The Board of Directors of Pipe Works L. Tzirakian Profil S.A, as elected by the Regular General Assembly of 28/06/2002, and was convened into a body with the no. 526/28-6-2002 minutes of the Board of Directors has five members and consists of three (3) executive members and two (2) independent non-executive members, pursuant to the basic principles of the law concerning Corporate Governance.

The term of office of the Board of Directors is five years and ends on 30/06/2007.

The Board consists of the following members:

EXECUTIVE MEMBERS:

Limbaret Tzirakian, son of Takvor, President and Authorized Signatory, industrialist, resident of Ekali, Attica--ID No. P 107602.

Aristakes Tzirakian, son of Limbaret, Vice-President, businessman, resident of New Erythrea--ID No. Λ 320257.

Antonios Ntanos, son of Sotirios, member of the BoD, economist, resident of New Ionia, Attica--ID No. N 311567.

INDEPENDENT NON-EXECUTIVE MEMBERS:

Spilios Spanos, son of Constantine, member of the BoD, bank employee, resident of Peristeri, Attica--ID No. Π 079407.

Christos Papageorgiou, son of Michael, member of the BoD, economist, resident of Chalandri, Attica--ID No. A 310963.

The Company is represented and is bound by the President and Authorized Signatory Mr. Limbaret Takvor Tzirakian and Ms. Maida Limbaret Tzirakian through their signature in common or each separately, according to the law and the Articles of Incorporation.

Messieurs Antonios Ntanos, Spilios Spanos, and Christos Papageorgiou constitute the Internal Audit Committee of the Company.