belana

BULGARIA BELOVO PAPER MILL S.A. DETAILED DATA INDEX ‐ CONTENTS A. COMPANY A1. Assets evaluation A2. Evaluators A3. Financial historical data A4. Executive Summary A5. General description (3 pages) A6. Electricity trade in Bulgaria B1. South East Europe estimated tissue markets 2010 B2. Production, sales and distribution in Greece, Bulgaria, Balkans and SE Europe B3. Main figures for tissue market in Bulgaria B4. Sales breakdown per product B5. Sales breakdown by destination B6. Sales breakdown by type of buyer B7. Number of branches, fleet size and sales team size B8. Distribution personnel and vehicles C1. Tissue paper machines C2. Operation permissions of factory D1. Real estate, machinery and products photos (16 pages) E1. Operational assets other than machinery E2. Real estate outside the mill F1. Main sources of pulp, countries, suppliers F2. Roads connecting Belovo ‐ Saloniki – Xanthi F3. Harbours and paper mill location

BELOVO ASSETS EVALUATION A1 (fair market value) S/N mil € 1. LAND & BUILDINGS Ground floor m 2 Built up m 2 Production buildings 32.000 m 2 76.000 m 2 Infrastructure buildings 11.000 m 2 1.1. BUILDINGS IN BELOVO 13.000.000 Warehouses 11.000 m 2 20.600 m 2 Administrative 3.000 m 2 Total 57.000 m 2 96.600 m 2 2 1.2. LAND IN BELOVO (190.000 m ) 1.000.000 1.3. REAL ESTATE OUTSIDE BELOVO 1.000.000 TOTAL LAND & BUILDINGS 15.000.000 2. MACHINERY, fair market value 2.1. PAPER MAKING Voith-1 (Constant part and headbox to rewinder) 7.000.000 Voith-2 (Constant part and headbox to rewinder) 11.250.000 B-34 (Constant part and headbox to rewinder) 2.500.000 B-47 (Constant part and headbox to rewinder) 2.500.000 Deinking installation 1.250.000 Hot Dispersion plant 500.000 TOTAL PAPER MAKING 25.000.000 2.2. CONVERTING & FINISHING 2.2.1. TR / KR / A-f-H LINES Perini-1, W= 2150 mm 2.000.000 Perini-2, W= 2730 mm 2.750.000 Perini-3, W= 2680 mm 2.500.000 Gambini-TMC, W= 2730 mm 2.500.000 Dixon, W= 2670 mm 500.000 Total TR / KR lines 10.250.000 2.2.2. NAPKIN LINES 3.500.000 2.2.3. OTHER CONVERTING (hankies, facial) 250.000 2.2.4. FINISHING 1.000.000 2.2.5. PE PLANT Extruder 250.000 Flexo 350.000 Bag making machine 250.000 Silos, Regranulate, other 150.000 Total PE Plant 1.000.000 TOTAL CONVERTING & FINISHING 16.000.000 TOTAL MACHINERY 41.000.000 3. INFRASTRUCTURE 3.1. Spare parts (book value) 1.500.000 3.2. Water preparation 1.400.000 3.3. Effluent treatment 1.600.000 3.4. Substation 110 KV / 6 KV / 0,4 KV 700.000 3.5. Boiler house (3 gas fired boilers, 12 bar, 8 t/h and 2 boilers 35 bar, 35 t/h) 1.500.000 3.6. Workshop, electric shop 900.000 3.7. Scales, cranes, forklifts, cars 900.000 3.8. Compressed air station 500.000 3.9. Various 1.000.000 TOTAL INFRASTRUCTURE/ VARIOUS 10.000.000 4. INTANGIBLE ASSETS Intangible assets, goodwill, know how, licenses, brands, clientelle etc. TOTAL INTANGIBLE ASSETS 13.000.000 ASSETS GRAND TOTAL 79.000.000 22.03.2012

A2 BELOVO ASSETS EVALUATORS Land and buildings of a value of 15,0 mil € have been evaluated by Civil Eng. V. Koitsanos with 20 years general experience in Doxiadis, Elliniki Technodomiki, Spata Airport and 30 years in paper mills in Egypt, Greece and Bulgaria. Machinery of 40 mil € have been evaluated from two experts Chemical Engineers PhD M. Sideridis and Eng. G. Angelopoulos, both with 30 years experience in Greece, Egypt and Bulgaria in paper mills. All the above have been confirmed from Professor N. Markatos ex‐Rector of the National Technical University of Athens who is also President of the Chemical Engineering School specialised in the paper technology and industrial buildings constructions. It is then evident that all of them combine the most appropriate evaluators in our case in the field of paper industry. 10.10.2011

