Zeritis Group

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T H E F O U N D E R PANOS ZERITIS CV PANOS ZERITIS ACHIEVEMENTS AND DISTINCTIONS PANOS ZERITIS PAPER INDUSTRY CONSULTANT Z E R I T I S G R O U P A C T I V I T I E S P A P E R C O M P A N I E S The ZERITIS GROUP owns and operates paper companies and other activities. a. THRACE PAPER MILL S.A.- “DIANA”/ XANTHI - GREECE with 25% Tissue paper and products market share b. PYRAMIDS PAPER MILL S.A.E.- “FLORA”/ CAIRO – EGYPT Tissue Paper No 1 in Tissue products in Egypt, c. ST. ANDRE PAPER MILL S.A./ BUDAPEST – HUNGARY Real Estate in Hungary d. BUDAFOK RECYCLING S.A. Waste paper recycling e. BELOVO PAPER MILL S.A. - “BELANA” / BELOVO – BULGARIA No 1 in Tissue and Specialty Products in Bulgaria O T H E R A C T I V I T I E S The Group is also involved in other activities besides paper, which include Plastics, Real Estate, Electricity Trade, etc. A short description of the ZERITIS GROUP follows. 01.10.2015 HEADQUARTERS: 150, IERA ODOS, 122 42, EGALEO, ATHENS, GREECE tel. (+30) 210 6248700, mob. (+30) 6932 438409, fax. (+30) 210 8071469, e-mail: [email protected], url: www.zeritis.gr

C U R R I C U L U M V I T A E P A N O S D. Z E R I T I S STUDIES : NATIONAL TECHNICAL UNIVERSITY / Athens - Chemical Engineer. LANGUAGES : English, French, Italian, German. FAMILY : Married with two children. MAIN ACTIVITY: TISSUE PAPER PRODUCTION AND TRADE IN GREECE, BULGARIA AND EGYPT. EXPORTS IN 70 COUNTRIES. 1957-1972: ATHENS PAPER MILL S.A. -SOFTEX / Greece. Tissue Paper and Products establishment (1972 the biggest in Europe). 1972-1975: PAKO S.A.- VIS S.A. / Greece. Corrugated Paper and Cartons. Manager - Consultant. . 1972-1980: PANOS ZERITIS / PAPER INDUSTRY CONSULTANT. OPERATING TISSUE PROJECTS: ITALY, YUGOSLAVIA, KUWAIT, TURKEY, SOUTH AFRICA. (S.Arabia, Syria, Iraq, Lebanon, Iran). 1975-1980: CARTELLAS S.A. “DELICA” / Greece. Tissue Paper & Products. 20% Shareholder sold to Georgia Pacific and from 2013 to SCA. THRACE PAPERMILL S.A.- “DIANA” / Xanthi – Greece 1980: President and 100% Shareholder. Production and trade of Tissue Paper and Products. No 2 in Tissue Paper in Greece. PYRAMIDS PAPERMILL S.A.E. “FLORA” / Cairo – Egypt 1987: Majority shareholder with 62,5%. Production and trade of Tissue Paper and Products. No 1 in Tissue paper products sales in Egypt. ST. ANDRE PAPERMILL S.A. / Budapest – Hungary 1994: Owner by privatization. Production and Trade of Envelopes, Special Papers and Products. 2008 stopped operation. Now precious real estate. BELOVO PAPER MILL S.A. “BELANA” / Belovo-Bulgaria 1998: Owner by privatization. President and 68% shareholder. No 1 in Tissue Paper and Products in Bulgaria. Production also of Greaseproof, Special Papers and MG. BUDAFOK RECYCLING S.A. / Budapest - Hungary 2000: President and 51% Shareholder. Waste Paper Operations. ELECTRICITY: 1970-1972: ATHENS PAPER MILL. Two 25 MW each Mirless Blackstone cogeneration diesel power plants in Athens and Drama Greece 2001-2005: ATEL S.A.: 250 MW long term contracts with PPC 50 mil € each per year. Electricity trade. Import: Romania, Bulgaria. Exports: Italy OTHER ACTIVITIES REAL ESTATE: 1984: ERMIS S.A. (IERA ODOS – VOTANIKOS / ATHENS) 1996: ZHTA S.A. (PERISSOS – PEFKAKIA / ATHENS) – WORLD MOTORS 1997: EPSILON S.A. (18 KM -N/S – NATIONAL HIGHWAY ATHENS – SALONIKI) GENERAL ACTIVITIES: 1. President of the Greek - Egyptian Business Council 2. Vice President of the Greek - Bulgarian Business Council 3. Βoard Member of the European Tissue Symposium 4. Member of the Economic and Industrial Research Institute of Greece 5. Member of the Federation of Greek Industries 6. Member of the American - Hellenic Chamber of Commerce PAST ACTIVITIES: 1. President of the National Technical University of Athens Graduates Association (during his presidency he managed to transfer the Lavrion Mines Assets from the Hellenic Ministry of Culture to the National Technical University of Athens that developed the assets to an important Technological Park for research and social activities) 2. President of the Educational Centre of Chemical Engineers 3. President of Thrace Industries Union 4. Ρresident of the Federation of Greek Paper Industries 5. President of the Greek - Hungarian Business Council 6. Vice President of the National Industrial Property Organization 7. Board Member of the National Bank of Greece in Athens and Paris 8. Board Member of the Arab - Hellenic Chamber of Commerce and Development DECORATION: In 2000 the President of Hungary Mr. Ferenc Madl decorated Mr. Panos Zeritis for his contribution in developing the Greek-Hungarian business.

