1. The Company's capital stock totals one billion one hundred forty eight million thirty five thousand three hundred and seven (1,148,035,307) GDRs or 3,369,142.50 euros fully paid out, and is divided into four million four hundred and ninety two thousand one hundred and ninety (4,492,190) registered common shares with a nominal value of 255.5625 GDRs or 0.78 euros per share.
2. The Company's capital stock was formed as follows:

a) By the Company's formation (Greek Gazette, Issue on S.A. and LTD. 1376/9.7.73) the capital was set at ten million fifty two thousand. (10,052,000) GDRs, divided into ten thousand fifty two (10,052) registered shares with a nominal value of one thousand (1,000) GDRs per share and was paid out in contributions, in items and in cash.

b) Pursuant to the resolution of the extraordinary shareholder's General Assembly on March 2nd, 1974 published in the Greek Gazette 221/8.3.1974 (Issue on S.A. and LTD.), the first increase in capital stock occurred with an additional fourteen million (14,000,000) GDRs paid in cash, by the issuance of fourteen thousand (14,000) corporate shares with a nominal value of one thousand (1,000) GDRs per share.

c) Pursuant to the resolution of the extraordinary shareholder's General Assembly on November 10th, 1975 published in the Greek Gazette 2.400/19.11.1975 (Issue on S.A. and LTD.), the second increase in capital stock occurred with an additional five million nine hundred forty eight thousand (5,948,000) GDRs paid in cash, by the issuance of five thousand nine hundred and forty eight (5,948) corporate shares with a nominal value of one thousand (1,000) GDRs per share.

d) Pursuant to the resolution of the extraordinary shareholder's General Assembly on December 14th, 1982 published in the Greek Gazette 4469/22.12.82 (Issue on S.A. and LTD.), the third increase in capital stock occurred with an additional seventeen million eight hundred eighty thousand (17,880,000) GDRs by the following:
da) capitalization of the surplus value resulting from the readjustment of the Company's fixed assets according to Greek Law 1249/1982 in the amount of seventeen million eight hundred seventy five thousand (17,875,000) GDRs and
db) depositing of shares in cash in the amount of five thousand (5,000) GDRs. The increase in capital occurred with the increase of the nominal value of the existing thirty thousand (30,000) shares from one thousand (1,000) GDRs to one thousand five hundred ninety six (1,596) GDRs per share.

e) Pursuant to the resolution of the extraordinary shareholder's General Assembly on July 14th, 1987 published in the Greek Gazette 2276/25.8.87 (Issue on S.A. and LTD.), the fourth increase in capital stock occurred with an additional forty one million six hundred forty thousand (41,640,000) GDRs by the following:
ea) capitalization of a special reserve totaling twenty three million four hundred sixty one thousand two hundred (23,461,200) GDRs,
eb) cash deposit from original shareholders of one hundred seventy eight thousand eight hundred (178,800) GDRs,
ec) cash deposit from new share holders through the Athens Stock Exchange of eighteen million (18,000,000) GDRs. After this share increase the Company's capital stock came to eighty nine million five hundred twenty thousand (89,520,000) GDRs divided into 715,600 common voting shares and 179,600 preferred non-voting shares with a nominal value of one hundred (100) GDRs per share.

f) Pursuant to the resolution of the extraordinary shareholder's General Assembly on November 6th, 1989 published in the Greek Gazette 103/15.1.90 (Issue on S.A. and LTD.), the fifth increase in capital stock occurred with an additional one hundred forty eight million six hundred three thousand two hundred (148,603,200) GDRs by capitalization of the following reserves:
fa) land and facilities value readjustment reserves according to article 1 of the Ministerial Decree E 2665/84/22.22.88 amounting to fifty seven million three hundred and forty seven thousand two hundred seventy nine (57,347,279) GDRs and
fb) shares issuing reserves for the amount of ninety one million two hundred fifty five thousand nine hundred twenty one (91,255,921) GDRs. To cover this increase 895,200 (715,600 common and 179,600 preferred with no vote) new shares were issued with a nominal value of one-hundred thirty three (133) GDRs per share. The nominal value of the old shares increased by thirty three (33) GDRs. The new shares were distributed free to the older share holders at a rate of 1 to 1. The new capital increase of 148,603,200 GDRs added to the existing capital of 89,520,000 GDRs raises the total to two hundred thirty eight million one hundred twenty three thousand two hundred (238,123,200) GDRs divided into 1,790,400 shares with a nominal value of one hundred thirty three (133) GDRs per share of which 1,431,200 are common non-voting shares and 359,200 preferred non-voting shares.

g) Pursuant to the resolution of the extraordinary shareholder's General Assembly on June 21st, 1994 published in the Greek Gazette 5389/21.9.94, the sixth increase in capital stock occurred with an additional two hundred seventy three million two hundred fifteen thousand forty (273,215,040) GDRs through the capitalization of tax free reserves. By this increase:
a) the nominal value of the old shares increased by 105 GDRs per share,
b) 358,080 new shares were issued with a nominal value of 238 GDRs per share. As a result, the Company's share capital came to 511,338,240 GDRs divided into 2,148,480 shares with a nominal value of 238 GDRs per share of which 1,717,440 are common voting shares after the vote and 431,040 are preferred voting shares.

