THRACE PLASTICS Co. S.A.

THRACE PLASTICS Co. S.A. PLASTIC TEXTILE & PACKAGING MATERIALS INDUSTRY PUBLIC COMPANIES (S.A.) Reg. No. 11188/06/Β/86/31 REGISTERED OFFICE: MAGIKO, MUNICIPALITY OF VISTONIDA, XANTHI HEAD OFFICE: 20, MARINOU ANTIPA STREET, 174 55, ALIMOS, ATTICA INTERIM FINANCIAL STATEMENTS (PARENT AND CONSOLIDATED) FOR THE PERIOD ENDED ON JUNE 30, 2007 IN ACCORDANCE WITH THE IAS 34 The accompanying Financial Statements, have been approved by the Board of Directors of THRACE PLASTICS Co. S.A. on August 20, 2007 and have been posted on the s website (www.thraceplastics.gr) THRACE PLASTICS Co. SA INTERIM FINANCIAL STATEMENTS (PARENT AND CONSOLIDATED) AS OF 30.6.2007

REG NO. SOEL 125 REVIEW REPORT OF INTERIM FINANCIAL STATEMENTS To the Shareholders of «THRACE PLASTICS SOCIETE INDUSTRIAL AND COMMERCIAL COMPANY» Introduction We have reviewed the accompanying parent and consolidated Balance Sheet of «THRACE PLASTICS ABEE» (the ) for the period ended on 30 June 2007, as well as the Income Statement, the Statement of changes in Shareholder s equity and the cash flow statements for the and the for the year, as well as the summary of the most important accounting policies and notes on the financial statements. The responsibility for the compilation of the financial statements lies with the management of the company in accordance with the International Financial Reporting Standards as these are adopted by the European Union and are applied in the interim period (IAS 34). Our responsibility is to express an opinion on this interim summary financial information based on the conducted review. Scope of the review We conducted our review in accordance with the International Review Standard 2410 Review of Interim Financial Reporting Conducted by an Independent Auditor of the Financial Unit, on which the Greek Reviewing Standards are based. The review consists of the implementation of procedures for the establishment of information, mainly from individuals who are responsible for financial and accounting issues and the implementation of critical analysis and other review procedures. The scope of a review is substantially limited compared to an audit conducted based on the Greek Auditing Standards, and thus it does not provide us the ability to gain reassurance that all significant issues have come to our knowledge that would be noted in an audit. Thus the present report does not constitute an audit report. Opinion Based on the conducted review, nothing has come to our attention that causes us to believe that the accompanying interim financial statements have not been prepared, from any view, according to IAS 34. Without reservation as to the review s conclusions, we draw your attention to note 9 that is THRACE PLASTICS Co. SA INTERIM FINANCIAL STATEMENTS (PARENT AND CONSOLIDATED) AS OF 30.6.2007

reported in the notes to consolidated financial statements, and which mention that tax liabilities of the and some of s subsidiaries are not tax-audited by tax authorities and there is a possibility that additional taxes may be imposed at the time the tax audit will be finalised. As a result, there is a possibility that additional taxes and surcharges may be imposed during the time such will be audited and finalized. The outcome of the tax audit can not be estimated at the current stage, and thus no relevant provision has been made in the financial statements. Athens, August 29, 2007 THE CHARTERED AUDITOR ACCOUNTANT KONSTANTINOS N. PAPAPOSTOLOU CAC RN 11821 SOL S.A. SOL S.A. CERTIFIED ACCOUNTANT AUDITORS 3, Fok. Negri Str. Athens SOEL No 125 HEADQUARTERS: 3 FOK. NEGRI ST. 112 57 ATHENS TEL: 210 8691100 FAX: 210 8617328 210 8618016 e-mail: solaeoe@otenet.gr site: www.solae.gr ATHENS: 36 C SEPTEMBRIOU AV. 104 32 ATHENS TEL: 210 8691100 FAX: 210 5225940 THESSALONICA: CORFU: BALKAN CENTER ALEXANDROS BUILDING 31 GIANNITSON ST. & PATR. KYRILLO 546 27 THESSALONICA TEL: 231 0544150/1 FAX: 231 0544152 e-mail: solthess@otenet.gr PATRAS: 44 AMERIKIS ST. 264 41 PATRAS TEL: 261 0431938 FAX: 261 0436867 e-mail: solpatra@otenet.gr 7 DIMOKRATIAS AV. 49 100 CORFU TEL. 2661 042037 e-mail: solcorfu@hol.gr HERAKLION CRETE: 45 DIKAIOSYNIS ST. 71 202 HERAKLION TEL. 281 0280104 FAX: 281 0280686 e-mail: solkriti@otenet.gr KAVALA 6 DAGLI ST. 654 03 KAVALA TEL: 2510 620801 FAX: 2510 620802 e-mail: solkaval@hol.gr LARISA 25 PANAGOULI ST. 412 23 LARISA TEL. 241 0555461-2 FAX: 241 0555463 e-mail: solarisa@hol.gr IOANNINA 2 N. ZERVA ST., PYRROU SQUARE, 453 32 IOANNINA TEL. 26510 70293, 26510 70876, FAX: 26510 70351 e-mail: solioan@hol.gr RHODES 17 ETHN. MAKARIOU, KYPROU SQUARE, 85100 RHODES TEL. 22410 70781, FAX: 22410 70782 e-mail: solrodos@hol.gr LUXEMBOURG c/o DEIRDRE McCABE TEL: (+352) 661692 FAX: (+352) 26670693 BRUSSELS c/o JEAN ECONOME TEL: (+322) 6462261 FAX: (+322) 6490394 GENEVA c/o FABIENNE BRUNET TEL: (+4122) 7556221 FAX: (+4122) 7792028 THRACE PLASTICS Co. SA INTERIM FINANCIAL STATEMENTS (PARENT AND CONSOLIDATED) AS OF 30.6.2007