Z E R I T I S G R O U P A c o n s c i e n t i o u s w o r k f o r c e PANOS ZERITIS ACHIEVEMENTS AND DISTINCTIONS I represent Greece in the European Tissue Symposium and other organizations related to the paper and doing business in Greece and in other countries. I was decorated in year 2000, by the President of the Hungarian Republic with the highest distinction of the Grand Cross of the Order of Merit of the Hungarian Republic (attached). I was decorated in 2001 by the EBEA with the award of the self‐made businessman I was decorated in 2007 by the Greek State for business excellence. As business I was decorated in 1985 with the Arab Trophy and in 1986 the International American Award. As business, we sponsored Special Olympics in 1993. As business, we supported Fullbright foundation in 1991. I was elected president of the first alumni association of the National Technical University of Athens and achieved during my mandate to convey the complex of Laurion mines at NTUA subsequently converted in Science & Technology Park. In Egypt I was the first investor in the post‐Nasser era. I was invited by the state owned MISR Iran Development Bank to create in cooperation the first tissue paper mill in 1987 which continues today with Zeritis majority shareholder 62.5%. I am the first to implement a closed water system in papermaking in Kuwait in 1979 which is a great achievement. ZERITIS GROUP HEADQUARTERS: 150, IERA ODOS, 122 42, EGALEO, ATHENS, GREECE tel. (+30) 210 6248700, mob. (+30) 6932 438409, fax. (+30) 210 8071469, e-mail: [email protected], url: www.zeritis.gr

The President of the Republic of Hungary awards the medal of the Officer-Cross for Merit of the Hungarian Republic to Panos Zeritis businessman for development of Hungarian- Greek relationships, as well as for recognition of his activities in promotion of Greek investments in Hungary. At Budapest, on year 2000 month November day 22. Madl Ferenc (signature)

PRESIDENT OF HUNGARY Mr. FERENC MADL WITH Mr. PANOS ZERITIS DECORATION CEREMONY BETWEEN PRESIDENT OF HUNGARY Mr. FERENC MADL AND Mr. PANOS ZERITIS







Mr. Panos Zeritis welcomes Ecumenical Patriarch Bartholomew Mr. Panos Zeritis with the late Patriarch Petros VII of Alexandria and all Africa, the spiritual leader of the religious cooperation of the Christian Orthodox countries Russia and Greece. We lost by accident Patriarch Petros VII close to the Holy Mountain of Athos during his visit there to welcome in Agio Oros the Russian President Mr. Vladimir Poutin

