Hellenic Exchanges-Athens Stock Exchange S.A.

Quarterly Report • Sep 23, 2015

Plus/ minus adjustments for changes in working capital or concerning operating activities					CHANGES IN EQUITY	Share Capital	Treasury Stock	Share premium	Reserves	Retained earnings	Minority Interest	Total Equity
Decrease / (increase) in receivables	(1.905)	481	(4.679)	40				reserve
(Decrease)/ increase of liabilities (except banks)	859	(4.706)	1.670	(26.079)	Total equity at the start of the period 01.01.2008	88.107	0	94.279	42.889	52.682	0	277.957
Interest received	2.706	3.692	396	1.645	Aggregated total income after tax	0	0	0	0	75.985	0	75.985
Interest paid	(5.986)	(9.163)	(3.194)	(5.372)	Reserve reduction from asset revaluation	0	0	0	170	0	0	170
Total inflows/ (outflows) generated from operating					Dividends paid	0	0	0	0	(52.864)	0	(52.864)
activities (a)	16.998	37.687	7.652	(1.196)	Reserve transfer	0	0	0	3.952	(3.952)	0	0
					Share buy-back	0	(7.707)	0	0	0	0	(7.707)
Investment activities					Total equity at the end of the period 30.06.2008	88.107	(7.707)	94.279	47.011	71.851	0	293.541
Purchase of tangible and intangible assets	(241)	(121)	(8)	(5)	Aggregated total income after tax	0	0	0	0	16.269	0	16.269
Sale of tangible and intangible assets	2	6.458	0	0	Reserve reduction from asset revaluation	0	0	0	296	0	0	296
Increase in participations	0	(1.387)	0	(1.401)	Share buy-back	0	(32.930)	0	40.637	(40.637)	0	(32.930)
Dividends received	0	0	28.001	54.679	Stock option plan reserve	0	0	0	(21)	0	0	(21)
					Total equity at the end of the period 31.12.2008	88.107	(40.637)	94.279	87.923	47.483	0	277.155
Total inflows / (outflows) from investment activities (b)	(239)	4.950	27.993	53.273	Aggregated total income after tax	0	0	0	0	37.974	0	37.974
					Reserve transfer	0	0	0	4.646	(4.646)	0	0
Financial activities					Stock option plan reserve	0	0	0	175	0	0	175
Interest & other similar expenses paid	(4)	(487)	(2)	(5)	Share buy-back	(6.396)	40.637	0	(34.241)	0	0	0
Increase in reserves	0	(7.707)	0	(7.707)	Dividends paid	0	0	0	0	(29.416)	0	(29.416)
Dividend payments	(29.416)	(52.864)	(29.416)	(52.864)	Share capital return	(9.805)	0	0	0	0	0	(9.805)
					Total equity at the end of the period 30.06.2009	71.906	0	94.279	58.503	51.395	0	276.083

ADDITIONAL DATA AND INFORMATION: 9.

10.

3. There are no encumbrances on the assets of the companies of the Group.

Expenses (inflows)

THE CHAIRMAN OF THE BoD	THE CHIEF EXECUTIVE OFFICER	THE GENERAL MANAGER	THE DIRECTOR OF FINANCIAL MANAGEMENT	THE HEAD OF ACCOUNTIN & BUDGETING
IAKOVOS GEORGANAS	SPYROS CAPRALOS	NIKOLAOS KONSTANTOPOULOS	CHRISTOS MAYOGLOU	CHARALAMBOS ANTONATOS
ID: Χ-066165	ID: Ι-365608	ID: Π-673088	ID: Π-575157	ID: N-554218

	COMPANY DATA
Company website:	www.helex.gr
Type of audit review report:	With a concurring opinion
					Earnings before Interest and Taxes (EBIT)	19.406	44.730
	STATEMENT OF FINANCIAL POSITION
	GROUP		COMPANY
Other current assets	126.584	135.782	29.470	18.824
Non current assets earmarked for sale	5.802	5.930	5.802	5.930	After tax profits per share in € (basic & weighted)	0,26	0,51
TOTAL ASSETS	173.291	184.864	303.783	293.535
					Earnings before interest, taxes, depreciation
					and amortization (EBITDA)
Share Capital	71.906	88.107	71.906	88.107
less treasury stock	0	(40.637)	0	(40.637)
Other Shareholders' Equity	66.356	112.914	204.177	229.685	HELEX GROUP
Total Shareholders' Equity	138.262	160.384	276.083	277.155	CHANGES IN EQUITY
Minority interest	5	5	0	`
Total Equity	138.267	160.389	276.083	277.155

