Greece/ Basic Resources Company update

Investment Research Reason: Estimates Revision 3 June 2013

Buy Strategy to penetrate new markets pays off Recommendation unchanged Share price: EUR 10.70 Despite the uncertain global economic environment, Metka’s strategy to closing price as of 31/05/2013 penetrate new markets in Africa and Middle East bears fruits, securing Target price: EUR 13.80 new EPC contracts that help replenish backlog. Metka’s attractive from Target Price: EUR 12.70 investment case remains intact due to: a) solid position in a broad region Reuters/Bloomberg MTKr.AT/METTK GA (SE Europe, Middle East, Africa) which is characterized by substantial

Daily avg. no. trad. sh. 12 mth 46,695,000 opportunities due to rising demand and high infrastructure needs, b) Daily avg. trad. vol. 12 mth (m) 488,890.88 increasing importance of natural gas as the fuel of choice for thermal Price high 12 mth (EUR) 12.70 power plants, c) strong balance sheet estimating a net cash position of Price low 12 mth (EUR) 5.55 c.EUR 190m by the end of 2013 and c.EUR 260m by the end of 2014. In Abs. perf. 1 mth -7.2% this framework, we raise our target price to EUR 13.80 from EUR 12.70 Abs. perf. 3 mth -12.3% previously, reiterating our Buy recommendation. Abs. perf. 12 mth 82.9%

Market capitalisation (EURm) 556  Metka’s backlog currently stands at around EUR 1.0bn, conservatively Current N° of shares (m) 52 excluding from our estimates the second awarded project in Syria with a budget of EUR 678m as opposed to the first project which is in an Free float 43% advanced phase. Metka recently announced that it had received the letter Key financials (EUR) 12/12 12/13e 12/14e of award from the Ministry of Electricity in Iraq for the development of a Sales (m) 548 546 558 1,642 MW CCGT power plant for a total amount of US 1,050 million with a EBITDA (m) 93 91 89 EBITDA margin 16.9% 16.7% 15.9% completion period of 32 months. As the signing of the project is pending, it EBIT (m) 88 87 84 is also not included in our estimates. The materialization of the above two EBIT margin 16.1% 15.9% 15.1% projects imply a significant upside to our medium-term estimates. Net Profit (adj.)(m) 70 67 66 ROCE 20.6% 20.4% 21.3%  In our updated estimates, we have proceeded to the following changes: a) Net debt/(cash) (m) (90) (191) (261) we have incorporated two new energy contracts in Algeria with a total Net Debt Equity -0.2 -0.5 -0.6 Net Debt/EBITDA -1.0 -2.1 -2.9 budget of EUR 212m, b) we have assumed that the construction of the first Int. cover(EBITDA/Fin.int) (39.7) (78.4) (26.9) power plant project in Syria (c.80% completed), which restarted in 1Q:13 EV/Sales 0.7 0.6 0.5 after being suspended for several months, will be completed in 2014, c) we EV/EBITDA 4.3 3.8 3.1 EV/EBITDA (adj.) 4.3 3.8 3.1 have fine-tuned our estimates with respect to the timeframe of the EV/EBIT 4.5 4.0 3.3 implementation of existing contracts in Jordan, Turkey and Iraq. For Syria P/E (adj.) 7.3 8.3 8.4 more specifically, we expect sales of EUR 50m in 2013 (EUR 20m was P/BV 1.4 1.4 1.2 recorded in 1Q:13) and EUR 96m in 2014. OpFCF yield 2.1% 21.8% 17.2% Dividend yield 2.3% 3.3% 6.0%  Following our new estimates, we currently forecast for 2013 group sales EPS (adj.) 1.35 1.29 1.27 BVPS 6.79 7.67 8.59 and EBITDA of EUR 546m and EUR 91.4m respectively compared to EUR DPS 0.25 0.35 0.64 523m and EUR 87m previously. Net income is trimmed by 2% to EUR 58.6m due to the inclusion of a one-off EUR 8.5m deferred tax arising from the change of the corporate tax rate to 26% from 20%. The delivery of two CCGT power plants in Turkey during this summer is expected to boost 13 vvdsvdvsdy FCF generation enhancing net cash position by c.EUR 100m. Besides the 12

11 significant cash flow impact, we see the successful execution of these two 10 projects as a key milestone for the company. 9 8  Going forward, management has disclosed that they are bidding for new 7

6 energy projects in various countries setting as priority the maintenance of

5 Απρ 12 Μαϊ 12 Ιουν 12 Ιουλ 12 Αυγ 12 Σεπ 12 Οκτ 12 Νοε 12 Δεκ 12 Ιαν 13 Φεβ 13 Μαρ 13 Απρ 13 Μαϊ 13 the high margin. In addition, Metka’s intention to capitalize on its know-how

Source: Factset METKA FTSE Athex 25 (Rebased) on CCGT power plants by expanding to the O&M field, represents an Shareholders: Mytilineos 57%; opportunity for the company to add a new stable source of revenue.

Analyst(s): Vassilis Roumantzis +30 210 8173 394 [email protected]

For company description please see summary table footnote

Produced by: All ESN research is available on Bloomberg (“ESNR”), Thomson-Reuters, Capital IQ, FactSet

Distributed by the Members of ESN (see last page of this report)

Metka

New contracts retain backlog at satisfactory levels In our updated estimates, we have proceeded to the following changes: a) we have incorporated two new energy contracts in Algeria with a total budget of EUR 212m, b) we have assumed that the construction of the power plant project in Syria (c.80% completed), which restarted in 1Q:13 after being suspended for several months, will be completed in 2014, c) we have fine-tuned our estimates with respect to the timeframe of the implementation of existing contracts in Jordan, Turkey and Iraq. Metka recently announced that it had received the letter of award from the Ministry of Electricity in Iraq for the development of a 1,642 MW CCGT power plant in western province of al-Anbar for a total amount of US 1,050 million with a completion period of 32 months. The contract is not signed yesterday as Metka is looking for the optimal way to minimize the risk of the specific project given the difficult operational environment in Iraq. In this framework, we have not included this project in our estimates for signed contracts. In addition, we continue to adopt a conservative stance with respect to the second awarded 724 MW plant in Syria, with a budget of EUR 678m, excluding it also from our estimates. Below we provide details of Metka’s key project included in backlog (excluding the second project in Iraq and the second project in Syria) which currently stands at approximately EUR 1.0bn: a) PEEGT (Syria): 700 MW CCGT power plant in Syria assigned by the Syrian government to Metka/Ansaldo partnership. Following the suspension of the project during last summer, Metka is gradually resuming operations already recording in 1Q:13 revenues of EUR 20m. We currently assume that contribution to 2013 revenues will be about EUR 50m and that the remaining amount of EUR 96m will show in 2014 numbers. Obviously, if conditions in the country deteriorate, the project could be delayed beyond 2014. b) RWE-Turcas (Turkey): 775 MW CCGT power plant in Turkey with RWE & Turcas Guney Elektrik Uretim, a JV of German utility RWE and locally-based energy company Turcas Petrol. We note that in the above JV, RWE holds 70% share and Turcas 30%. The total investment sum amounts to approximately EUR 500m. This project is well on track and is expected to be delivered during this summer. c) OMV (Turkey): 870 MW CCGT plant in Samsun in Turkey. Metka and Power Projects (Metka’s 100% local subsidiary) have been awarded a contract by BORASCO (100% subsidiary of OMV Power International GmbH) for the construction and supply of equipment for a total budget of the project about EUR 475m. This project is also expected to be completed during this summer. d) Republic of Iraq: 1,250 MW power plant in Shat-Al-Basra for a budget of USD 349m. The key equipment will be supplied by GE. As the project has been delayed, we currently assume that it will be completed one year later, in 2015. e) Algeria: Following a small-scale project awarded in 2012, Metka has won two new projects in Algeria through its subsidiary in Turkey with a total contract value of EUR 212m. The first project (EUR 120m) would be carried out on a fast-track schedule before this summer, while the second project (awarded in May with a contract value of EUR 93m) is expected to be completed in about 3 years from now. f) Jordan: Metka has been awarded two contracts in Jordan from Samra Electric Power: The first project concerns a USD 155m contract to increase the capacity of plant in Jordan by 143 MW and will be carried out within 28 months, while the second energy project with a contract value of USD 104m will be carried out on a fast-track basis, with commercial operation expected at the end of June 2013.

