TERMS AND LIMITATIONS
OF ACCOUNT

I. Scope

1. All transactions and tradings between the Customer and the company limited by shares «PROTON SECURITIES S.A», with a head-office located 22 Lagoumitzi Street, Kalithea, Athens, Greece (hereinafter the «Company») are governed by the present General Terms of Business, and in particular those relating to the following:

a) the reception, acceptance, execution or further transmission for execution, of instructions (orders) given by the Customer for:

I. the conclusion on his behalf of transactions relating to one or more financial instruments, within the meaning of article 2, paragraph 1, indent a (i) of Law 2396/1996, II. the acquisition and sale (repurchase) on behalf of the Customer of units in mutual funds and in general in Collective Investment Schemes in Transferable Securities and, III. the acquisition on behalf of the Customer of shares and bonds in the framework of issues by public offering or by participating in capital increases of companies limited by shares, and IV. the trading of pre-emption rights to shares.

b) the purchase and sale off-exchange (OTC) of bonds and interest-bearing bills issued by the Greek state and other Greek public entities and of bonds listed on the stock exchange.

2. Transactions and tradings other than the ones referred above (such as for example portfolio management, custody of securities, provision of investment advice) are governed by Special Terms, which are agreed in writing and specifically with the Customer and which depart from the provisions of the present General Terms or supplement them.

II. Customer identification, legalization and representation.

1. Any document which, by provision of the law, proves the identity of a natural or legal person and constitutes evidence of the legal representation of such person may be relied upon by the Company and shall constitute sufficient evidence for the Company of the identity of the Customer and of his representatives. The Company shall not bear any liability for the validity, effectiveness or authenticity of such documents.

2. The Company may take and keep samples of the signature of the Customer and of its authorised representatives.

3. A proper and orderly performance of the transactions requires that the Customer promptly informs the Company in writing of any change of name, surname or corporate name, of any change of address or registered office, as well as of any revocation of, or change in the powers of representation of the Customer, in particular powers of attorney, which have been previously notified to the Company. This obligation of notification applies even if these powers of representation are published or registered in public records or documents and even if revocation of, or amendment to such powers is likewise subject to equivalent publication or registration.

4. Any act made by the Company towards a representative or attorney of the Customer, whose identity has been notified to the Company by the Customer shall be deemed valid, provided the Company has not received notice in writing of the revocation or amendment of the powers of representation or powers of attorneys.

5. The Company validly performs its obligations under any trading relationship with the Customer, including with respect to any order of payment or delivery of securities, provided such performance takes place after review of the legalisation and authorisation documents or other supporting evidence of the addressee or receiver, the Company bearing no liability as to the validity, effectiveness or authenticity of such documents or elements.

III. Orders of the Customer and execution thereof.

1. The Company executes orders of the Customer with professional consciousness and with the required discretion.

2. Instructions (orders) given by the Customer to the Company are given by the Customer either personally or through his representatives and attorneys, in accordance with the relevant provisions of articles 27 and 30, in combination with article 3 paragraph 1 indent θ of Law 2396/1996.

3. Orders of the Customer are given either in writing, any facsimile transmission (FAX) being in this case considered as written document, or verbally, including over the telephone. The Company is bound only by orders given on Greek business days and during business hours; that is, daily from ...... to ....... . The Company may, for the purpose of evidencing the content of the Customer's orders and generally the terms of any agreement with the Customer, record the content of telephone conversations on magnetic tapes. It is agreed that the magnetic tapes recording the Customer's telephone orders, the written documents sent to the Company and the facsimile messages (FAX) constitute valid and sufficient evidence as against the Customer of the order given to the Company and of its contents, as well as of any special agreement between the Company and the Customer, any other means of evidence, in particular through witnesses being hereby expressly excluded. For the safety of transactions, the Company expressly reserves the right to require from the Customer a confirmation, in writing or in any other form it deems suitable of its order, before execution.

