06/12/2010

With reference to further information received from the Foreign Investment Fund, Javes S.A. and following on from the company’s recent announcements, regarding the new financing, «A.G. Petzetakis S.A. », announces the following:

1.       The monetization of the bond, of which the proceeds are used for the financing and the capital strengthening of the Company, is expected to be finalized within the next days. The short conclusion delay was caused by excess interest and over – subscription during the trading period of the bond. The negotiations for the purchase of the stated bond were extended for a few days. The deposit of 12 million euro is expected to flow after the monetization of the bond to enable  the company to cover its urgent needs at a Group level.

2.       As a next step, the Investment Fund will finalize the negotiations with the foreign bondholders to proceed with the purchase of their bonds and immediately  negotiate with Greek bondholders for the restructuring of the remaining debt.

3.       The capital strengthening and financing of the Company will be materialized through a long term loan from the Investment Fund as well as a comprehensive capital increase  to cover the negative equity of the Company, the details is expected to be announced shortly.

4.       The Company wishes to confirm to all stakeholders that the new financing will be concluded as the Investment Fund has provided sufficient documentation and warranties needed for the finalization of the process.