2. 13. 14. Of the companies of the Group ATHEX has been audited up to fiscal year 2005. The tax audit for fiscal years 2006& 2007 are expected to commence in September 2009. Regarding the TSEC, the tax audit for fiscal years 2005 and 2006 were included in the provisions of Law 3697/2008 and as a result the tax audit was completed with the payment of €15,274.12. In April 2009 the HELEX tax audit for fiscal years 2006 and 2007 was concluded. These fiscal years include the last fiscal years for ADECH and CSD, until the date that the approval by the Prefecture for merging those companies with HELEX was given – 29 November 2006. Based on the tax audit, additional tax and penalties in the amount of €171.383 were assessed, which were paid. This amount will not burden the current fiscal year, as it is covered by a provision that had been made in previous fiscal years.

4. 5. Number of employed personnel at the end of the fiscal year: Group 272, Company 129. There are no differences in litigation or arbitration in legal or administrative bodies which may have a material impact in the financial position of the Company & the Group.

6. 15. The value of transactions and the balances of the HELEX Group with related parties is shown in the following table:

Revenue (outflows) GROUP COMPANY

Company website:	www.helex.gr						GROUP				COMPANY
Approval date of the financial statements						1.1-	1.1-	1.4-	1.4-	1.1-	1.1-	1.4-	1.4-
for the half by the Board of Directors	29.7.2009				Operating activities	30.6.2009	30.6.2008	30.6.2009	30.6.2008	30.6.2009	30.6.2008	30.6.2009	30.6.2008
Certified Auditors Accountants	Konstantinos Michalatos & Dimitrios Sourbis				Turnover	32.025	63.165	19.239	30.316	17.253	36.543	10.706	17.496
Auditing company:	PRICEWATERHOUSECOOPERS				Gross Profit	19.406	44.730	13.370	21.077	12.727	27.618	9.233	13.212
Type of audit review report:	With a concurring opinion
					Earnings before Interest and Taxes (EBIT)	19.406	44.730	13.370	21.077	12.727	27.618	9.233	13.212
					Profit berofe tax	22.469	48.745	14.523	23.572	41.122	84.048	37.414	68.914
	STATEMENT OF FINANCIAL POSITION				Less tax	(5.615)	(13.017)	(3.494)	(6.254)	(3.148)	(8.063)	(2.163)	(3.987)
	GROUP		COMPANY		Profit after tax (A)	16.854	35.728	11.029	17.318	37.974	75.985	35.251	64.927
	30.6.2009	31.12.2008	30.6.2009	31.12.2008	Minority Shareholders	0	0			0		0	0
ASSETS					Company's Shareholders	16.854	35.728			0		0	0
Tangible assets for own use	29.463	30.294	25.335	25.812	Total other income after tax (B)	(135)	0	330		0		0	0
Intangible assets	228	290	8	8	Aggregate total revenues after tax (A+B)	16.719	35.728	11.359	17.318	37.974	75.985	35.251	64.927
Other non current assets	6.488	6.434	240.800	240.763	Minority interest	0	0			0		0	0
Clients	4.726	6.134	2.368	2.198	Company shareholders	16.719	35.728	11.359	17.318	37.974	75.985	35.251	64.927
Other current assets	126.584	135.782	29.470	18.824
Non current assets earmarked for sale	5.802	5.930	5.802	5.930	After tax profits per share in € (basic & weighted)	0,26	0,51
TOTAL ASSETS	173.291	184.864	303.783	293.535
					Earnings before interest, taxes, depreciation
LIABILITIES AND EQUITY					and amortization (EBITDA)	20.687	46.121	14.127	21.763	13.354	28.267	9.560	13.528
Share Capital	71.906	88.107	71.906	88.107
less treasury stock	0	(40.637)	0	(40.637)				STATEMENT OF CHANGES IN EQUITY
Other Shareholders' Equity	66.356	112.914	204.177	229.685	HELEX GROUP
Total Shareholders' Equity	138.262	160.384	276.083	277.155	CHANGES IN EQUITY		Share Capital	Treasury	Share	Reserves	Retained	Minority	Total Equity
Minority interest	5	5	0	`				Stock	premium		earnings	Interest
Total Equity	138.267	160.389	276.083	277.155					reserve
Provisions / Other long term liabilities	3.648	3.740	1.725	1.834	Total equity at the start of the period 01.01.2008		88.107	0	94.279	64.758	(57.979)	5	189.170
Other short term liabilities	31.376	20.735	25.975	14.546	Aggregated total income after tax		0	0	0	0	35.728	0	35.728
Total liabilities	35.024	24.475	27.700	16.380	Reserve transfer		0	0	0	3.964	(3.964)	0	0
TOTAL EQUITY AND LIABILITIES	173.291	184.864	303.783	293.535	Share buy-back		0	(7.707)	0	0	0	0	(7.707)
					Dividends paid		0	0	0	0	(52.864)	0	(52.864)
					Stock option plan reserve		0	0	0	366	0	0	366
					Total equity at the end of the period 30.06.2008		88.107	(7.707)	94.279	69.088	(79.079)	5	164.693
	STATEMENT OF CASH FLOWS				Aggregated total income after tax		0	0	0	0	29.286	0	29.286
					Reserve reduction from asset revaluation		0	0	0	296	0	0	296
	GROUP		COMPANY		Share buy-back		0	(32.930)	0	40.637	(40.637)	0	(32.930)
	30.6.2009	30.6.2008	30.6.2009	30.6.2008	Special reserve from securities valuation		0	0	0	(921)	0	0	(921)
					Stock option plan reserve		0	0	0	(35)	0	0	(35)
Operating activities					Total equity at the end of the period 31.12.2008		88.107	(40.637)	94.279	109.065	(90.430)	5	160.389
Profits before taxes	22.469	48.745	41.122	84.048	Aggregated total income after tax		0	0	0	0	16.719	0	16.719
Plus / minus adjustments for:					Reserve transfer		0	0	0	4.679	(4.679)	0	0
Depreciation	1.281	1.391	627	649	Special reserve from securities valuation		0	0	0	(135)	135	0	0
Provisions	423	131	102	70	Cancelation of Treasury stock		(6.396)	40.637	0	(34.241)	0	0	0
Interest/ securities provisions	7	810	0	111	Dividends paid		0	0	0	0	(29.416)	0	(29.416)
Interest income	(3.067)	(4.502)	(396)	(1.756)	Stock option plan reserve		0	0	0	380	0	0	380
Dividends received	0	0	(28.001)	(54.679)	Share capital return		(9.805)	0	0	0	0	0	(9.805)
Interest and related expenses paid	3	487	2	5	Total equity at the end of the period 30.06.2009		71.906	0	94.279	79.748	(107.671)	5	138.267
Other non-cash changes	0	2	0	(1)
Stock option plan provisions	380	366	175	170
Used provisions	(172)	(47)	(172)	(47)				STATEMENT OF CHANGES IN EQUITY
					HELEX
Plus/ minus adjustments for changes in working capital or					CHANGES IN EQUITY		Share Capital	Treasury Stock	Share premium	Reserves	Retained earnings	Minority Interest	Total Equity
concerning operating activities

