UPWARD REEVALUATION OF PROJECTED FINANCIAL RESULTS FOR THE FISCAL YEAR 2008

Management of F.G. EUROPE S.A. taking into consideration up-to-date facts, and especially the significant increase noted for the first eight-month period in sales of durable consumer goods (and air-conditioners in particular), as well as the generally noted market volatility worldwide, proceeds to reevaluating its previously announced projections pertaining to financial results for the fiscal year 2008, as follows:

Total revenues for the Group are expected to amount to Euro 149.30 million, against 154.48 for the fiscal year 2007, posting a marginal decrease of 3.35% More specifically:

Sales of air-conditioners are expected to rise to Euro 109.5 million against Euro 97.87 million for 2007, posting an increase of 11.88%. Sales in the Greek market are expected to amount to Euro 70.50 million (against Euro 61.51 million for 2007), posting an increase of 14.62%. Exports of air conditioners to foreign markets where the company is active are expected to post an increase of 7.26%, amounting to Euro 39.00 million (against Euro 36.36 million for 2007).

Sales of ESKIMO and SHARP white home electrical appliances are expected to amount to Euro 10.80 posting a decrease of 7.93% against respective sales for the FY 2007 (Euro 11.73 million).

A significant decrease, largely due to the shortages in products which was noted during the first quarter of 2008 is expected to be observed in SHARP consumer electronics SHARP that are expected to amount to Euro 7.5 million against Euro 8.93 million for 2007, a decrease of 16.01%.

An estimated decrease of 45.24% is expected to be noted in sales of mobile telephony products (Euro 19.00 million against Euro 34.70 million for 2007), in compliance with the company's stated policy of gradual withdrawal from the mobile telephony sector.

Revenues from Logistics and Service are expected to amount to Euro 0.55 million, whereas revenues from the Group? activities in the Energy sector are estimated to reach Euro 1.95 million.

The aforementioned significant increase in sales of air-conditioners, which represent the core activity of the Company and the Group, participating in sales by 73.7% and 93% in Gross Profit, is expected to considerably further improve the sales mix, thus justifying on reasonable grounds Management' s estimation with regard to the following:

At company level:

Total revenue from sales is expected to reach Euro 146.80 million against Euro 153.71 million for the fiscal year 2007, posting a marginal decrease of 4.50%.

Earnings Before Interest Tax Depreciation and Amortization (EBITDA), are expected to increase by 20.30% amounting to Euro 26.90 million against 22.36 million for 2007 (EBITDA for FY 2007 was recalculated according to Circular 34 of the Hellenic Capital Market Commission), and consequently shaping EBITDA margin to 18.34% against 14.55% for 2007.

Earnings Before Tax are expected to amount to Euro 23.10 million against Euro 20.05 million for 2007, posting an increase of 15.21%. Net Earnings After Tax, are expected to amount to Euro 17.30 million against Euro 14.55 million for 2007 posting an increase of 18.90%. Consolidated:

Earnings Before Interest Tax Depreciation and Amortization (EBITDA), are expected to increase by 23.65% and amount to Euro 27.50 million against Euro 22.24 million for 2007 (EBITDA for FY 2007 was recalculated according to Circular 34 of the Hellenic Capital Market Commission), and consequently shaping EBITDA margin to 18.42% against 14.40% for period of 2007

Earnings Before Tax, are expected to rise to Euro 21.60 million against Euro 18.57 million for 2007, posting an increase of 16.32% Net Earnings After Tax and Minority Interests for the Group, are expected to rise to Euro 16.20 million against Euro 13.23 million for 2007, posting an increase of 22.45%.