4. Any order given by the Customer to the Company shall be clear and describe its subject-matter with accuracy. The Customer may or may not set a minimum or maximum purchase or sale price limit, giving, depending on the circumstances limited orders or market price orders. In case the terms of an order are unclear, the Company may, in its discretion, either refrain from executing the order or execute the order after having solved the unclarities according to its own judgement, without bearing any liability with respect to the interpretation given. Orders modifying, confirming or repeating previous orders must be expressly described and identified as such.

5. Orders given by the Customer to the Company are valid only and exclusively for the day of their transmission or, in the case of orders given outside the opening and trading hours of the market relevant to the particular transaction, for the immediately following business day, unless otherwise expressly agreed in writing. To the extent possible given the conditions prevailing on the stock exchange, the Company executes the Customer's orders during the session for which they are valid. In case of inability to execute, in whole or in part the Customer's orders during the session for which they are valid, the orders are not valid for the immediately following session. The Company may, at its own judgement and provided this is compatible with good business practice on the market concerned by the transaction or is in the interest of the Customer, execute partly the Customer's orders, except if otherwise expressly agreed with the Customer. Orders of the Customer with an indefinite term of execution are valid until duly revoked by the Customer. Cancellation and revocation of orders follow the same procedure as the one applicable to transmission of orders to the Company.

6. Orders of the Customer are irrevocable during the session of the Stock Exchange and one hour before the starting time of the session. The Company is not bound by any revocation of orders by the Customer, if the orders have been transmitted further on for execution or if any act, including any preparatory acts have already been taken in view of their execution. The Company shall not be liable for any loss or damage suffered by the Customer due to the execution of such orders.

7. The Company may carry out global transactions on behalf of several of its customers and, generally, principals. In case the amount of the particular transaction is not sufficient to cover all orders, the amount is allocated proportionally between the several customers/principals.

8. In the event of delays, interruptions or other defects affecting transmissions of messages via telegram, facsimile (FAX), telex or by electronic mail, and in case of incorrect translation or interpretation of technical terms, the Company shall be liable only in case of wilful misconduct or gross negligence of its executive organs, auxiliaries and employees. The Company shall only be liable for wilful misconduct or gross negligence of its executive organs, auxiliaries and employees if the Customer suffers any damage due to mistake, misunderstanding, error or fraud in connection with the person who made to the Company a declaration of will for the conclusion of a transaction or with the contents of declarations of will or announcements made telephonically or in writing by and to the Company, to and by the Customer or by and to the Company to and by third parties (cases of false impersonation and forgery). In any event of defective transmission of a declaration of will, the Customer hereby expressly waives any right of cancellation of the juridical act he may have pursuant to article 146 of the Greek Civil Code.

9. In the event of omission or transcription error of the Customer's code upon conclusion of a transaction, in the event of incorrect entry of all or part of the Customer's particulars in the Company's records or data or of typing errors affecting data during the transmission of the particulars of a stock exchange transaction in the name of a Customer, as well as in the event of incorrect credit and debit entries on the Customer's exchange account due to any error or oversight made by an employee of the Company, the Company shall have the right to cancel, at its own initiative, the transactions, records, data and documents immediately, as soon as it becomes aware of such error or oversight and the Company shall bear no liability whatsoever in connection thereto. In the event of late discovery of the error or oversight so that cancellation of the official data and records which the Company issues or maintains is no longer possible, the Company may, at its own initiative, take any measure necessary to restore the previous situation.

10. The Company is liable for default of, or delayed execution of the Customer's orders due to wilful misconduct or gross negligence of its executive organs, auxiliaries and employees. The Company is not liable for the non execution of orders which are given after the time of opening of the session of the market concerned (e.g. after the start of the daily session of the Athens Stock Exchange, with respect to transactions on that particular stock exchange). The Company is not either liable for failure to execute orders due to overstepping of the Company's ceiling of transactions on the Stock Exchange. The Company's liability does not in any case extend to compensation for negative damage due to the failure to execute orders.

