Headquarters: 81 Spaton Avenue Gerakas Attica Registration Nr 23791/04/Β/91/136(01)

Headquarters: 81 Spaton Avenue 153 44 Gerakas Attica Registration Nr 23791/04/Β/91/136(01) ANNUAL FINANCIAL STATEMENTS IN ACCORDANCE WITH THE INTERNATIONAL FINANCIAL REPORTING STANDARDS THAT HAVE BEEN ADOPTED BY THE EUROPEAN UNION FOR THE PERIOD 1 JANUARY 31 DECEMBER 2007 FOR THE COMPANY ENA-UNITED MARKETS-SOCIETE ANONYME AND SUPPORTING COMPANY (distinctive title: ENA S.A.) Headquarters: 81 Spaton Avenue 153 44 Gerakas Attica

TABLE OF CONTENTS a) Income Statement of the year ended on 31.12.2007...... page 2 b) Balance Sheet as of 31.12.2007... page 3 c) Statement of Recognized Income and Expenses of the year ended on 31.12.2007... page 4 d) Cash Flow Statement of the year ended on 31.12.2007. Page 5 e) Notes to the Financial Statements for year ended on 31.12.2007.. page 6-26 f) Board of Directors Report on the Financial Statements of 31.12.2007...page 27 g) Auditor s Report page 32-33 The annual financial statements were approved by the Board of Directors May 9, 2008, 2008 and are subject to the approval of the Ordinary General Meeting of Shareholders. The Board of Directors authorized the following to sign the financial statements on its behalf: The Chairman of the Board of Directors The Member of the Board of Directors Konstantinos D. Macheras Petros Trahanas Identity Card no Θ 724826 Identity Card no ΑΒ 278395 The Executive Financial Director Maria V. Kuhkalani Identity Card no AB 348843 License no 30034-Α' Class 1

INCOME STATEMENT (amounts in thousand EUR except for earnings per share) Note 01.01.2007-31.12.2007 01.01.2006-31.12.2006 Turnover (sales) 6 116.882 103.204 Cost of Sales (102.069) (90.648) Gross Profit 14.813 12.556 Other operating income 7 565 518 Distribution expenses (10.756) (9.117) Administrative expenses (1.136) (1.527) Profit from operations 3.486 2.430 Finance costs (9) Income from investments 657 423 Profit before taxes 8 4.134 2.853 Income tax expense 9 (1.112) (1.195) Profit after tax 3.022 1.658 The notes set out on pages 6 to 26 constitute an integral part of the financial statements. 2

BALANCE SHEET AT DECEMBER 31, 2007 ASSETS Non-Current Assets Note 31.12.2007 31.12.2006 Property, plant and equipment 10 7.714 7.689 Investment property 11 43 43 Intangible assets 12 124 206 Long-term receivables 13 103 101 Deferred tax asset 14 395 488 Total Fixed Assets 8.379 8.527 Current Assets Inventory 15 5.215 5.143 Trade receivables 16 3.771 4.046 Prepayments 14 24 Other receivables- accrued income 17 49 37 Cash and cash equivalents 18 15.930 9.930 Total Current Assets 24.979 19.180 TOTAL ASSETS 33.358 27.707 LIABILITIES Shareholders Equity Share Capital 19 4.000 4.000 Share Premium 20 16.922 16.922 Reserves 21 1.970 1.970 Retained Earnings /(Losses) 22 (16.713) (19.817) Total Equity 6.179 3.075 Long-term Liabilities Retirement benefit plans 23 865 870 Provisions 24 214 96 Other long-term liabilities 1 1 Total Long-term Liabilities 1.080 967 Short-term Liabilities Trade payables 25 24.276 21.622 Accrued expenses 26 545 501 Income tax payable 506 841 Other short-term liabilities 27 772 701 Total short-term Liabilities 26.099 23.665 TOTAL LIABILITIES & SHAREHOLDERS EQUITY 33.358 27.707 The notes set out on pages 6 to 26 constitute an integral part of the financial statements. 3

STATEMENT OF RECOGNIZED INCOME AND EXPENSES 31.12.2007 31.12.2006 Actuarial gain/(loss) on defined benefit plans 109 (49) Deferred tax on actuarial gain/(loss) on defined benefit plans taken directly to Equity (27) 12 Net income/(expense) recognized directly in Equity 82 (37) Profit of the year 3.022 1.658 Total recognized income/(expense) for the year 3.104 1.621 The notes set out on pages 6 to 26 constitute an integral part of the financial statements. 4

CASH FLOW STATEMENT 01.01.2007-31.12.2007 01.01.2006-31.12.2006 Note Operating activities Profit before tax 4.134 2.853 Plus / (minus) adjustments for: Depreciation and amortization 1.089 948 Provisions 30 (38) 72 Losses / (Gains) on disposal of fixed assets (2) 1 Income from investments (657) (423) Finance Cost 9 - Plus / (minus) adjustments for changes in working capital Decrease of inventory (72) (163) Decrease / (increase) of receivables (223) (519) (Decrease) of liabilities (excluding bank loans) 3.428 4.236 Less: Tax paid (1.381) 21 Net cash provided by (used in) operating activities (a) 6.287 7.026 Investing activities Purchase of tangible and intangible fixed assets (946) (1.158) Proceeds on disposal of tangible and intangible fixed assets 2 4 Interest received 657 423 Net cash used in investing activities (b) (287) (731) Net increase in cash and cash equivalents of the year (a)+(b) 6.000 6.295 Cash and cash equivalents beginning of the year 9.930 3.635 Cash and cash equivalents end of the year 15.930 9.930 The notes set out on pages 6 to 26 constitute an integral part of the financial statements. 5

