88 PRODUCTION WORK FLOW VII

least 4 or more clusters (towers), each for every color. Beyond that, there are also combinations allowing the parallel printing of black and white pages. The most up-to-date technology are the printing presses with more than 4 colors, for example 5-color, 6-color or more. Those machines feature more towers that are fit with special inks, producing on paper color that are not renderable by the color combination of the four basic colors. Such colors are the metallic, the fluorescent, and a wide spectrum of other colors (e.g. the Pantone scale). Printing presses featuring additional presses can give impressive results on paper, giving a significant visual advantage to publications using modern colors. As a result, 5- or more color printing is today in high demand. In 1997 Lambrakis Press SA imported in Greece the first 5-color web press, the 32-page printing press MAN LITHOMAN, while in 1998 purchased a new 6-color MAN ROTOMAN web press. The printing presses are divided in two groups, the web, fed by paper rolls and the sheet-fed, fed by paper in cut sheets. Web presses offer much higher speeds and today they are used by all high-volume publications. Sheet-fed presses offer special features as well as the capability to print on thick paper (e.g. magazine covers). After the printing, web presses feature a folding unit, converting paper in folded 8-pagers, 16- pagers or 32-pagers. On the contrary, cut sheet presses do not feature an embedded folding unit and the printed paper must be transferred to special binding machines. In the case of newspapers, large modern printing presses deliver at their end the finished newspaper. However in some cases the newspaper must be supplemented with additional pages, supplement magazines or advertising leaflets. To this end, normally there is an automating inserting machine producing the final product. Newspapers are packed in bundles and are dispatched to the distribution agency that distributes them to the newsstands.

BINDING - PACKAGING Magazines have an additional production step: binding. The printed and folded typo sheets are fed into special machines that bind together 16-page or 32-page typo sheets into a single magazine and add the front and back covers. There are two binding types: wire patching and gluing. The binding type is elected depending on the profile and volume of each magazine. For thick magazines binding is done using both wire and glue. The last stage of a magazine’s production (possibly also a newspaper’s) is packing it into a plastic bag (packaging). The bag both protects the copy and facilitates the distribution of publications that include a variety of inserts ranging from advertising leaflets to gifts). Packaging is carried out by special machines that first place the inserts in the publication and then pack the final product in a bag. Lambrakis Press SA and the Group’s publishing companies assign their printing works mainly to the Group’s affiliate IRIS PRINTING SA.

DISTRIBUTION The finished packages are delivered to the distribution agency in order to be dispatched to the points of sale (newsstands etc). The distribution agency’s lorries load the finished copies at the printing facilities and through a network of agencies and sub-agencies distribute them to the newsstands all over Greece. The handling takes place usually at night, so that the copies are ready to be sold to readers in the morning.

89 All this procedure, from the decision on the content of a publication until its final reading by the public all over Greece, is carried out in extremely fast, particularly in newspapers. Within 12 hours all the news and ideas of journalists must be turned into a finalized product available to its readers all over Greece. Under these circumstances, the production flow is carried out under the maximum safety conditions, in order to be able to deal with any contingency. As already mentioned, the Company’s income stems from two basic different sources: ■ Circulation of Publications ■ Advertisement entered in the publications

CIRCULATION OF PUBLICATIONS The selling procedure of the publications through the distribution networks practically commences with the determination of the number of copies that will be printed for each publication before each issue. This decision is made by the Commercial Division of Lambrakis Press SA in co-operation with each publication’s Management. After the end of the production procedure, the distribution Agency undertakes the distribution of each publication to the retail points of sale, on a commission calculated on the cover price of each sold copy. The handling of all the Greek press (newspapers and magazines) is carried out by two distribution agencies, ARGOS SA and EVROPI SA. Lambrakis Press Group uses the handling and distribution services of ARGOS SA for all its publications. It is stressed that Lambrakis Press SA holds a 38.5% participation in the share capital of ARGOS SA. For Athens and Piraeus, ARGOS SA after receiving the copies from the printing facilities, always according to the directions of the Circulation Office of Lambrakis Press SA distributes them to six branches that control specific geographical areas. Through those branches and always under the directions of the Circulation Office of Lambrakis Press SA, the copies are distributed to the newspaper wholesalers, each of which services a specific number of retail points of sale in his area. Today, the number of retail points of sale for the specific area of Athens - Piraeus reaches 6,500. The settlement for this area and the corresponding payment of collections to Lambrakis Press SA, are carried out by ARGOS SA the next working day after the date that each publication is withdrawn from circulation. Regarding Thessaloniki after receiving the copies from the printing facilities, ARGOS SA dispatches the copies to its Northern Greece branch, based in Thessaloniki, according to the directions of the Circulation Office of Lambrakis Press SA. Through that branch and always under the directions of the Circulation Office of Lambrakis Press SA, the copies are distributed to the newspaper wholesalers, each of which services a specific number of retail points of sale in his area. Today the number of retail points of sale for the specific Thessaloniki area reaches 1,200. For this area, the settlement and payment of collections to Lambrakis Press SA are carried out from ARGOS SA within forty days from the end of the month the proceeds are collected. For the rest of Greece, ARGOS SA, after receiving the copies from the printing facilities, according to the directions of the Circulation Office of Lambrakis Press SA, dispatches them to

90 PRODUCTION WORK FLOW VII

57 regional sub-agents, each of which controls and services the retail points of sale in the specific geographical area. Today the number of retail points of sale for the rest of Greece reaches 4,000. In this case also, the settlement for these areas and the corresponding payment of collections to Lambrakis Press SA are carried out by ARGOS SA within forty days from the end of the month being settled. In the same way, the publications of Lambrakis Press Sa are dispatched abroad to 20 sub- agencies in total, each of which is responsible for their distribution in the country constituting its area of responsibility. Unsold copies are returned to the Company, which in turn sells them to paper pulp traders. All the publications of Lambrakis Press SA are distributed and circulate all over Greece. Their potential clients are the total of the Greek population over 15 years of age.

ADVERTISEMENT ENTRIES IN PUBLICATIONS To attract advertisement entries in tis publications, Lambrakis Press SA features within its Commercial Division separate advertisement departments for each of its newspapers and magazines. These departments have their own head each and report to Subdivisions according to the profile of the publication, as previously noted and as shown in the Company’s organization chart. Potential clients of Lambrakis Press SA in the sector of advertisement entries are all advertisement agencies and directly advertised clients. Each publication addresses specific segments of advertised clients depending on its profile. The wide variety of Lambrakis Press publications allows the Company to address the full spectrum of advertised products.

MAJOR CLIENTS Major clients of the Company are mainly advertising agencies such as: BOLD OGILVY & MOTHER SA, FORTUNE SA, LEO BURNETT SA, ASHLEY & HOLMES SA, BBDO SA, UPSET SA, MINDSHARE SA, CIA MEDIA NETWORK HELLAS, TEMPO OMD SA. Major Suppliers Basic suppliers of the Company are its affiliates MULTIMEDIA SA and IRIS PRINTING SA, which, as already mentioned, undertake the pre-press and printing respectively of the Company’s publications. Also, in the scope of its publishing activity, the Company cooperates with a number of suppliers, the most important being the companies EUROSTAR SA, STUDIO ATA SA, ACTION PLAN SA and the advertising companies BOLD/OGILVY, THE MEDIA CORP SA, MINDSHARE SA, ARCADIA DIGITAL SA, UNIVERSAL MEDIA SA, MCCAN ERICKSON SA, and NEA MEDIA SA.

91 CHAPTER VIII ntosn Fsa Fsa Fsa depreciated 70,86 Fiscal 70,86 283,23 0,00 Fiscal 143,65 0,00 139,59 0,00 9,21 0,00 9,21 274,03 0,00 354,10 134,44 0,74 139,59 214,51 139,59 0,00 0,74 0,00 354,83 0,00 Fiscal 0,00 215,25 Total 139,59 Other rights property rights Industrial euros In thousand 92 obvious andstraightforward. intangible assetsareimpossibletobevaluatedinprecisefinancialterms,theirlargevalueisboth Ministry ofTradeandconstitutecopyrightedpropertythecompany.Althoughsuch contemplated forfuturepublishing.Alltitlesarecommercialtrademarksregisteredwiththe magazines publishedunderthecompany’slabelalongwithtitlesthatarebeing ■ ■ ■ ■ ■ OWNED LAND TANGIBLE ASSETS INTANGIBLE ASSETS INTANGIBLE ASSETS(TRADEMARKS) AND COLLATERALS FIXED ASSETS-GUARANTEES The mostimportantintangibleassetsofLambrakisPressarethetitlesnewspapersand The companyownsthefollowingplotsofland: In thousandeuros n uliglt .8,91450 5,43.707,05 552,64 1.475,00 2.784,69 and buildinglots Land plots a multi-storeybuilding 21.4% ofabuildinglotat1, Christou LadaStreetofatotalarea372m2onwhichthere is and administrativedivisions. multi-storey buildingofanarea3,887m2,housingthe company’scommercial,financial Building lotofatotalarea493m2at18,Panepistimiou Street,Athensonwhichthereisa company’s newspapers. storey buildingofanarea2,829m2,housingthemanagement andtheeditorialstaffof Building lotofatotalarea379m2at3ChristouLada Street,onwhichthereisamulti- Plot oflandatotalarea16,758m2inthecommunity ofAsfendos,Sfakia,Crete. Thessaloniki. Plot oflandatotalarea7,350m2inthecommunity ofNeaRaidestos,province 31/12/2002 Balance custo au ercainNon- Depreciation Acquisition value additions 11/02adtosTases31/12/2003 Transfers additions 31/12/2002 Balance Fiscal Balance Deletions year’s year’s rnfr 11/0331/12/2003 Transfers 31/12/2003 ACQUISITION VALUE eein Balance Deletions ercaindeletions Depreciation year’s depreciation

Total 31/12/02 balance FIXED ASSETS - GUARANTEES AND COLLATERALS VIII

■ 17.4% of a building lot at 74, Doiranis and Zaloggou Street, Athens of a total area of 566 m2 on which there is a multi-storey building. ■ Building lot of a total area of 13,425 m2 in Poussi Hatzi, Paiania, on which there is a building of an area of 1,584 m2. ■ Rural plot of land of a total area of 8.887,04 m2 in Poussi Hatzi, Paiania During the fiscal year 2003 the Company sold a plot of land of a total area of 2.518m2 at 52, Piraeus Street, Moschato, on which there is a building of an area of 5.745m2. Furthermore, in 2003 the Company purchased the rural plot of a total area of 8.887,04 m2 in Poussi Hatzi, Paiania

The acquisition value of the company’s privately owned land plots and building lots, as of 31.12.2003, is shown in the following table:

Non-depreciated Location District or street Area acquisition value Ownership (m2) (%) (thousand euros) Athens 3, Christou Lada 379 434,15 100,00% Athens 1, Christou Lada 372 88,6 21,40% Kallithea Doiranis & Zaloggou 566 28,38 17,40% Thessaloniki Nea Raidestos 7.350 61,85 100,00% Crete Asfendou, Chania 16.758 93,41 100,00% Athens 18, Panepistimiou street 493 568,58 100,00% Paiania Pousi Hatzi 13.425 957,08 100,00% Paiania Pousi Hatzi 8.887 1.475,00 100,00% Total 3.707,05

BUILDINGS - BUILDING FACILITIES

Acquisition value Depreciation Non- In thousand Fiscal Fiscal Fiscal depreciated euros Balance year’s Deletions Balance Balance year’s year’s Total balance Transfers 31/12/2003 31/12/2003 depreciation 31/12/2002 additions Depreciation deletions 31/12/02 Buildings - Building facilities 12.920,37 8,18 2.172,56 10.755,99 4.311,09 686,21 1.182,40 3.814,90 6.941,08

The above values include refurbishments in third party buildings totaling an acquisition value of 710,57 thousand euros and non-depreciated value of 169,07 thousand euros on 31.12.2002.

OWNED BUILDINGS ■ Multi-storey building on 3, Christou Lada Street in Athens, consisting of a basement, ground floor and eight floors of a total area of 2,829 m2 and total volume of 11,800 m3. The building was reconstructed in 1980 and houses the management and the editorial staff of the company’s newspapers. ■ The company owns the 4th, 5th and 8th floors of the building situated at 1, Christou Lada Street in Athens. The total area of those floors is 641 m2 and the total volume is 1,990 m3. ■ A partly underground basement at 74, Doiranis Street in Kallithea of a total area of 336 m2 used as a warehouse.

93 ■ Office building at 18, Panepistimiou Street, Athens, consisting of two basements and 9 floors of a total area of 3,887 m2, built in 1959. The company acquired, reconstructed and refurbished the building in 1998 currently housing the financial, administrative and commercial divisions. ■ Rooms 1-7 on the 7th floor of the building at 10a Karytsi Sq. of a total area of 224 m2. The offices are leased to the "ATHINAIKA NEA" company. ■ Old industrial building in Poussi Hatzi, Paiania of a total area of 1,584 m2. During the fiscal year 2003, the Company sold an industrial building of a total area of 5.745m2 at 52, Piraeus Street, Moschato.

The following table summarizes the owned buildings of the company as of 31.12.2003.

Acquisition Non-depreciated Location Street Area (m2) Construction value in value year thousand euros 31.12.2003 in thousand euros Athens 3, Christou Lada 2.829 1980 2.272,64 1.006,88 Athens 1, Christou Lada, 4th, 5th and 8th floor 641 1950 325,52 32,48 Kallithea 74, Doiranis 336 1963 44,43 3,21 Athens 18, Panepistimiou 3.887 1959 6.951,24 5.345,03 Athens 10a, Karytsi square, 7th floor (suites 1 to 7) 224 1959 176,08 136,46 Paiania Pousi Hatzi 1.584 275,50 247,95 Total 10.045,41 6.772,01

LEASED BUILDINGS To meet the housing requirements of its printed media and other departments, Lambrakis Press SA leases property both in the greater Athens area and in other Greek cities. The company sub-leases parts of the leased property to its associated companies. Sub-leasing is done through private contracts of annual duration, renewable upon expiration.

94 FIXED ASSETS - GUARANTEES AND COLLATERALS VIII

Yearly Lease Address Floor ª2 Used by rental period (in thousand euros) Lamprakis Press SA: Vima - Nea Vima Photo Archives - Classified Ground floor, 1, Christou Lada rd ads - Mailroom - Promotions Street, Athens 3 floor, 1.146,50 - MC Hellas SA - ATHENS 1.1. - 31.12.2003 188,55 th th 5 to 7 floor NEWS SA - Special Publications SA Hearst DOL LTD - Multimedia AE

nd th Lamprakis Press SA: Economikos 2, Christou Lada, 2 - 4 440,00 Tachydromos - Ram - Hitech 1.1. - 31.12.2003 72,71 7th floor Athens - N.G. Magazine - Multimedia SA Lamprakis Press SA: Mailroom Basement - Ground - Vima - Vimagazino - Nea - 5-7, Christou Lada, floor - Mezzanine 956,10 Tachydromos - MC Hellas SA Athens -1st - 4th - 6th - ATHENS NEWS SA - Special 1.1. - 31.12.2003 142,99 - 7th floor Publications SA - Hearst DOL LTD - Multimedia SA - N. Greece Publishing SA: Aggelioforos Lamprakis Pressa SA: 9, Christou Lada, Ground floor, 332,00 Classified ads - Mailroom Athens Basement - MC Hellas SA - ATHENS 1.1. - 30.09.2003 35,24 NEWS SA - Special Publications SA - Hearst DOL LTD 11, Karytsi square Lamprakis Press SA: 1th floor 139,40 1.1. - 31.12.2003 20,50 Athens DIAKOPES 4, Karytsi square Lamprakis Press SA 1th floor 1.1. - 31.12.2003 5,62 Athens 84,00 Archive Lamprakis Press SA: Ram - 1st basement National Geographic - 829,35 1.1. - 31.12.2003 37,45 - 2nd basement Hitech - National Geographic 39, Panepistimiou Video - Warehouses Street, Athens Lamprakis Press SA: Ram - st 1.1. - 31.03.2003 49,35 1 floor 65,33 National Geographic - Hitech - National Geographic Video Lamprakis Press SA: Vita 24, Stadiou street, 1st - 3rd floor 1.442,00 - To Paidi mou ki Ego 1.1. - 31.12.2003 240,14 Athens - MC Hellas SA 17, Valaoritou 4th floor 389,00 IRIS SA 1.1. - 17.10.2003 86,66 street, Athens 7, Voulis street, 3rd floor 359,39 Hearst DOL LTD 1.1. - 31.12.2003 54,29 Athens 1th to 3rd Basement 80, Michalakopoulou, - Ground floor 14.719,00 Under renobarion 8.7 -31.12.2003 173,23 Athens - 1st to 5th floor - Penthouse Mezzanine - 1st Lamprakis Press SA 4, Phidiou street, to 7th floors 2.207,00 - Special Publications SA 1.1. -31.12.2003 402,93 Athens - Penthouse - Ramnet SA - Eurostar SA 1, III Septemvriou Ground floor 17,00 Lamprakis Press SA: 1.1-31.12.2003 27,63 street, Athens Classified ads Basement - Lower 15-17 Thisseos ground floor - Ground 1.450,00 Action Plan SA - 1.1. -31.12.2003 156,00 street, Athens floor - 1st to 3rd floors FTEROTOS ERMIS SA Lamprakis Press SA: Warehouses 11 Dimitros and MC Hellas SA - ATHENS NEWS SA F. Etairias street, 1st basement - Special Publications SA - Hearst 1.10 - 31.12.2003 5,55 Acadimia Platonos, - Ground floor 1.255,00 - mezzanine DOL LTD - D.E. - Publishing SA Athens - Multimedia SA - Ramnet SA 150, Iera Odos, Basement 2.100,00 Lamprakis Press SA: Warehouses 1.1. -31.12.2003 0,70 Egaleo

95 Yearly Lease Address Floor ª2 Used by rental period (in thousand euros) Lamprakis Press SA: Warehouses Inofyta, 57th km - MC Hellas SA - ATHENS NEWS Athens-Lamia Basement 1.466,80 SA - Special Publications SA 1.1. -31.12.2003 55,80 National Road Hearst DOL LTD - D.E. Publishing SA - Multimedia SA - Ramnet SA Inofyta, Tsefliki Lamprakis Press: Warehouses st nd 1.1. -31.12.2003 76,86 Viotias 1 - 2 floors 2.031,00 - Multimedia SA - NETONLINE SA 10, Agias Sofias ªezzazine - 1st Lamprakis Press SA: Warehouses 368,00 1.1. - 31.12.2003 54,61 Street, Thessaloniki - 2nd - 4th floor - Nea - Vima - Classified ads 33, Vassilissis Sofias 1st floor 65,00 Lamprakis Press SA: Nea 1.1 - 31.12.2003 7,87 Street, Larissa 262, Korinthou 4th floor 49,50 Lamprakis Press SA: Nea 1.1 - 31.12.2003 4,05 Street, Patra Total 31.908,37 1.898,73

In addition to above-mentioned leased property, which Lambrakis Press SA subleased to associated companies during 2003, Lambrakis Press SA also leased own property (offices, warehouses, etc.). For subleased and leased property in the year 2003, Lambrakis Press SA received rent from its associated companies totaling approximately of 1.051,26 thousand euros.

It is noted that in fiscal year 2003, Lambrakis Press SA concluded the 100% acquisition of the company «Michalakopoulou SA», that owns a multi-story building at 80, Michalakopoulou street, of a total area of 14.718,56 m2 on a land lot of 1.985,04 m2 which following the required renovations was deemed suitable to relocate and concentrate the departments of Lambrakis Press SA and its affiliated companies. The relocation of the Company and its affiliates will begin in June 2004 and will be concluded within the current fiscal year.

Acquisition value Depreciation In thousand Fiscal Fiscal Fiscal Total Non- Balance Deletions Balance Balance euros year’s year’s year’s depreciation depreciated 31/12/2002 Transfers 31/12/2003 31/12/2003 additions depreciation deletions 31/12/02 balance Machinery and installations 1.221,71 0,00 0,00 1.221,71 685,44 95,80 0,00 781,24 440,47 Vehicles & other transportation equipment 540,91 8,55 34,24 515,23 292,31 73,04 29,93 335,42 179,80 Furniture and appliances 6.914,85 89,24 127,51 6.876,58 5.688,59 768,38 122,92 6.334,05 542,53 TOTAL 8.677,47 97,79 161,75 8.613,51 6.666,34 937,21 152,85 7.450,70 1.162,81

MACHINERY AND MECHANICAL EQUIPMENT

In 1999 Lambrakis Press SA span off fits printing sector and contributed it to IRIS PRINTING SA. The total machinery and mechanical equipment of the printing sector were also contributed to IRIS Printing SA. The acquisition value of this machinery and equipment on 31.12.99 was 23,477.60 thousand euros and their non-depreciated value 20,542.92 thousand euros. The Company now concludes its entire production cycle through the installations of its associated companies (pre-printing at Multimedia SA and printing at IRIS Printing SA) and also owns

96 FIXED ASSETS - GUARANTEES AND COLLATERALS VIII

machinery and equipment - mainly computer systems, peripherals and specialized digital systems. The machinery and mechanical equipment of the Company are listed below:

Purchased Acquisition Aggregate Non In thousand euros in value depreciation depreciated 31.12.03 31.12.2003 value 31.12.03 Signal generator RF 250 KHZ-4GH 1999 23,50 12,00 11,50 Scitex Pre Presshope DLV 800 GL-361 1999 468,81 258,00 210,81 UPS Liebert 7400 120 KVA 1998 23,77 15,21 8,56 UPS Liebert 7400 200 KVA 1999 37,57 19,91 17,66 Avid Xpress Delux Editing system 1999 39,68 21,42 18,26 Roll Film Scanstation Greyscale Wicks and Wilson 1999 66,91 33,45 33,46 Petrogen 160 KVA Power Generator 1999 28,74 7,90 20,84 Aris 400 KVA Power Generator 1999 90,98 23,20 67,78 UPS Liebertt Hipulse 2000 27,33 5,32 22,01 Other machinery and equipment 414,42 384,83 29,59 Total 1.221,71 781,24 440,47

OWNED TRANSPORTATION EQUIPMENT The Company owns 26 vehicles, i.e. 4 lorries and 22 passenger cars, which cover the increased transportation needs of employees in their daily tasks. The non-depreciated value of these 26 vehicles (lorries and cars) was 171,73 thousand euro by fiscal year ending on 31.12.2003. The total non-depreciated value of Vehicles and Transportation equipment (vehicles, motors, motor-bikes and interior circulation means) was 179,8 thousand euros. Besides the above owned vehicles, the Company leases 19 passenger cars (see: Leasing Agreements) that cover along with the owned vehicles the increased transportation needs of the company’s staff.

GUARANTEES - COLLATERALS On 31.12.2003 the Company had granted the following guarantees to companies (in thousand euros):

1 Northern Greece Publishing SA 7.095,52 2. DOL Digital SA 9.714,11 3. Studio ∞∆∞ SA 645,63 4. Ramnet SA 1.027,15 5. Ramnet Shop SA 200,00 6. Lambrakis Research Foundation 111,76 7. Mellon Group SA 5.000,00 8. Michalakopoulou SA 3.500,00 9. P.E.A.T. 7,32 Total 27.301,49

On 31.12.2003 the Company had received the following guarantees (in thousand euros):

∂ÁÁ˘ËÙÈΤ˜ ÂÈÛÙÔϤ˜ ÁÈ· ÂÍ·ÛÊ¿ÏÈÛË ··ÈÙ‹ÛÂˆÓ 620,22 Letters of guarantee securing receivables/claims 620,22 Letters of guarantee for proper contractual performance 742,00 Letters of guarantee securing obligations 27.481,64 Total 28.843,86

97 There are no registered encumbrances on the Company’s real estate property. A prenotation of mortgage exists on the real estate property of IRIS PRINTING SA for 98.958 thousand euros securing a long-term Bank loan totaling 82.171 thousand euros.

MATERIAL AGREEMENTS

TRADE AGREEMENTS WITH CUSTOMERS AND SUPPLIERS The Company has no agreements with customers and suppliers for amounts exceeding _200 thousand

AGREEMENTS WITH ASSOCIATED COMPANIES Lambrakis Press SA has executed agreements with Eurostar SA, Action Plan SA, Special Publications SA, Ellinika Grammata SA, Athens News SA, Multimedia SA, MC Hellas SA, Hearst Lambrakis Publications Ltd, IRIS Printing SA, DOL Digital SA, Mellon Group SA, Papasotiriou SA, on the basis of which the former party (Lambrakis Press SA) undertakes to provide to the latter parties administrative, economic, financial, accounting, legal, commercial and computer services. The term of above-mentioned agreements is annual (one fiscal year). The total contractual fees for Lambrakis SA for rendering services in fiscal year 2003 amounted to 3.457,51 thousand euros, ranging from 78,3 thousand to 652,62 thousand euros, depending on the kind of services rendered and the counterparty company. In addition Lambrakis Press SA signed agreements with Multimedia SA, Action Plan SA, DOL Digital SA, Eurostar SA, IRIS Printing SA, Studio ATA SA, Ellinika Grammata SA, Action Plan HR SA, Net on Line SA, Ramnet SA, Phoenix SA, Expo Plan SA and Triaina Travel SA to run advertisements in its publications, as well as agreements on the exchange of advertisements with companies Special Publications SA, Nea Aktina SA, N. Greece Publishing SA, MC Hellas SA, Hearst Lambrakis Ltd, Publishing Communications SA, Athens News SA. During fiscal year 2003 Lambrakis Press SA signed lease agreements in its capacity as lessor or sub-lessor with the associated companies: ªultimedia SA, Action Plan SA, Eurostar SA, Expo Plan SA, Hearst Lambrakis Publishing Ltd, In Health SA, In Travel SA, IRIS Printing SA, Ramnet SA, Ramnet Shop SA, Athens News SA, Special Publications SA, DOL Digital SA, Ellinika Grammata SA, MC Hellas SA, In ªarket Place SA, Interoptics SA, D-E Publishing Ltd, Net on Line SA, N. Greece Publishing SA, Fterotos Ermis SA, Triaena Travel SA, Studio ATA SA, Action Plan HR SA, ªichalakopoulou SA. Lastly, in the context of normal business practice, Lambrakis Press SA executed agreements in fiscal year 2003 with associated companies for the promotion of sales (Action Plan SA), sale of goods (Ellinika Grammata SA), mutual rendering of services (Multimedia SA), editing services (D.E. Publishing Ltd). The tenor and value of these contracts were very low.

LOAN AND CREDIT AGREEMENTS During fiscal year 2003 the existing Loan and Credit Agreements of the Company were the following:

98 FIXED ASSETS - GUARANTEES AND COLLATERALS VIII

Bank Date Agreement Commercial Bank of Greece 29.11.99 Credit Agreement with Open Account General Bank of Greece 26.05.1998 Credit Agreement with Open Account National Bank of Greece 29.11.1999 Credit Agreement with Open Account Piraeus Bank 11.06.2001 Credit Agreement with Open Account Alpha Bank 04.06.2003 Credit Agreement with Open Account

The total credit granted from the above agreements was 79.156,75 thousand euros.

LEASING AGREEMENTS

■ During fiscal year 2002 the Company signed 2 leasing agreements as follows:

Date of Leasing Company Description Monthly Duration Agreement rent 60 months 31.05.2002 "Emporiki" Leasing Passenger car 403,65 (expiring 2007) 60 months 02.08.2002 Avis Hellas Passenger car 1.090,00 (expiring 2007)

■ During the fiscal year 2003 the Company signed 4 leasing agreements as follows:

Date of Leasing Company Description Monthly Duration Agreement rent 14.01.2003 Avis Hellas 2 Passenger cars 968,00 36 months 04.07.2003 Avis Hellas 7 Passenger cars 1.995,00 36 months 04.07.2003 Avis Hellas 7 Passenger cars 3.150,00 36 months 01.11.2003 Euro Lease 1 Passenger car 450,00 36 months

99 INSURANCE CONTRACTS During fiscal year 2003 the Company signed with ALPHA INSURANCE SA, a leading underwriter, the following insurance contracts:

Leading Insurance Insurance Insurance Insurance Insurance Object capital in Duration Companies Companies Underwriter thousand euros Alpha Insurance 34% Fire and related hazards 15.03.2003 - 197205 9.370,65 National Insurance SA 18% for building installations 15.03.2004 Gerling Konzern 15% Fire and related hazards11.453,80 15.03.2003 - Interamerican 15%197906 for building installations, 15.03.2004 Phoenix ªetrolife 6% equipment and merchandize Alianz SA 6% 15.03.2003 - 120368 Loss of profit owing to fire 5.869,41 General Hellas 6% 15.03.2004 Alpha Insurance 22% Alianz SA 10% Interamerican 21% 162750 Transportation of money 17.01.2003 - Dynamis SA 17% 15.03.2004 Aspis Pronoia SA 10% Alpha Hellas SA 20% Insurance Alpha Insurance 46% Alianz SA 10% Interamerican 19% 162645 Cash theft 17.01.2003 - Aspis Pronoia SA 5% 15.03.2004 Hellas SA 20% Alpha Insurance 35% Alianz SA 10% Interamerican 19% 162688 Safes security 15.01.2003 - Aspis Pronoia SA 11% 15.03.2004 Hellas SA 25% Alpha Insurance 35% Interamerican 35% 181856 Employee trust 15.01.2003 - ∂ÏÏ¿˜ ∞∂ 30% 15.03.2004

31.12.2002 - Alpha Insurance 148771 Electronic equipment 1.467,35 31.12.2003 31.12.2002 - Alpha Insurance 7003 Civil liability 31.12.2003 Collective contract for labor 31.12.2002 - Alpha Insurance 99992304728 accident in factory 31.12.2003 02.08.2003 - National Insurance SA 11409 Credit risk 02.08.2004 Collctive contract (Cashiers 01.01.2003 - Alico 38035 and motorcycle drivers) 31.12.2003

100 CORPORATE ACTIONS ON SHARE CAPITAL IX

CORPORATE ACTIONS ON SHARE CAPITAL 1. The share capital was initially set at GRD 85.000.000, divided into 85.000 registered shares with a nominal value of GRD 1,000 each. The share capital was fully paid up in cash and asset contribution, according to art. 41 of the company’s Articles of Association.

2. Pursuant to resolution of the shareholders’ Extraordinary Meeting of 28.11.1974, the share capital was increased by GRD 119.000.000. The increase was effected according to the regulations of Decree No. 1314/1972, though the capitalization of: a) GRD 91.745.594, stemming from the revaluation of land, building and installations of the company. The company’s land was revaluated from GRD 46.854.480 to GRD 118.450.000; the buildings and other fixed installations were revaluated from GRD 39.614.654 to GRD 64.175.000, b) GRD 21.804.181 and GRD 5.450.225, stemming from tax-exempt reserves of Law 47/1967, that were aggregated until 31/12/1973, according to the Report dated 21/10/1974 issued by the

Committee that was impaneled for this purpose pursuant to art. 9 of Codified Law 2190/1920 CHAPTER πà ''on Incorporated Companies''. c) The 119.000 new registered shares issued in respect with the share capital increase of GRD 119.000.000, were all distributed to the shareholders at a ratio of 14 new shares per 10 existing shares. No payment was effected for these shares. As a result the share capital amounted to GRD 204.000.000, fully paid up, divided into 204.000 registered shares with a nominal value of GRD 1.000 each.

3. Pursuant to resolution of the shareholders’ Extraordinary Meeting of 12.8.1975, all the shares of the company were converted from registered to bearer stock.

4. Pursuant to the shareholders’ Ordinary Annual Meeting of 30.6.1977, the company’s share capital was increased by GRD 24.550.000, according to the regulations of Law 542/1977, through the capitalization of: a) GRD 12.742.544, stemming from the difference in the value of the company’s a building lot at 173, Syggrou avenue. b) GRD 9.713.956, stemming from the revaluation of the company’s a building lot at 173, Syggrou avenue. c) From the decrease of the above amount (under [b] above) by GRD 2,317,500, to account for the adjusted depreciation of the above building, according to the regulations of L. 542/1977 d) GRD 4.410.272 from the capitalization reserve formed by the revaluation of fixed assets according to Law 1314/1972, pursuant to the resolution of the shareholders’ Extraordinary General Meeting of 28.11.1974, that stemmed from their acquisition value of GRD 91.745.594 versus the revaluation of land and buildings amounting to GRD 96.155.866, and e) GRD 728 paid in cash by the shareholders at their respective ratio, to round the nominal value of each share. f) The 24.550 new shares that there issued in respect of the share capital increase by GRD 24.550,000 were all distributed to the shareholders at the ratio of 491 new shares per 4.080 existing shares. No payment was effected for these shares.

101 As a result the share capital amounted to GRD 228,550,000, fully paid up and divided into 228.550 bearer shares with a nominal value of GRD 1,000 each.

5. Pursuant to resolution of the shareholders’ Extraordinary General Meeting of 8.11.1978, the share capital was increased by GRD 10.000, paid in cash by the shareholders at their respective ratio. The 10 new shares issued in respect to this share capital increase by GRD 10,000 were all distributed to the shareholders, who all paid their shares’ value in cash. As a result the share capital amounted to GRD 228.560.000, fully paid up, divided into 228,560 bearer shares with a nominal value of GRD 1.000 each.

6. Pursuant to resolution of the shareholders’ Extraordinary General Meeting of 10.11.1982 the share capital was increased by GRD 499.684.000, based on the regulations of Law 1249/1982. As a result the share capital amounted to GRD 728.244.000, fully paid up divided into 728.244 bearer shares with a nominal value of GRD 1.000 each.

7. Pursuant to resolution of the shareholders’ Ordinary General Meeting of 30.6.1986, as amended by the resolution of the shareholders’ Ordinary General Meeting of 1.6.1987, the share capital was increased by GRD 223.020.000, through a partial payment in cash on behalf at all shareholders, at each shareholder’s ratio As a result, after the completion of all partial payments, the share capital amounted to GRD 951.264.000, fully paid up, divided into 951.264 bearer shares with a nominal value of GRD 1.000 each.

8. Pursuant to resolution of the shareholders’ Extraordinary General Meeting of 25.1.1988: a) the share capital was increased by GRD 736.000 in cash paid by the shareholders at each shareholder’s ratio, b) the nominal value of each share was increased from GRD 1.000 to GRD 10.000 and c) the bearer shares were converted to registered, according to the regulations of Law 1746/1988. As a result the share capital amounted to GRD 952.000.000, fully paid up, divided into 95.200 registered shares with a nominal value of GRD 10.000 each.

9. Pursuant to the shareholders’ Ordinary General Meeting of 29.6.1992, the share capital was increased by GRD 44.080.000 through the capitalization of: a) GRD 18.750.894, according to the regulations of art. 14 of Law 1731/1987 stemming from the revaluation difference of installed machinery b) GRD 25.321.684, according to the regulations of art. 22 of Law1828/89, from tax-exempt reserves and c) GRD 7.422 in cash paid by the shareholders at each shareholder’s ratio to reach the nominal value of each issued in respect to this capitalization. As a result the share capital amounted to GRD 996.080.000, fully paid up, divided in 99.608 registered shares with a nominal value of GRD 10.000 each.

10. Pursuant to resolution of the shareholders’ Ordinary General Meeting of 30.6.1994 the share capital was increased by GRD 592.960.000, through the capitalization of:

102 CORPORATE ACTIONS ON SHARE CAPITAL IX

a) GRD 62.283.291 stemming from the revaluation of the company’s land and buildings according to the regulations of art.23 of Law 2065/1992 b) GRD 530.640.844 from tax-exempt reserve according to the regulations of art. 22 Law 1828/1989 and c) GRD 35.865 in cash paid by the shareholders, at each shareholder’s ratio, to reach a suitable number of shares to be distributed to the shareholders. As a result the share capital amounted to 1,589,040,000, fully paid up, divided into 158.904 registered shares with a nominal value of GRD 10.000 each.

11. Pursuant to resolution of the shareholders’ Extraordinary General Meeting of 26.2.1997 the share capital was increased by GRD 35.000.000, with the issue of 3.500 new shares with a nominal value of GRD 10.000 each. This increase stemmed by GRD 35.000.000 from the absorption of the company "TECHNOGRAFIKI SA" according to the regulations of Law 2166/1993. As a result the company’s share capital amounted to GRD 1.624.040.000, fully paid up divided into 162.404 registered shares with a nominal value of GRD 10.000 each.

12. Pursuant to the regulations of the shareholders’ Annual Ordinary Meeting of 30.6.1998: a) the share capital was increased by GRD 2.325.960.000 through the capitalization of a) GRD 104.614.328, from the fixed asset revaluation reserve formed according to Law 2065/1992, b) GRD 1.114.593.933, from the reserve formed according to Law 1828/1989 and c) GRD 1.106.751.739 from the taxed reserve formed according to Law 2579/1998. The nominal value of each share was converted from GRD 10,000 to GRD 200. As a result, the share capital amounted to GRD 3.950.000.000, fully paid up, divided in 19.750.000 registered shares with a nominal value of GRD 200 each. 13. Pursuant to a resolution of the shareholders unsolicited Extraordinary General Meeting of Shareholders of 27.8.1998 the company’s share capital was increased by GRD 1.050.000.000, as follows: a) by GRD 1.000.000.000 in cash by a public offering effected through the issue of 5.000.000 new registered shares of a nominal value of GRD 200 each, and b) by GRD 50.000.000 by private placement through the issue of 250.000 new registered shares with a nominal value of GRD 200 each. As a result, the company’s share capital amounted to GRD 5.000.000.000, fully paid up and divided into 25.000.000 registered shares of a nominal value of GRD 200 each.

14. Pursuant to a resolution of the shareholders’ Ordinary Annual General Meeting of 17.6.1999, all physical shares were dematerialized in accordance with a resolution of the Capital Markets Commission and the provisions of Law 2396/96.

15. Pursuant to resolution of the shareholders’ Extraordinary General Meeting of 16.9.1999, the share capital was increased by GRD 10.060.000.000 as follows: a) by GRD 5.000.000.000 through capitalization of reserve account "Share premium reserve" and the issue of 25.000.000 new registered shares with a nominal value of GRD 200 each, and (b) by GRD 5.060.000.000 in cash and the issue of 25.300.000 new registered shares with a nominal value of GRD 200 each. As a result, the company’s share capital amounts to GRD 15.060.000.000 fully paid up and

103 divided into 75,300,000 registered shares with a nominal value of GRD 200 each.

16. Pursuant to resolution of the shareholders’ Ordinary General Meeting of 22.6.2001: a) the share capital was increased by GRD 335.085.000 through the capitalization of (aa) GRD 103.447.613 from the reserve account "Revaluation differences from other assets" and (ab) GRD 231.637.387 from the reserve account «Share premium reserve» by increasing the nominal value of each share from GRD 200 to GRD 204.45, b) according to Law 2842/2000, the nominal value of each share and the share capital was also denominated in euro, i.e. the nominal value of each share in 0.60 euro and the share capital in 45.180.000 euros.

17. Pursuant to the shareholders’ Ordinary General Meeting of 21.6.2002 the share capital and the nominal value of each share were denominated solely in euros. As a result the share capital amounts to 45.180.000 euros fully paid up, divided into 75.300.000 registered shares with a nominal value of 0,60 euros each.

18. Pursuant to resolution of the shareholders’ Extraordinary General Meeting of 16.2.2004 the share capital: a) was decreased by 827.862 euros, through the cancellation of 1.379.770 own shares having nominal value of 0,60 euros each and b) was increased by 827.862 euros through the issue of 1.379.770 new shares having nominal value of 0,60 euros each, through the equivalent capitalization of funds from reserve account «Difference from issuing shares at a premium» and distribution of these shares to the shareholders free of payment (bonus). As a result the share capital amounts to 45.180.000 euros fully paid up, divided into 75.300.000 registered shares with a nominal value of 0,60 euros each.

The following table summarizes the company’s corporate actions on the share capital.

