Frigoglass announces new operating structure and senior leadership appointments

Athens, Greece, 9 November 2012 – Frigoglass today announces a new operating structure and the senior leaders of those businesses. This new structure aims to better respond to the specific market dynamics of the mature markets in Europe and North America and the growth markets of Africa, Africa and Middle East that now comprise a significant part of its revenues. Frigoglass is organized around three business units and five central functions.

The business units have dedicated management teams located in the respective territories and who assume full P&L responsibility for their business. The most significant value levers in each Business Unit are as follows:

• Business Unit Glass: capture the further growth opportunities in Africa and deliver value out of the recent acquisition of Jebel Ali;

• Business Unit ICM Asia & Africa/Middle East: capture the high growth potential in these regions and drive operating margin improvements; and

• Business Unit ICM Europe & North America: consolidate Frigoglass' footprint in Europe, improve efficiencies and excel in customer service and innovation.

In addition, the Central Technical function has been elevated following the bundling of Frigoglass' technological competence in the area of innovation & development, manufacturing excellence, quality and sustainability. This function will drive the lean transformation across Frigoglass operations.

Torsten Tuerling, Chief Executive Officer of Frigoglass, commented: "We are establishing a more dynamic and efficient operational structure that will allow us to stay closer to our markets, better capture growth opportunities, speed up decision making, drive operational excellence across our organization and successfully execute our plans. This will enable us to significantly enhance Customer value as well as improve our financial performance. Furthermore, we are delighted that Pierre and Alberto have joined our Executive Committee. Their rich international experience complements the senior leadership team and underlines our ambition to grow our global market leadership position.”

(see attached file for further information)