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					      Corporate Presentation
          November 2005

       George Papazoglou, CEO
George Katsaros, Group Treasurer & IRO




                                         1
                                                                              Disclaimer



This material contains certain “forward-looking” statements. These statements are
based on management’s current expectations and are naturally subject to uncertainty
and changes in circumstances. Actual results may vary materially from the expectations
contained herein and listeners are cautioned not to place undue reliance on any
forward-looking comments. Notos Com Holdings S.A. undertakes no obligation to
update or alter its forward-looking statements, whether as a result of new information,
future events, or otherwise. This presentation serves only informative purposes and it
does not form or can either be referred as a buy, sell or hold encouragement for shares
or any other fixed income instruments. Investors must decide upon their investments
based on their own investing preferences, financial status and advice from those
registered investment advisors who consider appropriate. This presentation belongs to
Notos Com Holdings S.A. with the aim to inform the stakeholders of the Organization.




                                                                                      2
                                                     Our Vision




   To offer products and services of high quality so that these
  represent the first choice behind every consumer habit that
                          makes life prettier.




Our slogan :

Your First Choice
                 for a Prettier Life


                                                                  3
                                                                           Our Business


   Notos Com is active in the retail &
    wholesale of Apparel, Footwear and Cosmetics.


     Our Company’s core activity is the Management of
      Powerful International Brands with High Profit
      Margins and Large Market Penetration.




                                          Our Strategic Business Units (SBUs) are:

                                          •   Notos Galleries
                                          •   Cosmetics/Personal Care
                                          •   Wholesale of Apparel/Footwear
                                          •   Retail of Apparel/Footwear
                                          •   Stationery
                                          •   International Subsidiaries
                                                                                     4
                                                                                 Dynamic Business Model


                                                             Broad
TOTAL BRAND MANAGEMENT & DEVELOPMENT




                                                      Distribution Network

                                        SBU1               SBU2           SBU3           SBU4
                                        Notos           Cosmetics,     Retail Stores   Stationery
                                       Galleries       Personal Care


                                                        SBU5                   SBU6
                                                     Wholesale of          International
                                                   Apparel/Footwear         Subsidiaries




                                                             Broad
                                                            Customer
                                                             Reach


                                                                                                     5
                                                                   Our Advantages


                                   • Broad customer reach
Established Distribution Network   • Multi-channel distribution
                                         Department Stores
                                         Retail Stores
                                         Wholesale
                                         Foreign Markets


                                   • Established long term vendor relationships
Strong Brand Portfolio
                                   • Powerful international brand names
                                   • Upscale brands with high margins




                                   • Cost & operational synergies in promotion,
Organizational Structure              logistics, operational Support
                                   • Strong know how of brand management
                                   • Experienced management



                                   • Well diversified portfolio of brands
Low Operational Risk               • Broad Product Range
                                   • Geographical & distributional diversification
                                                                                     6
Strategic Business Units
          SBUs




                           7
                                                                  Notos Galleries


Notos Galleries Lambropoulos

•   One of the leading department stores companies in Greece
•   3 Department Stores with total floor space of 20,718 sq. m.
•   Stores located in premium locations of major cities
•   A Strong brand name with long history (100 years)
•   Shop in a shop business model




Notos Galleries Home

•   Opened Dec 2003
•   The only branded “Home” product department store in Greece
•   Conveniently located in the center of Athens
•   Total floor space 17,100 sq. m.
•   100 suppliers with over 250 branded home products


                  Sales 9M 2005 - IFRS
                                                Notos
                                               Galleries;
                                               38.08%




                                                                            8
                                                                  Cosmetics/Personal Care



•   Representation and distribution of a wide range
    of selective and broad distribution Cosmetics




•   Extensive distribution network
     – 250 selling points for selective brands
                                                                      Sales 9M 2005 - IFRS
     – 3000 selling points for broad distribution brands

•   Exclusive collaborations with Major international suppliers

•   Two strategic JV with Lancaster & YSL Beaute

•   High margins and strong cash flow generation                               Cosmetics &
                                                                                Personnal
                                                                              Care; 21.13%




                                                                                             9
                                                      Cosmetics/Personal Care


Selective Distribution Brands
 Lancaster         Van Cleef            Nikos               Alexander Mc
 YSL               Hermes               Lacoste            Queen
 Chanel            Givenchy             Jil Sander          Ermenegildo Zegna
 Revlon            Guerlain             Isabella Roselini   FCUK
 Eliz. Arden       Kenzo                Chopard             L’Occitane
 Davidoff          Dolce & Gabbana      Joop!               Jean Piaubert
 Ιssey Miyake      Sisley               Azzaro              Boucheron
 J.P. Gaultier     Thierry Mugler       Ungaro              Johji Jamamoto
 Clarins           Max Factor           Alessandro del’Aqua Emmanuel Ungaro
 Bvlgari           Fendi                Elizabeth Taylor    Gres
 Stendhal          Stella Mc Cartney    Roget & Gallet      Chantal Tomass
 Moschino          Ferragamo            Oscar de la Renta  Jean Patou
                                                               Jennifer Lopez

