To survive and grow in harmony with our values by creating superior and sustainable Economic Value for the prosperity of our people and of society

A N N U A L R E P O R T 2 0 1 6

AVRAMIDIS PANAGIOTIS ADAMOPOULOS IOANNIS ADELFIDIS ANTONIOS ATHANASOPOULOS STAVROS ALEXIADIS DIMITRIS ANAGNOSTOPOULOS THODOROS ANASTASIOU ELINA ANTONETSIS CHARALAMPOS ANTONOPOULOS GEORGIOS ANTONOPOULOS IOANNIS ARGYRATOU EFTHYMIA ARGYRIS ALEKOS ARGYROPOULOU IOANNA ARGYROS VASILEIOS ASIMAKOPOULOS DIMITRIS VAITSIS STEFANOS VELOUDOS SPYRIDON VRYONI MAGDALINI GAVRIIL IOANNIS GARGANOURAKIS NIKOLAOS GEDEON MELPOMENIMARIA GKEKI MARIANNA GIANNOPOULOS GEORGIOS GIANNOPOULOS KONSTANTINOS DALKITZIS ELEFTHERIOS DARDAMANI MARIA DARDANOS GKIKAS DIMAKI IOANNA DIMOMELETIS ANASTASIOS DIMOU GIORGOS DIMOU DIMITRIOS DIALYNAS MANOLIS DOUKAKIS GEORGIOS DRANDAKI ELEFTHERIA ZAGORAKIS NIKOLAOS ZAMPELIS IOANNIS ZEPPOS CHRONIS ZOGLOPITIS PANAGIOTIS THEODORIDIS ILIAS THEODOROPOULOU VASILIKI KAITTANI PARASKEVI KALAVROS STAVROS KALOGERAKIS EMMANOUIL KANDANOLEON EMMANOUIL KANELLAKIS IOANNIS KAPOUKINIS PANAGIOTIS KARACHALIOU PANAGIOTA KARVELA ANASTASIA KARRAS SPYRIDON KIOUKIS IOANNIS KOVATSOS PANAGIOTIS KOKKORI MARIA KOKKORI CHRISTINA KONTOGIANNI EVANTHIA KONTOLAIMOS PANAGIOTIS KOUTSIOUMPA GEORGIA KYPRAIOU CHRISTINA LAZARIDIS ATHANASIOS LAZOS ASIMAKIS LENTA GEORGIA LEONTARIDIS NIKOLAOS LIAKOS LOUKAS LOUKAS THEOFANIS LOULOUDAKIS THEODOROS MANIATIS DIMITRIOS MANOLIS ANASTASIOS MANOLIS ANASTASIOS MARGARONI IOANNA MARKAKIS STYLIANOS MASVOULAS DIMITRIOS MITRAKI GIOTA MITRAKI SOFIA BAROUTIS VASILEIOS BELLOS NIKOLAOS BONATSOS IOANNIS BOULIS GIORGOS BRAVOS GIORGOS MYLONIDOU ELENI NIKOLAOU NIKOLAOS XIROS STAVROS XYGKAKIS CHRISTOS XYDIAS CHARALAMPOS ONOPAS DIMITRIS ORFANIDIS PERIKLIS PAGKRAKIOTIS ALEXANDROS PAPAGEORGIOU ELENI PAPAGIANNIS IOANNIS PAPADOPOULOS GEORGIOS PAPAZOTOS ANASTASIOS PAPAROUPAS GIORGOS PASPALIARIS KOSTANTINOS PASCHALIS VALIANOS PASCHALIS BAMPIS PAVLIDIS NEKTARIOS PEPERA THOMI PETROPOULOS DIONYSIOS PETROPOULOS IOANNIS PETROPOULOS KONSTANTINOS PETROU Our core purpose is: DIMITRIS PIALOGLOU LAZAROS PIPPOS VASILEIOS PISIMISIS DIMITRIOS PLAKAKIS PETROS POLYKRETIS STAMATIS POULAKIDA OURANIA PRINTZOU ARTEMISIA RAPTOU MARIA ROUSSIS DIMITRIOS ROUSSOU KYRIAKOULA SAGANIS PAVLOS SAMPANI CHRYSA SERIATOS To survive and grow in harmony with our values by creating superior and sustainable Economic Value for the prosperity of our people and of society DIMITRIS STAVRIANOU PLOUMI STAVROPOULOS VAIOS STOGIANNOU SOFIA STRATAKI EVANGELIA TSOLIAKOS GEORGIOS TZIALAS NIKOS TSALMANOGLOU ATHANASIA TSIAGKA ATHINA TSOMI MARIA TSONOS NEKTARIOS FOLIA AIMILIA CHARALAMPOPOULOS DIMITRIOS CHARMANTAS STEFANOS CHARMANTZIS NIKOLAOS CHATZIIOAKEIMIDOU EIRINI CHRYSANTHOPOULOS ATHANASIOS CHTAPODAS ELEFTHERIOS AVRAMIDIS PANAGIOTIS ADAMOPOULOS IOANNIS ADELFIDIS ANTONIOS ATHANASOPOULOS STAVROS ALEXIADIS DIMITRIS ANAGNOSTOPOULOS THODOROS ANASTASIOU ELINA ANTONETSIS CHARALAMPOS ANTONOPOULOS GEORGIOS ANTONOPOULOS IOANNIS ARGYRATOU EFTHYMIA ARGYRIS ALEKOS ARGYROPOULOU IOANNA ARGYROS VASILEIOS ASIMAKOPOULOS DIMITRIS VAITSIS STEFANOS VELOUDOS SPYRIDON VRYONI MAGDALINI GAVRIIL IOANNIS GARGANOURAKIS NIKOLAOS GEDEON MELPOMENIMARIA GKEKI MARIANNA GIANNOPOULOS GEORGIOS GIANNOPOULOS KONSTANTINOS DALKITZIS ELEFTHERIOS DARDAMANI MARIA DARDANOS GKIKAS DIMAKI IOANNA DIMOMELETIS ANASTASIOS DIMOU GIORGOS DIMOU DIMITRIOS DIALYNAS MANOLIS DOUKAKIS GEORGIOS DRANDAKI ELEFTHERIA ZAGORAKIS NIKOLAOS ZAMPELIS IOANNIS ZEPPOS CHRONIS ZOGLOPITIS PANAGIOTIS THEODORIDIS ILIAS THEODOROPOULOU VASILIKI KAITTANI PARASKEVI KALAVROS STAVROS KALOGERAKIS EMMANOUIL KANDANOLEON EMMANOUIL KANELLAKIS IOANNIS KAPOUKINIS PANAGIOTIS KARACHALIOU PANAGIOTA KARVELA ANASTASIA KARRAS SPYRIDON KIOUKIS IOANNIS KOVATSOS PANAGIOTIS KOKKORI MARIA KOKKORI CHRISTINA KONTOGIANNI EVANTHIA KONTOLAIMOS PANAGIOTIS KOUTSIOUMPA GEORGIA KYPRAIOU CHRISTINA LAZARIDIS ATHANASIOS LAZOS ASIMAKIS LENTA GEORGIA LEONTARIDIS NIKOLAOS LIAKOS LOUKAS LOUKAS THEOFANIS LOULOUDAKIS THEODOROS MANIATIS DIMITRIOS MANOLIS ANASTASIOS MANOLIS ANASTASIOS MARGARONI IOANNA MARKAKIS STYLIANOS MASVOULAS DIMITRIOS MITRAKI GIOTA MITRAKI SOFIA BAROUTIS VASILEIOS BELLOS NIKOLAOS BONATSOS IOANNIS BOULIS GIORGOS BRAVOS GIORGOS MYLONIDOU ELENI NIKOLAOU NIKOLAOS XIROS STAVROS XYGKAKIS CHRISTOS XYDIAS CHARALAMPOS ONOPAS DIMITRIS ORFANIDIS PERIKLIS PAGKRAKIOTIS ALEXANDROS PAPAGEORGIOU ELENI PAPAGIANNIS IOANNIS PAPADOPOULOS GEORGIOS PAPAZOTOS ANASTASIOS PAPAROUPAS GIORGOS PASPALIARIS KOSTANTINOS PASCHALIS VALIANOS PASCHALIS BAMPIS PAVLIDIS NEKTARIOS PEPERA THOMI PETROPOULOS DIONYSIOS PETROPOULOS IOANNIS PETROPOULOS KONSTANTINOS PETROU DIMITRIS PIALOGLOU LAZAROS PIPPOS VASILEIOS PISIMISIS DIMITRIOS PLAKAKIS PETROS POLYKRETIS STAMATIS POULAKIDA OURANIA PRINTZOU ARTEMISIA 4 RAPTOU MARIA ROUSSIS DIMITRIOS ROUSSOU KYRIAKOULA SAGANIS PAVLOS SAMPANI CHRYSA SERIATOS DIMITRIS STAVRIANOU PLOUMI STAVROPOULOS VAIOS STOGIANNOU SOFIA STRATAKI EVANGELIA TSOLIAKOS GEORGIOS TZIALAS NIKOS TSALMANOGLOU ATHANASIA TSIAGKA ATHINA TSOMI MARIA TSONOS NEKTARIOS FOLIA AIMILIA CHARALAMPOPOULOS DIMITRIOS CHARMANTAS STEFANOS CHARMANTZIS NIKOLAOS CHATZIIOAKEIMIDOU EIRINI CHRYSANTHOPOULOS ATHANASIOS CHTAPODAS ELEFTHERIOS

