Flora

EGYPT PYRAMIDS PAPER MILLS S.A.E. DETAILED DATA INDEX ‐ CONTENTS A. COMPANY A1. Assets evaluation A2. Financial historical data 1988‐2013 A3. Executive Summary A4. General description (3 pages) B1. South East Europe and Egypt estimated tissue markets 2010 Β2. Comesa Countries B3. Main figures for tissue market in Egypt (3 pages) B4. Sales breakdown by destination B5. Sales breakdown by type of buyer B6. Sales breakdown by product B7. Number of branches, fleet size and sales team size C1. Tissue paper machines C2. Operation permissions of factory D1. Real estate, machinery and products photos (7 pages) E1. Operational assets other than machinery F1. Main sources of pulp, countries, suppliers F2. Harbours and paper mill location

Flora- PPM ASSETS EVALUATION (fair market value) S/N Year of construction mil € 1 LAND & BUILDINGS Built up area m 2 Flora 1 Mill 21,263 m² x 200€/m² BUILDINGS IN 6th Flora 3 Mill 9,977.63 m² x 200€/m² October City TOTAL 31,240.63 m² 6,25 7,77 Offices 3,808.51 m² x 400€/m² 1,52 1.1. GRAND TOTAL 35,049.14 m² area m 2 LAND IN 6th October Flora 1 Mill 40,240 m² 1.2. City Flora 3 Mill 21,406 m² 5,83 TOTAL 61,646 m² TOTAL LAND & BUILDINGS 13,60 TOTAL LAND & BUILDINGS 13,60 2 MACHINERY 2.1. PAPER MAKING PM I Overmeccanica, suction breast roll (stock preparation, constant part, fibers and water recovery, 1987 5,90 headbox to reel and 4ply Celli rewinder) trim 2,54 m, 1000 m/min, 10,000 Tons/year, Yankee diam: 3,6 m PM II VOITH, suction breast roll (stock preparation, constant part, fibers and water recovery, 10,80 headbox to reel and 4ply Techno Paper rewinder) trim 2,7 m, 1000 m/min, 16,500Tons/year, Yankee diam: 4,5 m 1995 PM III Beloit, suction breast roll (stock preparation, constant part, fibers and water recovery, 2005 1,22 headbox to reel and 3ply Beloit rewinder) trim 2,04 m, 900 m/min, 6,500 tons/year, Yankee diam: 3,657 m PM IV Overmeccanica, suction breast roll (stock preparation, constant part, fibers and water recovery, 5,90 headbox to reel and 4ply Celli rewinder) trim 2,54 m, 1000 m/min, 10,000 Tons/year, Yankee diam: 3,6 m 2008 installation in various Waste paper treatment installation, 100 tons/ day, including mechanical treatment and hot dispersion 1,25 stages 1998-2011 TOTAL PAPER MAKING 25,07 2.2. CONVERTING & FINISHING 2.2.1. Pocket Hankies LINES Pocket Line 1, Karl Leopold & Senning, Max.Actual Production 610 Tons/Year Standard Size Pocket. 1988 0,36 Pocket Line 2, Karl Leopold & Senning, Max.Actual Production 462 Tons/Year, Mini Size Pocket. 1988 0,36 Pocket Line 3, Karl Leopold & Senning, Max.Actual Production 562 Tons/Year, Mini Size Pocket 1991 0,36 Pocket Line 4, W-D & Senning, Max.Actual Production 1097 Tons/Year, Mini Size Pocket 1993 1,00 Pocket Line 5A, Karl Leopold & Senning, Max.Actual Production 754 Tons/Year, Standard Size Pocket. 1995 0,36 Pocket Line 5B, Karl Leopold & Senning, Max.Actual Production 462 Tons/Year, Standard Size Pocket. 1995 0,36 Pocket Line 7, W-D & Senning, Max.Actual Production 1404 Tons/Year, Standard Size Pocket 1999 1,20 Pocket Line 9, PCMC & Senning, Max.Actual Production 1498 Tons/Year, Standard Size Pocket 2004 2,00 Pocket Line 10, PCMC & Senning, Max.Actual Production 1000 Tons/Year, Standard Size Pocket 2007 0,70 Pocket Line 11, PCMC & Senning, Max.Actual Production 1100 Tons/Year, Standard Size Pocket 2008 1,30 Total Pocket Hankies lines 8,00 2.2.2. TR / KR / A-f-H LINES Perini-1, Type 813, W= 2500 mm, POINT to POINT embossing, 300 m/min,13 logs/min 1988 1,00 Perini-2, Type 811, W= 2560 mm, Point-to-Point embossing, 300 m/min, 13 logs/min 2004 1,00 Line 3, Alfina, W= 2580 mm, Point-to-Point, Personalised embossing, 1 color printing, 300 m/min, 18 logs/min 2006 1,60 Line 4, Echo 1006, W = 2500mm, steel to rubber embossing, Industrial rolls 2009 0,50 Total TR / KR lines 4,10 2.2.3. OTHER CONVERTING (facial, napkins, C- Fold) 3,00 2.2.4. PE PLANT 1 Extruders LDPE, ALPINE, W=84 cm 1997 0,12 1 Extruders LDPE, KIEFEL, W=90 cm 1997 0,12 Flexo printing machine, F&K, 4-colours, 200 m/min, w=840 mm 1997 0,11 Bag making machine, LEMO 650 1997 0,01 Bag making machine, LEMO 850 1997 0,01 Bag making machine, STIGLER S 1050 1997 0,01 Regranulate 1997 0,05 Total PE Plant 0,43 TOTAL CONVERTING & FINISHING 16 TOTAL MACHINERY 40,60 3 INFRASTRUCTURE 3.1. Spare parts (book value) 1,80 3.2. 3 Floors Pallet Roads, Elevator. 0,90 3.4. Substation and transformers 20 KV / 0,38 KV 0,90 3.5. Boiler house (2 gas fired boilers, 18 bar, 20 t/h and 15 bar, 12 t/h 1,00 3.6. Compressed air station 0,80 3.7. Workshop 2,00 3.8. Scales, cranes, forklifts, cars 0,80 3.9. Furniture, office equipment, utilities, various 0,80 TOTAL INFRASTRUCTURE/ VARIOUS 9,00 TOTAL MACHINERY, INFRASTRUCTURE/ VARIOUS 49,60 FIXED ASSETS GRAND TOTAL 63,20 4 INTANGIBLE ASSETS Intangible assets, goodwill, know how, licenses, brands, clientelle etc. 25,00 TOTAL INTANGIBLE ASSETS 25,00 ASSETS GRAND TOTAL 88,20 29 December 2011

