Kathimerini S.A. Publications – Mass Media

KATHIMERINI S.A. PUBLICATIONS – MASS MEDIA

PRESENTATION OF FINANCIAL FIGURES FOR FISCAL YEAR 2006

MAY 2007 DISCLAIMER

ƒ The company created this presentation with the aim to inform customers and shareholders. ƒ This presentation serves only informative purposes and it does not suggest shareholders to buy, sell or maintain shares of the company. Investors should decide upon their investments based on their own investing preferences, financial status and advice from those registered investment advisors, who they consider appropriate. ƒ Any reproduction, use or distribution of this product, without the written approval of the company is strictly forbidden.

2 KATHIMERINI S.A. – BRIEF PRESENTATION

ƒ The company was founded in 1988. ƒ The company is listed on the Athens Stock Exchange since 2000 under the name KATHI. ƒ The company issues the newspaper ‘I KATHIMERINI’. ƒ The newspaper holds the first place regarding circulation in the morning press with 38.000 issues and the third place in the Sunday press with more than 200.000 issues sold. The company participates in the following companies: - ARGONAFTIS E.E.P.N. (holds 100%) This participation regarded an investment of 23,7 million dollars. Until 31.12.2006 it has produced dividends of 31,7 million dollars. The company today owns the tank ship ‘OCEANIS’. For the next three years the company has signed contracts that will bring profits of about 10 million dollars per year. Its cash at hand come up to 48 million Euros, which derived from the goodwill of the three sold ships.

3 KATHIMERINI S.A. – BRIEF PRESENTATION

- Ι.Η.Τ. – KATHIMERINI S.A. (holds 50%) The company issues IHT and the English edition of ‘KATHIMERINI’. - MELODIA S.A. (holds 100%) The company owns the Radio Station MELODIA 99.2 FM - ATE ERGON S.A. (holds 100%) The company owns the building in Neo Faliro, total surface of 9.000 m2 where all the companies are located. - ENTYPES & DIKTYAKES EKDOSEIS S.A. (holds 100%) The company is responsible for periodical publications and for the site of the newspaper. - EXEREVNITIS – EXPLORER S.A. (holds 82,65%) The company’s activity sector is publications.

4 KATHIMERINI S.A. – BRIEF PRESENTATION - MAISON EKDOTIKI S.A. (holds 50%) The company issues ‘MAISON DECORATION’ magazine, which is published as an insert with the Sunday edition of ‘KATHIMERINI’. - EUROPE S.Α. (holds 21%) It is the distribution agency of the daily and periodical press. - KATASTIMATA TYPOU IN THE A.I.A. (holds 25%) The company owns the ‘Press Point’ bookstores in the Athens International Airport. - APOSTOLI S.A. (holds 20%) The company is activated in the distribution sector. - ARKTOS EKDOTIKI LTD (holds 30%) The company issues the magazine ‘ELLINIKO PANORAMA’.

5 NEWSPAPER SUPPLEMENTS

6 FINANCIAL FIGURES

THE GROUP

Amounts in million € 2006 2005 Variation

Sales 106,00 83,05 27,6%

Gross profit 32,70 24,51 33,4%

Gross margin 30,85% 29,51% 4,5% Profits before tax, borrowings, investments and depreciation 7,12 8,72 -18,3% results Profits before tax, borrowings and investment results 2,14 3,24 -34,0%

Profit before taxes 6,06 4,35 39,3%

Taxes -0,56 -0,54 3,7%

Profit after taxes 5,50 3,81 44,4%

Profit per Share 0,33 0,22 50,0%

7 FINANCIAL FIGURES

THE COMPANY

Amounts in million € 2006 2005 Variation

Sales 92,35 66,61 38,6%

Gross Profit 28,11 18,42 52,6%

Gross Margin 30,43% 27,65% 10,0%

Profits before tax, borrowings, investments and depreciation results 4,7 2,32 102,6% Profits before tax, borrowings, investments and depreciation 2,11 0,07 2914,3%