11. The Company shall not be liable for any damage caused to the Customer or to a third party deriving a right from the Customer due to a partial or total suspension or restriction of the activities of the Company itself, or of any investment services firm with which the Company trades on behalf of the Customer, resulting from decisions and acts of the competent authorities, to unforeseen events and events of force majeure, including any interruption in the operation of the Stock Exchange or the exercise of the right to strike.

12. The payment to investors of any indemnity in connection with obligations arising from the provision of investment services is governed by the provisions of the Joint Guarantee Fund for the Safety of Transactions of the Members of the Athens Stock Exchange. The cover available in connection with the investment services supplied to the Customer amounts, as at 1.3.1998, to twenty thousands (20.000) ECU for the total investment services provided.

13. Insurance coverage with respect to claims of the Customer against the Company is not extended as of the time of signature of the present.

OR

Insurance coverage with respect to claims of the Customer against the Company is extended through an insurance company as of the time of signature of the present. The Customer may obtain information on the terms of this insurance coverage at the Company's main offices. Any change in the terms of insurance coverage will be notified to the Customer in writing.

IV. Announcements and transmission of documents from the Company to the Customer and from the Customer to the Company.

1. The Customer shall at all times ensure at his own initiative that he is informed about the execution or non - execution of the transactions which he ordered to be concluded through the Company. The Company puts at the Customer's disposal at its main offices or at the offices of its branches, in the case of transactions carried out through such branches all relevant evidence concerning the transactions and trades concluded on his behalf and, in general, any movement of the Customer's stock exchange account. At the end of each month, the Company puts at the Customer's disposal at its main offices or at the offices of its branches, in the case of transactions carried out through such branches a full statement of transactions concluded on his behalf during the month. The relevant data are kept at the Company's main offices and are delivered to the Customer immediately upon request.

2. The Customer is informed, at his own diligence, on the transactions concluded on his behalf at the end of every business day by collecting the particulars of the transactions from the Company. The Customer may also be informed telephonically at his own initiative and under his sole liability. If the Customer stated in writing to the Company that he wishes particulars of transactions to be sent to him via facsimile (FAX), such information is given at the Customer's own risk. Forwarding by the Company to the Customer, at the latter's special request, of the stock exchange transaction slips, as well as of any informative certificates, including printed copies of his accounts, is done under the Customer's sole liability at the postal address indicated by the Customer to the Company.

3. The Customer's attention is drawn to the fact that the stock exchange transaction slips certify the conclusion of transactions on behalf of the Customer but not the performance of the Customer's obligations towards the Company nor performance of the Company's obligations towards the Customer. For the delivery of monies or securities to the Company, receipts of payment or collection and receipts of receipt or delivery of securities are issued. The stock exchange transaction slips and the above-mentioned receipts are drafted according to the requirements of the then applicable relevant statutory and regulatory provisions.

4. The Company shall send to the Customer, every quarter and specifically within the first five days of the months of April, July, October and January of each year, by ordinary mail, a letter stating his position respectively as at 31st March, 30th June, 30th September and 31st December, i.e. the balance of his account and an inventory of the securities which the Company keeps on his behalf, either directly or through a custodian as at these dates. The Company may discontinue sending information to the Customer if it appears, in any given calendar quarter, that no transaction has been concluded and no other trade has taken place on his behalf during that period; in such case, the Company will inform the Customer of its intention in the letter of information sent as mentioned above. Information of the Customer resumes at the end of any quarter period during which transactions or trades have taken place on behalf of the Customer. Additionally, the Company shall send directly to its Customer within the first ten days of each month an analytical statement of all the transactions which have taken place on his behalf in performance of orders transmitted through investment intermediaries («E.L.D.E»), as well as indication of any debit or credit balance in cash or securities if such transactions have taken place.

5. Any communication, notification, notice and other information to the Customer are sent by mail at the last address declared by the Customer to the Company. The Company shall not be liable in the event of any change of address, change of registered office, or change of FAX number which occurred in breach of the provisions of section II paragraph 3 of the present General Terms.

