We hereby inform you that today 13.1.2005 an Extraordinary Meeting of Shareholders took place with a quorum of 68,63% and decided with a majority of (99,99%) of the quorum on the following items of the agenda:
a) The EGM decided on the modification of articles 13, 21 and 28 of the Articles of Association, granting to the Board of Directors the power to issue directly bond loans according to C.L.2190/192 and 3156/2003.In particular it decided the amendment of article 13 regarding the issuance of the bond loan, of article 21 regarding the powers of the BoD and of article 28 regarding the increased quorum and majority for the issuance of a bond loan by a decision of the Meeting of Shareholders (and therefore ordinary quorum is required),
b) The EGM decided upon the codification of the Articles of Association in a unified text, following the above modifications,
c) The EGM decided on the issuance of a common bond loan (as per article 6 of L. 3156/2003), providing to the bond holders a right of receiving interest. The maximum amount of the loan will be Euro 30.000.000. The loan will be secured by a mortgage of First Class for an amount of 39.000.000 Euros on the real estate on which the hotel of Grand Bretagne is located. The loan will be covered by EFG Eurobank Ergasias A.E.. The BoD was delegated to decide upon the other terms.