1. GENERAL INFORMATION ENA UNITED MARKETS AND SUPPORITING COMPANY is a societe anonyme incorporated in Greece according to the provisions of C.L. 2190/1920, situated at Gerakas Attica. The Company operates in the food wholesale and retail sector and its main object is the support and advancement of its shareholders and its affiliate enterprises, in relation to the wholesale and retail sale, of all consumer goods and the activities relating to that purpose. Object of the Company is also the establishment and operation of wholesale and retail stores for food and generally consumer products, the direct and indirect commerce of all types of merchandise, especially those belonging to the food commerce, including non food, and on its own behalf or on behalf of a third party. The recital of the objects is indicative. The sales network of ΕΝΑ S.Α. numbers 10 wholesale stores under the banner ENA Cash-and-Carry. The staff of the Company at the end of the fiscal year 2007 numbered 299 people while in the prior year comparative period numbered 296 people. 2. Adoption of New & Revised International Financial Reporting Standards (IFRS) New standards, interpretations and revised standards 2.1 Standards and Interpretations effective in the current period In the current year, the Company has adopted IFRS 7 Financial Instruments: Disclosures which are effective annual reporting periods beginning on or after 1 January 2007, and the consequential amendments to IAS 1 Presentation of Financial Statements. The impact of the adoption of IFRS 7 and the changes to IAS 1 have been to expand the disclosures provided in these financial statements regarding the Company s financial instruments and management of capital. Four Interpretations issued by the International Financial Reporting Interpretations Committee are effective for the current period. These are: IFRIC 7 Applying the Restatement Approach under IAS 29, Financial Reporting in Hyperinflationary Economies; IFRIC 8 Scope of IFRS 2; IFRIC 9 Reassessment of Embedded Derivatives; and IFRIC 10 Interim Financial Reporting and Impairment. The adoption of these Interpretations has not resulted in any changes in the Company s accounting policies. 2.2 Early adoption of Standards and Interpretations In addition, the Company has elected to adopt the following in advance of it s effective date: IFRIC 13 Customer Loyalty Programmes (effective for accounting periods beginning on or after 1 July 2008). The adoption of IFRIC 13 has had no impact on the Company s accounting policies as the Company s policy conformed to IFRIC 13. 6

2. Adoption of New & Revised International Financial Reporting Standards (IFRS) Continued 2.3 Standards and Interpretations in issue not yet adopted The following standards and interpretations were in issue but not yet effective : 1. IFRS 8, Operating Segments (effective for accounting years beginning on or after 01.01.2009). 2. IAS 23 (Revised) Borrowing Costs (effective for accounting periods beginning on or after 1 January 2009). 3. IFRIC 12, Service Concession Arrangements, (effective for accounting years beginning on or after 01.01.2008). The interpretation outlines an approach according to which entities providing public services should apply IFRS. IFRIC 12 is not relevant to the Company s operations. 4. IFRIC 14, IAS 19 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction (effective 1 January 2008). The directors anticipate that all of the above, except for IFRIC 12 which is not relevant to the Company, will be adopted in the Company s financial statements in the period they become effective. The Company is currently evaluating the impact of the adoption of these but believes that their implementation is unlikely to have a material impact on the financial position of the Company. 3. Summary of Accounting Principles The Accounting Principles applied are the following. 3.1 Basis of Preparation The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by International Accounting Standards Board (IASB) effective at the date of preparation of the Financial Statements and as adopted by the European Union. The Company is not affected by the specific sections of IAS 39 related to hedging of deposit portfolios, which have not been adopted by the European Union. All amounts are expressed in thousand Euros, unless otherwise stated. 3.2 Property, plant and equipment 3.2.1 Tangible Fixed Assets Tangible assets are stated at cost less depreciation and any impairment losses, except for land which is stated at cost less any impairment losses. Depreciation is charged so as to write off the cost of assets, other than freehold land and properties under construction, over their estimated useful lives, using the straight-line method as follows: Tangible fixed asset Owned buildings Buildings installations Plant and machinery Vehicles Electronic equipment Furniture-other equipment Estimated useful life 40 years 10-15 years 5-10 years 4-9 years 1-10 years 1-10 years 7

3. Summary Of Accounting Principles-Continued 3.2.1 Tangible Fixed Assets-Continued Installations- improvements on third party property are stated at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on a straight-line basis over the sorter of the useful life or the relevant lease term. The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recorded in profit or loss. At the end of each period, the Company s Technical Support Department reviews the estimated useful life of tangible fixed assets and amends the useful life if necessary, the effect of any change is accounted for on a prospective future basis. 3.2.2 Intangible Assets Intangible assets are stated at historical cost less accumulated amortization and any accumulated impairment losses, where necessary. Amortization is charged on a straight-line basis over their estimated useful lives. The estimated useful lives of intangible assets, are stated below: Intangible fixed asset Software serving the Central System and stores network Software serving PCs function exclusively Estimated useful life 3 years 1 year The estimated useful life and amortization method are reviewed at the end of each annual reporting period, with the effect of any changes in estimate being accounted for on a prospective future basis. 3.2.3 Investment Property Investment property which is property held to earn rentals and/or for capital appreciation, is stated at cost less accumulated depreciation. The Company does not provide depreciation on Investment Property when the net realizable value is equal or higher than the book value. 3.2.3 Impairment of Assets At each balance sheet date, the Company reviews the carrying amounts (net book value) of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. An indication of impairment loss exists if the carrying amounts of tangible and intangible assets are estimated to be higher than their recoverable value. The recoverable value is the higher between the fair value reduced by the selling costs and the value in use. At each balance sheet date, the Company tests whether there is any indication of impairment of the cash generating units (stores). The Company considers as an indication of impairment loss of tangible and intangible assets when the cash generating units (stores) show negative operating cash flows during the last three consecutive years provided that they are not stores opened or rebranded in the last year. For these stores, at the balance sheet date, the Company evaluates the recoverable value of the cash generating unit (store) using a twenty year discounted cash flow method with the general assumptions that inflows will increase by the estimated inflation rate plus one base point, the structure of cash flows based on historical data and a discount rate equal to the Company s weighted average cost of capital (WACC). In parallel, the Company estimates the fair value of the stores examined for an impairment loss taking into consideration any extra gains or losses arising from a probable closing of these stores. The Company proceeds to impairment when both of the following conditions apply: the carrying value of the cash generating unit (store) is higher than its value in use, and the carrying value of the cash-generating unit (store) is higher than its fair value. 8