INTRODUCTION Since its establishment in 1973, PANOS ZERITIS, PAPER INDUSTRY CONSULTANT has grown from a small group of paper industry experts to one specialized consulting organization in the field of integrated operations for Household Paper Products (Tissue) and Corrugated Cartons, from regional raw materials for the local markets with closed Papermaking Systems (minimum fiber, water and energy losses and zero pollution). Pulp from wood, annual crop fibers (straw, bagasse, reeds etc.) and waste paper, PAPER with various production systems, CONVERTED PRODUCTS properly tailored with efficient quality control, handling and storing, marketing, sales, retail distribution and computerization are part of these activities. The activities start from a prefeasibility study to prove the realistic basis of any project with emphasis to the local area markets and finish with the product profitably distributed to the satisfied consumer. After a detailed market and project feasibility study accepted by the customer and financing authorities, a proper Flow-Sheet and Operation Layout design initiate the start-up of the real project which involves: a. The site and infrastructure evaluation and selection. b. The proper machinery acquisition and construction. c. Architectural and Operational Design of the building, with all relevant civil works for the building and the machinery complicated foundations, special chests, up to attractive and functional offices and landscaping. d. Machinery erection, start-up, commissioning, production, quality control and operation optimization. e. Products handling and converting with simple or sophisticated equipment, warehousing, marketing, sales and detail distribution according to each countryãs and customersã needs. 150, Iera Odos, GR-122 42, Egaleo, Athens, Greece Phone: +30 210 6248700, Fax: +30 210 3455536 web address: www.zeritis.gr, e-mail: [email protected] 1

THE FOUNDER PANOS ZERITIS started his career in the paper industry at '∞THENS PAPER MILL S.A.- SOFTEX' in 1957, where he established the tissue paper sector from 1961 to 1972. By the time of his departure from the company in 1972, 'ATHENS PAPER MILL S.A. - SOFTEX' was the biggest tissue producer in Europe and an important producer of writing, printing and packaging papers. PANOS ZERITIS From 1972 to 1975 he was General Manager of PAKO Corrugated Cartons Industry and Consultant of VIS Packaging . In 1973 he founded PANOS ZERITIS / PAPER INDUSTRY CONSULTANT and he successfully completed projects in many countries (Greece, Egypt, Italy, Yugoslavia, Germany, Kuwait, Lebanon, South Africa, Turkey, Iran, etc.). In 1975, together with prominent Greek Papermakers he formed 'CARTELLAS S.A.- DELICA'. 2

THE FOUNDER In 1980 he started 'THRACE PAPER MILL S.A. - DIANA'. He remains until now the 100% shareholder and President. THRACE PAPER MILL S.A. is No 2 producer of Consumer Tissue Products in Greece. In 1987 he started the first tissue paper mill in Egypt, 'PYRAMIDS PAPER MILL S.A.E.- FLORA' in Cairo, Egypt, in collaboration with local partners. He is currently 62,5% majority shareholder and President of the Company. PYRAMIDS PAPER MILLS S.A.E. main activity is Consumer Tissue Products. Beginning 1998 he bought majority shares by privatization process of 'BELOVO PAPER MILL S.A. - BELANA' in Bulgaria. The main activities are Tissue Paper and Products and Greaseproof Papers and ranks No 1 in its activities. Beginning 2000 he bought majority shares of 'BUDAFOK RECYCLING S.A.' in Hungary. It is specialized in waste paper recycling. The main activities are collection, sorting, baling and trade of waste paper. 3

ORGANIZATION PANOS ZERITIS, PAPER INDUSTRY CONSULTANT is organized as follows: 1. DIVISION R & D, RESEARCH AND DEVELOPMENT is responsible for the Organizationãs applied research, like the Z-former (the simplest high speed Tissue Former, see sketch and photo), special high efficiency converting machinery, investigation of new ideas in the field of our activities (through dryers, air laid forming, special tissue softening etc.) programming the growth and development of Tissue and Corrugated Boxes and our Organization. 2. DIVISION P, PROJECTS is responsible for initiating new projects, contacting clients and machinery manufacturers, negotiating contracts and promoting public relations, and for the execution of projects undertaken, by carrying out surveys and studies and by supervising their implementation. 3. DIVISION O, MILL OPERATIONS ASSISTANCE is composed by a team of specialists for Erection, Start-up, Commissioning up to guaranteed standards, Quality control, Troubleshooting, Minor on-the- spot modifications, Closed Water Systems, Cost reduction, Production increase and Optimization, Marketing, Sales and Distribution Organization, Training of Customersã personnel. In this field PANOS ZERITIS, PAPER INDUSTRY CONSULTANT takes advantage of ZERITIS GROUP experienced personnel of 2.200 specialists available anytime for the a.m. services. 4. DIVISION A & F, ADMINISTRATION AND FINANCE is responsible for administrative matters, personnel and legal affairs and also for planning, control and financial matters. 4

