During the first six months of 2003, ALFA BETA VASSILOPOULOS continued to post increases in sales, good Standalone-basis profitability and most important for the first semester, positive profitability at consolidated level.

For ALFA BETA standalone, Turnover rose by approximately 8.5% from EUR 355.9 million to EUR 386.0 million. EBIDTA reached 12.8 million EUR, a small decrease from 13.5 million in 2002 while Profits Before Taxes amounted to EUR 3.2 million compared to EUR 4.2 million last year. These decreases, explained General Manager Kostas Macheras, are mainly due to expenses associated with store pre-openings and remodeling in process that will bear fruit in the second semester. The results are also influenced, added Mr. Macheras, by expenses not yet incurred but being entered as provisions according to the new more conservative accounting practices that the Company haς adopted.

On a consolidated basis, Turnover increased by 9.7% from EUR 399.2 million to EUR 438.1 million, EBIDTA amounted to EUR 17.5 million, up by almost 26% compared with last year?s EUR 13.9 million and Profits Before Taxes amounted to a positive 433 thousand EUR, a dramatic improvement over last years? loss of 2.1 million EUR.

The Company's development activity has produced significant results. A total of five formerly TROFO stores were remodeled and converted in the first half of 2003 to ALFA BETA supermarkets and a sixth converted to an ALFA BETA City Market store. Two ALFA BETA supermarkets were expanded and a new store opened in Nea Makri, Attica. The family of ALFA BETA franchisees has now been extended to ten TROFO Market stores in Attica and in the provinces.

All the above have immediately contributed to increased sales. But the most important part of the Development activities has still to come with a drastic remodeling of the Hellinikon store and a new store in Halandri where the Athenian consumer will be introduced in the latest state-of-the-art concepts in retailing.