The company ARROW CLOSED-END FUND S.A. announced today that its Board of Directors, during its session on 17/8/2005, decided unanimously the following:

A. To lift the authorisation granted to Mrs. Anna Angeliki Georgakopoulou for representation of the company.

B. To authorize Mrs. Helen Hatzigeorgakidou, in case of absence or impendiment of Mrs. Barbara Despoina Vlahopoulou, to give on behalf of the company orders, regardless of the amount, to any legal entities dealing with the company for the realisation of transactions on financial means, i.e.: on securities, derivatives, financial products etc as well as for transactions concerning the buying and selling of collective investments units and repos.