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1 AXIA Research Greece-Daily Note 28 August 2015 Headlines Athens General Index Macroeconomic News President of the Supreme Court Vassiliki Thanou was sworn in yesterday as transitional Prime Minister. The caretaker cabinet will be sworn in today to guide Greece to general elections on September 20. According to a poll by Pro-Rata for a local newspaper (Efimerida ton Syntakton), Syriza claims 23% of the vote, new Democracy 19.5%, while the undecided vote stood at 25.5%. According to the same poll, 8 parties in total come above the 3.0% limit to enter the parliament, while the former junior coalition partner - Independent Greeks - gets 2.0% of the votes. Corporate News OPAP released a strong set of 2Q:15 results, at the higher end of market expectations, driven by slightly higher-than-expected revenues - Management to propose an interim dividend for FY:15 of EUR 0.17/share (gross). The cutoff date is September 11, OPAP will hold a conference call today at 16:00 local time (14:00 UK Time). PPC posted a satisfactory set of 1H:15 results, coming broadly in line with our and market estimates. Performance was driven by lower OPEX and higher demand. On the contrary, the increase of provisions for bad debts (as expected) had a negative impact. Note that the company launched a new tariff policy, offering discounts to medium and low voltage clients in an effort to support its market share and unpaid bill formation. The impact is estimated according to the management at EUR18m for 2015 and at EUR80m on a FY basis for According to our preliminary estimates, this points to an EPS reduction of c30% in 2015 and c50% in Hellenic Petroleum released a strong set of 2Q:15 results that came in above market expectations, with adj. EBITDA coming 7.5% above consensus. ELPE posted adj. net profits of EUR 39m (vs. losses of EUR 54m in 2Q:14). Folli Follie reported 1H:15 top and bottom line numbers that were at the higher end of expectations, but the EBITDA margin was pressured. Management is working towards its target of double digit top line and EBITDA growth for the year although it cautioned that there is still low visibility on the outlook. Lamda Development reported a satisfactory set of 1H:15 results, posting a 7.0% increase in retail EBITDA to EUR 19.9m. Still reported EBITDA was pressured due to revaluation losses. Additional Headlines Bank of Greece announced that total household and corporate deposits fell by EUR 1.4bn m-o-m to EUR 120.8bn in July despite the imposition of capital controls, attributed to the heightened concerns of depositors. Note that since end-december 2014 total deposit outflows stand at EUR 39.5bn. Bank of Greece announced that the annual growth rate of total credit extended to the domestic private sector stood at -1.5% in July against -1.7% in the previous month. The monthly net flow of total credit to the domestic private sector was negative at EUR 607mn, against a positive net flow of EUR 430mn in the previous month. NBG announced that the Board of Directors approved the appointment of Ioannis Kyriakopoulos as CFO, effective September 4. Ioannis Kyriakopoulos, a mathematician by training, served as deputy CFO of NBG between 2009 and 2011, and was CFO at Greece's bank bailout fund (HFSF) from 2012 until last May. Note that the CFO position at NBG has been vacant since Paula Hatzisotiriou resigned in May this year. Motor Oil management, in the conference call following a strong set of 2Q:15 results, was optimistic on the short-to-medium term outlook of the company, given the prevailing market trends. Market performance during the quarter was characterized by significant volatility both in crude prices, FX rates and product prices. Going forward, demand is seen remaining strong in the Med region, with the nominal capacity being lower than the actual available and thus resulting in strong demand growth for exports. In respect of the dividend policy, management refrained from providing specific comments, but the normalization of the political landscape that should come after the elections period should weigh positively on any decisions. Piraeus Port Authority announced its 1H:15 results, with revenues down just 2.9% to EUR 50.2m despite the significant reduction in the work of the Container Terminal. On the positive side revenues from passenger shipping, cruise and COSCO concession increased by 8%, 6% and 12.7% respectively. Total operating expenses declined by 7.34% mainly due to a 5.0% reduction in wages. Given the profitability improvements, net income jumped to EUR 7.6m for 1H:15 vs. EUR 3.3m in the same period last year, while cash and equivalent increased to EUR 62.5m (vs. EUR 44.5m in end Jun-2014) Jul 03 Aug 10 Aug 17 Aug 24 Aug close daily % Y-t-d % Athens General % % Market Turnover (EURm) % Market Cap (EURbn) Market Cap / GDP* * % ASE Indices & Sectors close daily % Y-t-d % FTSE % -30.3% FTSE % -4.0% FTSE % -29.3% ASE - Banks % -78.8% ASE - Telecoms % -6.6% ASE - Industrial % -3.1% ASE - Construction % -7.1% FTSE ASE Ratios* General Index