Athens, 05/05/2014

INFORMATION ON PENDING LITIGATION

In 1999, the European Commission (EC) ruled that part of a state aid granted in 1986 to the Company was illegal and ordered the Greek state to recover from the Company the amount of 7.3mEuro plus interest.  By virtue of a subsequent letter in 1999, the EC indicated an amount computed based on 18% compound interest.  In 2000, the Company paid the overall amount (74mEuro, including compound interest), and filed a complaint before the First Instance Administrative Court of Athens (“CFI”).  In 2001, the CFI ruled that in the absence of compound interest in the EC ruling, the Greek authorities could not execute an amount with such compound interest, and restricted the amount to be recovered to 25.6 mEuro (corresponding to an amount calculated with simple interest). In 2005, after the CFI judgment was confirmed on appeal, the Greek authorities repaid to the Company 44mEuro. The parties appealed further to the Supreme Administrative Court.  Several years later, the Supreme Administrative Court, in 2012, referred the case back for a new appellate judgment to be issued on the merits regarding the amount of 44mEuro paid back to the Company. Further to a hearing which took place on February 13, 2014, the Company became aware that a new appellate judgment was just issued, which quashed the CFI judgment of 2001 on the basis of which the Greek Authorities had repaid to the Company 44mEuro.

This new appellate judgment has not been served to the Company yet. It is noted that no related provision has been recorded until today in the books of the Company, due to the duly established view of the Company that the final outcome of such litigation will be positive further to a relevant legal opinion of the Company's legal advisors. The Company shall challenge vigorously the recent appellate judgment by filling a petition of annulment before the Supreme Administrative Court and will review other actions to challenge the possible execution of this judgment. Ιn the event that the appellate judgment is actually enforced in the future against the Company while the case will be pending before the Supreme Administrative Court, the Company believes that there will not be a significant negative impact in its financial status.