KATHIMERINI S.A. PUBLICATIONS – MASS MEDIA

PRESENTATION OF FINANCIAL FIGURES FOR FISCAL YEAR 2007

MAY 2008 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 code name KATHI. ƒ The company issues the newspaper ‘I KATHIMERINI’. ƒ The newspaper holds the first place regarding circulation in the morning press with 33.500 issues and the third place in the Sunday press with more than 176.840 issues sold. ƒ Parent company occupies 449 employees and the group occupies 566 employees The company participates in the following companies: - ARGONAFTIS E.E.P.N. (holds 100%) This participation regarded an investment of 23,7 million dollars at year 2002. Until 31.12.2007 it has produced dividends of 36,3 million dollars. The company today owns the tank ship ‘OCEANIS’. 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 6 7 FINANCIAL FIGURES

THE GROUP

Amounts in million € 2007 2006 Variation

Sales 133,46 106,00 25,9%

Gross profit 46,70 32,70 42,8%

Gross margin 34,99% 30,85% 13,4%

Profits before tax, borrowings, investments and depreciation results 11,7 7,12 64,3%

Profits before tax, borrowings and investment results 6,43 2,14 200,5%

Profit before taxes 8,94 6,06 47,5%

Taxes -1,14 -0,56 103,6%

Profit after taxes 7,80 5,50 41,8%

Profit per share 0,45 0,33 36,4%

8 FINANCIAL FIGURES

THE COMPANY

Amounts in million € 2007 2006 Variation

Sales 117,78 92,35 27,5%

Gross profit 40,58 28,11 44,4%

Gross margin 34,45% 30,44% 13,2%

Profits before tax, borrowings, investments and depreciation results 7,74 4,7 64,7%

Profits before tax, borrowings and investment results 5,02 2,11 137,9%

Profit before taxes 7,57 4,83 56,7%

Taxes -0,85 -0,38 123,7%

Profit after taxes 6,72 4,45 51,0%

Profit per share 0,40 0,26 53,8%

9 FINANCIAL FIGURES

Company Sales Group Sales

140 160 117,78 120 140 133,46

100 92,35 120 106,00

100 80 80 60 60 40 40 20 20

0 0 2007 2006 2007 2006 Group Gross Profit Company Gross Profit

50 46,70 45 40,58 45 40

40 35 35 32,70 30 28,11 30 25 25 20 20 15 15 10 10 5 5 0 0 2007 2006 2007 2006 Company Gross Margin Group Gross Margin

35% 36% 34,45% 34,99% 35% 34%

34% 33%

33% 32% 32% 31% 30,85% 30,44% 31% 30% 30% 29% 29%

28% 28% 2007 2006 2007 2006

10 FINANCIAL FIGURES Group EBITDA Company EBITDA

12 11,7 9 11 7,74 8 10 7

6 9 4,7 5 8 7,12 4 7 3

6 2 1 5 0 2007 2006 2007 2006 Group EBIT Company EBIT

7 6,43 6 5,02 6 5 5 4 4 3 3 2,14 2,11 2 2

1 1 0 2007 2006 0 2007 2006 Group profits after taxes Company profits after taxes

9 8 7,80 6,72 8

7 6

6 5,50 4,45

5 4

4

3 2 2

1 0 0 2007 2006 2007 2006 Dividends from a subsidiary company amounting to 3 million Euros are included in the profits of both years 2007 and 2006.

