The listed company THE PHOENIX GREEK GENERAL INSURANCE notified the Athens Stock Exchange on 20.06.2002 that the Ministry of Development approved the merger by acquisition of the listed company METROLIFE S.A. (the acquired company) by the also listed company THE PHOENIX GREEK GENERAL INSURANCE (the acquiring company), with the result the trading of the shares of the acquired company to cease, effective from today 20.06.2002.

The President of the Athens Stock Exchange, having considered the above and the fact that the acquiring company presents low dispersion and a small number of shareholders prior to the listing of the new shares that resulted from the merger, in order to secure the smooth operation of the market and equal treatment of the shareholders of the acquiring and acquired companies, decided, in accordance with the provisions of the article 11 of the PD 350/1985, the temporary suspension of the trading of the shares of the company THE PHOENIX GREEK GENERAL INSURANCE, until the new shares of the acquiring company that resulted from the merger are credited to the investors? accounts and start trading on the Athens Stock Exchange.

It is noted that the new shares will be listed on the Athens Stock Exchange following the approval of the relevant prospectus by the Board of Directors of the Athens Stock Exchange, in accordance with the deadlines set by the regulation no 57 of the Board of Directors of the Athens Stock Exchange.