Athens Insider127 May June 2016

THE CITY MAGAZINE OF

!"#$%$&'()$*+,-$$.)"/$,01$$233')$,*4$$5610+ 2778$,49+%:,,6

!"#$%&

;2<.$2872=>? /0123(!452**5!0)!67%8$9$ @?<$7A>;2@B :$))04!;0<3)09*4!38!;3=2$5*4!>3?@!A#;BC4! /$5*20)$!/34D0)$@!;5$E234!>0$2=F34!G(75(2$7!G*)52*@!H25&H5F0)$ <?@C>B :3I$!J*52*$54@!;07*)5!;$7$<0)$ D@7<?E8E!. $H5F*)4C!K*45!=(11$!5*$4 ABF7 -,!62**D!AL1*20*)=*4!AE*2%3)*!#(45!M$E*N! =F<;G$7A>;2@B O*$5(20)I!H<K$44$932!38!5F*!>*5F*27$)94@!#2P!G$41$2!Q*79D$<1!$)9!R(5=F!S(40)*44!T)409*2!?05F! H02O2$)=*&/U#@!>>!M*77$4!$)9!H5F*)0$)!S2*?*2%

!"#$%&'(#'"#!)(*'(#%&+,,-&.&/)('%&()01#2)+'%&$1,33)(0%&(,4'2#)'$%&*!3$&!(-&*,"' insider athens! "! !#$%!&!'()*!+,-.

+!insider athens! "! #$%!&!'()*!+,-.

T)!$!=3()52%!?F34*!09*)505%!04!=734*7%!50*9!53!5F*!$25!38!$)50V(05%@!62**=*C4!=3)5*<132$2%!$250454!F$E*!F$9!5F*02!?32D! =(5!3(5!832!5F*<!53!*$2)!*E*)!$!<390=(<!38!$55*)503)P!;3!05!04!0)9**9!12338!38!F3?!8$2!H5F*)4!F$4!=3<*!$4!$!=(75(2$7!

F(K!53!F$E*!F345*9!5F*!5?3!=3)4(<<$5*!I(2(4!38!=3)5*<132$2%!=2*$503)!&!#$20)$!HK2$<3E0=F!$)9!H0!W*0?*0!X!0)! $!4F325!41$)!38!Y(45!$!8*?!?**D4P! # HCT ET[ HTQO VJG FC[U YJGP CTV PQV FGGOGF Æ&#x2019;PG QT ENCUUKECN YCU WPFGTXCNWGF CPF UJWPPGF D[ VJG OCKPUVTGCO H5F*)0$)!1(K70=!Z*E*)!$4!5F*!=05%C4!$250450=!$)5*=F$<K*24!I$E*!2*8(I*!$)9!0)4102$503)!53!5F*!()=3)E*)503)$7@!5F*! =3)523E*240$7!$)9!5F*!2*K*7703(4[P!S(5!5F*4*!*<K379*)*9!E30=*4!$2*!)3?!I$0)0)I!E37(<*P!\23E0)I!53!K*!<32*!*L& 12*440E*P!#32*!5*L5(2$7!$)9!F(<$)045P!BF*!12338!04!0)!5F*!4F**2!)(<K*2!38!$25!I$77*20*4!5F$5!F$E*!417$4F*9!3)53!

5F*!4=*)*P!H)9!0)!5F*!*L1*20<*)5$7!9*53(24!5F*%CE*!K**)!5$D0)I!?05F!0)5*2*450)I!<*90$!&!$?$%!823<!307!$)9!$=2%70=]!

53?$294!0)D!92$?0)I4@!1$1*2!=377$I*4!$)9!K7$=D!233<!0)45$77$503)4P!BF04!=F$)I*!F$4!K**)!8$4F03)*9@!0)!)3!4<$77! <*$4(2*@!K%!H25&H5F0)$!$)9!$!8*?!103)**20)I!0)4505(503)4!?F3!F$E*!123E09*9!$!17$5832<!832!5F*!123<3503)!38!=3)& 5*<132$2%!62**D!$25@!$)9!$)!3)I30)I!$250450=!90$73I(*!?05F!5F*!0)5*2)$503)$7!$25!4=*)*!832!+-!%*$24N

S(5!9*4105*!F3(40)I!<(=F!I23()9&K2*$D0)I!$25!$)9!43<*!*)70IF5*)*9!=377$K32$503)4!?05F!<(4*(<4!$)9!I$77*20*4! $K23$9@!H25&H5F0)$!2*<$0)4!7$2I*7%!$)!*435*20=!8$02@!I*$2*9!120<$207%!53?$294!0)5*2)$7!62**D!=3)4(<1503)P! T)!2*=*)5!%*$24@!9(*!0)!1$25!53!$)!$?$D*)*9!I73K$7!=(203405%!0)!$77!5F0)I4!M*77*)0=@!5F$5!52*)9!F$4!K**)!=F$)I0)I! 43<*?F$5P!!W*!F$E*!F$9!5F*!17*$4(2*!38!4**0)I!<32*!832*0I)!I$77*20*4!1$250=01$50)IP!H)!3KE03(4!)*L5!45*1!?3(79!

K*!53!=(750E$5*!$!45*$9%!$25!53(204<!K%!5$110)I!0)53!5F*!$11*505*4!38!5F*!0)5*2)$503)$7!$25&73E0)I!4*5]!53!0)D!H5F*)4! Æ&#x2019;TON[ QP VJG OCR CU CP CPPWCN OQFGTP CTV FGUVKPCVKQP QP C RCT YKVJ $CTEGNQPC QT $GTNKP T)!5F04!41*=0$7!$25&5F*<*9!044(*@!T)409*2!Y30)4!0)!5F*!=*7*K2$503)@!7$<*)5!$)9!$)$7%404!38!=3)5*<132$2%!708*@!$4!2*& HNGEVGF KP VJG YQTMU QH KVU OQFGTP CTVKUVU 5VGNNC 5GXCUVQRQWNQU VCNMU VQ QPG QH VJG KEQPKE Æ&#x2019;IWTGU QH VJG #VJGPKCP $25!4=*)*@!/$5*20)$!/34D0)$@!$)9!$743!()E*074!$)35F*2!F0IF&5*<17*!38!=(75(2*@!5F*!*$I*27%&$?$05*9!;5$E234!>0$2=F34!

O3()9$503)P! #*$)?F07*@! H<$)9$! R$29$)04! 0)5*2E0*?4! A<<%&?0))*2! :0$))04! ;0<3)09*4! 3)! $25@! 137050=4! $)9! 5F*! *)9(20)I!2*7*E$)=*!38!;3=2$5*4!0)!+,-.P! T)409*2!F$4!$7?$%4!F$9!$)!$==*)5!3)!5F*!$254P!H)9!$4!$7?$%4@!?*!?077!K*!4*550)I!(1!=$<1!$5!H25&H5F0)$!$I$0)!5F04! %*$2!Z823<!#$%!+.!53!#$%!+^[P!BF04!%*$2@!?*!?077!K*!388*20)I!3(2!2*$9*24!5F*!311325()05%!53!Y30)!0)!5F*!=2*$50E*!410205!

QH VJKU CPPWCN UJQYECUG D[ FGUKIPKPI QWT PGZV OCIC\KPG EQXGT %QOG CPF Æ&#x2019;PF WU CV $QQVJ PQ W05F!43!<$)%!E*L0)I!F*$970)*4!$23()9!53!=3)4(<*!(4@!04)C5!05!50<*!?*!$77!417$4F*9!$!K05!38!=373(2!$K3(5N

!"#$%&'%()*+,(%#-.

A'HIJ3K)/$

;N(L/JH'LN/3$J($LKJ3$233')

7'H3M/JQLJN(3

;(9F$!>$02!&!T70$9*4

#0=F*7!R*E$)$D04

'3F)!G$22@!!T$)!O2$a*2@! ;F*220!#34F<$)!\$I$)34@! ;5*77$!;*E$45313(734@! #0D*!;?**5@!H))$!J30)4@!

S3)Y3(2!H5Fg)*4!1(K704F*9!0)!O2*)=F! 0)!62**=*!e!+,@!HK23$9!e!d,

>OJLN/$

<NQ$JS"R)$

@/L$=J/)MLN/

H<$)9$!R$29$)04

P/)(MK$>OJLN/ #(20*7!>3_7

D/"QKJM$=)3JR( O3D0$!/0543(

AKNLN3$ /345$4!S*D$4@!O3D0$!/0543(@! #0D*!;?**5@!`70E0*2!O$F2)0

;3)D*b!!"#$%&'()*+,!

Z=3(25*4%!38!6$77*2%!H25!c3)*!d+[

PN'(O)/ ;5*E*!\$)5$a313(734

B)R"I$;N'(3)I GF204534!GF2045313(734

A/)Q/)33$"(O$A/J(LJ(R )TCÆ&#x2019;OC

H5F*)4!T)409*2!1(K704F*9!0)!A)I704F! 0)!62**=*!e!f,@!HK23$9!e!.,

QVJ OCIC\KPGU KP )TGGEG Å» $ HK23$9!e!^,P!H743!1(K704F*9!0)!

GF0)*4*@!J(440$)@!B(2D04F!$)9!H2$K0= (,"%+$'"-%./0+'123'4-0'5)$#46+7

J(TNUJ(3JO)/%S"R"VJ()1R/ WWW1J(3JO)/%Q'HIJM"LJN(31MNS H5F*)4!T)409*2!04!1(K704F*9!<3)5F7%! $)9!054!K2$)9@!73I3!$)9!$77!*905320$7! =3)5*)5!04!F*79!?3279?09*!K%b

J*1239(=503)!0)!?F37*!32!0)!1$25@!K%!$)%!<*$)4! ?F$543*E*2@!04!832K099*)!*L=*15!?05F!5F*!*L12*44! ?2055*)!1*2<04403)!38!5F*!1(K704F*2P! H75F3(IF!H5F*)4!T)409*2!F$4!<$9*!*E*2%!*88325!53! *)4(2*!5F*!$==(2$=%!38!5F*!0)832<$503)!=3)5$0)*9!

0)!5F04!1(K70=$503)@!5F*!1(K704F*2!=$))35!K*!

F*79!2*413)40K7*!832!$)%!*22324!32!3<04403)4!05! <$%!=3)5$0)P!H5F*)4!T)409*2!<$0)5$0)4!$!4520=5!

1370=%!38!*905320$7!0)9*1*)9*)=*!$)9!12*8*2*)50$7!

52*$5<*)5!04!)*E*2!I($2$)5**9!53!$9E*2504*24P

H5F*)4!T)409*2b!S0&<3)5F7%!\(K70=$503) T;;>!-h^,&f--d %QFG O0)9!(4!3)b

2(3JO)/$A'HIJM"LJN(3$BLO1

73=$5*9!$5!A2<3(!-f -.!.h-!Q3(70$I<*)0@!62**=*P! B*7Pb!+-,Ph+^Pi.fd!O$Lb!+-,Ph+^Pi.fd!

6CZ 0Q A<$07b!0)83j0)409*2&<$I$a0)*PI2!

insider athens! "! #$%!&!'()*!+,-.!-

9:*+;*'(*6;*+"H!120)5!Y3(2)$7045!832!3E*2!5?3!9*=$9*4@!H(452$70$)&K32)!H<$)9$!R$29$)04!45$25*9!3(5!$5!>*?4!G321!H(452$70$!?F*2*!4F*!F$4! =3E*2*9!41*=0$7045!23()94!823<!)*?4!$)9!137050=4]!1231*25%!$)9!53(204<]!53!=20<*!$)9!*)5*25$0)<*)5P!T)!U3)93)@!4F*!F*79!

4*)032!=2*$50E*!237*4!$5!I7344%!5057*4!0)=7(90)I!#$20*&G7$02*@!W3<$)C4!`?)@!$)9!5F*!#$07!3)!;()9$%C4!:`m!<$I$a0)*P!;0)=*! <3E0)I!53!H5F*)4!0)!+,,^@!4F*!F$4!?2055*)!3)!62**=*!832!0)5*2)$503)$7!1(K70=$503)4!70D*!BF*!B0<*4!U3)93)@!5F*!6($290$)!m/! $)9!H(452$70$C4!;()9$%!B*7*I2$1F!X!$)9!$743!=3)520K(5*4!53!73=$7!62**D!1(K70=$503)4P!!

!"#$%&'(%)*+*,"H?$29&?0))0)I! I2$1F0=! 9*40I)*2@! 87(*)5! 0)! A)I704F@! O2*)=F! $)9! 62**D@! #0=F*7! <3E*9! 53! H5F*)4! 0)! -^^h! 53! =2*$5*! ;5(903! cT\@!$85*2!$!73)I!$)9!0)5*2*450)I!=$2**2!0)!O2$)=*!$)9!G$)$9$P!M04!K$=DI23()9!0)!#$2D*50)I!04!$!<$Y32!$44*5!0)!F04!=2*$50E*! $1123$=F!$)9!F04!4*2E0=*4!$2*!43(IF5!$85*2!K35F!0)!62**=*!$)9!$K23$9P!H)!$25045!0)!F04!k2$2*C!41$2*!50<*@!#0=F*7!04!1$4403)$5*! $K3(5!904=3E*20)I!3K4=(2*!9*450)$503)4P!M*!04!5F*!H25!R02*=532!38!H5F*)4!T)409*2@!S3)Y3(2!H5F*)*4!$)9!T)409*2!W**D7%P

<1$+'=*66 S32)!0)!>325F!;5$883294F02*@!'3F)!G$22!F$4!$!SH!0)!F04532%!$)9!#H!0)!43=0373I%!823<!U*0=*45*2!m)0E*2405%P!M*!F$4!?32D*9!

0)! 62**=*! $4! $! =322*413)9*)5! 832! 5F*! H443=0$5*9! \2*44@! W$77! ;52**5! '3(2)$7! A(231*@! BF*! B0<*4! 38! U3)93)! $)9! Q$50=$)!

J$903!$)9!$4!K23$9=$45*2@!?205*2!$)9!$=532!40)=*!-^hiP!M*!F$4!1(K704F*9!4*E*2$7!K33D4!0)=7(90)I@!BF*!H<*20=$!G$14(7*!

;QWT '[GU (QWTVGGP 1P 5RCTVCP 9KPIU 5RCTVCŨU -KPIU 6JG &GHGPEG CPF (CNN QH )TGGEG Z+,-f[@!JM>;!HE*238!Z+,-d[!$)9!62**D04<4!832!R(<<0*4!Z+,-.[P

.$%66"'!1-$:*+'>*?*+1U*$E0)I!#$)F$55$)!0)!5F*!<09&-^i,C4@!;F*220!#34F<$)!\$I$)34!=$<*!53!62**=*!832!$!5?3!%*$2!43Y3(2)!5F$5!5(2)*9!0)53!$!

[GCT ECTGGT CU CP GFWECVQT CU YGNN CU C PQP Æ&#x2019;EVKQP YTKVGT CPF RQGV 5JG NQXGU VJG YQPFGTU QH NKXKPI JGTG HQQF EQQMGF YKVJ VTCFKVKQP CPF ECTG UYKOOKPI KP VJG ENGCT UGC YCVEJKPI Æ&#x2019;NOU CPF EQPEGTVU WPFGT VJG UVCTU CPF VCMKPI YCNMU KPVQ VJG 1$45!0)!E0K2$)5!H5F*)4!)*0IFK32F3394!70D*!\7$D$!$)9!BF04*03P

!",%'./%%0 H!93=(<*)5$2%!1239(=*2!832!5F*!SSG!B*7*E0403)!0)!5F*!-^^,4@!#0=F$*7!?32D*9!0)!K23$9=$450)I!0)!;3(5F!H40$!K*832*!2*73=$50)I! 53!H(452$70$!0)!+,,+@!?F*2*!F*!*45$K704F*9!F04!BQ!1239(=503)!K(40)*44P!M*!F$4!70E*9!0)!H5F*)4!40)=*!+,,h!$)9!F$4!K**)!$! =322*413)9*)5!832!5F*!A)I704F!7$)I($I*!*90503)!38!H(452$70$C4!7$2I*45!=02=(7$503)!62**D!)*?41$1*2@!>*34!/34<34P!#0=F$*7!

EQODKPGU JKU YTKVKPI YKVJ RTQFWEKPI KPFGRGPFGPV FQEWOGPVCT[ Æ&#x2019;NOU CPF EQPVKPWGU VQ XKUKV )TGGEG TGIWNCTN[

.0%&&*'.%)*-01213&1;0)=*!<3E0)I!53!62**=*!0)!-^^d@!;5*77$!;*E$45313(734!F$4!K**)!$25!=2050=!$)9!A)I704F!A90532!832!kBF*!H25!#$I$a0)*C@!$)9!$743!

4*2E*9!$4!H254!A90532!832!kH5F*)4!>*?4C!832!i!%*$24P!;F*!?235*!F*2!#H!5F*404!3)!k`4=$2!W079*!$)9!M*77*)04<!0)!Q0=5320$)!

A)I7$)9CP!B3!2*$9!<32*!$K3(5!$25!0)!H5F*)4@!E0405!;5*77$C4!K73I!$5!???P$254=*)*$5F*)4P=3<!

!36"%&'718& O2*)=F!K%!320I0)!$)9!$!73)I&50<*!62**D!2*409*)5@!#(20*7!04!$!52$0)*9!I*3I2$1F*2!?F34*!73E*!832!5F*!<*90$!E**2*9!F*2!53?$294! $!=$2**2!0)!1(K704F0)I!?05F!O2*)=F!708*45%7*!<$I$a0)*!Q;R!$)9!#$043)!O2$)l$04*@!$!9*40I)!<$I$a0)*P!H85*2!$!=$2**2!5F$5!

41$))*9! 4*E*2$7! %*$24@! 4F*! <3E*9! 53! H5F*)4@! ?F*2*! 4F*! F$4! K**)! $=50E*7%! 0)E37E*9! ?05F! 5F*! O2*)=F! =3<<()05%P! #(20*7!

417054!F*2!50<*!K*5?**)!\$204!$)9!H5F*)4!$)9!04!5F*!832=*!K*F0)9!T)409*2!\(K70=$503)4C!O2*)=F!<$I$a0)*@!S3)Y3(2!H5F*)*4@!

054!O2*)=F!?*K405*!$)9!?**D7%!)*?47*55*2P

41,"*'5"0-13 O3D0$!04!$)!0)5*2)!$5!T)409*2!$)9!$!45(9*)5!38!I2$1F0=!9*40I)!$5!5F*!B*=F)373I0=$7!A9(=$503)$7!T)4505(503)!38!H5F*)4P!S32)! $)9!2$04*9!0)!H5F*)4!?F0=F!4F*!$932*4@!F*2!)$50E*!=05%!F$4!385*)!K**)!5F*!4(KY*=5!38!F*2!1F353I2$1F0=!*44$%4P!!O3D0$!04!

RCUUKQPCVG CDQWV VTCXGN CTV CPF HCUJKQP CPF RNCPU VQ HWTVJGT JGT UVWFKGU KP VJG Æ&#x2019;GNF QH HCUJKQP FGUKIP

+!insider athens! "! #$%!&!'()*!+,-.

!"#$%&'%(')%&'%*"+,%(')%-&'%$"+%&)./0-0 !"(%(')%&',1$%*#,$%$'%-+#$%2')3-%4,%56++.+7 !"#$%"#33+,2%*"+,%(')%-8+.'9+%84::4#6&%8#::2-0 Discover the answer to these and many other quirky colloquialisms – including the enduring mystery of Mrs Alexander’s buttons! A perfect gift for anyone who intends to spend time in Greece and get under the skin of the local culture.

Treat yourself or a loved one to this laugh-out-loud informative guide to the colourful linguistic secrets of the Greeks, written by Insider’s own John Carr (with Paul Anastasi), and accompanied by wonderfully humourous illustrations by Iason Iliades.

Available at all leading bookstores in Greece for €9.99 and on www.insider-publications.com/subscribe

insider athens! "! #$%!&!'()*!+,-.!f

<(*?-(2-(

#$ !"#$&$3'5)!2

39

:)--;&<)1(.1.&%)-&=-)/-.&&

3>

>$503)$7!#(4*(<!38!G3)5*<132$2%!H25!R02*=532!/$5*20)$! /34D0)$!3)!62**=*C4!E$70$)5!$250450=!=3<<()05%!$)9!

A#;BP

6,,7&"'3,"#

& DB&E(F&G%1 :)--;&H-I1

!"

d!insider athens! "! #$%!&!'()*!+,-.

!1%5)/.&'(%)0$/.&672)%88-#&&

;5*77$!;*E$45313(734!7*$94!$)!$9E$)=*!53(2!38!5F*!

7$)9<$2D!;5$E234!>0$2=F34!O3()9$503)C4!G(75(2$7!G*)52*!

#"

!!

34

:$))04!;0<3)09*4@!45$2!38!5F*!I73K$7!F05!;3=2$5*4!>3?@!

5$7D4!53!H<$)9$!R$29$)04!$K3(5!'(450=*@!R3)$79!B2(<1!&! $)9!?F$5!05!<*$)4!53!K*!nM31*7*447%!62**DoP

!/0)%1-.&'/2

H6NO=& !8-0(%,

!/0)%1-.&'/2&&

<&?%)1(@-&A#B..-B&&&

3C

DB&E(F&G%1&:)--;&H-I1&&&

94

6JG JKFFGP FKCT[ QH CP #WUVTCNKCP QHÆ&#x2019;EGT KP %TGVG FWTKPI 99++ KU RWDNKUJGF KP VKOG HQT VJG VJ CPPKXGTUCT[ =3<<*<32$503)4!38!5F*!S$557*!38!G2*5*P >*I$50E*!7$)I($I*!F$4!K**)!5F*!12*E$070)I!90$7*=5!38!

0)5*2)$503)$7!<*90$!=3E*2$I*!38!5F*!62**D!R*K5!G20404@!

4$%4!;F*220!#34F<$)!\$I$)34P!

-8#51&$3'5)!2

<&'-2&<F-&/J&H(8,/@%0B&&&

99

G,B(7F&=(F$&&&

9K

<&G"1")-&L)/@(.-&&

9M

N$().1B&J/)&+77/5%1(/7&&

9>

;(9F$!>$02&T70$9*4!<**54!5F*!H<K$44$932!38!5F*! >*5F*27$)94@!#2P!G$41$2!Q*79D$<1@!$!12$I<$50=!)*?!

K2**9!38!I23()9*9!90173<$5P

H7$0)!U$F*77*=@!G3()52%!#$)$I*2!832!H02O2$)=*!&!/U#!0)!

62**=*@!=F$254!5F*!8(5(2*!870IF5!1$5F!38!5F*!I73K$7!$0270)*!

K(40)*44P %JKGH /CTMGVKPI 1HÆ&#x2019;EGT QH 00 *GNNCU %JTKUVKCP $QJNMG 90$I)34*4!5F*!F*$75F!38!5F*!62**D!0)4(2$)=*!4*=532P! U$(2*)5!R*7<3(7%@!#$2D*50)I!R02*=532!38!H5F*)0$)!

S2*?*2%@!3)!5F*!=F$77*)I*4!38!4$50)I!$!1345&=20404!

I*)*2$503)!38!K**2!920)D*24P

=/,(#%B&O/"1")-

%'

M&E-.1 <J1-)7//7&N-%.& (7&<1$-7.

%!

P(8)/"Q&N$-&!1)--1&1$%1& I-0%@-&%&'-(F$I/")$//#&&

9C

M&E-.1&<J1-)7//7&N-%.&(7&<1$-7.&&&

R9

;3(5F409*2!H<$)9$!R$29$)04!0)5239(=*4!3)*!38!5F*!

820*)970*45!13=D*54!38!67%8$9$!X!45%704F!/0123(!;52**5P! WF*2*!53!4=3(5!5F*!<345!4$5048%0)I!$85*2)33)!5*$4!0)!

5F*!7$)9!38!5F*!7$5*!7()=FN

#"!4'2&$3'5)!2

&'

+,

-.$#%/.*)%%

0,

123456.78%%

99

:;$2*)$$%%

9<

=2#8$753)%%

9>

T/")&J)/71&)/2&.-%1&(7&U$/#-.&&

R>

-.()%-2()%%

?9

=/,(#%B&O/"1")-&&

RC

@".()4%%

?<

A)44*)$$%%

<9

S(J-V.&%&E-%0$&&

K4

RK

A)Y3%!5F*!1(2*!K7044!38!$!=3)=0*2I*!E077$!*L1*20*)=*!0)!43<*!

38!62**=*C4!73E*70*45!F3709$%!F3<*4!?05F!WF05*!;*$I(774P!

34&:)--;& XY8-)(-70-.& X5-)B/7-&D".1& =%5-

!"#$%&%'()*#$%%

R04=3E*2!5F*!?3)9*28(77%!90E*24*!<*)(!38!$552$=503)4!

5F$5!$?$05!0)!H(452$70$C4!<345!70E*$K7*!$)9!*7*I$)5!=05%P!

S%#B&<#-,%(#-&&&

AL350=!=(040)*@!$!?*$75F!38!4$)9%!K*$=F*4!$)9!G2(4$9*2! =$457*4!$99!(1!53!%3(2!1*28*=5!047$)9!<$5=F!0)!JF39*4P!

