The Boards of Directors of EFG Eurobank Ergasias and of Telesis Investment Bank convened today, Friday April 6 2001, and approved the share exchange ratio between the two banks that had been proposed by their respective management teams, as part of their ongoing merger process.The share exchange ratio was found to be fair and reasonable by two internationally acclaimed auditing firms, Deloitte&Touche and PricewaterhouseCoopers, based on the analysis and valuation of both banks according to international practices. Telesis Investment Bank assigned the evaluation of the share exchange ratio to Deloitte&Touche, while EFG Eurobank Ergasias to PricewaterhouseCoopers.The share exchange ratio approved by the respective Boards has been set to 2.2 shares of Telesis Investment Bank for each EFG Eurobank Ergasias share.The decision of the Boards on the exchange ratio will be tabled for approval at General Meetings of both banks that will take place within the next few months. The completion of the merger is also subject to approval of all relevant supervisory authorities. Shareholders of the resulting entity will have dividend rights for the fiscal year 2001.The Annual General Meetings of the two banks will be attended by current shareholders of both banks, who have dividend rights for the fiscal year 2000, irrespective of the merger process.