Commencement of the process for the merger by absorption of Plias Emporiki S.A.

The Board of Directors of Papoutsanis S.A. and Plias Emporiki S.A., the latter being a 100% subsidiary of the former, decided the commencement of the merger by absorption of Plias Emporiki S.A. by Papoutsanis S.A.

The contemplated merger will be performed in accordance with the provisions of the article 78 of c.l. 2190/1920 and articles 1-5 of Greek law 2166/1993.

The 30th of June 2014 has been set as the date of the transformation balance sheet.

It is not expected that the contemplated merger will have an effect on the financial figures of Papoutsanis S.A.