Thrace Plastics S A : Decision of the Annual General Meeting -Voting Results

May 11, 2017

Decision of the Annual General Meeting -Voting Results

The Société Anonyme under the name 'THRACE PLASTICS INDUSTRIAL AND COMMERCIAL SOCIETE ANONYME' and the distinctive title 'THRACE PLASTICS CO. S.A.' (hereinafter named the 'Company' for purposes of brevity), announces that on Thursday, 11th May 2017

The Société Anonyme under the name 'THRACE PLASTICS INDUSTRIAL AND COMMERCIAL SOCIETE ANONYME' and the distinctive title 'THRACE PLASTICS CO. S.A.' (hereinafter named the 'Company' for purposes of brevity), announces that on Thursday, 11 May 2017, at 12:30, the Annual General Meeting of its shareholders took place at the Company's registered offices in Magiko, Municipality of Avdira, County of Xanthi, Greece.

Twenty (20) shareholders were present at the Annual General Meeting either in person or through a proxy, representing 32,969,852 common registered shares and equivalent voting rights, namely 75.374% of the Company's share capital and voting rights.

The Annual General Meeting of the Company made the following decisions on the daily agenda items as presented below, based on the voting results for each item, in accordance with article 10 of L. 3884/2010. The above have also been posted on the Company's legally registered website (www.thracegroup.gr).

On the 1 item,shareholders unanimously approved the Annual Financial Statements (separate and consolidated) of the Company for the financial year 2016 (1/1/2016 - 31/12/2016), together with the Annual Management Report of the Board of Directors as at 06.04.2017 and of the Report of the Company's Certified Auditor - Accountant as at 06.04.2017. All of the above (statements, reports etc.) are legally prepared and published by the Company, and are presented both in the legally registered address of the Company's website in the General Electronic Commercial Registry (GEMI), and through dissemination of the above to the website of the organized market in which the Company's shares are traded as well as in the Hellenic Capital Market Commission.

Number of shares for which valid votes were given: 32,969,852

Percent of share capital: 75.374%

Total number of valid votes: 32,969,852

In favor: 32,969,852

Against: 0

Abstention (present): 0

On the 2 item,the shareholders unanimously approved the appropriation (distribution) of income for the financial year 2016 (01/01/2016 - 31/12/2016) and specifically they approved not to distribute any dividend to the shareholders of the Company from the earnings of the closing financial year 2016 (01/01/2016 - 31/12/2016).

Number of shares for which valid votes were given: 32,969,852

Percent of share capital: 75.374%

Total number of valid votes: 32,969,852

In favor: 32,969,852

Against: 0

Abstention (present): 0

On the 3rd item,shareholders unanimously released the Board of Directors' members and the Company's Certified Auditors from any liability for indemnity regarding the above Annual Financial Statements and for the actions and management of the closing financial year 2016 (01/01/2016 - 31/12/2016).

Number of shares for which valid votes were given: 32,969,852

Percent of share capital: 75.374%

Total number of valid votes: 32,969,852

In favor: 32,969,852

Against: 0

Abstention (present): 0

On the 4 item,the shareholders approved by majority the election of the company 'PricewaterhouseCoopers Auditing Firm S.A.' for the regular audit of the annual financial statements of the Company (separate and consolidated) for financial year 2017 (01.01.2017-31.12.2017). The firm shall assign the audit to its member Mr. Dimitrios Sourbis, father's name Andreas, S.O.E.L. Reg. No. 16891, as Ordinary Certified Auditor and Mrs Despoina Marinou, father's name Petros, S.O.E.L. Reg. No. 17681, as Deputy Certified Auditor.

It was also decided that the above Auditing Firm shall assume responsibility of the issuing process of the annual tax certificate and the tax compliance report of the Company for the financial year 2017, in accordance with provisions of article 65Α of L. 4174/2013.

Finally, the Board of Directors was authorized to proceed to a final agreement with the above auditing firm with regard to the amount of its fees as well as to send the written notification-mandate to the elected auditing firm within five (5) days from the date of its election.

Number of shares for which valid votes were given: 32,969,852

Percent of share capital: 75.374%

Total number of valid votes: 32,969,852

In favor: 31,685,992

Against: 0

Abstention (present): 1,283,860

On the 5 item,the shareholders approved by majority the fees and remunerations of the members of the Board of Directors paid for the previous financial year 2016 (01.01.2016-31.12.2016) and until the date of the present General Meeting, whereas they pre-approved by majoritythe fees and remunerations of B.o.D. members for the period from the present Ordinary General Meeting until the date of the next Ordinary General Meeting.

Number of shares for which valid votes were given: 32,969,852

Percent of share capital: 75.374%

Total number of valid votes: 32,969,852

In favor: 32,966,502

Against: 3,350

Abstention (present): 0

On the 6 item,the shareholders unanimously approved the granting of permission, pursuant to article 23 of Codified Law 2190/1920, to the Members of the Board of Directors, the General Managers and the Managers of the Company, with regard to their participation in the Management of subsidiaries or affiliated companies (current or future) of the Company and therefore of the Company's Group.

Number of shares for which valid votes were given: 32,969,852

Percent of share capital: 75,374%

Total number of valid votes: 32,969,852

In favor: 32,969,852

Against: 0

Abstention (present): 0

On the 7 item,the President of the General Meeting, Mr. Dimitrios Malamos, informed the attendants as well as the represented shareholders regarding the financial performance during the fiscal year 2017 saying that in the 1st quarter of the current fiscal year the sales volume posted a two digit growth rate compared to the same period of year 2016. As result of the investments implemented for new production lines during the period 2015 - 2016, the technical fabrics sector was the largest contributor in the above sales volume growth. Despite the above but also in line with the management's expectations, the sales volume growth was not reflected into the profit mainly due to the actions taken for the distribution of the increased production volumes and the increase of raw material prices. It is estimated that the raw material prices are likely to appreciate during the second quarter of the year as well therefore the Group has planned all the necessary actions for the rollover of raw material price increases into the final sale prices as well as for the utilization of the new production lines.

In closing the President of the General Meeting noted that prospects of the Group during the current fiscal year 2017 depend directly on the conditions prevailing in both the domestic as well as the global market and economy. However the strong capital structure of the Group in combination with the healthy operating and organizational structures it possesses provide the Management with the ability to effectively manage any difficulties arising and to continue implementing its strategic plan on an uninterrupted basis.