Broad Distribution Brands
  Kolynos          Βest Friends           Jordan
  Revlon           Hawaiian Tropic        Marvel
  Faber Castell    Bburago Toys
                                                                            10
                                                        Wholesale of Apparel/Footwear


Active in the wholesale of selective clothes & footwear brands

•   Diversified portfolio of internationally acclaimed brands

•   Exclusive representations and long term vendor
    relationships

•   Broad distribution network :


        Boutiques                    = 103
        Shop in Shop - Corners       = 222
        Points of Sales (Apparel)    = 813                          Sales 9M 2005 - IFRS

        Points of Sale (Footwear)    = 239
        Total Sale Points            = 1,377
                                                        Wholesale
                                                        Apparel /
                                                        Footwear;
                                                         25.46%




                                                                                           11
                                                                Retail of Apparel/Footwear

                                                                         Stores in Greece

A retail network of 54 stores, selling clothing and                       53
                                                                                                54

    footwear products.                                                               51


                                                                47

•   Monobrand and multibrand stores
•   Presence in premium locations of major city
    shopping areas
•   All Notos Com operated stores
                                                            Dec '03   Dec '04   Sept '05    Dec '05




                                           • Re-brand stores when needed to increase
    Flexible Business Model                   sales per sqm and profitability
                                           • Non dependant on single brand



                                                                                                      12
                                                       Retail of Apparel/Footwear

                         54 Stores by Brand             54 Retail Stores in Greece - Dec '05

    Gant Woman       1                                 47

       Gant Boys     1


       Polo Jeans    1


   Henry Cottons     1


        Newman       1


          Kookai     1
                                                                  3              3            1
  The Bostonians          2


        Trussardi         2

      Manoukian           2
                                                   Athens   Salonika      Patra      Mykonos
Polo Ralph Lauren             3

    Keds-Swatch               3                                        Sales 9M 2005 - IFRS

   Marina Rinaldi                 4

                                  4                   Retail
       Max Mara
                                                    Apparel /
       Multibrand                     5             Footwear;
                                          6
                                                     9.30%
       Springfield

             Gant                         6


         Lacoste                              11




   …Multiple monobrand or multibrand
   stores located in major city centers in                                                        13
   Greece…
                                              Apparel/Footwear


Wholesale Brand Portfolio   Retail Brand Portfolio
 Lacoste                    Lacoste
 Polo Ralph Lauren          Polo Ralph Lauren
 The Bostonians             The Bostonians
 Alain Manoukian            Alain Manoukian
 Cerruti Jeans              Cerruti Jeans
 Henry Cottons              Henry Cottons
 Trussardi Jeans            Trussardi Jeans
 Trussardi Sport            Trussardi Sport
 Newman                     Newman
 Gant                       Gant
 Polo Jeans                 Polo Jeans
 Kookai                     Kookai
 Redskins                   Redskins
 Keds                       Keds
 French Connection UK       Max Mara
 Lubiam                     Marina Rinaldi
 Murphy & Nye               Swatch
 Persona                    Springfield
 Sperry
                                                           14
                                                       Stationery


Notos Com is active in the stationery market through
    • Notos Stationery wholesale-distribution
    • Pallis Stores –stationery stores
    • Pallis Office Supplies-B2B office supplies




 • Strong brand name with over 100 years of History
 • 4 stores located in premium locations in Athens
 • Exclusive representation & distribution of
    international brands (Faber Castel)

                    Sales 9M 2005 - IFRS


      Stationery;
        2.02%




                                                           15
                                  International Subsidiaries




                         POLAND
                          1998
  CZECH
 REPUBLIC                         SLOVAKIA
                                    1998
   1994
                                     ROMANIA
                                       2001
AUSTRIA
 2003                               BULGARIA
                                      1993
HUNGARY
  2003                                     Turkey
             Croatia                        2005
              2003                             CYPRUS
                                                1997
            F.Y.R.O.M.
                                                      16
               2005
                                                                              International Subsidiaries

                                                                                        48 Stores Abroad - Nov '05
    Notos Com operates in wholesale and                        Slovakia   1
    retail and distributes apparel, footwear                    Skopje    1
    and cosmetics in a number of countries                     Romania    1
    outside Greece.                                            Hungary    1
                                                                Austria             3

                                                                Turkey                       5
                                                               Bulgaria                      5

•    A retail network of 48 stores                              Croatia                      5

                                                                 Poland                              7
•    Stores located in major cities and premium                  Czech                                    8
     shopping centers                                           Cyprus                                                 11

•    Exclusive representation of brands (Lacoste &
     Gant) in all countries
•    Replicate successful Greek business model                                                   Stores Abroad
                                                                                                                  48

                                                                                                         38
                                                                                            31
                                                                              28

