First Social Report of S&B

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Athens, July 15 2002

In its “Social Report” which accompanied the 2001 Annual Report, Silver & Baryte Ores Mining Co. S.A. presented the close relationship between its pure business operation and the social dimension of its activities.

The decision by Silver & Baryte Ores Mining Co. S.A. to proceed – from this year onwards – with the publication of a separate “Social Report” reflects the importance attached by the Company to this area. The goal of the “Social Report” is to present in a fully integrated and cohesive manner the various efforts, activities and commitments of the Company and its people across the broad spectrum of corporat e social responsibility.

The “Social Report” covers five basic areas:

HUMAN RESOURCES – This publication emphasizes that the proper management and development of the human factor, is at the very heart of Silver & Baryte Ores Mining Co. S.A.’s business philosophy and practice. Also, it provides an analysis of its policies concerning compensation and additional benefits, participative management and employee training. It is indicatively noted that in 2001, 75% of personnel participated in training programs, the total cost of which exceeded 3% of the Company’s total payroll cost.

HEALTH & SAFETY – For Silver & Ba ryte Ores Mining Co. S.A. the existence of a safe work environment and the protection of the employees´ health are matters of first priority. The application of a set of effective methods and processes and the use of the most modern means in this field, have resulted in the continuous decrease through the years of both the number and the severity of workplace accidents.

PROTECTION OF THE ENVIRONMENT – The Company’s philosophy and strategy in this area are implemented through an environmental policy that covers the whole spectrum of its activities (protection and land restoration in the mining areas, control of dust emissions, air pollutants and liquid wastes etc.). A significant fact is that during the last 25 yea rs Silver & Baryte Ores Mining Co. S.A. has restored about 5,000 acres at a cost of EURO 23.6 million. Moreover, all of the Company’s facilities (in Milos island and in Fokis) have been certified as per ISO 14001.