The affiliated companies also included in the consolidated financial statements are:

Subsidiary Name: Logisystems Limited Merchandise Storage & Distribution Company

Headquarters: Inofita Municipality, Viotia
Participation Percentage: 99%
1st Year / Merger relationship: 2004/Immediate
Incorporation Method: COMPLETE

Subsidiary Name: Organizer Stores Limited Professional Space Equipment & Decoration Commercial Company

Headquarters: Metamorfosi Municipality, Attiki
Participation Percentage: 99,41%
1st Year / Merger relationship: 2005/Immediate
Incorporation Method: COMPLETE

Subsidiary Name: Voyatzoglou Systems RomaniaSRL

Headquarters: Bucharest, Romania
Participation Percentage: 100%
1st Year / Merger relationship: 1999/Immediate
Incorporation Method: COMPLETE

Subsidiary Name: Revos Management SRL

Headquarters: Bucharest, Romania
Participation Percentage: 99%
1st Year / Merger relationship: 2005/Immediate
Incorporation Method: COMPLETE

Voyatzoglou Systems Romania Srl operating under the brand”EUROFIT” was established in 1999 by VOYATZOGLOU SYSTEMS S.A. (100%). It is based in the city of BUCHAREST, ROMANIA. Its aim is to be active in the furniture fittings, Do-it-yourself, and shopfitting and warehouse furnishing sectors.

Via VOYATZOGLOU SYSTEMS ROMANIA S.R.L. activities, the company aims to penetrate the broader Balkan-area market.

The company’s share capital amounts to 191,507 Euro while its current corporate composition is described below:

SHAREHOLDER: VOYATZOGLOU SYSTEMS S.A.
No. of SHARES: 1.000
% OF THE TOTAL: 100%

TOTAL: 1.000

The sales and distribution network of VOYATZOGLOU SYSTEMS ROMANIA S.R.L. is comprised of 2 business units:

a) Trade of Technical Products Business Unit
b) Project Business Unit (retail & warehouse furnishing)

It must be noted, that the company has participated in the consolidated statements of VOYATZOGLOU SYSTEMS S.A. since 1999.

In February 2004, VOYATZOGLOU SYSTEMS S.A. established a subsidiary company entitled Logisystems Limited Merchandise Storage & Distribution Company with a capital of 90,000 Euro in which it participated with a 99% percentage. The subsidiary is based in the Municipality of Inofita in Viotia. The aim of the subsidiary is the provision of storage, transportation, distribution and standardization services; activities which are similar to the parent company’s aims.

The company’s share capital amounts to 90,000 Euro and is divided into 30,000 nominal shares worth 3,00 Euro each. The company’s current company composition is as follows :

SHAREHOLDER: VOYATZOGLOU SYSTEMS S.A.
No. of SHARES: 29.700
% OF THE TOTAL: 99%

SHAREHOLDER: NIKOLAOS DAM. VOYATZOGLOU
No. of SHARES: 300
% OF THE TOTAL: 1%

TOTAL: 30.000

The company has been active since March 2004.

The first LogiSystems S.A. company use expired on 31/12/2005. The company participated for the first time in VOYATZOGLOU SYSTEMS S.A. consolidated statements on 31.12.2004 with the overall method.

The company established the subsidiary so as to expand its activities into the provision of services, storage, distribution, standardization etc., increase its results and also optimize the commercial utilization of part of its modern distribution centre in Inofita, Viotia.

In Janyary 2005 the company established a new subsidiary company under the name Organizer Stores Limited Professional Equipment & Decoration Commercial Company. Today the subsidiary company’s capital amounts to 1,700,000 Euro with Voyatzoglou Systems participating with a 99.41% percentage.

The subsidiary is based in the Municipality of Ag.Ioannis Rentis. The company trades in all types of equipment for domestic and commercial spaces, organizational and functional consumer products for proffesional spaces, decorative, exterior, promotional, automation, spatial exploitation items for domestic and commercial spaces and provides support for fixed and expendable professional and domestic operational products.

The current Company composition is as follows :

SHAREHOLDER: VOYATZOGLOU SYSTEMS S.A.
No. of SHARES: 845.000
% OF THE TOTAL: 99,41%

SHAREHOLDER: NIKOLAOS DAM. VOYATZOGLOU
No. of SHARES: 5.000
% OF THE TOTAL: 0,59%

TOTAL: 850.000
% OF THE TOTAL: 100%

The first Organizer Stores S.A. company use expired on 31/12/2006.

For the realization of its target, the subsidiary company leases a property in the Ag. Ioannis Rentis area. The property is comprised of  buildings that cover a considerable area and an open space where a modern sales store for the products mentioned above has been develop. It is the first “one stop shop” for professional equipment and decoration in Greece, offering a broad range of products including professional furniture, shelves, promotional and communication material, shop windows, artificial plants, packaging materials, glass, wooden or metal shelving etc, while it also stocks a large variety of seasonal products that are constantly updated.

In December 2006 the subsidiary opened its 2nd store on plot of 3,200 m2 in Glyka Nera on Leoforos Lavriou 113.

The aim of the subsidiary is to constantly enrich its range with new products on offer at its OrganizerStores where the professional can cover all his equipment requirements (food store, non-food, storage facilities, offices, etc.) quickly and economically.

The company participated for the first time in VOYATZOGLOU SYSTEMS S.A. consolidated statements on 31.3.2005 with the overall method.

In May 2005 the company established a limited responsibility subsidiary in Romania under the name “REVOS MANAGEMENT SRL” in which it participated with 910,000 Euro and 99% of its company capital. The aim of the company is the purchase, leasing and development of real estate belonging to the company or third parties. The establishment of the subsidiary aims to independently manage the real estate it will acquire in Romania and it anticipates significant profits from its development.

The company’s share capital amounts to 920,00 Euro. The current Company composition is as follows:

SHAREHOLDER: VOYATZOGLOU SYSTEMS S.A.
No. of SHARES: 99
% OF THE TOTAL: 99%

SHAREHOLDER: NIKOLAOS DAM.VOYATZOGLOU
No. of SHARES: 1
% OF THE TOTAL: 1%

TOTAL: 100
% OF THE TOTAL: 100%

The REVOS MANAGEMENT SRL subsidiary, for the realization of its aim, has acquired land in Bucharest on which it plans to construct a modern store and storage areas where it will house the commercial activities of another subsidiary, Voyatzoglou Systems Romania SRL.

The first REVOS MANAGEMENT SRL company use expired on 31/12/2005.

The company participated for the first time in VOYATZOGLOU SYSTEMS S.A. consolidated statements on 31.6.2005 with the overall method.

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