LAMBRAKIS PRESS SA – ANNUAL REPORT 2002

LAMBRAKIS PRESS S.A.

ANNUAL REPORT 2002

According to the regulations of article 16 of

Resolution 5/204/14.11.2000 of the Capital Markets Commission

Athens, May 2003

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TABLE OF CONTENTS

A. SUMMARY FINANCIAL STATEMENTS OF THE COMPANY…………………………………..………..…..4 B. ADJUSTMENT OF THE COMPANY’S EARNINGS AND EQUITY CAPITAL……………..………….………5 C. FINANCIAL INDICATORS OF THE COMPANY…………………………………..….………………………….9 D. SUMMARY CONSOLIDATED FINANCIAL STATEMENT FOR THE GROUP……………….……………..11 E. ADJUSTED CONSOLIDATED EARNINGS AND EQUITY CAPITAL OF THE GROUP……………………14

I. INFORMATION ON THE ANNUAL REPORT AND THE COMPANY’S AUDITORS...... 16

II. SHARE CAPITAL INCREASE AND ALLOCATION OF RAISED FUNDS...... 25

III. SHAREHOLDERS’ RIGHTS ...... 29

IV. TAXATION OF DIVIDENDS...... 30

V. INFORMATION ON THE COMPANY ...... 31

VI. BUSINESS ACTIVITY...... 37

VII. PRODUCTION WORK FLOW ...... 63

VIII. FIXED ASSETS – GUARANTEES AND COLLATERALS...... 67

IX. CORPORATE ACTONS ON SHARE CAPITAL ...... 74

X. EQUITY CAPITAL – BOOK VALUE OF SHARE ...... 77

XI. CONSOLIDATED EQUITY CAPITAL – CONSOLIDATED BOOK VALUE OF SHARE...... 78

XII. SHAREHOLDERS – SHAREHOLDING STRUCTURE ...... 79

XIII. MARKET VALUE OF THE SHARES ...... 80

XIV. BOARD OF DIRECTORS ...... 81

XV. MANAGEMENT OF THE COMPANY...... 87

XVI. PRESONNEL ...... 90

XVII. THE COMPANY’S INVESTMENTS FOR THE PERIOD 1998-2002...... 91

XVIII. REVIEW OF ACTIVITIES AND EARNINGS...... 92

XIX. REVIEW OF BALANCE SHEET ...... 97

XX. SOURCES AND USES OF CAPITAL...... 109

XXI. CASH FLOW STATEMENTS...... 110

XXII. CONSOLIDATED FINANCIAL STATEMENTS...... 112

XXIII. CONSOLIDATED CASH FLOW ...... 116

XXIV. DIRECT AND INDIRECT PARTICIPATIONS OF LAMBRAKIS PRESS SA OVER 5%...... 118

XXV. COMPANIES ASSOCIATED WITH LAMBRAKIS PRESS SA ...... 119

XXVI. INTERCOMPANY TRANSACTIONS...... 201

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Α. SUMMARY FINANCIAL STATEMENTS OF THE COMPANY

2001 2002 A.1.Summary Financial Statement Thousand Thousand euros euros Turnover 104,534.87 113,967.10 Less : Cost of Goods Sold before depreciation (1) 105,810.03 101,631.78 Gross earnings before depreciation -1,275.15 12,335.32 (% of turnover) -1.22% 10.82% Plus: Other operating revenues 1,823.71 1,869.66 Total before depreciation 548.55 14,204.97 (% of turnover) 0.52% 12.46% Less: General Admin. & Selling Expenses before Depreciation (1) 8,934.41 10,126.07 Operating Result before depreciation -8,385.86 4,078.91 (% of turnover) -8.02% 3.58% Plus : Net income (expenses), profit (loss) from participations, securities, -1,824.76 646.65 forecasts for decline of participations & securities Plus : Extraordinary and non-Operating Income -2,213.89 1,325.51 Profit or Loss before Interest payments, Depreciations and Taxes -12,424.52 6,051.07 Less : Interest (Credit – Debit) 666.00 798.40 Profit or Loss before Depreciation and Taxes -13,090.52 5,252.67 (% of turnover) -12.52% 4.61% Profit or Loss before Fiscal year Taxes -17,200.80 2,008.34 (% of turnover) -16.45% 1.76% Profit or Loss after Fiscal year Taxes -17,259.48 1,925.44 (% of turnover) -16.51% 1.69% Profit or Loss after current year’s taxes, Board of Directors fees and tax -17,259.48 1,925.44 imposed by Tax Audit of previous years (2) (3) (% of turnover) -16.51% 1.69% Total Dividend 0.00 0.00 Number of shares by end of fiscal year 75,300,000 75,300,000 2001 2002 Profit or Loss per share (4) Euro Euro

Results before Depreciation and Fiscal year Taxes -0.17 0.07

Results before Fiscal year Taxes -0.23 0.03 Results after current year’s taxes, Board of Directors Fees and tax -0.23 0.03 imposed by Tax Audit of previous fiscal years (2) (3) Dividend per share 0.00 0.00

(1) For the calculation of Gross Results (Profit or Loss) before Depreciations and of Operating Results before Depreciations the following had been subtracted: the Consolidated Depreciations from the Cost of Goods Sold, the Administration Expenses and Selling Expenses as follows:

2001 2002 Allocation of Depreciations Thousand Thousand euros euros Cost of Goods Sold 2,349.58 2,215.36 Administration Expenses 789.94 935.36 Selling Expenses 90.50 93.62 α) Incorporated to the Operating Cost 3,230.03 3,244.33 β) Not incorporated to the Operating Cost 880.26 0.00 Grand Total 4,110.28 3,244.33

(2) No distribution of profits to Board of Directors for fiscal years 2001 and 2002.

(3) The Company was subject 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 year 1999 inclusive. The earnings from the ordinary tax audits until 1998 burdened the years up to 1999. No tax discrepancies were noted during the audit for year 1999, given that book discrepancies imputed reduced tax losses for fiscal year 1999. Consequently, the operating earnings for fiscal years 2001 and 2002 will not be burdened with allocation of taxes from tax audits. In relation to

Page 3/203 LAMBRAKIS PRESS SA – ANNUAL REPORT 2002 this, the Chartered Accountant noted the following on the Report for fiscal year 2002: “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 2002 remain inconclusive. However, owing to losses in previous fiscal years earnings, no tax on income, etc., is anticipated”. More information is provided in Chapter “INFORMATION ON THE ANNUAL REPORT AND THE COMPANY AUDITORS’ ”

(4) No exigencies for weighting of the shares during the fiscal years of 2001 and 2002. The earnings per share have been calculated on the basis of the number of shares existing at the end of the fiscal year.

2001 2002 A. 2. Summary Balance Sheet of Lambrakis Press S.A. (1) Thousand Thousand euros euros Assets Non-depreciated Establishment Expenses 2,534.58 1,916.39 Non-depreciated Intangible Assets 123.56 80.81 Non-depreciated Tangible Assets 17,602.82 15,961.91 Participations in Subsidiaries 104,974.80 107,177.41 Other Long-term Receivables 361.17 360.66 Total Fixed Assets 123,062.36 123,580.79 Total Current Assets 94,949.01 87,359.75 Debit Items in Transit 215.80 598.78 Total Assets 220,761.74 213,455.70 Liabilities Total Shareholders’ Equity 181,248.36 172,993.52 Provisions 770.17 10.82 Total Short-term Liabilities 35,545.30 38,367.98 Total Liabilities 35,545.30 38,367.98 Transit Credit Balances 3,197.91 2,083.38 Total Liabilities 220,761.74 213,455.70 Book Value of Share (2) 2.41 2.30

(1) For fiscal year 2002 “Own Shares”, acquired at Є31,123 thousand, were transferred from Assets Account “Securities- Treasury Stock (own shares)” to a similar account in Liabilities reducing the “Equity Capital”. To make Balance Sheet figures (for fiscal years 2002 and 2001) comparable, the amount of 31,123 thousand euros of the previous fiscal year was transferred from Assets Account “Securities” to the debit of Liability Account “Equity Capital”. Furthermore, the amount of Є24,634 thousand was carried from the Liability Account “Losses from sale or devaluation of participations and securities” to the above-mentioned account in compliance with proper and legal Book keeping practices.

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

Β. ADJUSTMENT OF THE COMPANY’S EARNINGS AND EQUITY CAPITAL

For fiscal years 2001 and 2002 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 S.A.:

Fiscal year 2001

1. On the basis of the expert opinion # 205/1988 following a plenary session of the Company’s Administrative Counsels, and as per art. 31, par. 1 ιε, Law 2238/1994, there is no provision for personnel compensation of the Company in line for pension. Had the Company made such a provision, as per art. 42ε, par. 14, Law 2190/1920, the provision would have amounted to approximately GRD 2,365 mil (or Є 6,940.57 thousand) with respect to previous fiscal years.

2. ”Participations in subsidiaries” refers to: a) the Company’s participation in the share capital of an ASE listed company. This participation was acquired at GRD 5,254 mil following valuation in compliance with art. 43, par. 6, Law 2190/1920 (lower price between cost value and market value) b) the Company’s participation in the share capital of companies not listed in the ASE. These participations were acquired at GRD 30,516 mil. The shares of nineteen (19) of these companies were acquired at GRD 30,221 mil. The companies are audited by qualified controllers who valuated their shares at cost value, as per art 28 of CBR (PD 186/92). If such participations had been valuated on the basis of the intrinsic book value of their shares, these would amount less by GRD 530 mil approx., while as per art. 43, par. 6 of Law 2190/1920 (lower price between cost value and intrinsic book value per participation with respect to the companies’ last published accounts), participations would have been less than GRD 8,957 mil, which would have an incidence of GRD 2,595 mil (Є 7,615.55 thousand) on the earnings of this fiscal year and an incidence of GRD 6,351 mil (Є 18,638.30 thousand) approx. on the previous fiscal years.

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3. Differences (losses) of GRD 18,597 mil (or Є 54,576.67 thousand) that resulted from the valuation of the companies with shares listed in the ASE (third party shares and own shares) were used to reduce the Company’s equity capital as per art. 2 Law 2992/2002. The same was done in the previous fiscal year.

4. Following participations value decline allowances, the value of treasury stock, GRD 2,211 mil. (or Є 6,488.62 thousand) appears in the “Securities” Account, instead of reducing the Equity Capital.

In fiscal year 2002 ”Treasury Stock”, acquired at Є 31,123 thousand, were transferred from Asset Accounts “Securities – Treasury Stock” to Liability Account “Equity Capital” in reduction of the same. To make Balance Sheet entries comparable (for fiscal years 2002 and 2001), the figures of pervious fiscal year (2001) were adjusted.

5. To cover probable losses from liquidation of doubtful-disputed, belated receivables amounting to GRD 800 mil (or Є2,347.76 thousand) approx., the Company has made the relevant provision of GRD 175 mil (or Є513.57 thousand) approx., as per article 31, par. 1.9, Law 2238/1994.

Fiscal year 2002

1. On the basis of the expert opinion # 205/1988 following a plenary sessions of the Company’s Counsels and as per art 31 par. 1 ιε, Law 2238/1994, there is no provision for compensation of the Company personnel in line for pension. Had the Company made such a provision, as per art 42ε par. 14, Law Ν.2190/1920, this would have amounted to Є7,327 thousand approx. In which case the portion of Є386 thousand would have had an incidence on the Results of Operations and the balance (Є 6.941 thousand) would have had and incidence on the previous fiscal years.

1. "Participations in subsidiaries" refers to: a) the Company’s participation in the share capital of an ASE listed company. This participation was valuated at a market value, Є17,716 thousand, as per art. 2, Law 2992/2002. b) the Company’s participation in the share capital of other companies not listed in the ASE. These participations were acquired at Є89,608 thousand. The shares of fifteen (15) of these companies were acquired at Є88.763 thousand approximately. The companies are audited by qualified auditors, and shares were assessed as per art 28 of CBR (PD 186/92) and acquired at cost value. If such participations had been valuated on the basis of the intrinsic book value of shares, these participation would have been less by Є 15,115 thousand approximately, while as per art. 43 par. 6, Law 2190/20, (lower price between cost value and intrinsic book value per share on the basis of the last published accounts of those companies) said participations would have been less by Є 34,926 thousand, which would have had an incidence of Є 8,640 thousand on the earnings of this fiscal year and Є26,286 thousand on the previous fiscal years.

3. On the Current Assets Account (DIII 1. “Shares”) are included the shares of two (2) companies not listed in the ASE. The cost value of the shares was Є816 thousand. These were valuated at cost value on the basis of art. 28 of CBR (PD 186/92). Had this participation been valuated on the basis of the intrinsic book value of shares, this participation would have been lower by Є99 thousand approx., while as per art. 43 par. 6, Law2190/1920, (lower price between cost value and intrinsic book value per share) on the basis of the last published accounts of those companies, participation would have been lower by Є262 thousand approx., which would have had an incidence on the earnings of the previous fiscal years.

4. To cover possible loss from liquidation of doubtful, disputed and belated receivables totaling Є5,877 thousand, the Company has made the provision of Є759 thousand as per art. 31 par. 1θ Law 2238/1994. The Company has not made a provision for the balance of Є5,118 thousand: Є383 thousand to burden the earnings of this fiscal year operations, and Є4,735 thousand of the previous operations,.

5. In “Receivables & Cash” Account there is an entry in the amount of Є5,430 thousand, representing a receivable from a company which is under liquidation. In this case no provision has been made to burden the earnings.

6. On the Current Assets Account (DIII 1. “Shares”) are included the shares of companies listed in the ASE. These shares were acquired at Є26,063 thousand approximately (market value), as per art 43, par. 6, Law 2190/1920. The difference (loss) that resulted from said valuation, totaling Є12,508 thousand (following setoff with profits from valuation of participation in a company with shares listed in the ASE valued at Є2,297 thousand), were transferred directly to the equity capital (Law 2992/2002) and thus did not burden the earnings of this fiscal year by Є10,211 thousand.

7. The Company has been audited by the Tax Authorities up to fiscal year 1999. This implies that the Company’s tax obligations for fiscal years 2000 to 2002 have not been determined conclusively.

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2001 2002 Β.1. Table of Adjusted Results for Lambrakis Press S.A. on the basis of the Remarks of the Chartered Accountant Thousand Thousand euros euros

Results before Taxes -17.200.80 2,008.34

Chartered Accountant’s Remarks

Provision for personnel compensations as per art. 42ε, par 14, Law 0.00 386.00 2190/1920

Difference from Valuation of Participations as per art 43, par. 6, Law 7,615.55 8,640.00 2190/1920

Difference from Valuation of ASE listed securities as per art 43, par. 6, 29,941.68 10,211.00 Law 2190/1920

Doubtful, Disputed and Belated Receivables 1,027.15 383.00

Provision for receivables from a company under liquidation 0.00 5,430.00

Total Adjustments 38,584.38 25,050.00

Adjusted Results before Taxes -55,785.18 -23,041.66

Other Taxes of current fiscal year 58.68 82.85

Adjusted Results After Current Year’s Taxes -55,843.86 -23,124.51

Board of Directors’ fees 0.00 0.00

Adjusted Results after current Year’s Taxes and Board of Directors fees -55,843.86 -23,124.51

Tax Audit adjustments to corresponding fiscal years 0.00 0.00

Adjusted Results After Current Year’s Taxes, Board of Directors fees and Tax -55,843.86 -23,124.51 imposed by Tax Auditor

Number of Shares by end of fiscal year 75,300,000 75,300,000

2001 2002 Adjusted Results per Share (1) Є Є

Adjusted Results before Taxes -0.74 -0.31

Adjusted Results after Current Year’s Taxes -0.74 -0.31

Adjusted Results Current Year’s Taxes, Board of Directors fees and Tax -0.74 -0.31 imposed by Tax Auditor

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

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2001 2002 Table of Adjusted Equity Capital for Lambrakis Press S.A. in Remarks relating to Thousand euros previous years Fiscal year Fiscal year Adjustments Adjustments

Equity Capital on the basis of the Balance Sheet 181.248,36 172.993,52 Less: Personnel compensation provisions as per art. 42ε, par. 14, Law 6,941.00 0.00 386.00 2190/1920 Difference from Valuation of Participations as per art. 43, par. 6, Law 18,670.45 7,615.55 8,640.00 2190/1920 Difference from Valuation of Non-listed Securities as per art. 43, par. 6, 262.00 0.00 0.00 Law 2190/1920 Bad, Litigious and Stale Receivables 3,707.85 1,027.15 383.00 Provision for receivables from a company under liquidation 0.00 0.00 5,430.00 Total Adjustments 8,642.70 14,839.00 Adjusted Equity Capital with Current Year’s Remarks 172,605.66 158,154.52 Number of Shares 75,300,000 75,300,000 Adjusted Book Value of Share (in Є) 2.29 2.10

(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. More information is provided in the Notes of the Company and the Certificate of Audit by the Chartered Accountant (Mr. Charalambos Petropoulos). Specifically, this information is found in the published Financial Statements (Income Statement and Balance Sheet) for Lambrakis Press SA (fiscal years 2001 and 2002, Chapter: “INFORMATION ON THE ANNUAL REPORT AND THE COMPANY’S AUDITORS”).

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C. FINANCIAL INDICATORS OF THE COMPANY

The following table provides the development of the Company’s basic financial indices for fiscal years 2001 and 2002.

FINANCIAL RATIOS PER FISCAL YEAR 2001 2002

GROWTH RATE (%) Turnover -3.03% 9.02% Fiscal year’s results before taxes -172.05% 111.68% Fiscal year’s results after taxes and Board of Directors fees -172.48% 111.16% Tangible assets (in acquisition value) 55.04% -1.34% Total Employed Capital -25.31% -3.31% PROFITABILITY RATIOS (%) Gross results before depreciation -1.22% 10.82% Fiscal year’s results before taxes -16.45% 1.76% Fiscal year’s Results After Taxes and Board of Directors fees -16.51% 1.69% PERFORMANCE RATIOS (before taxes) (%) Return On Average Equity Capital -8.36% 1.13% Return On Average of Total Employed Capital -6.66% 0.93% TURNOVER RATIOS (days) Claims (1) 175.38 160.28 Suppliers (2) 47.81 78.85 Inventories 29.17 26.31 DEBT TO EQUITY RATIOS (:1) Borrowed Capital / Equity Capital 0.22 0.23 Bank Liabilities / Equity Capital 0.08 0.07 LIQUIDITY RATIOS (:1) General Liquidity 2.67 2.28 Immediate Liquidity 2.43 2.09 Cash Flow / Financial Expenses 8.71 3.12 Cash Flow / Total Fiscal Year’s Taxes 101.97 31.35 FINANCIAL BURDEN RATIOS (%) Financial Charges / Gross Result before Depreciation -53.87% 6.74% Financial Charges / Results before Interest, Depreciations and Taxes -5.53% 13.75%

(1) includes Balance Sheet Accounts: Customers, Bills Receivable and Cheques Receivable (2) includes Balance Sheet Accounts: Suppliers, Bills Payable and Cheques Payable.

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D. SUMMARY CONSOLIDATED FINANCIAL STATEMENT OF THE GROUP

2001 2002 D.1. Summary Consolidated Results Thousand Thousand euros euros Turnover 268,852.55 260,203.61 Less : Cost of Goods Sold before Taxes (1) 239,201.50 214,129.07 Gross Profit before Depreciation 29,651.05 46,074.53 % of Turnover 11.03% 17.71% Plus : Other Operating Income 1,808.19 1,826.30 Total before Depreciation 31,459.24 47,900.83 % of Turnover 11.70% 18.41% Less : Admin. Expenses, Selling Expenses, R&D before Depreciation (1) 29,633.91 27,559.78 % of Turnover 11.02% 10.59% Operating Result before Depreciation 1,825.33 20,341.05 % of Turnover 0.68% 7.82% Plus: Revenue from Participation and Securities 1,673.39 1,710.37 Profits from sale of participations and securities 1,892.15 658.71 Less: Provisions for Devaluation 5,338.17 1,406.21 Participation and securities expenses and losses 5,291.20 0.00 Plus : Extraordinary Non-Operating Income 2,515.08 4,235.69 Less : Extraordinary and Non-Operating Expenses 4,816.84 4,939.73 Results before Taxes and Depreciations -7,540.27 20,599.87 % of Turnover -2.80% 7.92% Credit Interest 942.50 243.14 Debit Interest 7,111.12 3,136.92 Results before Taxes & Depreciations -13,708.88 17,706.10 % of Turnover -5.10% 6.80% Less: Depreciations to Operating Cost 13,116.79 15,787.73 Other Depreciations 3,034.40 0.00 Results before Taxes -29,860.07 1,918.37 % of Turnover -11.11% 0.74% Less : Income Tax 1,185.49 1,231.01 Tax Audit Adjustments (2) 171.92 0.00 Minority Rights -2,093.49 -312.62 Results after current year’s taxes, tax imposed by Tax Audit of previous years and -29,124.00 999.98 Minority Rights % of Turnover -10.83% 0.38% 2001 2002 Consolidated Results per Share (3) Є Є Results before depreciation, current year’s taxes, tax imposed by tax audit of -0.18 0.24 previous years and minority rights Results before current year’s taxes, tax imposed by tax audit of previous years and -0.40 0.03 minority rights Results after current year’s taxes, tax imposed by tax audit of previous years and -0.39 0.01 minority rights

(1) We calculated the Consolidated Gross Result before Depreciation and the Operating Result before Depreciation after subtracting the consolidated depreciation from the Cost of Goods Sold, Administrative Expenses and Selling Expenses, the allocation of which is the following:

2001 2002 Allocation of Consolidated Depreciation Thousand Thousand euros euros Cost of Goods Sold 11,795.28 13,884.82 Administrative Expenses 1,142.51 1,381.47 Selling Expenses 179.00 521.44 a) Integrated in Operating Cost 13,116.79 15,787.73 b) Non-integrated in Operating Cost 3,034.40 0.00 Grand Total 16,151.19 15,787.73

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(2) The companies participating in the Consolidated Financial Statements of the Lambrakis Press Group have not been tax audited for fiscal year 2002. The companies IRIS PRINTING S.A. and Multimedia S.A. have been tax audited up to fiscal year 2001 inclusive. In relation to this the Regular Chartered Accountant mentions the following in the Certificate of Audit for fiscal year 2002: ”…the companies of the Group have not been tax audited for fiscal years 2000-2002, which makes their tax obligations inconclusive.” The tax differences (Є171.92 thousand) mentioned in the Consolidated Statements of the company for the fiscal year ending 31.12.2001 are with respect to accounted tax from tax audits of IRIS PRINTING S.A.. More information about the tax audits of companies participating 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”. (3) Weighting the number of shares for fiscal years 2001 and 2002 was not called for. The Book Value of Shares was calculated on the basis of the number of shares at fiscal year-end.

2001 2002 D.2. Summary Consolidated Financial Statement Thousand Thousand Euros euros ASSETS Undepreciated Installation Expenses 7,127.15 9,895.06 Undepreciated Intangible Assets 131.54 198.66 Undepreciated Tangible Assets 140,680.98 152,748.75 Participation in Subsidiaries after Provisions 35,363.39 31,937.48 Participation in Other Companies 0.00 5,500.00 Other Long-term Receivables 1,229.32 1,242.42 Total Fixed Assets 177,405.23 191,627.31 Inventories 38,720.69 33,698.31 Total Receivables 137,582.71 134,421.73 Total Securities after Provisions 39,483.97 28,332.69 Cash 8,593.74 3,003.25 Total Current Assets 224,381.10 199,455.99 Debit items in transit 2,043.23 6,327.35 TOTAL ASSETS 410,956.71 407,305.71 Debit Memo Accounts 87,856.05 21,286.18 LIABILITIES Share capital 45,180.00 45,180.00 Adjustment from issue of shares above par 206,260.79 206,260.79 Other assets value adjustments 301.73 419.51 Reserve capital 16,364.33 16,783.82 Less: Loss from sale or devaluation of participations & securities netted off -28,432.96 -39,510.79 Consolidation adjustments 13,810.09 12,634.09 Results carried forward -45,454.89 -46,751.78 Minority Rights 31,816.88 30,057.33 Lambrakis Press S.A. Own Shares -31,123.14 -31,123.14 Total Equity Capital 208,722.83 193,949.83 Provisions 973.69 357.45 Total Long-term Liabilities 11,744.68 82,171.68 Total Short-term Liabilities 182,681.42 125,494.09 Transit Credit Balances 6,834.10 5,332.67 TOTAL LIABILITIES 410,956.71 407,305.71 Credit Memo Accounts 87,856.05 21,286.18 Book Value of Share (1) 2.77 2.58

(1) Weighting the number of shares for fiscal years 2001 and 2002 was not called for. The Book Value of Shares was calculated on the basis of the number of shares at fiscal year-end.

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The figures of the Consolidated Balance Sheet and of Consolidated Results for fiscal year 2002 are not comparable with the respective figures of the previous fiscal year, 2001. This is because in fiscal year 2002 companies ACTION PLAN HR S.A. (established in 2002), a subsidiary of ACTION PLAN S.A., and ELLINIKA GRAMMATA S.A., are included in the consolidation, whereas company AGGELIDIS-GEORGAKOPOULOS S.A. is not included in the consolidation accounts of IRIS PRINTING S.A. Specifically, the companies fully consolidated in the Consolidated Financial Accounts of the Lambrakis Press S.A. Group for fiscal years 2001 and 2002 are the following:

COMPANIES FULLY CONSOLIDATED IN THE FINANCIAL ACCOUNTS OF LAMBRAKIS PRESS S.A.

Fiscal year 2001 Fiscal year 2002

% of % of Lambrakis Lambrakis Companies under Press’s S.A. Companies under Press’s S.A. % consolidation % participation in Name consolidation outside participation in Name Participation outside the mother Participation the share the mother company the share company capital of the capital of the subsidiary subsidiary

100,00% MULTIMEDIA S.A. None 100,00% MULTIMEDIA S.A. None 50,50% NEA AKTINA S.A. “ 50,50% NEA AKTINA S.A. “ 95,00% STUDIO ATA S.A. “ 95,00% STUDIO ATA S.A. “ SPECIAL PUBLICATIONS SPECIAL PUBLICATIONS 55,00% “ 65,58% “ S.A. S.A. 50,00% MC HELLAS S.A. “ 50,00% MC HELLAS S.A. “ HEARST LAMBRAKIS HEARST LAMBRAKIS 50,00% “ 50,00% “ PUBLISHING LTD PUBLISHING LTD ACTION PLAN H/R 85,00% ACTION PLAN S.A. “ 85,00% ACTION PLAN S.A. 100,00% S.A. ELLINIKA GRAMMATA EXPO PLAN S.A. 50,00% 51,00% “ S.A. 98,00% EUROSTAR S.A. ΤRΙΑΙΝΑ TRAVEL-ST. 75,00% EXPO PLAN S.A. 50,00% LAGAS S.A. 98,00% EUROSTAR S.A. TRIAINA TRAVEL – PHOENIX S.A. 50,00% 75,00% ST. LAGAS S.A. 70,00% IRIS PRINTING S.A. AGGELIDIS - GEORGAKOPOULOS 50,00% 70,00% IRIS PRINTING S.A. PHOENIX S.A. 50,00% S.A. RAMNET S.A. 100,00% RAMNET S.A. 100,00% RAMNET SHOP RAMNET SHOP S.A. 100,00% 100,00% S.A. 76,74% LP DIGITAL S.A. 78,72% LP DIGITAL S.A. ΝΕΤ ΟΝ LINE S.A. 100,00% ΝΕΤ ΟΝ LINE S.A. 100,00%

IN TRAVEL AE 100,00% IN TRAVEL S.A. 100,00%

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Ε. 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 accounts were taken into consideration for the adjustment of the Company’s Consolidated Results and Equity Capital for fiscal years 2001 and 2002: Fiscal year 2001 1) As a regular practice and on the basis of the expert opinion (#205/1998) of the Company’s Administrative Counsels and art. 31, par ie, Law 2238/1994, some companies in the Group made provisions during previous fiscal years in the amount of GRD 32 mil approximately with respect to compensation of personnel in line for pension. Had this provision been made for the total number of employees, as per provisions of art 42ε par. 14 Law 2190/1920, this would have amounted to GRD 3.110 mil approximately for the previous fiscal years. 2) Participations in subsidiaries refers to a) the Company’s participation in the share capital of another company listed in the ASE. This participation was valuated at GRD 5,254 mil (market value) as per art. 28, par. 6, Law 2190/1920. b) the Company’s participation in the share capital of other companies not listed in the ASE. The value of these shares was GRD 6,746 mil. Eleven (11) of these companies were acquired at GRD 5,824 mil. approximately. The share were acquired at cost value, as per art. 28 of CBR (PD 186/92). Had these shares been valuated on the basis of their intrinsic book value, this participation would have been lower by GRD 806 mil. approx., while as per art 43 par. 6, Law2190/1920, (lower price between cost value and market value per participation) this participation would have been lower by GRD 1,031 mil., approx., with reference to previous fiscal years, and c) the Company’s participation in the share capital of a foreign company. The shares were acquired at GRD 1,099 mil, while there is a provision of devaluation by 100%. 3) The securities were valuated at market value as per art 43, par. 6, Law 2190/1920. The valuation differences (loss), totaling GRD 18,835 mil, were transferred to reduce Equity Capital, instead of burdening the earnings of operation, as per art. 2, Law 2992/2002. 4) The treasury stock acquired at GRD 10,605 mil. approximately were valuated at a market value of GRD 2,211 mil. approximately and this amount should have been used to reduce the Equity Capital. In fiscal year 2002 “Treasury Stock”, acquired at Є31,123 thousand, was transferred from Assets Account “Securities- Treasury Stock” to the Liabilities Account to reduce the «Equity Capital». To make figures comparable in the Balance Sheets of fiscal year 2002 and 2001, the figures of previous fiscal year 2001were adjusted. 5) A provision of approximately GRD 705 mil. has been made to cover possible losses from doubtful, disputed, belated and other receivables totaling GRD 2,540 mil. No provisions have been made as regards this difference: to burden this fiscal year by GRD 255 mil. and the previous fiscal years by GRD 1,580 mil. approximately. 6) In the present fiscal year, as well as in the previous, the companies in the Group made additional depreciations at rates higher than those stipulated in the Presidential Decree (PD) 100/1998. These additional depreciations were in the amount of GRD 623 mil. approximately. Consequently, the Results of Operations and Equity Capital were reduced in equal amounts. 7) As per provisions of Law 2065/1992 the companies of the Group made no depreciations in previous fiscal years for an amount of GRD 398 mil. approximately. Consequently, the Equity Capital were increased in equal amounts. 8) In the companies of the Group are included obsolete and slow circulation inventories worth GRD 270 mil. approximately and there is no provision for their obsolescence. Fiscal year 2002 1. The shares of companies listed in the ASE, “Asset Accounts DIII”, valued at Є 27,478 thousand approximately. These shares were valuated at market value as per art. 43, par. 6. Law 2190/1920. The difference (loss) resulting from such valuation, totaling Є13,062 thousand, was transferred directly to the equity capital, as per provisions of Law 2992/2002, and thus did not burdened the earnings of this fiscal year by Є 10,765 thousand. Before said transfer the different (loss) was netted off against profits from valuation of participation in a company with shares listed in the ASE. The latter participation is valued at Є2,297 thousand.. 2. [Some] companies in the Group have not applied depreciations on their tangible and intangible assets by an amount of Є1,920 thousand. Consequently, this lessens the burden on the earnings of this fiscal year by Є450 thousand and by Є1,470 thousand for previous fiscal years (of which Є933 thousand as stipulated in Law 2065/1992). 3. [Some] companies in the Group applied full depreciation on their installation expenses and intangible assets in the previous fiscal year, in contrast to the present. Consequently, depreciations were exceeded by an amount of Є1,832 thousand approximately which encumbered equally both the earnings of previous fiscal year and equity capital.. 4. [A] subsidiary in the Group [which], in contrast to the previous fiscal year, properly capitalized loan interests (Є3,574 thousand ) of construction fiscal year during the present fiscal year. Had the same Book Keeping method been applied during the previous fiscal year, the earnings would have appeared increased by Є600 thousand approximately. 5. “Participations in subsidiaries” refers to:: α) the Company’s participation in another company with shares listed in the ASE. This participation was acquired at Є17,716 thousand following valuation of shares at their market value, as per art 2, Law 2992/2002. b) the Company’s participation in other companies with shares not listed in the ASE. These shares were acquired at a cost value of Є14,368 thousand. Seven (7) of these companies were acquired at Є12,170 thousand. The companies are audited by qualified auditors and their shares were acquired at their cost value following valuation as per article. 28 of CBR (PD 186/92). Had this participation been valuated on the basis of the intrinsic book value of shares, as per article 106, par. 4. Law. 2190/1920, this participation would have been less by Є6,964 thousand. 6. In the inventories of companies in the Group are included items obsolete and of slow circulation. These items represent an amount of Є800 thousand approximately for which there is not relevant provision. Consequently, the equity capital of the companies appears increased by equal amounts. 7. To cover possible loss from liquidation of doubtful, disputed and belated receivables in the amount of Є16,266 thousand, the companies in the Group have made provisions, art 31, par. 1θ, Law. 2238/1994, in the amount of Є2,609 thousand. For the balance of Є 13,657 thousand the Company has not made a provision: Є3,229 thousand for the present fiscal year and Є 10,428 for previous fiscal years. 8. In the Receivables there is an entry of Є5,430 thousand which is a receivable from a company that is under liquidation. For this receivable a provision has been made to weigh down the earnings. 9. On the basis of expert opinion # 205/1988 by the Company’s Administrative Counsels and as per art. 31, par. 1 ιε , Law2238/1994, the companies in the Group have not made provisions for compensation of personnel in line for pension, excepting two companies with provisions amounting to Є101 thousand. Had such compensation provision been made with respect to the total of personnel, as per art 42ε, par. 14, Law 2190/1920, the compensation would have amounted to Є10,184 thousand. A portion of Є509 thousand would have to encumber the earnings of the this fiscal year and the balance of Є9,574 thousand the earnings of previous fiscal years. 10. The companies in the Group have not been tax audited for fiscal years 2000-2002. Consequently, their tax obligations are inconclusive.

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2001 2002 Ε.1. Table of Adjustments to Consolidated Earnings of the Lambrakis Press Group Thousand Thousand euros euros

Results before current year’s taxes and minority rights -29,860.07 1,918.37

Remarks by the Regular Chartered Auditor

Provision for personnel compensations per art. 42ε, par. 14, Law. 0.00 509.00 2190/1920 Difference from valuation of Participations as per art. 43, par. 6, Law. 0.00 6,964.00 2190/1920 Difference from valuation of ASE listed securities as per art. 43, par. 6, 55,275.13 10,765.00 Law 2190/1920 Depreciation not effected (- Additional Depreciation) -1,832.00 450.00 Capitalization of loan interest of construction period -600.00 0.00 Provisions for stock obsolescence and devaluation 792.00 8.00 Bad, litigious and stale Receivables 748.00 3,229.00 Provision for receivables from a company under liquidation 0.00 5,430.00

Total Adjustments 54,383.13 27,355.00

Adjusted Results before current year’s taxes and minority rights -84,243.20 -25,436.63

Less : Minority Rights -2,093.49 -312.62 Current year’s taxes 1,185.49 1,231.01 Tax imposed by tax auditor Audit payable in current year 272.92 0.00 Adjusted Results after current year’s taxes, tax imposed by tax auditor and -83,608.12 -26,355.01 third party rights

Number of Shares by end of fiscal year. 75,300,000 75,300,000

2001 2002 Adjusted Results per Share Є Є

Adjusted Results before current year’s taxes and third party rights -1.12 -0.34 Adjusted Results after current year’s taxes, tax imposed by tax audit, and third -1.11 -0.35 party rights

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2001 2002 Table of Adjusted Equity Capital for Lambrakis Press S.A. in Remarks relating to ‘000 Euro (Є) previous fiscal years Fiscal year’s Fiscal Year’s Adjustments Adjustments

Equity Capital as per Balance Sheet 208,722.83 193,949.83 Less: Personnel compensation provisions as per art. 42ε par 14, Law. 9,574.00 0.00 509.00 2190/1920 Difference from Valuation of Participations as per art. 43 par. 6, Law 0.00 0.00 6,964.00 2190/1920 Depreciations not effected ( - Additional Depreciations) 1,470.00 -1,832.00 450.00 Capitalization of Loan Interest of Construction Period 0.00 -600.00 0.00 Provisions for inventories obsolescence and devaluation 0.00 792.00 8.00 Bad, litigious and stale receivables 9,698.00 748.00 3,229.00 Provision for receivables from a company under liquidation 0.00 0.00 5,430.00 Tax imposed by tax auditor payable in this year 171.92 272.92 0.00 Total Adjustments -619.08 16,590.00 Equity Capital Adjusted to Fiscal Year’s Remarks of Chartered Auditor 209,341.91 177,359.83 Number of Shares 75,300,000 75,300,000 Adjusted Book Value of Share (in Euro) 2.78 2.36

The Note of the Company and the Remarks of the Regular Chartered Accountant, as mentioned in the published Consolidated Financial Statements for fiscal years 2001 and 2002 (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”.

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F. CONSOLIDATED FINANCIAL INDICATORS

The following table provides the development of the basic consolidated financial indicators of the Lambrakis Press Group for fiscal years 2001 and 2002

CONSOLIDATED RATIOS PER FISCAL YEAR 2001 2002

GROWTH RATIOS (%) Turnover -25.33% -3.22% Fiscal year’s results before taxes and third party rights -169.18% 106.42%

Results after current year’s taxes, tax imposed by tax auditor and third party rights -188.16% 103.43%

Tangible Assets (at acquisition value) 27.71% 13.46% Total Assets -24.61% -0.89% PROFITABILITY RATIOS (%) Gross Results before depreciation 11.03% 17.71% Fiscal year’s results before taxes & third party rights -11.11% 0.74%

Results after current year’s taxes, tax imposed by tax audit, and third party rights. -10.83% 0.38%

PERFORMANCE RATIOS (before taxes) (%) Return On Average Equity Capital -11.42% 0.95% Return On Average of Total Assets -6.25% 0.47% TURNOVER RATIOS (days) Receivables 167.46 157.44 Suppliers 76.34 95.17 Inventories 59.08 57.44 DEBT TO EQUITY RATIOS (:1) Borrowed Capital / Equity Capital 0.97 1.10 Bank Liabilities / Equity Capital 0.63 0.73 LIQUIDITY RATIOS (:1) General Liquidity 1.23 1.59 Immediate Liquidity 1.02 1.32 Cash Flow / Financial Expenses 0.00 0.01 Cash Flow / Total Fiscal Year Taxes 0.00 0.02 FINANCIAL BURDEN RATIOS (%) Financial Charges / Gross Results before depreciation 23.98% 6.81% Financial Charges / Results before Interest, depreciation and taxes -94.31% 15.23%

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 2002 are not comparable to the corresponding figures of the previous year 2001, since in 2001 the companies ACTION PLAN HR SA, affiliate of ACTION PLAN SA, and ELLINIKA GRAMMATA SA are included in the consolidation, while on the contrary, the company AGGELIDIS-GEORGAKOPOULOS SA is not included in the consolidation of the affiliate IRIS PRINTING SA.

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

The Annual Report contains the information and financial data provided for in Resolution 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 S.A. (hereafter the “company” or ‘DOL”) and the company’s group.

This Annual Report was prepared and distributed in accordance with the provisions of Resolution 5/204/14.11.2000 of the Capital Markets Commission.

Investors requiring further information may address their enquiries during business hours to the offices of the company’s Financial Division at 18, Panepistimiou st, 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).

This Annual Report was compiled and distributed according to the regulations of the statutory regulations in force (Presidential Decree 348/1985 and Resolution No. 5/204/14.11.2000 of the Capital Markets Commission).

The persons responsible for the compilation of this Annual Report and the accuracy of the data contained herein are:

• Mr St. Psycharis, Vice President of the Board of Directors and General Manager of the Company, at 3, Christou Lada street, GR 102 37 Athens, tel. +30-210-3333 103 and

• Mr. D. Hadjikokkinos, Financial and Administrative Director of Lambrakis Press Group, 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 this Annual Report and, together with the Report’s compilers, confirm that:

• All the information and data contained therein 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 this 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 effect in the financial standing or operation of the company or the companies within the group.

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Ι.1.Ordinary – Chartered Auditors – Accountants of the Company and the Group of Companies

The Company is audited by Chartered Auditors Accountants. The audit of the corporate years of 1.1- 31.12.2001 and 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 Str, tel: 210.95.69.868, of the auditing company «SOL Ernst & Young SA». The Notes of the Company and the Certificates of Audit of the Chartered Auditor –Accountant for the corporate years 2001 and 2002 include the following observations:

Financial Statements of Corporate Year 2001 of Lambrakis Press SA

Α. Notes of the Company 1. The share capital was increased in the current corporate year by GRD 335,085,000, with an increase of the nominal value of the share, due to its expression in euros according to L 2842/2000. This increase was effected with a capitalization a) of the amount of GRD 103,447,613 from the reserve of “Differences from value adjustments of other assets” and b) of the amount of GRD 231,637,387 from the account “Difference from the issuing of shares above-par”. 2. “Participations in affiliated companies" concern: a) Participation in a company with shares listed on the Athens Stock Exchange with the value of 5,254 million drachmas assessed according to article 43, paragraph 6 of L 2190/1920 (lower value between acquisition cost and current value), b) Participation in companies with shares not listed on the Athens Stock Exchange with a value of GRD 30,516 million, nineteen (19) of which with acquisition cost of approximately 30,221 million drachmas are audited by registered auditors and were assessed, according to article 28 of KVS (PD 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 530 million drachmas, whereas according to article 43, paragraph 6 of L 2190/20, (lower value between acquisition cost and intrinsic book value per participation on the basis of the last published balance sheets) it would be lower by approximately 8,957 million drachmas c) Participation in a foreign company with acquisition cost of 1,099 million drachmas for which a provision of devaluation at a percentage 100% was effected. 3. Shares and securities were assessed at their current value according to article 43, paragraph 6 of L 2190/1920. 4. The differences (losses) arising from the assessment of the companies with shares listed on the Athens Stock Exchange (third- party shares and own shares) of 18,597 million drachmas were transferred to a reduction of equity capital on the basis of the provisions of article 2 of L 2992/2002. This method was applied to the previous fiscal year. 5. The value of own shares, 2,211 million drachmas after the provision of devaluation, appears in the ‘securities’ account instead of the account ‘deductibles of equity capital’. 6. There are judicial hearings 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. 7. Number of employees (average): 982 people. 8. The last revaluation of fixed assets took place on 31.12.2000. 9. An amount of 9,237 million drachmas in the current fiscal year appears in the ‘securities’ account and not in the ‘participations’ account as it was in the previous fiscal year. 10. In the current fiscal year, the company’s operating earnings were burdened with extraordinary losses (different provisions) of a total value of 2,400 million drachmas against 500 million drachmas of the previous fiscal year. 11. There are no encumbrances on the real estate of the company. 12. The turnover analysis per category of financial activity (STAKOD 91) for year 2001 is as follows: code 221.2, 33,075 million drachmas, code 521.4, 509 million drachmas, code741.2, 2,036 million drachmas. Β. 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 which 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 which comply with the basic principles of International Auditing Standards. The books and records kept by the company were put at our disposal and we were given the requested clarifications and information necessary for the audit. 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 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 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 2,365 million drachmas and concern previous fiscal years. 2. “Participations in affiliated companies" concern: a) Participation in a company with shares listed on the Athens Stock Exchange with the value of 5,254 million drachmas assessed according to article 43, paragraph 6 of L 190/1920 (lower value between acquisition cost and current value), b) Participation in companies with shares not listed on the Athens Stock Exchange with a value of 30,516 million drachmas, nineteen (19) of which with acquisition cost of approximately 30,221 million drachmas are audited by registered auditors and were assessed, according to article 28 of KVS (PD 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 530 million drachmas, whereas according to article 43, paragraph 6 of L 2190/20, (lower value between acquisition cost and intrinsic book value per participation on the basis of the last published balance sheets) it would be lower by approximately 8,957 million drachmas having an effect of 2,595 million drachmas on the income statement of the current fiscal year and approximately 6,351 million drachmas for the previous years, c) Participation in a foreign company with acquisition cost of 1,099 million drachmas for which a provision of devaluation at a percentage 100% was effected. 3. The differences (losses) arising from the assessment of the companies with shares listed on the Athens Stock Exchange (third- party shares and own shares) of 18,597 million drachmas were transferred to the reduction of equity capital on the basis of the provisions of article 2 of L 2992/2002. This method was applied to the previous fiscal year. 4. The value of own shares, 2,211 million drachmas after the provision of devaluation, appears in the ‘securities’ account instead of the account “deductibles of equity capital”.

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5. In order to cover possible loss from the liquidation of doubtful claims, cases under dispute and delayed claims of a total amount of approximately 800 million drachmas, the company has formed a provision of approximately 175 million drachmas, according to article 31 paragraph 1i of L 2238/1994. 6. The company has concluded its taxation liabilities up to and including fiscal year 1999. Therefore, the taxation obligations for fiscal years 2000 and 2001 have not been 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 the above notes, reflect along with the Addendum, the asset structure and the financial standing of the company on the 31st December 2001 as well as the income statement 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 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 counterbalancing 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 10,211 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. Β. 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 which 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 “Participation 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 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 KVS (PD 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, (lower value between acquisition cost and intrinsic book value per participation on the basis of the last 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 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.

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Consolidated Financial Statements, Fiscal Year 2001, Lambrakis Press SA Α. Notes of the Company 1. The companies included in the consolidation are: a) IRIS PRINTING SA, b) MULTIMEDIA SA, c) STUDIO ATA SA, d) SPECIAL PUBLICATIONS SA, e) LP DIGITALSA, f) HEARST LAMBRAKIS PUBLISHING Ltd, g) MC HELLAS SA, h) EUROSTAR SA, i) ACTION PLAN SA and j) NEA AKTINA SA. The companies LP DIGITAL SA and ACTION PLAN SA are included in the consolidation contrary to the previous year, while the companies NORTHERN GREECE PUBLISHING SA, PAPER PACK I. TSOYKARIDIS SA, PAPASOTIRIOU SA, ELLINIKA GRAMMATA SA, ODEON SA and MELLON GROUP SA are not consolidated and therefore the figures of the consolidated Balance Sheet and the consolidated operating earnings are not comparable with the ones of last year. 2. Participations in affiliated companies concern: a) Participation in a company with shares listed on the Athens Stock Exchange with the value of 5,254 million drachmas assessed according to article 43, paragraph 6 of L 2190/1920 at its current value, b) Participation in companies with shares not listed on the Athens Stock Exchange with a value of 6,796 million drachmas, eleven (11) of which with acquisition cost of approximately 5,824 million drachmas are audited by registered auditors and were assessed, according to article 28 of KVS (PD 186/92) at their acquisition cost. If these participations were assessed on the basis of their intrinsic book value, it would be lower by 782 million drachmas whereas according to article 43, paragraph 6 of L 2190/20, (lower value between acquisition cost and current value per participation) it would be lower by 1,031 million drachmas c) Participation in a foreign company with acquisition cost of 1,099 million drachmas for which a provision of devaluation at a percentage 100% was effected. 3. The securities were assessed at their current value according to article 43, paragraph 6 of L 2190/1920. The differences (losses) arising from the assessment amounting to 18,835 million drachmas were transferred to the reduction of equity capital on the basis of the provisions of article 2 of L 2992/2002. 4. Own shares of total acquisition value of approximately 10,605 million drachmas were assessed at their current value at approximately 2,211 million drachmas and appear in ‘Securities’ instead of deductibles of “Equity Capital”. 5. 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. 6. In the current fiscal year, the operating earnings of the group were burdened with extra-ordinary loss (various provisions) of a total amount of approximately 3,200 million drachmas against approximately 600 million drachmas of the previous fiscal year. 7. There are no encumbrances on the real estate of the group. 8. Number of employees (average): 2,736 people. 9. The last revaluation of fixed assets took place on 31/12/2000.

Β. Certificate of Chartered Auditor Accountant

We have audited, according to article 108 of Codified L 2190/1920 "on Incorporated Companies”, the eleventh consolidated balance sheet and the Consolidated Income Statement of the company Lambrakis Press SA and its subsidiaries for the year which ended on the 31st December 2001. 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 to the above consolidated financial statements. We did not extend our audit to the financial statements of companies included in the consolidation and representing 11.92% and 16.64% of the consolidated totals of assets and turnover. These statements have been audited by other Authorized Auditors. We took into consideration the certificates of these auditors in order to express our opinion hereto, to the extent that this opinion pertains to the figures of these companies. The above audit resulted in the following: 1) Companies of the group, as a principle and constant practice, based on ruling 205/1988 of the plenary session of the Legal Advisors to the Administrator and article 31, paragraph IV of L 2238/1994, have formed a provision of approximately 32 million drachmas for personnel retirement compensation in previous fiscal years. 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 3,110 million drachmas concerning previous fiscal years. 2) Participations in affiliated companies concern: a) Participation in a company with shares listed on the Athens Stock Exchange with a value of 5,254 million drachmas assessed according to article 43, paragraph 6 of L 2190/1920 at its current value, b) Participation in companies with shares not listed on the Athens Stock Exchange with an acquisition cost of 6,746 million drachmas, eleven (11) of which with acquisition cost of approximately 5,824 million drachmas are audited by registered auditors and were assessed, according to article 28 of KVS (PD 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 806 million drachmas, whereas according to article 43, paragraph 6 of L 2190/20, (lower value between acquisition cost and current value per participation) it would be lower by approximately 1,031 million drachmas concerning previous fiscal years c) Participation in a foreign company with acquisition cost of 1,099 million drachmas for which a provision of devaluation at a percentage 100% was effected 3) The securities were assessed at their current value according to article 43, paragraph 6 of L 2190/1920. The difference (loss) arising from the assessment amounting to 18,835 million drachmas was transferred to the reduction of Equity Capital instead of the operating earnings on the basis of the provisions of article 2 of Law 2992/2002. 4) Own shares of total acquisition cost of approximately 10,605 million drachmas were assessed at their current value at approximately 2,211 million drachmas and should appear in “deductibles of equity capital”. 5) In order to cover possible loss from doubtful, disputed, stale and other debts of a total amount of approximately 2,540 million drachmas, the company has formed a provision of approximately 705 million drachmas. A provision has not been formed for the difference burdening the operating earnings amounting to 255 million drachmas and the operating earnings of previous fiscal years amounting to approximately 1,580 million drachmas. 6) In the current year, as in the previous one, companies of the group effected additional amortizations with factors higher than the ones provided for in the Presidential Decree 100/1998 by approximately 623 million drachmas and consequently, the operating earnings and equity capital appear equally reduced. 7) Companies of the group have not effected amortizations in previous fiscal years, based on the regulations of Law 2065/1992, of a total amount of 398 million drachmas and consequently, the equity capital appears equally increased. 8) The reserves of the companies of the group include slow moving inventories of 270 million drachmas for which a provision for depreciation has not been formed. 9) The companies of the group have not been audited for their tax liabilities mainly for the fiscal years 2000-2001 and consequently their taxation liabilities have not been finalized. 10) Due to the fact that the Equity Capital of companies of the group is negative, the regulations of articles 47 and 48 of Law 2190/1920.apply. According to our opinion and after taking into consideration the said remarks, the above consolidated financial statements have been drafted according to the regulations of the Codified Law 2190/1920 and reflect, on the basis of the related regulations and the accounting principles and practices applied by the parent company which are generally accepted and do not differ from the ones applied in

Page 19/203 LAMBRAKIS PRESS SA – ANNUAL REPORT 2002 the previous fiscal year, the asset structure, the financial standing and the operating earnings of the companies included in the consolidation of 31/12/2001.

Consolidated Financial Statements of Fiscal Year 2002, Lambrakis Press Group Α. 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) LP 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. 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.

Β. 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 which 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 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

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The certificates of audit of the Chartered Auditor Accountant for fiscal years 2001 and 2002 are recorded in the attached appendix under the published Financial Statements of Lambrakis Press SA and the Consolidated Financial Statements of the Group.

Also, the Chartered Auditor Accountant, Mr. Charalambos Petropoulos certifies that for fiscal years 2001 and 2002: • There were no arguments between the Management of the Company and himself • The Company applies a reliable system of internal auditing.

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Ι.2.Regular Chartered Auditors –Accountants of the Companies participating in the Consolidated Financial Statements of Lambrakis Press SA for the fiscal year 2002

The affiliated companies participating in the fiscal year of 2002 in the consolidated financial statements of Lambrakis Press SA were audited by the following Chartered Auditors Accountants:

Corporate year 1.1.-31.12.2002

Company name Chartered Auditor Accountant SOEL ID Auditing Company

MC HELLAS SA Sophia Kalomenidou 13301 SOL Ernst & Young SA

HEARST LAMBRAKIS PUBLISHING SA Charal. Ar. Petropoulos 12001 SOL Ernst & Young SA

SPECIAL PUBLICATIONS SA Charal. Ar. Petropoulos 12001 SOL Ernst & Young SA

ΝΕΑ ΑΚΤΙΝΑ SA Charal. Ar. Petropoulos 12001 SOL Ernst & Young SA

IRIS PRINTING SA Charal. Ar. Petropoulos 12001 SOL Ernst & Young SA

PHOENIX PRINTING SA St. Th. Papantonis 14331 SOL SA

MULTIMEDIA SA Charal. Ar. Petropoulos 12001 SOL Ernst & Young SA

EUROSTAR SA Charal. Ar. Petropoulos 12001 SOL Ernst & Young SA

TRIAINA TRAVEL – ST.LAGAS SA Charal. Ar. Petropoulos 12001 SOL Ernst & Young SA

Review Report of the Financial Statements from SOL Ernst and Young EXPO PLAN SA in order to be included in the consolidation of Lambrakis Press SA

ACTION PLAN SA Charal. Ar. Petropoulos 12001 SOL Ernst & Young SA

Due to the first fiscal year of over 12 months, the company will compile ACTION PLAN HR SA Financial Statements on 31.12.2003

ELLINIKA GRAMMATA SA Not audited

STUDIO ATA SA Charal. Ar. Petropoulos 12001 SOL Ernst & Young SA (fiscal year 1.7.2001-30.6.2002)

LP DIGITAL SA Charal. Ar. Petropoulos 12001 SOL Ernst & Young SA

RAMNET SA Charal. Ar. Petropoulos 12001 SOL Ernst & Young SA

RAMNET SHOP SA Charal. Ar. Petropoulos 12001 SOL Ernst & Young SA

NET ON LINE SA Charal. Ar. Petropoulos 12001 SOL Ernst & Young SA

IN TRAVEL SA V. Panayotopoulos –E Polizoidi –Auditors No 2190/20

The certificates of audit of the Chartered Auditors –Accountants of the fiscal year 2002 are presented in the Attached Appendix under the Published Balance Sheets of the Affiliated Companies. In relation to the above, the Regular Chartered Auditor - Accountant in the Certificate of Audit of the Consolidated Financial Statements for the fiscal year 2002 notes that ‘financial statements without a certificate of audit from a Chartered Auditor Accountant representing the total percentage of 3.72% and 4.25% of the consolidated fixed assets and turnover are included in the consolidation’. This note refers to the Consolidated Companies “Ellinika Grammata SA” and “In Travel SA” which are not audited by Regular Chartered Auditors –Accountants.

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Ι.3. Tax Audit of the Company

The Company has been audited in connection with its tax liabilities (income, KVS (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.

More analytically, 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 Accounting Fines and Fiscal Year Taxes Total 1997 1998 1999 2000 differences 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 1115606/11044/Β 0012/POL 1327/18-12-1997 circular of the Ministry of Finance the way 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 Issuing Company submitted an amending income tax statement from which there was a tax return amounting to 52,738,341 drachmas. (154,771.36 Euros). The tax return was balanced with 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 2002 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.

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Ι.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 2002 have been audited in connection with their tax liabilities as follows:

Tax Audit of Subsidiary Companies

Total Taxation Tax Audit up to Differences (1) Burdening of Fiscal Year fiscal year (in thousand Title (inclusive) Euros) 2000 2001 2002 MULTIMEDIA SA 2001 114,45 61.63 52.82 0.00 STUDIO ΑΤΑ SA 2000 108,58 108.58 0.00 0.00 IRIS PRINTING SA 2001 586,94 366.84 220.10 0.00 PHOENIX SA It has not been audited in connection with tax liabilities LP DIGITAL SA 1998 99,78 0.00 0.00 0.00 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 It has not been audited in connection with tax liabilities IN TRAVEL 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 ΝΕΑ ΑΚΤΙΝΑ SA It has not been audited in connection with tax liabilities EUROSTAR SA 1999 17,61 0.00 0.00 0.00 EXPO PLAN AE It has not been audited in connection with tax liabilities TRIAINA TRAVEL SA It has not been audited in connection with tax liabilities SPECIAL PUBLICATIONS SA 1997 0,00 0.00 0.00 0.00 MC HELLAS SA It has not been audited in connection with tax liabilities HEARST LAMBRAKIS PUBLISHING Ltd It has not been audited in connection with tax liabilities ELLINIKA GRAMMATA SA It has not been audited in connection with tax liabilities

(1) Taxes, fines and surcharges arising from the most recent audit are included in total. It is noted that from the companies included in the consolidated financial statements of the fiscal year 2002, the companies: Ramnet SA, Ramnet Shop SA, Net on Line SA, In Travel SA, Expo Plan SA, Triaina SA, Action Plan SA, Action Plan HR SA, Mc Hellas SA, Hearst Lambrakis Publishing Ltd, Nea Aktina SA, Phoenix SA and Ellinika Grammata SA have not been audited in connection with tax liabilities. Most of the above-mentioned companies are in the third corporate year after their foundation.

The Regular Chartered Auditor- Accountant notes the following in the Certificate of Audit of the Consolidated Financial Statements for the fiscal year 2002: “Companies of the Group have not been audited in connection with tax liabilities mainly for the fiscal years 2000-2002 and consequently, their taxation liabilities have not been determined.”

Ι.5.Public Tenders – Public Offerings

It is noted that during the fiscal years 2001 and 2002, there were 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

Page 24/203 LAMBRAKIS PRESS SA – ANNUAL REPORT 2002

II. SHARE CAPITAL INCREASE AND ALLOCATION OF RAISED FUNDS

ΙΙ.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 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 (thousand Euros):

1998-2000 Investment Program Implemented IPO Prospectus of October 1998 as amended by the resolutions Investments of Extraordinary Meetings of Shareholders of 16/09/1999 and 29/06/2000 01.08.1998 – 31.12.2000

Office buildings 2,289.07 2,289.07 Purchase of Printing Machinery & 10,344.83 10,344.83 Equipment Purchase of Land for Industrial use 3,448.28 3,448.28 Share capital increases and 14,506.24 14,506.24 participations in companies New publishing products 2,080.70 2,080.70 Training on and Completion of computer 2,312.55 2,312.55 systems Digital production workflow 1,995.60 1,995.60

Total investments 36,977.26 36,977.26

ΙΙ.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 and 21/6/2002 as follows (in thousand Euros):

Page 25/203 LAMBRAKIS PRESS SA – ANNUAL REPORT 2002

Amendments Pending Investment program Amendments Implemented investment Amendments approved by investment Offering approved by approved by the resolutions Extraordinary General Meeting of Prospectus, the the the resolutions of the Board of Total 16.09.1999 September resolutions of of the O.G.M. Directors 29.11.1999- 1.10.2002 - 1.1.2003 - 1999 the O.G.M. of of 22.6.2001 meetings of 30.9.2002 31.12.2002 29.11.1999- 31.12.2005 21.6.2002 26.11.2002 and 31.12.2002 26.02.2003 LP Digital SA share capital increase 17,843 0 17,843 Initial participation in Microland SA 977 0 977 (before its listing on the A.S.E.) Increase in participation in Microland SA 12,835 0 12,835 Grand total of digital networks and 117,388 111,930 31,454 31,655 31,655 0 31,655 0 subscription-based TV Increase in participation in LP Digital SA 0 440 440 Share capital increase of N. Greece 1,467 411 1,878 Publishing SA Share capital increase of Special 3,139 0 3,139 Publications SA Share capital increase of Tiletypos SA 3,287 0 3,287 Share capital increase of Expo Plan SA 88 0 88 Share capital increase of Hearst 241 0 241 Lambrakis Publishing Ltd Share capital increase of Publishing 147 0 147 communications SA Share capital increase of Freegate Inc. 275 336 611 Share capital increase of Paper-Pack SA 4,062 0 4,062 Purchase of 1.62% of Tiletypos SA stock 2,585 0 2,585 Buyout of Action Plan SA 1,212 0 1,212

1% participation in Action Plan HR SA 2 0 2

Share capital increase of Action Plan SA 2,960 0 2,960 Increase in participation in Eurostar SA 1,649 0 1,649 Increase in participation in Ellinika 17 0 17 Grammata SA Increase in participation in Ekdoseis 4 126 0 126 Ltd Total of share capital increases and 17,608 17,608 24,191 24,191 21,257 1,187 22,444 1,746 participations 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 products 8,804 8,804 40,511 40,511 32,311 0 32,311 8,200 Repayments of bank loans and 39,058 42,679 42,679 47,259 42,679 4,580 47,259 0 creditors

Full payment of leasing amortization 1,761 1,761 0 0 0 0 0 0

Renovation and re-arrangements of 1,077 0 1,077 buildings Refurbishment of building fixtures 114 0 114 Purchase of computers and updating of 981 0 981 electronic systems Lambrakis historical archive 1,156 0 1,156 Purchase of land plot 1,371 0 1,371 Purchase of land plot in Paiania 0 0 0 Construction of building in Paiania 0 0 0 Repairs of privately owned building at 3, 0 0 0 Chr. Lada str. Other relocation expenses 0 0 0 Total fixed-asset investments 0 1,837 28,176 27,975 4,700 0 4,700 23,275 Working capital increase 0 0 17,608 13,028 8,804 0 8,804 4,224 Total investment 184,619 184,619 184,619 184,619 141,406 5,767 147,173 37,446

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-

Page 26/203 LAMBRAKIS PRESS SA – ANNUAL REPORT 2002 arrangement and renovation of the company’s offices, the upgrading of its computer infrastructure (1,837.12 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:

Α. To amend the Implementation Timetable of the Investment Program extending the implementation period up to 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. Β. 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. More specifically, it was decided to build a new building complex of 18,000 m2, to which the company and some subsidiaries will be relocated, and the restoration of the privately owned building of 3,000 m2 at Christou Lada street in order to house the departments or subsidiaries which due to their scope of work need to have direct access to the center of the city. The new building will be raised in a privately owned plot of land (13,300 m2) in Paiania which 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 strengthen the Publishing Sector. The strengthening and the enrichment of publishing activities as well as the maintenance and confirmedness of the position of the publications in the market means continuous funding and creating either new autonomous publishing products or new supplements in existing newspapers and magazines taking into consideration on the one hand, the benefits arising from the increase of the publishing products and on the other, the consolidation of the existing ones in the leading position of circulation, the advertising revenues and readership. For this reason 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 on the revenues from the sales and advertising of the existing magazines and newspapers. There is also always a relevant risk included in the creation and publishing of any new publishing product. 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 retained leading positions in terms of sales, advertising revenues and readership in a market characterized by conditions of circulation stagnation and 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 8,804 thousand Euros initially provided 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. Ε. 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 Board of Directors of the Company decided on the meeting held on 26/11/2002 to amend the investment program of the Company as follows: a) To include funds amounting to 12,835 thousand Euros in the program and more specifically in the category ‘Electronic Networks’. These funds were invested in the fiscal years 1999 to 2001 for the increase of participation by 3.65% of Lambrakis Press SA in the share capital of Microland SA. b) To reduce the implemented investments in the category of ‘Digital Television’ by 6,460 thousand Euros, given the fact that Lambrakis Press SA sold its participation to the Odeon Group on 13/9/2002 with a private contract.

Page 27/203 LAMBRAKIS PRESS SA – ANNUAL REPORT 2002 c) To reduce the funds for appropriation intended for investments in fixed assets by 201 thousand Euros given the fact that the Board of Directors of the Company decided to review the relocation of the Company to a new building. Pursuant to the above, the investments in the category ‘Electronic Networks and Digital Television’ amount to 31,655 thousand Euros instead of 31,454 thousand Euros, the amount decided on with a resolution of the Ordinary General Meeting of the Shareholders held on 21/06/2002, and the investments in Fixed Assets were reduced to 27,975 thousand Euros against 28,176 thousand Euros decided on with a resolution of the Ordinary General Meeting of the Shareholders.

The Board of Directors of the Company decided on the meeting held on 26/02/2003 to amend the investment program of the Company as follows: a) To include in the program and more specifically in the category “Full Payment of Bank Borrowing” funds amounting to 4,580 thousand Euros. These funds were used by the Company on 31/10/2002 to pay in full an equal short-term bank borrowing. b) To decrease the funds for appropriation in order to strengthen the Operating Capital by 4,580 thousand Euros. Pursuant to the above, the investments of the Category ‘Full Payment of Bank Borrowing and Suppliers’ amount to 47,259 thousand Euros instead of 42,679 thousand Euros which were decided with the resolution of the Ordinary General Meeting of the Shareholders held on 21.06.2001, while the funds for the Strengthening of Operational Capital are reduced to 13,028 thousand Euros instead of 17,608 thousand Euros which were determined with a resolution of the Ordinary General Meeting of the Shareholders on 21/6/2002.

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

The remaining amount of 37,446 thousand Euros not appropriated on 31/12/2002 is placed in the following securities: Acquisition Assessment Securities Cost 31.12.02 Total of Listed Shares 19,900 3,283 Mutual Funds 14,674 5,061 Repos 2,872 2,872 Total 37,446 11,216

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III. 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, the latter not containing regulations or provisions more restraining than those provided for in the Law. 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 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 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.

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IV. 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 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.

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V. INFORMATION ON THE COMPANY

V.1.General

The company Lambrakis Press S.A. – with the trade name DOL. S.A. – 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, and 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.

The company is registered in the Register of Sociétés Anonymes of the Prefecture of Athens under registry number 1410/06/B/86/40. The duration of the company is set to 50 years from the date of its registration in the Register of Sociétés Anonymes.

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 object of the company is:

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 of any other foreign publication, and importing, exporting and trading of 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 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, 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 remuneration and undertaking projects of third parties, both persons and legal entities, on a contracted project basis at compensation. 19. Conceding the use of the company’s real property, facilities and equipment to third parties at 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.

Over the past five years, the company’s object was amended through the addition of par. 22 above, following the resolution of the shareholders’ General Meeting of 29.06.2000. According 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 2002 per sector of business activity is analyzed to the following STAKOD codes:

Turnover breakdown per sector of business activity Turnover STAKOD 91 Activity 2001 2002 Thousand euros Thousand euros % Newspaper and magazine 221.2 97,065.51 108,340.95 95.06% publishing 741.2 Service rendering 5,975.57 4,423.74 3.88%

521.4 Sales of goods 1,493.79 674.89 0.59%

372.0 Sales of byproducts 0.00 527.52 0.46%

Total turnover 104,534.87 113,967.10 100.00%

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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 requirements and formal procedures, which include the following: • Nominalization (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 the capital (Law 1746/1988, article 24). In the contrary case, the above-mentioned organizations are subjected to the requirement of the nominalization 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 April 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 also imposed by articles 24-29 of Law 2429/1996, which –among others- accurately define the contents of the Statement (article 25) and heavy sentences are provided for (article 27). • 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 every deed of transferring shares (Law 1746/1988, article 24). • 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.

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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. 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 S.A. 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 S.A. 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 “TELETYPOS S.A.”. Lambrakis Press S.A. was among its founding members with a 20% participation, which is the maximum then permitted by law. 1993 Lambrakis Press S.A. acquires the “ITHOMI EKDOTIKI EKTYPOTIKI S.A.” which had been active in commercial printing. The company was entirely absorbed by Lambrakis Press in 1997. Through its wholly–owned subsidiary, “MULTIMEDIA S.A.”, Lambrakis Press S.A. 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, prints newspapers and other publications of third parties. 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 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 In January, Lambrakis Press acquired IRIS PRINTING S.A., 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 S.A. 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 S.A.”, jointly established in 1998 by Lambrakis Press S.A. and C. K. Tegopoulos S.A., 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 S.A. holds a 50% participation in the company.

Establishment of “Action Plan S.A.”, 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,

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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.

The Group’s subsidiary “LP Communications S.A.” was renamed to “LP Digital S.A.” 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. LP Digital S.A. established RAMNET S.A. aiming to create and operate the first major Internet portal in.gr. The portal commenced operation in October 1999.

Lambrakis Press and Bologna Fiere Spa. jointly established EXPO PLAN S.A. for organizing trade fairs. Originally, Lambrakis Press held 50% of the company’s share capital and, as part of the Group’s restructure aimed at achieving synergies, it transferred its entire participation to Eurostar SA in which Lambrakis Press has, directly and indirectly, a 100% interest.

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 S.A., 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 S.A. The first issue to come out from the new company was that of January 2000. Lambrakis Press S.A. 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%.

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

2001 The company decided to publish “VIMADonna”, a monthly women’s magazine, as a supplement in each month’s last edition of the Sunday newspaper “TO VIMA tis KYRIAKIS”. The magazine is launched in March 2002.

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 multi-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).

LP Digital SA jointly with ΤEKA Systems, a Stassinopoulos group company, established the company «In Market Place SA”, active in business-to-business commerce in industrial products.

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V.4.This year’s business review

Publishing sector

In 2002 and the first four months of 2003, the publications of Lambrakis Press Group enhanced significantly their share in the newspaper and magazine market maintaining their top position both in terms of copies sold and in terms of attracted advertisement spending and readership. According to recent market data for the whole 2002, newspapers and magazines of Lambrakis Press Group maintained their top position and strengthened their edge over their competition. The high degree of readership of Lambrakis Press Group titles combined with the wide spectrum of its publications result in their significant penetration in the Greek reading public. It is notable that over 35% of the adult population of the country reads at least one of Lambrakis Press Group publications.

In the fiscal year 2002, the Management of the Group defined the publishing strategy taking into consideration the trends of the local publishing market, the main commercial characteristics of which were the slight drop in printed media circulations, the continued decline of the advertising market and the intensified competition among companies in the sector. The main objective of this strategy was increasing the sales and the improvement of operating profit margins combined with further operating restructuring of the company’s publishing sector.. The restructuring strategy in the publishing sector focused mainly in strengthening Lambrakis Press publications in the market and the re-definition and re-design of some of them, aiming to enhance their competitiveness and increasing sales. As a result the stream-lining of operations led to a particularly significant increase of the operating profit margin. It is notable, for example that the circulation and the attracted advertisement spending of the newspaper «TO Vima tis Kyriakis» increased by 11% and 8% respectively, while in total the market of Sunday newspapers increased by 1% in both aspects.. Furthermore, the recent additions of new supplements in the Wednesday and Saturday editions of the newspaper «To Vima» have already contributed positively in increasing the circulation sales of the newspaper. Also, the positive results of the strategic restructuring are reflected in the significant improvement of the operating margin before depreciation that in the year 2002 increased by 12.5 million euros translating into a 3.58 % profit on turnover, compared with last year’s 8.2% loss on turnover.

It is worth mentioning that these positive results came about in a period of increased competition in the publishing sector. The competitiveness of Lambrakis Press publications remains remarkably high, given that the Group publishes the two largest newspapers in Greece while 6 out the top 10 magazines of all categories belong to Lambrakis Press.

In the context of its publishing strategy, the Management of the Group decided to increase the Company’s participation to Special Publications SA from 65.6% to 100% (that was concluded in April 2003), which now owns the titles of the magazines ”Men” and “Gaiorama”.

Also, during 2002 the Management of the Group sold the Lambrakis Press SA participation in Publishing Communications SA, a company publishing the automobile magazine «CAR».

Νew publishing products

In March 2002 the monthly women’s magazine “VIMADonna” was launched as s supplement to the newspaper «To Vima tis Kyriakis» every last Sunday of each month. From its first issue the magazine was very positively accepted by the readers contributing significantly in increasing the circulation and advertising income of the newspaper, while it is also included within the first five women’s magazines on the basis of the attracted advertisement campaign.

Printing sector

During 2002, the Company’s printing sector (The IRIS Printing Group of companies) maintained their top position in the printing business while also concluding their 4-year investment program aiming to improve and expand their industrial infrastructure and installations.

«IRIS Printing SA» concluded in 2002 its investment program, pertaining to the establishment of two high quality vertically integrated industrial printing units (in Koropi, Attiki and Oinofyta, Viotia) and the improvement of the existing infrastructure. The two industrial units feature state-of-the-art web and cut-sheet presses, that are complemented by binding and inserting automated machinery, making the production flow highly integrated. The operation of these facilities lies within the strategy of the company to concentrate production in two printing plant instead of five that operate today («Koropi», «Tsefliki», «Madaro», «Ithomi», «Akademia Platonos»). In this way, By operating the two up-to-date industrial facilities, moving its administrative and financial divisions in its Koropi installations and also progressively moving there all the existing machinery and equipment of the older printing plants (Madaro, Ithomi, Akademia Platonos), IRIS Printing SA concluded within 2002 a major investment plan in infrastructure, machinery and equipment. Furthermore, the company proceeded to refinance its bank loans, converting a significant part of short term loans to long term.

The vertically integrated industrial infrastructure of the company combined with the pursued strategy for more market penetration offers the company a significant comparative advantage in its sector to increase its market share.

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Also, in the context of strategic printing co operation with the Pegasos Publishing and Printing Group (that holds a 30% participation in IRIS Printing SA”),IRIS Printing decided to commence the procedure to acquire through a merger ORAPRESS SA, the printing affiliate of Pegasos Publishing and Printing Group. This procedure was concluded in all legal formalities by the execution of the related notarial deed on 9.5.2003.

Also in 2002, «IRIS Printing SA» expanded its business activities into paper trading, after selling the participation it held in the paper trading company «Aggelidis – Georgakopoulos SA».

Τourist sector

In the fiscal year 2002, taking into consideration the declining trends and the changes in demand for tourist services, that characterized the domestic and international tourist market, the Management of Lambrakis Press Group adjusted its strategy to the new market conditions aiming to strengthen the position of its tourist sector companies in the market and to increase their profitability.

In this context and despite the acute competition and the declining demand, the Group’s tourist sector company «EUROSTAR SA» and its affiliate «TRIAIANA TRAVEL – ST.LAGAS SA» adapted their services to the new market requirements succeeding in increasing their turnover by 16% and their operating profit by 41%, while the company’s brand name «Travel Plan» remains the most recognizable and trusted name in the Greek market of tourist services.

On the basis of the same strategy and considering the developments of the US tourist market, the Management of the Group decided to sell Freegate Tourism Inc., a100% affiliate based in New York..

Participations sector

In the context of reassessing and rationalizing the participations of the Company, the Management of the Group decided to sell the minority participations it held in the companies Odeon SA, Odeon Licensing SA and Digital Press SA that are active in the cinema sector (cinema representations, production and distribution of movies, subtitling, CD and DVD production, rights exploitation etc).

Also, during the fiscal year 2002, Lambrakis Press acquired majority holding in the publishing company «Ellinika Grammata SA», increasing its participation from 49% to 51%, further enhancing its presence in the publishing sector.

Information Technology (IT) and New Technology Sector

Lambrakis Press Group maintains invariably the top position in the area of Greek internet, on the basis of the spectrum of the offered services, the realized investments and the accrued know-how.

Considering the developments in the IT and Internet sector in Greece, the Management of the Group proceeded with a strategic redesign of the IT sector of the Group, aiming at lower operating costs and more efficient exploitation of the resources and IT products it has. In this context the operation and the targets of the existing and new services and products were revised in order to improve their performance penetration in the market and the first positive effects of the on-going restructuring are already evident in the financial figures of the year 2002.

It is worth noting, that almost the total amount of investments in the sector of IT and Internet has already been depreciated during the previous fiscal years. In the year 2002 turnover increased by 27% while operating loss dropped significantly (by 77%) compared to fiscal 2001, offering solid indications of the improvement of the sector’s figures.

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VI. BUSINESS ACTIVITY

The analysis and evolution of the Company’s activity per business sector for the fiscal years 2001 and 2002 are shown in the following table :

2001 2002 Turn over Thousand euros Thousand euros %

· Circulation income 52,601.76 58,897.17 51.68%

· Advertisement income 44,463.75 49,443.78 43.38%

Income from publishing activity 97,065.51 108,340.95 95.06%

Income from services rendered 5,975.57 4,423.74 3.88%

Income from sale of goods 1,493.79 674.89 0.59%

Income from sale of byproducts 0.00 527.52 0.46%

Total turnover 104,534.87 113,967.10 100.00%

2001 2002 Geographical allocation of turnover Thousand euros Thousand euros %

Domestic sales 103,413.57 113,095.61 99.24%

International sales 1,121.30 871.49 0.76%

Total turnover 104,534.87 113,967.10 100.00%

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VΙ.2. PUBLISHING ACTIVITY

ANALYSIS PER PUBLICATION

The Publishing Sector of the Lambrakis Press Group comprises two media categories:

Lambrakis Press Α. Newspapers Publishing company participation (%)

TO VIMA LAMBRAKIS PRESS SA

TO VIMA TIS KYRIAKIS LAMBRAKIS PRESS SA

TA NEA LAMBRAKIS PRESS SA

TA NEA TO SAVVATOKYRIAKO LAMBRAKIS PRESS SA

AGGELIOFOROS N.GREECE PUBLISHING SA 33,33%

AGGELIOFOROS TIS KYRIAKIS N.GREECE PUBLISHING SA 33,33%

Lambrakis Press Β. Magazines Publishing company participation (%)

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

RAM LAMBRAKIS PRESS SA

HiTECH LAMBRAKIS PRESS SA

MARKET 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

ΜΕΝ SPECIAL PUBLICATIONS SA 100,00%

GAIORAMA SPECIAL PUBLICATIONS SA 100,00%

DISNEY PUBLICATIONS NEA AKTINA SA 50,50%

ΜΑRIE 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 «TO VIMA TIS KYRIAKIS» 2 Supplement women’s monthly magazine in «TO VIMA TIS KYRIAKIS» (last edition of each month) 3 Supplement variety magazine in «TA NEA SAVVATOKYRIAKO» 4 Supplement financial magazine in «TO VIMA» (Saturday edition)

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NEWSPAPERS

TO VIMA TIS KYRIAKIS

GENERAL INFORMATION “ΤΟ VIMA TIS KYRIAKIS” has been published in its present form since January 22, 1984. According to relevant market research, the newspaper is the main source of information for the most educated and dynamic readers.

“ΤΟ VIMA THS KYRIAKIS” is a multi-segment newspaper that is supplemented with following special sections:

Focusing on the economy, businesses, capital markets and • “Anaptyxi” stock exchange • “To Allo Vima” Focusing and analyzing cultural and artistic topics

• “Vivlia” Focusing on literature and publishing topics

• “VIMAScience” Focusing on Greek and international scientific topics

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

A variety magazine with reportages, lifestyle topics and • “VIMAgazino” interviews • “VIMADonna” A monthly women’s magazine (on last Sunday of the month)

• “TV Guide” Weekly TV Guide with reportages and television topics Weekly supplement with reportages focusing on the artists’ • “Celebrities” lives A series of special historic supplements focusing on the most • “VIMA Istoria” important moments and personalities of Greek history

CIRCULATION “ΤΟ 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 2001 - 2002 Sunday Newspapers – Copies sold per publication

2001 2002 Newspaper Average copies sold Average copies sold Market share ΤO VIMA TIS KYRIAKIS 181.785 202.541 23,3% KYRIAKATIKI ELEFTHEROTYPIA 186.864 179.291 20,6% TO ETHNOS TIS KYRIAKIS 150.351 150.875 17,3% KATHIMERINI TIS KYRIAKIS 113.028 111.039 12,8% TYPOS TIS KYRIAKIS 77.680 62.351 7,2% STO KARFI TIS KYRIAKIS 17.807 29.321 3,4% RIZOSPASTIS 27.630 23.662 2,7% ESPRESSO ΤIS KYRIAKIS 32.444 23.609 2,7% APOGEVMATINI TIS KYRIAKIS 17.893 17.975 2,1% I HORA TIS KYRIAKIS 14.928 12.443 1,4% ADESMEFTOS TYPOS KYRIAKIS (1) 12.381 10.245 1,2% ADESMEFTOS TIS KYRIAKIS (2) 4.700 2.524 0,3% Other 44.178 44.430 5,1% TOTAL 881.669 870.306 100,0% Source: EIHEA (Athens Daily Newspaper Owners Association) (1) Publisher D. Rizos (2) Publisher K. Mitsis

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READERSHIP DATA

According to the latest market research conducted by Focus Bari for 2002, the newspaper’s main readership consists of men and women between 25-54 years of age of an upper socio-economic class.

In addition, according to the same research, the total readership of “TO VIMA TIS KYRIAKIS” amounts to 707,000 readers per issue.

ADVERTISEMENT MARKET SHARE

“ΤΟ VIMA TIS KYRIAKIS” ranks first in attracting advertisement spending as shown in the following table which lists the Sunday newspapers ranked by the gross advertisement spending they attracted in 2001 – 2002 (excluding the cross media barter agreements)

Attracted Advertisement Spending Figures 2001 - 2002 Sunday Newspapers

(amounts in thousand euros) 2001 2002 Attracted Attracted Market Newspaper advertisement advertisement share spending spending TO VIMA TIS KYRIAKIS 21,055 22,653 22.8%

KYRIAKATIKI ELEFTHEROTYPIA 22,434 20,767 20.9%

KATHIMERINI TIS KYRIAKIS 16,081 14,995 15.1%

TO ETHNOS TIS KYRIAKIS 13,428 12,484 12.6%

TYPOS TIS KYRIAKIS 5,273 4,507 4.5%

Other 19,569 23,811 24.0%

TOTAL 97,840 99,217 100.0%

Source: Media Services SA

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TO VIMA

GENERAL INFORMATION

“TO VIMA” has been published as a daily morning newspaper since March 1999.

The newspaper includes the following special sections:

• “Anaptyxi” A daily financial supplement

• “Vima Sport” A sports supplement published daily

Since March 2003, the newspaper’s Wednesday issue includes as supplement a special edition of the National Geographic magazine with a rare Greek content from the magazine issues of the early 20th century.

During 2002 and the first quarter of 2003, the newspaper’s Saturday issue was accompanied by the supplement magazine “ECONOMIKOS TACHYDROMOS” – one of the oldest and most reliable financial magazines with a rich content of economic nature and analysis. Since April 2003, “ECONOMIKOS TACHYDROMOS” is included as a supplement in the Thursday issue.

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 as well as detailed colored maps of Greek areas.

CIRCULATION

In 2002, “TO VIMA” is ranked second among the morning political papers based on the copies sold and holds a 24.4% market share. The following table presents the 2001 – 2002 circulation figures of the morning daily newspaper sector.

Daily Morning Newspapers Copies sold per publication

2001 2002 Average copies Average copies Market Newspaper sold sold shares TO VIMA 22,575 16,103 24.4%

KATHIMERINI 25,085 27,873 42.3%

Other 34,723 21,992 33.3%

TOTAL 82,383 65,968 100.0%

Source: EIHEA (Athens Daily Newspaper Owners Association)

READERSHIP DATA

According to the latest market research conducted by Focus Bari for the year 2002, the newspaper’s main readership consists of men and women of 25 – 54 years of age, of a middle and upper socio-economic class. Furthermore, according to the same research, the total readership of “TO VIMA” amounts to 71,000 readers per issue.