6. Any disagreement or objections of the Customer concerning any data or any communication sent by the Company must be submitted to the Company in writing immediately upon receipt and at the latest within fifteen (15) calendar days. Failure to submit objections within this time limit shall constitute approval and consent. The Company shall draw the Customer's attention to this consequence in the documents sent to him. Similarly, objections of the Customer concerning any element of the transactions concluded on his behalf during a given month and included in the monthly information sent by the Company, shall be sent in writing to the Company's main offices, immediately upon receipt of such information and at the latest within fifteen (15) calendar days. Failure to submit objections within this time limit shall constitute approval.

7. In the event the Customer fails to receive any of the communications which the Company should have sent him (i.e. notice of execution of any order, quarterly information as provided above, etc.), he must notify the Company accordingly in writing and without delay, immediately after the lapse of the period during which he should, under normal circumstances, have received the notice; failing such notification, any liability of the Company shall be excluded.

8. At the end of each month, the Company puts at the Customer's disposal a complete statement of the transactions which have been concluded on his behalf during that month. Failure by the Customer to collect such information within 15 calendar days following the end of any given month constitutes approval and consent of such transactions.

9. Communication of information and delivery of data, stock exchange transaction slips, communications, notices and notifications made in accordance with the above to the Customer's representative or to any other third party, at the request of the Customer shall be deemed made to the Customer personally and releases the Company of any corresponding obligation and liability.

10. The Customer expressly agrees to receive information from the Company and related companies as to the services they supply through advertising leaflets, visits at home or by telephone etc.

11. The Chairman of the Company shall examine any customer complaints concerning the provisions of investment services and shall answer to such complains, either orally or in writing, within a reasonable time.

V. Customer's obligations.

1. The Customer must (a) pay in advance the price of the shares and other instruments in respect of which he makes an order of purchase through the Company, as well as the Company's fee/commission and all related transaction costs and expenses and (b) deposit, before the conclusion of the corresponding stock exchange sale transaction, the instruments, in respect of which he makes an order of sale to the Company. In the event that the Customer fails to comply with these obligations, the Company shall be entitled to refrain from executing, in whole or in part, the corresponding orders or to cancel execution thereof. In the event that the Company executes the orders despite non-compliance with the above obligations, the Customer must deposit the value of the instruments (for purchase) or deliver the instruments (for sale) and pay the Company's commission and related transaction expenses at the latest by 12.00 o'clock noon on the second business day following the day of conclusion of the transaction. The Customer shall be deemed in default on this specific day (second business day following the day of conclusion of the transaction), as of right and without any further prior formal notice and shall be liable for any damage, positive or negative, including loss of profits, caused to the Company by such default. Any credit facility granted by the Company to the Customer with respect to the purchase price under other conditions and without the Customer being in default, requires express written agreement of the parties. If, following an act of the Governor of the Bank of Greece, a decision of the Capital Market Committee or of any other competent authority and, in general any statutory provision, members of the Stock Exchange and, in general, investment service firms are subject to stricter obligations, such stricter obligations shall apply automatically also with respect to the Customer"s obligations towards the Company, shall form inherent part of the present agreements and amend the above accordingly, and the Company shall inform the Customer thereof by letter sent by ordinary mail.

2. Failure by the Customer to comply with the time limits for performance of his obligations towards the Company in accordance with the above, shall entitle the Company to take any legal action for the compulsory settlement of the stock exchange transaction in accordance with the provisions of article 26.1 of Law 3632/1928, as amended by article 92 of Law 2533/1997. The Company is entitled in particular to sell on the exchange the securities in respect of which the Customer had given an order of purchase and which were purchased on his behalf, without the Customer remitting the purchase price and to purchase transferable securities of the same kind and quantity as the securities in respect of which the Customer had given an order of sale and which were sold, without the Customer having remitted such securities to the Company. The Customer is liable for the difference arising to its detriment as well as for any other loss or damage, positive or negative suffered by the Company. Any expense incurred for this purpose, judicial or not, shall be borne exclusively and only by the Customer.