Α2 FLORA A2 historical daata/Pyramids/ms PYRAMIDS PAPER MILLS S.A.E. HISTORICAL DATA EGP US $ EGP EURO € US $ EGP EURO € US $ EGP EURO € US $ YEAR 1988 2,310 1989 2,340 1990 0,730 2,870 1991 0,748 2,350 1992 0,828 3,220 1993 0,896 3,380 1994 0,816 3,390 1995 0,782 3,400 1996 0,805 3,400 1997 0,906 3,400 1998 0,856 3,400 1999 0,995 3,400 2000 1,062 3,900 2001 1,117 4,024 2002 0,954 4,650 2003 0,797 6,183 2004 0,733 6,130 2005 0,844 5,780 2006 0,758 5,745 2007 0,679 5,486 2008 0,709 5,459 2009 0,698 5,451 2010 0,745 5,815 2011 0,780 05.03.2014 RATE $ / EURO $ / L.E. CASH FLOW (NET PROFITS + DEPRECIATION) % ON NET IN MILLIONS SALES - 4,55% 1,0 0,4 13,79% 4,0 1,0 1,4 20,59% 7,0 2,2 3,0 22,50% 9,0 2,3 2,8 24,39% 10,0 2,7 3,0 22,92% 11,0 2,6 3,2 16,42% 11,0 2,5 3,2 4,57% 4,0 0,9 1,2 8,86% 6,9 1,8 2,0 9,55% 7,5 1,9 2,2 10,58% 9,1 2,7 2,7 8,09% 6,8 1,9 1,7 10,48% 8,8 2,4 2,2 15,96% 15,9 3,3 3,4 15,76% 21,4 2,8 3,5 13,04% 21,0 2,5 3,4 16,50% 27,4 4, HISTORICAL DATA NET LIABILITIES IN MILLIONS SALES IN MILLIONS TOTAL 14,0 20,0 6,1 8,7 22,0 18,0 9,4 7,7 29,0 20,0 7,4 5,1 10,1 7,0 34,0 17,0 10,8 5,4 14,5 7,2 40,0 19,0 10,3 4,9 12,4 5,9 41,0 26,0 10,9 6,9 12,1 7,7 48,0 38,0 11,6 9,1 14,2 11,2 67,0 60,0 15,4 13,8 19,7 17,6 87,6 68,9 20,7 16,3 25,8 20,3 77,4 56,7 20,6 15,1 22,8 16,7 78,8 64,7 19,8 16,3 23,2 19,0 86,0 69,0 25,2 20,2 25,3 20,3 PYRAMIDS PAPER MILLS S.A.E. TO NET BANKS 20,0 15,0 8,7 6,5 18,0 15,0 7,7 6,4 20,0 15,0 5,1 3,8 7,0 5,2 14,0 9,0 4,5 2,9 6,0 3,8 17,0 8,0 4,4 2,1 5,3 2,5 24,0 20,0 6,4 5,3 7,1 5,9 35,0 29,0 8,4 7,0 10,3 8,6 57,0 50,0 13,1 11,5 16,8 14,7 51,4 54,6 12,2 12,9 15,1 16,1 38,4 45,1 10,2 12,0 11,3 13,3 44,8 50,2 11,3 12,6 13,2 14,8 48,0 54,0 14,0 15,8 14,1 15,9 44,0 45,0 12,0 12,3 11,3 11,5 35,0 29,0 9,7 8,0 8,7 7 OWN CAPITAL IN MILLIONS 4,0 1,7 5,0 2,1 7,0 1,8 2,4 8,0 2,5 3,4 13,0 3,3 4,0 21,0 5,6 6,2 27,0 6,5 8,0 30,0 6,9 8,8 28,4 6,7 8,4 34,3 9,1 10,1 35,9 9,0 10,6 38,0 11,1 11,2 37,0 10,1 9,5 36,0 10,0 8,9 38,7 7,9 8,3 48,6 6,3 7,9 55,7 6,7 9,1 62,9 9,2 10,9 67,5 8,9 11,7 78,4 9,7 14,3 73,9 9,6 13,5 90,3 11,6 16,6 88,3 11,3 15,2 72,9 9,4 12,0 75,9 9,0 11,9 87,9 9,1 12,6 ON PYRAMIDS PAPE CURRENT ASSETS IN ASSETS IN MILLIONS 9,0 3,9 9,0 3,8 14,0 3,6 4,9 13,0 4,1 5,5 18,0 4,6 5,6 21,0 5,6 6,2 26,0 6,3 7,7 41,0 9,4 12,1 44,1 10,4 13,0 39,4 10,5 11,6 49,9 12,6 14,7 61,0 17,9 17,9 54,0 14,7 13,8 52,0 14,4 12,9 50,6 10,4 10,9 65,2 8,4 10,5 74,5 8,9 12,2 67,2 9,8 11,6 83,3 11,0 14,5 104,4 12,9 19,0 113,2 14,7 20,7 98,0 12,5 18,0 132,0 16,9 22,7 124,7 16,1 20,6 113,9 13,4 17,9 FIXED MILLIONS 16,0 6,9 18,0 7,7 18,0 4,6 6,3 20,0 6,4 8,5 23,0 5,9 7,1 39,0 10,3 11,5 56,0 13,5 16,5 68,0 15,6 20,0 77,2 18,3 22,7 81,0 21,6 23,8 87,3 22,0 25,7 88,9 26,0 26,1 91,0 24,8 23,3 93,0 25,8 23,1 94,3 19,3 20,3 112,8 14,5 18,2 134,6 16,1 22,0 183,8 26,8 31,8 222,2 29,3 38,7 274,3 33,9 50,0 293,6 38,1 53,8 314,8 40,3 57,8 332,2 42,6 57,1 338,1 43,6 55,9 344,7 40,6 54,2 342,6 3 % ON NET SALES 7,27% 6,55% 7,94% 8,25% 11,95% 11,67% 10,90% 9,47% 12,35% 12,67% 11,63% 12,60% 11,65% 10,74% 9,79% 9,13% 9,63% 10,49% 10,22% 9,88% 11,77% 11,76% 12,76% 12,54% 13,12% PERSONNEL COST IN MILLIONS L.E USD 1,6 L.E 0,7 USD 1,9 L.E 0,5 EURO 0,7 USD 2,7 L.E EURO 0,9 1,1 USD L.E 3,3 0,8 EURO USD 1,0 4,9 L.E EURO 1,3 1,4 USD L.E 5,6 1,3 EURO USD 1,7 7,3 L.E 1,7 EURO 2,1 USD 8,3 L.E 2,0 EURO 2,4 USD 9,6 L.E 2,5 EURO 2,8 USD 10,0 L.E 2,5 EURO 2,9 USD 10,0 L.E 2,9 EURO USD 2,9 10,6 L.E EURO 2,9 2,7 USD L.E 9,8 2,7 EURO USD 2,4 10,7 L.E EURO 2,2 2,3 US PERSONNEL AVERAGE PRESENT EMPLOYED 110 120 166 176 290 298 322 328 375 386 341 398 355 446 430 522 465 528 462 521 483 536 458 512 446 501 423 475 415 464 410 460 408 465 425 475 522 580 534 602 575 645 626 700 645 675 645 675 590 645 500 570 PRODUCTION IN THOUSAND TONS 5 6 6 7 8 9 9 15 21 21 19 19 18 19 20 22 25 27 30 30 33 31 30 28 29 28 NET LIABILITIES = TOTAL LIABILITIES - DIVIDENDS TO SHAREHOLDERS - PROFIT TO BE CARRIED FORWARD Preliminary 2013 NOTE ON LIABILITIES YEAR 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1. 2. 3. 4. 5. 6. 7. 8. 9. 18 years 17,5 mil €/year net sales above 10. 11. 12. 13. 14. 15. 16. 17. 18