ADVERTISEMENT MARKET SHARE

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“TO VIMA” is ranked third amongst daily newspapers in relation to the advertisement spending it attracted. The following table shows the ranking of daily morning newspapers in accordance to the attracted gross advertisement spending in the past two years (excluding the cross-media barter agreements):

Attracted Advertisement Spending Figures 2001 – 2002 Daily Morning* Newspapers (amounts in thousand euros)

2001 2002 Newspaper Attracted advertisement Attracted advertisement Market share spending (*) spending (*)

TO VIMA 1,892 1,906 7.9%

MACEDONIA 1,347 3,369 14,0%

KATHIMERINI 2,659 2,978 12.4%

Other 12,146 15,728 65.6%

TOTAL 18,044 23,981 100.0%

(*) “MEΤRORAMA” newspaper included Source: Media Services SA

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TA NEA

GENERAL INFORMATION “ΤΑ ΝΕΑ” was first published as a daily evening newspaper in 1931 under the title “ATHINAIKA NEA”. In 1945, the newspaper was renamed “ΤΑ ΝΕΑ” and has still non-stop been published as a daily evening newspaper up to present. A staff of experienced journalists and analysts make the paper stand out for its modern approach, its variety of topics that completely cover its readership’s need for information.

To provide its readers with more specialized information, the newspaper includes the following supplementary sections:

• “Omada” Daily sports section Daily special section focusing on art, speech, TV and modern • “Orizontes” life topics • “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 A supplement issued every Thursday on health and physical • “Ygeia, Drasi kai Zoi” fitness

In addition, “ΤΑ ΝΕΑ” are published every Thursday containing the supplement magazine “Akinita”, which includes advertisements and reportages of the real estate market. “Akinita” is also published as an independent magazine every Saturday.

ΤΑ ΝΕΑ SAVVATOKYRIAKO

GENERAL INFROMATION

A multi-section Saturday edition of “ΤΑ ΝΕΑ”, which was first published in March 1999.

“TA NEA Savvatokyriako” includes the following supplements:

• “Oikonomia” A supplement focused on economic and financial topics • “Vivliodromio – Idees” A supplement focused on the arts’ world

In addition, “TA NEA Savvatokyriako” includes the supplement variety magazine “TACHYDROMOS” with multiple topics of general interest.

“TA NEA Savvatokyriako” that are distributed in Thessalonica is additionally accompanied by the multi-page supplement newspaper under the title “Zo sti Thessaloniki” (I live in Thessalonica) covering topics of local interest.

CIRCULATION

Over the past years, “ΤΑ ΝΕΑ” has stably been the top-selling newspaper in a particularly competitive market. The following table shows its 2001 – 2002 circulation figures of the daily evening newspaper sector.

Daily Evening Newspapers Copies sold per publication (*)

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2001 2002 Newspaper Average copies sold Average copies sold Market share TA NEA 84,586 82,856 24.0% ELEFTHEROTYPIA 79,296 79,106 22.9% TO ETHNOS 53,644 50,741 14.7% ELEFTHEROS TYPOS 36,948 39,562 11.4% ESPRESSO 31,707 25,384 7.3% APOGEVMATINI 23,254 21,528 6.2% ADESMEFTOS TYPOS (1) 11,972 10,325 3.0% ADESMEFTOS TYPOS (2) 4,700 2,662 0.8% Other 51,344 33,508 9.7% TOTAL 377,451 345,672 100.0%

Source: EIHEA (Athens Daily Newspaper Owners Association) (*) Saturday issues inclusive. (1) Publisher: D. Rizosς (2) Publisher: Κ. Mitsis

READERSHIP DATA According to a recent market research conducted by Focus Bari in 2000, the newspaper’s main readership consists of men and women of 35-60 years of age, belonging to the middle and upper socio-economic class. Moreover, according to the same research, the total readership of “TA NEA” amounts to 245,000 readers per issue.

ADVERTISEMENT MARKET SHARE

As was the case last year, “TA NEA” holds the first position in terms of gross revenues generated from advertisement. The table below presents the ranking of daily evening papers according to the gross advertisement spending they attracted in 1999 and 2000 (excluding cross-media barter agreements).

Attracted Advertisement Spending Figures 2001 – 2002 (*) Daily Evening *Newspapers (amounts in thousand euros) 2001 2002 Newspaper Attracted Attracted advertisement advertisement Market share spending spending

TA NEA 17,230 14,650 28.1%

ELEFTHEROTYPIA 12,318 13,386 25.7%

ETHNOS 7,788 5,768 11.1%

ELEFTHEROS TYPOS 3,410 3,622 6.9%

ESPRESSO 4,997 3,350 6.4%

AGGELIOFOROS 2,838 2,831 5.4%

APOGEVMATINI 1,413 2,016 3.9%

Other 7,138 6,517 12.5%

TOTAL 57,132. 52,140 100.0%

(*) Saturday issues inclusive. Source: Media Services SA

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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 30% 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 2001 - 2002 Copies sold per publication

2001 2002

Average copies Average copies PUBLICATION sold sold

AGGELIOFOROS 8,436 7,812 (Greece – total) AGGELIOFOROS 6,915 6,378 (City of Thessaloniki) MACEDONIA 5,409 4,913 (City of Thessaloniki) THESSALONIKI 5,367 5,031 (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 2002, the newspaper’s main readership consists of men and women of 25-54 years of age of a middle socio-economic class. Furthermore, according to the same research the total readership of “AGGELIOFOROS” amounts to 37,000 readers per issue.

ADVERTISEMENT MARKET SHARE

According to Media Services SA figures, gross advertisement spending in 2002 amounted to 2,831 thousand euros while the corresponding amount in 2001 was 2,838 thousand euros.

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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 2001 - 2002 Copies sold per issue

2001 2002

Average copies Average copies Newspaper sold sold AGGELIOFOROS TIS KYRIAKIS 17,209 16,494 (Greece - total)

AGGELIOFOROS TIS KYRIAKIS 13,530 12,920 (City of Thessaloniki)

MACEDONIA TIS KYRIAKIS 15,491 13,625 (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 2002, the newspaper’s main readership consists of men and women of 25-54 years of age of a middle socio-economic class. Furthermore, according to the same research the total readership of “AGGELIOFOROS TIS KYRIAKIS” amounts to 91,000 readers per issue.

ADVERTISEMENT MARKET SHARE

According to Media Services SA figures, gross advertisement spending in 2002 amounted to 3,537 thousand euros while the corresponding amount in 2001 was 3,573 thousand euros.

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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 became a monthly magazine subsequently. The magazine is the leader in its category both in terms of circulation and advertisement revenues. 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 2001 - 2002 Copies sold per publication

2001 2002

Magazine Average copies sold Average copies sold Market share

To Paidi mou ki Ego (*) 22,775 16,951 39.2%

Paidi kai Neoi Goneis 14,490 12,738 29.5%

I Zoi me to Paidi 7,300 6,616 15.3%

9+ months 9,345 6,877 16.0%

TOTAL 53,910 43,182 100.0%

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

READERSHIP DATA

According to a recent market research conducted by Focus Bari for 2002, the magazine’s main readership consists of women of 25-44 years of age of a middle socio-economic class. Furthermore, according to the same research the total readership of “To Paidi mou kai Ego” amounts to 191,000 readers per issue.

ADVERTISEMENT MARKET SHARE

As was the case last year, “To Paidi mou ki Ego” assumed the top position among all its competitors with a significant lead from the second in attracting advertisement spending. The following table shows the gross advertisement spending attracted by the magazine and its main competitors in 2001 – 2002 time period (excluding cross-media barter agreements).

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Attracted Advertisement Spending 2001 – 2002

(amounts in thousand euros) 2001 2002 Attracted Attracted Market Magazine advertisement advertisement share spending spending

To Paidi mou ki Ego 4,162 4,048 43.5%

Paidi kai Neoi Goneis 1,802 2,363 25.4%

I Zoi me to Paidi 1,352 1,709 18.4%

9+ months 727 1,179 12.7%

TOTAL 8,043 9,299 100.0%

Source: Media Services SA

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VITA

GENERAL INFORMATION

First published in May 1997, “VITA” informs and educates its readers on 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 a supplement health guide.

Very issue of the magazine is accompanied by a special multi-page guide of the series “Praktiki Vivliothiki – Odigoi gia na zoume Kaltytera” focusing on nutrition, psychology and healthy living topics.

“VITA” holds the top position among health and fitness magazines with a significant lead from its competitors, both in terms of circulation and advertisement spending.

CIRCULATION

The table below shows the circulation figures for “VITA” and magazines of the same kind over the past two years:

Circulation Figures 2001- 2002 Copies sold per publication

2001 2002 Average copies Magazine Average copies sold Market share sold VITA (*) 57,378 65,281 79.4%

ARMONIA 20,253 16,978 20.6%

TOTAL 77,631 82,259 100.0%

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

READERSHIP DATA

According to a recent market research conducted by Focus Bari for 2002, the magazine’s main readership consists of women of 18-44 years of age of a middle and upper socio-economic class. Furthermore, according to the same research the total readership of “Vita” amounts to 187,000 readers per issue.

ADVERTISEMENT MARKET SHARE

According to Media Services SA figures, gross advertisement spending in 2002 amounted to 3,002 thousand euros while the corresponding amount in 2001 was 2,922 thousand euros.

ANNUAL HEALTH GUIDE

The magazine issues every year the Health Guide that contains a detailed list of all specialist doctors and is distributed with the November edition of the magazine.

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GAMOS

GENERAL INFORMATION

Originally published by N. Theofanidis, “GAMOS” magazine was acquired by Lambrakis Press Group on 1988.

Published every six months, the magazine aims at providing advice on important and practical problems young readers are encountered to encounter 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 2002,the magazine’s both issues were accompanied by an extra issue “Neo Spitiko” with decoration topics and shopping ideas for the new household.

CIRCULATION

The following table shows the magazine’s circulation figures in the past two years in respect to its competitors:

Circulation Figures 2001 - 2002 Copies sold per publication

2001 2002 Average copies Average copies Market Magazine sold sold share GAMOS 8,046 10,218 39.2%

NYFI 8,983 9,751 37.3%

MARIAGES 6,798 6,129 23.5%

TOTAL 15,197 26,098 100.0%

Source: ARGOS SA Distribution Agency, Lambrakis Press Circulation Office

READERSHIP DATA

According to a recent market research conducted by Focus Bari for 2002, the magazine’s main readership consists of women of 18-34 years of age of a middle and lower socio-economic class. Furthermore, according to the same research the total readership of “GAMOS” amounts to 126,000 readers per issue.

ADVERTISEMENT MARKET SHARE

According to Media Services SA figures, gross advertisement spending in 2002 amounted to 1,672 thousand euros while the corresponding amount in 2001 was 1,657 thousand euros.

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DIAKOPES

GENERAL INFORMATION

From 1967 to date, “DIAKOPES” annual edition is the only tourist guide for all destinations in Greece.

To the Greek reader, “DIAKOPES” is a fully documented tourist guide.

In its 1120 pages, one 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 is embedded with updated detailed maps aiming at providing its readers thorough information.

The 2002 edition was accompanied by the videotape “O Galazios Planitis” (The blue planet) with tourist documentaries.

The magazine holds a leading position in its field provided that the rest magazines of the same kind are quite behind in terms of content and complete information.

CIRCULATION

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

Circulation Figures 2001 - 2002 Copies sold per issue

2001 2002 Average copies Average copies sold sold DIAKOPES 25,929 29,402

Source: ARGOS SA Distribution Agency, Lambrakis Press Circulation Office

ADVERTISEMENT MARKET SHARE

According to Media Services SA figures, gross advertisement spending in 2002 amounted to 1,036 thousand euros while the corresponding amount in 2001 was 891 thousand euros.

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MARIE CLAIRE

GENERAL INFORMATION

The “MARIE CLAIRE” monthly magazine has been published by Lambrakis Press Group since 1988, and as of January 2000 it has been published by the affiliated company MC HELLAS SA (in which Lambrakis Press holds a 50% participation). “MARIE CLAIRE” is the Greek edition of the French magazine with the same name covering extensive topics on fashion, beauty, health and social life. The Greek edition is ranked among the top ones in accordance to its circulation and advertisement figures.

In 2002, the magazine’s issues offered a wide range of gifts, special offers and extra issues, such as “Collection” (February, September), “Deco” (April, November), and “Omorfia” (June, December).

CIRCULATION

The table below shows the circulation figures for “Marie Claire” and magazines of the same kind over the past two years: Circulation Figures 2001- 2002 Copies sold per publication

2001 2002 Market Magazine Average copies sold Average copies sold share

MARIE CLAIRE 40,720 41,275 16.0%

ELLE 44,800 46,141 17.9%

MADAME FIGARO 37,440 43,037 16.7%

VOTRE BEAUTE 26,114 28,673 11.1%

LIPSTICK 32,377 28,533 11.1%

VOGUE 28,489 27,154 10.5%

DIVA 32,276 26,048 10.1%

GYNAIKA 18,127 17,271 6.7%

TOTAL 260,343 258,132 100.0%

Source: ARGOS SA Distribution Agency, Lambrakis Press Circulation Office

READERSHIP DATA

According to a recent market research conducted by Focus Bari for 2002, the magazine’s main readership consists of women of 25-44 years of age of a middle socio-economic class. Furthermore, according to the same research the total readership of “Marie Claire” amounts to 255,000 readers per issue.

ADVERTISEMENT MARKET SHARE

According to Media Services SA figures, gross advertisement spending of “Marie Claire” in 2002 amounted to 19,268 thousand euros while the corresponding amount in 2001 was 18,573 thousand euros.

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COSMOPOLITAN

GENERAL INFORMATION

The “COSMOPOLITAN” monthly variety magazine is published by the affiliated company HEARST LAMBRAKIS PUBLISHING LTD (in which Lambrakis Press SA holds a 50% participation) and is the Greek edition of the corresponding international young women’s magazine. “COSMOPOLITAN” is the only magazine in Greece published in two sizes, standard and pocket, and ranks top in its category according to annual circulation figures. The magazine’s issues are often accompanied by an extra issue of special topics.

CIRCULATION

The table below shows the circulation figures for “COSMOPOLITAN” and magazines of the same kind over the past two years: Circulation Figures 2001- 2002 Copies sold per publication

2001 2002 Market Magazine Average copies sold Average copies sold share

COSMOPOLITAN 71,312 88,981 36.6%

GLAMOUR 79,192 86,701 35,7%

MIRROR 30,628 67,249 27.7%

TOTAL 181,132 242,931 100.0%

Source: ARGOS SA Distribution Agency, Lambrakis Press Circulation Office

READERSHIP DATA

According to a recent market research conducted by Focus Bari for 2002, the magazine’s main readership consists of women of 18-34 years of age of a middle socio-economic class. Furthermore, according to the same research the total readership of “Cosmopolitan” amounts to 372,000 readers per issue.

ADVERTISEMENT MARKET SHARE

According to Media Services SA figures, gross advertisement spending in 2002 for “Cosmopolitan” amounted to 10,639 thousand euros while the corresponding amount in 2001 was 7,225 thousand euros.

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DISNEY MAGAZINES

GENERAL INFORMATION

Lambrakis Press Group through its affiliated “NEA AKTINA SA” (in which Lambrakis Press holds a 50.5% participation) - publishes the Greek editions of the periodical children’s publications of Mickey Mouse and other Walt Disney heroes in accordance to the relevant exclusive agreement it has concluded with Walt Disney Co.

The company publishes one weekly magazine (Mickey Mouse), 8 monthly (Donald, Comics, Almanaco, Megalo Mickey, Minnie, Haroumenes Istories, Winnie, Witch), and 3 bimonthly magazines (Classica Disney, Mikri Prigipissa, Mickey Mistirio) as well as the two annual publications (Festival and Passatempos) with the adventures of the well-known company’s heroes who are particularly popular among Greek readership.

CIRCULATION

The table below shows comparative circulation figures of the main publications of the company over the past two years: Circulation Figures 2001- 2002 Copies sold per publication

2001 2002 Average copies Average copies Magazine sold sold

CLASSICA DISNEY (bi-monthly) 19,803 24,268

DONALD (monthly) 17,986 22,189

MICKEY MOUSE (weekly) 18,078 17,221

COMICS (monthly) 17,494 18,141

ALMANACO (monthly) 15,587 16,607

MEGALO MICKEY (monthly) 12,855 13,087

MINI (monthly) 8,900 9,405

HAROUMENES ISTORIES (monthly) 3,082 1,889

MIKRI PRIGIPISSA (bi-monthly) 6,075 8,933

PASSATEMPOS (yearly) 8,100 7,180

WINNIE (monthly) 2,808 2,763

WITCH (monthly) (*) 9,812

(*) First issue November 2002 Source: ARGOS SA Distribution Agency, EUROPE Distribution Agency, Lambrakis Press Circulation Office

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TV ZAPPING

GENERAL INFORMATION

“TV ZAPPING” is a weekly TV guide published by the subsidiary “MELLON Group SA” (former 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 2002, many issues of the magazine were accompanied by an extra Cooking supplement. Also in 2002, the magazine included many special editions.

CIRCULATION The table below shows the circulation figures for “TV ZAPPING” and similar magazines over the past two years: Circulation Figures 2001- 2002 Copies sold per publication

2001 2002

Market Magazine Average copies sold Average copies sold share TV ZAPPING 88,133 79,540 21.9%

7 MERES TV 122,283 112,941 31,1%

TILETHEATIS 75,028 70,052 19.3%

TILERAMA 54,734 44,965 12.4%

RADIOTILEORASI 39,844 34,969 9.5%

TELECONTROL 22,771 21,192 5.8%

TOTAL 402,793 363,659 100.0%

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 2002, the magazine’s main readership consists of women of 18-44 years of age of a middle socio-economic class. Furthermore, according to the same research the total readership of “TV ZAPPING” amounts to 407,000 readers per issue.

ADVERTISEMENT MARKET SHARE According to Media Services SA figures, gross advertisement spending in 2002 amounted to 11,550 thousand euros while the corresponding amount in 2001 was 11,619 thousand euros.

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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 supplement “Dora” (Gifts) while on a bimonthly basis, the magazine includes the special supplement “Gala”.

CIRCULATION

The following table shows circulation figures of “Close Up” in the past two years:

Circulation Figures 2001 - 2002 Copies sold per issue

2001 2002

Average copies sold Average copies sold

CLOSE UP 5,624 5,355

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 2002, the magazine’s main readership consists of women of 25-44 years of age of a middle and upper socio-economic class. Furthermore, according to the same research the total readership of “CLOSE UP” amounts to 30,000 readers per issue.

ADVERTISEMENT MARKET SHARE

According to Media Services SA figures, gross advertisement spending in 2002 amounted to 3,002 thousand euros while the corresponding amount in 2001 was 2,833 thousand euros.

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KLIK

GENERAL INFORMATION

“KLIK” is a monthly variety magazine, which in 2002 and during the first quarter of 2003 had been published by the affiliated company “SPECIAL PUBLICATIONS SA”.

Lambrakis Press SA, already a stockholder of “Special Publications SA” holding a participation of 65.58%, on 15.4.2003 acquired the remaining shares of the company from the other shareholders and in this way became the sole shareholder of the company with a 100% participation. At the same time, the selling shareholder Mr. A. Terzopoulos transferred the trademarks of “MEN”, “GAIORAMA” and “GEORAMA” magazines to “Special Publications SA” whilst he retained the trademark of “KLIK” magazine in his own ownership.

CIRCULATION The table below shows the circulation figures for “KLIK” and similar magazines over the past two years: Circulation Figures 2001- 2002 Copies sold per publication

2001 2002

Average copies Average copies Market Magazine sold sold share

KLIK 24,337 26,086 19.8%

NITRO 46,056 43,856 33.3%

ΜΑΧ 27,320 24,261 18.4%

OUT 33,920 21,270 16.2%

METRO 18,527 16,097 12.3%

TOTAL 150,160 131,570 100.0%

Source: EUROPE Distribution Agency, Lambrakis Press Circulation Office

READERSHIP DATA According to a recent market research conducted by Focus Bari for 2002, the magazine’s main readership consists of men of 25-44 years of age of a middle and lower socio-economic class. Furthermore, according to the same research the total readership of “KLIK” amounts to 105,000 readers per issue.

ADVERTISEMENT MARKET SHARE According to Media Services SA figures, gross advertisement spending in 2002 amounted to 5,830 thousand euros while the corresponding amount in 2001 was 7,697 thousand euros. According to the attraction of advertisement spending the magazine is ranked second in its sector.

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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 current professional and social life.

“MEN” issues are monthly 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 2001- 2002 Copies sold per publication

2001 2002 Average copies Average copies Market Magazine sold sold share

MEN 19,227 20,820 22.9%

STATUS 20,647 19,954 22.0%

PLAYBOY 40,284 33,199 36.5%

PENTHOUSE 19,670 16,891 18.6%

TOTAL 99,828 90,864 100.0%

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 2002, the magazine’s main readership consists of men of 25-44 years of age of a middle socio-economic class. Furthermore, according to the same research the total readership of “MEN” amounts to 58,000 readers per issue.

ADVERTISEMENT MARKET SHARE

According to Media Services SA figures, gross advertisement spending in 2002 amounted to 4,323 thousand euros while the corresponding amount in 2001 was 4,081 thousand euros.

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NATIONAL GEOGRAPHIC

GENERAL INFORMATION

In May 1998, Lambrakis Press signed a long-term agreement with the National Geographic Society for publishing in Greek the monthly “NATIONAL GEOGRAPHIC” magazine and for its sale 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 agreement regarding the magazine, the agreement between Lambrakis Press and the National Geographic Society also provides 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).

CIRCULATION

The following table shows the circulation figures of “NATIONAL GEOGRAPHIC” in the past two years:

Circulation Figures 2001 - 2002 Copies sold per publication

2001 2002 Magazine Average copies sold Average copies sold

National Geographic (*) 54,891 42,579

Focus 44,184 46,638

TOTAL 99,075 89,217

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

READERSHIP DATA According to a recent market research conducted by Focus Bari for 2002, the magazine’s main readership is readers of 18-44 years of age of a middle and upper socio-economic class. Furthermore, according to the same research the total readership of “NATIONAL GEOGRAPHIC” amounts to 277,000 readers per issue.

ADVERTISEMENT MARKET SHARE

According to Media Services SA figures, gross advertisement spending in 2002 amounted to 2,388 thousand euros while the corresponding amount in 2001 was 3,054 thousand euros.

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RAM

GENERAL INFORMATION

“RAM” is the top selling monthly computer magazine in Greece. It was first published in February 1988 covering the broader spectrum of information technology and reporting on new developments in the sector, tests that help prospective buyers to select hardware and software, as well as advice on how to use equipment and programs.

The tests carried out by “RAM” are benchmarks for the Greek market and every month about 100 comparable products are presented and evaluated using an analytical scoring system (comparative tests). In order to carry out such tests, “RAM” has an up-to-date and fully equipped professional measuring and testing laboratory used by its expert editors. Each issue of the magazine is accompanied by a CD-ROM or DVD-ROM containing useful programs for its readers and users.

CIRCULATION

The following table shows the circulation figures of “RAM” and similar magazines over the past two years:

Circulation Figures 2001 - 2002 Copies sold per publication

2001 2002

Average copies Average copies Magazine Market share sold sold

RAM (*) 48,804 48,373 50.1%

PC MAGAZINE 28,292 29,248 30.3%

COMPUTER & SOFTWARE 6,420 9,546 6.8%

CHIP 7,560 9,464 9.8%

TOTAL 91,076 96,631 100.0%

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

READERSHIP DATA According to a recent market research conducted by Focus Bari for 2002, the magazine’s main readership consists of men of 18-34 years of age of a middle and upper socio-economic class. Furthermore, according to the same research the total readership of “RAΜ” amounts to 186,000 readers per issue.

ADVERTISEMENT MARKET SHARE According to Media Services SA figures, gross advertisement spending in 2002 amounted to 3,310 thousand euros while the corresponding amount in 2001 was 4,595 thousand euros.

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HITECH

GENERAL INFORMATION

First published in January 1996, “HiTECH” is the top monthly magazine on home electronics. Home electronics field traditionally includes the audiovisual appliances; at present, it is extended in 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 expert editors while the appliances’ tests of the magazine is a benchmark point for the Greek market.

In 2002, two issues of “HiTECH” were accompanied by detailed DVD Guides available in the Greek market. Furthermore, every issue of “HiTECH” is supplemented by a cinema or technical DVD of high technical specifications.

CIRCULATION

The following table shows the circulation figures of “HiTECH” compared its competitor over the past two years:

Circulation Figures 2001 - 2002 Copies sold per publication

2001 2002 Average copies Average copies Market Magazine sold sold share

HITECH (*) 19,505 24,929 79.5%

ECHOS & Hi-Fi 7,564 6,424 20.5%

TOTAL 27,069 31,353 100.0%

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 2002, the magazine’s main readership consists of men of 25-44 years of age of a middle and upper socio-economic class. Furthermore, according to the same research the total readership of “HiTECH” amounts to 73,000 readers per issue.

ADVERTISEMENT MARKET SHARE According to Media Services SA figures, gross advertisement spending in 2002 amounted to 2,200 thousand euros while the corresponding amount in 2001 was 1,979 thousand euros.

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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 are about 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

2001 2002

Average copies sold Average copies sold

GAIORAMA 36,406 29,849

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 2002, the magazine’s main readership consists of men of 25-44 years of age of a middle and upper socio-economic class. Furthermore, according to the same research the total readership of “GAIORAMA” amounts to 171,000 readers per issue.

ADVERTISEMENT MARKET SHARE

According to Media Services SA figures, gross advertisement spending in 2002 amounted to 540 thousand euros while the corresponding amount in 2001 was 755 thousand euros.

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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 the newest technology available.

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 cutting-egde technologies with top international specifications of reliability, operability and productivity.

The production work flow has the following stages:

In our days, through a long-term evolution era, the Press as a special factor in the sector of provision of services as well as in the field of recording, processing and managing information, has to be characterized of a leading-edge technology.

Following the international evolutions of the sector, Lambrakis Press Group through a complex of privately owned facilities and subsidiaries’ facilities follows a fully structured production procedure by using advanced technology of international top reliability, functionality and productivity standards.

The production workflow consists of 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, sketch-makers, proofreaders, art directors, and people responsible for the page layout, computer technicians and graphic designers.

Each magazine or newspaper’s Management, after discussing the ideas and suggestions of its editors, 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 is commences for the production of photographs, sketches or fine arts material that will supplement or accompany the articles. Editors in cooperation with the art direction team make decisions on fine arts material and appearance. The significance of art editing used to be of a greater concern in magazines than in newspapers. At present, however, in combination with the large penetration of color in newspapers’ publishing, newspapers’ fine arts requirements have been developed.

Having completed their articles, editors submit them to the chief editors for approval and forwarding. In older times, there only to submit articles was the delivery of manuscripts.

Now, editors located in the publishing building, type their articles in a computer and submit them in electronic form to the chief editor, through the current network of special management systems (databases). Editors who are not in the building, like the ones making reportages or correspondents located in other cities, can connect their PC to a telephone line and send over their texts electronically, through modems that provide them with an Internet connection and enable them to use electronic mail. Especially for external reportages, there is the capability to connect their PC to a mobile GSM phone and send their articles 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 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 is called page layout and today at present is fully computerized utilizing specially configured computers that are called page layout stations. 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 to forward it for printing.

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In the next stage, the page layout station sends the page in a digital form to the electronic phototransporting 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 phototransporting unit produces special metal plates from the films. The metal plates are initially covered with photographic emulsion, that 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: 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 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 bunldes 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 in the publication the inserts and than 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

Page 64/203 LAMBRAKIS PRESS SA – ANNUAL REPORT 2002 sub-agencies distribute them to the newsstands all over Greece. The handling takes place usually at night, so that the copies be ready to be sold to readers in the morning.

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, ARGOS SA, after receiving the copies from the printing facilities, according to the directions of the Circulation Office of Lambrakis Press SA dispatches the copies to its Northern Greece branch, based in Thessaloniki.

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 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 being 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 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 ofr 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.

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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.

Basic clients

Basic clients of the Company are mainly advertising agencies such as: BOLD OGILVY & MOTHER SA, LEO BURNETT SA, UPSET SA, FORTUNE SA, ADEL TOTAL COMMUNICATION COMPANY SA, BBDO SA, MCCANN-ERICKSON SA, ASHLEY & HOLMES SA, CIA MEDIA NETWORK HELLAS SA, MINDSHARE SA, ΕΛΜΑ LTD Basic suppliers

Basic supplier sof 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 ELLINIKA GRAMMATA SA, THE MEDIA CORP SA and MINDSHARE SA.

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VIII. FIXED ASSETS – GUARANTEES AND COLLATERALS

Intangible assets (trade marks)

The most important intangible assets of Lambrakis Press are the titles of newspapers and magazines published under the company’s label along with the titles that are being contemplated for future publishing. All titles are commercial trade marks registered with the Ministry of Trade and constitute copyrighted property of the company. Although such intangible assets are impossible to be valuated in precise financial terms, their large value is both obvious and straightforward.

Intangible assets

Acquisition value Depreciation Non- In thousand Fiscal Fiscal depreciated euros Balance Deletions Balance Balance Fiscal year’s Total 31/12/2001 year’s Transfers 31/12/2002 31/12/01 Depreciation year’s depreciation balance additions deletions Industrial 139.59 0.00 0.00 139.59 118.47 21.12 0.00 139.59 0.00 property rights Other rights 215.56 0.00 0.31 215.25 113.12 21.32 0.00 134.44 80.81

Total 355.15 0.00 0.31354.83 231.59 42.44 0.00 274.03 80.81

Tangible assets

Privately owned land

Acquisition value Fiscal In thousand Balance Deletions Balance year’s euros 31/12/2001 Transfers 31/12/2002 additions

Land plots and 3,151.89 0.00 367.19 2,784.69 building lots

The company owns the following plots of land:

• Plot of land of a total area of 7,350 m2 in the community of Nea Raidestos, province of Thessaloniki. • Plot of land of a total area of 16,758 m2 in the community of Asfendos, Sfakia, Crete. • Building lot of a total area of 2,518 m2 at 52, Pireos street, on which there is a building of an area of 5,745 m2 used as a paper converting facility. • Building lot of a total area of 379 m2 at 3 Christou Lada street, on which there is a multi-storey building of an area of 2,829 m2, housing the management and the editorial staff of the company’s newspapers. • Building lot of a total area of 493 m2 at 18 Panepistimiou street, Athens, on which there is a multi-storey building of an area of 3,887 m2, housing the company’s commercial, financial and administrative divisions. • 21.4% of a building lot on 1 Christou Lada Street of a total area of 372 m2 on which there is a multi-storey building • 17.4% of a building lot on 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.

In 2002, the company sold a building lot of a total area of 4,632 m2 at Marathonodromon street, Marousi, on which there is an old industrial building of an area of 3,212 m2. Neither the building lot nor the building were used by the company.

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:

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

Non- depreciated % Location District or street Area (m2) acquisition Ownership value (%) (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% Moschato 52, Peiraios street 2,518 552.64 100.00% 18, Panepistimiou Athens 493 568.58 100.00% street Paiania Pousi Hatzi 13,425 957.08 100.00% Total 2,784.69

Buildings – building facilities

Acquisition value Depreciation Non- In thousand Fiscal Fiscal depreciated euros Balance Deletions Balance Balance Fiscal year’s Total 31/12/2001 year’s Transfers 31/12/2002 31/12/01 Depreciation year’s depreciation balance additions deletions Buildings – Building 13,430.36 2.50 512.48 12,920.37 4,033.59 757.20 479.70 4,311.09 8,609.28 facilities

The above values include refurbishments in third party buildings totaling an acquisition value of 858,91 thousand euros and non-depreciated value of 335.62 thousand euros on 3112.2002.

Privately 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. • Industrial building consisting of ground floor, mezzanine and two floors, situated at 52 Pireos Street, Moschato, of a total area of 5.745 m2 and total volume of 26,000 m3, housing the paper converting unit. • 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

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In 2002 the company sold an old industrial building at 119 Marathonodromon Street, Marousi, of a total area of 3,212 m2 and total volume of 11,480 m3. Built in 1963, the building was not used by the company.

The following table summarizes the privately owned buildings of the company.

Non-depreciated Acquisition value 2 Construction value Location Street Area (m ) in thousand year 31.12.2002 euros in thousand euros Athens 3, Christou Lada 2,829 1980 2,272.64 1,120.51 Athens Christou Lada, 4th, 5th and 8th floor 641 1950 325.52 37.82 Kallithea 74, Doiranis 336 1963 44.43 3.43 Athens 18, Panepistimiou 3,887 1959 6,951.24 5,692.59 Moschato 52, Peiraios 5,750 1971 2,016.05 1,012.32 Athens 10a, Karytsi sq., 7th floor (suites 1 to 7) 224 1959 176.08 145.27 Paiania Pousi Hatzi 1,584 275.50 261.72 Total 18,463 12,061.46 8,273.66

Leased buildings To meet the housing requirements of its printed media and other departments, Lambrakis Press 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 effected by private contracts of yearly duration, renewable upon expiry.

Yearly rental Address Floor Μ2 Used by Lease period (in thousand euros)

Lambrakis Press SA: Vima – Ground floor, 3rd floor, Nea – Vima Photo Archives - 1.1. - 1, Christou Lada street, Athens th th 1.146.50 168.97 5 to 7 floor Young Club - Promotions - 31.12.2002 Multimedia SA

Lambrakis Press SA - 1.1. - 2, Christou Lada street, Athens 2nd – 7th floor 400.00 Economikos Tachydromos - 57.81 31.12.2002 Multimedia sa

Lambrakis Press SA: mailroom - Vima - Vimagazino Basement – Ground - Nea - Tachydromos - Hearst 5-7, Christou Lada street, floor - Mezzanine – Lambrakis Ltd - MC Hellas SA 1.1. - 956.10 135.50 Athens 1st – 4th –6th - 7th - special Publications SA – 31.12.2002 floor Athens News SA - Multimedia SA – N.Greece Publishing SA: - Aggelioforos

Lambrakis Press SA: mailroom - MC Hellas SA – Ground floor, 1.1. - 9, Christou Lada street, Athens 332.00 Athens News – Special 44.27 Basement 31.12.2002 Publications - Hearst Lambrakis Ltd

st Lambrakis Press SA : 1.1. - 11 Karytsi sq., Athens 1 floor 139.40 18.70 Diakopes 31.12.2002

st 1.1. - 4, Karytsi sq. Athens 1 floor 84.00 Lambrakis Press SA:Archive 4.75 31.12.2002

st nd Lambrakis Press SA : Ram - 39m Panepistimiou street, 1 basement – 2 1.1. - 1.524.68 National Geographic - Hitech - 241.05 Athens basement – 1st floor 31.12.2002 National Geographic Video

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Lambrakis PressSA: Vita – To 1.1. - 24, Stadiou street, Athens 1st – 3rd floor 1.442.00 Paidi mou ki Ego - MC Hellas 229.40 31.12.2002 SA

1.1. - 17, Valaoritou street, Athens 4th floor 389.00 IRIS Printing SA 100.30 31.12.2002

Lambrakis Press SA: 1.1. - 7, Voulis street, Athens 3rd floor 504.63 Tachydromos - Hearst 53.32 31.12.2002 Lambrakis Ltd

Mezzanine – 1st to 7th Lambrakis Press SA - Special 1.1. - 4 Phidiou street, Athens 2.207.00 381.42 floors – Penthouse Publications SA - Eurostar SA 31.12.2002 1, III Septemvriou street, Lambrakis Press SA: 1.1. - Ground floor 17.00 25.12 Athens Classified ads 31.12.2002 Basement – Lower Action Plan SA – Fterotos 1.1. - 15-17 Thisseos street, Athens ground floor – Ground 1.450.00 149.78 ermis SA 31.12.2002 floor – 1st to 3rd floors

Iroon Polytechniou and Basement – Ground 1.1. - 33.00 Classified ads 13.84 Dragatsi street, Pireas floor - loft 31.12.2002 Lambrakis Press: 1.1. - 150, Iera Odos, Egaleo 2.100.00 0.70 Warehouses 31.12.2002

Iris Printing SA – Warehouses - Lambrakis Press SA – th special Publications SA – Oinofyta, 57 km Athens-Lamia Basement – Ground 1.1. - 2.675.86 Athens News SA - Hearst 57.48 national road floor 31.12.2002 Lambrakis Ltd- MC Hellas Sa- D.E. Publishing SA - Multimedia SA - Ramnet SA

Lambrakis Press SA: nd 1.1. - Oinofyta, Tsifliki Viotias 1st – 2 floors 2.031.00 Warehouses - Multimedia SA 73.95 31.12.2002 - Net On Line SA

85, Tsimiski street, 1.1. - 1st floor 137.00 Eurostar SA 4.63 Thessaloniki 31.12.2002

10, Ag. Sofias street, Mezzanine – 1st – 2nd Lambrakis Press SA: Nea - 1.1. - 440.00 52.03 Thessaloniki – 4th floor Vima – Classified ads 31.12.2002

1.1. - 33, Vas. Sofias street, Larissa Ground floor 65.00 Lambrakis Press SA: Nea 7.77 31.12.2002 1.1. - 262, Korinthou street, Patra 4th floor 49.50 Lambrakis Press SA: Νea 3.83 31.12.2002 1.1. - 90, Evans street, Iraklio Kritis 4th floor 85.00 Lambrakis Press SA: Nea 0.20 31.12.2002 Total 18.208.67 1.824.82

In addition to above-mentioned leased property, which Lambrakis Press S.A. subleased to associated companies during 2002, Lambrakis Press SA also leased own property (offices, warehouses, etc.). For subleased and leased property in year 2002, Lambrakis Press S.A. received rent from its associated companies totaling approximately of Є1,140 thousand. On 31.3.2003 Lambrakis Press S.A. executed a preliminary agreement with companies “Hermes Real Estate S.A.” and “Geniki Etairia Kataskevon S.A.” to acquire the total (100%) of shares of “Michalakopoulou Real Estate – Tourism S.A.”, a company registered and established in Athens and owner of a multi-storey building located at 80, Michalakopoulou St., Athens. There are thoughts about relocating the administrative operations of Lambrakis Press S.A. and its associated companies in this building.

The executed preliminary agreement is subject to condition subsequent (annulling clause) to financial audit and corporate status control of the company to be acquired (due diligence), expert survey of the building and approval by the General Meeting of the Company’s Shareholders.

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Machinery – Vehicles & Transportation – Furniture & Equipment

in thousand euros Acquisition value Depreciation Non- Balance Fiscal year’s Deletions Balance Balance Fiscal year’s Fiscal year’s Total depreciated 31/12/2001 additions Transfers 31/12/2002 31/12/01 Depreciation deletions depreciation balance

Machinery and 1,221.71 0.00 0.00 1,221.71 589.20 96.24 0.00 685.44 536.27 installations

Vehicles and other transportation 600.98 9.81 69.88 540.91 236.36 88.01 32.05 292.31 248.60 equipment Furniture and 6,827.53 151.96 64.64 6,914.85 4,843.16 893.44 48.01 5,688.59 1,226.26 appliances TOTAL 8,650.21 161.77 134.528,677.47 5,668.71 1,077.69 80.06 6,666.342,011.13

Machinery and Mechanical Equipment

The printing sector of Lambrakis Press S.A. separated from the Company in 1999. Following this the printing branch offered the total of its machinery and mechanical equipment to IRIS Printing S.A. The cost value of this machinery and equipment was valuated (31.12.99) at Є23,477.60 thousand with Undepreciated value at Є20,542.92 thousand. The Company now covers its entire printing needs at the installations of its associated companies (pre-printing at Multimedia S.A. and printing at IRIS Printing S.A.) and also owns machinery and equipment – mainly computer systems, peripherals and digital systems. This machinery and mechanical equipment of the Company is listed below:

Acquisition Aggregate Non- Purchased In thousand euros value depreciation depreciated in 31.12.02 31.12.02 value 31.12.2002

Signal generator RF 250 KHZ-4GH 1999 23.50 9.17 14.33

Scitex Pre Presshope DLV 800 GL-361 1999 468.81 201.71 267.10

UPS Liebert 7400 120 KVA 1998 23.77 12.36 11.41

UPS Liebert 7400 200 KVA 1999 37.57 15.40 22.17

Avid Xpress Delux Editing system 1999 39.68 16.67 23.01 Roll Film Scanstation Greyscale Wicks and 1999 66.91 25.43 41.48 Wilson Petrogen 160 KVA Power Generator 1999 28.74 6.18 22.56

Aris 400 KVA Power Generator 1999 90.98 17.74 73.24

UPS Liebertt Hipulse 2000 27.33 3.69 23.64

Other machinery and equipment 414.42 377.09 37.33

Total 1.221.71 685.44 536.27

Transportation Equipment

The Company owns 27 vehicles, i.e. 5 lorries and 22 passenger cars, which cover the increased transportation needs of employees in their daily tasks.

The non-depreciated value of these 27 vehicles (lorries and cars) was Є229.46 thousand by fiscal year ending on 31.12.2002. The total non-depreciated value of Vehicles and Transportation equipment (vehicles, motors, motor-bikes and interior circulation means) was Є248, 60 thousand.

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Guarantees – Collaterals

On 31.12.2002 the Company provided guarantees to its associated companies as itemized below (in ’000 Є):

NORTHERN GREECE PUBLISHING SA Guarantee securing obligations 7,095.52 EKDOSEIS 4 LTD Guarantee securing performance 1,438.13 STUDIO ΑΤΑ SA Guarantee securing obligations 645.63 TOTAL 9,179.29

As regards the Good Contract Performance Guarantee – provided by Lambrakis Press S.A. to “Athens 2004 S.A.” -- in favor of “EKDOSEIS 4 LTD”, a company under liquidation today, please note that following joint agreement to dissolve the ”Agreement to Use Olympic Games Signs” on 4.4.2003 and the payment of due amounts, this guarantee has lapsed.

On 31.12.2002 the Company received the following guarantees (in ‘000 Є):

L/Cs securing receivables/claims 2,758.42 L/Cs for good contractual performance 10.56 L/Cs securing obligations 7.32 TOTAL 2,776.30

There is no lien on the Company’s real property. There is a prenotation on the real property of IRIS PRINTING S.A. representing a mortgage of Є98,606 thousand to secure a long-term Bank loan totaling Є82,171 thousand.

Important Agreements Trade Agreements with Customers and Suppliers

The Company has no agreements with customers and suppliers for amounts exceeding Є200 thousand.

Agreements with Associated Companies

Lambrakis Press S.A. has executed agreements with Eurostar S.A., Action Plan S.A., Special Publications S.A. Ellinika Grammata S.A., Athens News SA., Multimedia S.A., MC Hellas S.A., Hearst Lambrakis Ltd, IRIS Printing S.A., LP Digital S.A., Nea Aktina S.A., Papasotiriou S.A., on the basis of which the former party (Lambrakis Press S.A.) undertakes to provide the second parties administrative, economic, financial, accounting, legal, commercial and computer services.

The term of above-mentioned agreements is one year (fiscal year). The total contractual fees for Lambrakis S.A. in fiscal year 2002 amounted to Є2,293.96 thousand, ranging from Є39.18 thousand to Є628.13 thousand, depending on the kinds of contracted services per company.

In addition Lambrakis Press S.A. executed agreements with Multimedia S.A., Action Plan S.A., LP Digital S.A., Eurostar S.A., IRIS Printing S.A., Studio ATA, Ellinika Grammata SA, Action Plan HR SA, Net on Line SA, Ramnet S.A., Phoenix SA, Expo Plan SA, Triaina Travel SA, for running advertisements in the former party’s publications, as well as agreements regulating the bilateral advertisements with companies Special Publications S.A., Nea Aktina S.A., N. Greece Publishing SA, MC Hellas S.A., Hearst Lambrakis Ltd, Publishing Communications S.A., Athens News SA.

During fiscal year 2002 Lambrakis Press SA signed lease agreements in its capacity as lessor or sub-lessor with associated companies: Multimedia S.A., Action Plan S.A., Eurostar S.A., Expo Plan S.A., Hearst Lambrakis Publishing Ltd, In Health S.A., In Travel S.A., IRIS Printing S.A., Ramnet S.A., Ramnet Shop S.A., Ramnet Design S.A., Athens News SA, Special Publications S.A, LP Digital S.A., Ellinika Grammata S.A., MC Hellas S.A., In Market Place S.A., Interoptics S.A., D.E. Publishing S.A., Net on Line S.A., N. Greece Publishing S.A., Fterotos Ermis S.A., Triaina Travel S.A.

Lastly, in the context of usual business activities, Lambrakis Press S.A. executed agreements in fiscal year 2002 with associated companies as follows: for promotion of sales (Action Plan S.A.), sale of goods (Ellinika Grammata S.A.), exchange of services (Multimedia S.A.), Editing services (D.E. Publishing SA). The period of existence and worth of these contracts were very limited.

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Loan and Credit Agreements

During fiscal year 2002 the Loan and Credit Agreements of the Company were the following:

Bank Date Agreement Commercial 14.01.1997 Credit Agreement with Open Account

General 29.01.1998 Credit Agreement with Open Account

National 29.11.1999 Credit Agreement with Open Account

Piraeus 11.06.2001 Credit Agreement with Open Account

Alpha 10.07.2001 Credit Agreement with Open Account

The total credit granted from the above agreements was Є 65,004.58 thousand.

Leasing Agreements

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

Date of Agreement Leasing Company Description Monthly rent Duration 31.5.2002 “Emporiki” Leasing Passenger car 403,65 60 months 2.8.2002 Avis Hellas Passenger car 1.090,00 60 months

Insurance Contracts

During fiscal year 2002 the Company signed with ALPHA INSURANCE S.A., a leading provider, the following insurance contracts:

Leading Insurance Insured capital Insurance companies Policy No. Insurance Object Duration Provider in ‘000 Є

Alpha Insurance 27% 15.02.2002 - 53960 10,914.31 National Union 26% Fire and related hazards for 15.02.2003 building installations, equipment Interamerican 20% 15.02.2002 - 54036 and merchandize 11,617.63 Gerling Konzern 15% 15.02.2003 General Hellas 7% 15.02.2002 - 54128 Loss of profit owing to fire 5,869.41 Alianz S.A. 5% 15.02.2003 Alpha Insurance 35% 31.12.2001 - Alpha Insurance S.A. 13185 Employee trust Hellas S.A. 30% 31.12.2002 Interamerican 35% 31.12.2001 - 13188 Transportation of money 31.12.2002 31.12.2001 - 13142 31.12.2002 Alpha Insurance 35% Safes security Hellas S.A. 30% 31.12.2001 - 13147 Interamerican 35% 31.12.2002 31.12.2001 - Alpha Insurance S.A. 148771 Electronic equipment 2,942.23 31.12.2002 31.12.2001 - Alpha Insurance S.A. 7003 Civil liability 31.12.2002

The insurance premiums with respect to above-mentioned contracts totaled Є227.59 thousand during fiscal year 2002 and were paid in full. Insurance contracts have annual duration, which the Company renews unfailingly.

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IX. CORPORATE ACTONS 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 ''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 value difference 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 pursuant to Law 1314/1972, pursuant to the resolution of the shareholders’ Extraordinary General Meeting of 28.11.1974., that stemmed from the 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.

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 tin respect to this share capital increase by GRD 10,000 were all distributed to the shareholders, who all paid their 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.

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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 και 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: 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 S.A.”, 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 divided into 75,300,000 registered shares with a nominal value of GRD 200 each.

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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.

As a result the share capital amounts to 45.180.000 euros or GRD 15,395,085,000, fully paid up divided into 75.300.000 registered shares with a nominal value of 0,60 euro or GRD 204.45 each.

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

. Means of coverage Governmen t Gazette No. for the In specie Govern- Nominal General confirma- Amount of Total ment Cash Capitalization Share capital value of Meeting tion of share capital (contri- number of Share class Gazette payment of reserves post increase each Date payment for increase bution in shares Number share share kind) shacital increase Establish Common 1107/70 85,000,000 8,129 84,991,871 85,000,000 1,000 85,000 ment Registered Common 28.11.74 2067/74 119,000,000 119,000,000 204,000,000 1,000 204,000 Registered 12.08.75 2030/75 Conversion of common registered shares to common bearer.

30.7.77 3135/77 24,550,000 728 24,549,272 228,550,000 1,000 228,550 Common bearer

08.11.78 91/79 10,000 10,000 228,560,000 1,000 228,560 Common bearer

10.11.82 4566/82 499,684,000 499,684,000 728,244,000 1,000 728,244 Common bearer

30.7.86 2832/86 61/88 223,020,000 223,020,000 951,264,000 1,000 951,264 Common bearer Common 25.1.88 361/88 588/88 736,000 736,000 952,000,000 1,000 952,000 Registered Conversion of the shares’ nominal value GRD 1,000 to GRD 10,000. Total number of shares amounted to 95,200. 25.1.88 Conversion of bearer shares to registered. Common 29.6.92 918/93 1825/93 44,080,000 7,422 44,072,578 996,080,000 10,000 99,608 Registered Common 30.6.94 28/95 7233/95 592,960,000 35,865 592,924,135 1,589,040,000 10,000 158,904 Registered Common 26.2.97 6969/97 8/929/98 35,000,000 35,000,000 1,624,040,000 10,000 162,404 Registered Common 30.6.98 2,325,960,000 2,325,960,000 3,950,000,000 10,000 395,000 Registered 30 6 98 Conversion of nominal value of each share from GRD 10,000 to GRD 200. Total number of shares amounted to GRD 19,750,000. 824/99 Common 27.8.98 25514/98 1,050,000,000 1,050,000,000 5,000,000,000 200 25,000,000 827/99 Registered 533/00 Common 16.9.99 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 22.6.01 6313/01 8065/01 335,085,000 335,085,000 15,395,085,000 204,45 75,300,000 Registered Common 22.7.01 9035/02 0,60 € 75,300,000 Registered Total after the last Common 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 increase Registered Total after the last Common Euro 45,180,000 18,587,874 26,239,985 352,140 45,180,000 0,60 75,300,000 increase Registered

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X. EQUITY CAPITAL – BOOK VALUE OF SHARE

The Table below presents the Company’s Equity Capital and the Book Value of the share at the end of two fiscal years (31.12.2001 and 31.12.2002).

2001 2002 Equity Capital (1) ‘000 Є ‘000 Є Shares 75,300,000 75,300,000 Nominal Value of Share 0.60 0.60 Share Capital 45,180,000.00 45,180,000,00 Premium on capital stock 206,260,785.36 206,260,785.36 Reserves from value adjustments of other assets 274,180.70 305,059.11 Statutory Reserve 2,877,769.63 2,877,769.63 Less: Loss from sale or devaluation of participations & securities (2) 28,432,957.64 38,644,119.33 Statutory Reserve after Loss -25,555,188.01 -35,766,349.70 Extraordinary Reserves 4,011,853.58 4,011,853.58 Special Law Untaxed Reserves 4,054,288.97 4,054,288.97 Total Reserved Capital -17.489.045,46 -27,700,207.15 Balance (Profit-Loss) carried forward -21.854.419,21 -19,928,976.38 Treasury Stock -31.123.138,52 -31,123,138.52 TOTAL EQUITY CAPITAL 181.248.362,87 172,993,522.42

Book Value of Share (3) 2.41 2.30

(1) In fiscal year 2002 the “Treasury Stock”, acquired at Є 31,123 thousand, was transferred from Assets Account “Securities – Treasury Stock” to a pertinent Liabilities account in reduction of “Equity Capital”. To make figures in the Balance Sheet of fiscal years 2002 and 2001 comparable, the amount of Є31,123 thousand (of previous fiscal year) was transferred from Assets Account “Securities” to Liabilities Account “Equity Capital” by subtraction. In addition, the amount of Є24,634 thousand was transferred from Liabilities Account “Loss from the sale or devaluation of participations & securities” to the above-mentioned account in compliance with proper and legal book keeping practices. (2) During fiscal year 2002 the shares of companies listed in the Athens Stock Exchange – shares acquired at approximately Є26,063 thousand and held in the portfolio of Lambrakis Press S.A -- were valuated at their market value (average price of December 2002) as per article 43, par. 6, Law2190/1920. The difference (loss) stemming from such devaluation, totaling Є12,508 thousand, (after netted off with profits of Є2,297 thousand from the valuation of the Company’s participation in TILETYPOS S.A.), was transferred directly to Equity Capital as per provisions of Law 2992/2002, without burdening the earnings of this period by 10,211 thousand. (3) Calculated on the basis of number of shares by fiscal year-end.

For more information about the adjusted Equity Capital of the Company, as per Company Notes and the Chartered Accountant’s Remarks (2001 and 2002), please consult Chapter “ADJUSTED EARNINGS AND EQUITY CAPITAL OF LAMBRAKIS PRESS S.A.” in the present Report.

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XI. CONSOLIDATED EQUITY CAPITAL – CONSOLIDATED BOOK VALUE OF SHARE

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 31.12.2001 and 31.12.2002

2001 2002 Consolidated Equity Capital (1) ‘000 Є ‘000 Є Share capital 45,180,00 45.180.00 Premium on capital stock 206,260,79 206.260.79 Reserves from value adjustments of participations & securities 35,89 0.00 Reserves from value adjustments of other assets 265,83 419.51 Total. Adjustments – Investment Subsidies 301.73 419.51 Statutory Reserve 2,963.49 3,565.51 Less: Loss from sale or devaluation of participations & securities (netted off) -28,432.96 -39,510.79 Reserve to cover loss 0.00 14.36 Extraordinary reserves 4,011.85 4,011.85 Special Law Untaxed Reserves 9,388.98 9,192.09 Consolidation adjustments 13,810.09 12.634.09 Total Reserved Capital 1,741.46 -10,092.88 Earnings carried forward -45,454.89 -46,751.78 Minority Rights 31,816.88 30,057.33 Treasury Stock (own shares) -31,123.14 -31,123.14 Total Consolidated Equity Capital 208,722.83 193,949.83 Number of Shares (2) 75,300,000 75.300.000 Consolidated Book Value of Share (in Є) 2.77 2.58

(1) The figures of the Balance Sheet and Consolidated Earnings for fiscal year 2002 are not comparable with corresponding figures of previous fiscal year (2001). This is because during fiscal year 2002 companies ACTION PLAN HR S.A., a subsidiary of ACTION PLAN S.A., and ELLINIKA GRAMMATA S.A., are included in the consolidation whereas company AGGELIDIS – GEORGAKOPOULOS S.A. is not included in the consolidation of subsidiary IRIS PRINTING S.A. (2) Calculated on the basis of number of shares by fiscal year-end.

For more information about the Consolidated Equity Capital of the Lambrakis Press Group, as per Company Notes and the Chartered Accountant’s Remarks (2001 and 2002), please consult Chapter “ADJUSTED OF CONSOLIDATED EARNINGS AND CONSOLIDATED EQUITY CAPITAL OF THE LAMBRAKIS PRESS GROUP” in this Annual Report.

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XII. SHAREHOLDERS – SHAREHOLDING STRUCTURE

The structure of the company’s shareholding on 31.12.2002 is the following:

Shareholding structure on 31.12.2002

Number of Number of Shareholder Percentage of total shareholders shares

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 1 1,379,770 1.832% (Treasury stock)

Other shareholders 36,372 24,760,090 32.882% (< 5% each)

TOTAL 36,376 75,300,000 100.00%

The following table summarizes the changes in the composition of the company’s shareholding from 1.1.2002 to 31.12.2002 (includes only the changes relating to shareholders participating in the share capital with not less than 5%):

Changes in shareholding

Shareholding change Shareholder 31.12.2001 31.12.2002 1.1.2002-31.12.2002 (%)

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 1.832% 1.832% 0.000% (Treasury stock)

Other shareholders 32.882% 32.882% 0.000% (< 5% each)

TOTAL 100.00% 100.00% 0.000%

Treasury Stock (own shares)

The company, setting in effect resolution of the shareholders’ Ordinary General Meeting of 29.06.2000 set forth a share buy back 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 but-back 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 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”.

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In respect with the possible disposal of these shares, the following are noted: Own shares must be either sold or allocated to employees within three years form the date of their purchase. For the Company in particular, this three-year period expires in July 2003

In this case the absolute majority of the Board of Directors of the Company resolves on selling the shares. This resolution specifies: • The lowest selling price • The maximum number of shares to be sold • The period of the sale of shares • The method of sale If the above three-year period expires and the own shares are not disposed of, they must be cancelled (Law 2190 art. 16). The Law allows for the Company to request an extension for an additional two-year period.

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

Closing prices

1.1 - 31.12.2001 1.1 - 31.12.2002 1.1.-30.4.2003

euro euro euro Average 8.28 2.93 2.18

Lowest 3.64 1.54 1.66

Highest 14.36 4.88 2.58

Average daily traded 140,946 105,923 204,518 volume (shares)

Monthly statistical data for the year 2002 Monthly Closing Monthly Monthly average price at average Total monthly Month average traded month’s turnover turnover (euro) price (euro) volume end (euro) (euro) (shares) January 4.56 4.62 65,335.00 301,140.78 6,625,097.24 February 3.76 4.15 60,381.15 247,754.99 4,955,099.86 March 3.20 3.44 97,325.94 340,822.09 6,134,797.53 April 3.34 3.05 90,437.14 279,263.57 5,864,534.90 May 3.10 3.51 185,564.05 627,618.70 11,924,755.27 June 2.90 2.94 82,095.11 243,586.22 4,628,138.27 July 2.60 2.65 48,971.04 130,247.13 2,995,683.89 August 2.46 2.51 53,922.38 137,573.58 2,889,045.13 September 1.87 2.19 72,351.14 154,838.01 3,251,598.21 October 1.61 1.69 69,508.05 117,243.01 2,579,346.16 November 2.56 2.10 210,866.90 457,631.57 9,610,263.07 December 2.56 2.44 252,307.30 643,540.96 12,870,819.28

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XIV. BOARD OF DIRECTORS

According to Article 13 of the Articles of Association: a) The Company is managed by the Board of Directors, which consists of five (5) to fifteen (15) members, that are elected by the General Meeting of the shareholders for a term of five (5) years, that commences on the day of the Ordinary General Meeting of the year of their election and expires on the date of the Ordinary General Meeting of the year of their departing. b) Departing members are re-eligible.

The current Board of Directors is elected pursuant to the resolution of the Shareholders’ Ordinary General Meeting of 21.6.2002 and was complemented by the resolution of the Board of Directors of 27.8.2002 that is pending ratification by the Shareholders’ Ordinary General Meeting of 30.5.2003. Specifically, on 27.8.2002 the Board of directors in substitution of Mr. Panagiotis Dimopoulos, who resigned, elected Mr. Konstantinos Lymberopoulos. His election must be submitted to and ratified by the company’s Shareholders’ Ordinary General Meeting of 30.5.2003

As a result the company’s Board of Directors was impaneled anew, as follows (Government Gazette, issue No. 2316./21.3.2003):

1. Christos D. Lambrakis, resident of Athens, President of the Board of Directors and Managing Director

2. Stavros P. Psycharis, resident of Athens, Vice President of the Board of Directors – General Manager

3. Αpostolos S. Georgiadis, resident of Psychico, Member of the Board

4. Ιoannis G. Goumas, resident of N. Erythraia, Member of the Board

5. Leon V. Karapanagiotis, resident of Athens, Member of the Board

6. Panagiotis N. Kouvoutsakis, resident of P. Psychico, Member of the Board

7. Tryfon I. Koutalidis, resident of P. Psychico, Member of the Board

8. Konstantinos D. Lymberopoulos, resident of Agia Paraskevi Attikis, Member of the Board

9. Adamantios A. Pepelassis, resident of Filothei, Member of the Board and

10. Grigorios D. Skalkeas, resident of Athens Member of the Board

Additionally, in its session dated 5.11.2002 the Board of Directors determined the status of its members as follows, according to articles 3 and 4 of Law 3016/2002:

1. Christos D. Lambrakis Executive President

2. Stavros P. Psycharis Executive Vice President

3. Leon V. Karapanagiotis Executive Member

4. Tryfon I. Koutalidis Executive Member

5. Ιoannis G. Goumas Non - Executive Member

6. Panagiotis N. Kouvoutsakis Non - Executive Member

7. Adamantios A. Pepelassis Non - Executive Member

8. Αpostolos S. Georgiadis Independent , Non - Executive Member

9. Konstantinos D. Lymberopoulos Independent, Non - Executive Member

10. Grigorios D. Skalkeas Independent, Non - Executive Member

The statutory term of the above Board of Directors extends until the company’s Shareholders’ Ordinary General Meeting that will be summoned until 30.6.2007. 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

Page 81/203 LAMBRAKIS PRESS SA – ANNUAL REPORT 2002 assumed the position of the 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 Director of the newspaper «Τo Vima». In September 2001 he also assumed the duties of General Manager of Lambrakis Press SA. In December the same year he was elected member and Vice President of the Board of Directors of Lambrakis Press. 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 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 of 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). Since 1971 he is the President of the company J. G. GOUMAS (SHIPPING) CO. SA. He was a member of the American Bureau of Shipping in New York, Member of the Technical Committee of A.B.S. in New York and the Greek Technical Board of the American Bureau of Shipping (ABS), Member of the Board of Directors of the Yachting Club of Greece, Member of the Greek Chamber of Shipping, Advisor to the Association of Greek Ship owners, Vice President of the Board of Directors and successively President of the Association of Greek Ship owners. Founding member and Vice President of the Hellenic Marine Environment Protection Association (HELMEPA). Member of the Board of Directors of Alpha Bank SA. Member of the Greek Advisory Board of the Charitable Institution «Stavros S. Niarchos».

Leon V. Karapanagiotis, was born in Athens in 1931. He has 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.

Panagiotis Ν. Kouvoutsakis, was born in Athens in 1951. He is the founder of «Kouvoutsakis Art Gallery», a charitable non-profit organization, Managing Director of the companies EUROTERRA Real Estate SA, ΑSPIS ESTIA Urban Real Estate SA, REBIKAT Real Estate SA, ABIES Real Estate SA, VΕPE Lavrion SA, President of the companies ELTEP SA, EUROAK SA and business advisor in many companies.

Tryfon I. Koutalidis, was born in Athens in 1934. He studied Law in the Universities of Athens and London is 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 published books and research 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, has served as Head of the Athens Justice of Peace and the Athens Court of First Instance. He was promoted to chief Justice in 1992 and to vice President of the Supreme Court 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. Pepelassis, 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. Professor Emeritus of the University of Athens, President of the Academy of Athens and President of the Foundation of Medical and Biological Research of the Academy of Athens, Member of the Board of Directors of Lambrakis Press, Member of the Board of Directors of the Foundation for the Support of the Constantinople Patriarchate, Member of the Board of Directors of Theoharakis Foundation, Unpaid President of Committees of the Ministry of National Defense and the Ministry of Transportation on sanitary matters.

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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 updates regularly the Board of Directors on their projects.

The members of the Executive Committee at its impaneling were Messrs:

Ch. D. Lambrakis President

L. V. Kartapanagiotis Vice President

S. P. Psycharis General Manager

Tr. I. Koutalidis Special Legal Advisor

Th. K. Zakas Business Advisor

After Mr. Th. Zakas submitted his resignation, the Company’s Board of Directors in their session of 5.11.2002 decided not to substitute the resigned member and since then Messrs Ch. Lambrakis, St. Psycharis, L. Karapanagiotis and Tr. Koutalidis participate in the Executive Committee. The status of the Members and the jurisdiction of the Auditing committee remain as stated in the resolution of the Board of Directors dated 21.6.2002.

Auditing Committee

Finally, according to resolution of the Board of Directors dated 21.6.2002, the Auditing Committee was constituted, having the following members at its impaneling:

P. N. Kouvoutsakis Non – executive member

Α. Α. Pepelassis Non – executive member

Ι. G. Goumas Non – executive member

P. Dimopoulos Independent, non- executive member

After the resignation of Mr. P. Dimopoulos from the Company’s Board of Directors, the Board of Directors in its session of 27.8.2002 decided not to substitute the resigned Mr. P. Dimopoulos with a new member in the Company’s Auditing Committee, which since constitutes of Messrs. Ioannis Goumas, Panagiotis Kouvoutsakis and Adamantios Pepelassis. The jurisdiction of the Auditing Committee remains as described in the resolution of the Board of Directors dated 21.6.2002.

Corporate Governance

The Company, being listed on the Athens Stock Exchange, abides by the regulations of Law 3016/17.05.2002 on Corporate Governance and is in conformity with the regulations of art. 3,4,6 to 8 and specifically has already procured for abiding with the regulations concerning: • The provided for impaneling of the Board of Directors, including in it, pursuant to the above, 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 Auditing Committee and Internal Audit Department.

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Remuneration of the Board of Directors

The members of the Board of Directors Messrs 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:

Christos D. Lambrakis Managing Director

Stavros P. Psycharis General Manager

Leon V. Karapanagiotis Vice President of the Executive Committee

The total remuneration of the members of the Board of Directors that rendered their services to the Company by virtue of special employment contracts, project contracts or assignments in the fiscal year 2002, i.e. the above Messrs Ch.D.Lambrakis, St.P.Psycharis, L.V.Karapanagiotis, as approved by the Ordinary General Meeting of 21.6.2002, amounted to 579.13 thousand euros in total and ranged from 227 thousand euros to 176 thousand euros. The remuneration of the members of the Board of Directors that departed on 21.6.2002, Messrs D Hadjis and N. Biliris for the fiscal year 2002 amounted in total to 302.56 thousand euros. Additionally, during the fiscal year 2002, Members of the Board of Directors retaining a salaried relation with the Company were paid retirement compensation totaling 208.86 thousand euros. It is noted that the Executive Member of the Board of Directors Mr. Tr. Koutalidis is not receiving payment for his services as Special Legal Advisor to Lambrakis Press SA. The expense accounts for each of the Members of the Board of Directors – except Messrs Ch. Lambrakis, L. Karapanagiotis and St. Psycharis – for the fiscal year 2002, were set by the shareholders’ Ordinary General Meeting of 21.6.2002 to 1,000 euros per month, irrespective of the number sessions held by the Board of Directors or other corporate bodies in which such members participate. In the fiscal year 2002, the members of the Board of Directors were paid the above provisioned expense amounts grossing 62.70 thousand euros charging this year’s earnings.

Beyond the remuneration described above, no other remuneration, business relation or transaction existed in the fiscal years 2001 and 2002 between the Members of the Management of the Company and the Company itself or the Members of the Management of the Company and any associated to Lambrakis Press company. All members of the Board of Directors are Greek citizens.

The degrees of relationships upto and including the second degree of in-law relationship between the Shareholders, the Members of the Board of Directors and the Managers of the Company are the following:

The President of the Board of Directors Mr. Christos D. Lambrakis is the brother of the Manager of Lambrakis Press Archives, Mrs Lena Savvidis. The Vice President of the Board of Directors, Mr. Stavros P. Psycharis is the father of the Director of IT and New Technologies Sector, Mr. Panagiotis S. Psycharis. The member of the Board of Directors Mr. Leon V. Karapanagiotis is the husband of the Manager of the annual guide “Diakopes” Mrs. Eleni Karapanagioti. The Deputy Director of the IT and New Technology Sector, Mr. Dimitris Xenakis is son-in-law of the Member of the Board of Directors Mr. Leon V. Karapanagiotis.

Beyond the above, there is no other kinship between the Shareholders, the Members of the Board of Directors and the Managers of the Company:

The mail address of the members of the Board of Directors of Lambrakis Press SA is the head office of the company at 3, Christou Lada street , GR-10237 Athens.

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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 they participate with Participation Position in the Board of and/or Shareholders with >10% > 10% (%) Directors participation in Lambrakis Press MULTIMEDIA SA President LP DIGITAL SA 13,45% President MELLON GROUP SA President ΑRGOS 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 ΝΕΑ ΑΚΤΙΝΑ SA President NET ON LINE SA President IN TRAVEL SA. President ΤELETYPOS SA. Member DATAFORMS SA 20,61% No participation D. E. PUBLISHING LTD 100,00% No participation LP DIGITAL SA Vice President IRIS PRINTING SA President S. P. Psycharis ELLINIKA GRAMMATA SA Αντιπρόεδρος ATHENS NEWS SA Member SPECIAL PUBLICATIONS SA Vice President APOSTOLOS S. GEORGIADIS & Ap. St. Georgiadis 35% Partner ASSOCIATES COMPANY OF LAWYERS ASSOCIATIONS OF GREEK SHIPOWNERS President Emeritus I. G. GOUMAS SA – Shipping Company of President Law 89/67 based in Panama Ι. G. Goumas AMERICAN BUREAU OF SHIPPING Member ASSURANCEFORENINGEN SKULD Member ADVISORY COMMITTEE of the GREEK Member NIARCHOS FOUNDATION

L. V. Karapanagiotis ATHENS NEWS SA Vice President LP DIGITAL SA Member IRIS PRINTING SA Member STUDIO ATA SA Member ELLINIKA GRAMMATA SA Member KOUVOUTSAKIS ART GALLERY President EUROTERRA REAL ESTATE SA Managing Director P. Ν. Kouvoutsakis ASPIS ESTIA SA Managing Director REBIKAT REAL ESTATE SA Managing Director ΑΒΙΕS REAL ESTATE SA Managing Director VEPE LAVRIOU SA Managing Director ELTEP SA President EUROAK SA President Τr. Ι. Κoutalidis ATHENS NEWS SA Member

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STUDIO ATA SA Member TR. I. KOUTALIDIS LAW OFFICE – 70% Partner COMPANY OF LAWYERS

Κ. Lyberopoulos No participations

Vice President Α. Α. Pepelassis LAMBRAKIS RESEARCH FOUNDATION and General Manager FOUNDATION OF MEDICAL AND BIOLOGICAL RESEARCH OF THE President ACADEMY OF ATHENS Gr. D. Skalkeas FOUNDATION FOR THE SUPPORT THE Member CONSTANTINOPLE PATRIARCHATE THEOHARAKIS FOUNDATION Member

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 to 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 relative chapter of this Annual Report..

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XV. MANAGEMENT OF THE COMPANY

The management of the Company and the supervision of its group is carried out by the Board of Directors and the Executive Committee and in particular from the President of the Board of Directors and the Executive Committee, Mr. Christos Lambrakis, Managing Director of Lambrakis Press SA, the Vice President of the Executive Committee Mr. Leon V. Karapanagiotis, the Vice President of the Board of Directors Mr. Stavros Psycharis, General Manager of Lambrakis Press SA, who are supported in their tasks by a number of managerial staff as follows:

Directors and Managers of Lambrakis Press Publications

Director of Newspaper «ΤΑ ΝΕΑ» P. Kapsis Director of Magazine «TACHYDROMOS»

Publishing Advisor of Newspaper «TA NEA» V. Nikolopoulos

Managing Editor of Newspaper «TA NEA» I. Matsikas

«TO VIMA» and Managing Editor of Newspaper Ch. Memis «TO VIMA TIS KYRIAKIS»

Deputy Director of Newspaper «TO VIMA TIS KYRIAKIS» L. Zenakos

«VIMAGAZINO» and Director of Magazines Th. Lalas «VIMADONNA»

«ECONOMICOS Director of Magazine Ν. Nikolaou TACHYDROMOS»

«GAMOS» and Director of Magazine Ο. Ioannou «TO PAIDI MOU KI EGO»

Director of Magazine «DIAKOPES» Ε. Karapanagioti

Director of Scientific Magazines Sector Th. Spinoulas

Director of Magazine «RAM» G. Kopeliadis

Director of Magazine «HITECH» Μ. Katohianou

Director of Magazine «NATIONAL GEOGRAPHIC» Ν. Μargaris

Director of Magazine «VITA» Ν. Amanitis

Publishing Advisor of Variety Magazines R. Mitropoulou

Director of Lambrakis Press Archive L. Savvidis

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Directors and Managers of the Financial and Administrative Departments

Group Financial and Administrative Director D. Hadjikokkinos

Internal Audit Manager P. Rigas

Head of the Legal Department Κ. Mintziras

Financial Manager of the Publishing Sector Ν. Katsibrakis

Financial Manager of the IT and New Technologies Sector D. Albanis

Financial Manager of the Printing Sector Κ. Trampakoulas

Financial Manager of the Tourist Sector G. Tsialikis

Financial Manager of the Participations Sector Α. Dousmanopoulos

Manager of the IT and New Technologies Sector P. Psycharis

Deputy manager of the IT and New Technologies Sector D. Xenakis

Manager of Business Development & Corporate Announcements K. Glynou

Investor Relations Manager Α. Christakis

Manager of the Treasury Α. Vassilas

Financial Planning and Analysis Manager Ν. Tsouvalas

Human Resources Manager Th. Kougoulos

Directors and Managers of Commercial Departments

Commercial Director D. Voudouri

Newspaper Commercial Development Manager Ε. Εvangelliou

Magazine Commercial Development Manager Ε. Pagida

Manager of Commercial Development of Science and Α. Vlahou Technology Magazines

Circulation Office Manager V. Georgas

According to the provisions of Resolution 5/204/14.11.2000 of the Capital Markets Commission, the Company has in operation: • 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 Mrs. Kleopatra D. Glynou

The total remuneration of the company’s directors and managers for the fiscal year 2002 amounted to 2,442,59 thousand euros.

All the company’s directors, mangers and heads of departments are Greek citizens.

The degrees of relationships up to and including the second in-law degree of relationship 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.

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Persons and Legal Entities Required to Notify their Transaction Codes in the Integrated Automatic System of Electronic Transactions (OASIS)

On 31.3.2003, 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 Lambraksi Press SA with a paid work relation: Christos D. Lambrakis, Stavros P. Psycharis, Leon V. Karapanagiotis

Members of the Board of Directors with special duties: Tryfon I. Koutalidis

General Manager of Lambrakis Press SA: Stavros P. Psycharis

Financial and Administrative Director of Lambrakis Press Group: Damianos Z. Hadjikokkinos

Financial Manager of the Publishing Sector of Lambrakis Press SA: Nikoloaos H. Katsimbrakis

Head of the Financial Division of Lambrakis Press SA: Kyriakos P. Boutsikaris

Head of the Accounting Department of Lambrakis Press SA ΑΕ: Vassiliki P. Valsamaki

Head of the Internal Audit Department of Lambrakis Press SA: Pandelis L. Rigas

Head of the Share Registry Department of Lambrakis Press Group: Alexandros G. Christakis

Head of the Corporate Announcements Department of Lambrakis Press Group: Kleopatra D. Glynou

Regular Chareterd Auditors of Lambrakis Press SA: Charalambos Petropoulos, Sofia Kalomenidou

Head of the Legal Department of Lambrakis Press SA: Kostas Α. Mintziras

Affiliated companies: Multimedia SA, LP Digital SA, IRIS Printing SA, Ramnet SA, Ramnet Shop SA, In-Travel SA, Netonline SA, Action Plan SA, Action Plan HR SA, Phoenix SA, Studio ATA SA, Nea Aktina SA, Eurostar SA, Εxpo Plan SA, Triaina Travel - St.Lagas SA, Special Publications SA, Hearst Lambrakis Publishing Ltd, MC Hellas SA, Ellinika Grammata SA.

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XVI. PRESONNEL

In particular, the evolution of the annual average of personnel employed by Lambrakis Press SA for the years 2001 and 2002 is shown in the following table:

Average number Average number of fully employed (1) of fully employed (1) 2001 2002

Top managers 5 4 Journalists – Proofreaders etc. 456 384 Administrative employees 220 170 Commercial Division employees 124 95 Financial Division employees 106 98 Information Technology 27 23 Other 11 11 Pre-press 27 26 Printing 6 6 Employees of Eurostar SA (Sector spin-off) - - Total 982 817

(1) It is noted that except the afore-mentioned salary-based personnel, there also external contributors that render their services to the Company, paid as freelancers.

Approximately 40% of the company’s personnel are university or college graduates, out of which 20% hold postgraduate degrees.

In the context of of enhancing its involvement in human resources issues, in February 2001 the Company established the Human Resources Department. During fiscal year 2002, 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 1.1.2001- 31.12.2001 1.1.2002- 31.12.2002 Class In thousand euros In thousand euros Employees’ salaries and benefits 24,657.37 21,999.68 Social security 1,931.03 1,447.41 Total 26,588.41 23,447.09

The average number of personnel that was employed in the fiscal year 2002 by the companies included in the consolidated financial statements of Lambrakis Press Group reached 2,670 and their salaries and related expenses amounted to 58,987.03 thousand euros.

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XVII. THE COMPANY’S INVESTMENTS FOR THE PERIOD 1998-2002 The following table shows the company’s investments per category of capital expenditure for the period 1998-2002:

INVESTMENTS (*) 1998 1999 2000 2001 2002 Total Investment category Thousand Thousand Thousand Thousand Thousand Thousand % euros euros euros euros euros euros Tangible fixed assets Land – building lots 519.44 2,890.68 0.00 956.71 0.00 4,366.84 3.7% Buildings and facilities 4,404.99 2,876.01 1,267.79 451.94 2.50 9,003.23 7.5% Machniery – technical installations 13,123.99 1,617.02 26.41 0.00 0.00 14,767.42 12.4% Vehicles and other transportation 495.96 243.58 264.12 79.24 9.81 1,092.72 0.9% equipment Furniture and appliances 1,854.73 2,203.96 1,705.06 314.01 151.96 6,229.73 5.2% Fixed assets under construction 760.09 490.10 625.09 531.18 484.12 2,890.58 2.4%

Total tangible fixed assets 21,159.21 10,321.35 3,888.48 2,333.09 648.40 38,350.52 32.1%

Affiliated companies and other 3,307.41 31,013.94 32,617.83 8,934.40 5,302.56 81,176.15 67.9% participations GRAND TOTAL 24,466.62 41,335.29 36,506.31 11,267.49 5,950.96 119,526.67 100.0% (*) The company’s investments for new publishing products are not included.

The company’s investments in affiliated companies for the period under review (1998-2002) are the following:

1998 1999 2000 2001 2002 Total Company name Thousand Thousand Thousand Thousand Thousand Thousand euros euros euros euros euros euros MULTIMEDIA SA 0.00 1,467.35 0.00 0.00 0.00 1,467.35 LP DIGITAL SA 0.00 19,075.57 0.00 234.78 440.00 19,750.34 IRIS PRINTING SA 1,716.80 0.00 0.00 0.00 0.00 1,716.80 ARGOS SA 85.11 763.02 0.00 0.00 272.95 1,121.08 FREEGATE TOURISM Inc. 1,065.30 372.71 99.78 1,634.63 0.00 3,172.41 MELLON GROUP SA 0.00 308.14 0.00 0.00 0.00 308.14 Μ. LEVIS SA 0.00 821.72 0.00 0.00 0.00 821.72 N. GREECE PUBLISHING SA 440.21 1,173.88 1,467.35 0.00 411.43 3,492.87 STUDIO ΑΤΑ SA. 0.00 135.00 0.00 0.00 0.04 135.04 TILETYPOS SA 0.00 0.00 3,286.87 2,585.47 0.00 5,872.34 ACTION PLAN SA 0.00 440.21 0.00 1,212.03 2,959.83 4,612.07 ACTION PLAN HR SA. 0.00 0.00 0.00 0.00 2.35 2.35 NEA AKTINA SA 0.00 44.02 0.00 0.00 0.00 44.02 SPECIAL PUBLICATIONS SA 0.00 3,072.63 889.21 1,074.10 1,176.00 6,211.95 MC HELLAS SA 0.00 733.68 0.00 0.00 0.00 733.68 HEARST LAMBRAKIS PUBLISHING LTD 0.00 14.67 733.68 0.00 0.00 748.35 EUROSTAR SA 0.00 0.00 0.00 1,766.69 0.00 1,766.69 PAPASOTIRIOU SA. 0.00 0.00 2,054.29 0.00 0.00 2,054.29 ELLINIKA GRAMMATA SA 0.00 0.00 586.94 0.00 16.65 603.59 PUBLISHING COMMUNICATIONS SA 0.00 0.00 146.74 0.00 0.00 146.74 ODEON SA 0.00 0.00 4,490.10 0.00 0.00 4,490.10 ODEON LICENCING SA 0.00 0.00 26.41 0.00 0.00 26.41 DIGITAL PRESS SA 0.00 0.00 1,939.84 0.00 0.00 1,939.84 EKDOSEIS 4 LTD 0.00 0.00 0.00 426.70 23.30 450.00 PAPER PACK I. TSOUKARIDES SA 0.00 1,526.05 4,061.63 0.00 0.00 5,587.67 EXPO PLAN SA 0.00 88.04 0.00 0.00 0.00 88.04 MICROLAND SA 0.00 977.26 12,835.00 0.00 0.00 13,812.26 TOTAL 3,307.41 31,013.94 32,617.83 8,934.40 5,302.56 81,176.15

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XVIII. REVIEW OF ACTIVITIES AND EARNINGS

2001 2002 E a r n i n g s thousand euros thousand euros Turnover from: Publishing newspapers and magazines 97,065.51 108,340.95 Rendering of services 5,975.57 4,423.74 Sales of goods 1,493.79 674.89 Sales of by-products 0.00 527.52 Total turnover 104,534.87 113,967.10 Less:: Cost of goods sold before depreciation 105,810.03 101,631.78 Gross earnings before depreciation -1,275.15 12,335.32 % on turnover -1.22% 10.82% Plus: Other income 1,823.71 1,869.66 Total before depreciation 548.55 14,204.97 % on turnover 0.52% 12.46% Less:: Administrative expenses before depreciation 6,399.47 6,577.30 Less: Selling expenses before depreciation 2,534.95 3,548.77 Operating earnings before depreciation -8,385.86 4,078.91 % on turnover -8.02% 3.58% Plus: Income and profit from participations and securities 4,284.54 2,052.86 Less: Expenses and loss from particiapations and securities 771.14 0.00 Less : Provisions for devaluation of participations 5,338.17 1,406.21 Plus: Extraordinary and non operating income 987.08 3,825.59 Less : Extraordinary and non operating expenses 3,200.98 2,500.08 Earnings before interest, depreciation and tax -12,424.52 6,051.07 % on turnover -11.89% 5.31% Plus: Credit interest 20.92 33.37 Less: Debit interest 686.91 831.76 Earnings before depreciation and tax -13,090.52 5,252.67 % on turnover -12.52% 4.61% Less: Fiscal year’s depreciation 3,230.03 3,244.33 Less: Additional depreciation 880.26 0.00 Earnings before tax -17,200.80 2,008.34 % on turnover -16.45% 1.76% Less: Fiscal year’s income tax 0.00 0.00 Less: Other tax of current fiscal year 58.68 82.89 Earnings after tax -17,259.48 1,925.44 % on turnover -16.51% 1.69% Less: Remuneration of Board of Directors members 0.00 0.00 Earnings after tax and remuneration of Board of Directors members -17,259.48 1,925.44 Less : Tax imposed by tax auditor 0.00 0.00 Earnings after current year’s tax, Board of Directors remuneration and -17,259.48 1,925.44 tax imposed by tax auditor

(1) To calculate the gross and operating earnings, depreciation has been deducted from the cost of goods sold, the administrative and selling expenses. (2) No profit was distributed to the members of the Board of Directors for the fiscal years 2001 and 2002.

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Analysis of Activity - Turnover

The evolution of turnover per sector of the company’s business activity during the fiscal years 2001 and 2002 is shown in the following table.

