Athens, February 11, 2015 – Frigoglass SAIC (hereinafter “Frigoglass”) announces today that an internal audit of its Cool operation subsidiary in South Africa has revealed an overstatement of earnings after tax in the financial years prior to 2013. This was the result of intentional misstatement at local senior management level, leading to the restatement of prior years' balance sheets with a cumulative effect on Frigoglass group's equity of €7.4 million as of 31 December 2014.

Frigoglass finance and internal audit teams have completed a comprehensive review of this issue, working closely with its external auditors and legal advisors. Previous management has been dismissed and a new senior management team has been appointed in the South African operations. Frigoglass has conducted a review of its operations and has not identified any other inappropriate accounting practices.

Frigoglass will, at the time of the announcement of its 2014 full year results, restate its consolidated Balance Sheets for the 2012 and 2013 financial years, with a corresponding adjustment to its consolidated shareholders equity. This restatement has no impact on Frigoglass group's Income and Cash Flow Statements for the 2013 and 2014 financial years.