&!

"#$%&'("

B"))C%/2D)%%

<>

W05F!120450)*!4$)9!$)9!4*$!$)9!?3279&=7$44!?$5*2!413254! $)9!41$4@!5F*2*C4!)3!)**9!53!45*1!3)!$!8*22%!$5!H4502!S*$=FP!

B.$#"5*568%%

E+

W&E-.1&T/F%&=/,(#%B.&(7&:)--0-&&

K9

F.4)2G5$753)%%

H9

H(.0/5-)&!(,-71&!%,%@(7%&&

K>

34&:)--;&XY8-)(-70-.& X5-)B/7-&D".1&=%5-&&

KC

H(7(7F&/7&1$-&U(5(-)%&&&

M4

H!Z4()[!4$7(5$503)!53!5F*!K*45!%3I$!2*52*$54!3)!388*2P '3F)!G$22!I3*4!0)53!K$5!832!;$7$<0)$@!5F$5!<(=F& <$70I)*9@!407*)5!$=F0*E*2!38!5F*!;$23)0=

BF*!U3)I!;()9$%!U()=F@!G0)*<$!m)9*2!5F*!;5$24!p!$)9!

QVJGT RTKEGNGUU UQEKQ EWNVWTCN OQOGPVU VJCV FGÆ&#x2019;PG YJCV 70E0)I!0)!62**=*!04!$K3(5P T)409*2!2*=3<<*)94!5?3!531!I$4523)3<0=!*L1*20*)=*4!

K%!5F*!4*$P!

!8%&Z&<2%B&&&

T)5239(=0)I!$)!*L=050)I!)*?!5203!38!41$!31*)0)I4!53! *7*E$5*!%3(2!)*L5!4(<<*2!F3709$%P!!

M9

G3E*2!0<$I*b!!

H7*L$)9234!\4%=F3(704@! f,,,!G$I*4P!G3(5*4%!38!c0)$!

H5F$)$440$93(!6$77*2%

insider athens! "! #$%!&!'()*!+,-.!

()*+,-.-/*+ 012343*35/+ !< 6/*3789-:*-;4-)8

!"#$%&'()*")('+,'&*-$(&.'$/0 2S"RJ()$"$A"IS$</)) S20504F!$25045!>$E0)*!6P!/F$)!R34434!04!<$D0)I!F*2!<$2D! 3)!H5F*)4!3)*!1$7<!52**!$5!$!50<*N!m13)!$220E0)I!0)!H5F*)4!

0)!;*15*<K*2!7$45!%*$2@!5F*!S20504F!$25045!>$E0)*!6P!/F$)!

R34434!F*$29!$!=(203(4!4532%!5379!0)!<$)%!9088*2*)5!?$%4P! BF*%!$77!0)E37E*9!5F*!2*<3E$7!38!1$7<!52**4!823<!5F*!=05%C4!

(2K$)! 7$)94=$1*! $4! $! ?$%! 38! E04($77%! n2*&320*)5$50)Io! H5F*)4!53?$294!A(231*!2$5F*2!5F$)!5F*!k`20*)5CP BF*! $25045! 2*413)9*9! K%! 1$0)50)I! 5F*! 531! 87332! 38! 5F*!

S*)$D0! #(4*(<! 38! T47$<0=! H25! ?05F! $! 82*4=3! =3E*20)I! 5F*!?$774@!823<!87332&53&=*070)I@!*)502*7%!0)!1$7<4P!T)!F*2!

K20IF5!90417$%@!*)5057*9!nT<$I0)*!$!1$7<!52**o@!5F*!$25045!

F31*4! E0405324! 53! 5F*! <(4*(<! ?077! V(*4503)! 5F*! 17$=*! $)9!237*!38!1$7<4!0)!5F*!F04532%!$)9!5F*!(2K$)!7$)94=$1*!

38! H5F*)4P! `1*)! BF(249$%! 53! ;()9$%! 823<! ^F! 53! -hFP! 6KEMGVU Å» Å» 26")-'2$)84#)-'9"5:.)/';;'<'=;>'3&"$$+")>' #+.7';=?7@;A7=@==>'***7B+-4C"76,'

6/*378?@/-8#A

=(>8!$8*58!A ,-$&/'1$2&-&+# @/L%@LKJ("

H!8*450E$7!=3)9(=5*9!K%!7*$90)I!62**D! $250454! 53! 31*)! 3(2! *%*4! 53! 5F$5! 50<*! ?F*)! ?*! F$E*! )3! 4*)4*! 38! ?F3! ?*! $2*N! BF*! M%1)34! Z;7**1[! \23Y*=5! 04! $! <(750904=0170)$2%! *L1732$503)! 38! 5F*! $=5! 38! 47**10)I! X! 43<*5F0)I! 5F$5! ()05*4!(4!$77!F**97*44!38!2$=*!32!=2**9P! BF*!8*450E$7!=3<1204*4!1*2832<$)=*4@!

47**13E*24@! ?$7D4@! 7*=5(2*4@! 904=(4& 403)4@!$!5F*$5*2!1239(=503)!$)9!$!1%& Y$<$! 1$25%! ZN[! $<3)I! 35F*24P! AE*)54! $2*!4=F*9(7*4!K35F!0)409*!$)9!3(5409*!

5F*!`)$4404!G*)5*2P 5[PITQW VGN 1PCUUKU .KDTCT[ 8CUUKNKUUKU #OC& 70$4@!???P4I5PI2!

>35!Y(45!$)35F*2!$25!8$02N!BF04!431F0450=$5*9!

F0IF70IF5! 38! 5F*! H5F*)0$)! $25! =$7*)9$2!

UJQWNF PQV DG OKUUGF 9KVJ ICNNGTKGU 823<! -f! 9088*2*)5! =3()520*4! Z$)9! d! =3)50)*)54[! 0)E37E*9@! H25&H5F0)$! 45$)94! Æ&#x2019;TO CU )TGGEGŨU NCTIGUV CPPWCN XKUWCN CTVU 4F3?=$4*! X! $)9! 3)*! 38! A(231*C4! <345! *45$K704F*9! =3)5*<132$2%! $25! *L134P! H! <**50)I! 130)5! 832! 0)5*2)$503)$7! $250450=! =2*$503)@! H25&H5F0)$! K20)I4! 53I*5F*2!

UKIPKÆ&#x2019;ECPV )TGGM CPF HQTGKIP CTV ICNNGTKGU =(75(2$7! 0)4505(503)4@! D*%! =(2$5324@! =377*=5324@!$25!=2050=4!$)9!$25!73E*24P!BF04!04!

H25!m5310$P!A)52%!eiP ;' F),4"#"-">' G4.",)>' #+.' ;=?7H;;7=;AI>' ***7 4,#J4#&"-476,'

B25*5C)(:2>

+#$**&*'.)-0)/$-'."#0"/ <K)$7I))Q$A/N[)ML

!"#$%&'()*")( XK#Y$;KJIO/)($N($LK)$!NZ) BF*!170IF5!38!$!%3()I!I*)*2$503)!38!2*8(I**4!$)9!<0I2$)54!

0)!4*$2=F!38!4$8*5%!$)9!F31*!04!5F*!450220)I!5F*<*!38!WF%q!

GF0792*)!3)!5F*!#3E*!K%!$?$29&?0))0)I!S$)I7$9*4F0!1F3& 53Y3(2)$7045!6#S!HD$4FP!BF*!*LF0K0503)!04!()9*2!5F*!$(410=& *4! 38! 62**D! \2*409*)5! \23D3104! \$E7313(734! $)9! 04! Y30)57%!

32I$)0a*9! K%! 5F*! O3()9$503)! H2=F0E*4! r! \239(=503)! 38! %QPVGORQTCT[ #TV #2%F CPF /GTKOPC C )TGGM PQPRTQÆ&#x2019;V 32I$)0a$503)! 4(113250)I! =F0792*)! $)9! 8$<070*4! ?F3! *L1*20& *)=*!40=D)*44!$)9!9*$5FP! .RXPEDUL 9DVVLOLVVLV 6RͧDV #+.';=?7@DE7=???>'***7B+-4C"76,'

)!insider athens!"!0QXGODGT &GEGODGT

6/*378=(>8!!

#$0&+#$-'04"$0/" =)"LK$NT$"$7"I)3S"(

6/*378?@/-8!A

E2-(*)-

H25F(2! #077*2C4! 9$<)0)I! E*290=5! 3)! $! <$5*20$70450=! 43=0*5%! $)9! 5F*! 0<& <32$7!K2(5$705%!38!=$105$704<!45077!1$=D4!5F*!4$<*!1()=F!$4!05!909!K$=D! 0)!-^d^P!!M$E0)I!?32D*9!F04!*)502*!708*!?05F!90I)05%!53!4(11325!F04!8$<07%! $)9!1$44!3)!F04!E$7(*4!53!F04!=F0792*)@!W077%!U3<$)!)3?!8$=*4!5F*!4F3=D! QH DGKPI Æ&#x2019;TGF CU JKU RTQFWEVKXKV[ JCU FGENKPGF CPF JG KU PQ NQPIGT UGGP $4!$)!$44*5!K%!5F*!4%45*<!5F$5!*<173%4!F0<P!:*5!F*!K$557*4!53!=3)E0)=*!

5F34*!?F3!93(K5!F0<!X!$)9!<345!38!$77!F0<4*78!X!5F$5!F04!09*$4!?*2*!

PQV YTQPI WPVKN VJG OQOGPV QH JKU Æ&#x2019;PCN VTCIKE FKUCRRQKPVOGPV &GCVJ QH C 5CNGUOCP KU PQV QPN[ C Æ&#x2019;PG GZCORNG QH #TVJWT /KNNGTŨU RQNKVKECN TGCNKUO K(5!$743!$!50<*7*44!2*1(90$503)!38!5F*!H<*20=$)!R2*$<P! 26")/'!)-$#4-#"-)/';;>'#+.';=?7A;Q7Q=??>'***7-J#76,V+-''

0+'0/"#+'*0+'/+), XNS)($NT$A"33JN($

=(>8##D?@7>8%"

M*2*! 04! $! K(3%$)5! 4F3?! 832! A)I704F! 41*$D*24@! 0)4102*9! K%! $!

5203! 38! 62**=*C4! <345! =*7*K2$5*9! 8*<$7*! 0=3)4@! #*9*$@! #$20$!

G$77$4! $)9! #*70)$! #*2=3(20P! W3<*)! 38! \$4403)sW3<*)! 38!

62**=*! 1$%4! 520K(5*! 53! 5F*! 45$24C! 4F$2*9! E$7(*4@! 4(=F! $4! $!

1$4403)! 832! 708*@! 73E*@! $25@! =2*$50E05%@! 82**93<! $)9! 9*<3=2$=%P! O*$5(20)I!$=52*44!AE*70)$!H2$1090!$)9!<(40=0$)!O3504!#%73)$4P! (+,O),84-%+$' 4,+' $#46+0' F4:' ==' 4-0' =Q' 4#' Q7@?' 5787' 4-0' K4#/,04:$' O,)8' W/-+' ==' #)' W/.:' @?' 4#' E' 5787' 208"$$")-' "$' P=;' +/,)$7' G),' ,+$+,M4#")-$>' %4..' ;=?7H;@7E?ED' ),' M"$"#' ***7M"M476,7' X)-$#4-#"-)/5).+)$'K#>''#+.';=?7A;H7QH@@>'***7#)#,+-)$#),)/O76,

1-$0"&$'#"/+)',$-"/+) !'3)$U$>[)\L

?@/-8!<8D8?@7>8!& )#&2"/*&03'+,'$04"#*'()*")( 7NM/"L)3$8NW B$D*!$!4*$5!0)!5F*!=3(25!38!$)=0*)5!H5F*)4!$4!;3=2$5*4!I3*4!3)!520$7!832!F04!

708*!0)!F04532%C4!<345!8$<3(4!9*8*)=*P!M*$2!5F*!1F073431F*2!8$=*!F04!$==(4*24! ?05F!F04!52$9*<$2D!?05@!=(550)I!73I0=@!$)9!5F*!=3(2$I*!38!F04!09*$74P!G3)409*2!

F04!$2I(<*)54!3)!E025(*@!Y(450=*@!137050=4@!=322(1503)@!=0E0=!9(5%@!73E*!38!708*!$)9!

F31*!0)!9*$5F@!$)9!92$?!%3(2!3?)!Y(9I<*)5P!H85*2?$294@!904=(44!%3(2!E*290=5! ?05F!$==7$0<*9!$=532!:$))04!;0<3)09*4P ;3=2$5*4!>3?!04!$)!i,&<0)(5*!4373!1*2832<$)=*!Z0)!A)I704F!?05F!62**D!4(K50& 57*4[!5F$5!=$15(2*4!5F*!*44*)=*!38!;3=2$50=!*5F0=4!0)!$)!$==*440K7*!$)9!*)I$I& 0)I!<$))*2P!BF*!0)5*2)$503)$7!F05!5F*$520=$7!2*)90503)!38!\7$53C4!nH1373I%o!2*& VWTPU HQT VJG VJ VKOG C HGY UVGRU HTQO YJGTG VJG RJKNQUQRJGT YCU UGPVGPEGF VQ FGCVJ [GCTU CIQ ˹PVTCPEG KU Ż HQT CFWNVU Ż HQT UVWFGPVU A'3&).)/'K#,++#>'(.4C4>'#+.L';=?7@@=7?@H;>'***7+.."-"C)#&+4#,)7),6

M*$2!531!S205!K$)9!#(4*@!82*4F!823<!5F*02!62$<<%!?0)!832!S*45!

4QEM #NDWO QH VJG ;GCT HQT Å«&TQPGUŬ KP VJGKT Æ&#x2019;TUV )TGGM CRRGCT& $)=*P!#(4*!F*$970)*4!$5!AY*D5!+,-.@!?F0=F!2()4!3E*2!5?3!9$%4@! ?05F!054!(4($7!4(1*2K!70)*&(1!38!A(231*$)!$=54P!H743!3)!5F04! %*$2C4!K077!$2*!#$)=F*45*2&K$4*9!^,4!K$)9!'$<*4@!BF*!A905324!

Z2*5(2)0)I!$I$0)!$85*2!7$45!%*$2C4!520(<1F$)5!1*2832<$)=*[!$)9!

131(7$2!O0))04F!$=5!;5*77$P!;5$I*9!$))($77%!$5!\7$5*0$!>*23(!

O$7*23!3)!5F*!?$5*283)5@!$)9!4(1*2&$==*440K7*!K%!52$<@!K(4!32! =$2!XAY*D5!04!3)*!38!5F*!K*45!*E*)54!3)!5F*!8*450E$7!=$7*)9$2P! (,+J$4.+'#"%C+#$'4,+'4M4".4B.+'4#'***7M"M476,>'B/:7#"%C+#&)/,7%)8>' (/B."%>'K+M+-K5)#$'4-0'N4-)$7'3"%C+#$'O),'94:'='%/,,+-#.:'%)$#'P@Q' ),'PEA'O),'1N('4,+4'*"#&'5,"M4#+'B4,7'94:';'5,+J$4.+'5,"%+'"$'PA?'R1N(' K).0'S/#T7'G),'8),+'0+#4".$>'M"$"#'***7+U+C#76,'

?@7>8'8,8?@7>8!% insider athens! "! #$%!&!'()*!+,-.!h

()*+,-.-/*+ +#$**&*'.)-0)/$-'."#0"/ P"3L$PN/W"/O$P)3LJZ"I$: T<$I0)*! $! =05%! ?05F! 23()9! F3(4*4! <$9*! 38! 453)*! $)9! ?339@!

5F*02!?0)93?4!31*)!?09*@!?05F!4=F3374!832!*E*2%3)*!$)9!$!F(I*!

K$D*2%! F$)90)I! 3(5! ?$2<! 73$E*4! *E*2%! 9$%q! >3?! 0<$I0)*! $!

43=0*5%!0)!?F0=F!8*$2!04!2*17$=*9!K%!2*41*=5!$)9!*E*2%3)*!=$)!

0<$I0)*!5F*02!53<3223?q BF04!%*$2@!5F*!f29!O$45!O32?$29!O*450E$7!ZOOO[!83=(4*4!3)!5F*!

5F0)! 70)*! ?F0=F! 4*1$2$5*4! 5F*! 13?*28(7! 823<! 5F*! 13?*27*44@!

2*E37(503)! 823<! =0E07! ?$2@! 9*<3=2$=%! 823<! $(53=2$=%P! W05F! 054!

GRKEGPVTG Æ&#x2019;ZGF Æ&#x2019;TON[ KP RWDNKE URCEG VJG (GUVKXCN PGIQVKCVGU 5F*!044(*!38!K329*24!$)9!K3()9$20*4@!!!09*)508%0)I!12$=50=*4!$)9!

452$5*I0*4! 5F$5! =$)! F*71! 52$)4=*)9! 5F*<! 5F23(IF! $25P! H250454!

823<!H<45*29$<@!S*02(5@!S2(44*74@!G$1*!B3?)@!#*7K3(2)*@!J$& OCNNCJ 5JGHÆ&#x2019;GNF CPF 6GN #XKX FKUUQNXG CP[ UGPUG QH IGQITCRJKE $)9!=(75(2$7!K329*24P =?EJ=?H'K:-6,)/>''#+.';=?7H??7AQ??>''***7$6#76,'

!)&-7&#8'.+(1-"9'8$0"' ,*LK$@LK)(3$=JRJL"I$@/L$P)3LJZ"I

=(>8#A8*58!!

G-+*3.(7+ =(>8#$8*58%#

+-7'$($9+*0$*&+ ,3L$@LK)(3$7L/))L$PNNO$P)3LJZ"I

=(>8!"8*58!A

WF$5!93*4!H5F*)4!5$45*!70D*q!O0)9!3(5!$5!5F*!-45!H5F*)4!;52**5!O339!O*4& 50E$7@!$!=*7*K2$503)!38!5F*!=05%C4!<345!131(7$2!n452**5!9*70=$=0*4o!$)9!120a*9!

(2K$)!<324*74!823<!5F*!D05=F*)4!38!A(231*@!H<*20=$@!H40$!$)9!H820=$P!!T)!

5F*! F045320=! 41$=*! 38! 5F*! `79! H<$L345$403! $5! 6$a0! Z\02*34! $)9! A2<3([@! $=2344!$!535$7!41$=*!$2*$!38!d,,,!4V<@!83390*4!=$)!0)9(7I*!$77!0)!5F*!3)*!

17$=*!0)!$!Y3%3(4!8*$45!38!I73K$7!452**5!I$4523)3<%P!U33D!3(5!832!5F*!41*& =0$77%!9*40I)*9!nS$24!$)9!S*E*2$I*4o!45201!?05F!$!nS**2!H=$9*<%!G32)*2o! $)9!4*1$2$5*!131&(1!K$24!832!I0)@!5*V(07$@!?0)*@!=3=D5$074@!4<335F0*4!$)9! <07D4F$D*4P!BF*!-45!H5F*)4!;52**5!O339!O*450E$7!123<04*4!$!8*450E*!E0K*! ?05F!2*I(7$2!R'!4*54!823<!131(7$2!2$903!1239(=*24!$)9!70E*!=3)=*254!1*2& 832<*9!K%!8$E3205*!$250454P!(",+)$'4-0'Z,8)/>'\4]">'#+.';=?7HD@7DIQH

1&/$")*'556'$.$7"(3 A"LLJ$7SJLK$

?@/-8!<

M0IF!120*45*44!38!1()D!23=D!\$550!;<05F!2*5(2)4!53!H5F*)4!832!$)!*7*=520=!

3)*&)0IF5&45$)9!$4!1$25!38!F*2!?3279!53(2!<$2D0)I!5F*!d,5F!$))0E*24$2%!

38!5F*!$7K(<!5F$5!?235*!F*2!7*I$=%P BF*!23=D!7*I*)9@!?F34*!7$45!H5F*)0$)!$11*$2$)=*!?$4!0)!+,-f@!?077!1*2& 832<!F*2!=2050=$77%&$==7$0<*9!9*K(5!$7K(<!nM324*4o@!=2*905*9!832!*$2)0)I! ;<05F!5F*!7$450)I!7$K*7!38!n\()DC4!\3*5!U$(2*5*oP!;<05F@!?F3!5(2)4!h,!0)!

R*=*<K*2!&!F$4!123<04*9!5F$5!5F*!I73K$7!$))0E*24$2%!53(2!?077!K*!$!n52(*@!

123(9!$)9!F$11%!=*7*K2$503)o!82**!823<!=%)0=04<!32!n$!=$4F0)I&0)!5F0)IoP! 3"%C+#$'O),'#&+'$&)*',4-6+'O,)8'P;QJD?'4-0'4,+'4M4".4B.+'O,)8'3"%C+#'Y)/$+>' (4-+5"$#"8")/'R#+.7';=?7@D?7Q@DDT>'),')-."-+'4#'***7#"%C+#5,)76,'4-0' ***7#"%C+#&)/$+76,'

i!insider athens! "! #$%!&!'()*!+,-.

=@+3F

WF$5! D0)9! 38! 90I05$7! =3)5*)5! 93! ?*! =3)4(<*! 0)! 5F*4*! 9$%4! 38!

3E*2$K()9$)5!0)832<$503)!$)9!?F$5!=(75(2*!93!?*!=2*$5*q!M3?! $2*!?*!n8**90)Io!539$%C4!90I05$7!<$2D*54q!M3?!*1F*<*2$7!04!90I05$7! \31!=(75(2*q!M3?!F$4!90I05$7!131!=(75(2*!$88*=5*9!3(2!9$07%!70E*4q!

M3?! 93! $250454! 2*413)9! 53! 5F*! =(22*)5! nF0IF! 41**9o! =3)90503)q!

BF*4*!$2*!Y(45!43<*!38!5F*!K(2)0)I!5310=4!$992*44*9!K%!H5F*)4!

R0I05$7!H254!O*450E$7@!$)!$))($7!=3)E*2I*)=*!38!73=$7!$)9!0)5*2)$& 503)$7!$250454!$)9!$(90*)=*4P!>3?!0)!054!-+5F!%*$2@!HRHO!$0<4!53!

450<(7$5*!90I05$7!=2*$50E05%!5F23(IF!$!<(750&904=0170)$2%!123I2$<!38!

ALF0K0503)4@!;=2**)0)I4@!U0E*!\*2832<$)=*4@!W32D4F314!832!K35F! $9(754!$)9!=F0792*)!$)9!T)5*2)$503)$7!B20K(5*4P!Y"$#),"%'X+-#,+')O' 2#&+-$>'Z,8)/'==E[=;=>'#+.';=?7@;@7???A>'***7;?=D7404O76,'

#*+,-./01

2*$70a*!5F*02!()0V(*!135*)50$7!$=$9*<0=$77%@!0)5*77*=5($77%!43=0$77%!$)9! *5F0=$77%@!5F*!I3$7!04!53!=2*$5*!2*413)40K7*!I73K$7!=050a*)4P! #%5 KU VJG Æ&#x2019;TUV KPVGTPCVKQPCN UEJQQN VQ WUG VJG 5WUVCKPKPI 'ZEGN& 7*)=*! 12353=37! 832! ;*78&;5(9%! $)9! 53! $=F0*E*! 2*&$==2*905$503)! ()9*2!

5F04! 12353=37P! T)! 43! 930)I@! HG;! H5F*)4! F$4! 9*<3)452$5*9@! 3E*2! 50<*@!

KVU GHÆ&#x2019;ECE[ KP RTQFWEKPI FGUKTGF CPF GZRGEVGF JKIJ NGXGNU QH UVW& 9*)5!1*2832<$)=*!$)9!054!$K0705%!53!=3)50)(*!53!$=F0*E*!5F*4*! 2*4(754P!! kT))3E$503)!0)!*9(=$503)!D)3?4!)3!K329*24@!)3!50<*!$)9!)3!70<054@C!4$09!

R2P!;5*8$)34!60$7$<$4@!\2*409*)5!38!HG;!H5F*)4P `E*2!5F*!5?3!9$%4@!$55*)9**4!2*=*0E*9!$!?*$75F!38!0)832<$503)!5F23(IF! n#321F3404!B$7D4o!$)9!5F*02!*)4(0)I!K2*$D3(5!4*4403)4@!$!n#$2D*517$=*!

38!T9*$4o@!n\345*2!ALF0K0503)4!38!J*4*$2=Fo@!R*<3)452$503)4!38!;5(9*)5!

U*$2)0)I!$)9!J*87*=50E*!G3)E*24$503)4!3)!B*$=F0)I!$)9!U*$2)0)IP!

$.*'$:;<=> ?'@ABCD'-<?D<B'E='"DFG?:EA=

HG;! H5F*)4! ZH<*20=$)! G3<<()05%! ;=F3374[! F$4!

K**)!=F34*)!53!5$D*!1$25!0)!$!n4(1*2!4*E*)o!5$4D832=*!

