Fin. Accounts - Subsidiaries

ASTRID S.A.
ESTEE LAUDER HELLAS
LINCO SP ZOO
2003
PACK PLAST CESKA REPUPLIKA S.R.O.
2003
POLIPAK Ltd.
S. PAROS S.A.
SARANTIS BANJA LUKA DOO.
SARANTIS BELGRADE LTD.
SARANTIS BULGARIA LTD.
SARANTIS CZECH REPUBLIC S.R.O.
SARANTIS DEUTSCHLAND GMBH
2004
SARANTIS FRANCE SARL
2003
SARANTIS HUNGARY KFT.
SARANTIS POLAND S.A.
SARANTIS POLSKA S.A.
2003
SARANTIS PORTUGAL S.A.
SARANTIS SERBIA & MONTENEGRO
SARANTIS SKOPJE DOOEL
2004
SARANTIS UK LTD
2003
SC SARANTIS DISTRIBUTION
2003
SD PACK PLAST INTERNATIONAL
2003
SG SARANTIS GLOBAL
2003
THRACE – SARANTIS SA
TRADE' 90 Kft.
VENUS ENTERPRISES HOLDING
2003