Thursday, October 20, 2011

Athens, Greece. ALAPIS S.A. (hereinafter the "Company"), in response to the question raised by the Hellenic Capital Market Commission letter with protocol number 4768/19.10.2011, announces the following:

The Board of Directors of the Company on its session dated October 4, 2011, decided to revoke all duties and rights appointed to the Vice Chairman of the BoD and Managing Director, Mr. Nikos Mourkogiannis, as these are provided by the law and the Company's Articles of Association, which had been entrusted to him with previous Board of Directors decisions, as notified via the Company's announcement dated October 5^th, 2011. Since then and as Mr. Mourkogiannis has not as yet resigned from the Company's Board of Directors, he still has the position of Vice Chairman, Executive Member of the Board of Directors and Managing Director, with no duties and no rights as these are provided by the law and the Company's Articles of Association and especially without the right to represent and bind the Company against third parties as well as without the right to sign.

We clarify that the above fact does not have any impact on the management, the representation and the binding of the Company against third parties, since all such duties and rights have been appointed, by virtue of the decision of the Board of Directors dated October 3, 2011, to the Executive member of the Board of Directors and Chief Restructuring Officer Mr. Constantinos Alatzas as well, acting either jointly or separately with Mr. Mourkogiannis. Following the decision of the Board of Directors dated October 4, 2011 regarding the revocation of duties and rights of Mr. Mourkogiannis, it is only Mr. Constantinos Alatzas who has now exclusively all such duties and rights, who  represents and binds the Company by signing under its corporate name.

For any further clarifications, please contact our Investor Relations department.

Tel: +30 213 0175056

E-mail: ir@alapis.eu