The Board of Directors of the company EUROLINE INVESTMENTS S.A. and the liquidators of the company MARFIN GLOBAL INVESTMENTS CLOSED-END FUND S.A. (currently under liquidation), during their sessions on 28.7.2005, approved the agreement draft pertaining to the merger by acquisition of MARFIN GLOBAL INVESTMENTS CLOSED-END FUND S.A. from EUROLINE INVESTMENTS S.A., as well as the relevant Board of Directors? and Liquidators? Reports on the aforementioned merger pursuant to Article 69, §4 of C.L.2190/1920. The said merger is carried out through the consolidation of the assets and liabilities of the merging companies, as such are depicted in the accounting statement of the acquiring company and the restructuring balance sheet of the acquired company, dated 30.6.2005.

The following shares' exchange ratios will be proposed to the General Meetings for approval:

• 1. 0.8000000000 new registered shares of EUROLINE INVESTMENTS S.A., of a par value of euro 3.63 for every 1 old share of EUROLINE INVESTMENTS S.A., of a par value of euro 2.93.

• 2. 0.7216490291 new registered shares of EUROLINE INVESTMENTS S.A., of a par value of euro 3.63 for every 1 old share of the company MARFIN GLOBAL INVESTMENTS CLOSED-END FUND S.A. (currently under liquidation), of a par value of euro 2.55.

The above-mentioned shares? exchange ratios and the general terms of the Merger Agreement Draft are subject to the approval of the General Meetings of the merging companies and the granting of the relevant licenses or approvals by the competent Authorities.