Corporate Presentation January 2006 George Papazoglou, CEO

1. Corporate Presentation January 2006 George Papazoglou, CEO George Katsaros, Group Treasurer & IRO

2. 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 noobligation 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.

3. 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

4. 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

5. Dynamic Business Model Broad Distribution Network SBU3 Retail Stores SBU4 Stationery SBU1 Notos Galleries SBU2 Cosmetics, Personal Care SBU6 International Subsidiaries SBU5Wholesale of Apparel/Footwear TOTAL BRAND MANAGEMENT & DEVELOPMENT Broad Customer Reach

6. Our Advantages Established Distribution Network • Broad customer reach • Multi-channel distribution • Department Stores • Retail Stores • Wholesale • Foreign Markets • Strong Brand Portfolio • Established long term vendor relationships • Powerful international brand names • Upscale brands with high margins Organizational Structure • Cost & operational synergies in promotion, • logistics, operational Support • Strong know how of brand management • Experienced management Low Operational Risk • Well diversified portfolio of brands • Broad Product Range • Geographical & distributional diversification

7. Strategic Business Units SBUs

8. 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

9. Cosmetics/PersonalCare • Representation and distribution of a wide range of selective and broad distribution Cosmetics • Extensive distribution network • 250 selling points for selective brands • 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

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

11. 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 Points of Sale (Footwear) = 239 Total Sale Points = 1,377

12. Retail of Apparel/Footwear A retail network of 54 stores, selling clothing and footwear products. • Monobrand and multibrand stores • Presence in premium locations of major city shopping areas • All Notos Com operated stores • Re-brand stores when needed to increase • sales per sqm and profitability • Non dependant on single brand Flexible Business Model

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

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

15. 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)

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

17. International Subsidiaries Notos Com operates in wholesale and retail and distributes apparel, footwear and cosmetics in a number of countries outside Greece. • A retail network of 50 stores • Stores located in major cities and premium shopping centers • Exclusive representation of brands (Lacoste & Gant) in all countries • Replicate successful Greek business model

18. Financial Overview IFRS – 9M

19. Financial Highlights Significant turnover growth, which was in line with the Management’s budget, and double digit growth in profit after taxes and minorities Acceleration of growth in top and bottom line as compared to the 6-month financial results International subsidiaries posted a rising contribution to consolidated turnover during the 9-month period in view of a larger network of retail stores and positive prospects of the foreign markets Notos Group realized initial revenues in the market of Turkey, anticipating stronger income in future NOTE: In this presentation, all financial data are according to IFRS based consolidated financial statements.

20. Notos Com S.A. – Turnover Consolidated turnover rose by 7.84% to EUR 198.8 million.Turnover in the 9-month period of 2005 continued to be in line with Management’s estimates for the year end.Gross profit advanced by 7.67% in the 9-month period, with the gross profit margin stabilizing at 45.3%.

21. Notos Com - EBITDA Earnings before interest, taxes, depreciation settled at EUR 32.21 million, higher by 10.55% as compared to the 9-month period in 2004. EBITDA margin settled at 16.20% in 9M 2005, versus 15.81% in 9M 2004 and 15.03% in 6M 2005, reflecting the Group’s efficient product mix and cost management.

22. Notos Com - EBIT Earnings before interest and taxes advanced to EUR 24.91 million in the 9-month period of 2005, higher by 19.42% as compared to the 9-month period of 2004.EBIT posted stronger growth rate than EBITDA due to lower depreciation charges in 9M 2005 following the adoption of IFRS. Depreciation settled at EUR 7.30 million in 9M 05 versus EUR 8.28 in 9M 2004.As a result, EBIT margin advanced to 12.53% versus 11.32% in the same period last year.

23. Notos Com – Profit After Tax Profit after tax increased by 28.97% to EUR 15.09 million in 9M 2005, due to the rise in EBIT and the drop in corporate tax rate.As a result, net profit margin on a consolidated basis increased to 7.59% as compared to 6.34% in 9M 2004.

24. Notos Com – Balance Sheet Items Total bank debt settled at EUR 74.87 million in 9M 2005, dropping by 12.79% on 9-month basis. Long-term debt rose by 12.45% to EUR 32.57 million, whereas short-term debt dropped by 25.65% to EUR 42.30 million.Inventories rose by 3.57% to EUR 70.40 million on 9-month basis, as compared to an inventory growth of 7.6% on 6-month basis, under-performing the turnover growth. It is reminded that inventories of Notos Galleries, if not sold, will be returned to their suppliers without the Company incurring any obligation.

25. Consolidated Turnover per Business Activity 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.

26. Consolidated Turnover per Business Activity Department Stores, Retail Apparel and Cosmetics remained the major contributors in total consolidated turnover during the 9-month period of 2005.

27. Consolidated Gross Profit per Business Activity Retail Apparel, Department Stores and Cosmetics experienced the highest gross profit growth during the 9-month period of 2005.

28. Consolidated GP Margin per Business Activity The Cosmetics sector experienced the greatest improvement in gross profit margin, with the other sectors (Department Stores, and Apparel) posting minor deviations.

29. Consolidated Gross Profit Contribution per Business Activity Apparel, Cosmetics, and Department Stores were the major contributors in total consolidated gross profit during the 9-month period of 2005.

30. Consolidated EBITDA per Business Activity Department Stores posted the strongest EBITDA growth during 9M 2005. The Apparel sectors, as well as Cosmetics generated stable EBITDA.

