The Company "MEAGA HOLDINGS SA" ("MEAGA"), further to the announcement of 22nd February 2001 of MEAGA and of its main shareholders to the Athens Stock Exchange ("ASE"), which was recorded pursuant to the Decision no. 5/204/14-11-2000 of the Board of Directors of the Capital Market Committee, with the Daily Official Announcements List of the ASE, in order to avoid any misinformation to the investing public and its shareholders from inaccurate publications with regard to the time schedule for the completion of the initially publicized agreement, which was executed on 22nd February 2001, and as a response to inquiries submitted by the competent authorities of the ASE, hereby announces that the main points of the above mentioned agreement of 22.02.2001, are as follows:1.Τhe main shareholders of MEAGA in cooperation with the company Miracle International Services Ltd which belongs to the Kyriakou Group, have entered into an initial agreement with the shareholders of the company MEGALA KATASTIMATA SA, which provides for the merger by absorption of MEGALA KATASTIMATA SA into MEAGA. The above merger shall be effected pursuant to the combined provisions of articles 69ff of Codified Law 2190/1920 and articles 1-5 of Law 2166/1993.2.Having considered the prospects of MEGALA KATASTIMATA SA taking into account the participation of the Kyriakou Group in its share capital, it has been initially agreed that the value of MEAGA as compared to the value of MEGALA KATASTIMATA SA shall correspond to a ratio of 1:3, which shall be confirmed by the appraisals of an independent auditing firm of acknowledged reputation.3.The parties have agreed that the required acts for the completion of the merger shall be effected within the following deadlines, which may be extended should an important reason arise: a) The date of drawing up of the Transformation Balance Sheet of the absorbed company shall be 31.3.2001. b) The approval of the Draft Merger Agreement from each of Board of Directors of the merged companies shall be effected at the latest on 30.5.2001. c) The approval of the merger shall be effected by virtue of resolutions by each of the General Shareholders Meetings of the merged companies which shall take place at the latest on 30.09.2001.4.It has been also provided that, following the completion of the contemplated merger, the existing participations of MEAGA shall be sold at a price approved by its General Shareholders Meeting.5.It is hereby noted that the completion of the agreement is subject to satisfactory legal and financial due diligence in MEAGA and in MEGALA KATASTIMATA.As the merger procedures progress and, in general, as the transactions contemplated by the agreement between our main shareholders and their contracting parties materialize, MEAGA shall immediately proceed to announcements to the ASE in accordance with the above Decision of the Capital Market Committee.