104 CORPORATE ACTIONS ON SHARE CAPITAL IÃ

Government Means of coverage Govern- Gazette No. Amount Share General ment for the confi- of share In Capital Nominal Total Meeting Gazette rmation of capital Cash Capitalization specie post value of number Share Date Number payment for increase payment of reserves (contribu- increase each of class share capital /decrease tion in /decrease share shares increase kind) Common Establishment 1107/70 85.000.000 8.129 84.991.871 85.000.000 1.000 85.000 registered Common 28.¡Ôv.74 2067/74 119.000.000 119.000.000 204.000.000 1.000 204.000 registered 12.∞ug.75 2030/75 Conversion of common registered shares to common bearer. Common 30.Jun.77 3135/77 24.550.000 728 24.549.272 228.550.000 1.000 228.550 bearer Common 08.¡Ôv.78 91/79 10.000 10.000 228.560.000 1.000 228.560 bearer Common 10.¡Ôv.82 4566/82 499.684.000 499.684.000 728.244.000 1.000 728.244 bearer Common 30.Jun.86 2832/86 61/88 223.020.000 223.020.000 951.264.000 1.000 951.264 bearer Common 25.Jan.88 361/88 588/88 736.000 736.000 952.000.000 1.000 952.000 bearer Conversion of the shares’ nominal value GRD 1,000 to GRD 10,000. Total number of shares amounted to 95,200. 25.Jan.88 Conversion of bearer shares to registered. Common 29.Jun.92 918/93 1825/93 44.080.000 7.422 44.072.578 996.080.000 10.000 99.608 registered Common 30.Jun.94 28/95 7233/95 592.960.000 35.865 592.924.135 1.589.040.000 10.000 158.904 registered Common 26.Feb.97 6969/97 8/929/98 35.000.000 35.000.000 1.624.040.000 10.000 162.404 registered Common 30.Jun.98 8588/98 2.325.960.000 2.325.960.000 3.950.000.000 10.000 395.000 registered Conversion of nominal value of each share from GRD 10,000 to GRD 200. Total number of shares amounted 30 πÔ˘Ó 98 8588/98 to GRD 19,750,000. 824/99 Common 27.Aug.98 25514/98 1.050.000.000 1.050.000.000 5.000.000.000 200 25.000.000 827/99 registered 533/00 Common 16.Sep.99 8244/99 10.060.000.000 5.060.000.000 5.000.000.000 15.060.000.000 200 75.300.000 1059499 registered Common 22. Jun.01 6313/01 8065/01 335.085.000 335.085.000 15.395.085.000 204,45 75.300.000 registered The company’s share capital and the nominal value of . Common 22. Jun.01 9035/02 € each share were denominated in euros. 0.60 75.300.000 registered Total before the denomi- GRD 15.395.085.000 6.333.818.144 8.941.274.985 119.991.871 15.395.085.000 204,45 75.300.000 Common nation in registered euros Total before the denomi- euro 45.180.000 18.587.874 26.239.985 352.140 45.180.000 0,60 75.300.000 Common nation in registered euros -827.862 Share capital decrease through the Common 44.352.138 0,60 € 73.920.230 16.Feb.04 1722/04 - 1.379.770 cancellation of 1.379.770 own shares registered Common 16.Feb.04 1722/04 2094/04 827.862 827.862 45.180.000 0,60 € 1.379.770 registered Total after euro 45.180.000 18.587.874 26.239.985 352.140 45.180.000 0,60 75.300.000 Common the latest registered increase

105 EQUITY CAPITAL - BOOK VALUE OF SHARES

The table below presents the Company’s Equity Capital and the Book Value of the share at the end of two fiscal years 31.12.2002 and 31.12.2003

2002 2003(1) Equity Capital Euros Euros Shares 75.300.000 75.300.000 Nominal Value of Each Share 0,6 0,6 Share Capital 45.180.000,00 45.180.000,00 Reserve from issuing shares at a premium 206.260.785,36 206.260.785,36 Reserves from revaluation of other assets 305.059,11 305.059,11 Statutory Reserve 2.877.769,63 2.877.769,63 Less: Loss from sale or devaluation of participations & securities (1) 38.644.119,33 41.331.022,94 Statutory Reserve after Loss -35.766.349,70 -38.453.253,31

CHAPTER X Extraordinary Reserves 4.011.853,58 4.011.853,58 Tax free reserves pursuant to special laws 4.054.288,97 4.054.288,97 Total Capital Reserves -27.700.207,15 -30.387.110,76 Balance (Profit-Loss) carried forward -19.928.976,38 -7.968.751,04 Own Shares -31.123.138,52 -31.123.138,52 TOTAL EQUITY CAPITAL 172.993.522,42 182.266.844,15 Book Value of Share (2) 2,30 2,42

(1) Investments in shares of companies listed on the Athens Stock Exchange were valued at market in accordance with Law 2992/2002. The net loss that arose from the valuation of these shares amounting to 2.687 thousand euros was transferred directly to Shareholders Equity as in prior year. (2) Calculated on the basis of number of shares by fiscal year-end. For more information on the adjusted Equity Capital of the Company, as per Company Notes and the Chartered Accountant’s Remarks (2002 and 2003), please refer to Chapter "ADJUSTED EARNINGS AND EQUITY CAPITAL OF LAMBRAKIS PRESS SA" in the present Annual Report.

106 CONSOLIDATED EQUITY CAPITAL - CONSOLIDATED BOOK VALUE OF SHARES XI

CONSOLIDATED EQUITY CAPITAL - CONSOLIDATED BOOK VALUE OF SHARES

The Table below presents the Consolidated Equity Capital of the Lambrakis Press Group as well as the Consolidated Book Value of the share for fiscal years ending on 12.2002 and 31.12.2003

2002 2003 Consolidated Equity Capital (1) Euros Euros Share capital 45.180.000,00 45.180.000,00 Reserve from issuing shares at a premium 206.260.785,36 206.260.785,36 Reserves from revaluation of participations & securities 0,00 0,00 Reserves from revaluation of other assets 419.510,50 419.510,50 Investment subsidies 0,00 3.003.918,75 Total Revaluation – Investment Subsidies 419.510,50 3.423.429,25 Statutory Reserve 3.565.512,26 3.391.283,95 Less: Loss from sale or devaluation of participations & securities (netted off) 39.510.791,26 42.596.216,86 CHAPTER XI Reserve to cover loss 14.360,05 71,25 Extraordinary reserves 4.011.853,58 4.011.853,58 Extraordinary reserves 9.192.089,18 8.876.595,84 Consolidation differences 12.634.094,62 3.790.497,98 Goodwill write-off 0,00 -4.580.114,00 Total Reserved Capital -10.092.881,57 -27.106.028,26 Earnings carried forward -46.751.782,61 -39.262.115,04 Minority Rights 30.057.333,60 26.088.903,33 Own shares -31.123.138,52 -31.123.138,52 Total Consolidated Equity Capital 193.949.826,76 183.461.836,13 Number of Shares (2) 75.300.000 75.300.000 Consolidated Book Value of Share 2,58 2,44

(1) The figures of the consolidated balance sheet and the consolidated income statement for the current year are not comparable to the respective figures of the previous year because in this year the company MICHALACOPOULOU SA is included in the consolidation for first time while the company PHOENIX SA, that was included in the consolidation of the affiliate company IRIS PRINTING SA in the prior year, is not included in this year’s consolidation. Also, during the current year the acquired company ORAPRESS SA merged with the subsidiary IRIS PRINTING SA according to the provisions of Law 2166/1993. (2) Calculated on the basis of number of shares by fiscal year-end. For more information on the Consolidated Equity Capital of the Lambrakis Press Group, as per Company Notes and the Chartered Accountant’s Remarks (2002 and 2003), please refer to Chapter "ADJUSTED OF CONSOLIDATED EARNINGS AND CONSOLIDATED EQUITY CAPITAL OF THE LAMBRAKIS PRESS GROUP" in this Annual Report.

107 SHAREHOLDERS - SHAREHOLDING STRUCTURE

The structure of the company’s shareholding on 31.12.2003 is the following:

SHAREHOLDING STRUCTURE ON 31.12.2003

Shareholder Number of shareholders Number of shares Percentage of total Christos D. Lambrakis 1 37.652.000 50,003% Anna D. Lambrakis 1 6.657.690 8,842% Lena D. Savvidis 1 4.850.450 6,442% Lambrakis Press SA (Own shares) 1 1.379.770 1,832% Other shareholders (< 5% each) 34.948 24.760.090 32,882% TOTAL 34.952 75.300.000 100,00%

The following table summarizes the changes in the composition of the company’s shareholding from 1.1.2003 to 31.12.2003 (includes only the changes relating to shareholders participating in the share capital with not less than 5%): CHAPTER XII CHANGES IN SHAREHOLDING

(%) Shareholder 31.12.2002 31.12.2003 Shareholding change 1.1.2003-31.12.2003 Christos D. Lambrakis 50,003% 50,003% 0,000% Anna D. Lambrakis 8,842% 8,842% 0,000% Lena D. Savvidis 6,441% 6,441% 0,000% Lambrakis Press SA (Own shares) 1,832% 1,832% 0,000% Other shareholders (< 5% each) 32,882% 32,882% 0,000% TOTAL 100,00% 100,00% 0,000%

OWN SHARES (TREASURY STOCK) Materializing the resolution of the Shareholders’ Ordinary General Meeting of 29.06.2000 the company set forth a share repurchase program in order to stabilize the market price and the liquidity of the traded shares. The first such purchase was made on July 17, 2000 and during the fiscal year 2000 the company purchased 1,226,740 own shares, i.e. 1.630% of its share capital. The share repurchase program lasted until 30.6.2001. During the first half of the fiscal year 2001 the Company purchased 153.030 shares. I.e. 0.220% of its share capital. Following the above, on 31.12.2002 the Company held in its securities portfolio 1.379.770 own shares of a total acquisition value of 31.123 thousand euros. These shares were transferred from the asset account «Securities - Own shares» to a related liabilities account debiting "Equity". It is noted that the 1.379.770 own shares, that the company held according to the above, were cancelled pursuant to the resolution of the Shareholders’ Extraordinary General Meeting of 16.02.2004, decreasing the company’s share capital by an amount equal to their total nominal value, i.e. 827.862 euros, and also decreasing respectively the reserve account «Difference from issuing shares at a premium», i.e. by 3.779.448,13 euros.

108 MARKET VALUE OF THE SHARES XIII

MARKET VALUE OF THE SHARES

Lambrakis Press SA is currently included within the 60 top listed companies on the Athens Stock Exchange, based on its weighted capitalization: The company’s shares are constituents of the following indices:

■ ASE General ■ FTSE/ASE Mid-40 ■ ASE Publishing Sector Index ■ Dow Jones Sustainability World Index ■ FTSE/Mediterranean-100

1.1 - 31.12.2002 1.1 - 31.12.2003 1.1.-30.4.2004 Closing prices euros euros euros Average 2,88 4,00 4,24 Lowest 1,57 1,63 2,94 Highest 4,80 6,75 5,35 CHAPTER XIII

Average daily traded 107.719 341.056 205.435 volume (shares)

MONTHLY STATISTICAL DATA FOR THE YEAR 2003

Closing price at Monthly average Montly average Monthly average Total monthly Month month’s end (euro) price (euro) traded volume (shares) turnover (euro) turnover (euro) January 2,11 2,35 245.298 587.006 12.327.132 February 2,05 2,08 115.869 242.273 4.845.457 March 1,88 1,92 183.116 358.005 6.802.094 April 2,28 2,20 293.053 660.854 11.895.367 May 2,32 2,40 287.930 472.639 12.640.131 June 5,74 3,88 829.138 3.212.685 64.253.694 July 6,37 6,06 671.593 4.164.042 95.772.961 August 6,02 6,23 321.523 2.029.537 40.590.742 September 4,60 4,98 327.051 1.645.521 36.201.467 October 5,45 5,31 318.391 1.702.936 39.464.596 November 5,19 5,25 274.268 1.451.082 29.021.637 December 4,41 4,62 223.355 1.059.059 22.240.248

109 CHAPTER XIV 110 Lymberopoulos andGrigoriosSkalkeas. Independent MembersoftheBoardDirectorsMessrs. ApostolosGeorgiadis,Konstantinos decides otherwise. General Meetingthatwillbesummonednolaterthan30.6.2008, unlesstheGeneralMeeting 10. StavrosP.Psycharis, 9. GrigoriosD.Skalkeas, 8. AdamantiosA.Pepelassis, 7. Konstantinos D.Lymberopoulos, 6. TryfonI.Koutalidis, 5. NikolaosCh.Koritsas, 4. LeonV.Karapanagiotis, 3. πoannisG.Goumas, 2. ApostolosS.Georgiadis, 1. ChristosD.Lambrakis, Ordinary GeneralMeetingof30.05.2003asfollows: elected membermustalsobeIndependent. member whoresigned,deceasedorhis/herpositionbecamevacantforanyreason,thenthe until thefirstupcomingShareholders’GeneralMeetinginsubstitutionofanotherIndependent Shareholders’ GeneralMeeting.IfatemporarymemberiselectedbytheBoardofDirectors Executive isassignedbytheBoardofDirectors.TheIndependentmembersare 110/17.5.2002). ThestatusofthemembersBoardDirectorsasExecutiveornon- in thesenseofart.4Law3016/2002(GovernmentGazettesectionA’issueno. Executive membersoftheBoardDirectorstheremustbeatleasttwoIndependent members. Ifsuchratioisfractional,itroundedtothenextintegernumber.Amongnon- non-Executive memberscannotbesmallerthanonethird(1/3)ofthetotalnumber Executive thoseresponsiblefortheoverallpromotionofallcompanyissues.Thenumber considered thosethatdealwitheverydaymanagementissuesofthecompany,whilenon- Board ofDirectorsconsistsExecutiveandnonmembers.membersare and expiresonthedateofOrdinaryGeneralMeetingyeartheirdeparting.The years, thatcommencesonthedayofOrdinaryGeneralMeetingyeartheirelection (15) members,thatareelectedbytheGeneralMeetingofshareholdersforatermfive(5) BOARD OFDIRECTORS In itssessiondated30.05.2003, theBoardofDirectorswassummonedandassigned its From theaboveelectedmembers,complyingtoart. 3ofLaw3016/2002,assignedas The statutorytermoftheaboveBoardDirectorsextends untiltheShareholders’Ordinary The currentBoardofDirectorsiselectedpursuanttotheresolutionShareholders’ ‚) Departingmembersareeligibleforre-election a) TheCompanyismanagedbytheBoardofDirectors,whichconsistsfive(5)tofifteen According toArticle13oftheArticlesAssociation: Pagos), residentofAgiaParaskeviAttikis. Captain ∂.¡.,residentofN.Erythraia. Lawyer, residentofP.Psychico. Journalist, residentofAthens. Member oftheAcademyAthens,residentAthens. Lawyer, residentofMelissia. Journalist, residentofAthens. Journalist, residentofAthens. Professor oftheUniversityAthens,residentPsychico. University Professor,residentofFilothei. Vice PresidentEmeritusoftheSupremeCourt(Areios BOARD OF DIRECTORS XIV

members the following status (Government Gazette issue No. 5047/2003): Christos D. Lambrakis Executive President and Managing Director, Stavros P. Psycharis Executive Vice President and General Manager, Apostolos S. Georgiadis Independent, Non Executive Member, πoannis G. Goumas Non Executive Member, Leon V. Karapanagiotis Executive Member, Nikolaos Ch. Koritsas Non Executive Member, Tryfon I. Koutalidis Executive Member, Konstantinos D. Lymberopoulos Independent, Non Executive Member, Adamantios A. Pepelassis Non Executive Member, Grigorios D. Skalkeas Independent, Non Executive Member. Furthermore, the Board of Directors in its meeting of 30.09.2003 assigned the duties of Managing Director to the vice President of the Board of Directors, Mr. Stavros P. Psycharis and the duties of General Financial and Administrative Officer of the Company to Mr. Damianos Z. Hadjikokkinos. As a result, the company’s Board of Directors was impaneled anew as follows:

1. Christos D. Lambrakis President of the Board of Directors Executive President Vice President of the Board 2. Stavros P. Psycharis Executive Vice President of Directors and Managing Director 3. Apostolos S. Georgiadis Member of the Board Independent, Non Executive Member 4. πoannis G. Goumas Member of the Board Non Executive Member 5. Leon V. Karapanagiotis Member of the Board Executive Member 6. Nikolaos Ch. Koritsas Member of the Board Non Executive Member 7. Tryfon I. Koutalidis Member of the Board Executive Member 8. Konstantinos D. Lymberopoulos Member of the Board Independent, Non Executive Member 9. Adamantios A. Pepelassis Member of the Board Non Executive Member 10. Grigorios D. Skalkeas Member of the Board Independent, Non Executive Member

The following details are noted for the members of the Board of Directors: ■ Christos D. Lambrakis, was born in Athens in 1934. From 1954 to 1957 worked as a journalist in the newspaper «TO VIMA» and Director of the magazine «TACHYDROMOS». In 1957 he undertook the Administration and General Management of Lambrakis Press. Since 1970, when Lambrakis Press was transformed into an Incorporated Company, he assumed the position of the Executive President of the Board of Directors of Lambrakis Press SA. He is the President of Lambrakis Research Foundation.

■ Stavros P. Psycharis, was born in Athens in 1945 and has been working with Lambrakis Press since 1968. Since the autumn of 1983 he is the Publisher and the Director of the newspaper «∆o Vima». In September 2001 he also assumed the duties of General Manager of Lambrakis Press SA. In December of the same year he was elected member and Vice President of the Board of Directors of Lambrakis Press SA. Today he has the position of Vice President of the Board of Directors and Managing Director of Lambrakis Press SA. He participates in the Board of Directors of companies of Lambrakis Press group. He is the Treasurer of the Lambrakis Research Foundation.

■ Apostolos S. Georgiadis, was born in Kalamata in 1935. He graduated from the Law School of the University of Athens (1956) and the University of Munch (1962). He is Lawyer of

111 Athens since 1959. He was Professor in the Universities of Munich (1967-1972) and Athens (1973-2002). Since 2000 he is a member of the Academy of Athens. He has served as Governor of the National Mortgage Bank of Greece (1989-1993), Legal Advisor to National Bank of Greece (1976-2000), Legal Advisor to the Hellenic Telecommunications Organization (1996-1999), Legal Advisor to the Church of Greece (1999 to date), Legal Advisor of the Association of Greek Banks (2001-2002), Dean of the Law School of the University of Athens (1987-1989). Since 2000 he is the Director of the legal magazine «Times of Private Law» and partner in the company «Apostolos S. Georgiadis and Associates Company of Lawyers»

■ Ioannis G. Goumas, was born in Athens in 1933. He is a graduate of the Training Nautical College, H.M.S. (Worcester -England). He is Captain of the Commercial Navy. Founder and President since 1971 of the company J. G. GOUMAS (SHIPPING) CO. SA. Since 1991 he served as President of the Association of Greek Ship owners for two three-year terms until 1997, when he was named its President Emeritus. Member of the Board of Directors of Alpha Bank. Member of the Greek Advisory Committee of the Public Welfare Foundation "Stavros S. Niarchos".

■ Leon V. Karapanagiotis, was born in Athens in 1931. He studied Political Science in France and Switzerland and has been working with Lambrakis Press since 1953. For many years he was the Director the newspaper «TA NEA», being today its Publisher.

■ Nikolaos C. Koritsas, was born in Athens in 1965. He studied Law in the Universities of Athens and London (LL.M. in International Business Law). Lawyer of Athens since 1990.

■ Tryfon I. Koutalidis, was born in Athens in 1934. He studied Law in the Universities of Athens and London. Doctor of Law of the Law School of the University of Athens. Lawyer of Athens. Vice President of the Commercial Bank, 1978. President of Olympic Airways, 1979. He has written books and research papers on legal issues.

■ Konstantinos D. Lymberopoulos, was born in Dorio, Messinia in 1935. He studied Law in the Universities of Athens and Munich. Being Judge from 1962, he served as Head of the Athens Justice of the Peace and the Athens Court of First Instance. He was promoted to Chief Justice in 1992 and to Vice President of the Supreme Court (Areios Pagos) in 1998. On 1.7.2002, retiring on age, he withdrew from active service with the ranking of Vice President Emeritus of the Supreme Court.

■ Adamantios A. Pepelasis, was born in Gastouni, Ilia in 1922. Ph. D. University of California- Berkeley. Professor of Economics in the University of New York in Buffalo, in the University of California and Virginia. Governor of the Agricultural Bank of Greece, Governor of the Commercial Bank of Greece, President of the Foundation of Hellenic Civilization, Vice President and General Manager of Lambrakis Research Foundation.

■ Grigorios D. Skalkeas, was born in Thalames, Messinia in 1926. He is Peer Professor of the

112 BOARD OF DIRECTORS XIV

University of Athens and Member of the Academy. He is President of the foundation for Medical and Biological Research of the Academy of Athens, President of the Managing Committee of the University of Sterea Hellas. Member of the Board of Directors of Lambrakis Press SA. President of the Foundation to Support the Patriarchate of Constantinople and Member of the Board of Directors of Theoharakis Foundation (unpaid).

EXECUTIVE COMMITTEE Pursuant to resolution of the Board of Directors of 21.6.2002, the Executive Committee was constituted, its task being the coordination and supervision of the divisions of Lambrakis Press and the companies of its group. In this context, the Executive Committee proposes to the Board of Directors the constitution of committees and formations, their impaneling (permanent or ad hoc) and their responsibilities. These committees are constituted following resolution of the Board of Directors, which includes their impaneling (permanent or ad hoc) and the jurisdiction and authorities assigned to them. Through its members the Executive Committee heads all the above committees and briefs the Board of Directors on their projects regularly. According to the resolution of the Board of Directors dated September 30, 2003 the Executive Committee has the following members:

Christos D. Lambrakis President President of the Board of Directors Leon V. Karapanagiotis Vice President Member of the Board of Directors Stavros P. Psycharis Member Vice President of the Board of Directors and Managing Director Tryfon I. Koutalidis Member Member of the Board of Directors Damianos Z. Hadjikokkinos Member General Financial and Administrative Officer

AUDITING COMMITTEE Finally, pursuant to the resolution of the company’s Board of Directors dated 21.6.2002, an Audit Committee was introduced with the authority to oversee the work of the Internal Auditor, to evaluate and utilize the findings of the audit reports of the regulatory authorities and the internal and external auditors and to report those findings to the company’s Board of Directors. According to the resolution of the company’s Board of Directors dated 30.05.2003 the Audit Committee has the following members:

π. G. Goumas Non executive member N. Ch. Koritsas Non executive member A. A. Pepelassis Non executive member

CORPORATE GOVERNANCE Being listed on the Athens Stock Exchange, the Company abides by the regulations of Law 3016/17.05.2002 on Corporate Governance and conforms with the regulations of art. 3,4,6 to 8 and specifically has already procured for abiding with the regulations concerning:

113 ■ The statutory impaneling of the Board of Directors pursuant to the above, including in it six non-executive members, three out of which are also independent. ■ The compilation and approval by the Board of Directors of Internal Rule Book ■ The organization and operation of the Auditing Committee and Internal Audit Department.

REMUNERATION OF THE BOARD OF DIRECTORS The members of the Board of Directors Mr. Christos D. Lambrakis, President, Mr. Stavros P. Psycharis, Vice President and Mr. L. Karapanagiotis, render their services to the company as top managerial executives holding the following positions:

Executive President of the Board of Directors - Christos D. Lambrakis President of Executive Committee Executive Vice President of the Board of Directors - Stavros P. Psycharis Managing Director - Member of Executive Committee Executive Member of the Board of Directors - Leon V. Karapanagiotis Vice President of Executive Committee

The Ordinary General Meeting of the Company’s Shareholders of 30.05.2003 approved the following annual salaries for the fiscal year 2003 and the first half of 2004:

2003 First half of 2004 Christos D. Lambrakis Up to euros 250.000,00 155.000,00 Stavros P. Psycharis " 235.000,00 140.000,00 Leon V. Karapanagiotis " 235.000,00 140.000,00

The total remuneration of the members of the Board of Directors that rendered their services to the Company, pursuant to specific work contract, project contract or mandate in the fiscal year 2003, i.e. of Messrs C. D. Lambrakis, S. P. Psycharis and L. V. Karapanagiotis, as approved by the Ordinary General Meeting of the shareholders of 30.05.2003 amounted to 714 thousand euros and ranged from 227 thousand euros to 244 thousand euros. Moreover, during the fiscal year 2003 the company paid in total 418 thousand euros as retirement remuneration to Members of the Board of Directors who retained a salary-based relation with the Company. It is noted that the Executive Member of the Board of Directors Mr. T. Koutalidis, does not receive a salary for the services he renders as Special Legal Advisor of Lambrakis Press SA. The attendance fees for each of the members of the Board of Directors - except Messrs. Chr. Lambrakis, L. Karapanagiotis and St. Psycharis for the fiscal year 2003, were set by the Ordinary General Meeting of the Shareholders of 30.05.2003 to 1.000 euros per month, regardless of the number of sessions of the Board of Directors or other corporate bodies in which the member participates. In the year 2003, the above described attendance fees amounting to 132 thousand euros were paid to the members of the Board of Directors to the debit of the fiscal year’s earnings. The table of appropriation does not include fees of the Board of Directors.

114 BOARD OF DIRECTORS XIV

PARTICIPATIONS OF THE MEMBERS OF THE BOARD OF DIRECTORS AND THE MAJOR SHAREHOLDERS OF THE COMPANY IN THE MANAGEMENT OF OTHER COMPANIES The members of the Board of Directors and the major shareholders of the Company (participating in the company’s share capital with more than 10%) that participate in the management and/or the share capital of other companies are shown in the following:

Members of the Board of Directors Company in which Position in Participation and/or Shareholders with >10% they participate with the Board (%) participation in Lambrakis Press > 10% of Directors MULTIMEDIA SA President DOL DIGITAL SA 13,45% President MELLON GROUP SA President ARGOS SA President STUDIO ATA SA. President EUROSTAR SA President N. GREECE PUBLISHING SA President ATHENS NEWS SA President Ch. D. Lambrakis ACTION PLAN SA President RAMNET SA President RAMNET SHOP SA President ¡∂A AKTINA SA President NET ON LINE SA President ∆ELETYPOS SA. Member DATAFORMS SA 20,61% No participation D. E. PUBLISHING LTD 100,00% No participation DOL DIGITAL SA Vice President IRIS PRINTING SA President ELLINIKA GRAMMATA SA Vice President St. P. Psycharis ATHENS NEWS SA Member SPECIAL PUBLICATIONS SA President MICHALAKOPOULOU SA President Ap. St. Georgiadis APOSTOLOS S. GEORGIADIS & ASSOCIATES COMPANY 26% Senior Partner OF LAWYERS MYTILINAIOS SA – Member GROUP OF COMPANIES ASSOCIATION OF GREEK President Emeritus SHIPOWNERS I. G. GOUMAS SA - Shipping Company π. G. Goumas of Law 89/67 based in Panama President ALPHA BANK Member ADVISORY COMMITTEE of the GREEK NIARCHOS FOUNDATION Member L. V. Karapanagiotis ATHENS NEWS SA Vice President ¡. C. ∫oritsas No participations ATHENS NEWS SA Member STUDIO ATA SA Member ∆r. π. ∫outalidis TR. I. KOUTALIDIS LAW OFFICE - COMPANY OF LAWYERS 70% Senior Partner ∫. D. Lyberopoulos No participations A. A. Pepelassis LAMBRAKIS RESEARCH FOUNDATION General Manager FOUNDATION OF MEDICAL AND BIOLOGICAL RESEARCH OF THE ACADEMY OF ATHENS President Gr. Skalkeas FOUNDATION FOR THE SUPPORT THE CONSTANTINOPLE PATRIARCHATE Member THEOCHARAKIS FOUNDATION Member

115 The members of the Company’s Board of Directors and the Company’s major shareholders (holding more than 10% of the company’s share capital) do not participate in the management or the share capital of other companies, with no less than 10%, neither they exercise managerial influence nor they maintain any other relation with any other companies except the ones described above. Lambrakis Press SA entrusts its legal issues to the Law Office of Tr. I. Koutalidis. Beyond the above, no business relation, agreement, contract or transaction exists between the Company and the above companies, except those described in the related chapter of this Annual Report.

116 MANAGEMENT OF THE COMPANY XV

MANAGEMENT OF THE COMPANY The management of the Company and the supervision of its group are carried out by the Board of Directors and the Executive Committee and in particular from Messrs:

■ Christos D. Lambrakis, ■ Leon V. Karapanagiotis, President of the Board of Directors - Vice President of the Executive President of the Executive Committee - Member of the Board Committee of Directors ■ Stavros P. Psycharis, ■ D. Z. Hadjikokkinos, Vice President of the Board of Directors - General Financial and Managing Director - Member Administrative Officer - of the Executive Committee Member of the Executive Committee

who are supported in their tasks by a number of managerial staff as follows:

DIRECTORS AND MANAGERS OF LAMBRAKIS PRESS PUBLICATIONS Director of Newspaper «∆∞ ¡∂∞» - Director of Magazine «TACHYDROMOS» P. Kapsis Publishing Advisor of Newspaper «∆∞ ¡∂∞» V. Nikolopoulos Managing Editor of Newspaper «∆∞ ¡∂∞» I. Matsikas Managing Editor of Newspapers «TO VIMA» and «TO VIMA TIS KYRIAKIS» Ch. Memis CHAPTER XV Deputy Director of Newspaper «TO VIMA TIS KYRIAKIS» L. Zenakos Director of Magazines «VIMAGAZINO» and «VIMADONNA» Th. Lalas Director of Magazine «ECONOMICOS TACHYDROMOS» ¡. Nikolaou Director of Magazines «GAMOS» and «TO PAIDI MOU KI EGO» √. Ioannou Director of Magazine «DIAKOPES» ∂. Karapanagioti Director of Scientific Magazines Sector Th. Spinoulas Director of Magazine «RAM» G. Kopeliadis Director of Magazine «HITECH» ª. Katohianou Director of Magazine «NATIONAL GEOGRAPHIC» ¡. ªargaris Director of Magazine «VITA» ¡. Amanitis Director of Lambrakis Press Archive L. Savvidis

DIRECTORS AND MANAGERS OF THE FINANCIAL AND ADMINISTRATIVE DEPARTMENTS Group Financial and Human Resources Manager ¡. Katsibrakis Head of the Legal Department ∫. Mintziras Internal Audit Manager P. Rigas Manager of the Treasury ∞. Vassilas Financial Planning and Analysis Manager ¡. Tsouvalas Business Development & Corporate Announcements Manager K. Glynou Investor Relations Manager ∞. Christakis Financial Manager of the Publishing Sector ¡. Anastasopoulos Financial Manager of the IT and New Technologies Sector D. Albanis Financial Manager of the Printing Sector ∫. Trampakoulas Financial Manager of the Tourist Sector G. Tsialikis Financial Manager of the Participations Sector ∞. Dousmanopoulos Manager of the IT and New Technologies Sector P. Psycharis Deputy manager of the IT and New Technologies Sector D. Xenakis Accounting Manager Th. Ntolos Accounting Supervisor V. Valsamaki

117 DIRECTORS AND MANAGERS OF COMMERCIAL DEPARTMENTS Commercial Manager of Newspapers and Weekly Supplement Magazines ∂. Evangeliou Commercial Manager of Magazines ∂. Fetsi Commercial Manager of Scientific Magazines Department ∞. Vlachou Commercial Manager of Women’s Magazines Department ¡. Agiopetritou Circulation Office Manager V. Georgas Manager of the Department of Advertisement Statistics and Market Monitoring √. Katsilomyti

ADVISORS TO THE MANAGEMENT Advisor to the Management on Commercial Issues ∂. Pagida Advisor on Electronic Editions of Newspapers π. Giannarakis Publishing Advisor of Variety Magazines R. Mitropoulou

According to the provisions of Resolution 5/204/14.11.2000 of the Capital Markets Commission, the Company has set in operation the following departments: ■ Department of Internal Audit headed by Mr. Pantelis L. Rigas ■ Department of Investor Relations headed by Mr. Alexandros G. Christakis and ■ Department of Corporate Announcements headed by Ms. Kleopatra D. Glynou

The total remuneration of the company’s directors and managers for the fiscal year 2003 amounted to 3.049 thousand euros and ranged from 47 thousand euros to 211 thousand euros. All the company’s directors, mangers and heads of departments are Greek citizens. The degrees of kin relationships up to and including the second in-law degree between the major shareholders, the Members of the Board of Directors and the Directors and Managers are stated in chapter «Board of Directors» of this Annual Report. The mail address of the Directors and Managers of Lambrakis Press SA is the head office of the Company at 3, Christou Lada Street, GR-10237 Athens.

118 MANAGEMENT OF THE COMPANY XV

PERSONS AND LEGAL ENTITIES REQUIRED TO NOTIFY THEIR TRANSACTION CODES IN THE INTEGRATED AUTOMATIC SYSTEM OF ELECTRONIC TRANSACTIONS (OASIS) On 31.3.2004, the persons and legal entities required to notify their transaction codes in the Integrated Automatic System of Electronic Transactions (OASIS), according to art. 8 of Resolution No. 5/204-14-11-2000 of the Capital Markets Commission were the following: Persons: Shareholders holding over 20%: Christos D. Lambrakis Members of the Board of Directors of Lambrakis Press SA with a salary-based relation: Christos D. Lambrakis, Stavros P. Psycharis, Leon V. Karapanagiotis Members of the Board of Directors with special duties: Tryfon I. Koutalidis Managing Director: Stavros P. Psycharis General Financial and Administrative Officer: Damianos. Z. Hadjikokkinos Group Financial and Human Resources Manager: Nikolaos I. Katsimbrakis Financial Manager of the Publishing Sector of Lambrakis Press SA: Nikolaos G. Anastasopoulos Accounting Manager of Lambrakis Press SA: Theodoros D. Ntolos Accounting Supervisor of Lambrakis Press SA: Vasiliki P. Valsamaki Head of the Internal Audit Department of Lambrakis Press SA: Pantelis L. Rigas Head of the Share Registry Department of Lambrakis Press SA: Alexandros G. Christakis Head of the Corporate Announcements Department of Lambrakis Press SA: Kleopatra D. Glynou Regular Chartered Auditors of Lambrakis Press SA: Efstathios Prassas, Sofia Kalomenidou Head of the Legal Department of Lambrakis Press Group: Kostas ∞. Mintziras

Affiliated companies: Multimedia SA., DOL Digital SA., IRIS Printing SA, Ramnet SA., Ramnet Shop SA., Netonline SA., Action Plan SA., Action Plan HR SA., Studio ATA SA., ¡ea Aktina SA, Eurostar SA, ∂xpo Plan SA., Triaina Travel-St. Lagas SA, Special Publications SA, Hearst Lambrakis Publishing Ltd, MC Hellas SA, Ellinika Grammata SA, ªichalakopoulou SA.

119 PERSONNEL

In particular, the evolution of the annual average of personnel employed by Lambrakis Press SA for the years 2002 and 2003 is shown in the following table:

Average number Average number : of fully employed(1) 2002 of fully employed(1) 2003 Top managers 4 4 Journalists - Proofreaders etc 384 375 Administrative employees 170 176 Commercial Division employees 95 98 Financial Division employees 98 95 Information Technology 23 27 Other 11 11 Pre-press 26 12 Printing 6 6 Total 817 804

CHAPTER XVI (1) Includes the Executive Members of the Board of Directors that are paid salaries.

It is noted that besides the above salary-based personnel, there are 608 more free-lancers that render their services to the company and are paid on a project basis. In 2003 the total remuneration to personnel and free-lancers amounted to 4.254 thousand euros. Approximately 42% of the company’s personnel are university or college graduates, out of which 21% hold postgraduate degrees In the context of enhancing its involvement in human resources issues, in February 2001 the Company established the Human Resources Department. During fiscal year 2003, the company carried out training programs focusing on technology subjects, further developed the information systems of human resources management and continued to deploy procedures and policies regarding the management of human resources. The management of the company maintains excellent relations with its personnel. The following table shows the company’s personnel expenses:

PERSONNEL EXPENSES

1.1.2002- 31.12.2002 1.1.2003- 31.12.2003 CLASS in thousand euros in thousand euros Employees’ salaries and benefits 21.999,68 23.452,57 Social security 1.447,41 1.453,40 Total 23.447,09 24.905,97

The average number of personnel that was employed in the fiscal year 2003 by the companies included in the consolidated financial statements of Lambrakis Press Group reached 2.333 and their salaries and related expenses amounted to 61.353 thousand euros against 58.987 thousand euros in the fiscal year 2002.

120 THE COMPANY’S INVESTMENTS FOR THE PERIOD 1999-2003 XVII

THE COMPANY’S INVESTMENTS FOR THE PERIOD 1999-2003 The following table shows the company’s investments per category of capital expenditure for the period 1999 -2003 INVESTMENTS (*)

1999 2000 2001 2002 2003 Total Investment category Thousand Thousand Thousand Thousand Thousand Thousand % euros euros euros euros euros euros Land - building lots 2.890,68 0,00 956,71 0,00 1.475,00 5.322,39 4,23% Buildings and facilities 2.876,01 1.267,79 451,94 2,50 8,18 4.606,42 3,66% Machinery - technical installations 1.617,02 26,41 0,00 0,00 0,00 1.643,43 1,31% Vehicles and other transportation equipment 243,58 264,12 79,24 9,81 8,55 605,30 0,48% Furniture and appliances 2.203,96 1.705,06 314,01 151,96 89,24 4.464,23 3,55% Fixed assets under construction 490,10 625,09 531,18 484,12 4.290,95 6.421,44 5,11% Total tangible fixed assets 10.321,35 3.888,47 2.333,08 648,39 5.871,92 23.063,21 18,34% Affiliated companies and other participations 31.013,94 32.617,83 8.934,40 5.302,56 24.850,00 102.718,73 81,66% GRAND TOTAL 41.335,29 36.506,30 11.267,48 5.950,95 30.721,92 125.781,94 100,0%

(*) The company’s investments for new publishing products are not included. . CHAPTER XVIπ

1999 2000 2001 2002 2003 Total COMPANY NAME Thousand Thousand Thousand Thousand Thousand Thousand euros euros euros euros euros euros MULTIMEDIA SA 1.467,35 0,00 0,00 0,00 0,00 1.467,35 DOL DIGITAL SA 19.075,57 0,00 234,78 440,00 0,00 19.750,35 IRIS PRINTING SA 0,00 0,00 0,00 0,00 0,00 0,00 ARGOS SA 763,02 0,00 0,00 272,95 0,00 1.035,97 FREEGATE TOURISM INC. 372,71 99,78 1.634,63 0,00 0,00 2.107,12 MELLON GROUP SA 308,14 0,00 0,00 0,00 0,00 308,14 M. LEVIS SA 821,72 0,00 0,00 0,00 0,00 821,72 NORTHERN GREECE 1.173,88 1.467,35 0,00 411,43 0,00 3.052,66 PUBLISHING SA STUDIO ∞∆∞ SA 135,00 0,00 0,00 0,04 0,00 135,04 TILETYPOS SA 0,00 3.286,87 2.585,47 0,00 0,00 5.872,34 ACTION PLAN SA 440,21 0,00 1.212,03 2.959,83 0,00 4.612,07 ACTION PLAN HR SA. 0,00 0,00 0,00 2,35 0,00 2,35 NEA AKTINA SA. 44,02 0,00 0,00 0,00 0,00 44,02 SPECIAL PUBLICATIONS SA 3.072,63 889,21 1.074,10 1.176,00 69,00 6.280,94 MC HELLAS SA 733,68 0,00 0,00 0,00 0,00 733,68 HEARST LAMBRAKIS PUBLISHING LTD 14,67 733,68 0,00 0,00 0,00 748,35 EUROSTAR SA 0,00 0,00 1.766,69 0,00 0,00 1.766,69 PAPASOTIRIOU SA 0,00 2.054,29 0,00 0,00 0,00 2.054,29 ELLINIKA GRAMMATA SA 0,00 586,94 0,00 16,65 0,00 603,59 PUBLISHING 0,00 146,74 0,00 0,00 0,00 146,74 COMMUNICATIONS SA ODEON SA 0,00 4.490,10 0,00 0,00 0,00 4.490,10 ODEON LICENSING SA 0,00 26,41 0,00 0,00 0,00 26,41 DIGITAL PRESS SA 0,00 1.939,84 0,00 0,00 0,00 1.939,84 EKDOSEIS 4 LTD 0,00 0,00 426,70 23,30 0,00 450,00 PAPER PACK I. 1.526,05 4.061,63 0,00 0,00 0,00 5.587,68 TSOUKARIDIS SA EXPO PLAN SA 88,04 0,00 0,00 0,00 0,00 88,04 MICROLAND SA 977,26 12.835,00 0,00 0,00 0,00 13.812,26 MICHALAKOPOULOU SA 0,00 0,00 0,00 0,00 24.781,00 24.781,00 TOTAL 31.013,95 32.617,84 8.934,40 5.302,55 24.850,00 102.718,74

121 REVIEW OF ACTIVITIES AND EARNINGS INCOME STATEMENT (1)

2002 2003 thousands euros thousands euros Turnover from: Publishing newspapers and magazines 108.340,95 117.335,45 Rendering of services 4.423,74 4.862,73 Sales of goods 674,89 721,97 Sales of by-products 527,52 434,31 Total turnover 113.967,10 123.354,46 Less: Cost of goods sold before depreciation (2) 72.081,56 70.965,02 Gross earnings before depreciation (2) 41.885,54 52.389,44 % on turnover 36,75% 42,47% Plus: Other income 1.869,66 1.595,26 Total before depreciation (2) 43.755,19 53.984,69 % on turnover 38,39% 43,76% Less: Administrative expenses before depreciation 6.577,30 8.284,52 Less: Selling expenses before depreciation 33.098,99 35.428,25 Operating earnings before depreciation (2) 4.078,91 10.271,92 % on turnover 3,58% 8,33% Plus: Income and profit from participations and securities 2.052,86 2.356,86

CHAPTER XVIII Less: Expenses and loss from participations and securities 0,00 88,82 Less: Provisions for devaluation of participations 1.406,21 0,00 Plus: Extraordinary and non operating income 3.825,59 3.890,83 Less: Extraordinary and non operating expenses 2.500,08 1.219,23 Earnings before interest, depreciation and tax 6.051,07 15.211,56 % on turnover 5,31% 12,33% Plus: Credit interest 33,37 8,88 Less: Debit interest 831,76 647,07 Earnings before depreciation and tax 5.252,68 14.573,37 % on turnover 4,61% 11,81% Less: Fiscal year’s depreciation 3.244,33 2.522,78 Earnings before tax 2.008,35 12.050,59 % on turnover 1,76% 9,77% Less: Fiscal year’s income tax 0,00 0,00 Less: Other tax of current fiscal year 82,89 90,36 Earnings after tax 1.925,44 11.960,23 % on turnover 1,69% 9,70% Less: Remuneration of Board of Directors members (3) 0,00 0,00 Earnings after tax and remuneration of Board 1.925,44 11.960,23 of Directors members Less: Tax imposed by tax auditor 0,00 0,00 Earnings after current year’s tax, Board of Directors 1.925,44 11.960,23 remuneration and tax imposed by tax auditor

(1) Certain amounts of the fiscal year 2002 have been adjusted in order to be comparable with the amounts of the fiscal year 2003. Specifically, direct selling expenses relating to fiscal year 2003, were included in distribution expenses instead of Cost of Goods Sold in order to become compatible with industry practice. The respective accounts for fiscal year 2002 were adjusted accordingly. (2) To calculate the gross and operating earnings, depreciation has been deducted from the Cost of Goods Sold, the administrative and selling expenses. (3) No profit was distributed to the members of the Board of Directors for the fiscal years 2002 and 2003.