7. Profits per share were calculated based on the average weighted number of shares outstanding.

• The Group decided to exploit the building at Acharnon and Mayer St. which it owns, since all the departments of the group have now relocated to the new, privately owned building at 110 Athinon Ave. For this purpose, it has placed ads in the press for the sale or rent of the building in question.
• 11. HELEX is a founding member of Link Up Capital Markets, a new consortium formed by 8 European Depositories (with the participation of CSE) that is planning on providing cross-border transaction settlement services. On 29.06.2009, the first connection of HELEX as depository with the Swiss depository was made, based on the terms of the Link Up contract. The total investment by the 8 Depositories in the company is €7.9m, and HELEX's participation is €1.4m, 17.82% of the total investment.
• The Group has invested part of its liquidity in bank bonds which it has classified as a commercial portfolio. These bonds are not expected to be sold in the near future. Taking into consideration the recent modifications of IAS 39, the company on 1.7.2008 transferred the abovementioned bonds in the securities for sale portfolio. The result of the revaluation of the bonds in H1 2009 was a loss of €180 thousand, and is charged directly to equity (special reserve), and is not recorded in the results of the first half.
• The Group shows on its balance sheet an accumulated reserve amount of €3,098 thousand of which: a) €1,815 thousand concern staff retirement obligations, b) €735 thousand concern legal claims againts the Greek state and c) €548 thousand concern other provisions.
• In compliance with the requirements of the Code of Conduct to unbundle the services offered and for their accounting separation, HELEX has drafted a self-assessment report and has published the expenses and revenues for each service for the year 2008.The HELEX certified auditor, PricewaterhouseCoopers SA, has drafted an independent audit report on the HELEX self-assessment report.
• The self-assessment report, together with the audit report of the certified auditor, the audited financial statements of HELEX, and the table with the costs and revenues have been submitted to the Hellenic Capital Market Commission on April 30th 2009.
• The depositories of all the Euro countries (including HELEX), as well as nine other European depositories, signed the Memorandum of Understanding with the Eurosystem the European Central Bank (ECB) and the 16 national central banks of the eurozone.The Memorandum of Understanding is a commitment by the depositories to participate in the TARGET2-Securities (T2S) project, which is in the requirements specification phase, and is expected to go live in June 2013. T2S is an important step in the unification of the European capital market.

