ANNOUNCEMENT OF

ON THE CONSTITUTION OF THE AUDIT COMMITTEE INTO A BODY 

30 July 2024

The company under the name “PAPOUTSANIS INDUSTRIAL AND COMMERCIAL CONSUMER

GOODS SOCIETE ANONYME” (the “Company”) announces that following the decision of the Extraordinary General Meeting of the Company's shareholders dated 10.07.2024, pursuant to which: (a) the type, term of office, number and capacity of the members of the new Audit Committee were determined, and based on which the Company's Audit Committee was designated as an independent three-member committee, in accordance with point ab) of paragraph 1 of article 44 of Law 4449/2017, as in force, consisting of two independent nonexecutive members of the Board of Directors and one third party to the Company, who is not required to meet the criteria of independence under article 9 of Law 4706/2020, and (b) the election of the members of the Audit Committee took place, the Audit Committee, at its meeting dated 10.07.2024:

A)     Unanimously elected from among its members Ms. Eleni Koritsa, independent nonexecutive member of the Board of Directors of the Company, as Chairman of the Audit

Committee, in accordance with the provisions of article 44, paragraph 1, point e. of Law 4449/2017; and

B)     Was constituted into a body as follows:

1. Eleni Koritsa, Chairman of the Audit Committee, Independent Non-Executive

Member of the Board of Directors, within the meaning of article 9 of Law 4706/2020;

1. Eustathios Banilas, Member of the Audit Committee, third party to the company, does not meet independence criteria; and
2. Antonios Barounas, Member of the Audit Committee, Independent Non-Executive Member of the Board of Directors, within the meaning of article 9 of Law 4706/2020.

The members of the Audit Committee have adequate knowledge in the field in which the Company operates, and meet the criteria of individual and collective suitability, to the extent that they are applied proportionally to the composition of the Audit Committee, which are provided for in the Company's Suitability Policy. Additionally, the majority of the members are independent of the Company, within the meaning of the article 9 of Law 4706/2020.

The criterion of adequate knowledge and experience in accounting is demonstrably fulfilled in the person of Ms. Eleni Koritsa; therefore, she will be the person who will mandatorily attend the meetings of the Audit Committee concerning approval of financial statements.

The term of the Audit Committee, as provided for in the Rules of Procedure of the Audit Committee, is identical to the term of office of the Board of Directors of the Company, i.e. it expires on 10 July 2027, but is extended until the expiration of the deadline by which the next ordinary General Meeting must be convened, and until the relevant decision is made.