Z-FORMER In this special former, the sheet is formed,  Operation with minimum water drained and dewatered at once. To that end consumption (2 showers) from closed the stock flows on a single wire and the water water system (low filter and pumps is separated from the fibers passing through requirements, no effluent). the opening of the wire due to the stock impulse, then due to centrifugal forces and  A dry 3 dimensional sheet is formed finally by squeezing the stock in the felt and kept on the felt due to the covered forming roll. In this way it is possible squeezing during formation between to produce sheets from 8 to 50 gr./m2 in felt and wire and remains on the felt potentially unlimited speeds. assisted by centrifugal and capillary Other features of the Z-FORMER forces.  No pick-up problems.  Low machinery construction cost and space requirements.  Wide operation range: Basis weight  Low operation cost in energy, personnel, 8-50 gr./m2, MD:CD 1:1 up to 5:1, maintenance, felts, wires. The Former is Freeness 18-40 S/R, Speed 100-1.000 driven by the felt, assisted by the m/min. impulse of the stock on the wire.  High quality paper.  Operation with one only wire and felt  The first hours of operation the paper with long life time (2-3 months and 3-6 has a high porosity. months correspondingly) due to the lack of dewatering elements (foils, vacuum). Up to now, 4 Z-Formers have been put in  Absence of vacuum, in the forming operation. One in Italy at 300 m/min. and section. three in Greece, two at 600 m/min. and one at 900 m/min. The three machines in Greece  Noiseless operation. produce excellent facial Tissue and the one in  Very simple system costructionally and Italy special porous tissue for diapers and MG. operationally having accessible headbox With the Crescent Formers commercially with lips and paper formation zone at available there is no need for Z-Formers any eye-level. more. Z-FORMER PRINCIPLE 5

Z-FORMER TWO ZONES DRAINAGE Z-FORMER SIDE VIEW 6

MAJOR PROJECTS GREECE 1960 - 1972 ATHENS PAPER MILL S.A. (ATHENS - GREECE) I. PAPERMAKING PM6 10.000 T/Y M.G. - TISSUE PM7 18.000 T/Y TISSUE PM8 30.000 T/Y TISSUE PM2 REBUILT 4.000 T/Y TO 10.000 T/Y M.G. - WRAPPING PM4 REBUILT 10.000 T/Y TO 12.000 T/Y M.G. - GLASSINE PM5 REBUILT 8.000 T/Y TO 12.000 T/Y M.G. - KRAFT AND WRITING II. WASTE PAPER 30.000 T/Y SORTING - BALING - DEINKING III. CONVERTING A. TISSUE 60.000 T/Y IN H.P.P. TOILET - TOWEL ROLLS - NAPKINS - SERVIETTES - WADDING - FACIAL TISSUES - POCKET HANKIES - LADIES SANITARY NAPKINS - BABY DIAPERS - TABLE CLOTHS E.T.C. 180.000.000 TOILET ROLLS/Y 8.000.000.000 NAPKINS/Y B. MULTIWALL BAGS - 70.000.000 BAGS/Y C. GROCERY - SOS BAGS - 4.000 T/Y D. POLYETHYLENE ROLLS - BAGS - EXTRUSION COATING E. VARIOUS: COATING - FLEXO - ROTO PRINTING - CONTINUOUS FORMS - SPECIALTIES IV. PROJECTS PM9 35.000 T/Y TISSUE DRAMA A. 60.000 T/Y NEWSPRINT - THERMOMECHANICAL PULP B. 60.000 M3/Y PARTICLE BOARD C. 30.000 M3/Y SAW MILL D. 32.000 kW POWER PLANT 1973 PAKO (CORINTHOS/ PELASGIA - GREECE) I. PULP - PAPERMAKING A. STRAW PULP / CORRUGATED MEDIUM 6.000 T/Y TO 8.000 T/Y B. DUPLEX BOARD - WRAPPING PAPERS - LINERS 6.000 T/Y TO 8.000 T/Y II. PROJECTS A. STRAW PULP / CORRUGATED MEDIUM 12.000 T/Y WASTE PAPER COLLECTING - SORTING - BALING 12.000 T/Y CORRUGATED BOX PLANT 7