REVIEW The markets we serve remained stable in 2016, though we had originally estimated a drop of 5% over 2015. The improvement of our share of the Greek market and increased spot foreign sales resulted in a rise in sales to 93m, compared to 80m in 2015. We now anticipate a marginal increase in our markets for 2017, along with growth in our share of the Greek market. Group ΕΒΙTDA amounted to 5.6m, compared to 5.3m in 2015, marking a 5.8% increase. Earnings before income tax were 2.4m ( 1.2m in 2015), while earnings after income tax and minority interests were 1.3m ( 0.6m 2015). Profits of the period have been decreased by a loss of 640,000 arising from revaluation of Group s Investments Property and by a loss of 918,000 that concerns impairment of trading receivables of which 300,000 are related to receivables from Marinopoulos Company. Total bank borrowing was at the same level as last year at 22.6m, while net debt was 9.8m ( 4.1m in 2015). Cash and cash equivalents was 12.7m as at 31.12.2016 compared to 18.6m in 2015. Equity amounted to 29m ( 30.8m in 2015). The decrease of equity, despite the profits of the period, is mostly due to a 2.3m reduction in the value of property employed in the business. The capital adequacy ratio (Equity as a percentage of Total Assets without Cash and Cash Equivalents) was 56.5% (60.5% in 2015). NEW BUSINESS ACTIVITIES We expect that there will be opportunities for the acquisition of new brands both this year and next. INVESTMENTS Investments in fixed assets amounted to approximately 290,000, mainly in vehicles and IT. Investments of 434,000 have been budgeted for 2017, mainly to upgrade safety and functionality of Company facilities. Once again, the Group s employees and associates, including local dealers, suppliers and subcontractors, deserve the Board of Directors gratitude for their loyal support and congratulations for being the superior professionals they all are. C. P. Petropoulos Chairman of the Board of Directors J. P. Petropoulos Vice Chairman & Managing Director 1

