In this frame, the agencies of the markets will be invited to submit their proposals on the basis of their experience up to date.

The Board of Directors is currently ready to announce certain actions that contribute to the improvement of the conditions of operation of the Greek capital market, under the present conditions.

It also recognizes and stresses that the effectiveness of each action during this critical period depends exclusively on the composure and seriousness that all the agencies of the market show.

These actions are described below:

I. Derivatives Market

Regarding the derivative products market, the following issues were decided apart from the decisions regarding the change of the safety margins for the derivative products, the securities borrowing interest rates and the securities pool of the Athens Derivatives Exchange Clearing House (see press release on 07.10.2002):

· The regulatory framework is amended, so that the investor that has made a short selling (in accordance with the up tick rule), is under the obligation to cover (return to the Athens Derivatives Exchange Clearing House), with the first acquisition (when he decides to do so) of the specific security, the securities he has borrowed.

· The regulatory framework is amended, so that the derivatives market makers see the same depth of orders that the rest of the market sees.

· It should be noted that, as regards the derivatives market, the Capital Market Commission, as competent authority, realizes checks regarding the transactions of derivative products and short selling both at securities companies and major final investors level.

II. Strengthening of liquidity

In the frame of the improvement of the liquidity of the market, the stock exchange has promoted the institution of the market maker for the main and parallel market, beyond the use of the institution on the New Market of the Athens Exchange on the derivatives market as well.

The adoption of the institution of the market maker by the listed companies promotes the liquidity of their shares and, consequently, increases their demand. In this frame, the Ministry of National Economy and Finance agreed to promote the exemption of the market makers from the tax of 0.3% on sales regarding the cases of trading they perform in the frame of market making.

III. Audit and clarification of the accounting reports of listed companies

The Board of Directors, recognizing the need for the establishment of a climate of trust in the market, which has also been affected by the extent of the rumours regarding problems that the list companies are facing, will intensify the efforts by proceeding in the immediate future to a collaboration with the Capital Market Commission for the clarification and / or the audit by the competent authorities, in the cases it is necessary, of the financial figures or notes that are imprinted in the latest accounting reports (30.06.2002) that were released recently.

IV. Issues regarding the trading of securities

With the objective to limit the manipulation of the prices of the shares, the Board of Directors decided that the issues that are connected with the trading of low liquidity, low dispersion and high volatility securities must be examined by designating possible changes to the rules of trading.

V. Tax audit of the companies under listing

The regulatory framework provides that the companies that apply for the listing of their shares on the stock exchange must have been tax audited for all the fiscal year prior to the listing application.

The above provision aims at securing the investing public that acquires newly listed securities from the risk of tax liabilities arising in the future. As, this objective is violated by the currently existing waiting list, it was decided that the stock exchange proposes the amendment of the above provision, so that the company has been tax audited for the fiscal year that precedes the public offering.

It is reminded that, in accordance with the provisions of the article 9 of the Law 2324/1995, the competent Tax Offices audit on a regular and priority basis the listed companies.

VI. Audit by chartered auditors of the financial reports released prior to the listing

The statutory framework provides that the financial reports of the company under listing must have been audited by a chartered auditor for at least three fiscal years prior to the submission of the listing application.

As it is difficult for the persons with no expert knowledge to realize the effect that the remarks of the chartered auditors regarding the financial figures of the financial reports, it was decided to propose to the companies to draw up their reports in such a manner, so that there are no material remarks in the accompanying certificates issued by the chartered auditors. In this frame, the Prospectuses will include the reviewed figures for the notification of the investors with the correct figures.

VII. Waiting list for the companies under listing

With the statutory arrangement of the above issue of the tax audit, the stock exchange will promote the clearing of the listing application, by retaining on the list the companies that have been tax audited recently, and it will proceed to the listing of the companies, whose relevant file has been updated.

VIII. Transfer of administrative authority to the Capital Market Commission and the role of the stock exchange

With the Bill that is being prepared, the administrative authority is transferred from the stock exchange to the Capital Market Commission.

In this frame, the stock exchange is expected to activate more effectively on issues regarding market development, while it will be in a position to plan a strategy regarding the companies that it will wish to be listed, by determining the criteria and conditions relevant to their listing, towards this objective.