SOLVENCY INTERNATIONAL INVESTMENTS & HOLDINGS S.A. (henceforth "SOLVENCY"or the "Absorbing") informs the investing public that, its Board of Directors, during its session on 31 January 2006, took the following resolutions:

1. To commence the procedures for the merger of SOLVENCY with the closed-end fund "DIOLKOS", the shares of which are quoted and traded on the Securities Market of the Athens Exchange, (henceforth "DIOLKOS CLOSED-END FUND S.A." or the "Absorbed"), by the absorption of DIOLKOS CLOSED-END FUND S.A." from SOLVENCY, in accordance with the provisions of Articles 68, C.L.2190/1920 together with the provisions of articles 1-5 of L.2166/1993, as currently in forced (henceforth the "Merger").
2. To set the date for the transformation balance-sheet date to 10 February 2006.
3. To appoint a Chartered Auditor to carry out the audit with respect to determining the book value of the assets of the Absorbing and the Absorbed, auditing the relevant merger agreement draft and determining the shares' exchange ratio, according to the provisions of article 298 of the ATHEX Regulation.