T o m e a s u r e i s t o i m p r o v e L O R D K E L V I N BOARD OF DIRECTORS CONSTANTINE P. PETROPOULOS JOHN P. PETROPOULOS NIKOLAOS M. EBEOGLOU JOHN N. FILIOTIS EFSTATHIOS E. PAPAGEORGIOU GEORGE P. DRAKOS Chairman Executive Member Vice Chairman & Managing Director Executive Member Independent non Executive Member Chairman of the Nominations Committee Independent non Executive Member Chairman of the Executive Evaluation and Compensation Committee Independent non Executive Member Chairman of the Audit Committee Independent non Executive Member JOHN M. KATSOURIDIS Independent non Executive Member STEFANOS A. MANOS Independent non Executive Member MICHALIS K. MICHALOUTSOS Independent non Executive Member MICHAEL E. ECONOMAKIS Independent non Executive Member The Board of Directors was elected by the Annual General Meeting of Shareholders on April 18, 2013 for a five year term. It holds four major meetings per year. The December meeting is devoted to approving the Business Plan and the Company s strategy for the next year. The April, July, and October meetings deal with the progress of the Business Plan and longterm issues. 6,30% 6,70% 5,00% 4,94% 4,99% 4,5% % PER ANNUM 2,5% 3,00% 3,00% 2,5% 1,00% 0,9% 1,3% 1,7% 0,8% 2015 2016 SALES TO AVERAGE OPERATING CURRENT ASSETS WITHOUT REAL ESTATE & END USER FINANCE COST OF BORROWING TBILL INTEREST AVERAGE INFLATION GREEK ECONOMY: COST OF CAPITAL & INFLATION Projection 160,00 140,00 MILLION EUROS 83,1 63,7 50,2 55,3 66,5 80,3 93,3 120,00 100,00 80,00 60,00 40,00 20,00 2015 2016 31/12/15 31/1/16 2/3/16 2/4/16 2/5/16 2/6/16 2/7/16 2/8/16 2/9/16 2/10/16 2/11/16 2/12/16 ASE INDEX PETRO 2 S A L E S S T O C K P R I C E

N a t u r a n o n f a c i t s a l t u m A L F R E D M A R S H A L L Petros Petropoulos Group FINANCIAL HISTORY IN THOUSAND 2016 2015 2014 2013 2012 Total Sales Invoiced Sales Gross Profit (Percent of Invoiced Sales) Other Income Marketing and Administrative Expenses (Percent of Invoiced Sales) Depreciation Included Operating Profit (Percent of Invoiced Sales) Losses from Revaluation of Property Ιnvestments Other Taxes Νet Financial Expense Foreign Exchange Gain (Loss) Net Profit / (Losses) Before Tax (Percent of Invoiced Sales) Income Tax Net Profit / (Losses) After Tax 93,282 93,236 15,628 (16.8%) 772 (11,799) (12.7%) 1,023 4.601 (4.9%) (640) (1,506) (19) 2,436 (2.6%) (1,097) 1,339 80,292 80,198 14,705 (18.3%) 1,011 (11,355) (14.2%) 952 4,361 (5.4%) (664) (1,156) (1,308) (15) 1,218 (1.5%) (627) 591 66,558 66,427 12,659 (19.1%) 1,287 (10,826) (16.3%) 896 3,120 (4.7%) (1,231) 1 1,890 (2.8%) (465) 1.425 55,367 55,061 10,485 (19.0%) 1,197 (9,431) (17.1%) 847 2,251 (4.1%) (1,520) (22) 709 (1.3%) (97) 612 50,181 50,072 9,518 (19.0%) 1,411 (12,297) (24.5%) 1,533 (1,368) (3,375) (1,617) (37) (6,397) 543 (5,854) BALANCE SHEET ITEMS (As at 31 December) Fixed & Long Term Assets Current Assets Cash & Securities Total Assets Short Term Liabilities Long Term Liabilities Net Worth 26,143 25,316 12,746 64,205 24,861 10,265 29,079 29,604 21,292 18,597 69,493 29,686 9,014 30,793 33,075 24,965 13,312 71,352 27,287 11,915 32,150 34,468 25,629 14,149 74,246 23,801 19,561 30,884 36,058 31,514 8,551 76,123 26,326 19,101 30,696 EMPLOYMENT ITEMS Average Number of Employees Total Cost Redundancy Compensation Net Total Cost Company Social Security Payments 111 5,208 99 5,109 938 113 5,634 331 5,303 957 116 5,299 147 5,152 1,004 118 4,707 165 4,496 924 149 6,257 686 5,513 1,034 KEY RATIOS Solvecy 31/12 * Current Ratio Total Employment Cost Per Person Sales Per Employee Weighted Average Number of Shares Earnings / (Losses) per Share after Tax Capital Return per Share Dividend per share 56.5% 1.0 46.0 840 6,999,918 0.19 0.10 0.10 60.5% 0.7 46.9 710 6,992,898 0.08 0.10 55.4% 0.9 44.4 574 6,924,574 0.21 51% 1.1 38.1 469 6,999,341 0.09 45% 1.2 37.0 337 6,999,341 (0.80) * Equity as % of Total Assets without Cash and Securities 3