8. The Repetitive General Meeting of shareholder of 26.05.2009 decided to cancel the 5,117,000 own shares of the Company, thus reducing the number of shares outstanding by an equal amount, from 70.485,563 to 65,368,563, as well as return part of the share capital to shareholders, with a corresponding reduction in the par value of the share. In particular, it decided to return capital in the amount of €9,805,284.45 or €0.15 per share for the 65,368,563 shares. Thus, the share capital of the Company amounted to €71,905,419.30, divided into 65,368,563 shares with a par value of €1.10 per share.

28.169 148

According to the balance sheet results of 31.12.08, the HELEX BoD proposed for approval to the Annual General Meeting of Shareholders of 6.5.2009 a dividend payment of €0.45 per share for the 65,368,563 (excluding the treasury stock) shares of the company, i.e a total dividend payout of €29.4m.

	STATEMENT OF CASH FLOWS				Aggregated total income after tax	0	0	0	0	29.286	0	29.286
					Reserve reduction from asset revaluation	0	0	0	296	0	0	296
	GROUP		COMPANY		Share buy-back	0	(32.930)	0	40.637	(40.637)	0	(32.930)
	30.6.2009	30.6.2008	30.6.2009	30.6.2008	Special reserve from securities valuation	0	0	0	(921)	0	0	(921)
					Stock option plan reserve	0	0	0	(35)	0	0	(35)
Operating activities					Total equity at the end of the period 31.12.2008	88.107	(40.637)	94.279	109.065	(90.430)	5	160.389
Profits before taxes	22.469	48.745	41.122	84.048	Aggregated total income after tax	0	0	0	0	16.719	0	16.719
Plus / minus adjustments for:					Reserve transfer	0	0	0	4.679	(4.679)	0	0
Depreciation	1.281	1.391	627	649	Special reserve from securities valuation	0	0	0	(135)	135	0	0
Provisions	423	131	102	70	Cancelation of Treasury stock	(6.396)	40.637	0	(34.241)	0	0	0
Interest/ securities provisions	7	810	0	111	Dividends paid	0	0	0	0	(29.416)	0	(29.416)
Interest income	(3.067)	(4.502)	(396)	(1.756)	Stock option plan reserve	0	0	0	380	0	0	380
Dividends received	0	0	(28.001)	(54.679)	Share capital return	(9.805)	0	0	0	0	0	(9.805)
Interest and related expenses paid	3	487	2	5	Total equity at the end of the period 30.06.2009	71.906	0	94.279	79.748	(107.671)	5	138.267
Other non-cash changes	0	2	0	(1)
Stock option plan provisions	380	366	175	170
Used provisions	(172)	(47)	(172)	(47)			STATEMENT OF CHANGES IN EQUITY
					HELEX
Plus/ minus adjustments for changes in working capital or					CHANGES IN EQUITY	Share Capital	Treasury	Share	Reserves	Retained	Minority	Total Equity
concerning operating activities							Stock	premium		earnings	Interest
Decrease / (increase) in receivables	(1.905)	481	(4.679)	40				reserve
(Decrease)/ increase of liabilities (except banks)	859	(4.706)	1.670	(26.079)	Total equity at the start of the period 01.01.2008	88.107	0	94.279	42.889	52.682	0	277.957
Interest received	2.706	3.692	396	1.645	Aggregated total income after tax	0	0	0	0	75.985	0	75.985
Interest paid	(5.986)	(9.163)	(3.194)	(5.372)	Reserve reduction from asset revaluation	0	0	0	170	0	0	170
Total inflows/ (outflows) generated from operating					Dividends paid	0	0	0	0	(52.864)	0	(52.864)
activities (a)	16.998	37.687	7.652	(1.196)	Reserve transfer	0	0	0	3.952	(3.952)	0	0
					Share buy-back	0	(7.707)	0	0	0	0	(7.707)
Investment activities					Total equity at the end of the period 30.06.2008	88.107	(7.707)	94.279	47.011	71.851	0	293.541
Purchase of tangible and intangible assets	(241)	(121)	(8)	(5)	Aggregated total income after tax	0	0	0	0	16.269	0	16.269
Sale of tangible and intangible assets	2	6.458	0	0	Reserve reduction from asset revaluation	0	0	0	296	0	0	296
Increase in participations	0	(1.387)	0	(1.401)	Share buy-back	0	(32.930)	0	40.637	(40.637)	0	(32.930)
Dividends received	0	0	28.001	54.679	Stock option plan reserve	0	0	0	(21)	0	0	(21)
					Total equity at the end of the period 31.12.2008	88.107	(40.637)	94.279	87.923	47.483	0	277.155
Total inflows / (outflows) from investment activities (b)	(239)	4.950	27.993	53.273	Aggregated total income after tax	0	0	0	0	37.974	0	37.974
					Reserve transfer	0	0	0	4.646	(4.646)	0	0
Financial activities					Stock option plan reserve	0	0	0	175	0	0	175
Interest & other similar expenses paid	(4)	(487)	(2)	(5)	Share buy-back	(6.396)	40.637	0	(34.241)	0	0	0
Increase in reserves	0	(7.707)	0	(7.707)	Dividends paid	0	0	0	0	(29.416)	0	(29.416)
Dividend payments	(29.416)	(52.864)	(29.416)	(52.864)	Share capital return	(9.805)	0	0	0	0	0	(9.805)
					Total equity at the end of the period 30.06.2009	71.906	0	94.279	58.503	51.395	0	276.083
Total inflows / (outflows) from financial activities (c) Net increase/ (decrease) in cash and cash equivalents from the	(29.420)	(61.058)	(29.418)	(60.576)
beginning of the period (a) + (b) + (c)
	(12.661)	(18.421)	6.227	(8.499)
Cash and cash equivalents - beginning of the period	121.933	159.710	17.094	60.577
Cash and cash equivalents - end of the period	109.272	141.289	23.321	52.078

