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ANNOUNCEMENTS

Forthnet: Announcement

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Forthnet S.A. (hereinafter also the “Company”), further to the 26.10.2011 announcement for the cancellation of the convened for 27.10.2011 EGM and the convocation of a new one on 15.12.2011, announces that the BoD made such resolution having taken into due consideration the interest of the shareholders and the Company. Taking into account the adverse developments in the Greek macroeconomic environment and the volatility generated by the uncertainty surrounding the decisions in the Euro zone, the members of the BoD judged that some breathing space would allow for improved visibility and better take up potential for the share capital increase. 

The timing of the convocation of the EGM was unfortunate in that it coincided with a particularly turbulent period for Greece ? a fact which could not leave the BoD’s posture unaffected given that the success of the capital increase is part of its institutional responsibilities. 

The BoD judged that a safe distance from the recent events and the anticipation that developments subsequent to the critical decisions of last week will relieve the overall level of financial tension, should allow a rescheduled EGM to achieve its purpose. 

This necessary rescheduling of the EGM may result in a digression from certain contractual obligations under the company’s Bond Loans, which is not anticipated to affect the companys ability to generate value for its shareholders and contribute to the development of the Greek economy.

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