Pursuant to the 226/19.11.2009 and 227/19.11.2009 Board of Directors resolutions, PPC S.A. proceeds, in accordance with the law and its Articles of Incorporation, with the election of eight out of the eleven members of its Board of Directors:
-Six members in replacement of Messrs P. Athanassopoulos, N. Hatziargyriou, G. Mergos, K. Michalos, I. Papadopoulos and G. Stergiou will be elected by the Extraordinary General Meeting to be held on Tuesday 15.12.2009 at 11:00, at the Company's Headquarters (30 Chalkokondili street, Athens, - 6th floor). The minority shareholders are not entitled to participate in this Extraordinary General Meeting.
-Two members representing the minority shareholders will be elected by the Special Meeting of the Minority Shareholders to be held on Thursday 17.12.2009 at 11:00 a.m., (and be repeated on 22.12.2009 at 12:00 a.m. in the event that quorum is not reached) at the Company's Headquarters (30 Chalkokondili street, Athens, - 6th floor ). The election is carried out by ballot for the replacement of Messrs P. Karellas and M. Cortessis. The Greek State (majority shareholder), which owns 51.12% of the share capital of PPC, does not participate in this Special Meeting.
The minority shareholders who are eligible to propose candidate members, according to the article 20 par.1 of the Company's Articles of Incorporation, shall submit their "Proposal of Candidate - Extraordinary General Meeting and the Special Meeting of Minority Shareholders of PPC S.A. "
at least three (3) full days prior to the Special Meeting, after having taken into consideration the "Incopatible Capacities - Extraordinary General Meeting and the Special Meeting of Minority Shareholders of PPC S.A. "
for PPC SA Board of Directors' members. The proposals of candidate must be submitted to PPC SA offices, (30, Chalkokondili Street, Athens, 5th floor, office 515) during working days and from 10:00' to 13:00'. The company will be releasing the candidatures on the corporate website.
The minority shareholders whose participation exceeds, in total, five percent (5%) of the Company's share capital, shall not have the right, according to the article 8 par.2 of the Company's Articles of Incorporation, to participate in and vote at the Special Meeting with regard to the amount exceeding the said five percent (5%).
The term of the member who is designated by the Economic Social Committee and is appointed via a Ministerial Decision, expires on 8.1.2010 and at that time a new member will be named by the responsible Minister, with a term which, according to the article 36 par.3 of the Company's Articles of Incporporation, expires on the day of the Annual General Meeting of 2010.
The term of the two members representing the employees (Mr G. Marinidis and Mr. I. Tsarouchas) expires on February 25, 2010, and the new members will be elected at that time according to the Company's Articles of Incorporation.
It is noted that, according to the law, the re-election of the members of the Board of Directors is possible.