MERITSECURITIES. MLS Multimedia SA MLS GA /MLSr.AT. Current Price(21/04): 2.23 Target Price: 2.55 Upside potential% : 14.33%

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1 MLS GA Industry: Computer Software M.L.S. MULTIMEDIA S.A. Price: 2.23 Target: 2.55 Previous: 3.00 Cap: 27.7 Cap: 31.7 Potential: 14% April 21, 2010 Investment Opinion: ACCUMULATE (4/5) MLS Multimedia SA MLS GA /MLSr.AT PRICE & VOLUME vs ATHEX INDEX 1,000, , , , , ,000 Current Price(21/04): 2.23 Target Price: 2.55 Upside potential% : 14.33% , , , ,000 0 COMPANY DESCRIPTION MLS Multimedia SA is a multimedia technologies company. Its core activity is the development and distribution of portable car navigation systems. MLS also develops, publishes and distributes educational software and language engineering applications. The company renders services as well relevant to the aforementioned areas of activity. SHARE DATA # Shares: 12,417,000 (Common Registered) Capitalization ( M): d Mov.Avrg.Price( ): d Mov.Avrg. Volume (#): 54,312 % Price Change Since 31/12/2009: +2.29% 52 wk high: 2.41 (10/11/2009) 52 wk low: 1.21 (04/21/2009) Major Shareholders: 66.00% Free Float: 34.00% VALUATION (Working Hypotheses) Risk Free Interest Rate (Rf): 4.75% WACC: 11.60% 5-year CAGR of Turnover: 13.53% Perpetuity growth of FCFF after 2014: 1.50% 5-year CAGR of EBT: 14.65% Effective Tax Rate09: 5.18% VWAP: 2.23 FINANCIAL DATA M 2009A 2010F 2011F 2012F SALES EBITDA EATAM Volume M.L.S. MULTIMEDIA S.A. ATHEX INDEX Completing a very successful year Company Update Continuing our coverage of MLS Multimedia we reiterate our previous ACCUMULATE recommendation but with lower target price, revising our estimates regarding the sales growth, profit margins and relatively optimistic growth rate in perpetuity. We use again a two stage DCF model with explicit forecasts for 5 years, to value the company. Our new model assumes a lower growth rate (g) in perpetuity of 1.5% from 2% previously and returns a lower fair value of 2.55 per share, which implies an upside potential of 14.33% from current market levels. Although MLS is a leading healthy company (no debt) in the navigation market with great potentials we believe that the current tough macroeconomic environment in Greece will obviously hurt its profitability. FY09 Results Fiscal year 2009 was very successful for MLS according to the recent 4 th quarter results. In total, the company accomplished to increase its sales by 19% and EATAM by 32% compared to FY08 amidst the challenging macroeconomic environment. At the same time there was also a significant improvement in profit margins with Gross Margin reaching 44.13% from 36.09% and EBIT Margin 18.46% from 17.8% in The improvement of Gross Margin was basically due to better inventory management, higher bargaining power and better product mix, while the lower increase in EBIT margin was due to higher SG&A expenses. Forecasts & Assumptions ( ) For FY10 we changed our growth estimates of higher revenues from 23% previously to 13% and of higher EATAM from 24.4% previously to 8.38% approximately based on the actual numbers of FY09. Turnover 5-year CAGR for the period stands at 13.53%, while EATAM 5-year CAGR would reach 12.17% based on our new estimations. We keep also our assumptions regarding the long-term capital structure by raising some debt up to 4.5% of total capital and the return of a small part of its capital to shareholders for the following two years at least. Enriching the Products Portfolio MLS Multimedia has recently launched two new products MLS Destinator live TRAFFIC in the navigation market and MLS Board in the interactive boards market, which is a totally new market in Greece. MERIT Securities S.A., Research & Analysis Department 38 Vasileos Konstantinou str., 11635, Tel: , Fax: , analysis@merit.gr Emmanuel J. Varsos ejv@merit.gr, Dionysios J. Leftakis djl@merit.gr Evangelos K. Kalogiropoulos vkk@merit.gr, Thodoris N. Stathis tns@merit.gr, Nikolaos V. Christodoulou nvc@merit.gr