1974 - 1975 CARTHELLAS (ATHENS - GREECE)) 6.000 - 9.000 T/Y INTEGRATED TISSUE MILL PAPER MAKING - CONVERTING - DISTRIBUTION TURNKEY IMPLEMENTATION 1979 VIS S.A. (VOLOS - GREECE) 9.000 T/Y STRAW - MEDIUM (CELLI) 12.000 T/Y DUPLEX BOARD (CELLI) OPERATIONS OPTIMIZATION - CLOSED WATER SYSTEM GENERAL CONSULTING ATHENS PAPER MILL S.A. - PAPER MACHINE PM8 8

KUWAIT 1976 - 1977 INDUSTRIAL BANK OF KUWAIT (KUWAIT) 5.000 T/Y WASTE PAPER COLLECTION 2 MACHINES PAPER MILL 6.000 T/Y M.G. - TISSUE - 12.000 T/Y WRITING - DUPLEX FEASIBILITY STUDY 1979 - 1982 GULF PAPER MANUFACTURING COMPANY (KUWAIT) 15.000 T/Y WASTE PAPER COLLECTION 6.000 - 9.000 T/Y M.G. - TISSUE MACHINE (CARCANO - KMW) 12.000 - 15.000 T/Y WRITING - DUPLEX MACHINE (CARCANO) TURNKEY IMPLEMENTATION WITH 100% CLOSED WATER SYSTEM (5 KG WATER/ KG PAPER) G.P.M.C. KUWAIT 9

G.P.M.C. KUWAIT The management of The Industrial Bank of Kuwait signing the contract to transfer Gulf Paper Manufacturing Company to the new Kuwaiti owner Mr. Al Garabali in the presence of Mr. Karkano supplier of machinery and Mr Panos Zeritis who implemented the project. 10

IRAN 1979 HARIR PARS CO (TEHRAN - IRAN) 6.000 T/Y TISSUE MILL INTEGRATION WITH CONVERTING AND DISTRIBUTION OPERATIONS OPTIMIZATION - PM2 FEASIBILITY STUDY GENERAL CONSULTING LEBANON 1979 PAPIER LIBAN - OSMAN GHANDOUR (TRIPOLI - LEBANON) 15.000 T/Y M.G. - TISSUE MILL (WALMSLEY) GENERAL CONSULTING - IMPLEMENTATION SOUTH AFRICA 1976 - 1977 SOUTHERN PRODUCTS / PREMIER PAPER MILLS (CAPE TOWN - S. AFRICA) 12.000 T/Y INTEGRATION WITH CONVERTING AND DISTRIBUTION OF SOUTHERN PAPER INDUSTRIES. FEASIBILITY STUDY - IMPLEMENTATION - OPERATIONS OPTIMIZATION - DEINKING - GENERAL CONSULTING TURKEY 1976 IPEK (ISTANBUL/ SISLI - TURKEY) 3.000 T/Y TO 10.000 T/Y INTEGRATED TISSUE MILL GENERAL CONSULTING OPERATIONS OPTIMIZATION 11

ITALY 1979 CARTIERA CASTELNUOVO - F.LLI CARRARA (CASTELNUOVO / TOSCANY - ITALY) 30.000 T/Y TWIN WIRE TISSUE MACHINE (OVER) GENERAL CONSULTING 12

YUGOSLAVIA 1976 - 1977 SLADKOGORSKA (SLADKI VRH - YUGOSLAVIA) ERWEPA (DUSSELDORF - GERMANY) 25.000 T/Y TISSUE MACHINE (ERWEPA) GENERAL CONSULTING – COMMISSIONING 13