Large Cap 2015f 2016f 2015f 2016f P/E (x) P/BV (x) EV/EBITDA (x) EV/Sales (x) Dividend yield (%) FTSE ASE movers (last trading day) TOP Forthnet S.A. 20.0% Folli Follie S.A. 5.3% Jumbo S.A. 5.1% BOTTOM Eurobank Ergasias SA -7.1% Piraeus Bank S.A. -4.3% Terna Energy S.A. -4.0% Thessaloniki Port Authority released its 1H:15 results posting revenues of EUR 26.6m vs. EUR 26.3m in 1H:14. EBITDA during the 6- month period of 2015 amounted to EUR 14.6m against EUR 14.0m in 2014 (+3.88% y-o-y). After-tax results amounted to EUR 9.95m vs. EUR 10.4 in 2014 (-4.94% y-o-y). Athens Water announced its 1H:15 results posting practically flat revenues of EUR 151.7m (-0.1% y-o-y) with billed water consumption decreasing by 0.5% in volume terms. Operating costs declined by 4.4% y-o-y, supporting an increase in EBITDA 22.7% y-o-y, amounting to EUR 40m, whereas EBITDA margin settled at 26.3% from 21.5% previously. Earnings after taxes amounted to EUR 17.1m vs. EUR 15.6m in the first half of 2014, posting an increase of 9.3%. Net cash position of the company stood at EUR 230m vs. EUR 233m in end Dec Please continue overleaf. Weekly calendar Friday, Aug. 28th : 2Q:15 GDP provisional estimates, STOXX indices review announcement (effective Sep. 21st) Athens Water, Thessaloniki Water - Release of Q2:15 Results Axia Ventures Group - 4 Vas. Sofias Ave., Athens Greece, Tel: , Fax: , Web: Please refer to the last page for disclosures and analyst certification

2 Greek Politics General Elections Fact: President of the Supreme Court Vassiliki Thanou was sworn in yesterday as transitional Prime Minister. The caretaker cabinet will be sworn in today to guide Greece to general elections on September 20. According to a poll by Pro-Rata for a local newspaper (Efimerida ton Syntakton), Syriza claims 23% of the vote, new Democracy 19.5%, while the undecided vote stood at 25.5%. According to the same poll, 8 parties in total come above the 3.0% limit to enter the parliament, while the former junior coalition partner - Independent Greeks - gets 2.0% of the votes. Assessment: Vassiliki Thanou was sworn in last night after President Prokopis Pavlopoulos called all the party leaders individually on Thursday afternoon and established that there was no prospect of a government being formed from the current administration. Note that outgoing Prime Minister Alexis Tsipras, coalition partner Panos Kammenos, Golden Dawn leader Nikos Michaloliakos and Communist Party chief Dimitris Koutsoubas all declined the opportunity to take part in the face-to-face discussion, leading Prokopis Pavlopoulos to abandon the process. Note that the caretaker cabinet is due to be sworn in at noon today. Note also that a key member of Greece s negotiating team for the third bailout, Giorgos Houliarakis, is expected to be made finance minister. AXIA Research Page 2

3 Closing Price (EUR) 7.00 Market Cap (EUR m) Aug 14 Oct 14 Nov 14 Dec 14 Feb 15 Mar 15 May 15 Jun 15 Jul 15 Greek Organisation of Football Prognostics SA OPAP Cons. Est.* f 2016f EV/EBITDA P/E P/B EPS (EUR) OPAP Reuters / Bloomberg: OPAr.AT / OPAP GA Gaming / Greece Fact: OPAP released a strong set of 2Q:15 results, at the higher end of market expectations, driven by slightly higher-than-expected revenues - Management to propose an interim dividend for FY:15 of EUR 0.17/share (gross). The cutoff date is September 11, OPAP will hold a conference call today at 16:00 local time (14:00 UK Time). Assessment: 2Q:15 turnover came higher than the market (and we) had expected, reaching EUR bn or (+10.1% y-o-y). Stihima sales declined, as was anticipated (note that the game had benefited last year by the World Cup games in Brazil booking revenues of ceur110m). Still the drop was slightly lower than what we had forecasted. In addition, positive surprise was seen from the performance of Kino that grew by 3.2% y-o-y in 2Q:15. The increase reflects the fading impact of the cannibalization from the scratch ticket. Revenues from the Hellenic Lotteries settled at EUR 113.4m in 2Q:15 with the scratch ticket sales settling at EUR 76.2m, confirming the normalization levels of EUR 70-80m (in 1Q:15 it recorded revenues of EUR 72.8m). Joker sales in 2Q:15 increased by a strong 95% y-o-y assisted by rollovers. On the other hand Lotto sales decreased for the period (-41.8% y-o-y) due to lack of rollovers. Gross gaming revenues (GGR) in 2Q:15 increased 15.1% y-o-y to EUR 340.8m as the payout for the decreased from 69% in 2Q:14 to 67% in 2Q:15. Stihima payout settled at 67.7% for the quarter vs. 67.8% the same period last year. EBITDA in 2Q:15 increased by 35.9% reaching EUR 93.2m, mainly due to successful cost control. To this end adjusted (for Payzone and revenue based costs) cost of services came c7.2% higher y-o-y. Net profit in 2Q:15 reached EUR 51.9m or 232.3% higher y-o-y. Note that last year net income was impacted by tax obligations, while this period s effective tax rate includes also an adjustment that leads to a higher effective corporate tax rate for the year (from 26% to 29%). The company s cash position is at ceur 218m while