11 EQUITY & LIABILITIES

Total Company Equity Total Group Equity

99,86 160 100 156 152 99 146,59 98,25 148 145,84 144 98

140 97 136 2007 2006 2007 2006

Group's Financial Structure Company's Financial Structure

2006 70,44% 13,58% 15,99% 2006 74,99% 10,05% 14,95%

2007 66,47% 11,76% 21,77% 2007 71,41% 9,04% 19,55%

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

12 TURNOVER - ANALYSIS

Group Sales Analysis 2007 2006 160

140 133,46

120 106,01

100

80 70,14 65,76 60

40 34,31 17,18 19,83 20 10,34 6,17 2,88 2,93 5,00 2,79 2,14 0 Profit from Books - offer Profit from Radio activitites Shipping Other profit Total sales publishing printing transports newspapers

13 TURNOVER - ANALYSIS

Group Sales Structure 2007 Group Sales Structure 2006

Other profit Other profit Shipping transports 2% Shipping transports 2% 5% Radio activitites Radio activitites 5% 2% 3%

Profit from printing Profit from printing 13% Pr of it f r om 19% publishing new spapers Profit from Books - offer 52% publishing Books - offer 26% new spapers 10% 61%

14 TURNOVER - ANALYSIS

Company Sales Analysis 2007 2006

140 117,78 120

100 92,35

80 63,98 60,53 60

40 33,46 19,42 21,48 20 9,48 0,93 0,86 0 Profit from Profit from books Profit from Other profit Total sales publishing offers printing newspapers

15 TURNOVER - ANALYSIS

Company Sales Structure 2007 Company Sales Structure 2006

Other profit Other profit 1% 1%

Profit from printing Profit from printing 16% 23%

Profit from books Profit from books Profit from offers offers publishing 10% 28% new spapers Profit from 55% publishing new spapers 66%

16 NEWSPAPER CIRCULATION

Average daily circulation in 2007 Athens Total of Newspaper Pireaus %Provinces % Greece % KATHIMERINI 21.003 58,88% 12.445 49,86% 33.448 55,17% TO VIMA 7.956 22,30% 7.055 28,26% 15.011 24,76% RIZOSPASTIS 3.500 9,81% 3.107 12,45% 6.607 10,90% TRAFFIC NEWSPAPER 1.377 3,86% 1.777 7,12% 3.154 5,20% I AVGI 1.198 3,36% 512 2,05% 1.710 2,82% I NIKI TIS DIMOKRATIAS 336 0,94% 40 0,16% 376 0,62% O LOGOS 300 0,84% 25 0,10% 325 0,54% TOTAL 35.670 100% 24.961 100% 60.631 100,00%

Average daily circulation in 2006 Athens Total of Newspaper Pireaus %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% O LOGOS 311 0,78% 20 0,07% 331 0,48% TOTAL 39.706 100% 28.645 100% 68.351 100,00%

17 NEWSPAPER CIRCULATION

Average Daily Circulation I N I ER M I I H N I 40.000 T ER KA M I H T

35.000 KA I N I

30.000 I N ER I M I ER H M T 25.000 I H KA I T A IN M KA I R I V E A N 20.000 I IM TO M I H ER V T M A I R K TO R H E E R T P S R S A R 15.000 R I P I E S S S S A E S S A E E A T M T P KA A A A A P I P A A I I I I A P P P I I M A S I A T T T T A A A S V AS T T M AS P I P A A A A S S P P V W A A I I S S S M S W I I I S S V SP T T SP TO T T W KR KR KR KR V W O TO KR KR W W 10.000 O O O O O AS AS TO Z Z O O I AS AS C NE I I C NE TO M M M M I R M M I I I I R SP SP F I I C NE SP SP F C NE I C NE C NE F I O O I I F O O F A F Z Z S D S D S D S D F F A I I S D S D I I I I Z Z F I I R F I I GI F F GI R R R 5.000 A GI T T T T GI T A V R R A A T T V T GI GI V R V R KI KI KI KI OGOS OGOS OGOS OGOS R R KI KI V V I I I I OGOS OGOS T I A I I I A T T T I A I A N N N N I A I A N N I O L I O L I O L I O L I O L 0 I O L 2007 2006 2007 2006 2007 2006