Business Unit TRUCK & BUS S C A N I A K O G E L A L L I S O N G E T M A N The overall new truck market decreased in comparison to 2015, and remained at very low levels. Only 180 trucks over 16 tonnes were registered. Scania retained its 13.9% market share. Despite the relatively small Greek market, the Business Unit managed to record a positive Economic Profit that was triple its initial projections. Longhaul Scania trucks maintain their lead position on the Greek market, with a share exceeding 32%. The overall tourist and intercity bus market remained at low levels, but the Unit managed to deliver 4 Scania touring buses ideal for intercity routes. A further drop was noted in the market for midibuses of up to 30 seats. Nevertheless, the Unit delivered 5 Isuzu buses to the Mykonos intercity bus system and to Rhodes. The new 9.5 metre Isuzu Citibus, suitable for urban bus service, will be launched in 2017. Scania is a worldwide leader in diesel engine fuel economy and low carbon technologies. It sets high environmental standards for all its authorised service centres in Greece and around the globe. ACTIVITIES Sales, modification, superstructures and technical support for: Scania trucks and buses, Isuzu buses, Getman mining equipment, Allison automatic transmissions and Kögel trailers. 4 CUSTOMERS International and national transport companies and drivers, the public sector, public utilities, local administration organisations, private individuals, civil engineering contractors, subcontractors, mines and quarries.

Business Unit ISUZU Pickup Trucks Despite the ongoing challenges faced by the agricultural and professional sector, which is the primary consumer group supporting the pickup truck market, a rise of 14% was noted for 2016 over 2015 in retail sales, and 5.5% in the market overall, which also includes public sector procurements. More than 2,000 vehicles were sold on the market for the first time in four years, showing signs of recovery. I S U Z U New pickup manufacturers made their appearance in 2016, while all of the competition introduced new models. Nevertheless, Isuzu's market share rose to 11% of the market. For 2017, the introduction of the new Isuzu DMAX line and the continued offering of a full range of models (single cab, extended cab and double cab) allows us to plan for an increase in both sales and market share. In Bulgaria, the market remains at a low rate of pickup sales overall. A complete overhaul of the Isuzu authorised dealer and repair shop network is being planned and expected to be in place in the first half of 2017. The effort will provide new impetus for the successful performance of the make in Greece. Trucks The 3.5 to 8 tonne light truck market continued to decrease in 2016, with a further 19% decrease and sales mainly limited to public sector organisations. The Isuzu NSeries Euro 6 trucks are the most comprehensive offering in this market due to their low tare and therefore large payload, their already proven reliability and low fuel consumption achieved thanks to Isuzu's innovative diesel engines. The number of vehicles sold may be small, but the market share is satisfactory at 12%. The Isuzu Business Unit does not anticipate changes in the market or its sales for 2017. The Bulgarian market did not show signs of improvement, resulting in low sales in this segment. The Business Unit once again elected to base its promotional efforts mainly on electronic and social networking media, while also organising touring events and participating in trade shows to highlight the reliability, safety and low fuel consumption of the Isuzu vehicles. Isuzu, which marked its 100year anniversary in 2016, is a worldwide leader in diesel engine manufacturing whose vast knowhow guarantees fuel economy and low emissions. ACTIVITIES Sales and technical support for Isuzu pickups and light trucks in Greece and Bulgaria. CUSTOMERS Farmers, professionals, delivery companies, construction companies and the public sector. NETWORK The authorised dealer network consists of 46 points of sale and 47 repair shops throughout Greece. 5

Business Unit JAGUAR LAND ROVER J A G U A R L A N D R O V E R The luxury car market in 2016 grew significantly over 2015, mainly due to the elimination of the luxury tax and general consumer preference for SUVs. Sales of Jaguar Land Rovers in the Greek market were up 138% due to new reduced prices on both makes without the luxury tax, and as a result of the newly introduced FPace, Jaguar's first SUV. For Land Rover, the most popular makes were the Range Rover Evoque and the Range Rover Sport. The Business Unit's principal goal in 2016 was to increase Jaguar Land Rover's registrations on the Greek market, while increased sales helped the JLR Business Unit to increase both its turnover and profitability. The coveted Range Rover Evoque, in combination with the hybrid version of the Range Rover Sport and the new Jaguar FPace, drove sales for both makes during 2016 despite the adverse economic climate. For 2017, the Business Unit expects an increase in registrations, as the brandnew Land Rover Discovery and the new Range Rover Evoque Convertible will play a definitive role in this direction. The ability of the Land Rover and Range Rover vehicles to traverse even the most inaccessible terrains will be of vital importance for conservation groups seeking to protect the natural environment throughout the globe. At the same time, Land Rover s commitment through the Fragile Earth programme is a global promise aimed at ensuring that our activities have the least possible impact on the environment. ACTIVITIES Sales and distribution of Land Rover & Range Rover cars and Land Rover, Range Rover & MG spare parts. CUSTOMERS Private consumers and rental companies. NETWORK The official network consists of 9 authorised repair shops and 1 point of sale. 6

Business Unit PETROGEN Sales of generating sets as well as the profitability of the Business Unit remained at the same level as in 2015. Although the Business Unit managed to show a profit in 2016, the provision for bad debt it had to make as part of a food sector company's consolidation plan resulted in losses. Completed orders in 2016 included among others two 2060 KVA gensets to the Panagopoula tunnel project on the CorinthPatras National Road; one 1250 KVA genset to the Platanos tunnel project on the same road; two 1875 KVA gensets to Hellas Gold for the project at Skouries in Halkidiki; one 1100 KVA genset to the Cosmote building in Kerameikos; and one 880 KVA genset to PierceAmerican College of Greece in Aghia Paraskevi, Athens. P E T R O G E N F. G. W I L S O N K O H L E R G N B E X I D E The Business Unit has 50 years of accumulated experience in generating sets, a customer list of powerful players across all sectors, specialised personnel and customisation solutions. It is also first in genset sales in Greece. It has an organised network of authorised dealers providing technical support for generating sets and uninterruptible power sources (UPS) all over Greece and ensures that personnel receive regular training through seminars offered yearround, helping them to provide excellent customer service. The high quality construction, product reliability and excellent value for money, combined with the outstanding support provided anywhere in Greece and abroad, constitute the Petrogen Unit's comparative advantage and guarantee its future profitability. The Unit is also active in sales and support of GNBExide Technologies industrial batteries, UPS and voltage stabilisers. Sales of generating sets for 2017 are expected to be on a par with 2016, driven by ongoing investments in tourism and construction. ACTIVITIES Manufacturing, sales and technical support for Petrogen generating sets from 2 to 2,500 KVA, Exide industrial batteries and uninterruptible power sources (UPS). CUSTOMERS Manufacturing and construction companies, retailers, banks, telecommunication companies, shipping, hotels, hospitals, data centres, the Armed Forces, private consumers and the public sector. NETWORK A network of 30 authorised dealers operates throughout Greece. 7

