Analyser Greek Equities Company news & views

Equity Research April 4, 2013

Companies Mentioned | FY 12 Review

Folli Follie FY 12 performance was strong in most non Greek segments and in line with our Folli Follie estimates on group level. Both Jewelry Watches Accessories in Asia and Travel Retail had a Rating: Outperform solid performance with good sales growth. In contrast, department stores and retail Target Price: €16.6 wholesale were negatively affected by the economic conditions in countries of operation. Dufry Deal Update According to the management, it is a matter of 2-3 weeks for the completion of the deal with

Dufry. Bureaucratic reasons were blamed for the delay. Apparently, the hold up with Dufry has put back the refinancing process but the CEO was again confident that it will be resolved just a month after the conclusion of the deal. Currently net debt/EBITDA remains unchanged at c.3x thus making the deal with Dufry an important catalyst for reducing debt level.

Remain Positive – No Estimate/TP Change

We re-iterate our outperform recommendation as we believe the deal with Dufry will allow FF to refinance its debt and increase brand awareness. Additionally, prospects in Asia look Analysts promising as l-f-l could reach 5% y-o-y and the network increases by c. 25 new stores. Please note that during the past month the stock has outperformed the Greek market by 9% Manousos Stathoudakis +30 210 367 7543 (absolute -6%) as investors positively discount FFs’ foreign prospects. Nikos Lianeris, CFA FY 12 in a glimpse +30 210 367 7534 Top line reached €1,110mn, 8.7% y-o-y (Vs. AFe €1,103mn). JWA sales were up 18.3% to Antonis Diapoulis €583.8mn (vs. AFe €576.4mn) and Travel Retail reached €285.8mn (+5.6% y-o-y, vs. AFe +30 210 367 7532 €310.6mn). Other segments were weaker as retail/wholesale was down 7.3% y-o-y to Angelos Chorafas +30 210 367 7535 €98.4mn (vs. AFe €93.5mn) and Department stores sales stood at €123.8mn (-1.6% y-o-y, Nikos Katsenos vs. AFe €118.4mn). Group EBITDA reached €212.8mn (+7.1% y-o-y, margin 19.2%, vs. AFe +30 210 367 7547 €213.4mn), with JWA up 16% y-o-y to €132.4mn (vs. AFe €120.1mn) and Travel retail at €83.7mn (-0.7% y-o-y, vs. AFe €90.5mn). Bottom line came at €93.7mn (+4.7% y-o-y vs. [email protected] AFe €99.8mn). The company was FCF negative by €16mn (above AFe of €34mn) on the back

of better WC to our estimates (high de-stocking took place in 4Q 12). Net Debt reached €614.6mn, up by a delta of €18mn from 2011a (net debt/ebitda at 2.9x, gearing at 0.9 both marginally down y-o-y).

Antonis Diapoulis +30 210 367 7532

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Please refer to important disclosures at the end of the report Alpha Finance Equity Research Analyser

FY 12 Review

2012 – Per Segment Presentation

Jewelry, Watches Accessories

Sales were up 18.3% mostly due to the increase in Asia. We estimate, Asian sales (incl. ) were up 24% implying a l-f-l growth of c. 8%. Asian sales represent 80% of total sales followed by Europe (16.7%) and North America (3.1%). In Europe revenues were down 4% y- o-y and in N. America up 14% y-o-y. Profitability margins were rather flat as gross margin stood at 55.2% vs. 56% in 2011 and EBITDA margin at 22.7% vs. 23.2% in 2011. The company has 539 POS as of December 2012 vs. 488 in 2011 and is represented in 37 airlines. We expect in 2013 net additions of 32 POS.

Travel Retail

It was a good year for this segment despite the unfavorable economic conditions in . Revenues increased 3.2% y-o-y to €300mn and EBITDA was flat at €83.7mn (-0.7% y-o-y). Passenger departures were down 6% y-o-y, but spending was up 4.15% y-o-y fully counterbalancing this erosion.

Retail/Wholesale

This segment was directly affected by the Greek economic conditions as 72.6% of sales originate from Greece. Revenues were down 7.3% y-o-y to €98.4mn and EBITDA improved to -€6.3mn from -€8.7mn in 2011.

