Halandri, July 23, 2012

 The company announces to investors the following:

1. It has received from      its legal auditor, the report of tax compliance, with the remark “Unable      of expressing opinion”. After that and given that the company, since it      has received the above tax certificate, is included to the provisions of      article 82 par. 5 Law 2238/1994, which provides for issuing an audit order      by the responsible departments of the Ministry of Finance, Competitiveness      and Shipping, in order to accelerate the procedure, the company filed on      July 19, 2012 in the Ministry's competent Department a relevant      application, with protocol number 1106731/19.07.2012. The type of the tax certificate concurs a      reason for defining net income for the tax unaudited years not based on      books, according to article 32 of Law 2238/1194. Thus after the company      has received the result of the ordinary tax audit, it will immediately      resort to the committee of article 70, aiming at minimizing the result of      the tax audit. The time period of the above actions (ordinary tax audit –      resort to the committee of article 70 – issue of the relevant decision)      cannot be currently assessed since as it was mentioned above departments      of the Ministry are involved. Consequently, during the current phase the      company cannot safely predict time wise the completion of the above      actions.
2. Concerning the issue of      certification of the amount of insured losses from insurance companies, the      assessors of the insurance companies involved in the case, have not yet      conclude on the amount of insurance compensation. The most important      reason for not defining the amount of compensations is the fact that      insurers have not yet received the copy of the arson file from the      responsible Prosecutor, which contains the findings of the Fire      Department. Despite all that the company is in touch with the involved      insurers in order to finalize the compensation amount, as well as its      payment schedule.

For every development regarding the aforementioned issues the company is committed to inform investors timely.