3. The Company may refrain from executing the Customer's orders, if it has claims against the Customer, irrespective of whether such claims are mature or future or conditional and irrespective of whether such claims arise on the basis of a transaction other than the ones concerned by the Customer's orders.

4. Sums owed by the Customer to the Company are paid only in one of the following ways:

? remittance of such sums on the Company's bank accounts officially notified to him, ? payment of cash at the Company's offices (namely for this purpose, only the Company's main offices and the Company's branch offices) and with the authorised cashier, provided the amount does not exceed the amount of Four Million Drachmas (GDR 4.000.000), in accordance with applicable statutory provisions, ? delivery of a cheque issued to the Company's order at the Company's offices (namely for this purpose, only the Company's main offices and the Company's branch offices) and with the authorised cashier. In the particular case of cheque issued by the Customer to the Company's order in accordance with the above, payment shall be deemed to occur on the day the amount of the cheque is available on the Company's account, the Company reserving any right to cancel any credit entry made to the Customer's benefit on his stock exchange account and any receipt issued to the Customer, and to exercise any right available to it under any statute concerning cheques, if the cheque is uncovered.

Any other means of payment shall not be considered valid and enforceable as against the Company, unless otherwise expressly agreed in writing.

5. Delivery by the Customer of any security and instrument to the Company takes place exclusively at the main offices of the Company (namely for this purpose, only the Company's main offices and the Company's branch offices) and with the cashier authorised to take delivery of such securities. In case the Customer sends securities to the Company's main offices by registered mail with acknowledgement of receipt, he must mention in the relevant cover letter the type and number of the enclosed securities. The Company shall bear no liability whatsoever if the actual contents of the registered mail upon delivery is different from the contents described in the cover letter.

Any other means of delivery of securities shall not be considered valid and enforceable as against the Company, unless otherwise expressly agreed in writing.

6. Collection of sums due to the Customer in respect of the price from the sale of his securities and instruments usually takes place after 12.00 o'clock (noon) of the fourth business day following the day of conclusion of the stock exchange transaction, provided that the relevant amounts have been paid to the Company by the Central Securities Depository Company of the Athens Stock Exchange or by the entity through which the transactions are settled. The Customer shall give the Company prior notice at least one business day in advance. Payment may be by check issued by the Company. Place of payment is at the Company's main offices (namely for this purpose only the Company's main offices or its branch offices, with respect to transactions carried out through such branch offices) and any payment made to the Customer, at the latter's request, by remittance to a bank account or by bank transfer takes place at the Customer's own cost and expenses and at his own risk and liability.

7. The collection of securities and instruments purchased on behalf of the Customer usually takes place on the fourth business day following the day of conclusion of the stock exchange transaction and provided the instruments have been delivered to the Company by the Central Securities Depository Company of the Athens Stock Exchange or by the entity through which the transactions are settled. The Customer shall give the Company specific prior notice at least one business day in advance. Place of collection of the instruments is the Company's main offices and the Customer shall bear all liabilities and expenses relating to the forwarding of the instruments made to him at his request.

8. Unless otherwise agreed in writing, the Company is free to choose the means of forwarding and, generally of transfer of money and securities, taking into account the provisions of relevant laws and regulations, possibilities available in Greece and the usages followed by members of the Athens Stock Exchange. The Company bears no liability whatsoever after delivery of the envelope to the carrier and, as the case may be after the giving of instructions or remittance of the transfer to the bank. The risks of forwarding and transport are borne by the Customer.

