Iktinos Hellas S A Marble Industry : Extraordinary General Meeting Resolutions 10-12-2018

It is hereby announced that at the Extraordinary General Meeting of Shareholders held on December 10, 2018, at the company's headquarters (7 Lykovryseos str, Metamorfosi, Attica, 144 52) at 12.00 pm, the shareholders or represented held 20.874.077 shares of 28,580,100, corresponding to 73,03% of the share capital. The decisions taken are the following

Issue 1st: Approval of the restructuring of the short-term loan with the issuance of bond loans-bond loan agreements

It was approved by a majority of 99,84%, the restructuring and conversion of short-term borrowings, totaling 14,000,000 euros, into long-term bond loans, as follows:

A. A 10-year bond loan with a grace period of one year, amounting to € 10,000,000 with a bondholder ALPHA BANK SA, with a floating rate, fixed with the 3-month Euribor plus 3,50%.

B. Bond loan of L.3156 / 2003, three-year duration, amounting to 4.000.000 €, with a bond issued by the NBG, with a floating rate, fixed with the 3-month Euribor plus 3.50%

Also, the President of the General Meeting, Mr. Chaidas, informed the shareholders that the company for 2018 proceeded in investments amounting to 29.000.000 euros, which concerned:

• The acquisition of a marble quarry in Northern Greece amounting to 7,000,000 euros,

• The purchase and modernization of the marble factory in Drama, amounting to 5.000.000 euros, total investment of 10.000.000 euros,

• The purchase of mechanical equipment for the quarries of the company, amounting to 3,000,000 euros,

• The acquisition of the remaining 79,656% of Latirus Ltd by DolphinCi Thirteen Ltd, amounting to 14,000,000 euros, thus the company owns 100% Latirus Ltd.

The above investments were funded with equity capital of 15,000,000 euros while the remaining funds of 14,000,000 euros were covered by the two above-mentioned bond loans

Issue 2^nd: The President of the General Meeting, Mr. Chaidas, informed the shareholders the below:

1. It was approved thelease of the quarry of ​​99,633.41sq.m., located in 'Papagouva', Limnis, Levidi, Municipality of Ermionida, Regional Unit of Arcadia, Peloponnese Region. The signing of the final contracts will be the next week and the operation of this quarry will start immediately. It is about a great material of unique grey color, most wanted in abroad.

2. 
   IKTINOS HELLAS SA turnover amounted for 2018 to € 50.5 million in the 11-month period from € 43.5 million, an increase of 16.2%.

3. 
   Also, Mr. Chaidas informed that the bond loan of the subsidiary IDEI SA was restructured regarding a reduction in the interest rate from 4.75% to 3.30%. The remaining loan amounts to € 4.6 million and is expected to be repaid in four years at the end of 2022