2001 2002 Turnover thousand euros thousand euros % · Income from Circulation 52,601.76 58,897.17 51.68% · Income from Advertisement 44,463.75 49,443.78 43.38% Income from publishing activities 97,065.51 108,340.95 95.06% Income from services rendered 5,975.58 4,423.74 3.88% Income from sales of goods 1,493.79 674.89 0.59% Income from sales of byproducts 0.00 527.52 0.46% Total turnover 104,534.87 113,967.10 100.00% 2001 2002 Georgaphical Allocation of Turnover thousand euros thousand euros % Domestic sales 103,413.57 113,095.61 99.24% International sales 1,121.30 871.49 0.76% Total turnover 104,534.87 113,967.10 100.00%

Evolution of Cost fo Goods Sold – Gross Earnings

The evolution of cost of goods sold and gross earnings for the fiscal years 2001 and 2002 is shown the following table:

2001 2002 Cost of goods Sold – Gross Earnings thousand euros thousand euros Turnover 104,534.87 113,967.10 Less: Cost of Goods Sold Compensation, Benefits and Expenses of Personnel 21,702.59 19,765.91 Compensation and expenses of third parties 67,074.06 67,713.20 Third party benefits 4,387.47 2,808.92 Miscellaneous expenses 11,234.28 10,098.26 Consumptions 1,411.63 1,245.49 Total cost of Goods Sold 105,810.03 101,631.78 Gross Earnings before Depreciation -1,275.16 12,335.32 Depreciation 2,349.58 2,215.36 Gross Earnings -3,624.74 10,119.96

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Review of Administrative and Selling Expenses

The evolution of Administrative and Selling Expenses for the fiscal years 2001 and 2002 is shown in the following table:

Administrative and Selling Expenses 2001 2002

(thousand euros (thousand euros) Administrative Expenses Compensation, Benefits and Expenses of Personnel 3,820.93 2,537.24 Compensation and expenses of third parties 807.04 919.34 Third party benefits 936.07 1,520.09 Tax – duties 234.18 189.91 Miscellaneous expenses 601.24 1,410.73 Total Administrative Expenses before Depreciation 6,399.47 6,577.30 Depreciation 789.94 935.36 Total Administrative Expenses 7,189.41 7,512.66 Selling Expenses Compensation, Benefits and Expenses of Personnel 1,253.85 1,932.22 Compensation and expenses of third parties 126.69 75.53 Third party benefits 716.61 1,222.62 Miscellaneous expenses 437.8 318.40 Total Selling Expenses before Depreciation 2,534.95 3,548.77 Depreciation 90.50 93.62 Total Selling Expenses 2,625.45 3,642.38 Total administrative and Selling Expenses 9,815.47 11,155.04

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Review of Extraordinary Earnings The evolution of Extraordinary Earnings for the fiscal years of ς 2001 and 2002 is shown in the following table : Extraordinary Earnings (in thousand euros) 2001 2002

Extraordinary and non operating expenses

Tax fines and additions 24.49 56.50 Other extraordinary and non operating expenses 54.35 4.58 Foreign exchange differences stemmed during the fiscal year, mainly at the 24.87 1.60 payment of loan liabilities in FX Tax 103.71 62.67 Extraordinary loss Loss from liquidation of machinery and equipment 68.05 0.00 Loss from liquidation of vehicles 4.29 13.30 Loss from liquidation of furniture and apparatus 1.21 5.05 Other loss 0.54 0.09 Total 74.09 18.44 Previous years’ expenses Previous years’ tax and duties 72.96 7.89 Personnel layoff compensation 1,534.37 1,856.40 Third party services 122.13 3.65 Miscellaneous expenses 71.20 36.58 Tax fines 0.79 0.01 Other expenses of previous years 0.00 0.00 Third party remuneration 234.51 269.72 Total 2,035.96 2,174.24 Provisions for extraordinary risks 987.22 244.65

Grand total of extraordinary expenses and loss 3,200.98 2,500.00

Extraordinary and non operating income Foreign exchange differences 26.29 60.79 Miscellaneous income 4.58 2.13 Compensation for pre-mature real estate lease breach 440.21 12.24 Total 471.08 75.16 Extraordinary profit Profit from liquidation of fixed assets 0.00 3.649.91 Profit from liquidation of vehicles 15.69 2.56 Profit from liquidation of furniture 2.86 3.96 Other profit 1.76 5.47 Total 20.31 3,661.90 Previous years’ income Income from previous years’ provisions 320.84 0.00 Income from collateral services 174.85 0.00 Insurance compensation 0.00 13.78 Other income of previous years 0.00 0.02 Income from program subsidies 0.00 74.73 Total 495.69 88.53

Grand total of Extraordinary Income and Profit 987.08 3,825.59

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Extraordinary profit includes the profit stemming from selling in fiscal year 2002 the building plot on Marathnonodromon street, Marousi, of a total area of 4.632m2 and the building erected on it with a total area of 3.212m2. Neither the lot nor the building were used by the Company.

Financial Expenses

The evolution of Financial Expenses for the fiscal years of 2001 and 2002 is shown in the following table:

2001 2002 Financial Expenses Thousand Thousand euros euros Interest on long term loans 149.77 0.00 Interest in short term loans 504.81 807.42 Other financial expenses 32.33 24.35 Total 686.91 831.76

Depreciation

The evolution of depreciation and its allocation in the Cost of Goods Sold, Administrative Expenses and Selling Expenses for the years 2001 and 2002 is shown in the following table:

2001 2002 Allocation of Depreciation Thousand euros Thousand euros Cost of Goods Sold 2,349.58 2,215.36 Administrative Expenses 789.94 935.36 Selling Expenses 90.50 93.62 a) Included in Operating Cost 3,230.03 3,244.33 b) Not included in Operating Cost 880.26 0.00 Grand total 4,110.28 3,244.33

Depreciation on the company’s fixed assets was effected based on the factors provided for in Presidential Decree 100/1998, and Laws 2238/93 and Ν.2753/99.

APPROPRIATION OF EARNINGS BEFORE DEPRECIATION

The appropriation of the company’s earnings before depreciation and tax for the years 2001 and 2002, according to the audited financial statements is the following:

2001 2002 Total Appropriation of Earnings before Depreciation Thousand euros Thousand euros Thousand euros Earnings before depreciation and tax -13,090.52 5,252.67 -7,837.85 Total for appropriation -13,090.52 5,252.67 -7,837.85 Total depreciation 4,110.28 3,244.33 7,354.61 Other tax of current fiscal year 58.68 82.89 141.58 Balance of earnings carried forward -17,259.48 1,925.44 -15,334.04 Total -13,090.52 5,252.67 -7,837.85

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XIX. REVIEW OF BALANCE SHEET The evolution of the company’s Balance Sheet for the years 2001 and 2002 is shown t\in the following table:

2001 2002 Balance Sheet Thousand euros Thousand euros ASSETS Establishment expenses 7,452.63 8,201.44 Less: accrued depreciation 4,918.05 6,285.06 Non depreciated establishment expenses 2,534.58 1,916.39 Intangible assets 355.15 354.83 Less: Accrued depreciation 231.59 274.03 Non depreciated intangible assets 123.56 80.81 Tangible assets 27,305.14 26,939.34 Less: Accrued depreciation 9,702.32 10,977.43 Non depreciated tangible assets 17,602.82 15,961.91 Participations in associated companies 104,974.80 107,177.41 Other long term receivables 361.17 360.66 Total fixed assets 123,062.36 123,580.79 Inventory 8,455.80 7,324.96 Suppliers 26,694.90 27,156.64 Bills of exchange receivable 872.04 352.92 Bills of exchange in arrears 91.66 88.99 Cheques receivable 22,660.65 22,537.21 Cheques in arrears 134.77 312.04 Bad, stale and litigious clients and debtors 1,023.53 790.87 Short term receivables from associated companies 30.78 1,502.23 Miscellaneous debtors 789.53 2,535.57 Pre-payments and credit accounts 1,101.59 1,179.90 Securities 32,582.00 23,131.54 Cash and cash equivalents 511.74 446.86 Total current assets 94,949.01 87,359.75 Transitory accounts 215.80 598.78 TOTAL ASSETS 220,761.74 213,455.70 Off balance sheet accounts 4,420.88 3,929.04 LIABILITIES Share capital 45,180.00 45,180.00 Share premium account 206,260.79 206,260.79 Revaluation differences of other assets 274.18 305.06 Reserves -17,489.05 -27,700.21 Earnings brought forward -21,854.42 -19,928.98 Treasury stock (own shares) -31,123.14 -31,123.14 Total equity 181,248.36 172,993.52 Provisions 770.17 10.82 Clients 10,038.79 20,138.81 Cheques payable 3,821.53 1,817.79 Pre-payments of clients 580.67 582.04 Short term bank liabilities 14,155.58 12,500.00 Tax and duties liabilities 2,402.01 1,167.52 Social security 705.95 633.77 Divided payable 292.68 269.21 Other short term liabilities 3,548.09 1,258.85 Total short term liabilities 35,545.30 38,367.98 Total long and short term liabilities 35,545.30 38,367.98 Transitory accounts 3,197.91 2,083.38 TOTAL LIABILITIES 220,761.74 213,455.70 Off balance sheet accounts 4,420.88 3,929.04

Establishment expenses

The analysis of Establishment Expenses and the related depreciation for the fiscal year 2002 is shown in the following table:

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Analysis of Establishment Expenses 31.12.2002 Acquisition value Depreciation Non depreciated Thousand euros Fiscal Fiscal Balance Deletions Balance Balance Fiscal year’s Total balance 31/12/2001 year’s Transfers 31/12/2002 31/12/01 Depreciation year’s depreciation additions deletions 31.12.2002 Initial establishment 5,320.81 421.64 0.00 5,742.45 3,367.90 907.89 0.00 4,275.79 1,466.66 expenses Expenses of fixed asset 903.75 5.57 0.00 909.32 647.63 175.14 0.00 822.77 86.55 acquisition Restructuring 1,219.58 318.84 0.00 1,538.41 900.82 281.72 0.00 1,182.54 355.87 expenses

Other expenses of long term 1.63 2.77 0.00 4.40 0.33 0.88 0.00 1.21 3.19 depreciation Expenses for share capita 6.86 0.00 0.00 6.86 1.37 1.37 0.00 2.74 4.12 increase Total 7,452.63 748.82 0.00 8,201.44 4,918.05 1,367.01 0.00 6,285.06 1,916.39

The Initial Establishment Expenses mainly refer to pre-operation expenses and expenses of initial promotion and launching new publication titles. In particular, the Year’s Additions (421,64 thousand euros) refer to pre-operating expenses for the publication of the magazine VIMADonna Restructuring Expenses refer to investments in computer software and the Year’s Additions (318,84 thousand euros) to purchase of computer programs The Year’s Additions in Expenses of Fixed Asset Acquisition (5,57 thousand euros) refer to expenses for purchasing the real estate in Paiania. Fixed Assets

The following table shows the change in the book value of the company’s fixed assets for the period 31.12.2001-31.12.2002:

Analysis of intangible fixed assets 31.12.2002

Acquisition value Depreciation Non depreciated Thousand euros Balance Fiscal year’s Deletions Balance Balance Fiscal year’s Fiscal year’s Total balance 31/12/2001 additions Transfers 31/12/2002 31/12/01 Depreciation deletions depreciation 31.12.2002

Rights of 139.59 0.00 0.00 139.59 118.47 21.12 0.00 139.59 0.00 industrial property

Other rights 215.56 0.00 0.31 215.25 113.12 21.32 0.00 134.44 80.81

TOTAL 355.15 0.00 0.31 354.83 231.59 42.44 0.00 274.03 80.81

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Analysis of tangible fixed assets 31.12.2002 Acquisition value Depreciation Non depreciated Thousand euros Balance Fiscal year’s Deletions Balance Balance Fiscal year’s Fiscal year’s Total balance 31/12/2001 additions Transfers 31/12/2002 31/12/01 Depreciation deletions depreciation 31.12.2002

Land 3,151.89 0.00 367.192,784.69 0 0 0 0 2,784.69 Buildings and building 13,430.36 2.50 512.48 12,920.37 4,033.59 757.20 479.70 4,311.09 8,609.28 installations

Machinery and 1,221.71 0.00 0.00 1,221.71 589.20 96.24 0.00 685.44 536.27 installations

Vehcles and other means of 600.98 9.81 69.88 540.91 236.36 88.01 32.05 292.31 248.60 transportation Furniture – 6,827.53 151.96 64.64 6,914.85 4,843.16 893.44 48.01 5,688.59 1,226.26 appliances Total 25,232.46 164.27 1,014.2024,382.53 9,702.30 1,834.89 559.76 10,977.4313,405.10 Fixed assets under 2,072.68 484.12 0.00 2,556.80 0.00 0.00 0.00 0.00 2,556.80 construction Grand total 27,305.14 648.39 1,014.20 26,939.34 9,702.30 1,834.89 559.76 10,977.43 15,961.91

For the detailed analysis of fixed assets, see chapter«FIXED ASSETS – GUARANTESS AND COLLATERALS»

Fixed Assets Under Construction refer to expenses for the creation of the newspaper and magazine archives.

Fixed Assets are valuated at their acquisition value, as this value is adjusted according to specific legislation of the Ministries of Finance and National Economy, increased by the value of supplements and improvements and decreased by the depreciation provided for in the law. The value of fixed assets was not re-adjusted in the current fiscal year.

The depreciation of the company’s fixed assets were effected based on the factors provided for in Presidential Decree 100/1998, according to Laws 2238/93 and 2753/99.

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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 2001 and 2002 as well as the first four months of 2003 is shown in the following table (in thousand euros):

Participations 31/12/2001 Participations 31/12/2002 Participations 30/04/2003 Company name Acquisition Participation Acquisition Participation Acquisition Participation value (%) value (%) value (%)

MULTIMEDIA SA 1,802.09 100.00% 1.802.09 100.00% 1,802.09 100.00% ∆ΟΛ DIGITAL SA 17,224.80 76.74% 17,695.88 78.71% 17,695.88 78.71% IRIS PRINTING SA 38,245.53 70.00% 38,245.53 70.00% 38,245.53 70.00% ARGOS SA 847.40 38.50% 1,120.35 38.50% 1,120.35 38.50% FREEGATE TOURISM Inc. 3,226.58 100.00% 538.55 100.00% 150.00 100.00% MELLON GROUP SA 733.68 50.00% 733.68 50.00% 733.68 50.00% Μ. LEVIS SA 940.56 25.00% 0.00 0.00% 0.00 0.00% N.GREECE PUBLISHING 5,282.47 33.33% 5,693.90 33.33% 5,693.90 33.33% STUDIO ΑΤΑ SA 216.43 95.00% 216.46 95.00% 216.46 95.00% TILETYPOS SA 32,653.14 10.76% 17,715.80 10.76% 17,715.80 10.76% ACTION PLAN SA 1,210.56 84.98% 4,170.40 84.98% 4,170.40 84.98% ACTION PLAN HR SA 0.00 0.00% 2.35 1.00% 2.35 1.00% NEA AKTINA SA 44.46 50.50% 44.46 50.50% 44.46 50.50% SPECIAL PUBLICATIONS SA 5,037.22 55.00% 6,213.22 65.58% 6,282.10 100.00% MC HELLAS SA 733.75 50.00% 733.75 50.00% 733.75 50.00% HEARST LAMBRAKIS LTD 748.35 50.00% 748.35 50.00% 748.35 50.00% EUROSTAR SA 6,962.37 98.00% 6,962.37 98.00% 6,962.37 98.00% PAPASOTIRIOU SA 2,054.31 30.00% 2,054.31 30.00% 2,054.31 30.00% ELLINIKA GRAMMATA SA 586.94 49.50% 603.59 51.00% 603.59 51.00% PUBLISHING COMM/CATIONS 146.74 50.00% 0.00 0.00% 0.00 0.00% SA ODEON SA 4,490.83 46.75% 0.00 0.00% 0.00 0.00% ODEON LICENSING SA 27.74 24.33% 27.74 24.33% 27.74 24.33% DIGITAL PRESS SA 1,939.92 32.26% 1,939.92 32.26% 308.03 5.12% EKDOSEIS 4 LTD 426.70 30.00% 450.00 30.00% 450.00 30.00% Total 125,582.54 107,712.69 105,761.13 Less Provisions for devaluation TILETYPOS SA 17,234.42 0.00 FREEGATE TOURISM Inc. 3,226.58 388.55 Less Installments due 146.74 146.74 Total 20,607.74 535.28 Net value of participations 104,974.80 107,177.40

In respect to the changes in the account «Participations» the following are noted:

Lambrakis Press SA on 31.12.2002 agreed to sell to third parties its total participation (100%) in the share capital of the company «Freegate Tourism Inc against a credited price.

Lambrakis Press transferred to Mrs. Brigitta Papastavrou-Levis its participation in Μ. Levis SA (Linguaphone). In particular, 212,667 common registered shares, corresponding to 24.5% of M.Levis SA share capital held by Lambrakis Press SA, were transferred to Mrs.Brigita Papastavrou - Levis, already a shareholder of M.LEVIS SA. Following this transfer, Lambrakis Press SA holds 4,339 shares corresponding to 0.5% of the share capital of M.LEVIS SA

Lambrakis Press SA and its 85% affiliated company «Action Plan SA», that is active as a company providing telesales and CRM services established a new incorporated company under the name of “Action Plan Human Resources SA” based in Athens with a duration of 20 years. The newly established company falls within the framework of the Law 2956/2001 on companies of temporary labor.

Lambrakis Press SA, shareholder of the incorporated company «Special Publications SA» with a 65.58%,participation, purchased on 15.4.2003 from the other shareholders of the latter company their total participation in it and as a result 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 «ΜΕΝ», «GAIORAMA» and «GEORAMA» but retained in his ownership the trade mark of the magazine «KLIK».

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During the fiscal year 2002, Lambrakis Press SA transferred to Mr. Bonifatsis its particiapation in «Papasotiriou International Bookstores SA» against 2,127 thousand euros. In particular 4,588 common registered shares of «Papasotiriou SA», i.e. 30% of its share capital that was held by Lambrakis Press SA was transferred to Mr. Bonifatsis. Following this transfer and pursauant to the Contract of Sale date 30.9.2002, Mr. Bonifatsis resold the 4,588 shares of Apasotiriou SA – International Technical Bookstore” to Lambrakis Press SA against an equal price, ie. 2,127 thousand euros. Following the above, Lambrakis Press SA holds 30% of the share capital of “Papasotiriou SA – International Technical Bookstore”.

Lambrakis Press SA increased its participation in the share capital of Ellinika Grammata SA from 49% to 51% thus acquiring the majority control of the company. In particular Lambrakis Press SA, that held 13,867 common registered shares corresponding to 49% of the share capital of «Ellinika Grammata SA», based on the Private Contract signed on April 26, 2002, purchased from Mr. P. D. Papachristofilou 566 existing shares of the company and thus became the majority shareholder of the company holding 51%.

Lambrakis Press SA transferred to Imako Media Net Group MM SA» its participation in «Publishing Communications SA». In particular 5,000 common registered shares, i.e. 32.36% of the share capital of the company “Publishing Communications SA” of a nominal value of GRD 29.35 each were transferred against a total of 146,750 euros. After this transfer, Lambrakis Press Sa does not hold any shares in Publishing Communications SA.

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 και Odeon Licensing SA.

As of this date and 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. The remaining 5.12% of Lambrakis Press participation in Digital Press SA and the 24.33% of Lambrakis Press participation in Odeon Licensing SA are expected to be transferred not later than September 2003.

The company «Ekdoseis 4 Ltd» went into liquidation with the unanimous resolution of the Extraordinary General Meeting of its Partners dated April 24, 2003, following the previous joint and unanimous termination on April 4, 2003 of the “Licensing Contract” that was signed on January 9, 2002 between «Organization Committee of the Athens 2004 Olympic Games SA», «Ekdoseis 4 Ltd» and the latter’s shareholding partners, i.e. the incorporated companies «Lambrakis Press SA», «Ellinika Grammata SA», «Liberis Athens SA», «Imako Media Net Group SA» and referred to publishing, producing, advertising, promoting, distributing and selling the official maps of the Athens 2004 Olympic Games, the city guides as well as books carrying the Olympic Games trade marks.

Following the above, on 31.12.2002 the under 10% participations in the companies «Μ. Levis SA» and «Odeon SA» were transferred from asset account «Participations» to asset account “Securities”. In relation to the above, the Company’s Regular Chartered Auditor Accountant in his Certificate of Audit for the year 2002 notes: Asset account «Securities» also includes shares of two (2) companies of an acquisition value of 816 thousand euros not listed on the Athens Stock Exchange, that were valuated according to art. 28 of the Code of Books and Records (Presidential Decree No. 186/92) at their acquisition value. Had these participations been valuated based on their total intrinsic book value, this value would be lower by approximately 99 thousand euros, while according to art 43 par. 6 of Law 2190/1920, (lowest between acquisition value and intrinsic book value per participation) based on the latest published financial statements, this value would be lower by approximately 262 thousand euros, affecting previous years’ earnings.

Valuation of Participations

According to the notes of the Regular Chartered Auditor in the Certificate of Audit for the year 2002, "Participations in Associated Companies " refer to: a) Participation in a company with shares listed on the Athens Stock Exchange amounting to 17,716 thousand euros that was valuated at its current value according to art. 2 of Law 2992/2002. b) Participation in companies with shares not listed on the Athens Stock Exchange amounting to 89,608 thousand euros, out of which fifteen (15) with a total acquisition value of approximately 88,763 are audited by authorized auditors were valuated, according to art. 28 of the code of Books and Records (Presidential Decree 186/92) at their acquisition value. If these participations were valuated based on their total intrinsic book value, this value would be lower by approximately 15,115 thousand euros while according to art. 43 par. 6 of Law 2190/20, (lowest between acquisition value and intrinsic book value per participation based on their latest published financial statements) would be lower by 34.926 thousand euros, affecting by 8,640 thousand euros this year’s earnings and by 26,286 thousand euros the earnings of previous years.

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Acquisition Intrinsic book Year for value (art. 28 value based Current value. COMPANY NAME Participation (%) financial Total equity Net earnings of the Code of on art. 43 par. book, market statement Books and 6 of Law Records) 2190/20

1) LP DIGITAL SA 78.71% 2002 -5,480 -2,223 17,696 0 0 2) MULTIMEDIA SA 100.00% 2002 1,128 185 1,802 1,128 1,128 3) ΤILETYPOS SA 10.76% 2002 - - 17,716 17,716 17,716 4) STUDIO ATA SA 95.00% 2002 -648 - 216 0 0 5) MELLON GROUP SA 50.00% 2002 551 1,231 734 276 276 6) FREEGATE TOURISM INC. 100.00% - - 150 150 150 7) IRIS PRINTING SA 70.00% 2002 82,594 -261 38,246 57,816 38,246 8) ARGOS SA 38.50% 2002 3,269 700 1,120 1,259 1,120 9) N.GREECE PUBLISHING SA 33.33% 2002 15,875 573 5,694 2,241 2,241 10) PAPASOTIRIOU SA 30.00% 2001 2,063 - 2,054 619 619 11) EUROSTAR SA 98.00% 2002 6,850 121 6,962 6,713 6,713 12) ΝΕΑ ΑΚΤΙΝΑ SA 50.50% 2002 148 597 45 75 45 13) ODEON LICENSING SA 24.23% 2001 68 95 28 16 16 14) ELLINIKA GRAMMATA SA 51.00% 2002 727 124 604 371 371 15) SPECIAL PUBLICATIONS SA 65.58% 2002 -4,547 -699 6,213 0 0 16) ΗEARST – LAMBRAKIS LTD 50.00% 2002 1,527 986 748 764 748 17) ΜC HELLAS SA 50.00% 2002 1,574 1,144 734 787 734 18) DIGITAL PRESS SA 32.26% 2002 3,939 2,090 1,940 1,081 1,081 19) ACTION PLAN SA 85.00% 2002 873 627 4,170 742 742 20) EKDOSEIS 4 LTD 30.00% - - - 450 450 450 21) ACTION PLAN H.R. SA 1.00% 2002 2 6 2 107,323 92,210 72,398

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 consideration the following::

For companies in which Lambrakis Press SA is not 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 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 participation, the difference between acquisition value and actual net worth does not constitute 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 potential participation in any company occurs, Lambrakis Press accounts for the corresponding provisions, so that tis financial statements reflect the actual value of its participations and consequently the actual value of the financial and asset structure of the Company.

In these 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 wich Lambrakis Press SA participates. The above companies are described in detail in the chapter «COMPANIES ASSOCIATED WITH LAMBRAKIS PRESS SA».

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Current Assets

Inventories

The evolution and analysis of account «Inventories» during the fiscal years 2001 and 2002 is shown in the following table:

2001 2002 Inventories Thousand euros Thousand euros

Merchandise 5,772.35 4,802.12

Finished and unfinished goods- byproducts and residuals 2,157.07 2,348.06

Production in progress 214.60 134.49 Raw and secondary material – Consumables – Spare parts and 13.65 21.40 packaging materials Advance payments for purchases of inventories 298.13 18.90

Total 8,455.80 7,324.96

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. The increase noted in the finished and unfinished goods is mainly attributable to new publications during the fiscal year, such as Larousse World History of the 20th Century, History of World Cup, The Cook Book and VIMADonna. Production in progress refers to editorial expenses of magazines due next year (DIAKOPES, GAMOS).

Receivables

The evolution and analysis of account «Receivables» for the fiscal years 2001 and 2002 are shown in the following table:

2001 2002 Receivables Thousand Thousand euros euros Clients 26,694.90 27,156.64 Bills of Exchange receivable In portfolio 616.58 194.43 In banks for collection 255.46 158.50 Total bills of exchange receivable 872.04 352.92 Bills of Exchange in arrears 91.66 88.99 Cheques in portfolio receivable 22,660.65 22,537.21 Cheques in arrears 134.77 312.04 Short term receivables from associated companies 30.78 1,502.23 Bad, stale and litigious clients and debtors 1,538.20 1,550.19 Less provisions 514.67 759.32 Total bad, stale and litigious clients and debtors 1,023.53 790.87 Miscellaneous debtorsι 789.53 2,535.57 Advance payments and credit accounts 1,101.59 1,179.90 Total 53,399.47 56,456.39

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The company’s credit policy includes an average 7-month credit to clients advertising in Lambrakis Press publications.

To account for probable bad receivables from its clients, each year the Company unfailingly effects provisions corresponding to at least the legal factors on the gross turnover, i.e. 0.5%.

Referring to «Bad, Litigious and Stale Receivables» and the effected provisions the Regular Chartered Auditor Accountant in his Certificate of audit for the year 2002 notes the following

To account for probable loss from the liquidation of bad, litigious or stale receivables totaling 5,877 thousand euros, the company has formed according to art. 31 par. 1.9 of Law 2238/1994, a provision of 759 thousand euros. For the remaining difference of 5,118 euros the company has not formed a provision that would charge this year’s earnings by 383 thousand euros and previous years’ earnings by 4.735 thousand euros.

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 longevity 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 continued business 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 759 thousand euros already effected for the dad receivables that may probably materialize within the current year

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.

Receivables accounts contain a receivable amounting to 5,430 thousand euros from a company under liquidation, for which no provision has been formed charging the earnings.

The said note refers to receivable of the Company from «Fterotos Ermis SA» in which the affiliated company LP 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 went 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. The maturity of the balance of account “Clients” is analyzed in the following table :

Time maturity of clients

Balance on 31.12.2001 Balance on 31.12.2002 Period Thousand Thousand % % euros euros 0-60 days 11,451.76 42.90% 10,876.51 40.05% 61-180 days 4,680.96 17.54% 3,520.59 12.96% 181-360 days 7,493.84 28.07% 1,786.07 6.58% 361 & over 3,068.34 11.49% 10,973.48 40.41% TOTAL 26,694.90 100.00% 27,156.64 100.00%

The time maturity of Cheques Receivable is set forth in the following table:

Maturity of Balance of Account “Cheques Payable in Portfolio” Balance on 31.12.200 Balance on 31.12.2002 Thousand Thousand Period euros % euros % 0-90 days 11,938.30 52.68% 11,204.43 49.72% 91-180 days 7,615.45 33.61% 9,073.37 40.26% 181- 270 days 1,766.48 7.80% 1,106.69 4.91% 271-360 days 284.22 1.25% 423,67549 1.88% 360 & over 1,056.20 4.66% 729.05 3.23% TOTAL 22,660.65 100.00% 22,537.21 100.00%

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Securities

The analysis of account “Securities” on 31.12.2001 and 31.12.2002 is shown in the following table:

31.12.2001 31.12.2002 Securities Thousand Thousand euros euros Trading portfolio shares listed on the Athens Stock Exchange 38,770.66 26,063.40 Less: Provisions for devaluation 12,707.26 12,508.25 Value of trading portfolio securities listed on the Athens 26,063.40 13,555.15 Stock Exchange (Average price 12/2002) Shares not listed (Less than 10% participation) M. Levis SA (5,0%) 0.00 18.75 Odeon SA (8,3%) 0.00 796.91 Total shares 38,770.66 26,879.06 Shares of Eurobank Index Value mutual Fund 8,189.99 6,078.40 Less: Provisions for devaluation 2,111.59 1,017.67 Value of mutual fund shares (Average price 12/2002) 6,078.40 5,060.73 Repos with Alpha Bank 440.21 3,700.00 Total other securities 8,630.20 9,778.40 Grand total of securities 47,400.85 36,657.46 Less: Total Provision for Devaluation 14,818.85 13,525.91 Grand Total after provisions 32,582.01 23,131.54

Listed securities refer shares of: EFG Eurobank Ergasisas SA, Gr. Sarantis SA, Paper-Pack Tsoukarides SA, Haidemenos Sa, Egnatia Bank SA, Microland SA.

In relation to the changes in securities, the following are noted:

In the fiscal year 2002 «Treasury Stock (own shares)», of an acquisition value of 31,123 thousand euros, were transferred from asset account «Securities – Own Shares» to the debit of a related liabilities account in “Shareholders’ Equity”.

To make the figures of the financial statements of 2002 and 2001 comparable, the sum of 31,123 thousand euros of the previous period was transferred from the asset account «Securities» to the debit of account «Shareholders’ Equity». Also, for accounting clarity and legitimacy reasons, 24,634 euros were transferred to the debit of this account from liabilities account «Loss from Sale or devaluation of participations and securities», On 31.12.2002 the less-han-10% participations in the companies «Μ. Levis SA» and «Odeon SA» were transferred from asset account «Participations» to asset account “Securities”.

In relation to Securities the Company’s Regular Chartered auditor Accountant in his Certificate of Audit for the year 2002 notes:

The asset account «Securities» includes shares of two (2) companies not listed on the Athens Stock Exchange of an acquisition 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. If these participations were valuated on the basis of their total intrinsic book value, this value would be lower by approximately 99 thousand euros, while according to art. 43 par. 6 of Law 2190/1920, (lowest between acquisition value and intrinsic book value per participation) according to their latest published financial statements, would be lower by approximately 262 thousand euros, effecting the earnings of pervious years. It is noted that on 13.1.2003 the transfer to third parties of the total participation of Lambrakis Press in Odeon SA was concluded and since then Lambrakis Press Sa does hot hold any participation in this company.

Shares of companies listed on the Athens Stock Exchange were valuated at their current value according to art. 43 par. 6 of Law 2190/1920. The differences (loss) that stemmed from this valuation totaling 12,508 thousand euros (after being netted with profits stemming from the valuation of the participation in the listed company Tiletypos SA amounting to 2,297 thousand euros), were transferred directly to the Shareholders’ Equity, according to the regulations of Law 2992/2002 and have not affected this year’s earnings by 10,211 thousand euros.

The Company applied the regulations of art. 2 of Law 2992/2002, according to which, it is provided for that the total result of the valuation of listed shares does not debit the gross earnings but is transferred to a special account in shareholders’ Equity.

The company, also, debited this year’s earnings with devaluation provisions of other securities (shares of mutual funds) amounting to 1,017.67 thousand euros, as required by Codified Law 2190/20.

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Asset-side Transitory Accounts On 31.12.2002 Transitory Accounts mainly include expenses referring to the next fiscal year (rights, rents, insurance premia, subscriptions etc) totaling 204 thousand euros as well as a provision for income fronm the sale of newspapers and magazines, mainly outside the Athens greater area, totaling 395 thousand euros.

Liabilities

Long term liabilities

During the fiscal year 2001 the Company repaid in full the 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 2001 and 2002 are shown in the following table:

31.12.2001 31.12.2002 Short term Liabilities Thousand Thousand euros euros Suppliers 10,038.79 20,138.81 Cheques payable 3,821.53 1,817.79 Short term liabilities to banks 14,155.58 12,500.00 Advance payments by clients 580.67 582.04 Tax and duties liabilities 2,402.01 1,167.52 Social Security 705.95 633.77 Dividend payable 292.68 269.21 Miscellaneous creditors 3,548.09 1,258.85 Total 35,545.30 38,367.98

It is noted that on 31.12.2002 there were no liabilities overdue or in arrears stemming from the short term liabilities of the Company.

Suppliers The maturity of the balance of suppliers is shown in the following table:

Maturity of the balance of suppliers Balance on 31.12.2001 Balance on 31.12.2002 Period Thousand Thousand % % euros euros 0-60 days 8,806.71 87.73% 13,900.71 69% 61-180 days 170.05 1.69% 5,055.27 25% 181-360 days 146.24 1.46% 1,182.85 6% 361 & over 915.79 9.12% 0.00 0% Total 10,038.79 100.00% 20,138.84 100.00%

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

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Cheques Payable

The balance of the company’s cheques payable on 31.12.2002 refers to post-dated cheques issued by the Company.

Maturity of Balance of Cheques Payable Balance on 31.12.2001 Balance on 31.12.2002 Period Thousand Thousand % % euros euros 0-90 days 2,500.64 65.44% 1,627.65 89.54% 91-180 days 1,138.89 29.80% 190.14 10.46% 181- 270 days 181.99 4.76% 0.00 0.00% Total 3,821.52 100.00% 1,817.79 100.00%

Analysis of cheques Payable Balance on 31.12.2002 Company Thousand % euros Ellinika Grammata SA 568.77 31% Mindshare SA 475.25 26% Mediacorp SA 205.34 11% Bold / Ogilvy and Mather SA 151.14 8% ABC Factors SA 81.591 4% Alpha Media SA 69.058 4% Alma Αtermon SA 44.68 2% Other 221.95 12% Total 1,817.79 100%

All the Company’s cheques payable are due within 2003, and all due to this date have been paid on time.

The most important balances of the account «Advance Payments by Clients» on 31.12.2002 are shown in the following table:

Advance payments by clients Balance on 31.12.2002 Client Thousand % euros Nea Aktina SA 51.97 8.93% Βοnus Advertising Creative Ltd 17.94 3.08% Freegate Tourism Inc 13.70 2.35% Interamerican Insurance SA 12.72 2.19% Kyriakides Bros & Cie 10.77 1.85% Pivot Ltd 10.64 1.83% Other 464.30 79.77% Total 582.04 100.00%

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Tax – Duties – Social Security

The balances shown tin 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 31.12.2002 the Transitory Accounts include next year’s income amounting to 1,248 thousand euros, out of which 1,105 thousand euros refer to pre-collected subscriptions and 143 thousand euros sales of magazines pertaining to next year. They also include this year’s expenses payable in arrears amounting to 812 thousand euros, for which the following provisions have been formed: Miscellaneous royalties 36 thousand euros, year-end bonuses 423.3 thousand euros and other expenses 352 thousand euros.

Off Balance Sheet Accounts

The analysis of Off Balance Sheet Accounts on 31.12.2002 is the following:

31.12.2002 Off Balance Sheet Accounts Thousand euros Third party assets α. Third party machinery for exhibition 2.43 β. Third party merchandise to be photographed 2.06 γ. Third party machinery leased 0.06 δ. Third party machinery to others for testing 0.12 ε. Third party machinery to be leased 0.00 στ. Machinery to third parties 0.18 Total 4,85 Other third party assets in our hands 39,49 Debit accounts of guarantees and collaterals a. Letters of guarantee securing receivables 2,758.42 b. Letters of guarantee securing contractual delivery 10.56 c. Letters of guarantee securing liabilities 7.32 Total 2,776,30 Other off-balance-sheet accounts a. Readjustments 1. Buildings - Ministerial Decision Ε 2665/88 140.97 2. Land – Ministerial Decision Ε 2665/88 197.47 3. Buildings - Law 2065/92 37.38 4. Building lots - Law 2065/92 732.57 b. Gifts granted by third parties 0.00 Total 1,108,40 Grand Total 3,929,04

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XX. SOURCES AND USES OF CAPITAL The following table shows the sources and uses of capital for the period 2001 – 2002 :

SOURCES (thousand euros) 2001 2002 TOTAL % Sales 104,534.12 113,967.10 218,501.22 80.23% Other operating income 1,822.45 1,869.66 3,692.11 1.36% Extraordinary and non-operating income 490.1 75.16 565.26 0.21% Previous years’ income 176.08 88.53 264.61 0.10% Credit interest [deposits etc] 20.54 33.37 53.91 0.02% Income from participations 3,401.32 1,867.90 5,269.22 1.93% Income from securities 111.52 184.96 296.48 0.11% Sale of securities 12,683.79 0 12,683.79 4.66% Sale of intangible assets 0 0.31 0.31 0.00% Sale of tangible assets 90.98 454.42 545.40 0.20% Sale of participations 0 4,762.47 4,762.47 1.75% Decrease of long term receivables 0 0.51 0.51 0.00% Decrease of inventory 170.21 1,130.84 1,301.05 0.48% Decrease of receivables 6,523.84 0 6,523.84 2.40% Increase of short term liabilities (bank loans) 11,515.77 0 11,515.77 4.23% Increase of short term liabilities (excluding bank loans) 0 5,747.03 5,747.03 2.11% Increase of tax and duty liabilities 613.35 0 613.35 0.23% TOTAL 142,154.07 130,182.26 272,336.33 100.0% USES (thousand euros) 2001 2002 ΣΥΝΟΛΟ % Cost of goods sold (less depreciation and provisions) 106,509.17 102,401.95 208,911.12 76.71% Administrative expenses 6,400.59 6,577.30 12,977.89 4.77% Selling expenses 1,837.12 3,548.77 5,385.89 1.98% Interest paid 686.72 831.76 1,518.48 0.56% Transaction expenses on purchase and sales of securities 38.15 0.00 38.15 0.01% Transaction commissions and fees for share buy back 8.80 0.00 8.80 0.00% Other expenses 2,905.36 -1,406.48 1,498.88 0.55% Increase of establishment expenses 334.56 748.82 1,083.38 0.40% Purchase of intangible assets 123.26 0.00 123.26 0.05% Purchase of tangible assets 2,245.05 648.39 2,893.44 1.06% Acquisition of participations 8,808.87 5,841.32 14,650.19 5.38% Increase of long-term receivables 90.98 0.00 90.98 0.03% Increase of receivables 0.00 3,301.57 3,301.57 1.21% Purchase of securities 874.54 3,259.79 4,134.33 1.52% Buy back of own stock 1,875.28 0.00 1,875.28 0.69% Increase of asset-side transitional accounts 61.63 382.97 444.60 0.16% Decrease of long-term liabilities 3,421.86 0.00 3,421.86 1.26% Decrease of short-term liabilities (bank loans) 0.00 1,655.57 1,655.57 0.61% Decrease of short-term liabilities (excluding banks) 2,476.89 0.00 2,476.89 0.91% Decrease of tax and duty liabilities 0.00 1,234.49 1,234.49 0.45% Decrease of liability-side transitional accounts 0.00 1,114.53 1,114.53 0.41% Taxes not included in cost of goods sold 58.69 82.89 141.58 0.05% Dividend paid 3,107.85 23.47 3,131.32 1.15% Change in liquid assets 288.70 -64.85 223.85 0.08% TOTAL 142,154.07 130,182.26 272,336.33 100.00%

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XXI. CASH FLOW STATEMENTS

LAMBRAKIS PRESS SA Reg. No/ 1264/06/Β/86/40 Cash Flow Table For the fiscal period from 1/1/2002 to 31/12/2002

Amounts in thousand euros A n a l y s i s 2002 2001 Α CASH FLOWS FROM ORDINARY (OPERATING) ACTIVITIES 2,598.84 5,983.86 Α 100 Cah inflows 109,657.40 125,449.74 101 Sales 113,967.10 104,534.12 102 Other operating income 1,869.66 1,822.45 103 Extraordinary and non-operating income 75.16 490.10 104 Previous years’ income 88.53 176.08 105 Credit interest [deposits etc] 33.37 20.54 106 Income from securities 184.96 111.52 107 Sales of securities 0.00 12,683.79 108 Decrease of receivables 0.00 6,523.84 Less: 109 Purchase of securities -3,259.79 -874.54 Transaction expenses for purchases and sales of securities -38.15 110 Increase of receivables -3,301.57 0.00

Α 200 Cash outflows -105,741.18 -120,020.54 201 Cost of goods sold (less depreciation and provisions) -102,401.95 -106,509.17 202 Administrative expenses -6,577.30 -6,400.59 203 Research and development expenses 0.00 0.00 204 Selling expenses -3,548.77 -1,837.12 205 Underutilization expenses 0.00 0.00 206 Other expenses 1,406.48 -2,905.36 207 Increase of inventory 0.00 0.00 208 Increase of asset-side transitional accounts -382.97 -61.63 209 Decrease of liability-side transitional accounts -1,114.53 0.00 210 Decrease of short term liabilities (excluding banks) 0.00 -2,476.89 Less: 211 Decrease of inventory 1,130.84 170.21 212 Decrease of asset-side transitional accounts 0.00 0,00 213 Increase of liability-side transitional accounts 0.00 0,00 214 Increase of short term liabilities (excluding banks) 5,747.03 0,00

A 300 Cash outflow for taxes -1,317.38 554.66 301 Income tax 0.00 0,00 302 Taxes not included in the operating cost -82.89 -58.69 303 Tax imposed by tax auditor 0.00 0,00 304 Decrease of tax and duty liabilities -1,234.49 0,00 Less: 305 Increase of tax and duty liabilities 0.00 613.35

Β CASH FLOW FROM INVESTMENT ACTIVITIES -152.92 -8,110.41 Β 100 Cash inflows 7,085.61 3,492.30 101 Sale of intangible assets 0.31 0,00 102 Sale of tangible assets 454.42 90.98 103 Sale of participations 4,762.47 0.00 104 Decrease of long term receivables 0.51 0.00 105 Income from participations 1,867.90 3,401.32 106 Credit interest (from long term receivables etc) 0.00 0,00

Β 200 Cash outflows -7,238.53 -11,602,71 201 Purchase of intangible assets 0.00 -123.26 202 Purchase of tangible assets -648.39 -2,245.05

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203 Purchase of participations -5,841.32 -8,808.87 204 Increase of long term receivables 0.00 -90.98 205 Increase of establishment expenses -748.82 -334.56

C CASH FLOW FROM FINANCIAL ACTIVITIES -2,510.81 2,415.26 C 100 Cash inflows 0.00 11,515.77 101 Collection of share capital increase and share premium 0.00 0.00 102 Collection of fixed asset subsidies 0.00 0.00 103 Increase of long term liabilities 0.00 0.00 104 Increase of short term liabilities (bank loans) 0.00 11,515.77

Γ 200 Cash outflows -2,510.81 -9,100.51 201 Decrease (payout) of share capital 0.00 0.00 202 Return of fixed asset subsidies 0.00 0.00 203 Decrease of long term liabilities 0.00 -3,421.86 204 Decrease of short term liabilities (bank loans) -1,655.57 0.00 Buy bank of own stock 0.00 -1,875.28 Transaction commissions and fees for share buy back 0.00 -8.80 205 Interest paid -831.76 -686.72 206 Dividend paid -23.47 -3,107.85 207 Profit distribution to employees 0.00 0.00 208 Board of director remuneration from this year’s profits 0.00 0.00

COMPANY CASH FLOW (net sum of A+B+C) -64.89 288.71 Plus: Cash at fiscal year’s beginning 511.74 223.04 CASH AT FISCAL YEAR’S END 446.86 511.74 CERTIFICATION OF CHARTERED AUDITOR – ACCOUNTANT We audited the above table of Cash Flows of the incorporated company "LAMBRAKIS PRESS" for the fiscal year 1/1/2002 - 31/12/2002, that has been compiled based on the books and records kept by the company and this year’s audited financial statements for which we have issued our audit certificate dated May 3, 2003. In our opinion the afore-mentioned table of Cash Flows reflects the cash inflows and outflows stemming from the activities of the above company in that fiscal year. Athens, May 3, 2003 The Chartered Auditor Accountant Charal. Ar. Petropoulos SOL ERNST & YOUNG SA CHARTERED AUDITORS ACCOUNTANTS

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XXII. CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED INCOME STATEMENTS FOR THE FISCAL YEARS 2001 AND 2002

The following table shows the consolidated data of turnover and earnings of Lambrakis Press Group for the fiscal years 2001 and 2002.

2001 2002 Consolidated turnover – earnings Thousand euros Thousand euros Turnover 268,852.55 260,203.61 Less: Cost of goods sold before depreciation 239,201.50 214,129.07 Gross earnings before depreciation (1) 29,651.05 46,074.53 % on turnover 11.03% 17.71% Plus: Other operating income 1,808.19 1,826.30 Total before depreciation 31,459.24 47,900.83 % on turnover 11.70% 18.41% Less: Administrative expenses before depreciation (1) 17,820.34 16,858.10 Research and development expenses 639.77 378.96 Selling expenses before depreciation (1) 11,173.80 10,322.71

Total administrative, selling and research & development expenses before depreciation 29,633.91 27,559.78

% on turnover 11.02% 10.59% Operating earnings before depreciation 1,825.33 20,341.05 % on turnover 0.68% 7.82% Plus: Income from participations and securities 1,673.39 1,710.37 Profit from the sale of participations and securities 1,892.15 658,71 Less: Provisions for devaluation 5,338.17 1,406.21 Expenses and loss from participations and securities 5,291.20 0.00 Plus : Extraordinary and non-operating income 2,515.08 4,235.69 Less: Extraordinary and non-operating expenses 4,816.84 4,939.73 Earnings before interest and depreciation -7,540.27 20,599.87 % on turnover -2.80% 7.92% Interest received 942.50 243.14 Interest paid 7,111.12 3,136.92 Earnings before tax and depreciation -13,708.88 17,706.10 % on turnover -5.10% 6.80% Less: Depreciation attributable to operating cost 13,116.79 15,787.73 Additional depreciation 3,034.40 0.00 Earnings before tax -29,860.07 1,918.37 % on turnover -11.11% 0.74% Less : Income tax 1,185.49 1,231.01 Ta imposed by tax auditor 171.92 0.00 Minority rights -2,093.49 -312.62

Earnings after fiscal year’s tax, tax imposed by tax auditor and minority rights -29,124.00 999.98

% on turnover -10.83% 0.38%

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(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:

2001 2002 Allocation of consolidated depreciation Thousand Thousand euros euros Cost of goods sold 11,795.28 13,884.82 Administrative expenses 1,142.51 1,381.47 Selling expenses 179.00 521.44 Depreciation included in cost of goods sold 13,116.79 15,787.73 Depreciation not included in cost of goods sold 3,034.40 0.00 Grand total 16,151.19 15,787.73

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 2001 and 2002 see Chapter VI « Restatement 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 year 2002, the consolidated turnover of Lambrakis Press Group is analyzed per sector of business activity as follows:

Fiscal year Consolidated turnover per Sector of Business 2002 Activity Thousand euros

Publishing 141,051.76

Printing 56,139.18

Rendering of services 47,340.06

Trading 15,672.60

Total consolidated turnover 260,203.61

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CONSOLIDATED FINANCIAL STATEMENTS OF LAMBRAKIS PRESS GROUP FOR THE YEARS 2001 AND 2002

The following table shows the consolidated financial data of Lambrakis Press Group for the fiscal years 1.1-31.12.2001 and 1.1-31.12.2002 2001 2002 Balance sheet Thousand Thousand euros euros ASSETS Establishment expenses 20,121.23 25,834.73 Less: accrued depreciation 12,994.08 15,939.67 Non depreciated establishment expenses 7,127.15 9,895.06 Intangible assets 633.52 770.13 Less: Accrued depreciation 501.98 571.46 Non depreciated intangible assets 131.54 198.66 Tangible assets 178,841.27 202,921.78 Less: Accrued depreciation 38,160.29 50,173.04 Non depreciated tangible assets 140,680.98 152,748.75 Participations in associated companies 55,824.39 32,472.77 Less: Installments due 0.00 146.74 Provisions 20,461.00 388.55 Participations in associated companies after provisions 35,363.39 31,937.48 Participations in other companies 0.00 5,500.00 Other long term receivables 1,229.32 1,242.42 Total fixed assets 177,405.23 191,627.31 Inventories 38,720.69 33,698.31 Clients 68,236.45 66,945.71 Bills of Exchange receivable 3,679.25 1,341.50 Bills of Exchange in arrears 174.52 683.19 Cheques payable 51,430.14 43,950.73 Cheques in arrears 256.47 2,861.80 Bad, litigious clients and debtors 3,766.54 4,421.01 Less: Provisions 2,153.38 2,609.09 Short term receivables from associated companies 117.39 630.35 Miscellaneous debtors 9,700.26 13,798.81 Advance payment and credit accounts 2,375.07 2,397.72 Total receivables 137,582.71 134,421.73 Securities 59,417.84 42,412.69 Less: Provisions 19,933.87 14,080.00 Total securities after provisions 39,483.97 28,332.69 Cash and cash equivalents 8,593.74 3,003.25 Total current assets 224,381.10 199,455.99 Transitory accounts 2,043.23 6,327.35 TOTAL ASSETS 410,956.71 407,305.71 Off-balance-sheet accounts 87,856.05 21,286.18 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 35.89 0.00 Difference from revaluation of other assets 265.83 419.51 Ordinary reserve 2,963.49 3,565.51 Less : Loss from the sale or devaluation of participations and securities -28,432.96 -39,510.79 Reserve to cover loss 0.00 14.36 Extraordinary reserves 4,011.85 4,011.85 Tax-exempt reserves of special statutory regulations 9,388.98 9,192.09 Consolidation differences 13,810.09 12,634.09 Earnings brought forward -45,454.89 -46,751.78 Minority rights 31,816.88 30,057.33 Treasury stock (own shares) -31,123.14 -31,123.14 Total equity 208,722.83 193,949.83 Provisions 973.69 357.45 Long term bank loans 11,738.81 82,171.68 Other long term liabilities 5.87 0.00

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Total long term liabilities 11,744.68 82,171.68 Suppliers 35,512.08 30,746.29 Bills of Exchange payable 3,462.73 7,184.44 Cheques payable 11,054.23 17,898.65 Advance payments by clients 2,405.02 2,232.66 Short term liabilities to banks 119,212.64 59,362.72 Tax and duties liabilities 6,658.98 4,104.45 Social security 2,354.12 2,254.42 Dividend payable 292,68 269.21 Miscellaneous creditors 1,728.94 1,441.26 Total short term liabilities 182,681.42 125,494.09 Total long term and short term liabilities 194,426.10 207,665.77 Transitory accounts 6,834.10 5,332.67 TOTAL LIABILITIES 410,956.71 407,305.71 Off-balance-sheet accounts 87,856.05 21,286.18 Book value of share 2.77 2.58

The amounts of the consolidated financial statements and the consolidated income statement of the fiscal year 2002 are not comparable to the corresponding figures of the consolidated financial statements and consolidated income statement of 2001, because in 2002 the companies ACTION PLAN HR SA, affiliate of ACTION PLAN SA , and ELLINIKA GRAMMATA SA, are included in the consolidation, while on the contrary, the company AGGELIDIS – GEORGAKOPOULOS SA is not included in the consolidation of IRIS PRINTING SA, affiliate of Lambrakis Press SA. The method of “full consolidation” was applied in the compilation of the Consolidated Financial Statements. No company was consolidated applying the method of Net Equity. The intercompany transactions between the companies included in the consolidation were fully abolished.

In particular, the companies participating in the Consolidated Financial Statements of Lambrakis Press Group applying the method of full consolidation for the fiscal years 2001 and 2002 were the following:

COMPANIES PARTICIPATING IN THE CONSOLIDATED FINANCIAL STATEMENTS OF LAMBRAKIS PRESS SA

Year 2001 Year 2002 Participation of Participation of Lambrakis Press Lambrakis Press Consolidated % Consolidated % SA in the share SA in the share Company name companies except the Participation Company name companies except Participation capital of the capital of the parent (%) the parent (%) associated associated company (%) company (%) 100,00% MULTIMEDIA SA - 100,00% MULTIMEDIA SA - 50,50% NEA AKTINA SA - 50,50% NEA AKTINA SA - 95,00% STUDIO ATA SA - 95,00% STUDIO ATA SA - SPECIAL PUBLICATIONS 55,00% SPECIAL PUBLICATIONS SA - 65,58% - SA 50,00% MC HELLAS SA - 50,00% MC HELLAS SA - HEARST LAMBRAKIS 50,00% HEARST LAMBRAKIS LTD - 50,00% - LTD ACTION PLAN HR 85,00% ACTION PLAN SA - 85,00% ACTION PLAN SA 100,00% SA 98,00% EXPO PLAN SA 50,00% 51,00% ELLINIKA GRAMMATA SA “ EUROSTAR SA TRIAINA TRAVEL-ST. 75,00% EXPO PLAN SA 50,00% LAGAS SA 98,00% EUROSTAR SA TRIAINA TRAVEL- 70,00% PHOENIX SA 50,00% 75,00% ST. LAGAS SA IRIS PRINTING SA AGGELIDES - GEOGRAGOPOULOS 50,00% 70,00% IRIS PRINTING SA PHOENIX SA 50,00% SA 76,74% RAMNET SA 100,00% RAMNET SA 100,00% RAMNET SHOP SA 100,00% RAMNET SHOP SA 100,00% LP DIGITAL SA 78,72% LP DIGITAL SA ΝΕΤ ΟΝ LINE SA 100,00% ΝΕΤ ΟΝ LINE SA 100,00% IN TRAVEL SA 100,00% IN TRAVEL SA 100,00%

All the consolidated companies compile their annual financial statements on the same date with the parent company (31.12.2002) with the exception of STUDIO ΑΤΑ SA that compiles its financial statements on 30.6.2002. ACTION PLAN HR SA will compile its first final financial statements on 31.12.2003 since it is currently in its first accounting period (lasting over 12 months). Its consolidation in the consolidated statements of Lambrakis Press Group was effected using interim statements of 31.12.2002.

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XXIII. CONSOLIDATED CASH FLOW

LAMBRAKIS PRESS SA Reg. No. 1264/06/Β/86/40 Cash flow statement For the fiscal year from 1/1/2002 to 31/12/2002

Amounts in thousand euros A n a l y s I s 2002 2001 Α CASH FLOW FROM ORDINARY (OPERATING) ACTIVITIES 22,543,62 -421.94 Α 100 Cash inflows 267,675.96 301,104.22 101 Sales 260,203.61 268,852.55 102 Other operating income 1,826.30 1,808.19 103 Extraordinary and non-operating income 241.70 755.26 104 Previous years’ income 225.59 671.77 105 Credit interest [deposits etc] 243.14 942.50 106 Income from securities 152.56 424.12 107 Sales of securities 7,029.41 19,572.54 108 Decrease of receivables 4,088.00 14,722.55 Less: 109 Purchase of securities -6,334.34 -6,645.27 Transaction expenses for purchases and sales of securities 0.00 0.00 110 Increase of receivables 0.00 0.00

Α 200 Cash outflows -241,346.80 -297,783.42 201 Cost of goods sold (less depreciation and provisions) -214,129.07 -241,017.59 202 Administrative expenses -16,858.10 -17,188.26 203 Research and development expenses -378.96 -616.70 204 Selling expenses -10,322.71 -10,003.11 205 Underutilization expenses 0.00 0.00 206 Other expenses -3,798.75 -2,810.27 207 Increase of inventory -615.10 -1,080.47 208 Increase of asset-side transitional accounts -4,284.12 0.00 209 Decrease of liability-side transitional accounts -1,501.43 0.00 210 Decrease of short term liabilities (excluding banks) 0.00 -25,622.81 Less: 211 Decrease of inventory 5,022.38 0.00 212 Decrease of asset-side transitional accounts 0.00 262.23 213 Increase of liability-side transitional accounts 0.00 293.56 214 Increase of short term liabilities (excluding banks) 5,519.08 0.00

A 300 Cash outflow for taxes -3,785.54 -3,742.73 301 Income tax -1,231.01 -1,185.49 302 Taxes not included in the operating cost 0.00 -230.60 303 Tax imposed by tax auditor 0.00 0.00 304 Decrease of tax and duty liabilities -2,554.53 -2,326.64 Less: 305 Increase of tax and duty liabilities 0.00 0.00

Β CASH FLOW FROM INVESTMENT ACTIVITIES -35,763.75 -51,484.08 Β 100 Cash inflows 8,196.94 13,059.41 101 Sale of intangible assets 0.00 18.20 102 Sale of tangible assets 4,718.86 3,018.51 103 Sale of participations 2,311.01 7,968.60 104 Decrease of long term receivables 0.00 0.00 105 Income from participations 1,167.07 2,054.10

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106 Credit interest(from long term receivables etc) 0.00 0,00

Β 200 Cash outflows -43,960.69 -64,543.49 201 Purchase of intangible assets -168.75 -579.82 202 Purchase of tangible assets -30,391.64 -52,026.03 203 Purchase of participations -7,186.65 -9,511.66 204 Increase of long term receivables -13.10 -716.06 205 Increase of establishment expenses -6,200.55 -1,709.91

Γ CASH FLOW FROM FINANCIAL ACTIVITIES 7,629,64 59,007.15 Γ 100 Cash inflows 70,990.65 69,785.26 101 Collection of share capital increase and share premium 563.65 247.43 102 Collection of fixed asset subsidies 0.00 0.00 103 Increase of long term liabilities 70,427.00 8,307.75 104 Increase of short term liabilities (bank loans) 0.00 61,230.08

Γ 200 Cash outflows -63,361.01 -10,778.11 201 Decrease (payout) of share capital 0.00 0.00 202 Return of fixed asset subsidies 0.00 0.00 203 Decrease of long term liabilities 0.00 0.00 204 Decrease of short term liabilities (bank loans) -59,849.92 0.00 Buy bank of own stock 0.00 0.00 Transaction commissions and fees for share buy back 0.00 0.00 205 Interest paid -3,136.92 -7,111.12 206 Dividend paid -374.17 -3,666.99 207 Profit distribution to employees 0.00 0.00 208 Board of director remuneration from this year’s profits 0.00 0.00

COMPANY CASH FLOW (net sum of Α+Β+C) -5,590.49 7,101.14 Plus: Cash at fiscal year’s beginning 8,593.74 1,492.60

CASH AT FISCAL YEAR’S END 3,003.25 8,593.74

CERTIFICATE OF AUDIT OF CHARTERED AUDITOR ACCOUNTANT We audited the above Consolidated Table of Cash Flow of the Incorporated Company <> and its affiliates for the fiscal year 1/1/2002 - 31/12/2002 ,that has been compiled based on the audited consolidated financial Statements of that fiscal year, for which we have issued our Certificate of Audit dated 3/5/2003. In Our opinion the afore-mentioned Consolidated Table of Cash flow reflects the Cash Inflows and Outflows stemming from the activities of the total companies Included in the consolidation of 31/12/2002. Athens, May 3, 2003 The Chartered auditor Accountant Charal. Ar. Petropoulos SOL ERNST & YOUNG SA. Chartered auditors Accountants

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XXIV. DIRECT AND INDIRECT PARTICIPATIONS OF LAMBRAKIS PRESS SA OVER 5% on 30.4.2003

Direct and Direct Indirect Indirect Participation Participation Sector Company Participation % % % 30.4.2003 30.4.2003 30.4.2003

SPECIAL PUBLICATINOS SA 100.00% 0.00% 100.00% ΝΕΑ ΑΚΤΙΝΑ 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 SA 50.00% 0.00% 50.00% N.GREECE N.GREECE PUBLISHING SA 33.33% 0.00% 33,33% PUBLSHING GROUP PROVOLI LTD 0.00% 33.33% 33,33% MULTIMEDIA SA 100.00% 0.00% 100.00% PAPER PACK – I. TSOUKARIDES SA 35.05% 0.54% 35,99% EUROKTISMA SA 0.00% 35.63% 35,63% PAPER PACK PROMOKARTON SA 0.00% 17.81% 17,81% PRINTING GROUP FOKAS BROS SA 0.00% 12.60% 12,60% VLAHOS BROS SA 0.00% 7.56% 7,56% IRIS PRINTING SA 70.00% 0.00% 70,00% IRIS GROUP PHOENIX SA 0.00% 35.00% 35,00% EUROSTAR SA 98.00% 0.00% 98,00% EUROSTAR TOURISM GROUP TRIAINA TRAVEL - ST. LAGAS SA 0.00% 73.50% 73,50% EXPO PLAN SA 0.00% 49.00% 49,00% LP 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% IN TRAVEL SA 0.00% 78.71% 78,71% LP DIGITAL IT AND NEW GROUP RAMNET SHOP SA 0.00% 78.71% 78,71% TECHNOLOGIES IN MARKET PLACE SA 0.00% 39.36% 39,36% PHAISTOS NETWORKS SA 0.00% 39.36% 39,36% IN HEALTH SA 0.00% 39.36% 39,36% INTEROPTICS SA 0.00% 20.07% 20,07% MICROLAND SA 7.91% 0.86% 8.77%

ACTION PLAN ACTION PLAN SA 85.00% 0.00% 85,00% GROUP 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%

ArRGOS GROUP ARGOS NET LTD 0.00% 38.50% 38,50% ARGOS MASS DISTRIBUTIONS LTD 0.00% 36.09% 36,09% PAPASOTIRIOU PRESSPOINT - -PRESS STORES 0.00% 11.55% 11,55% OTHER IN THE ATHENS INTERNATIONAL AIRPORT SA PARTICIPATIONS STUDIO ATA SA 95.00% 0.00% 95.00%

TILETYPOS TILETYPOS SA 10.76% 0.00% 10,76% GROUP TILETYPOS CYPRUS LTD 0.00% 10.76% 10,76% ODEON LICENSING SA 24.23% 0.00% 24,23% ODEON GROUP DIGITAL PRESS SA 5.12% 0.00% 5,12% PAPASOTIRIOU INTERNATIONAL TECHNICAL BOOKSTORE SA 30.00% 0.00% 30.00% ELLINIKA GRAMMATA SA 51.00% 0.00% 51.00%

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XXV. COMPANIES ASSOCIATED WITH LAMBRAKIS PRESS SA

Α. 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 in the company) and “HMI International Holdings Inc.” (holding a 50% participation). In accordance with its Articles of Association, the company’s objects are: (a) to publish and sell in Greece and Cyprus the “COSMOPOLITAN” monthly magazine, (b) to publish weekly or monthly magazines, (c) to act as agents and engage in the trade of such publications, whether published by the company or other publishers, (d) to participate 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) to act as agents of Greek or foreign companies pursuing the same objectives. The company publishes the “Cosmopolitan” monthly women’s magazine. During the 2002 fiscal year, the company employed 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. Shareholders – Share Capital On 31.12.2001 the company’s share capital amounted to GRD 51,000,000, divided into 51,000 shares of a nominal value of GRD 10,000 each. During the 2002 fiscal year and the first four months of 2003, there was no change in the company’s share capital or shareholder structure. The Company capital is held by: Shareholder Participation (%) Lambrakis Press S.A. 50% ΗΜΙ International 50% Total 100% The Company’s summary financial figures for the 2001 and 2002 fiscal years are shown in the following table:

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HEARST LAMBRAKIS PUBLISHING LTD

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 5.257,2 6.962,4 Gross earnings before depreciation 1.014,4 1.811,2 % on turnover 19,3% 26,0% Oprating earnings before depreciation 510,5 1.266,6 Total depreciation 256,1 258,6 Earnings before tax 214,1 986,1 % on turnover 4,1% 14,2% Earnings after tax & Board of Directors renumeration 214,1 682,1 % on turnover 4,1% 9,8%

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 683,2 460,5 Non-depreciated intangible assets 0,0 0,0 non-depreciated tangible assets 89,7 63,3 Particpations - Other long term receivables 0,0 0,0 Current assets 2.554,6 4.128,8 Transitory accounts 213,2 22,8 TOTAL ASSETS 3.540,7 4.675,4

LIABILITIES 2001 2002 Share capital 1.496,7 1.496,7 Total equity 1.394,8 1.526,9 Provisions 30,4 35,1 Long term liabiliies 0,0 0,0 Short term liabilities 1.731,8 2.747,5 Total liabilities 1.731,8 2.747,5 Transitory accounts 383,7 365,9 TOTAL LIABILITIES 3.540,7 4.675,4

The company is included in the consolidated financial statements of Lambrakis Press S.A.

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MC HELLAS S.A.

The company “MC HELLAS PUBLISHING S.A.”, with the trade name “MC HELLAS S.A.”, was established in 1999 (Government Gazette, issue No 9055/11.11.1999) and is registered in the Ministry of Development’s Register of Sociétés Anonymes under No 44343/01/Β/99/610. Under its Articles of Association, the company’s duration is 50 years (until 2049), and the company is based in the Municipality of Athens (at 18 Panepistimiou St., GR-106 72 Athens). The company’s founding members were: “Lambrakis Press S.A.” (holding a 50% participation in the company) and LP DIGITAL S.A. [formerly LP COMMUNICATIONS S.A.) (holding a 50% participation). Marie Claire Album S.A. has a participation in the company since 1999 when it acquired the participation of LP DIGITAL S.A. In accordance with its Articles of Association, the company’s objects are: (a) to publish and sell in Greece the “MARIE CLAIRE” magazine, (b) to publish weekly or monthly magazines – addressed mainly to female readers (c) to publish 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 to act as importers, exporters and dealers of any kind of publication, and (d) to act as agents and dealers of such publications, whether published by the company or others. The company publishes the “Marie Claire” monthly women’s magazine. During the 2002 fiscal year, the company employed 36 persons. Management The company is currently managed by the following 6-member Board of Directors whose term of office expires on 30.6.2003: Name Position Arnaud Contades President Damianos Hadjikokkinos Vice President and Managing Director Nikolaos Anastassopoulos Member Stavroula Dimitriadi Member Laurence Hembert - Wermus Member Hubert Brisson Member Shareholders – Share Capital On 31.12.2001, the company’s share capital amounted to € 1,467,500 divided into 50,000 registered shares, of a nominal value of € 29.35 each. During the 2002 fiscal year and the first four months of 2003, there was no change in the company’s share capital or shareholder structure. The company’s share capital is held by: Shareholder Participation (%) Lambrakis Press S.A. 50% Marie Claire Album SA 50% Total 100%

During the 2002 fiscal year and the first four months of 2003 there was no change in the company’s shareholder structure. The company’s summary financial figures for the 2001 and 2002 fiscal years are shown in the following table:

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MC HELLAS SA

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 9.511,6 9.215,2 Gross earnings before depreciation 1.555,5 1.949,6 % on turnover 16,4% 21,2% Oprating earnings before depreciation 889,5 1.308,5 Total depreciation 39,4 40,4 Earnings before tax 710,2 1.143,8 % on turnover 7,5% 12,4% Earnings after tax & Board of Directors renumeration 430,5 724,5 % on turnover 4,5% 7,9%

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 2,7 1,7 Non-depreciated intangible assets 0,0 0,0 non-depreciated tangible assets 131,1 93,5 Particpations - Other long term receivables 0,0 0,0 Current assets 5.941,8 6.231,5 Transitory accounts 191,9 51,8 TOTAL ASSETS 6.267,5 6.378,5

LIABILITIES 2001 2002 Share capital 1.467,5 1.467,5 Total equity 1.537,3 1.573,7 Provisions 63,4 117,6 Long term liabiliies 0,0 0,0 Short term liabilities 3.944,8 4.116,5 Total liabilities 3.944,8 4.116,5 Transitory accounts 722,0 570,7 TOTAL LIABILITIES 6.267,5 6.378,5

The company is included in the consolidated financial statements of Lambrakis Press S.A.

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ΝΕΑ ΑΚΤΙΝΑ S.A.

The company titled “NEA AKTINA PUBLISHING Co & COMMUNICATIONS S.A.” with the trade name “NEA AKTINA S.A.” was established in 1999 (Government Gazette, issue No 5731/19.7.1999), is registered in the Athens Prefecture Register of Sociétés Anonymes (East Athens Sector) under No 43316/01ΑΤ/Β/99/211. The company’s duration is 51 years (until 2050) and it is based in the Municipality of Amarousion (at 7 Frangoklisias St., GR- 151 25 Amaroussion). The company was founded by Lambrakis Press S.A. (50.5%), “Evangelos Terzopoulos Publishing S.A.” (24.8%) and “Terzopoulos Publications Limited Liability Co” (24.8%). Since 1999, Lambrakis Press S.A. has held 50.5% of the company’s share capital. In accordance with its Articles of Association, the company’s objects are: (a) to publish, periodicals, newspapers and books, (b) to publish any book or periodical of general or special interest, (c) to act as agents and engage in the trade of the said publications, whether published by the company or by others, (d) to participate in any manner and in any form in other companies, whether Greek or foreign, already existing or to be established in the future, (e) carry on any business connected with communications systems (radio, television, news reporting, etc.) (f) engage in any work that is related to the wider education of the public (training, information, recreation and culture), (g) to represent any enterprise, whether Greek or foreign, having the same or similar objectives, (h) to acquire all kinds of intellectual or related rights on Greek and foreign books or texts, and to acquire such rights on photo-journalistic material, whether of Greek or foreign origin, (i) to engage in mail services, and (k) to organize a publicity department for the commercial promotion of products and services. The company publishes in Greek the Mickey Mouse children’s publications and other books of the well-known American publishing company (14 weekly and monthly magazines) on the basis of the contract it has concluded with Walt Disney Co. During the 2002 fiscal year, the company employed 23 persons. Management The company is managed by a 3- to 9-member Board of Directors. The company is currently managed by the following Board of Directors whose term of office expires on 30.6.2006: Name Position Christos D. Lambrakis President Christos Ε. Terzopoulos Vice President and Managing Director Damianos Z. Hadjikokkinos Member Panayotis Α. Chryssikakis Member Aris Alexandros Terzopoulos Member Barbara Anna C. Terzopoulou Member

Shareholders – Share Capital On 31.12.2001, the company’s share capital amounted to € 87,900 divided into 30,000 registered shares of a nominal value of € 2.93 each. During the 2002 fiscal year and the first four months of 2003, there was no change in the company’s share capital. The company’s share capital is held by: Shareholder Participation (%) Lambrakis Press S.A. 50.50% Α. Terzopoulos 12.37% Terzopoulos Publications S.A. 37.12% Total 100.00% During the 2002 fiscal year and the first four months of 2003 there was no change in the percentage of Lambrakis Press S.A.’s share in the company. The Company’s summary financial figures for the fiscal years 2001 and 2002 are shown in the following table:

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ΝΕΑ ΑΚΤΙΝΑ SA

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 4.266,5 4.665,5 Gross earnings before depreciation 956,8 1.076,9 % on turnover 22,4% 23,1% Oprating earnings before depreciation 484,5 600,6 Total depreciation 24,2 26,2 Earnings before tax 459,9 597,4 % on turnover 10,8% 12,8% Earnings after tax & Board of Directors renumeration 287,4 388,3 % on turnover 6,7% 8,3%

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 38,6 22,0 Non-depreciated intangible assets 0,0 0,0 non-depreciated tangible assets 16,6 14,4 Particpations - Other long term receivables 0,0 0,0 Current assets 813,8 1.019,1 Transitory accounts 307,5 282,7 TOTAL ASSETS 1.176,5 1.338,2

LIABILITIES 2001 2002 Share capital 87,9 87,9 Total equity 158,5 147,8 Provisions 71,5 120,5 Long term liabiliies 0,0 0,0 Short term liabilities 872,8 969,9 Total liabilities 872,8 969,9 Transitory accounts 73,7 100,0 TOTAL LIABILITIES 1.176,5 1.338,2

The company is included in the consolidated financial statements of Lambrakis Press S.A.

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SPECIAL PUBLICATIONS S.A.

SPECIAL PUBLICATIONS S.A. was established in 1989 (Government Gazette, issue No 2408 /3.7.89) and is registered in the Ministry of Development’s Register of Sociétés Anonymes under No 19681/01 /Β/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). Under its Articles of Association, the company’s objects are (a) the publication and sale of magazines, books and all types of printed media (b) the publication and sale of 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 work or business related to the foregoing which might be decided upon by the company’s Board of Directors, and (f) any business related to communication systems such as radio, television, whether cable or otherwise, the production and trade of radio, television and cinematographic 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. The company publishes the “MEN” monthly men’s magazine and the “GAIORAMA” bi-monthly knowledge and science magazine. Until May 2003, it published the “KLIK” quarterly general interest magazine. On 15.4.2003, Lambrakis Press S.A., a shareholder of “Special Publications S.A.”, with a participation of 65.58% in the company, purchased the entire number of shares of the company’s other shareholders thus becoming the company’s only shareholder with a 100% participation in the company. At the same time, the selling shareholder, Mr. A. Terzopoulos, signed over to “Special Publications S.A.” the trademarks of the “MEN”, “GAIORAMA” and “GEORAMA” magazines, while he kept the ownership of the “KLIK” magazine trademark. During the 2002 fiscal year, the company employed 44 persons. Management The company is managed by a 3- to 7-member Board of Directors. The term of the following Board of Directors currently in office expires on the General Meeting of Shareholders of the 2008 fiscal year: Name Position Stavros P. Psyharis President Damianos Z. Hadjikokkinos Vice President and Managing Director Panayotis A. Chryssikakis Member Nikolaos I. Katsibrakis Member Nikolaos Anastassopoulos Member Shareholders – Share Capital On 31.12.2001, the company’s share capital amounted to € 5,002,800 divided into 1,667,600 ordinary registered shares, of a nominal value of € 3 each. During the 2002 fiscal year and the first four months of 2003 there was no change in the company’s share capital. On 30.4.2003, the Company’s share capital was held by: Shareholder Participation (%) Lambrakis Press S.A. 100% During the 2002 fiscal year and the first four months of 2003 the company’s shareholder structure changed as follows: On 15.4.2003, shareholders Aris Terzopoulos and Eugenie Barlas sold to Lambrakis Press S.A. 566,000 and 8,000 shares respectively. As a result of that sale, Lambrakis Press S.A. holds 100% of the company’s share capital. The company’s summary financial figures for the fiscal years 2001 and 2002 are shown in the following table:

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SPECIAL PUBLICATIONS SA

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 9.220,9 7.964,4 Gross earnings before depreciation -313,6 683,5 % on turnover -3,4% 8,6% Oprating earnings before depreciation -1.558,1 -280,2 Total depreciation 252,8 229,1 Earnings before tax -1.932,2 -699,0 % on turnover -21,0% -8,8% Earnings after tax & Board of Directors renumeration -1.932,2 -699,0 % on turnover -21,0% -8,8%

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 44,0 39,3 Non-depreciated intangible assets 0,0 0,0 non-depreciated tangible assets 560,4 312,3 Particpations - Other long term receivables 3,3 3,3 Current assets 7.741,1 6.195,1 Transitory accounts 428,7 384,2 TOTAL ASSETS 8.777,5 6.934,2

LIABILITIES 2001 2002 Share capital 5.002,8 5.002,8 Total equity -850,5 -1.549,5 Provisions 0,0 0,0 Long term liabiliies 0,0 0,0 Short term liabilities 9.184,1 8.194,9 Total liabilities 9.184,1 8.194,9 Transitory accounts 443,9 288,8 TOTAL LIABILITIES 8.777,5 6.934,2

The company is included in the consolidated financial statements of Lambrakis Press S.A

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MELLON GROUP S.A. The company titled “MELLON GROUP COMMUNICATIONS MEDIA SOCIÉTÉ ANONYME” was originally established in 1991 as a joint venture entitled “LAMBRAKIS PRESS – ETHNOS PUBLICATIONS” of the companies “Lambrakis Press S.A.” and “Ethnos Publications S.A.”, and was later changed into a société anonyme on 3.10.1995 (Government Gazette, issue No 7274/2.8.1995) and is registered in the Ministry of Development’s Register of Sociétés Anonymes under No 34297/04/B/95/113(00). The company’s duration is 20 years and it is based in the Municipality of Glyka Nera (at 132 Lavrion Avenue). The company’s main objects are to engage in the publication and trade of all types of magazines and publications, with the exception of newspapers, and in the production and trade of publications of educational nature. The company publishes the TV Zapping weekly magazine. Management The company is managed by a 3- to 7-member Board of Directors. The term of the following Board of Directors currently 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 Panayotis A. Chryssikakis Member Shareholders – Share Capital On 31.12.2001 the company’s share capital amounted to € 1,500,000 divided into 5,000,000 registered shares of a nominal value of € 0.30 each. During the 2002 fiscal year and the first four months of 2003 there was no change in the company’s share capital. The company’s share capital is held by: Shareholders Participation (%) Lambrakis Press S.A. 50 % Pegasus Publishing & Printing S.A. 50 % Total 100 %

During the 2002 fiscal year and the first four months of 2003 there was no change in the participation of Lambrakis Press S.A. in the company. The company’s summary financial figures for the fiscal years 2001 and 2002 are shown in the following table:

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MELLON GROUP SA

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 10.502,8 9.151,0 Gross earnings before depreciation 2.118,9 2.263,9 % on turnover 20,2% 24,7% Oprating earnings before depreciation 830,9 1.266,7 Total depreciation 28,3 17,6 Earnings before tax 787,5 1.231,4 % on turnover 7,5% 13,5% Earnings after tax & Board of Directors renumeration 417,6 811,9 % on turnover 4,0% 8,9%

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 0,0 0,0 Non-depreciated intangible assets 0,0 0,0 non-depreciated tangible assets 32,4 16,7 Particpations - Other long term receivables 0,4 0,2 Current assets 4.064,8 4.201,9 Transitory accounts 9,1 2,6 TOTAL ASSETS 4.106,7 4.221,4

LIABILITIES 2001 2002 Share capital 1.467,4 1.500,0 Total equity 1.628,5 1.511,4 Provisions 0,0 0,0 Long term liabiliies 0,0 0,0 Short term liabilities 2.456,0 2.705,9 Total liabilities 2.456,0 2.705,9 Transitory accounts 22,2 4,1 TOTAL LIABILITIES 4.106,7 4.221,4

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Α.2. ASSOCIATED COMPANIES OF THE PUBLISHING SECTOR

NORTHERN GREECE PUBLISHING S.A.

The company was set up in 1996 (Government Gazette, issue No 7873/5-12-1996), and is registered in the Ministry of Development’s Register of Sociétés Anonymes under No 36910/62/Β/96/252. In accordance with its Articles of Association, the duration of the company is 50 years (until 27.11.2046), and it is based in the Municipality of Thessaloniki (at 45 Tsimiski St.). In accordance with its Articles of Association, the Company’s objects are the publication and sale of newspapers and the operation of printing plants, as well as the distribution of printed media. The company publishes the “AGGELIOFOROS” and the “AGGELIOFOROS TIS KYRIAKIS” newspapers and the “CLOSE UP” variety magazine. Management The company is managed by a 6- to 10-member Board of Directors. The term of the following Board of Directors currently 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 Panayotis A. Chryssikakis Member Fotios G. Bobolas Member Alexios C. Skanavis Member Georgios A. Bakatselos Member Shareholders – Share Capital On 31.12.2001 the company’s share capital amounted to GRD 5,400,000,000 divided into 540,000 ordinary registered shares of a nominal value of GRD 10,000 each. During the 2002 fiscal year and the first four months of 2003, the company’s share capital changed as follows: By resolution of the General Meeting of the company’s Shareholders of 29.06.2002: (a) the company’s share capital and the nominal value of its share were converted into euro through the increase of the nominal value of shares by 3 cents, i.e. through the payment of a total amount of € 1,604,55. Following that change, the company’s share capital amounts to € 15,849,000, divided into 540,000 registered shares, of a nominal value of € 29.35 each, and (b) the share capital was increased by € 1,232,700, through the issue of 42,000 registered shares, of a nominal value of € 29.35 each.

As a result, on 30.4.2003, the company’s share capital amounted to € 17,081,700 divided into 582,000 registered shares of a nominal value of € 29.35 each. The company’s share capital is held by: Shareholder Participation (%) Lambrakis Press S.A. 33.33% Pegasus S.A. 33.33% Delfini S.A. 33.33% Total 100.00% During the 2002 fiscal year and the first four months of 2003 there was no change in the company’s shareholder structure. The Company’s summary financial figures for the fiscal years 2001 and 2002 are shown in the following table:

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NORTHERN GREECE PUBLISHING SA

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 19.944,9 18.483,8 Gross earnings before depreciation 4.469,2 4.539,1 % on turnover 22,4% 24,6% Oprating earnings before depreciation -958,7 -103,4 Total depreciation 2.753,4 53,3 Earnings before tax -2.720,4 -573,5 % on turnover -13,6% -3,1% Earnings after tax & Board of Directors renumeration -2.720,4 -573,5 % on turnover -13,6% -3,1%

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 115,8 84,3 Non-depreciated intangible assets 0,0 0,0 non-depreciated tangible assets 16.856,9 16.900,1 Particpations - Other long term receivables 806,7 807,8 Current assets 13.363,5 12.361,0 Transitory accounts 17,4 11,6 TOTAL ASSETS 31.160,3 30.164,8

LIABILITIES 2001 2002 Share capital 15.847,4 17.081,7 Total equity 15.216,1 15.875,2 Provisions 0,0 0,0 Long term liabiliies 858,6 1.493,7 Short term liabilities 14.922,8 12.528,1 Total liabilities 15.781,4 14.021,8 Transitory accounts 162,8 267,8 TOTAL LIABILITIES 31.160,3 30.164,8

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Β. PRINTING SECTOR

Β.1. AFFILIATED COMPANIES OF THE PRINTING SECTOR

IRIS PRINTING S.A.

IRIS PRINTING S.A. (in full: IRIS PRINTING Commercial & Industrial Société Anonyme) was established in 1991 (Government Gazette, issue No 4803/16.12.1991), and is registered in the Ministry of Development’s Register of Sociétés Anonymes under No 25302/01/Β/91/126 (98) The company was founded by Haralambos Naskos (33.3%), Christos Naskos (6.7%), Chryssoula Naskos (4.7%) and Vasiliki Karalazou (1.3%). In 1998, Lambrakis Press S.A. acquired 100% of IRIS S.A. and in 2000 Pegasus Publishing & Printing S.A. acquired, through an increase of the share capital, 30% of the company. In accordance with its Articles of Association, the duration of the company is 50 years (until 2041) and the company is based in the Municipality of Athens (17 Valaoritou St., GR-10671 Athens). In accordance with its Articles of Association, the company’s objects are: (a) the 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) the import and export and industrial manufacture, maintenance and sale of machinery, spare parts and, in general, materials used in the printing business, electronic appliances and paper (c) to act as agents of foreign firms engaged in the trade or manufacture of items used in the printing sector (d) to engage in the trade, mediation, distribution of any material or item related to printing in Greece or abroad, and (e) to promote modern and pioneering methods used in the manufacture of such items and carry out research in the technical and scientific fields on the items in question. During the 2002 fiscal year, the company employed 438 persons. Management The company is managed by a 3- to 11-member Board of Directors. The term of the following Board of Directors currently in office expires on 30.6.2003: Name Position Stavros P. Psyharis President Fotios G. Bobolas Vice President Damianos Z. Hadjikokkinos Managing Director Alexios C. Skanavis Alt. Managing Director Christos A. Naskos Member & General Manager Panayotis N. Kouvoutsakis Member Christos S. Patelis Member

Shareholders – Share Capital

On 31.12.2001 the company’s share capital amounted to € 53,357,130 divided into 17,785,710 ordinary registered shares, of a nominal value of € 3 each. During the 2002 fiscal year and the first four months of 2003, there was no change in the company’s share capital. The Company’s share capital is held by: Shareholder Participation (%) Lambrakis Press S.A. 70% Pegasos Publishing & Printing S.A. 30% Total 100%

During the 2002 fiscal year and the first four months of 2003, there was no change in the company’s shareholder structure. "IRIS Printing S.A.” is active in the printing sector and its principal business is focused on the production of all types of publications. It undertakes the printing of newspapers, magazines and other printed media. Within a short time, "IRIS Printing S.A.” succeeded in raising the standards of Greek printing, in opening up new venues in the printed communications sector and presently holds a top position among printing conglomerates in Greece and Southeastern Europe. The major milestones in the Group’s history were: 1991: The company is set up as a small printing unit in Metamorfosi, Attica. 1998: Lambrakis Press acquires 100% of IRIS S.A. 1999: IRIS acquires the spun-off printing business of Lambrakis Press S.A., taking over the entire printing business of the Lambrakis Press Group.