Department Stores

FF operated a new department store in Thessaloniki and increased its network to 5 (2 discount stores and 3 Attica stores). Sales were down 1.6% y-o-y to €123.8mn and EBITDA also decreased by 42.3% y-o-y to €6.4mn. Top line was impacted by the economic conditions and operating profitability was also impacted by the operation of the new store.

Sales B/D (mn eu) 2010a 2011a 2012a 2013e Sales of JWA 476.4 493.3 583.8 652.6 % change -0.5% 3.6% 18.3% 13.2% % of total 47.9% 48.3% 52.6% 76.7% Travel Retail 257.6 290.9 300.3 319.2 % change -6.0% 12.9% 3.2% 2.8% % of total 25.9% 28.5% 27.1% 37.5% Retail & Whole Sale 117.2 106.2 98.4 86.0 % change 0.0% -9.4% -7.3% -8.0% % of total 13.7% 12.3% 11.2% 12.7% Department stores 136.4 125.9 123.8 108.3 % change 0.0% -7.7% -1.7% -8.5% % of total 11.8% 10.4% 8.9% 10.1% Other 7.0 5.1 3.7 4.0 % change 0.0% -27.1% -20.0% -2.5% % of total 0.7% 0.5% 0.3% 0.5% Intersegment 0.0 0.0 0.0 0.0 Revenues 994.6 1021.4 1110.0 850.9 % change 0.2% 2.7% 8.7% -22.8% Source: AFe | company data

Please refer to important disclosures in the Disclosure Appendix 1 Alpha Finance Equity Research Analyser

Gross Profit B/D (mn eu) 2010a 2011a 2012a 2013e JWA 276.3 276.3 322.5 353.1 % change 3.6% 0.0% 16.7% 9.5% % margin 58.0% 56.0% 55.2% 54.6% % of total 54.9% 53.5% 57.9% 84.8% Travel Retail 130.9 151.6 151.7 147.8 % change 0.3% 15.8% 0.1% -2.6% % margin 50.8% 52.1% 50.5% 50.5% % of total 26.0% 29.3% 27.2% 35.5% Retail & Whole Sale 46.3 42.8 38.9 38.0 % change -12.4% -7.6% -9.2% -2.2% % margin 39.5% 40.3% 39.5% 42% % of total 9.2% 8.3% 7.0% 9.1% Department stores 46.4 44.9 43.5 25.2 % change -8.8% -3.1% -3.3% -41.9% % margin 34.0% 35.7% 35.1% 22.3% % of total 9.2% 8.7% 7.8% 6.1% Other 1.4 1.0 0.3 0.3 % change 0.0% -32.9% -64.5% -25.8% % margin 20.4% 18.8% 9.2% 7.0% % of total 0.3% 0.2% 0.1% 0.1% Gross profit 503.5 516.5 556.9 416.6 % change 2.1% 2.6% 7.8% -25.2% % margin 50.6% 50.6% 50.2% 48.8% Source: AFe | company data

EBITDA B/D (mn eu) 2010a 2011a 2012e 2013e Jeweler, Watches Accessories 125.0 114.4 132.4 138.2 % change 0.0% -8.4% 15.7% 4.4% % margin 26.2% 23.2% 22.7% 21.4% % of total 63.0% 57.6% 62.2% 99.4% Travel Retail 57.3 84.3 83.8 75.6 % change 3.5% 47.1% -0.6% -9.7% % margin 22.2% 29.0% 27.9% 25.9% % of total 28.9% 42.4% 39.4% 0.0% Retail & Whole Sale -1.3 -8.7 -6.3 0.9 % change 0.0% 557.6% -27.7% -114.4% % margin -1.1% -8.2% -6.4% 1.0% % of total -0.7% -4.4% -3.0% 0.7% Department stores 14.7 11.1 6.4 1.7 % change 0.0% -24.8% -41.9% -73.0% % margin 10.8% 8.8% 5.2% 1.3% % of total 7.4% 5.6% 3.0% 1.3% Other -1.30 -2.34 -3.5 -1.8 % change 0.0% 80.4% 49.1% -48.2% % margin -18.5% -45.8% -94.1% -50.0% % of total -0.7% -1.2% -1.6% -1.3%

EBITDA 198.4 198.7 212.8 139.1 % change 0.0% 0.2% 7.1% -34.7% % margin 19.9% 19.5% 19.2% 16.3% Source: AFe | company data