9. In case of custody of the Customer's securities and instruments, the Company's liability shall be limited to damages caused by wilful misconduct or gross negligence of its executive organs, auxiliaries and employees. The Company shall have the right to deposit any type of transferable securities of the Customer outside its premises, including with third parties and shall be liable only for error in the choice of the third party. If the choice of the place of deposit or of the third party is made at the Customer's request or if the third party is a credit institution, the Company shall bear no liability whatsoever. In case of damage due to the aforementioned reason, the Company shall, at the Customer's request, assign to the Customer any rights and claims it may have against the third party. Furthermore, the Company is not responsible for the supervision of the publications requirements set forth at article 843 seq. of the Greek Code of Civil Procedure with respect to any securities and instruments of the Customer it may have in its possession and shall not be liable in case a security or instruments becomes invalid.

10. Extracts from books and records which the Company keeps in accordance with the relevant statutory provisions as well as extracts of the stock exchange account kept in accordance with the provisions hereof are issued by the Company itself, display any movement of the stock exchange account since the last acknowledgement by the Customer and constitute full and irreversible evidence of any claim the Company may have against the Customer.

VI. Granting of security by the Customer to the Company and right of retention of the Company.

1. The Customer irrevocably appoints the Company to sell any asset held by the Company, directly or through a custodian in view of the satisfaction of any claim the Company may have against the Customer, provided the Customer is in default with respect to performance of the relevant obligation.

2. It is agreed that any asset of the Customer held by the Company directly or through a custodian shall be the subject-matter of a pledge securing any present, future or conditional claim of the Company against the Customer. The Customer shall take all measures necessary to maintain the enforceability and effectiveness of the aforementioned pledge as against any third party.

3. Assets, including any items or sums of money which in any way come in the possession of the Company on behalf of the Customer or over which the Company acquires a right of disposal, are subject to a right of retention by and in favour of the Company, which may refuse to remit any of such asset to the Customer or to any other person designated by the Customer, until performance by the Customer of his outstanding obligations towards the Company. For the purpose of the present provision, all trading relationship between the Company and the Customer shall be deemed to arise under a single and same contract for the provision of investment services. Similarly, any claim arising under an individual transaction may be subject to set-off against claims arising from other individual transactions.

4. The Company is not liable for any damage caused to the Customer or a third party as a result of the exercise of the above right of retention or of any other legal or contractual actions taken by the Company for the satisfaction of its claims against the Customer, including any future or conditional claims.

5. In the event of any debit balance of the Customer towards the Company - irrespective of whether the Customer is in default with respect to performance of his obligations - the Company shall be entitled to require from the Customer delivery, in order to secure its claims, of such listed securities as it deems appropriate and with a value at least equal to 150% of the amount of the Customer's debit balance and in respect of which a pledge shall be created.

6. The Company may take any legal steps for the forced sale of the Customer's assets which it holds, either directly or through a custodian, as a pledge securing its claims against the Customer. In particular and in case of pledge over stock exchange things to secure the Customer's obligations under an agreement of stock exchange order, the Company may, in case of default of the Customer, proceed with the forced sale of the pledged things in accordance with the provisions of article 26 of Law 3632/1928, as then in force.

7. All expenses incurred in connection with the assignment, management and, as the case may be, forced sale of the above mentioned assets, following a court order or in accordance with the provisions of article 26 of Law 3632/1928, as in force or the provisions hereof, as well as all judicial and other expenses related to the enforcement of the Company's claims against the Customer or of third parties claims against the Customer following subrogation of the Company, such as e.g., safekeeping costs, surveillance costs, surveillance insurance premiums, commissions, judicial or extra-judicial expenses etc. shall be borne by the Customer.

VII. Effect, Validity and Amendments of the General Terms.

1. The terms of any specific written agreement between the Customer and the Company relating to a specific transaction shall prevail over the provisions of the present General Terms.

2. Any change of law or the nullity, in whole or in part of any term of the present General Terms shall not affect the validity of the remaining terms of the General Terms nor the validity of the contractual relationship between the Company and the Customer.

3. Any amendment to the present General Terms shall be notified to the Customer in writing. The amendments shall be deemed accepted by the Customer, unless he submits objections in writing within 15 days from the notification of the amendments. The Company will in the letter of notification clearly and specifically direct the Customer's attention to the above mentioned consequence.