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Metka

Below we show the breakdown of Metka’s estimated revenues in the period 2013-2016:

Table 1: Our turnover forecasts for 2013-2016 EUR m 2013 2014 2015 2016 Large-scale energy projects Signed contracts 451 276 186 22

SEPCO (Jordan ) Project 1 45 50 24 SEPCO (Jordan ) Project 2 40 PEEGT (Syria) Project 1 50 96 OMV (Turkey) 97 RWE-Turcas (Turkey) 57 Iraq Project 1 35 90 131 Algeria Project 1 7 Algeria Project 2 120 0

Algeria Project 3 0 40 30 22 New contracts 0 200 300 500 Total Revenues from large-scale energy projects 451 476 486 522 Percentage of total revenues 82.6% 85.3% 85.1% 86.7% Other small projects 60 47 50 45 Defence projects 15 15 15 15 Subsidiaries 20 20 20 20 Total Metka Revenues 546.2 557.7 570.6 602.0

Source: IBG estimates 2013 EPS slightly lowered on one-off deferred tax

The gradual restart of operations in Syria and the new fast-track project in Algeria have counterbalanced delays in Iraq, raising our 2013 sales modestly by 4.3% to EUR 546m. We have also increased EBITDA by 4.7% to EUR 91.4m estimating a slightly higher EBITDA margin at 16.7%. On the flip side, although we have reduced tax rate to account for the fact that Metka executes projects through foreign subsidiaries that have a lower tax rate (eg. Turkey), net income was trimmed by c.2% to EUR 58.6m as we have included a one-off deferred tax of EUR 8.5m due to the change of the corporate tax rate to 26% from 20%. For the next year, we anticipate an improved performance mainly driven by the projects in Jordan, Syria, Iraq and Algeria with an upside from new fast-track projects, which appears to be a new trend by countries that face urgent electricity needs. Below we show our changes in headline estimates for the period 2013-2014: Table 2: Forecast changes for 2013-2014 EUR m 2013E 2014E Sales New 546 558 Sales Old 523 500 Change 4.3% 11.6%

EBITDA New 91.4 88.5 EBITDA Old 87.3 77.6 Change 4.7% 14.0%

Net income New 58.6* 66.2 Net earnings Old 59.6 56.0 Change -1.7% 18.2% Source: IBG estimates *includes one-off deferred tax of EUR 8.5m

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Metka

Valuation Following our new estimates, we have lifted our target price to EUR 13.80 from EUR 12.70 previously, reiterating our Buy recommendation. The DCF model is based on a WACC of 12.1%, using a beta of 1.20, a risk premium of 7% due to country’s significant exposure to emerging markets, a risk free rate of 4.5% and an after tax cost of borrowing of 4.9%. The terminal value is based on an average turnover level of EUR 600m and EBITDA margin of 15.1% which is c.300 bps below the average EBITDA margin in the period 2008-2012. Table 3: Metka DCF valuation

(EUR m) 2013 2014 2015 2016 NOPLAT 64.9 62.8 64.7 69.1 Depreciation 4.6 4.4 4.3 4.2 Gross cash flow 69.5 67.3 69.0 73.3 Change in working capital 37.3 27.7 -4.9 -11.6 Capex -4.1 -4.1 -4.1 -4.1 FCF 102.7 90.9 60.0 57.6 Discounted FCF 91.7 72.3 42.6 36.5 Sum of PV (2013E-2016E) 243 Terminal Value 442 Net cash 90 Minorities & other liabilities 58 Total Shareholders’ value 717 Number of shares (m) 51.95 Target Price 13.80 Source: IBG estimates