3. Summary Of Accounting Principles-Continued 3.2.3 Impairment of Assets-Continued Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. 3.3 Inventories Inventories are stated at the lower of cost or net realizable value. Cost of inventory includes the costs of purchase, and other specific costs incurred in bringing the inventories to their present location and condition (transportation costs, insurance premiums etc.) less discounts and vendor allowances. Cost is determined using the weighted average cost method. 3.4 Financial Instruments Financial assets and financial liabilities are recognized on the Company s balance sheet when the Company becomes party to the contractual provisions of the instrument. 3.5 Trade receivables and Trade payables Trade receivable are recorded at their nominal value less a provision for any doubtful receivable. Provisions for estimated irrecoverable amounts are recognised in profit or loss when there is objective evidence that the asset is impaired. The provision recognised is calculated as the difference between the assets carrying amount and the present value of estimated future cash flows discounted at the effective interest rate computed at initial recognition. Trade payables are interest free and are recorded at their nominal value reduced by any receivables arising from vendor allowances. 3.6 Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits, as well as other short-term highly liquid investments (up to 3 months) that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. 3.7 Provisions Provisions are recognized when: a) there is a present legal or constructive obligation as a result of past events, b) it is probable that an outflow of resources will be required to settle the obligation c) this outflow can be estimated reliably. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. 9

3. Summary Of Accounting Principles-Continued 3.8 Revenue Recognition Sales of goods are recognized at the consideration received or receivable and when goods are received by the customer and the title has passed. Sales are reduced for estimated discounts and similar allowances. Interest income is recognized on the accrual basis, by reference to the principal outstanding and at the effective applicable interest rate. 3.9 Cost of Sales Purchases are recorded net of cash discounts and other supplier discounts and allowances. Cost of sales includes all costs associated with the delivery of the products to the retail sales points, including buying, warehousing and transportation costs. Funding from suppliers to the customers, if available, is recognized as a reduction of cost of sales at the time the related products are sold. 3.10 Leases Leases are classified as finance leases when the terms of the lease transfer substantially all the risks and rewards of ownership to the Company. All other leases are classified as operating leases. The Company has operating leases only. The Company as lessee Rents paid on operating leases are charged to income on a straight-line basis over the term of the lease. Revenues from operating leases are recognized based on the straight-line method throughout the duration of the respective lease. The Company as lessor Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease 3.11 Foreign Currencies The functional and business currency of the economic environment in which the Company operates, is the Euro.Transactions in currencies other than Euro are initially recorded at the rates prevailing on the dates of transactions. Monetary assets and liabilities denominated in such currencies are retranslated at the official rates prevailing on the balance sheet date. Gains and losses arising on exchange differences are included in the net profit or loss for the period. 3.12 Government Grants Government grants for staff training are recognized as revenue over the periods necessary to match them with the related costs. 10

3. Summary of Accounting Principles-Continued 3.13 Employee Benefits Payments to defined contribution retirement benefit plans are charged as an expense as they fall due. Payments made to state-managed retirement benefit schemes are dealt with as payments to defined contribution plans where the Company s obligations under the plans are equivalent to those arising in a defined contribution retirement benefit plan. For defined benefit retirement benefit plans, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at each balance sheet date. The Company applies the amendment to IAS 19 issued Employee Benefits, that provides an option to recognize actuarial gains and losses in full in the statement of recognized gains and losses in the period in which they occur. Past service costs are recognized immediately to the extent that the benefits are already vested, and otherwise are amortized on a straight-line basis over the average period until the benefits become vested. The retirement benefit obligation recognized in the balance sheet represents the present value of the defined benefit obligation and the unrecognized past service costs reduced by the fair value of plan assets, if any. 3.14 Taxation Income tax expense represents the sum of the current and deferred tax. The tax currently payable is based on taxable profit of the year. Taxable profit differs from profit as reported in the income statement as it excludes items of income or expense that are taxable or deductible in future years, or expenses that are permanent and non-deductible.the Company s liability for current tax is calculated using the tax rates that have been enacted at the balance sheet date. Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that there will be taxable profits available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a probable business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates, which are expected to apply in the period when the liability is settled or the asset realised. Deferred tax is charged or credited to profit or loss, except when it relates to amounts charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 11