38!*45**<*9!I73K$7!*9(=$5324@!=F$2I*9!?05F!7*$90)I! *9(=$503)$7! 52$)4832<$503)! 0)53! $! )*?! *2$! 38! *L=*77*)=*!5F23(IF!0)V(02%!$)9!4*78&2*87*=503)P!

U

$45!<3)5F@!5F*!4=F337!F345*9!$)!0)$(I(2$7!G3773V(0(<!?F*2*!)*?! *9(=$503)$7!D)3?7*9I*!?$4!4F$2*9!?05F!4=F337!5*$=F*24@!$9<0)& 0452$5324@! 1370=%<$D*24! $)9! 1$2*)54! 823<! $23()9! 5F*! I73K*P! BF*! *E*)5! ?$4! $! =*7*K2$503)! 38! 5F*! =(7<0)$503)! 38! $! 5?3&%*$2! 123=*44! 38!

2*4*$2=F!$)9!12$=50=*!=3<17*5*9!K%!HG;!H5F*)4!$4!1$25!38!5F*!#0997*! ;5$5*4!H443=0$503)!G3<<04403)4!3)!A7*<*)5$2%!$)9!;*=3)9$2%!;=F3374!

Z#;H&GA;;[!;(45$0)0)I!AL=*77*)=*!12353=37!832!2*&$==2*905$503)P! HG;!H5F*)4!X!3)*!38!3)7%!h!I73K$7!4=F3374!=F34*)!832!5F04!123Y*=5!&!04! $!45(9*)5&=*)5*2*9!0)5*2)$503)$7!4=F337!5F$5!*<K2$=*4!H<*20=$)!*9(& =$503)$7!1F073431F%!120)=017*4!$)9!E$7(*4P!S%!=F$77*)I0)I!45(9*)54!53!

#32*! 5F$)! -+,! HG;! H5F*)4! *9(=$5324! 12*4*)5*9! K*45! 12$=50=*4! $)9!

5*$=F0)I! <*5F394! 5F23(IF! BAR5$7D&45%7*! 12*4*)5$503)4! 0)! 5F*! BF*$5*2! $)9!0)5*2$=50E*!?32D4F314@!$0<*9!$5!12*4*)50)I!5F*02!2*4*$2=F!2*4(754!

3)!F3?!53!*88*=50E*7%!0<123E*!45(9*)5!7*$2)0)IP! \20<$2%!$2*$4!38!83=(4!0)=7(9*9b!!G3)452(=50E045s0)V(02%&K$4*9!5*$=F0)I! $)9!7*$2)0)I]!0+O7*L!$4!0)452(=503)$7!<*5F39373I%]!5F*!=3)=*15($7!5*$=F& 0)I!38!<$5F*<$50=4]!5*$=F0)I!?2050)I!53!5F0)D!$)9!7*$2)]!123E090)I!4(1& RQTV UGTXKEGU HQT '5. CPF '(. IWKFGF TGHNGEVKQP HQT Å«DGUV Æ&#x2019;VŬ HQT JKIJGT *9(=$503)!)**94]!$)9!=377$K32$503)!5F23(IF!1238*4403)$7!9*E*731<*)5P H<3)I! 5F*! 90450)I(04F*9! $55*)9**4! ?*2*! 12*409*)54@! 123E3454@! 9*$)4! $)9!1238*44324!38!m)0E*24050*4!823<!5F*!m)05*9!;5$5*4@!A(231*!$)9!5F*! #0997*!A$45@!5*$=F*24!$)9!F*$94!38!/&-+!;=F3374@!$4!?*77!$4!90I)05$20*4! $)9!1$2*)54P!BF*!D*%)35*!41*$D*2!?$4!R2P!T3$))04!#0$3(704@!5F*!\2*40& 9*)5!38!5F*!S3453)!#(4*(<!38!;=0*)=*P T)!5F*!?3294!38!HG;!\2*409*)5!R2P!;5*8$)34!60$7$<$4b kBF04! G3773V(0(<! <$)08*454! *L5*)40E*7%! 5F*! 5F*32*50=$7! 82$<*?32D! 38!

F3?! $)! $=$9*<0=! 0)4505(503)! <39*74! $! )*?! 1$5F?$%! 832! <*$)0)I8(7!

NGCTPKPI CPF CNUQ CFXCPEGU VJG UWHÆ&#x2019;EKGPV CPF PGEGUUCT[ EQPFKVKQPU 5F$5!<(45!K*!0)!17$=*!832!5F*!4(==*448(7!0<17*<*)5$503)!38!4(=F!<39*7PC `)!K*F$78!38!5F*!#0997*!;5$5*4!H443=0$503)!G3<<04403)4!3)!A7*<*)& VCT[ CPF 5GEQPFCT[ 5EJQQNU &T ,CPG 9 2TWKVV #EETGFKVCVKQP 1HÆ&#x2019;EGT =3<<*)9*9! HG;! H5F*)4! 3)! 5F*! 1239(=50E*! 2*4(754! 38! 054! $=503)! 2*& 4*$2=F@!$)9!054!83=(4!3)!45(9*)54!$4!$2=F05*=54!38!5F*02!3?)!7*$2)0)IP! k;(45$0)0)I!AL=*77*)=*!04!$!7*I$=%!832!8(5(2*!I*)*2$503)4!38!HG;!H5F*)4!

7*$2)*24@!*<13?*20)I!5F*<!53!52$)4832<!5F*!?3279!$4!$2=F05*=54!38!5F*02!

3?)!7*$2)0)I!?05F!I(09$)=*!K%!*9(=$5324@C!4$09!R2P!60$7$<$4P

insider athens! "! #$%!&!'()*!+,-.!^

&1.234/25

E2-8C754(785/-D;(/8:2-/5;-/5/895F)(*-+8H5I8)-*@)/+8*58J*2-/+8+25)*7>K8J;(/L(8M()L(/3+8 ;--*+83*+80;;>8JI()LDI3//3/C8+*()N8O(//3+893;5/3L-+N8(/L8*(7P+8?@+*3F-N8M5/(7L8E)@;:8(/L8 I2(*83*8;-(/+8*584-8QR5:-7-++7>8S)--PTK !"#$%&'(&)*")+&,'-".)/0&1'2"3'0"'"%&)'4556555'(&"(7&'89'45' ."#90)8&1:';/9'<"#'&=(7/89'801'&9,#)89>'+/>8.?! ;3=2$5*4!>3?!04!)35!Y(45!$!1*2832<$)=*P!T5C4!$)!0)5*2$=50E*!*L1*20*)=*! ?F*2*!T!*)I$I*!5F*!$(90*)=*!0)!$!=3)E*24$503)!$)9!?*!*L$<0)*!43<*!

38!5F*!<345!K$40=!12*<04*4!0)!3(2!70E*4P \7$53C4!5*L5!2*$77%!04!$4!8()9$<*)5$7!$4!5F*!S0K7*!$)9!5F*!/32$)P!;3@!?*!

5$D*!5F$5@!$)9!53I*5F*2!?*!5$7D!$K3(5!F3?!53!$992*44!5F*!*5F0=$7!=20404!

5F$5!K*4*54!(4!539$%P! S(5!<32*!5F$)!$)%5F0)I@!$(90*)=*4!F$E*!8()N!T5C4!$)!*E*)0)I!38!<025F! $)9! F(<3(2P! ;3=2$5*4! 909)C5! 5$D*! F0<4*78! 5F$5! 4*203(47%P! M*! 4$09@! nT! 93)C5! D)3?! $)%5F0)IP! H)9! 08! %3(! 5F0)D! %3(! 93! D)3?! *E*2%5F0)I@! 5F*)! %3(C2*!8(77!38!05Po!;3!5F*2*C4!$!735!38!7$(IF5*2!$)9!=2%0)I!$)9!2*87*=50)IP! T5C4!)35!$77!4*203(4!1F073431F0=$7!90$520K*@!TC77!5*77!%3(!5F$5N -".)/0&1:'@"'0A&<'10877'+/B&'0A&+'78B&'0A/0'0A&1&',/<1?

AE*2%!*2$@!*E*2%!17$=*@!F$4!054!3?)!;3=2$5*4P!BF*%CE*!K**)!$23()9!832!

[GCTU 2GQRNG YJQ CTG YKNNKPI VQ RWV VJGKT NKXGU QP VJG NKPG HQT ?F$5!5F*%!K*70*E*P!;3=2$5*4!F$11*)*9!53!F$E*!5F*!K*45!\J@!1$2!*L=*7& 7*)=*@! 0)! \7$53! ?F3! =F34*! 53! <$D*! F04! <*)532! F04! <3(5F10*=*P! S(5!

5F*!8$=5!04!5F$5!;3=2$5*4!04!$!705*2$2%!=2*$503)!$4!<(=F!$4!$!F045320=$7!

RGTUQP +P TGCNKV[ JG YCU C Æ&#x2019;IWTG UQOGYJCV FKUCHHGEVGF D[ VJG NKHG QH F04!=05%P!M*!83(IF5!?$2!=$<1$0I)4!?F*2*!F*!D077*9!F04!8*773?!F(<$)!

K*0)I4P!W*!=3)E*)0*)57%!832I*5!5F$5P!H)9!5F*!8$=5!5F$5!F*!$)9!\7$53!$)9! $77!5F34*!35F*2!I339!1*317*!<$)$I*9!53!*L*2=04*!=2050=$7!5F0)D0)I!$)9!

HTGGFQO QH VJQWIJV QP VJG UJQWNFGTU QH UNCXGU YJQ FKGF HQT KV -"'3A"'+8>A0'0A"1&'C",&)9'@/<'-".)/0&1'3/7B89>'/+"9>10'#1'D&?

U*5C4!)35!832I*5!5F$5!;3=2$5*4!?$4!)35!70D*9!K%!*E*2%K39%P!M*!F$9!$4!

-,!insider athens! "! #$%!&!'()*!+,-.

<$)%!*)*<0*4!$4!F*!F$9!820*)94P!M$78!38!H5F*)4!F$5*9!F0<!$)9!5F*%!

D077*9!F0<!832!05P!BF*%!4$09b!n:3(!$2*!)3!I339@!%3(!$2*!()9*2<0)0)I!5F*!

E*2%!*44*)=*!38!5F04!45$5*Po!`8!=3(24*!$4!433)!$4!5F*%!D077*9!F0<@!5F*%!

2*I2*55*9! 05P! S(5! ?F3! 70D*4! $! <$)! ?F3! 4*78! =F$2$=5*20a*4! $4@! nT! $<! $!

F324*!87%!3)!5F*!K*F0)94!38!<%!8*773?!=050a*)4No!!WF*5F*2!%3(!70D*!5F*<!

QT PQV [QW ECP VCMG CP 'FYCTF 5PQYFQP YJQ NGCMGF ENCUUKÆ&#x2019;GF #OGT& 0=$)!>$503)$7!;*=(205%!HI*)=%!93=(<*)54[@!32!$!'(70$)!H44$)I*@!32!$!

R$7$0!U$<$@!$)9!=3<1$2*!5F*<!53!;3=2$5*4P!>3?!%3(!<0IF5!=3)409*2!

5F*<!311325()0450=!32!70$24@!K(5!5F*!8$=5!04!5F$5!5F*%!$2*!*)9$)I*20)I! 5F*02! 70E*4P! U33D! $5! 5F*! 1*317*! K*F0)9! 5F*! \$)$<$! \$1*24@! ?F3! I*5!

9*$5F!5F2*$54!*E*2%!9$%P!BF*4*!$2*!1*317*!?F3!F$E*!5F*!I(54!53!4$%@!nT! =$))35!70E*!0)!4(=F!$!F%13=2050=$7!?3279Po! EA/0',"'<"#'0A89B'-".)/0&1'3"#7,'A/%&'+/,&'"*'@"9/7,'F)#+(?

BF*!?3)9*28(7!5F0)I!$K3(5!;3=2$5*4!04!5F$5!F*!)*E*2!=2050=0a*4!32!$5& 5$=D4!$)%3)*!902*=57%!&!F*!=3)452(=50E*7%@!D0)97%@!73E0)I7%!V(*4503)4!F(& <$)!K*F$E032P!;3=2$5*4!?$4!4(223()9*9!K%!9*<$I3I(*4!70D*!B2(<1P! M*!?$4!D077*9!K%!B2(<14P!H)9!5F*%!909!*L$=57%!?F$5!B2(<1!93*4b!K%!

5$D0)I! $! 405($503)! $)9! 5(2)0)I! 05! (1409*! 93?)! 53! 12*4*)5! 05! 0)! $77! 5F*!

9$2D*45!=373(24@!0)45*$9!38!054!<345!K*$(508(7!=373(24P!\231$I$)9$!$5!

054!K*45P!;3=2$5*4!?3(79!)35!F$E*!=2050=0a*9!B2(<1!K*=$(4*!B2(<1!04! <*2*7%!5F*!501!38!5F*!0=*K*2IP!M*!04!$!4%<153<!38!7$2I*2!<$7$04*P!;3! ;3=2$5*4!?3(79!F$E*!$992*44*9!F0<4*78!53!5F*!<$7$04*!0)45*$9P! !"#$%&'D&&9'(&)*")+89>'-".)/0&1'2"3'*")'"%&)'/',&./,&:'G/%&'0A&' H)&/0'C/9$1'(A87"1"(A8&1'/9,'()89.8(7&1'/70&)&,'<"#'(&)1"9/77<?'

HK437(5*7%P!BF*2*C4!)3!?$%!43<*5F0)I!70D*!5F04!=$)C5!0)87(*)=*!43<*3)*!

70D*!<*!?F3!F$4!$7?$%4!K**)!K35F!$!B*$=F*2!$)9!$!;**D*2P!;3=2$5*4!

$7?$%4!8*75!5F$5!?*!F$E*!I339)*44!0)409*!(4P!BF$5!?*!$2*!0)520)40=$77%!

1(2*!$)9!I339P!BF*!3)7%!2*$43)!?*!$=5!K$97%!04!K*=$(4*!?*!93)C5!D)3?! ?F$5C4!0)409*!(4@!$)9!3)=*!?*!45$25!*L$<0)0)I!05!$)9!F$E0)I!)0=*!=3)& E*24$503)4!?05F!3(24*7E*4!&!$)9!7045*)0)I!2$5F*2!5F$)!5$7D0)I!&!53!5F$5!70557*!

E30=*!5F$5!?*!$77!4(112*44@!5F*)!?*!<0IF5!K*!$K7*!53!I*5!53!43<*!17$=*!

5F$5!2*43)$5*4!832!$77!38!(4P!;3!5F$5C4!?F$5!;3=2$5*4!F$4!93)*!832!<*P! \*2F$14!F*!F$4)C5!<$9*!<*!$!K*55*2!1*243)P!S(5!F*C4!<$9*!<*!$!K*55*2!

45(9*)5P!H)9!F*!F$4!$743!F$2<3)0a*9!<*!?05F!<%!<325$705%P! -"'80'3/1'7&/)989>6'9"0'0&/.A89>6'0A/0')&/77<'891(8)&,'-".)/0&1?

T! 93)C5! 5F0)D! ;3=2$5*4! 2$)! $23()9! 823<! <32)0)I! ()507! <09)0IF5@!

K$2*8335!$)9!4<*77%!K*=$(4*!F*!832I35!53!?$4F@!?*$20)I!5F*!4$<*! =735F*4! ?0)5*2! 5F23(IF! 4(<<*2@! K*=$(4*! F*! ?$4! 3K4*44*9! $K3(5!

5*$=F0)IP! >3@! %3(! 93! 05! K*=$(4*! %3(! ?$)5! 53! 7*$2)P! :3(! ?$)5! 53!

GZRGTKGPEG NKHG ƒTUV +RZ PLJKW *UHHFH LQ EHQḨW IURP WKH ZLVGRP RI $QFLHQW H)&&.&?

BF*2*!$2*!43!<$)%!?$%4P!S(5!()8325()$5*7%@!?*!$2*!0)!4(=F!9*41$02@!

5F$5!$77!?*!=$)!5F0)D!38!04!4(2E0E$7!$)9!D**10)I!3(2!F*$94!$K3E*!?$5*2P! WF$5!?*!2*$77%!)**9!53!93!04!2*&5F0)D!62**=*!823<!I23()9!a*23P!6*5!209!

38! 137050=$7! 4%45*<4! $)9! =70*)5*704<! $)9! 45$25! 823<! 4=2$5=FP! T8! 5F*2*!

04!$!F31*@!$)9!5F04!$I$0)!50*4!K$=D!53!;3=2$5*4@!05!04!53!K*!83()9!0)!5F*!

09*$!38!HK437(5*!'(450=*P!B3!F0<@!'(450=*!?$4!43<*5F0)I!53!K*!83()9! *E*)! $K3E*! 5F*! 6394P! H)9! 08! ?*! 45$25*9! ?05F! =F$)I0)I! 5F*! Y(90=0$2%!

4%45*<! 0)! 62**=*! 0)! +,-.@! ?*! <0IF5! K*! $K7*! 53! =F$)I*! *E*2%5F0)IP! '(450=*! F*2*! 04! K23D*)P! BF*2*! $2*! 43<*! E*2%! I339! 1234*=(5324! ?F3!

1(5! 5F*<4*7E*4! 3)! 5F*! 70)*! $I$0)45! <3)*%*9! 0)5*2*45@! K(5! 05! 04! )35! *)3(IFP!T)!5F*!45$5*4@!%3(!=$)!5$D*!`K$<$!53!=3(25@!$)9!)35!F$E*!53!

YCKV HQT ƒXG QT VGP [GCTU HQT LWUVKEG EA/0'"0A&)'-".)/08.'()89.8(7&1'/)&'10877')&7&%/90'0",/<?

BF*!?3)9*28(7!5F0)I!$K3(5!;3=2$5*4!?$4!5F$5!F*!?$4)C5!$K3(5!52%0)I!53! ƒPF VJG TKIJV CPUYGTU *G YCU CDQWV VT[KPI VQ ƒPF VJG TKIJV SWGUVKQPU WF0=F!38!=3(24*!04!F0IF7%!2*7*E$)5!539$%P! ;3=2$5*4!?$4!5$7D0)I!$K3(5!3(2!82**93<!53!*L1732*!5F0)I4P!M*!)*E*2!

0)4(75*9!5F*!6394@!K(5!F*!909!4$%b!nU*5C4!5$7D!$K3(5!05P!T4!5F*2*!3)*q!`2! $2*!5F*2*!<$)%q!WF$5C4!5F04!E30=*!0)409*!<*q!WF$5!04!05!5*770)I!<*q!T4!

05!$!639qo H743@!;3=2$5*4!F$9!$!I2*$5!4*)4*!38!F(<3(2]!F*!?$4!E*2%!4*78&9*12*=$50)IP! 62**D4! $2*! E*2%! 1$4403)$5*@! $4! %3(! D)3?P! W*! F$E*! I2*$5! 0<$I0)$503)P! S(5@!?*!93)C5!D)3?!F3?!53!7$(IF!$5!3(24*7E*4P!T5C4!)35!0)!3(2!R>HP! O1'-".)/0&1$'*/0&'#('*")'>)/D1'89'<"#)'()",#.08"9?'P)'81'A&'/73/<1' ,""+&,?

T5!04!5F*!E0$K0705%!38!F04!9*$5F!4*)5*)=*!5F$5!04!904=(44*9!0)!5F*!4*=3)9!

F$78P! U*5C4! 733D! $5! 5F*! $41*=54! 5F$5! 909! <$D*! F0<! ()9*402$K7*! $)9!

F$5*9P! B3I*5F*2@! ?*! $220E*! $5! $)! ()9*245$)90)I! 38! F3?! 1*317*! 70D*! ;3=2$5*4@!832!K*55*2!32!?324*@!$2*!0)E$20$K7%!1(5!53!5F*!D)08*P! !"#'"9.&',&1.)8D&,'<"#)1&7*'/1'/'3/9,&)89>'+8910)&7:'I#0'3A&)&',"' <"#'#708+/0&7<'0A89B'"*'/1'A"+&?

BF04!17$=*!?F*2*!T!$<!40550)I!20IF5!)3?!0)!<%!n1332!<$)C4!=$457*o!0)! \4%220@! ?05F! <%! 17$)54@! 04! F3<*P! T! 733D! $5! 5F*! ;$=2*9! J3=D! 823<! <%! $1$25<*)5! $)9! T! 8**7! 70D*! $! 639P! AE*)! 5F3(IF! <%! D094! $2*! 0)! ;$)!

O2$)=04=3!$)9!<%!I2$)9=F0792*)!$2*!0)!\0554K(2IF!$)9!<%!1$25)*2!0)!

708*!04!3)!F*2!?$%!K$=D!53!>*?!:32D@!<%!AE*2%5F0)I!04!F*2*!0)!62**=*P! T! $<! =3<8325$K7*! *E*2%?F*2*! *74*! 5F$5! T! I3P! S(5! 05C4! F*2*! 5F$5! T! $<!

ENQUGUV VQ CP JQPGUV[ VJCV + FQPŨV ƒPF CP[YJGTG GNUG !"#$%&'78%&,'89'0A&'-0/0&1'*")'JK'<&/)1'9"3:'G"3'81'L2&3'!")B&)' !/9981M',8**&)&90'*)"+'LN0A&91'!/9981M?' T!Y(45!F$9!$)!A)I704F!820*)9!45$%!?05F!<*!832!$!8*?!9$%4!$)9!4F*!4$09@! n`F!<%!639@!%3(!$2*!9088*2*)5!F*2*No!T5C4!$!=*25$0)!=3<8325@!$!=*25$0)!

7*550)I!<%!F$02!93?)P!T!I2*?!(1!F*2*P!T!=$<*!823<!T45$)K(7!$5!i!$)9!7*85! ?F*)!T!?$4!-^P!62**=*!04!5F*!17$=*!5F$5!<$9*!<*!?F$5*E*2!1*243)!T! $<!539$%P!O32!$77!5F$5!T!F$E*!K**)!4(223()9*9!K%!H<*20=$)!=(75(2*!$)9!

137050=4@!T!$<!F31*7*447%!62**DP EA8.A'(".B&01'"*'N0A&91'/9,'H)&&.&'891(8)&'<"#'0A&'+"10? + FQPŨV VJKPM VJGTGŨU CP[ RNCEG KP )TGGEG VJCV FQGUPŨV ƒNN OG YKVJ GOQVKQP 62**=*!<$D*4!<*!=2%P!T5C4!43!K*$(508(7@!43!*L52$3290)$2%P!T5C4!)3!$==09*)5!

5F$5! 5F34*! ?3)9*28(7! I394! 38! 5F*! 379! 2*70I03)! ?*2*! =2*$5*9! F*2*N! T! ?$4! ?$7D0)I! 93?)! 5F*! $)=0*)5! 1$5F4! 38! M%92$! $! 8*?! 9$%4! $I3! $)9! T! *)=3()5*2*9!$!9025!23$9!?05F!$!I)$27*9!370E*!52**!45$)90)I!0)!5F*!<0997*!

38!05!$)9!T!=3(79!F$E*!?*15!K*=$(4*!5F*2*!?$4!43!<(=F!Y(45!0)!5F$5P! @"'<"#'A/%&'A"(&'*")'H)&&.&$1'8++&,8/0&'*#0#)&?

HK437(5*7%P! W*77! 08! T! 909)C5@! T! ?3(79)C5! K*! =3)50)(0)I! 53! 93! ?F$5! TC<!

930)I@!K*=$(4*!05!=*25$0)7%!93*4)C5!<$D*!<*!20=F]!05!<$D*4!<*!1332*2N! S(5!<0)*!04!)35!$!)32<$7!3150<04<P!T5!04!5F*!3150<04<!3)*!8**74!?F*)!

3)*!73E*4!43<*5F0)I!43!8(77%@!5F$5!3)*!F$4!)3!=F30=*P! BF*2*! 04! 43! <(=F! 62**D! 5$7*)5! 3(5409*! 38! 62**=*! ?05F! 5F*! 90$4132$!

PQY #P GZVTCQTFKPCT[ VTGCUWTG QH EQPVGORQTCT[ RQGVU ƒNOOCMGTU K(40)*44<*)@! 1F073431F*24@! $250454! $)9! 35F*2! <39*2)! E30=*4P! T5C4! $! =20<*!5F$5!5F*2*!04!4(=F!$!F(I*!90E09*!K*5?**)!5F*!90$4132$!$)9!5F*!

1*317*! F*2*P! S*=$(4*! 40)I7*&F$)9*97%@! 5F*! 90$4132$! =3(79! 123K$K7%!