Profits before taxes 4,83 17,64 -72,6%

Taxes -0,38 -0,21 81,0%

Profits after taxes 4,45 17,43 -74,5%

Profits per share 0,26 1,03 -74,8%

8 FINANCIAL FIGURES

Group Sales Company Sales

100 92,35 120 106,00 80 100 66,61 83,05 60 80

40 60

20 40

0 20 2006 2005

0 2006 2005 Company Gross Profit Group Gross Profit 30 28,11 35 32,70 25 30 18,42 24,51 20 25 15 20 10 15

5 10

0 5 2006 2005 0 2006 2005 Company Gross Margin Group Gross Margin 31% 30,43% 31% 30,85% 30%

29% 30% 29,51% 28% 27,65%

29% 27%

26% 2006 2005 28% 2006 2005

9 FINANCIAL FIGURES Company EBITDA Group EBITDA 5 4,7 11 4 10 3 8,72 9 2,32

8 2 7,12 7 1

6 0 5 2006 2005 2006 2005

Group EBIT Company EBIT 4 4 3,24

3 3

2,14 2,11 2 2

1 1 0,07 0 0 2006 2005 2006 2005 Company profits after taxes Group profits after taxes 20 17,43 6 5,50 18 16 5 14 4 3,81 12 10 3 8 2 6 4,45 4 1 2 0 0 2006 2005 2006 2005

In 2005, the subsidiary company ARGONAFTIS sold 3 ships, Dividends from a subsidiary company amounting to 3 million which resulted in the decrease of its turnover. Consequently the Euros are included in the profits of year 2006, instead of 17.7 EBITDA and EBIT results were reduced and the financial million Euros in year 2005. revenues and results after taxes were increased.

10 EQUITY & LIABILITIES

Total Group Equity Total Company Equity

160 99 156 98,25 152 149,74 98 148 146,59 97,19 144 97 140

136 96 2006 2005 2006 2005

Group’s Financial Structure

Company’s Financial Structure 2005 78,03% 7,08% 14,90%

2005 73,96% 9,74% 16,30%

2006 74,99% 10,05% 14,95%

2006 70,44% 13,58% 15,99%

Total Equity Total Equity Total Long-term Liabilities Total Long-term Liabilities Total Short-term Liabilities Total Short-term Liabilities

11 TURNOVER - ANALYSIS

Group Sales Analysis 2006 2005 120 106,01

100 83,05 80 65,76

60 51,31

40

19,83 16,94 20 10,34 8,29 5,00 0,77 2,93 3,35 2,14 2,38 0 Profit from Profit from Profit from Radio Shipping Other profits Total issuing printing activities transports sales Books - offer newspapers

12 TURNOVER - ANALYSIS

Group Sales Structure 2006 Group Sales Structure 2005

Shipping Other profit Other profit Shipping Radio transport 2% Profit from books - 3% Profit from books - transports activities 5% offers Radio offers 10% 3% 10% activities 1% Profit from 4% printing 19% Profit from printing Profit from issuing 20% newspapers Profit from issuing 62% newspapers 61%

13 TURNOVER - ANALYSIS

Company Sales Analysis 2006 2005

100 92,35 90

80 66,62 70 60,53 60 46,52 50 40

30 21,48 18,46 20 9,48 10 1,04 0,86 0,60 0 Profit from books Profits from Printing from Other Profits Total offers issuing printing Sales newspapers

14 TURNOVER - ANALYSIS

Company Sales Structure 2006 Company Sales Structure 2005

Other profit Other Profit 1% 1% Profit from books - Profit from Profit from books- Profit from offers offers printing printing 2% 10% 23% 28%