A3 A3 financial historical data/Belovo/ms BELANA BELOVO PAPER MILL S.A. HISTORICAL DATA BGL EURO € US $ BGL EURO € US $ BGL EURO € US $ YEAR 1998 0,856 1,700 1999 0,995 1,900 2000 1,062 2,079 2001 1,117 2,177 2002 0,954 1,875 2003 0,797 1,559 2004 0,733 1,445 2005 0,844 1,655 2006 0,758 1,495 2007 0,679 1,324 2008 0,709 1,385 2009 0,698 1,364 2010 0,755 1,474 2011 0,755 1,474 2012 0,755 1,474 2013 0,755 1,474 05.03.2014 RATE $ / EURO $ / BGL CASH FLOW (NET PROFITS + DEPRECIATION) % ON NET IN MILLIONS SALES 8,01% 2,4 1,2 1,4 2,0 5,99% 1,0 1,1 6,41% 2,0 1,0 1,0 2,5 9,26% 1,3 1,1 3,3 12,18% 1,7 1,8 3,2 10,96% 1,6 2,1 4,3 13,40% 2,2 3,0 7,8 22,67% 4,0 4,7 10,92% 3,8 1,9 2,5 9,09% 3,2 1,6 2,4 9,31% 3,5 1,8 2,5 2,8 9,12% 1,4 2,1 8,57% 2,7 1,4 1,8 2,3 7,94% 1,2 1,5 2,1 6,93% 1,1 1,4 2,3 8,26% 1,2 1,6 NET SALES IN MILLIONS 30,0 15,1 17,6 33,4 17,5 17,6 31,2 15,9 15,0 27,0 13,9 12,4 27,1 13,8 14,5 29,2 14,9 18,7 32,1 16,3 22,2 34,4 17,5 20,8 34,8 17,6 23,3 35,2 18,0 26,6 37,6 19,3 27,2 30,7 15,7 22,5 31,5 16,1 21,4 28,5 14,6 19,4 30,3 15,5 20,6 28,3 14,5 19,2 BELOVO PAPER MILL S.A. HISTORICAL DATA TOTAL 11,6 5,8 6,8 21,0 11,0 11,1 21,0 10,7 10,1 20,0 10,3 9,2 22,3 11,3 11,9 22,7 11,6 14,6 20,9 10,6 14,5 18,0 9,2 10,9 16,8 8,5 11,2 19,3 9,9 14,6 19,7 10,1 14,2 18,2 9,3 13,3 18,0 9,2 12,2 24,7 12,6 16,8 23,4 12,0 15,9 21,9 11,2 14,9 LIABILITIES IN MILLIONS NET TO BANKS 8,6 3,8 4,3 1,9 5,1 2,2 18,0 5,9 9,4 3,1 9,5 3,1 18,0 10,0 9,2 5,1 8,7 4,8 17,0 9,0 8,7 4,6 7,8 4,1 18,5 9,2 9,4 4,7 9,9 4,9 18,1 9,1 9,2 4,7 11,6 5,8 15,0 7,9 7,6 4,0 10,4 5,5 7,6 7,0 3,9 3,6 4,6 4,2 5,5 8,4 2,8 4,3 3,7 5,6 6,7 12,6 3,4 6,5 5,1 9,5 5,6 14,1 2,9 7,2 4,0 10,2 4,3 13,9 2,2 7,1 3,2 10,2 4,9 13,1 2,5 6,7 3,3 8,9 8,8 15,9 4,5 OWN CAPITAL IN MILLIONS 10,6 5,4 6,3 11,0 5,8 5,8 11,0 5,6 5,3 11,0 5,6 5,1 11,7 6,0 6,2 11,7 6,0 7,5 13,2 6,7 9,1 17,9 9,1 10,8 18,8 9,5 12,6 19,7 10,1 14,9 20,4 10,4 14,7 20,3 10,4 14,9 20,6 10,5 14,0 20,6 10,5 14,0 20,6 10,5 14,0 20,6 10,5 14,0 ON BELOVO PAPER MILL S.A. 68,07% CURRENT ASSETS IN MILLIONS 10,8 5,4 6,3 16,0 8,4 8,4 14,0 7,2 6,7 13,0 6,7 6,0 13,9 7,1 7,4 13,3 6,8 8,5 14,1 7,2 9,8 15,5 7,9 9,4 15,4 7,8 10,3 17,0 8,7 12,8 17,1 8,8 12,3 15,1 7,7 11,1 14,9 7,6 10,1 17,6 9,0 11,9 16,4 8,4 11,1 16,1 8,2 10,9 PARTICIPATIONS : FIXED ASSETS IN MILLIONS 16,2 8,1 9,5 22,0 11,5 11,6 26,0 13,3 12,5 29,3 15,0 13,5 32,6 16,6 17,4 35,4 18,1 22,7 37,0 18,8 25,6 38,7 19,7 23,4 40,3 20,4 27,0 43,9 22,5 33,2 47,2 24,2 34,1 49,5 25,3 36,3 51,8 26,5 35,1 58,0 29,7 39,3 58,5 29,9 39,7 59,9 30,7 40,6 % ON NET SALES 29,09% 22,46% 19,87% 15,19% 14,39% 14,04% 13,08% 13,66% 12,36% 11,93% 11,97% 13,36% 12,38% 11,91% 11,88% 11,55% PERSONNEL COST IN MILLIONS BGL 8,7 4,4 EURO 5,1 USD 7,5 BGL 3,9 EURO USD 3,9 BGL 6,2 EURO 3,2 USD 3,0 4,1 BGL 2,1 EURO 1,9 USD 3,9 BGL EURO 2,0 USD 2,1 4,1 BGL 2,1 EURO 2,6 USD 4,2 BGL EURO 2,1 USD 2,9 4,7 BGL 2,4 EURO 2,8 USD BGL 4,3 2,2 EURO 2,9 USD BGL 4,2 2,2 EURO USD 3,2 4,5 BGL EURO 2,3 3,2 USD 4,1 BGL EURO 2,1 3,0 USD BGL 3,9 EURO 2,0 USD 2,6 3,4 BGL EURO 1,7 2,3 PERSONNEL AVERAGE PRESENT EMPLOYED 1.072 1.438 942 1.238 793 1.048 675 884 632 804 566 699 518 645 517 643 508 625 480 587 426 534 384 481 322 450 341 420 315 388 301 352 * Currency revaluation on 05.07.1999: 1 BGL = 1 DEM NET LIABILITIES = TOTAL LIABILITIES - DIVIDENDS TO SHAREHOLDERS - PROFIT TO BE CARRIED FORWARD PRODUCTION IN THOUSAND TONS 24 25 21 18 20 19 21 21 21 20 21 16 17 16 16 16 YEAR 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 NOTE ON LIABILITIES 1. 2. 3. 4 years 17,5 mil €/year 4. net sales above

