The negative market environment in 2000 had as a result the reduction in the profitability of Hellenic Investment Company S.A. to GDR13.5bn before taxes and provisions compared to GDR77bn in 1999. The net profit after provisions of GDR3.9bn and taxes were GDR9bn. The unrealized capital losses after being charged against reserves of GDR54.3bn reached GDR15.8bn to be set against profits of the following four years.The net asset value of the company in 2000 fell by 41.7% versus 38.8% of the General Index and on 31.12.2000 reached GDR144.7bn. The return of the net asset value remains positive and higher than the Athens General Index for the period 1999 · 2000 (+52% versus 24%) similarly for the 3-year period 1998-2000 (+180% versus 129%).The firm will propose total dividend for 2000 of GDR9bn, which is GDR75 per share. The dividend yield with prices as of 05.02.2001 is 9% whereas the average dividend yield for the period 1995 · 2000 reaches 12.4%. Please note that the aggregate dividends for the period 1995 · 2000 will total GDR66.3bn.Using the closing price at 05.02.2001 the share of Hellenic Investment Company S.A. trades at a 24% discount versus a maximum discount for the 5-year period (1996 · 2000) of ·24.6% and a maximum premium for the same period of +42.5%.The ten largest holdings as at 30.12.2000 constituting the 55% of the Greek portfolio consisted of the shares of the National Bank of Greece, Commercial Bank, Alpha Bank, EFG Eurobank, ETBAbank, OTE, Panafon, Intracom, Folli-Follie and Strintzis.

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