New BoD and partial change in derived capital use

The Extraordinary General Assembly of Shareholders of INTRAKAT, held today, December 22, 2003, at the Company Head offices in Koropi, approved the partial change in derived capital use from the increase of share capital, as well as the election of a new Board of Directors.

More specifically:

1. It approved the partial change of capital use that derived from the increase of share capital with cash. The indisposed balance of derived capitals, which on December 31, 2002 run into the total amount of �13.281.742, was approved to be used as follows:

– The amount of �1.000.000 remains in the category “E/Μ Equipment”, to be used for machinery and means of transport, hardware and software, licenses, and for the installation, parameterisation and implementation of the electronic data processing system S.A.P. (System Application Program).

– The amount of �9.000.000, in the category “Amortisation-Founding of Businesses”, which concerns the participation of INTRAKAT in the capital of the company “ETHERAS ENERGY”.

– The amount of �3.281.742, remains in the category “Working Capital”.

2. It approved the election of a new Board of Directors. Elected members of the recently elected BoD are: Mr. Socrates P. Kokkalis, Mr. Demetrios P. Giannikakis, Mr. Petros K. Souretis, Mr. Stefanos A. Stefanakis, Mr. Demetrios Ch. Klonis, Mr. Anastasios M. Tsoufis, Mr. Nikolaos-Socrates D. Lambroukos. Appointed non-Executive and independent members are: Mr. Anastasios M. Tsoufis and Mr. Nikolaos-Socrates D. Lambroukos.