31. EBITDA Margin -Product Category 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.

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

33. Consolidated Turnover per Geographic Market 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.

34. 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.

35. 2005 – Outlook (IFRS) Sales & Gross Profit Outlook • Sales growth for FY 05 of apprx. 8.4%. Due to: • First Full fiscal year for brands acquired in 2004 • Clarins and Thierry Mugler in Cosmetics • Max Mara & Marina Rinaldi in apparel retailing • Opening of new apparel retail stores for selected brands in Greece and Abroad • Notos Galleries Home will continue to provide • growth in the department Store SBU. • Organic growth • Gross profit growth at 8.6% • Gross profit margin is expected to remain stable during FY05 8.4% Growth for FY05 Margins stable @ 46%

36. 2005- Outlook (IFRS) Earnings Outlook • EBITDA is expected to grow by 6% and EBITDA margins to remain stable • Absorption of Aiakos (Notos Galleries Home) will improve efficiency and will lower Group taxes • 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 margins to improve by apprx. 80 bp. 6% Growth for FY05 Margins expected to improve

37. Going Forward-Our LT Focus Our Long Term Strategy for Growth is Focused on 3 Pillars: Leverage our organizational structure to achieve sustainable growth in Greece 1. Take advantage of the improving macroeconomic environment in Eastern Europe 2. Improve our productivity and operational Efficiency 3. Sustainable Long Term Growth

38. Going Forward - Greece Leverage our organizational structure and advantages to capture growth in the Greek Market Further Enrichment of Brand Portfolio • Notos Com has the organizational • 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 Opening of New Retail Stores • Open new stores for new brands we acquire • Re-brand stores to increase sales per sqm • Expand into new location with existing brands

39. Going Forward – Foreign Operations The Market The Business Plan • Improving macroeconomic conditions • due to the entrance in the European • Union • Improving standards of living • Low penetration of upscale brands • Convergence of consumer habits to • western standards • Export the successful Greek model of operations in countries we are present • Expand our Retail Network in • those countries • Gradually introduce wholesale • operations • Exploit cost synergies with Greek • operations

40. Appendix

41. Group Financial Overview- 12m 2004 12% 14.7% 7.3% 11% • 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

42. 12M 2004 vs 12M 2003 17.2% 4.8% 23.7% 17.5% 42.1% 21.9%

43. Financial Overview- Our SBUs Department Stores 17.4% 7.3% • Change of use a whole floor at Athens department • store to capture demand from younger clients • New fidelity card –Notos Galleries Visa • First full Year of Notos Galleries Home • Increased advertising and promotional activities 4.9% Cosmetics/Personal Care 9.1% • New exclusive brand representations in mid 2004 Clarins, Thierry Mugler, L’Occitane • The decrease in growth rate is due to the loss of the • representation of the WILKINSON SWORD Brand

44. Financial Overview- Our SBUs Wholesale Apparel/Footwear 23.7% • New representation of brands • (FCUK,Persona,Murphy & NYE) • Exploitation of brands acquired in 2003 for the whole • year (Trussardi Sport,Trussardi Jeans, Henry • Cottons,Cerruti Jeans) • Improvement of wholesale index 35.8% Retail Apparel/Footwear • Increase in existing point of sales (stores) • Acquired Max Mara & Marina Rinaldi adding 7 new • 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 17.5% 6.7%

45. Financial Overview- Our SBUs Stationery -20.6% • Sales fell by 42.3% due to the closing of Big City • corporation –a computer retail stores network • Market of office supplies fragmented and difficult -42.3% 21.9% Foreign Subsidiaries 9.0% • Notos opened four new stores during 2004 • Poland: 2 Lacoste & 1 Gant • Austria: 1 Gant

46. 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% PALLIS STORES S.A. Notos Com CZ Sro 50,1% 70% Notos HUNGARY Kft PALLIS OFFICE SUPPLIES S.A. 80% 100% Notos ROMANIA Srl DARNEKS S.A. 51% 31% Notos SLOVAKIA Sro 51% Notos POLSKA Sp. Zo.o 100% Notos Textilhandel Gmbh (AUSTRIA) 100% Notos Skopje doo (FYROM) 100% EMAR doo (CROATIA) 51% EMAR INC. doo (SLOVANIA) 51% Subsidiaries & Affiliates NOTOS COM HOLDINGS S.A.

47. Organizational Chart BOARD OF DIRECTORS GROUP FINANCE Internal Audit EXECUTIVE COMMITTEE GROUP ACCOUNTING & TAXATION STAFF POSITIONS GROUP TREASURY & INVESTOR RELATIONS GROUP ADMINISTRATION & PURCHASING SBU 1 Cosmetics / Personal Care SBU 3 Retail of Apparel / Footwear SBU 5 Stationery Central GROUP BUDGET SBU 6 International Subsidiaries SBU 2 Wholesale of Apparel / Footwear SBU 4 Department Stores GROUP HR

48. 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)

49. Stock Performance • Indexes: • FTSE Mid Cap - 40 • Athens Stock Exchange General Index • FTSE All World Index • FTSE World Index ex- Multinationals • FTSE Euro Small Cap • FTSE Med – 100 • Eurobank Mid Cap Private Sector - 50 Average Daily Time Spread =0,71% (01/10/2005 - 30/12/2005) Dividends Dividend Yield : 3,52% (average share price 2004: €3.41) Dividend 2004=0,12 € (33%Δ yoy)

50. Shareholder Composition FREE FLOAT = 57.83 %