it raised EUR 105m in debt during the quarter. Overall, OPAP reported a strong set of results, assisted by the healthy performance of its flagship games of Stihima and Kino, the first-time contribution of Hellenic Lotteries (including the scratch ticket) and the strong revenues (and profitability) from Joker. Still the focus will be on management comments on the performance of the company during the capital controls but also on any developments on the rollout of the VLTs (the company announced the suspension of the launch of VLTs in early July due to regulatory issues). EUR m Q2:14 Q2:15 y-o-y H1:14 H1:15 y-o-y Stihima % % Kino % % Hellenic Lotteries Total Revenues % % Gross Gaming Revenues % % EBITDA % % EBITDA margin on GGR 23.2% 27.4% 23.5% 26.7% Net Income % % Source: The Company, AXIA VG Research Action: Overall, OPAP reported a strong set of results, assisted by the healthy performance of its flagship games of Stihima and Kino, the first-time contribution of Hellenic Lotteries (including the scratch ticket) and the strong revenues (and profitability) from Joker. Still the focus will be on management comments on the performance of the company during the capital controls but also on any developments on the rollout of the VLTs (the company announced the suspension of the launch of VLTs in early July due to regulatory issues). AXIA Research Page 3

4 Closing Price (EUR) 4.08 Market Cap (EUR m) Aug 14 Oct 14 Nov 14 Dec 14 Feb 15 Mar 15 May 15 Jun 15 Jul 15 Public Power Corporation S.A. ATHEX Composite (Rebased) Cons. Est.* f 2016f EV/EBITDA P/E P/B EPS (EUR) Public Power Corporation S.A. Reuters / Bloomberg: DEHr.AT / PPC GA Electricity / Greece Fact: PPC posted a satisfactory set of 1H:15 results, coming broadly in line with our and market estimates. Performance was driven by lower OPEX and higher demand. On the contrary, the increase of provisions for bad debts (as expected) had a negative impact. Note that the company launched a new tariff policy, offering discounts to medium and low voltage clients in an effort to support its market share and unpaid bill formation. The impact is estimated according to the management at EUR 18m for 2015 and at EUR 80mn on a FY basis for According to our preliminary estimates, this points to an EPS reduction of c30% in 2015 and c50% in Assessment: Total electricity demand increased by 4.7% in 1H:15 to 28,216 GWh versus 26,951 GWh in 1H:14, with the first quarter of the year posting the higher increase (+8.6% y-o-y in 1Q:15 due to very low temperatures). In this context, revenues from energy sales increased by 3.0% y-o-y in 1H:15 to EUR 2.828bn, while total turnover increased by 2.8% y-o-y to EUR 2.913bn in 1H:15. PPC s electricity generation and imports covered 61.2% of total demand in 1H:15 (vs. 68.8% in 1H:14), due to lower lignitefired generation by 22.5% and lower gas-fired generation by 36.5% as well as due to the doubling of imports from third parties (mainly from Balkans at favorable pricing vs. local SMP). Hydro generation in 1H:15 increased by 88.9% due to exceptional hydrological conditions. The decrease in liquid fuel expense by 18.6%, from EUR 344.3m in 1H:14 to EUR 280.4m in 1H:15, is attributed to the reduction of heavy fuel oil and diesel prices. Natural gas expense decreased by 38.4% y-o-y, from EUR 173.5m in 1H:14 to EUR 106.9m in 1H:15, due to lower gas-fired generation (-36.5% y-o-y). With respect to natural gas prices, there is a reduction of 1.4% in 1H:15, following the reduction of natural gas prices in 2Q:15. The positive impact from the reduction of oil price in 1H:15 is expected to drive natural gas prices down starting from 2H:15. Energy purchases expense from the System and the Network increased by 6.5% mainly stemming from third party imports. Expenses for CO2 emission rights amounted to EUR 107.2m, translating to a EUR 2.4mn increase compared to 1H:14. The increased average price for CO2 emissions rights by approximately 30% was mitigated by lower volumes due to lower lignite production: CO2 emissions in volume terms decreased by 21.5% in 1H:15 compared to 1H:14 settling at 15.5 mln tonnes. The total reduction between the two periods in payroll cost stood at 4.0% to EUR 483m at 1H:15. On the provision front, provisions for bad debt amounted to EUR 307.9m in 1H:15 compared to EUR 204m in 1H:14, an increase of EUR 103.9m (50.9%). If there were no reversals of provisions, the relevant figures would be EUR 313.7m and EUR 272.3m respectively, that is an increase of EUR 41.4 m or 15.2%. This shows a significant slowdown in reversals in H1:15. But things are expected to deteriorate further: PPC CEO commented that the Company has already implemented actions for the improvement of overdues collection, however, the imposition of capital controls has hindered the effectiveness of such actions in July and made it more difficult for our customers to pay their electricity bills, thus leading to a further increase in overdues.. In this context management revised upwards its 2015 provision guidance to EUR 600m vs. EUR 450m previously. PPC announced a new