Investor Relations | Yalco S.D.Constantinou & Son S.A.

ANNOUNCEMENT:Issue of a Corporate Bond loan of 13,000,000 Euros.

April 30, 2004
According to the provisions of decision no 5/204/14.11.00, we inform you that the Company?s Board of Directors approved the issue of a Corporate Bond loan amounting 13,000,000 million Euros, according to the article 6 of Law 3156/03, regarding the reformation of its bank debt and cost reduction. The loan of 13,000,000 Euros plus an amount of 2,586,207 Euros from Company?s reserves will be used for the settlement (payback) of the current Join Venture loan of 15,586,207 Euros.

LOAN TERMS:

Type of Corporate Bond loan: Corporate Bond

Issue amount: 13,000,000 Euros

Issue Date: 28/04/2004

Duration: 4 years from the date of issue

Purpose: Refunding of the current bank debt.

Disposal via Banks: PIRAEUS BANK S.A., NATIONAL BANK OF GREECE S.A. and SOCIETE GENERALE BANK.

For further information, please contact:Mr. George Makris, Executive BoD member - Supervision of Shareholders & Corporate Announcements Department, Socrates D. Constantinou & Son S.A., e-mail: makris@yalco.gr, tel: (+30)210 629-9999 fax:(+30)210 800-0866 or Mr. Nicolas Bornozis, President, Capital Link Inc. in New York at (212) 661-7566. The press release in question as well as any additional information are available on Capital Link's website www.capitallink.com.