A.G. Petzetakis S.A. (the Company) announces that, further to its previous announcement dated 28.06.07 relating to the execution of a binding MOU with four overseas investment funds, it has completed the issue of the first fixed rate bond of Euro7mln with a four month maturity which is secured by shares in its subsidiary Petzetakis Northern Greece Industrial and Commercial Plastics S.A. The issue has been fully subscribed directly or indirectly (via related companies thereof ) by the aforementioned four investment funds with the National Bank of Greece acting as Bondholder Agent.

The proceeds from the bond issue will be used for the interim financing of the Company to meet its immediate working capital requirements and for the repayment of the interim secured loan which the Company had received from the Dutch Company Wavin B.V.

Hence with the above issue the Company is proceeding to meet the remaining conditions of the MOU in order to secure the total refinancing of its debt obligations, as described in its announcement of 28.06.2007.