tariff policy, offering discounts to certain customer segments (mainly low voltage and medium voltage, commercial clients). The said scheme is regarded as an effort to (i) avoid mitigation of customers to alternative suppliers in front of the enhanced competition through energy auctions and (ii) provide support to unpaid bill formation that has deteriorated following the capital controls period. Management estimates the impact of the scheme at ceur 18m for the remaining of 2015 and at EUR 80m for FY We note that commercial and residential clients represent the higher margin segments of PPC s clientele. In this context and considering the enhanced competition through NOME energy auction that should be agreed by October 2015 according to the MoU provisions, PPC is trying to prevent cherry-picking of its most profitable clients. Additionally note that as per the MoU provisions, PPC must abolish the 20% discount on High Voltage clients established in 2014 and use tariffs based on marginal generation costs. Finally, management noted that any decisions regarding NOME implementation and up to a certain level tariff policy are up to the government policy. Considering the above mentioned, as well as the prevailing crude oil price levels and USD rates, management updated its guidance for FY:2015, with total sale at EUR 5.8bn (vs. EUR 5.9bn previously) and EBITDA at ceur 1.16bn (vs. EUR 1.25bn previously). In respect of IPTO privatization, PPC has submitted an updated business plan that foresees the assets of IPTO remaining within PPC, while the operation passes to an independent entity controlled by the State and Independent investors. Further decisions on this are expected by October. 2Q:14 2Q:15 y-o-y 1H:14 1H:15 y-o-y Reuters cons 1H:15 Revenues 1, , % 2, , % 2, ,8 Payroll % % 43 Oil % % 26 Natural Gas % % 10 Energy Purchases % % 72 Provisions % % 32 Total Opex 1, , % 2, , % 2,2 EBITDA % % EBITDA margin 18.5% 18.5% 19.3% 21.8% 21 Net Income % % *Reuters Source: AXIA VG Research Action: Given the above (higher provisions, tariff discounts) we estimate a downward revision of 2015 EPS by c30% to ceur 0.6 vs. ceur 0.9 previously, while for 2016 we estimate a c50% reduction in our EPS estimates to ceur 0.3. Note that the impact of the tariff reductions is partially mitigated by the current low levels of commodity prices and thus lower generation costs. Given the limited visibility at this point over the outlook of the electricity market and the potential impacts on PPC we remain cautious on PPC. We will revert with updated estimates and valuation. AXIA Research Page 4

5 Closing Price (EUR) 4.17 Market Cap (EUR m) Aug 14 Oct 14 Nov 14 Dec 14 Feb 15 Mar 15 May 15 Jun 15 Jul 15 Hellenic Petroleum SA ATHEX Composite (Rebased) Cons. Est.* f 2016f EV/EBITDA P/E P/B EPS (EUR) Hellenic Petroleum SA Reuters / Bloomberg: HEPr.AT / ELPE GA Refinery / Greece Fact: Hellenic Petroleum released a strong set of 2Q:15 results that came in above market expectations, with adj. EBITDA coming 7.5% above consensus. ELPE posted adj. net profits of EUR 39m (vs. losses of EUR 54m in 2Q:14). Assessment: Performance was driven by refining, which despite the scheduled maintenance period, was strongly driven by refining margins and favorable USD rates. Refining: Benchmark margins in 2Q:15 more than doubled vs. the same period last year driven mainly by strong gasoline cracks. At the same time demand in the domestic market increased by 6.0% y-o-y in 2Q:15 maintaining the positive trend of 1Q:15 (+22.0% y-o-y mainly due to heating oil demand). Adjusted EBITDA for 2Q:15 stood at EUR 77m vs. EUR 9.0m in 2Q:14. It is worth noting that the scheduled shutdown of Aspropyrgos unit impacted by ceur 80m the quarterly EBITDA performance, with utilization rates of ELPE system declining to 63% for 2Q:15 vs. 103% in 1Q:15 and 104% in 4Q:14. Petrochemicals: Sales volume decline by 14% y-o-y in 2Q:15 due to the refinery shutdown period, but this was partially mitigated by stronger PP margins. The division contributed EUR 23m on adj. EBITDA or 21% higher y- o-y. Marketing: In the domestic market, higher sales volume (+15% y-o-y in 2Q:15) and improved performance in Aviation & Bunkering (+30% y-o-y in 2Q:15) during the early months of the tourism season led EBITDA to EUR 13m vs. EUR 10m in 2Q:14. It is also worth noting that retail sales increased by 11% y-o-y during the quarter. On the international markets, volumes also improved by 12% y-o-y, driving EBITDA higher by 16% in 2Q:15 standing at EUR 15m. On a group level, adj. EBITDA for 2Q:15 stood at EUR 130m vs. EUR 49m in 2Q:14, while on a reported level EBITDA stood at EUR 144m. Net income on an adjusted basis settled at EUR 39m vs. losses of EUR 54m in 2Q:14, with reported earning reaching EUR 49m. The company generated adjusted FCF (adj. EBITDA less capex) of EUR 256m during the 6-month period of 2015, with net debt at end-july 2015 standing at EUR 1.115bn vs. EUR 1.140bn in end-december 2015, affected though by WC capital decline. We note that cash and equivalent at the end of the period stood at EUR 2.210bn. On the conference call management was optimistic for the environment during 3Q:15, pointing to a very strong performance, given the full operation off all units. In regards to its cooperation with Iran, management noted that they will seek to source crude from Iran as the refinery is set up for this type of crude, while they will seek for a mutually beneficial settlement of their liabilities. In respect of financing, the company has initiated preliminary talks vis-à-vis the 2016 maturing bond which are expected to evolve as the market conditions normalize. EUR m 2Q:14 2Q:15 y-o-y 1H:14 1H:15 y-o-y 1H:15 cons.