A4 EXECUTIVE SUMMARY BELOVO PAPER MILL S.A. / BELANA / BULGARIA  No 1 in production capacity in Bulgaria  No 1 in tissue products sales for 14 years with 20% market share  Exports converted products in 14 countries and unconverted paper in 26 countries and from Bulgaria we have also the possibility of VAT FREE and DUTY FREE exports to the 500 million consumers of the 28 European Union countries. We dispose logistic centres close to the harbours of Bulgaria for imports and trade from the first entrance by sea to the European Union countries.  Historical data 1998 – 2011 about sales, profits and other information Max sales: 19,3 mil € in 2008, max profits 4,0 mil € in 2005 Assets evaluation: 79 mil €, Evaluators: Koitsanos, Sideridis, Angelopoulos, Markatos 23.04.2014

A5 BULGARIA BELOVO PAPER MILL S.A. BELOVO The company started its operation in 1900 with one small paper machine in the town of Belovo, 90 km from Sofia on the old national road to Plovdiv. In 1947 the factory was nationalized and renamed to 'Dimiter Blagoev'. The first wide expansion was realized in the period 1968-1972 with the installation of four new paper machines, one 20.000 tons per year M.G. Tissue fourdrinier Voith – Austria and two Greaseproof/ packaging fourdrinier machines from USSR. The investment was completed with infrastructure installations (water and effluent treatment, steam, compressed air, workshops, warehouses, etc.) finishing and converting equipment for household tissue products (toilet rolls, napkins, handkerchiefs, kitchen, wadding, etc.). The second extension was completed in 1984 with the installation of a 20.000 tons per year twin wire Voith Tissue paper machine, a 20.000 tons per year deinking plant and additional converting machines. It is worth to mention that with the exception of the two fourdrinier USSR machines, all other machinery was German. By the end of 1997 through an International Tender the 58% of the share capital was transferred to THRACE PAPER MILL S.A. (and later to PABOLUX S.A. and PADILUX S.A.). BELOVO PAPER MILL S.A. is listed on the Unofficial Market of Equities of Bulgarian Stock Exchange. 2 The industrial land of Belovo is 190.000 m . The buildings ground floor area is 2 2 2 56.850 m and the total build up is 96.900 m , out of them 20.600 m 2 administration buildings and 76.300 m manufacturing.

2 - - BELOVO PAPER MILL S.A. is the biggest Tissue paper producer in Bulgaria and its trade mark 'BELANA' is spread in all selling points of the country, holding the leading position in the market with 20% value share (2009) and being the major partner of the most prominent international and domestic S/M chains (METRO, BILLA, KAUFLAND, CARREFOUR, PICADILI, CBA etc). The trademark Belana was chosen as the Super Brand of the year 2009 for household tissue products in Bulgaria. The export activity of the Company, both in S/F and converted products includes more than 25 countries and represents the 35% of its production volume. The company has its own sales and distribution organization with branches in Sofia, Varna, Burgas, Pleven and sales office in Plovdiv. Since July 2001 the company is ISO 9001 certified, later upgraded to 9001/2008 version, while in the year 2009 was accredited with ISO 14001:2004 Environmental Management System. The mill with 4 paper machines in operation has a capacity of 58.000 tons per year of Tissue paper, M.G., greaseproof, opaline, wrapping and specialties. The main Paper Machine data are given below: Type of Type of Paper, Width cm Speed Yankee Capacity MACHINE 2 machine B.W. gr./ m HB Trim m/min. diam tons/ year Fourdrinier MG/ Tissue Voith 1 17 - 50 470 452 650 5,0 m 20.000 Yankee paper Twin Wire Voith 2 Tissue 13 - 35 282 272 1.500 4,5 m 20.000 Yankee Wrapping B34 Fourdrinier 20-250 290 280 300 12.000 Paper Greaseproof/ B37 Fourdrinier 20-200 290 280 300 6.000 Opaline The raw material is local or imported waste paper and pulp. BELOVO PAPER MILL S.A. is producing paper in rolls and sheets and various paper products such as: Creping Tissue, Coloured Tissue, Crepe Toweling, Crepe Paper, Greaseproof Paper, Opaline and Core Stock. The converting - finishing operation comprises the production of toilet rolls, napkins, kitchen towels, pocket handkerchiefs, facial tissues, wadding, away from home products, greaseproof paper, opaline, wrapping paper and specialties paper in sheets and rolls. The Mill is integrated with Polyethylene production and flexo printing for its own packaging needs.