Athens - Pireaus Provinces Total of Greece

18 NEWSPAPER CIRCULATION

Average Sunday Circulation in 2007 Athens Total of Newspaper Pireaus %Provinces% Greece % TO VIMA 84.662 17,20% 114.702 17,32% 199.364 17,27% ELEFTHEROTYPIA 73.476 14,93% 100.033 15,11% 173.509 15,03% PROTO THEMA 81.515 16,56% 132.422 20,00% 213.937 18,53% KATHIMERINI 88.532 17,99% 88.308 13,33% 176.840 15,32% ETHNOS 60.614 12,32% 88.256 13,33% 148.870 12,90% TYPOS TIS KIRIAKIS 30.396 6,18% 49.922 7,54% 80.318 6,96% RIZOSPASTIS 9.933 2,02% 15.367 2,32% 25.300 2,19% OTHER SUNDAY NEWSP. 62.985 12,80% 73.225 11,06% 136.210 11,80% TOTAL 492.113 100% 662.235 100% 1.154.348 100,00%

Average Sunday Circulation in 2006 Athens Total of Newspaper Pireaus %Provinces% Greece % TO VIMA 89.227 18,13% 118.348 18,07% 207.575 18,11% ELEFTHEROTYPIA 86.812 17,64% 118.833 18,15% 205.645 17,94% PROTO THEMA 86.017 17,48% 134.230 20,50% 220.247 19,21% KATHIMERINI 82.395 16,74% 83.325 12,72% 165.720 14,46% ETHNOS 59.469 12,08% 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 2,05% 14.967 2,29% 25.071 2,19% OTHER SUNDAY NEWSP. 60.536 12,30% 70.652 10,79% 131.188 11,44% TOTAL 491.418 100% 654.900 100% 1.146.318 100,00%

19 NEWSPAPER CIRCULATION Average Sunday Circulation A A A M I E M YP H E T H O

250.000 O T O T ER A A OT I H M R A I OT T I . YP P R F M V P I N T . I P E S P I O V TO S EL N W ER I ER TO W M I H ER 200.000 NE H T Y NE M T F I Y A E A H A KA M I T M S EL S E E UNDA H YP KA H UNDA T A HNO . I R S HNO O . O T T P O T T R S P E S . YP E HE ER S . A OT P S A I T OT T W I HE H 150.000 P A R S W R O M T T O S I P A YP M P I I AK F W I A O I NE A I T W V M N N ER I E NE I I I Y R V O I E M Y H N N YP I NE I EL E TO H T NE ER ER T Y TO A ER S H F S Y S S K I I ER O A ER M M H E M I I S I O T UNDA I M T M M H H UNDA I AK I O T I EL ER I V S T F T T HNO H HNO H OT AK V H UNDA E R O S I R S T I UNDA T T I T OT R S R 100.000 T S P TO KA KA E I R E EL I P R F S Y TO S HE R S KA AK KA S K P E I HE R S T S I AK T I I T R S K I I HE O EL R HE O I HNO AK S T T HNO I S S T I I T T O O S K S T R I T T O E I E S K P I S S O I I Y P S S AS AS T T I I S T T S K Y I S T T T O T SP SP AS AS O

50.000 P O O S T AS AS P Y SP SP Z Z Y O T I I SP SP O O T P R R Z Z Y O O I I T Z Z R R I I R R 0 2007 2006 2007 2006 2007 2006

Athens - Pireaus Provinces Total of Greece

20 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 tthe ccourseourse of tthehe ccompany’sompany’s prprofitofits regarding printing for third parties.

