Statement on negotiations for new labour agreement at Piraeus Port Authority

signed in December 2017 valid for two years, the Company proved clearly the respect to its employees, as in the same way had done with the signing of the agreements in 2019 with the Union of Dockworkers and the Union of Supervisors & Foremen. b) The negotiations which had started for the new Collective Labor Agreement before and during the COVID-19 pandemic are in progress but no agreement has yet been reached. c) During the negotiations with the Federation of Greek Port Employees (OM.Y.L.E.), the Company made clear to its representatives that as long as the negotiations last, the employees of the Company subject to this agreement will continue to be paid under the terms of the last signed Collective Labor Agreement, as currently in force and it is not going to proceed to any wages reduction. d) PPA has proved that its top priority is to ensure the existing jobs. e) Every prudent Administration is obliged to keep any agreement signed in its entirety. Given that the effects of COVID-19 on Strategic Business Sectors of PPA are not yet known, it is absolutely rational for the company before undertaking a commitment with its employees, to study all the factors that affect its profitability, so that the proposals that it will make for wages increases will be served in an absolute way. In any case, the Company’s goal remains the successful completion of the negotiations and the signing of a new collective agreement with three years duration. In closing, the PPA Management will continue with absolute consistency to take care of its employees adhering strictly to all that has been agreed upon and at the same time defending the interests of the Company. PortSEurope Note: Piraeus Port Authority SA (PPA) is operated by China’s COSCO Shipping Ports Limited. Source: PPA