GENERAL ASSEMBLY OF SHAREHOLDERS RESOLUTION DATED23/5/2012

In accordance with article 4.1.3.3 of the Athens Exchange Rulebook it is hereby announced:

Annual General Assembly of Shareholders convened today Wednesday, May 23, 2012, with the participation of twelve (12) shareholders, duly representing 83.663% of the Company's total Share Capital, and resolved as follows:

1. Company and Consolidated financial statements for the fiscal year 2011 (01/01/2011 to 31/12/2011) were unanimously approved.

2. The non–distribution of dividends to the Company's shareholders for the fiscal year 2011 and the transfer of the balance of the account “Profit” of year 2011, amounting to Euro 4,21 mil. in the account “Retained Earnings” were unanimously approved, to further strengthen shareholders' equity.

3. Members of the Board of Directors and the Certified Auditors - Accountants were exempt from any liability for the fiscal year 2011 (01/01/2011 to 31/12/2011).

4. The already disbursed for fiscal year 2011 remuneration fees of the independent non-executive Members of the Board were approved and the respective remuneration fees for the fiscal year 2012 until 30/04/2012 were pre-approved. For the rest of the fiscal year, no remuneration fees will be granted to the Members of the Board.

5. Permission was granted, in accordance with article 23, Codified Law 2190/1920, to establish contract agreements between the Company and Members of the Board, or between the Company and companies related to the Members of the Board.

6. Permission to the Members of the Board of Directors and to the Company's Management was granted to participate as Members of the Board of Directors in or as Management in other companies of similar business scope, in accordance with article 23, paragraph 1, of Codified Law 2190/1920.

7. ERNST & YOUNG S.A. was elected as Certified Auditors, including tax audit, of the Company for the financial statements, Company and Consolidated, for the fiscal year 2012 (01/01/2012 to 31/12/2012).

8. Approved the existing contracts between the Company and affiliated or related companies.

Finally, extended mention was also made to the satisfactory progress to date of the Company and the Group, the significant increase in exports of the Company and the cooperation agreement with Midea Group and the expected benefits of this cooperation for the Company and the Group overall.

Reference was also made to the Group's activities in the energy sector. It was reported that the Group's companies have already acquired energy production licenses for 294 MW inSouth Evia, whereas energy production licenses from wind farms in the same area with a total capacity of 57MW are also expected.

Moreover, in 2012, 4 new energy production licenses from biogas were granted, with a total capacity of 9,328 MW. 

Finally, it was mentioned that for the fiscal year 2012, the objectives of the Group's Management are:

I.      The continuous expansion of the company's activities in the foreign markets, where it already has a strong presence.

II.      Improving the relationship 70/30 (sales internal / external) to face with extroversion the crisis in the internal market.

III.     Maintaining the leading position in the air conditioning sector.

IV.     The dynamic presentation and promotion of Midea Group's products.

V.      The empowerment of SHARP and ESKIMO in the internal market.

VI.     Further expansion of the Group's activities in the energy sector.

VII.    The strengthening of capital structure and maintenance of adequate liquidity.