In the United States the need for an association of listed companies seems not to have manifested itself as yet. In Europe with Brussels and national regulations, this need is much more obvious. The organization that represents listed companies in Greece is the ULC, also known by its Greek acronym, ENEISET.

The ULC is a non-profit association that comprises most listed companies on the Athens Exchange. The capitalization of our members exceeds 80% of the total market. Our Directors, a list of which is attached, represent some of the biggest quoted companies in Greece. Our Chairman of the Board is Mr. Nicolas Tavoularis also Chairman of the Elefsis and Syros Shipyards. Our President of the Executive Committee is Mr. Panayotis Dracos.

We are a member of the growing family of European quoted companies' associations. We have a seat on the Board of the Union of Issuers Quoted in Europe (UNIQUE) along with the associations from Austria, Bulgaria, Cyprus, France, Germany, Switzerland and the UK. We work together with other European companies and their associations which are "harassed" by regulators hoping to make European Exchanges more meaningful for all stakeholders. To fulfill our role we deal with European Directives; the Committee of European Securities Regulators; national legislation of the Hellenic Capital Markets Committee (the equivalent of the SEC); International Accounting Standards; the convergence of US GAAP and the IASB standards; etc. We deal with the repercussions on the Greek companies of legislation such as the Sarbanes Oxley Act; we advocate our members' position on delisting to the Securities & Exchange Commission. We naturally work closely with all Greek Ministries and all associations representing the other parts of the Greek Financial Community in an effort to stave off the creeping increase of regulations that might eventually spoil all our markets to the benefit of extra market private equity groups.