Resolutions of the Extraordinary General Meeting

Piraeus, 11/11/2014

Resolutions of the Extraordinary General Meeting

Was held today Tuesday, November 11, 2014 at the conference hall of the PPA S.A. the General Meeting of Company Shareholders focusing on the "submission for approval of the Draft of the Second Modification to the Concession Agreement of 2008 for the construction of the west pier III etc. by Amicable Settlement". The General Assembly was attended by shareholders holding 20,836,371 shares out of a total 25,000,000 shares or 83.35% of the issued share capital.

At the request of HRADF decided to postpone the General Meeting of Shareholders on November 25, at 12:00, in the same room, for the issue of the Amicable Settlement, while for the second theme of the General Meeting was approved the election as members of the Board the PPA, of Mr. Ioannis Moralis, as representative of Municipality of Piraeus and of the expert special scientific collaborator  of HRADF Mr. Liagkos Athanasios, as a new member (number votes in favor 18.707.820, against 24.933, abstention 2.103.516) .

As grounds for postponement set forth the position that it is "to be submitted for approval by the General Meeting full text of the Draft of the Second Modification to the Concession Agreement including those terms in the agreement of both parties are required to comply with the operative part of Decision No. 3377/2014 of Section VI of the Court of Auditors".

The adjourned Extraordinary General Meeting is a continuation of the current session and does not require repetition of the publication formalities (invitation of shareholders), this may be attended by new shareholders, in compliance with the formalities of the current legislation.

As informed the shareholders Chairman and CEO of PPA SA Mr. Yiorgos Anomeritis "PPA SA has not any additional condition set in the last year reached agreement with PCT, which the PPA SA Board has approved. The two issues that have arisen are positions of the operative part and the grounds of the decision of the Court of Auditors.

The PPA is in favor of new investments through Concession Contracts under the obvious (and conventional) term to comply with the EU law and decisions of the State authorities. My estimation is that the new configuration that will be submitted will be voted at the next General Meeting on 25.11.2014 unanimously