Business Unit ENGINES AND BOATS P E R K I N S L O M B A R D I N I S C A N I A I S U Z U B R I G G S & S T R A T T O N E V I N R U D E T O H A T S U C A N A M S E A D O O S P Y D E R Z O D I A C B O M B A R D A V O N Outboard Motors The year 2016 saw continued improvement for the marine leisure sector, as the outboard motor market rose from 3,300 motors sold in 2015 to 3,850 motors in 2016. The Business Unit managed to record a significant increase in sales and profitability and to maintain its market share of Tohatsu motors at high levels, holding on to third place on the Greek market. Tohatsu engines represent a full range of fourstroke engines from 2.5hp to 50hp, as well as stateoftheart TLDI twostroke direct injection engines from 30hp to 115hp. The outboard motor market is expected to stabilise in 2017 and the Unit is expected to maintain its large market share. The Business Unit also supplies the Greek market with Evinrude ETEC outboard motors (25hp200hp), whose main advantages include their low weight, great torque, reliability, low emissions and ease of use. The new G2 motors (150hp300hp), innovative both in respect of design and technology, have made a favourable impression thanks to their performance and are expected to drive sales in 2017. Boats In 2016, Zodiac Nautic was able to normalise its operations and deliveries under the leadership of new management at the company. In 2017, the company is introducing a new line of models expected to significantly boost sales of large boats. Personal Watercraft (PWC) Sales of personal watercraft in 2016 trended upward due to the new models introduced by Sea Doo. Sales are expected to stabilise in 2017, as presence in the professional market improves, thanks to new 900cc/90hp models. Bombardier Recreational ProductsBRP (ATVSSVSPYDER) Sales of BRPs (Canam, Commander, Maverick and Spyder) were up in 2016. The year 2017 will be a period of waiting for the new Canam models that comply with Euro 4 emission standards. Diesel & Gasoline Engines The sales of industrial engines enjoyed a significant increase in 2016, while sales figures for marine diesel engines remained unchanged. ACTIVITIES Sales, modification and technical support for: Evinrude and Tohatsu outboard motors, Sea Doo personal watercraft, CanAm ATV, Spyder motorcycles, Zodiac, Avon and Bombard inflatable and rigid inflatable boats, marine and industrial engines, marine generating sets and internal combustion engines. 8 CUSTOMERS Consumers, boatyards, importers of power boats, fishermen, fish farms, pleasure craft owners, equipment manufacturers and dealers, farmers and the public sector. NETWORK A network of 100 dealers operates throughout Greece.

Business Unit AGRICULTURAL EQUIPMENTS In 2016 the overall agricultural equipment market decreased compared to 2015, primarily because of a lack of agricultural equipment subsidy programmes, as new ones are expected soon. Yet despite the difficult economic environment, the Business Unit managed to significantly improve its market share. In 2016 new models were added to the range of products from both companies: ΜcCormick launched a new Χ8 series with engines offering between 250hp and 310hp, the X4Μ series of openplatform tractors ranging between 61hp and 75hp, and the completely new X2 series with engines of up to 55hp. L A N D I N I M c C O R M I C K G A L L I G N A N I C E L L I Landini launched its new 2 series with engines of up to 55hp, which replaces its popular Mistral series of tractors, and the 4D series of openplatform tractors with engines ranging from 61hp to 75hp. Both ΜcCormick and Landini added to their range of orchard tractors in the F series and REX series, with the costeffective ELine and Τechno tractors. In 2017 the Unit aims to improve its share of the Greek market and increase its Economic Profit. ACTIVITIES Sales and technical support for: McCormick and Landini agricultural tractors, Gallignani balers and Celli tillers, Enorossi tillers and Sigma 4 front loaders. CUSTOMERS Farmers, livestock units, public utilities, municipalities and communities. NETWORK A network of 85 authorised dealers operates throughout Greece. 9

Business Unit INDUSTRIAL EQUIPMENTS I N G E R S O L L R A N D P U R E G A S 2 G Investments in markets in which this Business Unit is engaged decreased further in 2016. The Business Unit managed to increase its sales and market share, while its Economic Profit remained positive and on a par with 2015 levels. Air Compressors The industrial compressed air systems market decreased in comparison to 2015. In 2017, the Unit will continue to focus on the Greek market in order to improve its share, capitalising on the capabilities of integrated compressed air system solutions by Ingersoll Rand. Cogeneration Systems The cogeneration systems market was affected by the economic environment and the anticipation of new legislation that will determine subsidies for RES. New 2G cogeneration units were installed in 2016. Two 250 KWe Agenitor 306 units were installed at the wastewater treatment plant in Herakleio, one 550 KWe Avus 500 Plus at a facility in Xanthi using livestock farm waste to produce biogas, and one 1000 KWe Avus 1000a in Thessaloniki. New legislation affecting RES, in force since autumn 2016, aligns the Greek regulatory framework for subsidies with European directives; ministry decisions are now anticipated. Provided there are no delays or other changes to this market's regulatory framework, the Unit's position in this activity is expected to improve in 2017. IngersollRand Nirvana compressors are leaders in energy economy. 2G Energy AG is amongst the world's leading manufacturers of cogeneration systems (CHP) for decentralised energy production and supply by means of combined heat and power with an overall degree of efficiency between 85% and 92%. ACTIVITIES Sales, modification, designassembly and technical support for: IngersollRand air compressors and air tools, Puregas compressed air dryer systems and 2G cogeneration systems. CUSTOMERS Industry, commerce, shipping, shipyards and telecommunication companies. 10