4. Critical accounting judgements and key sources of estimation uncertainty The preparation of Financial Statements according to Generally Accepted Accounting Principles requires management to make assumptions and estimates, which may possibly affect both the reported amounts of assets and liabilities, as well as the disclosures of contingent assets and liabilities at the date of the Financial Statements and the stated amounts of revenues and expenses recognized during the period. The use of sufficient information and the application of subjective assessments are integral part of management s estimates. Actual future results may differ from the above estimates. The following are the key estimations and assumptions that may have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next fiscal year. Impairment of Assets The Company reviewed the carrying amounts (net book value) of its tangible and intangible assets to determine whether there is any indication of impairment loss. The method and estimates used to determine if there is impairment are described in note 3.2.4. The Company concluded that there was no indication of impairment loss. Provision for Legal Cases The Company monitors pending court cases (Civil and Administrative ones) as well as the possible financial impact deriving from them and which may affect Company s financial status. Legal advisors evaluate each case and estimate the possible or probable loss. At 31.12.2007, Company s total pending legal cases amounted to 465 Euros for which a provision of 103 Euros has been recognized of which 83 Euros were charged to the current year results. Income tax In order to determine the provision related to income tax, the Company proceeds to an analysis of taxable income (note 3.14). During the ordinary course of business, many transactions and calculations take place for which the precise estimate of tax is uncertain. In the event that the final income tax arising after the tax audit is performed is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. 5. Financial Risk Management The Company s activities expose it to certain financial risks, including the effects of changes in debt and equity market prices and interest rates. The Company s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the financial performance of the Company as a whole. Risk management is carried out by the Financial Department, which manages the financial risks relating to the Company s operations. This includes identifying, evaluating and if necessary, hedging financial risks. The Financial Department does not undertake any transactions of a speculative nature or which are unrelated to the Company s trading activities. The Company s financial instruments consist mainly of deposits with banks, trade accounts receivable and payable. 5.1 Currency risk The Company operates exclusively in Greece where the dominant currency is Euro, thus there are no exposures to exchange rate fluctuations. There are no purchases of goods from foreign countries, consequently the currency risk that may result is limited. 12

5.2 Interest rate risk The Company is not exposed to interest rate risk as it has not any interest bearing dept. 5.3 Credit risk The Company has no significant concentrations of credit risk. Trade accounts receivable consist mainly of the customer base of the Company. Company monitors he financial position of its debtors on an ongoing basis and control the granting of credit as well as the credit lines. Where considered appropriate, credit guarantee insurance cover is purchased. At the year-end management did not consider the existence of any material credit risk exposure that was not already covered by credit guarantee insurance or a doubtful debt provision. More information on credit risk can be found in Note 16 to the Financial Statements, Trade Receivables, p. 20. 5.4 Liquidity risk Prudent liquidity risk management implies the availability of cash flows as well as that of funding through adequate amounts of committed credit facilities. The Company manages and monitors its working capital in order to minimize any possible liquidity and Cash flow risks. 5.5 Capital Management The Company is continuously optimizing its capital structure (mix between debt and equity). The capital structure s main objective is to maximize shareholder value while keeping the desired financial flexibility to execute the strategic projects. The capital structure is reviewed on a semi-annual basis. As part of this review the management considers the cost of capital and the risk associated with each class of capital. 13

6. TURNOVER (SALES) The Company s revenue arise from sales of goods and are as follows: 01.01.2007-31.12.2007 01.01.2006-31.12.2006 Wholesales 91.476 81.419 Retail sales 25.406 21.785 116.882 103.204 7. OTHER OPERATING INCOME Other income earned, related to the Company s operations is stated below: 01.01.2007-31.12.2007 01.01.2006-31.12.2006 Sales of auxiliary material 2 (3) Income from suppliers (coupons, quality control of products) 6 15 Training subsidy (ΟΑΕD) 18 - Other Income 10 16 Revenue from other services 529 482 Income from rents - 8 TOTAL 565 518 8. PROFIT BEFORE TAXES Profit before taxes include also the following charging/(crediting) the following : 01.01.2007-31.12.2007 01.01.2006-31.12.2006 Depreciation of tangible assets for the period 1.005 906 Depreciation of intangible assets for the period 84 42 Total depreciation of the period 1.089 948 Foreign exchange: losses from trading activities (13) - Losses / (gains) from fixed assets disposal (2) 1 Cost of inventory sold 102.069 90.623 Write-down of inventory - 25 Staff remuneration and other benefits 6.223 5.712 Provision for staffretirement benefits 103 73 14

9. INCOME TAX 01.01.2007-31.12.2007 01.01.2006-31.12.2006 Income Tax Corporate Income tax: 1.038 829 (Over)/under provision of prior year income taxes (4) - Additional tax 12 12 Prior years differences - 82 Deferred tax: Current year 66 271 Total 1.112 1.195 Income tax expenses are accounted for and charged to the income statement as follows: 01.01.2007-31.12.2007 01.01.2006-31.12.2006* % % Profit before taxes 4.134 100,0 2.853 100,0 Income tax expense calculated at 25% (2006:29%) 1.033 25,0 828 29,0 Tax impact arising from non-deductible expenses 16 0,4 5 0,1 Additional tax 12 0,2 12 0,4 Increase /(decrease) of prior year income taxes (4) (0,1) - - Decrease in deferred tax assets / liabilities from a decrease in income tax rate 55 1,6 268 9,4 Differences arising from previous years tax audit - - 82 2.9 Income tax expenses and effective income tax rate for the period 1.112 27,0 1.195 41,8 Income tax rate on estimated taxable income has changed from 29% in 2006 to 25% for 2007. The Company has been subject to a tax audit up to the fiscal year 2004. * Α reclassification in line Decrease in deferred tax assets / liabilities from a decrease in income tax rate of 2006 has been made for comparability purpose. 15