Profit from issuing Profit from issuing newspapers newspapers 69% 66%

15 NEWSPAPER CIRCULATION

Average daily circulation in 2006 Athens Total of Newspaper Piraeus % Provinces % Greece % KATHIMERINI 22.978 57,87% 15.094 52,69% 38.072 55,70% TO VIMA 9.498 23,92% 8.661 30,24% 18.159 26,57% RIZOSPASTIS 3.574 9,00% 3.058 10,68% 6.632 9,70% TRAFFIC NEWSPAPER 1.486 3,74% 1.326 4,63% 2.812 4,11% I AVGI 1.131 2,85% 419 1,46% 1.550 2,27% AKROPOLIS 400 1,01% 40 0,14% 440 0,64% I NIKI TIS DIMOKRATIAS 328 0,83% 27 0,09% 355 0,52% Ο LOGOS 311 0,78% 20 0,07% 331 0,48% TOTAL 39.706 100% 28.645 100% 68.351 100,00%

Average daily circulation in 2005 Athens - Total of Newspaper Piraeus % Provinces % Greece % KATHIMERINI 20.062 52,36% 9.737 44,92% 29.799 49,67% ΤΟ VIMA 7.431 19,39% 6.073 28,02% 13.504 22,51% RIZOSPASTIS 3.814 9,95% 3.217 14,84% 7.031 11,72% TRAFFIC NEWSPAPER 1.713 4,47% 1.571 7,25% 3.284 5,47% I AVGI 1.161 3,03% 463 2,14% 1.624 2,71% I NIKI TIS DIMOKRATIAS 482 1,26% 27 0,12% 509 0,85% Ο LOGOS 458 1,20% 23 0,11% 481 0,80% ANO KATO 3.194 8,34% 564 2,60% 3.758 6,26% TOTAL 38.315 100% 21.675 100% 59.990 100,00%

16 NEWSPAPER CIRCULATION

Average Daily Circulation I IN ER IM H 40.000 T KA I IN ER

35.000 IM H T I KA IN

30.000 I ER IN IM H ER T IM

25.000 I KA H IN T MA I ER KA V IM

20.000 TO I H MA T R IN R E VI E R KA P R R R S ER S S S IS P S S E IS E E E ΤΟ IA IA P IA IM IA P

15.000 P P IA IA MA SPA H MA AST AT SPA AT AST AT AT VI T AT AT IS W P IS MA VI R R SPA P IS R R SPA IS SPA W SPA R R S S KA VI MA W ΤΟ W W W O O AST TO ΤΟ AST Z VI TO

10.000 AST Z C NE AST MOK P MOK MOK MOK I ΤΟ P MOK MOK C NE P P I RI S IS IS RI S IS IS IS S IS C NE S C NE ΤΟ C NE C NE I O I I I TO O KA O O S DI S DI O AFF Z S DI OL S DI OL O KA TO TO I TO I S DI S DI Z I I OL OL OL OL Z AFF I I Z R T GI T GI T T RI AN GI T T R GI AFF RI T AFF AFF V AN RI AFF 5.000 V RI GI GI V T OGOS V OGOS KI R OGOS KI O KA OGOS R KI KI R R OGOS OGOS V V KI KI L O KA O KA L O KA L T L I A I A T T L L T I A I A AN Ο I NI I A I A AKROP Ο AKROP I NI Ο I NI Ο I NI Ο Ο I NI AKROP I NI AKROP AKROP AN AN AKROP 0 AN 2006 2005 2006 2005 2006 2005 Athens - Piraeus Provinces Total of Greece

17 NEWSPAPER CIRCULATION

Average Sunday Circulation in 2006 Athens - Total of Newspaper Piraeus % Provinces % Greece % ΤΟ VIMA 89.227 18,16% 118.348 18,07% 207.575 18,11% ELEFTHEROTYPIA 86.812 17,67% 118.833 18,15% 205.645 17,94% PROTO THEMA 86.017 17,50% 134.230 20,50% 220.247 19,21% KATHIMERINI 82.395 16,77% 83.325 12,72% 165.720 14,46% ETHNOS 59.469 12,10% 87.843 13,41% 147.312 12,85% TYPOS TIS KIRIAKIS 16.858 3,43% 26.702 4,08% 43.560 3,80% RIZOSPASTIS 10.104 2,06% 14.967 2,29% 25.071 2,19% OTHER SUNDAY NEWSP. 60.536 12,32% 70.652 10,79% 131.188 11,44% TOTAL 491.418 100% 654.900 100% 1.146.318 100,00%

