The Extraordinary General Meeting of the Shareholders, of 24th July 2006, of the bank under the name ASPIS BANK S.A., during which 41 shareholders were present representing 35.108.526 shares, i.e 71,90% of the share capital, decided the following:
1) The clearing agreement of the remaining initial accounting losses of 14,745,033.59 Euro, which resulted from the first application of the International Financial Reporting Standards, with the regular reserve of the Bank, of 2,349,969.29 euro on the 31st December 2005. By this clearing agreement this regular reserve will become zero.
2) The offset of liabilities of 11,230,971.30 euro (including the remaining initial accounting losses from the first apply of the International Financial Reporting Standards), against reduction of the Bank's share capital and the reduction of the nominal value of each share from 2.94 to 2.71 euro each.
3) The increase of the share capital of the Bank by payment in cash of 39,699,042.03 euro and the issuance of 14,649,093 new common nominal shares of nominal value of 2.71 euros each with a issue price of 3.60 euros each and with a preemption right in favor of the old shares of a ratio of 3 new shares to 10 old shares. The total amount of the increase of the Bank's own shares will amount in 52,736,734.80 euro. The issue price of the new shares may be higher than the share's market price during the time of the right's cutting off. In case that there are still undisposed shares after the termination of the execution of the preemption rights period, it was resolved that the old Shareholders and anyone who purchases rights, during the negotiations period, may be subscribed, during the execution of preemption rights period, up to four times the number of the new shares for which they will perform their preemption right. The investors who will choose to be subscribed according to the aforementioned, must bind capitals equal to the total amount of the new shares which they wish to obtain, i.e the total amount of the shares which they are entitled to obtain, based on their preemption rights, as well as the total amount of the shares for which they will be subscribed. If, after the termination of the execution of the preemption rights period, there are still undisposed shares, the Board of Directors will distribute them to the investors who were subscribed according to the aforementioned. If the number of the undisposed shares is not sufficient for the demand of the subscribed investors, then they will be satisfied pro rata to the number of the undisposed shares for which they will have been subscribed and until the demand is fully satisfied. If, there are still undisposed shares after the termination of the execution of the preemption rights period and after the distribution by the Board of Directors of the undisposed shares to the subscribed investors, the Board of Directors shall be able, at its will, to distribute shares to any investor who announces his will to buy them (at the issuance price). In addition, EFG Eurobank Ergasias Bank has undertaken the obligation, by virtue of a subscription guarantee agreement, either to buy these shares (except for the new shares corresponding to the preemption rights of the main investors of the Bank, i.e of the companies ASPIS GROUP OF COMPANIES S.A., ASPIS PRONOIA AEGA, ASPIS CAPITAL S.A., Commercial Value S.A. and ASPIS PRONOIA AEAZ) or to/ and indicate other buyers. It is clarified that the Board of Directors maintains the discretion of distributing the undisposed shares, at its judgment. In every case, the issue price of the undisposed shares to third parties or/ and to the EFG Eurobank Ergasias Bank, within the frameworks of the subscription guarantee agreement will be the issue price of the shares, i.e 3.60 euro. The Board of Directors was also authorized to regulate all the issues concerning the resolution for the increase of the Bank's share capital.
4) The amendment of the article 5 of the Articles of Association, so that it reflects the final amount of the share capital, the number and the nominal value of the shares, by virtue of resolutions taken by the Extraordinary General Meeting and more specifically that: due to the resolutions of 24th of July 2006 of the Extraordinary General Meeting, the Bank's share capital will amount in one hundred seventy two million twenty nine thousand one hundred eighty two euro and thirteen cents (172,029,182.13) and will be divided in 63,479,403 common nominal shares with a voting right, of nominal value of two euro and seventy one cent (2.71) each.
5) The fixing anew of the proportion for the formation of the regular reserve, so that a 5% of the Bank's net profit is deducted annually (instead of the proportion of 20% that was in force until this day) for the formation of the regular reserve and the relevant amendment of article 42.2(a) of the Articles of Association concerning the profit distribution