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TYPE OF SERVICES 1. Feasibility Studies for Client, Sponsor, b. plain/ printed, Hankies, Facial Tissues, State, License, Finacing, International Ladies/ Baby/ Adults diapers, Organizations, Banks, Suppliers e.t.c. Specialties 2. Local and Export Market study. c. Paper: Corrugated Cartons, Grocery, 3. Site selection, Infrastructure evaluation and Multiwall Paper Bags, Business adaptation to the required standards. forms, Coating, Cartons, Printing. 4. Flow-Sheet, Preliminary Layout, Mill d. Plastics: Polyethylene, Polypropylene, Design. blown, cast, Extrusion Coating, 5. Tender for Machinery and Machinery Lamination. Acquisition (10 T/D to 300 T/D). 20. Sales and Distribution Networks - 6. Second Hand Machines procurement, Marketing. rebuilt, Pollution Control Studies and 21. Computerization - Budgeting Implementation. 22. Organization and Management Studies. 7. Final constructional Mill Design, including: 23. System Analysis and Programming. Architectural, Structural, Civil Engineering, 24. Production Management and Supervision. Mechanical and Electrical Design and all 25. General Consulting. necessary for License and Construction 26. Operations Optimization. documentation. 27. Paper Mill Rebuilts. 8. Contracting. 28. Integration with Converting, Warehousing, 9. Paper Machine Room, Converting and Sales, Distribution of existing non Storage Air Conditioning. Integrated Tissue Mills. 10. Safety features. 29. Rebuilt of MG Paper Machines to Tissue. 11. Fire prevention, protection systems. 30. Waste Paper Collection, Sorting - Baling. 12. Construction Methods and Supervision. 31. Deinking, hot dispersing and bleaching of 13. Machinery control, before shipment - waste paper. Quality and safety certificates - Test runs - 32. Straw pulp Semi-Chemical/ Bleached Dispatch Take over. Chemical Annual crop fibers. 14. Erection. 33. Liner from Kraft pulp or waste paper. 15. Start-up - Trouble shooting - Minor spot 34. Corrugated Boxes Technology. modifications - Paper production. 35. Integrated wood pulp, paper, particle 16. Commissioning - Cost reduction. board, Mills Closed Water Systems - Fiber 17. Quality control - Operations optimization. and Water recovery with zero effluent - 18. Paper Handling - Storing - Warehousing. Ecology (air, water, soil pollution control). 19. Converting: 36. Personnel Training in our Mills and in a. Tissue: Toilet rolls, Towels, Napkins- cooperating Mills. 15

ZERITIS GROUP PROJECTS 1980 - 1997 THRACE PAPER MILL S.A. GREECE 1980 PM1 - 12.000 T/Y INTEGRATED WITH CONVERTING 1984 PM2 - 16.000 T/Y INTEGRATED WITH CONVERTING 1990 INTEGRATION WITH POLYETHYLENE FILM PRODUCTION AND PRINTING AND WASTE PAPER TREATMENT PLANT. 1995 WASTE PAPER DEINKING, HOT DISPERSING AND BLEACHING PLANT, INTEGRATED WITH CONVERTING 30.000 T/Y 1997 PM3 - 25.000 T/Y MG PRODUCTION ON PM1 INTEGRATED WITH FINISHING 1985 - 1997 PYRAMIDS PAPER MILLS S.A.E. EGYPT 1995 PM1 - 9.000 T/Y INTEGRATED WITH CONVERTING 1995 PM 2 - 20.000 T/Y INTEGRATED WITH CONVERTING MG PRODUCTION ON PM1 INTEGRATED WITH FINISHING 1997 WASTE PAPER TREATMENT PLANT INTEGRATION WITH POLYETHYLENE FILM PRODUCTION AND PRINTING 2005 PM 3 - 6.000 T/Y 2005 PM 4 - 11.000 T/Y 1994 - 1997 SZENTENDREI PAPER MILL S.A. HUNGARY 1994 - 10.000 T/Y 1997 WAREHOUSES – CONVERTING 2008 REAL ESTATE 2000 BUDAFOK RECYCLING S.A. HUNGARY SORTING AND BALING FACILITIES 20.000 T/Y IN ST. ANDRE PREMISES 1998 BELOVO PAPER MILL S.A. BULGARIA 1998 WASTE PAPER TREATMENT PLANT OPERATIONS OPTIMIZATION FROM 20.000 T/Y TO 60.000 T/Y 16

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