Athens, August 28th, 2008. M.J. Maillis Group announced today First Half 2008 (H1 2008) financial results:

- Sales: Q2 2008 sales were 95.6 Meuro, up 0.5% compared to Q2 2007. First half 2008 sales were 185.4 Meuro, lower by 1.4% compared to H1 2007.

- EBITDA: Q2 2008 EBITDA was 6.3 Meuro, up by 5.2% compared to Q2 2007. H1 2008 EBITDA was 10.4 Meuro, lower by 36.5% compared to H1 2007.

- EBIT: Q2 2008 EBIT was 2.5 Meuro compared to a loss of -5.2 Meuro in Q2 2007. H1 2008 EBIT was 2.4 Meuro, 286% higher than H1 2007.

- Profit after tax: After tax loss for Q2 2008 was -4.0 Μeuro, lower by 47.8% compared to the after tax loss of -7.7 Meuro in Q2 2007. H1 2008 loss after tax was -7.9 Meuro, higher by 36.1% compared to the same period of 2007.

Mr John Kourouglos, CEO of the Group, commented:

I am pleased that, by many measures and under adverse economic conditions, much progress has been made during the last several months. From an operating performance perspective, each month has been better that the previous one with the Company achieving in July an EBITDA of 3,9 Meuro.

Even more importantly, profit margins are increasing, operating expenses are being reduced, and working capital is being optimized. Operationally, the management team has been strengthened with several key additions in line with the previously announced corporate restructuring.

We believe our operational turnaround is on track, and that we have in place a robust recovery strategy. While I am very pleased with the progress made over the last 5 months, since the recovery started in March 2008, there is much more that can be accomplished. This management team will continue to be focused, like a laser, on delivery the profitability and cash flow targets that we have set for the 2008/2009 period.

Analysing the reported financial statements for the period, Mr Victor Papaconstantinou, Group CFO, noted:

Sales in Q2 2008 were 6.5% higher than the previous quarter, driven mainly by steel strap (7.9% higher compared to Q2 2007). Compared to the same quarter of last year, sales of stretch film and machines and tools were at the same level, while plastic strap sales were 7.8% lower, driven mainly by polypropylene strap sales. H1 2008 sales were overall lower than H1 2007 sales by 1.4%, reflecting mainly the performance of the first two months of the year. Gross profit margin in H1 2008 was lower than H1 2007 (19.5% versus 22.9%) but maintained a rising trend throughout the six-month period to June 2008.

Total operating expenses for the first six months of 2008 were 11.6% lower compared to the corresponding period of 2007 or an equivalent reduction of 4.7 Meuro. The trend reflects the outcome of the cost efficiency programmes run throughout the Group this year, with special focus on certain territories, where specific initiatives were implemented.

Net financing costs of 9.3 Meuro for the first half 2008 were 2.6 times higher than the corresponding period of 2007. The increase reflects the overall market increase in interest rates compared to last year, as well as the additional spread paid on some of the Group?s loans during the period of discussions for a long term amendment. The increased finance costs incurred during the period were the single most important factor for the after-tax losses reported in Q2 2008.

Income taxes for the period were 71% lower compared to the first half of 2007. The improvement in tax efficiency is mainly the result of the return to normal profitability of a number of Group companies, which allows the use of accumulated tax credits.

Total working capital as of the 30th June 2008 was 16.6 Meuro or 14% lower compared to 30th June 2007. The reduction partly reflects the outcome of the inventory reduction programme implemented during 2008, while there is still room for improvement as far as trade receivables are concerned.

Total capitalexpenditure in the first half of 2008 was 4.4 Meuro, compared to 7.2 Meuro during the first six months of 2007.

Overall the Group is on track as far as the profitability and cash flow improvement targets for this and next year are concerned. We remain focused on monitoring the market conditions and overall economic trends in our key territories.