10. PROPERTY, PLANT AND EQUIPMENT Land Owned buildings Installations in third parties' property Furniture and Fixtures Vehicle Total 2007 Cost At 01.01.2007 1.031 3.631 2.399 5.790 342 13.193 Additions 6 180 120 566 73 945 Transfers - - - - - - Sales and disposals - - - (210) (3) (213) Assets retirement obligation - - 86 - - 86 At 31.12.2007 1.037 3.811 2.605 6.146 412 14.011 Accumulated depreciation At 01.01.2007 6 711 1.412 3.130 245 5.504 Depreciation of the period 2 128 270 533 35 968 Sales and disposals - - - (208) (4) (212) Assets retirement obligation - - 37 - - 37 At 31.12.2007 8 839 1.719 3.455 276 6.297 Net book value At 31.12.2007 1.029 2.972 886 2.691 136 7.714 2006 Cost At 01.01.2006 1.025 3.531 2.240 5.174 318 12.288 Additions 6 100 159 748 28 1.041 Transfers - - - (110) (110) Sales and disposals - - - (22) (4) (26) At 31.12.2006 1.031 3.631 2.399 5.790 342 13.193 Accumulated depreciation At 01.01.2006 5 585 1.198 2.627 202 4.617 Depreciation of the period 1 126 214 519 46 906 Sales and disposals - - - (16) (3) (19) At 31.12.2006 6 711 1.412 3.130 245 5.504 Net book value At 31.12.2006 1.025 2.920 987 2.660 97 7.689 There are no encumbrances on the property of the Company. During the annual review of the useful life of the above tangible assets, buildings installations and plant and machinery (see note 3.2.1), no change arose. 16

11. INVESTMENT PROPERTY 2007 Book Value At 01.01.2007 43 At 31.12.2007 43 2006 Book Value At 01.01.2006 43 At 31.12.2006 43 12. INTANGIBLE ASSETS 2006 Cost At 01.01.2007 253 Additions 2 Transfers - At 31.12.2007 255 Accumulated depreciation At 01.01.2007 47 Depreciation of the period 84 At 31.12.2007 131 Net book value As at 31.12.2006 124 2006 Cost At 01.01.2006 25 Additions 118 Transfers 110 At 31.12.2006 253 Accumulated depreciation At 01.01.2006 5 Depreciation of the period 42 At 31.12.2006 47 Net book value As at 31.12.2006 206 The depreciation of intangible assets is recorded in the cost centers which utilize these assets based on the participation of each cost center in the Company s operation and is included in the lines of income statement as follows: 31.12.2007 Distribution expenses 9 Administrative expenses 75 Total 84 17

13. LONG-TERM RECEIVABLES The Company has long-term receivables, the greater part of which are guarantees given regarding rental of property, provision of power etc. Long-term receivables are analyzed as follows: 31.12.2007 31.12.2006 Guarantees 103 101 Total 103 101 14. DEFERRED TAX ASSET Analysis for financial reporting purposes: 31.12.2007 31.12.2006 Deferred tax assets 507 547 Deferred tax liabilities (112) (59) Net deferred tax assets / (liabilities) 395 488 The movements for the period in Company s net deferred tax position were as follows: 31.12.2007 31.12.2006 Balance at 1 January 488 747 Charge on the results of the year (66) (271) Deferred tax on recognized actuarial gain/(loss) in defined benefit plans taken directly to Equity (27) 12 Balance at the end of the year 395 488 The calculation of the deferred tax is based on the effective tax rates: 29% for 2006 25% for 2007 and onwards. 18

14. DEFERRED TAX ASSET - CONTINUED The following are the major deferred tax liabilities and assets recognized by the Company and movements thereon during the period: Provision for staff retirement indemnity Actuarial gains/losses recognized Accrued expenses Inventories directly in Equity Difference in net book values of assets Assessed losses utilized Other Company Balance at 01.01.2006 146 42 49 26 (52) 529 7 747 Charge to the income of the year 18 - (14) (7) (7) (529) 268 (271) Deferred tax recorded directly in Equity for recognized actuarial gains/losses - 12 - - - - - 12 Balance at 01.01.2007 164 54 35 19 (59) - 275 488 Charge to income of the year 25-5 (3) (42) - (51) (66) Deferred tax recorded directly in Equity for recognized actuarial gains/losses - (27) - - - - - (27) Balance at 31.12.2007 189 27 40 16 (101) - 224 395 Total 19

15. INVENTORIES 31.12.2007 31.12.2006 Merchandise 5.215 5.142 Advances for the purchase of inventories - 1 Total 5.215 5.143 The average days of stock for the Company and the Company is 18,6 days in 2007 against 20,7 days in 2006. 16. TRADE RECEIVABLES 31.12.2007 31.12.2006 Trade receivables (from third parties) 830 872 Debtors 775 939 Cheques and bills receivable 3.420 3.655 Receivables from suppliers 453 451 Provision for doubtful receivables (1.707) (1.871) Total 3.771 4.046 Changes in Provision for doubtful receivables in the year 2007 are analyzed as follows: Company Provision for doubtful receivables as at 31.12.2006 (1.871) Decrease of provision 164 Provision for doubtful receivables as at 31.12.2007 (1.707) The average collection period of trade receivables for the Company in 2007 is 11,8 days, against 14,4 days in 2006. Company s management considers that the carrying amount of trade and other receivables approximates their fair value. Credit Risk The amounts presented in the Balance Sheet include provisions for doubtful receivables, estimated by the Company s management based on prior experience and the current economic environment. The Company estimates that, except for the provisions already made, there is no further risk deriving from trade receivables. The Company estimates that it has no significant concentration of receivables from individuals. Consequently, no case of credit risk arises. 20

