Athens, May 29th, 2008

I.Kloukinas-I.Lappas SA announces – Financial results for the period 01.01-31.03.08

The Group’s turnover amounted to 14.933.145 € over 11.700.160 €, an increase of 27,63% over the first trimester of 2007.

The Group’s profits before taxes amounted to 2.342.501 € over 2.714.769 € for the first trimester of 2007, decreased by 13,71 %.

The profits after taxes and rights of minority amounted to 1.785.352 €, over 2.122.361 € decreased by 15,88% over the first trimester of 2007.

Operating profits before taxes interest and depreciation( EBITDA ) amounted to 3.089.828 € over 3.220.053 € over the first trimester of 2007,decreased by 4,04 %,

The Commercial sector’s turnover amounted to 8.961.050 € over 7.928.482 € , an increase of 13,02% over the first trimester of 2007.

The Construction sector’s turnover amounted to 5.801.835 € over 3.730.223 € the first trimester 2007, an increase of 55,54%.

The results of the company’s 100% subsidiary COMPTON HOUSE HELLAS (ELC) are included in the commercial sector’s profit & loss account as at 31.03.08 (Sales 894.950 € , losses after taxes 94.260 €). In the comparable interim financial statements as at 31.03.07, COMPTON HOUSE HELLAS is not consolidated due to its acquisition by the parent company in November 2007.

The results of the current period were burdened by the increased cost (lease and personnel salaries) of 6 new stores in Hios, Korinthos, Tavros, Larissa, Alimos and Thessaloniki (they will operate in the second trimester) as well as by the interest expense of the 6 m.€ loan, amounted to 120.000 €, which was acquired for the bought out of the Early Learning Center. It is noted that in the first trimester ELC generated losses amounting to 94.260 € due to the children’s toys sector seasonality.

Moreover in this period the commercial sector ‘s sales did not present the anticipated sales due to the strike in the major harbours of the country, demonstration in the center of Athens as well as the fact that the Greek Orthodox Easter was celebrated 3 weeks later, at the end of April, in comparison with last year. In April, sales have increased by 36% without the participation of the above new stores.

The management estimates that the annual results will be in line with the reported predictions.

The Interim financial statements for the period 01.01-31.03.08 were published in 28.05.08 in the press (Kerdos) and disclosed to the company’s website and to the Athens Exchange Stock website