ASPIS PRONOIA GENERAL INSURANCE S.A. announces that as of today, i.e. 21/12/2004 its shares are tradable on the Athens Exchange (ATHEX), without the right to participate in the right''s share issue, which is carried out in terms of: 0.74940644 new common share for every 1 old share, through the issue of 31,428,570 new common shares at an issue price of euro 0.70.

The pre-emption right''s trading on the ATHEX has been set for 27/12/2004 until 3/01/2005, while the period for the pre-emption right''s exercise period has been set for 27/12/2004 until 10/01/2005.

According to Regulation 24/273/10.06.2003 of the Hellenic Capital Market Commission (HCMC) Board of Directors, the trading limits of the share''s price for the trading session of the ATHEX on December 21, 2004 only -are as follows:

Adjusted price: euro 0.72

Closing price on the last day of trading (20/10/2004): euro 0.74

Limit up +12% : euro 0.82

Limit up +18% : euro 0.87

Limit down -12% : euro 0.64

Limit down -18% : euro 0.60

Based on the above and taking into consideration that in the OASIS sub-system the adjusted price of the share is considered as the opening price, the maximum and minimum price limits are as follows:

Opening price: euro 0.72

Maximum Limit Α΄ + 14% : euro 0.82

Maximum Limit B΄ + 21% : euro 0.87

Minimum Limit Α΄ - 12 % : euro 0.64

Minimum Limit B΄ - 18 %: euro 0.62

Further details about the right?s share issue of the company is provided in the relevant Prospectus, which has been approved by the ATHEX Board of Directors and may be obtained from the registered offices of the ATHEX, the issuing company, the issue consultant, as well as from the ATHEX?s official web site (www.ase.gr).