During the Board of Directors' meeting dated May 9^th 2014, the following decisions were taken:

Heracles General Cement Company Board of Directors elected Mr. Panagiotis (Takis) Athanasopoulos and Agissilaos Karabelas as new Board members in replacement of the resigned Mr. Manolis Chris Kyprianides from Chairman and member of the Board of Directors and Mr Panos Kyriakopoulos from member of the Board of Directors, according to articles 11 and 18 of the Company's Articles of Association and until the end of their term of office, i.e. on 22.6.2015, which may be automatically extended until the Ordinary General Assembly of year 2015 which will judge the deeds of the financial year 2014. The election of the new members will be ratified by the first convened General Assembly (Ordinary or Extraordinary).

Mr Panagiotis (Takis) Athanasopoulos is Professor Emeritus of the University of Piraeus and Chairman of the Foundation for Economic and Industrial Research (IOBE).  He has held Senior positions in the industry as Managing Officer of Toyota Motor Corporation, Executive Vice President and Chief Operating Officer of Toyota Motor Europe and Chairman and CEO of Toyota Hellas. Also he served as Chairman and CEO of  Public Power Corporation in Greece (PPC) and Chairman of the Hellenic Republic Asset Development Fund (HRADF).

Mr Agissilaos Karabelas is Emeritus Lawyer, ex General Manager of Legal Services of National Bank of Greece.

Following the above the Board of Directors was constituted into body. The members of the Board proceeded to the election of the Chairman and the Vice-Chairman, and the nomination of the Managing Director. The composition of the Company's Board of Directors is the following:

Chairman of the Board             Panagiotis (Takis) Athanasopoulos, Professor Emeritus of the University of Piraeus,  non-executive member

Vice Chairman                           Jean-Claude Block, Senior Vice President Finance for Cement, Aggregates & Concrete Lafarge SA, non-executive member

Managing Director                    Pierre Deleplanque, executive member

Members                                     Jean-Charles Blatz, non-executive member

                                                      Neil Curtis, Deputy General Counsel Lafarge SA, non-executive member

Andreas G. Andreopoulos, Professor in Νational Technical University of Athens, School of Chemical Engineering, independent, non-executive member

Agissilaos Karabelas, Emeritus Lawyer, ex General Manager of Legal Services of            National  Bank of Greece, independent, non-executive member         

Τhe term of office of the abovementioned members of the Board of Directors, according to article 11 of the Articles of Association of the Company, expires on 22.6.2015, and may be automatically extended until the Ordinary General Assembly of the year 2015, which will decide regarding financial year 2014.

Messrs Jean-Claude Block (non-executive member), Andreas G. Andreopoulos (independent non-executive member), and Agissilaos Karabelas (independent non-executive member), were appointed as members of the Audit Committee, according to article 7 par. 2 of Law 3016/2002 and 37 of Law 3693/2008.