Merger with Investment Development Fund

The Boards of Directors of EFG Eurobank Εrgasias S.A. and Investment Development Fund S.A., in their sessions on April 21, 2003, decided to begin the merger process with the absorption of the Investment Development Fund S.A. by EFG Eurobank Ergasias S.A. with effective date April 30, 2003. With this merger, and following the absorption of Ergoinvest S.A., the absorption of the two closed-end funds by EFG Eurobank Ergasias S.A., which was announced on November 6, 2002, will be concluded.
The Boards of Directors of the two companies also decided to adjust the initially announced share exchange ratio (of 6.7 shares of Investment Development Fund S.A. for 1 EFG Eurobank Ergasias S.A.share) to 6.4 shares of Investment Development Fund S.A. for 1 EFG Eurobank Ergasias S.A.share. This adjustment is due to the fact that the merger of the above mentioned companies will not have been completed by the Annual General Meeting of EFG Eurobank Εrgasias S.A. and, therefore, it will not be possible for the shareholders of Investment Development Fund S.A to receive a dividend from the profits of EFG Eurobank Ergasias S.A. for the year 2002, a fact which had been taken into account in setting the initially proposed share exchange ratio.
The completion of the merger is subject to the required approval of the General Assemblies of the two companies, which will be called upon to decide, following the opinion of independent auditors on the fairness of the share exchange ratio. Furthermore, completion of the merger is subject to the approval of all relevant supervisory authorities.