- - 3 The converting department includes:  4 rewinders  5 toilet rolls/ kitchen towels and away-from-home roll lines with a wide range of embossing, printing and packaging possibilities, directly fed from the paper machines  10 napkin lines with printing for various sizes and packaging configurations.  1 facial tissues and hand towels line  1 wadding line  1 pocket handkerchiefs line  1 line for table covers The finishing department includes:  3 sheet cutters and guillotines  3 supercalenders The infrastructure includes central electromechanical workshop, computerized spare parts warehouse, water and effluent treatment plant, compressed air station, gas fired boiler house, high tension (110 KV) substation with two high tension transformers and rail way facilities for raw materials and products. Personnel canteens, guesthouse, restaurants, apartments and sport facilities make part of the infrastructure. A wide 6 years Investment program that started in 1998 has been concluded and overpassed 12.000.000 USD. The Company has proceeded with the elaboration of a new investment package aiming to keep an ever green technology in the paper making, finishing and converting, to trace new markets, to improve the infrastructure facilities and to keep the mill in the first range of competition. In this context, a new state-of-the- art toilet/ kitchen rolls line, probably the most modern in the Balkans, has started at the end of 2011. The program due to its modular design can be easily readapted to fast respond not only to the market demands but to the cash flow financing possibilities of the Company as well. A detailed presentation of Belovo Paper Mill (40 pages) is also available. 02.01.2015

A6 ELECTRICITY TRADE IN BULGARIA AVERAGE ANNUAL SALES Budget 30.000.000 € / year 2015- 2016 Details of the future electricity trade operation with DIANA and BELANA later.

B1 SOUTH EAST EUROPE ESTIMATED TISSUE PRODUCTS MARKETS IN EUROS / YEAR 2010 . SALES (KG/Y) POPULATION KGs/Y PER CAPITA 13,66 4,96 5,25 4,83 4,58 3,83 3,53 3,14 3,01 2,31 4,41 30,75% 23,01% 0,73% 7,43% 1,99% 2,93% 5,44% 3,03% 2,72% 21,97% 100% % KG / Y 147.000.000 24,4 110.000.000 8,0 3.500.000 7,5 35.500.000 7,5 9.500.000 7,2 14.000.000 6,0 26.000.000 5,3 14.500.000 5,0 13.000.000 4,6 105.000.000 2,5 478.000.000 06.03.2012 SOUTH EAST EUROPE ESTIMATED TISSUE PRODUCTS MARKETS IN EUROS / YEAR 2010 SALES €/Y POPULATION €/Y PER CAPITA 6,78 35,79% 24,22% 0,68% 7,49% 2,04% 2,99% 5,28% 3,13% 2,72% 15,65% % 100% SUPPLIERS BS SALES IN EUROS / Y 263.000.000 178.000.000 5.000.000 55.000.000 15.000.000 22.000.000 38.787.000 23.000.000 20.000.000 115.000.000 734.787.000 9,9% 20,5% 0,6% 6,8% 1,9% 3,4% 6,8% 4,3% 4,0% 41,9% 100% % POPULATION 2010 10.760.136 22.181.000 667.000 7.345.000 2.072.000 3.660.000 7.364.570 4.622.000 4.317.000 45.416.000 108.404.706 COUNTRY BOSNIA- HERZEGOVINA GREECE ROMANIΑ MONTENEGRO SERBIA FYROM ALBANIA BULGARIA MOLDAVIA S.W. UKRAINE TOTAL No 1 2 3 4 5 6 7 8 9 10

PRODUCTION, SALES AND DISTRIBUTION B Belaruselarus IN GREECE, BULGARIA, BALKANS AND S.E.EUROPE WarsawWarsaw R Russiaussia Polandoland P THRACE PAPER MILL S.A. - Diana K BELOVO PAPER MILL S.A. - Belana Kievoievo C Czechzech U Ukrainekraine Republicepublic R Slovakialovakia Austriaustria S A Bbratislavabratislava B V Viennaienna B Budapestudapest Moldovaoldova M C Chisinauhisinau H Hungaryungary RussiaRussia Romaniaomania R Croatiaroatia C B Belgradeelgrade Bosnia & osnia & B Bucarestucarest B Herzegovinaerzegovina H S Sarajevoarajevo V VARNAARNA S Serbiaerbia P PLEVENLEVEN B M S BOURGASOURGAS Montenegroontenegro Sofiaofia Podgoricaodgorica P B Bulgariaulgaria Pristinaristina P BELOVO P PLOVTIVLOVTIV Skopjekopje BELOVOBELOVO S I F ISTANBULSTANBUL FYROMYROM T Tiranairana XANTHIXANTHI Albanialbania A SALONIKAALONIKA Y AnkaraAnkara YALOVAALOVA S I IOANNINAOANNINA L LARISAARISA Turkeyurkey GREECEREECE G T GREECEREECE G P PATRAATRA ATHENSTHENS A N Nicosiaicosia I IRAKLIORAKLIO INDEX: PRODUCTION PLANT BRANCH CAPITAL