122 REVIEW OF ACTIVITIES AND EARNINGS XVIII

ANALYSIS OF ACTIVITY - TURNOVER The evolution of turnover per sector of the company’s business activity during the fiscal years 2002 and 2003 is shown in the following table.

TURNOVER

2002 2003 thousand euros thousand euros % Income from Circulation 58.897,17 64.718,05 52,47% Income from Advertisement 49.443,78 52.617,40 42,66% Total Income from publishing activities 108.340,95 117.335,45 95,12% Income from services rendered 4.423,74 4.862,73 3,94% Income from sales of goods 674,89 721,97 0,59% Income from sales of byproducts 527,52 434,31 0,35% Total turnover 113.967,10 123.354,46 100,00%

GEOGRAPHICAL ALLOCATION OF TURNOVER

2002 2003 thousand euros thousand euros % Domestic sales 113.095,61 123.146,32 99,83% International sales 871,49 208,14 0,17% Total turnover 113.967,10 123.354,46 100,00%

The account «Other Income», amounting in 2003 to 1.595 thousand euros, includes income from rents of buildings, machinery and income from services rendered.

EVOLUTION OF COST OF GOODS SOLD - GROSS EARNINGS The evolution of cost of goods sold and gross earnings for the fiscal years 2002 and 2003 is shown the following table: COST OF GOODS SOLD - GROSS EARNINGS

2002 2003 thousand euros thousand euros Turnover 113.967,10 123.354,46 Less: Cost of Goods Sold Compensation, Benefits and Expenses of Personnel 18.801,15 17.904,00 Compensation and expenses of third parties 47.544,39 44.346,95 Third party benefits 1.577,80 1.856,53 Miscellaneous expenses 2.912,74 2.818,76 Consumptions 1.245,49 4.038,78 Total cost of Goods Sold 72.081,56 70.965,02 Gross Earnings before Depreciation 41.885,54 52.389,44 Depreciation 1.520,74 898,77 Gross Earnings 40.364,80 51.490,66

123 REVIEW OF ADMINISTRATIVE AND SELLING EXPENSES The evolution of Administrative and Selling Expenses for the fiscal years 2002 and 2003 is shown in the following table ADMINISTRATIVE AND SELLING EXPENSES

2002 2003 thousand euros thousand euros Administrative Expenses Compensation, Benefits and Expenses of Personnel 2.537,24 3.513,19 Compensation and expenses of third parties 919,34 1.577,53 Third party benefits 1.520,09 1.578,61 Tax – duties 189,91 295,98 Miscellaneous expenses 1.410,73 1.319,21 Total Administrative Expenses before Depreciation 6.577,31 8.284,52 Depreciation 935,36 791,748 Total Administrative Expenses 7.512,67 9.076,27 Selling Expenses Compensation, Benefits and Expenses of Personnel 2.896,99 3.358,31 Compensation and expenses of third parties 20.244,35 22.189,66 Third party benefits 2.453,74 2.284,28 Miscellaneous expenses 7.503,92 7.596,00 Total Selling Expenses before Depreciation 33.098,99 35.428,25 Depreciation 788,233 832,25 Total Selling Expenses 43.844,88 36.260,51 Total administrative and Selling Expenses 51.357,55 45.336,77

124 REVIEW OF ACTIVITIES AND EARNINGS XVIII

REVIEW OF EXTRAORDINARY EARNINGS The evolution of Extraordinary Earnings for the fiscal years of 2002 and 2003 is shown in the following table:

EXTRAORDINARY EARNINGS (IN THOUSAND EUROS)

2002 2003 Extraordinary and non operating expenses Tax fines and surcharges 56,5 275,28 Other extraordinary and non operating expenses 4,58 1,56 Foreign exchange differences stemming during the fiscal year, mainly at the payment of loan liabilities in FX 1,6 12,48 Total 62,68 289,31 Extraordinary loss Loss from liquidation of machinery and equipment 0,00 70,01 Loss from liquidation of vehicles 13,3 0,39 Loss from liquidation of furniture and apparatus 5,05 0,51 Other loss 0,09 0,00 Total 18,44 70,90 Previous years’ expenses Previous years’ tax and duties 7,89 1,19 Personnel layoff compensation 1.856,40 719,68 Third party services 3,65 34,21 Miscellaneous expenses 36,58 11,79 Tax fines 0,01 0,00 Other expenses of previous years 0 32,59 Third party remuneration 269,72 59,56 Total 2.174,25 859,01 Provisions for extraordinary risks 244,65 0,00 Grand total of extraordinary expenses and loss 2.500,02 1.219,23 Extraordinary and non operating income Foreign exchange differences 60,79 58,83 Miscellaneous income 2,13 3,89 Compensation for pre-mature real estate lease breach 12,24 0,00 Total 75,16 62,72 Extraordinary profit Profit from liquidation of fixed assets 3.649,91 1.461,90 Profit from liquidation of vehicles 2,56 4,91 Profit from liquidation of furniture 3,96 0,49 Other profit 5,47 0,16 Total 3.661,90 1.467,47 Previous years’ income Income from previous years’ provisions 0,00 695,04 Income from collateral services 0,00 66,26 Insurance compensation 13,78 51,76 Other income of previous years 0,02 1.508,46 Income from program subsidies 74,73 39,12 Total 88,53 1.599,33 Grand total of Extraordinary Income and Profit 3.825,59 3.890,83

The account "Extraordinary Results" includes the profit that stemmed during 2003 from the sale of the building on 52, Pireos street, Moschato.

125 FINANCIAL EXPENSES The evolution of Financial Expenses for the fiscal years of 2002 and 2003 is shown in the following table: FINANCIAL EXPENSES

2002 2003 Thousand euros Thousand euros Interest on long-term loans 0,00 0,00 Interest on short-term loans 807,42 635,90 Other financial expenses 24,35 11,17 Total 831,76 647,07

DEPRECIATION The evolution of depreciation and its allocation in the Cost of Goods Sold, Administrative Expenses and Selling Expenses for the years 2002 and 2003 are shown in the following table:

ALLOCATION OF DEPRECIATION

2002 2003 Thousand euros Thousand euros Cost of Goods Sold 1.520,74 898,78 Administrative Expenses 935,36 791,75 Selling Expenses 788,23 832,25 a) Included in Operating Cost 3.244,33 2.522,78 b) Not included in Operating Cost 0,00 0,00 Grand total 3.244,33 2.522,78

APPROPRIATION OF EARNINGS BEFORE DEPRECIATION The appropriation of the company’s earnings before depreciation and tax for the years 2002 and 2003, according to the audited financial statements, is the following:

APPROPRIATION OF EARNINGS BEFORE DEPRECIATION

2002 2003 Total Thousand euros Thousand euros Thousand euros Earnings before depreciation and tax 5.252,67 14.573,36 19.826,03 Total for appropriation 5.252,67 14.573,36 19.826,03 Total depreciation 3.244,33 2.522,78 5.767,11 Other tax of current fiscal year 82,89 90,36 173,26 Balance of earnings carried forward 1.925,44 11.960,23 13.885,67 Total 5.252,67 14.573,37 19.826,03

126 REVIEW OF ACTIVITIES AND EARNINGS XVIII

REVIEW OF EXTRAORDINARY EARNINGS The evolution of Extraordinary Earnings for the fiscal years of 2002 and 2003 is shown in the following table: EXTRAORDINARY EARNINGS (IN THOUSAND EUROS)

2002 2003 Extraordinary and non operating expenses Tax fines and surcharges 56,5 275,28 Other extraordinary and non operating expenses 4,58 1,56 Foreign exchange differences stemming during the fiscal year, mainly at the payment of loan liabilities in FX 1,6 12,48 Total 62,68 289,31 Extraordinary loss Loss from liquidation of machinery and equipment 0,00 70,01 Loss from liquidation of vehicles 13,3 0,39 Loss from liquidation of furniture and apparatus 5,05 0,51 Other loss 0,09 0,00 Total 18,44 70,90 Previous years’ expenses Previous years’ tax and duties 7,89 1,19 Personnel layoff compensation 1.856,40 719,68 Third party services 3,65 34,21 Miscellaneous expenses 36,58 11,79 Tax fines 0,01 0,00 Other expenses of previous years 0 32,59 Third party remuneration 269,72 59,56 Total 2.174,25 859,01 Provisions for extraordinary risks 244,65 0,00 Grand total of extraordinary expenses and loss 2.500,02 1.219,23 Extraordinary and non operating income Foreign exchange differences 60,79 58,83 Miscellaneous income 2,13 3,89 Compensation for pre-mature real estate lease breach 12,24 0,00 Total 75,16 62,72 Extraordinary profit Profit from liquidation of fixed assets 3.649,91 1.461,90 Profit from liquidation of vehicles 2,56 4,91 Profit from liquidation of furniture 3,96 0,49 Other profit 5,47 0,16 Total 3.661,90 1.467,47 Previous years’ income Income from previous years’ provisions 0,00 695,04 Income from collateral services 0,00 66,26 Insurance compensation 13,78 51,76 Other income of previous years 0,02 1.508,46 Income from program subsidies 74,73 39,12 Total 88,53 1.599,33 Grand total of Extraordinary Income and Profit 3.825,59 3.890,83

The account "Extraordinary Results" includes the profit that stemmed during 2003 from the sale of the building on 52, Pireos street, Moschato.

127 REVIEW OF THE COMPANY’S BALANCE SHEET The evolution of the company’s Balance Sheet for the years 2002 and 2003 is shown t\in the following table: BALANCE SHEET (1)

2002 2003 thousand euros thousand euros ASSETS Establishment expenses 8.201,44 8.397,35 Less: accrued depreciation 6.285,06 7.175,20 Non depreciated establishment expenses 1.916,38 1.222,15 Intangible assets 354,83 354,10 Less: Accrued depreciation 274,03 283,23 Non depreciated intangible assets 80,81 70,86 Tangible assets 26.939,34 29.200,39 Less: Accrued depreciation 10.977,43 11.265,61 Non depreciated tangible assets 15.961,91 17.934,79 Participations in associated companies 107.177,41 130.004,85 Other long term receivables 360,66 442,86 Total fixed assets 123.580,79 148.453,36

CHAPTER XIX Inventory 7.324,96 5.157,60 Clients 27.156,64 26.215,65 Bills of exchange receivable 352,92 0,00 Bills of exchange in arrears 88,99 66,20 Cheques receivable 22.537,21 23.512,75 Cheques in arrears 312,04 607,36 Bad, belated and litigious clients and debtors 790,87 895,68 Short term receivables from associated companies 1.502,23 3.548,34 Miscellaneous debtors 2.535,57 4.531,11 Pre-payments and credit accounts 1.179,90 248,90 Securities 23.131,54 17.883,56 Cash and cash equivalents 446,86 492,11 Total current assets 87.359,75 83.159,26 Transitory accounts 598,78 2.975,02 TOTAL ASSETS 213.455,70 235.809,78 Off balance sheet accounts 3.929,04 29.976,43 LIABILITIES Share capital 45.180,00 45.180,00 Share premium account 206.260,79 206.260,79 Revaluation differences of other assets 305,06 305,06 Reserves -27.700,21 -30.387,11 Earnings brought forward -19.928,98 -7.968,75 Treasury stock (own shares) -31.123,14 -31.123,14 Total equity 172.993,52 182.266,84 Provisions 10,82 3,74 Suppliers 20.138,81 12.912,35 Cheques payable 1.817,79 1.870,12 Pre-payments of clients 582,04 951,05 Short term bank liabilities 12.500,00 20.400,00 Tax and duties liabilities 1.167,52 1.281,62 Social security 633,77 691,04 Divided payable 269,21 264,89 Other short term liabilities 1.258,85 12.624,07 Total short term liabilities 38.367,98 50.995,14 Total long and short term liabilities 38.367,98 50.995,14 Transitory accounts 2.083,38 2.544,07 TOTAL LIABILITIES 213.455,70 235.809,78 Off balance sheet accounts 3.929,04 29.976,43

128 REVIEW OF THE COMPANY’S BALANCE SHEET XIX

ESTABLISHMENT EXPENSES The analysis of Establishment Expenses and the related depreciation for the fiscal year 2003 is shown in the following table:

ANALYSIS OF ESTABLISHMENT EXPENSES 31.12.2003

Acquisition value Depreciation Non- Thousand Fiscal Deletions Fiscal depreciated Balance Balance Balance Delations Total euros year’s Transfers year’s balance 31/12/2002 31/12/2003 31/12/2003 Transfers depreciation additions Depreciation 31/12/02 Initial establishment expenses 5.742,45 0,00 0,00 5.742,45 4.275,78 618,90 0,00 4.894,68 847,77 Expenses of fixed asset acquisition 909,32 162,33 0,00 1.071,65 822,78 60,94 0,00 883,72 187,93 Restructuring expenses 1.538,41 34,96 1,39 1.571,98 1.182,55 208,05 0,00 1.390,60 181,39 Other expenses of long term depreciation 4,40 0,00 0,00 4,40 1,21 0,88 0,00 2,09 2,31 Expenses for share capita increase 6,86 0,00 0,00 6,86 2,74 1,37 0,00 4,12 2,74 Total 8.201,44 197,29 1,39 8.397,35 6.285,06 890,14 0,00 7.175,20 1.222,15

The Initial Establishment Expenses mainly refer to pre-operation expenses and expenses of initial promotion and launching of new publication titles. Restructuring Expenses refer to investments in computer software and the Year’s Additions (34,96 thousand euros) to purchase of computer software. The Year’s Additions in Expenses of Fixed Asset Acquisition (162,33 thousand euros) refer to expenses for purchasing the land plot in Pousi Hatzi, Peania.

FIXED ASSETS The following table shows the change in the book value of the company’s fixed assets for the period 31.12.2002-31.12.2003:

ANALYSIS OF INTANGIBLE FIXED ASSETS 31.12.2003

Acquisition value Depreciation Non- Thousand Fiscal Fiscal depreciated Balance Deletions Balance Balance Delations Total euros year’s year’s balance 31/12/2002 Transfers 31/12/2003 31/12/2003 Transfers depreciation additions Depreciation 31/12/02 Rights of industrial property 139,59 0,00 0,00 139,59 139,59 0,00 0,00 139,59 0,00 Other rights 215,25 0,00 0,74 214,51 134,44 9,21 0,00 143,65 70,86 Total 354,83 0,00 0,74 354,10 274,03 9,21 0,00 283,23 70,86

129 ANALYSIS OF TANGIBLE FIXED ASSETS 31.12.2003

Acquisition value Depreciation Non- Thousand Balance Fiscal Deletions Balance Balance Fiscal DelationsTotal depreciated euros 31/12/2002 year’s Transfers 31/12/2003 31/12/2003 year’s Transfers depreciation balance additions Depreciation 31/12/02 Land 2.784,69 1.475,00 552,64 3.707,05 0,00 0,00 0,00 0,00 3.707,05 Buildings and building installations 12.920,37 8,18 2.172,56 10.755,99 4.311,09 686,21 1.182,40 3.814,90 6.941,08 Machinery and installations 1.221,71 0,00 0,00 1.221,71 685,44 95,80 0,00 781,24 440,47 Vehicles and other means of transportation 540,91 8,55 34,24 515,23 292,31 73,04 29,93 335,42 179,80 Furniture - appliances 6.914,85 89,24 127,51 6.876,58 5.688,59 768,38 122,92 6.334,05 542,53 Total 24.382,53 1.580,97 2.886,95 23.076,55 10.977,43 1.623,42 1.335,25 11.265,61 11.810,95 Fixed assets under construction 2.556,81 4.290,95 723,92 6.123,84 0,00 0,00 0,00 0,00 6.123,84 Grand total 26.939,34 5.871,92 3.610,87 29.200,39 10.977,43 1.623,42 1.335,25 11.265,61 17.934,79

For the detailed analysis of fixed assets, see chapter «FIXED ASSETS - GUARANTEES AND COLLATERALS» Fixed Assets are valuated at their acquisition value, as this value is adjusted according to specific legislation of the Ministry of Finance and National Economy, increased by the value of additions and improvements and decreased by the depreciation provided for in the law. The depreciation of the company’s fixed assets was effected based on the factors provided for in Presidential Decree 299/2003. The acquisition values of land plots increased in fiscal year 2003 by 1.475 thousand euros due to the purchase of the land plot at Pousi Hatzi and decreased by 552 thousand euros due to the sale of the land lot at 52, Pireos street, Moschato. Respectively, the value of buildings in 2003 decreased by 2.165 thousand euros due to the sale of the building at 52, Pireos street, Moschato. The fixed assets under construction refer to expenses to create the archive of newspapers and magazines and expenses to renovate the building of the affiliate company ªICHALAKOPOULOU SA, in which Lambrakis Press SA and its affiliated companies will be relocated.

130 REVIEW OF THE COMPANY’S BALANCE SHEET XIX

DIRECT PARTICIPATIONS The evolution and analysis of the account «Participations in Associated Companies» (direct participations in the share capital of other companies with a percentage exceeding 10%) for the fiscal years 2002 and 2003 as well as the first four months of 2004 is shown in the following table (in thousand euros):

Participations Participations Participations 31/12/2002 31/12/2003 30/04/2004 Company name % Acquisition % Acquisition % Acquisition Participation value Participation value Participation value 1) ¢√§ DIGITAL ∞∂ 78,71% 17.696 78,71% 17.696 78,71% 17.696 1) DOL DIGITAL SA 78,71% 17.696 78,71% 17.696 78,71% 17.696 2) MULTIMEDIA SA 100,00% 1.802 100,00% 1.802 100,00% 1.802 3) TILETYPOS SA 10,76% 32.653 10,76% 32.653 10,76% 32.653 4) STUDIO ATA SA 95,00% 216 95,00% 216 95,00% 216 5) MELLON GROUP SA 50,00% 734 50,00% 734 50,00% 734 6) FREEGATE TOURISM INC. 100,00% 539 0,00% 0 0,00% 0 7) IRIS PRINTING SA 70,00% 38.246 70,00% 38.246 70,00% 38.246 8) ARGOS SA 38,50% 1.120 38,50% 1.120 38,50% 1.120 9) NORTHERN GREECE PUBLISHING SA 33,33% 5.694 33,33% 5.694 33,33% 5.694 10) PAPASOTORIOU SA 30,00% 2.054 30,00% 2.054 30,00% 2.054 11) EUROSTAR SA 98,00% 6.962 98,00% 6.962 98,00% 6.962 12) NEA AKTINA SA 50,50% 45 50,50% 45 50,50% 45 13) ODEON LICENSING SA 24,23% 28 24,33% 28 24,23% 28 14) ELLINIKA GRAMMATA SA 51,00% 604 51,00% 604 51,00% 604 15) SPECIAL PUBLICATIONS SA 65,58% 6.213 100,00% 6.282 100,00% 6.282 16) ∏EARST - LAMBRAKIS PUBLISHING LTD 50,00% 748 50,00% 748 50,00% 748 17) ªC HELLAS SA 50,00% 734 50,00% 734 50,00% 734 18) DIGITAL PRESS SA 32,26% 1.940 0,00% 0 0,00% 0 19) ACTION PLAN SA 85,00% 4.170 85,00% 4.170 85,00% 4.170 20) EKDOSEIS 4 LTD 30,00% 450 30,00% 450 30,00% 450 19) MICHALAKOPOULOU SA 0,00% 0 100,00% 24.781 100,00% 24.781 Total 122.648 145.019 145.019 Less Provisions for devaluation TILETYPOS SA 14.937 14.870 FREEGATE TOURISM Inc. 389 0 Less Installments due 147 147 Total 15.473 15.017 Net value of participations 107.177 130.002

In respect to the changes in the account «Participations» the following points are noted: During the fiscal year 2003 Lambrakis Press SA sold to third parties its total participation (100%) in the share capital of the company «Freegate Tourism Inc». Lambrakis Press SA, shareholder of the company «Special Publications SA» with 65.58% participation, purchased on 15.4.2003 from the other shareholders of the latter company their total participation in it and consequently became the sole shareholder of «Special Publications SA» with a 100% participation. Concurrently, the selling shareholder Mr. A. Terzopoulos transferred to «Special Publications SA» the trade marks of the magazines «ª∂¡», «GAIORAMA» and «GEORAMA» but retained in his ownership the trademark of the magazine «KLIK».

131 On 13.9.2002, Lambrakis Press signed a «Sale Contract» with Mr. E. Krezias, according to which it is provided that the minority holdings of Lambrakis Press in the companies Odeon SA, Digital Press SA and Odeon Licensing SA shall be transferred to Mr. E. Krezias. In particular, the above contract provides for the transfer to Mr. Krezias or to third party indicated by him of:

■ 52.921 common registered shares of Odeon SA, i.e. 46.75% of the company’s share capital, owned by Lambrakis Press ■ 10.486 common registered shares of Digital Press SA, i.e.32.26% of the company’s share capital, owned by Lambrakis Press ■ 945 common bearer shares of Odeon Licensing SA, i.e. 24,33% of the company’s share capital, owned by Lambrakis Press

After the conclusion of the related transfers, Lambrakis Press will not hold any shares of the companies Odeon SA, Digital Press SA and Odeon Licensing SA. Already, pursuant to the "Contracts of Sale and Transfer of Shares" dated 13.9.2002, 13.1.2003 and 16.3.2003 the total number of shares of ODEON SA owned by Lambrakis Press SA were transferred to Mr. Krezias and to a third party indicated by him and also 8.821 shares of Digital Press SA, i.e. 27,14% of the company’s share capital were transferred to Mr. Krezias. Pursuant to the private contract dated 3.11.2003, the contract dated 13.9.2003 was amended and the deadline to conclude the transfer of the remaining 5.12% of the holding of Lambrakis Press SA in Digital Press SA and the remaining 24.33% of the holding of Lambrakis Press SA in Odeon Licensing SA was extended form September 2003, that was initially provided for, to 24.12.2004. Following the above, on 31.12.2003 the less than10% participation in the company Digital Press SA was transferred from the asset account «Participations» to the asset account «Shares». The company «Ekdoseis 4 Ltd» was placed under liquidation with a unanimous resolution of the Extraordinary General Meeting of the Stakeholders of 24.4.2003, following the joint and consented dissolution on 4.4.2003 of the "License Granting Contract", which was signed on 9.1.2002 between the companies «Olympic Games Organizing Committee – Athens 2004 SA», «Ekdoseis 4 Ltd» Îand its stakeholders, i.e. the companies «Lambrakis Press SA», «Ellinika Grammata SA», «Liberis Athens SA», «Imako Media Net Group SA.» and pertained to publishing, producing, advertising, promoting, distributing and selling official maps of the Athens 2004 Games, city guides and books carrying the Olympic logos. The shares of the company ªICHALAKOPOULOU TOURIST – REAL ESTATE SA were acquired within the fiscal year 2003. The acquisition value of the company depicts the high surplus value of the company’s real estate at 80, Michalakopoulou Street, Athens, which corresponds to 92% of the total assets of the company, as valuated by a certified valuation company. In particular, the following are noted: The Ordinary General Meeting of the Company’s Shareholders of 30.5.2003 approved the amendment of the investment plan referring to the relocation of Lambrakis Press Group, so that Lambrakis Press SA would not undertake the construction of a new building but to proceed with the 100% acquisition of the company «Michalakopoulou SA», which owns a multi-story building of a total area of 14.718,56 m2 on a land lot of 1.985,04 m2 that was deemed suitable

132 REVIEW OF THE COMPANY’S BALANCE SHEET XIX

after the required renovations for the relocation and concentration of the departments of Lambrakis Press SA and its affiliated companies. The relocation of the company and its affiliates will begin in June 2004 and will be completed by the end of the fiscal year 2004.

VALUATION OF PARTICIPATIONS The participations in affiliated companies were valuated as follows: a) Investments in shares listed in the Athens Stock Exchange were valued at market in accordance with Law N. 2992/2002. b) Participations in companies not listed on the Athens Stock Exchange amounting to approximately 112 million euros, out of which sixteen (16) companies representing approximately 87 million euros are audited by certified auditors, were valued at their acquisition value.

Acquisition Intrinsic book Year for value (art. Current value COMPANY Participation financial Total Net 28 of the value. based NAME % statement equity earnings Code of book of, on art. 43 Books and market par 6 of Records) Law 2190/20 1) DOL DIGITAL SA 78,71% 2003 -5.139 -1.565 17.696 0 0 2) MULTIMEDIA SA 100,00% 2003 2.121 206 1.802 2.121 1.802 3) ∆ILETYPOS SA 10,76% 2003 - - 32.653 17.783 17.783 4) STUDIO ATA SA 95,00% 2003 -1.258 -547 216 0 0 5) MELLON GROUP SA 50,00% 2002 1.511 1.231 734 755 734 6) IRIS PRINTING SA 70,00% 2003 81.593 -1.232 38.246 57.116 38.246 7) ARGOS SA 38,50% 2002 3.967 613 1.120 1.527 1.120 8) N. GREECE PUBLISHING SA 33,33% 2002 15.875 573 5.694 5.286 5.286 9) PAPASOTIRIOU SA 30,00% 2002 2.080 517 2.054 624 624 10) EUROSTAR SA 98,00% 2003 7.080 -204 6.962 6.938 6.938 11) ¡∂∞ ∞∫∆π¡∞ SA 50,50% 2003 212 542 45 107 45 12) ODEON LICENSING SA 24,23% 2002 68 95 28 16 16 13) ELLINIKA GRAMMATA SA 51,00% 2003 406 -688 604 207 207 14) SPECIAL PUBLICATIONS SA 100,00% 2003 -2.308 -730 6.282 0 0 15) ∏EARST - LAMBRAKIS PUBLISHING LTD 50,00% 2003 1.564 1.149 748 781 748 16) ªC HELLAS SA 50,00% 2003 1.602 863 734 801 734 17) ACTION PLAN SA 85,00% 2003 526 284 4.170 447 447 18) EKDOSEIS 4 LTD 30,00% 2002 - - 450 450 450 19) MICHALAKOPOULOU SA 100,00% 2003 16.028 -1.552 24.781 16.028 16.028 145.019 110.987 91.208

According to the notes of the Regular Chartered Auditors in the Certificate of Audit for the year 2003, "Participations in Associated Companies " refer to: " ..The account "Participations" (investments) includes holdings in companies not listed on the Athens Stock Exchange amounting to 112 million euros approximately, out of which sixteen (16) companies representing approximately 87 million euros are audited by certified auditors, were valued at their acquisition cost and not according to article 43 par. 6 of the Corporate Law 2190/1920 (at the lowest between acquisition cost and fair value per participation). Had these participations been valued at their fair value, they would have been impaired by approximately 38 million euros, which would have impacted the current year’s net income by approximately

133 3 million euros and Retained Earnings by approximately 35 million euros". As a standard practice the Company valuates its participations in non-listed companies according to art. 28 of the Code of Books and Records (Presidential Decree 186/92) at their acquisition value taking into account the following: For companies in which Lambrakis Press SA is founding shareholder, the acquisition value refers to the initial establishment payment and the subsequent share capital increases. Some of the above companies are profitable and their net worth is higher than their acquisition value resulting in the creation of significant gains. Nonetheless, there are companies being in their initial operating stage and record losses resulting in their net worth being lower than their acquisition values. Lambrakis Press SA expects that there is going to be a positive reversal of these companies’ earnings. For companies in which Lambrakis Press SA purchased its holding, the difference between acquisition value and actual net worth does not constitute a permanent decrease of their value, given than the largest part refers to premium paid at their acquisition. The expectations of Lambrakis Press SA are that the companies’ outlook is positive, a view that anyway led to such acquisition. In any case, however, if an actual devaluation of a potential participation in any company occurs, Lambrakis Press accounts for the corresponding provisions, so that its financial statements reflect the actual value of its participations and consequently the actual value of the financial and asset structure of the Company. In the current financial statements there is no effect on the asset structure of the Company, given that the report of the Chartered Auditor Accountant is owed to stringent application of the provisions of Codified Law 2190/20, overlooking both the current book value of the participations and the existing surplus value based on the positive perspective of the companies in which Lambrakis Press SA participates. The above companies are described in detail in the chapter «COMPANIES ASSOCIATED WITH LAMBRAKIS PRESS SA».

134 REVIEW OF THE COMPANY’S BALANCE SHEET XIX

CURRENT ASSETS INVENTORIES The evolution and analysis of account «Inventories» during the fiscal years 2002 and 2003 is shown in the following table:

2002 2003 Inventories Thousand euros Thousand euros Merchandise 4.802,12 2.342,44 Finished and unfinished goods- byproducts and residuals 2.348,06 2.291,86 Production in progress 134,49 160,34 Raw and secondary material - Consumables - Spare parts and packaging materials 21,40 3,43 Advance payments for purchases of inventories 18,90 359,53 Total 7.324,96 5.157,60

As a standard practice the Company applies the FIFO method to assess the value its inventories. The procedure of cost accounting and, hence, assessing the value of the production in progress is the following: Inventories originating from purchases (merchandise, raw materials, consumables etc) the valued at the lowest price per item between the purchase price and their current market price at the end of the fiscal year. Inventories from in-house production, except for residuals and byproducts, were valuated at their lowest price per item, between their production cost and their replacement cost at the end of the fiscal year. This value was lower than the net liquidation value. Residuals and byproducts were valuated at their probable sale price. The decrease in the inventoried merchandise is mainly attributable to the decrease of merchandise offers. Moreover, in 2003 the company proceeded with write offs of merchandise, products and packaging materials, the value of which amounted to 1.354 thousand euros and merchandise destroyed by fire, the value of which amounted to 1.635 thousand euros. Production in progress refers to editorial expenses of magazines due next year (DIAKOPES, GAMOS).

135 RECEIVABLES The evolution and analysis of account «Receivables» for the fiscal years 2002 and 2003 are shown in the following table: RECEIVABLES

2002 2003 Thousand euros Thousand euros Clients 27.156,64 26.215,65 Bills of Exchange receivable In portfolio 194,43 0,00 In banks for collection 158,50 0,00 Total bills of exchange receivable 352,93 0,00 Bills of Exchange in arrears 88,99 66,20 Cheques in portfolio receivable 22.537,21 23.512,75 Cheques in arrears 312,04 607,36 Short term receivables from associated companies 1.502,23 3.548,34 Bad, belated and litigious clients and debtors 1.550,19 1.174,39 Less provisions 759,32 278,71 Total bad, belated and litigious clients and debtors 790,87 895,68 Miscellaneous debtors 2.535,57 4.531,11 Advance payments and credit accounts 1.179,90 248,90 Total 56.456,38 59.625,99

The company’s credit policy includes an average 7-month credit to clients advertising in Lambrakis Press publications. Until 31.12.2002 the company had formed a reserve from provisions of bad clients amounting to 759 thousand euros. In the fiscal year 2003 the company decided to write off permanently several bad clients. The total write off amounted to 480 thousand euros. Referring to «Bad, Litigious and Belated Receivables» and the effected provisions the Regular Chartered Auditor Accountant in his Certificate of audit for the year 2003 notes the following: "..To cover possible losses relating to bad and litigious receivables amounting to approximately 5,5 million euros, the Company has formed a provision of approximately 0,3 million euros. An additional provision should have been formed for the difference of 5,2 million euros that would have impacted the Company’s retained earnings...". In relation to the above the Company stresses that Chartered Auditors Accountants, as a standard practice, assess the collectibility of the total receivables based exclusively on their assessment of the age of each receivable, considered pending from the date it was entered in the company’s books. The Financial Division of the Company makes specific assessments estimating the existence and business continuity of its clients in connection with the solvency of their companies, the prevailing market conditions and the longevity of the company’s relation with the specific clients. According to the above, the Company expects that a large part of the receivables reported as "Bad" will be collected, deeming sufficient the provision of 300 thousand euros that has already entered in its books for the bad receivables that may probably materialize within the current year.

136 REVIEW OF THE COMPANY’S BALANCE SHEET XIX

In the above context, the Company maintains that there is no effect on the financial standing and asset structure of the Company stemming from the above note of the Chartered Auditor - Accountant. " .. Accounts receivable, DII(1), includes an amount of 5,4 million euros, due from an affiliated company, which is under liquidation. A provision should have been established for this receivable that would have impacted the Company’s retained earnings…" The said note refers to Company’s receivable from «Fterotos Ermis SA» in which the affiliated company DOL Digital SA held a 42.5% participation Lambrakis Press receivables stemmed mainly from provision of services on the basis of related contracts between Lambrakis Press SA and Fterotos Ermis SA. Fterotos Ermis SA was placed under liquidation pursuant to resolution of the Extraordinary General Meeting of 26.6.2002 (commencement of liquidation 11.11.2002) and to this date the shareholders have not resolved finally on the solution of the issues dealing with the company’s liabilities. After the final resolutions and the conclusion of the related procedures, Lambrakis Press SA will assess its whole position and will effect the suitable provisions charging respectively its earnings and net worth, if, according to its assessment, any loss may stem. On 31.12.2003, the Company has a receivable from insurance companies amounting to 1.820,01 thousand euros, that refers to insurance compensation for inventory destroyed by fire in the company’s leased warehouses in the area of Tsefliki in Inofyta Viotias on 12.7.2003. In fiscal year 2003 there are no clients that contribute more than 10% to the total turnover of the Company. The maturity of the balance of account "Clients" is detailed in the following table: TIME MATURITY OF CLIENTS

Balance on 31.12.2002 Balance on 31.12.2003 Period Thousand euros % Thousand euros % 0-60 days 10.876,51 40,05% 11.198,51 42,72% 61-180 days 3.520,59 12,96% 1.933,57 7,38% 181-360 days 1.786,07 6,58% 844,55 3,22% 361 & over 10.973,48 40,41% 12.239,02 46,69% Total 27.156,64 100,00% 26.215,65 100,00%

The time maturity of Cheques Receivable is detailed in the following table: MATURITY OF BALANCE OF ACCOUNT "CHEQUES PAYABLE IN PORTFOLIO"

Balance on 31.12.2002 Balance on 31.12.2003 Period Thousand euros % Thousand euros % 0-90 days 11.204,43 49,72% 12.428,80 52,86% 91-180 days 9.073,37 40,26% 9.954,51 42,34% 181- 270 days 1.106,69 4,91% 784,09 3,33% 271-360 days 423,68 1,88% 271,94 1,16% 360 & over 729,05 3,23% 73,41 0,31% TOTAL 22.537,21 100,00% 23.512,75 100,00%

137 SECURITIES The analysis of account "Securities" on 31.12.2002 and 31.12.2003 is shown in the following table: SECURITIES

31.12.2002 31.12.2003 Thousand euros Thousand euros Trading portfolio shares listed on the Athens Stock Exchange 26.063,40 26.063,40 Less: Provisions for devaluation 12.508,25 15.262,39 Value of trading portfolio securities listed on the Athens Stock Exchange (December average price) 13.555,15 10.801,01 Shares not listed (Less than 10% participation M. Levis SA (5,0%) 18,75 18,75 Odeon SA (8,3%) 796,91 0,00 Digital Press SA (5,12%) 0,00 308,02 Total shares 26.879,06 26.390,17 Shares of Eurobank Index Value mutual Fund 6.078,40 6.078,40 Less: Provisions for devaluation 1.017,67 322,63 Value of mutual fund shares (Average Price 12/2002 - 12/2003) 5.060,73 5.755,77 Repos with Alpha Bank 3.700,00 300,00 Repos with National Bank of Greece 0,00 700,00 Total other securities 9.778,40 7.078,40 Grand total of securities 36.657,46 33.468,57 Less: Total Provision for devaluation 13.525,92 15.585,02 Grand Total after provisions 23.131,54 17.883,55

Shares and other securities were valuated according to art. 2 par. 1 of Law 2190/20 at their current value and the valuation differences of 2.686,9 thousand euros of companies listed on the Athens Stock Exchange were transferred directly under Equity instead of the income statement. The following is noted in relation to changes in Securities: ■ On 31.12.2003 the less than 10% participation in the company Digital Press SA was transferred from the asset account «Participations» to the asset account "Shares". ■ Moreover, in 2003 Lambrakis Press SA sold its total participation in Odeon SA. The securities listed on the Athens Stock Exchange refer to shares of the companies EFG Eurobank Ergasias SA, Gr. Sarantis SA, Paper-Pack I. Tsoukaridis SA, Haidemenos SA, Egnatia Bank SA, Microland SA. The shares were valuated at their current value according to the provisions of Law 2992/2002. The net difference (loss) stemming from this valuation totaling 2.687 thousand euros was transferred directly under Equity, as was the case last year. Referring to Securities, the Company’s Regular Chartered Auditors Accountants note the following in their certificate for the year 2003: The company did not charge the earnings with the loss from valuation amounting to approximately 2,8 million euros from shares listed on the Athens Stock Exchange held in its portfolio before 31.12.2002, but transferred them directly to the decrease of equity capital. The Company applied the regulations of art. 2 of Law 2992/2002, which provide that the result of valuation of shares listed on the Athens Stock Exchange is not deducted from gross earnings but is transferred to a special account under Equity.

138 REVIEW OF THE COMPANY’S BALANCE SHEET XIX

ASSET-SIDE TRANSITORY ACCOUNTS On 31.12.2003 the asset-side Transitory Accounts include mainly expenses due next fiscal year (rights, rents, insurance premiums, subscriptions etc) amounting to 212,51 thousand euros as well as a provision of earnings from sales of newspapers and magazines mainly outside the greater Athens area amounting to 2.759,65 thousand euros.

LIABILITIES LONG TERM LIABILITIES During the fiscal year 2001 the Company repaid in full its long-term liabilities to banks. The company does not have long-term liabilities towards its suppliers.

SHORT TERM LIABILITIES The evolution and analysis of account «Short Term Liabilities» for the fiscal years 2002 and 2003 are shown in the following table: SHORT TERM LIABILITIES

31.12.2002 31.12.2003 Thousand euros Thousand euros Suppliers 20.138,81 12.912,35 Cheques payable 1.817,79 1.870,12 Short term liabilities to banks 12.500,00 20.400,00 Advance payments by clients 582,04 951,05 Tax and duties liabilities 1.167,52 1.281,62 Social Security 633,77 691,04 Dividend payable 269,21 264,89 Miscellaneous creditors 1.258,85 12.624,07 Total 38.367,98 50.995,14

It is noted that on 31.12.2003 there were no liabilities overdue or in arrears stemming from the short-term liabilities of the Company.

139 SUPPLIERS The maturity of the balance of suppliers is shown in the following table: MATURITY OF THE BALANCE OF SUPPLIERS

Balance on 31.12.2002 Balance on 31.12.2003 Period Thousand euros % Thousand euros % 0-60 days 13.900,72 69,02% 10.819,80 83,79% 61-180 days 5.055,27 25,10% 875,49 6,78% 181-360 days 1.182,85 5,87% 1.217,06 9,43% 361 & over 0,00 0,00% 0,00 0,00% Total 20.138,84 100,00% 12.912,35 100,00%

The Company does not have long-term liabilities towards its suppliers. The above balances of suppliers are current and recycle within every fiscal year.

CHEQUES PAYABLE The balance of the company’s cheques payable on 31.12.2003 refers to post-dated cheques issued by the Company MATURITY OF BALANCE OF CHEQUES PAYABLE

Balance on 31.12.2002 Balance on 31.12.2003 Period Thousand euros % Thousand euros % 0-90 days 1.627,65 89,54% 1.434,38 76,70% 91-180 days 190,14 10,46% 435,74 23,30% 181- 270 days 0,00 0,00% 0,00 0,00% Total 1.817,79 100,00% 1.870,12 100,00%

ANALYSIS OF CHEQUES PAYABLE

Balance on 31.12.2003 Company Thousand euros % ABC Factors 229,59 12,63% Mindshare SA 196,30 10,80% Mindshare SA 171,69 9,44% Mindshare SA 157,36 8,66% Universal Media Hellas SA 118,38 6,51% The Mediacorp 96,61 5,31% Mindshare SA 67,45 3,71% Universal Media Hellas SA 54,03 2,97% The Mediacorp 51,01 2,81% The Mediacorp 40,34 2,22% Communication and Art 35,40 1,95% Bold / Ogilvy & Mather 35,26 1,94% The Mediacorp 35,18 1,94% EFG Factors ASA 30,02 1,65% Others less than 30 thousand euros per cheque 499,16 27,46% Total 1.817,79 100,00%

140 REVIEW OF THE COMPANY’S BALANCE SHEET XIX

All the Company’s cheques payable are due within 2004 and all due to this date have been paid on time. The most important balances of the account «Advance Payments by Clients» on 31.12.2003 are shown in the following table:

ADVANCE PAYMENTS BY CLIENTS

Balance on 31.12.2003 Client Thousand euros % Argos SA 611,43 64,29% Bosil SA 121,38 12,76% Nea Aktina SA 54,11 5,69% Proodos Publications SA 42,93 4,51% Chyprianos D 31,06 3,27% Kyriakides Bros & Cie 8,08 0,85% Other < 8.000 euros 82,06 8,63% Total 951,05 100,00%

TAX - DUTIES - SOCIAL SECURITY The balances shown in these accounts in the period under review are current balances stemming from the company’s operation. The Company unfailingly sees to their payment to the Greek State, the various social security organizations and other beneficiaries within the statutory deadlines. There is no liability overdue concerning tax, pension funds or social security organizations.

LIABILITY-SIDE TRANSITORY ACCOUNTS On 31.12.2003 the liability-side Transitory Accounts include net fiscal year’s income amounting to 1.238 thousand euros out of which 1.075 thousand euros refer to prepayments for subscriptions, 158 thousand euros to advertisement and 5 thousand euros to rents. They also include current year’s materialized expenses amounting to 1.267 thousand euros, for which the following provisions have been made: Supplier ARGOS SA 794 thousand euros, Rights 173 thousand euros, Bonuses 136 thousand euros, Expenses for photographs and free-lancers 55 thousand euros, Utilities 46 thousand euros, Insurance premiums 37 thousand euros, Remunerations 18 thousand euros and Other 8 thousand euros. They also include other Transitory accounts of 39 thousand euros.