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2000: Pegasus Publishing & Printing S.A. acquires 30% of IRIS S.A.’ s share capital. 2003: IRIS S.A. acquires through a merger the ORAPRESS S.A. printing company, an affiliate of Pegasus Publishing & Printing S.A. The company is now the largest and most modern printing conglomerate in Greece with the following four industrial printing plants at its disposal, capable of carrying out large volumes of printing of exceptionally high specifications: The “Koropi” printing plant. 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 time savings and high-quality printing. The fully integrated unit is equipped with three COMET-KBA newspaper web offset presses, each of a capacity of 60,000 80-page copies per hour, or 30,000 over-80-page copies per hour, as well as a 4-colour and a 5-colour 32-page MAN ROLAND LITHOMAN web offset press of a capacity of 55,000 32-page copies per hour. Moreover, a FERAG supplement- insertion machine system has been installed and is now operating at the plant whereby supplements and newspapers are inserted into newspapers (e.g. a financial supplement inserted into a newspaper). The “Tsefliki” printing plant: a modern integrated unit capable of producing 100,000 16-page copies per hour, equipped with a 4-colour, 16-page HEIDELBERG M-600 web offset press and a 5-colour, 16-page MAN-ROTOMAN web offset press, and having a fully integrated book-binding and packaging equipment. The “Madaro” printing plant. The operation of the plant is currently under relocation to the facilities at Tsefliki. Of the existing equipment, an 8-colour MAN ROLAND sheet-fed offset press and a film laminating machine have already been relocated to the new site and are in operation there. There are also another 4 ΚΒΑ sheet-fed offset presses (three 4-colour and one 5-colour) with a production capacity of 15,000 copies per hour each, as well as a Bielhoffer ultra-violet varnishing machine and a Bielhoffer film laminating machine. The “Akadimia Platonos” printing plant, of a total production capacity of 75,000 newspapers per hour, equipped with three MAN PLAMAG UNISET 2/2 web offset presses. The company’s summary financial figures and the consolidated financial statements of its Group of Companies for the fiscal years 2001 and 2002 are shown in the following table:

IRIS PRINTING SA

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 94.889,1 100.624,2 Gross earnings before depreciation 15.351,8 17.039,4 % on turnover 16,2% 16,9% Oprating earnings before depreciation 8.948,6 11.525,3 Total depreciation 7.157,6 10.011,7 Earnings before tax 2.408,1 828,3 % on turnover 2,5% 0,8% Earnings after tax & Board of Directors renumeration 2.189,3 751,7 % on turnover 2,3% 0,7%

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 3.203,8 6.987,7 Non-depreciated intangible assets 6,7 10,2 non-depreciated tangible assets 112.328,8 131.636,6 Particpations - Other long term receivables 3.878,2 7.505,3 Current assets 56.609,2 73.431,3 Transitory accounts 59,7 3.318,4 TOTAL ASSETS 176.086,4 222.889,5

LIABILITIES 2001 2002 Share capital 53.357,0 53.357,1 Total equity 87.583,0 87.937,7 Provisions 28,0 5,5 Long term liabiliies 0,0 82.171,7 Short term liabilities 88.223,6 52.313,7 Total liabilities 88.223,6 134.485,4 Transitory accounts 251,8 460,9 TOTAL LIABILITIES 176.086,4 222.889,5

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IRIS PRINTING SA (CONSOLIDATED DATA)

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 138.689,9 101.630,5 Gross earnings before depreciation 24.085,3 16.905,6 % on turnover 17,4% 16,6% Oprating earnings before depreciation 11.015,6 10.696,7 Total depreciation 7.709,7 10.274,7 Earnings before tax 3.723,6 -260,8 % on turnover 2,7% -0,3% Earnings after tax & Board of Directors renumeration 2.595,7 239,8 % on turnover 1,9% 0,2%

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 3.603,3 7.005,1 Non-depreciated intangible assets 6,7 10,2 non-depreciated tangible assets 118.532,4 132.503,5 Particpations - Other long term receivables 1.368,8 6.200,1 Current assets 98.823,3 74.614,0 Transitory accounts 293,2 3.329,0 TOTAL ASSETS 222.627,7 223.661,9

LIABILITIES 2001 2002 Share capital 53.357,1 53.357,1 Total equity 93.121,7 87.751,2 Provisions 29,1 5,5 Long term liabiliies 11.738,8 82.171,7 Short term liabilities 117.365,3 53.266,2 Total liabilities 129.104,1 135.437,9 Transitory accounts 372,8 467,3 TOTAL LIABILITIES 222.627,7 223.661,9

“Phoenix S.A.” was included in the consolidated financial statements of “IRIS Printing S.A.” of 31.12.2002, whilst “Phoenix S.A.” and “Aggelidis – Georgakopoulos S.A.” were included in the corresponding statements of 31.12.2001. As part of reorganizing the business of the Lambrakis Press Group of Companies in the printing sector, “IRIS Printing S.A.”, an affiliate of the Group, on 31.12.2002 transferred to third parties the total of its participation (50%) in the share capital of the “Aggelidis – Georgakopoulos S.A.” paper trading company. “IRIS Printing S.A.” signed over to the other shareholders of “Aggelidis – Georgakopoulos S.A.” 40,000 ordinary registered shares of the company in its ownership. As a result of the said transfer of shares, “IRIS Printing S.A.” and Lambrakis Press Group of Companies no longer hold a participation in the share capital of “Aggelidis – Georgakopoulos S.A.”. “IRIS Printing S.A.” is included in the consolidated financial statements of Lambrakis Press S.A..

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MULTIMEDIA S.A.

“MULTIMEDIA S.A." 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 S.A. (60%), John Farmakis (20%) and Claude Marie Yvonne Bart (20%). Since 1993, Lambrakis Press S.A. holds 100% of the company’s share capital. In accordance with 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). In accordance with its Articles of Association, the company’s objects are: (a) the trade and production of electronic applications for all communication media and in the graphic arts, of any type 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 creation of programs for the provision of all kinds of information by means of electronic and other technical means, (b) the production of composite images to be used in advertising in the press, on screen and on television, (c) the production on video disk of texts and photographs of tourist, cultural, recreational, educational and other themes, (d) the creation of filing, library and other programs, (e) to organize seminars, lectures and educational programs for users of the said programs and images, and to import, act as agents and engage in the trade of computers and all related hardware and software, (f) to carry on business in the sector of graphic arts with a view to publishing books, textbooks and all types of printed media in general, including advertising leaflets and posters, and (g) to undertake the editing of all types of printed media (creation, innovation, artwork, studio work, etc.) The company is active in digital pre-press business for newspapers, magazines and advertising material, as well as in the production of multimedia titles (desktop publishing, videotext, computer animation, etc.) During the 2002 fiscal year, 178 persons were employed by the company. MANAGEMENT The company is managed by a 3- to 11-member Board of Directors. The company is currently managed by the following Board of Directors whose term of office expires on 30.6.2007 Name Position Christos D. Lambrakis President Damianos Z. Hadjikokkinos Vice President Dimitrios V. Tsiambouris Member, General Manager Panayotis A. Chryssikakis Member Kyriakos P. Boutsikaris Member Shareholders – Share Capital On 31.12.2001 the company’s share capital amounted to € 1,834,375 divided into 62,500 registered shares of a nominal value of € 29,35 each. During the 2002 fiscal year and the first four months of 2003, there was no change in the company’s share capital. The Company’s share capital is held by: Shareholder Participation (%) Lambrakis Press S.A. 100% During the 2002 fiscal year and the first four months of 2003, there was no change in the company’s shareholder structure. The Company’s summary financial figures for the fiscal years 2001 and 2002 are shown in the following table:

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MULTIMEDIA SA

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 6.914,0 6.606,9 Gross earnings before depreciation 1.311,5 1.609,8 % on turnover 19,0% 24,4% Oprating earnings before depreciation 761,4 643,6 Total depreciation 595,6 504,0 Earnings before tax 180,7 185,2 % on turnover 2,6% 2,8% Earnings after tax & Board of Directors renumeration 117,5 120,4 % on turnover 1,7% 1,8%

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 126,2 80,3 Non-depreciated intangible assets 1,2 0,9 non-depreciated tangible assets 1.160,2 872,1 Particpations - Other long term receivables 3,1 3,3 Current assets 3.985,0 4.144,9 Transitory accounts 32,0 11,9 TOTAL ASSETS 5.307,7 5.113,4

LIABILITIES 2001 2002 Share capital 1.834,2 1.834,4 Total equity 2.157,9 2.121,1 Provisions 0,0 0,0 Long term liabiliies 0,0 0,0 Short term liabilities 3.128,1 2.977,6 Total liabilities 3.128,1 2.977,6 Transitory accounts 21,7 14,7 TOTAL LIABILITIES 5.307,7 5.113,4

The company is included in the consolidated financial statements of Lambrakis Press S.A

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PHOENIX S.A.

“PHOENIX PRINTING SOCIÉTÉ ANONYME” with the trade name “PHOENIX S.A.” was established in 1998 (Government Gazette, issue No 2664/22-5-1998) and is registered in the Ministry of Development’s Register of Sociétés Anonymes under No 40495/04/Β/98/46. The founding shareholders of PHOENIX S.A. were IRIS Printing S.A., a subsidiary of Lambrakis Press S.A., (50%) and Clamart Trading Ltd (50%). In accordance with its Articles of Association, the duration of the company is 15 years (until 2013) and it is based in the Municipality of Aghios Stefanos (at the 22nd kilometre of the Athens–Lamia Road). In accordance with its Articles of Association, the Company’s objects are: to engage in industrial printing and provide services relating to the printing of magazines, advertising material, books, etc., especially pre-press services, the sale of paper, printing, bookbinding and shrink wrapping of the printed items. The company is mainly active in the industrial printing sector using ultra modern offset presses. In pursuing its activities, the company uses both its own equipment as well as machinery leased out by “IRIS Printing S.A.” and «Geniki Ekdotiki Typou SA» During the 2002 fiscal year, 55 persons were employed by the company. Management The company is managed by the Board of Directors comprising 6 directors. The company is currently managed by the following Board of Directors whose term of office expires on 30.6.2004: Name Position Damianos Z. Hadjikokkinos President and Managing Director Georgios Georgakopoulos Vice President and Managing Director Panayotis Chryssikakis Member Nikolaos Mouzakis Member Kyriakos P. Boutsikaris Member Georgios Prousanidis Member Shareholders – Share Capital On 31.12.2001 the company’s share capital amounted to € 2,641,500 divided into 90,000 registered shares of a nominal value of € 29,35 each. During the 2002 fiscal year and the first four months of 2003, there was no change in the company’s share capital. The Company’s share capital is held by: Shareholder Participation (%) IRIS Printing S.A. 50% Clamart Trading Ltd 50% Total 100% During the 2002 fiscal year and the first four months of 2003 there was no change in the company’s shareholder structure. The company’s summary financial figures for the fiscal years 2001 and 2002 are shown in the following table:

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PHOENIX SA

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 8.983,1 3.135,6 Gross earnings before depreciation 603,1 -133,7 % on turnover 6,7% -4,3% Oprating earnings before depreciation -175,9 -828,5 Total depreciation 264,4 262,9 Earnings before tax -452,4 -1.089,1 % on turnover -5,0% -34,7% Earnings after tax & Board of Directors renumeration -452,4 -1.089,1 % on turnover -5,0% -34,7%

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 28,8 17,4 Non-depreciated intangible assets 0,0 0,0 non-depreciated tangible assets 1.113,7 866,9 Particpations - Other long term receivables 15,8 15,6 Current assets 4.001,0 2.225,7 Transitory accounts 3,6 10,6 TOTAL ASSETS 5.162,9 3.136,2

LIABILITIES 2001 2002 Share capital 2.641,5 2.641,5 Total equity 2.223,4 1.134,3 Provisions 0,0 0,0 Long term liabiliies 0,0 0,0 Short term liabilities 2.930,7 1.995,5 Total liabilities 2.930,7 1.995,5 Transitory accounts 8,8 6,4 TOTAL LIABILITIES 5.162,9 3.136,2 The company is included in the consolidated financial statements of IRIS Printing S.A., an affiliate of Lambrakis Press S.A.

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Β.2. ASSOCIATED COMPANIES OF THE PRINTING SECTOR

PAPER PACK Ι. TSOUKARIDIS S.A.

The company in its present form was established in 1996 (Government Gazette, issue No 779/1996), its duration is 54 years (until 2050) and is active in the printing sector, box manufacture and paper packaging. The company is based in Metamorfosis, Attica (at 10-14 Nafpliou St.). The company 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, foodstuffs, 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 7-member Board of Directors whose term of office expires on 30.6.2005: Name Position Ioannis Tsoukaridis President, Managing Director & Executive Member Georgios Oratis Vice President & Executive Member Miltiadis Anastassiadis Member Korina Fasouli Member Damianos Hadjikokkinos Member Panayotis A. Chryssikakis Member Ioannis Fokas Member Shareholders – Share Capital On 31.12.2001 the company’s share capital amounted to € 4,055,000 divided into 4,055,000 ordinary registered shares of a nominal value of € 1 each During the 2002 fiscal year and the first four months of 2003 the company’s share capital changed as follows: By a resolution of the ordinary General Meeting of Shareholders of 27.06.2002, the company’s share capital was increased by € 811,000 without issuing new shares, by increasing the nominal value of shares from € 1 to € 1.20. As a result, on 30.4.2003 the company’s share capital amounted to € 4,866,000 divided into 4,055,000 ordinary registered shares of a nominal value of € 1.20 each. On 31.12.2002, the company’s share capital was held by: Shareholder Participation (%) Lambrakis Press S.A. 35.82% John Tsoukaridis 50.06% Beatrice Tsoukaridis 3.24% Treasury stock (own shares) 2.51% Individual Investors 8.37% Total 100.00% The company’s summary financial figures and the consolidated financial statements for the fiscal years 2001 and 2002 are shown in the following table:

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PAPER PACK - I. TSOUKARIDIS SA

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 13.522,3 16.217,8 Gross earnings before depreciation 4.258,2 5.167,1 % on turnover 31,5% 31,9% Oprating earnings before depreciation 2.237,9 2.864,5 Total depreciation 1.837,4 2.155,6 Earnings before tax 595,5 310,0 % on turnover 4,4% 1,9% Earnings after tax & Board of Directors renumeration 595,5 310,0 % on turnover 4,4% 1,9%

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 1.138,1 885,6 Non-depreciated intangible assets 1.683,0 1.594,4 non-depreciated tangible assets 9.820,5 10.763,2 Particpations - Other long term receivables 5.132,3 5.252,5 Current assets 9.074,2 12.689,3 Transitory accounts 44,6 107,8 TOTAL ASSETS 26.892,7 31.292,8

LIABILITIES 2001 2002 Share capital 4.055,0 4.866,0 Total equity 11.381,0 11.467,6 Provisions 297,5 310,6 Long term liabiliies 9.505,6 14.305,2 Short term liabilities 5.638,4 5.083,4 Total liabilities 15.144,0 19.388,6 Transitory accounts 70,2 126,0 TOTAL LIABILITIES 26.892,7 31.292,8

Page 139/203 LAMBRAKIS PRESS SA – ANNUAL REPORT 2002

PAPER PACK - I. TSOUKARIDIS SA (CONSOLIDATED DATA)

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 18.120,0 21.590,4 Gross earnings before depreciation 5.831,7 6.969,5 % on turnover 32,2% 32,3% Oprating earnings before depreciation 2.974,5 3.837,9 Total depreciation 2.039,9 2.442,2 Earnings before tax 1.148,9 943,6 % on turnover 6,3% 4,4% Earnings after tax & Board of Directors renumeration 780,3 493,7 % on turnover 4,3% 0,0

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 1.169,5 905,0 Non-depreciated intangible assets 1.683,0 1.594,4 non-depreciated tangible assets 11.657,0 12.361,1 Particpations - Other long term receivables 1.251,7 1.601,0 Current assets 12.476,7 16.200,3 Transitory accounts 46,6 111,8 TOTAL ASSETS 28.284,5 32.773,6

LIABILITIES 2001 2002 Share capital 4.055,0 4.866,0 Total equity 11.120,2 11.105,6 Provisions 300,8 315,2 Long term liabiliies 9.505,5 14.305,2 Short term liabilities 7.287,7 6.921,6 Total liabilities 16.793,2 21.226,8 Transitory accounts 70,3 126,0 TOTAL LIABILITIES 28.284,5 32.773,6

The companies EVROKTISMA S.A. and Fokas Bros S.A. are included in the consolidated financial statements of Paper Pack Tsoukaridis.

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

EVROKTISMA S.A.

EVROKTISMA S.A. is a holding company, established in 1999 and based in Athens. Management The company is currently managed by the following 5-member Board of Directors: Name Position Ioannis Tsoukaridis President Beatrice Tsoukaridi Vice President Korina Fasouli Member Peter Tsoukaridis Member Aristidis Kontoangelos Member Shareholders The company’s share capital is held by: Shareholder Participation (%) Paper Pack I. Tsoukaridis S.A. 99% Ioannis Tsoukaridis 1% Total 100%

The company’s summary financial figures for the 2001-2002 two-year period are shown in the following table:

EVROKTISMA SA

2001 2002 thousand euros thousand euros Share capital 1.500,0 1.500,0 Total equity 1.460,3 1.440,8 Turnover 0,0 0,0 Total Assets 1.460,3 1.443,3 Earnings before tax -19,5 -19,6 Earnings after tax & remuneration of the Board of Directors -19,5 -19,6

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FOKAS BROS S.A.

FOKAS BROS S.A. 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’s share capital is held by: Shareholder Participation (%) Paper Pack I. Tsoukaridis S.A. 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 2001-2002 two-year period are shown in the following table:

FOKAS BROS SA

2001 2002 thousand euros thousand euros Share capital 733,7 1.054,8 Total equity 2.525,2 2.281,4 Turnover 4.005,4 4.637,3 Total Assets 4.450,2 4.507,3 Earnings before tax 547,8 650,6 Earnings after tax & remuneration of the Board of Directors 197,0 238,9

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PROMOKARTON S.A.

PROMOKARTON S.A. was established in 1998, it is based in Metamorfosis and specializes in the design and trade of promotional paper stands. Management The company is currently managed by the following 5-member Board of Directors: Name Position Ioannis Tsoukaridis President Christos Tolos Vice President Georgios Oratis Managing Director Nikolaos Apergis Member Korina Fasouli Member Shareholders The company’s share capital is held by: Shareholder Participation (%) Ioannis Tsoukaridis 40% Evroktisma S.A. 50% Nikolaos Apergis S.A. 10% Total 100%

The company’s summary financial figures for the 2001-2002 two-year period are shown in the following table:

PROMOCARTON SA

2001 2002 thousand euros thousand euros Share capital 300,0 300,0 Total equity 374,2 409,1 Turnover 707,3 786,6 Total Assets 633,8 779,2 Earnings before tax 25,2 53,8 Earnings after tax &remuneration of the Board of Directors 16,0 34,9

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VLACHOS BROS S.A.

“VLACHOS BROS S.A.” was established in 1995, is based in Koropi and specializes in the manufacture of 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 Theophanis Antoniou Member Nikolaos Chistodoulou Member Shareholders The company’s share capital is held by: Shareholder Participation (%) Flexopack AE 44.00% Paper Pack I. Tsoukaridis S.A. 21.00% Nikolaos Vlachos 17.85% Dimitrios Vlachos 17.15% Total 100.00%

The company’s summary financial figures for the 2001-2002 two-year period are shown in the following table:

VLAHOS BROS SA

2001 2002 thousand euros thousand euros Share capital 234,8 240,0 Total equity 1.510,3 1.313,6 Turnover 7.061,6 9.120,0 Total Assets 5.250,2 7.151,7 Earnings before tax 150,6 -89,9 Earnings after tax &remuneration of the Board of Directors 89,7 -89,9

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C. TOURIST SECTOR C.1. AFFILIATED COMPANIES OF THE TOURIST SECTOR

EUROSTAR S.A.

"EUROSTAR Tourist, Commercial & Industrial Société Anonyme” with the trade name “EUROSTAR S.A.” was established in 1996 (Government Gazette, issue No 22/3.1.1997) and is registered in the Ministry of Development’s Register of Sociétés Anonymes under No 37137/01/Β/96/571. The company was established by VIDEO STAR S.A. (later LP Digital S.A.). On 17.7.1999, 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 S.A. in order to turn to account the prestigious brand name. The contribution and absorption of the tourist branch (“Travel Plan”) by EUROSTAR S.A. 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. In accordance with 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). In accordance with 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 attract tourism to Greece 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, for the purpose of turning its assets to account. EUROSTAR is a tourist sector company (travel agency) providing services under the “Travel 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. During the 2002 fiscal year, 109 persons were employed by the company. Management The company is managed by a 3- to 7-member Board of Directors. The company is currently managed by the following Board of Directors whose term of office expires on 30.6.2007: Name Position Christos D. Lambrakis President Damianos Z. Hadjikokkinos Vice President Theodoros Α. Bithas Member and General Manager Panayotis A. Chryssikakis Member Kyriakos P. Boutsikaris Member Stavros J. Lagas Member Shareholders – Share Capital On 31.12.2001, the company’s share capital amounted to € 7,102,200 divided into 236,740 registered shares of a nominal value of € 30 each. During the 2002 fiscal year and the first four months of 2003 there was no change in the company’s share capital. the company’s share capital is held by:

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Shareholder Participation (%) Lambrakis Press S.A. 97.98% Ileana Laga 1.01% Athena Laga 1.01% Total 100.00% During the 2002 fiscal year and the first four months of 2003 there was no change in the company’s shareholder structure. The company’s summary financial figures and the consolidated financial statements of its Group of Companies for the fiscal years 2001 and 2002 are shown in the following table:

EUROSTAR SA

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 27.703,3 32.826,6 Gross earnings before depreciation 1.963,8 2.070,2 % on turnover 7,1% 6,3% Oprating earnings before depreciation 576,7 672,9 Total depreciation 117,2 117,5 Earnings before tax 294,1 401,9 % on turnover 1,1% 1,2% Earnings after tax & Board of Directors renumeration 190,2 258,4 % on turnover 0,7% 0,8%

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 75,0 58,5 Non-depreciated intangible assets 0,0 0,0 non-depreciated tangible assets 387,5 319,5 Particpations - Other long term receivables 1.500,7 1.625,6 Current assets 9.931,2 11.451,2 Transitory accounts 272,0 754,2 TOTAL ASSETS 12.166,4 14.209,0

LIABILITIES 2001 2002 Share capital 7.102,3 7.102,2 Total equity 8.405,3 8.663,8 Provisions 9,1 0,5 Long term liabiliies 0,0 0,0 Short term liabilities 3.306,2 4.781,7 Total liabilities 3.306,2 4.781,7 Transitory accounts 445,8 763,0 TOTAL LIABILITIES 12.166,4 14.209,0

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EUROSTAR SA (CONSOLIDATED DATA)

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 30.103,6 34.850,8 Gross earnings before depreciation 2.515,9 2.940,9 % on turnover 8,4% 8,4% Oprating earnings before depreciation 389,2 499,2 Total depreciation 133,9 139,1 Earnings before tax 88,0 127,0 % on turnover 0,3% 0,4% Earnings after tax & Board of Directors renumeration 87,8 120,9 % on turnover 0,3% 0,3%

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 93,9 77,7 Non-depreciated intangible assets 0,0 0,0 non-depreciated tangible assets 439,0 364,0 Particpations - Other long term receivables 81,2 86,5 Current assets 12.002,6 13.823,2 Transitory accounts 297,4 1.075,2 TOTAL ASSETS 12.914,1 15.426,6

LIABILITIES 2001 2002 Share capital 7.102,2 7.102,2 Total equity 7.177,1 7.276,8 Provisions 9,0 0,6 Long term liabiliies 5,9 0,0 Short term liabilities 5.244,0 7.257,0 Total liabilities 5.249,9 7.257,0 Transitory accounts 478,1 892,2 TOTAL LIABILITIES 12.914,1 15.426,6

“Triaina Travel – S. Lagas S.A.” and “Expo Plan S.A.” are included in the consolidated financial statements of Eurostar S.A. The company is included in the consolidated financial statements of Lambrakis Press S.A.

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TRIAINA TRAVEL – STAVROS LAGAS S.A.

“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 Ministry of Development’s Register of Sociétés Anonymes under No 47708/01Β/00/736. The company was founded by Mr Stavros Lagas, (with a 70.0% participation in the company), Mrs Kondylia Ileana Laga (15.0%), and Mrs Athena Laga (15.0%). In accordance with 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 St., Athens). In accordance with its Articles of Association, the company’s objects are: (a) to sell air and other tickets, and engage in any work connected with incoming or outgoing tourist traffic, to organize tours, to arrange for the transport of persons and goods by any transport means available and any other related business, (b) to organize conferences, (c) to purchase and/or lease pleasure craft with a view to operating them, (d) to operate any type of tourist facilities through the purchase, sale, construction, lease, management and any other form of operation of hotels and tourist facilities, to organize and operate pleasure craft marinas, and any other means or transport, and (e) to prepare and operate travel and related computer software. During the 2002 fiscal year, the company employed 40 persons. Management The company is managed by a 4- to 5-member Board of Directors, whether shareholders or otherwise. The company is currently managed by the following Board of Directors whose term of office expires on 30.6.2006. Name Position Stavros J. Lagas President Damianos Z. Hadjikokkinos Vice President Theodoros A. Bithas Managing Director and General Manager Panayotis A. Chryssikakis Member Stamatina-Anna S. Laga Member On 31.12.2001, the company’s share capital amounted to GRD 24,000,000 divided into 2,000 unregistered shares, of a nominal value of GRD 10,000 each. During the 2002 fiscal year and the first four months of 2003, the company’s share capital changed as follows: By a resolution of the Annual Ordinary General Meeting of the Company’s Shareholders of 24.5.2002, (a) it was decided to convert the company’s shares from unregistered to registered ones (b) the company’s share capital was increased by € 1,567.13, through the increase of the nominal value of the company’s share from € 29.347 (or GRD 10,000) to € 30 by cash payment and (c) the company’s share capital and the nominal value of its share were denominated in euro. As a result on 30.4.2003, the company’s share capital amounted to € 72,000 divided into 2,400 registered shares of a nominal value of € 30 each. The company’s share capital is held by: Shareholder Participation (%) Eurostar S.A. 75,0% Ileana Laga 12,5% Athena Laga 12,5% Total 100,0% The Company’s summary financial figures for the fiscal years 2001 and 2002 are shown in the following table:

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TRIAINA TRAVEL - ST.LAGAS SA

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 2.936,7 3.377,5 Gross earnings before depreciation 719,1 1.065,3 % on turnover 24,5% 31,5% Oprating earnings before depreciation 58,1 93,9 Total depreciation 5,2 9,5 Earnings before tax 52,1 7,8 % on turnover 1,8% 0,2% Earnings after tax & Board of Directors renumeration 35,6 5,0 % on turnover 1,2% 0,1%

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 14,0 14,0 Non-depreciated intangible assets 0,0 0,0 non-depreciated tangible assets 20,0 22,3 Particpations - Other long term receivables 3,6 3,6 Current assets 2.212,3 3.010,8 Transitory accounts 3,2 320,9 TOTAL ASSETS 2.253,1 3.371,6

LIABILITIES 2001 2002 Share capital 70,4 72,0 Total equity 270,4 277,0 Provisions 0,0 0,0 Long term liabiliies 5,9 0,0 Short term liabilities 1.955,3 2.965,4 Total liabilities 1.961,2 2.965,4 Transitory accounts 21,5 129,2 TOTAL LIABILITIES 2.253,1 3.371,6

The company is included in the consolidated financial statements of EUROSTAR S.A.

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EXPO PLAN S.A.

EXPO PLAN TRADE FAIR, ADVERTISING SERVICES & AGENCIES ORGANIZATION, MANAGEMENT, PROMOTION & OPERATION SOCIÉTÉ ANONYME, with the trade name “EXPO PLAN S.A.”, was established in 1999 (Government Gazette, issue No 7334/13.9.1999) and is registered in the Ministry of Development’s Register of Sociétés Anonymes under No 43770/01/Β/99/473. The company was founded by Lambrakis Press S.A. (50%) and “Fiere Internazionali Di Bologna – Ente Autonomo” (Bologna International Fairs – Autonomous Organization) (50%). As of 5.10.2000, Lambrakis Press S.A. no longer holds company shares as on that date approval was given to the absorption of the tourist branch of Lambrakis Press S.A. by EUROSTAR S.A. which took over from Lambrakis Press S.A. in accordance with law 2166/93. In accordance with its Articles of Association, the duration of the company is 50 years (until 2049) and it is based in the Municipality of Athens (at (at 18 Panepistimiou St., GR-106 72 Athens). In accordance with its Articles of Association, the company’s objects are: (a) to organize, manage, promote and operate trade and other fairs, whether addressed to tradesmen or the wider public, at local, national, European and international level in Greece in connection with any goods or services, (b) to organize, manage and operate congresses and other events in Greece, (c) to carry out research and prepare reports on the Greek trade fair market, (d) to provide advertising services in connection with the services, information and trade fairs offered by the company, (e) to provide trade fair-related organization and management services, (f) to undertake, plan and implement tasks relating to the above objects, (g) to provide business consultancy services, sales promotion and trade fair planning consultancy, and (h) to act as agents of Greek and foreign companies whose objects are similar to those of the company. The company organizes, manages, promotes and operates trade fairs, congresses and similar events in Greece. During the 2002 fiscal year, the company employed 3 persons. Management The company is managed by a 6-member Board of Directors. The company is currently managed by the following Board of Directors whose term of office expires on 30.6.2004. Name Position Mauro Malfatti President Damianos Z. Hadjikokkinos Vice President & Managing Director Panayotis A. Chryssikakis Member Georgios I. Tsialikis Member Μarino Capelli Member Alessandro Savoia Member Shareholders – Share Capital

On 31.12.2001, the company’s share capital amounted to € 462,000 divided into 15,400 registered shares of a nominal value of € 30 each. During the 2002 fiscal year and the first four months of 2003, the company’s share capital changed as follows: By a resolution of the Ordinary General Meeting of Shareholders of 24.5.2002, the company’s share capital was increased by € 237.000 through the issue of 7.900 new registered shares of a nominal value of € 30 each. By a resolution of the Extraordinary General Meeting of Shareholders of 13.3.2003, the company’s share capital was increased by € 320,100 through the issue of 10,670 new registered shares of a nominal value of € 30 each.

As a result, on 30.4.2003, the share capital amounted to € 1,019,000, divided into 33,970 registered shares, of a nominal value of € 30 each. The company’s share capital is held by: Shareholder Participation (%) Eurostar S.A. 50.00% Fiere Internazionali Di Bologna – Ente Autonomo 50.00% Total 100.00% During the 2002 fiscal year and the first four months of 2003 there was no change in the company’s shareholder structure. The Company’s summary financial figures for the fiscal years 2001 and 2002, are shown in the following table:

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EXPO PLAN SA

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 384,4 75,7 Gross earnings before depreciation -165,8 -194,6 % on turnover -43,1% -257,1% Oprating earnings before depreciation -244,5 -269,5 Total depreciation 11,4 12,1 Earnings before tax -258,2 -282,7 % on turnover -67,2% -373,4% Earnings after tax & Board of Directors renumeration -258,2 -282,7 % on turnover -67,2% -373,4%

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 4,9 5,2 Non-depreciated intangible assets 0,0 0,0 non-depreciated tangible assets 31,5 22,2 Particpations - Other long term receivables 74,9 75,1 Current assets 234,2 46,9 Transitory accounts 22,2 0,1 TOTAL ASSETS 367,7 149,5

LIABILITIES 2001 Share capital 462,0 699,0 Total equity -0,5 -46,2 Provisions 0,0 0,0 Long term liabiliies 0,0 0,0 Short term liabilities 357,6 195,7 Total liabilities 357,6 195,7 Transitory accounts 10,6 0,0 TOTAL LIABILITIES 367,7 149,5

The company is included in the consolidated financial statements of Eurostar S.A., an affiliate of Lambrakis Press S.A..

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D. PARTICIPATIONS SECTOR

D.1. AFFILIATED COMPANIES OF THE PARTICIPATIONS SECTOR

STUDIO ATA AE

The company was established as a limited liability company in 1971 and changed into a société anonyme in 1991 (Government Gazette, issues Nos 13/3.1.1992 & 34/7.1.1992) and is registered in the Ministry of Development’s Register of Sociétés Anonymes under No 25466. In accordance with its Articles of Association, the duration of the company is 50 years (until 2041) and it is based in the Municipality of Amarousion (at 1 Artemidos St.). 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. During the 2002 fiscal year, 103 persons were employed by the company. Management The company is managed by a 6- to 9-member Board of Directors. The company is currently managed by the following Board of Directors whose term of office expires on 30.6.2005:

Name Position Christos D. Lambrakis President & Managing Director Georgios R. Rallis Vice President Damianos Z. Hadjikokkinos Member Tryfon Ι. Koutalidis Member Nikolaos A. Gotsis Member Efrosyni G. Ralli Member Panayotis N. Kouvoutsakis Member Panayotis A. Chryssikakis Member Shareholders – Share Capital On 31.12.2001 the company’s share capital amounted to € 405,030 divided into 13,800 ordinary registered shares of a nominal value of € 29.35 each. During the 2002 fiscal year and the first four months of 2003, there was no change in the company’s share capital. The Company’s share capital is held by: Shareholder Participation (%) Lambrakis Press S.A. 95% Dimitrios Kourentis 5% Total 100% Since 24.6.1999, Lambrakis Press S.A. has held 95% of the company’s share capital. The Company’s summary financial figures for the fiscal years 1.7. 2000 – 30.6.2001 and 1.7.2001 – 30.6.2002 are shown in the following table: (the company’s fiscal year ends on 30 June of each fiscal year).

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STUDIO ATA SA

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 11.782,3 10.380,9 Gross earnings before depreciation 1.258,7 1.384,4 % on turnover 10,7% 13,3% Oprating earnings before depreciation 302,7 416,5 Total depreciation 207,5 326,6 Earnings before tax 27,5 81,2 % on turnover 0,2% 0,8% Earnings after tax & Board of Directors renumeration -940,7 -18,0 % on turnover -8,0% -0,2%

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 0,0 0,0 Non-depreciated intangible assets 0,0 0,0 non-depreciated tangible assets 1.272,3 1.164,0 Particpations - Other long term receivables 32,5 27,6 Current assets 7.800,5 8.084,2 Transitory accounts 22,6 1,2 TOTAL ASSETS 9.127,9 9.277,0

LIABILITIES 2001 Share capital 405,0 405,0 Total equity 73,5 55,5 Provisions 0,0 0,0 Long term liabiliies 0,0 924,5 Short term liabilities 8.424,3 7.562,8 Total liabilities 8.424,3 8.487,3 Transitory accounts 630,1 734,2 TOTAL LIABILITIES 9.127,9 9.277,0

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ACTION PLAN S.A.

“ACTION PLAN DIRECT MARKETING COMMERCIAL SOCIÉTÉ ANONYME” was established in 1999 (Government Gazette, issue No 5211/5.7.1999) and is registered in the Ministry of Development’s Register of Sociétés Anonymes under No 43276/01/Β/99/356. The company was founded by Lambrakis Press S.A. and LP DIGITAL S.A.. In 1999, the National Bank of Greece S.A. acquired 15.02% of the company’s share capital by participating in a share capital increase. Under the private agreement of 19.10.2000 between Lambrakis Press S.A. and LP DIGITAL S.A., Lambrakis Press S.A. signed over its entire participation in ACTION PLAN S.A. to LP DIGITAL S.A. In accordance with its Articles of Association, the duration of the company is 20 years (until 2019) and it is based in the Municipality of Athens (at 15-17 Thiseos St., GR-105 62 Athens). 1. The main objects of the company are: (a) to provide 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) to provide data base services through the compilation and use of data for customers, own use and use by third parties, (c) to sell and promote third-party products for a consideration and develop products using such methods as direct sales, direct mail order and direct mail, (d) to undertake, design and carry out direct marketing business, (e) to purchase, sell and, in general, manage all kinds of intellectual property rights (f) to provide business consultancy services, sales promotion consultancy and direct marketing consultancy, (g) to provide services in the capacity of a sales consultant and marketing consultancy services connected with promotional activities such as direct mailing and direct sales, (h) to undertake the printing and publication of all kinds of advertising material and carry out related publishing activities, (i) to carry 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) to do all such things as are, directly or indirectly, incidental, conducive or expedient to the above objects or any of them. A further object of the company is to carry out market research on several products and services for third parties, whether persons, firms or companies, 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 telei-nformatics 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 and services and prepare all types of project studies of technical, economic, financial, training, social and organizational content to persons, firms or companies. 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. During the 2002 fiscal year, 258 persons on average were employed by the company. Management The company is managed by a 3- to 11-member Board of Directors. The company is currently managed by the following Board of Directors whose term of office expires on 30.6.2006: Name Position Christos D. Lambrakis President Damianos Z. Hadjikokkinos Vice President Apostolos S. Tamvakaris Member Kyriakos C. Boutsikaris Member Panayotis A. Chryssikakis Member Despina S. Voudouris Member Cleopatra D. Glynou Member Shareholders – Share Capital On 31.12.2001, the company’s share capital amounted to € 1,258,528 divided into 42,880 shares of a nominal value of € 29.35 each. During the 2002 fiscal year and the first four months of 2003, the company’s share capital changed as follows: By resolution of the Extraordinary General Meeting of the Company’s Shareholders of 25.2.2002, the share capital was increased by € 3,482,142.7 through the issue of 118,642 new registered shares of a nominal value of € 29.35 each. As a result, on 30.4.2003, the share capital amounted to € 4,740,670.7, divided into 161,522 registered shares, of a nominal value of € 29.35 each. The Company’s share capital is held by:

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Shareholder Participation (%) Lambrakis Press S.A. 85% National Bank of Greece S.A. 15% Total 100% During the 2002 fiscal year and the first four months of 2003, there was no change in the company’s shareholder structure. The Company’s summary financial figures for the fiscal years 2001 and 2002 are shown in the following table:

ACTION PLAN SA

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 7.574,3 6.926,4 Gross earnings before depreciation 349,7 1.367,9 % on turnover 4,6% 19,7% Oprating earnings before depreciation -868,7 509,4 Total depreciation 1.075,1 249,1 Earnings before tax -1.989,7 223,3 % on turnover -26,3% 3,2% Earnings after tax & Board of Directors renumeration -1.989,7 223,3 % on turnover -26,3% 3,2%

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 0,0 38,7 Non-depreciated intangible assets 0,0 0,0 non-depreciated tangible assets 500,5 282,6 Particpations - Other long term receivables 5,0 237,4 Current assets 3.685,8 3.031,9 Transitory accounts 3,0 88,0 TOTAL ASSETS 4.194,3 3.678,6

LIABILITIES 2001 2002 Share capital 1.258,4 4.740,7 Total equity -3.197,1 508,4 Provisions 0,0 0,0 Long term liabiliies 0,0 0,0 Short term liabilities 7.348,7 3.127,4 Total liabilities 7.348,7 3.127,4 Transitory accounts 42,7 42,8 TOTAL LIABILITIES 4.194,3 3.678,6

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ACTION PLAN SA (CONSOLIDATED DATA)

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 7.574,3 10.815,8 Gross earnings before depreciation 349,7 2.007,5 % on turnover 4,6% 18,6% Oprating earnings before depreciation -868,7 916,9 Total depreciation 1.075,1 252,2 Earnings before tax -1.989,7 623,7 % on turnover -26,3% 5,8% Earnings after tax & Board of Directors renumeration -1.989,7 623,7 % on turnover -26,3% 5,8%

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 0,0 38,7 Non-depreciated intangible assets 0,0 0,0 non-depreciated tangible assets 500,5 282,6 Particpations - Other long term receivables 5,0 237,4 Current assets 3.685,8 3.031,9 Transitory accounts 3,0 88,0 TOTAL ASSETS 4.194,3 3.678,6

LIABILITIES 2001 2002 Share capital 1.258,4 4.740,7 Total equity -3.197,1 508,4 Provisions 0,0 0,0 Long term liabiliies 0,0 0,0 Short term liabilities 7.348,8 3.127,4 Total liabilities 7.348,8 3.127,4 Transitory accounts 42,6 42,8 TOTAL LIABILITIES 4.194,3 3.678,6 The company is included in the consolidated financial statements of Lambrakis Press S.A.. The company will not publish consolidated financial statements, as its affiliate Action Plan HR S.A. has not completed its first accounting period yet. In order to meet the consolidated financial statement requirement of ACTION PLAN S.A., interim statements for ACTION PLAN HR S.A. were compiled dated 31.12.2002.

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ACTION PLAN H.R. S.A.

“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 Ministry of Development’s Register of Sociétés Anonymes under No 51185/01/B/02/118. In accordance with its Articles of Association, the duration of the company is 20 years (until 2022) and it is based in the Municipality of Athens (15-17 Thiseos St., GR-105 62 Athens). The company was founded by Action Plan S.A. (99%) and Lambrakis Press S.A. (1%). 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. The company comes under Law 2956/2001 re temporary employment companies. During the 2002 fiscal year, 252 persons were employed by the company. Management The company is managed by a 3- to 11-member Board of Directors. The company is currently managed by the following Board of Directors whose term of office expires on 30.6.2004: Name Position Damianos Z. Hadjikokkinos President Despina S Voudouri Vice President & Managing Director Panayotis A. Chryssikakis Member Dimitrios A. Albanis Member Nikolaos G. Anastasopoulos Member Shareholders – Share Capital The company’s share capital amounts to € 234,780, divided into 78,260 registered shares of a nominal value of € 3 each. The company’s share capital is held by: Shareholder Participation (%) Lambrakis Press S.A. 1% Action Plan S.A. 99% Total 100% Lambrakis Press S.A. has held 1% of the company’s share capital since its establishment.

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ACTION PLAN HUMAN RESOURCES SA

INCOME STATEMENT 2002 (*) Thousand € Turnover 3.999,4 Gross earnings before depreciation 630,6 % on turnover 15,8% Oprating earnings before depreciation 407,5 Total depreciation 3,1 Earnings before tax 404,4 % on turnover 10,1% Earnings after tax & Board of Directors renumeration 404,4 % on turnover 10,1%

BALANCE SHEET

ASSETS 2002 Non-depreciated establishment expenses 4,1 Non-depreciated intangible assets 0,0 non-depreciated tangible assets 11,8 Particpations - Other long term receivables 0,0 Current assets 993,6 Transitory accounts 0,4 TOTAL ASSETS 1.009,9

LIABILITIES 2002 Share capital 234,8 Total equity 639,2 Provisions 0,0 Long term liabiliies 0,0 Short term liabilities 370,7 Total liabilities 370,7 Transitory accounts 0,0 TOTAL LIABILITIES 1.009,9 (*) Period 18.2.2002 - 31.12.2002 Because the first accounting period was longer than 12 months, the company will prepare final financial statements on 31.12.2003. The interim statements shown above were prepared for ACTION PLAN S.A.’s consolidated financial statement requirements.

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ELLINIKA GRAMMATA S.A.

ELLINIKA GRAMMATA BOOK, DISK, SOFTWARE, INFORMATION SYSTEMS & AUDIOVISUAL MEDIA PRINTING, IMPORTING, EXPORTING & TRADING SOCIÉTÉ ANONYME" with the trade name “ELLINIKA GRAMMATA S.A.” was established in 2000 (Government Gazette, issue No 694/1.2.2000) and is registered in the Ministry of Development’s Register of Sociétés Anonymes under No 45154/01/Β/00/47. The company’s founding shareholders were Mr Pavlos Papachristofilou (98,9%) and Mrs Panayota Papachristofilou (1.1%). Lambrakis Press S.A. acquired 49.0% of the company in 2001 following the purchase of shares previously owned by Mr P. Papachristofilou. In accordance with 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). In accordance with 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. Ellinika Grammata S.A. is regarded to be among the oldest and most prestigious publishing houses in Greece, operating its own bookshop and publishing and selling a broad variety of Greek and foreign books. Management The company is managed by a 3- to 9-member Board of Directors. The company is currently managed by the following Board of Directors whose term of office expires on 30.6.2007: Name Position Pavlos D. Papachristofilou President Stavros P. Psyharis Vice President Damianos Z. Hadjikokkinos Managing Director Panayotis N. Kouvoutsakis Member Argyro D. Papachristofilou Member Panayota V. Deliopoulos Member Shareholders – Share Capital On 31.12.2001, the company’s share capital amounted to GRD 283,000,000, divided into 28,300 shares, of a nominal value of GRD 10,000 each. During the 2002 fiscal year and the first four months of 2003 the company’s share capital changed as follows: By resolution of the Annual Ordinary General Meeting of the Company’s Shareholders of 25.5.2002, the company’s share capital was increased by € 84.09, through the increase of the nominal value of the share from GRD 10.000 or € 29.347 to € 29.35, and the company’s share capital and the nominal value of its share were converted into and denominated in euro. As a result, on 30.4.2003, the company’s share capital amounted to € 830,605, divided into 28,300 registered shares, of a nominal value of € 29.35 each. On 30.4.2003, the company’s share capital was held by:

Shareholder Participation (%) Lambrakis Press S.A. 51,00% Pavlos Papachristofilou 47.93% Panayota Papachristofilou 1.07% Total 100.00% During the 2002 fiscal year and the first four months of 2003 the company’s shareholder structure changed as follows: Under the sale agreement of 26.4.2002 between P. Papachristofilou and Lambrakis Press S.A., the former sold to the latter 566 company shares in its possession. The Company’s summary financial figures for the fiscal years 2001 and 2002 are shown in the following table:

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ELLINIKA GRAMMATA SA

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 24.304,6 14.400,8 Gross earnings before depreciation 9.374,0 5.295,9 % on turnover 38,6% 36,8% Oprating earnings before depreciation 859,9 1.296,6 Total depreciation 649,0 407,4 Earnings before tax 289,2 123,7 % on turnover 1,2% 0,9% Earnings after tax & Board of Directors renumeration 183,2 80,0 % on turnover 0,8% 0,6%

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 154,0 107,2 Non-depreciated intangible assets 7,9 2,6 non-depreciated tangible assets 1.376,7 1.090,8 Particpations - Other long term receivables 494,3 497,4 Current assets 15.580,0 18.169,2 Transitory accounts 3,8 23,2 TOTAL ASSETS 17.616,7 19.890,4

LIABILITIES 2001 2002 Share capital 830,5 830,6 Total equity 1.013,7 1.093,8 Provisions 1,3 67,0 Long term liabiliies 0,0 0,0 Short term liabilities 16.585,6 18.423,4 Total liabilities 16.585,6 18.423,4 Transitory accounts 16,1 306,2 TOTAL LIABILITIES 17.616,7 19.890,4

(*) 1st fiscal year (23-month period: 31.1.2000 - 31.12.2001)

The company is included in the consolidated financial statements of Lambrakis Press S.A.

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D.2. ASSOCIATED COMPANIES OF THE PARTICIPATIONS SECTOR

ARGOS SA

«ARGOS Consulting – Representations – Management – Agents – and Transportation Incorporated Company» was founded in 1998 (Government Gazette, issue No. 7079/4.9.98) and is registered in the Register of Incorporated Companies of the Ministry of Development under reg. No. 41144/01∆Τ/Β/98/44. According to its Articles of Association, the company’s duration is 12 years (until 2010) and its head office is set in the Municipality of Athens (150, Iera Odos, Egaleo)

«ARGOS» was founded by the companies Lambrakis Press Sa and LP Communications SA and through successive share capital increases widened its shareholding base including 12 more Greek publishing houses.

The object of the company is: 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 af 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 resources of all kinds.

MANAGEMENT

The company is managed by the Board of directors consisting of 10 members, the term of which expires on 30.6.2003. The current Board of Directors has the folloeing members:

Name Position Christos D. Lambrakis President Christos K. Τegopoulos Vice President Georgios K. Sarantopoulos Member Petros P. Kostopoulos Member Theoharis A. Filippopoulos Member Ekaterini Μ. Androulidaki Member Georgios S. Anemodouras Member Andreas G. Kouris Member Nikolaos S. Biliris Member

SHAREHOLDERS – SHARE CAPITAL

On 31.12.2001 the share capital of the company amounted to GRD 750,000,000 divided into 75,000 shares with a nominal value of GRD 10.000 each. In the fiscal year 2002 and the first four months of 2003 there was the following change in the share capital: Pursuant to resolution of the shareholders’ General Meeting of 27.06.2002 the share capital is denominated in euros by converting and increasing the nominal value of each share from GRD 10.000 to 38.80 euros. As a result the share capital is increased by 708,972.85 euros.

As a result on 30.4.2003 the company’s share capital amounted to 2,910,000 euros, divided into 75,000 shares with a nominal value of 38.80 euros each.

The shareholder structure of the company is the following:

Shareholder Participation (%)

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Lambrakis Press SA 38,5% C.K.Tegopoulos Publications SA 24,0% Lymberis Publications SA 10,0% Ιmako Νet Media Group ΜΜ 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% Papyros Press Ltd 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 the fiscal year 2002 and the first four months of 2003 Lambrakis Press did not change its participation 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 2001 και 2002 are shown in the following tables:

ARGOS SA

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 83.696,6 86.328,2 Gross earnings before depreciation 14.117,9 15.805,8 % on turnover 16,9% 18,3% Oprating earnings before depreciation 1.328,3 1.795,8 Total depreciation 697,6 1.068,2 Earnings before tax 631,6 707,1 % on turnover 0,8% 0,8% Earnings after tax & Board of Directors renumeration 462,4 409,3 % on turnover 0,6% 0,5%

BALANCE SHEET

ASSETS 2001 Non-depreciated establishment expenses 873,2 1.182,9 Non-depreciated intangible assets 0,0 0,0 non-depreciated tangible assets 2.412,3 8.252,0 Particpations - Other long term receivables 653,0 657,7 Current assets 9.000,4 7.625,0 Transitory accounts 1.807,2 2.064,2 TOTAL ASSETS 14.746,1 19.781,8

LIABILITIES 2001 Share capital 2.201,0 2.910,0 Total equity 3.268,7 3.731,0 Provisions 0,0 0,0 Long term liabiliies 451,5 319,5 Short term liabilities 9.320,3 13.822,5 Total liabilities 9.771,8 14.142,0 Transitory accounts 1.705,6 1.908,8 TOTAL LIABILITIES 14.746,1 19.781,8

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ARGOS SA (CONSOLIDATED DATA)

INCOME STATEMENT 2002 (*) χιλ. ευρώ Turnover 145.343,1 Gross earnings before depreciation 16.678,1 % on turnover 11,5% Oprating earnings before depreciation 2.108,8 Total depreciation 1.083,9 Earnings before tax 981,2 % on turnover 0,7% Earnings after tax & Board of Directors renumeration 613,8 % on turnover 0,4%

BALANCE SHEET

ASSETS Non-depreciated establishment expenses 1.188,1 Non-depreciated intangible assets 0,0 non-depreciated tangible assets 8.307,3 Particpations - Other long term receivables 491,6 Current assets 16.428,9 Transitory accounts 2.065,1 TOTAL ASSETS 28.481,0

LIABILITIES Share capital 2.910,0 Total equity 3.967,0 Provisions 0,0 Long term liabiliies 319,5 Short term liabilities 22.276,5 Total liabilities 22.596,0 Transitory accounts 1.918,0 TOTAL LIABILITIES 28.481,0 (*) First consolidated statement

The consolidated fiancial statements include the companies ARGOS ΝΕΤ LTD and ARGOS EVROPI LTD

Also, ARGOS SA holds a participation of 30% in the share capital of «PAPASOTIRIOU PRESSPOINT – PRESS STORES IN THE ATHENS INTERNATIONAL AIRPORT S.A.» and 93.75% in the company capital of ARGOS MASS DISTRIBUTIONS LTD

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PAPASOTIRIOU BOOKSTORES SA

The company «PAPASOTIRIOU Incorporated Trading – Publishing – Importing – Exporting Company – International Technical Bookstore» under the trade name of «PAPASOTIRIOU BOOKSTORES SA» was founded in 1993 (Government Gazette, issue No. 5672/7.10.1993) and is registered in the Register of Incorporated Companies of the Ministry of Development under reg. No. 29741/01/Β/93/525.

The duration of the company, according top its Articles of Association, is 50 years (until 2043) and its head office is set in the Municipality of Athens (24, Stournari street, Athens).

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.

The company has developed 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 term of the current Board of Directors expires on 30.6.2005, having the following members:

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. Chryssikakis Member

SHAREHOLDERS – SHARE CAPITAL

On 31.12.2001 the share capital of the company amounted to 525,043.02 euros, divided into 15,294 registered shares with a nominal value of 34.33 euro each.

In the fiscal year 2002 and the first four months of 2003 there was the following change in the share capital:

Pursuant to resolution of the shareholders General Meeting of 27.11.2002 the company’s share capital was increased by 152.94 euros by increasing the nominal value of the shares from 34.33 euros to 34.34 euros. As a result on 30.4.2003 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.

The shareholder structure of the company is the following: Shareholder Participation (%) Lambrakis Press SA 30,00% Alexandra Papasotiriou 58,88% Georgios Papasotiriou 11,12% Total 100,00%

In the fiscal year 2002 and the first four months of 2003 there was the following change in the shareholding of the company: Pursuant to the Contract of Sale dated 28.1.2002 between Lambrakis Press SA and Mr. K. Bonifatsis, the previous sold to the latter 4,588 existing shares of the company (30% of the company’s share capital) owned by the previous.

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Pursuant to the Contract of Sale date 30.9.2002 between Mr. K. Bonifatsis and Lambrakis Press SA, the previous sold to the latter 4,588 existing shares of the company (30% of the company’s share capital) owned by the previous. The company’s summary financial data for the fiscal years 2001 and 2002 are shown the following table:

PAPASOTIRIOU BOOKSTORES SA

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 15.436,9 16.326,8 Gross earnings before depreciation 5.335,0 5.545,6 % on turnover 34,6% 34,0% Oprating earnings before depreciation 997,3 983,9 Total depreciation 482,0 513,1 Earnings before tax 316,1 517,4 % on turnover 2,0% 3,2% Earnings after tax & Board of Directors renumeration -278,4 322,8 % on turnover -1,8% 2,0%

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 163,6 181,4 Non-depreciated intangible assets 60,1 40,1 non-depreciated tangible assets 1.519,2 1.332,3 Particpations - Other long term receivables 296,0 354,3 Current assets 10.261,5 9.603,0 Transitory accounts 70,4 222,5 TOTAL ASSETS 12.370,8 11.733,6

LIABILITIES 2001 2002 Share capital 525,0 525,2 Total equity 2.062,8 2.079,6 Provisions 18,6 77,4 Long term liabiliies 587,3 352,2 Short term liabilities 9.666,9 9.208,3 Total liabilities 10.254,2 9.560,5 Transitory accounts 35,2 16,1 TOTAL LIABILITIES 12.370,8 11.733,6

The company is not included in the consolidated financial statement of Lambrakis Press SA.

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ODEON LICENSING SA

The company was founded in 1988 under the initial name «VIDEO QUATTRO Incorporated Company Audiovisual Works Distribution and Trading» with the trade name «VIDEO QUATTRO S.A.», (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 Incorporated Companies of the Ministry of Development under reg. No. 18176/01ΑΤ/Β/88/887 The company’s duration, according to its Articles of Association, is 20 years (until 2008 ) and its head office is set in Halandri (275, Messogeion ave.).

The founders of the company were Emmanuel Krezias, Georgios Michaelides and Vassilios Protopsaltis. As of 1.11.2000 Lambrakis Press holds 24.23% of the company’s share capital. 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 theater 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 expires oin 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 31.12.2001 the company’s share capital amounted to 114,465 euros divided in 3,900 bearer shares, with a nominal value of 29,35 euros each.

In the fiscal year 2002 and the first four months of 2003 there were no changes in the share capital of the company.

The shareholder structure of the company is the following: Shareholder Participation (%) 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.

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

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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.

As of this date and 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. The remaining 5.12% of Lambrakis Press participation in Digital Press SA and the 24.33% of Lambrakis Press participation in Odeon Licensing SA are expected to be transferred not later than September 2003.

The company’s summary financial data for the fiscal years 2001 and 2002 are shown the following table:

ODEON LICENSING SA

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 151,6 174,4 Gross earnings before depreciation -21,5 107,7 % on turnover -14,2% 61,8% Oprating earnings before depreciation -148,1 88,5 Total depreciation 1,0 0,9 Earnings before tax -137,6 94,6 % on turnover -90,8% 54,2% Earnings after tax & Board of Directors renumeration -137,6 94,6 % on turnover -90,8% 54,2%

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 0,0 0,0 Non-depreciated intangible assets 0,0 0,0 non-depreciated tangible assets 1,8 1,0 Particpations - Other long term receivables 1,6 1,6 Current assets 127,6 160,4 Transitory accounts 62,7 59,3 TOTAL ASSETS 193,7 222,3

LIABILITIES 2001 2002 Share capital 114,5 114,5 Total equity -27,0 67,5 Provisions 6,6 1,6 Long term liabiliies 0,0 0,0 Short term liabilities 214,1 153,2 Total liabilities 214,1 153,2 Transitory accounts 0,0 0,0 TOTAL LIABILITIES 193,7 222,3

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D.3. OTHER PARTICIPATIONS OF THE PARTICIPATIONS SECTOR

DIGITAL PRESS HELLAS SA The company was founded in 1987 under the name ”GREEK DIGITAL DISK MANUFACTURING INDUSTRY Incorporated Company” with the trda name “DIGITAL PRESS HELLAS S.A.” (Government Gazette, issue No. 2036/15.7.1987). The company is registered in the Register of Incorporated Companies of the Ministry of Development, under reg. No. 15478/04/Β/87/(01) Its head office is set in the Municipality of Athens

The company’s duration is 50 years (2037).

The founders of the company were Messrs Emmanuel Krezias, Georgios Michaelides, Konstantinos Samios, Theodoros Manavides and Ioannis Moschous. On 1.11.2000 Lambrakis Press acquired 32,265% of the company’s share capital.

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, wihose term 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 Panagiotides Member Maria Kaippa Member

SHAREHOLDERS – SHARE CAPITAL On 31.12.2001 the company’s share capital amounted to 953,875 euros divided into 32,500 registered shares with a nominal value of 29,35 euros each.

The shareholder structure of the company is the following:

Shareholder Participation (%) Lambrakis Press SA 5,12% Emmanuel Krezias 88.45% I. Moschous 3.75% Movietech Establishment 2,68 Total 100,0%

In the fiscal year 2002 and the first four months of 2003 there were the following changes in the shareholding of the company.

On 16.1.2003 and 16.3.2003 Lambrakis Press transferred 7,161 and 1,660 shares of the company respectively to Emmanuel Krezias. After such transfers, the participation of Lambrakis Press 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 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 third party indicated by him of:

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• 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.

As of this date and 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. The remaining 5.12% of Lambrakis Press participation in Digital Press SA and the 24.33% of Lambrakis Press participation in Odeon Licensing SA are expected to be transferred not later than September 2003.

The company’s summary financial data for the years 2001 and 2002 are shown the following table:

DIGITAL PRESS HELLAS SA

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 5.983,1 6.791,1 Gross earnings before depreciation 1.290,2 2.520,1 % on turnover 21,6% 37,1% Oprating earnings before depreciation 294,8 1.184,9 Total depreciation 730,3 1.166,7 Earnings before tax -372,1 2.089,6 % on turnover -6,2% 30,8% Earnings after tax & Board of Directors renumeration -476,4 2.068,3 % on turnover -8,0% 30,5%

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 172,3 111,1 Non-depreciated intangible assets 0,0 0,0 non-depreciated tangible assets 5.244,7 5.786,3 Particpations - Other long term receivables 1.262,9 312,3 Current assets 4.960,8 5.724,3 Transitory accounts 164,2 191,9 TOTAL ASSETS 11.804,9 12.125,9

LIABILITIES 2001 2002 Share capital 954,0 954,0 Total equity 1.283,3 3.351,5 Provisions 91,4 120,8 Long term liabiliies 3.189,2 2.949,2 Short term liabilities 7.148,3 5.645,4 Total liabilities 10.337,5 8.594,6 Transitory accounts 92,7 59,0 TOTAL LIABILITIES 11.804,9 12.125,9

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TILETYPOS SA

“ΤELETYPOS Televison Programs Incorporated Company» was founded in 1989 (Government Gazette, issue No. 1016/02.05.1989) and is registered in the Register of Incorporated Companies of the Ministry of Development under reg. No. 19407/06/Β/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 founders of the companies Lambrakis Press SA, Ethnos Publications SA (currently Pegasos 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.

The object of the company, according to its Articles of Association, includes: 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.

The company owns the television station «Mega channel»

The company’s shares 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 term of the current Board of Directors expires on 30.6.2006, having the following members:

Name Position Chritos K. Tegopoulos Presient 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.

The shareholder structure of the company on 84.4.2003 is the following: Shareholder Participation (%) Lambrakis Press SA 10,76% PegasosPublishing & Printing SA 17,39% C.K. Tegopoulos Publications SA 12,28% Manotick Holdingsa Ltd 8,23% Brontos Holdingsa Ltd 4,73% Free float 46,61% Total 100,00%

In the fiscal year 2002 and the first four months of 2003 Lambrakis Press did not change its participation in the share capital of the company.

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The company’s summary financial data for the fiscal years 2001 and 2002 and the summary consolidated financial data of the company’s group for 2002 are shown the following tables:

TELETYPOS SA

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 124.715,5 137.894,4 Gross earnings before depreciation 82.486,1 96.753,9 % on turnover 66,1% 70,2% Oprating earnings before depreciation 61.265,6 75.430,8 Total depreciation 45.476,6 54.640,3 Earnings before tax 11.782,4 17.089,4 % on turnover 9,4% 12,4% Earnings after tax & Board of Directors renumeration 7.337,0 9.771,8 % on turnover 5,9% 7,1%

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 890,4 501,7 Non-depreciated intangible assets 74.878,6 86.094,1 non-depreciated tangible assets 13.283,8 12.002,0 Particpations - Other long term receivables 5.850,5 6.383,1 Current assets 55.894,3 75.957,4 Transitory accounts 39.290,4 38.843,6 TOTAL ASSETS 190.088,0 219.781,8

LIABILITIES 2001 2002 Share capital 31.237,5 31.237,5 Total equity 80.668,4 82.693,9 Provisions 19,4 728,7 Long term liabiliies 29.504,5 29.229,9 Short term liabilities 78.836,5 106.623,8 Total liabilities 108.341,0 135.853,7 Transitory accounts 1.059,3 505,6 TOTAL LIABILITIES 190.088,0 219.781,8

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TELETYPOS SA (CONSOLIDATED DATA)

INCOME STATEMENT 2002 (*) Thousand € Turnover 139.133,5 Gross earnings before depreciation 96.834,5 % on turnover 69,6% Oprating earnings before depreciation 75.492,1 Total depreciation 54.640,6 Earnings before tax 17.150,7 % on turnover 12,3% Earnings after tax & Board of Directors renumeration 11.385,3 % on turnover 8,2%

BALANCE SHEET

ASSETS 2002 Non-depreciated establishment expenses 501,7 Non-depreciated intangible assets 86.094,1 non-depreciated tangible assets 12.002,0 Particpations - Other long term receivables 5.374,8 Current assets 77.056,6 Transitory accounts 38.843,6 TOTAL ASSETS 219.872,6

LIABILITIES 2002 Share capital 31.237,5 Total equity 82.778,4 Provisions 728,6 Long term liabiliies 29.229,9 Short term liabilities 106.630,2 Total liabilities 135.860,1 Transitory accounts 505,6 TOTAL LIABILITIES 219.872,6 (*) 1st consolidated statement

The company’s consolidated financial statements include «ΤELETYPOS CYPRUS LTD».

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D.4. AFFILIATES OF ASSOCIATED COMPANIES OF THE PARTICIPATIONS 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 Civil Court of Athens under serial No. 14164 7369/09.10.2000. According to its Articles of Association, the company’s duration is 50 years and its head office is set in the Municipality of Athens.

The founder of the company was ARGOS SA.

The object of the company, according to its Articles of Association, is 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 – COMPANY 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.

The company’s summary financial data for the fiscal year 2002 are shown the following table:

ARGOS NET LTD 2002 thousand euros Share capital 150,0 Total equity 202,9 Total assets 8.329,2 Turnover 56.800,0 Earnings before tax 160,8 Earnings after tax 107,2

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ΑΡΓΟΣ EVROPI LTD

The company was founded in 2000 (Government Gazette, issue No. 9169/5.10.2000)

The object of of the company, according to its Articles of Association, is: 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 β) importing and exporting the above items and other merchandise c) all activities or enterprises srelated to the above as well as trading (importing – exporting) all related items.

MANAGEMENT

The managers of the company are:

• Nikolaos F. Bakatsas • Georgios E. Vanas

SHAREHOLDERS – COMPANY CAPITAL

The company capital amounted to 29,347.03 euros divided into 1,000 company shares of 29.35 euros each.

The shareholder structure of the company is the following: Shareholder Participation (%) ARGOS SA 60,0% EVROPI SA 40,0% Total 100,0%

The company’s summary financial data for the fiscal year 2002 are shown the following table:

ARGOS EVROPI LTD 2002 thousand euros Share capital 29,3 Total equity 140,6 Total assets 848,8 Turnover 2.612,2 Earnings before tax 113,4 Earnings after tax 73,7

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Ε. IT AND NEW TECHNOLOGIES SECTOR

Ε.1. AFFILIATED COMPANIES OF THE IT AND NEW TECHNOLOGIES SECTOR

LP DIGITAL SA

“LP DIGITAL Incorporated Company” was founded in 1987 (Government Gazette, issue No. 2430/25.9.87) and is registered in the Register of Incorporated Companies of the Ministry of Development under reg. No. 15793/01/Β/87/414. under the initial name “Video Star SA”. In 1996 it was renamed to «LP Communications SA» (Extraordinary General Meeting of 21.9.92, government Gazette, issue No. 8379/1996) and in 1999 in “LD 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 (51%) and Dimitrios Kourentis (49%).

The object of the company, according to its Articles of Association is: a) its participation 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.

LP Digital SA is a holding company in the sectors of digital economy, information technology, communications and internet.

In the fiscal year 2002 the company had 1 employee.

MANAGEMENT The company is managed by the Board of Directors consisting of 3 to 9 members. The term of the current Board of Directors expires on 30.6.2008, having the following members: Name Position Christos D. Lambrakis President Stavros P. Psyacharis Vice President Damianos Z. Hadjikokkinos Member Panagiotis A. Chryssikakis Member Panagiotis N. Kouvoutsakis Member

SHAREHOLDERS – SHARE CAPITAL

On 31.12.2001 the share capital of the company amounted to GRD 7,596,120,000, divided into 3,798,060 common registered shares with a nominal value of GRD 2,000 each.

In the fiscal year 2002 and the first four months of 2003 there were the following changes in the share capital:

Pursuant to resolution of the shareholders; Ordinary General Meeting of 14.6.2002 the company’s share capital a) was denominated in euros according to Law 2842/2000 and for that reason was increased by 40,237.70 euros through the capitalization of reserves, to account for the increase of the nominal value of the shares from GRD 2,000 or 5.8692 euros to 5.88 euros.

As a result on 30.4.2003 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.

The shareholder structure of the company is the following: Shareholder Participation (%) Lambrakis Press SA 78,71% Christos D. Lambrakis 13,45% Others (<1% each) 7,84% Total 100,00%

In the fiscal year 2002 and the first four months of 2003 there were the following changes in the shareholder structure of the company:

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The shareholder Lambrakis Press SA purchased 75,000 existing shares sold by other shareholders.

The company’s summary financial data and the summary consolidated financial data of its Group for the fiscal years 2001 and 2002 are shown the following table:

LP DIGITAL SA.

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 442,6 220,1 Gross earnings before depreciation 66,3 5,6 % on turnover 15,0% 2,5% Oprating earnings before depreciation -3.948,3 -518,6 Total depreciation 264,1 5,6 Earnings before tax -4.201,5 -545,7 % on turnover -949,3% -247,9% Earnings after tax & Board of Directors renumeration -4.201,5 -545,7 % on turnover -949,3% -247,9%

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 0,0 5,5 Non-depreciated intangible assets 0,0 0,0 non-depreciated tangible assets 0,0 39,5 Particpations - Other long term receivables 16.829,2 16.829,9 Current assets 6.887,8 3.930,9 Transitory accounts 1,0 4,0 TOTAL ASSETS 23.718,0 20.809,8

LIABILITIES 2001 2002 Share capital 22.292,3 22.332,6 Total equity 15.490,5 14.945,0 Provisions 0,0 0,0 Long term liabiliies 0,0 0,0 Short term liabilities 8.223,7 5.864,9 Total liabilities 8.223,7 5.864,8 Transitory accounts 3,8 0,0 TOTAL LIABILITIES 23.718,0 20.809,8

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LP DIGITAL SA (CONSOLIDATED DATA)

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 2.242,4 3.063,2 Gross earnings before depreciation -1.545,6 -203,2 % on turnover -68,9% -6,6% Oprating earnings before depreciation -8.989,0 -2.107,2 Total depreciation 1.954,0 84,2 Earnings before tax -11.020,8 -2.223,3 % on turnover -491,5% -72,6% Earnings after tax & Board of Directors renumeration -11.020,8 -2.223,3 % on turnover -491,5% -72,6%

ΣΤΟΙΧΕΙΑ ΙΣΟΛΟΓΙΣΜΟΥ

ASSETS 2001 2002 Non-depreciated establishment expenses 0,6 142,2 Non-depreciated intangible assets 0,0 104,1 non-depreciated tangible assets 0,0 159,6 Particpations - Other long term receivables 1.819,5 1.754,7 Current assets 10.811,4 4.808,5 Transitory accounts 57,9 27,1 TOTAL ASSETS 12.689,4 6.996,2

LIABILITIES 2001 2002 Share capital 22.292,3 22.332,6 Total equity -1.230,2 -3.453,5 Provisions 0,0 0,3 Long term liabiliies 0,0 0,0 Short term liabilities 13.611,3 10.248,5 Total liabilities 13.611,3 10.248,5 Transitory accounts 308,3 200,9 TOTAL LIABILITIES 12.689,4 6.996,2

The company is included in the consolidated financial statements of Lambrakis Press SA.

The consolidated financial statements of LP Digital SA include RAMNET SA, RAMNET SHOP SA, IN-TRAVEL SAκαι NETONLINE SA.

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RAMNET AE

The company RAMNET SA was founded in 1999 (Government Gazette, issue No. 7235/9.9.1999) and is registered in the Register of Incorporated Companies of the Ministry of Development under reg. No. 43730/01/Β/99/459.

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, Panepisitimiou street, GR-106 72 Athens)

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»

The founders of RAMNET SA were LP Digital SA and Mr. Christos D. Lambrakis. According to a private contract dated 12.7.2000, Mr. C. D. Lambrakis transferred to LP Digital SA his total holding in the company (35%), hence LP Digital SA acquired 100% of the company’s share capital.

The object of the company, according to its Articles of Association is: 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.

In the fiscal year 2002 the company had 65 employees.

MANAGEMENT The company is managed by the Board of Directors consisting of 3 to 11 members. The term of the current Board of Directors expires on 30.6.2008, having the following members:

Name Position Christos D. Lambrakis President Damianos Z. Hadjikokkinos Vice President Panagiotis A. Chryssikakis Member Theodoros Sp. Spinoulas Member

SHAREHOLDERS – SHARE CAPITAL

On 31.12.2001 the company’s share capital amounted to 14,675,000 euros divided into 500,000 common registered shares with a nominal value of 29.35 euros each. In the fiscal year 2002 and the first four months of 2003 there were no changes in the share capital of the company.

The shareholder structure of the company is the following:

Shareholder Participation (%)

∆ΟΛ Digital AE 100%

In the fiscal year 2002 and the first four months of 2003 there were no changes in the shareholder structure of the company.

Lambrakis Press SA does not hold a direct participation in the share capital of the company..

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The company’s summary financial data for the fiscal years 2001 and 2002 are shown the following table:

RAMNET SA

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 1.628,5 1.363,6 Gross earnings before depreciation -1.820,9 -355,3 % on turnover -111,8% -26,1% Oprating earnings before depreciation -4.548,2 -1.666,6 Total depreciation 970,8 75,4 Earnings before tax -5.604,9 -1.733,4 % on turnover -344,2% -127,1% Earnings after tax & Board of Directors renumeration -5.604,9 -1.733,4 % on turnover -344,2% -127,1%

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 0,0 127,0 Non-depreciated intangible assets 0,0 104,1 non-depreciated tangible assets 0,0 120,1 Particpations - Other long term receivables 1.165,1 867,3 Current assets 4.475,5 2.515,4 Transitory accounts 15,0 10,1 TOTAL ASSETS 5.655,6 3.744,0

LIABILITIES 2001 Share capital 14.675,0 14.675,0 Total equity -886,5 -2.619,9 Provisions 0,0 0,3 Long term liabiliies 0,0 0,0 Short term liabilities 6.473,0 6.348,8 Total liabilities 6.473,0 6.348,8 Transitory accounts 69,1 14,8 TOTAL LIABILITIES 5.655,6 3.744,0

The company is included in the consolidated financial statements of LP Digital SA.

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RAMNET SHOP AE

The company was founded in 1999 (Government Gazette, issue No. 7229/8.9.1999) and is registered in the Register of Incorporated Companies of the Ministry of Development under reg. No. 43727/01/Β/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, Αthens).

The object of the company, according to its Articles of Association is: 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.

The founders of the company were LP Digital SA and Mr. Christos Lambrakis. In 2000 Mr. Chr. Lambrakis transferred to LP Digital SA his participation (35.44%) in the company, hence LP Digital SA acquired 100% of the company’s shares. LP Digital SA remains the sole shareholder of the company.

Ramnet Shop is active in IT applications and services, digital publishing, organizing and managing systems, advertising services and representations and operates the internet store shop 21 (web site www.shop21.gr).

MANAGEMENT The company is managed by the Board of Directors consisting of 3 to 11 members. The term of the current Board of Directors expires on 30.6.2008, having the following members:

Name Position Christos D. Lambrakis President Damianos Z. Hadjikokkinos Vice President Panagiotis A. Chryssikakis Member Theodoros Sp. Spinoulas Member

SHAREHOLDERS – SHARE CAPITAL

On 31.12.2001 the share capital of the company amounted to 997,900 euros divided into 34,000 registered shares with a nominal value of 29.35 euros each. In the fiscal year 2002 and the first four months of 2003 there were no changes in the share capital of the company.

The shareholder structure of the company is the following:

Shareholder Participation (%)

∆ΟΛ Digital AE 100,0%

In the fiscal year 2002 and the first four months of 2003 there were no changes in the shareholder structure of the company.

Lambrakis Press SA does not hold a direct participation in the share capital of the company..

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The company’s summary financial data for the fiscal years 2001 and 2002 are shown the following table:

RAMNET SHOP SA

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 307,8 883,2 Gross earnings before depreciation 80,1 50,9 % on turnover 26,0% 5,8% Oprating earnings before depreciation -147,8 17,6 Total depreciation 204,1 1,5 Earnings before tax -353,7 1,8 % on turnover -114,9% 0,0% Earnings after tax & Board of Directors renumeration -353,7 1,8 % on turnover -114,9% 0,0%

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 0,0 4,2 Non-depreciated intangible assets 0,0 0,0 non-depreciated tangible assets 0,0 0,0 Particpations - Other long term receivables 378,5 232,5 Current assets 607,2 1.087,0 Transitory accounts 3,5 0,5 TOTAL ASSETS 989,2 1.324,2

LIABILITIES 2001 Share capital 997,9 997,9 Total equity 678,4 680,2 Provisions 0,0 0,0 Long term liabiliies 0,0 0,0 Short term liabilities 308,1 643,6 Total liabilities 308,1 643,6 Transitory accounts 2,7 0,4 TOTAL LIABILITIES 989,2 1.324,2

The company is included in the consolidated financial statements of LP Digital SA.

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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 Incorporated Companies of the Ministry of Trade under reg. No. 45516/01/Β/00/136.

The company’s duration, according its Articles of Association, is 20 years (until 2019) and its head office is set in the Municipality of Athens (18, Panepistimiou street, GR-106 72, Athens).

The founders of the company were RAMNET SA and RAMNET SHOP SA with µε 50% each.

The company is active in electronic sales and provision of Internet access services (ISP and ASP) and holds an ISP license from the Greek commissions on Telecommunications and Post.

The object of the company, according to its Articles of Association is: 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.

In the fiscal year 2002 the company had 1 employee.

MANAGEMENT The company is managed by the Board of Directors consisting of 3 to 11 members. The term of the current Board of directors expires on 30.6.2007, having the following members:

Name Position Christos D. Lambrakis President Damianos Z. Hadjikokkinos Vice President Panagiotis A. Chryssikakis Member Theodoros Sp. Spinoulas Member

SHAREHOLDERS – SHARE CAPITAL

On 31.12.2001 the share capital of the company amounted to 440.250 euros divided into 15.000 registered shares with a nominal value of 29.35 euros each. In the fiscal year 2002 and the first four months of 2003 there were no changes in the share capital of the company.

The shareholder structure of the company is the following:

Shareholder Participation (%) RAMNET SHOP SA 50,0% RAMNET SA 50,0% Total 100,0%

In the fiscal year 2002 and the first four months of 2003 there were no changes in the shareholder structure of the company.

Lambrakis Press SA does not hold a direct participation in the share capital of the company..

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The company’s summary financial data for the fiscal years 2001 and 2002 are shown the following table:

NET ON LINE SA

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 334,1 759,9 Gross earnings before depreciation 128,5 94,4 % on turnover 38,5% 12,4% Oprating earnings before depreciation -358,4 57,8 Total depreciation 514,7 0,6 Earnings before tax -874,1 53,0 % on turnover -261,6% 7,0% Earnings after tax & Board of Directors renumeration -874,1 53,0 % on turnover -261,6% 7,0%

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 0,0 1,5 Non-depreciated intangible assets 0,0 0,0 non-depreciated tangible assets 0,0 0,0 Particpations - Other long term receivables 0,0 0,0 Current assets 672,1 779,0 Transitory accounts 38,0 12,1 TOTAL ASSETS 710,1 792,6

LIABILITIES 2001 2002 Share capital 440,3 440,3 Total equity -429,0 -376,0 Provisions 0,0 0,0 Long term liabiliies 0,0 0,0 Short term liabilities 906,3 983,0 Total liabilities 906,3 983,0 Transitory accounts 232,8 185,6 TOTAL LIABILITIES 710,1 792,6

The company is included in the consolidated financial statements of LP Digital SA.

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IN TRAVEL SA

The company was founded in 2000 (Government Gazette, issue No. 3069/5.5.2000) and is registered in the Register of Incorporated Companies of the Ministry of Development under reg. No. 45886/01/Β/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 object of the company, according to its Articles of Association is: 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.

The founders of the company are RAMNET SA and EUROSTAR SA. According to the private contract dated 18.10.2000 EUROSTAR SA transferred to RAMNET SA its participation in the company (50%), hence RAMNET SA acquired 100% of the share capital of IN TRAVEL SA.

Currently the company remains inactive.

MANAGEMENT

The company is managed by the Board of Directors consisting of of 3 to 11members. The term of the current Board of Directors expires on 30.6.2007, having the following members:

Name Position Christos D. Lambrakis President Damianos Z. Hadjikokkinos Vice President Panagiotis Andr. Chryssikakis Member Theodoros Sp. Spinoulas Member

SHAREHOLDERS – SHARE CAPITAL

On 31.12.2001 the share capital of the company amounted to 440.250 euros divided into 15.000 registered shares with a nominal value of 29.35 euro each.

During the fiscal year 2002and the first four months of 2003 the following changes were effected in the share capital:

Pursuant to resolution of the shareholders Extraordinary General Meeting of 25.1.2002 the share capital was decreased by 378,615 euros through the cancellation of 12,900 registered shares of the company.

As a result on 30.4.2003 the share capital amounted to 61,635 euros divided into 2,100 registered shares with a nominal value of 29.35 euros each.

The shareholder structure of the company is the following:

Shareholder Participation (%)

RAMNET SA 100%

In the fiscal year 2002 and the first four months of 2003 there were no changes in the shareholder structure of the company Lambrakis Press SA does not hold a direct participation in the company’s share capital.

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The company’s summary financial data of the fiscal years 2001 and 2002 are shown the following table:

IN TRAVEL SA

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover - - Gross earnings before depreciation - - % on turnover 0,0% 0,0% Oprating earnings before depreciation 13,7 2,5 Total depreciation 0,3 1,1 Earnings before tax 13,5 1,1 % on turnover - - Earnings after tax & Board of Directors renumeration 13,5 1,1 % on turnover - -

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 0,7 3,9 Non-depreciated intangible assets 0,0 0,0 non-depreciated tangible assets 0,0 0,0 Particpations - Other long term receivables 0,0 0,0 Current assets 471,1 93,3 Transitory accounts 0,2 0,4 TOTAL ASSETS 472,0 97,6

LIABILITIES 2001 2002 Share capital 440,3 61,6 Total equity 469,7 92,1 Provisions 0,0 0,0 Long term liabiliies 0,0 0,0 Short term liabilities 2,3 5,5 Total liabilities 2,3 5,5 Transitory accounts 0,0 0,0 TOTAL LIABILITIES 472,0 97,6

The company is included in the consolidated financial statements of LP Digital SA.

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Ε.2. ASSOCIATED COMPANIES OF THE IT AND NEW TECHNOLOGY 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 Incorporated Companies of the Ministry of Development under reg. 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 LP Digital SA and TEKA SYSTEMS SA TECHNOLOGIES OF CONSTRUCTION AND INFORMATION.

The object of the company, according to its Articles of Association is: 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 foa 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.

The newly-founded company is active the business-to-business commerce and commenced its operation in the first quarter of 2002.

In the fiscal year 2002 the company had 3 employees.

MANAGEMENT

The company is managed by the Board of Directors that consists of 5 to 11 members.

The term of the Boad of Directors expires on 31.12.2007, having the following members:

Name Position Damianos Z. Hadjikokkinos President Aris Iak. Giouroulian Vice President Thodore Sp. Spinoulas Member Michael Nik. Stasinopoulos Member Ioannis Kon. Yannarakis Member Ioannis Georg. Kopanias Member

SHAREHOLDERS – SHARE CAPITAL

On 31.12.2001 the company’s share capital amounted to GRD 200.000.000 divided into 20.000 common registered shares with a nominal value of GRD 10.000 each.

In the fiscal year 2002 and the first four months of 2003 the following changed were effected in the share capital:

Pursuant to resolution of the shareholders’ Annual Ordinary General Meeting of 20.12.2002 the company’s share capital was increased by 59,43 euros in cash, by the increase of the nominal value of each share from 29.347 euros to 29.35 euros and the company’s share capital and the nominal value of the shares were converted and denominated in euros. As a result, on 30.4.2003 the company’s share capital amounted to 587.000 euros divided into 20.000 registered shares with a nominal value of 29.35 euros each.