CONTENTS Page Income Statement (Parent and Consolidated) for the interim period ending on June 30 2007 and 2006 1 Balance Sheet (Parent and Consolidated) as of June 30 2007 and December 31 2006. 2 Statement of changes in Shareholders Equity (Consolidated) for the interim period ending on June 30 2007 and 2006. Statement of changes in Shareholders Equity (Parent) for the interim period ending on June 30 2007 and 2006. 3 4 Cash flow statements (Parent and Consolidated) for the interim period ending on June 30 2007 and 2006. 5 Notes to Financial Statements 6 THRACE PLASTICS Co. SA INTERIM FINANCIAL STATEMENTS (PARENT AND CONSOLIDATED) AS OF 30.6.2007

INCOME STATEMENT (PARENT AND CONSOLIDATED) FOR THE INTERIM PERIOD ENDING ON JUNE 30 2007 AND 2006 (Amounts in 000 unless stated otherwise) Note 1.1-30.6.2007 1.1-30.6.2006 1.1-30.6.2007 1.1-30.6.2006 Turnover 116,523 106,268 35,122 28,756 Cost of Sales (96,450) (85,354) (31,092) (24,282) Gross Profit 20,073 20,914 4,030 4,474 Other Operating Income 4 5,438 4,419 1,450 4,038 Selling Expenses (10,730) (9,751) (2,559) (2,314) Administrative Expenses (4,433) (3,779) (1,244) (1,298) Other Operating Expenses 5 (471) (1,966) (264) (846) Operating Profit before financial expenses and tax 9,877 9,837 1,413 4,054 Financial income / (expenses) net (1,868) (1,292) (657) (193) Income/(loss) from Associated Companies - (114) - - Profit before Tax 8,009 8,431 756 3,861 Income Tax 9 (1,801) (2,066) (188) (976) Net Profit 6,208 6,365 568 2,885 Attributable to: Equity Shareholders 6,123 6,285 568 2,885 Minority Interest 85 80 - - Net profit 6,208 6,365 568 2,885 Basic and adjusted Earnings per Share EPS (in euro) 8 0.136 0.139 0.012 0.064 Depreciations 5,987 5,749 1,881 1,441 The financial statements cited in pages 1-16 are compiled in accordance with the provisions of the International Financial Reporting Standards, as these are adopted by the European Union and approved by the Board of Directors of the on August 20, 2007, and are signed on the Board s behalf by: The Vice-President and Managing Director BoD member The FinancIal Manager The Head of the Accounting Department KONSTANTINOS ST. CHALIORIS THEODOSIOS A. KOLYVAS SPYRIDON A. NTAKAS CHRISTOS VL. ARGIRIOU ID NO. ΑΑ 001389 ID NO Ι 082671 ID NO AE 044759 ID NO Z 174115 LICENCE NO G.E.C. 417 Α LEVEL The accompanying notes (pages 6-16) are an integral part of the financial statements. THRACE PLASTICS Co. SA INTERIM FINANCIAL STATEMENTS (PARENT AND CONSOLIDATED) AS OF 30.6.2007

INCOME STATEMENT (PARENT AND CONSOLIDATED) FOR THE QUARTERLY PERIODS 1 APRIL 30 JUNE 2007 AND 2006 (Amounts in 000 unless stated otherwise) Note 1.4-30.6.2007 1.4-30.6.2006 1.4-30.6.2007 1.4-30.6.2006 Turnover 63,719 55,435 18,078 14,741 Cost of Sales (52,554) (44,748) (15,981) (12,656) Gross Profit 11,165 10,687 2,097 2,085 Other Operating Income 4,482 1,474 681 1,511 Selling Expenses (5,729) (4,817) (1,339) (1,200) Administrative Expenses (2,499) (2,001) (642) (618) Other Operating Expenses (231) (991) (129) (433) Operating Profit before financial expenses and tax 7,188 4,352 668 1,345 Financial income / (expenses) net (946) (752) (344) (94) Income/(loss) from Associated Companies - (67) - - Profit before Tax 6,242 3,533 324 1,251 Income Tax (1,374) (762) (134) (403) Net Profit 4,868 2,771 190 848 Attributable to: Equity Shareholders 4,798 2,738 190 848 Minority Interest 70 33 - - Net profit 4,868 2,771 190 848 Basic and adjusted Earnings per Share EPS (in euro) 0.107 0.060 0.004 0.019 Depreciations 3,110 2,885 941 717 The accompanying notes (pages 6-16) are an integral part of the financial statements. THRACE PLASTICS Co. SA INTERIM FINANCIAL STATEMENTS (PARENT AND CONSOLIDATED) AS OF 30.6.2007