* Reported EBITDA % % adj. EBITDA % % Refining % % Domestic marketing % % International % % Petchems % % Other % % Reported Net % % 47.0 adj. Net % % 72.8 *Reuters Source: AXIA VG Research Action: ELPE posted a very good set of results, despite the downtime period. We recognize a number of positive trends (namely gasoline demand, export volumes, domestic demand, operational streamlining, USD rates) during the 1H:15 that are expected to continue in the second half of 2015 and will result in a very strong performance. Further to that, the availability of Iran crude late in 2015 or by early 2016 will further enhance sourcing optionality and thus profitability. It is worth noting that the refiners adjusted LTM EBITDA has reached the historical highs of EUR 650m. We are positive on the prospects of the company in the prevailing refining landscape and we believe that the removal of domestic political uncertainties will help overcome any headwinds. AXIA Research Page 5

6 Closing Price (EUR) 19 Market Cap (EUR m) Aug 14 Oct 14 Nov 14 Dec 14 Feb 15 Mar 15 May 15 Jun 15 Jul 15 Folli Follie S.A. ATHEX Composite (Rebased) Cons. Est.* f 2016f EV/EBITDA P/E P/B EPS (EUR) Folli Follie S.A. Reuters / Bloomberg: HDFr.AT / FFGRP GA Retail / Greece Fact: Folli Follie reported 1H:15 top and bottom line numbers that were at the higher end of expectations, but the EBITDA margin was pressured. Management is working towards its target of double digit top line and EBITDA growth for the year although it cautioned that there is still low visibility on the outlook. Assessment: Folli Follie posted revenues of EUR 594.3m at 1H:15, 24.1% higher y-o-y benefiting by increased demand and favorable fx fluctuations. Specifically, the Jewellery, Watches and Accessories (JWA) division posted sales of EUR 437.3m, in 1H:15, up 23.4% y-o-y, The growth is associated strong sales in Asia but also fx. Margins though of the division significantly declined (EBITDA margin down 260bps y-o-y in H1) reflecting seasonality due to the change in mix (more franchises). Management said that this will improve over the coming quarters and from 26.8% EBITDA margin in 1H:15, for the year the target is set to reach 28% (30% going forward). The group reported strong revenue growth from Department stores (+16.3%) assisted by the new Attica in Thessaloniki but also increased sales in Greece. Like-for-like revenues were up 6.2% y-o-y. The EBITDA margin of the division remained relatively flat. The Wholesale/retail division revenues grew by 37.3% driven by the expansion of European Juicy Couture but also increased demand in Greece and the Balkans. In a like-for-like basis the performance of the division was also strong growing 22% y-o-y. The EBITDA margin of the division dropped to 6.1% from 12.5% reflecting the impact of Juicy Couture and a higher discounting market environment. Group EBITDA margin deteriorated by 270bps to 21.57% impacted mainly by the JWA division. EBITDA reached EUR 128.2m in 1H:15 or 10.1% higher y-o-y. Net profits for the period settled at EUR 73.3m or 11.1% higher y-o-y. Operating cash flow reached ceur 60m vs EUR-1.7 the same period last year. Management noted that performance in Greece in July (following the implantation of capital controls) was flat, while August is strong as the group is gaining market share. In respect of China management said that it has not seen negative impact in business as its target group (middle class) is least affected by developments, while the devaluation has a positive impact on costs. In China the aim is for a retail and franchises network (in respect of sales and POS) guided for double digit growth of sales and EBITDA for FY15, boosted by positive fx. EUR m H1:14 H1:15 y-o-y Sales % EBITDA % EBITDA margin 24.3% 21.6% Net Income % Source: The Company, AVG Research Action: Folli Follie produced a solid set of results, although we note the positive fx impact in the numbers. We also highlight the improvement in the cash flow, a positive trend that started last year. Still we highlight the drop in margins in JWA that we will monitor. The company continues with its expansion plans including the rollout of the Links of London in Asia. The prospects remain positive for the JWA division as demand from mainland China continues strong while the group expands in the region both organically and through franchisees. We remain concerned about the prospects of the Greek operations (22% of the total and the bulk of revenues from the retail and the department stores divisions) but we note that the company continues to gain market share as competition (especially high street) is weakening. AXIA Research Page 6

