The General Assembly of Agrotiki Insurance approved the appointment of the new Board of Directors. Mr. Dimitrios Miliakos, Governor of ATE, assumed the position of the new President of the Board of Directors, Mr. Panayiotis Varagis, Deputy Governor of ATE, was appointed to the positions of Vice President of the Board of Directors, and Mr. Ioannis Pavlides, mathematician and economist, assumed the position of the Managing Director, replacing Mr. Dimitrios Vidalis, who submitted his resignation.

Mr. Andreas Grammatikos, Mr. Theodoros Koutsoubas, Mr. Christos Tsitsirigos, Mr. Leonidas Kabisoulis, Mr. Sofoklis Moulas, were the new members appointed to the Board of Directors, while Mr. Georgios Sykamias, president of the Workers Association of the Company, has remained in his position on the Board of Directors. Upon undertaking his duties today, Mr. Pavlidis stated that a new leaf has been turned for Agrotiki Insurance, a new era that will be connected to profitable development and significant participation in the activities of the insurance market.

Former Managing Director, Mr. Dimitrios Vidalis, presented the financial results of the fiscal year 2003, to the General Assembly, according to which, Agrotiki Insurance has improved its most significant financial indexes and has increased its market share once again. Agrotiki Insurance has specifically achieved in 2003: -An increase in the generation of premiums by 14.3% against the corresponding generation of premiums in 2002. The increase in the generation of general premiums amounted to 4.26 percentage units, while the increase in the generation of life and health insurance premiums amounted to 28.97 percentage units. -The total amounts of premiums are as follows "General and Life-Health" amounted to 201,952,590 euros in 2003 against 176,938,165 euros in 2002. More specifically, the general premiums amounted to 111,029,990 euros, against 106,487,668 euros, and life and health premiums amounted to 90,922,600 euros, against 70,497,480 euros, generated in the same period of last year. -A decrease in the Automobile Civil Liability loss ratio by 7.7 percentage units and its averaging at 84.5% of the net premiums including contract claims. The total loss ratio of general premiums for the year 2003 was averaged at 65.2% of the net premiums, or 52.3% of net premiums plus contract claims. In other words, it decreased by 9.6 percentage units in comparison to 2002. -An increase by 15.31% of the investment revenue, from 12,485,000 euros in 2002 to 14,347,000 euros in 2003. However, the repercussions of the low rate of interest on this revenue remain significant. -A decrease in the total of general expenses, reducing from 54,763.52 euros in thousands in 2002 to 52,577.54 euros in thousands in 2003, in spite of the overall charges of the merger. This subsequently shows a decrease of 4 (3.94) total percentage units or approximately 5 (4.9) units if examined as a percentage of the total net premiums. Therefore, today the total percentage of expenses amounts to 25.7% of the net premiums against 28.23% in 2002. -An increase of the paid damages by 35.51% and of insurance forecasts by 13.27%, in the fiscal year 2003. It should be noted that the Automobile Civil Liability Reserve was boosted from 162.3% in 2002 to 183.4% in 2003. -In spite of the improvement of individual indexes, financial damages amounting to ? 16,862,923.26 were incurred. Mr. Vidalis pointed out that this was mainly due to the negative financial outcome of the overall management of the Life Insurance Department (? -17,256,483.73). The negative financial outcome of the Life Insurance Department was mainly due to the increase of indemnity (compensation) by 8.7 million euros and to the increase of insurance forecasts by 17,784 million euros, in relation to 2002.

In contrast, the financial outcome of the General Insurance Department was marginally positive by an amount of 414,807 euros. -Despite the negative financial results, the Capital Resources of the Company remain at a high level and its margin of solvency continues to be much higher than what is required by Law.