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Metka

Metka: Summary tables PROFIT & LOSS (EURm) 12/2010 12/2011 12/2012 12/2013e 12/2014e 12/2015e Sales 614 1,006 548 546 558 571 Cost of Sales & Operating Costs 0.0 0.0 0.0 0.0 0.0 0.0 Non Recurrent Expenses/Income 36.9 0.0 0.0 0.0 0.0 0.0 EBITDA 134 162 92.7 91.4 88.5 88.0 EBITDA (adj.)* 96.8 162 92.7 91.4 88.5 88.0 Depreciation -4.7 -5.1 -4.7 -4.6 -4.4 -4.3 EBITA 129 156 88.0 86.8 84.1 83.7 EBITA (adj)* 92.1 156 88.0 86.8 84.1 83.7 Amortisations and Write Downs 0.0 0.0 0.0 0.0 0.0 0.0 EBIT 129 156 88.0 86.8 84.1 83.7 EBIT (adj.)* 92.1 156 88.0 86.8 84.1 83.7 Net Financial Interest 1.7 1.2 2.3 1.2 3.3 4.0 Other Financials -7.5 -11.9 -6.8 -8.0 -6.0 -6.0 Associates 0.0 0.0 0.0 0.0 0.0 0.0 Other Non Recurrent Items 2.2 2.9 0.8 0.5 0.0 0.0 Earnings Before Tax (EBT) 125 149 84.4 80.5 81.4 81.7 Tax -36.2 -32.4 -13.5 -21.4 -14.6 -15.5 Tax rate 28.9% 21.8% 16.0% 26.6% 18.0% 19.0% Discontinued Operations 0.0 0.0 0.0 0.0 0.0 0.0 Minorities -2.1 -1.3 -0.8 -0.5 -0.5 -0.5 Net Profit (reported) 87.0 115 70.1 58.6 66.2 65.7 Net Profit (adj.) 61.7 97.5 70.1 67.1 66.2 65.7 CASH FLOW (EURm) 12/2010 12/2011 12/2012 12/2013e 12/2014e 12/2015e Cash Flow from Operations before change in NWC 113 93.0 95.0 87.8 72.1 79.2 Change in Net Working Capital -56.4 46.3 -81.2 37.3 27.7 -4.9 Cash Flow from Operations 56.6 139 13.8 125 99.8 74.3 Capex -4.2 -6.7 -3.0 -4.1 -4.1 -4.1 Net Financial Investments 0.0 0.0 0.0 0.0 0.0 0.0 Free Cash Flow 52.4 133 10.9 121 95.7 70.2 Dividends -24.9 -39.0 -13.0 -18.2 -33.1 -39.4 Other (incl. Capital Increase & share buy backs) 17.6 -7.4 -60.7 -2.3 7.3 -1.5 Change in Net Debt 45.1 86.3 -62.8 101 69.9 29.3 NOPLAT 70.0 120 70.4 64.2 62.2 61.9 BALANCE SHEET & OTHER ITEMS (EURm) 12/2010 12/2011 12/2012 12/2013e 12/2014e 12/2015e Net Tangible Assets 58.7 59.4 57.6 57.1 56.7 56.6 Net Intangible Assets (incl.Goodwill) 1.8 1.8 1.8 1.8 1.8 1.8 Net Financial Assets & Other 6.7 12.0 20.2 20.2 20.2 20.2 Total Fixed Assets 67.2 73.2 79.6 79.1 78.8 78.6 Inventories 11.3 45.5 37.4 36.8 38.0 39.1 Trade receivables 604 457 452 410 390 399 Other current assets 56.0 43.6 52.9 52.7 53.8 55.0 Cash (-) -68.9 -168 -141 -194 -263 -293 Total Current Assets 740 714 684 693 746 786 Total Assets 808 787 763 772 824 865 Shareholders Equity 233 322 353 398 446 479 Minority 17.1 17.2 17.2 17.7 18.2 18.7 Total Equity 250 339 370 416 465 498 Long term interest bearing debt 0.0 0.9 2.7 2.7 2.7 2.7 Provisions 2.3 2.7 3.1 3.1 3.1 3.1 Other long term liabilities 79.7 91.7 121 132 138 140 Total Long Term Liabilities 82.0 95.4 127 138 144 146 Short term interest bearing debt 2.2 14.2 48.4 0.0 0.0 0.0 Trade payables 418 331 208 191 195 200 Other current liabilities 55.0 7.4 10.4 27.0 20.4 21.4 Total Current Liabilities 475 352 267 218 216 221 Total Liabilities and Shareholders' Equity 808 787 763 772 824 865 Net Capital Employed 266 280 404 360 345 351 Net Working Capital 197 171 282 255 233 239 GROWTH & MARGINS 12/2010 12/2011 12/2012 12/2013e 12/2014e 12/2015e Sales growth 80.8% 63.9% -45.6% -0.2% 2.1% 2.3% EBITDA (adj.)* growth 59.6% 66.9% -42.6% -1.5% -3.1% -0.6% EBITA (adj.)* growth 65.0% 70.0% -43.8% -1.4% -3.1% -0.5% EBIT (adj)*growth 65.0% 70.0% -43.8% -1.4% -3.1% -0.5%

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Metka

Metka: Summary tables GROWTH & MARGINS 12/2010 12/2011 12/2012 12/2013e 12/2014e 12/2015e Net Profit growth 75.1% 58.0% -28.1% -4.2% -1.3% -0.8% EPS adj. growth 75.1% 58.0% -28.1% -4.2% -1.3% -0.8% DPS adj. growth 140.0% 56.2% -66.7% 40.1% 82.1% 19.1% EBITDA (adj)* margin 15.8% 16.1% 16.9% 16.7% 15.9% 15.4% EBITA (adj)* margin 15.0% 15.6% 16.1% 15.9% 15.1% 14.7% EBIT (adj)* margin 15.0% 15.6% 16.1% 15.9% 15.1% 14.7%

RATIOS 12/2010 12/2011 12/2012 12/2013e 12/2014e 12/2015e Net Debt/Equity -0.3 -0.5 -0.2 -0.5 -0.6 -0.6 Net Debt/EBITDA -0.5 -0.9 -1.0 -2.1 -2.9 -3.3 Interest cover (EBITDA/Fin.interest) nm nm nm nm nm nm Capex/D&A 89.3% 131.8% 62.2% 89.2% 92.2% 96.0% Capex/Sales 0.7% 0.7% 0.5% 0.8% 0.7% 0.7% NWC/Sales 32.2% 17.0% 51.4% 46.7% 41.8% 41.8% ROE (average) 31.6% 35.1% 20.8% 17.9% 15.7% 14.2% ROCE (adj.) 27.1% 51.9% 20.6% 20.4% 21.3% 20.8% WACC 12.1% 12.1% 12.1% 12.1% 12.1% 12.1% ROCE (adj.)/WACC 2.2 4.3 1.7 1.7 1.8 1.7

PER SHARE DATA (EUR)*** 12/2010 12/2011 12/2012 12/2013e 12/2014e 12/2015e Average diluted number of shares 52.0 52.0 52.0 52.0 52.0 52.0 EPS (reported) 1.68 2.21 1.35 1.13 1.27 1.26 EPS (adj.) 1.19 1.88 1.35 1.29 1.27 1.26 BVPS 4.49 6.20 6.79 7.67 8.59 9.22 DPS 0.48 0.75 0.25 0.35 0.64 0.76

VALUATION 12/2010 12/2011 12/2012 12/2013e 12/2014e 12/2015e EV/Sales 0.7 0.1 0.7 0.6 0.5 0.4 EV/EBITDA 3.1 0.9 4.3 3.8 3.1 2.8 EV/EBITDA (adj.)* 4.3 0.9 4.3 3.8 3.1 2.8 EV/EBITA 3.2 0.9 4.5 4.0 3.3 2.9 EV/EBITA (adj.)* 4.5 0.9 4.5 4.0 3.3 2.9 EV/EBIT 3.2 0.9 4.5 4.0 3.3 2.9 EV/EBIT (adj.)* 4.5 0.9 4.5 4.0 3.3 2.9 P/E (adj.) 7.9 3.2 7.3 8.3 8.4 8.5 P/BV 2.1 1.0 1.4 1.4 1.2 1.2 Total Yield Ratio 8.0% 4.2% 3.3% 6.0% 7.1% EV/CE 1.6 0.6 1.2 1.1 0.9 0.8 OpFCF yield 10.7% 42.8% 2.1% 21.8% 17.2% 12.6% OpFCF/EV 12.6% 91.8% 2.7% 35.1% 34.8% 28.6% Payout ratio 28.7% 33.9% 18.5% 31.0% 50.0% 60.0% Dividend yield (gross) 5.1% 12.6% 2.3% 3.3% 6.0% 7.1%

EV AND MKT CAP (EURm) 12/2010 12/2011 12/2012 12/2013e 12/2014e 12/2015e Price** (EUR) 9.42 5.96 9.79 10.70 10.70 10.70 Outstanding number of shares for main stock 52.0 52.0 52.0 52.0 52.0 52.0 Total Market Cap 489 310 509 556 556 556 Net Debt -67 -153 -90 -191 -261 -290 o/w Cash & Marketable Securities (-) -69 -168 -141 -194 -263 -293 o/w Gross Debt (+) 2 15 51 3 3 3 Other EV components -7 -12 -20 -20 -20 -20 Enterprise Value (EV adj.) 416 145 398 345 275 246 Source: Company, Investment Bank of estimates.

