Announcement of Papoutsanis SA under Greek law 3340/2005

Papoutsanis SA (the Company) announces in accordance with the provisions of Greek law 3340/2005 and decision no 3/347/2005 of the board of directors of the Hellenic Capital Market Commission (the HCMC) that on 31.01.2013 Mr Gerasimos Bousvaros, an independent non-executive member of the Board of Directors of the Company resigned from his positions as a member of the board of directors of the Company and a member of its Audit Committee.



The Board of Directors of the Company accepted his resignation and the same day the Board of Directors of the Company met and replaced Mr Gerasimos Bousvaros with Mr Christos Georgalis. The Board of Directors was consequently incorporated as a body for the second time since its election as follows:



- Mr Georgios Gatzaros, executive member, Chairman of the Board of Directors,

- Mr Menelaos Tasopoulos executive member, Vice-Chairman of the Board of Directors amd Chief Executive Officer,

- Mr Georgios Minoudis, non-executive member,

- Mr Dimitris Papoutsanis, non-executive independent member,

- Mr Christos Georgalis, non-executive independent member.



MGeorgalis will also hold the position of Mr Bousvaros in the Audit Committee of the Company.