4$E*!62**=*P! ^4--"$' K"8)-"0+$' 455+4,$' "-' K)%,4#+$' _)*>' ' W/-+' ;AJW/.:' ;I' ;I' R`+0-+$04:$'#)'K/-04:$T>'4#';=L??'4#'#&+'a-"M+,$"#:')O'2#&+-$'F/$+/8>' 7KRORX 6WUHHW 3ODND ųQWUDQFH IHH LV ͐ IRU DGXOWV ͐ IRU VWXGHQWV \,)/5$'R)M+,'AT7''1"$"#'***7+.."-"C)#&+4#,)7),6'O),'B))C"-6'0+#4".$7

insider athens! "! #$%!&!'()*!+,-.!--

63.!7!$+8.+32

;N'IO$;'IL'/"I$<N'/J3S$3"Z)$LK)$>MN(NS#Y

U2(*V+83/8+*5)-8W5)8@+8I2-/8*2-8I)(::3/C8:(D TIV ǻREPP] GSQIW SǺ ,VIIGIƶW PEVKIWX IZIV :)-+-/*8 X8 *2-8 9*(.)5+8 H3()F25+8 G5@/L(*35/V+8 Y@7*@)(78 Y-/*)-8 D8 /-1*8 >-()Z8 9*-77(8 9-.(+*5D :5@75+87-(L+8(/8(L.(/F-8*5@)85W8*2-87(/L;()P8 +*)@F*@)-84377-L8(+8S)--F-V+8QH-I8JF)5:573+TK

W

*!2*$77%!$2*!70E0)I!43<*!3L%<323)0=!50<*4!0)!62**=*P!`)!5F*!

3)*! F$)9! 5F*! =3()52%! 04! 452(II70)I! 5F23(IF! $! 9*E$45$50)I! *=3)3<0=! =20404@! $)9! $! 902*! 2*8(I**! 405($503)P! :*5! 40<(75$& )*3(47%@!?*!$2*!3)!5F*!K20)D!38!$!=(75(2$7!2*)$044$)=*!38!43254P!#0IF5! =(75(2*!K*!5F*!$)4?*2!53!3(2!123K7*<4q!W*C77!F$E*!53!?$05!$)9!4**p!!

T)! 5F*! <*$)50<*@! 5F*! ;5$E234! >0$2=F34! O3()9$503)C4! G(75(2$7! G*)52*!

Z;>OGG[@!F*2$79*9!$4!62**=*C4!n>*?!H=2313704o!04!2*EE0)I!(1!53?$294!

054!'()*!k#*5$<321F3404C!8*450E$7@!?F*2*!05!?077!I0E*!5F*!1(K70=!$!4<$77!

5$45*!38!?F$5C4!53!=3<*!3)=*!5F*!G*)52*!31*)4!832!I339!0)!+,-h!Z$85*2!

KVŨU DGGP JCPFGF QXGT VQ VJG )TGGM 5VCVG 6JKU Ż OKNNKQP RTQLGEV JCU K**)!8()9*9!*)502*7%!K%!$!93)$503)!823<!5F*!;5$E234!>0$2=F34!O3()& 9$503)!X!5F*!7$2I*45!I085!38!5F*!;>O!53!62**=*!&!$)9!3)*!38!5F*!7$2I*45!

93)$503)4! *E*2! <$9*! 53! $! =3()52%! ?3279?09*P! R*40I)*9! K%! ?3279&2*& )3?)*9!$2=F05*=5!J*)a3!\0$)3!Z?F3!53I*5F*2!?05F!J0=F$29!J3I*24!=2*& $5*9!5F*!\3<1093(!0)!\$204[@!5F*!;>OGG!?077!F3(4*!5F*!62**D!>$503)$7! `1*2$!Z6>`[@!$)9!5F*!>$503)$7!U0K2$2%!38!62**=*!Z>U6[@!$)9!K3$454!$!

O /GFKVGTTCPGCP RCTMNCPF +V RTQOKUGU VQ RNCPV )TGGEG Æ&#x2019;TO& 7%!3)!5F*!I73K$7!<$1!$4!$!=(75(2$7!9*450)$503)!1$2!*L=*77*)=*P!

-+!insider athens! "! #$%!&!'()*!+,-.

;05($5*9! Y(45! 388! ;%)I23(! HE*)(*@! K(5! 452*5=F0)I! 93?)! 53! 5F*! ;3(5F! G3$45! ?$5*2823)5! ZO$7023s/$705F*$! 904520=5[@! 5F*! ;>OGG! ?077! Y30)! 5F*!

2$)D4!38!35F*2!;%)I23(!0)4505(503)4!4(=F!$4!5F*!>$503)$7!#(4*(<!38!

G3)5*<132$2%!H25!Z9(*!53!31*)!0)!+,-.[@!5F*!`)$4404!G(75(2$7!G*)52*@!

17(4!5F*!A(I*)09*4!O3()9$503)!$)9!\7$)*5$20(<P!A74*?F*2*!0)!5F*!<*& 52313704@!<32*!=(75(2*!04!K733<0)Ib!5F*!>$503)$7!6$77*2%C4!2*E$<1!$)9! *L5*)403)! 04! K*0)I! =3<17*5*9! Z3)! Q$4407*34! /3)45$)50)3(! HE*@! 9(*!

53!2*31*)!0)!+,-.[P!BF*!63(7$)9204!#(4*(<!38!G3)5*<132$2%!H25!Z0)! \$)I2$50[@!<*$)?F07*@!?077!K*!2*$9%!0)!+,-hP!`)=*!$77!5F*4*!0)4505(503)4! $2*!(1!$)9!2())0)I@!H5F*)4!?077!K*!$)!*L=*1503)$77%!K20IF5!K*$=3)!38!$25! $)9!=(75(2*!X!?05F!5F*!$)=0*)5!H=2313704!$)9!054!?3279&=7$44!=3)5*<& 132$2%!<(4*(<!$4!054!=*)52$7!87$<*P H==3290)I! 53! 5F*! S3453)! G3)4(750)I! 623(1C4! 2*4*$2=F! $)9! 0<1$=5!

45(9%@! 5F*! ;>OGG! ?077! =2*$5*! $! 7$450)I! *=3)3<0=! =3)520K(503)! 53!

62**=*P!BF*!623(1!F$4!*450<$5*9!5F*!83773?0)Ib!n5F*!=3)452(=503)!38!

5F*!;>OGG!F$4!123E09*9!<32*!5F$)!-f@,,,!Y3K4!0)!5F*!?09*2!*=3)3<%@! $99*9!e-P-S!53!62**=*C4!62344!R3<*450=!\239(=5!Z6R\@!,P+t!$))($7& N[ CPF IGPGTCVGF Ż / KP VCZ TGXGPWG 1PEG EQORNGVGF VJG 50(%%ŨU 31*2$503)4!$2*!*L1*=5*9!53!=3)520K(5*!e-d,#!1*2!%*$2!53!6R\@!=2*$5*! +@f,,!8(77&50<*!Y3K4@!$)9!I*)*2$5*!e-^#!0)!5$L!2*E*)(*!$))($77%Po! R3&+$+'+$#"84#+$'4,+'B4$+0')-'+%)-)8"%'4%#"M"#:'4#'#&+'K_GXX'"#$+.O>'#&+' "-%,+8+-#4.'$5+-0')O'#)/,"$#$'*&)'M"$"#'#&+'K_GXX>'4-0'#&+',"55.+'+OO+%#' #&+$+'#*)'%)85)-+-#$'&4M+')-'#&+'*"0+,'+%)-)8:7T!

@($@/MKJL)ML'/"I$"(O$>MNINRJM"I$!"/Z)I H2=F05*=5!\0$)3C4!09*$!832!5F*!;>OGG@!?$4!53!()05*!31*2$!?05F!k7*$2)0)IC@!

5F(4!=2*$50)I!$!K(0790)I!?F*2*!5F*!6>`!$)9!5F*!>U6!$2*!0)5*2=3))*=5& *9P!\0$)3C4!12*93<0)$)5!(4*!38!I7$44!8$=$9*4!=2*$5*4!$!70IF5&92*)=F*9!

K(0790)I@!?F0=F!8$=*4!43(5F!3)53!5F*!;$23)0=!6(78C4!45*77$2!4*$!E0*?P! \0$)3!F$4!4$09!38!05b!nWF*)!%3(!733D!;3(5F@!5F*!70IF5!04!0)!823)5!38!%3(P! H)9!*E*2%5F0)I!$11*$24!70D*!$!GF0)*4*!;F$93?P!AE*2%5F0)I!K*=3<*4! <$I0=oP!M*!*)E0403)4!5F*!;>OGG!$4!$!n17$=*!38!904=3E*2%@!38!*L1732$& 503)o!?F0=F!$743!2*87*=54!5F*!2F%5F<!38!5F*!7$)9@!17(4!n5F*!62**D!?0)9@! *)*2I%!$)9!4()oP! 6JG #PEKGPV #ETQRQNKUŨU 2CTVJGPQP JCF EQNWOPU KP KVU OKF VJ EGP& 5(2%!SG!F*%9$%P!\0$)3C4!n)*?!H=2313704o!F$4!f,!<*5$7!137*4@!4(11325& 0)I!$!4V($2*!*)*2I%!=$)31%!Z-,@,,,<+[P!BF*!=$)31%!Z<$9*!38!12*=$45!

8*223=*<*)5!4*I<*)54[@!04!?F$5!<$D*4!5F04!$2=F05*=5(2$7!<$45*210*=*!

2*I045*2! $4! $! n\0$)3! 9*40I)oP! T5! F$4! K**)! 70D*)*9! 53! $! k87%0)I! =$21*5C@! $75F3(IF!\0$)3!F$9!*)E0403)*9!05!<32*!$4!$!k=73(9C!F3E*20)I!3E*2!5F*!

31*2$!F3(4*P!R*=D*9!?05F!d@h,,!1F353E375$0=!1$)*74!X!5F*!=$)31%!=$)! =2*$5*!+!I0I$K%5*4!38!*)*2I%!$!%*$2P!T5C4!*450<$5*9!5F$5!0)!5F04!?$%@!i,!

1*2=*)5! 38! 5F*! *)*2I%! )*=*44$2%! 53! 2()! 5F*! ;>OGG! ?077! K*! =3E*2*9P! m)9*2!5F*!=$)31%@!04!5F*!43&=$77*9!kU0IF5F3(4*C!X!$!I7$44!^,,<+!=3)& 452(=503)! Y30)*9! 53! $! 73)I! I7$44! =3220932P! BF04! 1(K70=! 41$=*! K3$454! $!

41*=5$=(7$2!1$)32$<0=!E045$!2*$=F0)I!823<!5F*!4*$!53!5F*!H=2313704P! BF*!)*?!>$503)$7!`1*2$C4!45$5*&38&5F*&$25!F3<*!F$4!5?3!5F*$52*4b!5F*! <$0)!+i@,,,<+@!40L&4532*%!F0IF!F$77!?05F!-@d,,!4*$54@!$)9!$!4<$77*2@! $75*2)$50E*!45$I*!?05F!d,,!4*$54P!H0<0)I!53!5$D*!=*)52*!45$I*!3)!5F*!

I73K$7! 31*2$! =02=(05@! 5F04! E*)(*! F$4! ?3279&=7$44! $=3(450=4! $)9! <*& =F$)0=$7!=$1$K07050*4!53!F$)97*!5F*!<345!9*<$)90)I!1239(=503)4P

@$BJH/"/#$BJ\)$8N$ELK)/ `)=*!4*557*9!0)!054!)*?!F3<*@!5F*!+f@,,,<+!>$503)$7!U0K2$2%!X!=3<& 17*5*!?05F!-i!<*52*!5$77!K33D=$4*4!&!?077!)3?!$743!8()=503)!$4!$!1(K70=!

NGPFKPI NKDTCT[ HQT VJG Æ&#x2019;TUV VKOG (WTVJGTOQTG QH VJG NKDTCT[ŨU DQQMU JCXG DGGP ENGCPGF HQT VJG Æ&#x2019;TUV VKOG KP [GCTU #OQPI QVJGT 8$=07050*4@!5F*2*!?077!$743!K*!$!43()9!45(903@!$!S(40)*44!G*)52*@!$!=F07& 92*)C4! 70K2$2%@! 41*=0$7! 4532$I*! 4*=503)4! 832! 5F*! 2$2*! <$)(4=20154! $)9!

379! K33D4@! 17(4! 5F*! $K0705%! 53! =2*$5*! *LF0K0503)4! ?05F! 5F*4*! $25*8$=54P! H! )$503)?09*! 90I050a$503)! 123I2$<<*! ?077! $743! *)4(2*! I2*$5*2! I73K$7! $==*44!53!5F*!70K2$2%C4!=377*=503)P!

@$D/))($=/)"S #P KORTGUUKXG QH VJG YJQNG EQORNGZ KU RCTMNCPF +P HCEV C DKTFŨU *%*! E0*?! ?3(79! K*! 535$77%! I2**)@! *L=*15! 832! 5F*! =$)310*4! 38! 5F*! `1& *2$!M3(4*@!5F*!Q0405324C!G*)52*@!$)9!5F*!2338!38!5F*!=$8*5*20$P!BF*!1$2D! *L5*)94!53?$294!5F*!`1*2$!M3(4*@!$)9!705*2$77%!=3E*24!5F*!531!38!5F*! >$503)$7! U0K2$2%@! $)9! 5F*! =$2! 1$2D! Z38! -,,,! 41$=*4[@! =2*$50)I! I2**)!

23384! 832! 5F*4*! K(0790)I4! &! $! )$5(2$7! 832<! 38! 0)4(7$503)P! T)! 5F04! ?$%@!

5F*! >$503)$7! U0K2$2%! 4**<4! 53! K*! 1$257%! =$<3(87$I*9@! $4! 08! 05! ?*2*! $!

4*=2*5!7*$2)0)I!F09*3(5P!BF*!1$2D!F$4!K**)!9*40I)*9!3)!$!<$)&<$9*!

4731*!5F$5!I2$9($77%!I$0)4!F*0IF5@!2*$=F0)I!f+!<*52*4P!O23<!5F*!409*@!05!

2*4*<K7*4!93*4!$!I0$)5!4D$5*K3$29!2$<1P

GTCN &KTGEVQT QH VJG 50(%% JCPFGF KP JKU TGUKIPCVKQP QP #RTKN EKVKPI n1*243)$7! 2*$43)4o! &! $! <3E*! 5F$5! 2$04*9! <32*! 5F$)! $! 8*?! *%*K23?4@! =3<0)I!$5!4(=F!$!=2(=0$7!Y()=5(2*P!

P/))$)Z)(L3$#N'$M"($RN$LN$(NW T)! 5F*! <*$)50<*@! 5F*! ;>OGG! Q0405324C! G*)52*! 04! (1! $)9! 2())0)I@! $)9!

388*24! $! <*)(! 38! 82**! *E*)54s?32D4F314s=3)=*254! 53! 5F*! 1(K70=@! 0)& =7(90)I!832!*L$<17*b!7*=5(2*4!3)!$25!$)9!)$5(2*@!$!14%=F373I%!7*=5(2*@! k13=D*5C!=3)=*254!K%!5F*!6>`@!$!9$)=*!1*2832<$)=*@!9$)=*!1$25%@!A7%& 504C!13*<4!4*5!53!<(40=!$)9!<32*P!BF*!=$)$7!1$5F!5F$5!2()4!823<!5F*!

Q040532C4!G*)52*!93?)!5F*!409*!38!5F*!6>`!$)9!>U6@!<**50)I!?05F!O$& 7023C4!^,,&<*52*!8335K209I*!ZD)3?)!$4!5F*!A417$)$9*[@!04!$743!31*)!53!

E0405324@!388*20)I!5F*<!$!73E*7%!7*04(2*7%!?$7D!5F$5!7*$94!20IF5!53!5F*!4*$!

823)5P! BF*! 1$2D! $)9! 43<*! 4*=503)4! 38! 5F*! <$0)! K(0790)I! ?077! $743! K*! 31*)!

53!5F*!1(K70=!0)!7$5*!'()*!832!5F*!n#*5$<321F3404b!BF*!;>OGG!53!5F*!

W3279o!8*450E$7P! AL1*=5!53!*)Y3%!<(750&=(75(2$7!1*2832<$)=*4!K%b!$25045s<(40=0$)!U$(& 20*! H)9*243)@! ;%20$)! <(40=0$)! `<$2! ;3(7*%<$)@! $)! T2$V0&'$aa! <(40& =$7!8(403)!K%!A<02*!A7;$88$2!$)9!5F*!B?3!J0E*24!A)4*<K7*@!A7*85F*20$!

H2E$)05$D0@! 5F*! H5F*)4! G3)4*2E$5302*! 17(4! 7*$90)I! 62**D! '$aa! <(40& =0$)4!Z$<3)I!35F*2!*E*)54[P!J*)3?)*9!GF0)*4*!=3<134*2!B$)!R()C4! Å«9CVGT 2CUUKQP #HVGT 5V /CVVJGYŬ YKNN CNUQ DG RGTHQTOGF HQT VJG Æ&#x2019;TUV 50<*!0)!62**=*P! F+#48),5&)$"$',/-$'W/-+';@J;D>'4#'K_GXX>'***7$-O7),6V+-'

AK"3)3$NT$;NSQI)LJN( T8!$77!I3*4!53!17$)@!5F*!;>OGG!?077!K*!8(77%!8()=503)0)I!$)9!31*)!53!5F*!

1(K70=!0)!+,-hP!!BF*!09*$!832!5F*!;>OGG!?$4!K32)!0)!+,,.@!0)!5F*!9$%4!

38!/345$4!/$2$<$)704P!`)!=3<17*503)@!5F*!8(77%&=3)452(=5*9!=*)52*!?077!

K*! F$)9*9! 3E*2! 53! 5F*! ;5$E234! >0$2=F34! O3()9$503)! Z;>O[@! K*832*! 05!

04!5F*)!F$)9*9!3E*2!53!5F*!62**D!;5$5*!Z*450<$5*9!53!K*!0)!'()*[P!BF*! ;5$5*!?077!5F*)!93!054!3?)!5*45!2()4@!17(4!5F*!<3E*!38!5F*!6>`!$)9!>U6!

OWUV CNUQ DG EQORNGVGF DGHQTG KV QRGPU KVU FQQTU Æ&#x2019;PCNN[ KP 6JG 9$5*!38!#$2=F!f-!Z+,-.[@!F$9!K**)!4*5!832!5F*!F$)9!3E*2!53!5F*!;>O@!

K(5!05!?$4!9**<*9!5F$5!5F*!?32D!?$4!)35!=3<17*5*@!$)9!43!05!F$4!K**)!

9*7$%*9!832!$!70557*!73)I*2P!O(25F*2<32*@!:0$))04!B23F313(734@!5F*!6*)&

2,%&"#+%#'b+-])'("4-)

insider athens! "! #$%!&!'()*!+,-.!-f

&1.234/25

H(*35/(78=@+-@;85W8Y5/*-;:5)()>8J)*8L3)-F*5)8 [(*-)3/(8[5+P3/(8*(7P+8-1F7@+3.-7>8*58\/+3L-)V+89*-77(8 9-.(+*5:5@75+8(45@*8S)--F-V+8.(73(/*8()*3+*3F8 F5;;@/3*>N8*2-8I-77DL5F@;-/*-L8+*)@CC7-+8W(F3/C8 0=9E88D8(/L8*2(*8;-L3(8W@)5)-85.-)8?(/8G(4)-K

/

$5*20)$!/34D0)$!04!9*90=$5*9!53!5F*!123I2*44!38!=3)5*<132$2%! $25! 0)! 62**=*P! ;F*! 04! $743! 3)*! 38! 5F*! 8*?! 62**D4! 5F$5! =3)523& E*240$7! $25045! '$)! O$K2*! F$9! $))3()=*9! $! =377$K32$503)! ?05F@!

K*832*! F*! 2*40I)*9! 823<! 5F*! 1345! 38! =2*$50E*! 902*=532! 38! 5F*! H5F*)4! $)9!A109$(2(4!O*450E$7P!`)!5F*!9$%!?*!<**5!ZH1207!+[@!/34D0)$!04!K*& 0)I!K3<K$29*9!K%!1F3)*!=$774!823<!Y3(2)$70454@!K*=$(4*!38!$)!$250=7*!

YJKEJ JCF HCNUGN[ UVCVGF VJCV (CDTG JCF UGPV JGT JKU TGUKIPCVKQP ƒTUV ;3!3(2!904=(4403)!=3(79!)35!K(5!F*71!D0=D!388!823<!5F*!F*$970)*&I2$K& K0)I!S*7I0$)!$25045C4!2*40I)$503)P BF*!>$503)$7!#(4*(<!38!G3)5*<132$2%!H25!Z$743!D)3?)!$4!A#;B!&!054!

62**D!$KK2*E0$503)!2*)9*2*9!0)!A)I704F!7*55*24[!?$4!83()9*9!K%!7$?!0)!

-^^h@!$)9!F$4!K**)!0)!5F*!<$D0)I!40)=*!+,,,@!?F*)!5F*!<(4*(<C4!405*! ?$4!$773=$5*9!$5!5F*!832<*2!O0L!K**2!8$=532%!3)!;%)I23(!HE*)(*P!S%!5$D& 0)I!3)!5F*!1340503)!38!902*=532!0)!R*=*<K*2!+,-d@!/34D0)$!?$4!$743!5$D& 0)I!3)!$!<$)%&F*$9*9!M%92$!0)!5*2<4!38!123K7*<4@!?F0=F!F$E*!D*15!5F*! <(4*(<C4! 93324! =734*9P! :*5! 9*4105*! 5F*! <$)%! 3K45$=7*4! 0)! F*2! 1$5F@!

UJG KU FGXQVGF VQ JGT IQCN VQ ƒPCNN[ UGG VJG OWUGWO QRGP KP /34D0)$! K20)I4! $! 41F*20=$7! *L1*20*)=*! 38! 5F*! 62**D! $)9! 832*0I)! $25! ?3279b!=(2$532!38!5F*!'POP!G345313(734!O3()9$503)C4!=377*=503)!832!3E*2! ++!%*$24@!F$E0)I!$743!?32D*9!832!5F*!A(231*$)!G(75(2$7!G*)52*!38!R*7& 1F0!$)9!832!5F*!H5F*)4!#*523!Z0)!=F$2I*!38!5F*!4*7*=503)!$)9!0)45$77$& 503)!38!5F*!$25!?32D4!0)!5F*!45$503)4[P!O(25F*2<32*@!4F*!F$4!4*2E*9!$4! \2*409*)5!38!5F*!S3$29!38!B2(45**4!$5!BF*44$73)0D0C4!;5$5*!#(4*(<!38!

G3)5*<132$2%!H25!832!.!%*$24@!$)9!$743!$4!902*=532!38!5F*!BF*44$73)0D0! $KGPPCNG HTQO VQ @"'<"#'0A89B'0A/0'Q/D)&'3/1'/'>"",'.A"8.&'*")'0A&'("1808"9'"*' .)&/08%&',8)&.0")'"*'0A&'H)&&B'Q&108%/7?'

T!5F0)D!%*4P!M*C4!$!<(75090<*)403)$7!$25045!?05F!17*)5%!38!O*450E$7!*L1*20& *)=*P!O$K2*!04!$!?3279&8$<3(4!1*243)$705%@!?F*5F*2!?*!70D*!05!32!)35P!M*!

F$4!$!E*2%!2$90=$7!=2*$50E*!3*(E2*@!?F0=F!%3(!*05F*2!73E*!32!73$5FP!WF$5! $))3%*9!<*!F3?*E*2@!?$4!5F*!?$%!43<*!38!5F*!62**D!$250454!2*$=5*9!

-d!insider athens! "! #$%!&!'()*!+,-.

W4-'G4B,+

$85*2!5F*!12*44!=3)8*2*)=*P!T!K*70*E*!5F*!12*44!=3)8*2*)=*!?$4!)35!?*77!

12*1$2*9@!K(5!5F*!2*$=503)!823<!43<*!1*317*!?$4!E*2%!$II2*440E*P Q/D)&$1'3")B1'3&)&'/71"'.)808.8R&,6'1#.A'/1'C"#90'P7<+(#16'0A&' (&)*")+/9.&'."+()8189>'9#,&'-<)0/B8'/9,'S&8+D&B8B"',/9.&1: BF04! ?32D! ?$4! 1*2832<*9! 0)! BF*44$73)0D0! $5! 5F*! #*I$23)! #3(40D04! $)9!*74*?F*2*!$)9!)3!8(44!?$4!=2*$5*9!$K3(5!05P!;3!?F%!)3?q!;(9& 9*)7%!05!?$4!388*)40E*P!T!?3(79!4$%!5F$5!$!K0I!1$25!38!O$K2*C4!?32D!F$4!

K**)! 0)4102*9! K%! $)=0*)5! 62**=*! $)9! 62**D! <%5F373I%@! $)9! 5F$5! F*! =3(79!F$E*!388*2*9!$!735!53!5F*!8*450E$7P!H85*2!$77@!F04!?32D!04!<*$)5!53!

K*!123E3=$50E*P!S(5!F3?!=$)!?*!62**D4!K*!43!4F3=D*9!K%!05q!M$E*!?*!

832I355*)!3(2!3?)!<%5F373I%q!H2*!?*!2*$77%!43!1(205$)q C/<D&'3&'/)&'9"0'/1'."90&+(")/)<'/1'3&'3"#7,'78B&'0"'0A89B'3&'/)&? #$%K*@!F3?*E*2@!T!5F0)D!5F*!123K7*<!?$4!F3?!O$K2*!F$)97*9!5F*!405(& $503)!$5!5F*!12*44!=3)8*2*)=*P!O(25F*2<32*@!08!5F*!62**D!O*450E$7!$)9!