Notes * Where EBITDA (adj.) or EBITA (adj)= EBITDA (or EBITA) -/+ Non Recurrent Expenses/Income and where EBIT (adj)= EBIT-/+ Non Recurrent Expenses/Income - PPA amortisation **Price (in local currency): Fiscal year end price for Historical Years and Current Price for current and forecasted years

Sector: Basic Resources/Industrial Metals Company Description: Metka, 57.4% owned by industrial group Mytilineos, is the leading electromechanical and metallic construction company in Greece. Over the last few years Metka has specialized in the construction and delivery of turn key thermal power plants undertaking a number of projects in Greece and SE Europe. Metka’s official backlog currently stands at c.EUR1.0bn of which more than 90% is in foreign countries.

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Metka

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Aerospace & Defense M em(*) Banesto BBO Tubacex BBO Holcim Ltd CIC Bois Sauvage BDG Aviation Latecoere CIC Bank Of IBG Upm-Kymmene POH Imerys CIC Bolsas Y M ercados Espanoles Sa BBO Bae Systems Plc CIC Bankinter BBO Biotechnology M em(*) Impregilo BAK Capman POH Dassault Aviation CIC Bbva BBO 4Sc Ag EQB Italcementi BAK Cir BAK Eads CIC Bcp CBI Bioalliance Pharma CIC Lafarge CIC Comdirect EQB Finmeccanica BAK Bes CBI Epigenomics Ag EQB Lemminkäinen POH Corp. Financiera Alba BBO Lisi CIC Bnp Paribas CIC M etabolic Explorer CIC M aire Tecnimont BAK Dab Bank EQB M tu EQB Boursorama CIC Neovacs CIC M ota Engil CBI Deutsche Boerse EQB Rheinmetall EQB Bper BAK Transgene CIC Obrascon Huarte Lain BBO Deutsche Forfait EQB Rolls Royce CIC Bpi CBI Wilex EQB Ramirent POH Financiere De Tubize BDG Safran CIC Commerzbank EQB Zeltia BBO Royal Bam Group SNS Gbl BDG Thales CIC Credem BAK C hemicals M em(*) Sacyr Vallehermoso BBO Gimv BDG Zodiac CIC Credit Agricole Sa CIC Air Liquide CIC Saint Gobain CIC Grenkeleasing Ag EQB A irlines M em(*) Creval BAK Akzo Nobel SNS Sonae Industria CBI Hellenic Exchanges IBG Air France Klm CIC Deutsche Bank EQB Basf EQB Srv POH Hypoport Ag EQB Finnair POH Dexia BDG Dsm SNS Thermador Groupe CIC Kbc Ancora BDG Lufthansa EQB Efg IBG Floridienne BDG IBG Luxempart BDG Automobiles & Parts M em(*) Garanti Bank IBG Fuchs Petrolub EQB Trevi BAK M lp EQB Autoliv CIC Halkbank IBG Henkel EQB Uponor POH Luxempart BDG Bmw EQB Ing Group SNS Holland Colours SNS Uzin Utz EQB M lp EQB Brembo BAK Intesa Sanpaolo BAK K+S Ag EQB Vbh Holding EQB Continental EQB Kbc Group BDG Kemira POH Vicat CIC Daimler Ag EQB M ediobanca BAK Lanxess EQB Vinci CIC Elringklinger EQB IBG Linde EQB Yit POH Faurecia CIC Natixis CIC Nanogate Ag EQB Electronic & Electrical M em(*) Fiat BAK Nordea POH Recticel BDG Agfa-Gevaert BDG Landi Renzo BAK IBG Solvay BDG Alstom CIC Leoni EQB Postbank EQB Symrise Ag EQB Areva CIC M ichelin CIC Societe Generale CIC Tessenderlo BDG Augusta Technologie EQB Nokian Tyres POH Ubi Banca BAK Tikkurila POH Barco BDG Piaggio BAK Unicredit BAK Umicore BDG Euromicron Ag EQB Pirelli & C. BAK Yapi Kredi Bank IBG Wacker Chemie EQB Evs BDG Plastic Omnium CIC Basic Resources M em(*) Construction & M aterials M em(*) Gemalto CIC Plastivaloire CIC Acerinox BBO Acs BBO Ingenico CIC Porsche EQB Altri CBI Astaldi BAK Kontron EQB Psa Peugeot Citroen CIC Arcelormittal BBO Ballast Nedam SNS Lacie CIC Renault CIC Crown Van Gelder SNS Bilfinger Se EQB Legrand CIC Sogefi BAK Ence BBO Boskalis Westminster SNS M obotix Ag EQB Stern Groep SNS Europac BBO Buzzi Unicem BAK Neways Electronics SNS Valeo CIC Inapa CBI Cfe BDG Nexans CIC Volkswagen EQB M etka IBG Ciments Français CIC Pkc Group POH B anks M em(*) M etsä Board POH Cramo POH Rexel CIC Aareal Bank EQB M ytilineos IBG Deceuninck BDG Schneider Electric Sa CIC Akbank IBG Nyrstar BDG Eiffage CIC Vacon POH Aktia POH Outokumpu POH IBG Vaisala POH IBG Portucel CBI Fcc BBO Financial Services M em(*) Banca Carige BAK Rautaruukki POH Ferrovial BBO Ackermans & Van Haaren BDG Banca M ps BAK Salzgitter EQB Gek Terna IBG Azimut BAK Banco Popolare BAK Semapa CBI Grontmij SNS Banca Generali BAK Banco Popular BBO Stora Enso POH Grupo San Jose BBO Banca Ifis BAK Banco Sabadell BBO Talvivaara M ining Co Plc POH Heijmans SNS Bb Biotech EQB Banco Santander BBO Thyssenkrupp EQB Hochtief EQB Binckbank SNS