                     Sales 9M 2005 - IFRS




                                               International
                                               Subsidiaries;              Dec '03       Dec '04    Sept '05   Nov '05
                                                  4.01%
                                                                                                                            17
Financial Overview IFRS – 9M




                               18
Financial Highlights                                    Financial Highlights (in € million)   9M 2005   9M 2004

                                                    Turnover                                  198.80    184.35

                                                    Change                                     7.84%
Significant turnover growth, which was in line
with the Management’s budget, and double            Gross Profit                               90.09     83.67
digit growth in profit after taxes and minorities   Change                                     7.67%
                                                    % of Total Turnover                       45.32%    45.38%
Acceleration of growth in top and bottom line
as compared to the 6-month financial results        EBITDA                                     32.21     29.14
                                                    Change                                    10.55%
International subsidiaries posted a rising
contribution to consolidated turnover during        % of Total Turnover                       16.20%    15.81%
the 9-month period in view of a larger network      EBIT                                       24.91     20.86
of retail stores and positive prospects of the
                                                    Change                                    19.42%
foreign markets
                                                    % of Total Turnover                       12.53%    11.32%
Notos Group realized initial revenues in the        Profit before Tax                          22.28     18.32
market of Turkey, anticipating stronger income
                                                    Change                                    21.64%
in future
                                                    % of Total Turnover                       11.21%     9.94%
NOTE: In this presentation, all financial data      Profit after Tax                           15.09     11.70
are according to IFRS based consolidated
                                                    Change                                    28.97%
financial statements.
                                                    % of Total Turnover                        7.59%     6.34%
                                                    Minority Interest                          -0.85     -1.72

                                                    EATAM                                      15.95     13.42

                                                    Change                                    18.83%
                                                    % of Total Turnover                        8.02%     7.28%
                                                    Earnings per Share (*)                     0.23      0.2319
Notos Com S.A. – Turnover
                                                                                           Notos Com S.A. - Group Turnover (€ mil.)

Consolidated turnover rose by 7.84% to EUR                                           250                            198.80
198.8 million.                                                                                          184.35
                                                                                     200




                                                                        (€ millon)
Turnover in the 9-month period of 2005 continued                                     150
to be in line with Management’s estimates for the                                    100
year end.
                                                                                      50
Gross profit advanced by 7.67% in the 9-month
                                                                                       0
period, with the gross profit margin stabilizing at                                                        Turnover 2005
                                                                                                       9m 2004    9m
45.3%.                                                                                                      7.84%


                                                                            Notos Com S.A. - Group Gross Profit Margin
                         Notos Com S.A. - Group Gross Profit (€ mil.)                          (%)

                         100                     90.09
                                       83.67                                                          45.38%
                                                                                     50%                          45.32%
                          80
            (€ millon)




                                                                                     40%
                          60
                                                                                     30%




                                                                            (%)
                          40
                                                                                     20%
                          20
                                                                                     10%
                           0
                                                                                      0%
                                                  9m
                                       9m 2004 Profit 2005
                                         Gross                                                     9m 2004   9m 2005
                                                                                                    % of Total Turnover
                                            7.67%



                                                                                                                                      20
Notos Com - EBITDA                            Notos Com S.A. - Group EBITDA (€
                                                           mil.)

                                                                  29.14     32.21
Earnings before interest, taxes,                           35
depreciation settled at EUR 32.21 million,                 30
higher by 10.55% as compared to the 9-                     25




                                              (€ millon)
month period in 2004.                                      20
                                                           15
                                                           10
EBITDA margin settled at 16.20% in 9M                       5
2005, versus 15.81% in 9M 2004 and                          0
15.03% in 6M 2005, reflecting the                                    EBITDA 2005
                                                                9m 2004   9m
Group’s efficient product mix and cost                             10.55%
management.
                                                 Notos Com S.A. - Group EBITDA Margin


                                                     20%
                                                                   15.81%    16.20%




                                             (%)
                                                     10%



                                                           0%
                                                                9m 2004     9m 2005
                                                                 % of Total Turnover




                                                                                        21
Notos Com - EBIT
                                                                 Notos Com S.A. - Group EBIT (€ mil.)

                                                                 30                   24.91
Earnings before interest and taxes advanced to
EUR 24.91 million in the 9-month period of 2005,                 25          20.86
higher by 19.42% as compared to the 9-month
                                                                 20




                                                    (€ millon)
period of 2004.
                                                                 15
EBIT posted stronger growth rate than EBITDA                     10
due to lower depreciation charges in 9M 2005
                                                                  5
following the adoption of IFRS. Depreciation
settled at EUR 7.30 million in 9M 05 versus EUR                   0
8.28 in 9M 2004.                                                        9m 2004 EBIT 9m 2005
                                                                               19.42%
As a result, EBIT margin advanced to 12.53%
versus 11.32% in the same period last year.                      Notos Com S.A. - Group EBIT Margin

                                                                                     12.53%
                                                           14%
                                                                            11.32%
                                                           12%
                                                           10%
                                                            8%




