According to article Ν.2 par. (ιγ) regarding the resolution 3/347/12.07.2005 of the Capital Market Commission of the Board of Directors, S.D. CONSTANTINOU & SON S.A. - YALCO announces to the public investors that upon relative resolutions of the company?s Board of Directors two common bond loans L. 3156/2003 will be issued and in particular:

1. Corporate bond loan of euro 5 mil. by the PIRAEUS BANK.

2. Corporate bond loan of euro 3 mil. by :

a. THE NATIONAL BANK OF GREECE and

b. THE NATIONAL BANK OF GREECE (in Cyprus).

Both bond loans are of four years duration and will be used for refunding the short term bank debt.