Tuesday, 23 December 2003

+++ Resolutions of the Extraordinary General Assembly +++

The Extraordinary General Assembly of Shareholders of INTRACOM, held today December 23, 2003, at the Head Offices of the Company in Peania, unanimously resolved the partial change in use of raised capitals from the increase of Share Capital of the Absorbed company INTRASOFT S.A. (E.G.A. OF 15.10.1999).

Specifically, keeping in mind:

(i) the priorities of development of the Company and also the needs for investment, not only in "Software and Τechnical Know-How", but also in the Share capital of Subsidiary Companies ("Share Capital Increase of Subsidiary Companies"), and

(ii) the investing programme of the Company, according to which the participation in "self financed projects" amounting to € 11.738.000 as well as partial participation amounting to € 12.000.000, of the total € 21.624.000, in "Entrance into new sectors of high technology", is not foreseem to be implemented imminently, It decided the redisposal of the total amount of € 23.738.000, to the following categories of investment already authorised by the Athens Exchange:

- Category 7:	Share Capital Increase of Subsidiary Companies	€ 12.738.000
- Category 8:	Software and Technical Know How	€ 11.000.000
	Total alteration	€ 23.738.000

Finally, the above General Assembly announced the foundation on behalf of INTRACOM , by 100%, of the Subsidiary Company "INTRACOM HOLDINGS INTERNATIONAL LΙΜITED". The new Company has its Head Offices in Nicosia Cyprus and will be the main point of export locality of the Group of Companies.

The initial share capital of "INTRACOM HOLDINGS INTERNATIONAL LΙΜITED", amounts to C.P. 500.000,00 and is divided into 500.000 shares, nominal value of C.P. 1,00 each. Its main scope of activity will be, as a Holdings Company, the participation in other companies, of the same or similar to the INTRACOM scope. For this reason INTRACOM will transfer to the above Company ownership shares to companies abroad.

• Use of Raised Funds