Please refer to important disclosures in the Disclosure Appendix 2 Alpha Finance Equity Research Analyser

Profit & Loss (mn eu) 2010a 2011a 2012a 2012e vs. AFe 2013e Revenues 994.6 1021.4 1110.0 1102.9 0.6% 850.9 % change 0.2% 2.7% 8.7% 8.0% -22.8%

Cost of Goods sold 491.1 504.9 553.2 552.0 434.6 % change -1.6% 2.8% 9.6% 9.3% -21.3%

Gross profit 503.5 516.5 556.9 550.9 1.1% 416.6 % change 2.1% 2.6% 7.8% 6.7% -25.2% % margin 50.6% 50.6% 50.2% 50.0% 48.8%

EBIT 176.7 174.0 185.8 191.4 -2.9% 119.9 % change -0.5% -1.5% 6.8% 10.0% -35.5% % margin 17.8% 17.0% 16.7% 17.4% 14.0%

Depreciation 21.7 24.8 27.0 22.0 19.2

EBITDA 198.4 198.7 212.8 213.4 -0.3% 139.1 % change 0.0% 0.2% 7.1% 7.4% -34.7% % margin 19.9% 19.5% 19.2% 19.4% 16.3% € 0.00 PBT 129.7 121.9 131.0 133.3 -1.7% 302.6 % change 0.0% -6.0% 7.4% 9.3% 131.0% % margin 13.0% 11.9% 11.8% 12.1% 35.4% Taxes 39.6 30.6 35.3 32.0 65.0 rate 30.5% 25.1% 26.9% 24.0% 21.5%

Minorities 1.8 1.8 2.0 1.5 2.0

Net income 88.3 89.5 93.7 99.8 -6.0% 235.6 % change -23.2% 1.4% 4.7% 11.4% 151.4% % margin 8.9% 8.8% 8.4% 9.0% 27.6%

EPS 1.481 1.356 1.420 1.490 3.569 % change -23.3% -8.4% 4.7% 9.9% 151.4%

Please refer to important disclosures in the Disclosure Appendix 3 Alpha Finance Equity Research Analyser

Cash Flow – Debt

FF reported 2012 FCF of -€15.8mn vs. -€35.5mn in 2011 (FCF yield at -1% vs. -2.3% in 2011a). Net debt increased to €614.6mn from €596.4mn in 2011 implying a gearing of 0.9x and a net debt/ebitda of 2.9x.

FY 13 Estimates

We have not changed our estimates post the announcement of FY 12, since the figures were broadly in line. We project revenue and EBITDA CAGR 12/15eof -3.8% and -4.6% respectively. Please note that we view Jewelry, Watches Accessories as the key profitability contributor post the carve out of the travel retail segment. Sales in this segment are expected to grow with a like for like of 5-7% in the long term keeping relevant gross margins stable at c. 52%. Adjusting for the Travel retail spin off we forecast revenue and EBITDA CAGR 12/15e of 6.9% and 12.7% respectively. Through the deal with Dufry FF hopes to reduce its net debt to €83.5mn (net debt/EBITDA 0.6x) from €614.6mn in FY 12. We estimate that by the end of 2013 net debt will be higher to €224mn (net debt/EBITDA 1.5x) on the back of WC needs/CAPEX from network rollout. In the coming years until the option to sell the remaining 49% to Dufry expires we expect that net debt will increase to c. €400mn (net debt/EBITDA 2x).

Our target price remains unchanged to €16.59/share (Rf 6%, ERP 6%, beta 0.85).

Conference Call Highlights

During the conference call the CEO of the group, Mr. Koutsolioutsos, admitted that he was very pleased with 2012 performance. Additionally he was confident that the delay due to bureaucratic reasons in the deal with Dufry will end soon (2-3 weeks). Apparently, the hold up with Dufry has put back the refinancing process but the CEO was again confident that it will be resolved just a month after the conclusion of the deal. Currently ND/EBITDA remained unchanged at c.3x thus making the deal with Dufry an important catalyst for reducing debt levels. In terms of cash flow generation the CEO claimed that Working capital pictured the JWA sector expansion. Cash flow was also impacted by €8mn provisions and a negative FX movement.

Turning to 2013, management refused to set any guidance until the conclusion of the Dufry deal. Only CAPEX target was set at €12-20mn post crave out and WC should reach €100mn from €120 mn in 2013. Long term EBITDA margin target for JWA stands at 30%!