2 2/10 Results Review & Revision of Estimates As we have already mentioned the announced results for FY09 were very impressive taking into account the challenging macroeconomic environment for that period. 4Q09 & FY09 Results Consolidated sales for 4Q09 decreased by 9.6% while for the whole FY09 increased by 18.96% compared to The decline in turnover for 4Q09 compared to 4Q08 was primarily due to the big project with the Greek and Cypriot states concerning educational software for schools that MLS delivered in Gross Profit increased by 5.8% for 4Q09 and 45.46% for FY09 reflecting a significant improvement of gross margin from 36.09% in 2008 to 44.13% in Operating profits (EBIT) increased by a smaller percentage, 23.37%, for FY09 due to significantly higher SG&A expenses mainly attributed to advertising costs. At the bottom line, EATAM increased by 32% y-o-y reaching 2.4 mln from 1.8 mln in Revision of estimates FY11-FY14 The last quarter of FY09 was not so good as we expected considering also the seasonality of sales (Christmas). The actual total sales for FY09 were mln versus our estimates of 15.3 mln and EATAM was 2.4 mln versus 2.93 mln. The difference in sales estimates was attributed to the severe problems of the Greek economy that become apparent in that quarter and hurt the consumer confidence. Additionally, the extraordinarily significant increase in advertising costs for the last quarter contributed also to the difference between the actual figures and our estimates regarding EATAM. In our new estimates we lowered the projected sales growth for FY10 from 23.13% previously to 13% compared to the actual numbers of FY09 evaluating the latest results and the current conditions in the Greek economy. Moreover, we have included in our new estimates for FY10 the sales from the new SBU ( MLS Board ), which are expected to be roughly 0.56 mln. Regarding gross margin we have revised upwards our previous estimates by 200 b.p. reflecting the management s ability to sustain high margins despite the challenging macroeconomic environment. Furthermore, we increased the SG&A expenses anticipating that the company will continue its intensive advertising policy in FY10 to keep the sales growth. These new assumptions result in higher (EBITDA) margins versus our initial estimates for 2010 and a new EATAM growth from 24.46% previously to 8.38%. For the next four years, , we have revised upwards our previous conservative gross margin assumptions after reconsidering the managements ability to keep the current high margins in the future. We still believe that there would be a margin pressure due to competitive pricing policies but MLS could overcome this base on its diversified innovative products. Additionally, we have increased our SG&A expenses estimates assuming higher advertising costs that could keep the sales growth amidst the tough macroeconomic environment. The total effect of the new assumptions is a 4-year, , CAGR of sales and EATAM of 13.66% and 13.13% respectively.

3 3/10 Navigation Market Revisions of growth prospects The Greek navigation market followed until recently the global trend and presented significant rates of expansion. In particular, penetration of PNDs (Personal Navigation Devices) in Greece stands at really low levels (7.4% in July 2009, source GFK), especially when compared to that of other European markets (25%). However, the current severe economic crisis in Greece is expected to delay the market s growth for the upcoming years creating a challenging environment for the existing players. In our previous analysis we have mentioned that the total market size for 2010 is expected to reach devices and until 2012 to devices. However, based on the recent data and the recession in economy we expect that the market size for 2010 and 2012 will not exceed and devices, respectively. These new estimates regarding navigation software market in unit terms imply a 4-year CAGR of 22% from 27% previously for the period Regarding the average selling price per unit we keep our initial assumptions that there would be a decline of 13% from 194 in 2008 to 170 in 2012 primarily because of the higher competition. Portfolio of Branded Products MLS has recently added two new products to its existing portfolio of products that it s expected to contribute much to its future sales. To be more specific MLS Multimedia has launched MLS Destinator live TRAFFIC in the navigation market and MLS Board in the interactive boards market, which is a totally new market in Greece. The management team targets at expanding its product portfolio beyond the navigation products with innovative and promising ideas. Navigation SBU Educational Technology SBU 1) "MLS Destinator" 1) Automatic Translator "SYSTRAN" 2) "MLS TALK & DRIVE" 2) "MLS Talk & Write" 3) "MLS Destinator Pro" 3) Electronic Encyclopedia TOMI 4) "MLS Destinator 3D View" 4) "MLS Board" (NEW) 5) "MLS Destinator Mobile Edition" 6) "MLS Destinator livetraffic" (NEW)