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Food & Beverage M em(*) M arr BAK Biotest EQB Agta Record CIC Brisa CBI Acomo SNS Rallye CIC Cegedim CIC Aixtron EQB Caf BBO Anheuser-Busch Inbev BDG Sligro SNS Celesio EQB Ansaldo Sts BAK Deutsche Post EQB Atria POH Sonae CBI Diasorin BAK Bauer Ag EQB Dockwise SNS Baron De Ley BBO General Industrials M em(*) Drägerwerk EQB Biesse BAK Fraport EQB Baywa EQB Aalberts SNS Faes Farma BBO Cargotec Corp POH Gemina BAK Berentzen EQB Accell Group SNS Fresenius EQB Cfao CIC Hes Beheer SNS Bonduelle CIC Advanced Vision Technology EQB Fresenius M edical Care EQB Danieli BAK Hhla EQB Campari BAK Ahlstrom POH Gerresheimer Ag EQB Datalogic BAK Logwin EQB Campofrio BBO Analytik Jena EQB Grifols Sa BBO Delclima BAK Norbert Dentressangle CIC Coca Cola Hellenic IBG Arcadis SNS Korian CIC Duro Felguera BBO Postnl SNS Csm SNS Aspo POH Laboratorios Rovi BBO Emak BAK Sias BAK Danone CIC Azkoyen BBO M edica CIC Exel Composites POH Tnt Express SNS De M aster Blenders 1753 SNS Bekaert BDG M ediq SNS Exel Industries CIC Insurance M em(*) Ebro Foods BBO Evolis CIC M erck EQB Faiveley CIC Aegon SNS Enervit BAK Frigoglass IBG Natraceutical Sa BBO Fiat Industrial BAK Ageas BDG Fleury M ichon CIC Huhtamäki POH Novartis CIC Gea Group EQB Allianz EQB Forfarmers SNS Kendrion SNS Oriola-Kd POH Gesco EQB Axa CIC Heineken SNS M artifer Sgps Sa CBI Orion POH Gildemeister EQB Delta Lloyd SNS Hkscan POH M ifa EQB Orpea CIC Haulotte Group CIC Fondiaria Sai BAK Ktg Agrar EQB Nedap SNS Recordati BAK Heidelberger Druck EQB Generali BAK Lanson-Bcc CIC Neopost CIC Rhoen-Klinikum EQB Ima BAK Hannover Re EQB Laurent Perrier CIC Pöyry POH Roche CIC Interpump BAK M apfre Sa BBO Ldc CIC Prelios BAK Sanofi CIC Khd Humboldt Wedag InternationalEQB M ediolanum BAK Lotus Bakeries BDG Resilux BDG Sorin BAK Kone POH M ilano Assicurazioni BAK Natra BBO Saf-Holland EQB Stallergènes CIC Konecranes POH M unich Re EQB Naturex CIC Saft CIC Ucb BDG Krones Ag EQB Sampo POH Nestle SNS Skw Stahl EQB Hotels, Travel & Tourism M em(*) Kuka EQB Talanx Group EQB Nutreco SNS Tessi CIC Accor CIC M an EQB Unipol BAK Olvi POH Tkh Group SNS Autogrill BAK M anitou CIC Zurich Financial Services BAK Parmalat BAK Vidrala BBO Beneteau CIC M ax Automation Ag EQB M edia M em(*) Pernod-Ricard CIC Wendel CIC Compagnie Des Alpes CIC M etso POH Ad Pepper EQB Pinguin BDG General Retailers M em(*) Groupe Partouche CIC Outotec POH Alma M edia POH Raisio POH Beter Bed Holding SNS I Grandi Viaggi BAK Pfeiffer Vacuum EQB Antena 3Tv BBO Remy Cointreau CIC D'Ieteren BDG Ibersol CBI Ponsse POH Brill SNS Sipef BDG Douglas Holding EQB Intralot IBG Prima Industrie BAK Cofina CBI Ter Beke BDG Fielmann EQB Lottomatica BAK Prysmian BAK Editoriale L'Espresso BAK Unilever SNS Group IBG M elia Hotels International BBO Reesink SNS Gl Events CIC Vilmorin CIC Fourlis Holdings IBG Nh Hoteles BBO Sabaf BAK Havas CIC Viscofan BBO Inditex BBO Opap IBG Schuler Ag EQB Hi-M edia CIC Vranken Pommery M onopole CIC Jacquet M etal Service CIC Sodexo CIC Singulus Technologies EQB Impresa CBI Wessanen SNS Jumbo IBG Sonae Capital CBI Smt Scharf Ag EQB Ipsos CIC Food & Drug Retailers M em(*) M acintosh SNS Trigano CIC Ten Cate SNS Jcdecaux CIC Ahold SNS Rapala POH Tui EQB Trilogiq CIC Kinepolis BDG Bim IBG Stockmann POH Household Goods M em(*) Vossloh EQB Lagardere CIC Carrefour CIC H ealthcare M em(*) De Longhi BAK Wärtsilä POH Lbi International Nv SNS Casino Guichard-Perrachon CIC Ab-Biotics BBO Elica BAK Zardoya Otis BBO M 6-M etropole Television CIC Colruyt BDG Almirall BBO Indesit BAK Ind T rans & M o to rways M em(*) M ediaset BAK Delhaize BDG Amplifon BAK Seb Sa CIC Abertis BBO M ediaset Espana BBO Dia BBO Arseus BDG U10 CIC Adp CIC M eetic CIC Jeronimo M artins CBI Bayer EQB Industrial Engineering M em(*) Atlantia BAK Nextradiotv CIC Kesko POH Biomerieux CIC Accsys Technologies SNS Bollore CIC Cic BBO

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Nrj Group CIC M arimekko POH Besi SNS Unit4 SNS E.On EQB Pages Jaunes CIC M edion EQB M elexis BDG Wincor Nixdorf EQB Edp CBI Prisa BBO Ppr CIC Okmetic POH Support Services M em(*) Edp Renováveis CBI Publicis CIC Puma EQB Roodmicrotec SNS Batenburg SNS Elia BDG Rcs M ediagroup BAK Safilo BAK Stmicroelectronics BAK Brunel SNS Enagas BBO Reed Elsevier N.V. SNS Salvatore Ferragamo BAK Suess M icrotec EQB Bureau Veritas S.A. CIC Endesa BBO Roularta BDG Sarantis IBG S/W & Computer Serv's M em(*) Dpa SNS Enel BAK Rtl Group BDG Tod'S BAK Affecto POH Edenred CIC Fluxys BDG Sanoma POH Van De Velde BDG Akka Technologies CIC Ei Towers BAK Fortum POH Spir Communication CIC Zucchi BAK Alten CIC Fiera M ilano BAK Gas Natural Fenosa BBO Talentum POH Real Estate M em(*) Altran CIC Imtech SNS Gdf Suez CIC Telegraaf M edia Groep SNS Aedifica BDG Amadeus BBO Lassila & Tikanoja POH Hera BAK Teleperformance CIC Ascencio BDG Atos CIC Prosegur BBO Iberdrola BBO Tf1 CIC Atenor BDG Basware POH Randstad SNS Iren BAK Ti M edia BAK Banimmo BDG Beta Systems Software EQB Tmc Group SNS Public Power Corp IBG Ubisoft CIC Befimmo BDG Bull CIC Usg People SNS Red Electrica De Espana BBO Vivendi CIC Beni Stabili BAK Capgemini CIC Telecom Equipment M em(*) Ren CBI Wolters Kluwer SNS Citycon POH Cegid CIC Alcatel-Lucent CIC Rwe EQB Oil & Gas Producers M em(*) Cofinimmo BDG Cenit EQB Ericsson POH Sechilienne Sidec CIC Eni BAK Corio BDG Comptel POH Gigaset EQB Snam BAK Galp Energia CBI Deutsche Euroshop EQB Ctac SNS Nokia POH Suez Environnement CIC Gas Plus BAK Home Invest BDG Dassault Systemes CIC Teleste POH Terna BAK IBG Igd BAK Digia POH Telecommunications M em(*) Veolia Environnement CIC M aurel Et Prom CIC Intervest Offices & Warehouses BDG Docdata SNS Acotel BAK M otor Oil IBG Intervest Retail BDG Engineering BAK Belgacom BDG Neste Oil POH Ivg Immobilien Ag EQB Esi Group CIC Bouygues CIC Petrobras CBI Leasinvest Real Estate BDG Exact Holding Nv SNS Deutsche Telekom EQB Repsol BBO M ontea BDG F-Secure POH Elisa POH Total CIC Realia BBO Gameloft CIC Eutelsat Communications Sa CIC Tupras IBG Retail Estates BDG Gft Technologies EQB France Telecom CIC Oil Services M em(*) Sponda POH Groupe Open CIC Freenet EQB Bourbon CIC Technopolis POH Guillemot Corporation CIC Gowex BBO Cgg CIC Unibail-Rodamco BDG I.R.I.S. BDG Iliad CIC Fugro SNS Vastned Retail BDG I:Fao Ag EQB Jazztel BBO Saipem BAK Vib Vermoegen EQB Ict Automatisering SNS M obistar BDG Technip CIC Wdp BDG Indra Sistemas BBO Ote IBG Tecnicas Reunidas BBO R enewable Energy M em(*) Itelligence EQB Portugal Telecom CBI Tenaris BAK Abengoa BBO Neurones CIC Ses CIC Vallourec CIC Biopetrol Industries EQB Novabase Sgps CBI Sonaecom CBI Vopak SNS Daldrup & Soehne EQB Ordina SNS Telecom Italia BAK Personal Goods M em(*) Deutsche Biogas EQB Psi EQB Telefonica BBO Adidas EQB Enel Green Power BAK Qurius SNS Telenet Group BDG Adler M odemaerkte EQB Gamesa BBO Realdolmen BDG Teliasonera POH Amer Sports POH Phoenix Solar EQB Reply BAK Tiscali BAK Basic Net BAK Sma Solar Technology EQB Rib Software EQB Turkcell IBG Beiersdorf EQB Solar-Fabrik EQB Seven Principles Ag EQB United Internet EQB Geox BAK Solarworld EQB Sii CIC Vodafone BAK