During 1Q 13 trends are improving, cash flow will be stronger, JWA is growing with a middle single to low double digit growth (even in Greece l-f-l is 10% up), travel retail is also up 10% l-f-l despite traffic decreased 2% y-o-y and department stores are outperforming the market despite still presented revenue erosion. Especially for Travel retail, pre-booking imply that it will be a record year for Greek tourism.

Please refer to important disclosures in the Disclosure Appendix 4 Alpha Finance Equity Research

DISCLOSURE APPENDIX ALPHA FINANCE INVESTMENT SERVICES S.A. (‘Alpha Finance’) Headquarters: 5, Merlin Street, GR – 106 71 , www.alphafinance.gr T +30-210-367 7400, F +30-210-331 1193, [email protected] Ministry of Development, S.A. Registration Number: 19420/06/B/89/01,G.E.MI.1176701000 Regulated by the Hellenic Capital Market Commission, License No. 42/13.04.1989

Analyst Certification The research analyst(s) undersigned and responsible for the preparation of this report certify (-ies) that a) the views expressed in this report accurately reflect their (his/her) personal viewsi about b t any and d all ll of f ththe securities iti or iissuers mentioned ti d iin thithis report t and d b) no part t of f ththe analyst’s l t’ compensation ti was, is, i or will ill be, b directly di tl or indirectly i di tl related l t d to t the th specific ifi recommendations or views expressed in this research report. Analysts receive compensation based upon various factors, including the quality and accuracy of research, productivity, experience, individual reputation, competitive factors and feedback from clients.

Company specific regulatory disclosures

Disclosure checklist for companies mentioned & other price data information Reuters Rating PricePrice date/time Disclosure AGNr.AT Neutral €2.48 Official close @ 20 March 2013 none ACBr.AT Restricted (G) €0.62 Official close @ 20 March 2013 none ATE Bank AGBr.AT Non Rated €0.16 Official close @ 20 March 2013 none Athens Medical AMCr.AT Not rated €0.59 Official close @ 20 March 2013 none J&P Avax AVAr.AT Under review €1.09 Official close @ 20 March 2013 none Jumbo (Babyland) BABr.AT Neutral €5.89 Official close @ 20 March 2013 none S&B Industrial Minerals BARr.AT Outperform €5.60 Official close @ 20 March 2013 none Bank of BOCr.AT U/R €0.21 Official close @ 20 March 2013 none BOPr.AT U/R €0.18 Official close @ 20 March 2013 3 Corinth Pipeworks CORr.AT Outperform €1.51 Official close @ 20 March 2013 none PPC DEHr.AT Outperform €4.91 Official close @ 20 March 2013 none Eurobank EFG EFGr.AT Restricted €0.19 Official close @ 20 March 2013 none Euromedica EMDr.AT Not rated €0.50 Official close @ 20 March 2013 none EFG Properties EUPr.AT Neutral €5.78 Official close @ 20 March 2013 none AthensAthens W Waterater EYDrEYDr. AT OutperformOutperform €4. 82 OfficialOfficial c closelose @ 20 M Marcharch 2013 none Folli Follie HDFr.AT Outperform €12.90 Official close @ 20 March 2013 4 Forthnet FORr.AT Not Rated €0.45 Official close @ 20 March 2013 none Frigoglass FRIr.AT Outperform €4.35 Official close @ 20 March 2013 none Hellenic Postbank GPSr.AT Non Rated €0.17 Official close @ 20 March 2013 0 Halcor HAL.AT Not rated €0.62 Official close @ 20 March 2013 none HELr.AT Outperrform €1.53 Official close @ 20 March 2013 0 HEPr.AT Outperform €6.93 Official close @ 20 March 2013 none Heracles HERr.AT Not rated €1.20 Official close @ 20 March 2013 none Coca Cola Hellenic HLBr.AT Neutral €20.50 Official close @ 20 March 2013 none GekGek HRMr.ATUnder review €€11.54.54 Official close @ 20 March 2013 none Hygeia HYGr.AT Not rated €0.34 Official close @ 20 March 2013 none Iaso IASr.AT Not rated €1.00 Official close @ 20 March 2013 none Intralot INLr.AT Under Review €1.83 Official close @ 20 March 2013 none Lamda Development LMDr.AT Under Review €4.48 Official close @ 20 March 2013 none Motor Oil MORr.AT Outperform €7.54 Official close @ 20 March 2013 none Marfin Popular Bank MRBr.AT U/R €0.04 Official close @ 20 March 2013 none MRFr.AT Not rated €0.23 Official close @ 20 March 2013 none MTKr.AT Outperform €9.40 Official close @ 20 March 2013 none Mytilineos MYTr.AT Outperform €3.60 Official close @ 20 March 2013 none National Bank NBGr.AT U/R €0.59 Official close @ 20 March 2013 PPA (OLP) OLPr.AT Outperform €16.03 Official close @ 20 March 2013 3 TPA (OLTH) OLTr.AT Not rated €19.59 Official close @ 20 March 2013 none Opap OPAr.AT Neutral €6.29 Official close @ 20 March 2013 2, 3 OTE OTEr.AT Outperform €4.43 Official close @ 20 March 2013 3 Sidenor SID.AT Neutral €1.14 Official close @ 20 March 2013 none Sprider SPDr.AT Not Rated €0.03 Official close @ 20 March 2013 none Sarantis SRSr.AT U/R €4.29 Official close @ 20 March 2013 none TENr.AT Outperform €2.41 Official close @ 20 March 2013 none Titan TTNr.AT Neutral €13.00 Official close @ 20 March 2013 2 Thessalonica Water TWSr.AT Under Review €5.06 Official close @ 20 March 2013 none Elval VAL.AT Not rated €1. 59 Official close @ 20 March 2013 none VIO.AT Not rated €3.30 Official close @ 20 March 2013 none B. Vovos VOVr.AT Not rated €0.30 Official close @ 20 March 2013 none Source: Alpha Finance