                                                   (%)
                                                            6%
                                                            4%
                                                            2%
                                                            0%
                                                                           % 2004        9m 2005
                                                                           9mof Total Turnover




                                                                                                        22
Notos Com – Profit After Tax
                                        Not os Com S.A. - Group Profit AT (€ mil.)
                                                                          15.09
                                                      16
 Profit after tax increased by 28.97%                            11.70
                                                      14
 to EUR 15.09 million in 9M 2005,
                                                      12
 due to the rise in EBIT and the drop




                                         (€ millon)
                                                      10
 in corporate tax rate.
                                                       8
                                                       6
 As a result, net profit margin on a                   4
 consolidated basis increased to                       2
 7.59% as compared to 6.34% in 9M                      0
                                                                       9m 2005
                                                            9m 2004 After Tax
 2004.                                                          Profit
                                                                   28.97%




                                                Notos Com S.A. - Group Profit AT Margin



                                                       8%                7.59%
                                                       7%        6.34%
                                                       6%
                                                       5%




                                                 (%)
                                                       4%
                                                       3%
                                                       2%
                                                       1%
                                                       0%
                                                                       9m 2005
                                                            9m 2004 Total Turnover
                                                                % of




                                                                                          23
Notos Com – Balance Sheet Items
Total bank debt settled at EUR 74.87
million in 9M 2005, dropping by               (in € mn)                    9m 2005   % growth   9m 2004
12.79% on 9-month basis. Long-term
                                              Property Plant & Equipment    135.77    -1.24%     137.47
debt rose by 12.45% to EUR 32.57
million, whereas short-term debt              Intangible Assets             12.68     -7.85%     13.76
dropped by 25.65% to EUR 42.30                Investments                    2.51     10.09%      2.28
million.
                                              Cash & Banks                   7.23     40.70%      5.14
Inventories rose by 3.57% to EUR              Inventories                   70.40     3.57%      67.97
70.40 million on 9-month basis, as            Trade Debtors                 58.80     9.66%      53.62
compared to an inventory growth of
                                              Other Assets                  26.10     -8.42%     28.50
7.6% on 6-month basis, under-
performing the turnover growth. It is         Total Assets                  313.49    1.54%      308.74
reminded that inventories of Notos            Net Shareholder's Equity      128.08    9.62%      116.84
Galleries, if not sold, will be returned to
                                              Minority Interest              8.68     -8.44%      9.48
their suppliers without the Company
incurring any obligation.                     L-T Bank Loans                32.57     12.45%     28.96
                                              S-T Bank Loans                42.30     -25.65%    56.89
                                              Other Liabilities             110.54    4.24%      106.05
                                              Total Liabilities             185.41    -3.38%     191.90
                                              Total Equity & Liabilities    313.49    1.54%      308.74




                                                                                                    24
Consolidated Turnover per Business Activity
                          Consolidated Turnover - Product Category ( € million)

90              77.82

80      73.37

70
60
                                         48.97 52.03
                                 43.19
50
                         38.96
40
30                                                              19.00
                                                        17.23
20                                                                                            8.19
                                                                               4.12    6.08
10                                                                      4.23
                                                                                                      -4.49
                                                                                                              -5.55
  0
      Notos Galleries    Cosmetics &     Wholesale     Retail Apparel   Stationery    International   Intragroup
-10                     Personal Care     Apparel                                      Subsidiaries      Sales


        6.07%            10.86%          6.25%          10.27%          -2.62%           34.74%       23.65%

                                              9m 2004           9m 2005


Notos Galleries Home, Cosmetics, Wholesale as well as Retail Apparel all posted solid growth rates during the 9-
month period of 2005. International Subsidiaries demonstrated the highest turnover growth.

                                                                                                                      25
     Consolidated Turnover per Business Activity
                                   9M 2005 (%)                                                               9M 2004 (%)
                                     International                                                                                Notos Galleries;
                                                                             Retail Apparel;   Stationery;        International
                     Stationery;     Subsidiaries;                                                                                   38.85%
   Retail Apparel;                                                                               2.24%            Subsidiaries;
                       2.02%                              Notos Galleries;      9.12%
      9.30%                             4.01%                                                                        3.22%
                                                             38.08%




   Wholesale                                                                  Wholesale
                                                                              Apparel;
Apparel; 25.46%
                                                                               25.93%


                                                  Cosmetics &
                                                 Personal Care;                                                 Cosmetics &
                                                    21.13%                                                     Personal Care;
                                                                                                                  20.63%

     Department Stores, Retail Apparel and Cosmetics remained the major contributors in total consolidated turnover
     during the 9-month period of 2005.