EXECUTIVE SUMMARY PYRAMIDS PAPER MILLS S.A.E. / FLORA / EGYPT  No 3 in production capacity in Egypt  No 1 in tissue products sales in Egypt for 24 years with 35,0 % tissue market share in consumer products  Exports converted products in 27 countries and unconverted paper in 39 countries  Historical data 1988 – 2011 about sales, profits and other information, attached page Max sales: 33,7 mil € in 2008, max profits 4,3 mil € in 2009  Assets evaluation: 88,2 mil €, Evaluators: Koitsanos, Sideridis, Cavallis, Angelopoulos, Markatos Net worth: 71 mil €, Evaluator: Boshra CAPITAL NEEDED IN EUROS: Amount In Euros FINANCIAL RESTRUCTURING 4,500,000 PAPER MACKING/ WASTE PAPER MODERNIZING AND UPGRADING 1,900,000 NEW POCKET LINE AND UPGARDING PART OD THE EXISITING 3,600,000 TOILET LINES UPGRADING + WRAPPING AND OVERWRAPPING m/c 1,150,000 INTERFOLDED PRODUCTS LINE AND AUTOMATION 1,200,000 EFFLUENT TREATMENT / AUXILIARIES 1,250,000 TOTAL CAPITAL NEEED 13,600,000 TIMING AND CASH FLOW NEEDS: Amount In Date Allocation Euros Restructuring Bank Liabilities by reducing STL & 01/09/2012 Facilities 4,500,000 01/01/2013 Investment Plan A Priority 6,100,000 01/01/2015 Investment Plan B Priority 2,000,000 01/01/2016 Investment Plan C Priority 1,000,000 Total 13,600,000 14 JUNE 2012