DISCLOSURE APPENDIX

1. Alpha Finance and/or its affiliate(s) has acted as manager/co-manager/adviser in the underwriting or placement of securities of this company within the ppast 12 months 2. Alpha Finance and/or its affiliate(s) has received compensation for investment banking services from this company within the past 12 months 3. Alpha Finance makes a market in the securities of this company 4.4Alh Alpha FiFinance and dit its affiliate(s) ffilit() owns five fi percent t or more of fthttl the total share h capital itlfthi of this company 5. The company and its affiliate(s) owns five percent or more of the total share capital of Alpha Finance and its affiliates 6. Alpha Finance has sent the research report to the company prior to publication for factual verification 7. Following 6, Alpha Finance has changed the contents of the initially sent research report, with respect to: no change 8. Alpha Finance has received compensation from the company for the preparation of this research report

Alpha Finance Equity Research

Regulatory disclosures This report has been prepared by Alpha Finance Brokerage and Investment Services S.A. (‘Alpha Finance’), a wholly owned subsidiary of Alpha Bank A.E. Alpha Finance is regulated by the Hellenic Capital Markets Commission (HCMC). Alpha Finance has in effect management policies to identify and confront potential conflicts of interest that could arise in the research division of the company and/or its affiliates (“Chinese Walls”).

Definitions of Fundamental and Risk RatingsRatings and AllocationsAllocations

RISK RATING Low (L) Medium (M) High (H) Relative to Horizon2 Coverage3 IB services4 Outperform O/P TRP1 > +5% TRP1 > +15% ASE Index Dec.’11 10/50 10.0% Neutral N (5%) < TRP1 < +5% 16/50 0.0% Underperform U/P TRP1 < (5%) TRP1 < (15%) 4/50 0.0% Restricted (G) R(G) Alpha Finance belongs to the same group of companies 1/50 0.0% RATING RATING Restricted (IB) R (IB) Alpha Finance is currently rendering investment banking services 0/50 0.0% FUNDAMENTAL FUNDAMENTAL F Under review UR/ Not rated NR No rating currently available 19/50 0.0% SourcSource:e:AlphaFinance|Dataasof31 Alpha Finance | Data as of 31.12.1012 10 | 1: Total Return PotentialPotential (=capital return + dividend yield) | 2: except otherwiseotherwise stated | 3: Percentage of companies under coverage within this category as of 31.12.10 | 4: Percentage of companies within this rating category for which investment banking services were provided over the past 12 months, as of 31.12.10. In several occasions, subject to the analyst's view and/or due to volatility of the shares, the ratings applied may fall out of the brackets described in the table above. The Alpha Finance universe consists of 50 companies accounting as of 31.12.10 for 79.9% of total market value