                                                                                                                                             26
Consolidated Gross Profit per Business Activity
                          Consolidated Gross Profit - Product Category ( € millon)

30                                26.45
              25.26      24.99
      23.32
25                                                  21.77
                                            20.89

20

15                                                                    11.39
                                                              10.28
10
                                                                                                        4.00
 5                                                                             1.40              2.79
                                                                                      1.22
 0
       Notos Galleries    Cosmetics &     Wholesale Apparel   Retail Apparel    Stationery       International
                         Personal Care                                                            Subsidiaries


        8.32%            5.84%                4.21%             10.80%           -12.86%          43.42%

                                            9m 2004         9m 2005

  Retail Apparel, Department Stores and Cosmetics experienced the highest gross profit growth during the 9-
  month period of 2005.

                                                                                                                 27
Consolidated GP Margin per Business Activity
                          Consolidated Gross Profit Margin - Product Category ( € millon)
70%                        64.14%
                                    61.24%                        59.95%
                                                            59.66%
60%
                                                                                                  48.83%

50%                                                41.84%                                    45.87%
                                             42.66%
                                                                                   29.59%
40%           32.46%
                                                                              33.07%
       31.78%
30%

20%

10%

 0%
        Notos Galleries       Cosmetics &     Wholesale      Retail Apparel     Stationery    International
                             Personal Care     Apparel                                         Subsidiaries
            2.13%                 -4.52%        -1.92%          0.48%          -10.51%         6.44%

                                              9m 2004       9m 2005

   The Cosmetics sector experienced the greatest improvement in gross profit margin, with the other sectors
   (Department Stores, and Apparel) posting minor deviations.

                                                                                                              28
Consolidated Gross Profit Contribution per Business Activity

                      Gross Profit Breakdown - 9M 2005 (%)                                        Gross Profit Breakdown - 9M 2004 (%)

                                       International                                                                 International
                                                          Notos Galleries;
                                    Subsidiaries; 4.44%                                                              Subsidiaries;   Notos Galleries;
                Stationery; 1.35%                            28.04%                                    Stationery;
                                                                                    Retail Apparel;                     3.33%           27.87%
   Retail Apparel;                                                                                       1.67%
                                                                                       12.29%
      12.64%




                                                                                 Wholesale
Wholesale Apparel;
    24.16%                                                                    Apparel; 24.97%                                             Cosmetics &
                                                              Cosmetics &
                                                                                                                                         Personal Care;
                                                             Personal Care;
                                                                                                                                            29.87%
                                                                29.36%



 Apparel, Cosmetics, and Department Stores were the major contributors in total consolidated gross profit during
 the 9-month period of 2005.



                                                                                                                                                          29
Consolidated EBITDA per Business Activity

                          Consolidated EBITDA - Product Category (€ million)

  20
                                          16.1216.27
  15
                           9.61 9.52
  10
                7.38
         4.81                                               2.55
   5                                                            2.52               -0.37            1.05
                                                                           -0.41             0.79
   0
       Notos Galleries    Cosmetics &     Wholesale      Retail Apparel    Stationery      International
  -5                     Personal Care     Apparel                                          Subsidiaries

        53.43%           -0.94%            0.93%            -1.18%         -9.76%             32.91
                                                                                               %
                                         9m 2004          9m 2005




 Department Stores posted the strongest EBITDA growth during 9M 2005. The Apparel sectors, as well as
 Cosmetics generated stable EBITDA.
                                                                                                           30
EBITDA Margin -Product Category
                              Consolidated EBITDA Margin - Product Category (%)


                                              32.92%
     40%
                              24.67%                31.27%
     30%                            22.04%                                                  12.99%
                                                              14.80%
     20%             9.48%                                         13.26%     -9.68%             12.82%
             6.56%
     10%                                                                          -8.97%

       0%
            Notos Galleries    Cosmetics &     Wholesale     Retail Apparel   Stationery    International
     -10%
                              Personal Care     Apparel                                      Subsidiaries
     -20%

             44.66%              -10.64%          -5.01%         -10.38%           -7.33%        -1.35%

                                              9m 2004        9m 2005




  Wholesale Apparel and Cosmetics demonstrated the highest EBITDA margins, followed by the retail apparel
  sector and Department Stores. Department Stores experienced EBITDA margin improvement during 9M 2005.


                                                                                                            31
Consolidated EBITDA per Business Activity

       EBITDA Breakdown - Product Category 9M 05 (%)                    EBITDA Breakdown - Product Category 9M 04 (%)


                 Stationery; -                                                     Stationery; -   International
                    1.15%      International                                          1.41%        Subsidiaries;
                                                 Notos                                                             Notos Galleries;
                               Subsidiaries;                     Retail Apparel;                      2.71%
                                               Galleries;                                                             16.51%
 Retail Apparel;                  3.26%                             8.75%
                                                22.91%
    7.82%




Wholesale
                                                 Cosmetics &     Wholesale                                               Cosmetics &
Apparel;
                                                Personal Care;   Apparel;                                               Personal Care;
 50.51%
                                                   29.56%         55.32%                                                   32.98%




     Apparel, Cosmetics, and Department Stores remained the major contributors in total consolidated EBITDA
     during the 9-month period of 2005.