A4 EGYPT FLORA - PYRAMIDS PAPER MILLS S.A.E. th 6 OF OCTOBER NEW CITY Flora - Pyramids Paper Mills S.A.E, member of Zeritis Group, is a leading producer, converter, and exporter of tissue paper in North Africa, the Mediterranean, and many countries in Europe. Flora - Pyramids Paper Mills S.A.E produces currently 48.000 tons of tissue paper with 4 paper machines. Our leading exports are the Jumbo Rolls which are supplied to local and international converters and the Flora brand provides tissue products to a wide and growing market. Flora - Pyramids Paper Mills S.A.E exports to Kenya, Ethiopia, Senegal, Kuwait, Malta, Jordan, Emirates, Saudi Arabia, Tunisia, Lebanon, Syria, Algeria, Ghana, Madagascar, Cameroon, Libya, Yemen, Ukraine, Eritrea, UK, Palestine, Morocco, Cape Verde, Iraq, Mozambique, Rwanda, Togo, Malawi, Greece, Cyprus, India, Pakistan, Turkey, Ivory Coast, South Africa, Mauritius, Sudan and many other countries. Established in Egypt in 1984 under Investment Laws 43 and 230, its current th location in the new industrial area of 6 of October City has a facility and 2 grounds of 61.642 m in two plots. 2 2 The building covers 27.500 m plus 1.658 m in 3 floor offices, personnel 2 facilities and computerized warehouses in the main plot plus 2.000 m in 2 floor offices in the second plot. The infrastructure includes a workshop, computerized spare parts warehouse, 2 boilers, compressed air station, canteen, and personnel facilities, electricity from th the grid and water from the 6 October ducts and one deep well. To facilitate storage and handling of consumer products, 3 floor pallet roads are 2 erected in the 3.000 m converted products warehouse to triple its capacity. Flora – Pyramids Paper Mills S.A.E. has sales and distribution centers in Alexandria, Luxor and Delta to cover all Egypt and the close Arab countries.