4 4/10 Strategic Business Units (SBUs) MLS is a multimedia technologies company and is currently active in two main Strategic Business Units (SBUs) after the development of the new interactive MLS Board. The first one is the Navigation SBU, the company s core activity, which is the development and distribution of navigation systems. MLS develops navigation systems i.e. navigation software which then integrates in the company s navigation devices. Furthermore the company develops navigation software for mobile phones. The second SBU concerns the Educational Technology SBU (former Projects & Multimedia SBU) after the incorporation of the new interactive MLS Board. MLS develops educational software and language engineering applications such as dictation applications and machine translation. The company invests sizeable amounts in Research and Development and creates products with high added value. Furthermore, it has undertaken big projects regarding educational software in the Greek and Cypriot Ministries of Education. The company targets to submit further proposals and sign more relevant contracts with these entities in the future. Last but not least, that new SBU includes the interactive hardware and software development. To be more specific the company recently launched a new interactive whiteboard, MLS Board focusing primarily oneducational institutions. MLS Navigation SBU (New Estimates) In our previous report we have mentioned that the navigation market in Greece has significant growth prospects since the penetration of PND s stands at really low levels (7.4% in July 2009, source GFK) compared to other European markets (25%). However, we project that the promising pace of this market will slow down inthe near future due to the economic crisis in Greece. Concerning the development of navigation software for mobile phones MLS Destinator Mobile Phone Edition can be currently installed in mobile phones with Windows, Symbian and recently in android (Google) software. MLS has recently launched a new innovative product MLS Destinator live Traffic, which provides the user with live information concerning traffic congestion, gas stations and pharma stores in the local area as well as weather forecasts. We believe that this new product will contribute much to this SBU sales which will be obviously affected by the recessionary environment in Greece. Our new sales estimates are significantly lower than our previous ones for this SBU reflecting our conservative approach against the high uncertainty of the prospects of the Greek economy. To be more specific for navigation software we estimate a 5-year CAGR of sales of 0.9% and for navigation systems a 5-year CAGR of 12.95% from 2009 to These growth rates imply a 5-year CAGR of total SBU turnover of 12.74% reaching 25.4 m by the end of FY14. Last but not least we expect a decline in gross margin from 42.72% in 2009 to 37.5% in 2014 which result in a 5-year CAGR of gross profit of 9.83% for the same period.

5 5/10 MLS Navigation SBU (New Estimates) NAVIGATION SBU (,000 ) 2008 A 2014 F Navigation Software % of total navigation revenue 11,01% 2,22% 2,06% 1,89% 1,69% 1,49% 1,27% -27,26% -73,27% 1,00% 1,00% 0,50% 1,00% 1,00% Navigation Systems % of total navigation revenue 88,99% 97,78% 97,94% 98,11% 98,31% 98,51% 98,73% 105,38% 45,68% 9,00% 10,00% 13,00% 15,00% 18,00% Total Navigation Revenues ,05% 32,59% 8,82% 9,81% 12,76% 14,76% 17,75% % of Total Revenue 84,84% 94,57% 91,04% 90,92% 90,47% 90,67% 91,29% (-) Cost of Sales % of Turnover 57,28% 60,00% 61,00% 61,50% 62,50% 62,50% 14,00% 11,64% 13,69% 16,63% 17,75% Gross Profit % of Turnover 42,72% 40,00% 39,00% 38,50% 37,50% 37,50% MLS Educational Technology SBU (Former Projects & Multimedia SBU) Projects & Multimedia Segment Interactive Boards Market MLS is active in the development of educational software for a broad range of subjects for the primary and secondary education, as well as for the special needs education. We expect that the magnitude of the Projects and Multimedia revenues in that SBU to decline over time as a percentage of total revenues since there is a strict cost cutting