Gerry Weber EQB Solutronic EQB Sopra Group CIC Zon M ultimedia CBI

Hugo Boss EQB Sunways EQB Steria CIC Utilities M em(*)

Loewe EQB Semiconductors M em(*) Tieto POH A2A BAK

Luxottica BAK Asm International SNS Tomtom SNS Acciona BBO M arcolin BAK Asml SNS Transics BDG Acea BAK LEGEND: BAK: Banca Akros; BDG: Bank Degroof; BBO: Bankia Bolsa; CIC: CM CIC Securities; CBI: Caixa-Banca de Investimento; EQB: Equinet bank; IBG: Investment Bank of Greece, POH: Pohjola Bank; SNS: SNS Securities as of 2nd April 2013

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List of ESN Analysts (**)

Ari Agopyan CIC +33 1 45 96 85 80 [email protected] Sergio Ruiz M artin BBO +34 91 436 7866 [email protected] Christian Auzanneau CIC +33 4 78 92 01 85 [email protected] Dario M ichi BAK +39 02 4344 4237 [email protected] Olivier Bails, CFA CIC +33 1 45 96 78 72 [email protected] M arietta M iemietz CFA EQB +49-69-58997-439 [email protected]£cr£ Helena Barbosa CBI +351 21 389 6831 [email protected] Júlia M onteiro CGD +55 2131 383 128 [email protected] Javier Bernat BBO +34 91 436 7816 [email protected] José M ota Freitas, CFA CBI +351 22 607 09 31 [email protected] Dimitris Birbos IBG +30 210 81 73 392 [email protected] Louis Nicolopoulos IBG +30 210 81 73 377 [email protected] Jean-Pascal Brivady CIC +33 4 78 92 02 25 [email protected] Alex Pardellas CGD +55 2131 383 154 [email protected] David Cabeza Jareño BBO +34 91 4367818 [email protected] Henri Parkkinen POH +358 10 252 4409 [email protected] Giada Cabrino, CIIA BAK +39 02 4344 4092 [email protected] Adrian Pehl, CFA EQB +49 69 58997 438 [email protected] Niclas Catani POH +358 10 252 8780 [email protected] Victor Peiro Pérez BBO +34 91 436 7812 [email protected] Jean-M arie Caucheteux BDG +32 2 287 99 20 [email protected] Francis Prêtre CIC +33 4 78 92 02 30 [email protected] M arco Cavalleri BAK +39 02 4344 4022 [email protected] Francesco Previtera BAK +39 02 4344 4033 [email protected] Pierre Chedeville CIC +33 1 45 96 78 71 [email protected] Elaine Rabelo CGD +55 1130 748 027 [email protected] Emmanuel Chevalier CIC +33 1 45 96 77 42 [email protected] Jari Raisanen POH +358 10 252 4504 [email protected] Florent Couvreur CIC +33 1 45 96 77 60 [email protected] Hannu Rauhala POH +358 10 252 4392 [email protected] Edwin de Jong SNS +312 0 5508569 [email protected] M atias Rautionmaa POH +358 10 252 4408 [email protected] Nadeshda Demidova EQB +49 69 58997 434 [email protected] Eric Ravary CIC +33 1 45 96 79 53 [email protected] M artijn den Drijver SNS +312 0 5508636 [email protected] Iñigo Recio Pascual BBO +34 91 436 7814 [email protected] Christian Devismes CIC +33 1 45 96 77 63 [email protected] Philipp Rigters EQB +49 69 58997 413 [email protected] Andrea Devita, CFA, BAK +39 02 4344 4031 [email protected] M aria Rivas Rodriguez BBO +34 91 436 7815 [email protected] Hans D'Haese BDG +32 (0) 2 287 9223 [email protected] André Rodrigues CBI +351 21 389 68 39 [email protected] Dries Dury BDG +32 2 287 91 76 [email protected] Jean-Luc Romain CIC +33 1 45 96 77 36 [email protected] Ingbert Faust, CEFA EQB +49 69 58997 410 [email protected] Jochen Rothenbacher, CEFA EQB +49 69 58997 415 [email protected] Rafael Fernández de Heredia BBO +34 91 436 78 08 [email protected] Vassilis Roumantzis IBG +30 2108173394 [email protected] Stefan Freudenreich, CFA EQB +49 69 58997 437 [email protected] Sonia Ruiz De Garibay BBO +34 91 436 7841 [email protected] Gabriele Gambarova BAK +39 02 43 444 289 [email protected] Antti Saari POH +358 10 252 4359 [email protected] Claudio Giacomiello, CFA BAK +39 02 4344 4269 [email protected] Paola Saglietti BAK +39 02 4344 4287 [email protected] Ana Isabel González García CIIA BBO +34 91 436 78 09 [email protected] Francesco Sala BAK +39 02 4344 4240 [email protected] Arsène Guekam CIC +33 1 45 96 78 76 [email protected] Lemer Salah SNS '+312 0 5508516 [email protected] Bernard Hanssens BDG +32 (0) 2 287 9689 [email protected] M ichael Schaefer EQB +49 69 58997 419 [email protected] Philipp Häßler, CFA EQB +49 69 58997 414 [email protected] Holger Schmidt, CEFA EQB +49 69 58 99 74 32 [email protected] Carlos Jesus CBI +351 21 389 6812 [email protected] Tim Schuldt, CFA EQB +49 69 5899 7433 [email protected] Lillian Katelani IBG +30-210-8173-389 [email protected] Pekka Spolander POH +358 10 252 4351 [email protected] Vicente Koki CGD +55 1130 744 522 [email protected] Gert Steens SNS +312 0 5508639 [email protected] Jean-M ichel Köster CIC +33 1 45 96 77 17 [email protected] Kimmo Stenvall POH +358 10 252 4561 [email protected] M arc Leemans, CFA BDG +32 (0) 2 287 9361 [email protected] Natalia Svyrou-Svyriadi IBG +30 210 81 73 384 [email protected] Jean-Christophe Lefèvre-M oulenq CIC +33 1 45 96 91 04 [email protected] Annick Thévenon CIC +33 1 45 96 77 38 [email protected] Dov Levy CIC +33 1 45 96 78 74 [email protected] Luigi Tramontana BAK +39 02 4344 4239 [email protected] Sébastien Liagre CIC +33 1 45 96 90 34 [email protected] Johan van den Hooven SNS +312 0 5508518 [email protected] Harald Liberge-Dondoux CIC +33 1 45 96 98 12 [email protected] Guido Varatojo dos Santos CBI +351213896822 [email protected] Konrad Lieder EQB +49 69 5899 7436 [email protected] Richard Withagen SNS +312 0 5508572 [email protected] Konstantinos M anolopoulos IBG +30 210 817 3388 [email protected]

