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SFS: Ex-interest on 26/11 for SFSD bonds – Expiry date on 28/12

Subject: Convertible bonds 1999/2004 of SFS Group Public Company Limited

With reference to the above issue and pursuant to the terms of the Prospectus dated June 29, 1999, we wish to remind you the following:

1. Date of expiry

The Convertible Bonds 1999/2004 expire on December 31, 2004. As a result and pursuant to the CSE Trading Rules, the last day of bonds trading will be December 28, 2004.

2. Interest

The interest of bonds for 2004 has been revised at 6.12% per annum.

The interest of the Bonds for 2004 will be paid to the bond holders registered as at November 30, 2004. Pursuant to the CSE Trading Rules, transactions carried out two sessions prior to November 30, 2004, that is November 26 and 29, 2004 will be ex-interest, paid on December 31, 2004.

3. Conversion of bonds into shares

All bond holders have the right on December 16-20, 2004 (both days inclusive) to convert all or part of their bonds into fully paid ordinary shares of nominal value £0.10 cents each.

The bond holders who wish to convert their bonds into shares must fill in and sign the relevant form at the Company’s registered office, 6 Theotoki, Ellinas Court in Nicosia, adopting the following conversion method:

Y= X/A

Y = number of shares that the bond holder is eligible for, following the conversion of his/her bonds into shares.

X = the bonds that will be converted into shares.

A = 90% of the average of the Relative Price of a share in the period November 10, 2004 and December 15, 2004 (both dates inclusive), given that the aforementioned amount is lower than the nominal value of the share, then “A” will be equal to the nominal value of the share.

Relative Price of Shares = the average closing price of a share pursuant to the daily price statements issued by the CSE for the days that CSE transactions are carried out.

The new shares resulting from the conversion of bonds will rank pari passu with the shares and will be able to participate in the dividend or other benefits, given that the dividends or benefits will concern the period after January 1, 2005.

4. Payment of bonds

The bonds that will not be converted into shares by the expiry of the Relevant Period will be paid in full at the price of £1 on December 31, 2004.

Those who will acquire bonds prior to or following the CSE session on November 26, 2004 will not be paid any interest on these bonds.

Tuesday, 16 November, 2004 - 10:18