G(75(2*! #0)0452%! F$9! 5$D*)! <32*! 50<*! 53! K*55*2! 32I$)0a*! 5F*! 12*44! =3)8*2*)=*@! <$%K*! 5F0)I4! ?3(79! F$E*! K**)! 9088*2*)5P! :*5! T! $743! 8**7!

5F$5!43<*!1*317*!?*2*!Y(45!?$050)I!53!2*$=5P!!T!70D*!O$K2*!E*2%!<(=F@! $)9!=3)409*2!F0<!$!I2*$5!$25045!$)9!820*)9P!T!?$4!0)E37E*9!0)!$!123Y*=5!

5F$5!F$9!K**)!$))3()=*9!ZK*5?**)!H)5?*21C4!#mM/H!<(4*(<!$)9!

62**=*C4! A#;B@! $<3)I! 35F*2! 123Y*=54! ?*! F$9! 904=(44*9[P! S(5! 5F$5!

93*4)C5!<*$)!5F$5!5F*2*!?3(79)C5!F$E*!K**)!35F*2!=377$K32$503)4!?05F! 62**D4P!T!D)3?!5F$5!F*!?$4!?32D0)I!3)!5F$5P

S)--P8()*3+*+8()-8 2-)5-+N84-F(@+-8*2->8 2(.-8;(/(C-L8*58 -+*(473+28*2-;+-7.-+8 (7785/8*2-3)85I/

EA/0'"0A&)'."77/D")/08"91'/)&'89'10")&'*")'TC-F?' W*!$2*!17$))0)I!$!=*7*K2$503)!832!T)5*2)$503)$7!#(4*(<!R$%!Z#$%!-i[@! ?F0=F!?077!*)5$07!$!=377$K32$503)!?05F!;?05a*27$)9C4!O7(L(4!O3()9$503)@! ?F0=F!04!=*7*K2$50)I!-,,!%*$24!38!R$9$P!T)!+,-h@!5F*!<(4*(<!?077!K*! =377$K32$50)I! ?05F! /$44*7C4! R3=(<*)5$! -d! *LF0K0503)@! ?F0=F! 832! 5F*! ƒTUV VKOG YKNN DG EQ JQUVGF KP #VJGPU CPF -CUUGN !"#'A/%&'D&&9'89%"7%&,'89'0A&'H)&&B'.#70#)/7'1.&9&'/9,'/)0'3")7,' *")'/)"#9,'4U'<&/)1:'EA/0'"(898"9'A/%&'<"#'*")+&,?'

W*77@!832!45$25*24@!T!F$E*!)*E*2!2*I2*55*9!9*=090)I!53!?32D!0)!62**=*@!$7& 5F3(IF!T!F$9!45(90*9!$)9!?32D*9!0)!\$204!533P!!>3!93(K5!?32D0)I!0)!\$204! $4!$!=(2$532!32!<(4*(<!902*=532!?3(79!F$E*!K**)!7*44!5020)I@!<32*!32I$)& 0a*9!$)9!T!?3(79)C5!F$E*!F$9!53!32=F*452$5*!43!<$)%!35F*2!5F0)I4!?F0=F! $5!5F*!*)9!38!5F*!9$%!3K452(=5!<*!823<!<%!=(2$5320$7!I3$7P!S(5!T!F$E*!)3& 50=*9!5F$5!0)!5F*!7$45!8*?!%*$24@!$!735!F$4!=F$)I*9!0)!5F*!62**D!$25!?3279@! $)9!9*4105*!<%!I2*$5!502*9)*44@!T!$<!I7$9!5F$5!T!$<!F*2*!$)9!5F$5!T!F$E*! ?05)*44*9!5F*4*!=F$)I*4P!S*=$(4*!5F0)I4!F$11*)!1$0)45$D0)I7%!473?7%!

0)!62**=*@!?F*)!%3(!$=F0*E*!43<*5F0)I@!%3(!8**7!*L52$!F$11%!$K3(5!05P! H)9!05C4!?325F?F07*!4(113250)I!5F*!$250454!38!5F04!=3()52%P!!

G"3',"'H)&&B'/)08101'."+(/)&'0"'"0A&)1?

BF*2*!$2*!I2*$5!$250454!F*2*P!T8!5F*%!?*2*!70E0)I!43<*?F*2*!*74*@!0)!$! =3()52%!5F$5!4(113254!$)9!123<35*4!5F*<@!5F*%!?3(79!F$E*!17$%*9!$!

9088*2*)5!237*!3)!5F*!0)5*2)$503)$7!$25!4=*)*P!;3!<$)%!I*)*2$503)4!38!

62**D!$250454!F$E*!K**)!7345P!62**D!$250454!$2*!F*23*4@!K*=$(4*!5F*%!

F$E*!<$)$I*9!53!*45$K704F!5F*<4*7E*4!$77!3)!5F*02!3?)P!S(5!539$%@!5F*! $25!?3279!04!=F$)I0)Ib!5F*!379!$25!=*)52*4!Z\$204@!U3)93)@!S*270)@!>*?! :32D[@! ! $2*! )3?! =F$77*)I*9! K%! )*?! <$2D*54! 0)! 5F*! #0997*! A$45! Z! *I! #$IF2*K[@!$)9!5F*!832<*2!A$45*2)!S73=!$)9!?05F!)*?!$250450=!$=50E05%! $)9!2*4*$2=F!0)!$25!Z*I!38!GF0)$@!H820=$[P!BF$5C4!?F%!05!04!43!0<1325$)5!

832!A#;B!53!31*)!054!93324!53!5F*!1(K70=@!$)9!53!123E09*!62**D!$25!?05F! 5F*!0)5*2)$503)$7!17$5832<!5F$5!05!432*7%!)**94P!A#;B!?077!17$%!$!E05$7!

237*!0)4505(503)$77%!0)!5F*!2*&*E$7($503)!38!62**D!$25P EA/0'A/%&'D&&9'0A&'+/89'"D10/.7&1'<"#'A/%&'&9."#90&)&,'189.&' <"#'0""B'"9'0A&'("1808"9'"*'0A&'+#1&#+$1',8)&.0")? #RCTV HTQO VJG NGICN VGEJPKECN CFOKPKUVTCVKXG CPF ƒPCPEKCN RTQDNGOU 5F*2*! ?$4! $743! $! 14%=F373I0=$7! 8$=532b! ! BF*! 12*E03(4! 902*=532! 38! -d! %*$24@!H))$!/$8*540!F$9!388*2*9!$!735@!43!1*317*!?*2*!0)050$77%!$!K05!?$2%!

38!<*P!BF*)@!$!70557*!$85*2!T!$220E*9!$5!5F*!<(4*(<@!5F*!137050=$7!405($503)! =F$)I*9! 0)! 62**=*P! O32! <3)5F4! 123K7*<4! =$<*! 823<! 5F*! 409*! 38! 5F*!

G(75(2*!#0)0452%P!:*5!TC<!$!)3)&137050=$7!1*243)P!T!8**7!70D*!T!$<!$!A(23& 1*$)!=050a*)@!$75F3(IF!2*=*)57%!T!F$E*!45$25*9!53!V(*4503)!?F$5!05!<*$)4!

53!K*!$!A(231*$)!539$%P!T)!$)%!=$4*@!?F*)!43<*3)*!=F334*4!<*!832!5F*!

Y3K@!5F*%!=F334*!<*!832!<%!?32D@!)35!832!$)%!35F*2!2*$43)P! EA/0'81'<"#)'%818"9'*")'0A&'+#1&#+?'

T5C4!$!52(7%!<$I0=$7!41$=*!38!+,@,,,!<+@!$!F045320=$7!K(0790)I!?05F!I2*$5!

135*)50$7P!M3?*E*2!05!)**94!5F*!4(11325!38!5F*!62**D!$)9!0)5*2)$503)$7!

CTV YQTNF 9G PGGF VQ ƒPCNN[ UGG KV KP C RQUKVKXG NKIJV 6JG OWUGWOŨU PQP =3<17*503)!<0IF5!2*87*=5!3(2!4F325=3<0)I4!$4!$!)$503)@!K(5!)3?@!*E*)!

9(20)I! 5F*! =20404@! 05! 04! 0<1325$)5! 5F$5! 5F04! ?32D! 04! 2*$70a*9]! 05! =$)! 388*2!

43!<(=F!53!62**=*C4!=(75(2$7!4=*)*P!H)9!?*!$2*!)*$27%!5F*2*b!T<$I0)*! ?F*)!05!04!=3<17*5*9@!F$E0)I!5F*!H=2313704!3)!5F*!3)*!F$)9@!5F*!>$503)$7! #(4*(<!38!G3)5*<132$2%!H25!3)!5F*!35F*2@!17(4!$77!5F*!35F*2!<(4*(<4s 0)4505(503)4s=*)52*4!X!5F*!?F37*!41*=52(<!38!=(75(2*P!!

FA&'+#1&#+'A/1'."10'/)"#9,'VJ'+8778"9'&#)"16'A"3'+#.A',"&1'80' 9&&,'0"'/.0#/77<')#9? \23K$K7%!$23()9!+!<07703)!$!%*$2P!W*!$2*!5F0)D0)I!=2*$50E*7%!$K3(5!F3?!

YG ECP FKOKPKUJ VJG EQUV CPF JQY VQ ƒPF ƒPCPEKCN UWRRQTV URQPUQTU 93)$503)4@!=23?9&8()90)I!*5=P!W*!$0<!53!<$D*!5F*!K*45!(4*!38!5F04!?3)& 9*28(7!K(0790)I!?F0=F!?077!F$E*!$!2*45$(2$)5@!=$8u@!$)9!F$4!5F*!13440K0705%!

53!F345!<$)%!*E*)54P!BF*!2338531!5*22$=*!=$)!K*!(4*9!832!<$)%!<3)5F4!

FWTKPI VJG [GCT QPG IWCTCPVGGF )TGGM DGPGƒVЏ KV ECP DG TGPVGF GXGP 832! *L1*20<*)5$7! 5F*$52*! *E*)54@! <(40=! *E*)54@! =3)8*2*)=*4@! 904=(4& 403)4@!=0)*<$@!4=(715(2*!4F3?4@!35F*2!8*450E$7!*E*)54!*5=P!T8!?*!(4*!$77!38!

5F*!K(0790)IC4!$44*54!=322*=57%@!?*!?077!K2*$D!*E*)!832!4(2*P!!

F&77'#1'/D"#0'0A&'+#1&#+$1'."77&.08"9 +V JCU CTQWPF YQTMU CV VJG OQOGPV YKVJ C UKIPKƒECPV COQWPV VJCV F$4!K**)!K3(IF5!5F23(IF!120E$5*!0)050$50E*4!Z*IP!5F23(IF!5F*!'P!OP!G3453& 13(734!O3()9$503)!0)!5F*!1$45@!$743!5F*!>A`>!O3()9$503)!F$4!F*71*9!0)!

5F*!7$45!d!%*$24[P!S(5!$250454!$)9!5F*02!8$<070*4!F$E*!$743!93)$5*9!?32D4P! 6JGTG CTG YQTMU D[ UKIPKƒECPV HQTGKIP CTVKUVU DWV CNUQ D[ OCP[ KORQT& 5$)5!62**D!$250454P!BF*!=377*=503)!F$4!$!I339!K$4*!53!45$25!388!?05F@!?F0=F! ?077!K*!(4*9!832!*L$<17*!53!4F3?=$4*!62**D!$25!0)!5$)9*<!?05F!?32D4!

38!35F*2!=377*=503)4s0)4505(503)4@!5F(4!=2*$50)I!0)5*2*450)I!90$73I(*4!3)! $)!0)5*2)$503)$7!7*E*7P Q89/77<6'0&77'#1'/D"#0'<"#)'()"W&.0'(7/99&,'*")'N)0'N0A89/'89'C/< B3I*5F*2! ?05F! 5F*! H5F*)4! ;=F337! 38! O0)*! H254@! T! $<! =(2$50)I! $! 41*& =0$7!*LF0K0503)s0)45$77$503)!9*90=$5*9!53!4=(71532!6032I34!U$11$4@!?F3!

RCUUGF CYC[ VJKU [GCT CIGF .CRRCU YCUPŨV CHTCKF QH GZRGTKOGPVC& 503)@!$)9!F04!1*241*=50E*!3)!$25!?$4!9**1P!M*C4!$)!*L$<17*!38!3)*!38!

5F34*! $250454! ?*! ?*2*! 904=(440)I! K*832*@! ?F3! ?3(79! F$E*! F$9! $! 908& 8*2*)5!=$2**2!08!F*!F$9!K**)!?32D0)I!*74*?F*2*P!>3?!05C4!(1!53!(4!53!

4(11325!F04!?32DP

insider athens! "! #$%!&!'()*!+,-.!

!/"0$/%$/"12"345)16/5 `)*!38!5F*!<345!F*$970)*&I2$KK0)I!$250454!53!*<*2I*!823<!GF0)$!0)!

2*=*)5!50<*4!=3<*4!53!H5F*)4P! #TVKUV CTEJKVGEV YTKVGT ฦ NOOCMGT CPF RQNKVKECN CEVKXKUV #K 9GKYGK 04!3)*!38!5F*!<345!20E*50)I!$250454!53!*<*2I*!823<!GF0)$!0)!2*=*)5!

50<*4P! M04! $22*450)I! 0)45$77$503)! 38! 2*8(I**C4! 708*! Y$=D*54! ?2$11*9! $23()9! 5F*! =37(<)4! 38! S*270)C4! /3)=*25F$(4! I2$KK*9! F*$970)*4! $23()9!5F*!?3279P!T)!+,--@!5F*!S*0Y0)I&K32)!H0!W*0?*0!?$4!0)=$2=*2& $5*9!0)!+,--!832!i-!9$%4@!832!K*0)I!31*)7%!=2050=$7!38!5F*!GF0)*4*!

63E*2)<*)5C4!45$)=*!3)!9*<3=2$=%!$)9!F(<$)!20IF54!X!$)9!<$)%!

38!F04!?32D4!*L1732*!5F*!V($705%!38!F(<$)!708*!0)!<39*2)!GF0)$P!

!"#$%&!'$"($)*+",-+$-.""

6JKU ฦ GTEG ICNNGT[ QH NKQPU UVCPFU IWCTF QXGT VJG OQUV VGEJPKECNN[ $9E$)=*9!<(4*(<!38!054!D0)9!0)!62**=*P!BF*!G%=7$9*4!$)9!H2=F*3& 73I0=$7!#(4*(<P!Z`2!5F*!R*734!#(4*(<!\23Y*=5!53!73=$74[P! T5C4!3)*!<$)C4!I2$)9!E0403)!38!$!45$5*&38&5F*&$25!=(75(2$7!E*)(*!3)!

3)*!38!62**=*C4!<345!0<1325$)5!$)9!F370*45!<%5F373I0=$7!405*4P! >35!Y(45!$)%!<$)!5F3(IFP!T)5*2)$503)$77%&2*)3?)*9!O2*)=F!$2=F0& 5*=5!'*$)&\0*22*!M*0<@!F$4!41*)5!9*=$9*4!3E*2733D0)I!5F*!4$=2*9!

405*!38!R*734!823<!F04!#%D3)34!F3709$%!2*409*)=*P!BF(4!0)4102*9@!F*! =3)=*0E*9!$)9!9*40I)*9!$!41*=5$=(7$2!<(4*(<!=3)=*15!53!K*!K(075!

3)!5F*!*L0450)I!73=$503)!38!5F*!379!$2=F*373I0=$7!<(4*(<P! M*0<! F$4! ?32D*9! ?05F! 5F*! 70D*4! 38! Q$)! G7**8! v! H21*74@! S$==$2$5@!

GF20450$)! U$=230L@! U$)E0)@! $)9! G7(K! #*9! $)9! 9*40I)*9! ?3279&8$& <3(4!E*)(*4!0)=7(90)I!BF*!G$10537!#(40=!BF*$5*2!0)!O2$)D8(25!`8& 8*)K$=F@!$)9!5F*!U(L32!\$7$=*!0)!R2*49*)P! ;3<*!38!5F*!5*=F)373I0=$7!9*70IF54!38!M*0<C4!K7(*&120)5!Z?F0=F!$743! =3)5$0)4!$!2*45$(2$)5@!=$8u@!Y*?*7*2%!$)9!K33D4532*[!0)=7(9*b!<3& K07*!$114!53!4=$)!$)9!2*=*0E*!0)832<$503)!$K3(5!<(4*(<!10*=*4!3)!

VJG RTGOKUGU CPF C UGCV KPVGTCEVKXG +OCZ 6JGCVGT UETGGPKPI f&R!=0)*&1$)32$<$!<3E0*4P A$=F!%*$2@!$2=F*373I0454!$2*!904=3E*20)I!)*?!52*$4(2*4!3)!5F*!R*& 734!$2=F*373I0=$7!405*!$)9!5F*!*L0450)I!<(4*(<!04!()9*2!12*44(2*!

53!123E09*!<32*!41$=*!$)9!0<123E*9!8$=07050*4P! \2*4*)57%@! M*0<C4! I2$)9! 4=F*<*! 2*<$0)4! $! nE025($7! <(4*(<oP! S(5!

70D*!<$)%!35F*2!<(4*(<&73E*24@!?*!$2*!*$I*27%!?$5=F0)I!5F04!41$=*N

-.!insider athens! "! #$%!&!'()*!+,-.

0QY 9GKYGK KU VQ DTKPI JKU VCNMKPI RQKPV CTV VQ )TGGEG HQT VJG ฦ TUV 50<*@!0)!$)!*$I*27%&$)50=01$5*9!*LF0K0503)!$5!5F*!#(4*(<!38!G%=7$9& 0=!H25!823<!#$%!+,!()507!`=53K*2!f,P!BF*!4F3?=$4*!F$4!K**)!9*& 40I)*9!53!0)5239(=*!62**D!$(90*)=*4!53!F04!<3E0)I!$)9!90450)=50E*!

VGEJPKSWGU CPF YKNN HGCVWTG UQOG QH JKU OQUV UKIPKฦ ECPV YQTMU 4(=F! $4! F04! 7$2I*&4=$7*! 0)45$77$503)4! $)9! 4=(715(2*4@! <$)%! (40)I! 2*=7$0<*9! <$5*20$74! 70D*! $)=0*)5! 1355*2%@! ?339! 823<! 9*4523%*9!

5*<17*4@!<$2K7*!$)9!Y$9*@!()050)I!1$45!$)9!12*4*)5]!5F*!379!GF0)$! $)9!5F*!)*?P BF04!04!$25!?05F!$!9**17%!F(<$)!90<*)403)P!BF*!6($290$)!)*?41$& 1*2!9*4=20K*9!F04!2*=*)5!U3)93)!*LF0K0503)!$4!$!n2377*2=3$45*2!38!$!

UJQY ฦ NNGF D[ UWTRTKUGU UJQEMU CPF VTGOQTUลฌ K++'2"'`+"*+"'4#'#&+'X:%.40"%'F/$+/8')O'2,#>'_+)O:#)/'9)/C4'A>'14$7' 6RองDV ,URGRWRX IURP 0D\ XQWLO 2FWREHU (QWU\ LV อ 7HO ;=?7E;;7Q@;='),'M"$"#'***7%:%.40"%76,'

;-)/2=$<";</5$ T)409*2!=3)I2$5(7$5*4!62**D!1F353I2$1F*24!:$))04!S*F2$D04@!H7D04! /3)45$)50)0904! $)9! H7*L$)9234! HE2$<0904! 832! K20)I0)I! $! \(705a*2!

JQOG VQ )TGGEG HQT VJG XGT[ Æ&#x2019;TUV VKOG 6JG VCNGPVGF VTKQ YCU RCTV 38!$!5*$<!38!1F353I2$1F*24!?32D0)I!832!BF*!>*?!:32D!B0<*4!$)9!

J*(5*24!?F3!?3)!5F*!12*450I03(4!$?$29!7$45!<3)5F!832!5F*02!0)=2*9& 0K7*!2*1325$I*!93=(<*)50)I!5F*!Y3(2)*%4!38!<0I2$)54!$)9!2*8(I**4P BF*! 5*$<! 4F$93?*9! 5F*! F()92*94! 38! 5F3(4$)94! 38! 1*317*! <3E& 0)I!823<!H820=$@!H40$!$)9!5F*!#0997*!A$45!53!A(231*!3E*2!5F*!1$45! %*$2@!4F0)0)I!$!70IF5!3)!5F*!5F0)!70)*!K*5?**)!F31*!$)9!9*41*2$503)! $73)I!5F*!?$%P!#*$)?F07*@!S*F2$D04@!/3)45$)50)0904!$)9!HE2$<0904!

ECRVWTGF VJG Æ&#x2019;IJV HQT UWTXKXCN YKVJKP VJGKT QYP EQWPVT[ŨU DQTFGT 823<!5F*!4F32*4!38!5F*!H*I*$)!047$)94!53!5F*!1325!38!\02$*(4!$)9!

5F*!62**=*&#$=*93)0$!K329*2P

7*)*21+"+$2+"-8"+9*8"/:";1</+

T)!5F*!?3294!38!5F*!<(750&$?$29&?0))0)I!S*F2$D04!ZJ*(5*24C! GF0*8! \F353I2$1F*2!0)!62**=*[b

A705*! 62**D! Y*?*72%! F3(4*! c3735$4! 04! )3?! I0E0)I! 5F*! G05%! 38! U0IF5!

43<*!*L52$!41$2D7*P

Å«9KVJ OCP[ RGTUQPCN UCETKÆ&#x2019;EGU YG CEJKGXGF YJCV YG YCPVGF ?F0=F!?$4!53!K*=3<*!5F*!E30=*!38!5F*4*!1*317*!5F$5!=3<*!53!5F04!

935!38!7$)9!0)!5F*!H*I*$)@!4**0)I!05!$4!5F*02!7$45!F31*Po

c3735$4!2*=*)57%!31*)*9!$)!*LV(0405*!)*?!\$2040$)!4532*!$5!f@!#0& 23<*4)07!;52**5@!=32)*2!38!O$(K3(2I!;$0)5&M3)32u@!0)!5F*!i5F!$223)& 9044*<*)5P H5F*)0$)!$2=F05*=5!U%=(2I(4!\4$22*$4!<$45*2<0)9*9!5F*!<04403)!

38!$9$150)I!5F*!$5<341F*2*!$)9!9*40I)!*5F34!38!5F*!7*I*)9$2%!Y*?& *77*2C4!87$I4F01!H5F*)0$)!4532*@!=2*$5*9!0)!+,,h@!$=2344!5F*!13)9!53!

5F*!O2*)=F!=$105$7P

nBF*!1*317*!3)!5F*!047$)94!?*7=3<*9!5F*<@!4F3?*9!5F*<!73E*!$)9!

WU LQWTPCNKUVU YJQ YGTG VJGTG C XGT[ NQPI VKOG Æ&#x2019;PCNN[ DGECOG =NKMG? 708*!E*454!832!5F*<P!BF*02!E30=*!?$4!F*$29!5F23(IF!3(2!1F353I2$1F4! $)9!3(2!45320*4Po

BF*!2*4(75q!WF05*!<$2K7*!4(223()90)I!5F*!4532*C4!8$=$9*4!2*=2*$5*4!

5F*!K*$(5%!38!$)!$)=0*)5!5*<17*@!?F07*!5F*!K3(50V(*C4!K$40=!=37324! $2*!832<09$K7%!K$7$)=*9P!`)!$!52$)47(=*)5!I2*%!1*$27%!K$=DI23()9! $!53(=F!38!9**1!2*9!04!$99*9@!?F0=F!0)!=3<K0)$503)!?05F!62**=*C4!

K7(*!$)9!?F05*!=37324!2*8*24!53!5F*!)$503)$7!4%<K37!38!O2$)=*P S35F! 5F*! 8(2)05(2*! $)9! 5F*! 70E0)I! 233<! 4F3?=$4*4! ?*$2! Y*?*72%! <35084!=$2E*9!0)!K23)a*]!$)9!12*=03(4!?339!04!=73$D*9!?05F!I379!

CPF NGCVJGT 'CEJ TQQO TGHNGEVU VJG UV[NKUVKE KFGPVKV[ QH C URGEKÆ&#x2019;E =377*=503)P /GCPYJKNG QP VJG Æ&#x2019;TUV HNQQT XKUKVQTU ECP CFOKTG KEQPKE LGYGNT[ CPF OCUVGTRKGEGU QH VJG *QWUG UKPEG VQ PQYCFC[U QP RGTOCPGPV *LF0K0503)P

>$&?/+/2"29$"61%:" *@"29$",*6$<:"A)4.8/5+ +P VJKU 1N[ORKE ;GCT NQQMKPI DCEM CV VJG Æ&#x2019;TUV /QFGTP )COGU KPHWUGU WU PQV QPN[ YKVJ C Æ&#x2019;PG PQUVCNIKC HQT C OQTG RQGVKE RTG FKIKVCN CIG Ų DWV HQT VJG DGIKPPKPIU QH C OQFGTP 09*$70450=!A(231*$)!5F3(IF5P 6JG VJ CPPKXGTUCT[ QH VJG Æ&#x2019;TUV /QFGTP 1N[ORKEU UVCIGF U[ODQNKECNN[ KP #VJGPU 0)!-i^.@!F$4!K**)!<$2D*9!K%!$)!*E3=$50E*!E04($7!*LF0K0503)!38!5F*!F045320=$7!0<$I*4!