The shareholder structure of the company is the following:

Shareholder Participation (%)

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LP Digital SA 50,0% TEKA SYSTEMS SA 50,0% Total 100,0%

During the fiscal year 2002 and the first four months of 2003 no changes were effected in the company’s share capital or shareholder structure.

Lambrakis Press does hold a direct participation in IN MARKET PLACE SA.

The summary financial data of the company for its first fiscal perod (21.3.2001 – 30.6.2002) are shown in the following table::

IN MARKET PLACE SA

INCOME STATEMENT 2002 (*) Thousand € Turnover - Gross earnings before depreciation - % on turnover - Oprating earnings before depreciation -191,9 Total depreciation 4,8 Earnings before tax -197,3 % on turnover - Earnings after tax & Board of Directors renumeration -197,3 % on turnover -

BALANCE SHEET

ASSETS 2002 Non-depreciated establishment expenses 65,5 Non-depreciated intangible assets 0,0 non-depreciated tangible assets 11,1 Particpations - Other long term receivables 0,9 Current assets 333,2 Transitory accounts 1,7 TOTAL ASSETS 412,4

LIABILITIES 2002 Share capital 586,9 Total equity 389,7 Provisions 0,0 Long term liabiliies 0,0 Short term liabilities 22,7 Total liabilities 22,7 Transitory accounts 0,0 TOTAL LIABILITIES 412,4 (*) 1st fiscal period (21.3.2001 - 30.6.2002)

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IN HEALTH SA

The company was founded in 2000 (Government Gazette, issue No. 6863/20.7.2000) and is registered in the Register of Incorporated companies of the Ministry of Development under reg. No. 46561/01/Β/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 str., 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 (QU.S. SA) The object of the company according to its Articles of Association is: 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.

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 pharamacians (members of professional medical or pharmaceutical associations).

In the year 2002 the company had 7 employees.

MANAGEMENT

The company is managed by the Board of Directors , having 3 to 11 members. The term of the current Board of Directors expires on 30.6. 2007, having the following members:

Name Position Vassilios Georg. Apostolopoulos President Theodoros Sp. Spinoulas Vice President Dimitrios Pavl. Karayannis Member & General Manager Damianos Z. Hadjikokkinos Member Christos Georg. Apostolopoulos Member Panagiotis Andr. Chryssikakis Member

SHAREHOLDERS – SHARE CAPITAL

On 31.12.2001 the share capital of the company amounted to GRD 300.000.000 divided into 30.000 registered shares with a nominal value of GRD 10.000 each.

During the fiscal year 2002 and the first four months of 2003, the following changed were effected on the share capital: Pursunat to resolution of the shareholders’ Annual Ordinary General Meeting of 10.5.2002: a) the company’s share capital was increased by 89,14 euros, by increasing the nominal value of each share from 29,347 euros ευρώ (GRD 10.000) to 29,35, b) the company’s share capital was increased by the amount of 152.620 euros in cash through the issue of 5.200 new registered shares, of a nominal value of 29,35 euros each and c) the company’s share capital and the nominal value of the shares was converted and denominated in euros. As a result on 30.4.2003 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.

The shareholder structure of the company is the following:

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Shareholder Participation (%) RAMNET SA 50,0% ATHENS MEDICAL CENTER SA 28,7% QU.S SA 21,3% Total 100,0%

During the fiscal year 2002 and the first four months of 2003, the shareholding of the company was changed as follows:

The shareholder QU.S SA did not exercise its pre-emptive right in the share capital increase in cash and issue of 5.200 new shares that resolved in the Ordinary General Meeting of 10.5.2002. The shares apportioning to the above shareholder were taken up by the shareholder ATHENS MEDICAL CENTER SA. As a result the shareholding of the company was changed as above.

In the fiscal year 2002 and the first four months of 2003 there were no changes in the participation of RAMNET SA in the company.

Lambrakis Press SA does not hold a direct participation in the share capital of INHEALTH SA.

The summary financial data fo the company for the fiscal period 2001 (17-month period) and the fiscal year 2002 are shown in the table below:

IN HEALTH SA

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 63,0 52,4 Gross earnings before depreciation -110,0 -44,0 % on turnover -174,6% -84,0% Oprating earnings before depreciation -270,6 -187,5 Total depreciation 51,1 51,7 Earnings before tax -323,6 -239,7 % on turnover -513,7% -457,4% Earnings after tax & Board of Directors renumeration -323,6 -239,7 % on turnover -513,7% -457,4%

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 196,8 148,3 Non-depreciated intangible assets 0,1 0,0 non-depreciated tangible assets 4,6 8,9 Particpations - Other long term receivables 293,5 293,5 Current assets 211,4 130,9 Transitory accounts 0,2 0,4 TOTAL ASSETS 706,6 582,0

LIABILITIES 2001 2002 Share capital 880,4 1.033,1 Total equity 556,8 469,8 Provisions 0,0 0,0 Long term liabiliies 0,0 0,0 Short term liabilities 149,8 112,2 Total liabilities 149,8 112,2 Transitory accounts 0,0 0,0 TOTAL LIABILITIES 706,6 582,0 (*) 1st fiscal period (term 14.7.2000 - 31.12.2001)

The company is not included in the consolidated financial statements of LP digital AA.

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PHAISTOS NETWORKS SA

The company was founded in 2000 (Government Gazette, issue No. 889/9.2.2000) and is registered in the Register of Incorporated Companies of the Ministry of Trade under reg. No. 45163/70/Β/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 LP Digital SA, Dimitrios Hadjidakis transferred 10.000 registered shares (50% of the share capital) to LP Digital SA.

The duration of the company, according to its Articls of Association is 50 years (until 2050) and the company’s head office is set in Moires, Heraklion, Crete (48, 25th Martiou street,, Moires).

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) reserch, 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.

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)

MANAGEMENT

The company is managed by the Board of Directors, consisting of 3 to 5 members.

The current Board of Directors’ term expires on 30.6.2007, having the following members:

Name Position Dimitrios Mich. Hadjidakis President, Managing Director and General Manager Markos Elefth. Papadakis Vice President Georgios Elefth. Papadakis Member Spyridon Mich. Hadjidakis Member Nikolaos Emm. Fafoulakis Member

SHAREHOLDERS – SHARE CAPITAL

On 31.12.2001 the share capital of the company amounted to GRD 20.000.000 divided into 20.000 common registered shares with a nominal value of GRD 1.000 each.

In the fiscal year 2002 and the first four months of 2003, the share capital was changed as follows: Pursuant to resolution of the Annual Ordinary General Meeting of the Shareholders of 24.5.2002: a) the company’s share capital was increased by 1,305.94 euros through the increase of the nominal value of each share from GRD 1.000 or 2,9347 euros to 3 euros and b) the share capital and the nominal value of the shares was converted and denominated in euros,

As a result on 30.4.2003 the share capital of the company amounted to 60.000 euros divided into 20.000 registered shares, with a nominal value of 3 euros each.

The shareholder structure is the following: Shareholder Participation (%) LP Digital SA 50,0% Dimitrios Hadjidakis 40,0% Markos Papadakis 5,0% Georgios Papadakis 5,0% Total 100,0%

During the fiscal year 2002 and the first four months of 2003 no changes were effected in the shareholding of the company.

Page 190/203 LAMBRAKIS PRESS SA – ANNUAL REPORT 2002

Lambrakis Press SA does hold a direct participation in the share capital of PHAISTOS NETWORKS SA.

The summary financial data of the first (23-month) fiscal period and the fiscal year 2002 are shown in the following table:

PHAESTOS NETWORKS SA

INCOME STATEMENT 2001 (*) 2002 thousand € thousand € Turnover 385,5 455,6 Gross earnings before depreciation 1,6 147,3 % on turnover 0,4% 32,3% Oprating earnings before depreciation -175,2 147,3 Total depreciation 33,3 23,8 Earnings before tax -211,4 121,6 % on turnover -54,8% 0,3 Earnings after tax & Board of Directors renumeration -211,4 121,6 % on turnover -54,8% 26,7%

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 4,8 9,7 Non-depreciated intangible assets 0,0 0,0 non-depreciated tangible assets 54,8 128,2 Particpations - Other long term receivables 0,2 0,5 Current assets 83,1 177,4 Transitory accounts 0,0 0,0 TOTAL ASSETS 142,9 315,8

LIABILITIES 2001 2002 Share capital 58,7 60,0 Total equity -35,4 87,5 Provisions 1,9 1,9 Long term liabiliies 0,0 32,8 Short term liabilities 176,4 193,6 Total liabilities 176,4 226,4 Transitory accounts 0,0 0,0 TOTAL LIABILITIES 142,9 315,8 (*) 1st fiscal period (Term 31.1.2000 -31.12.2001)

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INTEROPTICS SA

The company «INTEROPTICS TRADING AND SERVICES OF PRINTED AND ELECTRONIC INFORMATION AND INFORMATION SYSTEMS INCORPORATED COMPANY» (trade name INTEROPTICS SA) was founded on 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 Incorporated Companies of the Ministry of Trade under reg. No. 49130/01/Β/01/350.

The company has a duration of 50 years (until 2051) and the its headquarters are set in the Ciy of Athens (18, Panepistimiou st., 10672, Αθήνα)

The founders of the company were Theodoros H. Koziokos and Emmanuel E. Kollias

The object of the company according to its Articles of Association is: 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.

MANAGEMENT

The company is managed by the Board of directors consisting of of 3 to 7 members. The term of the current Board of Directors expires on 30.6.2008, havng the following members:

Name Position Panagiotis Andr. Chryssikakis President Emmanuel E. Kollias Vice President and General Manager Theodoros El. Koziokos Member Dimitrios Ast. Albanis Member Evangelos Ioan. Georgakakis Member

SHARHOLDERS – SHARE CAPITAL

On 31.12.2001 the share capital of the company amounted to 293.500 euros divided into 146.750 shares with a nominal value of 2 euros each.

In the fiscal year 2002 and the first four months of 2003, the share capital and the shareholder structure of the company remained unchanged.

The shareholder structure of the company is the following: Shareholder Participation (%) IN HEALTH SA 51,90% Emmanuel E. Kollias 24,05% Theodoros El. Koziokos 24,05% Total 100,00%

Lambrakis Press does not hold a participation in the share capital of the company.

The summary financial data of the company for the years are shown in the following table:

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INTEROPTICS SA

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 1.712,3 3.354,5 Gross earnings before depreciation 90,1 444,3 % on turnover 5,3% 13,2% Oprating earnings before depreciation -242,5 21,7 Total depreciation 6,8 9,3 Earnings before tax -256,3 10,3 % on turnover -15,0% 0,3% Earnings after tax & Board of Directors renumeration -256,3 -35,9 % on turnover -15,0% -1,1%

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 3,8 2,8 Non-depreciated intangible assets 0,0 0,0 non-depreciated tangible assets 38,3 32,5 Particpations - Other long term receivables 3,1 4,1 Current assets 1.289,8 2.099,6 Transitory accounts 3,0 39,6 TOTAL ASSETS 1.338,0 2.178,6

LIABILITIES 2001 2002 Share capital 293,5 293,5 Total equity 49,0 13,1 Provisions 17,5 21,1 Long term liabiliies 0,0 0,0 Short term liabilities 1.269,9 2.144,4 Total liabilities 1.269,9 2.144,4 Transitory accounts 1,6 0,0 TOTAL LIABILITIES 1.338,0 2.178,6

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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 Incorporated Companiesι of the Ministry of Trade under reg. No. 27671/06/Β/92/21. The head office of the company is in the Municipality of Athens, (47, Evelpidon st. 113 62 Athens)

MICROLAND is an ALTEC SA group company 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 Athanassios Athanassoulis President (executive member) Georgios Valsamides Vice President (executive member) Epaminondas Platis Executive member Athanasios Tsironas Independent, non executive member Konstantinos Remelis Independent, non executive member

(*) According to Athrens Stock Exchange data

SHAREHOLDERS – SHARE CAPITAL

On 31.12.2001 the company’s share capital amounted to 12.764.000 euros, divided into 12.764.000 registered shares with a nominl value of 1 euro each.

In the fiscal year 2002 and the first four months of 2003 there were no changes in the company’s share capital The shareholding of the company is the following:

Shareholder Participation (%) ALTEC SA 24,26% (*) COOPER INVEST LIMITED 15,96% (*) Lambrakis Press SA 7,91% Others 51,87% Σύνολο 100,00%

(*) According to Athens Stock Exchange data dated 28.3.2003

In the fiscal year 2002 and the first four months of 2003, Lambrakis Press has not changed its participation in the company.

The summary financial data and the summary consolidated date fotr the years 2001 and 2002 are shown in the following tables:

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MICROLAND COMPUTERS SA

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 45.428,7 29.361,8 Gross earnings before depreciation 12.079,0 9.167,7 % on turnover 26,6% 31,2% Oprating earnings before depreciation 2.319,6 -28,5 Total depreciation 4.209,7 5.166,4 Earnings before tax -1.850,8 -5.557,9 % on turnover -4,1% -18,9% Earnings after tax & Board of Directors renumeration -1.850,8 -5.557,9 % on turnover -4,1% -18,9%

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 11.703,0 11.958,2 Non-depreciated intangible assets 0,0 0,0 non-depreciated tangible assets 5.658,9 4.892,4 Particpations - Other long term receivables 564,1 695,8 Current assets 27.906,7 26.859,8 Transitory accounts 0,8 0,0 TOTAL ASSETS 45.833,5 44.406,2

LIABILITIES 2001 2002 Share capital 12.764,0 12.764,0 Total equity 19.052,5 13.494,6 Provisions 0,0 0,0 Long term liabiliies 0,0 0,0 Short term liabilities 26.781,0 30.911,6 Total liabilities 26.781,0 30.911,6 Transitory accounts 0,0 0,0 TOTAL LIABILITIES 45.833,5 44.406,2 The company is not included in the consolidated financial statements of Lambrakis Press SA

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MICROLAND COMPUTERS SA (CONSOLIDATED DATA)

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 45.787,6 29.424,4 Gross earnings before depreciation 12.087,2 9.159,2 % on turnover 26,4% 31,1% Oprating earnings before depreciation 2.060,1 -92,4 Total depreciation 4.253,8 5.177,4 Earnings before tax -2.136,7 -5.632,8 % on turnover -4,7% -19,1% Earnings after tax & Board of Directors renumeration -2.136,7 -5.632,8 % on turnover -4,7% -19,1%

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 11.780,7 12.010,9 Non-depreciated intangible assets 240,4 302,5 non-depreciated tangible assets 5.829,6 5.000,7 Particpations - Other long term receivables 488,0 326,4 Current assets 27.767,3 26.429,6 Transitory accounts 65,2 0,0 TOTAL ASSETS 46.171,2 44.070,1

LIABILITIES 2001 2002 Share capital 12.764,0 12.764,0 Total equity 18.841,3 13.283,4 Provisions 0,0 0,3 Long term liabiliies 2,6 0,0 Short term liabilities 27.316,5 30.786,4 Total liabilities 27.319,1 30.786,4 Transitory accounts 10,8 0,0 TOTAL LIABILITIES 46.171,2 44.070,1 The company’s consolidated financial statements include the companies MICROLAND ROMANIA SRL, MICROLAND CYPRUS LTD and ILEKTRONIKI MICROLAND SA.

Page 196/203 LAMBRAKIS PRESS SA – ANNUAL REPORT 2002

F. COMPANIES IN WHICH THE MAJOR SHAREHOLDERS OF LAMBRAKIS PRESS PARTICIPATE

D-E PUBLISHING LTD

The company «ADVERTISING COMMERCIAL PUBLISHING LIMITED LIABILITY COMPANY» (trade name «DE PUBLISHING LTD’) was founded in 1993 (Government Gazette, issue No. 345/1993) with a duration of 100 years and according to its Articles of Association its head office is in the Municipality of Maroussi (40, Agiou Contstantinou st., 151 21 Marousii).

The founders of the company were Messrs George Kourtis and Massimo Pizzogaro. The object of the company according to its Articles of Association is: 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 adverisement 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 exploitation of 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 account of third parties or tutoring and lecturing and establishing and organizing free-admission study labs, student preparation labs and educational institutions in general.

MANAGEMENT

The company is managed and represented by:

• Damianos Z. Hadjikokkinos • Panagiotis Andr. Chryssikakis • Kyriakos Kon. Boutsikaris • Nikolaos Georg. Anastasopoulos

SHAREHOLDERSΙ – COMPANY CAPITAL

On 31.12.2001 the company capital amounted to GRD 841.500.000 divided into 84.150 shares with a nominal value of GRD 10.000 each.

In 2002 and the four first months of 2003there were no changes in the company capital or its structure, which is the following:

Partner Participation (%)

Christos D. Lambrakis 100%

Lambrakis Press SA does not participate in the company’s capital.

The summary fiancial data of the company for the years 2001-2002 are shown in the following table:

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D.E. PUBLISHING LTD

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 1.838,2 1.337,4 Gross earnings before depreciation -334,3 484,9 % on turnover -18,2% 36,3% Oprating earnings before depreciation -887,2 382,2 Total depreciation 66,8 49,9 Earnings before tax -941,3 322,1 % on turnover -51,2% 24,1% Earnings after tax & Board of Directors renumeration -941,3 322,1 % on turnover -51,2% 24,1%

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 43,2 28,8 Non-depreciated intangible assets 0,0 0,0 non-depreciated tangible assets 101,2 75,5 Particpations - Other long term receivables 10,3 10,9 Current assets 1.149,8 1.692,2 Transitory accounts 6,4 0,0 TOTAL ASSETS 1.310,9 1.807,4

LIABILITIES 2001 2002 Share capital 2.469,6 2.469,6 Total equity -2.598,3 -2.276,2 Provisions 0,0 0,0 Long term liabiliies 0,0 0,0 Short term liabilities 3.896,6 4.075,0 Total liabilities 3.896,6 4.075,0 Transitory accounts 12,6 8,6 TOTAL LIABILITIES 1.310,9 1.807,4

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Ζ. COMPANIES HAVING COMMON MANAGΕMENT WITH LAMBRAKIS PRESS

ATHENS NEWS SA

The company “ATHENS NEWS Incorporated Publishing, Managing and Selling Newspaers and Magazine Company» (trade name ATHENS NEWS SA) was etablished in 1993 (Government Gazette, issue No. 2123/31.5.1993), is registered in the Register of Incorporated Companies of the Ministry of Trade under Reg. No. 29083/01/Β/93/299. According to its Arcticles of Association the company has a duration of 50 years (until 2043) and its head office is in the Municipality of Athens (18, Panepistimiou st.., 10672 Αthens).

The founders of the company were Lambrakis Press SA by 99% and Mr. Christos C. Lambrakis by 1%.

The object of the company according to its Articles of Association is publishing all kinds of newspapers, magazines and printed material, either published by the company or imported from aboard, the administrative support and commercial exploitation of all kinds of newspapers, magazines and printed material in Greece and/or abroad, the acquisition and/or trading of 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 a 6-member Board of Directors. The term of the Board of Directors expires on 30.6.2005 and its members are:

Name Position Christos D. Lambrakis President Leon Byr. Karapanagiotis Vice President Stavros Pan. Psycharis Member Damianos Z. Hadjikokkinos Member Tryfon Ioan. Koutalidis Member Panagiotis Andr. Chryssikakis Member

SHAREHOLDERS – SHARE CAPITAL

On 31.12.2001 the share capital of the company amounted to 997.900 euros divided into 34.000 shares with a nominal value of 29,35 euros each In 2002 and the first four months of 2003 there was no change in the share capital of the company. The shaholding structure is the following:

Shareholder Participation (%)

LAMBRAKIS RESEARCH FOUNDATION 100%

Lambrakis Press SA does not hold a participation in the company.

The summary financial data of the company for the years 2001-2002 are shown in th following table:

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ATHENS NEWS SA

INCOME STATEMENT 2001 2002 thousand € thousand € Turnover 1.058,1 937,5 Gross earnings before depreciation -672,8 -451,8 % on turnover -63,6% -48,2% Oprating earnings before depreciation -1.161,0 -664,3 Total depreciation 50,7 47,8 Earnings before tax -1.277,8 -717,7 % on turnover -120,8% -76,6% Earnings after tax & Board of Directors renumeration -1.277,8 -850,9 % on turnover -120,8% -90,8%

BALANCE SHEET

ASSETS 2001 2002 Non-depreciated establishment expenses 6,3 4,1 Non-depreciated intangible assets 82,2 82,2 non-depreciated tangible assets 116,9 72,0 Particpations - Other long term receivables 15,2 16,7 Current assets 370,5 371,9 Transitory accounts 14,7 10,3 TOTAL ASSETS 605,8 557,2

LIABILITIES 2001 2002 Share capital 997,9 997,9 Total equity -2.232,5 -3.083,5 Provisions 0,0 0,0 Long term liabiliies 0,0 0,0 Short term liabilities 2.800,8 3.588,4 Total liabilities 2.800,8 3.588,4 Transitory accounts 37,5 52,3 TOTAL LIABILITIES 605,8 557,2

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XXVI. INTERCOMPANY TRANSACTIONS

The intercompany transactions (purchases and sales) during the fiscal year 2002 and the intercompany balances of these transactions (receivables- liabilities) on 31.12.2002, effected between Lambrakis Press SA and its associated companies are shown in the following tables (in euros):

PARENT PUBLISHING PRE-PRESS PRINTING TOURISM IT AND NEW TECHNOLOGIES OTHER PARTICIPATIONS COMPANY BUYER TOTAL HEARST SELLER SPECIAL ELLINIKA SALES LAMBRAKIS ΝΕΑ ΑΚΤΙΝΑ MCHELLAS LAMBRAKIS MULTIMEDIA IRIS PRINTING PHOENIX EUROSTAR EUROSTAR EXPO PLAN LP DIGITAL RAMNET RAMNET NET ON LINE ACTION ACTION STUDIO ΑΤΑ PUBLICATIONS IN TRAVEL SA GRAMMATA PRESS SA SA SA PUBLISHING SA SA. SA ATEBE SA SA SA SHOP SA SHOP SA SA PLAN SA PLAN HR SA SA SA SA LTD

PARENT LAMBRAKIS 893.958,86 197.123,81 911.372,15 462.080,88 608.869,50 1.213.361,94 3.972,80 634.736,58 1.590,12 5.914,83 222.669,68 387.945,34 192.692,98 1.188,18 68.496,99 894.457,74 91,08 914,99 669.023,41 7.370.461,86 COMPANY PRESS SA SPECIAL PUBLICATIONS 1.077,50 0,00 441,00 0,00 0,00 55,00 0,00 12,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 3.499,68 0,00 0,00 0,00 5.085,18 SA PUBLISHING ΝΕΑ ΑΚΤΙΝΑ SA 0,00 0,00 0,00 0,00 0,00 0,00 0,00 205,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 9.557,49 9.762,49

MCHELLAS SA 21.618,53 14.819,45 70,50 4.359,68 0,00 0,00 0,00 0,00 0,00 70,50 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 40.938,66

HEARST LAMBRAKIS 2.820,00 70,50 0,00 0,00 0,00 0,00 0,00 493,50 0,00 70,50 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 3.454,50 PUBLISHING LTD

PRE-PRESS MULTIMEDIA SA 3.259.195,68 333.534,40 2.013,44 280.379,68 194.854,00 542.914,15 154,26 39.595,87 1.085,84 12.298,00 11.491,62 44,94 717,01 0,00 168,51 66.024,96 0,00 0,93 281.821,28 5.026.294,57

IRIS PRINTING 37.558.488,06 1.370.893,66 889.559,11 1.405.311,40 1.565.579,70 30.899,75 667.210,62 91.807,50 0,00 0,00 0,00 0,00 17.826,26 0,00 0,00 79.147,25 0,00 0,00 2.693.400,51 46.370.123,82 SA PRINTING PHOENIX SA 0,00 0,00 0,00 0,00 0,00 0,00 2.093.086,62 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 2.093.086,62

EUROSTAR SA 715.388,17 14.308,87 0,00 55.319,40 8.996,53 16.464,03 966.616,07 0,00 1.072.806,51 4.913,52 0,00 4.569,84 0,00 0,00 0,00 37.487,60 0,00 9.234,69 28.300,68 2.934.405,91

TRIAENA TOURISM 585,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 432.695,79 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 433.280,79 TRAVEL SA

EXPO PLAN SA 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 2.700,20 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 2.700,20

IT AND NEW TECHNOLOGIES LP DIGITAL SA 1.027,34 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 102.714,60 29.347,08 0,00 29.347,08 0,00 0,00 0,00 0,00 162.436,10

RAMNET SA 571.851,73 0,00 14.526,78 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 42.510,51 0,00 0,00 0,00 628.889,02

RAMNET SHOP 51.910,96 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 4.282,75 725,02 0,00 0,00 0,00 56.918,73 SA

IN TRAVEL SA 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

NET ON LINE SA 4.209,13 0,00 0,00 0,00 0,00 95.620,00 0,00 0,00 126,81 0,00 0,00 164,11 1.988,38 0,00 0,00 0,00 0,00 405,95 0,00 102.514,38 ΛΟΙΠΕΣ ACTION PLAN SA 134.408,90 1.121,03 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 2.316,23 136.453,06 0,00 0,00 274.299,22

∆ΡΑΣΤΗΡΙΟΤΗΤΕΣ ACTION PLAN 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 HR SA

STUDIO ΑΤΑ SA 283,00 0,00 0,00 0,00 0,00 0,00 1.156,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 1.439,00

ELLINIKA 3.319.946,89 3,00 0,00 0,00 0,00 0,01 65,38 0,00 442,32 0,00 0,00 0,00 0,00 12.787,80 0,00 0,00 1.878,24 0,00 0,00 3.335.123,64 GRAMMATA SA

TOTAL PURCHASES 45.642.810,89 2.628.709,77 1.103.293,64 2.652.823,63 2.235.870,79 751.853,29 4.817.255,16 671.337,68 1.202.815,57 1.075.482,47 23.267,35 234.325,41 497.263,10 253.371,13 1.188,18 104.611,56 1.125.731,00 136.544,14 10.556,56 3.682.103,37 68.851.214,69

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PARENT PUBLISHING PRE-PRESS PRINTING TOURISM IT AND NEW TECHNOLOGIES OTHER PARTICIPATIONS COMPANY LIABILITIES TOTAL HEARST SPECIAL ELLINIKA RECEIVABLES RECEIVABLES LAMBRAKIS ΝΕΑ ΑΚΤΙΝΑ MCHELLAS LAMBRAKIS IRIS PRINTING PHOENIX EUROSTAR EUROSTAR EXPO PLAN LP DIGITAL RAMNET RAMNET NET ON LINE ACTION ACTION STUDIO ΑΤΑ PUBLICATIONS MULTIMEDIA SA IN TRAVEL SA GRAMMATA PRESS SA SA SA PUBLISHING SA. SA ATEBE SA SA SA SHOP SA SHOP SA SA PLAN SA PLAN HR SA SA SA SA LTD

PARENT LAMBRAKIS 345.098,25 -14.367,59 347.134,09 43.786,92 185.428,76 413.132,55 0,00 33.537,83 954,44 10.140,67 1.283.371,50 2.298.008,30 263.307,56 1.105,39 133.856,14 265.808,26 0,00 40.447,10 475.847,14 6.126.597,31 COMPANY PRESS SA SPECIAL PUBLICATIONS -8.247,34 0,00 0,00 0,00 0,00 64,90 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 -8.182,44 SA

PUBLISHING ΝΕΑ ΑΚΤΙΝΑ 0,00 0,00 0,00 0,00 0,00 0,00 0,00 5,90 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 3.213,14 3.219,04 SA

MCHELLAS SA -11.750,54 9.097,58 0,00 1.731,78 0,00 0,00 0,00 0,00 0,00 228,63 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 -692,55

HEARST LAMBRAKIS -14.811,64 83,19 0,00 0,00 0,00 0,00 0,00 249,57 0,00 214,78 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 -14.264,10 PUBLISHING LTD MULTIMEDIA PRE-PRESS 222.634,03 124.488,34 1.773,04 117.840,19 71.651,80 346.506,38 0,00 19.600,16 13.231,24 36.391,04 31.293,54 34.106,18 325,77 0,00 140,64 11.174,08 0,00 0,00 462.904,66 1.494.061,09 SA

IRIS PRINTING 12.047.292,28 436.320,70 241.044,94 594.380,14 594.615,96 15.797,00 287.946,08 0,00 140,25 0,00 0,00 0,00 21.034,99 0,00 281,72 72.564,36 0,00 0,00 2.530.669,76 16.842.088,18 SA PRINTING PHOENIX SA 0,00 0,00 0,00 0,00 0,00 0,00 755.102,26 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 755.102,26

EUROSTAR SA 212.340,99 5.841,44 0,00 1.370,61 0,00 740,00 220.398,94 0,00 554.906,93 54.504,04 0,00 954,95 0,00 0,00 0,00 27.172,53 0,00 5.112,87 13.936,15 1.097.279,45

TRIAENA TOURISM 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 TRAVEL SA

EXPO PLAN SA 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

IT AND NEW TECHNOLOGIES LP DIGITAL SA 1.212,27 0,00 0,00 880,41 1.467,35 0,00 0,00 0,00 0,00 0,00 880,41 1.808.018,39 112.136,39 0,00 108.120,47 0,00 0,00 0,00 0,00 2.032.715,69

RAMNET SA 124.460,21 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 4.402,06 303.239,52 0,00 0,00 0,00 1.163,55 433.265,34

RAMNET SHOP 3.750,48 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 401.607,28 0,00 0,00 0,00 0,00 0,00 0,00 405.357,76 SA

IN TRAVEL SA 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

NET ON LINE 2.103,60 0,00 0,00 0,00 0,00 48.356,40 281,73 0,00 0,00 0,00 0,00 0,00 82.000,00 0,00 0,00 0,00 0,00 239,50 0,00 132.981,23 SA ΛΟΙΠΕΣ ACTION PLAN 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 3.146,07 0,00 84.063,50 29.343,78 0,00 0,00 116.553,35 SA

∆ΡΑΣΤΗΡΙΟΤΗΤΕΣ ACTION PLAN 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 HR SA

STUDIO ΑΤΑ 309,16 0,00 0,00 0,00 0,00 0,00 1.364,08 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 1.673,24 SA ELLINIKA GRAMMATA 1.249.775,05 0,00 0,00 165,08 0,00 0,00 68,00 0,00 0,00 0,00 0,00 0,00 0,00 4.781,98 0,00 0,00 -2.846,49 0,00 0,00 1.251.943,62

SA

TOTAL LIABILITIES 13.829.068,55 920.929,50 228.450,39 1.061.770,52 713.253,81 250.322,16 1.736.918,84 287.946,08 53.393,46 569.232,86 102.359,57 1.314.665,04 4.624.695,10 404.732,76 5.507,45 629.701,99 373.872,74 29.343,78 45.799,47 3.487.734,40 30.669.698,47

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ANNEX

Financial Statements of Lambrakis Press SA and of Companies Included in the Consolidated Financial Statements of Lambrakis Press SA

1. Lambrakis Press SA (1.1 - 31.3.2003) 2. Lambrakis Press SA (1.1 – 31.3.2003) (consolidated) 3. Lambrakis Press SA (1.1 - 31.12.2002) 4. Lambrakis Press SA (1.1 – 31.12.2002) (consolidated) 5. Lambrakis Press SA (1.1 - 30.9.2002) 6. Lambrakis Press SA (1.1 – 30.9.2002) (consolidated) 7. Lambrakis Press SA (1.1 - 30.6.2002) 8. Lambrakis Press SA (1.1 – 30.6.2002) (consolidated) 9. Lambrakis Press SA (1.1 - 31.3.2002) 10. Lambrakis Press SA (1.1 – 31.3.2002) (consolidated)

11. Hearst Lambrakis Publishing Ltd 12. MC Hellas SA 13. Nea Aktina SA 14. Special Publications SA 15. Multimedia SA 16. IRIS Printing SA 17. IRIS Printing SA (consolidated) 18. EUROSTAR SA 19. EUROSTAR SA (consolidated) 20. Triaina Travel – St. Lagas SA 21. Expo Plan SA 22. Studio ATA SA 23. Ellinika Grammata SA 24. Action Plan SA 25. LP Digital SA 26. LP Digital SA (consolidated) 27. Ramnet Shop SA 28. Ramnet SA 29. Net On Line SA 30. In Travel SA LAMBRAKIS PRESS S.A. REGISTRATION NO. 1410/06/Β/86/40 ATHENS PREFECTURE SUMMARY BALANCE SHEET OF 31.03.2003 PERIOD: (JANUARY 1 - MARCH 31, 2003) (Amounts in euros)

ASSETS LIABILITIES Previous period's Current period's amounts Current period's amounts (1.1 - 31.3.2003) Previous period's amounts 1.1 - 31.3.2002 amounts (1.1 - 31.3.2003) (1.1 - 31.3.2002)

Accrued Non-depreciated Accrued Non-depreciated Acquisition cost Acquisition cost depreciation balance depreciation balance

B. ESTABLISHMENT EXPENSES 8.201.443,43 6.519.751,82 1.681.691,61 7.571.954,30 5.235.787,71 2.336.166,59 Α. CAPITAL AND RESERVES Ι. Share capital fully paid up 45.180.000,00 45.180.000,00 ΙΙ. Share premium account 206.260.785,36 206.260.785,36 C. FIXED ASSETS III. Asset revaluation - Investment subsidies 305.059,11 274.180,70 I. Intangible assets 354.097,34 276.327,64 77.769,70 364.435,78 242.197,84 122.237,94 IV. Reserves -27.700.207,17 -17.489.045,46 II. Tangible assets 27.035.480,82 11.373.308,93 15.662.171,89 27.436.507,25 10.170.296,82 17.266.210,43 V. Profit or Loss brought forward -19.928.976,38 -21.854.419,21 TOTAL TANGIBLE AND INTANGIBLE FIXED ASSETS (CΙ+CΙΙ) 27.389.578,16 11.649.636,57 15.739.941,59 27.800.943,03 10.412.494,66 17.388.448,37 VII Current period's results 1.362.919,65 751.826,22 VIII Treasury stock (own shares) -31.123.138,52 -31.123.138,52 TOTAL EQUITY CAPITAL (ΑΙ-AVIII) 174.356.442,05 182.000.189,09

III. Participations and other long term financial receivables 105.915.668,25 124.178.400,50

TOTAL FIXED ASSETS (CΙ+CΙΙ+CΙΙΙ) 121.655.609,84 141.566.848,87 Β.PROVISIONS FOR RISKS AND LIABILITIES 14.595,82 770.095,43

D. CURRENT ASSETS Ι. Inventories 7.486.158,77 8.488.384,33 C. LIABILITIES ΙΙ. Debtors 57.382.704,93 53.728.164,31 ΙΙ. Short-term liabilities 36.646.921,58 37.639.265,01 ΙΙΙ. Investments 21.884.630,14 13.306.044,37 TOTAL SHORT AND LONG TERM LIABILITIES (CΙ+CΙΙ) 36.646.921,58 37.639.265,01 IV. Cash and cash equivalents 290.099,38 825.146,66 TOTAL CURRENT ASSETS(DΙ+DΙΙ+DΙΙΙ+DIV) 87.043.593,22 76.347.739,67 D. TRANSITORY ACCOUNTS 4.580.826,84 3.803.815,01

Ε. TRANSITORY ACCOUNTS 5.217.891,62 3.962.609,41

TOTAL ASSETS (B+C+D+Ε) 215.598.786,29 224.213.364,54 TOTAL LIABILITIES (Α+Β+C+D) 215.598.786,29 224.213.364,54

OFF BALANCE SHEET ACCOUNTS 13.137.490,65 3.128.007,77 OFF BALANCE SHEET ACCOUNTS 13.137.490,65 3.128.007,77

Notes 1. Paricipations in Associated Companies refer to: a) Participation in a company listed on the Athens Stock Exchange that is posted at its value nn 31.12.2002 as it was valuated according to art. 43 par. 6 of Law 2190/1920. b) A particiaption in companies not listed on the Athens Stock Exchange that is posted at its value on 31.12.2002 as it was valuated according to art. 28 of the Code of Books and Records (Presidential Decree 186/92). 2. Average number of employed personnel: 799 persons. 3. The latest revaluation of the company’s fixed assets was effected on 31.12.2000. 4. The analysis of turnoverper sector of business activity ( STAKOD.91 ) of the first quarter of 2003 is the following: code. 221.2 26,184 thousand euros, code 521.4 207 thousand euros, code 741.2 1,020 thousand euros. 5. The previous year's figures include a provision for income from particiaptions for all the companies participated in, while in the current period only the income for participation in two companies is incuded 6. The company has been audited by tax authorities up to fiscal year 1999 inclusive. As a result the company's tax liabilities for the fiscal years 2000 and 2001 have not been finalised. 7. There are no registered encumbrances on the real estate fixed assets of the company. 8. Pending litigations against the company, mainly from newspaper articles and reports will not have material adverse effect in the financial standing or operation of the company even if judged against the company. Also, there are no pending or under referral claims or litigations in any administrative court of Law or arbitration body. 9. Some of last year's figureas have been adjusted to become similar and comparable to this year's.

INCOME STATEMENT MARCH 31ST, 2003 (January 1 - March 31, 2003)

Current period's amounts Previous period's amounts 31/03/2002 31/03/2003 Ι. Operating income Turnover (sales) 27.411.931,36 27.188.375,26 Less: Cost of goods 23.454.237,49 24.269.048,64 Gross margin 3.957.693,87 2.919.326,62 Plus: Other operating income 356.708,63 402.942,90 Sub total 4.314.402,50 3.322.269,52 Less: 1. Administration expenses 2.242.574,39 1.887.806,42 2. Selling expenses 1.202.492,33 3.445.066,72 1.213.589,84 3.101.396,26 Operating income 869.335,78 220.873,26 Plus: Net Interest and capital gains 702.724,82 1.040.181,29 TOTAL OPERATING INCOME 1.572.060,60 1.261.054,55

ΙΙ.Less: Εxtraordinary income -209.140,95 -509.228,33

TOTAL OPERATING AND EXTRAORDINARY EARNINGS 1.362.919,65 751.826,22

Total fixed asset depreciation 664.533,98 810.606,61 Less: Depreciation included in operating cost 664.533,98 - 810.606,61 - NET EARNINGS BEFORE TAX 1.362.919,65 751.826,22

Athens, May 26, 2003

THE PERIDENT OF THE BOARD OF DIRECTORS THE VICE PRESIDENT OF THE BOARD OF DIRECTORS THE GROUP'S FINANCIAL DIRECTOR THE HEAD OF THE ACCOUNTING DIVISION

CHRISTOS D. LAMBRAKIS STAVROS P. PSYCHARIS DAMIANOS Z. HADJIKOKKINOS KYRIAKOS P. BOUTSIKARIS ID No.: M 154944 ID No.: L 352089 ID No.:S 147009 ID No..: I 374832 LAMBRAKIS PRESS S.A. REGISTRATION NO. 1410/06/Β/86/40 ATHENS PREFECTURE SUMMARY CONSOLIDATED BALANCE SHEET OF 31.03.2003 PERIOD: (JANUARY 1 - MARCH 31, 2003) (Amounts in euros)

ASSETS LIABILITIES Current Period Previous Period Current period's amounts 31/03/2003 Previous period's amounts 31/03/2002 (01.01 - 31.03.2003) (01.01 - 31.03.2002) Accrued Non-depreciated Accrued Non-depreciated Acquisition cost Acquisition cost depreciation balance depreciation balance B. ESTABLISHMENT EXPENSES 26.101.516,19 16.816.701,99 9.284.814,20 20.648.122,08 13.613.685,32 7.034.436,76 Α. EQUITY CAPITAL Ι. Share capital 45.180.000,00 45.180.000,00 C. FIXED ASSETS ΙΙ. Share premium account 206.260.785,36 206.260.785,36 I. Intangible assets 769.390,35 581.050,99 188.339,36 717.409,65 516.092,93 201.316,72 ΙΙΙ. Asset revaluation reserves - Investment subsidies 429.593,45 314.534,78 II. Tangible assets 205.315.186,68 53.724.563,51 151.590.623,17 183.446.920,68 40.626.365,99 142.820.554,69 IV. Reserves -22.580.920,80 -14.444.053,40 TOTAL (CΙ+CΙΙ) 206.084.577,03 54.305.614,50 151.778.962,53 184.164.330,33 41.142.458,92 143.021.871,41 V. Profit or Loss brought forward -48.389.570,61 -48.443.965,81 VII. Period's profit (loss) III. Participations and other long term financial receivables 36.738.339,11 52.240.165,44 VIII. Treasury stock (own shares) -31.123.138,52 -31.123.138,52 IX. Minority rights 29.621.586,53 34.848.429,44 TOTAL FIXED ASSETS (CΙ+CΙΙ+CΙΙΙ) 188.517.301,64 195.262.036,85 X. Consolidation differences 12.634.094,52 16.137.697,81 TOTAL EQUITY CAPITAL (ΑΙ-AX) 192.032.429,93 208.730.289,66 D. CURRENT ASSETS Ι. Inventories 38.576.489,94 38.918.644,68 ΙΙ. Debtors 178.709.594,80 168.729.046,47 Β.PROVISIONS FOR RISKS AND LIABILITIES 486.308,96 1.799.368,73 ΙΙΙ. Investments 28.204.230,48 15.962.177,96 IV. Cash in bank and at hand 6.215.877,80 3.923.784,23 TOTAL CURRENT ASSETS (DΙ+DΙΙ+DΙΙΙ+DIV) 251.706.193,02 227.533.653,34 C. LIABILITIES Ι. Long-term liabilities 82.171.680,00 11.738.811,00 Ε. TRANSITORY ACCOUNTS 11.293.506,98 6.325.896,69 ΙΙ. Short-term liabilities 176.558.435,84 206.035.232,87 TOTAL LONG AND SHORT TERM LIABILITIES (CΙ+CΙΙ) 258.730.115,84 217.774.043,87

D. TRANSITORY ACCOUNTS 9.552.961,11 7.852.321,38

TOTAL ASSETS (B+C+D+Ε) 460.801.815,84 436.156.023,64 TOTAL LIABILITIES (Α+Β+C+D) 460.801.815,84 436.156.023,64

OFF BALANCE SHEET ACCOUNTS 59.597.505,84 89.568.882,20 OFF BALANCE SHEET ACCOUNTS 59.597.505,84 89.568.882,20

Notes: 1. The companies included in the consolidation are: 1) IRIS PRINTING SA (consolidated), 2) MULTIMEDIA SA, 3) STUDIO ATA SA, 4) SPECIAL PUBLICATIONS SA, 5) LP DIGITAL SA (consolidated), 6) HEARST LAMBRAKIS PUBLISHING LTD, 7) MC HELLAS SA, 8) EUROSTAR SA (consolidated), 9) ACTION PLAN SA (consolidated), 10) ΝΕΑ ΑΚΤΙΝΑ SA and 11) ELLINIKA GRAMMATA SA. The amounts of this consolidated statement and the income consolidated statements are not comparable to the reorresponding figures of lart year's period, sincs in this period the companies ACTION PLAN HR SA (affiliate of ACTION PLAN SA) and ELLINIKA GRAMMATA SA, are included in th econsolidation while, on the contrary, the company "AGGELIDIS-GEORGAKOPOULOS" is not included in the consolidated statements of the affiliate IRIS PRINTING SA.. 2. Paricipations in Associated Companies refer to: a) Participation in a company listed on the Athens Stock Exchange that is posted at its value nn 31.12.2002 as it was valuated according to art. 43 par. 6 of Law 2190/1920. b) A particiaption in companies not listed on the Athens Stock Exchange that is posted at its value on 31.12.2002 as it was valuated according to art. 28 of the Code of Books and Records (Presidential Decree 186/92). 3. Pending litigations against the companies of the Group, mainly from newspaper articles and reports will not have material adverse effect in the financial standing or operation of the companies of the group if ruled against them. Also, there are no pending or under referral claims or litigations in any administrative court of Law or arbitration body. 4. Average number of employed personnel: 2,502 persons. 5. The latest adjustment of the fixed assets of the companies of the group was effected on 31.12.2000. 6. There is a prenotation of 98,606 thousand euros on real estate assets of an affiliate securing long term bank borrowing amounting to 82,171 thousand euros. 7. Summary consolodated stements do not inclure provision for income tax. 8. Some of last year's figureas have been adjusted to become similar and comparable to this year's.

INCOME STATEMENT MARCH 31st 2003 (January 1 - March 31, 2003)

Closing period's Previous period's amounts amounts (31/03/2003) (31/03/2002) Ι. Operating income Turnover (sales) 61.257.498,87 66.747.336,67 Less: Cost of goods 52.632.722,65 58.070.405,90 Gross margin 8.624.776,22 8.676.930,77 Plus: Other operating income 167.563,05 591.009,99 Sub total 8.792.339,27 9.267.940,76 Less: 1. Administrative and selling expenses 9.120.317,87 8.435.136,12 Operating income -327.978,60 832.804,64 Plus: Net Interest income and capital gains -1.043.788,10 437.704,99 TOTAL OPERATING INCOME -1.371.766,70 1.270.509,63 Less: Εxtraordinary income -1.248.257,20 -664.533,08 TOTAL OPERATING AND EXTRAORDINARY EARNINGS -2.620.023,90 605.976,55 Less: Total fixed asset depreciation 4.596.458,29 3.267.203,97 Less: Depreciation included in cost of goods sold 4.596.458,29 - 3.267.203,97 - EARNINGS BEFORE TAX AND MINORITIES -2.620.023,90 605.976,55 Less: Minority and third party rights -916.835,92 -5.383,30 NET EARNINGS BEFORE TAX -1.703.187,98 611.359,85

Athens, May, 26, 2003

THE PERIDENT OF THE BOARD OF DIRECTORS THE VICE PRESIDENT OF THE BOARD OF DIRECTORS THE GROUP'S FINANCIAL DIRECTOR THE HEAD OF THE ACCOUNTING DIVISION

CHRISTOS D. LAMBRAKIS STAVROS P. PSYCHARIS DAMIANOS Z. HADJIKOKKINOS KYRIAKOS P. BOUTSIKARIS ID No.: M 154944 ID No.: L 352089 ID No.:S 147009 ID No..: I 374832 LAMBRAKIS PRESS SA Reg. No. 1410/06/Β/86/40 Prefecture of Athens BALANCE SHEET OF DECEMBER 31, 2002 FISCAL YEAR January 1 - December 31, 2002) Amounts in euros ASSETS LIABILITIES

Current year's amounts Previous year's amounts Previous year's Current year's amounts amounts Non depreciated Accrued Non depreciated Acquisition value Accrued depreciation Acquisition value balance depreciation balance B. ESTABLISHMENT EXPENSES Α. EQUITY CAPITAL AND RESERVES 1. Establishment and set-up expenses 5.742.450,46 4.275.784,63 1.466.665,83 5.320.813,93 3.367.895,33 1.952.918,60 Ι. Share capital 2. FX differences from loans on fixed assets ------(75.300.000 shares of 0.60 euro each) 4. Other establishment expenses 2.458.992,97 2.009.273,44 449.719,53 2.131.813,69 1.550.156,83 581.656,86 1. Fully paid up 45.180.000,00 45.180.000,00 8.201.443,43 6.285.058,07 1.916.385,36 7.452.627,62 4.918.052,16 2.534.575,46 C. FIXED ASSETS ΙΙ. Share premium reserve 206.260.785,36 206.260.785,36 Ι. Intangible assets 2. Rights on industrial property 139.587,37 139.587,32 0,05 139.587,37 118.471,26 21.116,11 ΙΙΙ. Revaluation differences - Inmvestment subsidies 5. Other intangible assets 215.247,21 134.437,89 80.809,32 215.557,71 113.117,17 102.440,54 2.Differences from revaluation of other assets 305.059,11 274.180,70 354.834,58 274.025,21 80.809,37 355.145,08 231.588,43 123.556,65

ΙΙ. Tangible assets IV. Reserves 1. Land 2.784.692,27 - 2.784.692,27 3.151.886,22 - 3.151.886,22 1. Statutory reserve 2.877.769,63 2.877.769,63 3. Buildings and technical works 12.920.372,39 4.311.090,61 8.609.281,78 13.430.357,75 4.033.590,94 9.396.766,81 Less: Loss from sale or devaluation of participations & securities 38.644.119,33 -35.766.349,70 28.432.957,64 -25.555.188,01 4. Machinery - Installations and other equipment 1.221.710,00 685.439,63 536.270,37 1.221.709,95 589.197,78 632.512,17 4. Extraodrinary reserves 4.011.853,58 4.011.853,58 5. Vehicles and other transportation 540.910,83 292.311,19 248.599,64 600.976,68 236.358,67 364.618,01 5. Tax-exempt reserves pursuant to specific statutory regulations 4.054.288,97 4.054.288,97 6. Furniture and appliances 6.914.846,04 5.688.588,23 1.226.257,81 6.827.527,80 4.843.167,68 1.984.360,12 -27.700.207,15 -17.489.045,46 7. Advance-payments and fixed assets under construction 2.556.805,83 - 2.556.805,83 2.072.681,53 - 2.072.681,53 V. Earnings brought forward 26.939.337,36 10.977.429,66 15.961.907,70 27.305.139,93 9.702.315,07 17.602.824,86 1.Balance of loss (profit) brought forward -21.854.419,21 -11.465.629,84 TOTAL FIXED ASSETS (CΙ+CΙΙ) 27.294.171,94 11.251.454,87 16.042.717,07 27.660.285,01 9.933.903,50 17.726.381,51 This year's earnings 2.008.337,78 -10.388.789,37 -19.846.081,43 -21.854.419,21

VI.Treasury stock (own shares) -31.123.138,52 -31.123.138,52

III. Participationsother long term receivables 1. Participations in associated companies 107.712.693,55 125.582.536,56 TOTAL EQUITY (ΑΙ+ΑΙΙ+AIII+AIV+AV) 173.076.417,37 181.248.362,87 Less : Provisions for devaluation 388.548,17 20.460.998,35 Less : Installments due 146.735,14 535.283,31 107.177.410,24 146.735,14 20.607.733,49 104.974.803,07 7. Other long term receivables 360.659,13 361.171,43 107.538.069,37 105.335.974,50 Β. PROVISIONS FOR RISKS AND EXPENSES TOTAL FIXED ASSETS (CΙ+CΙΙ+CΙΙΙ) 123.580.786,44 123.062.356,01 2. Other provisions 10.817,57 770.170,91

D.CURRENT ASSETS C. LIABILITIES Ι. Inventories 1. Merchandise 4.802.115,87 5.772.346,75 Ι. Long term liabilities 2. Finished and unfinished goods - byproducts and residuals 2.348.055,50 2.157.067,07 2. Bank loans 3. Production in progress 134.487,17 214.601,72 8. Other long term liabilities 4. Raw and secondary materials-Consumables-Spare parts and packaging material 21.395,12 13.654,30 0,00 0,00 5. Advance payments for invetory purchases 18.904,65 298.128,40 7.324.958,31 8.455.798,24 ΙΙ. Short term liabilities ΙΙ. Receivables 1. Suppliers 20.138.807,40 10.038.785,83 1. Clients 27.156.643,83 26.694.902,53 2.a. Cheques payable 1.817.785,42 3.821.526,17 2. Bills of exchange receivable 3. Banks - short term loan accounts 12.500.000,00 14.155.579,43 - In portfolio 194.425,72 616.584,94 4. Clients' pre-payments 582.037,72 580.667,33 - In banks for collection 158.498,24 255.457,48 5. Tax and duty liabilities 1.167.522,53 2.402.011,69 - In banks as collateral - 352.923,96 - 872.042,42 6. Social security 633.769,47 705.954,13 3. Bills of exchange in arrears 88.994,33 91.660,92 7. Long term liabilities payable next year - 3a. Cheques receivable 10. Dividend payable 269.206,41 292.679,10 - In portfolio 22.537.210,74 22.660.652,60 11. Miscallaneous creditors 1.258.849,98 3.548.094,44 - In banks as collateral - 22.537.210,74 - 22.660.652,60 38.367.978,93 35.545.298,12 3b. Cheques in arrears 312.044,10 134.771,13 5. Short term receivables from associated companies 1.502.228,67 30.781,36 TOTAL LONG AND SHORT TERM LIABILITIES (CΙ+CΙΙ) 38.367.978,93 35.545.298,12 10. Bad, stale and litigious clients and debtors 1.550.192,91 1.538.201,28 Less provisions 759.319,78 790.873,13 514.671,48 1.023.529,80 11. Miscellaneous debtors 2.535.571,44 789.534,08 12. Pre-payments and credit accounts 1.179.903,29 1.101.592,49 56.456.393,49 53.399.467,33 D. TRANSITORY ACCOUNTS

III. Securities 1. Forthcoming years' income 1.247.989,92 1.999.649,00 1. Shares 26.879.055,50 38.770.658,02 2. Current year's realised expenses 811.670,21 1.164.064,53 3. Other securities 9.778.398,22 8.630.190,75 3. Other transitory accounts 23.720,80 34.199,46 4. Treasury stock (own shares) 0,00 2.083.380,93 3.197.912,99 36.657.453,72 47.400.848,77 Less: Provisions for devaluation 13.525.910,27 23.131.543,45 14.818.848,65 32.582.000,12

IV. Cash and cash equivalents 1. Cash 110.147,56 80.149,56 3. Sight and time deposits 336.708,33 431.594,73 446.855,89 511.744,29 TOTAL CURRENT ASSETS (DΙ+DΙΙ+DΙΙΙ+DIV) 87.359.751,14 94.949.009,98

Ε. TRANSITORY ACCOUNTS 1. Future years' expenses 203.655,72 188.389,74 2. Current year's income receivable 395.121,18 27.413,70 3. Other transitory accounts - 598.776,90 215.803,44 TOTAL ASSETS (Β+C+D+Ε) 213.455.699,84 220.761.744,89 TOTAL LIABILITIES (Α+Β+C+D) 213.538.594,80 220.761.744,89

OFF BALANCE SHEET ACCOUNTS OFF BALANCE SHEET ACCOUNTS 1. Third party property 44.341,00 524,36 1. Beneficiaries of third party assets 44.341,00 524,36 2. Debit accounts of guarantees and collaterals 2.776.301,67 3.311.953,04 2. Credit accounts of guarantees and collaterals 2.776.301,67 3.311.953,04 4. Other off-balance-sheet accounts 1.108.399,58 1.108.399,59 4. Other off-balance-sheet accounts 1.108.399,58 1.108.399,59 3.929.042,25 4.420.876,99 3.929.042,25 4.420.876,99

Notes 1. The asset account "DIII. -" Secutiries" includes shares listed on the Athens Stock Exchange of a total value of 26,603 euros, that were valueated at their current value according to art. 43 par. 6 of Law 2190/1920. The difference (loss) that stemmed from this valuation, totaling 12,508 thousand euros (after being netted of with profit from the valuation of a participation in a company listed on the Athens Stock Exchange amounting to 2,297 thousand euros),were transferre directly to Equity Capital, according to the regulations of Law 2992/2002 and have not burdened the results of this year by 10,211 thousand euros. 2. This year's results were burnded with personnel compensation of 2,254 thousand euros, out of which 1,202 thousand refer to the last quarter. 3. Litigation pending against the company, stemming mainly from from articles appearing in the newspapers, in case they are ruled against the company, will not have material effect on the financial standing or operation fo the company. also, there are no litigious, or under arbitration differences of judicial or arbitration bodies. 4.Number of employed personnelσωπικού (fiscal year's average): 819 persons. 5.The latest adjustment of the company's fixed assets was effected on 31.12.2000. 6. The are no registered encumbrances on the real estate assets of the company. 7. The analysis of turnover per sector of business activity for the year 1.1 -31.12.2002 (STAKOD 91) is the following: 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 last year's figures have been ajdusted to become similar and comparable to this year's figures.

INCOME STATEMENT December 31, 2002 (January 1 - December 31, 2002)

Current year's amounts Previous year's amounts Ι. Operating earnings Turnover (sales) 113.967.099,20 104.534.873,45 Less: - Cost of goods sold 103.847.140,45 108.159.609,30 Gross operating earnings 10.119.958,75 -3.624.735,85 Plus: Other operating income 1.869.656,25 1.823.707,19 Total 11.989.615,00 -1.801.028,66 Less: 1. Administrative expenses 7.512.658,58 7.189.412,01 3. Selling expenses 3.642.382,44 11.155.041,02 2.625.446,46 9.814.858,47 Total 834.573,98 -11.615.887,13 Plus: 1. Income from participations 1.612.635,40 3.856.442,49 2. Income from securities 184.960,54 112.642,90 3. Profit from the sale of participations and securities 255.264,92 315.459,37 4. Credit intetrest and related income 33.366,97 2.086.227,83 20.915,34 4.305.460,10

Less: 1. Provisions for devaluation of participations & securiti 1.406.214,54 5.338.169,01 2.Expenses and loss from particiaptions & securities 0,00 771.140,37 3. Debit interes and related expenses 831.763,40 2.237.977,94 -151.750,11 686.914,01 6.796.223,39 -2.490.763,29 TOTAL OPERATING EARNINGS 682.823,87 -14.106.650,42

ΙΙ.Lass: Extraordinary income 1. Extraordinary and non-operating income 75.157,44 471.080,45 2. Extraordinary profit 3.661.903,21 20.306,96 3. Previous years' profit 88.528,42 174.853,96 4. Income from previous years' provisions 320.840,85 3.825.589,07 987.082,22 Less: 1. Extraordinary and non-operating expenses 62.746,41 103.710,05 2.Extraordinary loss 18.436,43 74.083,53 3. Previous years' expenses 2.174.244,02 2.035.965,18 a. Presonnel compensation 1.856.404,31 1.534.372,31 b. Other 317.839,71 501.592,87 4. Provisions for extraordinary risks 244.648,30 2.500.075,16 1.325.513,91 987.217,40 3.200.976,16 -2.213.893,94 OPERATING AND EXTRAORDINARY EARNINGS 2.008.337,78 -16.320.544,36

LESS: Total fixed-asset depreciation 3.244.331,67 4.110.281,48 Less: depeciation included in operating cost 3.244.331,67 - 3.230.026,25 880.255,23 880.255,23 NET EARNINGS before tax 2.008.337,78 -17.200.799,59

Athens, May 2, 2003

THE PRESIDENT OF THE BOARD OF DIRECTORS THE VICE PRESIDENT OF THE BOARD THE FINANCIAL DIRECTOR THE HEAD OF THE ACCOUNTING DIVISION

CHRISTOS D. LAMBRAKIS STAVROS P. PSYCHARIS DIAMANOS Z. HADJIKOKKINOS KYRIAKOS P. BOUTSIKARIS ID No.: Μ 154944 ID. No: L 352089 ID. No.: S 147009 ID No.: Ι 374832

CERTIFICATE OF AUDIT OF CHARTERED AUDITOR ACCOUNTANT To the shareholders of LAMBRAKIS PRESS SA

We audited the above Financial Statements as well as the related Addendum of the Lambrakis Press SA of the corporate year which 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 “Participation 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 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 KVS (PD 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, (lower value between acquisition cost and intrinsic book value per participation on the basis of the last 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 ea 383 thousand euros and the operating 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.

Athens May 3, 2003 The Chartered auditor Accountant

Charal. Ar. Petropoulos Reg. No. 12001 SOL ERNST & YOUNG SA CHARTERED AUDITORS ACCOUNTANTS LAMBRAKIS PRESS SA Reg. No. 1410/06/Β/86/40 Prefecture of Athens CONSOLIDATED BALANCE SHEET OF DECEMBER 31, 2002 FISCAL YEAR January 1 - December 31, 2002) ASSETS LIABILITIES

Current year's Previous year's amounts amounts Current year's amounts 31.12.2002 Previous year's amounts 31.12.2001 31.12.2002 in 31.12.2001 in euro euro

Accrued Acquisition value Non depreciated Acquisition value in Accrued Non depreciated depreciation in in euro balance in euro euro depreciation in euro balance in euro euro B. ESTABLISHMENT EXPENSES Α. EQUITY CAPITAL AND RESERVES 1. Establishment and set-up expenses 10.204.847,35 7.984.825,78 2.220.021,57 9.606.159,75 6.566.590,83 3.039.568,92 Ι. Share capital 2. FX differences from loans on fixed assets 0,00 0,00 0,00 - - - 3. Construction period interest on bank loans 3.573.737,49 252.041,84 3.321.695,65 - - - 1. Fully paid up 45.180.000,00 45.180.000,00 4. Other establishment expenses 12.056.148,10 7.702.800,49 4.353.347,61 10.515.071,48 6.427.493,92 4.087.577,56 2. Subscribed 0,00 - 25.834.732,94 15.939.668,11 9.895.064,83 20.121.231,23 12.994.084,75 7.127.146,48 45.180.000,00 45.180.000,00 C. FIXED ASSETS ΙΙ. Share premium reserve 1. Fully paid up 206.260.785,36 206.260.785,36 2. Subscribed 0,00 0,00 Ι. Intangible assets 206.260.785,36 206.260.785,36 1. Research and development expenses 2. Rights on industrial property 156.351,26 146.139,69 10.211,57 149.544,83 121.682,61 27.862,22 ΙΙΙ. Revaluation differences - Inmvestment subsidies 4. Advance payments for purchases of intangible assets 0,00 0,00 0,00 - - - 1. Differences from revaluation of participations and securities 0,00 35.894,51 5. Other intangible assets 613.776,33 425.322,93 188.453,40 483.976,89 380.300,24 103.676,65 2.Differences from revaluation of other assets 419.510,50 265.831,63 770.127,59 571.462,62 198.664,97 633.521,72 501.982,85 131.538,87 3. Subsidies of fixed asset investments 0,00 ΙΙ. Tangible assets 419.510,50 301.726,14 1. Land 18.344.978,24 18.344.978,24 21.296.305,19 21.296.305,19 3. Buildings and technical works 66.909.513,84 12.715.613,26 54.193.900,58 38.498.226,43 9.738.272,06 28.759.954,37 IV. Reserves 3.a. Buildings and installations in third party buildings 0,00 - 1. Statutory reserve 3.565.512,26 2.963.494,52 4. Machinery - Installations and other equipment 78.807.215,62 21.435.928,75 57.371.286,87 46.811.204,05 14.845.099,18 31.966.104,87 Less: Loss from sale or devaluation of participations & securities -39.510.791,26 -28.432.957,64 5. Vehicles and other transportation 2.511.483,09 1.488.729,01 1.022.754,08 3.449.172,50 1.365.769,04 2.083.403,45 3. Reserve covering loss 14.360,05 6. Furniture and appliances 18.116.694,23 14.532.764,56 3.583.929,67 16.776.857,85 12.211.146,69 4.565.711,15 4. Extraodrinary reserves 4.011.853,58 4.011.853,58 6a.Motion Pictures and videotape master tapes 0,00 - 5. Tax-exempt reserves pursuant to specific statutory regulations 9.192.089,18 9.388.981,40 7. Advance-payments and fixed assets under construction 18.231.899,75 18.231.899,75 52.009.505,91 52.009.505,91 6. Other reserves 202.921.784,77 50.173.035,58 152.748.749,19 178.841.271,93 38.160.286,98 140.680.984,95 7. Consolidation differences 12.634.094,62 13.810.090,38 TOTAL FIXED ASSETS (CΙ+CΙΙ) 203.691.912,36 50.744.498,20 152.947.414,16 179.474.793,65 38.662.269,83 140.812.523,82 -10.092.881,57 1.741.462,24

III. Participationsother long term receivables 1. Participations in associated companies 32.472.765,92 55.824.387,33 Less : Provisions for devaluation 388.548,17 20.460.998,35 Less : Installments due 146.735,14 31.937.482,61 0,00 35.363.388,98 V. Earnings brought forward -46.751.782,61 -45.454.886,83 2. Participations in other companies 5.500.000,00 - 3. Long term receivables against associated companies - 7. Other long term receivables 1.242.415,94 1.229.318,27 38.679.898,55 36.592.707,25

TOTAL FIXED ASSETS (CΙ+CΙΙ+CΙΙΙ) 191.627.312,71 177.405.231,08 VII. Minority rights 30.057.333,60 31.816.878,71

VIII. Treasury stock (own shares) -31.123.138,52 -31.123.138,52 D.CURRENT ASSETS TOTAL EQUITY CAPITAL AND RESERVES AΙ-AVIII) 193.949.826,76 208.722.827,11 Ι. Inventories 1. Merchandise 7.932.006,85 26.031.963,25 2. Finished and unfinished goods - byproducts and residuals 8.149.489,60 3.209.897,09 Β. PROVISIONS FOR RISKS AND EXPENSES 3. Production in progress 2.565.405,03 1.703.524,48 4. Raw and secondary materials-Consumables-Spare parts and packaging material 14.033.853,87 6.296.662,59 1. Provisions for personnel pension liabilities 101.113,67 93.735,64 5. Advance payments for invetory purchases 1.017.553,79 1.478.638,70 2. Other provisions 256.335,78 879.953,51 33.698.309,14 38.720.686,10 357.449,45 973.689,15 ΙΙ. Receivables C. LIABILITIES 1. Clients 66.945.709,62 68.236.451,44 Ι. Long term liabilities 2. Bills of exchange receivable 2. Bank loans 82.171.680,00 11.738.811,44 - In portfolio 883.572,87 3.208.887,78 8. Other long term liabilities 0,00 5.869,41 - In banks for collection 442.052,25 452.139,47 82.171.680,00 11.744.680,85 - In banks as collateral 15.875,35 1.341.500,47 18.223,11 3.679.250,36 3. Bills of exchange in arrears 683.188,20 174.523,19 ΙΙ. Βραχυπρόθεσµες υποχρεώσεις 3a. Cheques receivable 1. Suppliers 30.746.287,35 35.512.076,21 - In portfolio 43.950.734,03 51.430.135,66 2. Bills of exchange payable 7.184.439,35 3.462.733,72 3b. Cheques in arrears 2.861.802,11 256.472,93 2.a. Cheques payable 17.898.645,86 11.054.234,12 5. Short term receivables from associated companies 630.347,53 117.388,11 3. Banks - short term loan accounts 59.362.716,25 119.212.637,26 10. Bad, stale and litigious clients and debtors 4.421.010,83 3.766.536,18 4. Clients' pre-payments 2.232.664,18 2.405.016,19 Less provisions 2.609.086,26 1.811.924,57 2.153.382,29 1.613.153,89 5. Tax and duty liabilities 4.104.453,43 6.658.981,81 11. Miscellaneous debtors 13.798.811,14 9.700.263,56 6. Social security 2.254.416,94 2.354.117,44 12. Pre-payments and credit accounts 2.397.715,50 2.375.067,90 10. Dividend payable 269.206,41 292.679,10 134.421.733,17 137.582.707,05 11. Miscallaneous creditors 1.441.259,26 1.728.940,23 125.494.089,03 182.681.416,10 III. Securities 1. Shares 28.294.089,08 3. Other securities 14.118.603,64 41.419.192,72 42.412.692,72 17.998.648,47 TOTAL LONG AND SHORT TERM LIABILITIES (CΙ+CΙΙ) 207.665.769,03 194.426.096,94 59.417.841,19 Less: Provisions for devaluation 14.079.998,38 28.332.694,34 19.933.871,15 39.483.970,04 D. TRANSITORY ACCOUNTS 1. Forthcoming years' income 2.397.573,67 3.606.786,80 IV. Cash and cash equivalents 2. Current year's realised expenses 2.761.667,63 3.082.681,48 1. Cash 262.608,08 930.071,77 3. Other transitory accounts 173.426,41 144.629,50 3. Sight and time deposits 2.740.642,85 7.663.669,85 5.332.667,71 6.834.097,78 3.003.250,93 8.593.741,61 TOTAL CURRENT ASSETS (DΙ+DΙΙ+DΙΙΙ+DIV) 199.455.987,58 224.381.104,80

Ε. TRANSITORY ACCOUNTS 1. Future years' expenses 927.902,60 805.550,71 2. Current year's income receivable 2.087.801,33 1.008.797,48 3. Other transitory accounts 3.311.643,90 228.880,43 6.327.347,83 2.043.228,62

TOTAL ASSETS (Β+C+D+Ε) 407.305.712,95 TOTAL LIABILITIES (Α+Β+C+D) 407.305.712,95 410.956.710,98

OFF BALANCE SHEET ACCOUNTS OFF BALANCE SHEET ACCOUNTS 1. Third party property 1.573.326,14 1.445.630,27 1. Beneficiaries of third party assets 1.573.326,14 1.445.630,27 2. Debit accounts of guarantees and collaterals 14.602.449,64 62.453.934,95 2. Credit accounts of guarantees and collaterals 14.602.449,64 62.453.934,95 4. Other off-balance-sheet accounts 5.110.402,10 23.956.484,11 4. Other off-balance-sheet accounts 5.110.402,10 23.956.484,11 21.286.177,88 87.856.049,34 21.286.177,88 87.856.049,34

Notes 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) LP DIGITAL SA (consolidated), f) HEARST LAMBRAKIS PUBLISHING LTD, g) MC HELLAS SA, h) EUROSTAR SA (consolidated) i) ACTION PLAN SA (consolidated), j) ΝΕΑ ΑΚΤΙΝΑ SA and k) ELLINIKA GRAMMATA SA. The figures of this consolidated financial sttements and the consolidated income statement are not comparableto last year's corresponding figures, because in the current year the comapnies ACTION PLAN HR SA (an affiliate of ACTION PLAN SA) and ELLINIKA GRAMMATA SA are included in the consolidation while, on the contrary, the company AGGELIDIS-GEORGAKOPOULOS SA is not included in the consolidation of the affiliated company IRIS PRINTING SA. 2. Shares of companies listed on the Athens Stock Exchange (Asset account DIII) were valuated at their current value according to art. 43 par. 6 of Law 2190/1920. The differences (loss) steeming from this valuation, totaling 13,062 thousand euros, after being netted off with profit from the valuation of a participation in a company with shares lisetd on the Athens Stock Exchange amounting to 2,297 thousand euros, were transferred directly to Equity Capital according to the regulations of Law 2992/2002 and havenot burdened this year's results by 10,765 thousand euros. 3. Litigation pending against the companies of the Group, mainly from articles bublished in the newspapers, in case they are ruled against the company, will not have material effect on the financial standing or operation of the companies of the group. also there are nolitigious or under arbitrationφ differences outsanding in judicial or arbitration body 4. Number of employed personnel (fiscal year's average): 2,474 persons 5. The latest adjustment of the fixed assets of the companies in the group was effected on 31.12.2000. 6. There is a prenotaion on real estate assets of an affilate amounting to 98,606 thousand euros securing long term bank borrowing of 82,171 thousand euros. 7. Several of previous year's figures have been adjusted to become similar and comparable to this year's corresponding figures.

INCOME STATEMENT December 31st, 2002 (January 1 - December 31, 2002) Closing Year's Amounts 31/12/2002 in euro Previous Year's Amounts 31/12/2001 in euro Ι. Operating earnings Turnover (sales) 260.203.605,12 268.852.549,75 Less: - Cost of goods sold 228.013.896,55 250.996.786,27 Gross operating earnings 32.189.708,57 17.855.763,47 Plus: Other operating income 1.826.296,25 1.808.193,61 Total 34.016.004,82 19.663.957,09 Less: 1. Administrative expenses 18.239.569,79 18.962.847,03 2. Research and development expenses 378.963,59 639.773,21 3. Selling expenses 10.844.152,11 29.462.685,49 11.352.794,22 30.955.414,47 Total 4.553.319,33 -11.291.457,38 Plus (less): 1. Income from participations 1.440.027,00 1.249.271,05 2. Income from securities 270.340,56 424.119,15 3. Profit from the sale of participations and securities 658.714,16 1.892.147,40 4. Credit intetrest and related income 243.138,18 2.612.219,90 942.504,85 4.508.042,46

Less: 1. Provisions for devaluation of participations & securities 1.406.214,54 5.338.169 2.Expenses and loss from particiaptions & securities 0,00 5.291.204 3. Debit interes and related expenses 3.136.915,76 4.543.130,30 -1.930.910,40 7.111.117 17.740.489,85 -13.232.447,40 TOTAL OPERATING EARNINGS 2.622.408,93 -24.523.904,78

ΙΙ.Lass (or plus): Extraordinary income 1. Extraordinary and non-operating income 241.701,99 729.989,71 2. Extraordinary profit 3.768.395,43 792.475,89 3. Previous years' profit 225.591,22 671.771,60 4. Income from previous years' provisions 0,00 320.840,85 4.235.688,64 2.515.078,04 Less: 1. Extraordinary and non-operating expenses 349.931,49 399.389,09 2.Extraordinary loss 40.996,16 89.466,57 3. Previous years' expenses 3.438.225,06 2.773.033,82 4. Provisions for extraordinary risks 1.110.577,65 1.554.952,58 4.939.730,36 -704.041,72 4.816.842,07 -2.301.764,03 1.918.367,21 -26.825.668,81 LESS:

Total fixed-asset depreciation 15.787.729,11 16.151.190,83 Less: depeciation included in operating cost 15.787.729,11 0,00 13.116.789,98 3.034.400,85 NET EARNINGS before tax 1.918.367,21 -29.860.069,66

LESS: Differences from tax audit of previous years 171.924 Income tax 1.231.006,86 1.231.006,86 1.185.493 1.357.417,19 687.360,35 -31.217.486,85 LESS: Minority rights -312.623,65 -2.093.490,47 NET CONSOLIDATED EARNINGS 999.984,00 -29.123.996,38

Athens, May 2, 2002

THE PRESIDENT OF THE BOARD OF DIRECTORS THE VICE PRESIDENT OF THE BOARD OF DIRECTORS THE FINANCIAL DIRECTOR THE HEAD OF THE ACCOUNTING DIVISION

CHRISTOS D. LAMBRAKIS STAVROS P. PSYCHARIS DIAMANOS Z. HADJIKOKKINOS KYRIAKOS P. BOUTSIKARIS ID No.: Μ 154944 ID. No: L 352089 ID. No.: S 147009 ID No.: Ι 374832

CERTIFICATE OF AUDIT OF CHARTERED AUDITOR ACCOUNTANT To the shareholders of LAMBRAKIS PRESS SA and its affiliates

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 which 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 depreciation of the installation cost and fixed assets and consequently, higher depreciation 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 L 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 KVS (Presidential Decree 186/92). If these participations were assessed at their intrinsic book value on the basis of art. 106, par. 4 of Codified L 2190/1920, it would 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 L 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 two (2) lower than the half (1/2) of the paid up share capital, the regulations of articles 47 and 48 of L. 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

The certificates of audit of the Chartered Auditor Accountant for fiscal years 2001 and 2002 are recorded in the attached appendix under the published Financial Statements of Lambrakis Press SA and the Consolidated Financial Statements of the Group.

Athens, May 3, 2003 The Chartered Auditor Accountant

Charal. Ar. Petropoulos Reg. No. 12001 SOL ERNST & YOUNG SA CHARTERED AUDITORS ACCOUNTANTS LAMBRAKIS PRESS S.A. Reg. No. 1410/06/Β/86/40 SUMMARY BALANCE SHEET OF SEPTEMBER 30, 2002 (Accounting Period: JANUARY 1 - SEPTEMBER 30, 2002)

ASSETS EQUITY & LIABILITIES Previous period's Closing period's amounts amounts Amounts of Closing Period (1.1.2002 -30.9.2002) Amounts of Previous Period (1.1.2001 - 30.9.2001) 1.1.2002 -30.9.2002 01.1.2001 - 30.9.2001 (in euro) (in euro) Accrued Non-depreciated Accrued Non-depreciated Acquisition value Acquisition value depreciation balance depreciation balance (in euro) (in euro) (in euro) (in euro) (in euro) (in euro) B. ESTABLISHMENT EXPENSES 8.142.749,43 5.941.628,29 2.201.121,14 7.914.446,70 4.892.345,75 3.022.100,95 A. CAPITAL AND RESERVES Ι. Share capital (fully paid up) 45.180.000,00 45.180.000,00 ΙΙ. Share premium reserve 206.260.785,36 206.260.785,36 C. FIXED ASSETS ΙΙΙ. Revaluation differences .- Investment subsidies 274.180,70 - Ι. Intangible assets 354.834,58 263.416,22 91.418,36 329.907,53 220.126,94 109.780,59 IV. Reserves -52.407.801,33 18.246.482,53 ΙΙ. Tangible assets 26.686.884,35 10.564.116,40 16.122.767,95 29.440.908,55 12.527.618,35 16.913.290,20 V. Previous years' retained earnings -21.854.419,21 -10.388.789,37 TOTAL TANGIBLE & INTANGIBLE ASSETS (CΙ+CΙΙ) 27.041.718,93 10.827.532,62 16.214.186,31 29.770.816,08 12.747.745,29 17.023.070,79 Closing period's profit brought forward 4.047.478,48 -4.078.648,33

TOTAL EQUITY CAPITAL (AΙ+AΙΙ+AIIΙ+AIV+AV) 181.500.224,00 255.219.830,19

III. Participations & other long term financial receivables 105.152.725,08 119.320.252,76

TOTAL FIXED ASSETS (CΙ+CΙΙ+CΙΙΙ) 121.366.911,39 136.343.323,54 B. PROVISIONS FOR RISKS AND EXPENSES 776.872,95 333.875,17

D. CURRENT ASSETS Ι. Inventory 7.927.239,56 8.391.297,30 C. LIABILITIES ΙΙ. Debtors 60.764.319,83 58.763.701,66 Ι. Long-term liabilities - 1.331.003,37 ΙΙΙ. Securities 35.999.915,67 79.823.173,45 ΙΙ. Short-term liabilities 44.842.838,08 29.807.308,70 IV. Cash and cash equivalents 414.856,63 1.492.299,08 TOTAL CURRENT ASSETS (DΙ+DΙΙ+DΙΙΙ+DIV) 105.106.331,69 148.470.471,49 TOTAL LIABILITIES (CI+CII) 44.842.838,08 31.138.312,07

E. TRANSITORY ACCOUNTS 3.995.676,55 2.644.718,45 D. TRANSITORY ACCOUNTS 5.550.105,74 3.788.597,00

TOTAL ASSETS (B+C+D+E) 232.670.040,77 290.480.614,44 TOTAL EQUITY & LIABILITIES (A+B+C+D) 232.670.040,77 290.480.614,43

OFF BALANCE SHEET ACCOUNTS 4.777.826,86 5.446.892,42 OFF BALANCE SHEET ACCOUNTS 4.777.826,86 5.446.892,42

Notes: 1. Οι "Συµµετοχές σε συνδεδεµένες επιχειρήσεις" αφορούν: α) Συµµετοχή σε εταιρεία µε µετοχές εισηγµένες στο ΧΑΑ αξίας χιλ. Ευρώ 14.354 που αποτιµήθηκε σύµφωνα µε το άρθρο 43 παρ. 6 του Ν. 2190/1920 (µικρότερη τιµή µεταξύ αξίας κτήσεως και τρέχουσας). β) 1. The account "Participations in affiliated companies" refers to: i) Participation in a company listed on the Athens Stock Exchange valuated on June 30,2002 according to art .43 par. 6 of Law 2190/1920 . ii) Participation in companies not listed on the Athens Stock Exchange that were valuated according to art. 28 of the Code of Books and Records (Presidential Decree 186/1992) at their acquisition value. 2. Average number of employees: 826 3. The latest revaluation of the company's fixed assets was effected on 31.12.2000. 4. The turnover break-down per business sector (according to the National Statistics Service standard coding [STAKOD-91] for the period 1.1.2002 - 30.9.2002 is the following (in thousand euros): Code 221.2 79,086€; code 521.4 950€ and code 741.2 3,298€. 5. Tha company has been conclusively audited by tax authorities for all its fiscal years up to 1999 inclusive. The company's tax liabilities pertaining to fiscal years 2000 and 2001 have not been finalised. 6. There are no registered encumbrances on any real-estate asset of the company. 7. Litigations pending against the company, stemming mainly from articles published in the newspapers, in case they are judged against the company, will not have material adverse effect to the financial status or operation of the company. Also, there are no litigious or under arbitration claims in any judicial or arbitration bodies.

I N C O M E S T A T E M E N T of September 30th, 2002 (Period: January 1 - September 30, 2002)

Closing period's amounts Previous period's amounts 1.1.2002 - 30.9.2002 1.1.2001 - 30.9.2001 in euro in euro

Ι. Operating income Turnover (sales) 83.334.164,69 75.803.783,16 Less: Cost of goods sold 74.869.889,34 75.420.417,38 Gross margin 8.464.275,35 383.365,78 Plus: Other operating income 1.262.769,47 1.296.425,80 Total 9.727.044,82 1.679.791,58 Less: 1. Administrative expenses 6.828.450,60 6.681.065,68 2. Selling expenses 3.197.339,36 10.025.789,96 2.479.135,95 9.160.201,63 Operating income sub-total -298.745,14 -7.480.410,05 Plus : Net Income from participations and interest 1.921.193,60 4.013.670,81 TOTAL OPERATING INCOME 1.622.448,46 -3.466.739,24

Plus : Extraordinary income 2.425.030,02 -266.192,77

OPERATING AND EXTRAORDINARY INCOME 4.047.478,48 -3.732.932,01 Less: Total depreciation of fixed assets 2.443.661,42 3.051.300,59 Less: Depreciation included in cost of goods sold 2.443.661,42 - 2.705.584,26 345.716,33 EARNINGS BEFORE TAX 4.047.478,48 -4.078.648,34

ATHENS, NOVEMBER 20, 2002

THE PRESIDENT OF THE BOARD OF DIRECTORS THE VICE PRESIDENT OF THE BOARD OF DIRECTORS THE FINANCIAL DIRECTOR THE HEAD OF THE DIVISION OF ACCOUNTING

CHRISTOS D. LAMBRAKIS STAVROS P. PSYCHARIS DAMIANOS Z. HADJIKOKKINOS KYRIAKOS R. BOUTSIKARIS ID No. : M 154944 ID No.: L 352089 ID No.: S 147009 ID No.: I 374832 LAMBRAKIS PRESS S.A. Reg. No. 1410/06/Β/86/40 SUMMARY CONSOLIDATED BALANCE SHEET OF SEPTEMBER 30, 2002 (Accounting Period: JANUARY 1 - SEPTEMBER 30, 2002)

ASSETS EQUITY & LIABILITIES Previous period's Closing period's amounts amounts Amounts of Closing Period (1.1.2002 - 30.9.2002) Amounts of Previous Period (1.1.2001 - 30.9.2001) 01.1.2001 - 1.1.2002 -30.9.2002 30.9.2001 (in euro) (in euro)

Accrued Non-depreciated Accrued Non-depreciated Acquisition value Acquisition value depreciation balance depreciation balance (in euro) (in euro) (in euro) (in euro) (in euro) (in euro)

B. ESTABLISHMENT EXPENSES 23.845.133,88 15.225.842,86 8.619.291,02 20.394.955,83 10.916.198,21 9.478.757,63 A. CAPITAL AND RESERVES Share capital (fully paid up) 45.180.000,00 45.180.000,00 C. FIXED ASSETS Share premium reserve 206.260.785,36 207.087.554,73 Ι. Intangible assets 882.184,25 553.567,77 328.616,48 557.494,41 425.779,36 131.715,04 Revaluation differences - Investment subsidies 419.510,51 288.786,28 ΙΙ. Tangible assets 208.429.723,23 46.486.775,35 161.942.947,88 169.430.419,28 38.609.641,81 130.820.777,48 Reserves -46.939.338,00 23.573.211,38 TOTAL TANGIBLE & INTANGIBLE ASSETS (CΙ+CΙΙ) 209.311.907 47.040.343 162.271.564,36 169.987.913,69 39.035.421,17 130.952.492,52 Retained earnings -45.468.181,14 -23.572.243,80 Minority rights 33.660.497,51 32.935.258,66 III. Participations & other long term financial receivables 37.685.320,61 55.132.658,93 Consolidation differences 13.125.903,65 13.227.905,77 Closing period's earnings brought forward 4.764.393,24 -6.721.443,80 TOTAL FIXED ASSETS (CΙ+CΙΙ+CΙΙΙ) 199.956.884,97 186.085.151,45 TOTAL EQUITY CAPITAL (ΑΙ+ΑΙΙ+ΑΙΙΙ+ΑΙV+ΑV+AVII) 211.003.571,12 291.999.029,22

D. CURRENT ASSETS Ι. Inventory 47.688.470,02 42.444.272,01 ΙΙ. Trade receivables 165.402.357,69 141.297.678,90 B. PROVISIONS FOR RISKS AND EXPENSES 2.032.153,22 1.126.928,01 ΙΙΙ. Marketable securities 40.649.437,24 97.480.362,44 IV. Cash and cash equivalents 4.867.940,87 4.972.550,05 TOTAL CURRENT ASSETS (DΙ+DΙΙ+DΙΙΙ+DIV) 258.608.205,82 286.194.863,41 C. LIABILITIES Ι. Long-term liabilities 11.738.811,00 1.331.003,37 E. TRANSITORY ACCOUNTS 9.927.499,77 4.638.580,48 ΙΙ. Short-term liabilities 240.943.586,21 183.702.804,03 TOTAL LIABILITIES (CI+CII) 252.682.397,21 185.033.807,41

D. TRANSIROTY ACCOUNTS 11.393.760,04 8.237.588,34

TOTAL ASSETS (B+C+D+E) 477.111.881,59 486.397.352,97 TOTAL EQUITY & LIABILITIES (A+B+C+D) 477.111.881,59 486.397.352,97

OFF BALANCE SHEET ACCOUNTS 57.321.770,77 136.008.778,75 OFF BALANCE SHEET ACCOUNTS 57.321.770,77 136.008.778,75

Additional data : 1. The cosolidated companies are: i) MULTIMEDIA SA, ii) STUDIO ATA SA iii) IRIS PRINTING SA, iv) NEA AKTINA SA v) EUROSTAR SA, vi) SPECIAL PUBLICATIONS SA, vii) MC HELLAS SA, viii) HEARST-DOL PUBLISHING LTD, ix) LP DIGITAL SA, x) ACTION PLAN SA, xi) ELLINIKA GRAMMATA SA. 2. In this fiscal period, ACTION PLAN SA was consolidated directly under Lambrakis Press SA (Lambrakis Press holds an 85% direct participation in the company), while in the corresponding fiscal period of 2001, ACTION PLAN SA was indirectly consolidated under Lambrakis Press SA (indirect participation of 64,787%) through the consolidated financial statements of LP Digital SA. 3. Participations in affiliated companies refer to: i) Participation in acompany listed on the Athens Stock Exchange valuated at its June 30,2002 market value according to art. 43. par. 6 of Law 2190/1920 ii) Participation in companies not listed on the athens Stock Exchange valuated according to art. 28 of the code of Books and Records (Presidential Decree 186/92), at their acquisition value. 4. There are no pending important litigations or claims under arbitration in any administrative or judicial court, that may have material adverse effect in the company's operation or its financial standing. 5. Average number of employees: 2,159 6. The latest revaluation of the companies' fixed assets was effected on 31.12.2000.