- - 2 Today Flora – Pyramids Paper Mills S.A.E. shareholders are: a. ZERITIS GROUP 62.5% b. MISR INSURANCE 25.0% c. OTHERS 12.5% Since 2004 Flora –Pyramids Paper Mills S.A.E. is listed in the Egyptian Stock Market in the unofficial list B. In 1994 President Mubarak visited the factory and discussed our prospects and encouraged our expansion with PM2 Our machinery and attention to quality has assured us a solid presence in the marketplace. Here are a few of the manufacturing infrastructures that promote quality tissue product:  Pyramids Paper Mills was the first to produce Tissue Paper in Egypt since 1988 with an OVERMECCANICA Paper Machine, 254 cm width, 1000 m/min. speed, producing 10,000 Tons per year of Tissue paper.  In May 1995, a second Paper machine VOITH started to produce, 264 cm width, 1500 m/min. speed, with a capacity of 25,000 Tons/year Tissue Paper, while PM1 the OVERMECCANICA was rebuilt to be able to produce MG papers.  As from November 2005 a third paper machine BELOIT started to produce, 220 cm width, 600 m/min speed, producing 7000 tons per year of tissue paper.  As from November 2007 a fourth machine OVERMECCANICA started to and it will add 13,000 Tons per year over the Mill’s current capacity. Our main paper Machines data are given below: TYPE OF TYPE OF PAPER Width CM Speed Capacity MACHINE MACHINE B.W. gr./m2 HB Trim m/min. Tons/Year PM 1 Over Tissue/MG 14-50 260 254 900 8.500 PM 2 Voith Tissue 13.5-40 260 274 1.500 18.000 PM 3 Beloit Tissue 13-35 213 208 1.000 6.000 PM 4 Over Tissue/MG 14-50 260 254 1.000 11.000 Total 43.500 We are pleased to offer our clients all grades of tissue paper from 14.5 gsm up to 30.0 gsm in white, light and deep colors, and MG Paper from 100% virgin pulp material up to 100% recycled materials.

3 - - The finished Paper is partly sold in Rolls and Sheets, and partly converted to consumer products, Pocket hankies, Facial Tissues, Toilet Rolls, Towels, Napkins, Specialties and Polyethylene in rolls or bags printed. The Converting and finishing operations contain:  2 Tissue / MG 4 Ply rewinders + 1 Tissue 3 ply / rewinder + 1 tissue 2 ply / rewinder  11 Pocket Hankie Lines  4 Facial Tissue Lines.  7 Napkins machines.  3 Toilet/ Towel Lines  2 Polyethylene Extruders  1 four colors central drum flexo printing machine  2 bag making polyethylene machines. The Polyethylene production that integrates PPM with the necessary PE packaging materials with PE extrusion, printing, bag making, and recycling takes place in the main plot. We are the first paper mill in Egypt to be awarded the ISO 9002 certificate in 1998, ISO 14001 in 2000, ISO 9001 in 2005, the REACH Certificate in 2008 and ISO 18001 in 2001 for safety and health. This provides assurance of our efforts in making Flora a better choice for our clientele. Flora meets a variety of quantity and quality requests for toilet rolls, kitchen rolls, napkins, facial boxes and coasters. The Flora pocket handkerchief is the leader in the Egyptian market and is sold extensively throughout Egypt both and exported as well in other countries. Cooperating with Flora Pyramids Paper Mill’s you have our commitment to quality production and service to achieve customers’ satisfaction. 01.09.2014

