Annual Report of the BoD

Annual Report 2012

<Post balance sheet events

According to the new tax law 4110/2013, the tax rate of the Societies Anonymes in Greece has change from 20% to 26%, for the fiscal years beginning on the 1st of January 2013.

It is estimated that such a change in the tax rate would increase the deferred tax liability by €6.1 million for the Group and €5.0 for the Company.