BALANCE SHEET (PARENT AND CONSOLIDATED) ON JUNE 30 2007 AND DECEMBER 31, 2006 (Amounts in 000 unless stated otherwise) Notes 30.6.2007 31.12.2006 30.6.2007 31.12.2006 ASSETS Fixed Assets Tangible Assets 10a 108,311 100,686 35,252 34,171 Intangible Assets 10b 11,261 11,197 52 60 Participation in Subsidiaries and Affiliated Companies 1 - - 56,733 55,747 Other Long Term Receivables 353 319 218 214 Deferred Tax Assets 2,689 6,297 - - Total Fixed Assets 122,614 118,499 92,255 90,192 Current Assets Investments 8 8 1 1 Inventories 50,232 41,579 13,430 13,116 Income Tax prepaid 971 1,042 910 903 Trade receivables 56,667 41,847 19,266 13,657 Other receivables 20,999 19,715 7,743 7,221 Cash and Cash Equivalents 12,964 11,056 4,992 4,259 Fixed assets available for sale 10a 1,031 - - - Total Current Assets 142,872 115,247 46,342 39,157 TOTAL ASSETS 265,486 233,746 138,597 129,349 SHAREHOLDERS EQUITY AND LIABILITIES SHAREHOLDERS EQUITY Share Capital 22,750 22,750 22,750 22,750 Share Premium 21,957 21,957 22,027 22,027 Reserves 31,777 27,050 33,948 29,395 Profit carried forward 25,480 17,772 12,410 17,398 Total Shareholders equity attributed to shareholders of the parent 101,964 89,529 91,135 91,570 Minority Interest 3,007 2,790 - - Total equity 104,971 92,319 91,135 91,570 Long Term Liabilities Long Term Borrowing 12 31,191 15,913 9,712 2,322 Employee Benefits 11 13,837 26,119 520 491 Deferred Tax Liabilities 4,126 4,116 2,943 3,065 Other Long Term Liabilities 466 356 - - Total Long Term Liabilities 49,620 46,504 13,175 5,878 Short Term Liabilities Short Term Borrowing 12 60,425 56,851 17,031 18,069 Income Tax 2,073 1,273 913 788 Other payables and Accrued Expenses 48,397 36,799 16,343 13,044 Total Short Term Liabilities 110,895 94,923 34,287 31,901 TOTAL LIABILITIES 160,515 141,427 47,462 37,779 TOTAL LIABILITIES AND EQUITY 265,486 233,746 138,597 129,349 The accompanying notes (pages 6-16) are an integral part of the financial statements. THRACE PLASTICS Co. SA INTERIM FINANCIAL STATEMENTS (PARENT AND CONSOLIDATED) AS OF 30.6.2007

STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY (CONSOLIDATED) FOR THE FISCAL YEAR ENDING ON JUNE 30 2007 AND 2006 (Amounts in 000 unless stated otherwise) Share Capital Share Premium Account Other reserves Own shares reserve Valuation Reserves of Securities available for sale Retained Earnings Total before minority interest Balance at 1.1.2006 22,750 21,957 16,401 (1,749) 677 16,952 76,988 2,906 79,894 Total profits - - - - - 6,285 6,285 80 6,365 Dividends - - - - - (2,275) (2,275) - (2,275) Sale of own shares - - 1,644 1,749-3,393 3,393 Distribution of profits - - 5,559 - - (5,559) - - - BoD remuneration - - - - - (251) (251) (24) (275) Exchange Differences from translating balance sheets from foreign currency - - - - (221) - (221) (5) (226) Restatement and capitalization of subsidiaries reserves - - (317) - - 317 - - - Actuarial Profit/(Loss) - - - - - 2,649 2,649-2,649 Other adjustments in Equity - - 3 - - 1,035 1,038 6 1,044 Changes for the year - - 6,889 1,749 (221) 2,201 10,618 57 10,675 Balance at 30.6.2006 22,750 21,957 23,290-456 19,153 87,606 2,963 90,569 Minority interest Total Balance at 1.1.2007 22,750 21,957 25,912-1,138 17,772 89,529 2,790 92,319 Total profits for the period Dividends - - - - - 6,123 6,123 85 6,208 Distribution of profits - - - - (1,001) (1,001) - (1,001) Dividends - - 4,769 - - (4,769) - - Share capital increase of subsidiaries - - - - - - - 109 109 Exchange Differences from translating balance sheets from foreign currency - - - - (42) - (42) 24 (18) Actuarial Profit/(Loss) - - - - - 7,355 7,355 (1) 7,354 Changes for the period - - 4,769 - (42) 7,708 12,435 217 13,652 Balance at 30.6.2007 22,750 21,957 30,681-1,096 25,480 101,964 3,007 104,971 The accompanying notes (pages 6-16) are an integral part of the financial statements THRACE PLASTICS Co. SA INTERIM FINANCIAL STATEMENTS (PARENT AND CONSOLIDATED) AS OF 30.6.2007

STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY (PARENT) FOR THE FISCAL YEAR ENDING ON JUNE 30 2007 AND 2006 (Amounts in 000 unless stated otherwise) Share Capital Share Premium Account Other reserves Own shares reserve Valuation Reserves of Securities available for sale Retained Earnings Balance at 1.1.2006 22,750 22,027 20,820 (1,749) 2 18,407 82,257 Total profits - - - - - 2,885 2,885 Acquisition of own shares - - 634 1,749 - - 2,383 Profit from the sale of shares - - 1,011 - - - 1,011 Dividends - - - - - (2,275) (2,275) Distribution of profits - - 4,054 - - (4,054) - Other Changes - - (1) - - - (1) Changes for the period - - 5,698 1,749 - (3,444) 4,003 Balance at 30.6.2006 22,750 22,027 26,518-2 14,963 86,260 Total Balance at 1.1.2007 22,750 22,027 29,379-16 17,398 91,570 Total profits for the period - - - - - 568 568 Actuarial profit/(loss) - - - - - (2) (2) Dividends - - - - - (1,001) (1,001) Distribution of profits - - 4,553 - - (4,553) - Other changes - - 16 - (16) - - Changes for the year 4,569 (16) (4,988) (435) Balance at 30.6.2007 22,750 22,027 33,948 - - 12,410 91,135 The accompanying notes (pages 6-16) are an integral part of the financial statements THRACE PLASTICS Co. SA INTERIM FINANCIAL STATEMENTS (PARENT AND CONSOLIDATED) AS OF 30.6.2007

CASH FLOW STATEMENT (PARENT AND CONSOLIDATED) FOR THE PERIODS ENDING ON JUNE 30 2007 AND 2006 (Amounts in 000 unless stated otherwise) 1.1-30.6.2007 1.1-30.6.2006 1.1-30.6.2007 1.1-30.6.2006 Cash flows from operating activities Profit before Taxes and Minority Interest 8,009 8,431 756 3,861 Plus / (minus) adjustments for: Depreciation 5,987 5,749 1,881 1,441 Provisions Exchange differences 72 506 152 440 Profit/loss from sale of fixed assets (3,254) (2,935) (90) (2,754) Investment income - - - - Interest charges 1,868 1,292 657 193 Operating Profit before adjustments in Working Capital 12,682 13,043 3,356 3,181 Decrease/ (Increase) in Trade and Other Receivables (18,424) (6,447) (7,011) (4,180) Decrease/ (Increase) in Inventories (8,648) (4,968) (315) (1,394) (Decrease)/ Increase in Trade Payables 9,535 6,030 2,298 3,905 Cash generated from (used in) Operations (4,855) 7,658 (1,672) 1,512 Interest Paid (1,934) (1,401) (710) (280) Income Tax Paid (1,154) (3,148) (184) (362) Cash flows form operating activities (7,943) 3,109 (2,566) 870 Investing Activities Receipts from sales of Tangible and Intangible Assets 4,212 4,921 90 4,235 Interest received 65 109 53 87 Receipts from the sale of subsidiaries - 81-84 Acquisition of subsidiaries (884) (2,395) - - Share capital increase of a subsidiary - - (986) - Purchase of Tangible and Intangible Assets (15,462) (7,523) (2,951) (1,749) Other Investments (81) (386) (2) (2) Minority interest and Share Capital Increase 128 (52) - - Cash flow from Investing Activities (12,022) (5,245) (3,796) 2,655 Financing activities Proceeds from issue of new shares - 3,394-3,394 Proceeds from grants 3,052-744 - Proceeds from loans 27,923 31,127 7,390 10,297 Repayment of loans (9,098) (33,682) (1,039) (15,292) Cash flow from financing activities 21,877 839 7,095 (1,601) Net increase in Cash and Cash Equivalents 1,912 (1,297) 733 1,924 Cash and Cash Equivalents at 1st of January 11,056 12,104 4,259 4,519 The effect of Exchange Rate Differences on cash held (4) (50) - - Cash and Cash Equivalents at the end of the period 12,964 10,757 4,992 6,443 The accompanying notes (pages 6-16) are an integral part of the financial statements.