141 OFF BALANCE SHEET ACCOUNTS The analysis of Off Balance Sheet Accounts on 31.12.2003 is the following: OFF BALANCE SHEET ACCOUNTS

31.12.2002 31.12.2003 Thousand euros Thousand euros Third party assets a. Third party machinery for exhibition 2,43 2,59 b. Third party merchandise to be photographed 2,06 1,78 c. Third party machinery leased 0,06 0,06 d. Third party machinery to others for testing 0,12 0,12 e. Alpha Leasing 0,00 19,62 f. Machinery to third parties 0,18 0,00 Total 4,85 24,17 Other third party assets in our hands 39,49 0,00 Debit accounts of guarantees and collaterals a. Letters of guarantee securing receivables 2.758,42 620,22 b. Letters of guarantee securing contractual delivery 10,56 742,00 c. Letters of guarantee securing liabilities 7,32 27.481,64 Total 2.776,30 28.843,86 Other off-balance-sheet accounts a. Adjustments 1. Buildings - Ministerial Decision ∂ 2665/88 140,97 140,97 2. Land - Ministerial Decision ∂ 2665/88 197,47 197,47 3. Buildings - Law 2065/92 37,38 37,38259 4. Building lots - Law 2065/92 732,57 732,57 b. Gifts granted by third parties 0,00 0,00 Total 1.108,39 1.108,40 Grand Total 3.929,03 29.976,42

142 SOURCES AND USES OF CAPITAL XX

SOURCES AND USES OF CAPITAL The following table shows the sources and uses of capital for the period 2002 - 2003:

2002 2003 Total Sources thousand euros thousand euros thousand euros % Sales 113.967,10 123.354,46 237.321,56 84,0% Increase of short term liabilities 5.747,03 4.617,00 10.364,03 3,67% (excluding bank loans) Increase of short term liabilities (bank loans) 0,00 7.900,00 7.900,00 2,80% Sale of participations 4.762,47 1.816,00 6.578,47 2,33% Income from participations 1.867,90 2.076,83 3.944,73 1,40% Sale of securities 0,00 3.496,00 3.496,00 1,24% Other operating income 1.869,66 1.595,26 3.464,92 1,23% Sale of tangible assets 454,42 2.962,00 3.416,42 1,21% Decrease of inventory 1.130,84 2.167,00 3.297,84 1,17% Previous years’ income 88,53 1.665,00 1.753,53 0,62% Increase of liability-side Transitory Accounts 0,00 461,00 461,00 0,16% Income from securities 184,96 157,00 341,96 0,12% Extraordinary and non-operating income 75,16 62,94 138,10 0,05% Credit interest [deposits etc] 33,37 8,87 42,24 0,01% CHAPTER XÃ Decrease of long term receivables 0,51 0,00 0,51 0,00% Sale of intangible assets 0,31 0,00 0,31 0,00% Total 130.182,25 152.339,36 282.521,61 100,00%

2002 2003 Total Uses thousand euros thousand euros thousand euros % Cost of goods sold (less depreciation 102.401,95 70.965,02 173.366,97 61,36% and provisions) Selling expenses 3.548,76 35.428,25 38.977,01 13,80% Acquisition of participations 5.841,32 24.850,00 30.691,32 10,86% Administrative expenses 6.577,30 8.284,52 14.861,82 5,26% Increase of receivables 3.301,57 3.170,00 6.471,57 2,29% Purchase of tangible assets 648,39 5.140,00 5.788,39 2,05% Purchase of securities 3.259,79 0,00 3.259,79 1,15% Increase of asset-side transitional accounts 382,97 2.376,24 2.759,21 0,98% Decrease of short term liabilities (bank loans) 1.655,57 0,00 1.655,57 0,59% Interest paid 831,76 647,07 1.478,83 0,52% Decrease of tax and duty liabilities 1.234,49 0,00 1.234,49 0,44% Decrease of liability-side transitional accounts 1.114,53 0,00 1.114,53 0,39% Increase of establishment expenses 748,80 195,75 944,55 0,33% Taxes not included in cost of goods sold 82,89 90,36 173,25 0,06% Increase of long-term receivables 0,00 82,19 82,19 0,03% Dividends paid 23,47 4,32 27,79 0,01% Increase of liabilities from taxes and duties 0,00 -114,00 -114,00 -0,04% Other expenses -1.406,47 1.174,50 -231,97 -0,08% Change in liquid assets -64,85 45,14 -19,71 -0,01% Total 130.182,25 152.339,36 282.521,61 100,00%

143 CASH FLOW STATEMENTS LAMBRAKIS PRESS SA Reg. No 1264/06/µ/86/40 Cash Flow Statement for the fiscal period from 1/1/2003 to 31/12/2003

thousand euros Analysis 2003 2002 ∞ CASH FLOWS FROM ORDINARY (OPERATING) ACTIVITIES 16.210 2.599 ∞ 100 Cash inflows 127.170 109.657 101 Sales 123.354 113.967 102 Other operating income 1.595 1.870 103 Extraordinary and non-operating income 63 75 104 Previous years’ income 1.665 89 105 Credit interest (on deposits etc) 9 33 106 Income from securities 157 185 107 Sales of securities 3.496 0 108 Decrease of receivables 0 0 Less: 109 Purchase of securities 0 -3.260 Transaction expenses for purchases and sales of securities 0 0 110 Increase of receivables -3.170 -3.302 ∞ 200 Cash outflows -110.984 -105.741 201 Cost of goods sold (less depreciation and provisions) -70.965 -102.402 202 Administrative expenses -8.285 -6.577 203 Research and development expenses 0 0 204 Selling expenses -35.428 -3.549 205 Underutilization expenses 0 0 206 Other expenses -1.175 1.406 207 Increase of inventory 0 0 208 Increase of asset-side transitional accounts -2.376 -383 209 Decrease of liability-side transitional accounts 0 -1.115 210 Decrease of short term liabilities (excluding banks) 0 0 Less: 211 Decrease of inventory 2.167 1.131 212 Decrease of asset-side transitional accounts 0 213 Increase of liability-side transitional accounts 461 0 214 Increase of short term liabilities (excluding banks) 4.617 5.747 A 300 Cash outflow for taxes 24 -1.317 301 Income tax 0 0 302 Taxes not included in the operating cost -90 -83 303 Tax imposed by tax auditor 0 0 304 Decrease of tax and duty liabilities 0 -1.234 Less: 305 Increase of tax and duty liabilities 114 0 µ CASH FLOW FROM INVESTMENT ACTIVITIES -23.413 -153 µ 100 Cash inflows 6.855 7.086 101 Sale of intangible assets 0 0 102 Sale of tangible assets 2.962 454 103 Sale of participations 1.816 4.762 104 Decrease of long term receivables 0 1 105 Income from participations 2.077 1.868 106 Credit interest (from long term receivables etc) 0 0

144 SOURCES AND USES OF CAPITAL XX

Cash Flow Statement (continued)

thousand euros Analysis 2003 2002 µ 200 Cash outflows -30.268 -7.239 201 Purchase of intangible assets 0 0 202 Purchase of tangible assets -5.140 -648 203 Purchase of participations -24.850 -5.841 204 Increase of long term receivables -82 0 205 Increase of establishment expenses -196 -749 C CASH FLOW FROM FINANCIAL ACTIVITIES 7.249 -2.511 C 100 Cash inflows 7.900 0 101 Collection of share capital increase and share premium 0 0 102 Collection of fixed asset subsidies 0 0 103 Increase of long term liabilities 0 0 104 Increase of short term liabilities (bank loans) 7.900 0 C 200 Cash outflows -651 -2.511 201 Decrease (payout) of share capital 0 0 202 Return of fixed asset subsidies 0 0 203 Decrease of long term liabilities 0 0 204 Decrease of short term liabilities (bank loans) 0 -1.656 Buy bank of own stock 0 0 Transaction commissions and fees for share buy back 0 0 205 Interest paid -647 -832 206 Dividend paid -4 -23 207 Profit distribution to employees 0 0 208 Board of Directors remuneration from this year’s profits 0 0 COMPANY CASH FLOW (net sum of A+B+C) 45 -65 Plus: Cash at fiscal year’s beginning 447 512 CASH AT FISCAL YEAR’S END 492 447

THE PRESIDENT THE VICE THE GENERAL THE FINANCIAL THE ACCOUNTING OF THE BOARD PRESIDENT FINANCIAL MANAGER MANAGER OF DIRECTORS OF THE BOARD AND OF DIRECTORS ADMINISTRATIVE AND MANAGING OFFICER DIRECTOR

CH. LAMBRAKIS S. PSYCHARIS D. HADJIKOKKINOS ¡. KATSIBRAKIS TH. ¡∆OLOS ª 154944 L 352089 S 147009 π 107581 L 296576

CERTIFICATION OF CHARTERED AUDITOR - ACCOUNTANT We audited the above statement of Cash flows of the company "LAMBRAKIS PRESS SA" for the fiscal year 1/1/2003 - 31/12/2003, that was compiled based on the books and records kept by the company and the audited financial statements of the fiscal year for which we have issued our Certificate of Audit dated 3.2.2004. In our opinion the above statement of Cash Flows reflects the Cash Inflows and Outflows from the activities of the company during the fiscal year. ∞thens, 31/3/2004 The Chartered Auditors Accountants ∂FSTATHIOS PRASSAS SOFIA KALOMENIDIS S.O.E.L. reg. no. 12061 S.O.E.L. reg. no. 13301 SOL SA ERNST & YOUNG (HELLAS) CHARTERED AUDITORS ACCOUNTANTS

145 CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED INCOME STATEMENTS FOR THE FISCAL YEARS 2002 AND 2003

The following table shows the consolidated data of turnover and earnings of Lambrakis Press Group for the fiscal years 2002 and 2003. CONSOLIDATED TURNOVER - EARNINGS

2002 2003 thousand euros thousand euros Turnover 260.203,61 286.503,48 Less: Cost of goods sold before depreciation 183.847,79 189.023,12 Gross earnings before depreciation (1) 76.355,82 97.480,36 % on turnover 29,34% 34,02% Plus: Other operating income 1.826,30 253,82 Total before depreciation 78.182,12 97.734,18 % on turnover 30,05% 34,11%

CHAPTER XÃI Less: Administrative expenses before depreciation (1) 15.533,06 18.351,08 Research and development expenses 378,96 290,45 Selling expenses before depreciation (1) 41.929,04 51.536,35 Total administrative, selling and research & development 57.841,07 70.177,89 expenses before depreciation % on turnover 22,23% 24,49% Operating earnings before depreciation 20.341,05 27.556,29 % on turnover 7,82% 9,62% Plus: Income from participations and securities 1.710,37 1.531,03 Profit from the sale of participations and securities 658,71 123,14 Less: Provisions for devaluation 1.406,21 0,00 Expenses and loss from participations and securities 0,00 88,82 Plus: Extraordinary and non-operating income 4.235,69 8.216,36 Less: Extraordinary and non-operating expenses 4.939,73 5.548,40 Earnings before interest and depreciation 20.599,87 31.789,60 % on turnover 7,92% 11,10% Interest received 243,14 447,02 Interest paid 3.136,92 6.740,76 Earnings before tax and depreciation 17.706,10 25.495,86 % on turnover 6,80% 8,90% Less: Depreciation attributable to operating cost 15.787,73 17.885,77 Additional depreciation 0,00 5,27 Earnings before tax 1.918,37 7.604,82 % on turnover 0,74% 2,65% Less: Income tax 1.231,01 1.176,44 Ta imposed by tax auditor 0,00 858,33 Minority rights -312,62 -743,76 Earnings after fiscal year’s tax, tax imposed by tax auditor 999,98 6.313,82 and minority rights % on turnover 0,38% 2,20%

146 CONSOLIDATED FINANCIAL STATEMENTS XXI

Some of the figures of last year were adjusted in order to become similar and comparable to this year’s respective figures. In particular, the direct selling expenses of the fiscal year 2003 were included in the selling expenses instead of cost of goods sold, adjusting the respective figures of the year 2002, for their consistent presentation within the sector. Specifically, 32.299 thousand euros referring direct selling expenses of the year 2002, were transferred from Cost of Goods Sold to Selling Expenses. Also in 2002, the accounts Participations in Affiliated Companies and Provisions for Devaluations were equally increased by 14.937,3 thousand euros each. (1) To calculate the consolidated Gross Earnings and Operating Earnings, all depreciation attributable to the Cost of Goods Sold, Administrative Expenses and Selling Expenses has been deducted. Depreciation is allocated to the above accounts as follows:

ALLOCATION OF CONSOLIDATED DEPRECIATION

2002 2003 thousand euros thousand euros Cost of goods sold 11.866,89 12.073,96 Administrative expenses 2.706,51 3.891,38 Selling expenses 1.214,33 1.920,42 a) Depreciation included in cost of goods sold 15.787,73 17.885,77 b) Depreciation not included in cost of goods sold 0,00 5,27 Grand total 15.787,73 17.891,03

For the restatement of the Consolidated Income Statement of the Lambrakis Press Group according to the notes of the company and the remarks in the Certificates of the Chartered Auditor Accountant, who audited the fiscal years of 2002 and 2003 see Chapter «Adjustment of Consolidated Income Statement and Consolidated Net Worth of Lambrakis Press Group» of this Annual Report.

CONSOLIDATED TURNOVER PER SECTOR OF BUSINESS ACTIVITY In the fiscal years 2002 - 2003, the consolidated turnover of Lambrakis Press Group is analyzed per sector of business activity as follows:

CONSOLIDATED TURNOVER PER SECTOR OF BUSINESS ACTIVITY

Fiscal year 2002 Fiscal year 2003 thousand euros thousand euros Publishing 141.051,76 150.850,18 Printing 56.139,18 62.965,25 Rendering of services 47.340,06 60.071,86 Trading 15.672,60 12.616,18 Total consolidated turnover 260.203,61 286.503,48

147 CONSOLIDATED FINANCIAL STATEMENTS OF LAMBRAKIS PRESS GROUP FOR THE YEARS 2002 AND 2003 The following table shows the consolidated financial data of Lambrakis Press Group for the fiscal years 1.1-31.12.2002 and 1.1-31.12.2003:

CONSOLIDATED BALANCE SHEET

2002 2003 thousand euros thousand euros ASSETS Establishment expenses 25.834,73 30.240,11 Less: accrued depreciation 15.939,67 21.379,04 Non depreciated establishment expenses 9.895,06 8.861,07 Intangible assets 770,13 1.094,24 Less: Accrued depreciation 571,46 645,29 Non depreciated intangible assets 198,66 448,95 Tangible assets 202.921,78 226.896,82 Less: Accrued depreciation 50.173,04 59.230,49 Non depreciated tangible assets 152.748,75 167.666,33 Participations in associated companies 47.410,10 44.759,15 Less: Installments due 146,74 146,74 Provisions 15.325,88 15.300,10 Participations in associated companies after provisions 31.937,48 29.312,31 Participations in other companies 5.500,00 0,00 Other long term receivables 1.242,42 1.002,98 Total fixed assets 191.627,31 198.430,57 Inventories 33.698,31 30.224,07 Clients 66.945,71 74.604,90 Bills of Exchange receivable 1.341,50 394,04 Bills of Exchange in arrears 683,19 575,98 Cheques payable 43.950,73 46.148,36 Cheques in arrears 2.861,80 3.377,07 Bad, litigious clients and debtors 4.421,01 3.545,45 Less: Provisions 2.609,09 1.075,67 Short term receivables from associated companies 630,35 1.475,76 Miscellaneous debtors 13.798,81 21.287,21 Advance payment and credit accounts 2.397,72 1.471,97 Total receivables 134.421,73 151.805,05 Securities 42.412,69 39.883,60 Less: Provisions 14.080,00 16.089,71 Total securities after provisions 28.332,69 23.793,89 Cash and cash equivalents 3.003,25 4.317,01 Total current assets 199.455,99 210.140,02 Transitory accounts 6.327,35 7.246,41 TOTAL ASSETS 407.305,71 424.678,07 Off-balance-sheet accounts 21.286,18 154.836,47

148 CONSOLIDATED FINANCIAL STATEMENTS XXI

CONSOLIDATED BALANCE SHEET

2002 2003 thousand euros thousand euros LIABILITIES Share capital 45.180,00 45.180,00 Share premium account 206.260,79 206.260,79 Difference from revaluation of participations and securities 0,00 0,00 Difference from revaluation of other assets 419,51 419,51 Subsidies of investments in fixed assets 0,00 3.003,92 Ordinary reserve 3.565,51 3.391,28 Less: Loss from the sale or devaluation of participations and securities 39.510,79 42.596,22 Less: Goodwill write off (company ORAPRESS SA) 0,00 4.580,11 Reserve to cover loss 14,36 0,07 Extraordinary reserves 4.011,85 4.011,85 Reserve to cover loss 9.192,09 8.876,60 Extraordinary reserves 12.634,09 3.790,50 Reserve to cover loss -46.751,78 -39.262,12 Minority rights 30.057,33 26.088,90 Treasury stock (own shares) -31.123,14 -31.123,14 Total equity 193.949,83 183.461,84 Provisions 357,45 238,42 Long term bank loans 82.171,68 73.954,51 Other long term liabilities 0,00 154,07 Total long term liabilities 82.171,68 74.108,58 Suppliers 30.746,29 29.354,02 Bills of Exchange payable 7.184,44 3.506,38 Cheques payable 17.898,65 9.776,49 Advance payments by clients 2.232,66 3.007,77 Short term liabilities to banks 59.362,72 87.400,48 Tax and duties liabilities 4.104,45 4.470,50 Social security 2.254,42 2.398,53 Dividend payable 269,21 264,89 Liabilities to affiliated companies 0,00 2.344,94 Miscellaneous creditors 1.441,26 15.618,08 Total short term liabilities 125.494,09 158.142,08 Total long term and short term liabilities 207.665,77 232.250,67 Transitory accounts 5.332,67 8.727,15 TOTAL LIABILITIES 407.305,71 424.678,07 Off-balance-sheet accounts 21.286,18 154.836,47 Book value of share 2,58 2,44

The figures of the consolidated balance sheet and the consolidated income statement for the current year 2003 are not comparable to the respective figures of the previous year 2002 because in this year the company MICHALAKOPOULOU SA is included in the consolidation for first time while the company PHOENIX SA, that was included in the consolidation of the affiliate company IRIS PRINTING SA in the prior year, is not included in this year’s consolidation. Also, during the current year the acquired company ORAPRESS SA merged with the subsidiary IRIS PRINTING SA in accordance with Law 2166/1993. In particular, the companies participating in the Consolidated Financial Statements of Lambrakis Press Group applying the method of full consolidation for the fiscal years 2002 and 2003 were the following:

149 COMPANIES FULLY CONSOLIDATED IN THE FINANCIAL STATEMENTS OF LAMBRAKIS PRESS SA Fiscal year 2002 Fiscal year 2003 % of Lambrakis Companies under % % Of Lambrakis Companies under % Press’s SA consolidation Participation Press SA consolidation Participation participation in outside the parent participation outside the Name Name the share company in the share parent capital of the capital of company subsidiary the subsidiary 100,00% MULTIMEDIA AE None 100,00% MULTIMEDIA SA None 100,00% MICHALAKOPOULOU SA " 50,50% NEA AKTINA SA " 50,50% NEA AKTINA SA "

95,00% STUDIO ATA SA " 95,00% STUDIO ATA SA " 65,58% SPECIAL PUBLICATIONS SA " 100,00% SPECIAL PUBLICATION SA " 50,00% MC ∂§§∞™ SA " 50,00% MC ∂§§∞™ ∞∂∂ " HEARST LAMBRAKIS HEARST LAMBRAKIS 50,00% PUGBLISHING LTD " 50,00% PUBLISHING LTD " 51,00 ELLINIKA ELLINIKA GRAMMATA SA " 51,00% GRAMMATA SA "

70,00% IRIS PRINTING SA PHOENIX SA 50,00% 70,00% IRIS PRINTING SA " 85,00% ACTION PLAN SA ACTION PLAN H/R SA 99,00% 85,00% ACTION PLAN SA ACTION PLAN H/R SA 99,00% EXPO PLAN SA 50,00% EXPO PLAN SA 50,00% 98,00% EUROSTAR SA TRIAINA TRAVEL 98,00% EUROSTAR SA ∆Rπ∞π¡∞ ∆RAVEL - ST. LAGAS SA 75,00% - ST. LAGAS SA 75,00% RAMNET SA 100,00% RAMNET SA 100,00% 76,74% DOL DIGITAL SA RAMNET SHOP SA 100,00% 78,71% DOL DIGITAL SA RAMNET 100,00% ¡∂∆ √¡ LINE SA 100,00% SHOP SA ¡∂∆ √¡ LINE SA 100,00% ¡∂∆ √¡ LINE SA 100,00%

All the consolidated companies compile their annual financial statements on the same date with the parent company (31.12.2003).

150 CONSOLIDATED FINANCIAL STATEMENTS XXI

CONSOLIDATED CASH FLOW STATEMENTS LAMBRAKIS PRESS SA REG. NO 1264/06/µ/86/40 Cash flow statement For the fiscal period from 1/1/2003 to 31/12/2003

Amounts in thousand euros Analysis 2003 2002 ∞ CASH FLOW FROM ORDINARY (OPERATING) ACTIVITIES 22.185 22.544 ∞ 100 Cash inflows 277.055 267.676 101 Sales 286.503 260.204 102 Other operating income 254 1.826 103 Extraordinary and non-operating income 1.206 242 104 Previous years’ income 1.431 226 105 Credit interest (deposits etc) 447 243 106 Income from securities 227 153 107 Sales of securities 2.836 7.029 108 Decrease of receivables 0 4.088 109 Purchase of securities 0 -6.334 Transaction expenses for purchases and sales of securities 0 0 110 Increase of receivables -15.849 0 ∞ 200 Cash outflows -253.201 -241.347 201 Cost of goods sold (less depreciation and provisions) -189.094 -181.830 202 Administrative expenses -18.261 -16.858 203 Research and development expenses -290 -379 204 Selling expenses -51.555 -42.622 205 Underutilization expenses 0 0 206 Other expenses -4.178 -3.799 207 Increase of inventory 0 -615 208 Increase of asset-side transitional accounts -919 -4.284 209 Decrease of liability-side transitional accounts 0 -1.501 210 Decrease of short term liabilities (excluding banks) 0 0 211 Decrease of inventory 3.474 5.022 212 Decrease of asset-side transitional accounts 0 0 213 Increase of liability-side transitional accounts 3.394 0 214 Increase of short term liabilities (excluding banks) 4.228 5.519 A 300 Cash outflow for taxes -1.669 -3.786 301 Income tax -1.045 -1.231 302 Taxes not included in the operating cost -132 0 303 Tax imposed by tax auditor -858 0 304 Decrease of tax and duty liabilities 0 -2.555 305 Increase of tax and duty liabilities 366 0

151 Consolidated cash flow statement (continued)

Amounts in thousand euros Analysis 2003 2002 µ CASH FLOW FROM INVESTMENT ACTIVITIES -34.389 -35.764 µ 100 Cash inflows 16.799 8.197 101 Sale of intangible assets 0 0 102 Sale of tangible assets 13.372 4.719 103 Sale of participations 2.124 2.311 104 Decrease of long term receivables 0 0 105 Income from participations 1.303 1.167 106 Credit interest (from long term receivables etc) 0 µ 200 Cash outflows -51.188 -43.961 201 Purchase of intangible assets -1.062 -169 202 Purchase of tangible assets -10.311 -30.392 203 Purchase of participations -35.170 -7.187 204 Increase of long term receivables -239 -13 205 Increase of establishment expenses -4.406 -6.201 ° CASH FLOW FROM FINANCIAL ACTIVITIES 13.518 7.630 ° 100 Cash inflows 29.296 70.991 101 Collection of share capital increase and share premium 0 564 102 Collection of fixed asset subsidies 3.877 0 103 Increase of long term liabilities 154 70.427 104 Increase of short term liabilities (bank loans) 25.265 0 ° 200 Cash outflows -15.778 -63.361 201 Decrease (payout) of share capital 0 0 202 Return of fixed asset subsidies 0 0 203 Decrease of long term liabilities -8.217 0 204 Decrease of short term liabilities (bank loans) 0 -59.850 Buy bank of own stock 0 0 Transaction commissions and fees for share buy back 0 0 205 Interest paid -6.741 -3.137 206 Dividend paid -820 -374 207 Profit distribution to employees 0 0 208 Board of director remuneration from this year’s profits 0 0 COMPANY CASH FLOW (net sum of ∞+µ+C) 1.314 -5.590 Plus: Cash at fiscal year’s beginning 3.003 8.594 Plus: Cash at fiscal year’s beginning 4.317 3.003

THE VICE THE GENERAL PRESIDENT FINANCIAL THE THE PRESIDENT OF THE BOARD AND THE FINANCIAL ACCOUNTING OF THE BOARD OF DIRECTORS ADMINISTRATIVE MANAGER MANAGER OF DIRECTORS AND MANAGING OFFICER DIRECTOR CH. LAMBRAKIS S. PSYCHARIS D. HADJIKOKKINOS ¡. KATSIMBRAKIS TH. NTOLOS ª 154944 L 352089 S 147009 π 107581 L 296576 .

152 CONSOLIDATED FINANCIAL STATEMENTS XXI

CERTIFICATION OF CHARTERED AUDITOR ACCOUNTANT We audited the above statement of Cash flows of the company "LAMBRAKIS PRESS SA" for the fiscal year 1/1/2003 - 31/12/2003, that was compiled based on the books and records kept by the company and the audited financial statements of the fiscal year for which we have issued our Certificate of Audit dated 3.2.2004. In our opinion the above statement of Cash Flows reflects the Cash Inflows and Outflows from the activities of the above company during the fiscal year. Athens, 31/3/2004 The Chartered auditors Accountants ∂FSTATHIOS PRASSAS SOFIA KALOMENIDIS S.O.E.L. reg. no. 12061 S.O.E.L. reg. no. 13301 SOL SA ERNST & YOUNG (HELLAS) CHARTERED AUDITORS ACCOUNTANTS

153 LAMBRAKIS PRESS SA

PUBLISHING SECTOR PRINTING SECTOR TOURIST SECTOR

MC HELLAS SA IRIS PRINTING SA EUROSTAR SA 50,00% 70,00% 97,98%

HEARST LAMBRAKIS EKTY¶ø™EI™ IRIS AEBE MULTIMEDIA70,00% SA TRIAINA TRAVEL SA PUBLISHING LTD 75,00% 50,00% 100,00%

NEA AKTINA SA PAPER PACK TSOUKARIDIS SA EXPO PLAN SA 35,95% + 0.79% 50,50% (LAMBRAKIS PRESS) (IRIS PRINTING) 50,00%

SPECIAL PUBLICATIONS SA FOKAS BROS SA 100,00% 35,00%

VLACHOS BROS SA 21,00% MELLON GROUP SA 50,00% EVROKTISMA SA 99,00% N. GREECE PUBLISHING SA 33,33% PROMOCARTON SA 50,00% PROVOLI LTD 100,00%

Companies in bold frames are included in the consolidated financial statements of Lambrakis Press SA on 31.12.2003

Indirect holdings of Lambrakis Press SA show both their direct and indirect parent company

154 DIRECT AND INDIRECT HOLDINGS >5% (30.4.2004)

IT AND NEW TECHNOLOGIES HOLDINGS SECTOR SECTOR

DOL DIGITAL SA ACTION PLAN SA 78,71% 85,00%

PHAISTOS NETWORKS SA ACTION PLAN HR SA 50,00% 99,00% + 1,00% (ACTION PLAN) (LAMBRAKIS PRESS)

RAMNET SA ARGOS SA 100,00% 38,50%

ARGOS EVROPI LTD IN HEALTH SA 60,00% 50,00%

INTEROPTICS SA ARGOS NET LTD 75,50% 100,00%

NET ON LINE SA ARGOS MASS 50,00% + 50,00% DISTRIBUTIONS LTD (RAMNET) (RAMNETSHOP) 93,75%

PAPASOTIRIOU RAMNET SHOP SA PRESSPOINT SA 100,00% 30,00% + 25,00% (ARGOS) (PAPASOTIRIOU)

IN MARKET PLACE SA 50,00% A. PAPASOTIRIOU SA 30,00%

MICROLAND SA ELLINIKA GRAMMATA SA 7,91% + 0,87% 51,00% (LAMBRAKIS PRESS) (MULTIMEDIA)

STUDIO ATA SA 95,00%

MICHALAKOPOULOU SA 100,00%

ODEON LICENSING SA 24,23%

DIGITAL PRESS SA 5,12%

TILETYPOS SA 10,76%

TILETYPOS CYPRUS LTD 100,00%

155 DIRECT AND INDIRECT HOLDINGS OF LAMBRAKIS PRESS SA OVER 5%ON 30.4.2004

Direct Indirect Direct and holding holding indirect SECTOR COMPANY % % holding 30.4.2003 30.4.2003 % 30.04.2004 SPECIAL PUBLICATIONS SA 100,00% 0,00% 100,00% ¡∂∞ ∞∫∆π¡∞ SA 50,50% 0,00% 50,50% MC HELLAS SA 50,00% 0,00% 50,00% PUBLISHING HEARST-LAMBRAKIS PUBLISHING LTD 50,00% 0,00% 50,00% MELLON GROUP COMMUNICATION MEDIA SA 50,00% 0,00% 50,00% N. GREECE PUBLISHING N. GREECE PUBLISHING SA 33,33% 0,00% 33,33% Group PROVOLI LTD 0,00% 33,33% 33,33% MULTIMEDIA SA 100,00% 0,00% 100,00% IRIS PRINTING SA 70,00% 0,00% 70,00%

PAPER PACK - I.TSOUKARIDIS SA 35,95% 0,55% 36,50% PRINTING EVROKTISMA SA 0,00% 36,14% 36,14% PAPER PACK - PROMOCARTON SA 0,00% 18,07% 18,07%

CHAPTER XXII I. TSOUKARIDIS Group FOKAS BROS SA 0,00% 12,78% 12,78% VLACHOS BROS SA 0,00% 7,67% 7,67% N. APERGIS SA 0,00% 5,42% 5,42% EUROSTAR SA 97,98% 0,00% 97,980% TOURIST EUROSTAR Group TRIAIANA TRAVEL – ST. LAGAS SA 0,00% 73,50% 73,50% EXPO PLAN SA 0,00% 49,00% 49,00% DOL DIGITAL SA 78,71% 0,00% 78,71% RAMNET SA 0,00% 78,71% 78,71% NET ONLINE SA 0,00% 78,71% 78,71% DOL DIGITAL RAMNET SHOP SA 0,00% 78,71% 78,71% IT AND NEW Group TECHNOLOGIES IN MARKET PLACE SA 0,00% 39,36% 39,36% PHAISTOS NETWORKS S∞ 0,00% 39,36% 39,36% IN HEALTH S∞ 0,00% 39,36% 39,36% FTEROTOS ERMIS S∞ 0,00% 33,45% 33,45% INTEROPTICS S∞ 0,00% 29,72% 29,72% MICROLAND SA 7,91% 0,86% 8,77% ACTION PLAN Group ACTION PLAN SA 85,00% 0,00% 85,00% ACTION PLAN HR SA 1,00% 84,15% 85,15% ARGOS SA 38,50% 0,00% 38,50% ARGOS EVROPI LTD 0,00% 23,10% 23,10% ARGOS NET LTD 0,00% 38,50% 38,50% ARGOS Group ARGOS MASS DISTRIBUTIONS 0,00% 36,09% 36,09% OTHER BUSINESS LTD (under liquidation) ACTIVITIES PAPASOTIRIOU PRESSPOINT SA 0,00% 11,55% 11,55% STUDIO ATA SA 95,00% 0,00% 95,00% ∆ILETYPOS Group ∆ILETYPOS SA 10,76% 0,00% 10,76% TILETYPOS CYPRUS LTD 0,00% 10,76% 10,76% ODEON Group ODEON LICENSING SA 24,23% 0,00% 24,23% DIGITAL PRESS SA 5,12% 0,00% 5,12% MICHALAKOPOULOU TOURIST AND REAL ESTATE SA 100,00% 0,00% 100,00% ELLINIKA GRAMMATA SA 51,00% 0,00% 51,00% PAPASOTIRIOU INTERNATIONAL PAPASOTIRIOU 30,00% 0,00% 30,00% BOOKSTORE SA Group PAPASOTIRIOU PRESSPOINT SA 0,00% 7,5% 7,5%

156 ASSOCIATED COMPANIES XXIII

COMPANIES ASSOCIATED WITH LAMBRAKIS PRESS SA

∞. PUBLISHING SECTOR A.1. AFFILIATED COMPANIES OF THE PUBLISHING SECTOR

HEARST LAMBRAKIS PUBLISHING LTD

The company was established in 1999 (Government Gazette issue No 10030/15.12.1999). The company’s duration under its Articles of Association is 30 years (until 2029) and it is based in the Municipality of Athens (at 18 Panepistimiou St., GR-106 72 Athens). The company’s founding members were Lambrakis Press SA (holding a 50% participation) and HMI International Holdings Inc. (holding a 50% participation).

OBJECT

In accordance with its Articles of Association, the company’s objects are: a) publishing and CHAPTER XXIII selling in Greece and Cyprus the monthly magazine "COSMOPOLITAN", b) publishing weekly or monthly magazines, c) acting as agent and engaging in the trade of such publications, whether published by the company or other publishers, d) participating in any manner and in any form in other companies, whether Greek or foreign, already existing or to be established in the future and e) acting as agent of Greek or foreign companies pursuing the same objectives.

BUSINESS ACTIVITY The company publishes the "Cosmopolitan" monthly women’s magazine. In 2003 the company employed on average 20 persons.

MANAGEMENT The management and representation of the company has been assigned to Mr. Damianos Z. Hadjikokkinos who represents the company and whose actions are binding thereon.

SHARECAPITAL - SHAREHOLDERS Pursuant to the resolution of the Extraordinary General Meeting of the Shareholders of 31.10.2003, the company’s share capital, that amounted to GRD 510.000.000 and was divided into 51.000 shares of a nominal value of GRD 10.000 each was redenominated in euros. To this end, the number of the company’s shares was decreased from 51.000 to 49.890 and the nominal value of each share was increased from 29,34703 euros (or GRD 10.000) to 30 euros.

As a result the company’s share capital amounts to 1.496.700 euros divided into 49.890 shares of a nominal value of 30 euros each.

157 In the fiscal year 2003 and the first four months of 2004 there was no other change in the share capital or the shareholder structure. The company has the following shareholding structure:

SHAREHOLDER HOLDING (%) LAMBRAKIS PRESS SA 50% ∏ªπ International 50% Total 100%

The Company’s summary financial figures for the fiscal years 2002 and 2003 are shown in the following table:

HEARST LAMBRAKIS PUBLISHING LTD. INCOME STATEMENT 2002 2003 thousand € thousand € Turnover 6 962.4 7 297.8 Gross earnings 3 446.1 3 752.1 % on turnover 49.5% 51.4% Total operating earnings before depreciation 1 266.6 1 367.6 Total depreciation 258.6 255.1 Earnings before tax 986.1 1 132.2 % on turnover 14.2% 15.5% Earnings after tax 682.1 732.9 % on turnover 9.8% 10.0%

BALANCE SHEET ASSETS Non-depreciated establishment expenses 460.5 232.1 Non-depreciated intangible assets 0.0 0.0 Non-depreciated tangible assets 63.3 39.0 Participations - Other long-term receivables 0.0 0.0 Current assets 4 128.8 4 419.6 Transitory accounts 22.8 201.1 TOTAL ASSETS 4 675.4 4 891.8

LIABILITIES Share capital 1 496.7 1 496.7 Total equity 1 526.9 1 563.2 Provisions 35.1 44.1 Long-term liabilities 0.0 0.0 Short-term liabilities 2 747.5 2 912.0 Total long- and short-term liabilities 2 747.5 2 912.0 Transitory accounts 365.9 372.5 TOTAL LIABILITIES 4 675.4 4 891.8

The company’s financial statements are included in the consolidated financial statements of Lambrakis Press SA.

158 ASSOCIATED COMPANIES XXIII

MC HELLAS SA

The company "MC HELLAS PUBLISHING SA", with the trade name "MC HELLAS SA", was established in 1999 (Government Gazette issue No 9055/11.11.1999) and is registered in the Register of Sociétés Anonymes of the Prefecture of Athens under No 44343/01/µ/99/610. Under its Articles of Association, the company’s duration is 50 years (until 2049). The company is based in the Municipality of Athens (at 18 Panepistimiou Street., GR-106 72 Athens). The company’s founders were "Lambrakis Press SA" (holding a 50% participation in the company) and DOL DIGITAL SA [formerly DOL COMMUNICATIONS SA) (holding a 50% participation). Marie Claire Album SA has a participation in the company since 1999 when it acquired the participation of DOL DIGITAL SA.

OBJECT In accordance with its Articles of Association, the company’s objects are: a) publishing and selling in Greece the magazine "MARIE CLAIRE", b) publishing weekly or monthly magazines - addressed mainly to female readers, c) publishing all kinds of books and literary works by Greek and foreign authors, engage in the trade of such publications as well as any other foreign publications, and acting as importer, exporter and dealer of any kind of publication and d) acting as agent and dealer of such publications, whether published by the company or third parties.

BUSINESS ACTIVITY The company publishes the monthly women’s magazine "Marie Claire". In 2003 the company employed on average 35 persons.

MANAGEMENT The company is currently managed by the following 6-member Board of Directors, whose term in office expires on 30.6.2004:

NAME POSITION Arnaud Contades President Damianos Hadjikokkinos Vice President and Managing Director Nikolaos Anastasopoulos Member Stavroula Dimitriadi Member Laurence Hembert - Wermus Member Hubert Brisson Member

SHARE CAPITAL - SHAREHOLDERS On 31.12.2001, the company’s share capital amounted to 1.467.500 euros divided into 50.000 registered shares of a nominal value of 29,35 euros each. During 2003 and the first four months of 2004 there was no change in the company’s share capital. The company has the following shareholding structure:

159 SHAREHOLDER HOLDING (%) LAMBRAKIS PRESS SA 50% Marie Claire Album SA 50% Total 100%

During 2003 and the first four months of 2004 there was no change in the company’s shareholder structure. The company’s summary financial figures for the fiscal years 2002 and 2003 are shown in the following table:

MC HELLAS SA 2002 2003 INCOME STATEMENT thousand € thousand € Turnover 9 215.2 8 792.1 Gross earnings 4 283.0 3 757.2 % on turnover 46.5% 42.7% Total operating earnings before depreciation 1 308.5 833.8 Total depreciation 40.4 40.4 Earnings before tax 1 143.8 809.4 % on turnover 12.4% 9.2% Earnings after tax & Board of Directors remuneration 724.5 518.9 % on turnover 7.9% 5.9%

BALANCE SHEET ASSETS Non-depreciated establishment expenses 1.7 0.5 Non-depreciated intangible assets 0.0 0.0 Non-depreciated tangible assets 93.5 61.0 Participations - Other long-term receivables 0.0 0.0 Current assets 6 231.5 5 737.3 Transitory accounts 51.8 258.2 TOTAL ASSETS 6 378.5 6 057.0

LIABILITIES Share capital 1 467.5 1 467.5 Total equity 1 573.7 1 600.6 Provisions 117.6 139.0 Long-term liabilities 0.0 0.0 Short-term liabilities 4 116.5 3 801.6 Total long- and short-term liabilities 4 116.5 3 801.6 Transitory accounts 570.7 515.8 TOTAL LIABILITIES 6 378.5 6 057.0

The company’s financial statements are included in the consolidated financial statements of Lambrakis Press SA.

160 ASSOCIATED COMPANIES XXIII

¡∂∞ ∞∫∆π¡∞ SA

The company "NEA AKTINA SA PUBLISHING AND COMMUNICATIONS" with the trade name "NEA AKTINA SA" was established in 1999 (Government Gazette issue No 5731/19.7.1999) and is registered in the Register of Sociétés Anonymes of the Prefecture of Athens (East Athens sector) under No 43316/01∞∆/µ/99/211. The company’s duration is 51 years (until 2050) and it is based in the Municipality of Amaroussion (at 7 Fragoklisias Street. GR-151 25 Amaroussion). The company was founded by Lambrakis Press SA (50.5%), Evangelos Terzopoulos Publishing SA (24.8%) and Terzopoulos Publications LTD (24.8%). Since 1999 Lambrakis Press SA has held 50.5% of the company’s share capital.

OBJECT According to its Articles of Association, the company’s objects are: a) publishing periodicals, newspapers and books, b) publishing any book or periodical of general or special interest, c) acting as agents and engaging in the trade of the said publications (a-b), whether published by the company or by others, d) participating in any manner and in any form in other companies, whether Greek or foreign, already existing or to be established in the future, e) any business related to communications systems (radio, television, news reporting etc) f) any business related to the wider education of the public (training, information, recreation and culture), g) representing any enterprise, whether Greek or foreign, having the same or similar objects, h) acquiring all kinds of intellectual and associated rights on Greek and foreign books or texts, acquiring such rights on photo-journalistic material, whether of Greek or foreign origin, i) engaging in mail-order sales and k) organizing a creative publicity department for the commercial promotion of products and services.

