Frigoglass SAIC (the "Company") announces to the investor public the following:

1. The Company's Annual General Assembly of June 8, 2007 adopted a stock option plan having has beneficiaries members of the Company's and the Company's affiliates management, according to article 13, paragraph 9 of law 2190/1920 (after its revision current paragraphs 13 and 14) in order to enhance their devotion to the Company.

2. According to the above General Assembly resolution, a maximum of 428.870 stock options were approved, each corresponding to one (1) ordinary share of the Company.

3. In view of the fact that according to the legislation in force at the time of the above General Assembly the shares arising out of the exercise of the stock options were permitted to be issued only once per year (every December), the above General Assembly had resolved that the stock option beneficiaries that elected to exercise their options should pay the respective amount in December of each year and within a deadline to be determined by the Board of Directors. Furthermore, it had authorized the Board to make the necessary amendments to the stock option plan in case the above legislation is amended.

4. Following the amendment of the respective legislation in August 2007 and the provision of the possibility to issue shares arising out of exercised stock options once quarterly per year (maximum) and by virtue of the above authorization of the General Assembly, the Board of Directors of the Company has proceeded through its resolution of March 11, 2008 with the revision of the existing stock option plans of the Company in such a way so as to provide that new shares arising out of exercised stock options to be able to be issued four times per calendar year (once every quarter) and more particularly on March 31, June 30, September 30 and December 31 of each calendar year.

Note: This announcement is made according to the law 3556/2007 (article 3 par. 1 (ιστ), (ββ) and article 21) and the decision 1/434/3.7.2007 of the Hellenic Capital Market Commission.

For any further information please contact Lillian Philips, Investor Relations Manager, tel.: 210 6165757.