16. TRADE RECEIVABLES - CONTINUED Company Net carrying amount as of 31.12.2007 Of which neither impaired nor past due on the reporting date Past due less than 30 days Past due between 30-59 days Past due between 60-89 days Past due between 90-179 days Past due between 180-359 days Past due more than 360 days Trade receivables (from third parties) 105 102 1 1 1 1 1 - Trade receivables (intercompany) - - - - - - - - Debtors 24-11 1 - (1) 13 - Cheques and bills receivable 3.420 3.416 4 1 - - - - Receivables from suppliers 222-222 - - - - - Total 3.771 3.518 235 3 1-14 - 17. OTHER RECEIVABLES ACCRUED INCOME 31.12.2007 31.12.2006 Due from the Greek State - Withholding taxes 19 19 Other accrued income 30 18 Total 49 37 18. CASH AND CASH EQUIVALENTS Cash and cash equivalents refer to Company s cash and short-term (up to 3 months) deposits. The Company s management considers that their carrying amount represents their fair value. 31.12.2007 31.12.2006 Banks 15.549 9.722 Cash 381 208 Total 15.930 9.930 19. SHARE CAPITAL 31.12.2007 31.12.2006 Share Capital 4.000.000 common shares of 1,00 Euro each 4.000 4.000 There were no changes in Company s Share Capital during the fiscal year 2007. 20. SHARE PREMIUM 31.12.2007 31.12.2006 Share premium 16.922 16.922 There were no changes in Company s Share Premium during the fiscal year 2007. 21

21. RESERVES On 31.12.2007 the Company has tax free or specially taxed reserves, according to incometax regulations. In the event of distribution of the aforementioned reserves, subject to approval of the General Meeting of Shareholders, there will be a tax liability depending on the year of the distribution and the enacted tax rate ruling then. Indicatively, using the effective tax rates in a possible distribution of the above reserves of the Company, in 2007 the related tax liability would amount to 461 Euro. Legal reserves Reserves arising from special regulation and laws Total Balance at 01.01.2006 128 1.842 1.970 Balance at 31.12.2007 128 1.842 1.970 22. RETAINED EARNINGS/(LOSSES) Balance at 01.01.2006 (21.438) Actuarial gains/losses recognised directly in Equity (37) Net profit for the year 2006 1.658 Balance at 01.01.2007 (19.817) Actuarial gains/losses recognised directly in Equity 82 Net profit for the year 3.022 Balance at 31.12.2007 (16.713) 23. RETIREMENT BENEFIT PLANS Defined Contribution Plans Employees of the Company, in accordance with the relevant legislation, for social security and retirement purposes are covered by the Social Insurance Institute (I.K.A), and other supplementary Insurance Funds. The employer contributions are charged to the income statement the fiscal year they refer to. Moreover, the Company provides to its officers a private pension plan. The obligation of the Company in this plan is in respect of the payment of a fixed amount to a private insurance company (defined contribution plan). The amount charged to the results for the year 2007 amounted to 15 Euro for the Company, while for the year 2006 the respective amount was 42 Euro, and is included in line staff remuneration and other benefits. 22

23. RETIREMENT BENEFIT PLANS - CONTINUED Defined Benefit Plans In accordance with Greek law 2112/1920 the Company is obliged to pay a lum sum on retirements to all employees equal to 40% of the dismissal compensation which is based on the last salary and the number of years of service. The company policy is to pay 40% of the dismissal compensation to all employees excluding middle and top management who receive 100% if thay have a service of over 10 years in the Company. This is an unfunded defined benefit plan. The most recent actuarial valuations of the present value of the defined benefit obligation were carried out at 31 December 2007 by Hewitt Associates S.A. The present value of the defined benefit obligation, and the related current service cost and past service cost, were measured using the Projected Unit Credit Method. The capitalized obligations and the transactions due to the change of recognition method are analyzed as follows: 2007 2006 Obligations at the beginning of the year (restated) (SORIE Method) 870 749 Actuarial (gains)/losses recognized directly in Equity (109) 49 Charge for the year 156 146 Benefits paid (52) (74) Total at the end of the year 865 870 The amounts recognized as expenses regarding the retirement benefit plan, are the following: 2007 2006 Current service cost 90 80 Interests cost 35 30 Current losses recognized - - Past service cost 2 3 Additional benefits 28 33 Total at the end of the year 155 146 The charge for the year is included in personnel expenses in the following lines of the Profit and loss Statement: 2007 2006 Distribution expenses 142 137 Administrative expenses 13 9 Total 155 146 23

23. RETIREMENT BENEFIT PLANS CONTINUED The changes in the present value of the defined benefits are as follows: 2007 2006 Obligations at the beginning of the year 882 764 Current service cost 90 80 Interests cost 35 30 Actuarial (gain) / loss (109) 49 Benefits paid (52) (74) Additional costs and obligations 28 33 Defined benefits obligation before the prior years unrecognized cost 874 882 Prior years unrecognized cost (9) (12) Obligations at the end of the year 865 870 2007 2006 Present value of capitalized obligations 874 882 Prior years unrecognized cost (9) (12) Total 865 870 The principal assumptions used are the following: 2007 2006 Discount rate 4,9% 4,0% Expected rate of salary increases 4,0% 4,0% 24. PROVISIONS 2007 2006 January 1, 96 140 Changes during the year 118 (44) December 31, 214 96 The provisions are analysed as follows: 2007 2006 Civil and administrative cases -extraordinary 102 78 Asset retirement obligation 87 - Interest from asset retirement obligation 9 - Recycle provision 16 18 Balance at 31.12.2007 214 96 24