Average Sunday Circulation in 2005 Athens - Total of Newspaper Piraeus % Provinces % Greece % ΤΟ VIMA 91.982 18,31% 119.728 18,95% 211.710 18,67% ELEFTHEROTYPIA 84.565 16,83% 109.926 17,40% 194.491 17,15% PROTO THEMA 84.365 16,79% 125.772 19,91% 210.137 18,53% KATHIMERINI 68.987 13,73% 57.763 9,14% 126.750 11,18% ETHNOS 63.910 12,72% 89.976 14,24% 153.886 13,57% TYPOS TIS KIRIAKIS 20.166 4,01% 31.878 5,05% 52.044 4,59% RIZOSPASTIS 12.092 2,41% 17.372 2,75% 29.464 2,60% OTHER SUNDAY NEWSP. 76.323 15,19% 79.234 12,54% 155.557 13,72% TOTAL 502.390 100% 631.649 100% 1.134.039 100,00%

18 NEWSPAPER CIRCULATION

Average Sunday Circulation A

250.000 A I S M P A E A Y I M H MA T PER P E O A VI Y H S O T P T S ER I O ΤΟ MA O T OT H W IN PER R T VI ER E A OT P H P ER N 200.000 R T ΤΟ S P IM ELEF AY S W A H S A E T M I S ND ELEF A E P N A PER M KA I Y H PER A S E P T SU AY A PER P Y H R O P A O T S I T E S ND P PER O W H ER IN O T HNOS S OT W A A A E I T H

150.000 I E R P SU MA HNOS W P ER T O MA ER ET P OT N P S R E Y N H A VI Y A R VI ET E T IM T W T N I M AY P I M H H O AY E E O ΤΟ E T ELEF IN T ΤΟ IN AY H N ND H O ER ND ER I ELEF MA KA ER H ER MA ND H AY O T S IN SU T VI O T I T IM SU I VI IM HNOS R K H HNOS ND R S H SU OT S ER E I IN OT I T ΤΟ E T ET S R

100.000 R K H ΤΟ R K I ET IM ELEF H RIA E P T SU ELEF ER P K S KA T H KA I H S R KI O RIA I T O RIA K IM T E K S HNOS RIA KI H I O KI H HNOS KA T T KI RIA S ET S I RIA I S T O IS ET S KI KA I IS IS KI IS S T S IS S T I IS S I AST S T YPO AST AST P T 50.000 AST S T P AST P YPO S P YPO S T AST S T P S S T O YPO P S O O Z T O S YPO Z Z O Z YPO O RI T Z RI T Z RI RI RI RI 0 2006 2005 2006 2005 2006 2005

Athens - Piraeus Province Total of Greece

19 INVESTMENTS

ƒ The company carries into effect an investment program amounting to € 20.1 million, under the provisioonsns of Law No 3299/2004, funded by the Greek State by 35%. This program mainly concerns the acquisition of a printintingg machmachiine, which will improve the printing methods of the newspaper and will increase revenues from printing for third parties. ƒ It should be noted that the printing unit of the company, which is located in Koropi, Athens andand operoperates since 1998, prints newspapers, magazines and advertising publications for third parties. The company will have significant profits from the exploitation of this printing time that is estimated at 50% of the unit’s printing capabilities, which will improve its financial figures. The remaining 50% covers printing needs of our own products. ƒ WWee prpresentesent belowbelow a ttableable witwithh tthehe ccourseourse of tthehe ccompanyompany’s profits regarding printing for third parties.

