Mellon Group reports double digit growth in Greece, Balkans, Egypt

Mellon Group of Companies announced increased revenues for 2006 underlying the Group’s solid growth both in its home market Greece and abroad. Total consolidated revenue for 2006 was EUR 50 mln, 50% higher than 2005. Consolidated earnings before taxes grew to 1.3 mln. Mellon Technologies, the parent company of the Group, also reported strong results, with revenues increasing by 48% to EUR 20 mln and profits three times higher than the previous year.

Offering state-of-the-art technological solutions and specialized value added services, the Group has created a unique portfolio to serve the increasing transaction needs of organizations with strong consumer business and primarily financial institutions that focus on retail banking.

The Groups’ 2006 milestones included:

Geographical expansion — In the summer of 2006, Mellon Group expanded beyond the Balkans, with the launch of Mellon Poland with a base in Warsaw, a company that has already developed important cooperation for its advanced products and services portfolio.

Towards the end of 2006 work got underway for the Group’s Cairo-based subsidiary, Mellon Egypt, placing Mellon at the crossroads of two major markets, North Africa and Middle East. The company began its commercial operation early in 2007.

Acquisitions — In mid-2006, Mellon Romania, the Group’s subsidiary based in Bucharest, enhanced its dynamics in the outsourced contact services market with the acquisition of OCCO.

Awards — Mellon Collection Services, a top provider of contact center and debt management services in Greece, was ranked 92nd among 500 companies from 28 European countries, and fourth among 19 Greek companies as provided by the 2006 Europe’s 500 list of fastest-growing companies.

A look into 2007 — In March, Mellon Collections Services was included in the top 20 companies with the Best Working Environment in Greece for 2007, as ranked by the

to Work Institute Hellas. Also, during the second half of 2007 Mellon Group plans to start the commercial operation of Mellon Ukraine, its subsidiary in Kiev.

Overall, due to the impressive momentum that financial organizations have gained in southeastern Europe, and their rapidly implemented plans for expansion in new regions such as the Central European and North African markets, the footprint of Mellon Group of Companies in those countries constitutes a great opportunity for further development in 2007.