Apollo expects improvement in 1H07 results

Pursuant to the CSE and SEC Regulations and in order to fully inform the shareholders and the investing public in general, Apollo Investment Fund Plc announces that the results for the period January 1, 2007 – June 30, 2007 are expected to show improvement compared to the corresponding results of 2006 (CYP3,750,211 / EUR6,424,861). This improvement is attributable to the increased of income from dividends and to the profit from revaluation of investments.

Meanwhile Apollo Investment Fund Plc announced that it has applied to the CSE for the listing and issue of 3.744.932 shares, which have resulted from the Dividend Reinvestment Plan.
In a letter dated July 6, 2007, the CSE Council approved the listing of the above shares without an obligation to publish the Prospectus, pursuant to the Public Offer and Prospectus Law [N.1 14(1) 2005].
The Annual General Meeting held on 25/4/2007, approved the proposal of the Board of Directors for the payment of a dividend of 5 cents per share (8.6 euro cent) for 2005 and 2006 and the right to reinvest the dividend in Company’s shares. 

The Dividend Reinvestment Plan gave the right to the shareholders that would participate in it to reinvent part or the entire dividend in ordinary shares of nominal value 23 cents each. Each shareholder had the right to send the relevant application by Monday, May 21, 2007. Following the receipt of all applications, it is obvious that from the exercise of the right to reinvest the dividend in shares, 3.744.932 new ordinary shares of nominal value 23 cents each have resulted, which rank pari passu with the existing 48.541.762 shares. The exercise price of the dividend reinvestment has been set at 33 cents per share (EUR0.58).  According to the Dividend Reinvestment Plan, the price was 15% lower than the average closing price of the share in the CSE in the first five business days that the share traded ex-dividend from May 09-15, 2007.