Shareholders endorse new era at La Seda De Barcelona

Consolidated net income also reached a record high, growing from €2.6 to €14.9m, of which €7.41m was already distributed as interim dividends to shareholders in late 2007.

The annual meeting featured a 47.48% turnout.

The election of Mr. Musab Al Mahruqi was ratified making him officially a new board member.

Mr. Al Mahruqi represents Oman Oil Company, which owns 5.6% of LSB.

Shareholders acclaimed the new profit distribution policy and also endorsed the plans outlined by the Chairman, Mr. Rafael Español, for the 2008-12 period in his opening speech: "We have concluded our recent period of growth through large scale acquisitions and shall now focus on strengthening and intensifying integration among all companies and units...The benefits of such acquisitions and our vertical integration strategy will become more visible throughout the year 2008, as we fully consolidate all new companies and achieve the expected synergies. However, the financial impact can already be felt within the Group, with 2008 first quarter results rising by 54% in revenues and 60% in EBITDA against the first quarter of 2007".

Following this statement, Mr. Español added "In the past 2 years we have transformed La Seda into a key player in the PET business... an industry which is expected to grow annually at 7% even in the current economic turmoil".

Global size, broad international presence, deep vertical integration and a strong focus on the innovative and noncyclical packaging business are solid foundations for LSB future growth and profitability in this new era, which shareholders have just endorsed.