As of October 8, 2003, the 35,289,589 new common bearer (CB) shares of the Company HELLENIC INVESTMENT CO. S.A. start trading on the ATHEX following the merger with the Company PIRAEUS INVESTMENT SA, according to the following terms: Each shareholder of the acquiring Company will exchange 1 old (CB) share held with 1 newly issued (CB) share. Each shareholder of the acquired Company will exchange 1 old (CB) share held with 0.7426688534 newly issued (CB) shares of HELLENIC INVESTMENT. Increase of the share par value to EURO 3.13 from EURO 3.00.

According to Regulation 24/273/10.6.2003 of the Board of Directors of the Capital Market Commission and the Regulation No 45 of the ATHEX Board of Directors, the trading limits of the share price only for the trading session of the ATHEX on October 8, 2003, are set as follows:

Adjusted price: 1.98 euro

Closing price of the last day of trading (8/10/2003): 1.99 euro

Limit up +12%: 2.23 euro

Limit up +18%: 2.35 euro

Limit down -12%: 1.75 euro

Limit down -18%: 1.63 euro

According to the above and taking into account that in the OASIS subsystem as start price is considered the adjusted share price, the upper and lower trading limits are set as follows:

Start price: 1.98 euro

Limit up Α΄ + 12.63%: 2.23 euro

Limit up Β΄ + 18.69%: 2.35 euro

Limit down Α΄ -11.62%: 1.75 euro

Limit down Β΄ -17.68%: 1.63 euro

Detailed information for the merger is included in the related Prospectus that has been approved by the ATHEX BoD and will be available at the ATHEX, the offices of the issuer, the offices of the consultant and www.ase.gr.