NOTES TO THE FINANCIAL STATEMENTS (Amounts in thousand euros unless otherwise stated) Foundation and activities of the The company TRACE PLASTICS Co. S.A. (hereinafter the ) was founded in 1977 and registered in Magiko of municipality of Bistonida in Xanthi, Northern Greece (Public Companies (S.A.) Reg. No. 11188/06/Β/86/31). The main activity of the is the production and distribution of PP products. In a short period of time the turned into a group of companies by acquiring or settling up new entities, all of them being involved in the production of four basic categories of products: Synthetic woven fabrics, synthetic non-woven fabrics, production of big bags and products of rigid packaging. The shares of the are listed in Athens Stock Exchange since June 26, 1995. The maintains production and trade facilities in Greece, Scotland, North Ireland, Ireland, Sweden, Norway, Serbia, Bulgaria, Romania and Turkey, employing in total on June 30, 2007 1,967 employees, 565 of which are employed in the company. The structure of the group as of 30 June 2007 is as follows: Participation Consolidation Registered Office Percentage method THRACE PLASTICS Co. S.A. GREECE-Xanthi Parent Full * DON & LOW LTD. SCOTLAND-Forfar 100.00% Full *THRACE PLASTICS PACKAGING Co. S.A. GREECE-Ioannina 90.00% Full * DON & LOW HELLAS Co. S.A. GREECE-Xanthi 80.00% Full * SYNTHETIC HOLDINGS LTD N.IRELAND-Belfast 100.00% Full * THRATEX Co S.A. GREECE-Xanthi 100.00% Full * THRACEPACK Co. S.A. GREECE-Xanthi 100.00% Full ** TRIERINA TRADING LTD CYPRUS-Nicosia 100.00% Full ** THRACE GREINER PACKAGING SRL ROMANIA-Sibiu 50.00% Proportionate ** CAPSNAP HELLAS Α.Β.Ε.Ε. GREECE - Ιoannina 50.00% Proportionate ** THRACE TEKNIK AMBALAJ SANAII A.S. TURKEY-Istanbul 50.00% Proportionate ** THRACE PLASTICS PACKAGING D.O.O. SERBIA-Nova Pazova 100.00% Full ** PAIRIS PACKACKAGING S.A. GREECE-Thiva 100.00% Full ** OPTI PACK SA GREECE-Thessaloniki 51.00% Full *** SYNTHETIC PACKAGING LTD IRELAND -Clara 100.00% Full *** ARNO LTD IRELAND -Dublin 100.00% Full *** SYNTHETIC TEXTILES LTD N.IRELAND-Belfast 100.00% Full *** SYNTHETIC POLYBULK A.B. SWEDEN -Köping 100.00% Full *** SYNTHETIC POLYBULK A.S. NORWAY-Brevik 100.00% Full *** THRACE LINQ INC. USA-South Carolina 100.00% Full *** ADFIRMATE LTD CYPRUS-Nicosia 100.00% Full **** DELTA REAL ESTATE INVESTMENTS LLC USA-South Carolina 100.00% Full *** LUMITE INC. USA-Georgia 50.00% Proportionate ***** THRACE IPOMA A.D. BULGARIA-Sofia 99.95% Full **** THRACE IPOMA A.D. BULGARIA-Sofia 99.95% Full The participation of each company as of its subsidiaries on June 30 2007 is analysed as follows: (*) THRACE PLASTICS Co. S.A. subsidiaries. (**) THRACE PLASTICS PACKAGING Co. S.A. subsidiaries. (***) SYNTHETIC (HOLDINGS) LTD subsidiaries (***) ADFIRMATE LTD subsidiaries (*****) TRIERINA TRADING LTD subsidiaries The subsidiaries THRACE LINQ INC. and ADFIRMATE LTD and DELTA REAL ESTATE INVESTMENTS LLC. and LUMITE INC. are consolidated for the first time in the current period (see Note 14). The remaining participation percentages as well as the consolidation methods remained the same as in 2006.

2. Accounting policies for the Financial Statements The current financial statements are compiled in accordance with IAS34 Interim Financial Statements. The accounting principles applied for the compilation of financial statements are those applied for the compilation of annual financial statements for the year ending on 31 December 2006. Therefore, we recommend that the current financial statements to be read in conjunction with the Annual Financial Statements. The application of accounting principles and interpretations from 1/1/2007 did not have a significant impact on the current or in previous years. The published Income Statements of the parent company for the precious period 1/1-30/6/2006 is restated in note 16 in order to become comparable with current period due to the absorption of THRAPLAST-MEGABAGS ABEE. 3. Foreign Exchange Thrace Plastics Α.Β.Ε.Ε. translates the Income Statements of its subsidiaries using the average exchange rate and the Balance Sheet using the exchange rate prevailing at the end of the period. The exchange rates used for the translations are the following: Currency Average Rate (amount of currency per 1 euro) Closing Exchange Rate (amount of currency per 1 euro) 1.1-30.6.2007 1.1-30.6.2006 30.6.2007 31.12.2006 British Pound Sterling (GBP) 0.6750 0.6870 0.6740 0.6715 Romanian Lei (RON) 3.3292 3.5417 3.1340 3.3835 Serbian Dinar (CSD) 80.080 86.0000 79.0250 79.0000 Turkish Pound (TRY) 1.8260 1.7237 1.7740 1.8640 Bulgarian Leva (BGN) 1.9558 1.9558 1.9558 1.9558 Cyprus Pound (CYP) 0.5810 0.5749 0.5837 0.5782 4 Other operating income 1.1-30.6.2007 1.1-30.6.2006 1.1-30.6.2007 1.1-30.6.2006 Receipts from exchange differences 119 196 62 153 Grants from Manpower Employment Organization 1,441 1,206 986 740 Gains on disposal of assets 3,254 3,014 90 2,973 Income from rents - 1 18 10 Income from services 168 1 176 145 Other operating income 456 1 118 17 Total 5,438 4,419 1,450 4,038 In the current period the subsidiary THRACE IPOMA AD collected grants of 1,011 euro and therefore the depreciations of previous years were restated by 132 euro, amount that appears in «Other operating income» as profit for the period.

