SOFADON GINNING MILLS S.A.

The company "SOFADON GINNING MILLS S.A." was founded in September 2000 (Government Gazette No 8276/8.9.2000) and is registered in the Societe Anonyme Register of The Prefecture of Karditsa, its registration number being 46884/30/Β/00/05. The company has :

• Registered offices at the Municipality of Sofades (2nd km of the Sofades-Athens national road, tel: 04430 - 22272)
• Duration 50 years
• Field of activity the ginning and trading of cotton and its by-products
• Submitted share capital 58.694,00 EURO divided into 58.694 unregistered shares of 1 EURO nominal value each.
• Shareholders the following :

  no	Name of the shareholder	Shares	%
  1.	NAFPAKTOS TEXTILE INDUSTRY S.A.	29.934	51
  2.	Daniela Eleftheriou	28.760	49
  	Total	58.694	100

• The board of directors, elected by the General Meeting of the company's shareholders on 9.01.2005, has the following members:
  1. Dimitrios Polychronos, Chairman & Managing Director
  2. Vasilios Polychronos, Vice-Chairman
  3. Dimosthenis Katsis, Consultant and
  4. Aikaterini Polychronou, Consultant
  The tenure of the office of the board of directors ends on 31/12/2009.

  During the first three years of operation, the company SOFADON GINNING MILLS S.A. presented significant development of sales and high yield of financial results. Specifically, the 382,9 thousands euro of losses for the year 2001, were inverted in 199,5 thousands euro profits in 2002 and 828,2 thousands euro in 2003.

  Apart from the positive financial results achieved by the company, the participation of the mother company "NAFPAKTOS TEXTILE INDUSTRY S.A." to the company is considered as totally successful as "SOFADON GINNING MILLS S.A.":

  a) Supplies the mother company with high quality of raw material
     (ginned cotton)

  b) Participates in the vertical structure of the Group of Companies.