QH QHÆ&#x2019;EKCN )COGU RJQVQITCRJGT #NDGTV /C[GT KP C LQKPV XGPVWTG DGVYGGP VJG $GPCMK #(4*(<@!G345$!>$E$20)3!J*4325@!$)9!H5F*)4!T)5*2)$503)$7!H021325P \23<0)*)5!62**D!E04($7!$25045!$)9!=(2$532!AE$!>$5F*)$!(4*9!#$%*2C4!$2=F0E*9!1F3534!

0)!$!<39*2)&9$%!E09*3!$25!0)45$77$503)!5F$5!()9*24=32*4!5F*!`7%<10=!$5F7*50=!09*$74!$)9!

5F*02!0<1325$)=*!0)!4F$10)I!<39*2)!A(231*$)!5F3(IF5P!#$%*2C4!<$2E*73(4!0<$I*4!9*& RKEV CVJNGVGU QHÆ&#x2019;EKCNU CPF URGEVCVQTU GPLQ[KPI VJG TGXKXGF ICOGU WPFGT VJG )TGGM UWP 3&+'+c&"B"#")-'*"..'B+'&+.0'4#'#&+'d2,#'<'Z-M",)-8+-#e'$54%+'"-'#&+'2#&+-$'N-#+,-4#")-4.'2",J 5),#'O,)8'F4:'=D'#)'K+5#7'=D>'4-0'*"..'4.$)',/-'4#'#&+'K:8B).'Y4..')O'X)$#4'_4M4,"-)',+$),#>' "-'#&+',+6")-')O'F+$$"-"4>'$)/#&*+$#'(+.)5)--+$+>'O,)8'25,".';E'#)'_)M7'@?7

insider athens! "! #$%!&!'()*!+,-.!-h

g"+/#+-4-#'W48+$'9+'F).+'X4,$#4",$7'N846+L'X4,$#4",$'X)..+%#")-

94*->'b+#&:8-)'(,)M"-%+>'X,+#+7'(&)#)L'F"C+'K*++#

`

8!5F*!F()92*94!38!H770*9!523314!?F3!$E309*9!=$15(2*!$85*2!

VJG $CVVNG QH %TGVG HGY FKCTKGU JCXG DGGP KFGPVKÆ&#x2019;GF NGV $73)*! 1(K704F*9@! ?F0=F! 2*=329! 0)! 9*5$07! 43790*24C! 2*7$503)& 4F014!?05F!5F*!=3<<()050*4!?F3!4F*75*2*9!5F*<P!BF*!90$2%!

QH ,COGU &G /QNG %CTUVCKTU CP QHÆ&#x2019;EGT QH VJG #WUVTCNKCP VJ +PHCPVT[ S$55$703)@!04!4(=F!$)!$==3()5@!$)9!05!04!$!2*<$2D$K7*!4532%P!!

T5!?$4!0)!-^i+!5F$5!G$245$024@!5F*)!0)!F04!7$5*!40L50*4@!9*=09*9!53!?205*!

F04! <*<302*4@! $)9! 5F*! =F$15*2! 9*5$070)I! F04! *L1*20*)=*4! 0)! G2*5*! 0)!

-^d-!92*?!3)!)35*4!<$9*!$5!5F*!50<*@!$73)I!?05F!7$5*2!2*=377*=503)4P!!!

8LI HMEV] SJ ER &YWXVEPMER SǽGIV MR (VIXI HYVMRK UU\\N8I258I)5*-8(45@*823+8-1:-)3-/F-+8I3*28 *2-8 )-+3+*(/F-8 (/L8 *2-8 ])3*3+28 +-F)-*8 +-).3F-N8 7(>8 23LL-/8 W5)8 L-F(L-+K8 H-1*8 ;5/*28 3*8 I3778 4-8 :@473+2-L8 (+8 :()*8 5W8 *2-8 ^<*28 (//3.-)+()>8 F5;;-;5)(*35/+8 5W8 *2-8 S)--F-8 F(;:(3C/8 (/L8*2-8](**7-85W8Y)-*-K8!!f:'F"%&4+.'K*++#'4-0'N4-'G,4]+,

M$E0)I!K**)!$7*25*9!53!5F*!<$)(4=2015!*$27%!7$45!%*$2@!5F*!;3=0*5%!38!

G2*5$)!M045320=$7!;5(90*4!;GM;[@!5F*!I3E*2)0)I!K39%!38!5F*!M045320=$7! #(4*(<!38!G2*5*!0)!M*2$D703)@!4$?!$)!311325()05%!53!12*4*)5!?F$5!04! $!2*<$2D$K7*!2*=329P BF*!90$2%@!1(K704F*9!$4!1$25!38!5F*!;GM;!B*450<3)0*4!4*20*4!0)!$!20=F7%! $))35$5*9!K070)I($7!*90503)@!04!$!Y3(2)$7!5F$5!9*5$074!)35!3)7%!5F*!9$%!53!

9$%!52$E$074!38!$)!H770*9!43790*2!3)!5F*!2()!0)!G2*5*@!K(5!5F*!2*<$2D$K7*!

2*7$503)4F014!F*!832<*9!?05F!F04!1235*=5324@!$)9!5F*!2*413)40K0705%!F*!

4F3(79*2*9!832!4$8*I($290)I!4=32*4!38!<*)!?F3!?*2*!*E$=($5*9!K*& =$(4*!38!F04!2*43(2=*8(7)*44P! G$245$024C!90$2%!04!()0V(*!0)!<$)%!2*41*=54P!T5!04!5F*!3)7%!9*5$07*9!$=& EQWPV D[ CP #NNKGF QHÆ&#x2019;EGT QH JKU WPKVŨU CEVKQPU FWTKPI VJG $CVVNG QH %TGVG Z5F*!H(452$70$)!+sh5F!T)8$)52%!S$55$703)[@!?F3!5F*)!*E$9*9!=$15(2*!$)9!

7*9!$!7$2I*!I23(1!53!$)!*E$=($503)!32I$)04*9!K%!5F*!S20504F!4*=2*5!4*2& XKEG CV CP KUQNCVGF DGCEJ FWG UQWVJ QH *GTCMNKQP Æ&#x2019;XG OQPVJU NCVGT

X4,$#4",$h'0,4*"-6')O'14O+$'4-0'\+),6")/5)."'f4:7'N846+L'X4,$#4",$'X)..+%#")-

-i!insider athens! "! #$%!&!'()*!+,-.

/**10)I!$!90$2%!0)!4(=F!=02=(<45$)=*!?$4!)$5(2$77%!82$(IF5!?05F!9$)& I*2@!$)9!G$245$024!?$4!=$2*8(7!53!D**1!F04!F$)9?2055*)!)35*4!&!$73)I! ?05F!4D*5=F*4!ZF*!?$4!$)!$==3<1704F*9!$25045[!&!)35!3)7%!4$8*!823<!5F*!

6*2<$)4@! K(5! $743! 823<! S20504F! 0)5*770I*)=*! 0)! G$023! $85*2! F04! *E$=(& $503)P!`8!$77!5F*!F09*3(54!<*)503)*9!0)!F04!90$2%@!05!04!F04!50<*!$5!5F*!

E077$I*! 38! Q$8*4@! +,D<! 43(5F! *$45! 38! GF$)0$@! $)9! 5F*! 1235*=503)! 38& 8*2*9!5F*2*!K%!5F*!Q$)93(7$D04!8$<07%@!5F$5!12*4*)54!43<*!38!5F*!<345!

12383()9!0)40IF54!0)!5F*!Y3(2)$7P!!

900:!(00:

#FQRVGF D[ 'XCPIGNQU 8CPFQWNCMKU C )TGGM #TO[ QHÆ&#x2019;EGT YJQ LQKPGF 5F*! J*4045$)=*! 0<<*90$5*7%! $85*2! 5F*! H770*4C! 9*8*$5@! 5F*! 820*)94F01!

K*5?**)! 5F*! 5?3! <*)@! *45$K704F*9! 3E*2! 5F*! 5F2**! <3)5F4! G$245$024!

45$%*9! 0)! 5F*! E077$I*@! *E37E*9! 0)53! $! 2*<$2D$K7*! K3)9P! ! kQ0C@! $4! AE$)& I*734!?$4!=$77*9!K%!G$245$024@!=3)50)(*9!53!388*2!4(11325!?F*)!35F*2!

E077$I*24! $5! Q$8*4! Z8*$28(7! 38! 6*2<$)! 2*1204$74! 832! F$2K3(20)I! H770*9!

43790*24[@!5(2)*9!$I$0)45!5F*!H(452$70$)4P

4*=(2*!$)9!8*9!?F*)!5F*%!I35!5F*2*!Z832!$5!7*$45!5F2**!?**D4[@!$)9!5F*)! <$D0)I!$)35F*2@!<32*!I2(*770)I!5F2**&9$%!52*D!53!5F*!=3$45P!

S*832*!7*$E0)I!Q$8*4!0)!;*15*<K*2!-^d-@!G$245$024!7*85!F04!F$)9?205& 5*)!)35*4!?05F!5F*!Q$)93(7$D04!8$<07%@!?F3!9(7%!=*<*)5*9!5F*<!0)!$! =$E05%!K*F0)9!5F*!?$77!38!5F*02!1231*25%P!H85*2!5F*!?$2!Q0!4*)5!5F*<!53!

H(452$70$P!!

T)! 5F*! 9*$9! 38! )0IF5! 3)! 5F*! +.s+h! >3E*<K*2@! M#;! M*9I*F3I! *<& K$2D*9!^,!1$44*)I*24@!$7<345!$77!38!?F0=F!?*2*!5F*!I23(1!G$245$024!

JCF NGF 6JG PQOKPCN TQNN HQT VJG XQ[CIG VQ #NGZCPFTKC KFGPVKÆ&#x2019;GU #WU& 52$70$)4@! +i! >*?! c*$7$)9*24@! --! S20504F@! --! G%12035@! 83(2! 62**D4! $)9! *0IF5!35F*24P!`)*!38!5F*!1$44*)I*24!?$4!AE$)I*734!Q$)93(7$D04!?F3!

G$245$024!F$9!4<(II7*9!3)!K3$29P!

H)!*L52$=5!823<!5F*!5F$)D&%3(!7*55*2!G$245$024!7*85!?05F!5F*!Q$)93(7$& D04!=7$)!2*87*=54!5F*!9*15F!38!5F*02!2*7$503)4F01P! nU*$E0)I!%3(PPP93*4!)35!4$%!5F$5!?*!?077!832I*5P!W*!=$)!)*E*2!93!5F$5P! W*!3?*!%3(!$!E*2%!I2*$5!1*243)$7!9*K5P!#$%!639!I2$)5!(4!0)!5F*!%*$24!

53!=3<*@!43<*!=F$)=*!38!F*710)I!%3(2!=3()52%<*)!0)!43<*!?$%@!43!

5F$5!?*!<$%!2*1$%!$!70557*!38!?F$5!?*!3?*PPPo!!

BF*!Q$)93(7$D04!*7*<*)5!38!5F*!G$245$024!90$2%!04!)35!3)7%!130I)$)5@!

K(5!*L52$3290)$2%!832!5F*!8$=5!5F$5!G$245$024!2*7$5*4!43<*!38!5F*!*$270& *45!2*4045$)=*!$=50E050*4!38!$!=3<<()05%!?F3!7$5*2!0)!5F*!?$2!17$%*9! $!=2(=0$7!237*!0)!4(45$0)0)I!S20504F!4*=2*5!$I*)54!4(=F!$4!w$)!O0*790)I@! ?F3!<$9*!Q$8*4!F04!K$4*!0)!-^d+P!H!4*=3)9!8$<07%@!0)!5F*!123E0)=*!38!

J*5F%<)3@!$)9!=2(=0$7!53!G$245$024C!8325()*4@!?$4!5F*!M$23D3134!8$<& 07%!38!\$5434@$5!5F*!)325F*2)!*)9!38!5F*!H<$20!Q$77*%P!!

T)!`=53K*2!-^d-@!$K3(5!5?3!?**D4!$85*2!F*!$220E*9!$5!\$5434@!G$245$024! <*5! 5?3! S20504F! 4*=2*5! $I*)54! ?F3! $4D*9! F0<! 53! F*71! 32I$)04*! 5F*! )*L5!*E$=($503)!38!H770*9!43790*24!23$<0)I!$23()9!5F*!H<$20P!!T5C4!70D*& 7%! 5F*4*! 0)90E09($74! ?*2*! ;1*=0$7! `1*2$503)4! AL*=(50E*! Z;`A[! $I*)5@!

G$15$0)! '$=D! ;<05F&M(IF*4@! $)9! J$71F! ;53=DK209I*@! $)! T;UR! ZT)5*2& ;*2E0=*4!U0$043)!R*1$25<*)5[!?02*7*44!31*2$532P!!

6JG Æ&#x2019;PCN NGI KPXQNXGF ETQUUKPI VJG /GUUCTC 2NCKP JGCXKN[ ICTTKUQPGF K%!5F*!6*2<$)4@!$)9!5F*)!3E*2!5F*!53?*20)I!H45*23(440$!<3()5$0)4@!

53! 5F*! 0437$5*9! K*$=F! 38! B2*04! ADD7040*4@! .,D<! 9(*! 43(5F! 38! M*2$D& 703)P! BF04! 04! ?F*2*! G$245$024C! G2*5$)! 39%44*%! 2*$=F*9! 054! 92$<$50=! =3)=7(403)P!!

H85*2! F04! ?$2! 4*2E0=*@! G$245$024! 2*5(2)*9! 53! H(452$70$! $)9! 8$2<*9! 0)!

8KEVQTKC +P /C[ JG TGVWTPGF VQ )TGGEG HQT VJG VJ CPPKXGTUCT[ 38!5F*!62**=*!$)9!G2*5*!=$<1$0I)4@!?F*2*!F*!2*D0)97*9!F04!12*=03(4!

820*)94F014!?05F!5F*!M$23D3134!=7$)!$)9!5F*!Q$)93(7$D04!8$<07%P!M*!

90*9!$5!5F*!$I*!38!^f!0)!+,,hP! A4=$1*! 823<! G2*5*! &! W$2! R0$2%! -^d-! 4F0)*4! 70IF5! 3)! $! =F$15*2! 38!

G2*5*C4! 4532%! 0)! 5F*! ;*=3)9! W3279! W$2! 5F$5! 2*<$0)4! 7$2I*7%! ()5379P! BF04!<(750&7$%*2*9!)$22$50E*!2*E*$74!12383()9!0)40IF54!0)53!5F*!K3)94! =2*$5*9!K*5?**)!H770*9!43790*24@!=0E070$)4!$)9!1$2504$)4@!$73)I!?05F!5F*! ?32D0)I4!38!5F*!S20504F!4*=2*5!4*2E0=*@!K(5!$K3E*!$77!05C4!$)!*L52$3290& )$2%!$9E*)5(2*!4532%!K$4*9!*)502*7%!3)!8$=5P! Z$%45+'O,)8'X,+#+'J'`4,'9"4,:'=HI='*"..'B+'.4/-%&+0'4#'#&+'Y"$#),"%4.'F/J $+/8')O'X,+#+>'"-'Y+,4C.")-')-';@'F4:7'' F"%&4+.'K*++#'4-0'N4-'G,4]+,'4,+'%)J+0"#),$')O'#&+'5/B."%4#")-'*"#&'X)$#4$' F484.4C"$'4-0'X.4",+'F"#$)#4C"7

S%!;*15*<K*2!-^d-@!;`A!0)!AI%15!8$=*9!$!4*203(4!907*<<$!0)!17$))0)I! 4(=F!*E$=($503)4P!;(K<$20)*4!F$9!K**)!(4*9!$5!\2*E*70!0)!'(7%@!K(5!

9(*!53!5F*02!70<05*9!$E$07$K0705%@!K%!$(5(<)!5F*2*!?$4!$)!(2I*)5!)**9!

832! $75*2)$50E*! =2$85P! ;`A! \$2$&>$E$7! ;*=503)! 533D! (1! 5F*! =F$77*)I*! $)9!K%!`=53K*2!F$9!$773=$5*9!5?3!4<$77!E*44*74!53!5F*!G2*5*!31*2$& 503)4]!$!832<*2!S20504F!52$?7*2@!M#;!M*9I*F3I@!$)9!$!4<$77*2!<3532& 04*9!=$0V(*@!M#;!A4=$<1$932P!BF*!5?3!E*44*74!K*=$<*!D*%!53!4(1& 17%0)I!5F*!J*4045$)=*!$)9!*L52$=50)I!*E$=(**4!0)!5F*!<3)5F4!$F*$9P! G$245$024!2*7$5*4!F3?@!$85*2!41*)90)I!$K3(5!83(2!?**D4!$5!\$5434@!K%! >3E*<K*2!F*!?$4!5379!53!<3E*!53!$!F3790)I!$2*$!=734*!53!5F*!43(5F! EQCUV # MG[ Æ&#x2019;IWTG KP CTTCPIKPI VJKU YCU VJG HCOGF TGUKUVCPEG NGCFGT /$1*5$)!\*52$D3I032I04!?F3!=3)52377*9!5F*!$2*$!?F*2*!5F*!H<$20!Q$7& 7*%!Y30)4!5F*!#*44$2$!\7$0)P! T5!?$4!5F04!2*I03)!5F$5!K*=$<*!5F*!E05$7!23(5*@!)35!3)7%!832!G$245$024@!

K(5!832!4=32*4!38!7$5*2!*E$=($503)4!$)9!0)4*2503)4!38!$I*)54!$)9!4(1& 170*4! 832! 5F*! 2*4045$)=*@! 70)D0)I! E077$I*4! 0)! 5F*! H<$20! ?05F! 7$)90)I! K*$=F*4!3)!5F*!=3$45P!!T)!F04!90$2%@!G$245$024!2*7$5*4!9*5$074!38!F3?!F*! =3)8*22*9!?05F!\*52$D3I032I04@!I0E0)I!$!()0V(*!0)40IF5!0)53!5F*!?32D& 0)I4!38!4(=F!2*7$503)4F014P!!

6JKU RGTKQF YCU C HTCWIJV VKOG HQT VJG [QWPI #WUVTCNKCP QHÆ&#x2019;EGT CPF F04!Y3(2)$7!2*=3294!F3?!F04!7*$9*24F01!4D0774!?*2*!432*7%!5*45*9P!!M*!

8$=*9! *)32<3(4! =F$77*)I*! ?F0=F! K*I$)! ?05F! 7*$90)I! <32*! 5F$)! i,! <*)!4$8*7%!823<!\$5434!53!#$I$20D$20!Z$!5F2**&9$%!52*D[@!D**10)I!5F*<! .

X4,$#4",$h'$C+#%&')O'ZM4-6+.)$'140)/.4C"$7''N846+L'X4,$#4",$'X)..+%#")-

insider athens! "! #$%!&!'()*!+,-.!-^

92-))38=5+2;(/8B(C(/5+8755P+8(*8*2-8I(>83/8I23F28/-C(*3.-87(/C@(C-82(+84--/8*2-8 :)-.(373/C8L3(7-F*85W83/*-)/(*35/(78;-L3(8F5.-)(C-85W8*2-8S)--P8M-4*8Y)3+3+8X8(/L825I8 -.-/85@)85I/8/(*3.-8*5/C@-82(+84--/8@+-L8(C(3/+*8@+K

U

CUV [GCT KP VJG UWOOGT QH YJKNG VJG Æ&#x2019;PCPEKCN ETKUKU JKV KVU 1*$D@!$)9!$)!$02!38!<04*2%!F()I!3E*2!62**=*@!<*90$!$77!3E*2!5F*! ?3279!83()9!5F*02!044(*!38!5F*!4(<<*2P!O32*0I)!)*?41$1*24!2$)!

1F3534!38!=050a*)4!?$050)I!0)!F(I*!70)*4!53!I*5!5F*02!9$07%!.,!*(234!$7& 73?*9!K%!5F*!K$)D4@!$)9!2$)!$250=7*!$85*2!$250=7*!$K3(5!0<1*)90)I!K$)D& 2(15=%P!!H4!<$)%!38!5F*4*!$250=7*4!17$%*9!(1!)*I$50E*!10=5(2*4!38!5F*! =3()52%!$)9!1*317*@!T!83()9!<%4*78!$4!$)!H<*20=$)!*L1$520$5*@!)35!3)7%! *L17$0)0)I!3E*2!$)9!3E*2!53!8$<07%!$)9!820*)94!$K23$9!?F$5!?$4!F$1& 1*)0)I@!K(5!$743!9*8*)90)I!1*317*C4!=3)9(=5P!!>35!*E*2%3)*!?$4!70E0)I! K*%3)9!5F*02!<*$)4@!T!0)4045*9@!$)9!5F*!1*317*!T!D)*?!$=5($77%!909!1$%!

5F*02!5$L*4P!!!S(5!5F*!8$=5!2*<$0)4!5F$5!08!539$%!%3(!I33I7*!n62**D!9*K5! =20404!)*I$50E*!$250=7*4o@!%3(C77!I*5!3E*2!3)*!<07703)!F054P BF04! 47$)5!53?$29!)*I$50E*!2*13250)I!F$4!K**)!)35*9!0)!<$)%!$250=7*4! $)9!2*13254P!H990)I!F*2!=3<<*)54!7$45!<3)5F!53!5F*!5310=!?$4!62**D&!

G$)$90$)! Y3(2)$7045! $)9! ?205*2! '(450)*! O2$)I3(70&H2I%204P! ! T)! $! 5$7D! 0)!

H5F*)4!*)5057*9!nT)5*2)$503)$7!\2*44!G3E*2$I*!38!5F*!62**D!R*K5!G20404o! /U (TCPIQWNK #T[ITKU C YGGMN[ DNQIIGT HQT VJG *WHÆ&#x2019;PIVQP 2QUV CPF EQN& (<)045!832!E$203(4!62**D&G$)$90$)!)*?41$1*24!$)9!?*K405*4@!2*8*22*9!

53!5F*!1*2E$40E*!o<*90$!2090=(7*o!38!62**=*!83()9!0)!9*K5!=20404!$250=7*4P H==3290)I! 53! 5F*! 41*$D*2@! =3E*2$I*! 38! 5F*! =20404! =$)! K*! 90E09*9! 0)53!

UGXGTCN UVCIGU VJG Æ&#x2019;TUV IQKPI DCEM VQ YKVJ KVU KPKVKCN CRRGCTCPEG CPF VJG Æ&#x2019;TUV DCKNQWV CITGGOGPV #V VJKU VKOG VJG OGFKC GORJCUK\GF VJG KPGRVPGUU CPF RQYGTNGUUPGUU QH VJG IQXGTPOGPV VQ Æ&#x2019;IJV CICKPUV 5$L!*E$9*24!$)9!=322(1503)!5F$5!F$9!K23(IF5!5F*!=3()52%!53!5F04!1340& 503)@! $)9! 452*44*9! F3?! 5F*! I3E*2)<*)5! n=33D*9! 5F*! K33D4o! $)9! 70*9!

CDQWV UVCVKUVKEU KP QTFGT HQT VJG EQWPVT[ VQ LQKP VJG GWTQ =.CVGT KV YCU

+,!insider athens! "! #$%!&!'()*!+,-.

2*E*$7*9! 5F$5! 35F*2! =3()520*4! 0)! 5F*! Am! F$9! 93)*! 5F*! 4$<*@! K(5! 5F*!

ETKVKEKUO YCU TGUGTXGF HQT )TGGEG? 6JKU YCU VJG VKOG QH VJG QHHGPUKXG 832! <$)%&&! =3E*2! 38! 5F*! 6*2<$)! O3=(4! <$I$a0)*! ?05F! 5F*! 45$5(*! 38!

H1F23905*!38!#0734!92$1*9!0)!5F*!62**D!87$I!<$D0)I!$)!3KY*=503)$K7*!

I*45(2*!?05F!5F*!F*$970)*b!nO2$(945*24!0)!5F*!A(231*$)!O$<07%Po >35! 3)7%! ?*2*! 5F*! I3E*2)<*)5! $)9! 7*$9*24! =2050=0a*9! 9(20)I! 5F04! 1*& 2039! Z?05F! I339! 2*$43)[! K(5! 5F*! 123K7*<! =3)=*2)*9@! $4! 5F*! 41*$D*2!

452*44*9@!=2050=04<!38!3290)$2%!=050a*)4@!n*E*)!$!?$E*!38!F$52*9@o!4F*!0)& 4045*9!n$I$0)45!*E*2%5F0)I!62**DoP!!H)9!$4!4(2*!$4!5F*!4()!K*$54!93?)!

3)! $! 62**D! 4(<<*2! 9$%@! 45*2*35%1*4! I2*?! $)9! 873(204F*9@! ?05F! 5F*!

12*E$070)I!09*$!5F$5!62**D4!?*2*!n7$a%o@!n70$24o!$)9!n)35!53!K*!52(45*9oP!