Risk ratings explained We derive the overall risk rating for a stock by applying a 60% weight on quantitative and a 40% weight on qualitative factors. We use a scale from 1 to 3 to describe ‘low, ‘medium’ and ‘high’ risk respectively. We compute two different quantitative risks namely liquidity and volatility. We assign equal weights to liquidity and volatility risks to arrive at a so-called trading or quantitative risk for the specific stock researched. Using a scale of 1-to-3 scale, each analyst also assigns a qualitative risk that is entirely up to his/her discretion to ddetermine. t i FFollowing ll i this, thi we calc lulated l t d the th combined bi d risk i k of f th e specific ifi stock t k appl lying i the th weights i ht mentioned ti d earlier. li All IPOIPOs are classifiedlifid‘hihik’f12thftthiliti ‘high risk’ for 12 months after their listing date.

Definitions of Risk Ratings

Quant factor Definition Brackets Risk rating If less than or equal to 33% High Number of shares traded over the last 12 months as % of Liquidity If greater than 33% but less than or equal to 66% Medium total shares outstanding If greater than 66% Low TheTh standard t d d deviation d i ti of f daily d il changes h during d i the th last l t If equityit volatility l tilit against i t the th market’s k t’ iis greatertth than 2 Hi High h 12 months. Volatility is used as a statistical measure of If equity volatility against the market’s is greater than 1.5 Medium Volatility dispersion and indicates the propensity of a specific but less than or equal to 2 equity to suffer large swings in price. The stock’s volatility If equity volatility against the market’s is less than or Low is measured against the volatility of the ASE index equal to 1.5 Source: Alpha Finance | Data as of 31.12.10 | The quant factors are updated at the end of each calendar quarter

General disclaimer This report has been prepared by Alpha Finance. This report by no means provides investment adviadvicece as to any financial instruments contained hereinherein.. We aim to express our valuevalue judgments as to possible or existing investments, without any existing contractual obligation to our clients. We cannot assume any liability for any investments undertaken by our clients, since these investments will be a product of their own free will. The information contained in this report has been taken from sources, which we deem to be reliable. We do not represent that such information is accurate or complete and it should not be relied upon as such. All opinions and estimates expressed herein constitute our judgment as of this date and are subject to change without notice. Past performance is not indicative of future results. The opinions and recommendations herein do not take into account individual client circumstances, objectives or needs. This report is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. © 2011 Alpha Finance. All rights reserved. This report may not be reproduced or redistributed, in whole or in part, without the written permission of Alpha Finance and Alpha Finance accepts no liability whatsoever for the actions of third parties in this respect.

Alpha Finance Equity Research

Alpha Finance Investment Services S.A. Alpha Finance S.A. Member of the AE, CSE 237B, Calea Dorobantilor 5 Merlin street, 2nd floor, 106 71 Athens 712811, Sector 1 Greece Bucharest, Romania

T +30-210-367 7400 T +40-21-209 2233 F +30-210-331 1193 F +40-21-231 5332

[email protected] [email protected] www.alphafinance.gr www.alphafinance.ro

Equities Research Spyros Malavazos Market Making | Stocks & Manousos Stathoudakis, Director Executive Director, Sales & Trading Derivatives Nikos Lianeris, CFA Andreas Papanayotopoulos, Director Antonis Diapoulis Equities Sales | Foreign Institutions Stelios Tzaras Angelos Chorafas Natasa Martseki, Director Nikos Katsenos Vassilis Galleos International Equities | Sales & Maria Mol Ioannis Batistakis Trading Andreas Papanayotopoulos, Director [email protected] Equities Sales & Trading | Giannis Giouremos T +30-210-367 7545 Institutions Christos Tsodoulos Kyriakos Metaxas George Sarris Maria Vryoni Giota Kouli Equities Sales | Retail Chris Xikis Pantelis Tsitos, Director Giota Koutsogiannaki Derivatives Sales & Trading Leonidas Kyriakopoulos Lefteris Syrrakos, Director Kostantinos Kostoulas Evangelos Kondylis Andreas Markogiannis Angelos Kostis Stavros Tsimpos

Equities Trading | Retail Andreas Tzevelekos, Head Maria Saranti [email protected]