25. TRADE PAYABLES 31.12.2007 31.12.2006 Suppliers 21.722 19.800 Creditors 1.740 1.257 Cheques payable 139 11 Other obligations 669 548 Discounts to customers 6 6 Total 24.276 21.622 The Company s management considers that the carrying amount of trade payables approximates their fair value. The average payment period of trade payables for the Company in 2007 is 86,8 days against 87,0 days in 2006. 26. ACCRUED EXPENSES 31.12.2007 31.12.2006 Provision for bonus and vacation leave 379 362 Other obligations 166 139 Total 545 501 27. OTHER SHORT-TERM LIABILITIES 31.12.2007 31.12.2006 Other Taxes payable (VAT, Withholding, etc.) 220 203 Social security funds 310 288 Salaries payable 221 208 Other 21 2 Total 772 701 28. OPERATING LEASES The Company has entered into leases and subleases of stores, the commitments are as follows: Future Liabilities 31.12.2007 31.12.2006 Within one year 974 664 In the second to fifth years inclusive 3.933 1.683 After five years 4.215 559 During 2007, lease charges amounting to 661 Euros for the Company were charged to the income statement. 25

29. RELATED PARTIES TRANSACTIONS The transactions for the period between ENA S.A. and related parties are the following: (a) During the period from 01.01.2007 up to 31.12.2007 between ENA S.A. and ΑLFΑ-ΒEΤΑ VASSILOPOULOS S.Α. in the share capital of which the latter participates by 99,96%, the following transactions have been effected: 01.01.2007-31.12.2007 01.01.2006-31.12.2006 Purchases of ΕΝΑ S.A. from «ΑLFΑ-ΒEΤΑ» VASSILOPOULOS S.A.(net of vendor allowances) 83.203 73.998 ΕΝΑ S.A. expenses arising from rental of property from «ΑLFΑ-ΒEΤΑ» VASSILOPOULOS SA. 169 164 ΕΝΑ S.A. receivables from «ΑLFΑ-ΒEΤΑ» VASSILOPOULOS S.A. 7 6 ΕΝΑ S.A. liabilities to «ΑLFΑ-ΒEΤΑ» VASSILOPOULOS S.A. 18.054 16.195 (b) During the period from 01.01.2007 up to 31.12.2007 between ENA S.Α. and DELHAIZE GROUP S.A. that participates in the share capital of the parent company ( ALFA-BETA VASSILOPOULOS SA.) by 61,28%, the following transactions have been effected: 01.01.2007-31.12.2007 01.01.2006-31.12.2006 ive Expenses (services provided by DΕLΗΑΙΖΕ GROUP) 273 120 Liabilities to DΕLΗΑΙΖΕ GROUP S.A. 261 120 30. CONTIGENT LIABILITIES The Company is still subject to a tax audit for the fiscal years 2005, 2006 and 2007 for which the outcome of the tax audit cannot be estimated at this stage and thus no relevant provision has been made in the financial statements. 31. NOTE ON THE CASH FLOW STATEMENT The provisions, which are included in the Cash Flow Statement, are analyzed as follows: 31.12.2007 31.12.2006 Legal cases 23 (81) Provision for staff termination indemnity 103 121 Provision for doubtful receivables (164) 32 Total (38) 72 32. EVENTS AFTER THE BALANCE SHEET DATE There is no event after the balance sheet date which has an impact on the financial statements. 26

REPORT OF THE BOARD OF DIRECTORS To the Ordinary General Meeting of Shareholders of ENA UNIΤED MARKETS SOCIETE ANONYME AND SUPPORTING COMPANY Dear Shareholders, We present the Annual Report of the Board of Directors for Fiscal Year from 1 January until 31 December 2007. The current Report is written in compliance with the provisions of Law 2190/1920 and the Company s Articles of Association. OVERVIEW OF FINANCIAL RESULTS Turnover (Sales) in 2007 amounted to 116.9 million EUR from 103.2 million EUR in 2006 showing an increase by 13.3%. Gross Profit amounted to 14.8 million EUR from 12.6 million EUR in 2006 showing an increase by 18.0%, higher than that of sales. This comparison confirms that the company pursues a sound commercial policy as well as an effective inventory management. Operating Expenses amounted to 11.9 million EUR against 10.6 million EUR in 2006 showing an increase by 11.7% which is lower than that of sales and gross margin, mainly due to the overall effort to reduce expenses. Operating Profit significantly increased by 43.5% from 2.4 million EUR in 2006 to 3.5 million EUR in 2007, due to the increase of sales and gross profit as well as to the control of expenses. Profit before Tax, Financial, Investing Activities, Depreciation and Amortization (EBITDA) of the year increased by 35.4% and amounted to 4.6 million EUR against 3.4 million EUR in 2006. Profit before Tax showed a significant improvement of 44.9% compared to the previous year, amounting to 4.1 million EUR from 2.9 million EUR in 2006. Profit after Tax reached 3.0 million EUR from 1.7 million EUR in 2006. Briefly, Company s financial Results for the years 2007 and 2006, as indicated through profitability and activity ratios are stated below: Profitability Ratios (% on Turnover) 2007 2006 Gross Profit Margin 12.7% 12.2% Operating Profit Margin 3.0% 2.4% Profit before Taxes Margin 3.5% 2.8% Profit after Taxes 2.6% 1.6% Activity Ratios (days) 2007 2006 Average days of stock 18.6 20.7 Average Payment Period of Suppliers 86.8 87.0 Average Collection Period of Trade Receivables 11.8 14.4 In 2007, the Company s capital expenditures amounted to 946 thousand Euros mainly for the enhancement of its sales network. Investments were funded by Company s Operating Cash flow. During the year the Company did not raise any loan. The Company sells goods mainly on credit and also pays its liabilities to suppliers on credit.. For 2007, the average collection period of trade receivables for the Company is 11.8 days while the average payment period 27

