Halandri, July 27, 2012

SPRIDER STORES S.A. announces to investors that after the decision of its BoD dated June 30, 2012 and the relevant memorandum of sale agreement dated also June 30, 2012, it was concluded that its Romanian subsidiary firm SPRIDER STORES SRL shall be sold to NAQUA INVESTMENTS LTD, which is based in Cyprus and specializes in retail apparel trade in the region of Eastern Europe. The price of the sale shaped at € 640.000,00.

The deep recession of the Greek economy, the liquidity crisis as well as the ongoing rationalization of SPRIDER STORES sales network combined with the continuous loss making on behalf of the subsidiary firm, lead SPRIDER STORES management to the conclusion that withdrawing from Romania shall be expedient for the Group, in order to focus in Greece, which is the core country of activity and interest. 

The sale of SPRIDER STORES SRL will contribute positively to the Group's results, since the Romanian subsidiary, during the entire duration of its operation (2007-2011) produced losses both in EBIDTA as well as in after tax level, as it is depicted in the following table:

The most important benefits that will arise from the sale of SPRIDER STORES SRL are summed up below:

• Consolidated gross margin improvement by 1.50 percentage points
• Consolidated EBIDTA improvement by €1.500K
• Earnings after taxes and consequently owners' equity improvement by €3.200K
• Liquidity improvement for the mother company by €3.000K (the amount of the purchases of the mother company for its subsidiary, the payment of which is undertaken by the buyer).

SPRIDER STORES is the leading Greek multinational value fashion and house ware retail chain, which offers complete solutions, covering all the needs of the modern family with the most competitive price to fashion to quality ratio, through an extensive sales network consisting of ninety three (93) SPRIDER STORES, of which eighty four (84) points of sales are strategically located in key cities of Greece and nine (9) points of sales are located in big urban centres of South and Eastern Europe namely in Bulgaria and Cyprus.