7 Closing Price (EUR) 4.13 Market Cap (EUR m) Aug 14 Oct 14 Nov 14 Dec 14 Feb 15 Mar 15 May 15 Jun 15 Jul 15 LAMDA Development S.A. ATHEX Composite (Rebased) LAMDA Development S.A. Reuters / Bloomberg: LMDr.AT / LAMDA GA Real Estate / Greece Fact: Lamda Development reported a satisfactory set of 1H:15 results, posting a 7.0% increase in retail EBITDA to EUR 19.9m. Still reported EBITDA was pressured due to revaluation losses. Assessment: The retail performance in 1H:15 showed significant growth with retail EBITDA up 7% y-o-y, settling in at EUR 19.9m following an increase of total retail revenues of 3.5% y-o-y to EUR26.5m. Lamda s 3 mall shopkeeper sales for the period were up 5.2% y-o-y as consumer visits increased 1.1% y-o-y and average per capita spending increased by 4.1% y-o-y. Lamda s shopping centers occupancy remains high at 98%. Retail EBITDA increased by 5% y-o-y, while total EBITDA increased 7.6% y-o-y standing at EUR 8.5m. The company reported net profits of EUR 1.36m in 1Q:15 compared to net profits of EUR 0.67m at 1Q:14. The net debt-to-investment portfolio (proportional method) stands at 39.2%, whereas the net debt-to-nav reached 55.3% and Net Debt/Book Equity at 61.5%. Still, the losses from asset revaluations (EUR 20.5m) impacted the P&L negatively in 1H:15. Note the revaluation losses by the end of 1H:14 were EUR 7.2m. The main revaluation adjustments were related to the group s land bank in SEE and retail (malls). The company reported losses at an EBITDA level of EUR 3.575m vs. profits of EUR 0.867m the same period last year, while reported net losses for the period amounted to EUR 14.3m in 1H:15 from losses of EUR 6.75m in 1H:14. The NAV at the end of June 2015 settled EUR 410m, while NAV/share stands at EUR 5.21 from EUR 5.46/share at March 31, Net debt settled at EUR 152.7m (equity method) or EUR 276.5m on a proportional method) with Net debt / Investment Portfolio at 27.7% on an equity method (40.4% on a proportional method). In the conference call following the release of the results, management noted that despite the capital controls and the increased uncertainty over the recent period there is no reversal of the positive trends in the company s malls as they continue to gain market share. Specifically management said that in the first 2 weeks of capital controls there was a drop in sales but gradually this was reversed and sales in August continue to grow. EUR m H1:14 H1:15 y-o-y Revenues % Operating profit Net Income Source: The Company, AXIA VG Research Action: 1H:15 results depict the strong position of Lamda in Greek retail that was further enhanced by the stabilization/growth of the Greek economy during the first half of the year. We note the increased difficulties in the second half of the year given the impact of the capital controls, additional austerity and increased uncertainty (new elections) but the company is well positioned to weather the headwinds. Hellinikon remains a transformational catalyst for the group but more developments (that could allow us to quantify the positive impact) should be expected in the coming quarters. AXIA Research Page 7

8 Corporate & Macro Calendar Macros Event For the month of Release date Quarterly national Accounts (prov.) 2Q:15 28/8/2015 Turnover Index in Retail Trade Jun-15 31/8/2015 2Q:15 Earnings Announcements Athens Water 28/8/2015 Thessaloniki Water 28/8/2015 Fourlis 31/8/2015 Ellaktor 31/8/2015 Aegean Airlines 31/8/2015 Gek Terna 31/8/2015 AXIA Research Page 8

9 Disclosures General information This research report was prepared by AXIA Ventures Group Limited, a company incorporated under the laws of Cyprus (referred to herein, together with its subsidiary companies and affiliates, collectively, as AXIA ) which is authorised and regulated by the Cyprus Securities and Exchange Commission (authorisation number 086/07). AXIA is authorized to provide investment services in the United Kingdom, Greece and in Portugal pursuant to its permissions under the Markets in Financial Instruments Directive and may also provide similar services in other countries, inside or outside of the European Union, subject to the applicable provisions. AXIA Ventures Group Limited is not a registered broker-dealer in the United States (U.S.), and, therefore, is not subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. In the U.S., this research report is intended solely for persons who meet the definition of major U.S. institutional investors in Rule 15a-6 under the U.S. Securities and Exchange Act, as amended, or persons listed under Rule 15a-6(4)) and is meant to be disseminated only through Axia Capital Markets LLC, a wholly owned subsidiary of AXIA Ventures Group Limited and associated US registered broker-dealer in accordance with Rule 15a-6 of the US Securities and Exchange Act. Content of the report The persons in charge of the preparation of this report, the