BUSINESS ACTIVITY The company publishes in Greek the Mickey Mouse children’s publications and other books of the well-known American publishing company (weekly and monthly magazines) on the basis of the contract it has signed with Walt Disney Co. In 2003 the company employed on average 24 persons

MANAGEMENT The company is managed by the Board of Directors consisting of 3 to 9 members. The current Board of Directors has the following members whose term in office expires on 30.6.2006:

NAME POSITION Christos D. Lambrakis President Christos ∂. Terzopoulos Vice President and Managing Director Damianos Z. Hadjikokkinos Member Panagiotis ∞. Chrysikakis Member Aris - Alexandros Terzopoulos Member Varvara Anna C. Terzopoulou Member

161 SHARE CAPITAL - SHAREHOLDERS The company’s share capital amounts to 87.900 euros divided into 30.000 registered shares of a nominal value of 2,93 euros each. In 2003 and the first four months of 2004 there was no change in the company’s share capital. The company has the following shareholding:

SHAREHOLDER HOLDING (%) LAMBRAKIS PRESS SA 50,50% ∞. Terzopoulos 12,37% Terzopoulos Publications SA 37,12% Total 100,00% In 2003 and the first four months of 2003 Lambrakis Press SA did not change its holding in the company. The Company’s summary financial figures for the fiscal years 2002 and 2003 are shown in the following table:

¡∂∞ ∞∫∆π¡∞ SA 2002 2003 INCOME STATEMENT thousand € thousand € Turnover 4 665.5 4 867.8 Gross earnings 2 327.2 2 520.3 % on turnover 49.9% 51.8% Total operating earnings before depreciation 600.6 560.9 Total depreciation 26.2 24.0 Earnings before tax 597.4 540.8 % on turnover 12.8% 11.1% Earnings after tax & Board of Directors remuneration 388.3 294.3 % on turnover 8.3% 6.0%

BALANCE SHEET ASSETS Non-depreciated establishment expenses 22.0 57.6 Non-depreciated intangible assets 0.0 0.0 Non-depreciated tangible assets 14.4 21.6 Participations - Other long-term receivables 0.0 0.0 Current assets 1 019.1 1 391.8 Transitory accounts 282.7 0.0 TOTAL ASSETS 1 338.2 1 471.0

LIABILITIES Share capital 87.9 87.9 Total equity 147.8 182.1 Provisions 120.5 0.0 Long-term liabilities 0.0 0.0 Short-term liabilities 969.9 1 155.4 Total long- and short-term liabilities 969.9 1 155.4 Transitory accounts 100.0 133.5 TOTAL LIABILITIES 1 338.2 1 471.0

The company’s financial statements are included in the consolidated financial statements of Lambrakis Press SA.

162 ASSOCIATED COMPANIES XXIII

SPECIAL PUBLICATIONS SA

SPECIAL PUBLICATIONS SA was established in 1989 (Government Gazette issue No 2408 /3.7.89) and is registered in the Register of Sociétés Anonymes of the Prefecture of Athens under No 19681/01 /µ/89/157(01). The company’s founding members were Mr. Aris Alexandros Terzopoulos, with a percentage of 90.9%, and Mrs. Laura Elena De Nigris Ferreira with a percentage of 9.1%. In accordance with its Articles of Association, the company’s duration is 46 years (until 31-12- 2035) and it is based in the Municipality of Athens (at 18 Panepistimiou St., GR-106 72 Athens).

OBJECT Under its Articles of Association, the company’s objects are a) publishing and selling magazines, books and all types of printed media, b) publishing and selling general or special interest magazines, c) any publishing business of journalistic nature, d) any activity aimed at providing wider education to the public (training, information, recreation and culture), e) any project or business related to the foregoing which would be decided upon by the company’s Board of Directors and f) any business related to communication systems such as radio, cable or wireless television, the production and exploitation of radio, television and cinema programs, as well as the production and trade of records and tapes and, in general, any other electronic medium of communication, except setting up a radio or television station.

BUSINESS ACTIVITY The company publishes the "MEN" monthly men’s magazine, the "FREE" monthly magazine for young people and the "GAIORAMA" bi-monthly knowledge and science magazine. Until May 2003, it published the "KLIK" quarterly variety magazine. In 2003 the company employed on average 25 persons.

MANAGEMENT The company is managed by the Board of Directors consisting of 3 to 7 members. The current Board of Directors has the following members whose term in office expires on the Shareholders’ General Meeting of 2008:

NAME POSITION Stavros P. Psycharis President Damianos Z. Hadjikokkinos Vice President and Managing Director Panagiotis A. Chrysikakis Member Nikolaos I. Katsibrakis Member Nikolaos Anastasopoulos Member

SHARE CAPITAL - SHAREHOLDERS The company’s share capital amounts to 5.002.800 euros divided into 1.667.600 ordinary registered shares of a nominal value of 3 euros each. During 2003 fiscal year and the first four months of 2004 there was no change in the company’s share capital. The company has the following shareholding structure:

163 SHAREHOLDER HOLDING (%) LAMBRAKIS PRESS SA 100%

In 2003 the company’s share capital was changed as follows: On 15.4.2003 shareholders Aris Terzopoulos and Eugenia Barlas sold to Lambrakis Press SA (then holding 65,58% of SPECIAL PUBLICATIONS SA) 566.000 and 8.000 shares respectively. As a result of that sale, Lambrakis Press SA holds 100% of the company’s share capital. From that date onwards and up to the first four months of 2004, Lambrakis Press SA did not change its holding in the company. Concurrently, on 15.4.2003 the selling shareholder Mr. A. Terzopoulos transferred to Special Publications SA the titles and logos of the magazines «ª∂¡», «GAIORAMA» and «GEORAMA» while he retained under his ownership the title and logo of the magazine «KLIK». The company’s summary financial figures for the fiscal years 2002 and 2003 are shown in the following table:

SPECIAL PUBLICATIONS SA INCOME STATEMENT 2002 2003 thousand € thousand € Turnover 7 964.4 7 964.4 Gross earnings 2 921.2 2 431.8 % on turnover 36.7% 30.5% Total operating earnings before depreciation -280.2 -297.8 Total depreciation 229.1 215.3 Earnings before tax -699.0 -738.1 % on turnover -8.8% -9.3% Earnings after tax & Board of Directors remuneration -699.0 -766.3 % on turnover -8.8% -9.6%

BALANCE SHEET ASSETS Non-depreciated establishment expenses 39.3 392.1 Non-depreciated intangible assets 0.0 24.5 Non-depreciated tangible assets 312.3 51.8 Participations - Other long-term receivables 3.3 0.0 Current assets 6 195.1 5 469.7 Transitory accounts 384.2 432.1 TOTAL ASSETS 6 934.2 6 370.2

LIABILITIES Share capital 5 002.8 5 002.8 Total equity -1 549.5 -2 315.9 Provisions 0.0 1.3 Long-term liabilities 0.0 0.0 Short-term liabilities 8 194.9 8 302.8 Total long- and short-term liabilities 8 194.9 8 302.8 Transitory accounts 288.8 382.0 TOTAL LIABILITIES 6 934.2 6 370.2

The company’s financial statements are included in the consolidated financial statements of Lambrakis Press SA.

164 ASSOCIATED COMPANIES XXIII

MELLON GROUP SA The company "MELLON GROUP Communications Media Société Anonyme" was originally established in 1991 as a joint venture named "LAMBRAKIS PRESS - ETHNOS PUBLICATIONS" of the companies Lambrakis Press SA and Ethnos Publications SA IE was later transformed into a société anonyme on 3.10.1995 (Government Gazette issue No 7274/2.8.1995) and is registered in the Register of Sociétés Anonymes of the Prefecture of Athens under No 34297/04/B/95/113(00). The company’s duration is 20 years and pursuant to the resolution of the Extraordinary General Meeting of the Shareholders of 22.7.2003 its head office was relocated from the Municipality of Glyka Nera (132, Lavriou ave.) to the Municipality of Halandri (Ag. Nektariou and Benaki Street.) (Government Gazette issue No. 9276/2003).

OBJECT The company’s main object is publishing and trading all types of magazines and publications, with the exception of newspapers, and producing and trading educational publications.

BUSINESS ACTIVITY The company publishes the "TV Zapping" weekly television guide.

MANAGEMENT The company is managed by the Board of Directors consisting of 3 to 7 members. The current Board of Directors has the following members whose term in office expires on 22.6.2006:

NAME POSITION Christos D. Lambrakis President Fotios G. Bobolas Vice President and Managing Director Georgios F. Bobolas Member Damianos Z. Hadjikokkinos Member Alexios C. Skanavis Member Panagiotis A. Chrysikakis Member

SHAREHOLDERS - SHARE CAPITAL 2001 the company’s share capital amounted to 1.500.000 euros divided into 5.000.000 registered shares of a nominal value of 0.30 each. During 2003 and the first four months of 2004 there was no change in the company’s share capital. The company has the following shareholding structure:

SHAREHOLDER HOLDING (%) LAMBRAKIS PRESS SA 50% Pegasus Publishing & Printing SA 50% Total 100%

During 2003 and the first four months of 2004 there was no change in the participation of Lambrakis Press SA in the company.

165 The company’s summary financial figures for the fiscal years 2002 and 2003 are shown in the following table:

MELLON GROUP SA 2002 2003 INCOME STATEMENT thousand € thousand € Turnover 9 151.0 8 542.3 Gross earnings 4 377.0 4 099.9 % on turnover 47.8% 48.0% Total operating earnings before depreciation 1 266.8 635.8 Total depreciation 17.6 17.5 Earnings before tax 1 231.4 526.6 % on turnover 13.5% 6.2% Earnings after tax & Board of Directors remuneration 811.9 357.8 % on turnover 8.9% 4.2%

BALANCE SHEET ASSETS Non-depreciated establishment expenses 0.0 0.0 Non-depreciated intangible assets 0.0 0.0 Non-depreciated tangible assets 16.7 8.7 Participations - Other long-term receivables 0.2 0.2 Current assets 4 201.9 7 046.1 Transitory accounts 2.6 0.9 TOTAL ASSETS 4 221.4 7 055.9

LIABILITIES Share capital 1 500.0 1 500.0 Total equity 1 511.4 377.7 Provisions 0.0 0.0 Long-term liabilities 0.0 0.0 Short-term liabilities 2 705.9 6 666.4 Total long- and short-term liabilities 2 705.9 6 666.4 Transitory accounts 4.1 11.8 TOTAL LIABILITIES 4 221.4 7 055.9

166 ASSOCIATED COMPANIES XXIII

∞.2. ASSOCIATED COMPANIES OF THE PUBLISHING SECTOR

NORTHERN GREECE PUBLISHING SA

The company was founded in 1996 (Government Gazette issue No 7873/5.12.1996) and is registered in the Register of Sociétés Anonymes under No 36910/62/µ/96/252. In accordance with its Articles of Association, the duration of the company is 50 years (until 27.11.2046). The company is based in the Municipality of Thessaloniki (at 45 Tsimiski Street).

OBJECT In accordance with its Articles of Association, the company’s objects are publishing and selling newspapers and operating of printing plants, as well as distributing printed media.

BUSINESS ACTIVITY The company publishes the newspapers "AGGELIOFOROS" and "AGGELIOFOROS TIS KYRIAKIS" and the variety magazine "CLOSE UP".

MANAGEMENT The company is managed by the Board of Directors consisting of 6 to 10 members. The current Board of Directors has the following members whose term in office expires on 30.6.2007:

NAME POSITION Christos D. Lambrakis President Georgios F. Bobolas Vice President Alexandros C. Bakatselos Managing Director Nikolaos A. Bakatselos Alt. Managing Director Damianos Z. Hadjikokkinos Member Panagotis A. Chrysikakis Member Fotios G. Bobolas Member Alexios C. Skanavis Member Georgios A. Bakatselos Member

SHAREHOLDERS - SHARE CAPITAL The company’s share capital amounts to 17.081.700 euros divided into 582.000 registered shares of a nominal value of 29,35 euros each. In 2003 and the first four months of 2004 there was no change in the share capital of the company. The company has the following shareholding structure:

SHAREHOLDER HOLDING (%) LAMBRAKIS PRESS SA 33,33% Pegasus Publishing and Printing SA 33,33% Delfini SA 33,33% Total 100,00%

During 2003 and the first four months of 2004 there was no change in the shareholding structure of the company.

167 The Company’s summary financial figures for the fiscal years 2002 and 2003 are shown in the following table:

NORTHERN GREECE PUBLISHING SA 2002 2003 INCOME STATEMENT thousand € thousand € Turnover 18 483.8 21 436.2 Gross earnings 4 485.8 5 612.4 % on turnover 24.3% 26.2% Total operating earnings before depreciation -102.4 2 550.5 Total depreciation 53.3 2 109.1 Earnings before tax -572.5 1 054.5 % on turnover -3.1% 4.9% Earnings after tax & Board of Directors remuneration -573.5 1 053.6 % on turnover -3.1% 4.9%

BALANCE SHEET ASSETS Non-depreciated establishment expenses 84.3 75.3 Non-depreciated intangible assets 0.0 0.0 Non-depreciated tangible assets 16 900.1 14 924.4 Participations - Other long-term receivables 807.8 807.8 Current assets 12 361.0 14 855.6 Transitory accounts 11.6 10.4 TOTAL ASSETS 30 164.8 30 673.5

LIABILITIES Share capital 17 081.7 17 081.7 Total equity 15 875.2 16 147.3 Provisions 0.0 0.0 Long-term liabilities 1 493.7 368.0 Short-term liabilities 12 528.1 13 875.4 Total long- and short-term liabilities 14 021.8 14 243.4 Transitory accounts 267.8 282.8 TOTAL LIABILITIES 30 164.8 30 673.5

168 ASSOCIATED COMPANIES XXIII

\µ. PRINTING SECTOR

µ.1. AFFILIATED COMPANIES OF THE PRINTING SECTOR

IRIS PRINTING SA

IRIS PRINTING SA Commercial and Industrial Société Anonyme) with the trade title "IRIS SA" was established in 1991 (Government Gazette issue No 4803/16.12.1991) and is registered in the Register of Sociétés Anonymes of the Prefecture of Athens under No 25302/04/µ/91/175 (02). The company was founded by Haralambos Naskos (33,3%), Christos Naskos (6,7%), Chryssoula Naskou (4,7%) and Vasiliki Karalazou (1,3%). In 1998, Lambrakis Press SA acquired 100% of IRIS SA and in 2000 Pegasus Publishing and Printing SA acquired 30% of the company, through an increase of the company’s share capital According to its Articles of Association, the duration of the company is 50 years (until 2041). The company is based in the Municipality of Kropia, Attica (Karela).

OBJECT In accordance with its Articles of Association, the company’s objects are: a) printing of all types of printed media, books, magazines and other publications, as well as the creation of a model printing unit to carry out all stages to the end product, including the printing and binding of all types of printed media, b) importing, exporting and manufacturing industrial maintenance and sale of machinery, spare parts and, in general, materials used in the printing business, electronic appliances and paper, c) acting as agents of foreign firms engaged in the trade or manufacture of items used in the printing sector, d) engaging in the trade, mediation, distribution of any material or item related to printing in Greece or abroad, and e) promoting modern and pioneering methods used in manufacturing such items and carrying out research in related technical and scientific fields.

BUSINESS ACTIVITY The company prints newspapers, magazines and other material and has the ability to print in large numbers and undertake a wide variety of high capacity printing jobs requiring high technological and qualitative performance. In 2003 the company employed on average 398 persons.

MANAGEMENT The company’s Board of Directors comprises 3 to 11 members. The current Board of Directors has the following members whose term in office expires on 30.6.2003:

169 NAME POSITION Stavros P. Psycharis President Fotios G. Bobolas Vice President Damianos Z. Hadjikokkinos Managing Director Alexios C. Skanavis Alt. Managing Director Christos S. Patelis Member Panagiotis A. Chrysikakis Member Dimitrios C. Xenakis Member

SHAREHOLDERS - SHARE CAPITAL ∆he company’s share capital amounts to 53.357.130 euros divided into 17.785.710 ordinary registered shares of a nominal value of 3 euros each. In 2003 and the first four months of 2004 there was no change in the company’s share capital. The company has the following shareholding structure:

SHAREHOLDER HOLDING (%) LAMBRAKIS PRESS SA 70% Pegasus Publishing & Printing SA 30% Total 100%

In 2003 and the first four months of 2004 there was no change in the company’s shareholding structure.

"IRIS PRINTING SA" is active in the printing sector and its principal business is focused on the production of all types of publications. The company undertakes the printing of newspapers, magazines and other printed media.

Within a short time, "IRIS PRINTING SA" succeeded in changing the confined standards of Greek printing, breaking new ground in the printed communications sector. The company currently holds a top position among printing conglomerates in Greece and South Eastern Europe.

The major milestones in the history of IRIS were: ■ 1991 The company is set up as a small printing unit in Metamorfosi, Attica. ■ 1998 Lambrakis Press acquires 100% of IRIS SA ■ 1999 IRIS SA acquires the spun-off printing business of Lambrakis Press SA, undertaking the entire printing business of the Lambrakis Press Group. ■ 2000 Pegasus Publishing & Printing SA acquires 30% of IRIS SA’ s share capital. ■ 2002 IRIS SA sells to the remaining shareholders of the paper-trading company «Aggelidis - Georgakopoulos SA» its total holding (50%) in that company. ■ 2003 IRIS SA acquires through a merger the printing company ORAPRESS SA, an affiliate of Pegasus Publishing & Printing SA IRIS SA sells its total holding (50%) in the printing company «Phoenix Printing SA». As a result of the above sales, IRIS SA does not own a holding in any affiliated companies. The company is now the largest and most modern printing conglomerate in Greece. After the conclusion of its the investment plan in 2002, the company consolidated its production facilities

170 ASSOCIATED COMPANIES XXIII

in two industrial printing plants capable of carrying out large volumes of printing of exceptionally high specifications: In particular these printing plants are: Printing plant «Koropi»: The investment, completed in 2002, offers an enhanced capability to print increased volumes of newspapers, magazines and other printed media more cost effectively, with significant timesavings and high-quality printing. The plant’s installations, machinery and equipment are described in the following table:

KOROPI PRINTING PLANT

Asset class Asset description 31.12.2003 Non-depreciated value Land 62.461,63 m2 10.352.694,79 Buildings 39.149,73 m2 - Building installations 26.631.281,92 LITHOMAN Printing machine PFLOCK 1st afterburning system Machinery and GAMMERLER trimming machine equipment for magazines GAMMERLER cutting and stacking system TECHNOTRANS Ink supply system FERAG system PFLOCK 2nd and 3rd afterburning system TECHNOTRANS Ink supply system Machinery and equipment COMET-10 Printing machine and antiseismic base plates for newspapers COMET-20 Printing machine and antiseismic base plates COMET-40 Printing machine and antiseismic base plates FERAG system Inserting machine FERAG system CTP (computer to plate) Digital system for receiving, managing and processing newspaper and magazine machine printing projects Paper waste machine KLAUS NICKEL paper waste handling system MILLER MARTINI stapling machine MULLER MARTINI 321 stapling machine Binding machines MULER MARTINI BLOCKER 335 1989 SN 9921380 MULER MARTINI MODEL PRIMA 9101304 MULLER MARTINI 335 binding machine MULLER MARTINI 235 binding machine Other machinery and equipment Total machinery and equipment 47.832.118,21 Transportation vehicles and equipment 178.234,17 Furniture and appliances 321.126,66 TOTAL 85.315.455,75 Intangible assets and long-amortization expenses 4.106.475,70 Orders abroad 251.635,87 GRAND TOTAL 89.673.567,32

171 Printing plant «Tsefliki»: A modern vertically integrated unit having the following installations and machinery:

TSEFLIKI PRINTING PLANT 31.12.2003 Asset class Asset description Non-epreciated value Land - land plots 148.050 m2 3.241.128,85 Buildings - Building installations 12.844.882,79 LITHOMAN OFSET PRESS Printing machinery HEIDELBERG HARRIS OFSET PRESS M600 for magazines ∫µ∞ COMPACTA 408 MAN ROLAND ROTOMAN KLAUS NICKEL Printing machinery KBA RAPIDA for cover pages ROLAND 708 Packaging machine SITMA 675 packaging towers Folding machine MBO BINDER Cutting machine WOHLENBERG KOLBUS MONOBLOCK Gluing machines MONOBLOCK tower STARPLUS tower MULLER MARTINI STACKER MILLER MARTINI PRESS DELIVERY SYSTEMS FOR PRESS No 2(ROTOMAN) KBA paper feeding system Other machinery STACKER GAMMERLER and equipment ROTOMAN thermal burner VALMET Conveyor STACKER BUNDLE EL-KO Low-pressure ink supply system Other machinery and technical installations BILLHOFER Owned machinery leased SITMA 750-705(3) to third parties KOLBUS Total machinery 21.684.507,56 Transportation vehicles and equipment 340.424,99 Furniture and equipment 246.026,32 TOTAL 38.356.970,51 Intangible assets and long-amortization expenses 1.364.672,21 Orders abroad 165.879,74 GRAND TOTAL 39.887.522,46

IRIS SA also owns auxiliary installations and storage facilities in Inofyta supporting its vertical integration ("Ithomi" and «Madaro» locations).

The value of the company’s own land, buildings and building installations is shown in the following table:

172 ASSOCIATED COMPANIES XXIII

IRIS PRINTING SA ACQUISITION VALUE OF LAND AND BUILDINGS Year of Value of Year of Built area Construction Location Purchase Area in mÇ land construction in mÇ cost of (in euros) buildings Ipato 1999 80.766 1.131.196,0 0 39.565,0 Madaro 1997 4.667 49.303,0 1997 1.639 588.111,0 Ithomi 1984 3.611 125.463,0 1984 2.329 509.617,0 Acadimia Platonos 1978 4.629 627.657,0 1982 7.770 3.211.505,0 Koropi 2000 62.462 10.352.695,0 2002 39.150 28.419.493,0 Inofyta (∞) 1999 / 2000 118.870 2.634.977,0 2000 31.332 16.212.355,0 Inofyta (µ) 1999 / 2001 29.183 606.151,0 0 0,0 TOTAL 304.188 15.527.442,0 82.220 48.980.646,0 Installations in third-party buildings (18, Valaoritou Street, Athens) 91.121,0 GRAND TOTAL 304.188 15.527.442,0 82.220 49.071.767,0

The company’s summary financial figures and the consolidated financial statements of its group for the fiscal years 2002 and 2003 are shown in the following tables:

IRIS PRINTING SA 2002 2003 INOCME STATEMENT thousand € thousand € Turnover 101 589.2 112 949.3 Gross earnings 7 992.7 9 380.3 % on turnover 7.9% 8.3% Total operating earnings before depreciation 11 525.2 8 452.9 Total depreciation 10 011.7 12 570.6 Earnings before tax 828.3 -2 124.7 % on turnover 0.8% -1.9% Earnings after tax & Board of Directors remuneration 751.7 -2 124.7 % on turnover 0.7% -1.9%

BALANCE SHEET ASSETS 2003 Non-depreciated establishment expenses 6 987.7 5 473.9 Non-depreciated intangible assets 10.2 7.6 Non-depreciated tangible assets 131 636.6 129 240.9 Participations - Other long-term receivables 7 505.3 108.8 Current assets 73 431.3 70 442.6 Transitory accounts 3 318.4 2 449.2 TOTAL ASSETS 222 889.5 207 723.0

LIABILITIES Share capital 53 357.1 53 357.1 Total equity 87 937.7 81 206.2 Provisions 5.5 0.0 Long-term liabilities 82 171.7 73 954.5 Short-term liabilities 52 313.7 51 714.6 Total long- and short-term liabilities 134 485.4 125 669.1 Transitory accounts 460.9 847.7 TOTAL LIABILITIES 222 889.5 207 723.0

From 2003 onwards, after the sale of the company’s holdings in Aggelidis - Georgakopoluos SA and Phoenix Printing SA, the company does not compile consolidated financial statements.

173 The company’s financial statements are included in the consolidated financial statements of Lambrakis Press SA.

MULTIMEDIA SA

The company "MULTIMEDIA IT Applications for Communication Media SA" was established in 1988 (Government Gazette issue No 924/16-5-1988) and is registered in the Register of Sociétés Anonymes of the Prefecture of Athens under No 17189/01/B/88/307. The company was founded by Lambrakis Press SA (60%), John Farmakis (20%) and Claude Marie Yvonne Bart (20%). Since 1993, Lambrakis Press SA holds 100% of the company’s share capital. According to its Articles of Association, the duration of the company is 55 years (until 2043) and it is based in the Municipality of Athens (at 3 Christou Lada, GR-102 37 Athens).

OBJECT According to its Articles of Association, the company’s objects are: a) trading and developing electronic applications for all communication media and in the graphic arts of any type such as, for example, the creation of computer software for newspapers, magazines and other mass communication media, the creation of a data bank for publishing and other companies, the development of software for the provision of all kinds of information by electronic or other technical means, b) producing composite images to be used in advertising in the press, on screen and on television, c) producing on video disk of text and photographs of tourist, cultural, recreational, educational and other themes, d) developing filing, librarian and other software, e) organizing seminars, lectures and educational programs for users of the said software and images and importing, acting as agents and engaging in the trade of computers and all related hardware and software, f) pursuing any business in the sector of graphic arts for publishing books, textbooks and all types of printed media in general, including advertising leaflets and posters and g) undertaking the editing of all types of printed media (creation, concept, artwork, studio work etc)

BUSINESS ACTIVITY The company is active in undertaking and managing digital pre-press workflows and projects for newspapers, magazines and advertising material, as well as in the production of multimedia titles (desktop publishing, videotext, computer animation, etc.) In 2003 the company employed on average 178 persons.

174 ASSOCIATED COMPANIES XXIII

MANAGEMENT The company is managed by the Board of Directors consisting of 3 to 11 members. The current Board of Directors has the following members whose term in office expires on 30.6.2007:

NAME POSITION Christos D. Lambrakis President Damianos Z. Hadjikokkinos Vice President Dimitrios V. Tsiambouris Member, General Manager Panagiotis A. Chrysikakis Member Kyriakos P. Boutsikaris Member

SHAREHOLDERS - SHARE CAPITAL The company’s share capital amount to 1.834.375 euros divided into 62.500 registered shares of a nominal value of 29,35 euros each. During 2003 and the first four months of 2004, there was no change in the company’s share capital. The Company has the following shareholding structure:

SHAREHOLDER HOLDING (%) LAMBRAKIS PRESS SA 100%

During 2003 and the first four months of 2004 there was no change in the company’s shareholder structure.

175 The Company’s summary financial figures for the fiscal years 2002 and 2003 are shown in the following table:

MULTIMEDIA SA 2002 2003 INCOME STATEMENT thousand € thousand € Turnover 6 606.9 7 071.1 Gross earnings 1 105.8 1 510.4 % on turnover 16.7% 21.4% Total operating earnings before depreciation 643.6 653.6 Total depreciation 504.0 396.8 Earnings before tax 185.2 205.7 % on turnover 2.8% 2.9% Earnings after tax & Board of directos remuneration 120.4 46.5 % on turnover 1.8% 0.7%

BALANCE SHEET ASSETS Non-depreciated establishment expenses 80.3 30.2 Non-depreciated intangible assets 0.9 0.6 Non-depreciated tangible assets 872.1 546.4 Participations - Other long-term receivables 3.3 3.5 Current assets 4 144.9 4 961.5 Transitory accounts 11.9 3.2 TOTAL ASSETS 5 113.4 5 545.4

LIABILITIES Share capital 1 834.4 1 834.4 Total equity 2 121.1 2 121.4 Provisions 0.0 0.0 Long-term liabilities 0.0 0.0 Short-term liabilities 2 977.6 3 401.4 Total long- and short-term liabilities 2 977.6 3 401.4 Transitory accounts 14.7 22.6 TOTAL LIABILITIES 5 113.4 5 545.4

The company’s financial statements are included in the consolidated financial statements of Lambrakis Press S.A

176 ASSOCIATED COMPANIES XXIII

µ.2. ASSOCIATED COMPANIES OF THE PRINTING SECTOR

PAPER PACK π. TSOUKARIDIS SA

In its present form the company was established in 1996 (Government Gazette issue No 779/1996), its duration is 54 years (until 2050). Paper Pack SA is active in the printing sector, box manufacturing and paper packaging. The company is based in Metamorfosis, Attica (at 10- 14 Nafpliou Street).

BUSINESS ACTIVITY Paper Pack SA operates as an integrated industrial unit. Its object is to supply industrial and commercial establishments with printed media and paper packaging items (for use mainly in the packaging of cosmetics, food products, cigarettes and medicines). It also produces lithographically printed items and labels and specializes in the multipack business. The company’s shares have been listed on the Athens Stock Exchange since 19.10.2000.

MANAGEMENT The company is currently managed by the following 9-member Board of Directors whose term in office expires on 30.6.2006:

NAME POSITION Ioannis Tsoukaridis President- Managing Director and Executive member Georgios Oratis Vice President and Executive member Fotios Theodorou Non executive, independent member Miltiadis Anastasiadis Non executive, independent member Korina Fasouli Non executive member Ioannis Fokas Non executive member Damianos Z. Hadjikokkinos Non executive member Panagiotis A. Chrysikakis Non executive member Nikolaos A. Gotsis Non executive member

SHAREHOLDERS - SHARE CAPITAL On 31.12.2002 the company’s share capital amounted to 4.866.000 euros divided into 4.055.000 common, registered shares with a nominal value of 1.2 euros each. In 2003 and the first four months of 2004 the company’s share capital changed as follows: Pursuant to the resolution of the Shareholders’ Ordinary General Meeting of 30.06.2003 the company’s share capital was increased by 4.866.000 euros. No new shares were issued and the nominal value of each share was increased from 1.20 euros to 2.40 euros. Pursuant to the resolution of the Shareholders’ Extraordinary General Meeting of 10.02.2004, the company’s share capital was decreased by 244.584 euros, through the cancellation of 101.910 bought-back (own) shares held by the company of a nominal value of 2.40 euros each. As a result, on 30.4.2004 the company’s share capital amounts to 9,487,416 euros divided into 3,953,090 common, registered shares of nominal value of 2.40 euros each. On 31.12.2003, the company’s shareholding structure was the following:

177 SHAREHOLDER HOLDING (%) Lambrakis Press Group 35,82% Ioannis Tsoukaridis 50,13% Veatriki Tsoukaridi 2,25% Own shares 2,51% Free float 9,29% Total 100,00%

In 2003 and the first four months of 2004, Lambrakis Press Group did not change its holding in the company’s share capital with the exception of the effect stemming from the company’s share capital decrease described above. The company’s summary financial figures and the consolidated financial statements for the fiscal years 2002 and 2003 are shown in the following tables:

PAPER PACK - I. ∆SOUKARIDIS SA 2002 2003 INCOME STATEMENT thousand € thousand € Turnover 16 217.8 15 631.8 Gross earnings 3 707.7 3 163.3 % on turnover 22.9% 20.2% Total operating earnings before depreciation 2 369.2 1 713.9 Total depreciation 2 155.6 1 658.6 Earnings before tax 310.0 -608.6 % on turnover 1.9% -3.9% Earnings after tax & Board of directos remuneration 310.0 -608.6 % on turnover 1.9% -3.9%

BALANCE SHEET ASSETS Non-depreciated establishment expenses 885.6 547.1 Non-depreciated intangible assets 1 594.4 1 505.8 Non-depreciated tangible assets 10 763.2 10 793.3 Participations - Other long-term receivables 5 252.5 5 263.6 Current assets 12 689.3 13 419.0 Transitory accounts 107.8 251.2 TOTAL ASSETS 31 292.8 31 780.0

LIABILITIES Share capital 4 866.0 9 732.0 Total equity 11 467.6 10 755.7 Provisions 310.6 337.5 Long-term liabilities 14 305.2 12 504.6 Short-term liabilities 5 083.4 8 120.2 Total long- and short-term liabilities 19 388.6 20 624.8 Transitory accounts 126.0 62.0 TOTAL LIABILITIES 31 292.8 31 780.0

The company’s consolidated statements include the financial statements of ∂VROKTISMA SA and FOKAS Bros SA.

178 ASSOCIATED COMPANIES XXIII

µ.3. AFFILIATES OF ASSOCIATED COMPANIES OF THE PRINTING SECTOR

EVROKTISMA SA

EVROKTISMA SA is a holding company, established in 1999 and based in Athens.

MANAGEMENT The company is currently managed by the following 3-member Board of Directors:

NAME POSITION Ioannis Tsoukaridis President Nikolaos Zetos Vice President Korina Fasouli Member

SHAREHOLDERS The company has the following shareholding structure:

SHAREHOLDER HOLDING (%) Paper Pack I. Tsoukaridis SA 99,0% Ioannis Tsoukaridis 1,0% Total 100,00%

The company’s summary financial figures for the fiscal years 2002 and 2003 are shown in the following table:

EVROKTISMA SA 2002 2003 thousand € thousand € Share capital 1 500.0 1 500.0 Total equity 1 440.8 1 420.8 Turnover 0.0 0.0 Total assets 1 443.3 1 423.5 Earnings before tax -19.6 -20.0 Earnings before tax and Board of Directors remuneration -19.6 -20.0

179 FOKAS BROS SA

FOKAS BROS SA was established in Aspropyrgos in 1996 and manufactures packaging items.

MANAGEMENT The company is currently managed by the following 7-member Board of Directors:

NAME POSITION Nikolaos D. Fokas President Nikolaos G. Fokas Vice President Ioannis D. Fokas Member Athanasios G. Fokas Member Ioannis Tsoukaridis Member Georgios Oratis Member Korina Fasouli Member

SHAREHOLDERS The company has the following shareholding structure:

SHAREHOLDER HOLDING (%) Paper Pack π. Tsoukaridis SA 35,00% Nikolaos D. Fokas 16,25% Nikolaos G. Fokas 16,25% Ioannis D. Fokas 16,25% Athanasios G. Fokas 16,25% Total 100,00%

The company’s summary financial figures for the fiscal years 2002 and 2003 are shown in the following table:

FOKAS BROS SA 2002 2003 thousand € thousand € Share capital 1 054.8 1 054.8 Total equity 2 281.4 2 315.9 Turnover 4 637.3 4 601.4 Total assets 4 507.3 4 385.3 Earnings before tax 650.6 484.2 Earnings before tax and Board of Directors remuneration 238.9 158.7

180 ASSOCIATED COMPANIES XXIII

PROMOCARTON SA

PROMOCARTON SA was established in 1998, it is based in Metamorfosis and specializes in designing and trading promotional paper stands.

MANAGEMENT The company is currently managed by the following 5-member Board of Directors:

NAME POSITION Ioannis Tsoukaridis President and Managing Director Georgios Oratis Vice President Theofanis Antoniou Member Nikolaos Apergis Member Korina Fasouli Member

SHAREHOLDERS The company has the following shareholding structure:

SHAREHOLDER HOLDING (%) Ioannis Tsoukaridis 40,0% Evroktisma SA 50,0% ¡ikolaos Apergis 10,0% Total 100,0%

The company’s summary financial figures for the fiscal years 2002 and 2003 are shown in the following table:

PROMOCARTON SA 2002 2003 thousand € thousand € Share capital 300.0 300.0 Total equity 409.1 515.9 Turnover 786.6 1 401.7 Total assets 779.2 1 103.6 Earnings before tax 53.8 308.2 Earnings before tax and Board of Directors remuneration 34.9 134.4

181 VLACHOS BROS SA

"VLACHOS BROS SA" was established in 1995, is based in Koropi and specializes in manufacturing packaging materials.

MANAGEMENT The company is currently managed by the following 5-member Board of Directors:

NAME POSITION Nikolaos Vlachos President Dimitrios Vlachos Vice President Vasilios Kyrou Member Theofanis Antoniou Member Nikolaos Christodoulou Member

SHAREHOLDERS The company has the following shareholding structure:

SHAREHOLDER HOLDING (%) Flexopack SA 44,00% Paper Pack I. Tsoukaridis SA 21,00% Nikolaos Vlachos 17,85% Dimitrios Vlachos 17,15% Total 100,00%

The company’s summary financial figures for the fiscal years 2002 and 2003 are shown in the following table:

VLACHOS BROS SA 2002 2003 thousand € thousand € Share capital 240.0 240.0 Total equity 1 313.6 1 357.8 Turnover 9 120.0 8 532.3 Total assets 7 151.7 7 811.6 Earnings before tax -89.9 44.1 Earnings before tax and Board of Directors remuneration -89.9 44.1

182 ASSOCIATED COMPANIES XXIII

N.APERGIS SA

The company «N. APERGIS SA» was founded in 1996, is based in Galatsi in the Municipality of Athens and is active in advertising services specializing in processing digital and hand- painted panel boards.

MANAGEMENT The company is managed by the following Board of Directors:

NAME POSITION Nikolaos Apergis President & Managing Director Evangelia Apergi Vice President Nikolaos Sitaras Member Theofanis Antoniou Member Maria Voulgari Member

SHAREHOLDERS The company has the following shareholding structure:

SHAREHOLDER HOLDING (%) Nikolaos Apergis 51,00% Evangelia Apergi 34,00% PROMOCARTON SA 15,00% Total 100,00%

The company’s summary financial figures for the fiscal years 2002 and 2003 are shown in the following table:

N. APERGIS SA 2002 2003 thousand € thousand € Share capital 59.0 100.0 Total equity 92.0 18.0 Turnover 870.0 726.0 Total assets 737.0 718.0 Earnings before tax 38.0 -90.0 Earnings before tax and Board of Directors remuneration 24.0 -90.0

183 C. TOURIST SECTOR

C.1. AFFILIATED COMPANIES OF THE TOURIST SECTOR

EUROSTAR SA

The company "EUROSTAR Tourist, Commercial & Industrial Société Anonyme" with the trade name "EUROSTAR SA" was established in 1996 (Government Gazette issue No 22/3.1.1997) and is registered in the Register of Sociétés Anonymes of the Prefecture of Athens under No 37137/01/µ/96/571. The company was founded by VIDEO STAR SA (later DOL Digital SA). On 17.6.1999, the Ordinary General Meeting of the Company's Shareholders approved the spin-off of the company’s tourist sector under the "Travel Plan" brand name and its contribution to EUROSTAR SA in order to turn to capitalise on the prestigious brand name. The contribution and absorption of the tourist branch ("Travel Plan") by EUROSTAR SA was approved by decision No 29864/5.10.2000 of the Prefect of Athens which was recorded in the Register of Sociétés Anonymes on 5.10.2000. According to its Articles of Association, the duration of the company is 50 years (until 2046) and it is based in the Municipality of Athens (at 18 Panepistimiou St., GR 106 72 Athens).

OBJECT According to its Articles of Association, the company’s objects are (a) to hold, organize and operate in Greece and abroad, whether in collaboration with third parties or otherwise, conferences, fairs and similar events of national and/or international scope focused on media- related items and programs (press, radio, television), information technology, multimedia, high-technology electronic consumer goods and with any other related sector, and provide services connected with such business, (b) to produce, sell and dispose of media-related items and programs (press, radio, television), information technology, multimedia and any other related sector, and provide services connected with such business, (c) to act as agents and brokers in Greece of foreign commercial companies or businesses that are active in sectors within the objects of the company, and participate in other businesses or companies of any form whose objects are similar to those of the company, (d) to import and engage in the wholesale or retail trade of electrical and electronic equipment, domestic appliances, games, sound and image reproduction equipment, and generally items related to the above objects and act as agents of similar foreign companies in Greece, (e) to promote Greece and Greek tourism through publications, brochures, special editions, the establishment and operation of hotels, tourist enterprises, agencies, travel agent companies and any other related business or enterprise, and (f) to purchase and sell securities and, in general, participate in mutual fund companies, investment portfolio companies either directly or through Stock Market institutions, in order to optimize the return on its cash reserves.

BUSINESS ACTIVITY EUROSTAR is a tourist sector company (travel agency) providing services under the "Travel

184 ASSOCIATED COMPANIES XXIII

Plan" brand name, which is one of the oldest and best-known brand names among travel agencies in Greece. EUROSTAR is a member of such international travel organizations as IATA, ASTA, UFTA-FUAAV and HATTA, and has comprehensive and state-of-the-art electronic equipment connected with the WORLDSPAN and GALILEO international electronic multi- purpose booking networks. The travel services offered by "Travel Plan" include:

■ Ticket issuing for Greek and foreign destinations. ■ Organized tours in Greece and in overseas countries throughout the world. ■ Business and company incentive travel in Greece and abroad ■ Trips for individual travellers with over 15,000 customized travel packages to any part of the world. ■ Cruises in Greece and abroad. ■ Organizing Greek and international congresses, symposiums, scientific meetings, summit conferences, and social and athletic events.

In 2003 the company employed on average 112 persons.