B3 INDUSTRIAL COST BULGARIA - GREECE - EGYPT EGYPT Jan 2013 87 € 7,63% 12 1.044 € 6,54% 327 € 17,30% 12 141 € 80,11% 12 468 € 22,65% 5.616 € 19,66% EGYPT Jan 2013 54,24 € 51,15% 0,057 10,61% 268,69 € 383,57% 202,10 € 430,00% EGYPT Jan 2013 10% **20% 0% 20% EGYPT Sep 2011 87 € 7,63% 12 1.044 € 6,54% 323 € 17,09% 12 110 € 62,50% 12 433 € 20,96% 5.196 € 18,19% EGYPT Sep 2011 51,78 € 48,83% 0,051 9,50% 110,47 € 157,70% 82,85 € 176,28% EGYPT Sep 2011 10% **20% 0% 20% 2010 71 € 6,35% 12 855 € 5,44% 316 € 16,99% 12 174 € 98,72% 12 490 € 24,05% 5.877 € 20,88% 2010 56,85 € 67,48% 0,052 12,72% 123,66 € 169,77% 91,16 € 193,60% 2010 10% **20% 0% 20% 2009 70 € 6,24% 12 840 € 5,35% 273 € 14,68% 12 117 € 66,48% 12 390 € 19,16% 4.680 € 16,62% 2009 50,12 € 68,97% 0,045 12,20% 106,51 € 142,01% 73,93 € 154,02% 2009 10% **20% 0% 20% COMPARISON EGYPT 2008 2007 70 € 58 € 6,36% 5,62% 12 12 840 € 696 € 5,45% 4,82% 259 € 183 € 14,23% 10,83% 12 12 171 € 166 € 97,16% 94,32% 12 12 430 € 349 € 21,54% 18,70% 5.160 € 4.188 € 18,70% 16,25% EGYPT 2008 2007 41,43 € 26,19 € 58,93% 45,16% 0,053 0,033 22,44% 11,70% 110,68 € 103,90 € 147,18% 187,21% 77,47 € 77,46 € 161,73% 135,96% EGYPT 2008 2007 10% 10% **20% **20% 0% 0% 20% 20% 2006 56 € 5,70% 12 672 € 4,89% 166 € 10,29% 12 160 € 90,40% 12 326 € 18,20% 3.912 € 15,83% 2006 23,95 € 43,86% 0,026 8,97% 137,28 € 247,35% 41,60 € 76,56% 2006 10% **20% 0% 20% EGYPT 2005 56 € 5,94% 12 672 € 5,09% 160 € 10,22% 13 150 € 94,34% 12 310 € 17,97% 3.880 € 16,28% EGYPT 2005 25,17 € 49,50% 0,029 12,45% 142,66 € 257,05% 34,96 € 69,50% EGYPT 2005 10% **20% 0% 20% GREECE Sept 2011 1.140 € 100,00% 14 15.960 € 100,00% 1.890 € 100,00% 14 176 € 100,00% 12 2.066 € 100,00% 28.572 € 100,00% GREECE Sept 2011 106,04 € 100,00% 0,537 100,00% 70,05 € 100,00% 47,00 € 100,00% 3,00 € 100,00% GREECE Sept 2011 23% 20% 25% 45% 2010 1.122 € 100,00% 14 15.708 € 100,00% 1.860 € 100,00% 14 176 € 100,00% 12 2.036 € 100,00% 28.152 € 100,00% 2010 84,25 € 100,00% 0,409 100,00% 72,84 € 100,00% 47,08 € 100,00% 3,04 € 100,00% 2010 23% 24% 21% 45% 2009 1.122 € 100,00% 14 15.708 € 100,00% 1.860 € 100,00% 14 176 € 100,00% 12 2.036 € 100,00% 28.152 € 100,00% 2009 72,67 € 100,00% 0,369 100,00% 75,00 € 100,00% 48,00 € 100,00% 3,05 € 100,00% 2009 19% 25% 10% 35% GREECE 2008 1.100 € 100,00% 14 15.400 € 100,00% 1.820 € 100,00% 14 176 € 100,00% 12 1.996 € 100,00% 27.592 € 100,00% GREECE 2008 70,30 € 100,00% 0,236 100,00% 75,20 € 100,00% 47,90 € 100,00% 3,01 € 100,00% GREECE 2008 19% 25% 0% 25% COMPARISON 2007 2006 1.032 € 982 € 100,00% 100,00% 14 14 14.448 € 13.748 € 100,00% 100,00% 1.690 € 1.614 € 100,00% 100,00% 14 14 176 € 177 € 100,00% 100,00% 12 12 1.866 € 1.791 € 100,00% 100,00% 25.772 € 24.720 € 100,00% 100,00% 2007 2006 58,00 € 54,60 € 100,00% 100,00% 0,282 0,290 100,00% 100,00% 55,50 € 55,50 € 100,00% 100,00% 56,97 € 54,34 € 100,00% 100,00% 2,75 € 2,75 € LABOR COST - ENERGY/WATER/EFFLUENT COST - TAXATION 2005 - 2006 - 2007 - 2008 - 2009 - 2010 - 2011 GREECE 2005 943 € 100,00% 14 13.202 € 100,00% 1.566 € 100,00% 14 159 € 100,00% 12 1.725 € 100,00% 23.832 € 100,00% GREECE 2005 50,85 € 100,00% 0,233 100,00% 55,50 € 100,00% 50,30 € 100,00% 2,75 € 100,00% GREECE 2005 19% 32% 0% 32% BULGARIA Jan 2013 159 € 13,95% 12 1.902 € 11,92% 314 € 16,61% 12 75 € 42,61% 12 389 € 18,83% 4.668 € 16,34% BULGARIA Jan 2013 58,80 € 55,45% 0,335 € 62,38% 23,00 € 32,83% 40,00 € 85,11% 10,87 € 362,33% BULGARIA Jan 2013 20%+0,1% 10% 5% 15% BULGARIA Sep 2011 123 € 10,79% 12 1.476 € 9,25% 288 € 15,24% 12 52 € 29,55% 12 340 € 16,46% 4.080 € 14,28% BULGARIA Sep 2011 52,15 € 49,18% 0,285 € 53,07% 7,80 € 11,13% 24,00 € 51,06% 4,75 € 158,33% BULGARIA Sep 2011 20%+0,2% 10% 5% 15% 2010 122 € 10,87% 12 1.464 € 9,32% 283 € 15,23% 12 48 € 27,39% 12 331 € 16,28% 3.977 € 14,13% 2010 51,66 € 61,32% 0,246 60,26% 7,80 € 10,71% 23,67 € 50,26% 4,75 € 156,38% 2010 20%+0,2% 10% 5% 15% 2009 122 € 10,87% 12 1.464 € 9,32% 281 € 15,11% 12 50 € 28,41% 12 331 € 16,26% 3.972 € 14,11% 2009 53,85 € 74,10% 0,244 66,04% 7,80 € 10,40% 24,00 € 50,00% 4,75 € 155,74% 2009 20%+0,2% 10% 5% 15% BULGARIA 2008 112 € 10,18% 12 1.344 € 8,73% 271 € 14,89% 12 54 € 30,68% 12 325 € 16,28% 3.900 € 14,13% BULGARIA 2008 48,91 € 69,57% 0,221 93,54% 8,00 € 10,64% 25,00 € 52,19% 4,75 € 157,81% BULGARIA 2008 20%+0,2% 10% 5% 15% 2007 92 € 8,91% 12 1.080 € 7,48% 234 € 13,85% 12 53 € 30,11% 12 287 € 15,38% 3.444 € 13,36% 2007 39,07 € 67,36% 0,165 58,56% 7,00 € 12,61% 23,00 € 40,37% 3,96 € 144,00% 2007 20%+0,2% 10% ***7% 17% 2006 80 € 8,15% 12 960 € 6,98% 197 € 12,21% 12 51 € 28,81% 12 248 € 13,85% 2.976 € 12,04% 2006 33,35 € 61,08% 0,155 53,42% 5,60 € 10,09% 24,27 € 44,66% 3,96 € 144,00% 2006 20%+0,2% 15% ***7% 22% IMPORTED TO GREECE FROM EU AND BULGARIA PRODUCTS PAY ZERO VAT BULGARIA 2005 80 € 8,48% 12 960 € 7,27% 250 € 15,96% 12 60 € 37,74% 12 310 € 17,97% 3.720 € 15,61% BULGARIA 2005 33,23 € 65,35% 0,125 53,65% 5,60 € 10,09% 25,25 € 50,20% 3,80 € 138,18% BULGARIA 2005 20% 15% 7% 22% WITH THE INVOICE TO THE FIRST BUYER IN GREECE INDUSTRIAL COST LABOR COST LABOR COST MONTHLY MINIMUM STATE SALARY % GREECE (MONTHS / YEAR) MINIMUM PER YEAR SALARY % (GREECE) MONTHLY AVERAGE PER MILL SALARY % (GREECE) (MONTHS / YEAR) MONTHLY AVERAGE MILL OTHER COSTS % (GREECE) (MONTHS / YEAR) MONTHLY AVERAGE MILL TOTAL COST % (GREECE) PER MILL / YEAR TOTAL COST % (GREECE) ENERGY - WATER- EFFLUENT COST ENERGY - WATER - EFFLUENT COST ELECTRICITY (€/MWh) MT % GREECE NATURAL GAS (€/Nm3) %