names of whom are disclosed below, certify that the views and opinions expressed on the subject security, issuer, companies or businesses covered by this research report (each a Subject Company and, collectively, the Subject Companies ) are their personal opinions and that no part of their compensation was, is or will be directly or indirectly related to the specific recommendations or views contained in this research report. Whilst all substantial sources of information for the research are indicated in this report, including, without limitation, bases of valuation applied to any security or derivative security, such information has not been disclosed to the Subject Companies for their comments and no such information is hereby certified. All information contained herein is subject to change at any time without notice. No member of AXIA has an obligation to update, modify or amend this research report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate, or if research on the Subject Company is withdrawn. Further, past performance is not indicative of future results. Persons responsible for this report: Constantinos Zouzoulas (analyst). Key Definitions AXIA Research 12-month rating* Buy The stock to generate total return** of and above 10% within the next 12-months The stock to generate total return**between -10% and 10% within the next 12- Neutral months Sell The stock to generate total return** of and below -10% within the next 12 months Under Review Stock s target price or rating is subject to possible change Applicable Laws / Regulation and AXIA Ventures Group Limited policies might Restricted restrict certain types of communication and investment recommendations Not Rated There is no rating for the company by AXIA Ventures Group Limited * Exceptions to the bands may be granted by the Investment Review Committee of AXIA taking into account specific characteristics of the Subject Company **Total return: % price appreciation equals percentage change in share price from current price to projected target price plus projected dividend yield. AXIA Ventures Group Limited Rating Distribution as of today Coverage Universe Count Percent Buy 3 30% Neutral Sell Restricted Not Rated Under Review 7 70% Of which Investment Banking Relationships Count Percent

10 Independence and objectivity, conflicts of interest management None of the analysts in charge of this report are involved in activities within AXIA where such involvement is inconsistent with the maintenance of that analyst s independence or objectivity. None of them has received or purchased shares in any Subject Company prior to any private or public offering of those shares. However, the analysts responsible for the preparation of this report may interact with trading desks or sales personnel for the purpose of gathering and interpreting market information with regard to the Subject Companies. As an investment services provider engaging in a wide range of businesses, AXIA is active in the field of activities which may include the provision of services to issuers of securities, with respect to underwriting or placing of financial instruments or with respect to advice on capital structure, industrial strategy and related matters ( investment banking services ). The nature of such activities, in conjunction with the activity of production and issuance of research reports, may be considered as leading to situations of conflict of interests when the research reports cover an issuer with whom AXIA has an ongoing or has recently had a business relationship for the provision of investment banking services. AXIA has all the necessary internal structures and arrangements in order to identify and avoid or, should avoidance be impossible, to manage such situations in a manner consistent with the highest standards, in accordance with its internal conflicts of interest policy. In compliance with such arrangements, analysts and other staff who are involved in the preparation and dissemination of research (including, without limitation, this report) operate independently of management and the reporting line is separate from AXIA s investment banking business. Chinese Wall procedures (procedures separating the availability of information of any Subject Company) are in place between the investment banking and research businesses to ensure that any confidential and/or price sensitive information is handled appropriately. In all cases when, at the time of preparation or issuance of a report, an issuer covered by such report is in a business relationship with AXIA for the provision of investment banking services, Axia includes a note in the report, drawing the attention of the recipients to such fact. The same note is included when such business relationship has been terminated less than 12 months before the issuance of the report. However, it cannot be fully precluded that issuers covered by a report may be in discussions with AXIA s investment banking department for a potential future cooperation in investment banking matters, even though a business relationship does