Euroinvestment: District Court ratified reduction of share capital

Further to our announcement dated December 10, 2004, we wish to inform you on March 29, 2005 the Companies’ Superintendent announced the issue of a decree by the Nicosia District Court, which ratified the reduction of the Company’s capital, approved with the special resolutions 1 and 2 at the Extraordinary General Meeting held on December 10, 2004. The reduction of capital is applicable on March 9, 2005. It is clarified that the reduction of capital (reduction of nominal value from £0.50 to £0.02) does not entail any export of cash or other assets by the Company, while total equity and the number of issued shares remain the same.

Pursuant to the announcements dated November 8, 2004 and December 10, 2004, the consolidation of shares, the increase in the authorized share capital and the increase in the issued share capital will follow.