31^st March 2009

Press Release

Results Announcement – Fiscal Year

Aristovoulos G. Petzetakis S.A.

The Company “Hellenic Plastics and Rubber Industry, Aristovoulos G. Petzetakis S.A.” announces its financial results for the 2008 fiscal year:

Turnover on a parent company level increased by 25% at € 43.3 mil. from € 34.7 mil. in fiscal year 2007. Gross profit increased by 39% at € 4.3 mil. from € 3.1 mil. in fiscal year 2007. Concerning EBITDA, there is a reduction at – € 1.48 mil. from – € 669 th. in fiscal year 2007. Losses before tax reached € 24.8 mil. from € 11.7 mil. in fiscal year 2007, whereas losses after tax reached € 25 mil. from € 8.9 mil. in fiscal year 2007.

On a consolidated level, turnover decreased by 7% reaching € 155.9 mil. from € 167.9 mil. in fiscal year 2007. Gross profit decreased by 19% at € 27 mil. from € 33.5 mil. in fiscal year 2007. EBITDA reached € 642 th. from € 8.6 mil. in fiscal year 2007, whereas excluding the one off expenses of € 2.5 mil., the adjusted EBITDA reached € 3.1 mil. in fiscal year 2008. Losses before tax reached € 22.4 mil. from € 10.0 mil. in fiscal year 2007. Losses after tax reached € 23.0 mil. from € 7.4 mil. in fiscal year 2007.

Group results were affected mainly by:

a) Sales reduction, as well as the contribution margin decrease by 3 percentage points due to the raw materials increase as well as the product mix.

b) An administrative expenses increase by 1.3% as percentage of turnover.

The impact of the two above mentioned factors was the operational profitability decrease by € 7.0 mil. versus the 2007 fiscal year.

c) The Rand devaluation (South African currency) by 25% in 2008, which impacted on loss (from forex translation differences) by € 13.5 mil. on a parent company level and € 4.1 mil. loss on a Group level (turnover decreased by € 17.8 mil. due to devaluation).

d) The loss due to the provision of € 2.3 mil. in the South Africal subsidiary after the fine, which may be imposed (also imposed to many other companies in the sector) from the Competition Committee under the control scheme taking place across the whole plastic hoses sector.

As already announced since December 2008, the Group’s management materializes an extensive restructuring plan, targeting cost cutting worth of € 4.6 mil. Specifically, the target is to reduce the company overheads by € 2.6 mil. on an annual basis and €2,0 mil. of other operating costs from every company in the Group. Moreover, the company’s target is to increase back to normal levels the contribution margin.

The financial position so far in the 1^st quarter of 2009 confirms the materialization of the above (cost cut, margin increase), however as demand in the main markets the company focuses remains in considerable lower levels compared to 2008, the company’s management examines additional action plans targeting further savings (in the European subsidiaries as well as in South Africa).