The Boards of Directors of ?ASPIS PRONIA GENERAL INSURANCES S.A? and ?ASPIS INVEST S.A.? pursuant to their meetings on 15/12/2001 decided, following all necessary approvals by the supervising authorities, to propose the merger of the two companies to their General Meetings, according to articles 68 (paragraph 2), 69-77 of Law 2190/1920 and articles 1-5 of Law 2166/1993. The merger will be accomplished with the absorption of ASPIS INVEST S.A. by ASPIS PRONIA GENERAL INSURANCES S.A.

The above decision was taken to maximize the performance of the investment portfolios and available funds of the two companies and in order for the value of ASPIS INVEST S.A. portfolio, which at the moment are not fairly valuated in the Athens Stock Exchange, to be highlighted.

15th December 2001 was selected as transformation date for the financial statements. The exchange ratio between the shares of the two companies will be determined according to the laws in force. The two companies will inform their shareholders and the supervising authorities regarding this matter, as well as every other detail of the merger, during its process