With reference to the letter by the Capital Markets Committee dated 31/3/2008, protocol number 1992, M.J. MAILLIS SA is commenting the following:

The reduction in the profitability of the Company and the Group in the financial year 2007 was already known from previous announcements.

In view of this fact, the Management of the Company, on its own initiative, entered into discussions with its lending banks and noteholders, explained the reasons leading to this reduction and presented the plan to restore the Groups profitability. As a result, the Company's lenders provided a waiver to the financial covenants in the relevant loan agreements, until the end of June 2008. In the meantime, the objective of all parties involved is to modify the loan agreements in order to be compatible with the abovementioned plan. Based on the negotiations to date, the Management of the Company is confident that this objective will be achieved.

Based on the above we note the following:

a. There has been no reclassification of our loans from long-term to short-term by any of our lending banks or the Company?s noteholders. Note 19 in the Annual Financial Statements for the year ending 31 December 2007 was prepared in accordance with the requirements of paragraph 65 of IAS 1.

b. The conditions set for the abovementioned waivers have already been met and are as follows:

i) Minimum profitability (EBITDA) for Q1 2008

ii) Submission of a rolling three-month cash flow forecast

iii) Granting of a waiver by all long-term lending banks and noteholders iv) No prepayment by the Company of any of its financial debt

c.As already mentioned, given the course of the discussions and negotiations with the lending banks and the noteholders to date, the Management of the Company is confident that the negotiations will be completed successfully. In the unlikely event that this will not be achieved, the Company has already explored alternative scenarios, which might lead to the temporary increase in the financing cost of the Group.

For more information, please contact our Group?s Investor Relations Department tel. +302106285000 or e-mail investor.relations@maillis.gr