G.A.P. Vassilopoulos Public Ltd

Management Reports • Mar 24, 2022

G.A.P. VASSILOPOULOS GROUP

ANNOUNCEMENT 24/3/2022: ECONOMIC CONSEQUENCES, RISKS AND UNCERTAINTIES DUE TO THE RUSSIAN-UKRAINIAN CRISIS

G.A.P. Vassilopoulos Public Limited is closely monitoring the important developments in the global market as a result of the Russian-Ukrainian crisis. The economic consequences of the current crisis in Cyprus and on the global economy cannot be assessed due to the high degree of uncertainty arising from the failure to predict the outcome in a reliable manner. This will depend on the duration and the extent of the crisis.

The Management considers that the Group's activities have no significant exposure to the Russian or the Ukrainian market, with the exception of the operations of its associated company Swissport Cyprus Limited, which are expected to be directly affected due to the potential decline of tourist arrivals, mainly from the Russian market.

The Group will continue to closely monitor the developments and assess activities aimed to mitigate the negative impacts that may arise.