REPEATED ORDINARY GENERAL MEETING DECISIONS

On 03/07/2006, Monday and at 13:00 p.m., the Repeated General Shareholders’ Meeting of “GR. SARANTIS S.A.” took place. During the General Meeting, 31 shareholders were present representing 19,942,736 shares of a total 38,146,940 shares, namely 53% of the company’s share capital. Thus, the company had the required by the law quorum and majority to make decisions on all the daily agenda issues.

Specifically, the above Meeting:

Approved, with 18,896,794 positive votes versus 838,675 negative and with absence of 207,267 votes, the Board of Directors proposal for the issuance of a (non-convertible) bond loan or loans amounting to a total of 147,000,000 EUR, aiming at re-financing the Company’s existing loans with Banks through the most favourable and cost efficient way, as well as the relevant authorizations towards the Company’s Board of Directors.

Approved, with 18,896,794 positive votes versus 838,675 negative and with absence of 207,267 votes, the amendment of the stock option plan with the addition of two more option series for years 2010 and 2011, in replacement of the fourth and fifth series that were not exercised. The options for each series that have not elapsed, namely the series for years 2006, 2007, 2008, 2009, 2010 and 2011, can be granted with a decision by the Company’s BoD from 01/03 - 01/12 of each year (with the exception of the 2006 series that can be granted from 04/07/2006 to 01/12/2006), and are exercised from 15/12 of the respective year.

The ‘exercise price’ for the series ending in 2007 was set at 4.00 EUR or at the equivalent value that will emerge from any possible readjustment of the share’s value, for the series ending in 2008 the exercise price was set at 6.50 EUR or at the equivalent value that will emerge from any possible readjustment of the share’s value, for the series ending in 2009 the exercise price was set at the closing price of the share as at the end of December 2006 decreased by 10%, while for the series ending in 2010 and 2011 the price was set to the nominal value of the share in effect.

Maroussi, July 4th 2006

 THE BOARD OF DIRECTORS