Folli Follie – Information to Shareholders and the Public

Our office, acting on behalf of shareholders of the company FOLLI FOLLIE that we represent, filed with the Greek Capital Market Commission on 20.2.2024,

1. Report on the non-compliance of FOLLI FOLLIE, a company under reorganization, with the obligations of continuous and periodic information to the investing public, and specifically for failure to prepare, issue, approve, publish in accordance with the law and submit to the competent regulatory and supervisory authorities, the annual financial statements and the annual consolidated financial statements (accompanied by the corresponding management reports and the opinions of the certified public accountants or the auditing company where required, also accompanied by the corresponding audit certificates and the full texts of the audit reports) and balance sheets and of annual reports, for the financial years 2020, 2021, 2022 and as expected 2023.

2. In view of the foregoing, Application for an extraordinary urgent financial and management audit of FOLLI FOLLIE, in particular for the sources and uses of cash flows and for the Company’s financial situation in the financial years, 2019, 2020, 2021, 2022, 2023 and for taking any other competent legal measure.

Given that our clients have been shareholders of the FOLLI FOLLIE since 2016, in the relevant Application and Report we account the events of the case since the disclosures of May 2018 by the short selling fund QCM, regarding alleged irregularities in the financial figures of the company and especially with regard to the turnover of the Asia business branch and deficit of information about the cash reserves, the rapid fall of the shares in the Athens Stock Exchange (ASE), the suspension of trading of the stock, the appointment of the Interim Administration, the Court order for the reorganization of the company, the disposal of Minion Athens commercial property and other assets, the activation of the successor company OpsCo and the deletion of FOLLI FOLLIE from the ASE in 29.12.2023, until the filing of the aforementioned application – report for non-compliance of the Interim Administration with the obligations to keep legal accounts and books and provide continuous and regular information to the transacting public according to the regulation of the ASE and the law for the years 2019, 2020, 2021, 2022, 2023 as referred to therein.

Regardless of past failures and violations of compliance of maintenance of financial data records and their information and communication to the investors and the public, either by the previous corporate management of the main shareholders (which are examined and evaluated by justice), or by the temporary management (appointed in the restructuring process), it goes without saying that, without financial data and balance sheets, any future investment in the company is cancelled, the restructuring collapses and FOLLI FOLLIE and its recently activated successor OpsCo consign to bankruptcy. Apart from the damage to shareholders, then the independent private sector will have lost yet another large, commercial company with international activity and the economic institutions in Greece will have suffered yet another blow.