Athens, 13.01.2012. Forthnet (or the "Company") announces that the Extraordinary General Meeting of shareholders took place, today,  on Friday the 13^th.01.2012 at its registered seat at the Municipality of Heraklion of Crete (Foundation for Research and Technology, area Vassilika Voutes) and at 12:30, after postponement of the initially convened for 15.12.2011 extraordinary General Meeting in accordance with art. 39 par.3 of the C.L. 2190/1920, where the following items of the agenda were discussed.
During the General Meeting there were twenty six (26) shareholders present, representing 73.85% of the paid-up share capital of the Company corresponding to 114,787,218 shares with voting right out of the total 155,431,324, and therefore the required quorum provided for by Law for taking resolutions on all the items of the agenda was met.

Further, as it regards the resolutions on the items of agenda

The 1^st item on the agenda “Increase of the nominal value of the Company's shares by decreasing the total number of shares and amendment of article 5 of the Articles of Associations regarding the “Share Capital” (Reverse Split)” was not approved by the General Meeting, because the required majority for a resolution on this item has not been attained, as following:

-       50,466,273 votes in favor (43.97% of the represented at the General Meeting voting rights),

-      64,240,945 votes against (55.97% of the represented at the General Meeting voting rights) and,

-      80,000 votes abstain (0.07% of the represented at the General Meeting voting rights).

The  2^nd item on the agenda “Decrease of the Company's share capital by decreasing the nominal value of the shares according to art. 4 par. 4a of  the C.L. 2190/1920, as applicable for the purpose of forming a special reserve and amendment of article 5 of the Articles of Associations regarding the “Share Capital” was not approved by the General Meeting, because the required majority for a resolution on this item has not been attained, as following:

-      50,466,273 votes in favor (43.97% of the represented at the General Meeting voting rights) ,

-      64,240,945 votes against (55.97% of the represented at the General Meeting voting rights) and,

- 80,000 votes abstain (0.07% of the represented at the General Meeting voting rights).

The 3^rd Item on the agenda “Increase of the Company Share Capital in cash with preemption right in favor of the Company's existing shareholders and oversubscription right - Granting of authorizations to the Board of Directors - Amendment of art. 5 of the Articles of Associations regarding the "Share Capital" and codification of the Articles of Associations” was not approved by the General Meeting, because the required majority for a resolution on this item has not been attained, as following:

-      49,321,098 votes in favor (42.97% of the represented at the General Meeting voting rights) ,

-      65,386,120 votes against (56.96% of the represented at the General Meeting voting rights) and,

-      80,000 votes abstain (0.07% of the represented at the General Meeting voting rights).

As per the 4^th Item on the agenda the election of the new non executive member of the Board of Director Mr. Erwin Kooij in substitution of the resigned Mr. Franciscus Johannes Botman by virtue of the 28.09.2011 resolution of the Board of Directors according to art. 18 par. 7 of the C.L. 2190/1920 was announced to the General Meeting.

There were no void votes.