B1 SOUTH EAST EUROPE & EGYPT 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 0,57 2,80 28,11% 21,03% 0,67% 6,79% 1,82% 2,68% 4,97% 2,77% 2,49% 20,08% 8,60% 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 45.000.000 0,7 523.000.000 06.03.2012 SOUTH EAST EUROPE & EGYPT ESTIMATED TISSUE PRODUCTS MARKETS IN EUROS / YEAR 2010 SALES €/Y POPULATION €/Y PER CAPITA 4,21 33,43% 22,62% 0,64% 6,99% 1,91% 2,80% 4,93% 2,92% 2,54% 14,62% 6,61% % 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 52.000.000 786.787.000 % 5,8% 11,9% 0,4% 3,9% 1,1% 2,0% 3,9% 2,5% 2,3% 24,3% 42,0% 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 78.500.000 186.904.706 COUNTRY BOSNIA- HERZEGOVINA GREECE ROMANIΑ MONTENEGRO SERBIA FYROM ALBANIA BULGARIA MOLDAVIA S.W. UKRAINE EGYPT TOTAL No 1 2 3 4 5 6 7 8 9 10 11

COMESA COUNTRIES GDP/CAP IN S/N COUNTRY CAPITAL POPULATION (CIA) USD (CIA) 1 EGYPT CAIRO 78.887.007 4.400 2 ETHIOPIA ADDIS ABABA 74.777.981 800 3 DEMOCR. REP. OF CONGO KINSHASA 62.660.551 800 4 SUDAN KHARTOUM 41.236.378 2.100 5 KENYA NAIROBI 34.707.817 1.200 6 UGANDA KAMPALA 28.195.754 1.700 7 MADAGASCAR ANTANANARIVO 18.595.469 900 8 ZIMBABWE HARARE 12.236.805 2.100 9 MALAWI LILONGWE 13.013.926 600 10 ANGOLA LUANDA 12.127.071 3.200 11 ZAMBIA LUSAKA 11.502.010 900 12 RWANDA KIGALI 8.648.248 1.300 13 BURUNDI BUJUNBURA 8.090.068 600 14 ERITREA ASMARA 4.786.994 1.000 15 MAURITANIA PORT LOUIS 1.240.827 13.200 16 LIBYA TRIPOLI 5.900.754 8.400 17 SWAZILAND MBABANE 1.136.334 5.500 18 COMOROS ISLES MORONI 690.948 600 19 DJIBOUTI DJIBOUTI 486.530 1.300 20 SEYCHELLES VICTORIA 81.541 7.800 TOTAL 419.003.013 58.400

