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(1) Wind Energy

The Company decided to enter the energy market in 1994 when a new legal framework was enacted in Greece (L. 2244/94), which liberised the Renewable Energy Sources (RES) market. Rokas' decision was based on its experience in the construction of wind farms and hydro plants on behalf of PPC, as well as on the favorable conditions that existed in the market for the development of Renewable Energy projects.

The Company's decision to enter the RES sector and specifically Wind Energy was immediately expressed by carrying out research for suitable sites in 1994/95, which continues unabated up until today. Furthermore a special research department was set up, which was staffed with specialized physicists, mathematicians, civil engineers and economists. Based on the results of wind data, the Company started to carry out studies and submit applications for wind farm licenses.

The accurate and lengthy collection and processing of wind data by the Company as well as by international reputed firms in combination with Rokas' long experience in the construction of wind farms secure the successful realization of these investments. Indeed all of Rokas' wind farms have been productive and profitable until today.

The Company was initially engaged in the construction of wind farms in the early 90’s. Following an international tender, it was awarded the construction of 5 wind farms for PPC, with a total capacity of 10.2 ΜW, which have been operating since 1992 on the following Greek islands:

Moreover, the Company has constructed 13 wind farms (193,3 MW) for its own subsidiaries, which are currently in operation in Thrace, Crete, Evia, Kos and Leros, as listed in the following table:

During 2005, the Company submitted new applications for licenses regarding the construction of production units of 700 ΜW capacity. At the same time, it installed 25 wind masts. This figure is expected to double in 2006.

(2) Hydro Plants and Thermal Power Stations

The Company has also significant experience in the development and construction of hydropower plants (HPPs). Up to present, it has undertaken the construction of generators for small and medium sized HPPs, turbines, gates, gantry cranes and steel pipes. The projects carried out by the Company include the following:

• Gantry cranes with lifting capacity up to 350Τ for Hydro Power Plants (HPPs) of PPC.

• HPPs 3x4 MW in Makrochori, Veria, as main contractor for PPC.

• Equipment for the HPPs of Sfikia, Asomata, Aoo, Platanovrisi, Mesochora, etc.

• Combined cycle Thermal Power Station in Lavrion.

(3) Solar Energy

The Company showed an early interest in solar energy and photovoltaic systems. In April 2001, it successfully completed the construction of a Photovoltaic Park with capacity of 171,6 ΚW in Xerolimni (Lasithi),10 klm southeast of Sitia (Crete), which was one of the first projects of this scale in Greece. The overall budget of the project was approximately €1.3 million and was subsidized by 70% by the Operational Program for Energy (CFS II).

This Photovoltaic Park, which remains until today one of the largest in Greece, operates successfully and without serious damage or problems, demonstrating proof of its developed technology, and produces in fact more energy than was originally estimated.

It is, however, a fact that the cost of production of electrical energy by Photovoltaic Parks is still very high. The Company follows with interest the developments in the field of RES, and remains always ready to proceed to new investments in photovoltaic systems once conditions allow it.

(4) Research Department

C. Rokas SA has a Research Department for Renewable Energy Sources, which studies and examines the possibilities of using alternative renewable energy sources as well as energy storage technologies.

The activities of the Rokas Research Department include the following:

• Continuous monitoring of the developments in the energy sector in Greece and worldwide as well as the collection and study of general and specialized literature on technical and financial issues on renewable energy sources and other similar topics. These activities also enable the immediate identification of business opportunities.

• Cooperations with national and international research organizations that provide important source of information and data to enable the Company to understand and thoroughly examine any specialized issues.

• Initialization of contacts and evaluation of suggestions from third parties that have already developed alternative energy technologies with the aim of jointly exploiting such technologies .

• Evaluation of the abundance of each renewable energy source, its availability in Greece and the total performance of the source's conversion into electrical energy or any other form of energy. Modeling is carried out using both conventional and specialized software.

• Preliminary market research on the suppliers and technical specifications of specialized equipment and instruments. Designing systems, identifying locations suitable for installation, their necessary size and in general the suitable installation conditions.

• Financial evaluation of the installation cost per ΚW and the cost of produced ΚWh as well as the preparation of feasibility studies.

• Keeping up with legislation developments regarding possibilities of installation, raw material supplies, energy invoicing, environmental or other limitations, subsidies etc. preparing applications and studies and monitoring licensing procedures.

• Monitoring the funding framework for research and participating in research or pilot projects.

• Communication of information through the preparation of internal bulletins as well as the submission of suggestions to Management.

The Company, through its Research Department for Renewable Energy Sources, has been participating since 2001 in a research project in the sector of hydrogen technologies, with the abbreviated name RES2H2. The project's duration is five years; its overall budget amounts to €5.4 million and is funded by 50% by the EU within the framework of the ENERGIE program of the 5th Framework Program. Fourteen entities from Greece and abroad participate in the project.

The aim of the project is to design, install and study two systems that will combine wind energy with hydrogen technologies under real conditions. One of these systems will be installed in Spain (Canary Islands) and the second one has already been installed and operating since November 2005 in Greece, in the wind farm of the Center for Renewable Energy Sources (CRES) in Lavrion. CRES, which co-ordinates the activities in the Greek testing field in cooperation with C. Rokas SA and a Cypriot entity, has designed, installed and now is studying the operation of a production, condensation and bottling system for hydrogen under variable power conditions. The project was inaugurated on 19 November 2005 by the Minister of Development, Mr. Dimitris Sioufas, as the first pilot hydrogen production unit from wind energy in Greece.