5 Other operating expenses 1.1-30.6.2007 1.1-30.6.2006 1.1-30.6.2007 1.1-30.6.2006 Debit foreign exchange differences 168 738 188 462 Depreciations 118 566 61 113 Losses from the sale of assets - 228-219 Other operating expenses 185 434 15 52 Total 471 1,966 264 846 6. Dividends The General Shareholders Meeting of THRACE PLASTICS Α.Β.Ε.Ε.that took place on 14 June 2007, approved the distribution of 0.022 euro per share dividend (1,001 euros for total shares) for the period ending on 31 December 2006. The payment of the dividend stared on July 26, 2007 through the branches of Piraeus Bank.

7 Segmental analysis The segmental analysis refers to operational and geographic segments of the. The primary reference type (operational segments) is based on the structure and management of the and the system of internal reference. The has the following operational segments: - Technical Woven - Industrial Packaging - Rigid packaging products Technical Woven Industri Rigid al Packaging Packaging Unclassifi ed Elimination of inter-segment balances BALANCE SHEET AT 30.6.2007 Assets 143,604 37,140 77,337 7,405 265,486 Inter-segment investments - - - 56,733 (56,733) - Inter-segment receivables 669 2 2,077 (2,748) - Total assets 144,273 37,142 79,414 56,733 (52,076) 265,486 INCOME STATEMENT FOR THE PERIOD 1.1 30.6.2007 Sales to third parties 70,423 22,298 23,802 - - 116,523 Inter-segment sales 122-19 - (141) - Total sales 70,545 22,298 23,821 - (141) 116,523 Less: cost of sales (58,944) (18,089) (19,613) - 196 (96,450) Gross profit 11,601 4,209 4,208 55 20,073 Plus: Other operating income 1,193 741 491 3,127 (114) 5,438 Less: Distribution expenses (6,532) (2,550) (1,648) - - (10,730) Administrative expenses (2,412) (1,037) (1,058) - 74 (4,433) Other operating expenses (384) (22) (105) - 40 (471) Earnings 3,466 1,342 1,888 3,127 55 9,877 Net financing cost (641) (255) (973) - - (1,868) Earnings before tax 2,825 1,087 915 3,127 55 8,009

Technical Woven Industri Rigid al Packaging Packaging Unclassifi ed Elimination of inter-segment balances BALANCE SHEET AT 31.12.2006 Assets 121,363 30,578 73,393-8,412 233,746 Inter-segment investments - - - 55,747 (55,747) - Inter-segment receivables 528 2 - - (530) - Total assets 121,891 30,580 73,393 55,747 (47,865) 233,746 INCOME STATEMENT FOR THE PERIOD 1.1 30.6.2006 Sales to third parties 65,492 22,684 18,092 - - 106,268 Inter-segment sales 1,110 248 1,762 - (3,120) - Total sales 66,602 22,932 19,854 - (3,120) 106,268 Less: cost of sales (54,197) (19,100) (15,802) - 3,748 (85,355) Gross profit 12,405 3,832 4,052-625 20,914 Plus: Other operating income 2,002 502 637 1,885 (606) 4,420 Less: Distribution expenses (6,413) (2,098) (1,240) - - (9,751) Administrative expenses (2,841) (633) (691) - 386 (3,779) Other operating expenses (919) (36) (548) - (463) (1,966) Earnings 4,234 1,567 2,210 1,885 (58) 9,837 Net financing cost (451) (110) (845) - - (1,406) Earnings before tax 3,783 1,457 1,365 1,885 (58) 8,431 From 1/1/2007 the Management of the changed the Segmental Classification. This change was necessary due to the consolidation that took place between companies belonging in different sectors, in order for better information to be provided. The comparative statements of the previous period were restated in order to become comparable with current statements. The Rigid Packaging sector corresponds to the Rigid Packaging sector of the previous year, the Industrial Packaging correspond to FIBCs and the Technical Woven to Woven and nonwoven. It is also noted that during the current period, given that new companies were added in the, as these are reported in note 15, the figures reported are not directly comparable to those reported in comparative financial statements. 8. Earnings, after tax, per share The earnings after tax per share are calculated by dividing the net profit attributable to the Equity Shareholders by the weighted average number of ordinary shares in issue, excluding the s own shares. 1.1-30.6.2007 1.1-30.6.2006 1.1.-30.6.2007 1.1.-30.6.2006 Earnings after tax attributed to shareholders 6,123 6,285 568 2,885 Number of shares (weighted) 45,500 45,177 45,500 45,177 Basic earnings per share (euros in absolute amounts) 0.135 0.139 0.012 0.064 The weighted number of current shares is the same and is applied as it stands for the calculation of both basic and diluted earnings per share. There is no obligation for the issue of new shares in the future.