MANAGEMENT The company is managed by the Board of Directors consisting of 3 to 7 members. The current Board of Directors has the following members whose term in office expires on 30.6.2007:

NAME POSITION Christos D. Lambrakis President Damianos Z. Hadjikokkinos Vice President Theodoros A. Bithas Member and General Manager Panagiotis A. Chrysikakis Member Kyriakos P. Boutsikaris Member Stavros I. Lagas Member

SHAREHOLDERS - SHARE CAPITAL The company’s share capital amounts to 7.102.200 euros divided into 236.740 registered shares of a nominal value of 30 euros each. During 2003 and the first four months of 2004 there was no change in the company’s share capital. The company’s shareholding structure is the following:

Shareholder Holding (%) LAMBRAKIS PRESS SA 97,98% Ileana Laga 1,01% Athina Laga 1,01% Total 100,00%

In 2003 and the first four months of 2004 there was no change in the shareholding structure of the company. The company’s summary financial figures and the consolidated financial statements of its group for the fiscal years 2002 and 2003 are shown in the following tables:

185 EUROSTAR SA 2002 2003 INCOME STATEMENT thousand € thousand € Turnover 32.826,6 32.758,1 Gross earnings 2.238,0 1.907,5 % on turnover 6,8% 5,8% Total operating earnings before depreciation 672,9 459,4 Total depreciation 117,5 113,7 Earnings before tax 401,9 243,7 % on turnover 1,2% 0,7% Earnings after tax & Board of directos remuneration 258,4 156,6 % on turnover 0,8% 0,5%

BALANCE SHEET ASSETS Non-depreciated establishment expenses 58,5 35,9 Non-depreciated intangible assets 0,0 0,0 Non-depreciated tangible assets 319,5 283,9 Participations - Other long-term receivables 1.625,6 1.787,7 Current assets 11.451,2 12.635,5 Transitory accounts 754,2 678,7 TOTAL ASSETS 14.209,0 15.421,7

LIABILITIES Share capital 7.102,2 7.102,2 Total equity 8.663,8 8.820,3 Provisions 0,5 2,0 Long-term liabilities 0,0 0,0 Short-term liabilities 4.781,7 5.670,1 Total long- and short-term liabilities 4.781,7 5.670,1 Transitory accounts 763,0 929,3 TOTAL LIABILITIES 14.209,0 15.421,7

186 ASSOCIATED COMPANIES XXIII

EUROSTAR SA (consolidated data) 2002 2003 INCOME STATEMENT thousand € thousand € Turnover 34.850,8 34.319,1 Gross earnings 2.814,4 2.537,7 % on turnover 8,1% 7,4% Total operating earnings before depreciation 499,2 88,0 Total depreciation 139,1 125,5 Earnings before tax 127,0 -269,5 % on turnover 0,4% -0,8% Earnings after tax & Board of directos remuneration 120,9 -204,8 % on turnover 0,3% -0,6%

BALANCE SHEET ASSETS Non-depreciated establishment expenses 77,7 50,4 Non-depreciated intangible assets 0,0 0,0 Non-depreciated tangible assets 364,0 301,0 Participations - Other long-term receivables 86,5 84,0 Current assets 13.823,2 15.442,0 Transitory accounts 1.075,2 760,9 TOTAL ASSETS 15.426,6 16.638,3

LIABILITIES Share capital 7.102,2 7.102,2 Total equity 7.276,8 7.080,2 Provisions 0,6 2,0 Long-term liabilities 0,0 0,0 Short-term liabilities 7.257,0 8.591,1 Total long- and short-term liabilities 7.257,0 8.591,1 Transitory accounts 892,2 965,0 TOTAL LIABILITIES 15.426,6 16.638,3

The company’s consolidated statements include the financial statements of "Triaina Travel - S. Lagas SA" and "Expo Plan SA" which was placed under liquidation on 1.1.2004. In 2003 EUROSTAR SA did not publish its consolidated financial statements that were compiled only in order to be included in the consolidated statements of Lambrakis Press SA. EUROSTAR SA also holds 34% in the «Joint Venture Amphitrion Holidays SA, Eurostar SA - Triaina Travel SA». The company’s consolidated statements are included in the consolidated financial statements of Lambrakis Press SA.

187 TRIAINA TRAVEL - STAVROS LAGAS SA The company "TRIAINA TRAVEL - STAVROS LAGAS TOURIST, COMMERCIAL & SHIPPING SOCIÉTÉ ANONYME" with the trade name "TRIAINA TRAVEL- STAVROS LAGAS" was established in 2000 (Government Gazette issue No 11544/19.12.2000), and is registered in the Register of Sociétés Anonymes of the Prefecture of Athens under No 47708/01µ/00/736. The company was founded by Mr. Stavros Lagas, (with a 70% participation in the company), Ms. Kondylia Ileana Laga (15%) and Ms. Athena Laga (15%). According to its Articles of Association, the duration of the company is 50 years (until 2050) and the company is based in the Municipality of Athens (at 22 Harilaou Trikoupi Street, Athens).

OBJECT According to its Articles of Association, the company’s objects are: (a) selling airline and other tickets, engage in any business related to incoming or outgoing tourist traffic, organizing tours, to arrange for the transportation of persons and goods by any means of transportation available and any other related business, (b) organizing conferences, (c) purchasing and/or lease recreational boats on commission, (d) operating any type of tourist facilities through the purchase, sale, construction, lease, management or any other form of operation of hotels and tourist facilities, organizing and operating pleasure craft marinas, and any other means or transport, and (e) preparing and opeating travel and related computer software.

BUSINESS ACTIVITY The company is active as a tourist agency. In 2003 the company employed on average 36 persons.

MANAGEMENT The company is managed by the Board of Directors consisting of 3 to 5 members, either shareholders or not. The current Board of Directors has the following members whose term in office expires on 30.6.2006.

NAME POSITION Stavros I. Lagas President Damianos Z. Hadjikokkinos Vice President Theodoros A. Bithas Managing Director and General Manager Panagiotis A. Chrysikakis Member Stamatina-Anna St. Laga Member

The company’s share capital amounts to 72.000 euros divided into 2.400 registered shares, of a nominal value of 30 euros each. During 2003 and the first four months of 2004 there was no change in the share capital of the company. The company has the following shareholding structure:

188 ASSOCIATED COMPANIES XXIII

Shareholder Holding (%) EUROSTAR SA 75,0% Ileana Laga 12,5% Athina Laga 12,5% Total 100,0%

In 2003 and the first four months of 2004 there was no change in the company’s shareholding structure. The Company’s summary financial figures for the fiscal years 2003 and 2004 are shown in the following table:

TRIAINA TRAVEL SA 2002 2003 INCOME STATEMENT thousand € thousand € Turnover 3.377,5 2.686,9 Gross earnings 1.059,0 630,2 % on turnover 31,4% 23,5% Total operating earnings before depreciation 93,9 -317,0 Total depreciation 9,5 11,8 Earnings before tax 7,8 -418,7 % on turnover 0,2% -15,6% Earnings after tax & Board of directos remuneration 5,1 -418,7 % on turnover 0,2% -15,6%

BALANCE SHEET ASSETS Non-depreciated establishment expenses 14,0 8,6 Non-depreciated intangible assets 0,0 0,0 Non-depreciated tangible assets 22,3 16,3 Participations - Other long-term receivables 3,6 0,7 Current assets 3.010,8 3.708,6 Transitory accounts 320,9 82,2 TOTAL ASSETS 3.371,6 3.816,4

LIABILITIES Share capital 72,0 72,0 Total equity 277,0 -141,7 Provisions 0,0 0,0 Long-term liabilities 0,0 0,0 Short-term liabilities 2.965,4 3.922,4 Total long- and short-term liabilities 2.965,4 3.922,4 Transitory accounts 129,2 35,7 TOTAL LIABILITIES 3.371,6 3.816,4

The company’s consolidated statements are included in the consolidated financial statements of EUROSTAR SA.

189 EXPO PLAN SA (UNDER LIQUIDATION) The company "EXPO PLAN TRADE FAIR, ADVERTISING SERVICES & AGENCIES ORGANIZATION, MANAGEMENT, PROMOTION & OPERATION SOCIÉTÉ ANONYME" with the trade name "EXPO PLAN SA", was established in 1999 (Government Gazette issue No 7334/13.9.1999) and is registered in the Register of Sociétés Anonymes of the Municipality of Athens under No 43770/01/µ/99/473. The company was founded by Lambrakis Press SA (50%) and "Fiere Internazionali Di Bologna - Ente Autonomo" (Bologna International Fairs - Autonomous Organization) (50%). As of 5.10.2000, Lambrakis Press SA no longer holds company shares as on that date and pursuant to relevant approvals and according to the provisions of Law 2166/93, EUROSTAR absorbed the tourist sector of Lambrakis Press SA. According to its Articles of Association, the duration of the company is 50 years (until 2049). The company is based in the Municipality of Athens (at 18 Panepistimiou St., GR-106 72 Athens).

OBJECT According to its Articles of Association, the company’s objects are: a) organizing, managing, promoting and operating trade and other fairs, whether addressed to professionals or the wider public, at local, national, European and international level in Greece in connection with any goods or services, b) organizing, managing and operating congresses and other events in Greece, c) carring out research and preparing reports on the Greek trade fair market, d) providing advertising services in connection with the services, information and trade fairs offered by the company, e) providing trade fair-related organization and management services, f) undertaking, planning and implementing tasks relating to the above objects, g) providing business consultancy services, sales promotion and trade fair planning consultancy and h) acting as agents of Greek and foreign companies whose objects are similar to those of the company.

BUSINESS ACTIVITY The company organizes, manages, promotes and operates trade fairs, congresses and similar events in Greece. In 2003 the company employed 1 person. Pursuant to the resolution of the Shareholders’ Extraordinary General Meeting of 12.12.2003, the company was placed under liquidation on 1.1.2004 and Messrs Georgios Tsialikis and Antonios Dousmanopoulos were appointed liquidators.

SHAPEHOLDERS - SHARE CAPITAL In 2003, the share capital of the company changed as follows: Pursuant to resolution of the Shareholders Extraordinary General Meeting of 13.3.2003, the company’s share capital was increased by 320.100 euros through the issue of 10.670 new registered shares of nominal value of 30 euros each. As a result the company’s share capital amounts to 1.019.100 euros divided into 33.970 registered shares of a nominal value of 30 euros each. Except for the above increase, there were no other changes in the share capital in 2003 and the first four months of 2004.

190 ASSOCIATED COMPANIES XXIII

The company has the following shareholding structure:

Shareholder Holding (%) EUROSTAR SA 50,00% Fiere Internazionali di Bologna - Ente Autonomo 50,00% Total 100,00%

In 2003 and the first four months of 2004 there was no change in the shareholding structure of the company. In 2003 the Shareholders’ General Meeting of 12.12.2003 resolved unanimously to terminate the company’s operation and to commence its liquidation on 1.1.2004. The Company’s summary financial figures for the fiscal years 2002 and 2003 are shown in the following table:

EXPO PLAN SA (UNDER LIQUIDATION) 2002 2003 INCOME STATEMENT thousand € thousand € Turnover 75,7 0,0 Gross earnings -206,7 0,0 % on turnover -273,1% - Total operating earnings before depreciation -269,5 -50,9 Total depreciation 12,1 5,3 Earnings before tax -282,7 -94,5 % on turnover -373,4% - Earnings after tax & Board of Directors remuneration -282,7 -94,5 % on turnover -373,4% -

BALANCE SHEET ASSETS Non-depreciated establishment expenses 5,2 5,9 Non-depreciated intangible assets 0,0 0,0 Non-depreciated tangible assets 22,2 0,7 Participations - Other long-term receivables 75,1 73,4 Current assets 46,9 104,9 Transitory accounts 0,1 0,0 TOTAL ASSETS 149,5 184,9

LIABILITIES Share capital 699,0 1.019,1 Total equity -46,2 179,5 Provisions 0,0 0,0 Long-term liabilities 0,0 0,0 Short-term liabilities 195,7 5,4 Total long- and short-term liabilities 195,7 5,4 Transitory accounts 0,0 0,0 TOTAL LIABILITIES 149,5 184,9

The company’s financial statements are included in the consolidated financial statements of Eurostar SA.

191 D. HOLDINGS SECTOR

D.1. AFFILIATED COMPANIES OF THE HOLDINGS SECTOR

MICHALAKOPOULOU TOURIST AND REAL ESTATE SA

The company «MICHALAKOPOULOU TOURIST AND REAL ESTATE SA» was established in 2001 (Government Gazette issue No. 2610/9.5.2001) and is registered in the Register of Société Anonyme of the Prefecture of Athens under No. 48926/01/µ/01/290. According to its Articles of Association the company has a duration of 50 years and it is based in the Municipality of Athens (18, Panepistimiou Street, GR 10672, Athens). The founders of the company were "GENIKI ETAIRIA KATASKEVON (GEK) SA" by 50% and "ERMIS REAL ESTATE ENTERPRISES SA" by 50%.

OBJECT The objects of the company are: a) purchasing, constructing and exploiting hotel units, b) purchasing, constructing and exploiting buildings and spaces to accommodate tourist operations, c) establishing and exploiting travel and tourist agencies and organizing tourist excursions and transportation all over the world through land, naval and air transportation means both owned and not, d) acquiring, exploiting, constructing and managing real estate, e) carrying out related architectural, civil, and mechanical engineering and urban planning projects, f) carrying out any project related to the above, g) representing domestic and foreign firms of related business objects. The corporate objects can be pursued either by the company alone or in cooperation with third party persons or legal entities of any type, pursuing the same or related purposes domestically or abroad or through participating in any type of business, that has been established or will be established and pursue the same or related purposes.

BUSINESS ACTIVITY The company owns the multi-storey office building at 80, Michalakopoulou Street, Athens, where Lambrakis Press Group will be relocated.

In 2003 the company did not employ any personnel.

MANAGEMENT The company is managed by the Board of Directors consisting of 5 members. The current Board of Directors has the following members whose term in office expires on 30.6.2008:

NAME POSITION Stavros P. Psycharis President Damianos Z. Hadjikokkinos Vice President and Managing Director Nikolaos I. Katsibrakis Member Panagiotis A. Chrysikakis Member Nikolaos G. Anastasopoulos Member

192 ASSOCIATED COMPANIES XXIII

SHAREHOLDERS - SHARE CAPITAL The company’s share capital amounts to 20.550.000 euros divided into 205.500 registered shares with a nominal value of 100 euros each. In 2003 and the first four months of 2004 there was no change in the company’s share capital. The company has the following shareholding structure:

SHAREHOLDER HOLDING (%) LAMBRAKIS PRESS SA 100% Total 100%

Pursuant to the private contract dated 7.7.2003, Lambrakis Press SA acquired through purchase from the founding shareholders the total number of the company’s existing shares. From that date up to 30.4.2004 there was no change in the company’s shareholding structure. The company’s summary financial data for its first over-12-month fiscal year (1.5. 2001 - 31.12.2002) and the year 2003 are shown in the following table:

MICHALAKOPOLOULOU TOURIST- REAL ESTATE SA 2002 (*) 2003 INCOME STATEMENT thousand € thousand € Turnover 431,2 173,2 Gross earnings -1.138,5 173,2 % on turnover -264,0 % 100,0% Total operating earnings before depreciation -72,5 -18,2 Total depreciation 2.759,0 1.534,1 Earnings before tax -2.831,6 -1.552,3 % on turnover -656,7 % -896,2 % Earnings after tax & Board of Directors remuneration - -2.831,6 -1.552,3 % on turnover -656,7% -896,2%

BALANCE SHEET

ASSETS Non-depreciated establishment expenses 1.820,0 1.213,3 Non-depreciated intangible assets 0,0 0,0 Non-depreciated tangible assets 18.414,5 17.487,1 Participations - Other long-term receivables 0,0 0,0 Current assets 208,8 239,0 Transitory accounts 1,4 1,8 TOTAL ASSETS 20.444,7 18.941,2

LIABILITIES Share capital 20.550,0 20.550,0 Total equity 17.648,7 16.027,7 Provisions 0,0 0,0 Long-term liabilities 0,0 0,0 Short-term liabilities 2.796,0 2.913,5 Total long- and short-term liabilities 2.796,0 2.913,5 Transitory accounts 0,0 0,0 TOTAL LIABILITIES 20.444,7 18.941,2

(*) Over-12-month fiscal year (1.5.2001 - 31.12.2002) The company’s financial statements are included in the consolidated financial statements of Lambrakis Press SA.

193 STUDIO ATA SA

The company was established as a limited liability company in 1971 and changed into a société anonyme in 1991 (Government Gazette issues No 13/3.1.1992 and 34/7.1.1992) and is registered in the Register of Sociétés Anonymes of the Prefecture of Athens under No 25466/01AT/B/91/297(97). In accordance with its Articles of Association, the duration of the company is 50 years (until 2041). The company is based in the Municipality of Amaroussion (14 Fleming Street). In accordance with its Articles of Association, the company’s objects are: the production, technical processing and completion of television and cinematographic films, the provision of studio services and related tasks.

OBJECT According to its Articles of Association, the company’s objects are: the production, technical processing and completion of television and cinematographic films, the provision of studio services and related tasks.

BUSINESS ACTIVITY The company produces television and cinema films and offers studio services. In 2003 the company employed on average 105 persons.

MANAGEMENT The company is managed by the Board of Directors consisting of 6 to 9 members. The current Board of Directors has the following members whose term in office expires on 30.6.2005:

NAME POSITION Christos D. Lambrakis President & Managing Director Georgios R. Rallis Vice President Damianos Z. Hadjikokkinos Member Tryfon π. Koutalidis Member Nikolaos A. Gotsis Member Efrosyni G. Ralli Member Panayotis N. Kouvoutsakis Member Panagiotis A. Chrysikakis Member

SHAREHOLDERS - SHARE CAPITAL The company’s share capital amounts to 405.030 euros divided into 13.800 ordinary registered shares of a nominal value of 29,35 euros each. During 2003 and the first four months of 2004, there was no change in the company’s share capital. The Company has the following shareholding structure:

194 ASSOCIATED COMPANIES XXIII

SHAREHOLDER HOLDING (%) Lambrakis Press SA 95% Dimitrios Kourentis 5% Total 100%

The Company’s summary financial figures for the fiscal year 1.7.2001 - 30.6.2002 and the 18- month fiscal year 1.7.2002 - 31.12.2003 are shown in the following table:

STUDIO ATA SA 2002 2003 INCOME STATEMENT thousand € thousand € Turnover 10.380,9 13.112,8 Gross earnings 1.057,7 1.677,5 % on turnover 10,2% 12,8 % Total operating earnings before depreciation 416,5 836,7 Total depreciation 326,6 411,0 Earnings before tax 81,2 -1.231,7 % on turnover 0,8 % -9,4 % Earnings after tax & Board of Directors remuneration -18,0 -1.299,8 % on turnover -0,2 % -9,9 %

BALANCE SHEET ASSETS Non-depreciated establishment expenses 0,0 0,0 Non-depreciated intangible assets 0,0 0,0 Non-depreciated tangible assets 1.164,0 780,2 Participations - Other long-term receivables 27,6 35,4 Current assets 8.084,2 7.906,4 Transitory accounts 1,2 40,3 TOTAL ASSETS 9.277,0 8.762,3

LIABILITIES Share capital 405,0 405,0 Total equity 55,5 -1.244,3 Provisions 0,0 0,0 Long-term liabilities 924,5 14,7 Short-term liabilities 7.562,8 8.029,5 Total long- and short-term liabilities 8.487,3 8.044,2 Transitory accounts 734,2 1.962,4 TOTAL LIABILITIES 9.277,0 8.762,3

(*) Over-12-month fiscal year (1.7.2002 - 31.12.2003) The company’s financial statements are included in the consolidated financial statements of Lambrakis Press SA.

195 ACTION PLAN SA

"ACTION PLAN COMMERCIAL SOCIÉTÉ ANONYME OF DIRECT MARKETING SERVICES" was established in 1999 (Government Gazette issue No 5211/5.7.1999) and is registered in the Register of Sociétés Anonymes of the Prefecture of Athens under No 43276/01/µ/99/356. The company was founded by Lambrakis Press SA and DOL DIGITAL SA. In 1999, National Bank of Greece SA acquired 15% of the company’s share capital by participating in a share capital increase. Under the private contract of 19.10.2000 between Lambrakis Press SA and DOL DIGITAL SA, Lambrakis Press SA transferred its entire holding in ACTION PLAN SA to DOL DIGITAL SA. According to its Articles of Association, the duration of the company is 20 years (until 2019). The company is based in the Municipality of Athens (at 15-17, Thisseos St., GR-105 62 Athens).

OBJECT 1. The main objects of the company are: a) providing telemarketing and related services to third parties (e.g. telesales of own or third-party products, such as subscriptions to printed media, books, other publications, video tapes, CDs, CD-ROMs and other consumer goods, to promote tele-services, to carry out research and hold competitions and engage in other tele- services sector-related business), b) providing data base services through the compilation and use of data for customers, own use and use by third parties, c) selling and promoting third-party products for a consideration and develop products using such methods as direct sales, direct mail order and direct mail, d) undertaking, designing and carrying out direct marketing business, e) purchasing, selling and, in general, managing all kinds of intellectual property rights, f) providing business consultancy services, sales promotion consultancy and direct marketing consultancy, g) providing services in the capacity of a sales consultant and marketing consultancy services connected with promotional activities such as direct mailing and direct sales, h) undertaking the printing and publication of all kinds of advertising material and carry out related publishing activities, i) carring on any other trade or business which can, in the opinion of the company’s Board of Directors, be advantageously carried on by the company in connection with or as ancillary to any of the above business or the general business of the company, j) engaging in all such business or activities as are directly or indirectly, incidental, conducive or expedient to the above objects. Also, object of the company is to carry out market research on various products and services for third parties, whether persons or legal entities, in Greece and abroad (with the express exclusion of the television market, the informatics sector and Internet-related business), as well as the maintenance and trade of tele-informatics and telecommunications material, the creation of new media for advertising goods and services using printed material, audiovisual and/or electronic media in Greece and abroad, to engage in sales on behalf of third parties, whether persons firms or companies, in Greece and abroad, to locate or draw up directories of various categories of professionals or shops, to plan and hold seminars and lectures, to organize and support conferences for training, scientific or educational purposes, to provide services using the company’s trained personnel to third parties, whether persons, firms or companies, as part of the effort to promote sales and goods to interested customers, to provide expert consultancy

196 ASSOCIATED COMPANIES XXIII

and services and prepare all types of project studies of technical, economic, financial, training, social and organizational content to persons or legal entities.

BUSINESS ACTIVITY The company engages in the development, installation and operation of fully automated call centres and in customer relationship management (CRM), aiming at providing telemarketing services and telesales to third parties, in the provision of data base services for own and third- party use, in the sale and promotion of third-party products for a consideration, and in the development and trade of goods using direct mail and direct marketing methods. In 2003 the company employed on average 251 persons.

MANAGEMENT The company is managed by the Board of Directors consisting of 3 to 11 members. The current Board of Directors has the following members whose term in office expires on 30.6.2006:

NAME POSITION Christos D. Lambrakis President Damianos Z. Hadjikokkinos Vice President Apostolos S. Tamvakakis Member Kyriakos C. Boutsikaris Member Panagiotis A. Chrysikakis Member Despina S. Voudouri Member, General Manager Kleopatra D. Glynou Member

It is noted that according to his letter dated 20.4.2004, Mr. A. Tamvakakis resigned as a member of the Board of Directors.

SHAREHOLDERS - SHARE CAPITAL The company’s share capital amounts to 4.740.670.70 euros divided into 161.522 registered shares of a nominal value of 29,35 euros each. In 2003 and the first four months of 2004 there was no change in the company’s share capital. The company has the following shareholding structure:

SHAREHOLDER HOLDING (%) LAMBRAKIS PRESS SA 85% National Bank of Greece SA 15% Total 100%

In 2003 and the first four months of 2004 there were no changes in the shareholding structure of the company: The company’s summary financial figures for the fiscal years 2002 and 2003 are shown in the following table:

197 ACTION PLAN S.A. 2002 2003 INCOME STATEMENT thousand € thousand € Turnover 6.926,4 5.724,1 Gross earnings 1.363,5 482,9 % on turnover 19,7 % 8,4 % Total operating earnings before depreciation 509,5 -287,5 Total depreciation 249,1 172,5 Earnings before tax 223,3 -494,2 % on turnover 3,2 % -8,6 % Earnings after tax & Board of Directors remuneration 223,3 -494,2 % on turnover 3,2 % -8,6 %

BALANCE SHEET ASSETS Non-depreciated establishment expenses 38,7 32,1 Non-depreciated intangible assets 0,0 0,0 Non-depreciated tangible assets 282,6 133,0 Participations - Other long-term receivables 237,4 237,4 Current assets 3.031,9 2.859,8 Transitory accounts 88,0 0,4 TOTAL ASSETS 3.678,6 3.262,7

LIABILITIES Share capital 4.740,7 4.740,7 Total equity 508,4 14,3 Provisions 0,0 0,0 Long-term liabilities 0,0 0,0 Short-term liabilities 3.127,4 3.178,8 Total long- and short-term liabilities 3.127,4 3.178,8 Transitory accounts 42,8 69,6 TOTAL LIABILITIES 3.678,6 3.262,7

198 ASSOCIATED COMPANIES XXIII

ACTION PLAN SA (consolidated data) 2003 (*) INCOME STATEMENT thousand € Turnover 10.335,3 Gross earnings 1.043,3 % on turnover 10,1 % Total operating earnings before depreciation 98,4 Total depreciation 177,0 Earnings before tax -114,0 % on turnover -1,1 % Earnings after tax & minority rights -115,1 % on turnover -1,1 %

BALANCE SHEET ASSETS Non-depreciated establishment expenses 35,2 Non-depreciated intangible assets 0,0 Non-depreciated tangible assets 141,0 Participations - Other long-term receivables 5,0 Current assets 4.240,9 Transitory accounts 0,7 TOTAL ASSETS 4.422,8

LIABILITIES Share capital 4.740,7 Total equity 526,0 Provisions 0,0 Long-term liabilities 0,0 Short-term liabilities 3.825,9 Total long- and short-term liabilities 3.825,9 Transitory accounts 70,9 TOTAL LIABILITIES 4.422,8

The consolidated financial statements of the company include ACTION PLAN HUMAN RESOURCES SA, which closed its first (over-12-month) fiscal year on 31.12.2003. In 2003 ACTION PLAN SA did not publish its consolidated financial statements that were compiled in order to be included in the consolidated financial statements of Lambrakis Press SA. The financial statements of the company are included in the consolidated financial statements of Lambrakis Press SA.

199 ACTION PLAN H.R. SA

"ACTION PLAN Human Resources Temporary Employment Société Anonyme" was established in 2002 (Government Gazette issue No 1343/21.2.2002) and is registered in the Register of Sociétés Anonymes of the Prefecture of Athens under No 51185/01/B/02/118. According to its Articles of Association, the duration of the company is 20 years (until 2022). The company is based in the Municipality of Athens (15-17 Thiseos Street, GR-105 62 Athens). The company was founded by Action Plan SA (99%) and Lambrakis Press SA (1%).

OBJECT In accordance with its Articles of Association, the company’s objects are: a) to ensure human resources for other employers (indirect employers, whether persons, firms or companies), for a limited length of time by assigning to them salaried personnel who are employed by the company under a fixed-term contract of employment or under a contract of indeterminate duration, so that they may be temporarily employed by such indirect employers, b) to seek employment on behalf of such personnel under the procedure and requirements of Presidential Decree 160/1999 and c) the appraisal and/or training of human resources.

BUSINESS ACTIVITY The company is active in supplying temporary personnel according to Law 2956/2001 on temporary employment companies. In the fiscal year 2002-2003 (1st over-12-month fiscal year) the company employed on average 291 persons.

MANAGEMENT The company is managed by the Board of Directors consisting of 3 to 11 members. The current Board of Directors has the following members whose term in office expires on 30.6.2004:

NAME POSITION Damianos Z. Hadjikokkinos President Despina S Voudouri Vice President & Managing Director Panagiotis A. Chrysikakis Member Dimitrios A. Albanis Member Nikolaos G. Anastasopoulos Member

SHAREHOLDERS - SHARE CAPITAL The company’s share capital amounts to 234.780 euros, divided into 78.260 registered shares of a nominal value of 3 each. The company has the following shareholding structure:

SHAREHOLDER HOLDING (%) LAMBRAKIS PRESS SA 1% Action Plan SA 99% Total 100%

200 ASSOCIATED COMPANIES XXIII

Lambrakis Press SA has held 1% of the company’s share capital since its establishment. In the company’s first over-12-month fiscal year (2002/2003) there was no change in the share capital or the shareholding structure of the company. The Company’s summary financial figures for the (over-12-month) fiscal year 2003 are shown in the following table:

ACTION PLAN HUMAN RESOURCES SA 2003 (*) INCOME STATEMENT thousand € Turnover 8.757,3 Gross earnings 1.307,9 % on turnover 14,9 % Total operating earnings before depreciation 793,3 Total depreciation 7,9 Earnings before tax 783,7 % on turnover 8,9 % Earnings after tax & Board of Directors remuneration 509,4 % on turnover 5,8%

BALANCE SHEET ASSETS Non-depreciated establishment expenses 3,0 Non-depreciated intangible assets 0,0 Non-depreciated tangible assets 8,0 Participations - Other long-term receivables 0,0 Current assets 1.410,0 Transitory accounts 0,4 TOTAL ASSETS 1.421,4

LIABILITIES Share capital 234,8 Total equity 744,2 Provisions 0,0 Long-term liabilities 0,0 Short-term liabilities 676,0 Total long- and short-term liabilities 676,0 Transitory accounts 1,2 TOTAL LIABILITIES 1.421,4

(*) First (over-12-month) fiscal year (18.2.2002 - 31.12.2003) The company’s financial statements are included in the consolidated financial statements of Action Plan SA.

201 ∂LLINIKA GRAMMATA SA

The company "ELLINIKA GRAMMATA Publishing, Printing, Importing, Exporting & Trading Société Anonyme For Books, Disks, Software, Information Systems & Audiovisual Media" with the trade name "ELLINIKA GRAMMATA SA" was established in 2000 (Government Gazette issue No 694/1.2.2000) and is registered in the Register of Sociétés Anonymes of the Prefecture of Athens under No 45154/01/µ/00/47. The company’s founding shareholders were Mr. Pavlos Papachristofilou (98.9%) and Ms. Panayota Papachristofilou (1.1%). Lambrakis Press SA acquired 49.0% of the company in 2001 following the purchase of shares previously owned by Mr. P. Papachristofilou. Also in 2002 (26.4.2002) Lambrakis Press SA acquired from Mr. Papachristofilou another 2% of the company’s share capital. As a result Lambrakis Press currently holds 51% of the company’s share capital. According to its Articles of Association, the duration of the company is 30 years (until 2030) and it is based in the Municipality of Athens (at 6 Gennadiou St., GR-106 78 Athens).

OBJECT According to its Articles of Association, the objects of the company are: a) to publish, produce, import, export and trade all kinds of books, whether Greek or foreign, and any other printed media, magazines, educational material, disks, tapes, audiovisual means and equipment, consumables, software, hardware, CDs and related items, b) to engage in any printing and bookbinding related business, c) to manufacture, produce, engage in the trade of and act as agents for computer disks, video tapes, cassettes, videos, CD-ROMs and, in general, information systems, d) to produce, publish, sell and engage in the trade of electronic books and any form of multimedia applications such as CD-ROMs, CD-Is, CD-As, CD-TVs, TVIs, photo- CDs, 3DOs, VIDEO-CDs, HDVDs, to produce and publish electronic books and any form of multimedia applications and dispose and sell them through computer networks, e) to develop software to be used in the manufacture of products connected with new technologies, networks, CD-ROMs and generally all kinds of computer software, f) to act as agents of Greek and foreign companies involved in the above products, and any other business within the objects of the company, g) to engage in any business connected with advertising and publicity activity.

BUSINESS ACTIVITY Ellinika Grammata SA is one of the oldest and largest publishing houses in Greece, operating its own bookstore and publishing and selling a broad variety of Greek and foreign books. In 2003 the company employed on average 115 persons.

MANAGEMENT The company is managed by the Board of Directors consisting of 3 to 9 members. The current Board of Directors has the following members whose term in office expires on 30.6.2007:

202 ASSOCIATED COMPANIES XXIII

NAME POSITION Pavlos D. Papachristofilou President Stavros P. Psycharis Vice President Damianos Z. Hadjikokkinos Managing Director Antonios C. Dousmanopoulos Member Panagiotis A. Chrysikakis Member Argyro D. Papachristofilou Member Panayota V. Deliopoulou Member

SHAREHOLDERS - SHARE CAPITAL The company’s share capital amounts to 830.605 euros divided into 28.300 registered shares of a nominal value of 29,35 euros each. In 2003 and the first four months of 2004 there was no change in the company’s share capital. The company has the following shareholding structure:

SHAREHOLDER HOLDING (%) LAMBRAKIS PRESS SA 51,00% Pavlos Papachristofilou 47,93% Panayota Papachristofilou 1,07% Total 100,00%

In 2003 and the first four months of 2004 there was no change in the shareholding structure of the company. The company’s summary financial figures for the fiscal years 2002 and 2003 are shown in the following table:

203 ELLINIKA GRAMMATA SA 2002 2003 INCOME STATEMENT thousand € thousand € Turnover 14.400,8 15.944,2 Gross earnings 4.888,5 4.715,7 % on turnover 33,9 % 29,6 % Total operating earnings before depreciation 1.296,6 823,5 Total depreciation 407,4 419,5 Earnings before tax 123,7 -249,0 % on turnover 0,9 % -1,6% Earnings after tax & Board of directos remuneration 80,0 -249,0 % on turnover 0,6 % -1,6 %

BALANCE SHEET ASSETS Non-depreciated establishment expenses 107,2 50,3 Non-depreciated intangible assets 2,6 266,7 Non-depreciated tangible assets 1.090,8 944,1 Participations - Other long-term receivables 497,4 334,2 Current assets 18.169,2 20.848,2 Transitory accounts 23,2 101,5 TOTAL ASSETS 19.890,4 22.545,0

LIABILITIES Share capital 830,6 830,6 Total equity 1.093,8 414,8 Provisions 67,0 44,5 Long-term liabilities 0,0 139,4 Short-term liabilities 18.423,4 21.256,7 Total long- and short-term liabilities 18.423,4 21.396,1 Transitory accounts 306,2 689,6 TOTAL LIABILITIES 19.890,4 22.545,0

The company’s financial statements are included in the consolidated financial statements of Lambrakis Press SA. The company has a holding of 30% in the company «Ekdoseis 4 Ltd»’ which is under liquidation.

204 ASSOCIATED COMPANIES XXIII

D.2. ASSOCIATED COMPANIES OF THE HOLDINGS SECTOR

ARGOS SA

«ARGOS Consulting - Representations - Management - Agencies - and Transportation Société Anonyme» was founded in 1998 (Government Gazette issue No. 7079/4.9.98) and is registered in the Register of Société Anonyme of the Prefecture of Athens under No. 41144/01D∆/µ/98/44. According to its Articles of Association, the company’s duration is 12 years (until 2010) and it is based in the Municipality of Athens (3, Emm. Pappa Street, Egaleo)

«ARGOS» was founded by the companies Lambrakis Press SA and DOL Communications SA and through successive share capital increases widened its shareholding base to include 12 more Greek publishing houses.

OBJECT The objects of the company are: a) representing and acting as agent all kinds of domestic and international firms active in the sector of printed media (publishing, circulation, advertisement and distribution of printed media), b) undertaking and effecting financial, commercial and general administration and management of all kinds of similar companies and enterprises c) compiling research and providing business consulting for designing and effecting financial and commercial company policy and the improvement of productivity, the maximization of performance and the development of management of third companies and d) undertaking and executing transportation of raw materials, products and merchandise of third parties in Greece and abroad utilizing its own or third party means and resources of all kinds.

BUSINESS ACTIVITY The company distributes newspapers and magazines all over Greece and is currently the largest distributor of Press in Greece.

MANAGEMENT The company is managed by the Board of Directors consisting of 10 members, the term of which expires on 30.6.2004. The current Board of Directors has the following members:

NAME POSITION Christos D. Lambrakis President Christos K. ∆egopoulos Vice President Nikolaos S. Biliris Managing Director Antonios P. Lymberis Member Georgios K. Sarantopoulos Member Petros P. Kostopoulos Member Theoharis A. Filippopoulos Member Ekaterini ª. Androulidaki Member Georgios S. Anemodouras Member Andreas G. Kouris Member

205 SHAREHOLDERS - SHARE CAPITAL The company’s share capital amounts to 2.910.000 euros divided into 75.000 shares with a nominal value of 38,80 euros each. In 2003 and the first four months of 2004 there was no change in the company’s share capital. The company has the following shareholding structure:

SHAREHOLDER HOLDING (%) LAMBRAKIS PRESS SA 38,5% C.K.Tegopoulos Publications SA 24,0% Lymberis Publications SA 10,0% πmako ¡et Media Group SA 5,0% Attica Publications SA 5,0% Tetarti Exousia Publishing Enterprises SA 5,0% Apogevmatini Publishing SA 3,0% Kouris Media Group Ltd 3,0% Periodikos Typos SA 3,0% Tilerama SA 1,0% G.I.Dragounis General Publications SA 1,0% G.I.Georgalas SA 0,5% Ekdoseis Thema Ltd 0,5% Pnevma SA 0,5% Total 100,0%

In 2003 and the first four months of 2004 Lambrakis Press did not change its holding in the company’s share capital. The summary financial data of the company and the consolidated financial data of its group for the fiscal years 2002 and 2003 are shown in the following tables:

206 ASSOCIATED COMPANIES XXIII

ARGOS SA 2002 2003 INCOME STATEMENT thousand € thousand € Turnover 86.328,2 91.306,62 Gross earnings 15.805,8 16.188,14 % on turnover 18,3 % 17,7 % Total operating earnings before depreciation 1.795,8 2.107,22 Total depreciation 1.068,2 1.110,65 Earnings before tax 707,1 802,43 % on turnover 0,8 % 0,9 % Earnings after tax & Board of Directors remuneration 409,3 206,18 % on turnover 0,5 % 0,2 %

BALANCE SHEET ASSETS Non-depreciated establishment expenses 1.182,9 832,17 Non-depreciated intangible assets 0,0 0,00 Non-depreciated tangible assets 8.252,0 14.344,79 Participations - Other long-term receivables 657,7 575,87 Current assets 7.625,0 8.784,88 Transitory accounts 2.064,2 2.293,35 TOTAL ASSETS 19.781,8 26.831,1

LIABILITIES Share capital 2.910,0 2.910,00 Total equity 3.731,0 3.937,21 Provisions 0,0 212,00 Long-term liabilities 319,5 319,14 Short-term liabilities 13.822,5 20.241,82 Total long- and short-term liabilities 14.142,0 20.561,0 Transitory accounts 1.908,8 2.120,89 TOTAL LIABILITIES 19.781,8 26.831,1

207 ARGOS SA (consolidated data) 2002 2003 INCOME STATEMENT thousand € thousand € Turnover 145.343,1 157.236,0 Gross earnings 16.678,1 17.480,8 % on turnover 11,5 % 11,1% Total operating earnings before depreciation 2.108,8 354,5 Total depreciation 1.083,9 1.131,8 Earnings before tax 981,2 1.151,4 % on turnover 0,7 % 0,7% Earnings after tax & minority rights 613,8 403,0 % on turnover 0,4 % 0,3 %

BALANCE SHEET ASSETS Non-depreciated establishment expenses 1.188,1 834,8 Non-depreciated intangible assets 0,0 0,0 Non-depreciated tangible assets 8.307,3 14.400,6 Participations - Other long-term receivables 491,6 418,0 Current assets 16.428,9 19.950,6 Transitory accounts 2.065,1 2.294,2 TOTAL ASSETS 28.481,0 37.898,3

LIABILITIES Share capital 2.910,0 2.910,0 Total equity 3.967,0 4.399,8 Provisions 0,0 212,0 Long-term liabilities 319,5 319,1 Short-term liabilities 22.276,5 30.829,5 Total long- and short-term liabilities 22.596,0 31.148,6 Transitory accounts 1.918,0 2.137,8 TOTAL LIABILITIES 28.481,0 37.898,3

The company’s consolidated financial statements include the companies ARGOS ¡∂∆ LTD and ARGOS EVROPI LTD. Also, ARGOS SA has a 30% holding in the share capital of the company "Press Outlets in the Athens International Airport SA" and a 93,75% holding in "ARGOS Mass Distributions Ltd".

208 ASSOCIATED COMPANIES XXIII

PAPASOTIRIOU BOOKSTORES SA

The company «PAPASOTIRIOU Trading - Publishing - Importing - Exporting Company - International Technical Bookstore» under the trade name «PAPASOTIRIOU BOOKSTORES SA» was founded in 1993 (Government Gazette issue No. 5672/7.10.1993) and is registered in the Register of Sociétés Anonymes of the Prefecture of Athens under No. 29741/01/µ/93/525. The duration of the company, according to its Articles of Association, is 50 years (until 2043) and its head office is in the Municipality of Athens (24, Stournari street, Athens).

OBJECT The object of the company, according to its Articles of Association is: a) publishing and trading of technical and electronic (CD) books, b) trading paper and stationary material c) publishing and trading software programs for computers and computer hardware, importing and exporting those, importing and exporting the above items, providing all kinds of services in the sector of computers, d) representing domestic and international firms in all the above items and services, e) establishing a school of IT, management, graphic arts and all other activities related to books.

BUSINESS ACTIVITY The company has a chain of 17 technical and scientific bookstores in various cities all over Greece (9 in Athens, 2 in Thessaloniki and 6 in other cities) as well as a specialized digital store on the Internet (www.papasotiriou.gr).

MANAGEMENT The company is managed by the Board of Directors consisting of 6 members. The current Board of Directors has the following members whose term in office expires on 30.6.2005:

NAME POSITION Georgios E. Papasotiriou President and Managing Director Alexandra A. Papasotiriou Vice President Georgia D. Konstantopoulou Member Christos D. Felemengas Member Damianos Z. Hadjikokkinos Member Panagiotis A. Chrysikakis Member

SHAREHOLDERS - SHARE CAPITAL The company’s share capital amounted to 525.195,96 euros divided into 15.294 registered shares with a nominal value of 34,34 euros each. In 2003 and the first four months of 2004 there was no change in the share capital of the company. The company has the following shareholding structure:

209 SHAREHOLDER HOLDING (%) LAMBRAKIS PRESS SA 30,00% Alexandra Papasotiriou 58,88% Georgios Papasotiriou 11,12% Total 100,00%

In 2003 and the first four months of 2004 there was no change in the shareholding structure of the company. The company’s summary financial data for the fiscal years 2002 and 2003 are shown in the following table:

PAPASOTIRIOU BOOKSTORES SA 2002 2003 INCOME STATEMENT thousand € thousand € Turnover 16.270,7 18.128,2 Gross earnings 5.032,5 5.027,8 % on turnover 30,9% 27,7% Total operating earnings before depreciation 983,8 1.131,4 Total depreciation 513,1 420,8 Earnings before tax 517,4 822,7 % on turnover 3,2 % 4,5 % Earnings after tax & Board of Directors remuneration 322,8 533,2 % on turnover 2,0 % 2,9%

BALANCE SHEET ASSETS Non-depreciated establishment expenses 181,4 149,7 Non-depreciated intangible assets 40,1 20,0 Non-depreciated tangible assets 1.332,3 1.220,4 Participations - Other long-term receivables 354,3 345,6 Current assets 9.603,0 8.556,7 Transitory accounts 222,5 94,6 TOTAL ASSETS 11.733,6 10.387,0

LIABILITIES Share capital 525,2 525,2 Total equity 2.079,6 2.106,3 Provisions 77,4 60,0 Long-term liabilities 352,2 125,4 Short-term liabilities 9.208,3 8.077,2 Total long- and short-term liabilities 9.560,5 8.202,6 Transitory accounts 16,1 18,1 TOTAL LIABILITIES 11.733,6 10.387,0

(*) The year 2003 figures are temporary because by the time this Annual Report was compiled, the Chartered Auditor - Accountant of the company had not completed the audit of the company’s financial statements for 2003.

