Folli - Follie Commercial Manufacturing and Technical Société Anonyme (the “Company”), following a relevant request by the Hellenic Capital Market Commission (“HCMC”), provides the following update to the market.

Our Company confirms that on 19/9/2018 our Company received a letter from Ernst & Young, with which the latter notified to our Company the termination of the agreement, dated 13/6/2018, on the conduct of the agreed-upon procedures, by virtue of which, the said audit company undertook to carry out a special audit in specific accounts of the Company’s financial statements for the fiscal year 2017.

Our Company, in response to the allegations made by Ernst & Young concerning a deficient assistance to its work by the Company, hereby wishes to clarify that we provided the maximum possible assistance to Ernst & Young for its audit work, especially by assigning the conduct of a targeted on-site forensic audit in Asia to the highly esteemed firm, Alvarez & Marsal.

Our Company is already in relevant communications for the assignment of the re-audit of its consolidated financial statements to a new independent and internationally esteemed audit company and intends to revert immediately on this matter with a new announcement to the market. It is noted that the findings of the audit conducted by Ernst & Young until the termination date of the cooperation with our Company, will be used by the new audit company, which will undertake to carry out the above audit.

This announcement is released in compliance with the relevant provisions of the Market Abuse Regulation (EU) 596/2014 concerning the issuer’s obligation to disclose inside information.

For FF Group