Dromeas S.A.

Annual / Quarterly Financial Statement • Apr 27, 2017

Provisions / Other long-term liabilities 2,680 2,832 1,867 2,048 Exchange differences 0 0 0 0 Short - term loan liabilities 3,325 2,779 3,132 2,506 Debit interest and similar expenses 1,356 1,534 1,322 1,497 Other short - term liabilities 3,119 2,811 2,996 2,804 Returns (income, expenses, profit, loss) from investment activity 69 19 47 12

Total liabilities(d) 35,691 34,813 34,125 33,283 Plus/minus adjustments concerning changes in working capital accounts or

TOTAL EQUITY CAPITAL AND LIABILITIES (c) + (d) 62,547 61,739 61,231 60,458 related to operating activities:

The figures and information illustrated below, derived from the financial statements, provide a general information about the financial position and results of "PAPAPANAGIOTOU S.A. - DROMEAS" and of the Group of companies "PAPAPANAGIOTOU S.A. - DROMEAS". We advise the reader, before making any investment decision or other transaction concerning the company, to visit the company's web site where the audit report of the external auditor and the financial statements are presented, according to the International Financial Reporting Standards. Competent Department - Prefecture: Ministry of Development, Directorate of Joint Stock Companies and Credit, Directorate of Companies & of General Commercial Registry Website address: www.dromeas.gr Date of Approval of Annual Financial Statements: 24 April 2017 Board of Directors: President and CEO : Athanasios K. Papapanagiotou. Executive Members: Ioannis D. Papapanagiotou, Konstantinos A. Papapanagiotou Non executive member: Dimitrios Petalas. Independent non executive members: Grigorios Zarotiadis, Athanasios Kalaphatis Certified Auditor Accountant: Athanasios D. Tsaklis (Register Number of the Body of Certified Auditors Accountants 14951) Auditing Firm: METRON AUDITING S.A. (Register Number of the Body of Certified Auditors Accountants 158) Type of auditor's report: Confirmed opinion ASSETS 31-12-16 31-12-15 31-12-16 31-12-15 1/1-31/12/16 1/1-31/12/15 1/1-31/12/16 1/1-31/12/15 Non current tangible fixed assets 38,492 39,706 34,620 35,680 Total equity capital at beginning of period (1/1/16 and 1/1/15 respectively) 26,926 29,067 27,175 29,299 Intangible assets 829 1,018 826 1,013 Total comprehensive income after taxes (78) (2,151) (69) (2,124) Other non-current assets 714 809 3,814 3,838 Distributed Dividends 0 0 0 0 Inventories 13,895 12,991 13,579 12,643 Other changes 8 10 0 0 Advances for inventories purchase 306 440 304 439 Total equity capital at end of period (31/12/16 and 31/12/15 respectively) 26,856 26,926 27,106 27,175 Trade receivables 5,784 4,433 5,982 4,854 Other current assets 2,527 2,342 2,106 1,991 TOTAL ASSETS 62,547 61,739 61,231 60,458 EQUITY CAPITAL & LIABIBLITIES Share capital (34.720.000 shares of 0,31 €) 10,763 10,763 10,763 10,763 Other equity capital 15,926 1,600 16,343 16,412 1/1-31/12/16 1/1-31/12/15 1/1-31/12/16 1/1-31/12/15 Total Equity Capital of Parent Company's Holders (a) 26,689 26,763 27,106 27,175 Cash Flow from operating activities Minority interest (b) 167 163 0 0 Profit /(loss) before taxes (continuing activities) 91 (1,941) 91 (1,938) Total Equity capital (c) = (a)+(b) 26,856 26,926 27,106 27,175 Plus / minus adjustments for : Long - term loan liabilities 23,292 23,285 23,085 23,040 Depreciation 1,519 1,511 1,399 1,377 Deferred long - term tax liabilities 3,275 3,106 3,045 2,885 Provisions 130 50 130 50 PAPAPANAGIOTOU S.A. - "DROMEAS" INDUSTRIAL JOINT-STOCK COMPANY OF COMMERCE AND AGENCIES Number of General Commercial Register 114048152000 (Register Number of Joint Stock Companies 11045/06/Β/86/10) FIGURES AND INFORMATION FOR THE FINANCIAL YEAR FROM 1 JANUARY 2016 TO 31 DECEMBER 2016 (published according to Law 2190/1920, article 135 for enterprises that publish annual financial statements, consolidated or not, according to IFRS) BALANCE SHEET STATEMENT OF CHANGES IN SHAREHOLDER EQUITY COMPANY'S HEADQUARTERS: INDUSTRIAL AREA OF SERRES - MUNICIPALITY OF LEFKONAS SERRES (consolidated and non consolidated) amounts in thousand € (consolidated and non consolidated) amounts in thousand € THE GROUP THE COMPANY THE GROUP THE COMPANY CASH FLOW STATEMENT (consolidated and non consolidated) amounts in thousand € THE GROUP THE COMPANY

Repayment of finance lease liabilities (amortization) (66) (61) (66) (61) Profit / (loss) before taxes, interest and investment results cash equivalents (a)+(b)+(c) and total depreciation 2,964 1,101 2,810 933 Cash and cash equivalents at beginning of period 978 1,579 816 1,416 Cash and cash equivalents at end of period 1,231 978 1,067 816