B4 MAIN FIGURES FOR TISSUE MARKET IN BULGARIA Population: 7 364 570 ( february 2011) GDP per capita: 6 089 $ (2010) Total tissue consumption ± 10%: 26 062 tons Total tissue consumption ± 10%: 38.787.000 € Tissue consumption per capita (avarage): 3.54kg Major tissue paper and products producers: Capacity t/year Machine width 1 ZH Belovo AD 40.000 440cm; 272cm 2 Kostenetz 30.000 420cm; 272cm 3 Sanitex 12.000 272cm 4 Nikopol 10.000 420cm Total capacity: 92.000 Supermarket chains: 1 Metro 13 shops 2 Billa 86 shops 3 Kaufland 35 shops 4 Carrefour 9 shops 5 Piccadilly, Delhaize Group 31 shops 6 Maxima 17 shops 7 Merkator 4 shops 8 CBA 188 shops 9 Evropa 34 shops 10 LIDL 44 shops 22/07/2014 г. MS/JP

B5 BELOVO PAPER MILL S.A. Export destinations Export sales converted tissue countries list Export sales unconverted tissue countries list From 01.01.2008 ‐ 31.12.2011 From 01.01.2008 ‐ 31.12.2011 S/N COUNTRY S/N COUNTRY 1 ALBANY 1 ALBANY 2 AUSTRIA 2 ALGERIA 3 CHINA 3 ARMENIA 4 CYPRUS 4 BOSNIA 5 GEORGIA 5 CYPRUS 6 GERMANY 6 CZECH REPUBLIC 7 GREECE 7 ENGLAND 8 LITHUANIA 8 ESTONIA 9 MALTA 9 GEORGIA 10 POLAND 10 GERMANY 11 ROMANIA 11 GREECE 12 SERBIA 12 HOLLAND 13 SKOPIE 13 HUNGARY 14 SLOVAKIA 14 ISRAEL 15 ITALY 16 KOSOVO 17 LITHUANIA 18 NIGERIA 19 POLAND 20 ROMANIA 21 RUSSIA 22 SERBIA 23 SKOPIE 24 SLOVENIA 25 TURKEY 26 UCRAINE

