Petros Petropoulos AEBE announces that during the Board meeting of the Company on 10 May 2017, Mr Costas Petropoulos submitted his resignation from the office of Chairman and Member of the Board of Directors due to retirement.

Mr Costas Petropoulos served a total of 46 years in the Company and held the office of the Chairman since 1971. In recognition of his contribution all these years, the Board unanimously resolved to appoint him Chairman Emeritus.

At the same meeting, the Board of Directors unanimously resolved not to replace Mr Costas Petropoulos as member of the Board, in accordance with the law and the Articles of Association of the Company, and unanimously elected Mr. Michael Michaloutsos Chairman of the Board of Directors.

Following the above, the Board was reconstituted as follows:

Michalis Michaloutsos, Chairman of the Board, Independent, Non-Executive member

John Petropoulos, Vice-Chairman of the Board & Managing Director

Nikolaos Ebeoglou, Chairman of the Nominations Committee, Independent, Non-Executive member

Efstathios Papageorgiou, Chairman of the Audit Committee, Independent, Non-Executive member

John Filiotis, Chairman of the Executive Evaluation and Compensation Committee, Independent, Non-Executive member

George Dracos, Independent, Non-Executive member

John Katsouridis, Independent, Non-Executive member

Stefanos Manos, Independent, Non-Executive member

Michael Economakis, Independent, Non-Executive member

The term of the Board of Directors ends in April, 2018.

 The above resolutions will be announced at the next General Meeting of Shareholders.