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EFG Euroinvestment Development S.A.

The Extraordinary General Meeting of the shareholders of closed - end fund EFG Euroinvestment Development S.A., held today, decided to solve the company.

The Extraordinary General Meeting of the shareholders of closed - end fund EFG Euroinvestment Development S.A., held today, decided to solve the company.
The EGM was held following a decision by the company’s Board of Directors, in order for shareholders to decide on the future of the company, based on their options and investment pursuits. It is noted that, in spite of the negative international conditions, the prudent management of the company’s assets yielded a positive return of 3% and surpassed its reference index, which receded by 24.5%. This performance rendered the company first among Greek closed – end funds during 2002.Already since January 2003, the BoD had informed shareholders of its intention to request a decision by the General Meeting regarding the most adequate management of the present crisis in stock values. It should be noted that the decision on the company’s future had to be made prior to the completion of the process for its listing in the Athens Stock Exchange. EFG Eurobank Ergasias, which controls 50% of EFG Euroinvestment Development S.A held a neutral stance during the voting of the EGM and supported the decision of the majority of the rest of the shareholders, as it had previously announced.
Shareholders reached this decision taking into consideration that, following the listing of EFG Euroinvestment Development S.A. in the Athens Stock Exchange, the negative conditions prevailing both in the international and in the domestic capital markets, would probably lead to a decrease of the closed – end fund’s listed value, compared to its net asset value. This development would not be attributable to the management of the company’s assets, but to the general performance of Greek listed closed – end funds, which are trading at a discount of 30% compared to their net asset values.