Results for the First Half ended 30^th June 2011 (IFRS)

Frigoglass Reports First Half Results

Athens, August 4^th, 2011:

Petros Diamantides, Managing Director, Frigoglass, commented:

"Frigoglass maintained its positive growth momentum, with Cool driving the top-line through a strong first half in Europe and a record performance in Glass. However, the rapid rise in input costs, which were partially offset by continued focus on operating costs, dampened the effect of the positive volume leverage.

We expect input costs to remain at high levels and to return to more normal seasonal trading patterns for the second half of the year.

We are conscious that the macro economic outlook for some economies appears to be increasingly cautious. However our  diverse  global geographic footprint, sector leading position and strong relationships with the world's leading beverage companies leaves us confident in progressing our long term strategy, and therefore our ability to create further value for our shareholders."