>*I$50E*!45*2*35%1*4!45*<<*9!)$5(2$77%!823<!5F*!4*)4*!38!<32$705%!5F$5!

5F*!=20404!K23(IF5!3(5@!$)9!5F$5!?*!385*)!F$E*!2*I$290)I!<3)*%!044(*4P!!

H)%3)*!2*$90)I!)*?41$1*24!0)!5F*!*$27%!9$%4!38!5F*!=20404!=3(79!4**!5F04!

12*93<0)$)5! 3(5733DP! >325F*2)! A(231*$)! =3()520*4@! 4(=F! $4! 6*2<$)%! $)9!M377$)9@!4*5!5F*<4*7E*4!(1!$4!<32$7!$)9!=3)52377*9@!?F07*!62**=*!*4& 1*=0$77%!?$4!=3)409*2*9!533!n8()!73E0)Io@o=$2*82**o@!n022*413)40K7%o!41*)9& 0)I!n?$%!K*%3)9!054!<*$)4oP!;3@!0)!$!4*)4*!5F*!=3()52%!F$9!53!K*!n1()& KUJGFŬ CPF UQ VJG OPKOQPKQ QT DCKNQWV YCU Å«Æ&#x2019;PGŬ CPF CWUVGTKV[ KU YJCV 5F*!62**D4!n9*4*2E*9oP!62**=*!?$4)C5!=3)409*2*9!5F*!3)7%!nA(23!40))*2o@!

38!=3(24*@!K%!5F*!>325F*2)!A(231*$)4P!`5F*2!43(5F*2)!A(231*$)4!?*2*! $5!05!533b!\325(I$7@!T5$7%!$)9!;1$0)P!H4!0)!5F*!8$<3(4!32!2$5F*2!0)8$<3(4! $=23)%<!n\TT6;o!$55*454P!!H)9!T2*7$)9@!$75F3(IF!>325F*2)!A(231*$)@!832! $!50<*!?$4!$9<3)04F*9!832!054!?$45*8(7!41*)90)I!$4!?*77P!!H!4*)4*!38! <32$705%!$K3(5!<3)*%!$743!7*9!53!$250=7*4!4=$20)I!5F*!6*2<$)!1(K70=!5F$5!

5F*%!?*2*!1$%0)I!?05F!5F*02!5$L!<3)*%!832!5F*!62**D4C!123870I$=%P! T)! 5F*! 4*=3)9! 1*2039! 38! $250=7*4@! 0)! 5F*! 8$77! 38! +,--@! 5F*! I3E*2)<*)5! =3)50)(*9!53!K*!=2050=0a*9!832!F$E0)I!8$07*9!53!=3<17%!?05F!2*832<4!0)!

5F*!5$L!$2*$!$)9!1(K70=!4*=532@!?F0=F!7*9!53!5F*!4*=3)9!K$073(5!()9*2! $!)*?!I3E*2)<*)5P T)! =3)52$45! 53! 5F*! 1*20394! K*832*@! 823<! +,-+! 53! +,-d@! <32*! 4%<1$& VJGVKE CTVKENGU UVCTVGF VQ CRRGCT UVTGUUKPI VJG UCETKÆ&#x2019;EGU VJCV QTFKPCT[ 62**D4!?*2*!<$D0)Ib!F3?!=050a*)4!?*2*!4(88*20)I]!$K3(5!5F*!0)=2*$4*!

0)! 5F*! F3<*7*44]! $)9! 0)! 5F*! 0)=2*$40)I! 7344! 38! Y3K4! $4! =3<1$)0*4! =734*9P!BF*!62**D!<*90$!$743!K*I$)!8*$5(20)I!$250=7*4!$K3(5!F3?!53!

9*$7!?05F!$!62*L05@!4(=F!$4!I30)I!K$=D!53!5F*!7$)9!$)9!I23?0)I!%3(2!

3?)!82(054!$)9!E*I*5$K7*4P 9KVJ VJG PGY IQXGTPOGPV CPF GEQPQOKE OKPKUVGT KP CTVKENGU $I$0)!533D!$!5(2)!832!5F*!?324*P!T5!4**<*9!$!1$55*2)!?$4!9*E*7310)IP! T)!1*20394!20IF5!K*832*!$!K$073(5@!)*I$50E*!$250=7*4!2*$=F*9!5F*02!1*$D@! $4!$!?$%!38!*L*250)I!12*44(2*P!!WF*5F*2!134050E*@!)*I$50E*!32!)*(52$7@!

0)5*2)$503)$7!)*?41$1*24!$)9!<$I$a0)*4@!5$7D!4F3?4!3)!2$903!$)9!BQ! UVCVKQPU CNN FKUEWUUGF VJG FGDV ETKUKU 0GYURCRGT GFKVQTU JCF C Æ&#x2019;GNF 9$%!?05F!62**D!$77(403)4]!5F*!9*K5!=20404!?$4!=$77*9!$)!n39%44*%!?05F& 3(5!*)9o@!<$)%!$250=7*4!2*8*22*9!53!5F*!nF(K204o!38!5F*!62**D4@!n$!62**D! 92$<$!5F$5!?3(79!<$D*!;31F3=7*4!123(9o!$73)I!?05F!0)*E05$K7*!2*8*2& *)=*4!53!n<%!K0I!8$5!62**D!9*K5oP ! AE*)! BF*! `)03)@! 5F*! H<*20=$)! 4$5020=$7! )*?41$1*2@! 388*2*9! $! 7045! 38! n4(II*4503)4o!7$45!4(<<*2!832!K$5570)I!5F*!=20404@!4(=F!$4b!n$E309!820E3& 73(4!41*)90)I!3)!5F0)I4!70D*!F*$75F!=$2*!$)9!$!)$503)$7!0)82$452(=5(2*@!

CRRQKPV C URGEKCN Æ&#x2019;PCPEG OKPKUVGT EJCTIGF YKVJ ITQXGNKPI CV #PIGNC #*2D*7C4! 8**5@! 1$50*)57%! 2*<0)9! =2*905324! 5F$5! <3)*%! 04! Y(45! $! 43=0$7!

EQPUVTWEV VJCV JQNFU PQ KPVTKPUKE XCNWGŬ +V EQPENWFGF YKVJ QPG Æ&#x2019;PCN DKV 38!$9E0=*b!n-,Pi!<07703)!=(14!38!F*<73=DPo!!BF*!62**D!9*K5!=20404!F$9!

K*=3<*!$!?3279?09*!Y3D*P `)*! <0IF5! $4D! 08! 5F*2*! 04! 533! <(=F! 4*)4050E05%! 53! 5F04! =2050=04<P! H4!

O2$)I3(70&H2I%204!?3(79!1(5!05@!F3?*E*2@!5F04!$250=7*!$)9!43!<$)%!35F& *24@!3E*245*11*9!43<*!K3()94P!!H)9!)35!3)7%!5F$5@!?F07*!)3!3)*!=$)!

9*)%!5F*!123K7*<!38!=322(1503)@!5$L!*E$403)@!32!5F*!(2I*)5!)**9!53!2*& 832<!5F*!1(K70=!4*=532]!05C4!5F*!)3503)!5F$5!?*!5*)9!53!F$E*!5F$5!3)7%!?*@!

K(5!)35!35F*24@!=$)!=2050=0a*!3(24*7E*4P! G*25$0)7%!5F*2*!F$E*!K**)!)3!7$=D!38!F3<*&I23?)!62**D!137050=$7!=$2& VQQPU Æ&#x2019;PFKPI JWOQT KP VJG JCPFNKPI QH VJG FGDV ETKUKU #PF LWUV CU UGNH =2050=04<!04!12*8*2$K7*!53!5F$5!38!35F*24@!<$)%!F$E*!=3<<*)5*9!5F$5!

3I[WTETIV IHMXSVW LEH E ǻIPH HE] [MXL S)--P8(77@+35/+_8*2-8L-4*8F)3+3+8I(+8F(77-L8 (/8 Q5L>++->8 I3*25@*8 -/LT_8 (/L8 ;(/>8 ()*3D F7-+8)-W-))-L8*58*2-8Q2@4)3+T85W8*2-8S)--P+K 05!?3(79!F$E*!K**)!43!<(=F!K*55*2!08!5F*!62**D!I3E*2)<*)5!054*78!F$9!

4(II*45*9! 43<*! 38! 5F*4*! =F$)I*4! %*$24! $I3P! ! T8! 5F*4*! 2*832<4! F$9!

K**)!=$220*9!3(5@!5F*!=3()52%!?3(79!)35!F$E*!53!4(88*2!)3?!()9*2!5F*!

F$24F!5*2<4!38!5F*!n5230D$o!32!)3?!5F*!nD3($25*53o@!$990)I!5F*!A(231*$)! \$270$<*)5!53!5F*!A(231*$)!S$)D@!G3()=07!$)9!T#O@!$4409(3(47%!53550)I! (1!?F*5F*2!5F*!)(<K*24!38!5F*!K$073(5!$2*!K*0)I!<*5!?F07*!0I)320)I! 5F*!F(<$)!8$=532P H75F3(IF!5F*!9*K5!=20404!04!K%!)3!<*$)4!3E*2!X!()*<173%<*)5!2*<$0)4!

5F*! F0IF*45! 0)! 5F*! Am@! $)9! <32*! K(40)*44*4! =734*! *$=F! ?**D! X! 5F*! <*90$!04!83=(40)I!3)!$)35F*2!9*E$45$50)I!=20404!0)!62**=*@!5F$5!38!5F*!

2*8(I**4P!WF07*!05!<0IF5!4**<!=3)E*)0*)5!53!5F*!?3279C4!<*90$!3(57*54!

5F$5!n62**Do!=3773=$5*4!?05F!n=20404o@!0)!K35F!38!5F*4*!=$4*4@!5F*!1231*2! *L12*4403)!4F3(79!K*!nAm!=20404oP!BF*!044(*4!$88*=5!)35!Y(45!62**=*@!K(5!

5F*!?F37*!38!5F*!A(231*$)!m)03)P!!

insider athens! "! #$%!&!'()*!+,-.!+-

;/<80=-,>

\/8*2-8;3L+*85W8(8F2(77-/C3/C8068B)-+3L-/F>N8J*2-/+8\/+3L-)8;--*+8*2-8J;4(++(L5)85W8 *2-8H-*2-)7(/L+N8=)K8Y(+:()8`-7LP(;:N8(8C)5@/L-L8/-I84)--L85W8L3:75;(*8I3*28(8W(3)8 L5+-8 5W8 M@*F28 :)(C;(*3+;N8 I258 3+8 +*)3.3/C8 *58 2-(78 S)--F-8 *2)5@C28 :)(F*3F(78 )-W5);N8 3//5.(*35/8(/L8-/*)-:)-/-@)3(78.3+35/K N+D/11/,")6' <"#)' ("1089>' A&)&' ."+&1' /0' /' .A/77&9>89>' 08+&' *")' H)&&.&:' Q#)0A&)+")&6' <"#' A/%&' *)&X#&907<' A/,' 0"' ./))<' "#0' <"#)' ,8(7"+/08.',#08&1'/+8,'890&91&'+&,8/'."%&)/>&'/D"#0'H)&&.&:'G"3' .A/77&9>89>' A/1' 0A/0' D&&9?! EA/0' /)&' 0A&' +"10' ()&1189>' 811#&1' "9' <"#)' />&9,/' /0' 0A&' +"+&90' /1' 0A&' 2&0A&)7/9,1$' N+D/11/,")' 0"' H)&&.&?'EA/0'/)&'<"#)'A"(&1'*")'H)&&.&$1'8++&,8/0&'*#0#)&?

H5F*)4!F$4!385*)!K**)!=$77*9!$!kG7(K!#*9C!13450)I!832!90173<$54@!?05F! 4())%!?*$5F*2!$)9!134F!90))*24P!>35!$)%!<32*!)3?N!62**=*!04!0)!5F*! *%*!38!4*E*2$7!4532<4b!5F*!<0I2$503)!=20404!$)9!5F*!62**D!405($503)!0)!

5F*! A(23a3)*P! BF$5! 2*V(02*4! $)35F*2! 5%1*! 38! 90173<$5@! F$)94&3)! $)9!

2*4(754&320*)5*9@!?05F!D)3?7*9I*!38!A(231*C4!=32209324!38!13?*2P!

3&+'S,4-6+'\,)M+

++!insider athens! "! #$%!&!'()*!+,-.

62**=*!=$))35!?*$5F*2!5F*4*!4532<4!3)!054!3?)P!T5!)**94!53!5$D*!054!

3?)!2*413)40K07050*4@!K(5!05!$743!)**94!F*71P!BF*!>*5F*27$)94!F$4!K**)!

17$%0)I!054!237*@!$4!F379*2!38!5F*!235$50)I!Am!12*409*)=%!$)9!5F23(IF!5F*! &WVEJ EJCKTOCP QH VJG 'WTQITQWR QH ﾆ単CPEG OKPKUVGTU 9G JCXG DGGP 0)! 9$<$I*! =3)5237! <39*@! K(5! ?077! F$E*! 53! <3E*! K*%3)9! 5F*! <(75017*! =204*4!8$=0)I!62**=*!$)9!A(231*!539$%P!

(#%?#@A6(;"!"B#$&6A

\8(;8(/8(;4(++(L5)85W8(8/-I8C-/-)(*35/K8 \8L58/5*8+:-/L8;@F28*3;-85/8*)(L3*35/(78 :)5*5F578(/L8L3:75;(*3F8/3F-*3-+K8=>8 -;4(++>V+8*-(;8I5)P+8*2-8;5L-)/8I(>K

FGT'NCIN--N@PY$-'YPZT'N2@'FGT'YTQ[HTT';YO-O;"#7,'<"#',&1.)8D&'0",/<$1'1.A&,#7&'\")'/9"0A&)')&.&90',/<6'89'"),&)' 0"'>8%&'"#)')&/,&)1'/9'8918>A0'890"'0A&')&/.A'"*'<"#)')"7&]?'EA/0',#08&1' B&(0'<"#'/9,'<"#)'&+D/11<'D#18&10',#)89>'0A&'@#0.A'^)&18,&9.<'"*' 0A&'T['0A&1&'(/10'*&3'+"90A1?

T!$<!$)!$<K$44$932!38!$!)*?!I*)*2$503)P!T!93!)35!41*)9!<(=F!50<*!

3)! 52$90503)$7! 12353=37! $)9! 90173<$50=! )0=*50*4P! #%! *<K$44%C4! 5*$<! ?32D4!5F*!<39*2)!?$%P!W*!D**1!83=(4!3)!(2I*)5!12032050*4@!4(=F!$4!5F*! <0I2$)5! =20404! $)9! 5F*! A(23a3)*! $)9! $743! ()9*245$)9! 5F$5! 62**=*! 04!

8$=0)I!5F*!=3)4*V(*)=*4!38!5F*!4*=(205%!405($503)!0)!5F*!*$45*2)!#*90& 5*22$)*$)!2*I03)P!

!"#' A/%&' D&&9' %&)<' /.08%&' 89' &9."#)/>89>' &90)&()&9&#)1A8(' /9,' 89.#D/089>'<"#9>'10/)0`#(1'0A)"#>A'0A&'P)/9>&'H)"%&'89808/08%&:'G"3' ,8,'0A&'8,&/'."+&'/D"#0?'EA/0'&9."#)/>89>'1#..&11'10")8&1'./9'<"#' 1A/)&'380A'#1?'

9G TGCNK\GF VJCV GEQPQOKE TGEQXGT[ KU PQV LWUV C OCVVGT QH Æ&#x2019;PCPEG OKPKUVGTU CPF Æ&#x2019;PCPEKCN KPUVKVWVKQPU *KUVQT[ JCU UJQYP VJCV VJQUG *=3)3<0*4! ?F0=F! 2*=3E*2! K*45! 823<! *=3)3<0=! =20404@! 93! 43! K*=$(4*!

5F*%!<39*2)0a*@!5F23(IF!0))3E$503)@!=3<<*2=0$70a$503)!$)9!*)52*12*& )*(24F01P!W*!$2*!123E090)I!5$)I0K7*!4(11325!5F23(IF!`2$)I*!623E*@!5F*!

45$25&(1!0)=(K$532!<%!12*9*=*4432!0)050$5*9!F*2*!0)!H5F*)4P!T5!123E09*4! $! 87*L0K7*! ?32D! 41$=*@! $9E0=*! $)9! =3$=F0)I@! 53! %3()I! 62**D! 45$25&(1! *)52*12*)*(24P!T5!$743!=3))*=54!5F*<!53!<32*!$9E$)=*9!45$25&(1!*=3& 4%45*<4!*74*?F*2*!0)!5F*!?3279P!T)!5F*!>*5F*27$)94@!.,t!38!)*?!Y3K4!

CTG ETGCVGF D[ EQORCPKGU NGUU VJCP Æ&#x2019;XG [GCTU QNF 5VCTV WRU CTG VTCPU& 832<0)I!3(2!*=3)3<%P!62**=*@!?05F!$77!054!%3()I!5$7*)5@!4F3(79!)35!<044!

5F04!311325()05%P!

W*!8$=0705$5*!0)5*)40E*!=3)5$=54!K*5?**)!K35F!I3E*2)<*)54P!R(20)I!5F*!

1$45! 8*?! <3)5F4@! $! )(<K*2!38!62**D!<0)045*24!F$E*!E0405*9!5F*!>*5F& *27$)94@!832!Am!32!K07$5*2$7!<**50)I!0)!H<45*29$<!32!BF*!M$I(*P!#$)%!

F0IF&7*E*7! 9*7*I$503)4! 823<! 5F*! >*5F*27$)94! F$E*! E0405*9! 62**=*P! W*!

F$E*! $743! 32I$)0a*9! 1F3)*! =$774! $)9! <**50)I4! K*5?**)! K35F! 120<*! <0)045*24P! S35F! <*)! F$E*! 9088*20)I! 09*373I0=$7! 45$250)I! 130)54@! K(5! ()& 9*245$)9!5F$5!5F*%!)**9!53!<$0)5$0)!$)!31*)!=F$))*7!38!=3<<()0=$503)P @"&1' H)&&.&' 10877' )&+/89' /' */%"#)&,' ,&1089/08"9' *")' @#0.A' A"78,/<` W*!$2*!$=50E*!0)!A(231*$)!9*=0403)&<$D0)I@!<3457%!K*F0)9!5F*!4=*)*4@! +/B&)1'")'A/%&'0A&'0#)D#7&90'&%&901'"*')&.&90'<&/)1'7&*0'0A&8)'7&>/.<?

K(5!$2*!$743!=3)520K(50)I!3)!5F*!I23()9P!O32!*L$<17*@!?*!$2*!=(22*)57%! :*4! $)9! 20IF57%! 43@! *E*)! 5F3(IF! 5F*! )(<K*24! $2*! 43<*?F$5! 93?)!

123E090)I!S329*2!;*=(205%!B*$<4!3)!5F*!047$)94!38!GF034!$)9!U*4K34b! 5F04!%*$2P!WF$5!04!0)5*2*450)I!53!4**!04!5F$5!<32*!R(5=F<*)!$743!=3<*! $!535$7!38!3E*2!-,,!R(5=F<*)!53!2*0)832=*!5F*!62**D!$(5F32050*4!()9*2! 53! H5F*)4! 832! $! 73)I! ?**D*)9! 38! F04532%! $)9! =(75(2*P! BF*! 35F*2! ?$%!

5F*!$*I04!38!5F*!AmC4!O23)5*L!*L5*2)$7!K329*2!$I*)=%P!W*!=3)520K(5*9!$! $23()9@!?*!4**!5F*!>*5F*27$)94!K*=3<0)I!$!12*8*22*9!9*450)$503)!832!

820I$5*!53!>HB`C4!87**5!0)!5F*!H*I*$)!;*$P!W*!F$E*!123E09*9!F(<$)05$2& %3()I!62**D4!53!45(9%!$5!3(2!()0E*24050*4@!?F0=F!123E09*!<$)%!A)I704F& 7$)I($I*!=3(24*4P! 0$)!$09!832!5F*!2*8(I**4!5F$5!$2*!45(=D!0)!62**=*P!

T;P2PCO;'YT;P_TY!

^TY-P2NZ

Q)"+' /' 0)/,&' ("890' "*' %8&36' H)&&.&' 81' A"(&*#77<' 9&/)89>' 0A&' &9,' "*' D GLÌ©FXOW UHFHVVLRQDU\ SHULRG +RZ GR \RX KRSH WR IXUWKHU WUDGH 08&1'/9,'89%&10+&901'D&03&&9'0A&'03"'9/08"91?'EA8.A'+/W")'@#0.A' ."+(/98&1'"(&)/0&'"#0'"*'H)&&.&?'N9,'A"3'3"#7,'<"#',&1.)8D&'0A&' .#))&90'D#189&11'&9%8)"9+&90'*")'0A&+'A&)&? #345!<$Y32!R(5=F!=3<1$)0*4!$2*!12*4*)5!0)!62**=*P!BF*%!=F34*!53!45$%! $)9! 5F*%! $2*! =3<<055*9! 53! 62**=*C4! *=3)3<0=! 2*=3E*2%P! #*$)?F07*@!

5F*! 62**D! K(40)*44! =70<$5*! )**94! 0<123E*<*)5P! T! K*70*E*! 5F*2*! 04! 533!

OWEJ TGF VCRG CPF VJGTG CTG UQOGVKOGU CYMYCTF FGEKUKQPU D[ Æ&#x2019;UECN 32!=3<1*50503)!$(5F32050*4P!T!?$4!2*=*)57%!K$=D!0)!5F*!>*5F*27$)94!$)9!

1$250=01$5*9!0)!<**50)I4!?05F!5F*!R(5=F!120E$5*!4*=532P!T!83()9!3(5!5F$5!

05!04!45077!F$29!53!=3)E0)=*!5F*<!53!=3<*!53!62**=*P!BF*%C9!2$5F*2!83=(4!

3)!*<*2I0)I!<$2D*54!*74*?F*2*@!823<!H40$!53!G373<K0$!32!T42$*7P!T!F31*!

5F04!?077!=F$)I*!$)9!5F$5!62**=*!?077!K*=3<*!*$40*2!832!930)I!K(40)*44P!!!

EA/0'A/1'+/,&'0A&'D8>>&10'8+(/.0'"9'<"#'(&)1"9/77<'380A')&>/),1' 0"'0A&'H)&&B'3/<'"*'78*&?'EA/0'81'0A&'D&10'(&)B'"*'D&89>'10/08"9&,'89' H)&&.&?

T5!04!)35!3)7%!5F*!=70<$5*@!5F*!=(75(2*!$)9!5F*!1*317*P!T5!04!$743!5F*!8339! $)9! 5F*! ?0)*4P! T! K*70*E*! 62**D4! =3(79! 93! <(=F! <32*! 53! 9*E*731! 5F*! *L13254!38!5F*02!$I20=(75(2$7!1239(=*P! Q89/77<'N+D/11/,")6'3A/0'3"#7,'<"#'78B&'<"#)'7&>/.<' 89'H)&&.&'0"'D&?

T5C4!K0II*2!5F$)!<*!$)9!43<*5F0)I!$743!5F*!R(5=F!=3<1$)0*4!12*4*)5!

F*2*!8**7!=3<<055*9!53b!?*!F31*!53!4**!$!62**=*!5F$5!04!K$=D!53!F*$75F%!

GEQPQOKE Æ&#x2019;IWTGU C EQWPVT[ YJKEJ IGPGTCVGU ITQYVJ CPF LQDU VJTQWIJ 0))3E$503)!$)9!$!)*?!I*)*2$503)!38!*)52*12*)*(24F01P!S(5!7*5C4!8$=*!05b!

T!=$)!8**7!=3<<055*9!53!5F04@!K(5!%3(!I(%4!3?)!05N!T)!5F*!*)9@!%3(!3?)! %3(2!3?)!8(5(2*!<(=F!<32*!5F$)!<$)%!62**D4!K*70*E*P

insider athens! "! #$%!&!'()*!+,-.!+f

9+C/12CC

J+8*2-8(3)73/-83/L@+*)>84-F5;-+8-.-)DF5;:-*3*3.-N85/7>8*2-8;5+*8I-77D:)-:()-L8(/L8 :)5W-++35/(78I37782(.-8(8:7(F-83/8*2-8W@*@)-8C754(78(3)73/-84@+3/-++N8(++-)*+8J7(3/8a(2-77-FN8 Y5@/*)>8=(/(C-)8W5)8J3)G)(/F-8D8[a=83/8S)--F-K8 aZC' 81' 0A&' "7,&10' /8)789&' 89' 0A&' 3")7,' 10877' "(&)/089>' #9,&)' 801' ")8>89/7' 9/+&:' O9' /' .A/77&9>89>'89,#10)<'`'380A'A8>A'0/=&16'7"3`."10' ."+(&0808"96' /8)1(/.&' ."9>&108"9' /9,' )&.&90' 0&))")810' /00/.B1' `' 3A/0' A/1' D&&9' aZC$1' B&<6' /1' /' 7&>/.<' ./))8&)6' 0"' )&0/8989>' 801' .#10"+&)' 7"</70<'89'0A&'T#)"(&/9'/8)'0)/91(")0'89,#10)<? +P )TGGEG VJG Æ&#x2019;TUV -./ HNKIJV YCU KP QP G2*5*P! H73)I! ?05F! G$023@! ?*! ?*2*! 1$25! 38! 5F*! '$D$25$&H<45*29$<!70)*P!BF*!H<45*29$<&G$023!

