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FANCO S.A.

Resignation of Mr. Ballogiannis election of Mr. Kosmatos

October 3, 2006 In the framework of decision 3/347/7.12.2005 of the Capital Market Commission BoD, and the related provisions of the underlying legislation and in compliance with the provisions of Law 3016/2002 regarding Corporate Governance, we would like to inform the investing public that the BoD of FANCO S.A. in its session on 9/25/2006 took notice of the resignation of Mr. Fotios Ballogiannis and unanimously approved the election of Mr. Andreas Kosmatos as Executive Member of the BoD.



For further information, please contact: Mr. Athanassios Margellos, Head of Investor Relations (Τel: +30 210-5708164),(E-mail: investors@klonatex.com), Mr. Ioannis Kalogeras, Communications & Public Relations Director (Tel. +30 210-5708030), (E-mail: press@klonatex.com) or with the Company at tel.: +30 210-5708000, Fax: +30 210-5708200. Website:www.fanco.gr or Mr. Nicolas Bornozis, President at Capital Link Inc. in New York at (212)661-7566. This and additional information can also be accessed on Capital Link's website.

     




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