                                                                                                                             32
 Consolidated Turnover per Geographic Market

                                              Consolidated Turnover - Country Category (€ million)
           190.61

        178.27              2.13
                     1.95                        1.86
                                      1.66
                                              1.54
                                   1.41


                                                          0.75           0.24     0.26      0.39                          0.63
                                                        0.37                                          0.19
                                                                  0.22                    0.27                   0.08
                                                                                0.16                0.15
                                                                                                              0.00      0.00

          Greece     Bulgaria       Czech     Cyprus    Poland    Slovakia      Romania   Austria   Hungary   Skopje    Turkey
                                   Republic

           6.92%     9.23%         17.73%     21.17%    103.52%     7.62%        59.51%     43.91%     25%



                                                 9m 2004       9m 2005




Greece is a relatively mature market, whereas strong growth rates were seen in Poland, Czech Republic and Cyprus. Turkey
had a noteworthy performance as first time contributor in consolidated turnover.


                                                                                                                                 33
Outlook-2005


 Turnover and profit growth in 2005 are expected to be in line with the Management’s estimates, presented
 earlier this year.

 The Group aims at sustaining and gradually improving its market shares in the relatively mature Greek
 market.

 The domestic network of retail stores will increase by 7 (6 Apparel and 1 Cosmetics) new points of sale until
 year-end.

 Notos Com will continue to actively manage the operation of its retail network taking advantage of its
 broad range of branded products in the apparel sector.

 The Group strongly focuses on further expansion in the international markets, by constantly broadening its
 network of stores.




                                                                                                                 34
                                                                                    2005 – Outlook (IFRS)

Sales & Gross Profit Outlook                                                    Sales (€ mln)

                                                                                           279.1
   •Sales growth for FY 05 of apprx. 8.4%. Due to:
                                                                                                     8.4%
                                                                                                    Growth
   •First Full fiscal year for brands acquired in 2004
                                                                                                   for FY05
          •Clarins and Thierry Mugler in Cosmetics                          257.6

          •Max Mara & Marina Rinaldi in apparel retailing

   •Opening of new apparel retail stores for selected brands in
   Greece and Abroad
                                                                         2004          2005
   •Notos Galleries Home will continue to provide
    growth in the department Store SBU.
                                                                     Gross Profit (€ mln)
   •Organic growth
                                                                                        128.3


   Gross profit growth at 8.6%
                                                                                                   Margins
                                                                                                   stable @
   •Gross profit margin is expected to remain stable during          118.2
                                                                                                     46%
   FY05




                                                                  2004              2005



                                                                                                     35
                                                                              2005- Outlook (IFRS)

                                                                       EBITDA (€ mln)
Earnings Outlook
                                                                                      44

   •    EBITDA is expected to grow by 6% and EBITDA                                           6%
        margins to remain stable                                                             Growth
                                                                                            for FY05
   •    Absorption of Aiakos (Notos Galleries Home) will
        improve efficiency and will lower Group taxes                  41.5



   •    We expect lower Depreciation Charges & Financial
        Expenses due to the payment of the last installment
        on syndicated loan.

   •    EBT is projected to increase by 16.2% and EBT           2004           2005
        margins to improve by apprx. 80 bp.

                                                                       EBT (€ mln)

                                                                                     31.5


                                                                                            Margins
                                                                                            expected
                                                                                               to
                                                                     27.1
                                                                                            improve




                                                              2004            2005
                                                                                               36
                                               Going Forward-Our LT Focus

     Our Long Term Strategy for Growth is Focused on 3 Pillars:

            Leverage our organizational structure to achieve
1.                   sustainable growth in Greece


           Take advantage of the improving macroeconomic
2.                 environment in Eastern Europe



3.        Improve our productivity and operational Efficiency




                       Sustainable Long Term Growth
                                                                    37
                                                                Going Forward - Greece

         Leverage our organizational structure and advantages to capture growth in the
                                        Greek Market

                                              • Notos Com has the organizational
Further Enrichment of Brand Portfolio            leverage to offer international brands
                                                 a total service solution.
                                                    • Wholesale distribution network
                                                    • Retail stores
                                                    • Department stores
                                                    • Investment in advertising


Growth of Notos Galleries Home                • NGH will offer more growth as it
                                                 matures and attracts new customers
                                              • Increasing customer awareness of
                                                 furniture department store




                                              • Open new stores for new brands we acquire
Opening of New Retail Stores
                                              • Re-brand stores to increase sales per sqm
                                              • Expand into new location with existing brands

                                                                                          38
                                        Going Forward – Foreign Operations


The Market                               The Business Plan
• Improving macroeconomic conditions         Export the successful Greek model of
  due to the entrance in the European        operations in countries we are present
  Union
                                             • Expand our Retail Network in
• Improving standards of living                 those countries

• Low penetration of upscale brands          • Gradually introduce wholesale
                                                operations
• Convergence of consumer habits to
   western standards                         • Exploit cost synergies with Greek
                                                operations




