FOURLIS S A : New Stock Option Program Announcement

The program's details and procedures are as follows:

By its decision, the General Assembly of the Shareholders of FOURLIS HOLDINGS SA aims to:

1. attract, retain and encourage senior executives of the Company and of its affiliated companies that will be selected at the reasonable discretion of the Board of Directors, by taking into account in particular their participation in the so far development of the Company and its affiliated companies and FOURLIS Group in general. The high level managerial skills and the personal influence of the senior executives, is the necessary added value for pursuing and succeed on the high return targets of the Company and the Group for the future.

2. to secure the terms and conditions for the smooth succession of top executives of the Company and its affiliated companies, especially the Managing Directors of these companies with twelve-year (12 years) prior experience in FOURLIS Group, that will be selected at the reasonable discretion of the Board of Directors, in view of their impending departure and to reward them as recognition of their long-term contribution to the development of FOURLIS Group. Through this program, participants gain immediate equity interest in the Company and will link their performance to the future performance of the Company and FOURLIS Group in general, as it is reflected in the increase of the share price of the Company.

The Program provides the eligible senior executives of the Company and its affiliated companies with the right to purchase shares at a fixed price and to exercise this option within a specific time period in the future. The benefit for the beneficiary is derived if at the time of

the exercise the share market price is higher than the exercise price. The Program will be implemented in four (4) annual series with an allocation of 25% of the total maximum number of stock options to each one.

The Stock Options can be exercised from the beneficiaries within the years 2017-2028 under the terms of the program and according to the distribution terms defined by the Board of Directors. The table below presents the maximum number of options that can be distributed during the period 2017 - 2028 and exercised per year and per options series up until the maturity of the program.

Each Beneficiary has a period of five years to exercise the rights that have matured (including their year of maturity). More specifically:

• Rights that will mature in 2017 can be exercised until December 2021,

• Rights that will mature in 2018 can be exercised until December 2022,

• Rights that will mature in 2019 can be exercised until December 2023,

• Rights that will Mature in 2020 can be exercised until December 2024,

• Rights that will mature in 2021 can be exercised until December 2025,

• Rights that will mature in 2022 can be exercised until December 2026,

• Rights that will mature in 2023 can Acne Until December 2027, and

• Rights that will mature in 2024 can be exercised until December 2028 (see Tables 1 to 4)

Typical prerequisite for the participation in the Stock Option Program is the beneficiary to be a manager or labor related with the company or their subsidiaries.

Prerequisite for the exercise of the options from the beneficiaries, is the decision from the Board of Directors which will define the beneficiaries, the number of Options (more specifically the number of shares for which the options were distributed) and it will confirm the exercise price per share. The exercise price multiplied by the number of options will give the amount paid to the company by the beneficiary, in order to become shareholder of FOURLIS HOLDINGS SA through the Program.

The number of options that can be exercised by each beneficiary per year is presented in detail in a table that the Board of Directors prepares following the relevant decision.

The Stock Options that FOURLIS HOLDINGS SA offers based on the Program are personal and they are distributed only to the managers and high executives of the company and its subsidiaries. They cannot be transferred to a third party and they cannot be pledged. Any secondary distribution of the options or any pledge over the options become them null and void for FOURLIS HOLDINGS SA.

The way for exercising the Stock Options is defined in chapter 4.

• If the Beneficiary retires or is out of work due to disability, he retains his / her right in full, both in respect of options that have already matured, and in those that will mature in the future.

  However, such beneficiary, following his retirement or leaving due to disability must not take on his own account or on the account of a third party any action that is considered to fall within any or the Company's and affiliated companies' objectives, or participate as general partner or member of the BoD, or exercise dominant influence or control on companies pursuing such objectives. In case of violation of the aforementioned obligation, any option, either already matures or not, becomes inactive.

• In case of voluntary withdrawal or dismissal, the Beneficiary is entitled to exercise all the options that have already matured, during the immediate period following the withdrawal or dismissal. Any rights that are not mature at the time of withdrawal or dismissal, as well as mature rights not exercised within the time limit of the preceding paragraph, shall become inactive.