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 EGYPT THE EGYPTIAN TISSUE MARKET 2011 “Flora-Pyramids Paper Mills” that was established in 1983, has been the first Egyptian tissue paper producing company in November 1987. The company started as well its export activity in 1990, and since then, managed to create a considerably big portfolio of satisfied customers in Middle East, Europe, Africa , Asia and even Latin America. Considering the very big size of the market to which we are addressing ourselves in exports, it is reasonable to expect that once we add a new paper machine having a fair capacity, the exports increased at a very fast base since the export market is unlimited if price, cost and quality are acceptable. Above estimation, is reflecting the privileges that the country enjoys, such as, the favorable location from transportation point of view in the area of Middle East, low labor cost, low energy cost, and competitive raw material cost. This was as well, the main reason that guided, since 1987, other companies to start tissue production in Egypt. 1. MARKET SIZE – RATE OF GROWTH: The size of the Egyptian tissue market (2011) is estimated to be 45,000 tones /Year accounting less than 0.15% of the world size and having a total value of 450 Million Egyptian pounds. During the last 25 years this market showed an extensive expansion. When “ Flora - Pyramids Paper Mills” started its local tissue production in 1987 , the Egyptian market was estimated to be 4,000 tons/Year. This is giving an average per year growth of 10%/ year, a fact showing the huge potentiality of this market even compared to the pan African average of approx. 3.9% / year. Since then and in the mean time, other competitive companies entered the field of tissue paper production, namely HANDY (1989) , FINE (1991), NEFERTITI (1991) and CARMEN (1995) Al Sindian (2005) Al Zeina (2008) Interstate (2008) Mediterenian paper company (2011) . The total installed capacity today in Egypt is approximately 225 thousand tons of semi-finished tissue distributed as follows: 1. El Sindian (Nuqul) 55.000 T/Y – Mill without converting –Mainly Exports 2. Interstate (Sanita) (25.000+25.000)= 50.000 T/Y - Mill without converting 3. Flora (Zeritis) (8.500+18.000+6.000+11.000)= 43.500 T/Y 4. Al Zeina 30.000 T/Y 5. Fine (Nuqul) 18.000 T/Y 6. Mediterranean 15.000 T/Y– Mill without converting 7. Handy 6.000 T/Y 8. Carmen 4.000 T/Y 9. Nefertiti 2.000 T/Y– Mill without converting 223.500 T/Y As it’s clearly shown the local supply exceeds by far the demand in the semi-finished products part. As a result, all producing companies are export oriented and address themselves to the greater market of the Middle East, Africa, Europe and Asia.

It is worth mentioning that Pyramids Paper Mills, pioneering in the field, effected exports of both converted & unconverted products to England, Malta, Ukraine, Turkey, Cyprus, Libya, Syria, Lebanon, Jordan, Kuwait, Yemen, Saudi Arabia, Iran, Bahrain, Emirates, Iraq, Palestine, Ivory Cost, Ethiopia, Kenya, Tunisia, Mauritius, Eritrea, Nigeria, Ghana, Senegal, Sudan, Algeria, Madagascar, South Africa, Morocco, Guatemala and Salvador. From the other side, the local market reaching the mentioned 45.000 tons/year is representing in commercial units approximately 8.5 million cartons annually, most sold inland. (Figure 4 is presenting the current status of the Egyptian tissue market share in the consumer products) 2. CONSUMPTION NATURE IN EGYPT. There are many reasons imposing different patterns of tissue consumption in each country. Cultural reasons are putting facial tissue as dominant in the Middle East Market. The Egyptian consumer is even more specific in his choice, by using the facial tissue in the more handy form of the pocket size packets. This product is easy to hold it, even if the consumer is not using a car or holding a bag while its price level is very convenient to the daily budget of the lower class consumers, which are the majority of the country.

This is exactly the guarantee of the continuing growth of this specific product. (Figure 5 is showing the nature of the Egyptian consumers) 3. MARKET NATURE The Egyptian market is passing the end of the premature phase. Big part of the market is still based on the small retail shops and the supply to them is through the wholesalers. Super and hyper markets a present since years, CARREFOUR , METRO, MACRO and some local chains, while this is not representing more than 20% of the market. Most of the chains are not receiving goods centrally and are just big retail selling points. We should as well realize that, big chains had a considerable rate of growth during the last 2 years , especially with the banking modernization and new retail products ( credit cards , loans etc) that enabled the middle class buying potential to grow. 4. TRENDS In spite of the considerable increase of tissue paper consumption in Egypt during the last years, the per capita consumption remains very low (less than 0,56 kg/capita). Comparison shows that per capita consumption in Egypt is almost 25 times less than in Greece, and 50 times less than Sweden. The tissue paper consumption, being directly related to the growth of the country’s GDP, is expected to realize high growth rates, more than 10-12% annually, and the market is expected to double in a period of 6 years. Above estimate, is clearly supported by the realized figures of the company in volume. Another important, possibility we have in FLORA is recycling. The company is equipped with the needed process equipments for treating high grades of office waste paper . With the international trend of GOING GREEN, this is a very good tool we have, and currently is directed only to our export markets, while with the presence of the last two players Interstate (2008 virgin and 2011 recycling ) Mediterenian paper company (2011) this is not any more a unique advantage. C. Cavallis 23/07/11