210 ASSOCIATED COMPANIES XXIII

ODEON LICENSING SA

The company was founded in 1988 under the initial name «VIDEO QUATTRO Société Anonyme Audiovisual Works Distribution and Trading» with the trade name «VIDEO QUATTRO SA», (Government Gazette issue No. 3346/08.11.1988). Pursuant to resolution of the shareholders’ General Meeting of 18.02.2000, the name of the company was amended to «ODEON LICENSING SA- Exploitation and Representations of Audiovisual Works and Related Items» and its trade name to «ODEON LICENSING». The company is registered in the Register of Sociétés Anonymes of the Prefecture of Athens under No. 18176/01∞∆/µ/88/887 The company’s duration, according to its Articles of Association, is 20 years (until 2008) and its head office is in Halandri (275, Messogeion avenue). The founders of the company were Emmanuil Krezias, Georgios Michaelidis and Vasilios Protopsaltis. As of 1.11.2000 Lambrakis Press holds 24,23% of the company’s share capital.

OBJECT The object of the company, according to its Articles of Association, is providing all kinds of services relating to the exploitation of cinema theatres and theatre bars, the exploitation of audiovisual works and related items, the sale of all kinds of recorded and not recorded material of audiovisual and audio works, CD-ROMs and all kinds of items related to the titles, the story, the pictures, the music and generally the content of these works.

MANAGEMENT The company is managed by the 7-member Board of Directors whose term in office expires in November 2005, having the following members:

NAME POSITION Emmanuel Krezias President and Managing Director Theodoros Georgoulis Vice President Michael Sotiriou Member Moschos Diamantopoulos Member Stavros Despotakis Member Zinovios Panagiotidis Member Maria Kaippa Member

SHAREHOLDERS - SHARE CAPITAL On 31.12.2003 the company’s share capital amounted to 114.465 euros divided into 3.900 bearer shares, with a nominal value of 29,35 euros each. In 2003 and the first four months of 2004 there was no change in the share capital of the company. On 30.4.2004 the shareholding structure of the company was the following:

211 SHAREHOLDER HOLDING (%) LAMBRAKIS PRESS SA 24,23% Emmanuel Krezias 71,16% Kathleen Morasky Krezia 4,61% Total 100,00%

In relation to the shareholder structure it is noted that, on 13.9.2002, Lambrakis Press signed a "Sale Contract" with Mr. E. Krezias, according to which it is provided that the minority holdings of Lambrakis Press in the companies Odeon SA, Digital Press SA and Odeon Licensing SA shall be transferred to Mr. E. Krezias. In particular, the above contract provides for the transfer to Mr. Krezias or to third party indicated by him of:

■ 52.921 common registered shares of Odeon SA, i.e. 46,75% of the company’s share capital, owned by Lambrakis Press SA. ■ 10.486 common registered shares of Digital Press SA, i.e.32,26% of the company’s share capital, owned by Lambrakis Press SA. ■ 945 common bearer shares of Odeon Licensing SA, i.e. 24,33% of the company’s share capital, owned by Lambrakis Press SA.

After the conclusion of the related transfers, Lambrakis Press will not hold any shares of the companies Odeon SA, Digital Press SA and Odeon Licensing SA. Already, pursuant to the "Contracts of Sale and Transfer of Shares" dated 13.9.2002, 13.1.2003 and 14.3.2003 there were transferred to Mr. Krezias or to third parties indicated by him all of the above shares of Odeon SA owned by Lambrakis Press and 8,861 shares of the company Digital Press SA, i.e. 27.14% of its share capital owned by Lambrakis Press. Pursuant to the private contract dated 3.11.2003, the contract dated 13.9.2003 was amended and the deadline to conclude the transfer of the remaining 5,12% of the holding of Lambrakis Press SA in Digital Press SA and the remaining 24,33% of the holding of Lambrakis Press SA in Odeon Licensing SA was extended form September 2003, that was initially provided for, to 24.12.2004. The company’s summary financial data for the fiscal years 2002 and 2003 are shown in the following table:

212 ASSOCIATED COMPANIES XXIII

ODEON LICENSING SA 2002 2003 INCOME STATEMENT thousand € thousand € Turnover 174,4 154,2 Gross earnings 106,8 96,2 % on turnover 61,2% 62,4 % Total operating earnings before depreciation 88,5 99,0 Total depreciation 0,9 0,6 Earnings before tax 94,6 104,0 % on turnover 54,2% 67,5 % Earnings after tax & Board of Directors remuneration 94,6 59,5 % on turnover 54,2% 38,6 %

BALANCE SHEET ASSETS Non-depreciated establishment expenses 0,0 0,0 Non-depreciated intangible assets 0,0 0,0 Non-depreciated tangible assets 1,0 0,2 Participations - Other long-term receivables 1,6 1,6 Current assets 160,4 185,0 Transitory accounts 59,3 44,4 TOTAL ASSETS 222,3 231,2

LIABILITIES Share capital 114,5 114,5 Total equity 67,5 127,1 Provisions 1,6 1,9 Long-term liabilities 0,0 0,0 Short-term liabilities 153,2 102,2 Total long- and short-term liabilities 153,2 102,2 Transitory accounts 0,0 0,0 TOTAL LIABILITIES 222,3 231,2

213 D.3. OTHER PARTICIPATIONS OF THE HOLDINGS SECTOR

DIGITAL PRESS HELLAS SA

The company was founded in 1987 under the name "Greek Digital Disk Manufacturing Industry Société Anonyme" with the trade name "DIGITAL PRESS HELLAS SA" (Government Gazette issue No. 2036/15.7.1987). The company is registered in the Register of Sociétés Anonymes of the Prefecture of Athens, under No. 15478/04/µ/87/(01). The company is based in the Municipality of Athens and its duration is 50 years (2037). The founders of the company were Messrs Emmanuel Krezias, Georgios Michaelidis, Konstantinos Samios, Theodoros Manavidis and Ioannis Moschous. On 1.11.2000 Lambrakis Press SA acquired 32,265% of the company’s share capital.

OBJECT The object of the company is the manufacturing of digital disks and media of any other material, suitable for recording video, audio and data, operating an enterprise of publishing, reproducing and exploiting musical, cinema and television works, recorded in digital disks, music cassettes, video disks and any other material medium suitable for recording audio, video and data.

MANAGEMENT The company is managed by the 7-member Board of Directors with a term in office expiring in November 2005, having the following members:

NAME POSITION Emmanuel Krezias President and Managing Director Theodoros Georgoulis Vice President Michael Sotiriou Member Moschos Diamantopoulos Member Stavros Despotakis Member Zinovios Panagiotides Member Maria Kaippa Member

SHAREHOLDERS - SHARE CAPITAL The company’s share capital amounts to 953.875 euros divided into 32.500 registered shares with a nominal value of 29,35 euros each. In 2003 and the first four months of 2004 there was no change in the share capital of the company. On 30.4.2004 the shareholding structure of the company was the following:

SHAREHOLDER HOLDING (%) LAMBRAKIS PRESS SA 5,12% Emmanuil Krezias 78,22% I. Moschous 3,75% Movietech Establishment 12,91% Total 100,00%

214 ASSOCIATED COMPANIES XXIII

In 2003 and the first four months of 2004 there were the following changes in the shareholding of the company. On 13.1.2003 and 16.3.2003 Lambrakis Press SA transferred 7.161 and 1.660 shares of the company respectively to Emmanuil Krezias. After such transfers, the holding of Lambrakis Press SA in the company became 5,12%. Specifically, on 13.9.2002, Lambrakis Press signed a "Sale Contract" with Mr. E. Krezias, according to which it is provided that the minority holdings of Lambrakis Press SA in the companies Odeon SA, Digital Press SA and Odeon Licensing SA shall be transferred to Mr. E. Krezias. The above contract provides for the transfer to Mr. Krezias or to a third party indicated by him of: ■ 52.921 common registered shares of Odeon SA, i.e. 46,75% of the company’s share capital, owned by Lambrakis Press SA. ■ 10.486 common registered shares of Digital Press SA, i.e.32,26% of the company’s share capital, owned by Lambrakis Press SA. ■ 945 common bearer shares of Odeon Licensing SA, i.e. 24,33% of the company’s share capital, owned by Lambrakis Press SA.

After the conclusion of the related transfers, Lambrakis Press SA will not hold any shares of the companies Odeon SA, Digital Press SA and Odeon Licensing SA. Already, pursuant to the "Contracts of Sale and Transfer of Shares" dated 13.9.2002, 13.1.2003 and 14.3.2003 there were transferred to Mr. Krezias or to third parties indicated by him all of the above shares of Odeon SA owned by Lambrakis Press and 8.861 shares of the company Digital Press SA, i.e. 27,14% of its share capital owned by Lambrakis Press. Pursuant to the private contract dated 3.11.2003, the contract dated 13.9.2003 was amended and the deadline to conclude the transfer of the remaining 5,12% of the holding of Lambrakis Press SA in Digital Press SA and the remaining 24,33% of the holding of Lambrakis Press SA in Odeon Licensing SA was extended form September 2003, that was initially provided for, to 24.12.2004. Additionally, pursuant to the private contracts of sale and transfer of shares dated 7.7.2003, 14.1.2004 and 27.4.2004, Mr. E. Krezias transferred to the company "Movietech Est." a total of 3.325 common registered shares, i.e. 10,23% of his holding in the company. The company’s summary financial data for the years 2002 and 2003 are shown in the following table:

215 DIGITAL PRESS HELLAS SA 2002 2003 INCOME STATEMENT thousand € thousand € Turnover 6.791,1 7.791,3 Gross earnings 2.520,1 1.822,5 % on turnover 37,1% 23,4% Total operating earnings before depreciation 1.184,9 2.358,8 Total depreciation 1.166,7 1.381,1 Earnings before tax 2.089,6 667,7 % on turnover 30,8% 8,6% Earnings after tax & Board of Directors remuneration 2.068,3 598,0 % on turnover 30,5% 7,7%

BALANCE SHEET ASSETS Non-depreciated establishment expenses 111,1 67,8 Non-depreciated intangible assets 0,0 0,0 Non-depreciated tangible assets 5.786,3 5.257,6 Participations - Other long-term receivables 312,3 462,3 Current assets 5.724,3 6.895,9 Transitory accounts 191,9 138,1 TOTAL ASSETS 12.125,9 12.821,7

LIABILITIES Share capital 954,0 953,9 Total equity 3.351,5 3.949,6 Provisions 120,8 140,1 Long-term liabilities 2.949,2 2.345,1 Short-term liabilities 5.645,4 6.252,2 Total long- and short-term liabilities 8.594,6 8.597,3 Transitory accounts 59,0 134,7 TOTAL LIABILITIES 12.125,9 12.821,7

216 ASSOCIATED COMPANIES XXIII

∆ILETYPOS SA

"∆ILETYPOS Television Programs Société Anonyme» was founded in 1989 (Government Gazette issue No. 1016/02.05.1989) and is registered in the Register of Sociétés Anonymes of the Ministry of Development under No. 19407/06/µ/89/20. The company’s duration, according to its Articles of Association, expires on 31.12.2090 and its head office is set in the Municipality of Athens (4, Roussou Street, GR-115 26 Athens) The company’s founding shareholders were the companies "Lambrakis Press SA", "Ethnos Publications SA" (currently Pegasus Publishing and Printing SA), "C.K. Tegopoulos SA", "Greek General Publishing - Mesimvrini SA" (currently General Press Publishing SA) and "I Kathimerini SA - Printed Media Publishing", that participated pari passu (20% each) in the company’s share capital.

OBJECT The objects of the company, according to its Articles of Association, include: a) producing and trading television programs and broadcasts, installing, operating and exploiting television stations all over Greece when and as permitted, b) creating, equipping, organizing and exploiting special spaces (studios) to produce and exploit television broadcasts, programs and advertising spots, c) establishing, installing, operating and exploiting radio stations all over Greece, d) producing and trading radio programs and broadcasts, e) creating, equipping, organizing and exploiting special spaces (studios) to produce and exploit radio broadcasts, programs and advertising spots.

BUSINESS ACTIVITY The company owns the television station «Mega Channel» The shares of the company were listed on the Athens Stock Exchange on 17.8.1994.

MANAGEMENT The company is managed by the Board of Directors consisting of 5 to 7 members. The current Board of Directors has the following members and its term in office expires on 30.6.2006:

NAME POSITION Christos K. Tegopoulos President Ilias E. Tsigas Managing Director Christos D. Lambrakis Member Georgios Aidinis Member Georgios F. Bobolas Member Georgios I. Prousanidis Member

SHAREHOLDERS - SHARE CAPITAL The company’s share capital amounts to 31.237.500 euros divided into 31.237.500 common registered shares with a nominal value of 1 euro each. According to the data of the Athens Stock Exchange the company’s shareholding structure on 7.5.2004 was the following:

217 SHAREHOLDER HOLDING (%) LAMBRAKIS PRESS SA 10,76% Pegasus Publishing and Printing SA 22,46% C.K. Tegopoulos Publications SA 12,28% Other shareholders - free float (less than 5% each) 54,50% Total 100,00%

In 2003 and the first four months of 2004 Lambrakis Press SA did not change its holding in the company’s share capital.

The summary financial data for the company and the summary consolidated data of its group for the fiscal years 2002 and 2003 are shown in the following tables:

TILETYPOS SA 2002 2003 INCOME STATEMENT thousand € thousand € Turnover 137.894,4 112.549,8 Gross earnings 42.113,6 14.141,3 % on turnover 30,5% 12,6% Total operating earnings before depreciation 75.430,8 53.581,1 Total depreciation 54.640,3 49.728,7 Earnings before tax 17.089,4 4.282,6 % on turnover 12,4% 3,8% Earnings after tax & Board of Directors remuneration 9.771,8 2.564,5 % on turnover 7,1% 2,3%

BALANCE SHEET ASSETS Non-depreciated establishment expenses 501,7 286,2 Non-depreciated intangible assets 86.094,1 100.613,8 Non-depreciated tangible assets 12.002,0 10.653,0 Participations - Other long-term receivables 6.383,1 2.631,8 Current assets 75.957,4 53.479,9 Transitory accounts 38.843,6 40.915,0 TOTAL ASSETS 219.781,8 208.579,7

LIABILITIES Share capital 31.237,5 31.237,5 Total equity 82.693,9 81.486,0 Provisions 728,7 148,6 Long-term liabilities 29.229,9 24.671,0 Short-term liabilities 106.623,8 101.106,1 Total long- and short-term liabilities 135.853,7 125.777,1 Transitory accounts 505,6 1.168,0 TOTAL LIABILITIES 219.781,8 208.579,7

218 ASSOCIATED COMPANIES XXIII

TILETYPOS SA (consolidated data) 2002 2003 INCOME STATEMENT thousand € thousand € Turnover 139.133,5 115.382,8 Gross earnings 42.194,3 16.129,9 % on turnover 30,3% 14,0% Total operating earnings before depreciation 75.492,1 55.511,4 Total depreciation 54.640,6 49.728,7 Earnings before tax 17.150,7 6.213,0 % on turnover 12,3% 5,4% Earnings after tax & minority rights 9.819,3 4.280,1 % on turnover 7,1% 3,7%

BALANCE SHEET ASSETS Non-depreciated establishment expenses 501,7 286,2 Non-depreciated intangible assets 86.094,1 100.613,8 Non-depreciated tangible assets 12.002,0 10.653,1 Participations - Other long-term receivables 5.374,8 5.610,0 Current assets 77.056,6 53.057,3 Transitory accounts 38.843,6 40.915,0 TOTAL ASSETS 219.872,6 211.135,4

LIABILITIES Share capital 31.237,5 31.237,5 Total equity 82.778,4 83.240,1 Provisions 728,6 148,6 Long-term liabilities 29.229,9 24.671,1 Short-term liabilities 106.630,2 101.907,6 Total long- and short-term liabilities 135.860,1 126.578,7 Transitory accounts 505,6 1.168,0 TOTAL LIABILITIES 219.872,6 211.135,4

The consolidated statements include the financial statements of «TILETYPOS CYPRUS LTD».

219 D.4. AFFILIATES OF ASSOCIATED COMPANIES OF THE HOLDINGS SECTOR

ARGOS NET LTD

«ARGOS NET Limited Liability Company» was founded in 2000 (Government Gazette issue No.: 9271/09.10.2000) and is registered in the books of the Court of First Instance of Athens under serial No. 14164 7369/09.10.2000. According to its Articles of Association, the company’s duration is 50 years. Pursuant to the resolution of the Shareholders’ Extraordinary General Meeting, the head office of the company was transferred to the Municipality of Kropia, Attica amending respectively article 2 of the Articles of Association (notarial deed no. 36657/30.3.2004 by the Pireaus notary public M. Vallindra - Katraki).

The founder of the company was ARGOS SA.

OBJECT The objects of the company, according to its Articles of Association, are a) selling books, guides, maps, periodicals and all kinds of printed material, stationery items, photographic items, multimedia (CD, DVD, VHS), electronic items, lottery tickets, pre-paid phone cards, pre-paid cellular phone cards, games, accessories, souvenirs and other items, b) importing from EU and third countries, distributing and selling newspapers, magazines, books, guides, maps and all types of printed media produced abroad and c) importing and exporting the above items (under a and b) as well as other merchandise.

MANAGEMENT The managers of the company are:

■ Nikolaos S. Biliris ■ Georgios E. Vanas

SHAREHOLDERS - SHARE CAPITAL The company capital amounts to 150.000 euros divided into 5,000 company shares of 30 euros each.

The only shareholder of the company is ARGOS SA, holding 100% of the company’s capital.

In 2003 and the first four months of 2004 there was no change in the company’s capital.

The company’s summary financial data for 2002 and 2003 are shown in the following table:

220 ASSOCIATED COMPANIES XXIII

ARGOS NET LTD 2002 2003 thousand € thousand € Share capital 150,0 150,0 Total equity 202,9 415,0 Total assets 8.329,2 10.786,3 Turnover 56.800,0 63.375,1 Earnings before tax 160,8 294,2 Earnings after tax 107,2 212,1

ARGOS EVROPI LTD

The company was founded in 2000 (Government Gazette issue No. 9169/5.10.2000)

OBJECT The objects of the company, according to its Articles of Association, are: a) selling of daily and periodical Greek and international printed media and, in general, printed material, books and other items and installing and exploiting points of sale for such items b) importing and exporting the above items and other merchandise c) all activities or enterprises related to the above as well as trading (importing - exporting) all related items.

MANAGEMENT The managers of the company are the following in two groups:

Group ∞ã ■ Nikolaos St. Biliris ■ Georgios E. Vanas ■ Alexandros G. Kastanis

Group B’ ■ Nikolaos F. Bakatsas ■ Thomas X. Tsakaloyiannis

SHAREHOLDERS - CAPITAL Pursuant to the Shareholders’ Extraordinary General Meeting dated 27.11.2003, the company’s capital was denominated in euros. For this purpose the capital was increased by 35.452,97 euros and the nominal value of each share amounted to 30 euros, amending the respective articles of the company’s Articles of Association (notarial deed No. 36579/19-12- 2003 by the Piraeus notary public ª. Vallindra - Katraki).

As a result the company’s capital amounts to 64.800 euros and is divided into 2.160 company shares of a nominal value of 30 euros each.

The company has the following shareholding structure:

221 SHAREHOLDER HOLDING (%) ARGOS SA 60,0% EVROPI SA 40,0% Total 100,0%

In 2003 and the first four months of 2004 there was no change in the shareholding structure of the company. The company’s summary financial data for 2002 and 2003 are shown in the following table:

ARGOS NET LTD 2002 2003 thousand € thousand € Share capital 29,3 29,3 Total equity 140,6 215,2 Total assets 848,8 773,6 Turnover 2.612,2 2.909,5 Earnings before tax 113,4 114,8 Earnings after tax 73,7 74,6

222 ASSOCIATED COMPANIES XXIII

∂. IT AND NEW TECHNOLOGIES SECTOR ∂.1 AFFILIATED COMPANIES OF THE IT AND NEW TECHNOLOGIES SECTOR

DOL DIGITAL SA

"DOL DIGITAL Société Anonyme" was founded in 1987 (Government Gazette issue No. 2430/25.9.87) and is registered in the Register of Sociétés Anonymes of the Prefecture of Athens under No. 15793/01/µ/87/414 under the initial name "Video Star SA". In 1996 it was renamed «DOL Communications SA» (Extraordinary General Meeting of 21.9.92, government Gazette issue No. 8379/1996) and in 1999 in "DOL Digital SA". The duration of the company, according to its Articles of Association, is 103 years (until 2090) and its head office is set in the Municipality of Athens (3, Chr. Lada Street, GR-102 37, Athens).

The founders of the company were Lambrakis Press SA by 51% and Dimitrios Kourentis by 49%.

OBJECT The object of the company, according to its Articles of Association, is participating in any means to companies of all kinds mainly active in the wider sector of information technology and modern technology, provision of related services and trading of related services and products.

BUSINESS ACTIVITY DOL Digital SA is a holding company in the sectors of digital economy, information technology, communications and the Internet.

In 2003 the company employed on average 1 person.

MANAGEMENT The company is managed by the Board of Directors consisting of 3 to 9 members. The current Board of Directors has the following members and its term in office expires on 30.6.2008:

NAME POSITION Christos D. Lambrakis President Stavros P. Psycharis Vice President Damianos Z. Hadjikokkinos Member Panagiotis A. Chrysikakis Member Panagiotis St. Psycharis Member

SHAREHOLDERS - SHARE CAPITAL The share capital of the company amounted to 22.332.592,80 euros divided into 3.798.060 registered shares with a nominal value of 5,88 euros each.

In 2003 and the first four months of 2004 there was no change in the company’s share capital.

223 The company has the following shareholding structure:

SHAREHOLDER HOLDING (%) LAMBRAKIS PRESS SA 78,71% Christos D. Lambrakis 13,45% Others (<1% each) 7,84% Total 100,00%

In 2003 and the first four months of 2004 there was no change in the company’s shareholding structure.

The company’s summary financial data and the summary consolidated financial data of its group for the fiscal years 2002 and 2003 are shown in the following tables:

DOL DIGITAL SA 2002 2003 INCOME STATEMENT thousand € thousand € Turnover 220,1 228,9 Gross earnings 0,0 -20,6 % on turnover 0,0% -9,0 % Total operating earnings before depreciation -513,3 -510,3 Total depreciation 10,9 14,6 Earnings before tax -545,7 -504,8 % on turnover -247,9 % -220,5% Earnings after tax & Board of Directors remuneration -545,7 -504,8 % on turnover -247,9% -220,5%

BALANCE SHEET ASSETS Non-depreciated establishment expenses 5,5 4,0 Non-depreciated intangible assets 0,0 0,0 Non-depreciated tangible assets 39,5 26,3 Participations - Other long-term receivables 16.829,9 16.551,7 Current assets 3.930,9 4.059,9 Transitory accounts 4,0 1,0 TOTAL ASSETS 20.809,8 20.642,9

LIABILITIES Share capital 22.332,6 22.332,6 Total equity 14.944,9 14.440,1 Provisions 0,0 3,3 Long-term liabilities 0,0 0,0 Short-term liabilities 5.864,9 6.196,7 Total long- and short-term liabilities 5.864,9 6.196,7 Transitory accounts 0,0 2,8 TOTAL LIABILITIES 20.809,8 20.642,9

224 ASSOCIATED COMPANIES XXIII

DOL DIGITAL SA (consolidated data) 2002 2003 INCOME STATEMENT thousand € thousand € Turnover 3.063,2 3.301,4 Gross earnings -287,4 336,0 % on turnover -9,4% 10,2% Total operating earnings before depreciation -2.107,2 -1.504, 0Total depreciation 84,2 135,9 Earnings before tax -2.223, -1.665,0 % on turnover -72,6% -50,1% Earnings after tax & Board of Directors remuneration -2.223,3 -1.655,0 % on turnover -72,6% -50,1%

BALANCE SHEET ASSETS Non-depreciated establishment expenses 142,2 103,3 Non-depreciated intangible assets 104,1 78,6 Non-depreciated tangible assets 159,6 110,4 Participations - Other long-term receivables 1.754,7 1.582,9 Current assets 4.808,5 5.318,9 Transitory accounts 27,1 22,3 TOTAL ASSETS 6.996,2 7.216,4

LIABILITIES Share capital 22.332,6 22.332,6 Total equity -3.453,5 -5.138,9 Provisions 0,3 3,5 Long-term liabilities 0,0 0,0 Short-term liabilities 10.248,5 12.125,4 Total long- and short-term liabilities 510.248,5 12.125,4 Transitory accounts 200,9 226,4 TOTAL LIABILITIES 6.996,2 7.216,4

The year 2002 consolidated financial statements of DOL DIGITAL SA included the companies RAMNET SA, RAMNET SHOP SA, NETONLINE SA and IN-TRAVEL SA, while the respective statements of 2003 include only the companies RAMNET SA, RAMNET SHOP SA and NETONLINE SA, as IN TRAVEL SA is under liquidation. In 2003 DOL DIGITAL SA did not publish its consolidated financial statements that were compiled in order to be included in the consolidated financial statements of Lambrakis Press SA. The company’s consolidated statements are included in the consolidated financial statements of Lambrakis Press SA.

225 RAMNET SA

The company RAMNET SA was founded in 1999 (Government Gazette issue No. 7235/9.9.1999) and is registered in the Register of Sociétés Anonymes of the Prefecture of Athens under No. 43730/01/µ/99/459. The company’s duration, according to its Articles of Association, is 20 years (until 2019) and its head office is in the Municipality of Athens (18, Panepistimiou street, GR-106 72 Athens) The founders of RAMNET SA were DOL Digital SA and Mr. Christos D. Lambrakis. According to a private contract dated 12.7.2000, Mr. C. D. Lambrakis transferred to DOL Digital SA his total holding in the company (35%); hence DOL Digital SA acquired 100% of the company’s share capital

OBJECT The objects of the company, according to its Articles of Association are: a) providing services in the sector of provision of information over the Internet, cable and satellite channels and, in general, through all means of telecommunication media, b) publishing printed media of all types, digital publications on the Internet, compact disks, CD-ROM/DVD ROM disks and, in general, all kinds of telecommunications and storage media, c) selling through electronic and conventional media any kind of goods or services, providing services and doing research and contests through the same media and other activities within the spectrum of these services, d) providing services in the sector of advertising the services offered by the company, information and publications of the company e) producing and trading software products for any use in any means of digital and electronic medium, f) providing services of organizing and managing network systems over the Internet and any kind of telecommunication media, g) purchasing, selling and generally exploiting intellectual property rights, h) providing business advisory services, sales promotion advisory services and advisory services on programming the usage of mass media i) representing domestic or international companies for related purposes.

BUSINESS ACTIVITY RAMNET SA is a commercial company of IT applications and services, digital publishing, organizing and managing systems, advertising services and representations. The company owns the well-known Greek Internet portal «in.gr»

In 2003 the company employed on average 43 persons.

MANAGEMENT The company is managed by the Board of Directors consisting of 3 to 11 members. The current Board of Directors has the following members, whose term in office expires on 30.6.2008:

NAME POSITION Christos D. Lambrakis President Damianos Z. Hadjikokkinos Vice President Panagiotis A. Chrysikakis Member Theodoros Sp. Spinoulas Member

226 ASSOCIATED COMPANIES XXIII

SHAREHOLDERS - SHARE CAPITAL The company’s share capital amounts to 14.675.000 euros divided into 500.000 common registered shares with a nominal value of 29,35 euros each. In 2003 and the first four months of 2004 there was no change in the share capital of the company. The company has the following shareholding structure:

SHAREHOLDER HOLDING (%) DOL Digital SA 100%

In 2003 and the first four months of 2004 there was no change in the shareholding structure of the company. Lambrakis Press SA does not have a direct holding in the share capital of the company. The company’s summary financial data for the fiscal years 2002 and 2003 are shown in the following table:

RAMNET SA 2002 2003 INCOME STATEMENT thousand € thousand € Turnover 1.363,6 1.353,4 Gross earnings -430,7 -17,9 % on turnover -31,6% -1,3% Total operating earnings before depreciation -1.666,6 -977,0 Total depreciation 75,4 117,7 Earnings before tax -1.733,4 -1.119,0 % on turnover -127,1% -82,7% Earnings after tax & Board of Directors remuneration -1.733,4 -1.119,0 % on turnover -127,1% -82,7%

BALANCE SHEET ASSETS Non-depreciated establishment expenses 127,0 92,7 Non-depreciated intangible assets 104,1 78,6 Non-depreciated tangible assets 120,1 82,0 Participations - Other long-term receivables 867,3 911,3 Current assets 2.515,4 2.652,1 Transitory accounts 10,1 4,3 TOTAL ASSETS 3.744,0 3.821,0

LIABILITIES Share capital 14.675,0 14.675,0 Total equity -2.619,9 -3.738,9 Provisions 0,3 0,2 Long-term liabilities 0,0 0,0 Short-term liabilities 6.348,8 7.549,4 Total long- and short-term liabilities 6.348,8 7.549,4 Transitory accounts 14,8 10,3 TOTAL LIABILITIES 3.744,0 3.821,0

The company’s financial statements are included in the consolidated financial statements of DOL Digital SA.

227 RAMNET SHOP SA

The company was founded in 1999 (Government Gazette issue No. 7229/8.9.1999) and is registered in the Register of Sociétés Anonymes of the Prefecture of Athens under No. 43727/01/µ/99/458. The company’s duration, according to its Articles of Association, is 20 years (until 2019) and its head office is set in the Municipality of Athens (18, Panepistimiou street, 106 72, Athens). The founders of the company were DOL Digital SA and Mr. Christos Lambrakis. In 2000 Mr. Christos Lambrakis transferred to DOL Digital SA his holding (35.44%) in the company, hence DOL Digital SA acquired 100% of the company’s shares. DOL Digital SA remains the sole shareholder of the company.

OBJECT The objects of the company, according to its Articles of Association are: a) providing services in the sector of provision of information over the Internet, cable and satellite channels and, in general, through all means of telecommunication media, b) publishing printed media of all types, digital publications on the Internet, compact disks, CD-ROM/DVD ROM disks and, in general, all kinds of telecommunications and storage media, c) selling through electronic and conventional media any kind of goods or services, providing services and doing research and contests through the same media and other activities within the spectrum of these services, d) providing services in the sector of advertising the services offered by the company, information and publications of the company e) producing and trading software products for any use in any means of digital and electronic medium, f) providing services of organizing and managing network systems over the Internet and any kind of telecommunication media, g) purchasing, selling and generally exploiting intellectual property rights, h) providing business advisory services, sales promotion advisory services and advisory services on programming the usage of mass media I) representing domestic or international companies for related purposes.

BUSINESS ACTIVITY Ramnet Shop is active in IT applications and services, digital publishing, organizing and managing systems, advertising services and representations and operates the Internet store shop21.gr (web site: www.shop21.gr). In 2003 the company employed on average 3 persons.

MANAGEMENT The company is managed by the Board of Directors consisting of 3 to 11 members. The current Board of Directors has the following members whose term in office expires on 30.6.2008:

NAME POSITION Christos D. Lambrakis President Damianos Z. Hadjikokkinos Vice President Panagiotis A. Chrysikakis Member Theodoros Sp. Spinoulas Member

228 ASSOCIATED COMPANIES XXIII

SHAREHOLDERS - SHARE CAPITAL The share capital of the company amounts to 997.900 euros divided into 34.000 registered shares with a nominal value of 29,35 euros each. In 2003 and the first four months of 2004 there was no change in the share capital of the company. The company has the following shareholding structure:

SHAREHOLDER HOLDING (%) DOL Digital SA 100%

In 2003 and the first four months of 2004 there was no change in the shareholding structure of the company. The company’s summary financial data for the fiscal years 2002 and 2003 are shown in the following table:

RAMNET SHOP SA 2002 2003 INCOME STATEMENT thousand € thousand € Turnover 883,2 1.315,3 Gross earnings 49,4 197,0 % on turnover 5,6% 15,0% Total operating earnings before depreciation 17,6 -23,7 Total depreciation 1,5 2,5 Earnings before tax 1,8 -33,7 % on turnover -0,2% -2,6% Earnings after tax & Board of Directors remuneration 1,8 -33,7 % on turnover 0,2% -2,6 %

BALANCE SHEET ASSETS Non-depreciated establishment expenses 4,2 4,4 Non-depreciated intangible assets 0,0 0,0 Non-depreciated tangible assets 0,0 1,3 Participations - Other long-term receivables 232,5 233,0 Current assets 1.087,0 1.227,7 Transitory accounts 0,5 4,4 TOTAL ASSETS 1.324,2 1.470,8

LIABILITIES Share capital 997,9 997,9 Total equity 680,2 646,5 Provisions 0,0 0,0 Long-term liabilities 0,0 0,0 Short-term liabilities 643,6 815,5 Total long- and short-term liabilities 643,6 815,5 Transitory accounts 0,4 8,8 TOTAL LIABILITIES 1.324,2 1.470,8

The company’s financial statements are included in the consolidated financial statements of DOL Digital SA.

229 NET ON LINE SA

The company was founded in 2000 (Government Gazette issue No. 2082/17.3.2000) under the name IN BOOKS SA and is registered in the Register of Sociétés Anonymes of the Prefecture of Athens under No. 45516/01/µ/00/136. The company’s duration, according its Articles of Association, is 20 years (until 2019) and its head office is in the Municipality of Athens (18, Panepistimiou street, GR-106 72, Athens). The founders of the company were RAMNET SA and RAMNET SHOP SA by 50% each.

OBJECT The objects of the company, according to its Articles of Association are: a) providing services in the sector of provision of information over the Internet, cable and satellite channels and, in general, through all means of telecommunication media, b) publishing printed media of all types, digital publications on the Internet, compact disks, CD-ROM/DVD ROM disks and, in general, all kinds of telecommunications and storage media, c) selling through electronic and conventional media any kind of goods or services, providing services and doing research and contests through the same media and other activities within the spectrum of these services, d) providing services in the sector of advertising the services offered by the company, information and publications of the company e) producing and trading software products for any use in any means of digital and electronic medium, f) providing services of organizing and managing network systems over the Internet and any kind of telecommunication media, g) purchasing, selling and generally exploiting intellectual property rights, h) providing business advisory services, sales promotion advisory services and advisory services on programming the usage of mass media i) representing domestic or international companies for related purposes.

BUSINESS ACTIVITY The company is active in electronic sales and provision of Internet access services (ISP and ASP) and holds an ISP license from the Greek Commission on Telecommunications and Post. In 2003 the company employed on average 1 person.

MANAGEMENT The company is managed by the Board of Directors consisting of 3 to 11 members. The current Board of Directors has the following members whose term in office expires on 30.6.2007:

NAME POSITION Christos D. Lambrakis President Damianos Z. Hadjikokkinos Vice President Panagiotis A. Chrysikakis Member Theodoros Sp. Spinoulas Member

SHAREHOLDERS - SHARE CAPITAL The share capital of the company amounts to 440.250 euros divided into 15.000 registered shares with a nominal value of 29,35 euros each.

230 ASSOCIATED COMPANIES XXIII

In 2003 and the first four months of 2004 there was no change in the share capital of the company. The company has the following shareholding structure:

SHAREHOLDER HOLDING (%) RAMNET SHOP SA 50,0% RAMNET SA 50,0% Total 100,0%

In 2003 and the first four months of 2004 there was no change in the shareholding structure of the company. Lambrakis Press SA does not have a direct holding in the company’s share capital. The company’s summary financial data for the fiscal years 2002 and 2003 are shown in the following table:

NET ON LINE SA 2002 2003 INCOME STATEMENT thousand € thousand € Turnover 759,9 728,8 Gross earnings 93,8 177,5 % on turnover 12,3% 24,4% Total operating earnings before depreciation 57,8 6,9 Total depreciation 0,6 1,1 Earnings before tax 53,0 2,6 % on turnover 7,0% 0,4% Earnings after tax & Board of Directors remuneration 53,0 2,6 % on turnover 7,0% 0,4%

BALANCE SHEET ASSETS Non-depreciated establishment expenses 1,5 2,2 Non-depreciated intangible assets 0,0 0,0 Non-depreciated tangible assets 0,0 0,8 Participations - Other long-term receivables 0,0 0,0 Current assets 779,0 660,1 Transitory accounts 12,1 12,7 TOTAL ASSETS 792,6 675,8

LIABILITIES Share capital 440,3 440,3 Total equity -376,0 -373,5 Provisions 0,0 0,0 Long-term liabilities 0,0 0,0 Short-term liabilities 983,0 844,8 Total long- and short-term liabilities 983,0 844,8 Transitory accounts 185,6 204,5 TOTAL LIABILITIES 792,6 675,8

The company’s financial statements are included in the consolidated financial statements of DOL Digital SA.

231 IN TRAVEL SA

The company was founded in 2000 (Government Gazette issue No. 3069/5.5.2000) and is registered in the Register of Sociétés Anonymes of the Prefecture of Athens under No. 45886/01/µ/00/247. The duration of the company, according to its Articles of Association, is 20 years (until 2019) and its head office is set in the Municipality of Athens (18, Panepistimiou street, 106 72 Athens). The founders of the company were RAMNET SA and EUROSTAR SA. According to the private contract dated 18.10.2000 EUROSTAR SA transferred to RAMNET SA its holding in the company (50%), hence RAMNET SA acquired 100% of the share capital of IN TRAVEL SA.

OBJECT The objects of the company, according to its Articles of Association are: a) providing services in the sector of provision of information over the Internet, cable and satellite channels and, in general, through all means of telecommunication media, b) publishing printed media of all types, digital publications on the Internet, compact disks, CD-ROM/DVD ROM disks and, in general, all kinds of telecommunications and storage media, c) selling through electronic and conventional media any kind of goods or services, providing services and doing research and contests through the same media and other activities within the spectrum of these services, d) providing services in the sector of advertising the services offered by the company, information and publications of the company e) producing and trading software products for any use in any means of digital and electronic medium, f) providing services of organizing and managing network systems over the Internet and any kind of telecommunication media, g) purchasing, selling and generally exploiting intellectual property rights, h) providing business advisory services, sales promotion advisory services and advisory services on programming the usage of mass media i) representing domestic or international companies for related purposes.

BUSINESS ACTIVITY Until 2003 inclusive the company remained inactive.

MANAGEMENT Pursuant to the resolution of the Shareholders’ Ordinary General Meeting of 21.6.2003, the company was placed under liquidation from 1.7.2003 and Messrs. Dimitrios A. Albanis and Antonios Chr. Dousmanopoulos were appointed its liquidators. On 16.1.2004 the liquidation procedure was completed while pursuant to the resolution of the Shareholders’ Extraordinary General Meeting of 16.2.2004 the financial statements of the completion of the liquidation were approved and the a request was submitted to delete the company from the Register of Sociétés Anonymes. (Government Gazette 2601/30-3-2004)

SHAREHOLDERS - SHARE CAPITAL During the liquidation and up to its completion there was no change in the share capital of the company which amounted to 61.635 euros divided into 2.100 registered shares of nominal value of 29,35 euros each.

232 ASSOCIATED COMPANIES XXIII

The company’s shareholding structure remained unchanged and was the following:

SHAREHOLDER HOLDING (%) RAMNET SA 100%

The company’s summary financial data of the fiscal years 2002 and 2003 are shown in the following table:

IN TRAVEL SA 2002 2003 INCOME STATEMENT thousand € thousand € Turnover -- Gross earnings - - % on turnover 0,0% 0,0% Total operating earnings before depreciation 2,5 0,0 Total depreciation 1,1 0,0 Earnings before tax 1,1 0,0 % on turnover - - Earnings after tax & Board of Directors remuneration 1,1 0,0 % on turnover - -

BALANCE SHEET ASSETS Non-depreciated establishment expenses 3,9 0,0 Non-depreciated intangible assets 0,0 0,0 Non-depreciated tangible assets 0,0 0,0 Participations - Other long-term receivables 0,0 0,0 Current assets 93,3 0,0 Transitory accounts 0,4 0,0 TOTAL ASSETS 97,6 0,0

LIABILITIES Share capital 61,6 0,0 Total equity 92,1 0,0 Provisions 0,0 0,0 Long-term liabilities 0,0 0,0 Short-term liabilities 5,5 0,0 Total long- and short-term liabilities 5,5 0,0 Transitory accounts 0,0 0,0 TOTAL LIABILITIES 97,6 0,0

233 ∂.2. ASSOCIATED COMPANIES OF THE IT AND NEW TECHNOLOGIES SECTOR

IN MARKET PLACE SA

The company was founded in 2001 (Government Gazette issue No. 1761/23.3.001) and is registered in the Register of Sociétés Anonymes of the Prefecture of Athens under No. 48584/01/B/01/205. The duration of the company, according to its Articles of Association, is 50 years (until 2050) and its head office is set in the Municipality of Athens (18, Panepistimiou street, 106 72 Athens). The founders of the company are the companies "DOL Digital SA" and "TEKA SYSTEMS SA Technologies, Construction and Informatics."

OBJECT The objects of the company, according to its Articles of Association are: a) rendering services in the sector of providing information over the Internet, the cable and satellite channels and in general through all kinds of telecommunication media, b) publishing printed media of all types, digital publications on the Internet, in compact disks, CD-ROM/DVD ROM disks and in general all kinds of telecommunications and storage media, c) selling through electronic and conventional media any kind of goods or services, providing services and doing research and contests through the same media and other activities within the spectrum of these services, d) providing services in the sector of advertising the services offered by the company and information and publications of the company e) producing and trading software products for any use in any kind of digital and electronic medium, f) providing services of organizing and managing network systems over the Internet and any kind of telecommunication media, g) purchasing, selling and generally exploiting intellectual property rights, h) providing business advisory services, sales promotion advisory services and advisory services on programming the usage of mass media i) representing domestic or international companies for related purposes.