policy by the Greek government,which will obviously hurt the big educational projects. More specifically, these are expected to contribute around 5.5% of total revenues in 2014 reaching 1.5 mln. Our estimates result in 5-year ( ) total CAGR of sales of 13.77% approximately. MLS is now active in the development and distribution of interactive hardware and software products for educational as well as presentation purposes. In particular the company has recently launched the new interactive MLS board targeting initially at educational institutions. An interactive whiteboard or IWB, is a large interactive display that connects to a computer and projector. A projector projects the computer's desktop onto the board's surface, where users control the computer using a pen, finger or other device. The board is typically mounted to a wall or on a floor stand. (Source: Wikipedia)

6 6/10 MLS Educational Technology SBU (Former Projects & Multimedia SBU) Interactive Boards Market Interactive whiteboards can used in a variety of settings such as in classrooms at all levels of education, in corporate board rooms and work groups. Moreover, they can be very useful in training rooms for professional sports coaching, broadcasting studios and more. The interactive board market is actually a new market in Greece with significant growth potential and very few players. According to a market research by Futuresource Consulting one of every seven classrooms in the world will have an interactive whiteboard by Interactive Board s segment For the interactive boards segment of the SBU we project sales of 0.56 mln in FY10 reaching 0.9 mln in FY14 with Gross margin stands at 35% in FY10. These figures imply a 4-year CAGR of sales and gross profit of 12.59% and 11.78%, respectively. However, since this market is totally new in Greece there is great uncertainty in estimates for the following 5 years. Consequently, as long as we have more data for the interactive boards market and a better picture we will revise significantly our initial estimates. Summarizing, we project total sales for the Educational Technology SBU of mln in 2010 reaching mln in 2014, which imply a 5-year CAGR of 24.8% for the period EDUCATIONAL TECHNOLOGY SBU (,000 ) 2008 A 2014 F Projects Revenue % of Total SBU Revenue 326,81% -64,06% -2,29% -1,91% 5,67% 9,41% 9,44% 64,38% 54,30% 28,43% 25,05% 22,26% 21,70% 21,75% Multimedia Revenue ,40% -45,31% 39,59% 34,74% 22,04% 9,04% 9,05% % of Total SBU Revenue 35,62% 45,70% 34,19% 41,38% 42,46% 41,25% 41,22% MLS Board #ΔΙΑΙΡ/0! 0,00% 25,00% 17,86% 9,09% % of Total SBU Revenue 37,38% 33,57% 35,28% 37,05% 37,03% Total SBUs Revenue ,59% -57,38% 86,59% 11,33% 18,93% 12,23% 9,15% % of Total Revenue 15,16% 5,43% 8,96% 9,08% 9,53% 9,33% 8,71% (-) Cost of Sales % of Turnover 19,59% 31,42% 37,29% 38,37% 40,34% 42,01% 42,57% -31,63% 121,41% 14,58% 25,04% 16,86% 10,63% Gross Profit % of Turnover 80,41% 68,58% 62,71% 61,63% 59,66% 57,99% 57,43%

7 Valuation 7/10 DCF Method Considering the stocks performance in comparison with the market for the last two years as well as the nature of the company we used a fundamental beta of1.2. Moreover, we kept the long-term risk free rate of 4.75% reflecting the uncertainty of our economy the target debt to capital ratio of 4.5%, approximately. However, we raised the market premium up to 6% from 5% previously based on the new conditions in the Greek economy. The above assumptions result in a long-term WACC of11.60%. For the period we expect MLS to invest roughly 15.2 m (CAPEX), mostly for intangible assets based on our estimates. We assumed also that MLS would continue the return of a part of its capital to its shareholders (roughly 1 mln) for the upcoming years. After we reconsidered the current macroeconomic conditions in the Greek economy and the future prospects we lowered our previous quite optimistic growth rate (g) in perpetuity to 1.5% from 2%. Sensitivity analysis of our new key assumptions yields a target price range of 2.31 to 2.76 with our new fair value estimate standing at 2.55 implying an upside potential of 14.33% approximately, considering the current market price of 2.23 as of 21/04/10. CASH FLOW STATEMENT (,000 ) 2008 A 2014 F Perpetuity Turnover 12,431 14,788 16,716 18,380 20,829 23,853 27,895 28,453 EBIT 2,212 2,729 3,363 3,434 3,996 4,531 5,470 5,656 Less: Adjusted Tax NOPAT 2,112 