Participation of F.G. EUROPE S.A.: 100%
FIDAKIS SERVICE S.A. was founded in 1983 under the name "DORIKI Societe Anonyme Industrial and Commercial Company of Importing - Industrialization - Plastics and Food's Paper Packaging Commerce - Drinks - Candy Making Products - Restaurants' Creation - Fast Food Restaurants - Services Supply - Agent" and the distinctive name DORIKI S.A. The company's headquarters are located at 128, Vouliagmenis Av., Glyfada, Attica.

From 1989 to 1998 the company was inactive due to losses. In January 1999 the company started operating again and undertook the service of ESKIMO products.

Since April 2002 the company's main activity has been the trading of the b-quality products of F.G. EUROPE group through its store on 65, Alimos Av. In June 2002 the company terminated its agreement with F.G. Europe S.A. concerning the service of the Company's products.

The Extraordinary General Meeting of the shareholders of 11/6/2003 decided the change of the company's name to "FIDAKIS SERVICE S.A.".

The company has restarted its activities in the sector of the integrated services, by undertaking the service of the group's products. Towards this direction the company advanced to the purchase of the 100% of the shares of FIDAKIS SERVICE Ltd. which is active in the service of air conditioners, which will be transferred to FIDAKIS SERVICE S.A.

(The share capital of the absorbed company amounts to 18,000 Euro, the balance of the period's profits of 18,741.75 Euro and the total of its equity on 12/31/2003 amounts to 36,741.75 Euro).

A contract agreement has been signed on 1/5/1999 between FIDAKIS SERVICE S.A. and F.G. EUROPE S.A. according to which and F.G. EUROPE S.A. undertook the accounting services with its own staff according to the Tax Law and within the framework of the accepted accounting principles.

2006 Financials

Financial Review of the Board of Directors

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2. FIDAKIS LOGISTICS S.A. (former GENERAL INFORMATION SYSTEMS APPLICATIONS S.A.)

Participation of F.G. EUROPE S.A.: 100%
The company was founded in 1989. In 1994, it was transformed to a Societe Anonyme under the trade name "GENERAL DATA APPLICATIONS S.A.". The company's is located in the municipality of Glyfada, at 128 Vouliagmenis Av. The company is active in the sector of retail sale and the wholesale of information systems products and particularly of computers, software, peripherals etc.

The Company's Shareholders' Extraordinary General Meeting as of 7/30/2003 decided: The modification of the company's brand name to FEIDAKIS LOGISTICS S.A. SOCIETE ANONYME OF WAREHOUSES AND TRANSPORTATIONS with the distinctive name of F.G. LOGISTICS S.A. and the modification of the charter's article 3 as follows:

The company ceased its operations as of October 2002 due to losses.

The company has already decided to start its operations which will comprise the provision of integrated Logistic services (warehousing, distribution, clearance, packaging etc.) to all group companies.

A contract agreement has been signed on 04/15/2003 between FIDAKIS LOGISTICS S.A. and F.G. EUROPE S.A. according to which F.G. EUROPE S.A. undertook the provision of accounting services through its own personnel in accordance with the Tax Legislation and the accepted accounting principles.

2006 Financials

Financial Review of the Board of Directors

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3. CITY ELECTRIΚ S.A.

Participation of F.G. EUROPE S.A.: 100%
The Company was founded in 1999 (under the name "CITY ELECTRIK COMMERCIAL - IMPORTING EXPORTING SOCIETE ANONYME" and the distinctive name of CITY ELECTRIC S.A. The Company's headquarters are located at 128. Vouliagmenis Av., Glyfada, Attica.

During 2001, ESKIMO S.A. advanced to the acquisition of 29.35% of the company's share capital that is a capital of Euro 49,889.95. At the same time it performed a share capital increase.

The company encountered significant difficulties due to the intense competition in the sector of retail of electrical appliances. As a result, the sales dropped dramatically and its second store in Melissia was closed down.

In the beginning of 2002, the management decided to close its store at Vouligmeni Av. and sell its existing stock in order to avoid the further negative course of the company's results.

The company has already decided to start its operations again and specifically sell the b-quality products of the group though its store on Alimos Av.

A contract agreement has been signed on 12/23/2002 between FIDAKIS LOGISTICS S.A. and F.G. EUROPE S.A. according to which F.G. EUROPE S.A. undertook the provision of accounting services through its own personnel in accordance with the Tax Legislation and the accepted accounting principles.

2006 Financials

Financial Review of the Board of Directors

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4. HYDROELECTRIKI ACHAIAS S.A.

Participation of F.G. EUROPE S.A.: 55.25%
The company was founded in 2001 under the name "Hydroelectriki Achaias Societe Anonyme" and the distinctive name of "Hydroelectriki Achaias S.A.". The company is located at 128, Vouliagmenis Av., Glyfada, Attika.

The company's objective is the profit through the foundation and exploitation of an electric power plant and specifically of a small hydroelectric project of 2.6 MW installed power in Kerynitis river close to Boufousia settlement at the municipality of Aigio in Achaia prefecture.

The project's construction period has finished and the commercial operation is expected to begin in December 2004.

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5. HELLENIC AEOLIKI KYLINDRIAS Ltd.

Participation of F.G. EUROPE S.A.: 100%
The company was founded in 2002 under the name "Hellenic Aeoliki Kylindrias Limited Company" and the distinctive name of "Hellenic Aeoliki Kylindrias S.A.". In 2003 the company was converted to single partner company and its name was changed to "Hellenic Aeoliki Kylindrias Single Partner EPE". The company is located at 128, Vouliagmenis Av. in the Municipality of Glyfada of Attika.

The company's objective is the development, construction and operation of one or more wind parks in Greece.

The company has Permission of Electric Power Production for a wind park of 9.9 MW installed power in Kylindria hills in the municipality of Doirani in the prefecture of Kilkis. The company proceeds to the accession of the rest of the permissions required for the project's construction.

2006 Financials

Financial Review of the Board of Directors

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6. Subsidiaries of the Subsidiaries Companies

FEIDAKIS SERVICE S.A., 100% subsidiary of F.G. EUROPE, controls the 100% of the share capital of FEIDAKIS SERVICE S.A. The purchase of the company’s shares took place in 2003.

FEIDAKIS SERVICE LTD.

The Company was founded in 2002 under the brand name of "Feidakis Service Limited Company" and the distinctive name of "Feidakis Service S.A.". Its headquarters are in Glifada and its duration ends at 2022 (20 years).

The Company's goal is a) the organization and service of every type of house appliances, air-conditionings, electric and electrical machines, and also the supply of every type of service that has a relation with the above commercial kinds, b) the purchase of domestic market or the import from abroad and profitable distribution (trade) in Greek market, and also the supply of every kind of components, spare parts, and their equipment and accessories, and also every other related commercial product and c) the representation of foreigners and native commercial and industrial houses that seek identical or similar with the above goals. The company's activity was the supply of technical support in the products that F.G. Europe distributes in Greece, according to the agreement made between the two companies. Feidakis Service reward for the supply of the above services on a monthly or annual base is defined as a percentage of the latter's foundation's conservation expenses and of the appliances' conservation for which a guarantee is granted.

The above contract expires on 31/3/2004 (one year duration), with the right of one year renewal each time.

The initial share capital was defined to Euro 18,000, divided into 300 shares of Euro 60 nominal value each. The only partner is FEIDAKIS SERVICE S.A. The first fiscal year of the Company ended on 12.31.2003.

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