Extraordinary General Meeting

The shareholders of EFG Eurobank Ergasias and Telesis Investment Bank approved the Draft Merger Agreement of the two Banks, as signed by the respective Boards of Directors on 02/05/01, at today’s Extraordinary General Meetings.
EFG Eurobank Ergasias will absorb Telesis Investment Bank with a local accounting and tax reference date of January 1, 2001.The share exchange ratio was determined by the following internationally accepted valuation methods: Stock Market Capitalisation, Discounted Cash Flow, Adjusted Net Asset Value, Capital Market Multiples and Comparable Transactions. The combination of the above methods rendered the fair and reasonable value ratio of Telesis Investment Bank to EFG Eurobank Ergasias at 1 to 15.48. Thus, each old EFG Eurobank Ergasias share will be exchanged with one new share, and 2.2 old Telesis shares will be exchanged with one new share.Following the merger, the share capital of EFG Eurobank Ergasias will amount to Grd. 291.285,813.032 and will be divided to 312,538,426 ordinary voting shares, with a nominal value of Grd. 932 each.
The exchange of the old shares with the new will be performed according to the procedures of electronic update of the dematerial title archives in co-operation with the Central Depository, as determined by law. At the same time, the procedure of listing and trading of the new shares in the Athens Stock Exchange will take place. All of these shares will have dividend rights on the profits of the merged organisation EFG Eurobank Ergasias posted since January 1, 2001.