PHIL: AGM decisions - Board changes

We would like to inform you that the Annual General Meeting of the shareholders of the Company took place on 1st July 2009, at the Conference Hall of the Company in Limassol. The following issues were examined and the following decisions were taken:

Annual General Meeting:

1. The directors’ report and the financial statements for the year ended 31 December 2008 were examined and approved.

2. The AGM approved the payment of the interim dividend of Euro 450.000 paid on the 26th of September 2008. A resolution for the non-payment of a final dividend for the year 2008 was also approved.

3. Messrs Zenos Lemis and Efstathios I. Papadakis according to the Memorandum of Association of the company, retired into rotation. Mr. Zenos Lemis offered himself for re-election and was re-elected while Mr. Efstathios I. Papadakis did not offer himself for re-election due to his heavy work load and left the Board of Directors of the Company. The Board of Directors and the Shareholders attending the General Meeting thanked Mr. Papadakis for his contribution as a Vice President of the BOD and as President of the Internal Control Committee. Messrs Andreas Laos and Michalis Petrakis who were appointed by the BOD retired, offered themselves for re-election and were re-elected.

4. The AGM approved that for 2009 the restriction of 10% increase on the Executive Director’s remuneration is lifted and authorised the BOD and the remuneration committee to re-assess these remunerations based on the company’s remuneration policy.

5. The remuneration of directors was decided to be maintained at €170,00 per meeting (board or committee) attended.

6. The Board of Directors was authorized to set audit fees for the year 2009.