Business Unit LUBRICANTS Despite the ongoing decline in the lubricant market (11% in 2013, 4% in 2014, 4% in 2015 and an estimated 3.5% for 2016, according to ICAP's sectoral survey for 2016), the Business Unit produced the best results of the last six years, increasing sales for the third consecutive year by 11% and improving its Economic Profit by 40%. S H E L L L U B R I C A N T S On a global level, Shell remained in first place in world rankings for lubricant manufacturers and distributors for the 10th consecutive year. The result is no coincidence, since Shell lubricants are an outstanding option for any lubricating needs, offering a full range of products, including advanced technology synthetic products, oils and greases. Each family of products has been designed, tested and inspected to cover all lubricant requirements and to meet the highest manufacturer specifications. The Business Unit aims at the overall lubricant market, in all market segments: It is the No1 lubricant supplier for drivers globally, offering advanced technology lubricants for modern motors, ensuring optimum lubrication conditions, protecting the engine and reducing the maintenance cost for both professional and private drivers. Since 2015, BMW Hellas has been supplied with BMW & Mini lubricants produced by Shell as part of an international agreement in Greece and Cyprus. For all industry sectors and for any specialised equipment, Shell lubricants and services have been designed to add value to the industrial unit's operation, offering significant cost reduction and helping maximise equipment efficiency, while extending its life and decreasing any maintenance downtime. An extensive network of selected resellers ensures that any customer needs for lubricants are met quickly and reliably anywhere in Greece. Shell lubricants have been offering stateoftheart technology for shipping for over a century by developing products, applications and technical support services that respond to the everchanging shipping needs. Apart from the sale of lubricants, the Business Unit offers, in close cooperation with Shell, a high level of technical support services, providing lubricant analysis, lubrication guides, product matching services and technical training adapted to partner needs, while also catering to international shipping customers at all Greek ports. The goal of the Unit for 2017 is to grow its market share and to improve its Economic Profit. ACTIVITIES Sales and distribution of Shell lubricants in Greece and Cyprus. CUSTOMERS Authorised service centres, car import dealerships, industry, lubricant resellers, construction sector, quarrying, cement sector, metal construction, public sector, shipping, aviation, energy generation and private consumers. NETWORK Network of 40 selected partners throughout Greece and Cyprus. 11

Business Unit BATTERIES E X I D E H A N K O O K The overall vehicle and boat battery market held steady in 2016. Both sales and Economic Profit of the Business Unit remained at 2015 levels, while showing marked profitability. The Business Unit collaborates with two of the largest battery manufacturers: Exide, a leading vehicle and shipping battery manufacturer with a complete range of high quality products that meet all electricity needs. As of 2015, Exide has been producing and distributing worldwide the new StartStop and Premium battery lines, with the new Carbon Boost technology for faster charging, covering the increasing demands of modern vehicles. Hankook, with the guaranteed high quality of the famous Korean company and the best value for money. Exports of batteries to Cyprus, FYROM and Albania marked an impressive increase of 26%, with a corresponding rise in market share. The Unit's goal for 2017 is to bolster the battery market share on the Greek market and markets abroad, while also achieving further growth in Economic Profit. The Company is an active participant in an alternative battery management system (COMBATT S.A.). ACTIVITIES Trade and distribution of Exide & Hankook batteries. CUSTOMERS Batterylubricantparts resellers, battery centres, electricians, car dealers and importers, industry, authorised service centres, construction sector, shipping and private consumers. NETWORK Network of 30 selected partners throughout Greece, FYROM, Albania and Cyprus. 12

Summary Consolidated BALANCE SHEET (IN THOUSAND ) ASSETS 2016 2015 CURRENT ASSETS Inventories Accounts Receivable Other Receivables Cash & Securities 7,794 11,394 6,128 12,746 6,111 11,743 3,439 18,597 TOTAL 38,062 39,890 NON CURRENT ASSETS Intangible Assets Tangible Assets Investments in Real Estate Accounts Receivable Other Long Term Assets 1,452 13,619 8,200 643 2,229 1,853 16,069 8,840 1,201 1,640 TOTAL 26,143 29,603 TOTAL ASSETS 64,205 69,493 LIABILITIES CURRENT LIABILITIES Short Term Bank Debt Suppliers & Other Liabilities Current Income Tax Payable Customer Advances Other Taxes Payable Sundry Creditors Other Short Term Liabilities 14,251 6,318 870 1,464 992 422 544 15,920 8,307 36 1,975 1,296 1,862 290 TOTAL 24,861 29,686 LONG TERM LIABILITIES Long Term Bank Debt Staff Retirement Benefits Provisions Other Long Term Liabilities Income Tax Provisions Deferred Taxes TOTAL 8,350 868 678 369 0 10,265 6,800 781 785 369 279 9,014 Share Capital Reserves Profit Carried Forward TOTAL NET WORTH ATTRIBUTED TO SHAREHOLDERS Minority Rights 6,575 7,547 14,957 29,079 0 6,575 9,836 14,382 30,793 0 TOTAL NET WORTH TOTAL LIABILITIES 29,079 64,205 30,793 69,493 13