In 2003 the company employed on average 2 persons.

Pursuant to a resolution of the Shareholders’ Extraordinary General Meeting of 30.1.2004, the company was placed under liquidation and Messrs Dimitrios A. Albanis and Ch. S. Dimitrakakis were appointed its liquidators.

SHAREHOLDERS - SHARE CAPITAL The company’s share capital amounts to 587.000 euros divided into 20.000 registered shares with a nominal value of 29,35 euros each. The company has the following shareholding structure:

SHAREHOLDER HOLDING (%) DOL DIGITAL SA 50% TEKA SYSTEMS SA 50% Total 100%

234 ASSOCIATED COMPANIES XXIII

In 2003 and the first four months of 2004 there was no change in the company’s share capital or shareholder structure. The summary financial figures for the first (over-twelve-month) fiscal year 21.3.2001 - 30.6.2002 and the fiscal year 1.7.2002 - 30.06.2003 are shown in the following table:

IN MARKET PLACE SA 2002 2003 INCOME STATEMENT thousand € thousand € Turnover -- Gross earnings - - % on turnover - - Total operating earnings before depreciation -191,9 -254,8 Total depreciation 4,8 22,1 Earnings before tax -197,3 -276,1 % on turnover - - Earnings after tax & Board of Directors remuneration -197,3 -276,1 % on turnover - -

BALANCE SHEET ASSETS Non-depreciated establishment expenses 65,5 87,3 Non-depreciated intangible assets 0,0 0,0 Non-depreciated tangible assets 11,1 4,8 Participations - Other long-term receivables 0,9 0,9 Current assets 333,2 46,7 Transitory accounts 1,7 0,0 TOTAL ASSETS 412,4 139,7

LIABILITIES Share capital 586,9 587,0 Total equity 389,7 113,6 Provisions 0,0 0,0 Long-term liabilities 0,0 0,0 Short-term liabilities 22,7 26,1 Total long- and short-term liabilities 22,7 26,1 Transitory accounts 0,0 0,0 TOTAL LIABILITIES 412,4 139,7

235 IN HEALTH SA

The company was founded in 2000 (Government Gazette issue No. 6863/20.7.2000) and is registered in the Register of Sociétés Anonymes of the Prefecture of Athens under No. 46561/01/µ/00/439. The duration of the company, according to its Articles of Association is 20 years (until 2020) and the company’s head office is set in the Municipality of Athens (18, Panepistimiou Street, 106 72, Athens). The founders of the company were the companies "RAMNET SA", "ATHENS MEDICAL CENTER SA" and "ATHENS CENTER OF THE ENVIRONMENT AND MANAGEMENT OF TOTAL QUALITY PROJECTS SA" (QU.S. SA)

OBJECT The objects of the company according to its Articles of Association are: a) rendering services in the sector of information via the Internet, or via cable and satellite channels and in general all kinds of telecommunications media on issues relating to health and social service, b) publishing all types of printed media, digital publications on the Internet and in compact disks (CDs), CD-ROM/DVD ROM disks and, in, general, publishing in any kind of telecommunications or storage media, in relation to health, the developments in medical science, biochemistry technology, announcements of medical congresses and any aspects relating to the healthy nutrition and well being of modern man, c) selling though electronic and conventional media products of the company or third parties relating to the above objects, promoting services and doing research using its own resources concerning health and healthy nutrition and well being of modern man and other activities in the spectrum of there services, d) rendering services in the sector of advertising the above services, information and publications offered by the company, e) producing and trading software products of any use to all types of digital and electronic media f) rendering services of organizing and managing network systems and all kind of telecommunications media, g) undertaking, designing and effecting promotional activities (e.g. sponsoring, advertising), h) purchasing, selling and generally exploiting intellectual copyrights of any kind (e.g. purchasing medical books, offering medical counseling etc), i) rendering business advisory services, sales promotion advisory services and advisory services on programming the usage of mass media and j) representing domestic or international companies for related purposes.

BUSINESS ACTIVITY The company is active in electronic information, operating the first Greek health portal on the Internet, «inhealth» (web site http://health.in.gr), that aims to inform and educate the general public on issues of health, health living and disease prevention. In Health includes a separate specialized portal featuring extensive medical and pharmaceutical content, accessible only by doctors and pharmacists (members of professional medical or pharmaceutical associations).

In 2003 the company employed on average 7 persons.

236 ASSOCIATED COMPANIES XXIII

MANAGEMENT The company is managed by the Board of Directors consisting of 3 to 11 members. The current Board of Directors has the following members whose term in office expires on 30.6. 2007:

NAME POSITION Vasilios G. Apostolopoulos President Damianos Z. Hadjikokkinos Vice President Dimitrios P. Karayannis Member and General Manager Theodoros S. Spinoulas Member Christos G. Apostolopoulos Member Panagiotis A. Chrysikakis Member

SHAREHOLDERS - SHARE CAPITAL On 31.12.2003 the share capital of the company amounted to 1.033.120 euros divided into 35.200 registered shares with a nominal value of 29,35 euros each.

Pursuant to the resolution of the Shareholders’ Ordinary General Meeting of 14.6.2003, the share capital was increased by 88.050 euros through the issuance of 3.000 new registered shares, of a nominal value of 29,35 euros each. As a result the company’s share capital amounts today to 1.121.170 euros divided into 38.200 registered shares of a nominal value of 29,35 euros each.

Except for the above, in 2003 and the first four months of 2004 there was no change in the share capital of the company.

The company has the following shareholding:

SHAREHOLDER HOLDING (%) RAMNET SA 50,00% ATHENS MEDICAL CENTER SA 30,37% QU.S SA 19,63% Total 100,00%

In 2003 and the first four months of 2004 the company’s share capital was changed as follows: The shareholder QU.S SA did not exercise its pre-emptive right to participate in the company’s share capital increase in cash and the issue of 3,000 new shares, which was resolved upon by the Ordinary General Meeting of 14.6.2003. The shares that corresponded pro rata to the above shareholder were taken up by the shareholder ATHENS MEDICAL CENTER SA. As a result, the company’s shareholding structure was changed as shown above. In 2003 and the first four months of 2004 there were no further changes in the company’s shareholding structure or in the holding of RAMNET SA in the company. Lambrakis Press SA does not have a direct holding in the company’s share capital. The company’s summary financial statements for the fiscal years 2002 and 2003 are shown in the following table:

237 IN HEALTH SA 2002 2003 INCOME STATEMENT thousand € thousand € Turnover 52,4 108,2 Gross earnings -95,7 -19,2 % on turnover -182,6% -17,7% Total operating earnings before depreciation -187,5 -92,8 Total depreciation 51,7 52,0 Earnings before tax -239,7 -148,6 % on turnover -457,4% -137,3% Earnings after tax & Board of Directors remuneration -239,7 -148,6 % on turnover -457,4% -137,3%

BALANCE SHEET ASSETS Non-depreciated establishment expenses 148,3 99,2 Non-depreciated intangible assets 0,0 0,0 Non-depreciated tangible assets 8,9 8,3 Participations - Other long-term receivables 293,5 330,1 Current assets 130,9 97,6 Transitory accounts 0,4 0,4 TOTAL ASSETS 582,0 535,6

LIABILITIES Share capital 1.033,1 1.121,2 Total equity 469,8 409,2 Provisions 0,0 0,0 Long-term liabilities 0,0 0,0 Short-term liabilities 112,2 126,3 Total long- and short-term liabilities 112,2 126,4 Transitory accounts 0,0 0,0 TOTAL LIABILITIES 582,0 535,6

238 ASSOCIATED COMPANIES XXIII

PHAISTOS NETWORKS SA

The company was founded in 2000 (Government Gazette issue No. 889/9.2.2000) and is registered in the Register of Sociétés Anonymes of the Prefecture of Iraklio under No. 45163/70/µ/00/07. The founders of the company were Messrs Dimitrios Michael Hadjidakis, Markos Elefth. Papadakis and Georgios Elefth. Papadakis Pursuant to a private contract dated 21.3.2000 between Dimitrios Hadjidakis and DOL Digital SA, Dimitrios Hadjidakis transferred 10,000 registered shares (50% of the share capital) to DOL Digital SA. The duration of the company, according to its Articles of Association is 50 years (until 2050) and the company is based in Moires, Iraklio, Crete (48, 25th Martiou Street, Moires).

OBJECT The object of the company according to its Articles of Association are: a) research, development and trading of new technologies and applications on the Internet, b) research, development and support of new products and services relating to internet commerce and digital interchange of information, c) trading, promotion and support of products developed by the company of third parties, d) promotion and marketing of corporate web pages on the Internet and e) rendering of services in the area of advertising on the Internet.

BUSINESS ACTIVITY The company’s main activity is researching and developing new Internet technologies and applications and the operation, enhancement and promotion of the digital portal Pathfinder (web site: www.pathfinder.gr)

In 2003 the company employed on average 13 persons.

MANAGEMENT The company is managed by the Board of Directors consisting of 3 to 5 members.

The current Board of Directors has the following members whose term in office expires on 30.6.2007:

NAME POSITION Dimitrios M. Hadjidakis President, Managing Director and General Manager Markos E. Papadakis Vice President Georgios E. Papadakis Member Spyridon M. Hadjidakis Member Nikolaos E. Fafoulakis Member

SHAREHOLDERS - SHARE CAPITAL On 31.12.2002 the share capital of the company amounted to 60.000 euros divided into 20.000 registered shares of nominal value of 3 euros each.

In 2003 and the first four months of 2004 the following change was effected in the share capital:

239 Pursuant to the resolution of the Shareholders’ Ordinary General Meeting the company’s share capital was increased by 60.000 euros in cash through the issuance of 20.000 new registered shares of a nominal value of 3 euros each.

As a result today the share capital of the company amounts to 120.000 euros divided into 40.000 registered shares of a nominal value of 3 euros each.

The company has the following shareholding structure:

SHAREHOLDER HOLDING (%) DOL DIGITAL SA 50,0% Dimitrios Hadjidakis 40,0% Markos Papadakis 5,0% Georgios Papadakis 5,0% Total 100,0%

In 2003 and the first four months of 2004 there was no change in the shareholding structure of the company.

Lambrakis Press SA does not have a direct holding in PHAISTOS NETWORKS SA.

The summary financial data of the fiscal years 2002 and 2003 are shown in the following table:

240 ASSOCIATED COMPANIES XXIII

PHAISTOS NETWORKS SA 2002 2003 INCOME STATEMENT thousand € thousand € Turnover 455,6 560,1 Gross earnings 123,5 173,0 % on turnover 27,1 % 30,9% Total operating earnings before depreciation 147,3 159,4 Total depreciation 23,8 64,8 Earnings before tax 121,6 109,9 % on turnover 0,3 0,2 Earnings after tax & Board of Directors remuneration 121,6 109,9 % on turnover 26,7% 19,6%

BALANCE SHEET ASSETS Non-depreciated establishment expenses 9,7 20,7 Non-depreciated intangible assets 0,0 0,0 Non-depreciated tangible assets 128,2 125,0 Participations - Other long-term receivables 0,5 1,2 Current assets 177,4 280,9 Transitory accounts 0,0 0,0 TOTAL ASSETS 315,8 427,8

LIABILITIES Share capital 60,0 120,0 Total equity 87,5 243,6 Provisions 1,9 1,9 Long-term liabilities 32,8 22,5 Short-term liabilities 193,6 159,8 Total long- and short-term liabilities 226,4 182,3 Transitory accounts 0,0 0,0 TOTAL LIABILITIES 315,8 427,8

241 INTEROPTICS SA

The company «INTEROPTICS Trading and Services of Printed and Electronic Information Systems Société Anonyme» (trade name "INTEROPTICS SA") was founded in 2001 after converting the limited liability company under the name "INTEROPTICS Limited Liability Company" and the trade name "INTEROPTICS LTD" (Government Gazette issue No. 3611/11.6.2001) and is registered in the Registry of Sociétés Anonymes of the Prefecture of Athens under No. 49130/01/µ/01/350. The company has a duration of 50 years (until 2051) and it is based in the Municipality of Athens (18, Panepistimiou Street, 10672 Athens)

The founders of the company were Theodoros H. Koziokos and Emmanuil E. Kollias.

OBJECT The objects of the company according to its Articles of Association are: a) creating, developing and publishing all kinds of printed and electronic information, the general trading and importation - exportation of them and b) general trading, importation and exportation of computers, peripherals, consumables and related material, the organization of educational seminars on systems and software and the trading, importation and exportation of electrical and electronic products of all kinds.

BUSINESS ACTIVITY The company is active in providing services in digital databases of specialized content.

MANAGEMENT The company is managed by the Board of directors consisting of 3 to 5 members. The current Board of Directors has the following members whose term in office expires on 30.6.2009:

NAME POSITION Panagiotis St. Psycharis President Emmanouil E. Kollias Vice President and General Manager Nikolaos I. Katsibrakis Member Dimitrios A. Albanis Member Anastasios A. Vassilas Member

SHAREHOLDERS - SHARE CAPITAL The share capital of the company amounts to 293.500 euros divided into 146.750 shares with a nominal value of 2 euros each. In 2003 and the first four months of 2004 there was no change in the share capital of the company. The company has the following shareholding structure:

SHAREHOLDER HOLDING (%) IN HEALTH SA 75,50% Emmanouil E. Kollias 24,50% Total 100,00%

242 ASSOCIATED COMPANIES XXIII

In 2003 the company’s shareholding structure changed as follows

Pursuant to the private contract dated 30.12.2003, IN HEALTH SA acquired the total number of the company’s shares owned by Th. Koziokos, resulting in the above shareholding structure.

Lambrakis Press SA does not have a direct holding in the company’s share capital.

The company’s summary financial date for the years 2002 and 2003 are shown in the following table:

INTEROPTICS SA 2002 2003 INCOME STATEMENT thousand € thousand € Turnover 3.354,5 2.211,9 Gross earnings 435,0 601,2 % on turnover 13,0 % 27,2% Total operating earnings before depreciation 21,7 101,5 Total depreciation 9,3 9,1 Earnings before tax 10,3 129,8 % on turnover 0,3 % 5,9 % Earnings after tax & Board of Directors remuneration -35,9 90,9 % on turnover -1,1 % 4,1 %

BALANCE SHEET ASSETS Non-depreciated establishment expenses 2,8 1,9 Non-depreciated intangible assets 0,0 0,0 Non-depreciated tangible assets 32,5 25,4 Participations - Other long-term receivables 4,1 4,1 Current assets 2.099,6 1.445,9 Transitory accounts 39,6 136,7 TOTAL ASSETS 2.178,6 1.614,0

LIABILITIES Share capital 293,5 293,5 Total equity 13,1 150,2 Provisions 21,1 21,0 Long-term liabilities 0,0 0,0 Short-term liabilities 2.144,4 1.433,0 Total long- and short-term liabilities 2.144,4 1.433,0 Transitory accounts 0,0 9,8 TOTAL LIABILITIES 2.178,6 1.614,0

243 E.3. OTHER PARTICIPATIONS OF THE IT AND NEW TECHNOLOGIES SECTOR

MICROLAND COMPUTERS SA

The company «MICROLAND COMPUTERS Incorporated Commercial and Industrial Company» was founded in 1992 and is registered in the Register of Sociétés Anonymes of the Ministry of Trade under No. 27671/06/µ/92/21. The company is based in the Municipality of Athens, (47, Evelpidon Street, 113 62 Athens)

BUSINESS ACTIVITY MICROLAND is a member of the group of companies of ALTEC SA and features a sales network of over 30 retail stores all over Greece, selling high technology products (computers, computer peripherals, software, cellular telephony services, etc) mainly addressed to home users and small and medium-size companies. The company is listed on the Parallel Market of the Athens Stock Exchange since 24.12.1999.

MANAGEMENT The company is managed by a 6-member Board of the Directors, having the following members (*):

NAME POSITION Athanasios Athanasoulis President - Executive Member Epaminondas Platis Vice President and Managing Director - Executive Member Athanasios Avraam Executive Member Athanasios Tsironas Independent Non Executive Member Constantinos Remelis Independent Non Executive Member

(*) According to Athens Stock Exchange data

SHAREHOLDERS - SHARE CAPITAL The company’s share capital amounts to 12,764,000 euros divided into 12.764.000 registered shares with a nominal value of 1 euro each.

In 2003 there was no change in the share capital of the company.

According to recent data reported to the Athens Stock Exchange, the company has the following shareholding structure:

SHAREHOLDER HOLDING (%) Athanasios Athanasoulis 25,50% ALTEC SA 24,26% LAMBRAKIS PRESS SA 7,91% EFG Eurobank Ergasias SA 5,63% Multimedia SA 0,86% Free float 35,84% Total 100,00%

244 ASSOCIATED COMPANIES XXIII

In 2003 and the first four months of 2004 Lambrakis Press SA did not change its holding in the company.

The summary financial data and the summary consolidated date for the years 2002 and 2003 are shown in the following tables:

INTEROPTICS SA 2002 2003 INCOME STATEMENT thousand € thousand € Turnover 29.361,8 25.964,4 Gross earnings 4.001,3 1.933,7 % on turnover 13,6% 7,4 % Total operating earnings before depreciation -28,5 -4.767,2 Total depreciation 5.166,4 4.968,9 Earnings before tax -5.557,9 -11.392,6 % on turnover -18,9% -43,9 % Earnings after tax & Board of Directors remuneration -5.557,9 -11.392,6 % on turnover -18,9% -43,9 %

BALANCE SHEET ASSETS Non-depreciated establishment expenses 11.958,2 7.956,7 Non-depreciated intangible assets 0,0 0,0 Non-depreciated tangible assets 4.892,4 3.944,5 Participations - Other long-term receivables 695,8 335,4 Current assets 26.859,8 15.861,6 Transitory accounts 0,0 0,0 TOTAL ASSETS 44.406,2 28.098,2

LIABILITIES Share capital 12.764,0 12.764,0 Total equity 13.494,6 2.287,1 Provisions 0,0 0,0 Long-term liabilities 0,0 0,0 Short-term liabilities 30.911,6 25.811,1 Total long- and short-term liabilities 30.911,6 25.811,1 Transitory accounts 0,0 0,0 TOTAL LIABILITIES 44.406,2 28.098,2

245 MICROLAND COMPUTERS SA (consolidated data) 2002 2003 INCOME STATEMENT thousand € thousand € Turnover 29.424,4 25.964,4 Gross earnings 3.981,8 1.933,7 % on turnover 13,5 % 7,4% Total operating earnings before depreciation -102,8 -4.766,9 Total depreciation 5.167,0 4.971,5 Earnings before tax -5.632,8 -11.395,2 % on turnover -19,1% -43,9% Earnings after tax & Board of Directors remuneration -5.632,8 -11.395,2 % on turnover -19,1 % -43,9%

BALANCE SHEET ASSETS Non-depreciated establishment expenses 12.010,9 8.008,1 Non-depreciated intangible assets 302,5 302,5 Non-depreciated tangible assets 5.000,7 4.049,9 Participations - Other long-term receivables 326,4 259,3 Current assets 26.429,6 17.785,4 Transitory accounts 0,0 0,0 TOTAL ASSETS 44.070,1 30.405,2

LIABILITIES Share capital 12.764,0 12.764,0 Total equity 13.283,4 2.136,4 Provisions 0,3 0,3 Long-term liabilities 0,0 0,0 Short-term liabilities 30.786,4 28.268,5 Total long- and short-term liabilities 30.786,4 28.268,5 Transitory accounts 0,0 0,0 TOTAL LIABILITIES 44.070,1 30.405,2

The company’s consolidated financial statements for 2002 include the companies MICROLAND COMPUTERS ROMANIA SRL, MICROLAND CYPRUS LTD and ILEKTRONIKI MICROLAND SA, while the respective statements of 2003 include only the companies MICROLAND COMPUTERS ROMANIA SRL and MICROLAND CYPRUS LTD.

246 ASSOCIATED COMPANIES XXIII

F. COMPANIES IN WHICH THE MAJOR SHAREHOLDERS OF LAMBRAKIS PRESS PARTICIPATE

D-E PUBLISHING LTD

The company «ADVERTISING-COMMERCIAL-PUBLISHING Limited Liability Company» (with the trade name «D-E PUBLISHING LTD») was founded in 1993 (Government Gazette issue No. 345/1993) with a duration of 100 years. Pursuant to the resolution o the Shareholders’ Extraordinary General Meeting of 10.5.2003, the company’s Articles of Association were amended and its head office relocated from the Municipality of Amaroussion (40, Agiou Contstantinou Street, 151 21 Marousi) in the Municipality of Athens (18, Panepistimiou Street). (Government Gazette issue No. 4584/2003). The founders of the company were Messrs. Georgios Kourtis and Massimo Pizzogaro.

OBJECT The objects of the company according to its Articles of Association are: a) selling, publishing, producing, importing, exporting, distributing and exploiting all types of printed media (not excluding newspapers and magazines) and products of knowledge, information, entertainment, advertisement and art, b) granting at no fee promotion, advertisement, and classified advertisement to charitable institutions, associations, organizations state agencies, international organizations, private persons and to general public in general according at the discretion of the company c) trading, publishing, producing, distributing, importing, exporting exploiting informational or electronic or telephony media, programs, equipment, machinery, peripheral systems of all kinds d) rendering services like financial or other consulting or researching for third parties or tutoring and lecturing and establishing and organizing free-admission educational workshops, student preparation laboratories and educational institutions in general.

MANAGEMENT The company is managed and represented by:

■ Damianos Z. Hadjikokkinos ■ Panagiotis A. Chrysikakis ■ Kyriakos K. Boutsikaris ■ Nikolaos G. Anastasopoulos

SHARHOLDERS - COMPANY CAPITAL Pursuant to the resolution of the Shareholders’ Extraordinary General Meeting of 10.5.2003, the company’s capital that amounted then to GRD 841.500.000 divided into 84.150 shares with a nominal value of GRD 10.000 each was redenominated in euros. For this purpose it was resolved to decrease the number of the company’s shares from 84.150 to 82.320 with the concurrent increase of the nominal value of each share from 29,34703 euros or GRD 10.000 to 30 euros respectively increasing the company capital by 47,54 euros and amending article 6 of the company’s Articles of Association (Government Gazette issue No. 4585/2003).

247 As a result today the company’s share capital amounts to 2.469.600 euros divided into 82.320 shares with a nominal value of 30 euros each. Except the above change, in 2003 and the first four months of 2004 there were no other changes in the company’s capital. The company has the following shareholding structure:

SHAREHOLDER HOLDING (%) Christos D. Lambrakis 100%

Lambrakis Press SA does not have a direct holding in the company’s share capital. The company’s summary financial data for the years 2002 and 2003 are shown in the following table:

D-E PUBLISHING LTD 2002 2003 INCOME STATEMENT thousand € thousand € Turnover 1.337,4 1.197,5 Gross earnings 435,0 654,3 % on turnover 32,5 % 54,6% Total operating earnings before depreciation 382,2 565,3 Total depreciation 49,9 42,6 Earnings before tax 322,1 467,3 % on turnover 24,1 % 39,0% Earnings after tax & Board of Directors remuneration 322,1 467,3 % on turnover 24,1 % 39,0%

BALANCE SHEET ASSETS Non-depreciated establishment expenses 28,8 14,4 Non-depreciated intangible assets 0,0 0,0 Non-depreciated tangible assets 75,5 48,8 Participations - Other long-term receivables 10,9 10,9 Current assets 1.692,2 1.161,8 Transitory accounts 0,0 2,9 TOTAL ASSETS 1.807,4 1.238,8

LIABILITIES Share capital 2.469,6 2.469,6 Total equity -2.276,2 -1.808,9 Provisions 0,0 0,0 Long-term liabilities 0,0 0,0 Short-term liabilities 4.075,0 3.045,3 Total long- and short-term liabilities 4.075,0 3.045,3 Transitory accounts 8,6 2,4 TOTAL LIABILITIES 1.807,4 1.238,8

248 ASSOCIATED COMPANIES XXIII

G. COMPANIES HAVING COMMON MANAG∂MENT WITH LAMBRAKIS PRESS SA

ATHENS NEWS SA

The company «ATHENS NEWS Newspaper and Magazine Publishing, Managing and Selling Société Anonyme» (trade name "ATHENS NEWS SA") was established in 1993 (Government Gazette issue No. 2123/31.5.1993) and is registered in the Register of Sociétés Anonymes of the Prefecture of Athens under No. 29083/01/µ/93/299. According to its Articles of Association the company has a duration of 50 years (until 2043) and is based in the Municipality of Athens (18, Panepistimiou Street, 10672 Athens).

The founders of the company were Lambrakis Press SA by 99% and Mr. Christos D. Lambrakis by 1%.

OBJECT The objects of the company according to its Articles of Association are: a) publishing all kinds of newspapers, magazines and printed material, either published by the company or imported from aboard, b) organizing, promoting, managing, supporting technically and administratively and exploiting commercially all kinds of newspapers, magazines and printed material in Greece and abroad and c) purchasing and/or trading equipment used in relation to the organization, promotion, management, technical and administrative support and commercial exploitation of all kinds of newspapers, magazines and printed material in Greece and abroad.

MANAGEMENT The company is managed by the Board of Directors consisting of 6 members. The current Board of Directors has the following members, whose term in office expires on 30.6.2005:

NAME POSITION Christos D. Lambrakis President Leon V. Karapanagiotis Vice President Stavros P. Psycharis Member Damianos Z. Hadjikokkinos Member Tryfon I. Koutalidis Member Panagiotis A. Chrysikakis Member

SHAREHOLDERS - SHARE CAPITAL The share capital of the company amounts to 997.900 euros divided into 34.000 shares with a nominal value of 29,35 euros each. In 2003 and the first four months of 2004 there was no change in the company’s share capital.

249 The company has the following shareholding structure:

SHAREHOLDER HOLDING (%) LAMBRAKIS RESEARCH FOUNDATION 100%

Lambrakis Press SA does not have a direct holding in the company’s share capital.

The company’s summary financial data for the years 2002 and 2003 are shown in the following table:

ATHENS NEWS SA 2002 2003 INCOME STATEMENT thousand € thousand € Turnover 937,5 1.077,7 Gross earnings -499,6 83,6 % on turnover -53,3% 7,8% Total operating earnings before depreciation -664,3 -428,0 Total depreciation 47,8 43,5 Earnings before tax -717,7 -472,2 % on turnover -76,6% -43,8% Earnings after tax & Board of Directors remuneration -850,9 -472,2 % on turnover -90,8% -43,8%

BALANCE SHEET ASSETS Non-depreciated establishment expenses 4,1 1,9 Non-depreciated intangible assets 82,2 82,2 Non-depreciated tangible assets 72,0 34,4 Participations - Other long-term receivables 16,7 18,3 Current assets 371,9 424,6 Transitory accounts 10,3 17,9 TOTAL ASSETS 557,2 579,3

LIABILITIES Share capital 997,9 997,9 Total equity -3.083,5 -3.555,6 Provisions 0,0 0,0 Long-term liabilities 0,0 0,0 Short-term liabilities 3.588,4 4.084,4 Total long- and short-term liabilities 3.588,4 4.084,4 Transitory accounts 52,3 50,5 TOTAL LIABILITIES 557,2 579,3

250

INTER COMPANY TRANSACTIONS WITHIN THE GROUP

The inter company transactions (purchases and sales) during the fiscal year 2003 and the inter company balances of these transactions (receivables - liabilities) on

PURCHASING HEARST COMPANY LAMBRAKIS ACTION ACTION PLAN EUROSTAR EXPO PLAN LAMBRAKIS MICHALAKO- MC HELLAS MULTIMEDIA SELLING PRESS SA PLAN SA HR SA SA SA PUBLISHING POULOU SA SA SA COMPANY LTD

LAMBRAKIS 930.150,34 16.904,88 376.400,93 374,40 399.348,47 0,00 439.326,32 489.673,50 PRESS SA

ACTION PLAN 164.053,74 0,00 0,00 0,00 0,00 4.543,82 0,00 SA

ACTION PLAN 0,00 0,00 0,00 0,00 0,00 0,00 0,00 HR SA

EUROSTAR 517.398,46 10.845,42 0,00 4.446,25 0,00 44.739,15 2.249,63 SA

EXPO PLAN 8.550,00 0,00 0,00 0,00 0,00 0,00 0,00 SA HEARST 3.927,67 0,00 0,00 1.575,00 0,00 0,00 0,00 LAMBRAKIS LTD 0,00 CHAPTER XXIV

MICHALAKO- 173.225,81 0,00 0,00 0,00 0,00 0,00 0,00 0,00 POULOU SA

MC H∂LLAS SA 45.481,40 0,00 0,00 0,00 0,00 6.898,10 0,00 0,00

MULTIMEDIA SA 3.044.405,74 44.871,71 0,00 37.474,89 4.460,68 195.750,52 0,00 303.905,19

NET ON LINE 5.349,10 0,00 0,00 211,86 0,00 0,00 0,00 0,00 81.960,00 SA

RAMNET SA 21.686,94 11.554,78 0,00 3.012,44 0,00 0,00 0,00 1.209,10 0,00

RAMNET SHOP SA 4.173,73 13,56 0,00 0,00 0,00 0,00 0,00 0,00 0,00

TRIAENA 308,60 0,00 81,00 TRAVEL SA 0,00 0,00 0,00 0,00

STUDIO ATA SA. 0,00 0,00 0,00 0,00 0,00 17.537,16 0,00 28.534,76 0,00

DOL DIGITAL 0,00 0,00 0,00 0,00 0,00 0,00 0,00 SA 0,00 0,00

SPECIAL PUBLICATIONS 22.692,65 0,00 0,00 1.120,00 0,00 13.668,00 0,00 2.720,00 10,00 SA

IRIS 34.802.493,82 107.113,98 0,00 62.370,00 0,00 1.580.067,16 0,00 1.430.503,00 139.251,85 PRINTING SA

ELLINIKA 3.370.180,38 57,81 0,00 0,00 0,00 0,00 0,00 0,00 0,00 GRAMMATA SA

¡∂∞ ∞∫∆π¡∞ 0,00 18,20 0,00 0,00 0,00 0,00 0,00 0,00 0,00 SA.

TOTAL 42.201.928,04 1.104.625,80 482.165,12 4.835,08 2.217.715,66 0,00 2.255.562,34 713.144,98 PURCHASES 16.904,88

252 INTER COMPANY TRANSACTIONS XXIV

31.12.2003, effected between Lambrakis Press SA and its associated companies are shown in the following tables (in euros):

SPECIAL IRIS NET ON RAMNET SA RAMNET TRIAENA STUDIO DOL PUBLICATI- PRINTING ELLINIKA ¡∂∞ ∞∫∆π¡∞ TOTAL LINE SA SHOP SA TRAVEL SA. ∞∆∞ SA DIGITAL SA ONS SA SA. GRAMMATA SA SA SALES

15.889,12 68.677,82 85.210,25 411,20 230.823,52 1.202.420,00 850.276,44 525,10 5.989.031,09 50.198,80 832.420,00

1.518,22 1.150,00 0,00 0,00 0,00 0,00 1.775,00 300,00 173.340,78 0,00 0,00

0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00

0,00 159,91 0,00 0,00 140.498,44 38.536,68 0,00 770.398,31 4.642,19 6.882,18

0,00 0,00 0,00 0,00 0,00 0,00 0,00 8.550,00 0,00 0,00

0,00 0,00 75,00 0.00 0,00 0,00 1.440,00 0,00 13.017,67 0,00 6.000,00

0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 173.225,81 0,00 0,00

0,00 0,00 0,00 0,00 0,00 0,00 0,00 70,50 52.450,00 0,00 0,00

4,10 16.599,39 44,04 3.220,00 2.873,64 557.678,66 443.442,51 56.734,43 5.153.689,44 1.448,00 440.775,94

0,00 0,00 0,00 0,00 87.723,94 202,98 0,00

0,00 0,00 8.000,00 63.132,00 111.174,56 0,00 2.579,30

0,00 1.300,00 0,00 0,00 5.487,29 0,00 0,00

0,00 0,00 0,00 0,00 0,00 0,00 0,00 389,60 0,00 0,00

0,00 0,00 0,00 0,00 0,00 400.589,35 0,00 0,00 490.853,45 44.192,18

0,00 0,00 0,00 0,00 0,00 0,00 0,00

0,00 0,00 697,74 0,00 0,00 3.142,95 2.040,00 0,00 46.091,34 0,00

0,00 0,00 0,00 562,50 0,00 2.669.778,28 849.806,86 42.893.634,37 0,00 1.233.686,92

0,00 0,00 6.947,23 0,00 0,00 0,00 0,00 3.377.203,45 0,00 18,03

0,00 0,00 0,00 0,00 0,00 0,00 9.114,00 9.132,20 0,00 0,00

17.411,44 86.587,12 92.974,26 4.193,70 233.697,16 2.305.629,40 4.024.402,91 970.568,89 59.355.393,30 56.491,97 2.566.554,55

253 LIABILITIES LAMBRAKIS ACTION EUROSTAR EXPO PLAN HEARST MICHALAKO- MC HELLAS MULTIMEDIA NET ON PRESS SA PLAN SA SA SA LAMBRAKIS POULOU SA SA SA LINE SA RECEIVABLES PUBLISHING LTD

LAMBRAKIS 737.371,66 508.824,45 0,00 75.901,67 0,00 243.105,83 164.897,56 158.104,25 PRESS SA

ACTION PLAN 193.583,46 0,00 0,00 0,00 0,00 5.361,71 0,00 40.119,80 SA

EUROSTAR 466.191,77 328,00 0,00 0,00 0,00 1.494,68 1.173,00 367,11 SA

EXPO PLAN 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 SA

HEARST 782,15 0,00 781,38 0,00 0,00 0,00 0,00 0,00 LAMBRAKIS PUBLISHING LTD

0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 MICHALAKO- POULOU SA

24.300,62 0,00 0,00 0,00 2.719,08 0,00 0,00 0,00 MC HELLAS SA

436.168,43 MULTIMEDIA 28.892,92 42.384,46 831,10 58.855,06 0,00 100.941,64 4,84 SA

2.650,92 NET ON 0,00 250,00 0,00 0,00 0,00 0,00 32.237,60 LINE SA

10.228,49 0,00 2.423,83 RAMNET SA 13.634,64 3.572,38 0,00 0,00 0,00 0,00

3.011,51 RAMNET 16,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 SHOP SA

308,60 TRIAENA 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 TRAVEL SA

400.898,51 STUDIO 0,00 0,00 0,00 17.537,16 0,00 28.534,76 0,00 0,00 ATA SA

0,00 DOL 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 DIGITAL SA

902,45 SPECIAL 0,00 189,34 0,00 16.128,24 0,00 3.209,60 11,80 0,00 PUBLICATIONS SA.

1.395.745,12 IRIS PRINTING 64.503,42 24.081,50 0,00 476.168,44 0,00 495.043,30 594.164,18 0,00 SA

1.327.062,67 ELLINIKA 0,00 0,00 0,00 0,00 0,00 165,08 -264,61 0,00 GRAMMATA SA

0,00 ¡∂∞ ∞∫∆π¡∞ 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 SA

0,00 ACTION PLAN 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 HR SA

4.261.834,70 844.746,64 0,00 880.280,43 TOTAL 580.083,51 831,10 647.309,65 792.219,53 198.596,00 LIABILITIES

254 INTER COMPANY TRANSACTIONS XXIV

RAMNET SA RAMNET TRIAENA STUDIO DOL SPECIAL IRIS ELLINIKA ¡∂∞ ∞∫∆π¡∞ ACTION TOTAL SHOP SA TRAVEL SA ATA SA DIGITAL SA PUBLICATIONS SA PRINTING SA GRAMMATA SA SA PLAN HR SA RECEIVABLES

2.323.333,68 334.637,81 3.066,30 102.621,15 1.226.350,34 406.713,25 420.449,85 705.024,29 54.439,25 20.801,62 7.485.642,96

0,00 0,00 0,00 0,00 0,00 0,00 0,00 2.094,50 0,00 0,00 241.159,47

19.849,06 0,00 0,00 153,00 0,00 5.669,97 5.015,400,00 10.185,10 0,00 0,00 510.427,09

0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00

0,00 88,50 0,00 0,00 0,00 7.163,19 0,00 1.699,20 0,00 0,00 10.514,42

0,00 0,00 0,00 0.00 0,00 0,00 0,00 0,00 0,00 0,00 0,00

0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 27.019,70

14.915,08 13,17 3.799,60 1.043,12 0,00 178.776,99 434.739,03 858.355,50 62.720,95 0,00 2.222.441,89

0,00 0,00 0,00 293,50 0,00 0,00 0,00 0,00 0,00 0,00 35.378,02

0,00 0,00 0,00 0,00 5.456,90 0,00 10.228,59 74.495,76 0,00 120.040,59

0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 3.027,51

0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 308,60

0,00 0,00 0,00 0,00 44.192,18 0,00 0,00 0,00 0,00 491.162,61

0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00

0,00 73,16 0,00 0,00 0,00 0,00 2.407,20 0,00 0,00 22.921,79

0,00 0,00 0,00 0,00 0,00 555.263,97 2.999.231,66 227.113,29 0,00 6.831.314,88

0,00 4.326,39 0,00 0,00 0,00 18,75 0,00 0,00 0,00 1.331.308,28

0,00 0,00 0,00 0,00 0,00 0,00 0,00 1.180,00 0,00 1.180,00

0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00

2.358.097,82 339.139,03 6.865,90 104.056,77 1.226.350,34 1.203.255,20 860.204,28 4.590.406,04 418.769,25 20.801,62 19.333.847,81

255

APPENDIX

APPENDIX

■ SUMMONS TO THE SHAREHOLDERS’ ORDINARY ANNUAL GENERAL MEETING OF JUNE 1, 2004

■ LAMBRAKIS PRESS FINANCIAL STATEMENTS OF THE FISCAL YEAR 2003 ■ CONSOLIDATED FINANCIAL STATEMENTS OF THE FISCAL YEAR 2003 ■ LAMBRAKIS PRESS FINANCIAL STATEMENTS OF THE FISCAL YEAR 2002 ■ CONSOLIDATED FINANCIAL STATEMENTS OF THE FISCAL YEAR 2002

257 LAMBRAKIS PRESS S.A. REG. NO. 1410/06/µ/86/40

SUMMONS TO THE SHAREHOLDERS’ ORDINARY ANNUAL GENERAL MEETING (1/6/2004)

Pursuant to the Board of Directors resolution dated May 5, 2004 and in accordance with the Law and the Company’s Articles of Association, the Company’s shareholders are summoned to attend the annual Ordinary General Meeting that will be held in Athens (Athinais Multispace, 34-36 Kastorias street, Votanikos, Ghazi) on Tuesday, June 1, 2004 at 16:30 with the following agenda:

AGENDA:

1. Submission and approval of the Company’s Financial Statements (Balance Sheet, Income Statement, Appropriation Table and Annex to the Accounts) and the Reports on these Statements by the Board of Directors and the Auditor for the fiscal year 1.1.2003 - 31.12. 2003. 2. Submission of the Company’s Consolidated Financial Statements for the fiscal year 1.1.2003 - 31. 12.2003 and the Reports on these Statements by the Board of Directors and the Auditor. 3. Acquittal of the Members of the Board of Directors and the Auditor of any indemnity liability for the fiscal year 1.1.2003 - 31.12 .2003. 4. Election of one regular and one substitute Auditor for the year 2004 and determination of their fee. 5. Approval of service-rendering contracts signed with Members of the Board of Directors, regular fees and other remuneration and benefits payable to Members of the Board of Directors and Managers working with the Company for the expired fiscal year 2003, determination of their remuneration for the period 2004 - 2005 and granting approval to the Members of the Board of Directors and Managers of the Company to render their services to affiliated companies. 6. Briefing on and approval of the progress of the Company’s investment program and the related amendments. 7. Amendment of the Companyãs Articles of Association Nos. 6 par. 5 (exercise of pre- emptive rights), 25 par. a (means of blocking shares in order to participate in General Meetings), 28 par. c. (qualified quorum and majority of General Meetings), 31 par. 5 (exclusive authority of General Meetings) and 35 par. 7 (publicity of Financial Statements) and consolidation in a single uniform text. 8. Various announcements.

Shareholders wishing to participate in the General Meeting must block (pledge) their shares as follows:

■ If they have already dematerialized their shares and such shares are not registered in the Company’s Special Account held with the Central Securities Depository, shareholders must block the total or a partial number of the company’s shares in their possession -through their

258 APPENDIX

dematerialized account operator- and acquire from the latter the corresponding Share Blocking Receipt that must be submitted to the Company (18, Panepistimiou Street, 3rd floor) at least five (5) calendar days before the date of the General Meeting.

■ If they have already dematerialized their shares and such shares remain registered in the Company’s Special Account held with the Central Securities Depository, shareholders must block the total or a partial number of the company’s shares in their possession by filing a blocking request to the Central Securities Depository and acquire from the latter the corresponding Share Blocking Receipt that must be submitted to the Company (18, Panepistimiou Street, 3rd floor) at least five (5) calendar days before the date of the General Meeting.

■ If they have not dematerialized their shares, shareholders must deposit the Share Certificates with the Company’s Cashiers Office (18,Panepistimiou Street, 1st floor), or with the Deposits and Loans Fund, or with any bank or recognized securities company established in Greece, at least five (5) calendar days before the date of the General Meeting and submit within the same deadline the corresponding Receipt of Deposit of the Share Certificate along with any proxy documents to the Company (18, Panepistimiou Street, 3rd floor).

Athens, May 3, 2004 THE BOARD OF DIRECTORS

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289 Design and Prepress Production: MULTIMEDIA SA

Printed by: IRIS PRINTING SA