RESULTS OF THE 9 MONTHS PERIOD FOR SARANTIS GROUP

PRESS RELEASE

2% rise in turnover and 26% in pre-tax earnings present the consolidated results of the Sarantis Group for the time period Jan.-Sept. of 2003 compared to the respective time period of 2002.

More specifically, the turnover of Sarantis Group has reached the 157 million Euros compared to 154 million Euros in the 9 months period of 2002. Respectively, the pre-tax earnings have reached 12.7 million Euros compared to 10.1 million Euros in 2002. Moreover, the earnings of the Sarantis Group after the minority rights have reached the 9.1 million Euros compared to 7.9 million Euros in 2002, increased by 14.5%.

The main factor that led to these positive results for the 9 months period is the improvement of the component of mixed profit margin that on a consolidated basis has reached 52.8% compared to the 50.6% of the respective last year’s period.

Moreover, despite the reinforcement of the euro, the results of the Sarantis Group in Eastern Europe continue to improve, especially on a net result basis.

Finally, satisfying seem to be the rates of development of the Group’s activities in Greece, since Sarantis has proceeded in the launching of new products in the sector of cosmetics like STILLA, FREE and the Roberto Cavalli products, while in the area of products for the house, Sarantis has proceeded in the renewal of the Camel and Afroso lines.

For the whole year 2003, the Sarantis Group is expected to reach the 228 million Euros in sales, while its consolidated pre-taxed profits are expected to reach 19 million Euros.