The company EUROPEAN RELIANCE GENERAL INSURANCE CO. S.A. announced today that its Extraordinary General Meetings of its common and preferred shareholders, which convened on 30.09.2005, approved, inter alia, the following:

a) The abolishment of the preferred shares' right, through the cancellation of 1,492,475 preferred non-voting shares and their 25% decrease, on a pro rata basis, as well as with a corresponding share capital decrease by the amount of EUR 895,485.00 the forming of a special reserve and a reduction of the total number of preferred shares, i.e. from 5,969,900 to 4,477,425, and
b) The conversion of the total number of 4,477,425 preferred non-voting shares of the company from preferred registered into 4,477,425 common voting registered shares.

Also, the Hellenic Ministry of Development by its relevant decision on 17.10.2005 approved the modification of the pertinent article of the company's Articles of Association by virtue of the aforesaid conversion.

Moreover, the ATHEX Board of Directors, on its session of 27.10.2005, approved the listing to trading on the ATHEX of the new shares deriving from the said conversion.

Taking into consideration all the above, the last day for the trading of the existing preferred registered shares of the company on the ATHEX will be November 2, 2005. As of the following business day, i.e. November 3, 2005 and up to November 9, 2005, the trading of the aforementioned shares will cease on the ATHEX, in order for them to be converted into an equal number of common registered shares. The re-trading of the new 4,477,425 common registered voting shares of the company on the ATHEX will begin on November 10, 2005. As of the same date, the new total number of the company's shares on the ATHEX will amount to 19,402,189 common registered voting shares.