Within the framework of the HELEX Group operational reengineering, the Boards of Directors of "Hellenic Exchanges Holding SA" (HELEX), "Central Securities Depository SA" (CSD) and "Athens Derivatives Exchange Clearing House" (ADECH) at their meetings of December 19th 2005 decided the following:

a) The commencement of the process of merging the company "Hellenic Exchanges Holding SA" (absorbing company) with its subsidiaries, not listed on the Athens Exchange, limited liability companies "Central Securities Depository SA" (to be absorbed) and "Athens Derivatives Exchange Clearing House" (to be absorbed), based on articles 1-5 of law 2166/1993, as well as articles 69-77 and 78 of law 2190/1920.

b) To set the date of December 31st 2005 for the transformation Balance Sheet of each absorbed company.

c) To appoint an independent Assessor for the valuation of the absorbed companies and to specify the share exchange ratio.

d) To approve the Auditor as voted by the subsidiaries and to authorize a member of the Board of Directors to prepare a Draft Merger Agreement.

e) To start the procedure for drawing up:
i) Information document for the change in activity of HELEX,
ii) a document equivalent to a Prospectus for submission to the Capital Market Committee and preparation to submit to the Capital Market Committee an application for the approval of the merger, the change of the purpose, name and the issuance of new shares. To authorize a member of the BoD to supervise these actions and to carry out any relevant actions.

The merger of these subsidiaries will result in a further decrease in the operating costs of the Group, due to the reduction in the independent legal teams and the smaller size of the administrative departments that will be required. The merger will result in speedier decision making, and will further strengthen the Group's unified corporate culture, which will help increase in the Group?s effectiveness.