                                                                                   39
Appendix




           40
                                             Group Financial Overview- 12m 2004


                       Group Performance (€ mil. GR GAAP)
              12%

                  268.9
            240

                                  14.7%


                                     127.7
                             111.3
                                                    7.3%
                                                                       11%

                                                       44.1
                                                41.1
                                                                   27.2 30.2



             Sales         Gross Profit         EBITDA             EBTAM

                                       2003     2004


• Sales increased by 12% due to double digit growth in most SBUs

• Gross Profit Margin settled at 47.5% of sales vs. 46.4% the previous year due to
   more favorable product mix
                                                                                     41
                                                           12M 2004 vs 12M 2003




    17.2%               Group Performance (€ mil) GR GAAP


         107.4     4.8%
  91.6
                                  23.7%
                        72.5
                 69.2
                                                  17.5%
                                       55.4
                                44.8                            42.1%         21.9%
                                                    26.2
                                                22.3

                                                              10.4 6.0        7.3 8.9



1.Department 2.Cosmetics /     3.Wholesale 4.Retail Stores 5.Stationery    6.Foreign
   Stores      Personnal        Apparel /                                 Subsidiaries
                 Care           Footwear

                                       2003    2004



                                                                                         42
                                                              Financial Overview- Our SBUs

  Notos Galleries Sales (€ mln)
                      17.4%               Department Stores
       7.3%
                             107.5        • Change of use a whole floor at Athens department
               91.6                          store to capture demand from younger clients
 85.4
                                          • New fidelity card –Notos Galleries Visa
                                          • First full Year of Notos Galleries Home
                                          • Increased advertising and promotional activities


                                           2004 Gross profit Margins
                                                                Gross         Net
                                           NG Lambropoulos       32.80%       10.80%
2002          2003          2004           NG Home               31.50%
         Cosmetics Sales (€ mln)
                        4.9%
                                   72.6
                                          Cosmetics/Personal Care
        9.1%         69.2
                                          • New exclusive brand representations in mid 2004
                                                 Clarins, Thierry Mugler, L’Occitane
                                          • The decrease in growth rate is due to the loss of the
       63.4
                                             representation of the WILKINSON SWORD Brand
                                           2004 Profit Margins
                                                                 Gross        Net
                                           Notos                 61.3%       22.5%
                                           YSL                   73.6%       12.2%                  43
  2002          2003          2004         Lancaster             85.3%       12.7%
                                                                     Financial Overview- Our SBUs

Wholesale Apparel / Footwear Sales (€ mln)
                        23.7% 55.4             Wholesale Apparel/Footwear
        35.8%
                     44.8
                                               • New representation of brands
                                                  (FCUK,Persona,Murphy & NYE)
         33                                    • Exploitation of brands acquired in 2003 for the whole
                                                  year (Trussardi Sport,Trussardi Jeans, Henry
                                                  Cottons,Cerruti Jeans)
                                               • Improvement of wholesale index
                                               2004 Profit Margins
                                                                         Gross     Net
                                               Wholesale
     2002        2003         2004             Apparel/Footwear          41.5%    30.6%

     Retail Apparel / Footwear Sales (€ mln)   Retail Apparel/Footwear
              6.7%
                            17.5%              • Increase in existing point of sales (stores)
                                    26.2       • Acquired Max Mara & Marina Rinaldi adding 7 new
                     22.3
         20.9                                     stores
                                               • Increase in sales from stores that did not operate
                                                  the whole of 2003, but have been in operation
                                                  over the full year of 2004
                                               2004 Profit Margins
                                                                         Gross      Net
                                               Retail
                                               Apparel/Footwear          62.1%     12.3%                 44
      2002       2003          2004
                                                               Financial Overview- Our SBUs

       Stationery Sales (€ mln)
          -20.6%                      Stationery
  13.1
                        -42.3%        • Sales fell by 42.3% due to the closing of Big City
                10.4
                                         corporation –a computer retail stores network
                                      • Market of office supplies fragmented and difficult
                              6

                                      2004 Profit Margins
                                                                 Gross    Net
                                      Pallis                     44.6%    n.a.
                                      Pallis Office Supplies     10.7%    n.a.

2002         2003        2004



 Foreign Subsidiaries Sales (€ mln)
                      21.9%
 9.0%                         8.9
                                      Foreign Subsidiaries
                7.3                   • Notos opened four new stores during 2004
   6.7
                                            Poland: 2 Lacoste & 1 Gant
                                            Austria: 1 Gant
                                      2004 Profit Margins
                                                                  Gross    Net
                                      Foreign Subsidiaries        48.2%   10.3%


                                                                                             45
2002         2003        2004
                                                                 Subsidiaries & Affiliates

                                     NOTOS COM
                                     HOLDINGS S.A.