B5 PYRAMIDS PAPER MILLS ‐ FLORA SALES BY DESTINATION 1 ALGERIA 2 BENIN 3 BULGARIA 4 CAMERON 5 CONGO 6 COTE DIVOIRE 7 CYPRUS 8 ENGLAND 9 ERITREA 10 ESTONIA 11 ETHIOPIA 12 FRANCE 13 GHANA 14 GUATEMALA 15 INDIA 16 IRAQ 17 IRELAND 18 ISRAEL 19 KENYA 20 KUWAIT 21 LEBANON 22 LIBYA 23 MADAGASCAR 24 MALAWI 25 MALTA 26 MOROCCO 27 NEW ZEELAND 28 NIGERIA 29 PALESTINE 30 RWANDA 31 SAUDI 32 SENEGAL 33 SOUTH AFRICA 34 SPAIN 35 SUDAN 36 SYRIA 37 TANZANIA 38 TOGO 39 TUNISIA 40 TURKEY 41 YEMEN 42 ZAIRE 43 ZAMBIA





B8 Pyramids Paper Mills In the following tables you can find the number of branches, fleet size and sales team size. We have three branches Plus 6th of October (headquarter) as follows: Branch Name & area No. of Salesmen No. of Distributors CAIRO (6th of October headquarter) CONVERTED AND UNCONVERTED 40 32 PRODUCTS stores (4010 m2) Alexandria branch (375 m2) CONVERTED 7 4 PRODUCTS STORE Delta branch (300 m2) CONVERTED 3 4 PRODUCTS STORES Luxor branch (350 m2) CONVERTED 2 2 PRODUCTS STORES TOTAL 52 42 GRAND TOTAL 94 Distribution Company Trucks Type Cairo Alex. Delta Luxor Total TFR 6 m3 6 2 8 NKR 12 m3 7 1 8 NPR 20 m3 7 2 1 2 12 NQR 28 m3 7 7 VAN (Suzuki) 1 1 2 4 Total 28 4 5 2 39

2011 29.919 8.287 10.582 3.669 7.381 Actual yearly production 2010 2009 31.973 33.182 8.023 8.589 11.415 12.568 4.457 4.237 8.078 7.789 2008 37.380 9.409 12.810 5.257 9.904 C:\Documents and Settings\marinas\Desktop\pdf\ppm\C1 tissue paper machines YEARLY actual yearly tons 45.282 9.713 16.335 6.008 13.226 actual year 2006 2005 2006 1993 possible maximum ton/year 12 x monthly 52.446 11.408 18.761 7.018 15.259 MONTHLY actual monthly tons 4.371 951 1.563 585 1.272 MAXIMUM actual month Jul 08 Mar 04 May 06 May 95 possible maximum ton/year 350 x daily 64.435 16.345 21.455 9.415 17.220 DAILY actual daily tons 184,1 46,7 61,3 26,9 49,2 actual date 06.04.05 25.03.05 26.08.99 29.09.99 Drying Capacity Ton/Year 64.000 11.000 25.000 10.000 18.000 Yankee Diam (mm) 3.600 4.500 3.657 3.600 Machine TRIM HB (cm) (cm) 254 260 274 280 208 213 255 260 Max Speed (m/min) 1.000 1.500 1.000 1.000 B.W. (gr/m 2 ) 14-50 13,5-40 14-35 16-35 PYRAMIDS PAPER MILLS S.A. TISSUE PAPER MACHINES Weight Wire (gr/m 2 ) 14-50 11-40 13-35 14-35 Type of Paper Tissue - Light M.G. Tissue Tissue Tissue Type of Machine PYRAMIDS PAPER MILLS S.A.E. 'FLORA' Yankee Yankee Yankee Yankee Machine P.M. 1 P.M. 2 BELOIT P.M. 4 OVER No 1 2 3 4



















PYRAMIDS PAPER MILLS, EGYPT PYRAMIDS PAPER MILLS, EGYPT

PYRAMIDS PAPER MILLS, EGYPT PYRAMIDS PAPER MILLS, EGYPT

PYRAMIDS PAPER MILLS, EGYPT PYRAMIDS PAPER MILLS, EGYPT

PYRAMIDS PAPER MILLS, EGYPT



E1 PYRAMIDS PAPER MILLS S.A.E. Operational assets other than machinery DESCRIPTION 1. Real Estate 13,6 mil €