(**) excluding: strategists, macroeconomists, heads of research not covering specific stocks, credit analysts, technical analysts

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ESN Recommendation System The ESN Recommendation System is Absolute. It means that each stock is rated on the basis of a total return, measured by the upside potential (including dividends and capital reimbursement) over a 12 month time horizon. The ESN spectrum of recommendations (or ratings) for each stock comprises 5 categories: Buy, Accumulate (or Add), Hold, Reduce and Sell (in short: B, A, H, R, S). Furthermore, in specific cases and for a limited period of time, the analysts are allowed to rate the stocks as Rating Suspended (RS) or Not Rated (NR), as explained below. Meaning of each recommendation or rating:

 Buy: the stock is expected to generate total return of over 20% during the next 12 months time horizon  Accumulate: the stock is expected to generate total return of 10% to 20% during the next 12 months time horizon  Hold: the stock is expected to generate total return of 0% to 10% during the next 12 months time horizon.  Reduce: the stock is expected to generate total return of 0% to -10% during the next 12 months time horizon  Sell: the stock is expected to generate total return under -10% during the next 12 months time horizon  Rating Suspended: the rating is suspended due to a capital operation (take- over bid, SPO, …) where the issuer of the document (a partner of ESN) or a related party of the issuer is or could be involved or to a change of analyst covering the stock  Not Rated: there is no rating for a company being floated (IPO) by the issuer of the document (a partner of ESN) or a related party of the issuer

History of ESN Recommendation System Since 18 October 2004, the Members of ESN are using an Absolute Recommendation System (before was a Relative Rec. System) to rate any single stock under coverage. Since 4 August 2008, the ESN Rec. System has been amended as follow.  Time horizon changed to 12 months (it was 6 months)  Recommendations Total Return Range changed as below:

TODAY

SELL REDUCE HOLD ACCUMULATE BUY -10% 0% 10% 20% BEFORE SELL REDUCE HOLD ACCUMULATE BUY -15% 0% 5% 15%

Disclosure Appendix The information and opinions in this report were prepared by Investment Bank of Greece, which is regulated by the Bank of Greece (License No: 52/2/17.12.99) and by the Hellenic Capital Market Commission. Investment Bank of Greece has not entered any agreement with the subject companies for the execution of this analysis. This report is for informative purposes only. Under no circumstances is it to be used or considered as an offer to sell, or a solicitation of any offer to buy, any security. While the information contained herein has been obtained from sources believed to be reliable, we do not represent that it is accurate or complete and it should not be relied upon as such. In producing its research reports, members of Investment Bank of Greece research department may have received assistance from the subject company(ies) referred to in this report. Any such assistance may have included access to sites of the issuers, visits to certain operations of the subject company(ies), meetings with management, employees or other parties associated with the subject company(ies) and the handing by them of historical data regarding the subject company(ies) (financial statements and other financial data), as well as of all publicly available information regarding strategy and financial targets. Investment Bank of Greece research personnel are prohibited from accepting payment or reimbursement of travel expenses from site visits to subject companies. It should be presumed that the author(s) of this report, in most cases, has had discussions with the subject company(ies) to ensure factual accuracy prior to publication. All opinions, projections and estimates constitute the judgment of the author as of the date of the report and are given in good faith, but are subject to

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change without notice. Prices and availability of financial instruments also are subject to change without notice. Investment Bank of Greece or one of its affiliates or persons connected with it may from time to time buy and sell securities referred herein. Although Investment Bank of Greece does not set a predetermined frequency for publication, if this is a fundamental research report, it is the intention of Investment Bank of Greece to provide research coverage of the subject company(ies), including in response to news affecting this issuer, subject to applicable quiet periods and capacity constraints. Investment Bank of Greece may from time to time perform investment banking or other services for, or solicit investment banking or other business from, any company mentioned in this report. Investment Bank of Greece does and seeks to do business with companies covered in their research reports. Thus, investors should be aware that the firms may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Securities referred to in this research report are subject to investment risks, including the possible loss of the principal amount invested. This report is intended for professional investors only and it is not to be reproduced or copied or reprinted or transmitted for any purpose without permission. We certify that this report has been published in accordance with our conflict management policy and guidelines. According to Investment Bank of Greece policies, the Analysis Department of Investment Bank of Greece is bound by confidentiality, with the exception of data allowed to be published in accordance with the applicable laws. Investment Bank of Greece relies on information barriers to control the flow of information in one or more areas within Investment Bank of Greece organization. The communication between the Analysis Department of Investment Bank of Greece and the other departments of the aforementioned company is restricted by Chinese Walls set between the different departments, so that Investment Bank of Greece can abide by the provisions regarding confidential information and market abuse.

Analyst Certification The following analysts: Vassilis Roumantzis hereby certify that the views about the companies and securities contained in this report accurately reflect their personal views and that no part of their compensation was or will be directly or indirectly related to the specific recommendations or views in this report. The analysts mentioned above who prepared this report have the below mentioned financial interests in the companies covered in this report……none……

Important Regulatory Disclosures on Subject Company The information and opinions in this report were prepared by INVESTMENT BANK of GREECE, which is member of the Exchange S.A. and regulated by the Bank of Greece (License No: 52/2/17.12.99) and by the Hellenic Capital Market Commission. The compensation of the research analysts, strategists, or research associates principally responsible for the preparation of this research report may depend on various factors such as quality of work, stock picking, client feedback and overall firm profitability.