Profits from printing for third parties

25 21,48

20 18,46 19,42

on € 15,2 i l l

i 15 m

n 13,93 i 10,1 s 10 unt

o 6,26 m

A 6,85 4,08 5

0 1999 2000 2001 2002 2003 2004 2005 2006 2007 Years

21 GROUP BALANCE SHEET ASSETS 2007 % 2006 Non-Current Assets Tangible Assets 103,29 17,35% 88,02 Intangible Assets 2,38 0,00% 2,38 Other Investments 0,74 27,59% 0,58 Deferred Tax Receivables 0,32 -15,79% 0,38 Other Long-term receivables 0,1 11,11% 0,09 Total 106,83 16,82% 91,45 Current Assets Inventories 11,45 64,51% 6,96 Trade and Other Receivables 32,13 -10,00% 35,7 Other Receivables 1,43 -54,60% 3,15 Other Current Assets 1,21 28,72% 0,94 Cash at Hand and Cash Equivalent 51,18 -10,63% 57,27 Total 97,40 -6,36% 104,02 Total Assets 204,23 4,48% 195,47

Equity 2007 % 2006 Share Capital 10,2 0,00% 10,2 Share Premium 65,78 0,00% 65,78 Fair Value Reserves 22,95 29,37% 17,74 Other Reserves 5,26 7,57% 4,89 Reserves from conversion of balance sheet -25,23 60,91% -15,68 Results carried forward 66,73 4,86% 63,64 Equity attributable to parent's Shareholders 145,69 -0,60% 146,57 Minority Rights 0,15 650,00% 0,02 Total Equity 145,84 -0,51% 146,59 Long-term Liabilities Long-term Loan Liabilities 4,8 -26,61% 6,54 Deferred Tax Liabilities 4,28 14,75% 3,73 Liabilities for pension plans 4,66 8,37% 4,3 Other Long-term Liabilities 4,73 -6,89% 5,08 Long-term Provisions Total Long-term Liabilities 18,47 -6,01% 19,65 Short-term Liabilities Trade and other Liabilities 26,95 26,41% 21,32 Current Tax Laibilities 1,52 31,03% 1,16 Short-term Loan Liabilities 8,87 77,40% 5 Other short-term Liabilities 2,08 38,67% 1,5 Short-term Provisions 0,5 100,00% 0,25 Total short-term Liabilities 39,92 36,57% 29,23 Total Liabilities 58,39 19,46% 48,88 Total Equity and Liabilities 204,23 4,48% 195,47 22 COMPANY BALANCE SHEET ASSETS 2007 % 2006 Non-Current Assets Tangible Assets 52,34 40,21% 37,33 Intangible Assets 2,34 0,00% 2,34 Investments in Affiliated Companies 42,43 0,00% 42,43 Other Investments 0,60 0,00% 0,60 Other Long-term receivables 0,08 14,29% 0,07 Total 97,79 18,15% 82,77 Current Assets Inventories 10,07 83,42% 5,49 Trade and Other Receivables 27,73 -11,86% 31,46 Other Receivables 6,49 33,26% 4,87 Other Current Assets 6,16 4,41% 5,90 Cash at Hand and Cash Equivalent 2,00 -77,78% 9,00 Total 52,45 -7,53% 56,72 Total Assets 150,24 7,71% 139,49

2007 % 2006 Equity Share Capital 10,20 0,00% 10,20 Share Premium 65,78 0,00% 65,78 Other Reserves 2,89 8,24% 2,67 Results carried forward 20,99 7,09% 19,60 Equity attributable to parent's Shareholders 99,86 1,64% 98,25 Total Equity 99,86 1,64% 98,25 Long-term Liabilities Long-term Loan Liabilities 4,80 -26,61% 6,54 Deferred Tax Liabilities 4,02 15,85% 3,47 Liabilities for pension plans 4,15 7,51% 3,86 Other Long-term Liabilities 4,70 -7,30% 5,07 Total Long-term Liabilities 17,67 -6,71% 18,94 Short-term Liabilities Trade and other Liabilities 23,61 28,52% 18,37 Current Tax Laibilities 1,13 32,94% 0,85 Short-term Loan Liabilities 6,10 221,05% 1,90 Other short-term Liabilities 1,59 34,75% 1,18 Short-term Provisions 0,28 0,00 Total short-term Liabilities 32,71 46,68% 22,30 Total Liabilities 50,38 22,16% 41,24 Total Equity and Liabilities 150,24 7,71% 139,49

23