Claims		93
Liabilities	0	100
Transactions and remuneration of management and the BoD	1.235	603

1 The companies of the Group with the corresponding addresses, activities and percentages of participation which are included in the consolidated financial statements with the consolidation method are:

Company	HQ	Activity		Total % of the Group
Athens Exchange	Athens	Organization and support of the operation of cash and derivatives markets as well as other financial products	100,00%	100%	11.
Thessaloniki Stock Exchange Centre	Thessaloniki	Provision of support services to brokerage company branch offices and investors in Thessaloniki	66,10%	99,90%	12.

HELLENIC EXCHANGES SOCIETE ANONYME

HOLDING, CLEARING, SETTLEMENT & REGISTRY

In accordance with Resolution 4/507/28.4.2009 of the Capital Market Commission Board of Directors

(Amounts in € thousands)

The following data and information which arise from the financial statements, aim to provide general information about the financial position and results of the Company "Hellenic Exchanges S.A. Holding, Clearing, Settlement & Registry." We therefore recommend that the reader who wishes to have a complete picture of the financial position and the results of the Company should, before making any investment decision or other transaction with the Company, refer to the issuer's website address where the interim financial statement are posted as well as the review report by the Certified Auditors Accountants, whenever this is required.

STATEMENT OF COMPREHENSIVE INCOME

Total equity at the start of the period 01.01.2008
Aggregated total income after tax
Reserve reduction from asset revaluation
Dividends paid
Reserve transfer
Share buy-back
Total equity at the end of the period 30.06.2008
Aggregated total income after tax
Reserve reduction from asset revaluation
Share buy-back
Stock option plan reserve
Total equity at the end of the period 31.12.2008
Aggregated total income after tax
Reserve transfer
Stock option plan reserve
Share buy-back
Dividends paid
Share capital return
Total equity at the end of the period 30.06.2009

Co Register No 45688/06/B/00/30

110 Athinon Ave, 10442 Athens

SUMMARY FINANCIAL DATA AND INFORMATION FOR THE PERIOD from JANUARY 1ST 2009 TO JUNE 30TH 2009