    LANCASTER GROUP HELLAS S.A.                      YSL BEAUTE S.A.
                                                             49%
               49%




NOTOS INTERNATIONAL Ltd                              NOTOS CYPRUS Ltd
       100%                                                  51%



                                                         APIVITA S.A.
          NOTOS BULGARIA Ltd                                33,73%
                100%

            Notos Com CZ Sro
                                                         DARNEKS TEKSTIL S.A.
                 70%
                                                              31%
            Notos HUNGARY Kft
                  80%
                                                        EMAR doo (CROATIA)

             Notos ROMANIA Srl
                                                              51%
                  51%

             Notos SLOVAKIA Sro                          EMAR INC. doo (SLOVANIA)

                   51%                                        51%

           Notos POLSKA Sp. Zo.o
                                                        PALLIS STORES S.A.
                  100
                  %                                          50,1%
      Notos Textilhandel Gmbh (AUSTRIA)
                   100%
                                                     PALLIS OFFICE SUPPLIES S.A.
       Notos Skopje doo (FYROM)                              100%
                 100%
                                                                                       46
                                                                                       Organizational Chart


                                      BOARD OF DIRECTORS                                             GROUP
                                                                                                    FINANCE

                                                                            Internal
                                                                              Audit
                                       EXECUTIVE COMMITTEE
                                                                                                       GROUP
                                                                                                     ACCOUNTING
                                                                                                     & TAXATION
                                                                       STAFF POSITIONS


                                                                                                         GROUP
                                                                                                       TREASURY
                                                                                                      & INVESTOR
                                                                                                      RELATIONS




                           SBU 3                                                                         GROUP

   SBU 1                  Retail of                        SBU 5                                    ADMINISTRATION
                                                          Stationery                    Central      & PURCHASING
 Cosmetics /              Apparel /
Personal Care             Footwear


                                                                                                        GROUP
                                                                                                        BUDGET

                SBU 2
                                           SBU 4                          SBU 6
           Wholesale of
                                      Department Stores                International
            Apparel /                                                                               GROUP
                                                                        Subsidiaries
            Footwear                                                                                  HR

                                                                                                            47
                                                  Board of Directors

Executive Members
Christos Papaellinas            (Chairman)
Alexandros Stratos              (Vice Chairman)
George Papazoglou               (Managing Director)
Michalis Papaellinas            (Vice Managing Director)
Barbara Vernikou                (Member)
Aristides Gounaras              (Member)


Non-Executive Members
Demetrios Frangetis     (Director of the Remuneration Committee)
Nicolaos Kaloyannis
Gerasimos Vasilatos     (Director of the Internal Audit Committee)


                                                                48
                                                                                                          Stock Performance


                        Notos Com vs G.I. vs FTSE 40 (52 weeks)
                                                                                                Indexes:
                                                                                                FTSE Mid Cap - 40
        150                                                                                     Athens Stock Exchange General Index
                                                                                                FTSE All World Index
        140
                                                                                                FTSE World Index ex- Multinationals
        130                                                                                     FTSE Euro Small Cap
        120                                                                                     FTSE Med – 100
        110                                                                                     Eurobank Mid Cap Private Sector - 50
        100

           90
                                                                                                Average Daily Time Spread =0,72%
           80
                                                                                                (01/04/2005 - 15/11/2005)




                                                                                7
           6


                    1


                            5


                                    3




                                                       3


                                                                8


                                                                        2




                                                                                        2
                                        /3


                                             /7




                                                                                2
                /1


                        /1


                                /2




                                                    /1


                                                            /1


                                                                    /2
        2/




                                                                                    2/
                                        5


                                             6




                                                                            0/
       1


                1


                        2


                                3




                                                   7


                                                            8


                                                                    9




                                                                                    1
                                                                            1
                                    NOTOS COM            G.I.           FTSE 40




                                                 5/12/'05       31/12/'04 31/12/'03 31/12/'02   Dividends
General Index                                    3,508.07       2,786.18 2,263.58 1,748.42      Dividend Yield : 3,52%
FTSE Mid Cap 40                                  3,053.63       2,309.91 2,377.10 1,875.10       (average share price 2004: €3.41)
Notos Com Holdinds                                 3.36           3.28       3.8      1.74      Dividend 2004=0,12 € (33% Δ yoy)

                                                                                                                                     49
                                                     Shareholder Composition



                             Share Holding (19/09/05)

          Public                                               Management
          23.4%                                                  42.2%




    Home
Institutionals
   12.3%


                                                Institutions
                    Foreign
                                                   6.6%
                 Institutionals
                     15.4%




                                                    FREE FLOAT = 57.83 %


                                                                            50
                                                           Human Resources

            Human Resources




                              Headquarters

                 52           Clothing Wholesale
       240 110                Clothing Retail

 126              239         Department Stores
                              Stationery
                              Cosmetics
                              International Subsidiaries
518                           Joint Ventures

                 709
       50




                                                                     51
  Visit us at
www.notoscom.gr
            Contacts

          G. Katsaros

          Head Offices,
        6 Menexedon St.
         145 64 Kifissia

     Tel: + 30 210 8007300
     Fax:+ 30 210 8074579
  email: gkatsaros@notos-com.gr




                                  52

				
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