24/6/04 EGNATIA BANK GENERAL MEETING OF SHAREHOLDERS

Today, 24 June 2004, it was held in Thessalonica the EGNATIA BANK General Ordinary Meeting of Shareholders.

The President of the Board of Directors, Teoharakis Vasilis, presented to the body of Shareholders the Bank's and Group's receivables for the financial year 2003 and emphasized that Bank's profit is based on operational earnings and it does not depend on capital earnings formed by short time market trends.
The Bank's business portfolio is characterized by its wide distribution (5800 active creditors), its composition (mainly funding movement capital with short recycling) and its quality. The private portfolio is characterized by wide distribution (more than 200,000 active creditors) and it is distributed not only by Bank Branches but also by almost 1050 associates - consumer goods traders.
During 2003, the Bank entered dynamically to housing Trust with Egnatia One, a financial mortgage product which offers client's financial management and cost minimization.
The Managing Director, Keltsopoulos Vasilis, analyzed the course of the Bank's aggregates and referred to the infrastructure plans for restructuring and Bank's further progress. In particular, the deposits increased at 5.4% in 2003 (2,210 million euros against 2,097 millions euros in 2002) and the Grants at 9, 4% (1,862 million euros in 2003 against 1,702 million euros in 2002), Grants / Deposits index stranded at 84, 24%, while Assets increased at 6, 2% (2,595 million euros in 2003 against 2,444 million euros in 2002).
Shareholder's shares/Assets stands at 11,26% for the financial year 2003 The Bank's interest rate income increased at 2,3% and rose at 97,68 million euros, while the Net Interest rate Margin is high and stands at 4,10%. The small reserves increase (2,7%) is a point that EGNATIA forces its efforts to achieve a further aggregate increase. Index ROE (Earnings before tax/ Shareholder's Share) stands at 9.53%, showing a small set back since previous year, but the performance of Asset (ROA), remains (1.07%). Later on, Keltsopoulos referred to the course of the Group's subsidiaries companies, where in their total presented an increase in all their aggregates. Bank's strategic is focused as follows:

1. Selective expansion of the Branches Network.
2. Maintenance of the high market share to credit households,
3. Gradually prudent expansion of other grant sectors,
4. Expansion of the centralization on supporting services,
5. New investment products,
6. Valorisation of the advanced technology,
7. Education - Development of the human recourses

The Board of Directors proposed and the General Meeting accepted the distribution of a dividend at 0,10 euro per share (mutual and senior).