B6 Belovo Paper Mill S.A. Sales Department SALES PER PRODUCT IN ,000 EURO S/N PRODUCTS 2008 2009 2010 2011 1 TOILET ROLLS 4.859 3.815 3.050 2.812 2 NAPKINS 2.458 2.314 2.309 2.072 3 PROFESSIONAL ROLLS 1.263 974 791 872 4 POCKET 383 368 288 222 5 KITCHEN ROLLS 457 483 356 293 6 WADDING 99 99 55 37 7 FACIAL 113 95 64 56 8 OTHER CONV. AND IMPORTED TISSUE PRODUCTS 10 8 3 0 9 OTHER NON TISSUE IMPORTED PRODUCTS 6 7 9 1 TOTAL CONVERTED 9.649 8.162 6.925 6.366 1 TISSUE PAPER 7.976 6.184 7.463 6.430 2 MG PAPER 824 542 773 696 3 MF PAPER 594 448 419 753 4 CORE PAPER 56 16 21 48 TOTAL UNCONVERTED 9.450 7.191 8.676 7.927 GRAND TOTAL 19.098 15.353 15.601 14.292

22 upon 25 GRAND TOTAL 24 49% 47% 56% 55% B7 25 19.098 15.353 15.600 14.292 22 upon 22 23 100% 100% 100% 100% TOTAL 22 9.450 7.191 8.675 7.927 19 upon 25 21 31% 28% 29% 34% UNCONVERTED 19 upon 22 20 62% 60% 52% 62% EXPORT 19 5.835 4.294 4.511 4.905 16 upon 22 16 upon 25 18 17 19% 38% 19% 40% 27% 48% 21% 38% INLAND 16 3.614 2.897 4.164 3.022 13 upon 13 13 upon 25 15 14 51% 100% 53% 100% 44% 100% 45% 100% TOTAL 13 9.649 9% 8.162 9% 6.925 6% 6.366 6% 10 upon 13 10 upon 25 12 11 17% 16% 14% 14% EXPORT 7 upon 13 7 upon 25 10 9 1.639 7% 14% 1.335 6% 11% 996 4% 9% 872 4% 8% SALES PER TYPE OF CLIENT IN ,000 EURO CONVERTED 4 upon 25 WHOLESALERS 4 upon 13 8 7 6 5 1.351 19% 38% 900 23% 43% 656 18% 41% 501 17% 39% ready products and semi-finished products ready and semi-finished products 1 upon 13 1 upon 25 SUPERMARKETS 4 3 2 3.621 16% 31% 3.475 16% 30% 2.829 16% 35% 2.459 18% 40% Major products purchased by the clients: ready products ready products Belovo Paper Mill S.A. Sales Department NETWORKS 1 3.037 2008 2.453 2009 2.444 2010 2.534 2011 Networks: 1 Supermarkets: 2 Wholesalers: 3 Export: 4

BELOVO PAPER MILL Analysis of sales, administrative, warehousing and distribution personnel per branch SALES TEAM Administrative Warehousing Distributors S/N Branches Sales Total activities activities * 1 Sofia 6 1 4 0 11 2 Varna 3 2 4 0 9 3 Bourgas 3 1 4 0 8 4 Pleven 5 1 4 0 10 Sales office 5 Plovdiv 6 1 0 0 7 Headquarters 6 11 1 0 12 Belovo Total 34 7 16 0 57 *Note: Belovo Paper Mill S.A. has no own trucks and distribution vans. Supply of Branches and distribution is made through rented trucks and vans as follows: S/N Branches TRUCKS 80 - 110 m³ VANS 8 - 12 m³ Total 1 Sofia 4 4 2 Varna 2 2 3 Bourgas 1-3 1-3 4 Pleven 2 2 5 Plovdiv * - Headquarters 6 3 - 5 4 - 5 7-10 Belovo Total 16 - 21 * Distribution for the sales office of Plovdiv is being done directly from the Headquarters of Belovo

Actual yearly production 2009 2008 15.137 18.637 5.649 6.967 9.488 11.670 C1 2010 15.004 6.481 8.523 YEARLY actual yearly tons 20.037 7.348 12.689 C:\Documents and Settings\marinas\Desktop\pdf\blv\C1 paper machines actual year 2005 1996 possible maximum ton/year 12 x monthly 24.912 9.024 15.888 MONTHLY actual monthly tons 2.076 752 1.324 MAXIMUM actual month May 06 Mar 98 possible maximum ton/year 350 x daily 31.745 12.320 19.425 DAILY actual daily tons 90,7 35,2 55,5 actual date 12.03.04 28.06.04 Drying Capacity Ton/Year 55.000 30.000 25.000 Yankee Diam (mm) 5.000 4.500 Machine TRIM (cm) 452 272 HB (cm) 470 282 Max Speed (m/min) 650 1.500 B.W. (gr/m 2 ) 17-50 13-35 Weight Wire (gr/m 2 ) 16-50 12-35 Z E R I T I S G R O U P TISSUE PAPER MACHINES Type of Type of Machine No Paper Machine BELOVO PAPER MILL S.A. 'BELANA' Tissue/ MG Yankee VOITH 1 1 Tissue Yankee VOITH 2 2

C2 BELOVO PAPER MILL Operation permissions of factory EXPIRY S/N LICENSES OF BELOVO PAPER MILL DATE GENERAL LICENSE for exploitation of the installation and 1 Unlimited equipment for industrial activities 2 LICENCE for water usage 11.05.2018 3 LICENCE for CO2 emissions Unlimited 4 ISO 9001:2008 CERTIFICATE 2014* 5 ISO 14001:2004 CERTIFICATE 2013* 6 HEALTH CERTIFICATE for paper and paper products Unlimited 7 LICENCE for technical control of the high risky equipment Unlimited 8 EMERGENCY PLAN for civil protection and fire safety Unlimited *recertification once per 3 years

