ANNOUNCEMENT OF A SHARE BUY BACK PROGRAM

The company GR. Sarantis SA announces that the Extraordinary General Shareholders Meeting that took place on 02/06/2008 decided a share buy back program through the Athens Exchange, up to 10% of the current number of the company’s shares (the 10% represents 3,835,094 shares), according to article 16 of c.l. 2190/1920, as in force. The maximum buy back price was set at seventeen euros (17 €) per share and the lowest at five euros (5 €) per share. The company may acquire own shares up to twenty four months from the date of the General Meeting in order to improve the company’s earnings and dividend per share, indirect distribution of earnings to the shareholders as well as for use in a possible partnership or a possible future acquisition. Finally, the Board of Directors was authorized to act accordingly for the completion of the buy back program.