I N C O M E S T A T E M E N T September 30, 2002 (January 1 - September 30, 2002)

Closing period's Previous period's amounts amounts 1.1. - 30.9.2002 1.1. - 30.9.2001 in euro in euro

Ι. Operating income Turnover (sales) 218.886.846,27 187.757.889,13 Less: Cost of goods sold 186.398.523,51 171.408.699,11 Gross margin 32.488.322,76 16.349.190,02 Plus: Other operating income 2.978.304,59 1.778.758,98 Total 35.466.627,35 18.127.948,99 Less: Administrative and selling expenses 29.923.569,84 26.693.859,14 Operating income sub-total 5.543.057,51 -8.565.910,15 Less: Net Income from participations and interest -430.953,16 2.316.408,88 TOTAL OPERATING INCOME 5.112.104,35 -6.249.501,27 Plus: Extraordinary income 634.132,76 -865.053,56 OPERATING AND EXTRAORDINARY INCOME 5.746.237,11 -7.114.554,83 Less: Total depreciation of fixed assets 10.957.747,86 10.334.496,08 Less: Depreciation included in cost of goods sold 10.957.747,86 - 9.988.779,75 345.716,33 Earnings before minority rights and tax 5.746.237,11 -7.460.271,15

Less: Minortiy rights 981.843,87 -738.827,35 EARNINGS BEFORE TAX 4.764.393,24 -6.721.443,80

ΑΘΗΝΑ, 20 ΝΟΕΜΒΡΙΟΥ 2002

THE PRESIDENT OF THE BOARD OF DIRECTO THE VICE PRESIDENT OF THE BOARD OF DIRECTORS THE FINANCIAL DIRECTOR THE HEAD OF THE DIVISION OF ACCOUNTING

CHRISTOS D. LAMBRAKIS STAVROS P. PSYCHARIS DAMIANOS Z. HADJIKOKKINOS KYRIAKOS R. BOUTSIKARIS ID No. : M 154944 ID No.: L 352089 ID No.: S 147009 ID No.: I 374832 LAMBRAKIS PRESS S.A. Reg. No. 1410/06/Β/86/40 SUMMARY BALANCE SHEET OF JUNE 30, 2002 (Accounting Period: JANUARY 1 - JUNE 30, 2002)

ASSETS EQUITY & LIABILITIES Previous period's Closing period's Closing period's amounts Closing period's amounts amounts amounts Amounts of Closing Period (1.1.2002 -30.6.2002) Amounts of Previous Period (1.1.2001 - 30.6.2001) 1.1.2002 -30.6.2002 1.1.2002 -30.6.2002 01.1.2001 - 30.6.2001 1.1.2001 - 30.6.2001 (in euro) (in GRD) in euro in GRD Accrued Non-depreciated Accrued Non-depreciated Non-depreciated Acquisition value Non-depreciated balance Acquisition value depreciation balance depreciation balance balance (in euro) (in GRD) (in euro) (in euro) (in euro) (in euro) (in euro) (in GRD) B. ESTABLISHMENT EXPENSES 8.122.917,94 5.613.367,73 2.509.550,21 855.129.234 8.292.506,81 4.705.634,18 3.586.872,63 1.222.226.848,00 A. CAPITAL AND RESERVES Ι. Share capital (fully paid up) 45.180.000,00 15.395.085.000 45.180.000,00 15.395.085.000 ΙΙ. Share premium reserve 206.260.785,36 70.283.362.611 206.260.785,36 70.283.362.613 C. FIXED ASSETS ΙΙΙ. Revaluation differences .- Investment subsidies 274.180,70 93.427.074 - - Ι. Intangible assets 354.834,58 252.806,91 102.027,67 34.765.929 329.907,53 208.665,38 121.242,15 41.313.264 IV. Reserves -52.407.801,33 -17.857.958.303 18.246.482,52 6.217.488.920 ΙΙ. Tangible assets 27.594.234,00 10.609.969,79 16.984.264,21 5.787.388.030 29.416.956,36 12.162.525,98 17.254.430,38 5.879.447.152 V. Previous years' retained earnings -21.854.419,21 -7.446.893.346 -10.388.789,37 -3.539.979.977 TOTAL TANGIBLE & INTANGIBLE ASSETS (CΙ+CΙΙ) 27.949.068,58 10.862.776,70 17.086.291,88 5.822.153.958 29.746.863,89 12.371.191,35 17.375.672,53 5.920.760.416 Closing period's profit brought forward 700.233,99 238.604.732 -559.367,68 -190.604.538

TOTAL EQUITY CAPITAL (AΙ+AΙΙ+AIIΙ+AIV+AV) 178.152.979,51 60.705.627.768 258.739.110,84 88.165.352.018

III. Participations & other long term financial receivables 105.643.367,62 35.997.977.517 118.309.074,13 40.313.817.009

TOTAL FIXED ASSETS (CΙ+CΙΙ+CΙΙΙ) 122.729.659,50 41.820.131.475 135.684.746,66 46.234.577.425 B. PROVISIONS FOR RISKS AND EXPENSES 782.864,22 266.760.983 333.046,07 113.485.449

D. CURRENT ASSETS Ι. Inventory 7.651.968,19 2.607.408.161 8.787.500,72 2.994.340.870 C. LIABILITIES ΙΙ. Trade receivables 58.850.876,50 20.053.436.167 55.291.000,05 18.840.408.268 Ι. Long-term liabilities - - 1.331.003,37 453.539.400 ΙΙΙ. Marketable securities 31.249.915,67 10.648.408.765 79.118.844,77 26.959.746.355 ΙΙ. Short-term liabilities 43.921.332,02 14.966.193.886 25.389.410,96 8.651.441.784 IV. Cash and cash equivalents 500.283,78 170.471.698 723.786,52 246.630.257 TOTAL CURRENT ASSETS (DΙ+DΙΙ+DΙΙΙ+DIV) 98.253.044,14 33.479.724.791 143.921.132,06 49.041.125.750 TOTAL LIABILITIES (CI+CII) 43.921.332,02 14.966.193.885,82 26.720.414,33 9.104.981.184

E. PREPAYMENT AND DEFERRED EXPENSES 4.215.270,80 1.436.353.525 7.037.127,94 2.397.901.347 D. ACCRUALS AND DEFERRED INCOME 4.850.348,90 1.652.756.388 4.437.308,05 1.512.012.719

TOTAL ASSETS (B+C+D+E) 227.707.524,65 77.591.339.024 290.229.879,30 98.895.831.370 TOTAL EQUITY & LIABILITIES (A+B+C+D) 227.707.524,65 77.591.339.024 290.229.879,30 98.895.831.370

OFF BALANCE SHEET ACCOUNTS 3.082.662,63 1.050.417.291 3.976.806,93 1.355.096.961 OFF BALANCE SHEET ACCOUNTS 3.082.662,63 1.050.417.291 3.976.806,93 1.355.096.961

Notes: 1. The account "Participations in affiliated companies" refers to: i) Participation in a company listed on the Athens Stock Exchange amounting to 14,354 thousand euros valuated according to art .43 par. 6 of Law 2190/1920 (lowest between acquisition value and current value). ii) Participation in companies not listed on the Athens Stock Exchange totalling 91,080 thousand euros, (out which eighteen (18) amounting to 89,849 thousand euros are audited by qualified Chartered Accountants - Auditors), were valuated according to art. 28 of the Code of Books and Records (Presidential Decree 186/1992) at their acquisition value. If those participations were valuated according to their total intrinsic book value, after accounting for the remarks of the Chartered Accountants - Auditors, would be lower by 12,685 thousand euros, while according to art .43 par. 6 of Law 2190/20, (lowest between acquisition value and intrinsic book value per participation accorinding to each company's latest published financial statements, after accounting for the remarks of the Chartered Accountants - Auditors) would be lower by 38,334 thousand euros. 2. In the previous year's (2001) published six-month statements, an amount of 27,304 thousand euros was reported under "Participations in affiliated companies". In the 2001 figures of this year's statements, this amount is reported under "Marketable Securities". 3. Contrary to the previous period, shares of companies listed on the Athens Stock Exchange and marketable securities, were valuated, at their current value according to art. 43 par. 6 of Law 2190/1920. The differences (loss) stemming from this valuation, amounting to 10,285 thousand euros, (shares 7,852 and bought-back treasury stock 2,433 thousand euros) were transferred pursuant to the regulations of art. 2 of Law 2992/2002, to the debit of equity capital instead of charging this period's earnings by 7,852 euros. 4. The value of bought-back shares (treasury stock) amounting to 4,057 thousand euros (after their devaluation provision) is reported under the account "Marketable Securities", instead of debiting the equity capital. 5. Litigations pending against the company, stemming mainly from articles published in the newspapers, in case they are judged against the company, will not have material adverse effect to the financial status or operation of the company. Also, there are no litigious or under arbitration claims in any judicial or arbitration bodies. 6. Average number of employees: 833 7. The latest revaluation of the company's fixed assets was effected on 31.12.2000. 8. There are no registered encumbrances on any real-estate asset of the company. 9. The turnover break-down per business sector (according to the National Statistics Service standard coding [ STAKOD-91] for the period 1.1.2002 - 30.6.2002 is the following (in thousand euros): Code 221.2 54,954 €; code 521.4 763€ and code 741.2 2,297€.

I N C O M E S T A T E M E N T of June 30th, 2002

Previous period's Closing period's amounts Closing period's amounts Previous period's amounts amounts 1.1.2002 - 30.6.2002 1.1.2002 - 30.6.2002 1.1.2001 - 30.6.2001 1.1.2001 - 30.6.2001 in euro in GRD in euro in GRD Ι. Operating income Turnover (sales) 58.013.592,95 19.768.131.798 52.386.062,49 17.850.550.794 Less: Cost of goods sold 51.754.673,25 17.635.404.910 50.732.412,75 17.287.069.643 Gross margin 6.258.919,70 2.132.726.888 1.653.649,75 563.481.151 Plus: Other operating income 881.326,73 300.312.083 1.491.606,79 508.265.015 Total 7.140.246,43 2.433.038.971 3.145.256,54 1.071.746.166 Less: 1. Administrative expenses 4.086.025,54 4.645.226,52 2. Selling expenses 2.256.361,70 6.342.387,24 2.161.168.452 2.450.049,56 7.095.276,08 2.417.715.324 Operating income sub-total 797.859,19 271.870.519 -3.950.019,54 -1.345.969.158 Plus : Net Income from participations and interest 763.272,36 260.085.057 3.457.611,94 1.178.181.270 TOTAL OPERATING INCOME 1.561.131,55 531.955.576 -492.407,60 -167.787.888

Less : Extraordinary income -860.897,56 -293.350.844 -66.960,09 -22.816.650

OPERATING AND EXTRAORDINARY INCOME 700.233,99 238.604.732 -559.367,68 -190.604.538 Less: Total depreciation of fixed assets 1.655.057,02 1.796.572,72 Less: Depreciation included in cost of goods sold 1.655.057,02 - - 1.796.572,72 - - EARNINGS BEFORE TAX 700.233,99 238.604.732 -559.367,68 -190.604.538

ΑΘΗΝΑ, 27 ΑΥΓΟΥΣΤΟΥ 2002

THE PRESIDENT OF THE BOARD OF DIRECTORS THE VICE PRESIDENT OF THE BOARD OF DIRECTORS THE FINANCIAL DIRECTOR THE HEAD OF THE DIVISION OF ACCOUNTING

CHRISTOS D. LAMBRAKIS STAVROS P. PSYCHARIS DAMIANOS Z. CHATZIKOKKINOS KYRIAKOS R. BOUTSIKARIS ID No. : M 154944 ID No.: L 352089 ID No.: S 147009 ID No.: I 374832

Certificate of Chartered Accountant - Auditor (to the Board of Directors of the incorporated company "LAMBRAKIS PRESS S.A.")

We have conducted the Audit provided for by the regulations of art. 6 of Presidential Decree 360/1985, as amended by art. 90 of Law 2533/1997, applying within the framework of auditing principles and rules pursued by the BODY OF CHARTERED AUDITORS - ACCOUNTANTS the auditing procedures deemed suitable, to determine that the above summary financial statements of "LAMBRAKIS PRESS S.A." pertaining to the period 01.01.2002 to 30.06.2002 do not contain inaccuracies or omissions materially affecting the asset structure and the financial standing of the company or the income statement reported therein. Within the framework of this audit we took cognisance of the accounting reports of the business of the Company's branches. The books and records kept by the Company were set to our disposal and we were furnished with the requested information and explanations necessary for our audit. The Company has applied the General Accounting Standard correctly. The method of stocktaking was not modified compared to the respective period last year, except for the Company's Note No. 3 above. The cost of production was determined according to the accepted principles of cost accounting. Based on our above audit, we note the following: 1. "Participations in affiliated companies" refer to: i) A participation in a company listed on the Athens Stock Exchange amounting to 14,354 thousand euros that was valuated according to art. 43 par. 6 of Law 2190/1920 (lowest between acquisition value and current value). ii) Participations in companies not listed on the Athens Stock Exchange amounting to 91,080 thousand euros, (out of which eighteen [18] with a total acquisition value of 89,849 thousand euros are audited by qualified Auditors), were valuated, according to art. 28 of the Code of Books and Records (Presidential Decree 186/92), at their acquisition value. If these participations were valuated based on their total intrinsic book value, after accounting for the remarks in the certificates of the Chartered Accountants - Auditors, their value would be lower by approximately 12,685 thousand euros, while according to art. 43 par. 6 of Law 2190/20, (lowest between acquisition value and current value per participation according to the latest published financial statements of each company and after accounting for the remarks of the certificates of the Chartered Accountants - Auditors) it would be lower by 38,334 thousand euros, affecting the earnings of this period by approximately 3,468 thousand euros and the earnings of previous years by 34,866 thousand euros. 2. To provide for a probable loss from the liquidation of bad, litigious and stale receivables totalling 2,951 thousand euros, the company has formed a provision of 603 thousand euros pursuant to art.31 par. 1.9 of Law 2238/1994. For the remaining difference of approximately 2,348 thousand euros, the company did not form an equal provision debiting its earnings. 3. Receivables accounts include a claim of 4,954 thousand euros from a company under liquidation, for which the Company did not form a provision debiting its earnings. 4. The value of bought- back shares (treasury stock) of 4,057 thousand euros, (after its devaluation provision) is reported under the account "Marketable Securities" instead of debiting Equity Capital. 5. Based on ruling No. 205/1988 of the Plenary Session of the Legal Advisors to the Administration and art. 31 par. 1.15 of Law 2238/1994, the Company did not form a provision for the employees' pension liabilities. If the Company had formed that provision according to art. 42e par. 14 of Law 2190/1920, the aggregate amount would be approximately 7,290 thousand euros, out of which 349 thousand euros would be appropriated to this period's earnings and the remaining 6,941 thousand euros to previous years. 6. The Company has not been audited by the Tax Authorities for the fiscal years 2000 and 2001 and, therefore, its tax liabilities for these two years have not been finalised. Based on our Audit, we established that the above financial statements stem from the Company's books and records and, after accounting for our afore-mentioned remarks and the Company's notes, and, particularly, Note No. 3 pertaining to the handling of differences (loss) stemming from the valuation of shares listed on the Athens Stock Exchange, do not contain inaccuracies or omissions materially affecting the stated asset structure and the financial standing of the Company on June 30, 2002, as well as the income statement of the period ending on that date, according to the related regulations in effect today and the accounting principles applied by the Company, that have been generally accepted and do not differ from those applied in the respective period of the previous fiscal year, except for the Company's afore-mentioned Note No. 3.

Athens, August 28, 2002

The Chartered Auditor Accountant

Charal .Ar. Petropoulos Registration ID: 12001 SOL ERNST & YOUNG ΑΕ CHARTERED AUDITORS - ACCOUNTANTS LAMBRAKIS PRESS S.A. Reg. No. 1410/06/B/86/40 SUMMARY CONSOLODATED BALANCE SHEET OF JUNE 30, 2002 (Accounting period JANUARY 1 - JUNE 30, 2002)

ASSETS EQUITY & LIABILITIES Closing period's Closing period's Closing period's Previous period's amounts amounts amounts amounts Amounts of Closing Period (1.1.2002 - 30.6.2002) Amounts of Previous Period (1.1.2001 - 30.6.2001) 1.1.2001 - 1.1.2002 -30.6.2002 1.1.2002 -30.6.2002 01.1.2001 - 30.6.2001 30.6.2001 (in euro) (in GRD) (in euro) (in GRD) Accrued Non-depreciated Non-depreciated Accrued Non-depreciated Non-depreciated Acquisition value Acquisition value depreciation balance balance depreciation balance balance (in euro) (in euro) (in euro) (in euro) (in GRD) (in euro) (in euro) (in GRD)

B. ESTABLISHMENT EXPENSES 22.602.287,80 14.301.665,46 8.300.622,34 2.828.437.062 20.495.655,96 10.263.072,92 10.232.583,04 3.486.752.672 A. CAPITAL AND RESERVES Ι. Share capital (fully paid up) 45.180.000,00 15.395.085.000 45.180.000,00 15.395.085.000 C. FIXED ASSETS ΙΙ. Share premium reserve 206.260.785,36 70.283.362.611 207.087.554,73 70.565.084.273 Ι. Intangible assets 844.074,30 532.383,26 311.691,04 106.208.722 542.455,27 413.768,62 128.686,65 43.849.975 ΙΙΙ. Revaluation differences - Investment subsidies 419.510,51 142.948.206 375.865,76 128.076.257 ΙΙ. Tangible assets 201.388.283,57 43.942.741,87 157.445.541,70 53.649.568.334 163.871.250,51 36.062.795,30 127.808.455,21 43.550.731.114 IV. Reserves -46.971.671,44 -16.005.597.043 23.566.557,92 8.030.304.610 TOTAL TANGIBLE & INTANGIBLE ASSETS (CΙ+CΙΙ) 202.232.358 44.475.125 157.757.232,74 53.755.777.056 164.413.705,78 36.476.563,91 127.937.141,86 43.594.581.089 Retained earnings -45.417.059,85 -15.475.863.144 -24.187.508,06 -8.241.893.373 Minority rights 34.290.667,06 11.684.544.801 33.586.726,51 11.444.677.059 III. Participations & other long term financial receivables 38.236.985,97 13.029.252.969 83.646.950,39 28.502.698.347 Consolidation differences 13.125.904,16 4.472.651.843 15.433.746,27 5.259.049.041 Closing period's earnings brought forward 2.150.010,46 732.616.063 -1.091.373,21 -371.885.423 TOTAL FIXED ASSETS (CΙ+CΙΙ+CΙΙΙ) 195.994.218,71 66.785.030.025 211.584.092,26 72.097.279.436 TOTAL EQUITY CAPITAL (ΑΙ+ΑΙΙ+ΑΙΙΙ+ΑΙV+ΑV+AVII) 209.038.146,26 71.229.748.337 299.951.569,90 102.208.497.444

D. CURRENT ASSETS Ι. Inventory 46.580.332,75 15.872.248.385 44.594.043,36 15.195.420.274 ΙΙ. Trade receivables 172.952.652,40 58.933.616.305 154.036.733,78 52.488.017.034 B. PROVISIONS FOR RISKS AND EXPENSES 1.860.793,32 634.065.324 1.031.610,52 351.521.285 ΙΙΙ. Marketable securities 34.705.564,24 11.825.921.015 75.552.922,97 25.744.658.503 IV. Cash and cash equivalents 4.010.062,12 1.366.428.667 4.059.022,76 1.383.112.006 TOTAL CURRENT ASSETS (DΙ+DΙΙ+DΙΙΙ+DIV) 258.248.611,51 87.998.214.372 278.242.722,87 94.811.207.817 C. LIABILITIES Ι. Long-term liabilities 11.738.811,00 3.999.999.848 1.331.003,37 453.539.400 E. TRANSITORY ACCOUNTS 7.356.040,52 2.506.570.807 9.846.477,29 3.355.187.138 ΙΙ. Short-term liabilities 236.189.180,02 80.481.463.092 199.609.769,04 68.017.028.802 TOTAL LIABILITIES (CI+CII) 247.927.991,02 84.481.462.940 200.940.772,42 68.470.568.202

D. TRANSITORY ACCOUNTS 11.072.562,48 3.772.975.665 7.981.922,62 2.719.840.132

TOTAL ASSETS (B+C+D+E) 469.899.493,08 160.118.252.267 509.905.875,46 173.750.427.063 TOTAL EQUITY & LIABILITIES (A+B+C+D) 469.899.493,08 160.118.252.266 509.905.875,46 173.750.427.063

OFF BALANCE SHEET ACCOUNTS 93.567.526,31 31.883.134.590 114.823.503,13 39.126.108.693 OFF BALANCE SHEET ACCOUNTS 93.567.526,31 31.883.134.590 114.823.503,13 39.126.108.693

Notes: 1. The companies included in the consolidation are: i) IRIS PRINTING SA ii) MULTIMEDIA SA, iii) STUDIO ATA SA, iv) SPECIAL PUBLICATIONS SA, v) DOL DIGITAL SA, vi) HEARST DOL PUBLISHING LTD, vii) MC HELLAS SA, viii) EUROSTAR SA, ix) ACTION PLAN SA, x) NEA AKTINA SA and xi) ELLINIKA GRAMMATA SA. The figures of these consolidated financial statements are not comparable to those of last year, because in this period the consolidation includes the companies ACTION PLAN SA and ELLINIKA GRAMMATA SA, that were not included in last year's consolidated statements. 2. The account "Participations in affiliated companies" refers to: i) Participation in a compnay listed on the Athens Stock Exchange amounting to 14,354 thousand euros valuated according to art .43 par. 6 of Law 2190/1920 (lowest between acquisition value and current value). ii) Participation in companies not listed on the Athens Stock Exchange totalling 17,248 thousand euros, (out which eighteen (10) amounting to 14,115 thousand euros are audited by qualified Chartered Accountants - Auditors), were valuated according to art. 28 of the Code of Books and Records (Presidential Decree 186/1992) at their acquisition value. If those participations were valuated according to their total intrinsic book value, after accounting for the remarks of the Chartered Accountants - Auditors, their value would be lower by 6,197 thousand euros, while according to art .43 par. 6 of Law 2190/20, (lowest between acquisition value and intrinsic book value per participation accorinding to each company's latest published financial statements, after accounting for the remarks of the Chartered Accountants - Auditors) it would be lower by 6.794 thousand euros. 3. In the previous year's (2001) published six-month statements, an amount of 27,304 thousand euros was reported under "Participations in affiliated companies". In the 2001 figures of this year's statements, this amount is reported under "Marketable Securities". 4. Contrary to the previous period, shares of companies listed on the Athens Stock Exchange and marketable securities, were valuated, at their current value according to art. 43 par. 6 of Law 2190/1920. The differences (loss) stemming from this valuation, amounting to 10,285 thousand euros, (shares 7,852 and bought-back treasury stock 2,433 thousand euros) were transferred pursuant to the regulations of art. 2 of Law 2992/2002, to the debit of equity capital instead of charging this period's earnings by 7,852 thousand euros. 5. The value of bought-back shares (treasury stock) amounting to 4,057 thousand euros (after their devaluation provision) is reported under the account "Marketable Securities", instead of debiting the equity capital. 6. Litigations pending against the company, stemming mainly from articles published in the newspapers, in case they are judged against the company, will not have material adverse effect to the financial status or operation of the company. Also, there are no litigious or under arbitration claims in any judicial or arbitration bodies. 7. Average number of employees: 2,514 8. The latest revaluation of the companies' fixed assets was effected on 31.12.2000. 9. There are no registered encumbrances on any real-estate asset of any of the companies.

I N C O M E S T A T E M E N T June 30, 2002 (January 1 - June 30, 2002)

Closing period's Previous period's Closing period's amounts amounts Previous period's amounts amounts 1.1.2002 - 30.6.2002 1.1.2002 - 1.1.2001 - 30.6.2001 1.1.2001 - in euro 30.6.2002 in euro 30.6.2001 in GRD in GRD Ι. Operating income Turnover (sales) 148.721.842,77 50.676.967.924 131.419.300,98 44.781.126.810 Less: Cost of goods sold 124.697.426,31 42.490.648.015 119.980.229,09 40.883.263.061 Gross margin 24.024.416,46 8.186.319.909 11.439.071,90 3.897.863.749 Plus: Other operating income 1.541.719,72 525.340.995 1.821.404,98 620.643.748 Total 25.566.136,18 8.711.660.903 13.260.476,88 4.518.507.497 Less: Administrative and selling expenses 19.046.338,78 6.490.039.939 16.470.596,87 5.612.355.883 Operating income sub-total 6.519.797,40 2.221.620.964 -3.210.119,99 -1.093.848.386 Less: Net Income from participations and interest -526.488,99 -179.401.123 3.213.577,72 1.095.026.607 TOTAL OPERATING INCOME 5.993.308,41 2.042.219.841 3.457,73 1.178.221 Less: Extraordinary income -2.283.082,99 -777.960.529 -721.220,74 -245.755.968 OPERATING AND EXTRAORDINARY INCOME 3.710.225,42 1.264.259.312 -717.763,01 -244.577.747 Less: Total depreciation of fixed assets 6.916.238,07 6.576.192,36 Less: Depreciation included in cost of goods sold 6.916.238,07 0 0 6.576.192,36 0 0 Earnings before minority rights and tax 3.710.225,42 1.264.259.312 -717.763,01 -244.577.747

Less: Minortiy rights 1.560.214,96 531.643.249 373.610,20 127.307.676 EARNINGS BEFORE TAX 2.150.010,46 732.616.063 -1.091.373,21 -371.885.423

Athens, August 27, 2002

THE PRESIDENT OF THE BOARD OF DIRECTORS THE VICE PRESIDENT OF THE BOARD OF DIRECTORS THE FINANCIAL DIRECTOR THE HEAD OF THE DIVISION OF ACCOUNTING

CHRISTOS D. LAMBRAKIS STAVROS P. PSYCHARIS DAMIANOS Z. HADJIKOKKINOS KYRIAKOS R. BOUTSIKARIS ID No. : M 154944 ID No.: L 352089 ID No.: S 147009 ID No.: I 374832

CERTIFICATE OF AUDIT BY CHARTERED AUDITOR - ACCOUNTANT (To the Board of Directors of the Incorporated Company "LAMBRAKIS PRESS S.A.")

We have conducted the Audit provided for by the regulations of art. 6 of PresidentialDecree 360/1985, as amended by art. 90 of Law 2533/1997, applying within the framework of auditing principles and rules pursued by the BODY OF CHARTERED AUDITORS - ACCOUNTANTS the auditing procedures deemed suitable, to determine that the above summary consolidatedfinancial statements of "LAMBRAKIS PRESS S.A." pertaining to the period from 01.01.2002 to 30.06.2002 do not contain inaccuracies or omissions materiallyaffecting the consolidatedasset structure and financial standing or the consolidatedincome statement of the above parent Company and its affiliates included in the consolidation.We did not extend our Audit to the financial statements of companies included in the consolidationrepresenting16,31% and 21,13% of the total consolidatedassets and turnover respectively.Our above audit's findings are the following: 1. In previous years some of the consolidatedcompanies, citing the regulations of Law 2065/1992, did not write down depreciationsthat aggregateto 1,170 thousand euros, resulting in an equal increase of the Equity Capital. 2. "Participations in affiliated companies" refer to: i) A participation in a company listed on the Athens Stock Exchange amounting to 14,354 thousand euros that was valuated according to art. 43 par. 6. of Law 2190/1920 (lowest between acquisition value and current value) ii) Participations in companies not listed on the Athens Stock Exchange totalling 17,248 thousand euros, (out of which ten [10] with a total acquisition value of 14,115 thousand euros are audited by qualified Auditors) were valuated, according to art. 28 of the Code of Books and Records (PresidentialDecree 186/92), at their acquisition value. If these participations were valuated based on their total intrinsic book value, after accounting for the remarks in the certificates of the Chartered Accountants - Auditors, their value would be lower by approximately6,197 thousand euros, while according to art. 43 par. 6 of Law 2190/1920, (lowest between acquisition value and current value per participationafter accounting for the remarks of the certificates of the Chartered Accountants - Auditors) it would be lower by 6.794 thousand euros. 3. The inventory of some of the consolidated companies includes written-off and slow-moving inventory totalling 800 thousand euros, against which there has not been formed any provision. As a result Total Equity Capital appears respectively increased. 4. A provision amounting to 2,086 thousand euros has been formed against probable loss from bad, litigious, stale or other receivables totalling approximately9,688 thousand euros. There is no provision for the remaining difference that should be charged to this period's earnings by 895 thousand euros and to previous years' earnings by approximately6,707 thousand euros. 5. Receivables accounts include a claim of 5,492 thousand euros from a company under liquidation, for which there is no provision debiting the consolidatedearnings. 6. Some of the consolidatedcompanies did not valuatetheir holding in shares listed on the Athens Stock Exchange. As a result these holdings are reported increased by 260 thousand euros, equally increasing this period's consolidatedearnings and total equity capital.7. The value of bought-back shares (treasury stock) amounting to 4,057 thousand euros after its devaluationprovision, is posted under "Marketable Securities", instead of debiting the Equity Capital. 8. Some of the consolidatedcompanies, citing Resolution No. 205/1988 of the Plenary Session of the Legal Advisors to the Administration and art. 31par. 15 of Law 2238/1994, do not form a provision for personnel pension liabilities, except for two consolidatedcompanies that formed in previous years such a provision amounting to approximately91 thousand euros. If such a provision were formed for the total number of employees,according to the regulations of art. 42e par. 14 of Law 2190/1920, its aggregateamount would be 9,596 thousand euros, out of which 551 thousand euros pertain to the earnings of this period and 8,954 thousand euros to the earnings of previous fiscal years. 9. The consolidatedcompanies have not been audited by the Tax Authorities mainly for the fiscal years 2000 - 2001. Consequentlytheir tax liabilitiesare not finalised. 10. Since the total Equity Capital of six [6] consolidatedcompanies have become negative, the regulations of art. 47 and 48 of Law 2190/1920 apply.Basedon the Audit we conducted, we established that the above consolidatedfinancial statements have been compiled according to the related provisions of Law 2190/1920 on IncorporatedCompanies and, after accounting for our afore-mentionedremarks, the notes of the company set forth above and particularly Note No. 4 concerning the handling of differences (loss) stemming from the valuationof shares listed on the Athens Stock Exchange, do not contain inaccuracies or omissions materiallyaffecting the stated consolidatedasset structure and the aggregatefinancial standing of the companies included in the consolidationon 30.06.2002 as well as the consolidatedincome statement of the period ending on this date, based on the related legal regulationsand accounting principles and methods applied by the parent company that have been generally accepted and do not differ from those applied during the respective period of last year, except for the Company's above Note No. 4.

Athens, August 28, 2002

The Chartered Auditor - Accountant Charal. Ar. Petropoulos

Reg. No. 12001 SOL ERNST & YOUNG S.A. CHARTERED AUDITORS ACCOUNTANTS LAMBRAKIS PRESS S.A. REGISTRATION NO. 1410/06/Β/86/40 ATHENS PREFECTURE SUMMARY BALANCE SHEET OF 31.03.2002 PERIOD: (JANUARY 1 - MARCH 31, 2002) (Amounts in euros except where quoted otherwise) ASSETS LIABILITIES Current Period Previous Period Current Period Previous Period CURRENT PERIOD (01.01.2002 -31.03.2002) PREVIOUS PERIOD (01.01.2001 -31.03.2001) (01.01 - 31.03.2002) (01.01 - 31.03.2001) (01.01 - 31.03.2002) (01.01 - 31.03.2001) in GRD in GRD

Accrued Non-depreciated Accrued Non-depreciated Acquisition cost Amounts in GRD Acquisition cost Amounts in GRD depreciation balance depreciation balance

B. ESTABLISHMENT EXPENSES 7.571.954,30 5.235.787,71 2.336.166,59 796.048.766 8.318.194,20 4.359.336,59 3.958.857,61 1.348.980.732 Α. CAPITAL AND RESERVES Ι. Share capital fully paid up 45.180.000,00 15.395.085.000 44.196.625,09 15.060.000.000 ΙΙ. Share premium account 206.260.785,36 70.283.362.611 206.940.572,27 70.515.000.000 C. FIXED ASSETS III. Asset revaluation - Investment subsidies 274.180,70 93.427.074 303.588,01 103.447.613 I. Intangible assets 364.435,78 242.197,84 122.237,94 41.652.578 405.942,58 197.203,89 208.738,69 71.127.709 IV. Reserves -42.122.669,12 -14.353.299.503 18.246.482,52 6.217.488.920 II. Tangible assets 27.436.507,25 10.170.296,82 17.266.210,43 5.883.461.204 29.060.509,53 11.642.773,68 17.417.735,85 5.935.093.490 V. Profit or Loss brought forward -21.854.419,21 -7.446.893.346 -10.388.789,37 -3.539.979.977 TOTAL TANGIBLE AND INTANGIBLE FIXED ASSETS (CΙ+CΙ 27.800.943,03 10.412.494,66 17.388.448,37 5.925.113.782 29.466.452,10 11.839.977,56 17.626.474,54 6.006.221.199 Results (profit) of First Quarter 751.826,22 256.184.784 -1.021.930,06 -348.222.668

TOTAL EQUITY CAPITAL (ΑΙ+ΑΙΙ+AIIΙ+AIV+AV) 188.489.703,95 64.227.866.621 258.276.548,46 88.007.733.888 III. Participations and other long term financial receivables 124.178.400,50 42.313.789.970 153.441.462,74 52.285.178.428

TOTAL FIXED ASSETS (CΙ+CΙΙ+CΙΙΙ) 141.566.848,87 48.238.903.752 171.067.937,28 58.291.399.627 Β.PROVISIONS FOR RISKS AND LIABILITIES 770.095,43 262.410.018 332.948,99 113.452.367

D. CURRENT ASSETS Ι. Inventories 8.488.384,33 2.892.416.960 8.564.112,57 2.918.221.358 C. LIABILITIES ΙΙ. Debtors 53.728.164,31 18.307.871.989 46.982.030,14 16.009.126.771 Ι. Long-term liabilities 0,00 0 1.338.801,52 456.196.617 ΙΙΙ. Investments 19.795.559,23 6.745.336.808 66.139.880,50 22.537.164.281 ΙΙ. Short-term liabilities 37.639.265,01 12.825.579.552 35.940.870,97 12.246.851.783 IV. Cash and cash equivalents 825.146,66 281.168.724 593.168,38 202.122.127 TOTAL CURRENT ASSETS(DΙ+DΙΙ+DΙΙΙ+DIV) 82.837.254,53 28.226.794.481 122.279.191,60 41.666.634.537 TOTAL SHORT AND LONG TERM LIABILITIES (CΙ+CΙΙ) 37.639.265,01 12.825.579.552 37.279.672,49 12.703.048.400

Ε. TRANSITORY ACCOUNTS 3.962.609,41 1.350.259.156 2.807.206,19 956.555.510 D. TRANSITORY ACCOUNTS 3.803.815,01 1.296.149.965 4.224.022,75 1.439.335.751

TOTAL ASSETS (B+C+D+Ε) 230.702.879,40 78.612.006.156 300.113.192,68 102.263.570.406 TOTAL LIABILITIES (Α+Β+C+D) 230.702.879,40 78.612.006.156 300.113.192,68 102.263.570.406

OFF BALANCE SHEET ACCOUNTS 3.128.007,77 1.065.868.648 12.873.696,12 4.386.711.954 OFF BALANCE SHEET ACCOUNTS 3.128.006,77 1.065.868.307 12.873.696,12 4.386.711.954

Notes: 1. The account "Participations in affiliated companies" refers to: a) Participation in a company listed on the Athens Stock Exchange. On 31.12.2001 this participation was valuated according to art. 43 par. 6 of Law 2190/1920 and on 31.03.2002 it was valuated at acquisition value. b) Participation in companies not listed on the Athens Stock Exchange valuated at their acquisition value pursuant to art. 28 of the Code of Books and Records (Presidential Decree 186/92). 2. Number of employees (average): 838. 3. The latest revaluation of the company’s fixed assets was effected on 31.12.2000. 4. The breakdown of turnover per sector of business activity ( according to the Hellenic Statistics Service Book of Codes 1991) is the following for the first quarter of 2002 : Code 221.2 25,470 thousand euro; code 741.2 1,208 thousand euro; code 521.4 310 thousand euro. 5. The company has been audited by tax authorities up to fiscal year 1999 inclusive. As a result the company's tax liabilities for the fiscal years 2000 and 2001 have not been finalised. 6. There are no registered encumbrances on the real estate fixed assets of the company. 7. Pending litigations against the company, mainly from newspaper articles and reports will not have material adverse effect in the financial standing or operation of the company even if judged against the company. Also, there are no pending or under referral claims or litigations in any administrative court of Law or arbitration body.

INCOME STATEMENT MARCH 31, 2002 (Period: JANUARY 1 - MARCH 31, 2002)

Current period Previous period Current period Previous period (01.01 - 31.03.2002) (01.01 - 31.03.2001) (01.01 - 31.03.2002) (01.01 - 31.03.2001) in GRD in GRD Ι. Operating income Turnover (sales) 27.188.375,26 9.264.438.870 24.439.593,23 8.327.791.394 Less: Cost of goods 24.269.048,64 8.269.678.323 24.354.483,74 8.298.790.336 Gross margin 2.919.326,62 994.760.547 85.109,49 29.001.058 Plus: Other operating income 402.942,90 137.302.793 569.528,85 194.066.955 Sub total 3.322.269,52 1.132.063.340 654.638,34 223.068.013 Less: 1. Administration expenses 1.887.806,42 2.340.081,44 2. Selling expenses 1.213.589,84 3.101.396,26 1.056.800.776 1.391.246,95 3.731.328,39 1.271.450.149 Operating income 220.873,26 75.262.563 -3.076.690,05 -1.048.382.136 Plus: Net Interest and capital gains 1.040.181,29 354.441.775 1.981.226,10 675.102.794 TOTAL OPERATING INCOME 1.261.054,55 429.704.338 -1.095.463,95 -373.279.342

ΙΙ.Less: Εxtraordinary income -509.228,33 -173.519.553 73.533,89 25.056.674

TOTAL OPERATING AND EXTRAORDINARY EARNINGS 751.826,22 256.184.784 -1.021.930,06 -348.222.668

Total fixed asset depreciation 810.606,61 901.150,53 Less: Depreciation included in operating cost 810.606,61 - - 901.150,53 - - NET EARNINGS BEFORE TAX 751.826,22 256.184.784 -1.021.930,06 -348.222.668

Athens, April 26, 2002

THE PRESIDENT OF THE BOARD OF DIRECTORS THE VICE PRESIDENT OF THE BOARD OF DIRECTORS THE FINANCIAL DIRECTOR OF THE GROUP THE HEAD OF THE ACCOUNTING DIVISION

CHRISTOS D. LAMBRAKIS STAVROS P. PSYCHARIS DIMITRIOS A. HATZIS DIMITRIOS I. PANAGIOTAKIS ID No.: Μ 154944 ID No.: L 352089 ID No.: F 089929 ID No.: S 010488 LAMBRAKIS PRESS S.A. REGISTRATION NO. 1410/06/Β/86/40 ATHENS PREFECTURE SUMMARY CONSOLIDATED BALANCE SHEET OF 31.03.2002 PERIOD: (JANUARY 1 - MARCH 31, 2002) (Amounts in euros except where quoted otherwise)

ASSETS LIABILITIES Current Period Previous Period Current Period Previous Period CURRENT PERIOD (01.01.2002 -31.03.2002) PREVIOUS PERIOD (01.01.2001 -31.03.2001) (01.01 - 31.03.2002) (01.01 - 31.03.2001) (01.01 - 31.03.2002) (01.01 - 31.03.2001) in GRD in GRD Accrued Non-depreciated Accrued Non-depreciated Acquisition cost Amounts in GRD Acquisition cost Amounts in GRD depreciation balance depreciation balance B. ESTABLISHMENT EXPENSES 20.648.122,08 13.613.685,32 7.034.436,76 2.396.984.326 19.902.536,13 9.470.730,98 10.431.805,15 3.554.637.605 Α. EQUITY CAPITAL Subscribed capital 45.180.000,00 15.395.085.000 44.196.625,09 15.060.000.000 C. FIXED ASSETS Share premium account 206.260.785,36 70.283.362.611 206.940.572,27 70.515.000.000 I. Intangible assets 717.409,65 516.092,93 201.316,72 68.598.672 617.288,33 401.768,28 215.520,05 73.438.456 Asset revaluation reserves - Investment subsidies 314.534,78 107.177.726 835.686,52 284.760.182 II. Tangible assets 183.446.920,68 40.626.365,99 142.820.554,69 48.666.104.011 144.370.786,73 33.722.177,86 110.648.608,87 37.703.513.472 Reserves -39.077.677,07 -13.315.718.461 39.420.406,49 13.432.503.511 TOTAL (CΙ+CΙΙ) 184.164.330 41.142.459 143.021.871,41 48.734.702.683 144.988.075,06 34.123.946,14 110.864.128,92 37.776.951.928 Profit or Loss brought forward -49.055.325,66 -16.715.602.217 -25.489.373,00 -8.685.503.851 Minority rights 34.848.429,44 11.874.602.332 36.167.677,27 12.324.136.030 III. Participations and other long term financial receivables 52.240.165,44 17.800.836.374 93.578.224,15 31.886.779.878 Consolidation differences 16.137.697,81 5.498.920.529 -807.571,83 -275.180.101 Results (profit) of First Quarter 611.359,85 208.320.868 -1.630.394,92 -555.557.068 TOTAL FIXED ASSETS (CΙ+CΙΙ+CΙΙΙ) 195.262.036,85 66.535.539.057 204.442.353,06 69.663.731.806 TOTAL EQUITY CAPITAL (ΑΙ+ΑΙΙ+AIIΙ+AIV+AV) 215.219.804,51 73.336.148.388 299.633.627,89 102.100.158.702

D. CURRENT ASSETS Ι. Stocks 38.918.644,68 13.261.528.175 41.411.195,19 14.110.864.760 ΙΙ. Debtors 168.729.046,45 57.494.422.578 148.131.091,46 50.475.669.415 Β.PROVISIONS FOR RISKS AND LIABILITIES 1.799.368,73 613.134.895 916.897,36 312.432.775 ΙΙΙ. Investments 22.451.692,82 7.650.414.328 77.410.241,53 26.377.539.801 IV. Cash in bank and at hand 3.923.784,23 1.337.029.476 11.125.039,43 3.790.857.187 TOTAL CURRENT ASSETS (DΙ+DΙΙ+DΙΙΙ+DIV) 234.023.168,18 79.743.394.557 278.077.567,61 94.754.931.163 C. LIABILITIES Ι. Long-term liabilities 11.738.811,00 3.999.999.848 1.353.274,42 461.128.259 Ε. PREPAYMENT AND ACCRUED INCOME 6.325.896,69 2.155.549.297 6.042.271,21 2.058.903.915 ΙΙ. Short-term liabilities 206.035.232,86 70.206.505.598 188.815.416,04 64.338.853.016 TOTAL LIABILITIES (CΙ+CΙΙ) 217.774.043,86 74.206.505.446 190.168.690,46 64.799.981.274

D. ACCRUALS AND DEFERRED INCOME 7.852.321,37 2.675.678.508 8.274.781,33 2.819.631.738

TOTAL ASSETS (B+C+D+Ε) 442.645.538,48 150.831.467.237 498.993.997,03 170.032.204.489 TOTAL LIABILITIES (Α+Β+C+D) 442.645.538,48 150.831.467.237 498.993.997,03 170.032.204.489

OFF BALANCE SHEET ACCOUNTS 89.568.882,20 30.520.596.610 106.136.866,04 36.166.137.103 OFF BALANCE SHEET ACCOUNTS 89.568.882,20 30.520.596.610 106.136.866,04 36.166.137.103

Additional data: 1. The companies included in this consolidated statement are: a) MULTIMEDIA SA b) STUDIO ATA SA c) IRIS PRINTING SA d) NEA KTINA SA e) EUROSTAR SA f) SPECIAL PUBLICATIONS SA g) MC HELLAS SA h) HEARST DOL PUBLISHING LTD i) DOL DIGITAL SA j) ACTION PLAN SA. 2. In this fiscal period ACTION PLAN SA was directly consolidated from Lambrakis Press SA (direct participation: 85% ), whereas last year ACTION PLAN SA was indirectly consolidated under Lambrakis Press SA (indirect participation: 64.787%) through the consolidated financial statements of DOL DIGITAL SA. 3. The account "Participations in affiliated companies" refers to: a) Participation in a company listed on the Athens Stock Exchange. On 31.12.2001 this participation was valuated according to art. 43 par. 6 of Law 2190/1920 and on 31.03.2002 it was valuated at acquisition value. b) Participation in companies not listed on the Athens Stock Exchange valuated at their acquisition value pursuant to art. 28 of the Code of Books and Records (Presidential Decree 186/92). 4. There are no litigations pending against the company that may have material adverse effect in the financial standing or operation of the company. 5. Number of employees (average): 2,613 6. The latest revaluation of the companies' fixed assets was effected on 31.12.2000.

INCOME STATEMENT MARCH 31, 2002 (Period: JANUARY 1 - MARCH 31, 2002)

Current period Previous period Current period Previous period (01.01 - 31.03.2002) (01.01 - 31.03.2001) (01.01 - 31.03.2002) (01.01 - 31.03.2001) in GRD in GRD Ι. Operating income Turnover (sales) 66.747.336,67 22.744.154.970 59.592.351,20 20.306.093.670 Less: Cost of goods 58.070.405,90 19.787.490.810 53.439.178,85 18.209.400.194 Gross margin 8.676.930,77 2.956.664.160 6.153.172,34 2.096.693.476 Plus: Other operating income 591.009,99 201.386.654 924.417,41 314.995.232 Sub total 9.267.940,76 3.158.050.814 7.077.589,75 2.411.688.708 Less: 1. Administrative and selling expenses 8.435.136,12 2.874.272.633 9.528.195,01 3.246.732.451 Operating income 832.804,64 283.778.181 -2.450.605,26 -835.043.743 Plus: Net Interest income and capital gains 437.704,99 149.147.975 976.618,39 332.782.716 TOTAL OPERATING INCOME 1.270.509,63 432.926.156 -1.473.986,87 -502.261.027 Less: Εxtraordinary income -664.533,08 -226.439.647 -231.259,15 -78.801.556 TOTAL OPERATING AND EXTRAORDINARY EARNINGS 605.976,55 206.486.509 -1.705.246,02 -581.062.583 Less: Total fixed asset depreciation 3.267.203,97 2.201.891,30 Less: Depreciation included in cost of goods sold 3.267.203,97 0 0 2.201.891,30 0 0 605.976,55 206.486.509 -1.705.246,02 -581.062.583 EARNINGS BEFORE TAX AND MINORITIES Less: Minority and third party rights -5.383,30 -1.834.359 -74.851,11 -25.505.515 NET EARNINGS BEFORE TAX 611.359,85 208.320.868 -1.630.394,92 -555.557.068

Athens, April 26, 2002

The President of the Board of Directors The Vice President of the Board of Directors The Group's Financial Director The Head of the Division

Christos D. Lambrakis Stavros P. Psycharis Dimitrios A. Hatzis Dimitrios I. Panagiotakis ID No.: Μ 154944 ID No.: L 352089 ID No.: F 089929 ID No.: S 010488 HEARST DOL PUBLISHING LTD PUBLISHING BALANCE SHEET AT DECEMBER 31st, 2002 3rd OPERATING PERIOD (1 JANUARY - 31 DECEMBER 2002) (in EURO) ASSETS LIABILITIES Amounts For Amounts For Amounts For The Period 01/01/02-31/12/02 Amounts For The Period 01/01/01-31/12/01 Period Period 01/01/02-31/12/02 01/01/01-31/12/01

Cost Depreciation Net Value Cost Depreciation Net Value B. ESTABLISHMENT EXPENSES Α. SHAREHOLDERS EQUITY 1. Initial establishment expenses 1.108.836,99 662.031,66 446.805,33 1.108.836,99 440.264,26 668.572,72 I. Capital (51.000 shares per value 29,35 €) 4. Other establishment expenses 29.516,50 15.811,70 13.704,80 24.175,70 9.562,01 14.613,69 1. Paid in share capital 1.496.698,46 1.496.698,46 1.138.353,49 677.843,36 460.510,13 1.133.012,69 449.826,27 683.186,42

IV. Reserves C. FIXED ASSETS 1. Statutory reserve 29.011,89 0,00 ΙΙ. Tangible assets 3. Buildings - Fixtures 64.269,77 32.134,95 32.134,82 64.269,77 21.423,30 42.846,47 4. Machinery-technical instal. And other mechan. equipm. 0,00 0,00 0,00 0,00 0,00 0,00 5. Transportation equipment 645,00 48,38 596,62 0,00 0,00 0,00 6. Furniture and other equipment 86.344,56 55.834,49 30.510,07 82.783,08 35.954,15 46.828,94 V. Results carried forward TOTAL TANGIBLE ASSETS 151.259,33 88.017,82 63.241,51 147.052,85 57.377,45 89.675,40 1. Periods profits 1.225,91 214.147,08 TOTAL TANGIBLE AND INTANGIBLE ASSETS (CΙ+CΙΙ) 151.259,33 88.017,82 63.241,51 147.052,85 57.377,45 89.675,40 1a. Period's profit carried forward 0,00 (316.055,02) 1.225,91 (101.907,93) TOTAL FIXED ASSETS (CΙ+CΙΙ) 63.241,51 89.675,40 TOTAL OWNERS EQUITY (AI+AIV+AV) 1.526.936,26 1.394.790,53 D. CURRENT ASSETS Ι. Stocks 1. Merchandise 0,00 0,00 2. Finished & semifinished products, byproducts and scrap 230.226,59 235.276,17 5. Advances payments 2.693,49 2.683,79 Β. PROVISIONS FOR CONTINGENCIES AND EXPENSES 232.920,08 237.959,95 1. Personell dismissal & retirement compensation provision 35.053,87 30.371,82 2. Other provisions 0,00 68,29 35.053,87 30.440,11 ΙΙ. Debtors 1. Trade Debtors 1.336.679,94 758.427,19 Less: Provisions for trade debtors 29.404,96 1.307.274,98 11.295,74 747.131,45 2. Bills receivable - On hand 47.746,11 35.364,83 - In banks for collection 47.857,98 28.310,06 - In banks for colateral 0,00 95.604,09 0,00 63.674,89 3. Bills overdue 2.086,94 880,41 C. LIABILITIES 3α Cheques receivable (postdated) 1.860.378,99 1.414.794,45 ΙΙ. Short-term liabilities 3β. Cheques receivable (postdated) overdue 2.631,84 2.631,84 1. Suppliers 989.589,81 852.437,43 4. Currently due and overdue capital subscriptions 0,00 0,00 2. Bills and promissory notes payable 0,00 0,00 10. Doubtfull-disputed customers and debtors 8.038,96 8.038,96 2.α. Outstanding cheques (postdated) 428.288,81 581.474,44 Less: Allowances 8.038,96 0,00 8.038,96 0,00 3. Banks 0,00 0,00 11. Sundry debtors 183.374,31 1.495,72 4. Customers down payments 116.125,07 151.263,64 12. Advances and credit control account 54,20 293,47 5. Tax and duties payable 530.803,87 128.563,04 3.451.405,35 2.230.902,23 6. Insurance and pension fund dues 19.061,81 18.041,08 ΙΙΙ. Securities 8. Short-term Obligations to subsidiaries 45.518,70 0,00 3. Other securities 400.000,00 0,00 10. Dividends payable 550.000,00 0,00 400.000,00 0,00 11. Sundry creditors 68.127,59 0,00 IV. Cash TOTAL LIABILITIES (CΙΙ) 2.747.515,66 1.731.779,62 1. Cash on hand 3.686,39 3.221,63 3. Sight and time deposits 40.828,69 82.538,18 44.515,08 85.759,81 TOTAL CURRENT ASSETS (DΙ+DΙΙ+DΙΙΙ+DΙV) 4.128.840,51 2.554.622,00

E. TRANSIT DEBIT BALANCES D. TRANSIT CREDIT BALANCES 1. Prepaid expenses 15.115,22 17.917,92 1. Unearned and deferred income 207.462,93 207.378,08 2. Noncurrent receivables from currently-earned income 7.673,35 195.289,84 2. Accrued expenses 157.656,61 175.051,51 0,00 0,00 3. Other credit transit balances 755,39 1.251,73 22.788,57 213.207,76 365.874,93 383.681,32

TOTAL FIXED ASSETS (Β+C+D+Ε) 4.675.380,72 3.540.691,58 TOTAL OWNERS EQUITY AND LIABILITIES (Α+Β+C+D) 4.675.380,72 3.540.691,58

DEBIT MEMO ACCOUNTS CREDIT MEMO ACCOUNTS 1. Assets belonging to third parties 820,00 589,00 1. Assets belonging to third parties 820,00 589,00 2. Debit accounts of guarantees and colateral security 0,00 0,00 2. Credit balances of guarantees and colateral security 0,00 0,00 4. Other memo accounts 0,00 0,00 4. Other memo accounts 0,00 0,00 820,00 589,00 820,00 589,00

INCOME STATEMENT FOR PERIOD APPROPRIATION OF EARNINGS DECEMBER 31st 2002 (01/01/2002 - 31/12/2002) Amounts For Amounts For Ι. Operating results Amounts For Period 01/01/02 - 31/12/02 Amounts For Period 01/01/01- 31/12/01 Period Period 01/01/02-31/12/02 01/01/01-31/12/01 Net turnover (sales) 6.962.401,27 5.257.176,02 Net income for the period 986.096,07 214.147,10 Less : - Cost of goods sold 5.409.763,23 4.498.893,24 Balance brought forward ( loss ) (101.907,92) (316.055,02) Gross Profit 1.552.638,04 758.282,78 Plus : 1. Other operating income 55,07 708,56 Total unappropriated profit 884.188,15 (101.907,92) Total 1.552.693,11 758.991,34 Less : 1. Administrative expenses 233.651,57 229.150,76 2. Selling expenses 314.130,01 547.781,58 277.649,56 506.800,32 Less : 1. Applicable income tax 303.950,34 0,00 Operating results (profit) 1.004.911,53 252.191,02 PLUS: Profit available for distribution 580.237,81 (101.907,92) 2. Income from securities 3.051,87 1.034,03 4. Interest and related income 3.758,21 6.810,08 2.652,29 3.686,32 Less: Profit distribution: 3. Interest charges and related expenses 3.754,94 3.754,94 3.055,14 1.464,43 1.464,43 2.221,89 1. Statutory reserve 29.011,89 - Total net operating income before extraordinary items and taxes 1.007.966,67 254.412,91 2. First dividend 203.083,23 - ΙΙ. PLUS: Extraordinary items 3. Additional dividend 346.916,77 - 1. Extra ordinary income 5.462,03 1.651,31 8. Profit carried forward 1.225,91 - 2. Extra ordinary profits 0,00 0,00 580.237,81 - 3. Prior period expenses 6.859,63 12.321,66 50.284,35 51.935,67 Less: 1. Extraordinary and nonoperating expenses 953,84 3.396,39 3. Prior period expenses 15.129,19 75.633,26 4. Provisions for extraordinary contigencies 18.109,23 34.192,26 (21.870,60) 13.171,82 92.201,47 (40.265,80) Net income after extraordinary items and before taxes and extra depreciation 986.096,07 214.147,10 LESS: Total depreciation of Fixed Assets 258.657,48 256.105,22 Less: Fixed Assets depreciation (included in the operating cost) 258.657,48 0,00 256.105,22 0,00 NET INCOME FOR THE YEAR BEFORE TAXES 986.096,07 214.147,10

Athens, March 24th, 2003

THE ADMINISTRATOR THE RESPONSIBLE OF THE ACCOUNTING DEPARTMENT

DAMIANOS Ζ. HADJIKOKKINOS ΚΥRIAKOS P. BOUTSIKARIS Α.∆.Τ. : Σ 147009 Α.∆.Τ. : Ι 374832

AUDITORS' CERTIFICATE To the Shareholders of "HEARST DOL PUBLISHING LTD"

We have audited the financial statements and notes to the financial statements of "HEARST DOL PUBLISHING LTD" for the year ended 31 December, 2002. Our audit, under which we took full cognisance of the results and posotion 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 aii 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 that the Company has not been audited by the Tax Authorities from its establishment. As a result, according to Greek tax legislation, the Company's tax liabilities are not yet final. 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 2002, as well as the results of the year then ended, on the basis of the applicable legal statements and generally accepted accounting principles (in Greece) which are consistent with those applied by the Company for the previous year.

Athens, March 28th, 2003 The Certified Auditor Accountant

Charalabos Ar. Petropoulos Registration Number 12001 SOL ERNST & YOUNG S.A. CERTIFIED AUDITORS ACCOUNTANTS MC HELLAS S.A. PUBLISHING No S.A. 44343/01/Β/99/610 BALANCE SHEET AT DECEMBER 31st, 2002 3rd OPERATING PERIOD (1 JANUARY - 31 DECEMBER 2002) ( in EURO ) ASSETS LIABILITIES Amounts For The Amounts For The Amounts For The Period 01/01/02-31/12/02 Amounts For The Period 01/01/01-31/12/01 Period Period 01/01/02-31/12/02 01/01/01-31/12/01 Acquisition Value after Acquisition Value after Depreciation Depreciation Value Depreciation Value Depreciation B. ESTABLISHMENT EXPENSES Α. OWNERS EQUITY 1. Initial establishment expenses 55.709,83 55.709,81 0,02 55.709,83 55.709,82 0,01 I. Capital (50.000 shares per value € 29,35) 4. Other establishment expenses 15.477,04 13.823,27 1.653,77 15.300,97 12.630,37 2.670,60 1. Paid in share capital 1.467.500,00 1.467.500,00 71.186,87 69.533,08 1.653,79 71.010,80 68.340,19 2.670,61 C. FIXED ASSETS I. Intangible assets IV. Reserves 5. Other intangible assets 419,66 419,65 0,01 419,66 419,65 0,01 1. Statutory reserve 105.846,26 68.674,27 TOTAL INTANGIBLE ASSETS 419,66 419,65 0,01 419,66 419,65 0,01

ΙΙ. Tangible assets V. Results carried forward 3. Buildings - Fixtures 172.321,64 89.032,85 83.288,79 172.321,64 54.568,52 117.753,12 1a. Previous Period's Retained Earnings carried forward 380,72 1.124,56 5. Transportation equipment 441,00 38,59 402,41 0,00 0,00 0,00 380,72 1.124,56 6. Furniture and other equipment 143.961,73 134.102,38 9.859,35 143.107,64 129.734,49 13.373,15 TOTAL TANGIBLE ASSETS 316.724,37 223.173,82 93.550,55 315.429,28 184.303,01 131.126,27 TOTAL OWNERS EQUITY (AI+AIV+AV) 1.573.726,98 1.537.298,83 TOTAL TANGIBLE AND INTANGIBLE ASSETS (CΙ+CΙΙ) 317.144,03 223.593,47 93.550,56 315.848,94 184.722,66 131.126,28

TOTAL FIXED ASSETS (CΙ+CΙΙ) 93.550,56 131.126,28

D. CURRENT ASSETS Ι. Stocks 1. Merchandise 218.230,68 201.716,27 Β. PROVISIONS FOR CONTINGENCIES AND EXPENSES 2. Finished & semifinished products, byproducts and scrap 227.366,42 261.250,94 1. Personnel dismissal & retirement compensation provision 66.059,80 63.363,83 5. Advances for the purchase of inventories 0,00 4.272,93 2. Other provisions 51.540,02 0,00 445.597,10 467.240,14 117.599,82 63.363,83 ΙΙ. Debtors 1. Trade Debtors 2.401.872,97 1.890.558,38 Less: Provisions for trade debtors 92.392,49 2.309.480,48 60.124,38 1.830.434,00 2. Bills receivable - On hand 140.255,29 189.985,61 - At banks for collection 46.912,56 187.167,85 43.021,78 233.007,39 3. Bills overdue 4.411,71 5.705,06 C. LIABILITIES 3α Cheques receivable (postdated) 2.710.947,03 3.058.958,02 ΙΙ. Short-term liabilities 3β. Cheques receivable (postdated) overdue 37.725,48 3.781,54 1. Suppliers 1.814.662,58 1.243.737,36 5. Short-term receivables from subsidiaries 12.613,22 0,00 2.α. Outstanding cheques (postdated) 619.542,06 1.608.557,09 10. Doubtfull-disputed customers and debtors 7.105,15 7.105,15 3. Short term bank liabilities 0,00 12.364,25 Less: Allowances 7.105,15 0,00 7.105,15 0,00 4. Customers down payments 91.893,08 255.850,09 11. Sundry debtors 324.752,23 306.742,66 5. Tax and duties payable 576.061,69 368.751,99 12. Advances and credit control account 1.564,76 0,00 6. Insurance and pension fund dues 33.534,85 35.108,90 5.588.662,76 5.438.628,67 8. Short-term Obligations to subsidiaries 218.225,06 0,00 ΙΙΙ. Securities 10. Dividends payable 688.000,00 407.923,70 3. Other securities 0 0 11. Sundry creditors 74.600,57 12.556,86 0 0 TOTAL LIABILITIES (CΙΙ) 4.116.519,89 3.944.850,24 IV. Cash 1. Cash on hand 1.837,95 1.839,43 3. Sight and time deposits 195.395,53 34.091,51 197.233,48 35.930,94

TOTAL CURRENT ASSETS (DΙ+DΙΙ+DΙΙΙ+DΙV) 6.231.493,34 5.941.799,75

E. TRANSIT DEBIT BALANCES D. TRANSIT CREDIT BALANCES 1. Prepaid expenses 51.787,45 123.140,07 1. Unearned and deferred income 405.848,80 538.528,12 2. Noncurrent receivables from currently-earned income 0,00 68.795,13 2. Accrued expenses 163.723,52 180.085,43 3. Other transit debit balances 0,00 0,00 3. Other credit transit balances 1.066,13 3.405,38 51.787,45 191.935,20 570.638,45 722.018,94

TOTAL FIXED ASSETS (Β+C+D+Ε) 6.378.485,14 6.267.531,84 TOTAL OWNERS EQUITY AND LIABILITIES (Α+Β+C+D) 6.378.485,14 6.267.531,84

DEBIT MEMO ACCOUNTS CREDIT MEMO ACCOUNTS 1. Assets belonging to third parties 1.069,00 655,00 1. Assets belonging to third parties 1.069,00 655,00

INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31st, 2002 APPROPRIATION ACCOUNT DECEMBER 31st 2002 (01/01/02 - 31/12/02) Amounts For The Amounts For The Ι. Operating results Amounts For Period 01/01/02-31/12/02 Amounts For Period 10/11/01-31/12/01 Period Period 01/01/02-31/12/02 01/01/01-31/12/01 Net turnover (sales) 9.215.182,24 9.511.641,00 Net income for the period 1.143.753,64 710.204,71 Less : - Cost of goods sold 7.306.000,86 7.995.601,43 Balance brought forward (profit) 1.124,56 Gross trading profit 1.909.181,38 1.516.039,57 1.144.878,20 710.204,71 Plus : 1. Other operating income 480,00 1.106,58 Total 1.909.661,38 1.517.146,15 Less: 1. Applicable income taxes 419.325,49 279.717,75 Less : 1. Administrative expenses 276.287,24 303.300,85 2. Selling and Distribution expenses 369.087,83 645.375,07 371.802,01 675.102,86 Profit available for distribution 725.552,71 430.486,96 Operating results (profit) 1.264.286,31 842.043,29 PLUS: 2. Income from securities 4.609,51 12.899,29 Profit distribution: 4. Interst and related income 5.049,16 9.658,67 2.624,39 15.523,67 1. Statutory reserve 37.171,99 21.524,35 2. First dividend 247.193,76 143.136,92 Less: 3. Additional dividend 440.806,24 264.786,78 3. Interest charges and related expenses 5.897,28 5.897,28 3.761,39 7.476,31 7.476,31 8.047,36 8. Profit carried forward 380,72 1.038,92 Total net operating income before extraordinary items and taxes 1.268.047,70 850.090,65 725.552,71 430.486,96 ΙΙ. PLUS: Extraordinary items 1. Extra ordinary income 970,22 723,70 2. Extra ordinary profits 146,73 0,00 3. Prior period income 53.902,75 55.019,70 33.291,98 34.015,68 Less: 1. Extraordinary and nonoperating expenses 1.561,53 773,14 2. Extraordinary losses 0,00 0,00 3. Prior period expenses 93.944,10 137.593,73 4. Provisions for extraordinary contigencies 83.808,13 179.313,76 (124.294,06) 35.534,74 173.901,61 (139.885,94) Net income after extraordinary items and before taxes and extra depreciation 1.143.753,64 710.204,71 LESS: Total depreciation of Fixed Assets 40.425,07 39.413,78 Less: Fixed Assets depreciation (included in the operating cost) 40.425,07 0,00 39.413,78 0,00 NET INCOME FOR THE YEAR BEFORE TAXES 1.143.753,64 710.204,71

Athens, April 29, 2003

THE VISE PRESIDENT OF THE BOARD THE RESPONSIBLE OF THE A MEMBER OF THE BOARD & MANAGING DIRECTOR ACCOUNTING DEPARTMENT

DAMIANOS Z. HADJIKOKKINOS HUMBERT BRISSON ΚΥRIAKOS P. BOUTSIKARIS Α.∆.Τ.: S 147009 Τ.Ν.: 113304915 Α.∆.Τ.: Ι 374832

AUDITORS' CERTIFICATE To the shareholders of "MC HELLAS S.A."

We have audited the financial statements and notes to the financial statements of "MC Hellas S.A." for the year ended 31 December, 2002. Our audit, under which we took full cognisance of the results and posotion 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 aii 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 that the Company has not been audited by the Tax Authorities from its establishment. As a result, according to Greek tax legislation, the Company's tax liabilities are not yet final. 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 2002, as well as the results of the year then ended, on the basis of the applicable legal statements and generally accepted accounting principles (in Greece) which are consistent with those applied by the Company for the previous year. Athens, April 30, 2003 The Certified Auditor Accountant

Sofia Kalomenides Registration Number 13301 SOL Ernst & Young S.A. CERTIFIED AUDITORS ACCOUNTANTS S.A. NEA AKTINA SA REG No 43316/01ΑΤ/Β/99/211 BALANCE SHEET OF DECEMBER 31, 2002 Fiscal Year January 1 - December 31, 2002) (Amounts in euros) ASSETS LIABILITIES Current year's amounts Previous year's amounts Current year's amounts Previous year's amounts Acquisition Accrued Non depreciated Acquisition Accrued Non depreciated value depreciation balance value depreciation balance Α. EQUITY B. ESTABLISHMENTS EXPENSES 1. Establishment and set-up expenses 4.788,99 2.873,39 1.915,60 4.788,99 1.915,60 2.873,39 Share Capital 4. Other establishment expenses 52.275,86 32.214,92 20.060,94 52.275,86 16.532,16 35.743,70 (30.000 shares of 2,93 euro each) 57.064,85 35.088,31 21.976,54 57.064,85 18.447,76 38.617,09 1. Fully paid up 87.900,00 87.900,00 87.900,00 87.900,00

C. FIXESD ASSETS IV. Reserves Ι. Intangible assets 1. Statutory reserve 29.300,00 25.881,14 3. Special reserves 141,09 141,09 '2. Rights on industrial property 117,38 81,18 36,20 117,38 69,45 47,93 5. Tax-exempt reserves based 117,38 81,18 36,20 117,38 69,45 47,93 on specific statutory regulations 14.673,51 14.673,51 ΙΙ. Tangible assets 5a. Reserves from specially-taxed income 6. Furniture and appliances 45.170,68 30.752,76 14.417,92 37.718,21 21.196,02 16.522,19 2.232,82 2.232,82 45.170,68 30.752,76 14.417,92 37.718,21 21.196,02 16.522,19 46.347,42 42.928,56 TOTAL INTANGIBLE AND TANGIBLE ASSETS (CΙ+C 45.288,06 30.833,94 14.454,12 37.835,59 21.265,47 16.570,12

V. Earnings brought forward TOTAL FIXED ASSETS (CΙ+CΙΙ) 45.288,06 30.833,94 14.454,12 37.835,59 21.265,47 16.570,12 1.Balance of loss (profit) brought forward 13.517,29 27.627,89

Total 13.517,29 27.627,89 D.CURRENT ASSETS Ι. Inventories 1. Merchandise 64.385,10 27.581,62 TOTAL EQUITY (ΑΙ+AIV+AV) 147.764,71 158.456,45 2. Finished and semi - finished goods - byproducts and residuals 13.781,09 3.690,92 3. Production in progress 109.359,93 71.619,89 Β. PROVISIONS FOR RISKS AND EXPENSES 4. Raw and secondary materials- 2. Other provisions 120.474,93 71.496,52 Consumables-Spare parts and packaging material 36.743,09 12.868,85 120.474,93 71.496,52 5. Pre-payments for invetory purchases 0,00 0,00 C. LIABILITIES 224.269,21 115.761,28 ΙΙ. Short term liabilities ΙΙ. Receivables 1. Suppliers 223.422,91 329.960,33 1. Clients 230.073,73 245.014,79 0,00 2.Bills of exchange payable 5.826,00 0,00 Less provisions 16.609,95 213.463,78 13.266,21 231.748,58 3a. Cheques receivable (postdated) 103.111,39 4.763,41 3. Banks - short term loan accounts 0,00 0,00 4. Bills of exchange receivable 0,00 4.. Cheques payable 74.932,40 0,00 11. Miscellaneous debtors 118.823,79 99.249,10 5. Tax and duty liabilities 251.523,34 242.233,92 6. Social security 14.857,55 13.905,30 12. Pre-payments and credit accounts 0,00 8.649,16 10. Dividend payable 399.000,00 0,00 435.398,96 344.410,25 11. Miscellaneous creditors 392,30 286.658,07 III. Securities 1. Repo's 250.205,42 264.245,00 TOTAL LIABILITIES (CΙΙ) 969.954,50 872.757,62 250.205,42 264.245,00 IV. Cash and cash equivalents D. TRANSITORY ACCOUNTS 1. Cash 12.578,18 4.659,36 1. Forthcoming years' income 16.162,70 0,00 3. Sight and time deposits 96.612,19 84.678,05 2. Current year's realised expenses 83.836,98 73.761,60 109.190,37 89.337,41 TOTAL CURRENT ASSETS (DΙ+DΙΙ+DΙΙΙ+DIV) 1.019.063,96 813.753,94 99.999,68 73.761,60

Ε. TRANSITORY ACCOUNTS 1. Forthcoming years' expenses 0,00 79.236,98 2. Current year's income receivable 278.334,20 228.294,06 3. Other transitory accounts 4.365,00 307.531,04 282.699,20

TOTAL ASSETS (Β+C+D+Ε) 1.338.193,82 1.176.472,19 TOTAL LIABILITIES (Α+Β+C+D) 1.338.193,82 1.176.472,19

OFF BALANCE SHEET ACCOUNTS OFF BALANCE SHEET ACCOUNTS 4. Other off-balance-sheet accounts 0,19 2,96 4. Other off-balance-sheet accounts 0,19 2,96

INCOME STATEMENT APPROPRIATION ACCOUNT December 31, 2002 (January 1 - December 31, 2002)

Current year's amounts Previous year's amounts Current year's amounts Previous year's amounts Ι. Operating earnings Turnover (sales) 4.665.464,40 4.266.509,19 Less: Cost of goods sold 3.614.762,11 3.333.895,11 NET EARNINGS before tax 597.397,32 459.912,46 Gross operating earnings 1.050.702,29 932.614,08 Plus : Other operating income 558,00 0,00 Balance of previous' years earnings 27.627,89 40.849,73 Total 1.051.260,29 932.614,08 Total 625.025,21 500.762,19 Less: 1. Administrative expenses 298.449,64 305.769,27 Less : 1. Income tax 209.089,06 172.467,17 3. Selling expenses 182.978,13 481.427,77 174.208,08 479.977,35 Total 569.832,52 452.636,73 Profit for appropriation : 415.936,15 328.295,02 Plus : 4. Credit intetrest and related income 6.830,43 10.119,52 Less Appropriation of profits: 3. Debit interest and related expenses 2.255,87 4.574,56 2.425,34 7.694,18 Ordinary Reserves 3.418,86 14.372,36 TOTAL OPERATING EARNINGS 574.407,08 460.330,91 First Dividend 134.711,29 95.575,52 ΙΙ.Plus : Extraordinary income Additional dividend 250.178,11 190.719,25 Dividend of previous fiscal year 14.110,60 0,00 1. Extraordinary and non-operating income 1.917,25 1.343,88 Earnings brought forward 13.517,29 27.627,89 3. Previous years' profit 37.591,96 39.509,21 20.883,59 22.227,47

Less: 1.Extraordinary and non-operating expenses 761,84 1.484,94 3. Previous years' expenses 15.757,13 16.518,97 22.990,24 21.160,98 22.645,92 418,45 OPERATING AND EXTRAORDINARY EARNINGS 597.397,32 459.912,46 Total 415.936,15 328.295,02 LESS: Total fixed-asset depreciation 26.209,37 24.196,39

Less: Depeciation included in operating cost 26.209,37 0,00 24.196,39 0,00

NET EARNINGS before tax 597.397,32 459.912,46

Maroussi, February 7, 2003

PRESIDENT OF THE BOARD OF DIRECTORS VICE PRESIDENT OF THE BOARD OF DIRECTORS FINANCIAL MANAGER AND MANAGING DIRECTOR & HEAD OF THE ACCOUNTING DEPARTMEN

CHRISTOS D. LAMBRAKIS CHRISTOS E. TERZOPOULOS GEORGE ASKIANAKIS I.D. : Μ 154944 I.D. Ρ 535520 PERMIT No: 0001621

CERTIFICATE OF AUDIT BY CHARTERED AUDITOR ACCOUNTANT

To the shareholders of the Incorporated Company «ΝΕΑ ΑΚΤΙΝΑ INCORPORATED COMPANY – PUBLISHING ENTERPRISES AND COMMUNICATIONS» We audited the above Financial Statements and the related Addendum of the Incorporated Company "NEA AKTINA Incorporated Company – Publishing Enterprises and Communications" for the fiscal year that ended on December 31, 2002. Our audit was executed according to art. 37 of the Codified Law 2190/1920 "on Incorporated Companies" and the audit procedures we deemed suitable on the basis of the auditing principles and rules pursued by the Body of Certified Auditors Accountants that comply with the basic principles of the International Auditing Standards. All the books and records maintained by the Company were made available to us and we were furnished with the information and details necessary for our audit. The Company has applied correctly the Greek General Accounting Standards. The recording method was not changed compared to last year, and the production cost stemming from the accounting books was determined according to the generally accepted principles of accost accounting. We verified the accordance of the contents of the Board of Directors Report to the Shareholders' Ordinary General Meeting to the financial statements. The Addendum includes the information provided for in par. 1 art. 43a of Codified Law 2190/1920. The findings of our above audit are: 1. Based on Resolution No. 205/1988 of the plenary session of the Legal Advisors to the Administration and art. 31 par. 15 of Law 2238/1994 the Company did not form a provision for personnel pension compensation. If such provision were formed for the total personnel, according to art. 42e, par. 14 of Law 2190/1920, its aggregate amount would be approximately 50,429.00 euros, out of which 11,104.00 refer to the current year.. 2. 2. The company has never been audited by the Tax Authorities. As a result its tax liabilities for these years have not become final. In our opinion, the above Financial Statements that stem from the Books and Records of the Company along with the Addendum and subject to our above findings reflect the asset structure and the financial standing of the Company on December 31, December 2002, as well as the results of the year that ended on that date, according to the applicable statutory legislation and the generally accepted accounting principles and do not differ from those that the company applied in the previous year.

Maroussi, February 28, 2003 THE CHARTERED AUDITOR ACCOUNTANT

CHARAL. AR. PETROPOULOS REG. NO. 12001 SOL ERNST & YOUNG SA CHARTERED AUDITORS ACCOUNTANTS SPECIAL PUBLICATIONS SA Reg No 19681/01ΑΤ/Β/89/1021 ΙBALANCE SHEET OF DECEMBER 31, 2002 FISCAL YEAR (January 1 - December 31, 2002) (amounts in euro) ASSETS LIABILITIES Current year's Previous year's Current year's amounts Previous year's amounts amounts amounts 01/01/2002 - 01/01/2002 - 31/12/2002 01/01/2001 - 31/12/2001 01/01/01-31/12/01 31/12/2002 Accrued Non depreciated Accrued Non depreciated Acquisition value Acquisition value depreciation balance depreciation balance B. ESTABLISHMENTS EXPENSES Α. EQUITY 1. Establishment and set-up expenses 3.777,03 1.703,19 2.073,84 3.777,02 947,79 2.829,23 I. Share Capital( 1.667.600 shares of 3,00 € each ) 4. Other establishment expenses 244.649,41 207.414,85 37.234,56 232.889,42 191.739,92 41.149,50 1. Fully paid up 5.002.800,00 3.826.800,00 248.426,44 209.118,04 39.308,40 236.666,44 192.687,71 43.978,73 2. Not paid up 0,00 1.176.000,00 5.002.800,00 5.002.800,00 C. FIXESD ASSETS ΙΙ. Share premium account ΙΙ. Tangible assets 1. Fully paid up 1.503.217,03 1.311.467,55 3. Buildings and technical works 241.605,74 121.269,91 120.335,83 241.605,74 89.702,20 151.903,54 2. Not paid up 0,00 191.749,48 4. Machinery - Installations and other equipment 3.166,55 3.166,52 0,03 3.166,54 3.166,52 0,02 1.503.217,03 1.503.217,02 5. Vehicles and other transportation 170.581,32 117.015,19 53.566,13 259.243,42 145.946,24 113.297,18 6. Furniture and appliances 809.498,15 671.069,98 138.428,17 810.449,02 515.254,64 295.194,38 IV. Reserves TOTAL TANGIBLE ASSETS (CΙΙ) 1.224.851,76 912.521,60 312.330,16 1.314.464,72 754.069,60 560.395,13 1. Statutory reserve 32.758,30 32.758,30 5. Tax-exempt reserves based on specific statutory regulations 14.350,70 14.350,70 III. Participationsother long term receivables 47.109,00 47.109,00 7. Other long term receivables 3.349,97 3.349,96 V. Earnings brought forward 3.349,97 3.349,96 This year's loss (698.958,88) (1.932.152,83) Balance of loss brought forward (7.403.682,38) (5.471.529,54) TOTAL FIXED ASSETS (CΙΙ+CΙΙΙ) 315.680,13 563.745,09 (8.102.641,26) (7.403.682,37)

D.CURRENT ASSETS TOTAL EQUITY (ΑΙ+ΑΙI+AIV+AV) (1.549.515,23) (850.556,35) Ι. Inventory 1. Merchandise 591.274,78 689.737,22 2. Finished and semi - finished goods - byproducts and residuals 103.161,93 101.049,52 4. Raw and secondary materials-Consumables-Spare parts and packaging material 28.491,34 28.491,34 5. Pre-payments for invetory purchases 322.431,19 226.931,32 1.045.359,24 1.046.209,40 1.045.359 1.046.209 ΙΙ. Receivables 1. Clients 1.682.229 1.756.708,80 Β. PROVISIONS FOR RISKS AND EXPENSES 2. Bills of exchange receivable 69.255,27 88.415,33 2. Other provisions 51,45 51,45 - In portfolio 15.370,02 59.586,53 51,45 51,45 - In banks for collection 38.009,90 12.953,45 - In banks as collateral 15.875,35 15.875,35 3. Bills of exchange in arrears 899,99 2.934,70 3a. Cheques receivable 1.568.270,88 1.828.131,15 C. LIABILITIES 3b. Cheques in arrears 73.750,23 78.152,28 ΙΙ. Short term liabilities 4. Share capital receivable the next fiscal year 0,00 1.176.000,00 1. Suppliers 1.564.966,11 2.104.897,19 5. 5. Short term receivables from associated companies 867,30 2.a. Cheques payable 514.626,41 719.909,90 10. Bad, stale and litigious clients and debtors 933.078,74 900.635,86 3. Banks - short term loan accounts 5.573.000,00 5.573.000,00 Less provisions 172.895,88 760.182,86 155.656,04 744.979,82 4. Clients' pre-payments 289.671,97 313.582,80 11. Miscellaneous debtors 31.227,30 31.361,82 5. Tax and duty liabilities 75.629,63 210.105,66 12. Pre-payments and credit accounts 846.168,44 877.321,42 6. Social security 28.923,80 153.358,13 5.032.851,06 6.584.005,34 10. Short term liabilities to associated companies 143.012,86 0,00 IV. Cash and cash equivalents 11. Miscellaneous creditors 5.047,46 109.231,90 1. Cash 1.059,17 982,07 TOTAL LIABILITIES (CΙΙ) 8.194.878,24 9.184.085,58 3. Sight and time deposits 115.774,02 109.930,27 116.833,19 110.912,34

TOTAL CURRENT ASSETS (DΙ+DΙΙ+DIV) 6.195.043,49 7.741.127,08

Ε. TRANSITORY ACCOUNTS D. TRANSITORY ACCOUNTS 1. Forthcoming years' expenses 98.727,06 45.324,67 1. Forthcoming years' income 57.910,94 113.324,75 2. Current year's income receivable 285.428,40 383.337,76 2. Current year's realised expenses 119.785,27 267.909,51 3. Other transitory accounts 0,00 0,00 3. Other transitory accounts 111.076,81 62.698,38 384.155,46 428.662,43 288.773,02 443.932,64

TOTAL ASSETS (Β+C+D+Ε) 6.934.187,48 8.777.513,33 TOTAL LIABILITIES (Α+Β+C+D) 6.934.187,48 8.777.513,32

OFΛΟΓΑΡΙΑΣΜΟΙ ΤΑΞΕΩΣ ΧΡΕΩΣΤΙΚΟΙ OFF BALANCE SHEET ACCOUNTS 1. Third party property 203,00 39,00 1. Beneficiaries of third party assets 203,00 39,00 203,00 39,00 203,00 39,00

Note:: In this fiscal year the share capital was increased by 1,176,000.00 in cash.