Consolidated PROFIT & LOSS STATEMENT (IN THOUSAND ) TOTAL SALES INVOICED SALES Less: Cost of Goods Sold Gross Profit Plus: Other Operating Income TOTAL GROSS PROFIT AND OTHER OPERATING INCOME Less: General and Administrative Expenses Sales Expenses Other Expenses TOTAL OPERATING EXPENSE Losses from Revaluation of Property Ιnvestments Other Taxes OPERATING PROFIT Plus: Financial Income Less: Financial Charges NET FINANCIAL CHARGES NET PROFIT BEFORE TAX Less: Income Tax NET PROFIT AFTER TAX Depreciation Included in Expenses Profit Attributable to: Company s Shareholders Minority Shareholders Earnings / (Losses) Per Share After Tax 2016 93,282 93,236 (77,608) 15,628 2,014 17,642 (2,837) (8,962) (1,261) (13,060) (640) 0 3,942 73 (1,579) (1,506) 2,436 (1,096) 1,340 1,023 1,340 0 0.19 2015 80,292 80,198 (65,493) 14,705 1,744 16,449 (2,807) (8,548) (748) (12,103) (664) (1,156) 2,526 157 (1,465) (1,308) 1,218 (627) 591 953 591 0 0.08 NOTES 1. The consolidated financial statements of the Group of Companies led by Petros Petropoulos AEBE include the following companies: LYPA INTERNATIONAL AEBE, SEMKA EPE, AEGEM AEBE, all based in Athens, equity participation 100% in all cases and PETROMOTOR BULGARIA EOOD, based in Sofia, equity participation 100%. 2. The number of employees at the end of fiscal year 2016 was 110. 14 AUDITORS REPORT Type of Auditor s Report: Unqualified opinion.