of trade payables for the Company is 86.8 days. This fact, secures the Company from possible liquidity and cash flow risks. Corporate Social Responsibility was and remains Company s fundamental value. The Company is subject to laws and regulations that govern activities that may have adverse environmental effects. The Company complies with evolving laws and regulations and additionally it takes initiatives such as the collection of paper and packaging materials for recycling. Additionally, the Company s centralised system for the distribution of goods has resulted in a drastic reduction in the number of truckloads of goods and consequently in the reduction of fuel used and emissions produced. PERSPECTIVE 2008 During 2007, the financial figures of ENA showed a considerable improvement. This positive evolution is mainly due to company s organizational restructure and the development of its personnel as well as to initiatives focused solely to profitable operations and sales outlets. The policy followed in 2007 which led to a significant improvement of ENA S.A. financial results, continues in 2008 with the same results. Emphasis is being given to improving stock management efficient as well as to the reduction of personnel expense and costs related to doubtful receivables. We conclude this brief Report by offering to the personnel of ENA and their families our warmest wishes and our genuine and well-earned gratitude. BASIC ACCOUNTING PRINCIPLES The Company s financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS). Details of the Significant Accounting principles followed, are stated in the Notes to the Accounts of December 31, 2007. DISTRIBUTION OF NET PROFIT Profit for fiscal year 2007 will be set off with prior years accumulated losses and, for this reason, no dividend will be distributed. The Financial Statements of the fiscal year 01.01.2007-31.12.2007 are as follows: Company Information Registered Office: Athens Register of Commerce: 81, Spaton Avenue, 153 44 Gerakas, Attica 23791/04/Β/91/136(01) Competent Prefecture: Ministry of Development, Department of Commerce, Division of Societes Anonymes and Trust Board of Directors: Konstantinos Macheras Nikolaos Iossipou Petros Trahanas Leonidas Vrettakos Maria Kuhkalani Date of approval of the annual financial statements (from which arose the condensed financial figures): May 9, 2008 Auditor: Tilemachos Georgopoulos Auditing company: Type of audit report: Internet address Deloitte. Unqualified opinion with an emphasis of matter www.ab.gr 28

1.1 Balance Sheet Amounts in thousands EUR 31.12.2007 31.12.2006 ASSETS Fixed Assets 8.379 8.527 Inventories 5.215 5.143 Trade Receivables 3.771 4.046 Other Assets 15.993 9.991 TOTAL ASSETS 33.358 27.707 EQUITY & LIABILITIES Other long-term liabilities 1.080 967 Other short-term liabilities 26.099 23.665 Total Liabilities (a) 27.179 24.632 Share Capital 4.000 4.000 Other Net Equity 2.179 (925) Equity attributable to the equity holders of the parent (b) 6.179 3.075 TOTAL EQUITY & LIABILITIES (a)+(b) 33.358 27.707 1.2 Income Statement Amounts in thousands EUR 01.01-31.12.2007 01.01-31.12.2006 Revenue 116.882 103.204 Gross Profit / (Loss) 14.813 12.556 Profit / (Loss) before tax, financial, investing activities, depreciation and amortization 4.575 3.378 Profit / (Loss) before tax, financial and investing activities 3.486 2.430 Profit / (Loss) before tax 4.134 2.853 Less Tax 1.112 1.195 Profit / (Loss) after tax 3.022 1.658 1.3 NET CHANGE IN EQUITY STATEMENT Amounts in thousands of EUR 31.12.2007 31.12.2006 Equity at the beginning of the year (01.01.2007 and 01.01.2006 respectively) 3.075 1.454 Profit / (Loss) of the year after tax 3.022 1.658 6.097 3.112 Net income recorded directly to Equity 82 (37) Equity at the end of the year (31.12.2007 and 31.12.2006 respectively) 6.179 3.075 29

1.4 CASH FLOW STATEMENT (Indirect Method) Amounts in thousands EUR 01.01.2007-31.12.2007 01.01.2006-31.12.2006 Operating activities Profit before tax 4.134 2.853 Plus / (minus) adjustments for: Depreciation and amortization 1.089 948 Provisions (38) 72 Losses / (Gains) on disposal of fixed assets (2) 1 Finance Cost 9 - Income from investments (657) (423) Plus / (minus) adjustments for changes in working capital Decrease of inventory (72) (163) Decrease / (increase) of receivables (223) (519) (Decrease) of liabilities (excluding bank loans) 3.428 4.236 Less: Tax paid (1.381) 21 Net cash provided by (used in) operating activities (a) 6.287 7.026 Investing activities Purchase of tangible and intangible fixed assets (946) (1.158) Proceeds on disposal of tangible and intangible fixed assets 2 4 Interest received 657 423 Net cash used in investing activities (b) (287) (731) Net increase in cash and cash equivalents of the period (a)+(b) 6.000 6.295 Cash and cash equivalents beginning of the period 9.930 3.635 Cash and cash equivalents end of the period 15.930 9.930 Additional Information (Amounts in thousands of EUR) 1. The financial statements of the Company are included in the consolidated financial statements of the parent company ALFA-BETA VASSILOPOULOS S.A., which, are prepared with the method of full consolidation. The parent company ALFA-BETA VASSILOPOULOS S.A., with its head-office in Greece, owns 99.96% of the Company s share capital. 2. For ENA S.A., the only unaudited fiscal years are 2005 till 2007 for which the outcome of the tax audit cannot be estimated at this stage and thus no relevant provision has been made in the financial statements. 3. There is no encumbrance on company s property. 4. There are no cases under court procedure for which there are pending decisions or claims for cancellation of decisions issued that may seriously affect the financial position or the operation of the Company without the related provisions. 30