INCOME STATEMENT APPROPRIATION ACCOUNT December 31, 2002 (January 1 - December 31, 2002)

Current year's Previous year's Current year's amounts Previous year's amounts amounts Ι. Operating earnings amounts 01/01/2002 - 01/01/2002 - 31/12/2002 01/01/2001 - 31/12/2001 01/01/01-31/12/01 31/12/2002 Turnover (sales) 7.964.440,06 9.220.857,42 Net earnings before tax (698.958,88) (1.932.152,83) Less Cost of goods sold 94,30% 7.510.085,33 0,00% 9.787.312,12 Balance of previous' years earnings (7.403.682,37) (5.471.529,54) Gross operating earnings 454.354,73 (566.454,70) Earnings brought forward (8.102.641,25) (7.403.682,37) Plus: Other operating income 15.093,77 28.970,63 Total 469.448,50 (537.484,07) Less 1. Administrative expenses 4,55% 362.526,99 6,72% 619.288,46 3. Selling expenses 4,08% 324.706,21 687.233,20 3,73% 343.687,74 962.976,20 Total (217.784,70) (1.500.460,27) Plus 2. Income from securities 4.009,24 3.134,65 4. Credit intetrest and related income 2.942,03 6.951,27 2.917,78 6.052,43

Less 3. Debit interest and related expenses 298.458,69 (291.507,42) 316.451,81 (310.399,38) TOTAL OPERATING EARNINGS (509.292,12) (1.810.859,65) ΙΙ.Plus: Extraordinary income 1. Extraordinary and non-operating income 9.229,17 1.597,84 2. Extraordinary profit 1.648,76 7.254,77 3. Previous years' profit 19.111,29 29.989,22 62.662,49 71.515,09 Less 1. Extraordinary and non-operating expenses 2.455,61 2.989,23 2.Extraordinary loss 12.096,68 1.750,84 3. Previous years' expenses 187.863,85 166.044,03 4. Provisions for extraordinary risks 17.239,84 219.655,98 (189.666,76) 22.024,17 192.808,27 (121.293,18) OPERATING AND EXTRAORDINARY EARNINGS (698.958,88) (1.932.152,83) LESS Total fixed-asset depreciation 229.135,08 252.805,59 Less: Depeciation included in operating cost 229.135,08 0,00 252.805,59 0,00 NET EARNINGS before tax (698.958,88) (1.932.152,83)

Athens, April 29, 2003

PRESIDENT OF THE BOARD OF DIRECTORS VICE PRESIDENT OF THE BOARD OF DIRECTORS & MANAGING DIRECTOR HEAD OF THE ACCOUNTING DPT

ST. P. PSYCHARIS D. Z HADJIKOKKINOS K. P. BOUTSIKARIS I.D. : S 352089 I.D.. : S 147009 I.D.. : Ι 374832

CERTIFICATE OF AUDIT OF CHARTERED AUDITOR ACCOUNTANT To the Shareholders of the Incorporated Company "SPECIAL PUBLICATIONS SA"

We audited the above Financial Statements and the related Addendum of the Incorporated Company "SPECIAL PUBLICATIONS SA" for the fiscal year that ended on December 31, 2002. Our audit, under which we took full cognizance of the results and accounts of the branches of the company, was executed according to art. 37 of the Codified Law 2190/1920 "on Incorporated Companies" and the audit procedures we deemed suitable on the basis of the auditing principles and rules pursued by the Body of Certified Auditors Accountants. All the books and records maintained by th Company were made available to us and we were furnished with the information and details necessary for our audit. The Company has applied correctly the Greek General Accounting Standards. The recording method was not changed compared to last year, and the cost of production stemming from the accounting books was determined according to the generally accepted principles of cost accounting. We verified the accordance of the contents of the Board of Directors Report to the Shareholders' Ordinary General Meeting to the financial statements. The Addendum includes the information provided for in par. 1 art. 43a of Codified Law 2190/1920. The findings of our above audit are: 1) Inventories include slow moving inventories amounting to 490 thousand euros, for which no corresponding provision has been made burdening the results of previous years. As a result Equity Capital is shown equally decreased. 2) Receivables accounts include bad and long-stale balances totaling approximately 2,680 thousand euros. In respect the company has formed a provision of 173 thousand euros, which in our opinion is not sufficient to cover the loss that may stem from failing to collect some or all of those balances. 3) Based on Resolution No. 205/1988 of the plenary session of the Legal Advisors to the Administration and art. 31 par. 15 of Law 2238/1994 the Company did not form a provision for personnel pension compensation. If such provision were formed for the total personnel, according to art. 42e, par. 14 of Law 2190/1920, its aggregate amount would be approximately 67 thousand euros, that refers to previous years. 4) The company has not been audited by the Tax Authorities for the fiscal years 1998 –2002. As a result its tax liabilities for these years have not become final. 5) Since the Equity Capital of the Company has become negative, art. 48 par. 1c of Law 2190/1920 applies. In our opinion, assuming that the suitable measures will be taken in time to prevent the application of art. 48 par. 1 point 3 of Law 2190/1920 and that the company will continue its business activity, the above Financial Statements that stem from the Books and Records of the Company along with the Addendum and subject to our above findings reflect the asset structure and the financial standing of the Company on December 31, December 2002, as well as the results of the year that ended on that date, according to the applicable statutory legislation and the generally accepted accounting principles and do not differ from those that the company applied in the previous year.

Athens, April 30, 2003

THE CHARTERED AUDITOR ACCOUNTANT

CHARAL. AR. PETROPOULOS REG NO 12001 SOL ERNST & YOUNG SA CHARTERED AUDITORS ACCOUNTANTS M U L T I M E D I A S.A. Reg. No. 17189/01/Β/88/307 Prefecture of Athens BALANCE SHEET OF DECEMBER 31, 2002 FISCAL YEAR January 1 - December 31, 2002 AMOUNTS IN EURO

ASSETS LIABILITIES

Current year's amounts 2002 Previous year's amounts 2001 Current year's Previous year's amounts 2002 amounts 2001 Accrued Non depreciated Acquisition Accrued Non depreciated Acquisition value depreciation balance value depreciation balance B. ESTABLISHMENTS EXPENSES 4. Other establishment expenses 260.677,20 180.418,86 80.258,34 249.195,48 122.957,06 126.238,42

C. FIXESD ASSETS Α. EQUITY I. Share Capital (62.500 shares of 29,35 euro each) Ι. Intangible assets 1. Fully paid up 1.834.375,00 1.834.375,00 5. Other intangible assets 1.545,12 618,04 927,08 1.545,12 309,02 1.236,10 IV. Reserves ΙΙ. Tangible assets 1. Statutory reserve 115.842,20 114.926,20 3. Buildings and technical works 160.732,04 90.494,37 70.237,67 160.732,04 59.038,36 101.693,68 Less: Loss from sale or devaluation of partic -72.098,57 43.743,63 4. Machinery - Installations and other equipment 1.144.668,56 675.656,58 469.011,98 1.001.725,36 560.790,98 440.934,38 5. Tax-exempt reserves based on specific statutory regulations 16.744,33 101.711,71 6. Furniture and appliances 2.277.586,24 1.944.705,71 332.880,53 2.303.273,80 1.685.689,85 617.583,95 60.487,96 216.637,91 3.582.986,84 2.710.856,66 872.130,18 3.465.731,20 2.305.519,19 1.160.212,01 TOTAL INTANGIBLE AND TANGIBLE ASSETS (CΙ+CΙΙ) 3.584.531,96 2.711.474,70 873.057,26 3.467.276,32 2.305.828,21 1.161.448,11 V. Earnings brought forward 1.Balance of loss (profit) brought forward 226.244,38 106.758,75 III. Participationsother long term receivables 7. Other long term receivables 3.297,43 3.110,79 TOTAL EQUITY (ΑΙ+AIV+AV) 2.121.107,34 2.157.771,66

TOTAL FIXED ASSETS (CΙ+CΙΙ+CΙΙΙ) 876.354,69 1.164.558,90 C. LIABILITIES D.CURRENT ASSETS Ι. Inventory ΙΙ. Short term liabilities 2. Finished and semi - finished goods - byproducts and residuals 42.734,09 43.274,48 4. Raw and secondary materials-Consumables-Spare parts and packaging material 81.364,27 120.270,87 1. Suppliers 373.691,23 468.913,41 5. Pre-payments for invetory purchases 6.348,96 4.051,65 2.a. Cheques payable 59.219,40 129.664,32 130.447,32 167.597,00 3. Banks - short term loan accounts 2.064.438,36 1.704.147,50 4. Clients' pre-payments 2.706,38 578.127,56 ΙΙ. Receivables 5. Tax and duty liabilities 151.279,03 108.772,26 1. Clients 2.654.574,78 2.738.491,33 6. Social security 139.374,03 136.829,58 Less provisions 14.794,16 2.639.780,62 23.477,62 2.715.013,71 8. Short term liabilities to associated companies 185.415,24 - 2. Bills of exchange receivable 11. Miscellaneous creditors 1.477,20 1.720,30 - In portfolio - 13.969,19 2.977.600,87 3.128.174,93 - In banks for collection - 821,72 14.790,91 3. Bills of exchange in arrears 7.509,37 1.429,79 3a. Cheques receivable (postdated) 833.111,09 458.242,30 3b. Cheques in arrears 10. Bad, stale and litigious clients and debtors 8.683,46 8.294,94 Less provisions 8.683,46 - 8.294,94 11. Miscellaneous debtors 421.677,49 349.659,80 12. Advance payments and credit accounts 4.049,89 4.049,89 3.906.128,46 3.551.481,34 III. Χρεώγραφα TOTAL LIABILITIES (CΙΙ) 2.977.600,87 3.128.174,93 1. Shares 252.765,96 489.917,25 3. Other securities 252.765,96 489.917,25 Less: Provisions for devaluation 157.065,96 95.700,00 237.151,30 252.765,95 D. TRANSITORY ACCOUNTS 2. Current year's realised expenses 14.676,68 21.817,03 IV. Cash and cash equivalents 14.676,68 21.817,03 1. Cash 11.331,50 9.592,09 3. Sight and time deposits 1.249,82 3.522,98 12.581,32 13.115,07

TOTAL CURRENT ASSETS (DΙ+DΙΙ+DΙΙΙ+DIV) 4.144.857,10 3.984.959,36

Ε. TRANSITORY ACCOUNTS 1. Forthcoming years' expenses 11.914,76 32.006,94 11.914,76 32.006,94

TOTAL ASSETS (Β+C+D+Ε) 5.113.384,89 5.307.763,62 TOTAL LIABILITIES (Α+C+D) 5.113.384,89 5.307.763,62

OFF BALANCE SHEET ACCOUNTS OFF BALANCE SHEET ACCOUNTS 1. Third party property 42,00 42,00 1. Beneficiaries of third party assets 42,00 42,00 2. Debit accounts of guarantees and collaterals 26.614,56 26.614,56 2. Credit accounts of guarantees and collaterals 26.614,56 26.614,56 4. Other off-balance-sheet accounts 66,00 66,00 4. Other off-balance-sheet accounts 66,00 66,00 26.722,56 26.722,56 26.722,56 26.722,56

INCOME STATEMENT APPROPRIATION ACCOUNT December 31, 2002 (January 1 - December 31, 2002)

Current year's Previous year's Current year's Previous year's Ι. Operating earnings amounts 2002 amounts 2001 amounts 2002 amounts 2001 Turnover (sales) 6.606.923,61 6.913.976,83 Net earnings before tax 185.233,27 180.693,17 Less: Cost of goods sold 5.501.101,27 6.197.680,75 Balance of previous' years earnings 106.758,75 7.762,09

Gross operating earnings 1.105.822,34 716.296,08 Distribution of special tax-excempt reserves for Plus: Other operating income 25.813,78 189,40 equal from sale or devaluation of participations & securities 84.967,39 237.151,28 Total 1.131.636,12 716.485,48 Less : Less: 1. Administrative expenses 714.990,85 473.315,77 Differences from valutaion of shares listed on the ASE 157.065,96 -237.151,28 3. Selling expenses 180.346,52 895.337,37 46.309,62 519.625,39 Less Total 236.298,75 196.860,09 Balance of uncoverable losses carried Plus for future settlement 72.098,57 84.967,39 - 1. Income from participations - Total 291.992,02 188.455,25 2. Income from securities - 11.249,36 Less : Income tax 64.831,64 63.219,91 3. Profit from the sale of participations and securities - - Profit for appropriation : 227.160,38 125.235,35 4. Credit intetrest and related income 1.255,34 1.255,34 1.791,60 13.040,96 Appropriation of profits: 1. Ordinary Reserves 916,00 5.646,66 Less Υ 6α Reserve from tax-exempt income 11.249,35 2.Expenses and loss from particiaptions & securities - - 6β Reserve from specially-taxed income 1.580,59 3. Debit interest and related expenses 97.933,03 97.933,03 -96.677,69 44.092,53 44.092,53 -31.051,57 8. 8. Earnings brought forward 226.244,38 106.758,75 TOTAL OPERATING EARNINGS 139.621,06 165.808,52 227.160,38 125.235,35 ΙΙ.Less: Extraordinary income Less 1. Extraordinary and non-operating income 22.623,03 80,02 2. Extraordinary profit 47.481,22 62.841,03 3. Previous years' profit 950,12 71.054,37 3.573,88 66.494,93

Less 1. Extraordinary and non-operating expenses 625,61 1.433,42 2.Extraordinary loss 1.870,70 8.987,92 3. Previous years' expenses 22.945,85 17.711,31 4. Provisions for extraordinary risks - 25.442,16 45.612,21 23.477,63 51.610,28 14.884,65 OPERATING AND EXTRAORDINARY EARNINGS 185.233,27 180.693,17 LESS Total fixed-asset depreciation 504.021,06 595.594,47 Less: Depeciation included in operating cost 504.021,06 - 595.594,47 - NET EARNINGS before tax 185.233,27 180.693,17

Athens, 29/4/2003

PRESIDENT OF THE BOARD OF DIRECTORS VICE PRESIDENT OF THE BOARD OF DIRECTORS HEAD OF THE ACCOUNTING DPT

KYRIAKOS BOUTSIKARIS CHRISTOS D. LAMBRAKIS DAMIANOS Z. HADJIKOKKINOS I.D..: Ι 374832 I.D..: Μ-154944 Α.∆.Τ.: Σ 147009

CERTIFICATE OF AUDIT BY CHARTERED AUDITOR ACCOUNTANT To the Shareholders of the Incorporated Company "MULTIMEDIA APPLICATIONS OF INFORMATION TECHNOLOGY FOR MASS MEDIA SA"

We audited the above Financial Statements and the related Addendum of the Incorporated Company "MULTIMEDIA Applications of Information Technology for Mass Media SA" for the fiscal year that ended on December 31, 2002. Our audit was executed according to art. 37 of the Codified Law 2190/1920 "on Incorporated Companies" and the audit procedures we deemed suitable on the basis of the auditing principles and rules pursued by the Body of Certified Auditors Accountants. All the books and records maintained by the Company were made available to us and we were furnished with the information and details necessary for our audit. The Company has applied correctly the Greek General Accounting Standards. The inventory method was not changed compared to last year. We verified the accordance of the contents of the Board of Directors Report to the Shareholders' Ordinary General Meeting to the financial statements. The Addendum includes the information provided for in par. 1 art. 43a of Codified Law 2190/1920. The findings of our above audit are: 1. Based on Resolution No. 205/1988 of the plenary session of the Legal Advisors to the Administration and art. 31 par. 15 of Law 2238/1994 the Company did not form a provision for personnel pension compensation. If such provision were formed for the total personnel, according to art. 42e, par. 14 of Law 2190/1920, its aggregate amount would be approximately 350 thousand euros out of which 293 thousand euros refer to previous years. 2. The differences (loss) from valuation of shares listed on the Athens Stock Exchange of 157 thousand euros, were transferred directly to the appropriation account (as was the case last year). As a result this year’s earnings are equally increased. 3. The company’s inventories include slow-moving inventories amounting to 56 thousand euros, for which the company has not formed a provision burdening this year’s earnings. 4. Receivables accounts include bad and long-stale balances amounting to approximately 780 thousand euros. In respect, the company has formed a provision of approximately 24 thousand euros, which in our opinion is insufficient to cover the loss that may stem from not collecting part of all of these balances. 5. The company has not been audited by the Tax Authorities for the fiscal years 2000 –2002. As a result its tax liabilities for these years have not become final. Taking into consideration our above remarks, the above Financial Statements that stem from the Books and Records of the Company along with the Addendum and subject to our above findings reflect the asset structure and the financial standing of the Company on December 31, December 2002, as well as the results of the year that ended on that date, according to the applicable statutory legislation and the generally accepted accounting principles and do not differ from those that the company applied in the previous year.

Athens, April 30, 2003 The Chartered Auditor Accountant

Charal. Ar. Petropoulos Reg. No. 12001 SOL ERNST & YOUNG SA CHARTERED AUDITORS ACCOUNTANTS IRIS PRINTING SA Reg. No. 25302/22/Β/91/28 BALANCE SHEET OF DECEMBER 31, 2002 FISCAL YEAR January 1 - December 31, 2002) (Amounts in euros)

ASSETS LIABILITIES Current year's Previous year's Current year's amounts Previous year's amounts amounts amounts Accrued Non depreciated Accrued Non depreciated Acquisition value Acquisition value depreciation balance depreciation balance B. ESTABLISHMENTS EXPENSES Α. EQUITY 1. Establishment and set-up expenses 867.212,17 645.129,80 222.082,37 0,00 0,00 0,00 Α. EQUITY 3 Construction period Interest on bank loans 3.573.737,49 252.041,84 3.321.695,65 (17.785.710 shares of 3 euro each ) 4. Other establishment expenses 5.902.823,57 2.458.926,21 3.443.897,36 0,00 0,00 0,00 1. Fully paid up 53.357.130,00 0,00 10.343.773,23 3.356.097,85 6.987.675,38 0,00 0,00 0,00 C. FIXESD ASSETS Ι. Intangible assets 2. Rights on industrial property 16.646,51 6.471,19 10.175,32 0,00 0,00 0,00 ΙΙ. Share premium account 12.238.292,00 0,00

ΙΙ. Tangible assets 1. Land 15.527.442,24 - 15.527.442,24 0,00 - 0,00 IV. Reserves 3. Buildings and technical works 50.408.389,13 6.377.047,27 44.031.341,86 0,00 0,00 0,00 1. Statutory reserve 331.995,00 0,00 4. Machinery - Installations and other equipment 73.624.873,29 18.398.260,79 55.226.612,50 0,00 0,00 0,00 Less: Loss from sale or devaluation of participations & securities -794.574,55 0,00 5. Vehicles and other transportation 1.196.005,12 686.968,80 509.036,32 0,00 0,00 0,00 Tax free and special reserves 440.205,43 - 6. Furniture and appliances 1.557.008,18 889.914,86 667.093,32 0,00 0,00 0,00 5. Tax-exempt reserves based on specific statutory regulations 21.499.229,86 0,00 7. Advance payments and fixed assets under construction 15.675.093,92 - 15.675.093,92 0,00 - 0,00 21.476.855,74 0,00 157.988.811,88 26.352.191,72 131.636.620,16 0,00 0,00 0,00 V. Earnings brought forward TOTAL INTANGIBLE AND TANGIBLE ASSETS (CΙ+CΙΙ) 158.005.458,39 26.358.662,91 131.646.795,48 0,00 0,00 0,00 1.Balance of loss (profit) brought forward 865.393,66 0,00

III. Participationsother long term receivables 1. Participations in associated companies 1.320.750,00 0,00 2. Participations in other companies (less than 10%) 5.500.000,00 - TOTAL EQUITY (ΑΙ+ΑΙΙ+AIII+AIV+AV) 87.937.671,40 0,00 7. Other long term receivables 684.519,43 0,00 7.505.269,43 0,00

Β. PROVISIONS FOR RISKS AND EXPENSES TOTAL FIXED ASSETS (CΙ+CΙΙ+CΙΙΙ) 139.152.064,91 0,00 2. Other provisions 5.542,35 0,00

D.CURRENT ASSETS Ι. Inventory 1. Merchandise 8.671,20 0,00 2. Finished and semi -finished goods - byproducts and residuals 531.787,65 0,00 C. LIABILITIES 4. Raw and secondary materials-Consumables-Spare parts and packaging material 13.368.129,90 0,00 Ι. Long term liabilities 5. Pre-payments for invetory purchases 606.301,11 0,00 2. Bank loans 82.171.680,00 - 14.514.889,86 0,00

ΙΙ. Receivables ΙΙ. Short term liabilities 1. Clients 32.598.815,86 0,00 1. Suppliers 16.040.697,08 0,00 2. Bills of exchange receivable 2.Bills of exchange payable 6.794.370,85 0,00 - In portfolio 114.011,71 0,00 2.a. cheques payable 14.956.293,43 0,00 - In banks for collection 35.356,36 149.368,07 0,00 0,00 3. Banks - short term loan accounts 13.062.320,00 0,00 3. Bills of exchange in arrears 138.753,50 0,00 4. Clients' pre-payments 124.146,18 0,00 3a. Cheques receivable 12.766.438,35 0,00 5. Tax and duty liabilities 389.234,32 0,00 3b. Cheques in arrears 2.252.188,90 0,00 6. Social security 495.699,08 0,00 5. Short term receivables from associated companies 87.295,74 - 8. Short term liabilities to associated companies 399.644,03 - 10. Bad, stale and litigious clients and debtors 1.273.126,29 0,00 11. Miscellaneous creditors 51.319,03 0,00 Less provisions 836.590,06 436.536,23 0,00 0,00 52.313.724,00 0,00 11. Miscellaneous debtors 6.432.976,35 0,00 TOTAL LONG AND SHORT TERM LIABILITIES (CΙ+CΙΙ) 134.485.404,00 0,00 12. Pre-payments and credit accounts 19.458,08 0,00 54.881.831,08 0,00 III. Securities 1. Shares 1.146.655,00 0,00 3. Other securities 2.640.000,00 0,00 3.786.655,00 0,00 Less: Provisions for devaluation 397.022,15 3.389.632,85 0,00 0,00

IV. Cash and cash equivalents 1. Cash 6.010,28 0,00 3. Sight and time deposits 638.925,61 0,00 644.935,89 0,00

TOTAL CURRENT ASSETS (DΙ+DΙΙ+DΙΙΙ+DIV) 73.431.289,68 0,00 D. TRANSITORY ACCOUNTS 2. Current year's realised expenses 458.105,78 0,00 Ε. TRANSITORY ACCOUNTS 3. Other transitory accounts 2.801,00 0,00 1. Forthcoming years' expenses 478,50 - 460.906,78 0,00 2. Current year's income receivable 10.777,26 0,00 3. Other transitory accounts 3.307.238,80 0,00 3.318.494,56 0,00

TOTAL ASSETS (Β+C+D+Ε) 222.889.524,53 0,00 TOTAL LIABILITIES (Α+Β+C+D) 222.889.524,53 0,00

OFF BALANCE SHEET ACCOUNTS OFF BALANCE SHEET ACCOUNTS 1. Third party property 12.831.616,95 0,00 1. Beneficiaries of third party assets 12.831.616,95 0,00 2. Debit accounts of guarantees and collaterals 11.446.116,61 0,00 2. Credit accounts of guarantees and collaterals 11.446.116,61 0,00 4. Other off-balance-sheet accounts 3.281.666,29 0,00 4. Other off-balance-sheet accounts 3.281.666,29 0,00 27.559.399,85 0,00 27.559.399,85 0,00

Note: There is a prenotation of 98,606 thousand euros on real etate assets of the company securing long term syndicated bank loan amounting to 82,171 thousand euros, that was signed off on June 20, 2002. Subsequently, short term loans amounting to 82,171 were posed as long term, as long as their repayment will be effected with the above long term loan.

INCOME STATEMENT APPROPRIATION ACCOUNT December 31, 2002 (January 1 - December 31, 2002) Current year's Previous year's Current year's amounts Previous year's amounts amounts amounts Ι. Operating earnings Turnover (sales) 100.624.180,22 0,00 Net earnings before tax 828.291,02 2.408.073,24 Less Cost of goods sold 93.596.562,32 0,00 (+) Balance of previous' years earnings 567.945,86 1,85 Gross operating earnings 7.027.617,90 0,00 (-) Differences from tax audit of previous years - 171.923,81 Plus Other operating income 1.463.108,80 0,00 Total 1.396.236,88 2.236.151,28 Total 8.490.726,70 0,00 Less 1. Administrative expenses 5.745.868,25 0,00 Less : 1. Income tax 43.920,25 30.568,45 3. Selling expenses 1.636.733,24 7.382.601,49 0,00 0,00 2. Other taxes non incorporated in the operating cost 32.701,10 16.318,21 Total 1.108.125,21 0,00 Profit for appropriation : 1.319.615,53 2.189.264,62 Plus 1. Income from participations 172.880,43 0,00 2. Income from securities 40.878,57 0,00 3. Profit from the sale of participations and securities 440.205,43 4. Credit intetrest and related income 171.782,50 825.746,93 0,00 0,00 Less 2.Expenses and loss from particiaptions & securities - 0,00 3. Debit interest and related expenses 420.351,74 420.351,74 405.395,19 0,00 0,00 0,00 TOTAL OPERATING EARNINGS 1.513.520,40 0,00 Appropriation of profits: ΙΙ.Less: Extraordinary income 1. Extraordinary and non-operating income 31.306,63 0,00 Ordinary Reserves 14.016,44 65.840,19 2. Extraordinary profit 9.854,02 0,00 6, Tax-exempt reserves based on L.2601/98 - 564.537,19 3. Previous years' profit 27.205,04 0,00 Tax-exempt reserves based on L.1892/90 - 910.447,87 68.365,69 0,00 Reserve from specially-taxed income 440.205,43 80.493,51 Less 8. Earnings brought forward 865.393,66 567.945,86 1. Extraordinary and non-operating expenses 164.598,15 0,00 1.319.615,53 2.189.264,62 2.Extraordinary loss 5.032,45 - 3. Previous years' expenses 92.885,99 0,00 4. Provisions for extraordinary risks 491.078,48 753.595,07 -685.229,38 0,00 0,00 0,00 OPERATING AND EXTRAORDINARY EARNINGS 828.291,02 0,00 LESS: Total fixed-asset depreciation 10.011.741,76 0,00 Less: Depeciation included in operating cost 10.011.741,76 - 0,00 - NET EARNINGS before tax 828.291,02 0,00

Athens, April 29, 2003

THE PRESIDENT OF THE BOARD OF DIRECTORS THE VICE PRESIDENT OF THE BOARD OF DIRECTORS THE MANAGING DIRECTOR THE GENERAL MANAGER THE FINANCIAL DIREACTOR

STAVROS P. PSYCHARIS FOTIOS G. BOBOLAS DAMIANOS Z. HADJIKOKKINOS CHRISTOS A. NAKOS SAVVAS TH. LEPTOURGIDES I.D.: L 352089 I.D. : X 434012 I.D.: S 147009 I.D.: D 683049 I.D.: Τ 153720

CERTIFICATE OF AUDIT BY CHARTERED AUDITOR ACCOUNTANT To the Shareholders of the Incorporated Company ¨IRIS PRINTING INCORPORATED COMMERCIAL AND INDUSTRIAL COMPANY

We audited the above Financial Statements and the related Addendum of the Incorporated Company "IRIS PRINTING INCORPORATED COMMERCIAL AND INDUSTRIAL COMPANY" for the fiscal year that ended on December 31, 2002. Our audit, during which we took full cognizance of the results and accounts of the branches of the company, was executed according to art. 37 of the Codified Law 2190/1920 "on Incorporated Companies" and the audit procedures we deemed suitable on the basis of the auditing principles and rules pursued by the Body of Certified Auditors Accountants. All the books and records maintained by the Company were made available to us and we were furnished with the information and details necessary for our audit. The Company has applied correctly the Greek General Accounting Standards. The inventory method was not changed compared to last year, with the exception of the case in our remark No.1 and the cost of production that stems from the accounting books was determined according to the generally accepted principles of cost accounting. We verified the accordance of the contents of the Board of Directors Report to the Shareholders' Ordinary General Meeting to the financial statements. The Addendum includes the information provided for in par. 1 art. 43a of Codified Law 2190/1920. The findings of our above audit are: 1) In the current fiscal year, contrary to the previous one, construction period interest of 3,574 thousand euros on loans were capitalized. If the company applied the same accounting method during last year, Equity Capital would be increased by approximately 600 thousand euros 2) The depreciation of construction period interest is lower by 450 thousand euros and as a result this years earnings are equally increased. 3) Participations in associated companies refer to one (1) company with shares not listed on the Athens Stock Exchange that is audited by a Chartered Auditor Accountant. This participation was valuated according to art. 28 of the Code of Books and Records (Presidential Decree 186/1992) at its acquisition value, while, if it were valuated according to art. 43 par. 6 of Law 2190/1920, on the basis of its intrinsic book value, as this stems from the latest published financial statement (lowest between acquisition value and current value), its value would be lower by approximately 754 thousand euros 4) Inventories include slow moving inventories amounting to approximately 120 thousand euros, for which no provision has been formed burdening the results of previous years. As a result Equity Capital is shown equally increased. 5) The differences (loss) stemming from the valuation of shares listed on the Athens Stock Exchange of 397 thousand euros, were transferred directly to Equity Capital, while according to art. 43 par. 6 of Law 2190/1920, they should burden this years earnings 6) To cover probable loss from the liquidation of bad, litigious or stale receivables totaling 5,026 thousand euros the company has formed a provision according to art. 31 par. 1.9 τof Law 2238/1994, amounting to 836 thousand euros. For the difference of approximately 4,190 thousand euros the company did not form a provision, burdening its earnings. 7) Based on Resolution No. 205/1988 of the plenary session of the Legal Advisors to the Administration and art. 31 par. 15 of Law 2238/1994 the Company did not form a provision for personnel pension compensation. If such provision were formed for the total personnel, according to art. 42e, par. 14 of Law 2190/1920, its aggregate amount would be approximately 828 thousand euros all relating to previous years. 8). The company has not been audited by the Tax Authorities for the fiscal years 2000 –2002. As a result its tax liabilities for these years have not become final. A temporary tax audit has been carried out of the fiscal year 2000 9) The proposed appropriation of profit is subject to approval by the shareholders representing the total share capital.. Taking into consideration our above remarks, the above Financial Statements that stem from the Books and Records of the Company along with the Addendum and subject to our above findings reflect the asset structure and the financial standing of the Company on December 31, December 2002, as well as the results of the year that ended on that date, according to the applicable statutory legislation and the generally accepted accounting principles and do not differ from those that the company applied in the previous year, with the exception of our above note no .1

Athens, April 30, 2003 The Chartered Auditor Accountant

Charal. Ar. Petropoulos Reg No. 12001 SOL ERNST & YOUNG SA IRIS PRINTING SA Reg. No. 25302/22/Β/91/28 CONSOLIDATED STATEMENT OF DECEMBER 31, 2002 (1/1-31/12/2002) (Amounts in euros) ASSETS LIABILITIES Current year's Previous year's Current year's amounts Previous year's amounts amounts amounts Accrued Non depreciated Accrued Non depreciated Acquisition value Acquisition value depreciation balance depreciation balance B. ESTABLISHMENTS EXPENSES Α. EQUITY 1. Establishment and set-up expenses 883.213,38 657.696,00 225.517,38 886.734,65 482.987,60 403.747,05 Ι. Share capital 3. Construction period interest on bank loans 3.573.737,49 252.041,84 3.321.695,65 - - - 4. Other establishment expenses 5.939.011,47 2.481.104,37 3.457.907,10 5.097.427,62 1.897.877,01 3.199.550,62 1. Fully paid up 53.357.130,00 53.357.130,00 10.395.962,34 3.390.842,21 7.005.120,13 5.984.162,27 2.380.864,61 3.603.297,66

C. FIXED ASSETS Ι. Intangible assets ΙΙ. Share premium reserve 2. Prights on industrial property 16.646,51 6.471,19 10.175,32 9.840,07 3.141,90 6.698,17 1. Fully paid-up 12.238.292,00 12.238.292,00 16.646,51 6.471,19 10.175,32 9.840,07 3.141,90 6.698,17 0,00

ΙΙ. Tangible assets IV. Reserves 1. Land 15.527.442,24 15.527.442,24 18.144.418,98 18.144.418,98 1. Statutory reserve 334.709,60 -43.425,76 3. Buildings and technical works 51.028.391,11 6.685.692,54 44.342.698,57 22.969.899,97 4.562.334,98 18.407.564,99 Less: Loss from sale or devaluation of participations & securities -794.574,55 0,00 4. Machinery, technical works and other equipment 74.502.348,16 18.828.994,36 55.673.353,80 42.695.066,80 12.876.508,48 29.818.558,32 5. Tax-exempt reserves based on specific statutory regulations 21.939.435,29 22.078.914,65 5. Vehicles and other transportation 1.366.253,63 822.166,52 544.087,11 2.243.111,07 860.783,79 1.382.327,28 7. Consolidation differences 0,00 -23.950,74 6. Furniture and appliances 1.808.752,72 1.067.917,72 740.835,00 1.764.789,02 922.130,87 842.658,16 21.479.570,34 22.011.538,15 7. Fixed assets under construction & advance payments 15.675.093,92 15.675.093,92 49.936.824,38 49.936.824,38 159.908.281,78 27.404.771,14 132.503.510,64 137.754.110,22 19.221.758,11 118.532.352,11 TOTAL TANGIBLE ASSETS (CΙΙ) 159.924.928,29 27.411.242,33 132.513.685,96 137.763.950,29 19.224.900,01 118.539.050,27

V. Earnings brought forward 109.084,58 1.131.533,75 III. Participations and other long term receivables 1. Participations in associated companies 0,00 651.504,04 2. Participations in other companies 5.500.000,00 - 7. Other long term receivables 700.073,36 717.338,02 VII. Minority rights 567.155,52 4.383.189,96 6.200.073,36 1.368.842,06

TOTAL FIXED ASSETS (CΙΙ+CΙΙΙ) 138.713.759,32 119.907.892,33 TOTAL EQUITY (ΑΙ+ΑΙΙ+AIII+AIV+AV) 87.751.232,43 93.121.683,87

D.CURRENT ASSETS

Ι. Inventories Β. PROVISIONS FOR RISKS AND EXPENSES 1. Merchandise 8.671,20 18.750.732,72 2. Other provisions 5.542,35 29.143,78 2. Finished and unfinished goods - byproducts and residuals 531.787,65 408.287,99 4. Raw and secondary materials-Consumables-Spare parts and packaging material 13.817.031,79 6.121.377,24 5. Pre-payments for invetory purchases 639.714,50 409.650,14 14.997.205,14 25.690.048,09 C. LIABILITIES Ι. Long term liabilities 2. Bank loans 82.171.680,00 11.738.811,44 ΙΙ. Receivables 1. Clients 32.914.572,66 35.713.603,99 Less: Provisions for bad receivables 0,00 32.914.572,66 683.169,89 35.030.434,10 2. Bills of exchange receivable - In portfolio 126.818,71 354.129,21 - In banks for collection 35.356,36 107.628,40 ΙΙ. Short term liabilities - In banks as collateral 0,00 162.175,07 2.347,76 464.105,37 1. Suppliers 15.969.133,94 23.960.535,11 3. Bills of exchange in arrears 138.753,50 59.822,01 2. Bills of exchange payable 6.904.455,45 3.343.434,97 3a. Caheques receivable 2.a. cheques payable 14.923.535,46 5.393.496,29 - In portfolio 12.758.550,78 24.178.059,20 3. Banks - short term loan accounts 13.942.320,00 81.123.935,70 3b. Cheques in arrears 2.252.188,90 28.760,09 4. Clients' pre-payments 126.024,49 52.554,11 5. Short term receivables from associated companies 87.295,74 0,00 5. Tax and duty liabilities 410.475,82 2.534.851,61 10. Bad, stale and litigious clients and debtors 1.273.126,29 825.623,63 6. Social security 539.249,24 598.656,74 Less provisions 836.590,06 436.536,23 345.511,58 480.112,05 8. Liabilities to associated companies 399.644,03 11. Miscellaneous debtors 6.687.508,48 4.526.504,68 10. Dividend payable 0,00 357.847,85 12. Pre-payments and credit accounts 19.458,08 191.803,67 11. Miscallaneous creditors 51.319,03 0,00 55.457.039,44 64.959.601,17 53.266.157,46 117.365.312,39

III. Securities 1. Shares 1.146.655,00 2.158.617,45 TOTAL LONG AND SHORT TERM LIABILITIES (CΙ+CΙΙ) 135.437.837,46 129.104.123,83 3. Other securities 2.640.000,00 440.205,43 3.786.655,00 2.598.822,88 Less: Provisions for devaluation 397.022,15 3.389.632,85 821.347,42 1.777.475,47

D. TRANSITORY ACCOUNTS IV. Cash and cash equivalents 1. Forthcoming years' income 0,00 0,00 1. Cash 12.195,05 153.915,40 2. Current year's realised expenses 458.313,71 368.335,70 3. Sight and time deposits 757.888,37 6.242.235,38 3. Other transitory accounts 8.971,00 4.405,48 770.083,42 6.396.150,78 467.284,71 372.741,18 TOTAL CURRENT ASSETS (DΙ+DΙΙ+DΙΙΙ+DIV) 74.613.960,85 98.823.275,51

Ε. TRANSITORY ACCOUNTS 1. Future years' expenses 11.040,59 51.384,80 2. Current year's income receivable 10.777,26 12.961,93 3. Other transitory accounts 3.307.238,80 228.880,43 3.329.056,65 293.227,15

TOTAL ASSETS (Β+C+D+Ε) 223.661.896,95 222.627.692,66 TOTAL LIABILITIES (Α+Β+C+D) 223.661.896,95 222.627.692,66

OFF BALANCE SHEET ACCOUNTS OFF BALANCE SHEET ACCOUNTS 1. Third party property 12.835.052,97 1.445.098,76 1. Beneficiaries of third party assets 12.835.052,97 1.445.098,76 2. Debit accounts of guarantees and collaterals 11.446.116,61 57.956.930,01 2. Credit accounts of guarantees and collaterals 11.446.116,61 57.956.930,01 4. Other off-balance-sheet accounts 3.281.666,29 21.948.411,65 4. Other off-balance-sheet accounts 3.281.666,29 21.948.411,65 27.562.835,87 81.350.440,43 27.562.835,87 81.350.440,43

Notes: 1) The current fiscal yera's consolidation includes the company "PHOENIX PRINTING SA" and on the contrary does not include the company "AGGELIDIS-GEORGAKOPOULOS SA". As a result the current year's figures of the consoliated statmenets and the consolidated income statment are not directly comparable to last year's. 2) There is a prenotation of 98,606 thousand euros on real etate assets of the company securing long term syndicated bank loan amounting to 82,171 thousand euros, that was signed off on June 20, 2002. Subsequently, short term loans amounting to 82,171 were posed as long term, as long as their repayment will be effected with the above long term loan.

INCOME STATEMENT December 31st, 2002 (January 1 - December 31, 2002) Current year's amounts 1.1.2002-31.12.2002 Previous year's amounts 1.1.2001-31.12.2001 Ι. Operating earnings Turnover (sales) 101.630.488,54 138.689.942,06 Less: - Cost of goods sold 94.999.524,35 122.314.322,95 Gross operating earnings 6.630.964,19 16.375.619,11 Plus: Other operating income 832.147,66 1.271.145,94 Total 7.463.111,85 17.646.765,05 Less: 1. Administrative expenses 5.538.065,13 5.647.778,04 2. Reseach and development expenses 0,00 0,00 3. Selling expenses 1.861.693,88 7.399.759,01 5.507.351,43 11.155.129,47 Total 63.352,84 6.491.635,58 Plus: 1. Income from participations 172.880,43 371.962,16 2. Income from securities 40.878,57 70.401,46 3. Profit from the sale of participations and securities 440.205,43 0,00 4. Credit intetrest and related income 174.325,35 828.289,78 885.531,31 1.327.894,94

Less: 2.Expenses and loss from particiaptions & securities 0,00 27.617 3. Debit interes and related expenses 469.576,37 469.576,37 358.713,41 4.485.965 4.513.581,81 -3.185.686,87 TOTAL OPERATING EARNINGS 422.066,25 3.305.948,71

ΙΙ.LESS or (PLUS) Extraordinary results 1. Extraordinary and non-operating income 33.373,08 171.674,05 2. Extraordinary profit 9.854,02 665.117,37 3. Previous years' profit 31.977,53 196.054,98 75.204,63 1.032.846,39

Less: 1. Extraordinary and non-operating expenses 165.381,34 146.432,24 2.Extraordinary loss 5.032,45 506,27 3. Previous years' expenses 96.585,76 101.484,97 4. Provisions for extraordinary risks 491.078,48 758.078,03 -682.873,40 366.767,60 615.191,09 417.655,31 OPERATING AND EXTRAORDINARY EARNINGS -260.807,15 3.723.604,01

LESS: Total fixed-asset depreciation 10.274.662,89 7.709.690,69 Less: depeciation included in operating cost 10.274.662,89 0,00 7.709.690,69 0,00 NET EARNINGS before tax -260.807,15 3.723.604,01

LESS: Tax imposed by previous years's tax audit 549.620 Income tax 43.920,25 43.920,25 171.924 721.544,04 -304.727,40 3.002.059,97 LESS: Minority rights -544.549,09 406.398,60 NET CONSOLIDATED EARNINGS 239.821,69 2.595.661,37

ΑΘΗΝΑ 29/4/2003

THE PRESIDENT OF THE BOARD OF DIRECTORS THE VICE PRESIDENT OF THE BOARD THE FINANCIAL DIRECTOR THE HEAD OF THE ACCOUNTING DIVISION

CHRISTOS D. LAMBRAKIS STAVROS P. PSYCHARIS DIAMANOS Z. HADJIKOKKINOS KYRIAKOS P. BOUTSIKARIS ID No.: Μ 154944 ID. No: L 352089 ID. No.: S 147009 ID No.: Ι 374832

CERIFICATE OF AUDITBY THE CHARTERED AUDITOR ACCOUNTANT To the shareholders of the Incorporated Company "IRIS PRINTING INCORPORATED COMMERCIAL AND INDUSTRIAL COMPANY" and its affiliate.

We audited the third consolidated Financial Statements, the consolidated Income Statement and the related Addendum of the Incorporated Company "IRIS PRINTING INCORPORATED COMMERCIAL AND INDUSTRIAL COMPANY" and its affiliate for the fiscal year that ended on December 31, 2002. Our audit was executed according to art. 108 of the Codified Law 2190/1920 "on Incorporated Companies" and the audit procedures we deemed suitable on the basis of the auditing principles and rules pursued by the Body of Certified Auditors Accountants and we verified the accordance of the contents of the Board of Directors Consolidated Report to the Shareholders' Ordinary General Meeting to the above consolidated Financial Statements. We did not extend our audit to the financial statements of a company included in the consolidation representing 0.47% and 2.10% of the consolidated total assets and consolidated turnover. These financial statements have been audited by another authorized Chartered Auditor, on whose Certificate we based our following opinion to the extent that this opinion refers to this company’s figures that are included in the consolidation. The findings of our above audit are:. 1) Contrary to previous years, in this year construction period interest of approximately 3,574 thousand euros on loans was capitalized. If the same accounting method were used in the previous year, Equity Capital would be increased by approximately 600 thousand euros. 2) Depreciation of construction period interest is lower by 450 thousand euros and consequently this year’s results are shown equally increased. 3) Inventories include slow-moving items of approximately 120 thousand euros, for which there is no corresponding provision burdening the results of previous years. Consequently this year’s results are shown equally increased. 4) The differences (loss) of approximately 397 thousand euros that stemmed from the valuation of shares of companies listed on the Athens Stock Exchange, were directly transferred to the decrease of Equity Capital while they should burden the current year’s results. 5) To cover probable loss from the liquidation of bad, litigious and stale receivables amounting approximately to 5,026 thousand euros, a provision has been formed according to art . 31 par. 1.9 of Law. 2238/1994, of approximately 836 thousand euros. For the remaining difference of approximately 4,190 thousand euros the company has not formed a provision burdening the results. 6) Based on Resolution No. 205/1988 of the plenary session of the Legal Advisors to the Administration and art. 31 par. 15 of Law 2238/1994 the companies of the Group did not form a provision for personnel pension compensation. If such provision were formed for the total personnel, according to art. 42e, par. 14 of Law 2190/1920, its aggregate amount would be approximately 880 thousand euros, which refers to previous years. 7) The parent company has been conclusively audited by Tax Authorities until fiscal year 1999 inclusive Η µητρική εταιρεία έχει ελεγχθεί φορολογικά µέχρι και τη χρήση 1999 and temporarily audited for the year2000. PHOENIX PRINTING SA has not been audited by Tax Authorities for the fiscal years 1999 to 2002 and as a result their tax liabilities have not become final 8) Since the Equity Capital of the company PHOENIX PRINTING SA has become less than one half of its share capital, the regulations of art. 47 του Codified Law 2190/1920 apply. Taking into consideration our above remarks, in our opinion the above consolidated Financial Statements have been compiled according to the regulations of Law 2190/1920 and reflect the asset structure, the financial standing and the results of the companies included in the consolidation on December 31, December 2002, according to the applicable statutory legislation and the generally accepted accounting principles that the parent company applies and do not differ from those applied in the previous year, except for our above remark No. 1. Athens, April 30, 2003 THE CHARTERED AUDITOR ACCOUNTANT

CHAR. AR. PETROPOULOS REG. NO. 12001 SOL ERNST & YOUNG SA CHARTERED AUDITORS ACCOUNTANTS EUROSTAR SA REG. No 37137/01/Β/96/571 BALANCE SHEET OF DECEMBER 31, 2002 Amounts in euros ASSETS LIABILITIES Previous year's Current year's amounts Previous year's amounts Current year's amounts amounts Accrued Non depreciated Accrued Non depreciated Acquisition value Acquisition value depreciation balance depreciation balance B. ESTABLISHMENTS EXPENSES Α. EQUITY 1. Establishment and set-up expenses 52.150,74 51.490,41 660,33 52.150,74 51.226,31 924,43 I. Share Capital 4. Other establishment expenses 153.807,38 95.953,51 57.853,87 138.738,94 64.582,81 74.156,13 (236.740 shares of 30 euro each) 205.958,12 147.443,92 58.514,20 190.889,68 115.809,11 75.080,57 1. Fully paid up 7.102.200,00 7.102.200,00

C. FIXESD ASSETS ΙΙ. Share premium account 71.460,01 71.460,01 ΙΙ. Tangible assets 3. Buildings and technical works 239.684,41 39.314,86 200.369,55 237.600,77 12.305,58 225.295,20 5. Vehicles and other transportation 50.359,94 27.610,48 22.749,46 55.004,32 23.362,39 31.641,93 ΙΙΙ. Revaluation differences - Inmvestment subsidies 6. Furniture and appliances 383.234,66 286.832,77 96.401,89 376.133,91 245.579,03 130.554,88 2.Difference from revaluation of other assets 184.707,19 184.707,19 TOTAL TANGIBLE ASSETS (CΙΙ) 673.279,01 353.758,11 319.520,90 668.739,01 281.247,01 387.492,00

III. Participationsother long term receivables IV. Reserves 1. Participations in associated companies 1.617.733,31 1.498.057,96 1. Statutory reserve 36.629,79 23.559,79 7. Other long term receivables 7.863,95 2.664,01 5. Tax-exempt reserves based on specific statutory regulations 51.858,41 51.858,41 1.625.597,26 1.500.721,97 88.488,20 75.418,20

TOTAL FIXED ASSETS (CΙΙ+CΙΙΙ) 1.945.118,16 1.888.213,97 V. Earnings brought forward D.CURRENT ASSETS 1.Balance of earnings brought forward 1.216.899,15 971.483,29 ΙΙ. Receivables 1. Clients 7.808.111,25 5.984.150,76 1.216.899,15 971.483,29 3a. Cheques receivable - In portfolio 1.711.666,08 656.055,68 TOTAL EQUITY (ΑΙ+ΑΙΙ+AIII+AIV+AV) 8.663.754,55 8.405.268,70 3b Cheques in arrears 59.051,61 57.826,31 5. Short term receivables from associated companies 297.285,41 - 10. Bad, stale and litigious clients and debtors 373.089,99 337.865,86 Β. PROVISIONS FOR RISKS AND EXPENSES Less provisions 236.244,97 136.845,02 124.349,22 213.516,64 2. Other provisions 524,83 9.022,56 11. Miscellaneous debtors 965.208,23 709.964,05 12. Pre-payments and credit accounts 1.720,00 - 10.979.887,60 7.621.513,44 C. LIABILITIES ΙΙ. Short term liabilities III. Securities 1. Suppliers 3.085.312,96 2.539.565,16 3. Other securities 350.000,00 2.054.292,00 2.a. Cheques payable 156.983,12 191.758,15 3. Banks - short term loan accounts 500.000,00 - IV. Cash and cash equivalents 4. Clients' pre-payments 618.618,98 413.242,99 1. Cash 18.661,03 86.776,10 5. Tax and duty liabilities 262.327,45 62.782,13 3. Sight and time deposits 102.652,15 168.590,38 6. Social security 112.767,77 98.778,57 121.313,18 255.366,48 11. Miscellaneous creditors 45.676,59 73,17 TOTAL CURRENT ASSETS (DΙΙ+DΙΙΙ+DIV) 11.451.200,78 9.931.171,92 4.781.686,87 3.306.200,17

Ε. TRANSITORY ACCOUNTS TOTAL LIABILITIES (CΙΙ) 4.781.686,87 3.306.200,17 1. Forthcoming years' expenses 388.606,35 214.406,52 2. Current year's income receivable 365.594,39 57.546,91 D. TRANSITORY ACCOUNTS 754.200,74 271.953,44 1. Forthcoming years' income 274.352,82 146.439,79 2. Current year's realised expenses 478.573,72 262.364,60 3. Other transitory accounts 10.141,09 37.124,06 763.067,63 445.928,46

TOTAL ASSETS (Β+C+D+Ε) 14.209.033,88 12.166.419,89 TOTAL LIABILITIES (Α+Β+C+D) 14.209.033,88 12.166.419,89

OFF BALANCE SHEET ACCOUNTS OFF BALANCE SHEET ACCOUNTS 2. Debit accounts of guarantees and collaterals 238.166,46 1.103.987,59 2. Credit accounts of guarantees and collaterals 238.166,46 1.103.987,59 4. Other off-balance-sheet accounts 339.291,64 339.291,64 4. Other off-balance-sheet accounts 339.291,64 339.291,64 577.458,10 1.443.279,23 577.458,10 1.443.279,23

INCOME STATEMENT APPROPRIATION ACCOUNT December 31, 2002 (January 1 - December 31, 2002)

Previous year's Current year's amounts Previous year's amounts Current year's amounts amounts Ι. Operating earnings Net earnings before tax 401.938,93 294.119,92 Turnover (sales) 32.826.570,55 27.703.336,33 (+)Balance of previous' years earnings 971.483,29 820.538,12 Less - Cost of goods sold 30.873.806,59 25.856.796,99 Total 1.373.422,22 1.114.658,04 Gross operating earnings 1.952.763,96 1.846.539,34 Less : 1. Income tax 143.453,07 101.472,88 Plus Other operating income 211.528,11 211.321,91 2. Other taxes non incorporated in the operating cost 0,00 143.453,07 2.498,06 103.970,94 Total 2.164.292,07 2.057.861,25 Profit for appropriation 1.229.969,15 1.010.687,10 LESS 1. Administrative expenses 1.539.358,59 1.451.100,47 3. Selling expenses 33.587,10 1.572.945,69 24.508,35 1.475.608,82 Appropriation of profits: Total 591.346,38 582.252,44 1. Ordinary Reserves 13.070,00 9.115,19 Plus 6a. Reserve from tax-exempt income - 26.437,29 2. Income from securities 11.444,57 26.437,29 6b. Reserve from specially-taxed income - 3.651,33 4. Credit intetrest and related income 2.593,50 14.038,07 3.651,33 30.088,62 8. Earnings brought forward 1.216.899,15 971.483,29 1.229.969,15 1.010.687,10 Less 3. Debit interest and related expenses 49.950,69 -35.912,62 -152.858,78 -152.858,78 TOTAL OPERATING EARNINGS 555.433,76 459.482,28

ΙΙ.Less: Extraordinary income 1. Extraordinary and non-operating income 65.793,24 79.752,38 2. Extraordinary profit 101,37 3.879,64 3. Previous years' profit 17.715,69 83.610,30 40.984,15 124.616,17

Less 1. Extraordinary and non-operating expense 113.299,53 130.939,38 2.Extraordinary loss 699,07 2.105,65 3. Previous years' expenses a. Presonnel compensation 4.496,14 19.587,91 b. Other 6.714,64 65.674,54 4. Provisions for extraordinary risks 111.895,75 237.105,13 -153.494,83 71.671,05 289.978,53 -165.362,36 OPERATING AND EXTRAORDINARY EARNINGS 401.938,93 294.119,92

LESS Total fixed-asset depreciation 117.473,57 117.225,89 Less: Depeciation included in operating cost 117.473,57 - 117.225,89 - NET EARNINGS before tax 401.938,93 294.119,92

Athens, April 29, 2003

THE PRESIDENT OF THE BOARD OF DIRECTORS A MEMBER OF THE BOARD OF DIRECTORS THE FINANCIAL MANAGER & HEAD OF THE ACCOUNTING DEPT.

CHR. D. LAMBRAKIS D. HADJIKOKKINOS G. TSIALIKIS Α.∆.Τ.: Μ 154944 I.D. S 147009 I.D..: Κ 002972

CERTICIATE OF AUDIT BY CHARTERED AUDITOR ACCOUNTANT To the Shareholders of the Incorporated Company "EUROSTAR INCORPORATED TOURIST, COMMERCIAL AND INDUSTRIAL COMPANY"

We audited the above Financial Statements and the related Addendum of the Incorporated Company "EUROSTAR INCORPORATED TOURIST COMMERCIAL AND INDUSTRIAL COMPANY" for the fiscal year that ended on December 31, 2002. Our audit was executed according to art. 37 of the Codified Law 2190/1920 "on Incorporated Companies" and the audit procedures we deemed suitable on the basis of the auditing principles and rules pursued by the Body of Certified Auditors Accountants. All the books and records maintained by the Company were made available to us and we were furnished with the information and details necessary for our audit. The Company has applied correctly the Greek General Accounting Standards. The inventory method was not changed compared to last year, with the exception of the case in our remark No.1. We verified the accordance of the contents of the Board of Directors Report to the Shareholders' Ordinary General Meeting to the financial statements. The Addendum includes the information provided for in par. 1 art. 43a of Codified Law 2190/1920. The findings of our above audit are: 1. Participations in associated companies refer to companies with shares not listed on the Athens Stock Exchange that are audited by Chartered Auditors Accountants. These participations were valuated, according to art. 28 of the Code of Books and Records (Presidential Decree 186/1992), at their acquisition value while, if they were valuated according to art. 43 par. 6 of Law 2190/1920, on the basis of their intrinsic book value, as this stems from their latest published financial statements (lowest between acquisition value and current value per participation), it would be lower by approximately 1,489 thousand euros. 2. “Accounts Receivable” include bad and long-stale balances amounting to approximately 557 thousand euros. In respect, the company has formed a provision of 236 thousand euros, which in our opinion is not sufficient to cover the loss that may stem from not collecting part of all of these balances. 3. Based on Resolution No. 205/1988 of the plenary session of the Legal Advisors to the Administration and art. 31 par. 15 of Law 2238/1994 the Company did not form a provision for personnel pension compensation. If such provision were formed for the total personnel, according to art. 42e, par. 14 of Law 2190/1920, its aggregate amount would be approximately 122 thousand euros, that refers to previous fiscal years. 4. The company has not been audited by the Tax Authorities for the fiscal years 2000 –2002. As a result its tax liabilities for these years have not become final. 5. The proposed profit appropriation is subject to approval by the shareholders representing the total share capital. Taking into consideration our above remarks, the above Financial Statements that stem from the Books and Records of the Company along with the Addendum and subject to our above findings reflect the asset structure and the financial standing of the Company on December 31, December 2002, as well as the results of the year that ended on that date, according to the applicable statutory legislation and the generally accepted accounting principles and do not differ from those that the company applied in the previous year.

Athens, April 30, 2003

THE CHARTERED AUDIOT ACCOUNTANT CHARLAMBOS AR. PETROPOULOS

REG NO. 12001 SOL ERNST YOUNG SA CHARTERED AUDITORS ACCOUNTANTS EUROSTAR SA REG. No 37137/01/B/96/571 PREFECTURE OF ATHENS CONSOLIDATED BALANCE SHEET AS OF DECEMBER 2002 FISCAL YEAR January 1 - December 31, 2002 (AMOUNTS IN EURO)

ASSETS LIABILITIES Current year's Previous year's Current year's amounts Previous year's amounts amounts amounts Accrued Non depreciated Accrued Non depreciated Acquisition value Acquisition value depreciation balance depreciation balance B. ESTABLISHMENTS EXPENSES Α. EQUITY 1. Establishment and set-up expenses 63.119,68 57.345,93 5.773,75 63.119,68 54.888,01 8.231,67 Share Capital 4. Other establishment expenses 173.442,83 101.545,46 71.897,37 151.380,39 65.707,97 85.672,42 236.562,51 158.891,39 77.671,12 214.500,07 120.595,99 93.904,09 1. Fully paid up 7.102.200,00 7.102.200,00 C. FIXED ASSETS

ΙΙ. Share premium account 1. Fully paid up 71.460,01 71.460,01 ΙΙ. Tangible assets 3. Buildings and technical works 268.488,23 52.495,79 215.992,44 266.404,59 21.065,54 245.339,05 5. Vehicles and other transportation 65.356,27 34.546,28 30.809,99 70.000,65 28.048,75 41.951,90 ΙΙΙ. Revaluation differences - Inmvestment subsidies 6. Furniture and appliances 423.107,12 305.823,77 117.283,35 408.030,20 256.313,01 151.717,19 2.Difference from revaluation of other assets 184.707,19 184.707,19 756.951,62 392.865,84 364.085,78 744.435,44 305.427,30 439.008,14 TOTAL TANGIBLE ASSETS (CΙΙ) 756.951,62 392.865,84 364.085,78 744.435,44 305.427,30 439.008,14 IV. Reserves 1. Statutory reserve 38.041,86 24.781,36 5. Tax-exempt reserves based on specific statutory regulations 58.258,45 58.259,05 7. Consolidation differences -1.193.117,33 -1.193.117,32 -1.096.817,02 -1.110.076,91

V. Earnings brought forward 946.041,85 861.465,58

III. Participations and other long term receivables VII. Minority Rights 69.252,99 67.355,45 1. Participations in associated companies 73.367,57 73.368 7. Other long term receivables 13.091,52 7.805,68 86.459,09 81.173,25 TOTAL OWNERS EQUITY (AI+AII+AIII+AIV+AV+AVII) 7.276.845,02 7.177.111,32

450.544,87 520.181,39 Β. PROVISIONS FOR RISKS AND EXPENSES TOTAL FIXED ASSETS (CΙΙ+CΙΙΙ) 2. Other provisions 566,44 9.022,56

C. LIABILITIES Ι. Long term liabilities 8. Other long term liabilities 5.869,41 D.CURRENT ASSETS

ΙΙ. Short term liabilities ΙΙ. Receivables 1. Suppliers 4.494.048,42 3.774.649,73 1. Clients 9.819.291,10 7.181.844,53 2.a. Cheques payable 229.965,25 364.808,82 2. Bills of exchange receivable 3. Banks - short term loan accounts 1.345.417,04 339.633,10 - In portfolio 498,90 1.135.756,17 4. Clients' pre-payments 680.074,71 446.509,94 - In banks for collection 2.673,76 3.172,66 1.135.756,17 5. Tax and duty liabilities 300.577,65 160.569,30 - 6. Social security 158.045,78 141.021,00 3. Bills of exchange in arrears 249,45 8. Short term liabilities to associated companies 814,55 - 3a. Cheques receivable 11. Miscellaneous creditors 48.036,43 16.842,91 - In portfolio 2.084.182,32 57.826,31 7.256.979,83 5.244.034,80 3b Cheques in arrears 81.845,67 6.233,31 10. Bad, stale and litigious clients and debtors 373.089,99 337.865,86 Less provisions 259.052,86 114.037,13 124.349,22 213.516,64 TOTAL LONG AND SHORT TERM LIABILITIES (CΙ+CΙΙ) 7.256.979,83 5.249.904,21 11. Miscellaneous debtors 1.140.405,17 827.119,90 12. Pre-payments and credit accounts 14.682,83 186,21 D. TRANSITORY ACCOUNTS 13.257.866,33 9.422.483,07 1. Forthcoming years' income 281.278,26 146.794,40 2. Current year's realised expenses 600.699,04 294.111,88 3. Other transitory accounts 10.257,10 37.168,96 892.234,40 478.075,24 III. Securities 3. Other securities 350.000,00 2.054.292,00

IV. Cash and cash equivalents 1. Cash 31.038,40 89.664,03 3. Sight and time deposits 184.299,56 436.209,26 215.337,96 525.873,29 TOTAL CURRENT ASSETS (DΙ+DΙΙ+DΙΙΙ+DIV) 13.823.204,29 12.002.648,36

Ε. TRANSITORY ACCOUNTS 1. Forthcoming years' expenses 397.079,76 222.736,23 2. Current year's income receivable 678.085,55 74.643,27 3. Other transitory accounts 40,10 1.075.205,41 297.379,50

TOTAL ASSETS (Β+C+D+Ε) 15.426.625,69 12.914.113,33 TOTAL LIABILITIES (Α+Β+C+D) 15.426.625,69 12.914.113,33

OFF BALANCE SHEET ACCOUNTS OFF BALANCE SHEET ACCOUNTS 2. Debit accounts of guarantees and collaterals 277.661,95 1.149.633,23 2. Credit accounts of guarantees and collaterals 277.661,95 1.149.633,23 4. Other off-balance-sheet accounts 339.291,64 339.291,64 4. Other off-balance-sheet accounts 339.291,64 339.291,64 616.953,59 1.488.924,87 616.953,59 1.488.924,87

Note: The companies included in the consolidation (full consolidation method) of 12/31/2002 are the following: the parent company EUROSTAR SA and its subsidiaries TRIAENA TRAVEL-ST LAGAS SA , EXPO PLAN SA.

INCOME STATEMENT December 31, 2002 (January 1 - December 31, 2002) Current year's amounts Previous year's amounts Ι. Operating earnings Turnover (sales) 34.850.816,93 30.103.638,93 Less - Cost of goods sold 32.049.004,21 27.721.725,13 Gross operating earnings 2.801.812,72 2.381.913,79 Plus Other operating income 127.081,01 211.615,38 Total 2.928.893,73 2.593.529,18 Less 1. Administrative expenses 2.437.717,64 2.166.939,17 2. Research and Development expenses 9.409,55 3. Selling expenses 42.085,96 2.489.213,15 53.266,26 2.220.205,44 Total 439.680,58 373.323,74 LESS 2. Income from securities 13.555,64 31.888,19 4. Credit intetrest and related income 5.321,03 18.876,67 7.213,28 39.101,47

Less 3. Debit interest and related expenses 98.408,10 -79.531,43 157.204,12 -118.102,65 TOTAL OPERATING EARNINGS 360.149,15 255.221,09

ΙΙ.Less: Extraordinary income 1. Extraordinary and non-operating income 76.079,54 80.209,10 2. Extraordinary profit 101,37 3.879,64 3. Previous years' profit 35.904,49 40.036,93 112.085,40 124.125,68 Less 1. Extraordinary and non-operating expenses 117.686,56 132.340,53 2.Extraordinary loss 699,07 2.105,65 3. Previous years' expenses 92.122,37 85.204,80 4. Provisions for extraordinary risks 134.703,64 345.211,64 -233.126,24 71.671,05 291.322,04 -167.196,36 OPERATING AND EXTRAORDINARY EARNINGS 127.022,91 88.024,73 LESS

Total fixed-asset depreciation 139.061,56 133.943,35 Less: Depeciation included in operating cost 139.061,56 133.943,35 NET EARNINGS before tax 127.022,91 88.024,73

LESS Income tax 146.180,63 120.468,33 -19.157,72 -32.443,60 PLUS Minority shares proportion 140.088,16 120.197,07 NET AFTER TAX CONSOLIDATED EARNINGS OF THE GROUP (PROFITS) 120.930,44 87.753,47

ATHENS APRIL 29, 2003

THE PRESIDENT OF THE BOARD OF DIRECTORS THE VICE-PRESIDENT OF THE BOARD OF DIRECTORS THE FINANCIAL MANAGER

CHRISTOS D. LAMBRAKIS DAMIANOS Z. HADJIKOKKINOS G. TSIALIKIS I.D..: Μ 154944 I.D.: S 147009 I.D.: Κ 002972

CERTIFICATE OF AUDIT BY CHARTERED AUDITOR ACCOUNTANT To the Shareholders of the Incorporated Comapny "EUROSTAR Incorporated Tourist, Commercial and Industrial Company" and its affiliates

We audited the second consolidated Financial Statements, the consolidated Income Statement and the related Addendum of the Incorporated Company "EUROSTAR INCORPORATED TOURIST, COMMERCIAL AND FINANCIAL COMPANY" and its affiliates for the fiscal year that ended on December 31, 2002. Our audit was executed according to art. 108 of the Codified Law 2190/1920 "on Incorporated Companies" and the audit procedures we deemed suitable on the basis of the auditing principles and rules pursued by the Body of Certified Auditors Accountants and we verified the accordance of the contents of the Board of Directors Consolidated Report to the Shareholders' Ordinary General Meeting to the above consolidated Financial Statements. The findings of our above audit are: 1) The company has formed a provision of approximately 259 thousand euros to cover losses from bas, litigious and stale receivables amounting to approximately 686 thousand euros. For the remaining difference of approximately 427 thousand euros, no corresponding provision is formed, out of which.187 euros refer to the current year. 2) Based on Resolution No. 205/1988 of the plenary session of the Legal Advisors to the Administration and art. 31 par. 15 of Law 2238/1994 the companies of the Group did not form a provision for personnel pension compensation. If such provision were formed for the total personnel, according to art. 42e, par. 14 of Law 2190/1920, its aggregate amount would be approximately 313 thousand euros, equally burdening the results of previous years. 3) The companies of the Group have not been audited by the Tax Authorities for the fiscal years 2000 –2002. As a result its tax liabilities for these years have not become final. Since the Equity Capital of a company in the Group has become negative, the regulations of art .48 of Law 2190/1920 apply. Taking into consideration our above remarks, in our opinion the above consolidated Financial Statements have been compiled according to the regulations of Law 2190/1920 and reflect the asset structure, the financial standing and the results of the companies included in the consolidation on December 31, December 2002, according to the applicable statutory legislation and the generally accepted accounting principles that the parent company applies and do not differ from those applied in the previous year.

Athens, April 30, 2003 THE CHARTERD AUDITOR ACCOUNTANT

CHAR. AR. PETROPOULOS REG. NO. 12001 SOL ERNST & YOUNG SA CHARTERED AUDITORS ACCOUNTANTS ΤRIAINA TRAVEL - ST. LAGAS SA REG. No 47708/01/Β/00/736 PREFECTURE OF ATHENS BALANCE SHEET OF DECEMBER 31, 2002 FISCAL YEAR January 1 - December 31, 2002 (AMOUNTS IN EURO) ASSETS LIABILITIES

Current year's Previous year's Current year's amounts Previous year's amounts amounts amounts

Acquisition Accrued Non depreciated Acquisition Accrued Non depreciated value depreciation balance value depreciation balance B. ESTABLISHMENTS EXPENSES Α. EQUITY 1. Establishment and set-up expenses 4.614,51 1.758,15 2.856,36 4.614,52 835,23 3.779,29 Share Capital 4. Other establishment expenses 14.834,54 3.732,55 11.101,99 10.447,54 269,26 10.178,28 (2.400 shares of 30 euro each) 19.449,05 5.490,70 13.958,35 15.062,06 1.104,49 13.957,58 1. Fully paid up 72.000,00 70.432,87

C. FIXESD ASSETS ΙΙ. Share premium account 164.343,36 164.343,36 ΙΙ. Tangible assets 3. Buildings and technical works 11.165,08 2.009,72 9.155,36 11.165,08 1.116,51 10.048,57 IV. Reserves 6. Furniture and appliances 20.438,50 7.273,29 13.165,21 12.962,34 3.028,80 9.933,54 1. Statutory reserve 1.882,76 1.628,76 31.603,58 9.283,01 22.320,57 24.127,42 4.145,30 19.982,11 5. Tax-exempt reserves based on specific statutory regulations 8.533,39 8.533,39 TOTAL TANGIBLE ASSETS (CΙΙ) 31.603,58 9.283,01 22.320,57 24.127,42 4.145,30 19.982,11 10.416,15 10.162,15

V. Earnings brought forward Balance of earnings brought forward 30.252,45 25.440,97

III. Participationsother long term receivables 30.252,45 25.440,97 7. Other long term receivables 3.565,66 3.565,66

TOTAL EQUITY (ΑΙ+ΑΙΙ+AIV+AV) 277.011,96 270.379,35

TOTAL FIXED ASSETS (CΙΙ+CΙΙΙ) 25.886,23 23.547,78 Β. PROVISIONS FOR RISKS AND EXPENSES 2. Other provisions 41,61 - 41,61 - D.CURRENT ASSETS ΙΙ. Receivables C. LIABILITIES 1. Clients 2.392.760,69 1.502.261,29 Ι. Long term liabilities Less Provisions 22.807,89 2.369.952,80 1.502.261,29 8. Other long term liabilities - 5.869,41 3a. Cheques receivable - In portfolio 371.477,24 326.813,40 ΙΙ. Short term liabilities 3b Cheques in arrears 22.794,06 - 1. Suppliers 1.731.515,23 1.469.296,06 11. Miscellaneous debtors 148.089,64 115.479,79 2.a. Cheques payable 69.911,77 83.161,02 12. Pre-payments and credit accounts 12.962,83 - 3. Banks - short term loan accounts 845.417,04 280.000,00 2.925.276,57 1.944.554,49 4. Clients' pre-payments 61.455,73 18.598,76 IV. Cash and cash equivalents 5. Tax and duty liabilities 35.141,90 49.156,06 1. Cash 7.870,11 354,43 6. Social security 42.791,51 38.275,08 3. Sight and time deposits 77.697,92 267.381,51 8. Short term liabilities to associated companies 176.786,43 - 85.568,03 267.735,94 11. Miscellaneous creditors 2.359,84 16.768,96 TOTAL CURRENT ASSETS (DΙ+DΙΙ+DΙΙΙ+DIV) 3.010.844,60 2.212.290,43 2.965.379,45 1.955.255,93

TOTAL LONG AND SHORT TERM LIABILITIES (CΙ+CΙΙ) 2.965.379,45 1.961.125,33

D. TRANSITORY ACCOUNTS 1. Forthcoming years' income 6.925,44 354,61 Ε. TRANSITORY ACCOUNTS 2. Current year's realised expenses 122.073,38 21.120,68 1. Forthcoming years' expenses 8.327,41 - 3. Other transitory accounts 116,01 45,69 2. Current year's income receivable 312.491,16 3.229,88 129.114,83 21.520,98 3. Other transitory accounts 40,10 - 320.858,67 3.229,88

TOTAL ASSETS (Β+C+D+Ε) 3.371.547,85 2.253.025,66 TOTAL LIABILITIES (Α+Β+C+D) 3.371.547,85 2.253.025,67

OFF BALANCE SHEET ACCOUNTS OFF BALANCE SHEET ACCOUNTS 2. Debit accounts of guarantees and collaterals 20.981,95 11.738,81 2. Credit accounts of guarantees and collaterals 20.981,95 11.738,81

Σηµείωση : Η προηγούµενη χρήση αφορά ποσά περίοδου από 1/3/2001 έως 31/12/2001

INCOME STATEMENT APPROPRIATION ACCOUNT December 31, 2002 (January 1 - December 31, 2002)

Current year's Previous year's Current year's amounts Previous year's amounts amounts amounts Ι. Operating earnings Net earnings before tax 7.793,04 52.100,51 Turnover (sales) 3.377.500,73 2.936.694,86 Balance of previous' years earnings 25.440,97 - Less - Cost of goods sold 2.321.746,65 2.222.885,86 Total 33.234,01 52.100,51 Gross operating earnings 1.055.754,08 713.808,99 Less : 1. Income tax 2.727,56 16.497,39 Plus Other operating income 1.538,25 293,47 Profit for appropriation : 30.506,45 35.603,12 Total 1.057.292,33 714.102,47 LESS 1. Administrative expenses 933.937,05 654.795,36 Appropriation of profits: 3. Selling expenses 8.498,86 942.435,91 12.281,25 667.076,62 1. Ordinary Reserves 254,00 1.628,76 Total 114.856,42 47.025,85 6a. Reserve from tax-exempt income 5.450,90 Plus 6b. Reserve from specially-taxed income 3.083,29 2. Income from securities 2.111,07 5.450,90 8. Earnings brought forward 30.252,45 25.440,97 4. Credit intetrest and related income 2.582,84 4.693,91 3.083,29 8.534,18 30.506,45 35.603,12 Less 3. Debit interest and related expenses 35.153,90 -30.459,99 2.696,31 5.837,87 TOTAL OPERATING EARNINGS 84.396,43 52.863,72

ΙΙ.Less: Extraordinary income 1. Extraordinary and non-operating income 9.239,21 104,13 3. Previous years' profit 20.045,02 29.284,23 - 104,13 Less 1. Extraordinary and non-operating expenses 3.174,74 867,34 3. Previous years' expenses 79.904,99 - 4. Provisions for extraordinary risks 22.807,89 105.887,62 -76.603,39 - 867,34 -763,21 OPERATING AND EXTRAORDINARY EARNINGS 7.793,04 52.100,51

LESS Total fixed-asset depreciation 9523,92 5.249,79 Less: Depeciation included in operating cost 9523,92 - 5.249,79 - NET EARNINGS before tax 7.793,04 52.100,51

Athens, April 28, 2003

PRESIDENT OF THE BOARD OF DIRECTORS A MEMBER OF THE BOARD OF DIRECTORS FINANCIAL MANAGER & HEAD OF THE ACCOUNTING DPT

ST. LAGAS D. HADJIKOKKINOS G. TSIALIKIS I.D. Ρ 111602 I.D. Σ 147009 I.D.: Κ 002972

CERTIFICATE OF AUDIT BY CHARTERED AUDITOR ACCOUNTANT To the shareholders of the Incorporated Company "ΤRIAINA TRAVEL – STAVROS LAGAS INCORPORATED TOURIST, COMMERCIAL AND SHIPPING COMPANY"

We audited the above Financial Statements and the related Addendum of the Incorporated Company "TRIAINA TRAVEL – STAVROS LAGAS INCORPORATED TOURIST, COMMERCIAL AND SHIPPING COMPANY” for the fiscal year that ended on December 31, 2002. Our audit, during which we also took cognizance of the operations and accounts of the company’s branch, was executed according to art. 37 of the Codified Law 2190/1920 "on Incorporated Companies" and the audit procedures we deemed suitable on the basis of the auditing principles and rules pursued by the Body of Certified Auditors Accountants. All the books and records maintained by the Company were made available to us and we were furnished with the information and details necessary for our audit. The Company has applied correctly the Greek General Accounting Standards. The recording method was not changed compared to last year, with the exception of the case in our remark No.1. We verified the accordance of the contents of the Board of Directors Report to the Shareholders' Ordinary General Meeting to the financial statements. The Addendum includes the information provided for in par. 1 art. 43a of Codified Law 2190/1920. The findings of our above audit are: 1. Receivables accounts include bad and log-stale balances totaling approximately 129 thousand euros. In respect the company has formed a provision of 23 thouand euros, which in our opinion is not sufficient to cover the loss that may stem from not collecting part or all of these balances. 2. . Based on Resolution No. 205/1988 of the plenary session of the Legal Advisors to the Administration and art. 31 par. 15 of Law 2238/1994 the Company did not form a provision for personnel pension compensation. If such provision were formed, according to art. 42e, par. 14 of Law 2190/1920, its aggregate amount would be approximately 189 thousand euros, that corresponds to the previous year. 3. The company has not been audited by the Tax Authorities since it was founded. Consequently its tax liabilities have not become final. 4. The proposed appropriation of profit must be approved by the shareholders representing the total share capital of the company. In our opinion, the above Financial Statements that stem from the Books and Records of the Company along with the Addendum and subject to our above findings reflect the asset structure and the financial standing of the Company on December 31, December 2002, as well a the results of the year that ended on that date, according to the applicable statutory legislation and the generally accepted accounting principles and do not differ from those that the company applied in the previous year

Athens, April 29, 2003 The Chartered Auditor Accountant

Charal. Ar. Petropoulos Reg. No. 12001 SOL ERNST & YOUNG SA Chareterd Auditors Accountants EXPO PLAN Α.Ε. No S.A. 43770/01/Β/99/473 BALANCE SHEET AT DECEMBER 31st, 2002 3rd OPERATING PERIOD (1 JANUARY - 31 DECEMBER 2002) (in Euro) ASSETS LIABILITIES Amounts For The Amounts For The Amounts For The Period 01/01-31/12/02 Amounts For The Period 01/01-31/12/01 Period Period 01/01-31/12/02 01/01-31/12/01 Acquisition Value after Acquisition Value after Depreciation Depreciation Value Depreciation Value Depreciation B. ESTABLISHMENT EXPENSES Α. OWNERS EQUITY 1. Initial establishment expenses 6.354,43 4.097,37 2.257,06 6.354,42 2.826,48 3.527,94 4. Other establishment expenses 4.800,91 1.859,40 2.941,51 2.193,91 855,91 1.338,00 I. Capital 23.300 shares per value 30 euro 11.155,34 5.956,77 5.198,57 8.548,33 3.682,39 4.865,94 1. Paid up capital 699.000,00 462.000,00 2.Capital subscribed - - C. FIXED ASSETS 699.000,00 462.000,00 II. Tangible assets 3. Buildings - Fixtures 17.638,74 11.171,21 6.467,53 17.638,74 7.643,45 9.995,28 V. Results carried forward 5. Other tangible assets 14.996,33 6.935,80 8.060,53 14.996,33 4.686,36 10.309,98 1. Period's losses carried forward -462.479,12 6. Furniture and other equipment 19.433,96 11.717,71 7.716,25 18.933,95 7.705,18 11.228,76 2. Period's losses -282.709,06 -462.479,12 TOTAL TANGIBLE ASSETS 52.069,03 29.824,72 22.244,31 51.569,02 20.034,99 31.534,02 -745.188,18 -462.479,12

TOTAL OWNERS EQUITY (AI+AV) -46.188,18 -479,12

III. Financial assets 1. Shares in affiliated undertakings 73.367,57 73.367,57 7.Other long term recivables 1.661,91 1.576,01 75.029,48 74.943,58 C. LIABILITIES II. Short-term liabilities 1. Suppliers 65.659,32 140.777,24 TOTAL FIXED ASSETS (CΙΙ+CIII) 97.273,79 106.477,60 2a. Outstanding cheques (postdated) 3.070,36 89.889,65 3. Banks 0,00 59.633,10 4. Customers down payments 14.668,19 5.Tax and duties payable 3.108,30 48.631,11 D. CURRENT ASSETS 6. Insurance and pension fund dues 2.486,50 3.967,35 II. Debtors 11. Sundry creditors 121.313,53 - 1. Trade Debtors 6.858,25 70.421,21 195.638,01 357.566,65 2. Bills receivable - On hand 498,90 - At banks for collection 2.673,76 3. Bills overdue 249,45

3a. Cheques receivable (postdated) 1.039,00 152.887,09 3b. Cheques receivable (postdated) overdue 6.233,31 11. Sundry debtors 27.107,30 1.676,06 12. Advances and credit control account 186,21 38.426,66 231.403,88 TOTAL LIABILITIES (CΙΙ) 195.638,01 357.566,65

IV. Cash 1. Cash on hand 4.507,26 2.533,50 3. Sight and time deposits 3.949,49 237,37 8.456,75 2.770,87 D. TRANSIT CREDIT BALANCES TOTAL CURRENT ASSETS (DΙ+DΙΙ+DΙV) 46.883,41 234.174,75 2. Accrued expenses 51,94 10.626,59

E. TRANSIT DEBIT BALANCES 1. Prepaid expenses 146,00 8.329,71 2. Noncurrent receivables from currently-earned income 13.866,47 3. Other transit debit balances - 146,00 22.196,18

TOTAL FIXED ASSETS (Β+C+D+Ε) 149.501,77 367.714,47 TOTAL OWNERS EQUITY AND LIABILITIES (Α+Β+C+D) 149.501,77 367.714,12

DEBIT MEMO ACCOUNTS CREDIT MEMO ACCOUNTS 2. Guarantees for future exhibitions 18.513,54 33.906,82 2. Guarantees for future exhibitions 18.513,54 33.906,82 18.513,54 33.906,82 18.513,54 33.906,82

INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31st, 2002 DECEMBER 31st 2002 (01/01/02 - 31/12/02)

Amounts For The Period 01/01-31/12/02 Amounts For Period 01/01-31/12/01 ι. Operating results Net turnover (sales) 75.732,54 384.304,16 Less : - Cost of goods sold 282.437,86 561.541,84 Gross trading profit -206.705,32 -177.237,68

Total Less : 1. Administrative expenses 52.263,57 61.043,34 3. Selling expenses 9.409,55 61.673,12 16.476,66 77.520,00 Operating results (profit) -268.378,44 -254.757,68 PLUS: 2. Income from securities - - 4. Interest and related income 144,69 478,66 Less: 3. Interest charges and related expenses 13.303,51 -13.158,82 1.649,03 -1.170,37 Total net operating income before extraordinary items and taxes -281.537,26 -255.928,05

ΙΙ. PLUS: Extraordinary items 1. Extra ordinary income 1047,09 352,59 Less: 1. Extraordinary and nonoperating expenses 1.212,29 533,81 3. Prior period expenses 1.006,60 2.218,89 -1.171,80 2.086,77 2.620,58 -2.267,99 Net income after extraordinary items and before taxes and extra depreciation -282.709,06 -258.196,04

LESS: Total depreciation recorded 12.064,07 11.467,67 Less: Normal depreciation (included in the operating cost) -12.064,07 - -11.467,67 - NET INCOME FOR THE YEAR BEFORE TAX -282.709,06 -258.196,04

THE VISE PRESIDENT OF THE BOARD AND A MEMBER OF THE BOARD THE ACCOUNTING MANAGER MANAGING DIRECTOR

DAMIANOS HADJIKOKKINOS PANAGIOTIS CHRISIKAKIS GEORGE TSIALIKIS STUDIO ATA SA REG NO 25466/01ΑΤ/Β/91/297(97) BALANCE SHEET OF JUNE 30, 2002 FISCAL YEAR OF JULY 1, 2001 - JUNE 30, 2002 Amounts in euros

ASSETS LIABILITIES Current year's amounts Previous year's amounts Current year's amounts Previous year's amounts (1/7/01-30/6/02) (1/7/00-30/6/01) (1/7/01-30/6/02) (1/7/00-30/6/01) Acquisition Accrued Accrued Non depreciated Non depreciated balance Acquisition value value depreciation depreciation balance C. FIXESD ASSETS Α. EQUITY ΙΙ. Tangible assets Ι. Share capital 3. Buildings and technical works 402.521,54 211.096,22 191.425,32 397.883,77 170.218,25 227.665,52 1. Fully paid up ( 13.800 shares of 29,35 € each ) 405.030,00 404.988,99 4. Machinery - Installations and other equipment ########## 1.113.812,56 783.387,87 1.740.268,96 900.344,40 839.924,56 5. Vehicles and other transportation 235.790,70 118.460,05 117.330,65 212.750,91 83.684,02 129.066,89 6. Furniture and appliances 577.487,01 505.606,80 71.880,21 543.779,89 468.080,17 75.699,72 IV. Reserves TOTAL FIXED ASSETS (CΙΙ) ########## 1.948.975,63 1.164.024,05 2.894.683,53 1.622.326,84 1.272.356,69 1. Statutory reserve 20.494,76 20.494,76 5. Tax-exempt reserves based on specific statutory regulations 588.774,87 588.774,87 III. Participationsother long term receivables 609.269,63 609.269,63 7. Other long term receivables 27.604,39 32.491,12 TOTAL FIXED ASSETS (CΙ+CΙΙ+CΙΙΙ) 1.191.628,44 1.304.847,81 V. Earnings brought forward 1.Balance of loss (profit) brought forward -958.743,30 -940.701,64 D.CURRENT ASSETS Ι. Inventory 1. Merchandise 26.446,06 27.687,45 3. Production in progress 613.266,10 76.245,93 TOTAL EQUITY (ΑΙ+AIV+AV) 55.556,33 73.556,99 639.712,16 103.933,38 ΙΙ. Receivables 1. Clients 7.326.652,90 6.826.624,18 C. LIABILITIES Less provisions -102.734,02 7.223.918,88 -105.634,62 6.720.989,56 3. Bills of exchange in arrears 10.428,98 10.428,98 Ι. Long term liabilities 3a. Cheques receivable 4. Long term liabilities to associated companies 924.479,63 --- - In portfolio 29.898,85 574.672,40 10. Bad, stale and litigious clients and debtors ` 6.856,56 --- ΙΙ. Short term liabilities 11. Miscellaneous debtors 80.017,22 211.873,36 1. Suppliers 417.783,58 1.635.417,03 12. Pre-payments and credit accounts 90.487,10 177.265,89 2.Bills of exchange payable --- 2.258,08 7.441.607,59 7.695.230,19 IV. Cash and cash equivalents 2α.Short term liabilities to associated companies 234.776,21 8.023,23 1. Cash 2.475,97 1.094,94 3. Banks - short term loan accounts 6.149.154,15 5.889.152,68 3. Sight deposits 405,70 254,45 5. Tax and duty liabilities 439.985,79 561.849,55 2.881,67 1.349,39 6. Social security 164.967,64 185.990,14 TOTAL CURRENT ASSETS (DΙ+DΙΙ+DIV) 8.084.201,42 7.800.512,96 11. Miscellaneous creditors 156.160,07 141.649,70 7.562.827,44 8.424.340,41 Ε. TRANSITORY ACCOUNTS 1. Forthcoming years' expenses 1.245,60 22.561,50 TOTAL LONG AND SHORT TERM LIABILITIES (CΙ+CΙΙ) 8.487.307,07 8.424.340,41

D. TRANSITORY ACCOUNTS 2. Current year's realised expenses 734.212,06 630.024,87

TOTAL ASSETS (Β+C+D+Ε) 9.277.075,46 9.127.922,26 TOTAL LIABILITIES (Α+Β+C+D) 9.277.075,46 9.127.922,26

OFF BALANCE SHEET ACCOUNTS OFF BALANCE SHEET ACCOUNTS 1. Third party property 0,40 0,40 1. Beneficiaries of third party assets 0,40 0,40 4. Other off-balance-sheet accounts 560.381,04 560.381,04 4. Other off-balance-sheet accounts 560.381,04 560.381,04 560.381,44 560.381,44 560.381,44 560.381,44

INCOME STATEMENT APPROPRIATION ACCOUNT JULY 1, 2001 - JUNE 30, 2002 Current year's amounts Previous year's amounts Current year's amounts Previous year's amounts

1/7/01-30/6/02 1/7/00-30/6/01 1/7/01-30/6/02 1/7/00-30/6/01 Ι. Operating earnings Turnover (sales) 10.380.860,06 11.782.253,94 Net earnings before tax 81.206,03 27.450,66 LESS Cost of goods sold 9.323.140,03 10.731.050,91 Gross operating earnings 1.057.720,03 1.051.203,03 Other operating income 1.520,31 14.691,40 Balance of previous' years earnings -940.701,64 -763.692,17 Total 1.059.240,34 1.065.894,44 LESS 1. Administrative expenses 655.710,60 603.309,22 3. Selling expenses ------Differences from tax audit of prior years -45.345,39 --- 5. Production expenses not included in cost of good sold --- 655.710,60 --- 603.309,22 Total 403.529,74 462.585,22 Total -904.841,00 -736.241,51 PLUS 4. Credit intetrest and related income 113,06 --- Income tax -53.902,30 -204.460,13 LESS 3. Debit interest and related expenses 313.812,25 313.699,19 367.356,58 367.356,58 Loss carried forward -958.743,30 -940.701,64 TOTAL OPERATING EARNINGS 89.830,55 95.228,64

ΙΙ.PLUS (LESS): Extraordinary income 1. Extraordinary and non-operating income 6,02 163,56 2. Extraordinary profit --- 205,41 Athens, October 31,2002 4. Income from previous years' provisions 45.345,39 --- 45.351,41 368,97 LESS PRESIDENT OF THE BOARD OF DIRECTORS A MEMBER OF THE HEAD OF THE 1. Extraordinary and non-operating expenses 11.531,14 19.574,47 & MANAGING DIRECTOR BOARD OF DIRECTORS ACCOUNTING DPT 3. Previous years' expenses ------4. Provisions for extraordinary risks 42.444,79 53.975,93 -8.624,52 48.572,48 68.146,95 -67.777,98 OPERATING AND EXTRAORDINARY EARNINGS 81.206,03 27.450,66 LESS Total fixed-asset depreciation 326.648,79 207.518,71 LESS Depeciation included in operating cost 326.648,79 --- 207.518,71 ---- CHRISTOS D.. DAMIANOS Z. KYRIAKOS P. NET EARNINGS before tax 81.206,03 27.450,66 LAMBRAKIS HADJIKOKKINOS BOUTSIKARIS I.D.: Μ 154944 I.D.: S 147009 I.D.: Ι 374832

CERTIFICATE OF AUDIT OF CHARTERED AUDITOR ACCOUNTANT To the sahreholders of SUDIO ATA SA - INDEPENDENT TELEVISON ATHENS STUDIOS SA

We audited the above financial statements and the related Addendum of of the Incorporated Company "STUDIO ΑΤΑ - INDEPENDENT TELEVISION THENS STUDIOS SA" for the fiscal year that ended on June 30, 2003. Our audit, during which we took full cognizance of the results and accounts of the branches of the company, was executed according to art. 37 of the Codified Law 2190/1920 "on Incorporated Companies" and the audit procedures we deemed suitable on the basis of the auditing principles and rules pursued by the Body of Certified Auditors Accountants and comply with the basic Principles of the International Auditing Principles. All the books and recor maintained by the Company were made available to us and we were furnished with the information and details necessary for our audit. The Company has applied correctly the Greek General Accounting Standards. The inventory method was not changed compared to last year, and the production cost stemming form the Company’s Books was determined according to the generally accepted principles of of cost accounting. We verified the accordance of the contents of the Board of Directors Report to the Shareholders' Ordinary General Meeting to the financial statements. The Addendum includes the information provided for in par. 1 art. 43a of Codified Law 2190/1920. Th findings of our above audit are: 1. Since in previous fiscal years the company had not effected depreciation on its tangible assets, their non-depreciated balance and, in respect, Equity Capital were shown equally increased by approximately 831 thousand euros and current year’s results decreased by approximately 102 thousand euros due to the increased depreciation in this fiscal year. 2. As a standard practice, the Company does not form a provision for personnel pension compensation. If such provision were formed,iits amount on June 30, 2002 would be approximately 254 thousand euros, out of which 232 thousand euros correspond to previous years. 3. The Company has not accounted for realized expenses totaling approximately 1,753 euros thaq t relate with the production of television programs and on the contrary burdened the current year;s results with with corresponding previous year’s expenses of approximately 1,114 thousand euros. As a result current year’s expenses are shown increased by (1,753 minus 1,414) 339 thousand euros and Equity Capital increased by approximately 1,753 thousand euros 4. The accounted for tax audit differences for the fiscal years 1997-2000 are less by 64 thousand euros and, as a result, the Equity Capital is equally increased 5. The company has not been audited by the Tax Authorities for the fiscal years 2001 –2002. As a result its tax liabilities for these years have not become final. 6. Since, after taking into consideration our above remarks, the company’s Equity Capital is negative, the articles 47 and. 48 par. 3 of Law 2190/1920 apply. In our opinion, assuming that the suitable measures will be taken in time to prevent the application of art. 47 and 48 par. 1 point 3 of Law 2190/1920 and that the company will continue business activity, the above Financial Statements that stem from the Books and Records of the Company along with the Addendum and subject to our above findings reflect the asset structure and the financial standing of the Company on December 31, December 2002, as well as the results of the year that ended on that date, according to the applicable statutory legislation and the generally accepted accounting principles and do not differ from those that the company applied in the previous year.