AVRAMIDIS PANAGIOTIS ADAMOPOULOS IOANNIS ADELFIDIS ANTONIOS ATHANASOPOULOS STAVROS ALEXIADIS DIMITRIS ANAGNOSTOPOULOS THODOROS ANASTASIOU ELINA ANTONETSIS CHARALAMPOS ANTONOPOULOS GEORGIOS ANTONOPOULOS IOANNIS ARGYRATOU EFTHYMIA ARGYRIS ALEKOS ARGYROPOULOU IOANNA ARGYROS VASILEIOS ASIMAKOPOULOS DIMITRIS VAITSIS STEFANOS VELOUDOS SPYRIDON VRYONI MAGDALINI GAVRIIL IOANNIS GARGANOURAKIS NIKOLAOS GEDEON MELPOMENIMARIA GKEKI MARIANNA GIANNOPOULOS GEORGIOS GIANNOPOULOS KONSTANTINOS DALKITZIS ELEFTHERIOS DARDAMANI MARIA DARDANOS GKIKAS DIMAKI IOANNA DIMOMELETIS ANASTASIOS DIMOU GIORGOS DIMOU DIMITRIOS DIALYNAS MANOLIS DOUKAKIS GEORGIOS DRANDAKI ELEFTHERIA ZAGORAKIS NIKOLAOS ZAMPELIS IOANNIS ZEPPOS CHRONIS ZOGLOPITIS PANAGIOTIS THEODORIDIS ILIAS THEODOROPOULOU VASILIKI KAITTANI PARASKEVI KALAVROS STAVROS KALOGERAKIS EMMANOUIL KANDANOLEON EMMANOUIL KANELLAKIS IOANNIS KAPOUKINIS PANAGIOTIS KARACHALIOU PANAGIOTA KARVELA ANASTASIA KARRAS SPYRIDON KIOUKIS IOANNIS KOVATSOS PANAGIOTIS KOKKORI MARIA KOKKORI CHRISTINA KONTOGIANNI EVANTHIA KONTOLAIMOS PANAGIOTIS KOUTSIOUMPA GEORGIA KYPRAIOU CHRISTINA LAZARIDIS ATHANASIOS LAZOS ASIMAKIS LENTA GEORGIA LEONTARIDIS NIKOLAOS LIAKOS LOUKAS LOUKAS THEOFANIS LOULOUDAKIS THEODOROS MANIATIS DIMITRIOS MANOLIS ANASTASIOS MANOLIS ANASTASIOS MARGARONI IOANNA MARKAKIS STYLIANOS MASVOULAS DIMITRIOS MITRAKI GIOTA MITRAKI SOFIA BAROUTIS VASILEIOS BELLOS NIKOLAOS BONATSOS IOANNIS BOULIS GIORGOS BRAVOS GIORGOS MYLONIDOU ELENI NIKOLAOU NIKOLAOS XIROS STAVROS XYGKAKIS CHRISTOS XYDIAS CHARALAMPOS ONOPAS DIMITRIS ORFANIDIS PERIKLIS PAGKRAKIOTIS ALEXANDROS PAPAGEORGIOU ELENI PAPAGIANNIS IOANNIS PAPADOPOULOS GEORGIOS PAPAZOTOS ANASTASIOS PAPAROUPAS GIORGOS PASPALIARIS KOSTANTINOS PASCHALIS VALIANOS PASCHALIS Our values: BAMPIS PAVLIDIS NEKTARIOS PEPERA THOMI PETROPOULOS DIONYSIOS PETROPOULOS IOANNIS PETROPOULOS KONSTANTINOS PETROU DIMITRIS PIALOGLOU LAZAROS PIPPOS VASILEIOS PISIMISIS DIMITRIOS PLAKAKIS PETROS POLYKRETIS STAMATIS POULAKIDA OURANIA Respect for and trust in the individual PRINTZOU ARTEMISIA RAPTOU MARIA ROUSSIS DIMITRIOS ROUSSOU KYRIAKOULA SAGANIS PAVLOS SAMPANI CHRYSA SERIATOS DIMITRIS STAVRIANOU PLOUMI STAVROPOULOS VAIOS STOGIANNOU SOFIA STRATAKI EVANGELIA TSOLIAKOS GEORGIOS TZIALAS NIKOS TSALMANOGLOU ATHANASIA TSIAGKA ATHINA TSOMI MARIA TSONOS NEKTARIOS FOLIA AIMILIA CHARALAMPOPOULOS DIMITRIOS Keep the promise CHARMANTAS STEFANOS CHARMANTZIS NIKOLAOS CHATZIIOAKEIMIDOU EIRINI CHRYSANTHOPOULOS ATHANASIOS CHTAPODAS ELEFTHERIOS AVRAMIDIS PANAGIOTIS ADAMOPOULOS IOANNIS ADELFIDIS ANTONIOS ATHANASOPOULOS STAVROS ALEXIADIS DIMITRIS Fair championship ANAGNOSTOPOULOS THODOROS ANASTASIOU ELINA ANTONETSIS CHARALAMPOS ANTONOPOULOS GEORGIOS ANTONOPOULOS IOANNIS ARGYRATOU EFTHYMIA ARGYRIS ALEKOS ARGYROPOULOU IOANNA ARGYROS VASILEIOS ASIMAKOPOULOS DIMITRIS VAITSIS STEFANOS Zero waste VELOUDOS SPYRIDON VRYONI MAGDALINI GAVRIIL IOANNIS GARGANOURAKIS NIKOLAOS GEDEON MELPOMENIMARIA GKEKI MARIANNA Prudence GIANNOPOULOS GEORGIOS GIANNOPOULOS KONSTANTINOS DALKITZIS ELEFTHERIOS DARDAMANI MARIA DARDANOS GKIKAS DIMAKI IOANNA DIMOMELETIS ANASTASIOS DIMOU GIORGOS DIMOU DIMITRIOS DIALYNAS MANOLIS DOUKAKIS GEORGIOS DRANDAKI ELEFTHERIA ZAGORAKIS NIKOLAOS ZAMPELIS IOANNIS ZEPPOS CHRONIS ZOGLOPITIS PANAGIOTIS THEODORIDIS ILIAS THEODOROPOULOU VASILIKI KAITTANI PARASKEVI KALAVROS STAVROS KALOGERAKIS EMMANOUIL KANDANOLEON EMMANOUIL KANELLAKIS IOANNIS KAPOUKINIS PANAGIOTIS KARACHALIOU PANAGIOTA KARVELA ANASTASIA KARRAS SPYRIDON KIOUKIS IOANNIS KOVATSOS PANAGIOTIS KOKKORI MARIA KOKKORI CHRISTINA KONTOGIANNI EVANTHIA KONTOLAIMOS PANAGIOTIS KOUTSIOUMPA GEORGIA KYPRAIOU CHRISTINA LAZARIDIS ATHANASIOS LAZOS ASIMAKIS LENTA GEORGIA LEONTARIDIS NIKOLAOS LIAKOS LOUKAS LOUKAS THEOFANIS LOULOUDAKIS THEODOROS MANIATIS DIMITRIOS MANOLIS ANASTASIOS MANOLIS ANASTASIOS MARGARONI IOANNA MARKAKIS STYLIANOS MASVOULAS DIMITRIOS MITRAKI GIOTA MITRAKI SOFIA BAROUTIS VASILEIOS BELLOS NIKOLAOS BONATSOS IOANNIS BOULIS GIORGOS BRAVOS GIORGOS MYLONIDOU ELENI NIKOLAOU NIKOLAOS XIROS STAVROS XYGKAKIS CHRISTOS XYDIAS CHARALAMPOS ONOPAS DIMITRIS ORFANIDIS PERIKLIS PAGKRAKIOTIS ALEXANDROS PAPAGEORGIOU ELENI PAPAGIANNIS IOANNIS PAPADOPOULOS GEORGIOS PAPAZOTOS ANASTASIOS PAPAROUPAS GIORGOS PASPALIARIS KOSTANTINOS PASCHALIS VALIANOS PASCHALIS BAMPIS PAVLIDIS NEKTARIOS PEPERA THOMI PETROPOULOS DIONYSIOS PETROPOULOS IOANNIS PETROPOULOS KONSTANTINOS PETROU DIMITRIS PIALOGLOU LAZAROS PIPPOS VASILEIOS PISIMISIS DIMITRIOS PLAKAKIS PETROS POLYKRETIS STAMATIS POULAKIDA OURANIA PRINTZOU ARTEMISIA RAPTOU MARIA ROUSSIS DIMITRIOS ROUSSOU KYRIAKOULA SAGANIS PAVLOS SAMPANI CHRYSA SERIATOS DIMITRIS STAVRIANOU PLOUMI STAVROPOULOS VAIOS STOGIANNOU SOFIA STRATAKI EVANGELIA TSOLIAKOS GEORGIOS TZIALAS NIKOS TSALMANOGLOU ATHANASIA TSIAGKA ATHINA TSOMI MARIA TSONOS NEKTARIOS FOLIA AIMILIA CHARALAMPOPOULOS DIMITRIOS CHARMANTAS STEFANOS CHARMANTZIS NIKOLAOS CHATZIIOAKEIMIDOU EIRINI CHRYSANTHOPOULOS ATHANASIOS CHTAPODAS ELEFTHERIOS

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