9 Income tax According to the Greek Law, the income tax for the Greek companies is calculated based on the rate of 25% for fiscal year 2007 and after. The tax rate used to calculate the deferred tax is the one tht is estimated to prevail by the time the temporary tax differences would be reversed. For the companies operating in Greece this rate is 25% The analysis of income tax charged on the results is as follows: 1.1-30.6.2007 1.1-30.6.2006 1.1-30.6.2007 1.1-30.6.2006 Income tax (1,863) (2,267) (309) (1,337) Deferred tax income/(expense) 62 201 121 361 Total (1,801) (2,066) (188) (976) In Greece, the results reported to tax authorities are deemed temporary and are subject of examination by the tax authorities. Therefore, for the non-examined fiscal years there is the possibility for additional tax at the time the tax authorities will examine them. The final tax outcome is not possible to be estimated at this stage and therefore no provision is made in the Financial Statements. The fiscal years that have not been examined by the tax authorities are reported below: Tax unaudited years THRACE PLASTICS S.A. 2003-2006 DON & LOW HELLAS S.A. 2005-2006 THRACE PLASTICS PACK S.A. 2000-2006 THRATEX SA 2003-2006 THRACE PAK S.A. 2003-2006 CAPSNAP HELLAS S.A. 2004-2006 OPTIPACK SA 2006 PAIRIS PACKAGING S.A. 2005-2006 A tax audit on Thrace Plastics ABEE for the years 2003-2005 is taking place after the compilation of financial statements and the outcome of this audit is difficult to be estimated. Also, the possibility of more tax liabilities exist for companies based abroad and for which the tax-unaudited years are as follows: Tax unaudited years DON & LOW LTD 2004-2006 SYNTHETIC (HOLDINGS) LTD 2004-2006 SYNTHETIC PACKAGING LTD 2002-2006 ARNO LTD - SYNTHETIC TEXTILES LTD - SYNTHETIC POLYBULK A.B. 2006 SYNTHETIC POLYBULK A.S. 2006 THRACE GREINER PACKAGING SRL. 2002-2006 TRIERINA TRADING LTD 2004-2006 THRACE IPOMA A.D. 2004-2006 THRACE TEKNIK AMBALAJ SANAII A.S. 2004-2006 THRACE PLASTICS PACKAGING D.O.O. 2005-2006 THRACE LINQ INC - ADFIRMATE LTD -

DELTA REAL ESTATE INVESTMENTS LLC - LUMITE INC. 2004-2006 10 Tangible and intangible assets a. Tangible assets The change in tangible assets during the first half of 2007 is analysed as follows: company Balance at 1.1.2007 100,686 34,171 Additions / (Reductions) 13,473 2,952 Depreciations (5,975) (1,871) Foreign Exchange differences 127 - Balance at 30.6.2007 108,311 35,252 Fixed assets available for sale 1,031 - The respective change in tangible fixed assets during 2006 is analysed as follows: company Balance at 1.1.2006 88,839 21,213 Value of absorbed company 1.1.2006-6,668 Acquisition of companies 4,171 - Additions / (Reductions) 18,795 9,955 Depreciations (11,537) (3,665) Foreign Exchange differences 418 - Balance at 31.12.2006 100,686 34,171 There are no any pledges on tangible assets. b. Intangible assets The change in intangible assets during the first half of 2007 is analysed as follows: company Balance at 1.1.2007 11,197 60 Additions / (Reductions) 82 2 Depreciations (12 ) (10) Foreign Exchange differences (6) - Balance at 30.6.2007 11,261 52 The respective change in intangible fixed assets during 2006 is analysed as follows: company

Balance at την 1.1. 2006 9,897 51 Acquisition of companies 1,156 - Additions / (Reductions) 53 44 Depreciations (38) (35) Foreign Exchange differences 129 - Balance at 31.12.2006 11,197 60 11. Employee benefits The liability obligation of the and the towards its employees as appeared in the balance sheet is analysed as follows: 30.6.2007 31.12.2006 30.6.2007 31.12.2006 Provisions for staff indemnities 692 639 520 491 Pension plan DON & LOW LTD 13,129 25,465 - - Pension plan SYNTHETIC (HOLDINGS) LTD 16 15 - - Total provisions at the end of the year 13,837 26,119 520 491 During the first half of the current year the liability of the subsidiary DON & LOW LTD for the pension plan of its employees reported a significant reduction of approximately 48% in a month (or euro 12,336). This was due to actuarial profit of 11,070 euro that was recorded directly in Equity, with the deduction also of deferred tax of 3,715 euro. On 30/6/2007 the assets of the plan in euro amounted to 107,270 while the liabilities to 120,399 euro. 12. Net Debt During the first half of 2007 the liabilities to banks for the increased by 18,852 euro while those of the company by 6,352 euro. 13. Transactions with related parties Amounts of sales and purchases cumulative from the beginning of the year and the balances of receivables and liabilities of the at the end of the current year that are emerged from transactions with related parties in accordance with IAS 24 are as follows: Sales of goods and services 12,361 Purchases of goods and services 2,642 Receivables 4,342 Liabilities 2,138 Transactions and remuneration of BoD and Management members 1,748 541 Receivables by Management Liabilities to the Management

