Dear Shareholders,

The financial year 2006 was for the SPIDER Group of companies a year of significant changes.

During this period the company transferred the biggest part of its production line from Kardamitsia & opposite airport plants to the industrial area of Ioannina, completing respectively the investment plan in shop fitting sector.

The parent company has disposed of its assets in SPIDER ENERGY. The results of this transaction give surplus value and increase the profitability and re-enforced the cash flow.

In this fiscal year we managed to increase our market share, which has increased the turn over and profitability versus the year 2005.

The turnover of the parent company reached about €27 mill versus €25 mill in the previous year and respectively the turnover for the group reached about €34 versus €29 mil in the same period.

The after taxes profits of the parent company amounted in €1.841 th., versus €564 th. of the previous year, while in Group level the pre taxes profits reached the amount of €1.336 th. versus €103 th. of the previous year.

Prospects for 2007

Looking forward on a positive note, the anticipation of more product development and the operation of new production lines will characterize this year.

The shop fitting and warehouse equipment sector is showing positive trends. New franchising opportunities, department stores and super markets entry into to the market, and the renovation of several old stores has identified further opportunities.

The waste management sector

A new subsidiary “SPIDER ENVIRONMENTAL SERVICES” has been created which will concentrate on serving the public and local authorities, waste management activities such as , refuse collection, waste treatment and disposal.