Athens, November 5, 2002 The Chartered Auditor Accountant

Charal. Ar. Petropoulos Reg. No. 12001 SOL ERNST & YOUNG SA. Chartered Auditors Accountants ELLINIKA GRAMMATA SA ΙBALANCE SHEET OF DECEMBER 31, 2002 FISCAL YEAR January 1 - December 31, 2002 Reg. No.:45154/01/Β/00/47 (Amounts in euros)

ASSETS LIABILITIES Current year's Previous year's amounts Current year's amounts 01/01/02-31/12/02 Previous year's amounts 31/01/00-31/12/01 amounts 01/01/02- 31/01/00-31/12/01 31/12/02 Acquisition Accrued Non depreciated Accrued Non depreciated Acquisition value value depreciation balance depreciation balance B. ESTABLISHMENTS EXPENSES Α. EQUITY 1. Establishment and set-up expenses 173.897,47 108.307,61 65.589,86 173.897,47 74.286,72 99.610,75 I. Share Capital ( 28.300 shares of 29,35 euro each ) 4. Other establishment expenses 109.396,72 67.773,57 41.623,15 94.377,22 39.909,64 54.467,58 1. Fully paid up 830.605,00 830.520,91 283.294,19 176.081,18 107.213,01 268.274,69 114.196,36 154.078,33 C. FIXESD ASSETS Ι. Intangible assets 5. Other intangible assets 2.642,02 23,88 2.618,14 7.983,68 23,88 7.959,80 IV. Reserves

ΙΙ. Tangible assets 1. Land 32.843,73 - 32.843,73 32.843,73 - 32.843,73 1. Statutory reserve 13.056,24 9.036,28 3. Buildings and technical works 856.149,48 325.599,48 530.550,00 864.071,71 210.032,96 654.038,75 5. Tax-exempt reserves based on specific statutory regulations 17.093,24 17.093,24 5. Vehicles and other transportation 89.566,82 56.365,44 33.201,38 89.566,82 40.686,54 48.880,28 30.149,48 26.129,52 6. Furniture and appliances 1.045.230,56 551.016,48 494.214,08 1.001.423,36 360.485,33 640.938,03 TOTAL TANGIBLE ASSETS (CΙΙ) 2.023.790,59 932.981,40 1.090.809,19 1.987.905,62 611.204,83 1.376.700,79 V. Earnings brought forward TOTAL INTANGIBLE AND TANGIBLE ASSETS (CΙ+CΙΙ) 2.026.432,61 933.005,28 1.093.427,33 1.995.889,30 611.228,71 1.384.660,79 Balance of profit brought forward 233.020,71 157.058,90 233.020,71 157.058,90 III. Participationsother long term receivables 1. Participations in associated companies 450.000,00 450.000,00 7. Other long term receivables 47.367,96 44.294,84 497.367,96 494.294,84 TOTAL EQUITY (ΑΙ+AIV+AV) 1.093.775,19 1.013.709,33

TOTAL FIXED ASSETS (CΙ+CΙΙ+CΙΙΙ) 1.590.795,29 1.878.955,63

D.CURRENT ASSETS Ι. Inventory 1. Merchandise 1.722.034,67 1.849.430,24 Β. PROVISIONS FOR RISKS AND EXPENSES 2. Finished and semi - finished goods - byproducts and residuals 4.652.376,33 3.927.861,34 2. Other provisions 67.024,14 1.256,01 3. Production in progress 746.690,21 997.067,22 4. Raw and secondary materials-Consumables-Spare parts and packaging material 48.828,26 27.507,52 7.169.929,47 6.801.866,33 ΙΙ. Receivables C. LIABILITIES 1. Clients 5.764.430,65 4.472.496,71 ΙΙ. Short term liabilities Less: Provisions 178.096,43 5.586.334,22 116.756,59 4.355.740,12 1. Suppliers 4.336.314,20 2.945.625,80 2. Bills of exchange receivable 2. Bills of exchange payable - 2.261,77 - In portfolio 358.458,12 389.990,19 2.a. Cheques payable 2.625.838,43 2.058.903,35 - In banks for collection 112.743,45 471.201,57 192.654,39 582.644,58 3. Banks - short term loan accounts 10.731.572,52 10.523.319,25 3. Bills of exchange in arrears 425.874,02 269.701,09 4. Clients' pre-payments 343.664,69 471.481,14 3a. Cheques receivable (postdated) 2.969.741,69 2.514.369,21 5. Tax and duty liabilities 109.959,64 184.454,02 3c. Cheques in arrears 95.978,26 69.629,35 6. Social security 106.624,32 102.117,24 10. Bad, stale and litigious clients and debtors 118.524,84 - 11. Miscellaneous creditors 169.443,07 297.417,28 11. Miscellaneous debtors 709.927,60 722.551,70 TOTAL LIABILITIES (CΙΙ) 18.423.416,87 16.585.579,85 12. Pre-payments and credit accounts 194.866,97 6.146,27 10.572.449,17 8.520.782,32 III. Χρεόγραφα 1. Shares 15.612,62 15.612,62 IV. Cash and cash equivalents 1. Cash 42.149,78 33.489,76 3. Sight and time deposits 369.030,51 208.280,50 411.180,29 241.770,27 D. TRANSITORY ACCOUNTS TOTAL CURRENT ASSETS (DΙ+DΙΙ+DΙΙΙ+DIV) 18.169.171,55 15.580.031,53 1. Forthcoming years' income - 25,40 2. Current year's realised expenses 306.145,25 16.145,74 306.145,25 16.171,14 Ε. TRANSITORY ACCOUNTS 1. Forthcoming years' expenses 23.181,60 3.650,84 23.181,60 3.650,84

TOTAL ASSETS (Β+C+D+Ε) 19.890.361,45 17.616.716,33 TOTAL LIABILITIES (Α+Β+C+D) 19.890.361,45 17.616.716,33

OFF BALANCE SHEET ACCOUNTS OFF BALANCE SHEET ACCOUNTS 1. Third party property 52.510,66 20.281,58 1. Beneficiaries of third party assets 52.510,66 20.281,58 2. Debit accounts of guarantees and collaterals 78.234,66 76.104,28 2. Credit accounts of guarantees and collaterals 78.234,66 76.104,28 130.745,32 96.385,85 130.745,32 96.385,85

INCOME STATEMENT December 31, 2002 (January 1 - December 31, 2002) APPROPRIATION ACCOUNT

Current year's Current year's Previous year's Previous year's amounts amounts amounts amounts 01/01/02- 01/01/02- 31/01/00-31/12/01 31/01/00-31/12/01 31/12/02 31/12/02 Ι. Operating earnings Turnover (sales) 14.400.813,23 24.304.593,36 Net earnings before tax 123.691,22 289.160,91 Less : Cost of goods sold 9.512.301,49 15.579.387,26 (+) Balance of previous' years earnings 157.058,90 - Gross operating earnings 4.888.511,74 8.725.206,10 Total 280.750,12 289.160,91 Plus : Other operating income 49.971,93 86.795,94 Less : 1. Income tax 43.709,45 105.972,50 Total 4.938.483,67 8.812.002,05 Profit for appropriation : 237.040,67 183.188,41 Less : 1. Administrative expenses 803.802,41 1.830.694,25 Appropriation of profits: 3. Selling expenses 2.684.692,83 3.488.495,24 5.818.422,71 7.649.116,96 Statutory Reserve 4.019,96 9.036,28 Total 1.449.988,43 1.162.885,09 Reserve from specially-taxed income - 9.076,40 Plus Reserve from tax-exempt income - 8.016,84 2. Income from securities 394,49 9.076,40 8. Earnings brought forward 233.020,71 157.058,90 4. Credit intetrest and related income 1.880,08 9.360,78 237.040,67 183.188,41 2.274,57 18.437,18 Less : 2.Expenses and loss from particiaptions & securities - 1.880,68 3. Debit interest and related expenses 563.034,95 (560.760,38) 968.513,23 970.393,91 (951.956,73) TOTAL OPERATING EARNINGS 889.228,05 210.928,36 ΙΙ.Plus: Extraordinary income 1. Extraordinary and non-operating income 9.751,68 473.730,64 2. Extraordinary profit 3.289,90 16.120,73 3. Previous years' profit 49.530,49 - 62.572,07 489.851,37 Less 1. Extraordinary and non-operating expenses 12.685,62 293.704,20 2.Extraordinary loss 453,11 26.235,15 3. Previous years' expenses 713.366,23 - 4. Provisions for extraordinary risks 101.603,94 828.108,90 (765.536,83) 91.679,47 411.618,82 78.232,55 OPERATING AND EXTRAORDINARY EARNINGS 123.691,22 289.160,91 LESS Total fixed-asset depreciation 407.401,75 648.978,84 Less: Depeciation included in operating cost 407.401,75 - 648.978,84 - NET EARNINGS before tax 123.691,22 289.160,91

ATHENS , 28/04/2003 HEAD OF THE

PRESIDENT OF THE BOARD OF DIRECTORS A MEMBER OF THE BOARD OF DIRECTORS ACCOUNTING DPT PAVLOS PAPACHRISTOFILOU DAMIANOS HADJIKOKKINOS KYRIAKOS BOUTSIKARIS I.D..:Ρ 005033 I.D.:S 147009 I.D..:I 374832 Permit No: 28938 (Class A) ACTION PLAN S.A. REGISTRATION No 43276/01/Β/99/356 Prefecture of Athens BALANCE SHEET OF DECEMBER 31 , 2002 FISCAL YEAR JANUARY 1, DECEMBER 31, 2002 (AMOUNTS IN EURO) ASSETS LIABILITIES

Current year's Previous year's Current year's amounts Previous year's amounts amounts amounts

Non Acquisition Accrued Acquisition Accrued Non depreciated depreciated value depreciation value depreciation balance balance B. ESTABLISHMENT EXPENSES Α. EQUITY 1. Establishment and set-up expenses 56.140,12 56.140,10 0,02 56.140,12 56.140,11 0,01 Ι. Share capital 4. Other establishment expenses 1.064.589,80 1.025.846,88 38.742,92 1.018.908,51 1.018.908,44 0,08 (161.552 shares of 29,35 euro each) 1.120.729,92 1.081.986,98 38.742,94 1.075.048,63 1.075.048,55 0,08 1. Fully paid up 4.740.670,70 1.258.528,00 C. FIXED ASSETS 4.740.670,70 1.258.528,00 ΙΙ. Tangible Assets 3. Buildings and technical works 51.991,77 33.750,54 18.241,23 49.938,66 23.406,78 26.531,88 ΙΙ. Share premium account 282.318,42 282.318,42 6. Furniture and appliances 918.097,14 653.697,35 264.399,79 913.874,18 439.885,82 473.988,36 970.088,91 687.447,89 282.641,02 963.812,84 463.292,60 500.520,24 TOTAL TANGIBLE ASSETS (CII) 970.088,91 687.447,89 282.641,02 963.812,84 463.292,60 500.520,24 V. Earnings brought forward 2.Current year's earnings 223.346,40 -1.989.686,78 4.Balance of loss brought forward -4.737.884,07 -2.748.197,29 -4.514.537,67 -4.737.884,07 III. Participations and other long-term financial receivables 1.Participations in associated companies 232.431,00 TOTAL EQUITY (ΑΙ+AV) 508.451,45 -3.197.037,65 7. Other long-term financial receivables 4.998,04 4.998,04 237.429,04 4.998,04

TOTAL FIXED ASSETS (CΙΙ+CΙΙΙ) 520.070,06 505.518,28 C. LIABILITIES D. CURRENT ASSETS ΙΙ. Short term liabilities Ι. Inventory 1. Suppliers 880.472,24 3.500.460,43 1. Merchandise 35.232,48 180.799,65 2.a. cheques payable 130.988,25 105.683,72 5. Pre-payments for invetory purchases 0,00 499.009,41 3. Banks - short term loan accounts 1.900.000,00 3.320.805,20 35.232,48 679.809,06 4. Clients' pre-payments 12.125,84 26.460,73 ΙΙ. Receivables 5. Tax and duty liabilities 60.998,75 159.728,44 1. Clients 1.974.524,10 2.386.062,67 6. Social security 110.366,39 211.521,04 Less provisions 98.494,81 1.876.029,29 79.108,72 2.306.953,95 8.Short term liabilities to associated companies 31.761,98 2. Bills of exchange receivable 11. Miscellaneous creditors 710,59 24.009,01 - In portfolio 0,00 11.593,34 3.127.424,04 7.348.668,57 - In banks for collection 0,00 0,00 3.946,59 15.539,93 3. Bills of exchange in arrears 3.979,91 1.661,31 TOTAL LIABILITIES (CΙΙ) 3.127.424,04 7.348.668,57 3a. Cheques receivable 0,00 - In portfolio 575.040,61 615.116,83 3b. Cheques in arrears 5.637,63 2.142,74 11. Miscellaneous debtors 58.599,00 9.292,61 D. TRANSITORY ACCOUNTS 12. Pre-payments and credit accounts 10.828,45 32.247,06 1. Forthcoming years' income 11.410,11 2.530.114,89 2.982.954,44 2. Current year's realised expenses 29.954,26 41.200,13 3. Other transitory accounts 1.416,48 1.500,10 III. Securities 42.780,85 42.700,23 3. Other securities 400.000,00 0,00

IV. Cash and cash equivalents 1. Cash 11.440,10 11.751,95 3. Sight and time deposits 55.088,81 11.282,66 66.528,91 23.034,61 TOTAL CURRENT ASSETS (DΙ+DΙΙ+DΙΙΙ+DIV) 3.031.876,28 3.685.798,11

Ε. TRANSITORY ACCOUNTS 1. Forthcoming years' expenses 87.967,06 3.014,68 87.967,06 3.014,68

TOTAL ASSETS (Β+C+D+Ε) 3.678.656,34 4.194.331,15 TOTAL LIABILITIES (Α+C+D) 3.678.656,34 4.194.331,15

Note: The figure of the asset’s account C.III.1-“Participations in assocaited companies” represents the participation in a newly-established company (not listed on the A.S.E.) whose first fiscal year exceeds the twelve-month period ending on December 31, 2003

INCOME STATEMENT APPROPRIATION ACCOUNT December 31, 2002 (January 1 - December 31, 2002)

Current year's Current year's amounts Previous year's amounts amounts Previous year's amounts Ι. Operating earnings Net earnings before tax 223.346,40 -1.989.686,78 Turnover (sales) 6.926.417,50 7.574.329,92 Balance of previous' years loss -4.737.884,07 -2.748.197,29 Less: - Cost of goods sold 5.807.610,76 7.776.099,16 Total -4.514.537,67 -4.737.884,07 Gross operating earnings 1.118.806,74 -201.769,25 Plus: Other operating income 34.477,00 71.351,90 Loss carried forward -4.514.537,67 -4.737.884,07 Total 1.153.283,74 -130.417,35 Less: 1. Administrative expenses 314.525,03 537.889,12 3. Selling expenses 443.480,24 758.005,27 580.525,19 1.118.414,31 Total 395.278,47 -1.248.831,66 Plus: 2. Income from securities 10.432,59 9.177,75 4. Credit intetrest and related income 2.102,56 12.535,15 2.640,40 11.818,15

Less: 3. Debit interes and related expenses 147.556,80 147.556,80 -135.021,65 183.162,55 183.162,55 -171.344,41 TOTAL OPERATING EARNINGS 260.256,82 -1.420.176,07

ΙΙ.Less: Extraordinary income 1. Extraordinary and non-operating income 1.013,88 355,40 2. Extraordinary profit 2.843,97 2.560,72 3. Previous years' profit 11.167,39 15.025,24 2.916,12 Less: 1. Extraordinary and non-operating expenses 2.704,33 1.009,81 2.Extraordinary loss 3.305,77 779,32 3. Previous years' expenses 26.539,47 11.867,57 4. Provisions for extraordinary risks 19.386,09 51.935,66 -36.910,42 35.088,17 48.744,87 -45.828,75 OPERATING AND EXTRAORDINARY EARNINGS 223.346,40 -1.466.004,82

LESS: Total fixed-asset depreciation 249.147,29 1.075.108,04 Less: depeciation included in operating cost 249.147,29 0,00 551.426,08 523.681,96 NET EARNINGS before tax 223.346,40 -1.989.686,78

ATHENS, APRIL 29, 2003

PRESIDENT OF THE BOARD OF DIRECTORS VICE PRESIDENT OF THE BOARD OF DIRECTORS FINANCIAL MANAGER & HEAD OF THE ACCOUNTING DPT

CHRISTOS LAMBRAKIS DAMIANOS HADJIKOKKINOS DIMITRIOS A. ALBANIS I.D. : Μ 154944 I.D. : Σ 147009 I.D. : Ξ 508839 FIRST CLASS PERMIT No 29553 CERTIFICATE OF AUDIT BY CHATERED AUDITOR ACCOUNTANT To the Shareholders of the Incorporated Comapny "ACTION PLAN SA Commercial Company of Direct Marketing Services"

We audited the above Financial Statements and the related Addendum of the Incorporated Company "ACTION PLAN Incorporated Commercial Company of advertising services" for the fiscal year that ended on December 31, 2002. Our audit, under which we took full cognisance of the results and accounts of the branches of the company, was executed according to art. 37 of the Codified Law 2190/1920 "on Incorporated Companies" and the audit procedures we deemed suitable on the basis of the auditing principles and rules pursued by the Body of Certified Auditors Accountants. All the books and records maintained by the Company were made available to us and we were furnished with the information and details necessary for our audit. The Company has applied correctly the Greek General Accounting Standards. The inventory method was not changed compared to last year, with the exception of the case in our remark No.1. We verified the accordance of the contents of the Board of Directors Report to the Shareholders' Ordinary General Meeting to the financial statements. The Addendum includes the information provided for in par. 1 art. 43a of Codified Law 2190/1920. The findings of our above audit are: 1. Contrary to last year, in this year the company depreciated fully the Establishment Expenses and Tangible Assets, resulting in increasing depreciation by approximately 524 thousand euros and the equal burdening of previous year’s results and decreasing Equity Capital. 2. Receivables accounts include bad and long-stale balances totalling approximately 140 thousand euros, for which the company has formed a provision of 98 thousand euros that is in our opinion insufficient to cover the probable loss that may stem from not collecting part or all of these balances. 3. Based on Resolution No. 205/1988 of the plenary session of the Legal Advisors to the Administration and art. 31 par. 15 of Law 2238/1994 the Company did not form a provision for personnel pension compensation. If such provision were formed for the total personnel, according to art. 42e, par. 14 of Law 2190/1920, its aggregate amount would be approximately 127 thousand euros, out of which 47 thousand euros corresponds to the current period. 4. The company has not been audited by the Tax Authorities for the fiscal years 2000 –2002. As a result its tax liabilities for these years have not become final. 5. Taking into consideration our above remarks, art. 48 par. 1 point 3 of Law 2190/1920 applies. In our opinion, assuming that the suitable measures will be taken in time to prevent the application of art. 48 par. 1 point 3 of Law 2190/1920 and that the company will continue its business activity, the above Financial Statements that stem from the Books and Records of the Company along with the Addendum and subject to our above findings reflect the asset structure and the financial standing of the Company on December 31, December 2002, as well as the results of the year that ended on that date, according to the applicable statutory legislation and the generally accepted accounting principles and do not differ from those that the company applied in the previous year, with the exception of our above note no .1

Athens, April 30, 2003 The Chartered Auditor Accountant

Charal. Ar. Petropoulos Reg. No. 12001 SOL ERNST & YOUNG SA Chartered Auditors Accountants LP DIGITAL S.A. REG. No 15793/01/Β/87/414 - PREFECTURE OF ATHENS BALANCE SHEET OF DECEMBER 31, 2002 FISCAL YEAR January 1 - December 31, 2002 (Amounts in euros) ASSETS LIABILITIES Current year's Previous year's Current year's amounts Previous year's amounts amounts amounts Acquisition Accrued Non depreciated Acquisition Accrued Non depreciated value depreciation balance value depreciation balance B. ESTABLISHMENTS EXPENSES Α. EQUITY 1. Establishment and set-up expenses 17.887,74 17.887,70 0,04 17.887,74 17.887,70 0,04 I. Share Capital (3.798.060 shares of 5,88 euro each) 4. Other establishment expenses 278.571,08 273.101,77 5.469,31 271.828,09 271.827,91 0,18 1. Fully paid up 22.332.592,80 22.292.355,10 296.458,82 290.989,47 5.469,35 289.715,83 289.715,61 0,22 C. FIXESD ASSETS ΙΙΙ. Revaluation differences - Inmvestment subsidies ΙΙ. Tangible assets 1. Participations and securities value adjustments - 35.894,51 3. Buildings and technical works 37.319,57 37.319,55 0,02 37.319,57 37.319,55 0,02 2. Difference from revaluation of other assets 149.141,77 153.484,96 4. Machinery - Installations and other equipment 22.010,27 22.010,26 0,01 22.010,27 22.010,26 0,01 149.141,77 189.379,47 5. Vehicles and other transportation 29.258,99 29.258,98 0,01 35.671,31 35.671,27 0,04 6. Furniture and appliances 1.240.373,81 1.200.864,61 39.509,20 1.196.487,81 1.196.483,81 4,00 IV. Reserves TOTAL TANGIBLE ASSETS (CΙΙ) 1.328.962,64 1.289.453,40 39.509,24 1.291.488,96 1.291.484,89 4,07 1. Statutory reserve 59.268,01 59.268,01 3. Special reserves 18.619,75 - 5. Tax-exempt reserves based on specific statutory regulations 12.808,63 31.428,38 III. Participationsother long term receivables 90.696,39 90.696,39 1. Participations in associated companies 16.829.150,50 16.828.497,53 7. Other long term receivables 704,33 704,33 V. Earnings brought forward 16.829.854,83 16.829.201,86 This year's earnings -545.718,52 -4.201.498,79 Balance of previous years earnings -7.081.768,48 -2.880.269,69 TOTAL FIXED ASSETS (CΙΙ+CΙΙΙ) 16.869.364,07 16.829.205,93 -7.627.487,00 -7.081.768,48

D.CURRENT ASSETS TOTAL EQUITY (ΑΙ+ΑΙΙ+AIII+AIV+AV) 14.944.943,96 15.490.662,48 ΙΙ. Receivables 1. Clients 2.141.169,72 1.625.185,05 3a. Cheques receivable 412.844,88 587.598,15 5. Short term receivables from associated companies 773.127,37 704.328,68 C. LIABILITIES 10. Bad, stale and litigious clients and debtors 140.945,98 140.770,50 ΙΙ. Short term liabilities Less provisions 49.889,95 91.056,03 49.889,95 90.880,55 1. Suppliers 271.489,52 128.965,60 11. Miscellaneous debtors 437.778,96 3.286.140,05 3. Banks - short term loan accounts 5.500.000,00 8.086.611,94 12. Pre-payments and credit accounts 1.467,36 14.537,83 5. Tax and duty liabilities 2.594,51 2.687,83 3.857.444,32 6.308.670,31 6. Social security 1.136,82 2.152,34 IV. Cash and cash equivalents 8. Short term liabilities to associated companies 87.199,99 - 1. Cash 5.828,08 558.025,88 11. Miscellaneous creditors 2.483,72 3.231,98 3. Sight and time deposits 67.686,89 21.071,97 TOTAL LIABILITIES (CΙΙ) 5.864.904,56 8.223.649,69 73.514,97 579.097,85

TOTAL CURRENT ASSETS (DΙΙ+DIV) 3.930.959,29 6.887.768,16

Ε. TRANSITORY ACCOUNTS D. TRANSITORY ACCOUNTS 1. Forthcoming years' expenses 4.055,81 1.043,66 2. Current year's realised expenses - 3.705,80

TOTAL ASSETS (Β+C+D+Ε) 20.809.848,52 23.718.017,97 TOTAL LIABILITIES (Α+Β+C+D) 20.809.848,52 23.718.017,97

Note: In this fiscal year the share cpital was increased by 40.237,70 euros through the capitalization of reserves, due to its converion in euros according to Law 2842/2000

INCOME STATEMENT December 31, 2002 (January 1 - December 31, 2002) APPROPRIATION ACCOUNT Current year's amounts Previous year's amounts Current year's Previous year's Ι. Operating earnings amounts amounts Turnover (sales) 220.102,92 442.450,29 Less: - Cost of goods sold 220.102,68 440.205,43 Net earnings (loss) before tax -545.718,52 -4.201.498,79 Gross operating earnings 0,24 2.244,86 Balance of previous' years earnings (loss) -7.081.768,48 -2.880.269,69 Plus Other operating income 1.027,34 41.085,84 Earnings (loss) brought forward -7.627.487,00 -7.081.768,48 Total 1.027,58 43.330,70 Less: 1. Administrative expenses 161.396,73 416.084,94 3. Selling expenses 37.248,02 198.644,75 253.154,91 669.239,85 Total -197.617,17 -625.909,15 PLUS 1. Income from participations - 104.655,76 2. Income from securities 3.364,95 123.714,42 3. Profit from the sale of participations and securities 1.440,29 1.576.688,03 4. Credit intetrest and related income 2.066,11 1.501,46 6.871,35 1.806.559,67 Less 2.Expenses and loss from particiaptions & securities 35.189,38 4.415.510,33 3. Debit interest and related expenses 298.283,62 333.473,00 -326.601,65 777.411,00 5.192.921,33 -3.386.361,66 TOTAL OPERATING EARNINGS -524.218,82 -4.012.270,81 II. PLUS Extraordinary income 1. Extraordinary and non-operating income 1.361,36 10,60 2. Extraordinary profit 10.946,97 24.691,28 3. Previous years' profit - 17.798,97 12.308,33 42.500,85 Less 1. Extraordinary and non-operating expenses 1.623,93 701,07 3. Previous years' expenses 32.184,10 33.808,03 -21.499,70 30.800,69 31.501,76 10.999,09 OPERATING AND EXTRAORDINARY EARNINGS -545.718,52 -4.001.271,72 LESS Total fixed-asset depreciation 5.654,66 264.156,45 Less: Depeciation included in operating cost 5.654,66 - 63.929,38 200.227,07 NET EARNINGS before tax -545.718,52 -4.201.498,79

Athens, April 29, 2003 FINANCIAL MANAGER PRESIDENT OF THE BOARD OF DIRECTORS A MEMBER OF THE BOARD OF DIRECTORS & HEAD OF THE ACCOUNTING DPT

CHRISTOS D. LAMBRAKIS DAMIANOS Z. HADJIKOKKINOS KONSTANTINOS P. TRABAKOULAS I.D..: Μ-154944 I.D..: S-147009 I.D..: Κ-277028

CERTIFICATE OF AUDIT BY CHARTERED AUDITOR ACCOUNTANT To the shareholders of the Incorporated Comapny «LP DIGITAL SA»

We audited the above Financial Statements and the related Addendum of the Incorporated Company "LP DIGITAL SA" for the fiscal year that ended on December 31, 2002. Our audit was executed according to art. 37 of the Codified Law 2190/1920 "on Incorporated Companies" and the audit procedures we deemed suitable on the basis of the auditing principles and rules pursued by the Body of Certified Auditors Accountants. All the books and records maintained by the Company were made available to us and we were furnished with the information and details necessary for our audit. The Company has applied correctly the Greek General Accounting Standards. The inventory method was not changed compared to last year, with the exception of the case in our remark No.1. We verified the accordance of the contents of the Board of Directors Report to the Shareholders' Ordinary General Meeting to the financial statements. The Addendum includes the information provided for in par. 1 art. 43a of Codified Law 2190/1920. The findings of our above audit are: 1) Contrary to last year, in this year the company depreciated fully the Establishment Expenses and Tangible Assets, resulting in increasing depreciation by approximately 150 thousand euros and the equal burdening of previous year’s results and decreasing Equity Capital. 2) Participations in associated companies refer to six (6) companies with shares not listed on the Athens Stock Exchange, out of which four (4) with an acquisition value of approximately 16,300 euros are audited by Chartered Auditors Accountants and two (2) of an acquisition value of 627 thousand euros are under liquidation. These participations were valuated, according to art. 28 of the Code of Books and Records (Presidential Decree 186/1992) at their acquisition value, while if they were valuated according to art. 43 par. 6 of Law 2190/1920, on the basis of their intrinsic book value, as this stems from their latest published financial statements, (lowest between qcauisition value and current value per participation) their value would be lower by approximately 15,602 thousand euros. 3) Receivables accounts include bad and long-stale balances totalling approximately 567 thousand euros. In respect the company has formed a provision of 50 thousand euros that is in our opinion insufficient to cover the loss that may stem from not collecting part or all of these balances3 4) The company has not been audited by the Tax Authorities for the fiscal years 1999 –2002. As a result its tax liabilities for these years have not become final. 5) Taking into consideration our above remarks, art. 48 par. 1 point 3 of Law 2190/1920 applies. In our opinion, assuming that the suitable measures will be taken on time to prevent the application of art. 48 par. 1 point 3 of Law 2190/1920, the above Financial Statements that stem from the Books and Records of the Company along with the Addendum and subject to our above findings reflect the asset structure and the financial standing of the Company on December 31, December 2002, as well as the results of the year that ended on that date, according to the applicable statutory legislation and the generally accepted accounting principles and do not differ from those that the company applied in the previous year, with the exception of our above note no .1.

Athens, April 30, 2003 THE CHARTERED AUDITOR ACCOUNTANT

CHARALAMBOS AR. PETROPOULOS REG. NO. 12001 SOL ERNST YOUNG SA CHARTERED AUDITORS ACCOUNTANTS LP DIGITAL S.A. REG No 15793/01/B/87/414 - PREFECTURE OF ATHENS 3RD CONSOLIDATED BALANCE SHEET AS OF DECEMBER 2002 - (JANUARY 1ST - DECEMBER 31ST 2002) FISCAL YEAR January 1 - December 31, 2002 (amounts in euro) ASSETS LIABILITIES Current year's Previous year's Current year's amounts Previous year's amounts amounts amounts Non Acquisition Accrued Acquisition Accrued Non depreciated depreciated value depreciation value depreciation balance balance B. ESTABLISHMENTS EXPENSES Α. EQUITY 1. Establishment and set-up expenses 2.110.640,61 2.106.854,67 3.785,94 2.106.238,54 2.105.842,31 396,23 Share Capital (3,798,060 shares of 5.88 euro each ) 4. Other establishment expenses 1.705.535,72 1.567.143,59 138.392,13 1.541.703,83 1.541.422,09 281,74 1. Fully paid up 22.332.592,81 22.292.355,10 3.816.176,33 3.673.998,26 142.178,07 3.647.942,37 3.647.264,40 677,97 C. FIXESD ASSETS ΙΙΙ. Revaluation differences - Inmvestment subsidies Ι. Intangible assets 1. Participations and securities value adjustments - 35.894,51 5. Other intangible assets 393.922,32 289.823,47 104.098,85 266.454,39 266.454,39 0,01 2. Difference from revaluation of other assets 149.141,77 153.484,96 149.141,77 189.379,47 ΙΙ. Tangible assets 3. Buildings and technical works 742.464,71 742.464,62 0,09 742.464,73 742.464,70 0,03 IV. Reserves 4. Machinery - Installations and other equipment 22.010,27 22.010,26 0,01 22.010,27 22.010,27 0,00 1. Statutory reserve 62.693,81 62.693,81 5. Vehicles and other transportation 41.963,93 30.370,66 11.593,27 35.671,31 35.671,30 0,01 3. Special reserves 18.619,75 - 6. Furniture and appliances 3.050.261,03 2.902.256,15 148.004,88 2.906.150,58 2.906.147,80 2,78 5. Tax-exempt reserves based on specific statutory regulations 77.890,86 96.510,60 3.856.699,94 3.697.101,69 159.598,25 3.706.296,89 3.706.294,07 2,82 159.204,42 159.204,41 TOTAL INTANGIBLE AND TANGIBLE ASSETS (CΙ+CΙΙ) 4.250.622,26 3.986.925,16 263.697,10 3.972.751,29 3.972.748,46 2,83 V. Earnings brought forward III. Participationsother long term receivables This year's earnings (loss) -2.223.271,26 -11.034.239,24 1. Participations in associated companies 1.672.810,50 1.742.538,09 Balance of previous years earnings (loss) brought forward -23.871.162,13 -12.836.922,88 7. Other long term receivables 81.974,14 76.790,83 -26.094.433,39 -23.871.162,12 1.754.784,64 1.819.328,92

TOTAL FIXED ASSETS (CΙ+CΙΙ+CΙΙΙ) 2.018.481,74 1.819.331,74 -3.453.494,39 -1.230.223,14 TOTAL EQUITY (ΑΙ+ΑΙΙ+AIII+AIV+AV) D.CURRENT ASSETS Ι. Inventory Β. PROVISIONS FOR RISKS AND EXPENSES 1. Merchandise 463.616,01 381.592,77 2. Other provisions 318,88 - 5. Pre-payments for invetory purchases 27.461,00 33.911,06 491.077,01 415.503,83 ΙΙ. Receivables 1. Clients 1.024.278,57 1.090.753,21 C. LIABILITIES 3a. Cheques receivable 547.479,32 791.917,96 ΙΙ. Short term liabilities 5. Short term receivables from associated companies 242.271,31 117.388,11 1. Suppliers 3.813.965,30 5.216.451,61 10. Bad, stale and litigious clients and debtors 149.170,49 140.770,50 2.a. Cheques payable (postdated) 274.157,90 119.298,74 Less provisions 49.889,95 99.280,54 49.889,95 90.880,55 3. Banks - short term loan accounts 5.800.000,00 8.086.611,94 11. Miscellaneous debtors 1.906.063,73 4.912.565,28 5. Tax and duty liabilities 56.737,89 67.707,51 12. Pre-payments and credit accounts 21.538,06 38.747,74 6. Social security 71.049,28 92.341,56 3.840.911,53 7.042.252,85 8. Short term liabilities to associated companies 190.536,29 - III. Securities 11. Miscellaneous creditors 42.067,84 28.845,00 3. Other securities - 2.553.191,49 TOTAL LIABILITIES (CΙΙ) 10.248.514,50 13.611.256,37

IV. Cash and cash equivalents 1. Cash 20.637,14 572.907,09 3. Sight and time deposits 455.847,14 227.586,83 476.484,28 800.493,93

TOTAL CURRENT ASSETS (DΙ+DΙΙ+DΙΙΙ+DIV) 4.808.472,82 10.811.442,10 D. TRANSITORY ACCOUNTS Ε. TRANSITORY ACCOUNTS 1. Forthcoming years' income 185.672,71 232.776,75 1. Forthcoming years' expenses 27.085,17 39.858,13 2. Current year's realised expenses 15.206,10 75.560,09 2. Current year's income receivable - 18.060,12 200.878,81 308.336,83 27.085,17 57.918,25

TOTAL LIABILITIES (Α+Β+C+D) 6.996.217,80 12.689.370,06 TOTAL ASSETS (Β+C+D+Ε) 6.996.217,80 12.689.370,06

OFF BALANCE SHEET ACCOUNTS OFF BALANCE SHEET ACCOUNTS 2. Debit accounts of guarantees and collaterals - 8.804,11 2. Credit accounts of guarantees and collaterals - 8.804,11

Note: The companies included in the consolidation (full consolidation method) of 12/31/2002 are the following: The parent company LP DIGITAL SA and its subsidiaries a) RAMNET SA., b) RAMNET SHOP SA., c) IN-TRAVEL SA., d) NETONLINE SA.

INCOME STATEMENT December 31, 2002 (January 1 - December 31, 2002) Current year's amounts Previous year's amounts Ι. Operating earnings Turnover (sales) 3.063.223,91 2.242.483,91 Less - Cost of goods sold 3.350.680,63 4.111.702,24 Gross operating earnings -287.456,72 -1.869.218,32 Plus 1. Other operating income 376.113,09 128.961,60 Total 88.656,37 -1.740.256,73 Less 1. Administrative expenses 928.942,33 2.047.359,62 2. Research and Development expenses 369.554,04 639.773,21 3. Selling expenses 656.645,67 1.955.142,04 1.354.939,67 4.042.072,50 Total -1.866.485,67 -5.782.329,23 Plus 1. Income from participations - 106.451,80 2. Income from securities 9.441,46 171.691,53 3. Profit from the sale of participations and securities -36.756,19 1.576.688,03 4. Credit intetrest and related income 5.288,42 -22.026,31 6.098,96 1.860.930,31 Less 2.Expenses and loss from particiaptions & securities - 4.492.446,95 3. Debit interest and related expenses 303.048,12 303.048,12 -325.074,43 898.739,15 5.391.186,09 -3.530.255,78 TOTAL OPERATING EARNINGS -2.191.560,10 -9.312.585,01 II. Plus Extraordinary income 1. Extraordinary and non-operating income 3.582,30 1.067,62 2. Extraordinary profit 42.024,30 30.515,40 3. Previous years' profit 1.337,87 18.138,06 46.944,47 49.721,07 Less 1. Extraordinary and non-operating expenses 2.542,82 5.817,71 2.Extraordinary loss - 1.253,04 3. Previous years' expenses 76.112,81 78.655,63 -31.711,16 120.367,98 127.438,73 -77.717,66 OPERATING AND EXTRAORDINARY EARNINGS -2.223.271,26 -9.390.302,67 LESS Total fixed-asset depreciation 84.227,85 1.954.051,82 Less: Depeciation included in operating cost 84.227,85 - 323.588,16 1.630.463,66 NET EARNINGS before tax -2.223.271,26 -11.020.766,33

LESS Minority shares proportion -- NET CONSOLIDATED EARNINGS OF THE GROUP before tax -2.223.271,26 -11.020.766,33

Athens, April 29, 2003

PRESIDENT OF THE BOARD OF DIRECTORS FINANCIAL MANAGER A MEMBER OF THE BOARD OF DIRECTORS & HEAD OF THE ACCOUNTING DPT

CHRISTOS D. LAMBRAKIS DAMIANOS D. HADJIKOKKINOS I.D.: Μ-154944 KONSTANTINOS P. TRAMBAKOULAS I.D.: S 147009 I.D.: Κ-277028

CERTIFICATE OF AUDIT BY CHARTERED AUDITOR ACCOUNTANT To the shareholders of the Incorporated Company «LP DIGITAL SA» and its affiliates

We audited the third consolidated Financial Statements, the consolidated Income Statement and the related Addendum of the Incorporated Company "LP DIGITAL SA" and its affiliates for the fiscal year that ended on December 31, 2002. Our audit was executed according to art. 108 of the Codified Law 2190/1920 "on Incorporated Companies", we applied the audit procedures we deemed suitable on the basis of the auditing principles and rules pursued by the Body of Certified Auditors Accountants and we verified the accordance of the contents of the Board of Directors Consolidated Report to the Shareholders' Ordinary General Meeting to the above consolidated Financial Statements. We did not extend our audit to the financial statements of the company “IN TRAVEL SA” that is included in the consolidation representing 1% and 0% of the consolidated total assets and consolidated turnover. These financial statements have not been audited by another authorized Chartered Auditor. The findings of our above audit are: 1) Contrary to last year, in this year the companies of the group depreciated fully the Establishment Expenses and Tangible Assets, resulting in increasing depreciation by approximately 1,309 thousand euros and the equal burdening of previous year’s results and decreasing Equity Capital. 2) Participations in associated companies refer to companies with shares not listed on the Athens Stock Exchange, out of which two (2) with an acquisition value of 627 thousand euros, audited by Chartered Auditors Accountants, are under liquidation. These participations were valuated according to art. 28 of the Code of Books and Records (Presidential Decree 186/1992), at their acquisition value, while if they were valuated, according to art. 43 par. 6 of Law 2190/1920, on the basis of their intrinsic book value, as this stems from their latest published financial statements (lowest between acquisition value and current value per participation), would be lower by approximately 871 thousand euros. 3). The group’s inventories include slow-moving items of approximately 162 thousand euros, for which there is no corresponding provision burdening this year’s results. 4) Receivables accounts include bad and long-stale balances totaling approximately 636 thousand euros. In respect the company has formed a provision of 50 thousand euros that is in our opinion insufficient to cover the loss that may stem from not collecting part or all of these balances. 5) Based on Resolution No. 205/1988 of the plenary session of the Legal Advisors to the Administration and art. 31 par. 15 of Law 2238/1994 the companies of the Group did not form a provision for personnel pension compensation. If such provision were formed for the total personnel, according to art. 42e, par. 14 of Law 2190/1920, its aggregate amount would be approximately 94 thousand euros. 6) The companies of the group not been audited by tax authorities since they were founded, with the exception of the parent company that has been audited by tax authorities until the fiscal year 1998. Consequently their tax liabilities have not become final. 7) After taking into consideration the remarks of the Chartered Auditors Accountants, the Equity Capital of the affiliates RAMNET SA and ΝΕΤ ΟΝ LINE SA as well as those of the parent company are negative and consequently art. 48 of Law 2190/1920 applies. Also, the Equity Capital of the affiliate RAMNET SHOP SA, after taking into consideration the above remarks of the Chartered Auditors Accountants, are less than one half its chare capital and consequently art. 47 of Law 2190/1920 applies. After taking into consideration our above remarks, in our opinion the above consolidated Financial Statements have been compiled according to the regulations of Law 2190/1920 and reflect the asset structure, the financial standing and the results of the companies included in the consolidation on December 31, December 2002, according to the applicable statutory legislation and the generally accepted accounting principles that the parent company applies and do not differ from those applied in the previous year

Athens, April 30, 2003 THE CHARTERED AUDITOR ACCOUNTANT

CHARALAMBOS AR. PETROPOULOS REG. NO. 12001 SOL ERNST & YOUNG SA CHARTERED AUDITORS ACCOUNTANTS RAMNET SHOP S.A. REG No 43727/01/Β/99/458 - PERFECTURE OF ATHENS BALANCE SHEET AS OF DECEMBER 31, 2002 FISCAL YEAR January 1 - December 31, 2002 (amounts in euro) ASSETS LIABILITIES Current year's Previous year's Current year's amounts 2002 Previous year's amounts 2001 amounts 2002 amounts 2001 Non Non Acquisition Accrued Acquisition Accrued depreciated depreciated value depreciation value depreciation balance balance B. ESTABLISHMENTS EXPENSES Α. EQUITY 1. Establishment and set-up expenses 5.872,45 5.872,43 0,02 5.872,45 5.872,43 0,02 I. Share Capital (34.000 shares of 29,35 € each) 4. Other establishment expenses 171.532,25 167.317,17 4.215,08 165.838,20 165.838,16 0,04 1. Fully paid up 997.900,00 997.900,00 177.404,70 173.189,60 4.215,10 171.710,65 171.710,59 0,06 C. FIXESD ASSETS IV. Reserves ΙΙ. Tangible assets 1. Ordinary reserve 1.711,36 1.711,36 3. Buildings and technical works 21.701,39 21.701,37 0,02 21.701,39 21.701,37 0,02 5. Tax-exempt reserves based on specific statutory regulations 32.507,84 32.507,84 6. Furniture and appliances 13.364,18 13.342,43 21,75 13.338,76 13.338,62 0,14 34.219,20 34.219,20 35.065,57 35.043,80 21,77 35.040,15 35.039,99 0,16 TOTAL TANGIBLE ASSETS (CΙΙ) 35.065,57 35.043,80 21,77 35.040,15 35.039,99 0,16 V. Earnings brought forward This year's earnings (loss) 1.779,04 -353.742,40 III. Participationsother long term receivables Balance of previous years earnings (loss) -353.734,48 7,92 1. Participations in associated companies 220.125,00 366.860,16 -351.955,44 -353.734,48 7. Other long term receivables 12.290,44 11.608,66 232.415,44 378.468,82 TOTAL EQUITY (ΑΙ+AIV+AV) 680.163,76 678.384,72

TOTAL FIXED ASSETS (CΙΙ+CΙΙΙ) 232.437,21 378.468,98

D.CURRENT ASSETS C. LIABILITIES Ι. Inventory ΙΙ. Short term liabilities 1. Merchandise 295.060,42 202.339,31 1. Suppliers 476.603,73 249.690,84 5. Pre-payments for invetory purchases - 295.060,42 6.450,06 208.789,37 2.a. Cheques payable (postdated) 153.493,99 57.001,60 5. Tax and duty liabilities 1.383,85 1.338,69 ΙΙ. Receivables 8. Short term liabilities to associated companies 11.543,20 - 1. Clients 525.715,21 182.531,84 11. Miscellaneous creditors 567,80 91,04 5. Short term receivables from associated companies 1.716,74 - TOTAL SHORT TERM LIABILITIES (CΙΙ) 643.592,57 308.122,17 11. Miscellaneous debtors 92.541,49 95.639,52 12. Pre-payments and credit accounts - 3.065,94 619.973,44 281.237,30 IV. Cash and cash equivalents 1. Cash 7.397,21 7.026,13 3. Sight and time deposits 164.611,54 110.134,67 172.008,75 117.160,80

TOTAL CURRENT ASSETS (DΙ+DΙΙ+DIV) 1.087.042,61 607.187,47

Ε. TRANSITORY ACCOUNTS D. TRANSITORY ACCOUNTS 1. Forthcoming years' expenses 479,00 253,03 2. Current year's realised expenses 417,59 2.728,03 2. Current year's income receivable - 3.325,38 479,00 3.578,41

TOTAL ASSETS (Β+C+D+Ε) 1.324.173,92 989.234,92 TOTAL LIABILITIES (Α+C+D) 1.324.173,92 989.234,92

INCOME STATEMENT APPROPRIATION ACCOUNT December 31, 2002 (January 1 - December 31, 2002) Current year's Previous year's Current year's amounts 2002 Previous year's amounts 2001 amounts 2002 amounts 2001 Ι. Operating earnings Turnover (sales) 883.230,41 307.809,11 Net earnings before tax 1.779,04 -353.742,40 Less Cost of goods sold 833.800,21 280.153,58 (+) Balance of previous' years earnings -353.734,48 7,92 Gross operating earnings 49.430,20 27.655,53 Earnings brought forward -351.955,44 -353.734,48 Plus: 1. Other operating income 68.149,73 33.710,32 Total 117.579,93 61.365,85 LESS 1. Administrative expenses 77.951,65 187.397,61 3. Selling expenses 15.361,23 93.312,88 58.739,49 246.137,10 Total 24.267,05 -184.771,25 Plus: 2. Income from securities - 4.001,08 4. Credit intetrest and related income 1.534,54 360,33 1.534,54 4.361,41 Less 2.Expenses and loss from particiaptions & securities 9.495,70 10.923,62 3. Debit interest and related expenses 235,46 9.731,16 -8.196,62 9.026,36 19.949,98 -15.588,57 TOTAL OPERATING EARNINGS 16.070,43 -200.359,82

II. PLUS Extraordinary income 1. Extraordinary and non-operating income 819,51 23,22 3. Previous years' profit - 339,08 819,51 362,30 Less 1. Extraordinary and non-operating expenses 521,90 724,31 2.Extraordinary loss - 1.253,04 3. Previous years' expenses 14.589,00 15.110,90 -14.291,39 180,35 2.157,70 -1.795,40 OPERATING AND EXTRAORDINARY EARNINGS 1.779,04 -202.155,22 LESS: Total fixed-asset depreciation 1.482,82 204.114,22 Less: Depeciation included in operating cost 1.482,82 - 52.527,04 151.587,18 NET EARNINGS before tax 1.779,04 -353.742,40

Αθήνα 28 Απριλίου 2003

VICE - PRESIDENT OF THE BOARD OF DIRECTORS FINANCIAL MANAGER PRESIDENT OF THE BOAERD OF DIRECTORS & HEAD OF THE ACCOUNTING DPT

CHRISTOS D. LAMBRAKIS DAMIANOS D. HADJIKOKKINOS KONSTANTINOS P. TRABAKOULAS I.D. .: Μ-154944 I.D..: Σ-147009 I.D..: Κ-277028

CERTIFICATE OF AUDIT BY CHARTERED AUDITOR ACCOUNTANT To the shareholders of the incorporated company «RAMNET SHOP SA»

We audited the above Financial Statements and the related Addendum of the Incorporated Company "RAMNET SHOP SA” for the fiscal year that ended on December 31, 2002. Our audit was executed according to art. 37 of the Codified Law 2190/1920 "on Incorporated Companies" and the audit procedures we deemed suitable on the basis of the auditing principles and rules pursued by the Body of Certified Auditors Accountants. All the books and records maintained by the Company were made available to us and we were furnished with the information and details necessary for our audit. The Company has applied correctly the Greek General Accounting Standards. The recording method was not changed compared to last year, with the exception of the case in our remark No.1. We verified the accordance of the contents of the Board of Directors Report to the Shareholders' Ordinary General Meeting to the financial statements. The Addendum includes the information provided for in par. 1 art. 43a of Codified Law 2190/1920. The findings of our above audit are: 1. Contrary to this year, in the previous year the company depreciated fully the Establishment Expenses and Tangible Assets, resulting in increasing depreciation by approximately 152 thousand euros and the equal burdening of previous year’s results and decreasing Equity Capital. 2) "Participations in associated companies" refer to a participation in one (1) comapny with shares not listed on the Athens Stock Exchange and is audited by Chartered Auditor Accountant. This participation was valuated at its acquisition value, according to art .28 of the Code of Books and Records (Presidential Decree 186/1992), while if it were valuated according to art. 43 par. 6 of Law 2190/1920, on the basis of its intrinsic book value, as this stems from the latest published financial statement, (lowest between acquisition value and current value) its value would be zero and an equal provision of devaluation should be formed. 3) Receivables accounts include bad and long-stale balances totalling approximately 77 thousand euros for which the company has formed no provision burdening this year’s results. 4) The company has not been audited by the Tax Authorities since it was founded. Consequently its tax liabilities have not become final. 5) After taking into consideration our above remarks, art. 47 of Law 2190/1920 applies. In our opinion, the above Financial Statements that stem from the Books and Records of the Company along with the Addendum and subject to our above findings reflect the asset structure and the financial standing of the Company on December 31, December 2002, as well as the results of the year that ended on that date, according to the applicable statutory legislation and the generally accepted accounting principles and do not differ from those that the company applied in the previous year, with the exception of our above note no .1.

Athens, April 29, 2003 THE CHARTERED AUDITOR ACCOUNTANT

CHARALAMBOS AR. PETROPOULOS REG. NO. 12001 SOL ERNST YOUNG SA CHARTERED AUDITORS ACCOUNTANTS RAMNET S.A REG No 43730/01/Β/99/459 - PREFECTURE OF ATHENS BALANCE SHEET AS OF DECEMBER 31, 2002 FISCAL YEAR January 1 - December 31, 2002 (amounts in euro) ASSETS LIABILITIES Current year's Previous year's Current year's amounts 2002 Previous year's amounts 2001 amounts 2002 amounts 2001 Non Non Acquisition Accrued Acquisition Accrued depreciated depreciated value depreciation value depreciation balance balance B. ESTABLISHMENTS EXPENSES Α. EQUITY 1. Establishment and set-up expenses 1.706.542,85 1.706.542,79 0,06 1.706.542,85 1.706.542,79 0,06 I. Share Capital (500.000 shares of 29,35 euro each) 4. Other establishment expenses 1.161.489,87 1.034.459,09 127.030,78 1.012.198,94 1.012.198,41 0,53 1. Fully paid up 14.675.000,00 14.675.000,00 2.868.032,72 2.741.001,88 127.030,84 2.718.741,79 2.718.741,20 0,59 C. FIXESD ASSETS V. Earnings brought forward Ι. Intangible assets Balance of previous years earnings (loss) -15.561.542,83 -9.956.653,19 5. Other intangible assets 393.922,32 289.823,47 104.098,85 266.454,40 266.454,37 0,03 This year's earnings (loss) -1.733.368,85 -5.604.889,64 -17.294.911,68 -15.561.542,83 ΙΙ. Tangible assets 3. Buildings and technical works 683.443,75 683.443,70 0,05 683.443,75 683.443,70 0,05 5. Vehicles and other transportation 12.704,94 1.111,68 11.593,26 - - - TOTAL EQUITY (ΑΙ+AV) -2.619.911,68 -886.542,83 6. Furniture and appliances 1.747.746,44 1.639.272,60 108.473,84 1.647.547,06 1.647.541,82 5,24 2.443.895,13 2.323.827,98 120.067,15 2.330.990,81 2.330.985,52 5,29 Β. PROVISIONS FOR RISKS AND EXPENSES III. Participationsother long term receivables 2. Other provisions 318,88 - 1. Participations in associated companies 798.320,01 1.100.580,44 7. Other long term receivables 68.979,37 64.477,85 867.299,38 1.165.058,29

TOTAL FIXED ASSETS (CΙ+CΙΙ+CΙΙΙ) 1.091.465,38 1.165.063,61

D.CURRENT ASSETS Ι. Inventory 1. Merchandise 219,37 219,88 C. LIABILITIES ΙΙ. Short term liabilities ΙΙ. Receivables 1. Suppliers 4.991.994,56 5.691.876,84 1. Clients 737.887,29 542.479,19 2.a. Cheques payable (postdated) 92.286,71 26.435,02 3a. Cheques receivable 134.634,44 204.319,81 3. Banks - short term loan accounts 300.000,00 - 5. Short term receivables from associated companies 313.013,00 190.755,69 5. Tax and duty liabilities 52.003,28 62.435,71 10. Bad, stale and litigious clients and debtors 8.224,51 - 6. Social security 68.258,92 87.874,39 11. Miscellaneous debtors 1.257.184,61 1.392.578,43 8. Short term liabilities to associated companies 812.677,95 586.940,58 12. Pre-payments and credit accounts 20.070,70 21.144,01 11. Miscellaneous creditors 31.538,13 17.482,95 2.471.014,55 2.351.277,13 TOTAL SHORT TERM LIABILITIES (CΙΙ) 6.348.759,55 6.473.045,49

III. Securities 3. Other securities - 2.112.986,06

IV. Cash and cash equivalents 1. Cash 4.563,60 1.711,97 3. Sight and time deposits 39.574,87 9.351,83 44.138,47 11.063,80 D. TRANSITORY ACCOUNTS TOTAL CURRENT ASSETS (DΙ+DΙΙ+DΙΙΙ+DIV) 2.515.372,39 4.475.546,87 2. Current year's realised expenses 14.788,51 69.133,74

Ε. TRANSITORY ACCOUNTS 1. Forthcoming years' expenses 10.086,65 14.203,61 2. Current year's income receivable - 821,72 10.086,65 15.025,33

TOTAL ASSETS (Β+C+D+Ε) 3.743.955,26 5.655.636,40 TOTAL LIABILITIES (Α+Β+C+D) 3.743.955,26 5.655.636,40

OFF BALANCE SHEET ACCOUNTS OFF BALANCE SHEET ACCOUNTS 2. Debit accounts of guarantees and collaterals - 8.804,11 2. Credit accounts of guarantees and collaterals - 8.804,11

INCOME STATEMENT APPROPRIATION ACCOUNT December 31, 2002 (January 1 - December 31, 2002) Current year's Previous year's Current year's amounts 2002 Previous year's amounts 2001 amounts 2002 amounts 2001 Ι. Operating earnings Turnover (sales) 1.363.584,90 1.628.476,12 Net earnings before tax -1.733.368,85 -5.604.889,64 Less Cost of goods sold 1.794.266,94 3.548.167,56 (+) Balance of previous' years earnings -15.561.542,83 -9.956.653,19 Gross operating earnings -430.682,04 -1.919.691,44 Earnings brought forward -17.294.911,68 -15.561.542,83 Plus Other Άλλα έσοδα εκµεταλλεύσεως 306.936,02 54.165,44 Total -123.746,02 -1.865.526,00 LESS 1. Administrative expenses 662.440,91 1.254.035,06 2. Research and Development expenses 369.554,04 639.773,21 3. Selling expenses 589.764,11 1.621.759,06 734.682,91 2.628.491,18 Total -1.745.505,08 -4.494.017,18 PLUS 1. Income from participations - 1.796,04 2. Income from securities 6.488,60 20.845,67 4. Credit intetrest and related income 975,77 2.651,58 7.464,37 25.293,29 Less 2.Expenses and loss from particiaptions & securities - 66.013,00 3. Debit interest and related expenses 3.918,90 3.918,90 3.545,47 112.211,93 178.224,93 -152.931,64 TOTAL OPERATING EARNINGS -1.741.959,61 -4.646.948,82 II. LESS Extraordinary income 1. Extraordinary and non-operating income 939,82 1.029,45 2. Extraordinary profit 31.077,33 5.354,64 3. Previous years' profit 1.337,87 - 33.355,02 6.384,09 Less 1. Extraordinary and non-operating expenses 383,87 4.380,50 3. Previous years' expenses 24.380,39 24.764,26 8.590,76 87.953,32 92.333,82 -85.949,73 OPERATING AND EXTRAORDINARY EARNINGS -1.733.368,85 -4.732.898,55 LESS: Total fixed-asset depreciation 75.369,40 970.787,18 Less: Depeciation included in operating cost 75.369,40 - 98.796,09 871.991,09 NET EARNINGS before tax -1.733.368,85 -5.604.889,64

Athens, April 28, 2003

PRESIDENT OF THE BOARD OF DIRECTORS VICE-PRESIDENT OF THE BOARD OF DIRECTORS FINANCIAL MANAGER & HEAD OF THE ACCOUNTING DPT

CHRISTOS D. LAMBRAKIS DAMIANOS Z. HADJIKOKKINOS KONSTANTINOS P. TRABAKOULAS I.D..: Μ-154944 I.D..: Σ-147009 I.D..: Κ-277028

CERTIFICATE OF AUDIT BY CHARTERED AUDITOR ACCOUNTANT To the shareholders of the incorporated company «RAMNET SA» We audited the above Financial Statements and the related Addendum of the Incorporated Company "RAMNET SA” for the fiscal year that ended on December 31, 2002. Our audit was executed according to art. 37 of the Codified Law 2190/1920 "on Incorporated Companies" and the audit procedures we deemed suitable o the basis of the auditing principles and rules pursued by the Body of Certified Auditors Accountants. All the books and records maintained by the Company were made available to us and we were furnished with the information and details necessary for our audit. The Company has applied correctly the Greek General Accounting Standards. The recording method was not changed compared to last year, with the exception of the case in our remark No.1. We verified the accordance of the contents of the Board of Directors Report to the Shareholders' Ordinary General Meeting to the financial statements. The Addendum includes the information provided for in par. 1 art. 43a of Codified Law 2190/1920. The findings of our above audit are: 1) Contrary to this year, in the previous year the company depreciated fully the Establishment Expenses and Tangible Assets, resulting in increasing depreciation by approximately 599 thousand euros, compared to those provided for in Presidential Decree 100/1998, and the equal burdening of previous year’s results and decreasing Equity Capital. 2) "Participations in associated companies" refer to a participation in three (3) companies with shares not listed on the Athens Stock Exchange out of which two (2) are not audited by Chartered Auditor Accountant. These participations were valuated at their acquisition value, according to art .28 of the Code of Books and Records (Presidential Decree 186/1992), while if they were valuated according to art. 43 par. 6 of Law 2190/1920, on the basis of their intrinsic book value, as these stem from the latest published financial statements, (lowest between acquisition value and current value) their value would be lower by approximately 502 thousand euros. 3) Based on Resolution No. 205/1988 of the plenary session of the Legal Advisors to the Administration and art. 31 par. 15 of Law 2238/1994 the Company did not form a provision for personnel pension compensation. If such provision were formed for the total personnel, according to art. 42e, par. 14 of Law 2190/1920, its aggregate amount would be approximately 89 thousand euros,. 4) The company has not been audited by the Tax Authorities since it was founded. Consequently its tax liabilities have not become final. 5) Since the company’s Equity Capital is negative, the article 48 of Law 2190/1920 applies. In our opinion, assuming that the suitable measures will be taken in time to prevent the application of art. 48 par. 1 point 3 of Law 2190/1920 and that the company will continue its business activity, the above Financial Statements that stem from the Books and Records of the Company along with the Addendum and subject to our above findings reflect the asset structure and the financial standing of the Company on December 31, December 2002, as well as the results of the year that ended on that date, according to the applicable statutory legislation and the generally accepted accounting principles and do not differ from those that the company applied in the previous year, with the exception of our above remark No 1.

Athens, April 29, 2003 THE CHARTERED AUDITOR ACCOUNTANT

CHARALAMBOS AR. PETROPOULOS REG. NO. 12001 SOL ERNST YOUNG SA CHARTERED AUDITORS ACCOUNTANTS ΝΕΤONLINE S.A. REG. No 45516/01/Β/00/136 - PREFECTURE OF ATHENS BALANCE SHEET AS OF DECEMBER 31, 2002 FISCAL YEAR January 1 - December 31, 2002 (amounts in euro) ASSETS LIABILITIES Current year's Previous year's Current year's amounts 2002 Previous year's amounts 2001 amounts 2002 amounts 2001 Non Non Acquisition Accrued Acquisition Accrued depreciated depreciated value depreciation value depreciation balance balance B. ESTABLISHMENTS EXPENSES Α. EQUITY 1. Establishment and set-up expenses 375.275,20 375.275,16 0,04 375.275,20 375.275,16 0,04 I. Share Capital (15.000 shares of 29,35 € each) 4. Other establishment expenses 93.509,43 91.984,05 1.525,38 91.405,53 91.405,48 0,05 1. Fully paid up 440.250,01 440.250,01 468.784,63 467.259,21 1.525,42 466.680,73 466.680,64 0,09 C. FIXESD ASSETS IV. Reserves ΙΙ. Tangible assets 1. StatutoryReserves 243,07 243,07 6. Furniture and appliances 48.776,60 48.776,51 0,09 48.776,60 48.776,51 0,09 5. Tax-exempt reserves based on specific statutory regulations 4.618,35 4.618,35 4.861,42 4.861,42 D.CURRENT ASSETS V. Earnings brought forward Ι. Inventory Balance of loss (profit) brought forward 52.980,79 -874.116,33 1. Merchandise 168.336,22 179.033,59 This year's earnings -874.116,33 - 5. Pre-payments for invetory purchases 27.461,00 195.797,22 27.461,00 206.494,59 -821.135,54 -874.116,33

ΙΙ. Receivables Σύνολο ιδίων κεφαλαίων (ΑΙ + ΑΙV + AV + AVI) -376.024,11 -429.004,90 1. Clients 289.140,92 266.130,57 5. Short term receivables from associated companies 82.000,00 - Γ. 11. Miscellaneous debtors 117.897,43 136.719,89 ΙΙ. Short term liabilities 489.038,35 402.850,46 1. Suppliers 742.406,66 669.136,71 IV. Cash and cash equivalents 2.a. Cheques payable (postdated) 28.377,20 35.862,12 1. Cash 2.844,37 5.488,66 3. Banks - short term loan accounts 756,25 1.245,33 3. Sight and time deposits 91.297,16 57.276,95 5. Tax and duty liabilities 1.653,54 2.314,82 94.141,53 62.765,61 6. Social security 202.298,89 190.755,69 8. Short term liabilities to associated companies 7.478,19 7.042,58 TOTAL CURRENT ASSETS (DΙ+DΙΙ+DΙΙΙ+DIV) 778.977,10 672.110,66 11. Miscellaneous creditors 982.970,73 906.357,25

Ε. TRANSITORY ACCOUNTS D. TRANSITORY ACCOUNTS 1. Forthcoming years' expenses 12.116,71 24.357,85 1. Income of forthcoming years 182.571,58 232.776,34 2. Current year's income receivable - 13.660,00 2. Current year's realised expenses 3.101,12 12.116,71 38.017,85 185.672,70 232.776,34

TOTAL ASSETS (Β+C+D+Ε) 792.619,32 710.128,69 TOTAL LIABILITIES (Α+Β+C+D) 792.619,32 710.128,69

Note : Certain figures of the Balance Sheet of the previous fiscal year has been reformed in order to be uniform and comparable to those of the current fiscal year.

INCOME STATEMENT APPROPRIATION ACCOUNT December 31, 2002 (January 1 - December 31, 2002) Current year's amounts 2002 Previous year's amounts 2001 Current year's Previous year's Ι. Operating earnings amounts 2002 amounts 2001 Turnover (sales) 759.866,93 334.051,47 Less Cost of goods sold 666.072,05 313.478,75 Net current year's (loss) results 52.980,79 -874.116,33 Gross operating earnings 93.794,88 20.572,72 (+) Balance of previous years' results -874.116,33 - LESS 1. Administrative expenses 22.074,41 184.749,64 Loss carried forward -821.135,54 -874.116,33 3. Selling expenses 14.272,31 36.346,72 308.362,36 493.112,00 Total 57.448,16 -472.539,28 PLUS 2. Income from securities - 4.712,22 4. Credit intetrest and related income 391,58 1.410,88 391,58 6.123,10 Less 3. Debit interest and related expenses 601,14 -209,56 70,24 6.052,86 TOTAL OPERATING EARNINGS 57.238,60 -466.486,42 II. LESS Extraordinary income 1. Extraordinary and non-operating income 461,61 4,34 2. Extraordinary profit - 469,48 461,61 473,82 Less 1. Extraordinary and non-operating expenses 13,12 11,83 3. Previous years' expenses 4.706,30 4.719,42 -4.257,81 1.433,61 1.445,44 971,62 OPERATING AND EXTRAORDINARY EARNINGS 52.980,79 -467.458,04 LESS Total fixed-asset depreciation 578,57 514.731,96 Less: Depeciation included in operating cost 578,57 - 108.073,67 406.658,29 NET EARNINGS before tax 52.980,79 -874.116,33

Athens, April 28, 2003

PRESIDENT OF THE BOARD OF DIRECTORS VICE PRESIDENT OF THE BOARD OF DIRECTORS FINANCIAL MANAGER & HEAD OF THE ACCOUNTING DPT

CHRISTOS D. LAMBRAKIS DAMIANOS Z. HADJIKOKKINOS I.D..: Μ-154944 I.D..: S-147009 KONSTANTINOS P. TRABAKOULAS I.D..: Κ-277028 CERTIFICATE OF AUDIT OF CHARTERED AUDITOR ACCOUNTANT To the shareholders of the Incorporated Company «NET ON LINE INCORPORATED COMPANY – INTERNET ACCESS PROVIDER, DIGITAL PUBLISHING, ORGANIZATION SERVICES, SYSTEMS MANAGEMENT, ADVERITISNG SERVICES AND TRADING COMPANY”

We audited the above Financial Statements and the related Addendum of the Incorporated Company "NET ON LINE INCORPORATED COMPANY – INTERNET ACCESS PROVIDER, DIGITAL PUBLISHING, ORGANIZATION SERVICES, SYSTEMS MANAGEMENT, ADVERITISNG SERVICES AND TRADING COMPANY” for the fiscal year that ended on December 31, 2002. Our audit, during which we took cognizance of the operations and accounts of the company’s branch, was executed according to art. 37 of the Codified Law 2190/1920 "on Incorporated Companies" and the audit procedures we deemed suitable on the basis of the auditing principles and rules pursued by the Body of Certified Auditors Accountants. All the books and records maintained by the Company were made available to us and we were furnished with the information and details necessary for our audit. The Company has applied correctly the Greek General Accounting Standards. The recording method was not changed compared to last year, with the exception of the case in our remark No.1. We verified the accordance of the contents of the Board of Directors Report to the Shareholders' Ordinary General Meeting to the financial statements. The Addendum includes the information provided for in par. 1 art. 43a of Codified Law 2190/1920. The findings of our above audit are: 1) Contrary to this year, in the previous year the company depreciated fully the Establishment Expenses and Tangible Assets, resulting in increasing depreciation by approximately 407 thousand euros, and the equal burdening of previous year’s results and decreasing Equity Capital. 2) Inventories include slow-moving items of approximately 85 thousand euros, for which no provision has been formed. 3) The company has not formed a provision for bad receivables for probable loss from bad and stale receivables totaling approximately 52 thousand euros, out of which an amount of 13 thousand euros should burden the results of previous years.. 4) The company has not been audited by the Tax Authorities since it was founded. Consequently its tax liabilities have not become final. 5) Since the company’s Equity Capital is negative, the article 48 of Law 2190/1920 applies. In our opinion, assuming that the suitable measures will be taken in time to prevent the application of art. 48 par. 1 point 3 of Law 2190/1920 and that the company will continue its business activity, the above Financial Statements that stem from the Books and Records of the Company along with the Addendum and subject to our above findings reflect the asset structure and the financial standing of the Company on December 31, December 2002, as well as the results of the year that ended on that date, according to the applicable statutory legislation and the generally accepted accounting principles and do not differ from those that the company applied in the previous year, with the exception of our above remark No 1.

Athens, April 29, 2003 THE CHARTERED AUDITOR ACCOUNTANT

CHARALAMBOS AR. PETROPOULOS REG. NO. 12001 SOL ERNST YOUNG SA CHARTERED AUDITORS ACCOUNTANTS IN TRAVEL S.A. Reg. No.45886/01/Β/00/247 - Prefecture of Athens BALANCE SHEET OF DECEMBER 31st, 2002 Fiscal year 01.01.2002 - 31.12.2002 (Amounts in euros) ASSETS LIABILITIES Current year's Previous year's Current year's amounts 2002 Previous year's amounts 2001 amounts 2002 amounts 2001 Non Non Acquisitio Accrued Acquisitio Accrued depreciated depreciated n value depreciation n value depreciation balance balance B. ESTABLISHMENTS EXPENSES Α. EQUITY 1. Establishment and set-up expenses 5.062,37 1.276,59 3.785,78 660,31 264,12 396,19 I. Share Capital (500.000 shares of 29,35 euro each) 4. Other establishment expenses 433,09 281,51 151,58 433,09 151,58 281,51 1. Fully paid up 61.635,01 440.250,01 5.495,46 1.558,10 3.937,36 1.093,40 415,70 677,70 ΙV. Reserves D.CURRENT ASSETS 1. Statutory reserve 2.527,65 1.471,37 ΙΙ. Receivables 5. Tax-exempt reserves ofspecial statutory regulations 27.956,04 27.956,04 11. Miscellaneous debtors 661,24 491,02 30.483,69 29.427,41

III. Securities TOTAL EQUITY (ΑΙ+AIV) 92.118,70 469.677,42 3. Other securities - 440.205,43

IV. Cash and cash equivalents 1. Cash 3,88 654,48 3. Sight and time deposits 92.676,68 29.751,49 C. LIABILITIES 92.680,56 30.405,97 ΙΙ. Short term liabilities 1. Suppliers 1.105,40 2.355,73 TOTAL CURRENT ASSETS (DΙ+DΙΙ+DΙΙΙ+DIV) 93.341,80 471.102,42 8. Short term liabilities to associated companies 4.402,06 - TOTAL SHORT TERM LIABILITIES (CΙΙ) 5.507,46 2.355,73 Ε. TRANSITORY ACCOUNTS 1. Forthcoming years' expenses 347,00 253,03

TOTAL ASSETS (Β+C+D+Ε) 97.626,16 472.033,15 TOTAL LIABILITIES (Α+Β+C+D) 97.626,16 472.033,15

Note: In fiscal year 2002 thec company decreased its share capital.

INCOME STATEMENT APPROPRIATION ACCOUNT December 31, 2002 (January 1 - December 31, 2002) Current year's Previous year's Current year's amounts 2002 Previous year's amounts 2001 amounts 2002 amounts 2001

1. Administrative expenses 5.078,63 5.092,38 Net earnings before tax 1.056,28 13.480,84 Operating earnings subtotal -5.078,63 -5.092,38 Profit for appropriation 1.056,28 13.480,84 PLUS: 2. Income from securities 6.076,51 18.418,14 4. Credit intetrest and related income 320,42 174,71 6.396,93 18.592,85 Less Profit is appropriated as follows: 3. Debit interest and related expenses 9,00 6.387,93 19,63 18.573,22 1. Statutory reserve 1.056,28 674,04 TOTAL OPERATING EARNINGS 1.309,30 13.480,84 6a. Reserve from tax-exempt income - 12.806,79 II.LESS Extraordinary income 1.056,28 13.480,84 1. Extraordinary and non-operating income - 0,01 3. Previous years' profit 253,02 - OPERATING AND EXTRAORDINARY EARNINGS 1.056,28 13.480,84 LESS: Total fixed-asset depreciation 1.142,40 261,99 Less: Depeciation included in operating cost 1.142,40 - 261,99 - NET EARNINGS before tax 1.056,28 13.480,84

Athens, April 29, 2003

THE VICE-PRESIDENT OF THE BOARD OF THE FINANCIAL DIRECTOR DIRECTORS THE PRESIDENT OF THE BOARD OF DIRECTORS AND HEAD OF THE ACCOUNTING DEPT.

CHRISTOS D.. LAMBRAKIS IDNO.: Μ-154944 DAMIANOS Z. HADJIKOKKINOS KONSTANTINOS P. TRAMBAKOULAS Α.∆.Τ.: S-147009 Α.∆.Τ.: Κ-277028