2,588 2,792 2,885 3,397 3,852 4,649 4,807 Plus: Depreciation 1,974 2,253 2,682 3,014 3,038 3,310 3,281 2,276 Less: Change in Working Capital -1,119-2,768 3,124 1, Less: Capex 3,658 4,284 3,420 3,298 2,315 2,780 3,450 2,276 Cash Flow to the Firm (FCFF) 1,548 3,325-1,071 1,437 3,629 3,414 3,783 3,840 Perpetual growth rate % of FCFF 1.50% Discount Factor Present Value of Cash Flows ,121 2,509 2,097 2,064 Accumulated Present Value ,684 4,782 6,846 Residual Value 38,013 Present Value of Residual Value 20,739 Value of Firm % Residual Value of Total 27, % VALUATION Present Value of Future Cash Flows 6,846 Present Value of Residual Value 20,739 Value of frim 27,584 Less: Net Debt -4,075 Minorities 0 Plus: Participations 0 Value of firm 31,659 LT WACC SENSITIVITY ANALYSIS PERPETUITY GROWTH OF FCFF % 1.25% 1.50% 1.75% 2.00% Outstanding number of shares (,000) 12, % Current Price (21/04/10) % % Value of share (in ) % % upside potential 14.33% 12.75%

8 2014 F 2008 A 2014 F 2008 A 2014 F 2008 A 2014 F 8/10 Historic and projected Financial Statements M.L.S. MULTIMEDIA S.A. Current Price A 2014 F Current No of Shares (,000) 12,417 12,417 12,417 12,417 12,417 12,417 12,417 P/E (x) P/Sales (x) P/BV (x) EPS ( ) EPS growth (%) 101.4% 32.0% 10.5% 1.9% 17.6% 13.2% 20.8% PEG (x) Operating CFPS ( ) FCFF / Share ( ) Dividend / Share ( ) Dividend Yield (%) 1.4% 2.3% 2.6% 3.1% ROE (%) 14.2% 17.2% 17.4% 16.4% 17.2% 17.6% 19.1% EV/Sales (x) EV/EBITDA (x) Current Ratio (x) INCOME STATEMENT (,000) 2008 A 2014 F Total Τurnover 12,431 14,788 16,716 18,380 20,829 23,853 27,895 COGS 7,945 8,262 9,690 10,834 12,390 14,452 16,950 Gross Profit 4,486 6,526 7,027 7,546 8,439 9,401 10,945 Other Operating Income SG&A Expenses 2,343 3,874 3,678 4,128 4,460 4,890 5,495 EBIT 2,212 2,729 3,363 3,434 3,996 4,531 5,470 Depreciation 1,974 2,253 2,682 3,014 3,038 3,310 3,281 EBITDA 4,186 4,983 6,045 6,448 7,034 7,842 8,751 Interest Expense (306) (195) (225) (275) (325) (375) (450) EBT 1,907 2,535 3,138 3,159 3,671 4,156 5,020 Taxes Minorities EATAM 1,820 2,403 2,605 2,654 3,121 3,533 4,267 CASH FLOW (,000) 2008 A 2014 F Cash flow from Operations 4,861 7,541 2,049 4,537 5,586 5,811 6,818 Cash Flow from Investment -3,610-4,246-3,420-3,298-2,315-2,780-3,450 Net Cash Flow from Financing ,417-1,069-1, ,374-1,707 BALANCE SHEET (,000) 2008 A 2014 F Total Non-Current Assets 7,281 9,334 10,187 10,438 9,798 9,332 9,533 Inventory 4,403 2,495 4,179 5,146 6,249 7,633 8,927 Receivables 2,788 2,441 3,845 4,595 5,207 5,963 6,974 Total Cash 2,196 4,075 1,634 1,872 4,593 6,250 7,911 Total Current Assets 11,240 11,161 11,994 13,873 18,301 22,214 26,399 Total Assets 18,521 20,495 22,181 24,311 28,100 31,546 35,933 Long Term Bank Loans ,000 1,000 Non Current Liabilities ,069 1,081 Short Term Banks Current Liabilities 4,931 5,814 6,262 6,714 8,085 9,414 11,229 Equity 13,507 14,494 15,380 17,033 19,154 21,063 23,623 Total Equity & Liabilities 18,521 20,495 22,181 24,311 28,100 31,546 35,933 MARGIN ANALYSIS % 2008 A 2014 F Gross Profit 36.1% 44.1% 42.0% 41.1% 40.5% 39.4% 39.2% SG&A Expenses 18.8% 26.2% 22.0% 22.5% 21.4% 20.5% 19.7% EBITDA 33.7% 33.7% 36.2% 35.1% 33.8% 32.9% 31.4% EBT 15.3% 17.1% 18.8% 17.2% 17.6% 17.4% 18.0% EAT&Minorites 14.6% 16.3% 15.6% 14.4% 15.0% 14.8% 15.3% Effective Tax rate 4.5% 5.2% 17.0% 16.0% 15.0% 15.0% 15.0% Source: MERIT SECURITIES, Company Financial Data % 19.0% 18.0% 17.0% 16.0% 15.0% 46.0% 44.0% 42.0% 40.0% 38.0% 36.0% 34.0% 32.0% 40.0% 35.0% 30.0% 25.0% 20.0% 20.0% 15.0% 10.0% 5.0% EPS ( ) Op. CF PS ( ) DPS ( ) ROE (%) Gross Margin (%) EBITDA Margin (%) EATAM Margin (%)

9 9/10 Glossary Abbreviatons 1H09: First Half of Fiscal Year Q10: First Quarter of Fiscal Year 2010 AGM: Annual General Meeting CAGR: Compound Annual Growth Rate CFPS: Cash Flow per Share COGS: Costs of Goods Sold DPS: Dividends per Share EAT: Earnings after Taxes EATAM: Earnings after Taxes and Minorities rights EBIT: Earnings before Interest and Taxes EBITDA: Earnings before Interest and Taxes, Depreciation, and Amortization EBT: Earnings before Taxes EPS: Earnings per Share EV: Enterprise Value FCFF: Free Cash Flows to the Firm fx: Foreign Exchange FY: Fiscal Year LT-WACC: Long-term Weighted Average Cost of Capital NOPAT: Net Operating Profits After Taxes P/BV: Price to Book Value P/E, PE: Price to Earnings ratio PEG: Price/Earnings to Growth ratio ROE: Return on Equity SBU: Strategic Business Unit SG&A: Selling, General and Administrative ttm: Trailing Twelve Months WACC: Weighted Average Cost of Capital ΔNWC: Change in Net Working Capital