ADDITIONAL FIGURES AND INFORMATION

1. The Group of companies that are included in the consolidated financial statements with their 7. The amounts of purchases and sales (transactions) from the beginning of the fiscal year and the balances addresses and the percentage of ownership are as follows: of assets and liabilities at the end of the current fiscal year, resulting from transactions with related parties, Full consolidation method according to IFRS 24, are as follows (in €):

					Decrease/(Increase) in inventories	(770)	(178)	(801)	71
	INCOME STATEMENT	Decrease/(Increase) in other receivables	(1,411)	(488)	(1,123)	(587)
	(consolidated and non consolidated) amounts in thousand €	Increase/(Decrease) in liabilities (excluding loans)	169	(14)	77	142
					Minus:
		THE GROUP		THE COMPANY	Income taxes paid	0	0	0	0
	1/1-31/12/16		1/1-31/12/15 1/1-31/12/16 1/1-31/12/15		Total of cash flow (inflows - outflows) from operating activities (a)	1,153	493	1,142	624
Turnover	13,804	9,040	13,450	9,005	Cash flow from investment activities
Gross profit/(loss)	6,915	4,106	6,615	3,835	Purchase of tangible and intangible fixed assets and other investments	(236)	(702)	(271)	(771)
Profit / (loss) before taxes, interest and investment					Proceeds from the sales of tangible and intangible assets	7	0	3	0
results	1,445	(410)	1411	(444)	Proceeds from sale of financial investments	0	0	0	0
Profit / (loss) before taxes	91	(1,941)	91	(1,938)	Interest received	2	3	2	3
Profit / (loss) after taxes (A)	(78)	(2,151)	(69)	(2,124)	Proceeds from dividends	0	0	0	0
Equity holders of Parent company	(79)	(2,155)	(69)	(2,124)	Decrease/(Increase) in other long - term receivables	0	0	0	0
Minority interest	1	4	0	0	Total of cash flow (inflows - outflows) from investment activities (b)	(227)	(699)	(266)	(768)
					Cash flow from financing activities
Other total earnings after taxes (B)	0	0	0	0	Proceeds from increase of Share Capital	0	0	0	0
Total comprehensive earnings after taxes (A) + (B)	(78)	(2,151)	(69)	(2,124)	Dividends paid	0	0	0	0
Equity holders of Parent company	(79)	(2,155)	(69)	(2,124)	Proceeds from issued/received loans	7,202	5,072	7,177	4,883
Minority interest	1	4	0	0	Repayment of loans	(7,809)	(5,406)	(7,736)	(5,278)
					Repayment of finance lease liabilities (amortization)	(66)	(61)	(66)	(61)
Profit / (loss) after taxes per share (in €)	(0,0023)	(0,0621)	(0,0020)	(0,0612)	Total of cash flow (inflows - outflows) from financing activities (c)	(673)	(395)	(625)	(456)
Proposed Dividend			0.0000	0.0000	Net increase/(decrease) in cash and	253	(601)	251	(600)

PAPAPANAGIOTOU S.A. - DROMEAS, Industrial Area of Serres	Parent company
K.E.M. S.A., Industrial Area of Serres	92.54%					THE GROUP	THE COMPANY
DROMEAS B.G. EAD, Sofia Bulgaria	100.00%					31-12-16	31-12-16
No changes in the incorporation method have occurred and there are no companies or / and joint ventures	-	6,832
not included in the consolidated Financial Statements.					β) Expenses	22,731	401,676
2.All accounting principles applied in these Financial Statements are the same as those applied at 31/12/2015 γ) Receivables from related parties							391,808
3. The fixed assets and the mechanical equipment of the Parent company have been pledged for	5,781	135,361
the total amount of 21.300 thousand € in order to secure an equal amount of loan liabilities.	ε) Transactions and remunerations of managers and Board members	75,905	48,838
4. The number of employees in the group and the company is:					στ) Receivables from managers and Board members	79,998	-
		THE GROUP	THE COMPANY		ζ) Liabilites of managers and Board members	24,373	24,373
	31-12-16	31-12-15	31-12-16	31-12-15
Employees (at mentioned period)	51 56 48 54 8. The profit per share in the current and previous period have been calculated according to the weighted average
Workers (at mentioned period)	156	131	147	123	number of shares of the Parent company.
Total	207	187	195	177	9. The unaudited tax years of the Parent company and of the other Group companies are presented in detail in the

corresponding section of the annual financial report.

5. There are no litigations under dispute or under arbitration of judicial or administrative bodies, that may have important 10. At the end of the current fiscal year, there are no shares of the Parent company possesed by the Parent repercussion in the financial position of the Company and the Group. company or by the subsidiaries and associated companies.

6. The provision amount for bad receivables on 31/12/2016 comes up to 613.831,86 € for the Group and to 611.451,86 € 11. There are no other significant issues after 31th December 2016, which would differenciate the published data and information

for the Company. The Company have no tax cases under dispute, while for the unaudited fiscal years has formed sufficient in the Financial Statements.

provision of total amount to € 103.352,77. The other formed provisions, come up to 227.275,46 € on 31/12/2016 12. There has not occurred an interruption of individual sectors or company of the Group.

for the Group and come up to 222.686,31 € for the Company. 13. Analysis of the other changes in Equity capital is included in the respective notes of the Annual Financial Report.

For more information, please refer to the respective notes of the annual financial report.

Chairman and CEO The Member Chief Accountant