14. Number of Employees The number of the personnel for the and the employed at the end of current period is analysed as: 30.6.2007 30.6.2006 30.6.2007 30.6.2006 Salaried workers 496 411 105 82 Workers 1,471 1,315 460 369 Total 1,967 1,726 565 451 15. Mergers-Absorptions In the current period the, in order to continue its planned restructuring acquired companies abroad and absorbed domestic subsidiaries. 15.1 At the beginning of May was completed the agreement with the American company LINQ Industrial Fabrics Inc. that includes: a) The acquisition of activities related to woven and fabrics for agricultural use and specifically: The mechanical equipment The clients The current inventories The Clients-Suppliers (with equal balances) The Trademarks (brand names) The Information System The acquisition was made by the company Thrace LINQ Inc, 100% subsidiary of the Thrace Plastic, which is based in South Carolina of USA, for the amount of 10.7 million dollars. b) The acquisition of a property of 180 square meters and a building complex of 55,000 sq.m. which is used for the activities of Thrace LINQ Inc. The company Delta Real Estate Investments LLC, 100%, made the acquisition subsidiary of the Thrace Plastic, which is based in South Carolina of USA, for the amount of 6 million dollars. The Management of the acquired the property because its position, characteristics and price was very attractive and this acquisition sets a strong base for the further development of the production and trade activity of the in the US market. 15.2 On 12 June 2007 an agreement was signed for the acquisition of the 50% of Lumite Inc from Synthetic Holdings Ltd.- 100% subsidiary of Thrace Plastics - for the price of 1.2 million dollars. The Lumite Inc. Is based in Georgia of USA and is active in trade and transformation of synthetic fabrics for use in agriculture and flower business. In 2006 made sales of 12 million dollars. With the completion of this acquisition, Lumite Inc undertakes the distribution of all the products of the for agricultural uses in US market. Lumite Inc will form the trade network of agricultural fabric products in US market taking advantage if its trademark, the sales network and experience, while ThraceLINQ Inc will form the main growth arm of the group in the sector of woven. 15.3 On 11 July 2007 was approved by the BoD of the companies THRACE PLASTICS PACK ABEE, THREIS PACK ΑΒΕΕ and THRATEX ΑΒΕΕ, the merger plan that included the merger trough absorption of the last two by the first company with transformation balance sheet date of 31 March 2007. The aforementioned merger through absorption was approved by the Ministry of Development on 26 July 2007 with the decision No. Κ2 10742.

16. Restatement (parent) of Income Statement for the period 1.1-30.6.2006 The published Financial Statements of the for the period 1.1-30.6.2006 are restated in order to become comparable with the ones from the current year because of the absorption of the subsidiary THRAPLAST- MEGABAGS SA from the parent company THRACE PLASTICS SA. Note Published Financial Statements THRACE PLASTICS THRAPLAST- MEGABAGS Adjustments Restated Financial Statements THRACE PLASTICS 1.1-30.6.2006 1.1-30.6.2006 1.1-30.6.2006 Turnover 28,756 8,663 (3,374) 34,045 Cost of sales (24,282) (8,163) 3,389 (29,056) Gross profit 4,474 500 15 4,989 Other operating income 15.1 4,038 308 (61) 4,285 Distribution expenses (2,314) (289) - (2,603) Administration expenses (1,298) (227) 46 (1,479) Other operating expenses 15.2 (846) (25) - (871) Operating profits 4,054 267-4,321 Net Financial income/(expenses) (193) (117) - (310) Earnings before tax 3,861 150-4,011 Less: income tax (976) (20) - (996) Earnings, after tax 2,885 130-3,015 Depreciations 1,441 426-1,867 16.1 Other operating income 1.1-30.6.2006 Receipts from exchange differences 153 Grants from Manpower Employment Organization 922 Gains on disposal of assets 2,982 Income from rents 10 Income from services 102 Other operating income 116 Total 4,285

16.2 Other operating expenses 1.1-30.6.2006 Debit foreign exchange differences 463 Depreciations 113 Loss from the sale of assets 224 Other operating expenses 71 Total 871 17. Property available for sale The Management of the announced on 24/5/2007 that a property in Klara of Ireland was sold for 3.25 million euro, which refers to a land of 40,468 sq.m. The Management plans to proceed with the sale of two more properties. Specifically, the second property available for sale is also located in Klara of Ireland on a land of 24,281 sq.m. This property is expected to be sold within the coming 12 months period for a price that would exceed 2 million euro. After the sale of the aforementioned properties, the Irish company Synthetic Packaging would still own a land of 20,234 sq.m. and a property of 6,500 sq.m. that the company will continue using for its activity. The third property which is not currently in use and is about to be sold is the Saint James property, a land of 15,500 aq.m. in Forfar of Scotland. The sale of this property is about to be completed within the coming 12 months period. And the proceeds are expected to reach 2.2 million euro. The book value of aforementioned properties is reported in a separate line of Current assets as Assets available for sale, in accordance with I.F.R.S. 5.