10 10/10 Investment Ratings BUY (5/5): The difference between the stock s current price and its estimated target price is +30% ACCUMULATE (4/5): The difference between the stock s current price and its estimated target price ranges between [+10% and +30%) HOLD (3/5): The difference between the stock s current price and its estimated target price ranges between (-10% and +10%) AVOID (2/5): The difference between the stock s current price and its estimated target price ranges between [-10% and -30%) REDUCE (1/5): The difference between the stock s current price and its estimated target price is -30% Disclaimer This report has been prepared and issued by MERIT Securities SA which is regulated by the Hellenic Capital Market Commission and is subject to the rules of conduct applicable to investment firms (EPEYs) as established under Greek regulations. This report has been issued by MERIT Securities SA and may not be reproduced in any manner or provided to any other persons. Each person that receives a copy by acceptance thereof represents and agrees that it will not distribute or provide it to any other person. The information contained herein has been obtained from sources believed to be reliable but MERIT Securities SA has not verified it. The opinions expressed herein may not necessarily coincide with those of any member of MERIT Securities SA. No presentation or warranty (express or implied) is made as to the accuracy, completeness, correctness, and timeliness of fairness of the information or opinions herein, all of which are subject to change without notice. No responsibility or liability what so ever or how so ever arising is accepted in relation other contents herein by MERIT Securities SA or any of its directors, officers or employees. This report is not an offer to buy or to sell or a solicitation of an offer to buy or sell securities mentioned herein. MERIT Securities SA and others associated with it may have positions in, and may affect transactions in securities of companies mentioned herein. MERIT Securities SA and/or its associated group companies or a person or persons connected with the company may from time to time act on their own account in transactions covered in its research reports. MERIT Securities SA may do and may seek to do business with companies covered in its research reports. As a result, investors should be aware that the firm might have a conflict of interest that could affect the impartiality of this report. Investors should consider this report as only a single factor in making their investment decision. The investment discussed in this report may be unsuitable for investors, depending on their specific investment objectives and financial position. At the date of the issuance of this report (mentioned in the first page of the report) MERIT Securities SA acts as a market maker for the following securities: Viohalko S.A., F.H.L. H. Kyriakidis Marbles Granites S.A., Elastron S.A., Fashion Box Hellas S.A., Sciens S.A., Byte Computer S.A., Centric S.A., Alpha Grissin S.A., ETEM S.A. At the date of the issuance of this report (mentioned in the first page of the report), none of the subject companies mentioned in this report owns more than 5% of MERIT Securities SA or any of its affiliated companies. MERIT Securities SA may have received compensation from the company for financial advisory services during the past 12 months. MERIT Securities SA has not received compensation from the company for the preparation of the research report. Analyst Certification The analyst responsible for the content of this research report (in whole or in part), certifies that a) all the views about the companies and securities contained in this report accurately reflect the personal views of the respective author and b) no part of our compensation was or will be directly or indirectly related to the specific recommendations or view of this report. The author of this report may have held or hold in the future shares of the company covered in its research reports. The analyst or at least one of the analysts mentioned in this report are Certified as Analyst of Equities and the Market by the Hellenic Capital Market Commission.