HELLENIC FABRICS S.A. announces that Mr. Michael Colakides resigned from the position of Vice President and member of the company's Board of Directors due to undertaken business commitments. Mr. George Accas resigned also from the position of member of the Board of Directors. The Board of Directors thanked both Messrs. G. Accas and M. Colakides for their long and valuable contribution to the company's management.

Mr. Michael Siopsis and Mr. Konstantinos Voulgaris were appointed as new non-executive members of the Board of Directors, in replacement of Messrs. M. Colakides and G. Accas respectively. Mr M. Siopsis is also independent.

Following the above changes, the company's Audit Committee is now composed by Messrs. Rigas Tzelepoglou, Konstantinos Voulgaris and Michael Siopsis, all non-executive members of the BoD, while Messrs. R. Tzelepoglou and M. Siopsis are also independent.

The company announces also the appointment as of 01.01.2012 of Mrs. Chrissoula Tziamali as Head of Investor Relations, replacing Mrs. Ekaterini Papatsa who resigned due to retirement.