Stock Ratings You should carefully read the definitions of all ratings used in the research report. Moreover, you should carefully read the entire research report to obtain a clear view of the analyst’s opinions and not infer its contents from the rating alone.

IBG Research Rating Distribution Data current as of 31/05/2013 Buy Accumulate Hold Reduce Sell IBG Research Total Coverage 44% 28% 20% 4% 4% % of companies in each rating category that are investment banking clients 0% 4% 4% 0% 0%

Note that we have suspended our rating on 4 companies Construction & Building materials 50% 0% 25% 0% 25% % of companies in each rating category that are investment banking clients 0% 0% 25% 0% 0%

Regulatory Disclosures on Subject Companies 1. As of the date mentioned on the first page of this report, Investment Bank of Greece (or any of its affiliated companies) owns 5% or more of a class of common equity securities in the following companies mentioned in this report: Vivartia, Attica Group, Blue Star Ferries, Hygeia Group, SingularLogic 2. As of the date mentioned on the first page of this report, the following subject companies mentioned in this report own 5% or more of a class of common equity securities of Investment Bank of Greece (or any of its affiliated companies): 3. Investment Bank of Greece acts as a market maker for the following securities of the subject companies mentioned in this report: Alpha Bank, ATEbank, Bank of Cyprus, Coca Cola Hellenic, EFG Eurobank, Ellaktor, GEK TERNA, Hellenic Exchanges, Hellenic Postbank, Intralot, Mytilineos, National Bank, OPAP, OTE, Piraeus Bank, PPC 4. Within the last 12 months, Investment Bank of Greece has provided advisory services to the following companies mention in this report: Hellenic Postbank 5. Within the last 12 months, Investment Bank of Greece had a contractual relationship or have received compensation for financial advisory services from the following subject companies mentioned in this report: Vivartia, GEK TERNA, Hellenic Postbank, Motor Oil, Euroline, Interinvest, Vivere, Hygeia Group

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Rating History 1. 06/12/2012 Buy, Target Price €12.70 2. 19/11/2012 Buy, Target Price €11.90 3. 06/08/2012 Buy, Target Price €11.90 4. 09/07/2012 Buy, Target Price €11.90 5. 15/05/2012 Buy, Target Price €12.50 6. 26/03/2012 Buy, Target Price €12.50 7. 19/12/2011 Buy, Target Price €12.50 8. 14/11/2011 Buy, Target Price €12.00 9. 23/09/2011 Buy, Target Price €12.00 10. 28/07/2011 Buy, Target Price €15.10

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9

8

7

6

5

4 Μαϊ 12 Ιουν 12 Ιουλ 12 Αυγ 12 Σεπ 12 Οκτ 12 Νοε 12 Δεκ 12 Ιαν 13 Φεβ 13 Μαρ 13 Απρ 13 Μαϊ 13 Ιουν 13

Price history Target price history

Buy Accumulate Hold Reduce Sell Not rated

Source: Factset & ESN, price data adjusted for stock splits. This chart shows Investment Bank of Greece continuing coverage of this stock; the current analyst may or may not have covered it over the entire period.

Risks to our forecasts and valuation  Postponements in the execution of existing contracts. In particular, the social unrest in Syria could result in significant delays in the implementation of two power plant projects in this country with a total budget of EUR 1.33bn.  Delay in new tenders for power plants due to the uncertain global economic environment.  Pressure in margins due to increased competition, execution of many projects simultaneously or potential claims from customers  The expansion outside Greece imply additional risks such as political risks.  Shifts to new technologies in power plants that Metka does not have the know-how.

Additional disclosures 1. Additional note to our U.S. readers: This document may be distributed in the United States solely to “major US institutional investors” as defined in Rule 15a-6 under the US Securities Exchange Act of 1934. Each person that receives a copy, by acceptance thereof, represents and agrees that he/she will not distribute or otherwise make available this document to any other person. 2. All prices and valuation multiples are based on the closing of ATHEX’s last session prior to the issue of this report, unless otherwise indicated. 3. Our research reports are available upon request at www.ibg.gr, on Bloomberg’s IBGR and ESNR functions and on Thomson Reuters website. 4. Additional information is available upon request.

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Disclaimer: Members of ESN (European Securities Network LLP) These reports have been prepared and issued by the Members of European Securities Network LLP (‘ESN’). ESN, its Members and their affiliates (and any director, officer or employee thereof), are neither liable for the proper and complete transmission of these reports nor for any delay in their receipt. Any unauthorised use, disclosure, copying, distribution, or taking of any action in reliance on these reports is strictly prohibited. The views and expressions in the Equinet Bank AG Banca Akros S.p.A. reports are expressions of opinion and are given in good faith, but are subject to Gräfstraße 97 Viale Eginardo, 29 change without notice. These reports may not be reproduced in whole or in part 60487 Frankfurt am Main 20149 MILANO or passed to third parties without permission. The information herein was Germany Italy obtained from various sources. ESN, its Members and their affiliates (and any Phone:+49 69 – 58997 – 410 Phone: +39 02 43 444 389 director, officer or employee thereof) do not guarantee their accuracy or Fax:+49 69 – 58997 – 299 completeness, and neither ESN, nor its Members, nor its Members’ affiliates (nor Fax: +39 02 43 444 302 any director, officer or employee thereof) shall be liable in respect of any errors or omissions or for any losses or consequential losses arising from such errors or omissions. Neither the information contained in these reports nor any opinion expressed constitutes an offer, or an invitation to make an offer, to buy or sell any securities or any options, futures or other derivatives related to such securities (‘related investments’). These reports are prepared for the clients of the Members Bank Degroof of ESN only. They do not have regard to the specific investment objectives, Investment Bank of Greece Rue de I’Industrie 44 financial situation and the particular needs of any specific person who may 24B, Kifisias Avenue 1040 Brussels receive any of these reports. Investors should seek financial advice regarding the 151 25 Marousi Belgium appropriateness of investing in any securities or investment strategies discussed Greece Phone: +32 2 287 91 16 or recommended in these reports and should understand that statements Phone: +30 210 81 73 000 Fax: +32 2 231 09 04 regarding future prospects may not be realised. Investors should note that income Fax: +30 210 68 96 325 from such securities, if any, may fluctuate and that each security’s price or value may rise or fall. Accordingly, investors may receive back less than originally invested. Past performance is not necessarily a guide to future performance. Foreign currency rates of exchange may adversely affect the value, price or income of any security or related investment mentioned in these reports. In addition, investors in securities such as ADRs, whose value are influenced by the currency of the underlying security, effectively assume currency risk. ESN, its Members and their affiliates may submit a pre-publication draft (without mentioning neither the recommendation nor the target price/fair value) of its Bankia Bolsa Pohjola Bank plc reports for review to the Investor Relations Department of the issuer forming the Serrano, 39 P.O.Box 308 subject of the report, solely for the purpose of correcting any inadvertent material 28001 Madrid FI- 00013 Pohjola inaccuracies. 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