In the context of the close co-operation that the two Stock Exchanges have developed, a meeting took place today, 7.7.2003, at the ATHEX between the President of the Cyprus Stock Exchange Mr. Akis Kleanthous, the General Director of Cyprus Stock Exchange and Mr. Nontas Metaxas with the Administration and the Executives of the ATHEX, the Central Securities Depository, the Athens Derivatives Clearing House and ASYK, in order to discuss the course of the co-operation till date and finalize the proposals that concern the parallel and secondary listing on the two Stock Exchanges, the development of a derivatives market on Cyprus Stock Exchange, as well as the business development.

In the context of the tuning of the regulatory framework of the parallel and secondary listing of companies on the two Stock Exchanges, the convergence framework for the listing requirements and the process applied were concluded, so that the rapid listing is facilitated and it was decided that the two Stock Exchanges come in contact and realize presentations to companies which are interested to proceed to a secondary listing in the two stock exchanges so that the application of the above process starts soon.

The interconnection of the clearing and settlement systems of the two Stock Exchanges was approved, in order to make possible the observance of complementary files as regards the shareholders? records of the listed companies, which are traded on both Stock Exchanges.

It was agreed the transfer of know-how as regards the regulatory framework and the technical-financial framework of the derivatives market, a draft of which has already been processed by the ATHEX-Derivatives Market. The ASYK will be the agent for the development of the derivative markets on the Cyprus Stock Exchange.

It was also agreed the organization of a special conference on issues of technological co-operation in September 2003 in Nicosia, where the technical capabilities and the time tables for the materialization of common information will be considered as regards the two markets in a first level and the exchange of order inputs between the two stock exchanges.

As regards the joint effort for the development of the activities, the possibility of cross membership will be considered, but also the co-operation of the two stock exchanges in organization of joint road shows along with the participation of listed companies in Cyprus, Greece, London, Tel-Aviv and New York for the promotion of two markets.