h) Pursuant to the resolution of the extraordinary shareholder's General Assembly on November 10th, 1994, the seventh increase in capital stock occurred with an additional fifty one million one hundred thirty three thousand eight hundred twenty four (51,133,824) GDRs by cash deposit. This increase was covered by the issue of 214,848 new corporate shares of which 171,744 are common voting shares and 43,104 are preferred voting shares with no vote. This brings the Company's share capital to 562,472,064 GDRs divided into 2,363,328 corporate shares with a nominal value of 238 GDRs per share of which 1,889,184 are common voting shares and 474,144 preferred non-voting shares.

i) Pursuant to the resolution of the extraordinary shareholder's General Assembly on November 17th, 1998, the eighth increase in capital stock occurred with an additional one hundred sixty six million three hundred seventy four thousand two hundred eighty two (166,374,282) GDRs with capital reserve from the readjustment in the value of property assets (Greek Law 2065/92). This increase was covered by
a) increase in the nominal value of the old shares by nineteen (19) GDRs per share (238+19=257 GDRs) and
b) the issue of four hundred seventy two thousand six hundred fifty (472,650) new shares with a nominal value of two hundred fifty seven (257) GDRs per share. This brings the Company's share capital to seven hundred twenty eight million eight hundred forty six thousand three hundred forty six (728,846,346) GDRs divided into two million eight hundred thirty five thousand nine hundred seventy eight (2,835,978) corporate shares with a nominal value of two hundred fifty seven (257) GDRs per share, of which two million two hundred sixty seven thousand and nine (2,267,009) are common voting shares and five hundred sixty eight thousand nine hundred sixty nine (568,969) are preferred non-voting shares.

j) Pursuant to the resolution of the ordinary shareholder's General Assembly on August 31st, 1999, the Company increased its capital stock by one hundred forty five million seven hundred sixty nine thousand three hundred seventy two (145,769,372) GDRs by capitalization of the additional dividend of one hundred twenty nine million one hundred sixty five thousand nine hundred (129,165,900) GDRs and sixteen million six hundred three thousand four hundred seventy two (16,603,472) GDRs tax free reserves. This increase was covered with the issue of five hundred sixty seven thousand one hundred ninety six (567,196) new common voting shares with a nominal value of two hundred fifty seven (257) GDRs per share. Also, by the same resolution, the five hundred sixty eight thousand nine hundred sixty nine (568,969) preferred non-voting shares were changed into common voting shares. This brought the Company's share capital to eight hundred seventy four million six hundred fifteen thousand seven hundred eighteen (874,615,718) GDRs divided into three million four hundred three thousand one hundred seventy four (3,403,174) common voting shares with a nominal value of two hundred fifty seven (257) GDRs per share.

k) Pursuant to the resolution of the ordinary shareholder's General Assembly on April 20th, 2000, the Company increased its capital stock by one hundred seventy four million nine hundred twenty three thousand one hundred ninety five (174,923,195) GDRs through the capitalization of the additional dividend. This increase was covered by the issue of six hundred eighty thousand six hundred thirty five (680,635) new common voting shares with a nominal value of two hundred fifty seven (257) GDRs. As a result of this increase, the Company's capital stock totaled one billion forty nine million five hundred thirty eight thousand nine hundred thirteen (1,049,538,913) GDRs divided into four million eighty three thousand eight hundred nine (4,083,809) common voting shares with a nominal value of two hundred fifty seven (257) GDRs per share.

l) Pursuant to the resolution of the ordinary shareholder's General Assembly on June 28th, 2001, the Company increased its capital stock by one hundred four million nine hundred fifty three thousand nine hundred seventeen (104,953,917) GDRs with the capitalization of the following:
a) additional dividend equaling 85,676,325 GDRs,
b) part of the reserves totaling 19,277,592 GDRs. This increase was covered with the issue of four hundred eight thousand three hundred eighty one (408,381) new common voting shares with a nominal value of two hundred fifty seven (257) GDRs. Following this increase, the Company's capital stock totaled one billion one hundred fifty four million four hundred ninety two thousand eight hundred thirty (1,154,492,830) GDRs divided into four million four hundred ninety two thousand one hundred ninety common voting shares with a nominal value of two hundred fifty seven (257) GDRs per share.

m) Pursuant to the resolution of the extraordinary shareholder's General Assembly on December 11, 2001, the Company's capital base was reduced according to the provisions of the Greek Law 2842/00 by six million four hundred fifty seven thousand five hundred twenty three (6,457,523) GDRs and simultaneously the nominal value of the Company's stock was reduced from 257 to 255.5625 GDRs. The sum of 6,547,523 GDRs was transferred to the "Difference from redenomination of share capital" account. As a result, the Company's current share capital is one billion one hundred forty eight million thirty five thousand three hundred seven (1.148.035.307) GDRs or 3,369,142.50 euros divided into four million four hundred ninety two thousand one hundred ninety (4,492,190) common voting shares with a nominal value of 255.5625 GDRs or 0.75 euros per share.

n) Pursuant to the resolution of the ordinary shareholders' General Assembly on June 20, 2003, the Company's capital stock was increased by a hundred and thirty four thousand seven hundred and sixty five euro and seventy cents (€ 134.765,70) through the capitalization of the surplus value resulting from the readjustment of the company's fixed assets (Law 2065/92). This increase was covered by the increase of the nominal value of the existing four million four hundred ninety two thousand one hundred ninety shares (4.492.190) from € 0,75 to € 0,78 per share. As a result, the Company's current share capital is three million five hundred and three thousand nine hundred and eight euros and twenty cents (€ 3.503.908,20) divided into four million four hundred ninety two thousand one hundred ninety (4.492.190) common voting shares with a nominal value of € 0,78 per share.