BELOVO PAPER MILL, BULGARIA GENERAL VIEW BELOVO PAPER MILL, BULGARIA GENERAL VIEW

ADMINISTRATION OFFICE BELOVO PAPER MILL, BULGARIA

BELOVO PAPER MILL, BULGARIA VOITH 1 PAPER MACHINE BELOVO PAPER MILL, BULGARIA VOITH 2 PAPER MACHINE

BELOVO PAPER MILL, BULGARIA B 34 PAPER MACHINE BELOVO PAPER MILL, BULGARIA 3 REELS SLITTER REWINDER OF VOITH 2

BELOVO PAPER MILL, BULGARIA SHEET CUTTING MACHINE BELOVO PAPER MILL, BULGARIA UNWIND STANDS OF SHEET CUTTING MACHINE

BELOVO PAPER MILL, BULGARIA TOILET/ KITCHEN ROLLS AUTOMATIC WRAPPER BELOVO PAPER MILL, BULGARIA TOILET/ KITCHEN ROLLS AUTOMATIC BUNDLER

BELOVO PAPER MILL, BULGARIA 3-DECK NAPKIN FOLDER WITH PRINTING BELOVO PAPER MILL, BULGARIA AUTOMATIC NAPKINS FOLDER 40x40 cm AND 33x33 cm WITH 2 COLORS PRINTING UNIT

BELOVO PAPER MILL, BULGARIA TOILET / KITCHEN ROLLS LINE

BELOVO PAPER MILL, BULGARIA EXTRUDER BELOVO PAPER MILL, BULGARIA 6 COLOR FLEXO PRINTING MACHINE





























Total Deliveries 2008 - 1H 2011 in tons 5.716 1.220 1.000 0 315 1.704 480 505 1.345 7.175 5.972 2.641 1.000 500 900 680 500 1.143 32.796 Deliveries 1H 2011 in tons 1.070 0 500 0 0 0 0 0 0 1.000 1.100 0 0 0 900 680 0 0 5.250 Deliveries 2010 in tons 2.430 0 500 0 0 200 0 0 500 810 1.720 190 1.000 500 0 0 0 0 7.850 Deliveries 2009 in tons 95 705 0 0 0 1.309 480 0 0 3.305 1.791 1.155 0 0 0 0 500 0 9.340 BELOVO PAPER MILL Pulp Suppliers and mills * Deliveries 2008 PULP in tons Bleached sulphate 2.121 beechwood pulp Bleached sulphite 515 softwood pulp Bleached sulphite 0 softwood pulp Bleached softwood 0 sulphate pulp Bleached hardwood 315 sulphate pulp Pate Blanchie Fibres 195 Courtes Eucalyptus Feuilles Kraft ECF Southern bleached 0 softwood kraft pulp Bleached softwood 505 sulphate pulp Bleached hardwood 845 kraft p Svilocell Company - Bulgaria Somes S.A. - Romania La Cellulose Du Maroc S.A. - Morocco Mondi SCP - Slovakia Biocel Paskov A.S. - Czech Republic OY Metsa Botnia AB - Kemi Mill - Finland Sodra Cell Tofte AS - Norway Sodra Cell Tofte AS - Norway MILL Stendal - Germany Stora Enso - Sweden Stendal - Germany Weyerhaeuser - USA International Paper - USA Bukoza - Slovakia Zellstoff Pols AG - Austria Stora Enso - Finland Russia The main supplying sources of pulp for Belovo Paper Mill S.A. are from Germany , Austria , Sweden and Bulgaria. *REMARK : Please note that Belovo Paper Mill consumes also waste paper purchased mainly by local suppliers. Svilocell Company - Bulgaria Korab International AB - Korab International AB - Central National - Gottesman Central National - Gottesman La Cellulose Du Maroc S.A. - Italpaper Spa - Italy Degra GmbH & Co.KG - Degra GmbH & Co.KG - Germany - TPM - Greece Heinzel Pulpsales GmbH - Heinzel Pulpsales GmbH - OY Metsa Botnia AB - Finland SCA Hygiene Products GmbH - Ekman & Co AB - Sweden Ekman & Co AB - Sweden TPM (Thra SUPPLIER Sweden Sweden Europe - Austria Europe - Austria Morocco / TPM - Greece International Paper - USA Germany Austria / TPM- Greece Austria / TPM - Greece Belgium Greece TOTAL : Pulpsales , Degra , Svilocell ). S/N 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18

BELOVO BELOVO SVILENGRAD SVILENGRAD Map with roads that connect Belovo Paper Mill/ Bulgaria with Thrace Paper Mill/ XANTHI - Greece LINDEN LINDEN KULATA KULATA ZLATOGRAD BELOVOLOVO ZLATOGRAD BE XANTHI XANTHI SV SVILENGRADILENGRAD ILINDENILINDEN THESSALONIKI KULATALATA THESSALONIKI KU ZLA ZLATOGRADTOGRAD XANTHINTHI XA IST ISTANBULANBUL KAVALAVALA KA XANTHIXANTHI EGNATIA ODOS EGNATIA ODOS ALEXANDROUPOLIXANDROUPOLI ALE TH THESSALONIKIESSALONIKI ÔÇÁSOSÔÇÁSOS

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