INFORMER Α.Ε.

According to the consolidated financial statements of INFORMER Group during the 1^st half 2004, sales dropped by 27.39% (€ 15.91 million in 2004 versus € 21.91

million in 2003) and profit decreased by 21.23% (€ 1.64 million in 2004 versus € 2.09 million in 2003) as compared to the 1^st half 2003.

According to the parent financial statements of INFORMER during the 1^st half 2004, sales dropped by 18.17% (€ 8.04 million in 2004 versus € 11.34 million in 2003) and profit decreased by 29.08% (€ 1.45 million in 2004 versus € 1.77 million in 2003) as compared to the 1^st half 2003.

The weakening financial performance is considered as temporary and is attributed to the following:

a)     The fact that TEMENOS EASTERN EUROPE LTD was not consolidated since the parent company INFORMER S.A. is going to transfer its equity stake, as well as the sale of the equity stake in SYSCO S.A..

b)     The recession currently observed in the Information Technology sector.