Profits from printing for third parties

25 21,48

20 18,46

€ 15,2

n 15 13,93 10,1 ounts i

m 10 A 6,26 6,85 4,08 5

0 1999 2000 2001 2002 2003 2004 2005 2006 Years

20 GROUP BALANCE SHEET

ASSETS 2006 % 2005 Non-Current Assets Tangible Assets 88,02 1,50% 86,72 Intangible Assets 2,38 -0,83% 2,4 Other Investments 0,58 -1,69% 0,59 Deferred Tax Receivables 0,38 -15,56% 0,45 Other Long-term receivables 0,09 28,57% 0,07 Total 91,45 1,35% 90,23 Current Assets Inventories 6,96 17,37% 5,93 Trade and Other Receivables 35,7 9,31% 32,66 Other Receivables 3,15 32,35% 2,38 Other Current Assets 0,94 28,77% 0,73 Cash at Hand and Cash Equivalent 57,27 -4,52% 59,98 Total 104,02 2,30% 101,68 Total Assets 195,47 1,86% 191,91

Equity 2006 % 2005 Share Capital 10,2 0,00% 10,2 Share Premium 65,78 0,00% 65,78 Fair Value Reserves 17,74 27,26% 13,94 Other Reserves 4,89 40,52% 3,48 Reserves from conversion of balance sheet -15,68 154,96% -6,15 Results carried forward 63,64 2,28% 62,22 Equity attributable to parent’s 146,57 -1,94% 149,47 Shareholders Minority Rights 0,02 -92,59% 0,27 Total Equity 146,59 -2,10% 149,74 Long-term Liabilities Long-term Loan Liabilities 6,54 1386,36% 0,44 Deferred Tax Liabilities 3,73 8,75% 3,43 Liabilities for pension plans 4,3 1,65% 4,23

Other Long-term Liabilities 5,08 -7,30% 5,48 Long-term Provisions Total Long-term Liabilities 19,65 44,70% 13,58 Short-term Liabilities Trade and other Liabilities 21,32 28,67% 16,57 Current Tax Liabilities 1,16 6,42% 1,09 Short-term Loan Liabilities 5 -41,38% 8,53 Other Short-term Liabilities 1,5 -29,91% 2,14 Short-term Provisions 0,25 -3,85% 0,26 Total Short-term Liabilities 29,23 2,24% 28,59 Total Liabilities 48,88 15,91% 42,17 Total Equity and Liabilities 195,47 1,86% 191,91 21 COMPANY BALANCE SHEET

ASSETS 2006 % 2005 Non-Current Assets Tangible Assets 37,33 10,41% 33,81 Intangible Assets 2,34 -1,27% 2,37 Investments in Affiliated Companies 42,43 0,43% 42,25 Other Investments 0,60 1,69% 0,59 Other Long-term Receivables 0,07 0,00% 0,07 Total 82,77 4,65% 79,09 Current Assets Inventories 5,49 18,06% 4,65 Trade and Other Receivables 31,46 9,96% 28,61 Other Receivables 4,87 -47,07% 9,20 Other Current Assets 5,90 3,15% 5,72 Cash at Hand and Cash Equivalent 9,00 117,39% 4,14 Total 56,72 8,41% 52,32 Total Assets 139,49 6,15% 131,41

Equity & Liabilities 2006 % 2005 Equity Share Capital 10,20 0,00% 10,20 Share Premium 65,78 0,00% 65,78 Other Reserves 2,67 48,33% 1,80 Results Carried Forward 19,60 0,98% 19,41 Equity attributable to parent’s 98,25 97,19 shareholders 1,09% Total Equity 98,25 1,09% 97,19 Long-term Liabilities Long-term Loan Liabilities 6,54 1386,36% 0,44 Deferred Tax Liabilities 3,47 12,66% 3,08 Liabilities for pension plans 3,86 3,81 1,31% Other Long-term Liabilities 5,07 -7,31% 5,47 Total Long-term Liabilities 18,94 47,97% 12,80 Short-term Liabilities Trade and other Liabilities 18,37 40,23% 13,10 Current Tax Liabilities 0,85 13,33% 0,75 Short-term Loan Liabilities 1,90 -71,21% 6,60 Other Short-term Liabilities 1,18 26,88% 0,93 Short-term Provisions 0,00 -100,00% 0,04 Total Short-term Liabilities 22,30 4,11% 21,42 Total Liabilities 41,24 20,51% 34,22 Total Equity & Liabilities 139,49 6,15% 131,41 22