not already exist. In such cases AXIA may not be able to announce the fact of such discussions in the reports even if such reports cover the specific issuer. Therefore, even if this research report does not mention any existing or recent business relationship with an issuer whose securities are covered by the report, such issuer may be a potential future customer of AXIA in the field of investment banking services. It is noted that, even in such case, the persons in charge of this report do not participate in any such discussion and their remuneration is not determined based on the proceeds of the department providing investment banking services and that such situation is not reasonably expected to impair the independence or objectivity of AXIA s reports. Investment decisions Investors should make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives when investing. Investors should consult their independent advisors if they have any doubts as to the applicability to their business or investment objectives of the information and the strategies discussed herein. Investments involve risks and recipients should exercise prudence and their own independent judgment in making their investment decisions. Therefore, this research report should not be regarded by recipients as a substitute for the exercise of their own judgment. This research report has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient, even if sent only to a single recipient. This research report is not guaranteed to be a complete statement or summary of any securities, markets, reports or developments referred to in this research report. It is published solely for information purposes. This research report is being furnished to certain persons as permitted by applicable law, and accordingly may not be reproduced or circulated to any other person without the prior written consent of a member of AXIA. This research report may not be relied upon by any retail customers or persons to whom this research report may not be provided by law. It does not constitute a factual representation, a financial promotion or other advertisement, is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments in any jurisdiction and may not be relied on in any manner by any recipient. Unauthorized use or disclosure of this research report is strictly prohibited. Investing in any non-u.s. securities or related financial instruments (including ADRs) discussed in this research report may present certain risks. The securities of non-u.s. issuers may not be registered with, or be subject to the regulations of, the U.S. Securities and Exchange Commission. Information on such non-u.s. securities or related financial instruments may be limited. Non-U.S. companies may not be subject to audit and reporting standards and regulatory requirements comparable to those in effect within the United States. No liability Neither AXIA nor any of its directors, officers, employees or agents shall have any liability, however arising, for any error, inaccuracy or incompleteness of fact or opinion in this research report or lack of care in this research report s preparation or publication, or any losses or damages which may arise from the use of this research report. AXIA does not represent or warrant that any investments will increase in value or generate profits. Any responsibility or liability for any information contained herein is expressly disclaimed. 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11 Recipients In the countries of the European Union, this report is communicated by AXIA to persons who are classified as eligible counterparties or professional clients and is only available to such persons. In any other country outside the European Union, this report is addressed exclusively to persons entitled to receive research reports from foreign Investment Firms according to the applicable legal and regulatory provisions. The information contained in this research report is not addressed to and does not apply to any other categories of investors than those specified above. AXIA in relation to its research complies with the applicable requirements and laws concerning disclosures and these are indicated on this legend or in the research report where applicable. By accepting this research report, you agree to be bound by the foregoing limitations. This material is not intended for the use of private investors. Axia Ventures Group 10 G. Kranidiotis, Suite 102 4, Vas. Sofias Ave., 3 rd Floor 645 Fifth Avenue, Suite 903 Berkeley Sq. House, Berkeley Sq. Avenida da Liberdade 240, 4th floor 1065 Nicosia, Cyprus Athens, Greece New York, NY 10022, US London, W1J 6BD, UK Lisbon, Portugal Tel: Tel: Tel: Tel: Tel: Fax: Fax: Fax: Fax: Fax: Research Constantinos Zouzoulas Louis Nikolopoulos Argyrios Gkonis Maria Almaça Equity Capital Markets Thanos Adamantopoulos Equity Sales / Trading Stavros Agrotis +357(22) Constantinos Koufopoulos Harry Smyrnopoulos Maria Mitsouli Elias Calfoglou Athanasia Markidi Ioanna Georgiou George Baroumis

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