The Company presents the First Interim Management Statement of 2016 prepared in accordance with

Article 11 of the Transparency Requirements (Securities Admitted to Trading on a Regulated Market)

Law of 2007 (L. 190 (I) of 2007). The report is based on the financial results of the first four months of

2015 and the economic indications of the period until 13 May 2016. Neither the financial results nor the

indications have been audited by the Company’ auditors.

MAIN ACTIVITIES

Throughout the first four months of 2016, the Group pursued the same activities as in 2015.

GENERAL OVERVIEW OF THE GROUP’S FINANCIAL SITUATION

As announced on 19 February 2016, the Board of Directors will propose to the Annual General Meeting

of the shareholders the payment of dividend of €988,607 (2014: €958,949), which corresponds to €0.01

cent per share (2014: €0.0097 cent) or 3.85% (2014: 3.7%) of the nominal value of the Company’s share

capital, which corresponds to an increase in dividend of 3.1% compared to 2014. The proposed dividend

corresponds to a dividend yield of 3.8% on the average closing price of the share at €0.266 on 31

December 2015. This is the 14th consecutive year in which the Company pays increased dividend.

Compared to 2015, the Group is expected to record decreased results due to negative market

conditions. To date, the turnover is decreased by 4% with a corresponding decrease in profitability.

MAIN RISKS AND UNCERTAINTIES

The main risks and uncertainties faced by the Group have remained as described in the Company’s

Annual Report for 2015.

MATERIAL EVENTS AND TRANSACTIONS

Beyond the usual business of the Group, there have been no material events and transactions affecting

the financial situation of the company and its Subsidiaries.

TRANSACTIONS OF ASSOCIATED PERSONS

There have been no transactions of associated persons beyond the existing employment contracts of

the Executive Directors.

AIMS AND PROSPECTS

The Management will strengthen its efforts to reverse the negative results to date.

For ALKIS H. HADJIKKYRIAKOS

(FROU FROU BISCUITS) PUBLIC LTD

Andreas Theocarides

CFO