70)*!E0$!J3<*!$)9!H5F*)4!2*31*)*9!0)!-^di@!$)9!

43!/U#!31*)*9!0)!62**=*P T)! 0)E*450)I! 0)! 62**=*@! /U#! F$4! 2*&0)5239(=*9!

5F*!+)9@!*$27%!<32)0)I!870IF5!5F$5!=3))*=54!H5F& GPU VQ OQTG VJCP YQTNFYKFG FGUVKPCVKQPU 9(20)I!5F*!;(<<*2!+,-.!4=F*9(7*P!!!

W05F! H02! O2$)=*@! /U#! 04! $5! 5F*! 832*823)5! 38! 5F*!

A(231*$)! $0270)*! 0)9(452%P! `88*20)I! 2*70$K0705%! $)9!$!F*$75F%!934*!38!R(5=F!12$I<$504<@!/U#! ?32D4! 53! 123E09*! 0))3E$50E*! 1239(=54! 832! 3(2!

EWUVQOGTU CPF C UCHG GHÆ&#x2019;EKGPV UGTXKEG QTKGPVGF 31*2$503)!?05F!$!123$=50E*!83=(4!3)!4(45$0)$K07& KV[ -./ UVTKXGU VQ CEJKGXG RTQÆ&#x2019;VCDNG ITQYVJ VJCV =3)520K(5*4!53!K35F!054!3?)!=32132$5*!$0<4!$)9!

53!*=3)3<0=!$)9!43=0$7!9*E*731<*)5P! /U#C4! E0403)! 04! 53! K*=3<*! 5F*! <345! =(453<*2!

EGPVTKE KPPQXCVKXG CPF GHÆ&#x2019;EKGPV 'WTQRGCP PGV& ?32D! =$220*2P! S%! <*2I0)I! ?05F! H02! O2$)=*! /U#!

F$4! =3<*! 53! 3==(1%! $! 7*$90)I! 1340503)! 0)! 5F*!

0)5*2)$503)$7! $0270)*! 0)9(452%P! /U#! 4**D4! 53! K*!

VJG EWUVQOGTUŨ Æ&#x2019;TUV EJQKEG VQ DG CP CVVTCE& 50E*!*<173%*2!832!054!45$88!$)9@!$!=3<1$)%!5F$5!

ITQYU RTQÆ&#x2019;VCDN[ HQT KVU UJCTGJQNFGTU 9KVJ UOCTV 1$25)*24F014! $)9! 103)**20)I! )*?! 9*450)$503)4@! /U#!388*24!I73K$7!$==*44!5F23(IF!054!*L5*)40E*! )*5?32DP!S%!2*413)90)I!53!<$2D*5!311325()050*4! $)9! 5*=F)373I0=$7! 9*E*731<*)54@! /U#! 388*24! =(453<*24!$!=3)5*<132$2%!1239(=5P H)&&.&' 81' "9&' "*' 0A&' +"10' ,&18)/D7&' 0"#)810' ,&1089/08"91' 89' 0A&' 3")7,' /9,' )&3/),89>' *")' /8)789&'D#189&11&1'`'D#0'3A/0'/)&'0A&'0A)&&'+/89' .A/77&9>&1'"*'."9,#.089>'D#189&11'89'H)&&.&?

BF*2*! $2*! =3)45$)5! *883254! 53! <3908%! 5F*! 1*2& =*1503)!823<!$!4*$43)$7!$)9!4*$sK7(*!4D%!9*4&

+d!insider athens! "! #$%!&!'()*!+,-.

50)$503)! 53! $)! $77! %*$2! 73)I! 9*450)$503)! ?05F! $!

90E*2405%!38!388*24!$9$15*9!53!$!F(I*!E$20*5%!38! =(453<*24!4*I<*)54P BF*!4*=3)9!=F$77*)I*!?*!$2*!8$=0)I@!04!53!=3)& 45$)57%!$9$15!1239(=54!$)9!4*2E0=*4!0)!329*2!53! <**5!5F*!62**D!=(453<*2C4!*L1*=5$503)4P /U#! F$4! <$0)5$0)*9! $)! 0)5*2)$503)$7! 320*)5$& 503)!823<!5F*!K*I0))0)IP!/U#C4!452*)I5F!70*4!0)!

5F*! 50IF57%&D)05@! ?3279?09*! )*5?32D! 05! F$4! K(075!

(1! ?05F! 054! 1$25)*24! $)9! ?F*2*! 3(2! 1$44*)& I*24! $2*! $K7*! 53! 52$)48*2! V(0=D7%! $)9! *$407%! $5! ;=F01F37@! /U#C4! F3<*K$4*P! H4! H<45*29$<! 04! $)!*L52*<*7%!?*77&D)3?)!=3))*=50)I!17$5832<@!

5F*! =F$77*)I*! ?*! $2*! )3?! 8$=0)I! 04! 53! $552$=5!

EWUVQOGTU VQ #OUVGTFCO CU C Æ&#x2019;PCN FGUVKPC& 503)@! $)9! 53! F0IF70IF5! 5F*! <(7505(9*! 38! *L1*20& *)=*4! 3)! 388*2@! 823<! E04050)I! 5F*! `79! #$45*24@!

53!*L1*20*)=0)I!$!70E*!R'!4*5!823<!5F*!K*45!R'C4!

0)!5F*!?3279P EA/0'3"#7,'<"#')/0&'/1'0A&'03"'D8>>&10' .A/9>&1'89'/8)'0)/%&7?' &!R*<3=2$50a$503)!38!$02!52$E*7!0)!5F*!h,C4!?05F! 5F*!31*2$503)!38!5F*!Shdh! &!R*E*731<*)5!38!3)&70)*!4$7*4!?F0=F!123E09*4! hsh! 9$%4! $)9! +d! F3(24! $! 9$%! $==*44! 53! K33D! 52$E*7!!$)9!5F*!9*=70)$503)!3)!<3K07*4!$)9!;3& =0$7!<*90$! &;(45$0)0)I!3(2!G3<1*5050E*!H9E$)5$I*P! W05F! 5F*! \*2832<! +,+,@! H02! O2$)=*! /U#! $0<4!

0)! =2*$50)I! 5F*! =3)90503)4! 53! ?0)! K$=D! <$2D*5!

4F$2*P H02!O2$)=*&/U#C4!452$5*I%!=$)!K*!4(<<*9!(1!

0)! 3)*! 1F2$4*b! I3! 733D0)I! 832! I23?5F! ?F*2*! 05! *L0454P 6JG )TQWR JCU KFGPVKÆ&#x2019;GF VJTGG OCKP ITQYVJ 7*E*24b! H40$! ?F*2*! 05! 17$)4! 53! 2*0)832=*! 054! *L& 0450)I!1$25)*24F014!$)9!9*E*731!)*?!3)*4!?05F! $0270)*4!?F0=F!$2*!40<07$2!53!054!3?)!$0270)*4!0)!

40a*@! 5F*! A(231*$)! 7*04(2*! <$2D*5! ?F*2*! 05! 04!

I30)I!53!$==*7*2$5*!B2$)4$E0$C4!I23?5F@!$)9!5F*! <$0)5*)$)=*!<$2D*5!?F*2*!05!17$)4!53!=3)50)(*!

53!<$D*!$=V(040503)4!53!4(117*<*)5!054!32I$)0=!

I23?5FP!

(#%?#@A6(;"!"B#$&6A

(LVMWXMER 'SLPOI XLI (LMIJ 2EVOIXMRK 4ǽGIV SJ 33 -IPPEW GSQQIRXW SR XLI LIEPXL SJ XLI ,VIIO MRWYVERGI WIGXSV XLI GLEPPIRKIW ERH STTSVXYRMXMIW MR E QEVOIX HIǻRIH F] EQFMKYSYW :-/+35/8)-W5);+8(/L875I8L3+:5+(47-83/F5;-+K8 22' 81' 0A&' 9&3' 9/+&' /9,' 8,&9080<' "*' O2H' 89' H)&&.&:' EA<' .A/9>&' /9' &10/D781A&,6' 0)#10&,' D)/9,'9/+&?

T)! H(I(45! +,-d@! 5F*! 0)4(2$)=*! $)9! 0)E*45<*)5! <$)$I*<*)5! =3<1$)0*4! 38! T>6! K*=$<*! >>!

623(1P!H4!1$25!38!5F*!17$)4!53!K*=3<*!$!45$)9& $73)*! =3<1$)%! $77! 0)4(2$)=*! K(40)*44*4! ?*2*!

TGDTCPFGF CTQWPF /C[ VQ 00 QT 0CVKQP& $7*!>*9*27$)9*)P!>>!04!)3?!$!<$0)7%!A(231*$)!

0)4(2$)=*! $)9! 0)E*45<*)5! =3<1$)%! $)9! >>!

0)! 62**=*! Z>>! M*77$4[! 04! 5F*! 4*=3)9! 0)! <$2D*5!

4F$2*!832!U08*!$)9!M*$75F!0)4(2$)=*P 22' G&77/1' A/1' D&&9' 89' H)&&.&' 189.&' KbU4' SURYLGLQJ LQVXUDQFH DQG ̧QDQFLDO SURGXFWV /9,' 1&)%8.&1' 0"' 0A&' H)&&B' +/)B&0:' EA/0' A/%&' D&&9' 0A&' +/89' .A/77&9>&1' *")' 22' 89' /9' &."9"+<'A/+(&)&,'D<'7"3'A"#1&A"7,'89."+&' 7&%&716' A8>A' #9&+(7"<+&90' 7&%&71' /9,' +/)B&0' #9.&)0/890<' )&>/),89>' 0A&' >"%&)9+&90$1' ()"("1&,'(&918"9')&*")+1'?

H5! >>! M*77$4! ?*! K*70*E*! *E*2%! 62**D! 4F3(79!

F$E*!$==*44!53!5F*!K*45!13440K7*!0)4(2$)=*!$)9!

F*$75F!=$2*P!;3!0)!5F*!=(22*)5!<$2D*5!05!F$4!K**)! *L52$!0<1325$)5!53!9*E*731!0))3E$50E*!437(503)4!

5F$5!<$D*!832!*L$<17*!F*$75F!=$2*!<32*!$==*4& 40K7*!$)9!$88329$K7*P!T)!R*=*<K*2!7$45!%*$2!?*!

7$()=F*9!$!R02*=5!M*$75F!388*2@!8(77!=3E*2!F*$75F! 0)4(2$)=*! $5! $)! $88329$K7*! 120=*! ?F0=F! 04! 4379!

3)70)*!$)9!E0$!1F3)*!3)7%P!>*L5!53!5F04!?*!F$E*!

43<*! 1239(=54! 5F$5! ?32D! K$4*9! 3)! 41*=0$7! $2& TCPIGOGPVU YKVJ URGEKƒE RTKXCVG JQURKVCNU QT <$D*! 5F*! <345! 38! =3<K0)0)I! 1(K70=! =$2*! ?05F! 120E$5*!=$2*P >*L5!53!0)4(2$)=*!?*!$743!K*70*E*!*E*2%!62**D! UJQWNF NQQM CHVGT VJGKT ƒPCPEKCN HWVWTG 9KVJ 12*44(2*!3)!1(K70=!1*)403)4@!05!K*=3<*4!<32*!

0<1325$)5!832!0)90E09($74!53!4$E*!832!5F*!73)I! 5*2<!$)9!=3<1$)0*4!53!F*71!5F*02!*<173%**4!

4$E*! 832! 5F*02! 2*502*<*)5P! H743! F*2*! ?*! F$E*!

I2*$5!437(503)4!$)9!<$2D*5!7*$90)I!388*24P

89,#10)<'&=(&)8&9.89>'/'*#9,/+&90/7' UHVWUXFWXULQJ :KDW DUH WKH PRVW VLJQĻFDQW .A/9>&1'<"#'&=(&.0'89'0A&'891#)/9.&'1&.0")?'

W*! K*70*E*! 5F$5! 120E$5*! 0)4(2$)=*! ?077! K*=3<*! <32*!0<1325$)5!0)!5F*!8(5(2*!$)9!5F$5!0)90E09(& $74!$)9!=3<1$)0*4!?077!)**9!53!5$D*!<32*!3?)& GTUJKR VQ UGEWTG VJGKT ƒPCPEKCN HWVWTGU 6JKU YKNN =2*$5*! 311325()050*4! 832! 5F*! 120E$5*! 4*=532! 08! <$)$I*9!0)!5F*!20IF5!?$%P FA&' H)&&B' &."9"+<' 81' &=(&.0&,' 0"' ("10' /' +",&10' )&."%&)<' 89' 45Kc6' *"77"389>' <&/)1' "*' VLJQĻFDQW GHFOLQH +RZ GRHV WKLV ERGH IRU WKH 891#)/9.&'1&.0")?'@"'<"#'&=(&.0'()&+8#+1'0"' >)"3'89'45Kc? BF*! 0)4(2$)=*! <$2D*5! F$4! 4F2()D! 0)! 5F*! 7$45! %*$24! 0)! 62**=*! K(5! >>! M*77$4! F$4! I23?)! 05C4!

OCTMGV UJCTG UKIPKƒECPVN[ KP VJKU FGENKPKPI OCT& D*5P!W*!$2*!=(22*)57%!4*=3)9!0)!<$2D*5!4F$2*!832!

F*$75F!$)9!708*!0)4(2$)=*!?05F!$!<$2D*5!4F$2*!38!

GPF QH +V KU KORQTVCPV VJCV )TGGM F3(4*F3794!?077!<$D*!<32*!2*43(2=*4!$E$07$K7*!

832!120E$5*!0)4(2$)=*P EA/0'/)&'0A&'"((")0#9808&1'0A/0'A/%&'&+&)>&,' *)"+'0A&'&."9"+8.'.)8181?'G"3'A/1'22'G&77/1' 7&,' 0A&' 3/<' 89' 899"%/089>' 9&3' ()",#.01' /9,' 1&)%8.&1?

B3!<$D*!F*$75F!0)4(2$)=*!<32*!$==*440K7*!$)9!

F$E*! $! 4523)I*2! 1231340503)! *41*=0$77%! 0)! 5F*! %3()I*2!4*I<*)54@!>>!M*77$4!7$()=F*9!>>!R0& 2*=5!M*$75F!0)!R*=*<K*2!7$45!%*$2!X!$!8(77%!3)70)*!

F*$75F!0)4(2$)=*!1239(=5!?05F!8(77!=3E*2!$5!$)!$8& 8329$K7*! 120=*P! >*L5! 53! 5F04! ?*! $2*! 0)E*450)I! 0)!

90I05$7!4*2E0=*4!832!$77!3(2!388*24P

O0'A/1'D&&9'1/8,'0A/0'A#>&'10)#.0#)/7' 0)/91*")+/08"9'0"')&%8%&'0A&'H)&&B'&."9"+<' ZLOO DOVR UHVXOW LQ WKH ORFDO ̧QDQFLDO VHUYLFHV

insider athens! "! #$%!&!'()*!+,-.!

9+C/12CC

\*V+8(8)(:3L7>D-.57.3/C8 ;()P-*85@*8*2-)-8I2-/83*8 F5;-+8*58*2-8C)-(*8(;4-)8 /-F*()K8a(@)-/*8M-7;5@7>N8 =()P-*3/C8M3)-F*5)85W8 S)--F-V+87-(L3/C84--)8 :)5L@F-)N8J*2-/3(/8 ])-I-)>N8*(7P+8*58\/+3L-)8 (45@*8+(*3+W>3/C8(8/-I8 :5+*DF)3+3+8C-/-)(*35/85W8 4--)8L)3/P-)+K8 ;BJ`>6S`W@! 5F*! >3-! =09*2! K2$)9! 0)! 5F*! ?3279P! H4! $! I*)*2$7! =3<& <*)5@!?*!?3(79!4$%!5F$5!3(2!I3$7!04!53!=3)45$)57%!3K4*2E*!$)9!2*413)9!

53!=3)4(<*2!)**94@!5F*2*832*@!7*$90)I!<$2D*5!52*)94P

N0A&98/9'I)&3&)<'D)&31'/9,'D"007&1'1"+&'"*'0A&'+"10'("(#7/)'D&&)' D)/9,1'89'0A&'H)&&B'+/)B&0'/9,'81'0A&'7/)>&10'()",#.&)'/9,',810)8D#0")' RI EHHU LQ *UHHFH VLQFH +RZ GR \RX KRSH WR UHWDLQ \RXU ̧]] LQ 0A&'D&&)'+/)B&0'/*0&)'J5'7"9>'<&/)1?

H77!5F*4*!%*$24@!H5F*)0$)!S2*?*2%C4!I23?5F!F$4!K**)!*V($77%!83=(4*9!

3)!*45$K704F*9!$)9!K*73E*9!1239(=54@!$4!?*77!$4!3)!5F*!12*4*)5$503)!

38! )*?! 123134$74! 53! 5F*! <$2D*5P! W*! 5$D*! 1209*! 0)! 5F*! 8$=5! 5F$5! 3(2!

31*2$503)4!$2*!$7?$%4!K$4*9!3)!5?3!1077$24b!F*205$I*!$)9!0))3E$503)P! G7*$27%@! ?*! $2*! I0E0)I! *<1F$404! 3)! 3(2! 132583703! 38! n52$90503)$7o! $)9!

F0IF&V($705%!K2$)94@!4(=F!$4!H<45*7@!M*0)*D*)!$)9!HUOHP!`)!5F*!35F*2!

F$)9@!0))3E$503)!04!$!D*%!E$7(*!832!(4P!BF*2*832*@!?*!$2*!<3E0)I!832& ?$29!?05F!$!=7*$2!83=(4!53!5F04!1203205%!$)9!5F*!$<K0503)!53!$7?$%4!2*& 413)9!53!5F*!4F0850)I!=3)4(<*2!*L1*=5$503)4P!`)!5F04!K$404@!?*!F$E*! $72*$9%! *L1$)9*9! 3(2! 2$)I*@! ?05F! 1239(=54! 4(=F! $4! H<45*7! J$97*2@!

H<45*7! J$97*2! 6($2$)$@! H<45*7! O2**@! HUOH! ;523)I@! HUOH! W*044! $)9!

+.!insider athens! "! #$%!&!'()*!+,-.

G"3'/)&'."91#+&)'0/10&1'.A/9>89>?'N)&'+")&'3"+&9',)89B89>'D&&)?'

O1'0A&)&'/'0)&9,'0"3/),1'+")&'D"#08X#&'D&&)1?

W*77@!05C4!=*25$0)!5F$5!62**D!=3)4(<*24!F$E*!=F$)I*9!$!735!0)!5F*!2*& =*)5!%*$24!$)9!5F*02!=3)4(<1503)!F$K054!F$E*!*E37E*9P!WF*)!05!=3<*4!

53!K**2@!=3)4(<*24!$2*!4**D0)I!832!)*?!5$45*4!$)9!)*?!=3)4(<1503)! *L1*20*)=*4P!B39$%@!?*!$2*!4**0)I!$)!$(90*)=*!

5F$5! 04! <(=F! <32*! 0)832<*9! =3<1$2*9! 53! 5F*!

1$45@!4**D0)I!832!41*=0$70a*9!K**24!$)9!0))3E$& 50E*!1239(=54!5F$5!$992*44!9088*2*)5!=3)4(<1& 503)!3==$403)4P!T!?3(79!4$%!5F$5!539$%C4!62**D! =3)4(<*2! 04! <32*! 31*)! 53! )*?! *L1*20*)=*4! $)9! D**)! 53! 7*$2)! $)9! 5$45*! 9088*2*)5! K**2!

5%1*4@!K*409*4!7$I*2!5F$5!93<0)$5*9!5F*!<$2D*5!

832! 5F*! 1$45! 9*=$9*4P! G3)409*20)I! 5F*! $K3E*@! $5! H5F*)0$)! S2*?*2%! ?*! F$E*! K23$9*)*9! 3(2!

1239(=5! 132583703@! ?05F! K**2! E$20$)54! 4(=F! $4!

W*044@!S3=D@!\074)*2@!$4!?*77!$4!=3<17*5*7%!908& 8*2*)5!$)9!)*?!388*20)I4!70D*!J$97*2@!$)!(752$!2*& 82*4F0)I!1239(=5!5F$5!120<$207%!$992*44!8*<$7*! $(90*)=*4P! S*%3)9! 904=3E*2%! 38! )*?! 5$45*4@! 62**D! =3)&

(#%?#@A6(;"!"B#$&6A

$7+,1(2 WKH ͧUVW &UHDWLYH EUHZHU\ VSDFH LQ *UHHFH

4(<*24!$2*!$743!5F0245%!832!V($705%@!5F$5C4!?F%!?*!D**1!0))3E$50)I!0)!

9041*)40)I!4%45*<4!53!388*2!531!V($705%!92$(IF5!K**2!0)!5F*!`)&B2$9*!

EJCPPGN *GPEG #VJGPKCP $TGYGT[ JCU KPXGUVGF KP C PGY Æ&#x2019;NNKPI NKPG KP 054! \$52$4! S2*?*2%! 53! 1239(=*! $! )*?! I*)*2$503)! 38! /*I4P! BF$)D4! 53!

5F04!1$=D$I0)I!0))3E$503)@!3(2!=3)4(<*24!?077!K*!9*70IF5*9!53!*L1*20& *)=*!$!)*?!?$%!53!*)Y3%!3(2!531!V($705%!K**24N H)35F*2!=F$)I*!04!5F$5!=3)4(<*24!?$)5!53!D)3?!<32*!$K3(5!5F*!=3<& 1$)%!K*F0)9!$!K2$)9!$)9!$2*!D**)!53!4(11325!1239(=54!5F$5!$99!E$7(*!

53!5F*!62**D!*=3)3<%P!O23<!5F04!2*41*=5@!3(2!9*=0403)!53!=3E*2!$77!3(2!

1239(=503)!)**94!823<!62**D!K$27*%!$)9!5F*!8$=5!5F$5@!5F23(IF3(5!3(2!

XCNWG EJCKP YG JCXG C UKIPKÆ&#x2019;ECPV HQQVRTKPV QP VJG NQECN GEQPQO[ CU 3(2!A=3)3<0=!T<1$=5!H)$7%404!F$4!9*<3)452$5*9@!F$E*!K**)!2*$77%!0<& 1325$)5!8$=5324!0)!920E0)I!=3)4(<*2!12*8*2*)=*!832!3(2!K2$)94P +RZ GR \RX GḨQH WKH UHODWLRQVKLS *UHHNV KDYH ZLWK EHHU" !

T)!<%!E0*?@!62**D4!$2*!*L523E*25!$)9!43=0$7!1*317*!$)9!5F*%!F$E*!$)! *$4%&I30)I!$1123$=F!53!708*P!T)!<$)%!$41*=54@!5F04!04!5F*!K**2C4!n=F$2& $=5*2o!$4!?*77!X!$)!*$4%&I30)I!920)D!5F$5!=$)!K*!=3)4(<*9!0)!<$)%!908& 8*2*)5!43=0$7!3==$403)4P!`)!5F*!35F*2!F$)9@!?*!4**!5F$5!5F*!$))($7!1*2! =$105$!=3)4(<1503)!38!K**2!0)!62**=*!04!F$78!5F*!A(231*$)!$E*2$I*P! BF*!<$0)!2*$43)!832!5F04!04!5F*!F0IF!4*$43)$705%@!$4!62**D4!=3)409*2!

K**2!$!920)D!5F$5!04!12*93<0)$)57%!$443=0$5*9!?05F!5F*!?$2<!<3)5F4!

38!5F*!%*$2P!BF04!04!$!=3)4(<*2!K*F$E032!5F$5!?*!$2*!52%0)I!53!=F$)I*@! ?05F!41*=0$7!$=50E$503)4!$0<*9!$5!*9(=$50)I!5F*!=3)4(<*2!$K3(5!5F*! =(75(2*!38!K**2P!H4!62**D!=3)4(<*24!I*5!<32*!n*9(=$5*9o!3)!9088*2*)5!

K**2! 5%1*4! $)9! =3)4(<1503)! 3==$403)4@! 5F*02! 2*7$503)4F01! ?05F! K**2! ?077!*E37E*!$)9!I23?!4523)I*2P! BF*! 8*<$7*! =3)4(<1503)! 04! $)35F*2! 130)5! 38! $55*)503)! $)9! ?*! F$E*!

53! 388*2! 1239(=54! 5F$5! $2*! <$5=F0)I! ?3<*)! *L1*=5$503)4P! W*! F$E*!

45$25*9!53!$992*44!5F04!=3)4(<*2!17$5832<!5F23(IF!5F*!9*E*731<*)5!

38!1239(=54!70D*!J$97*2!$)9!?*!F$E*!<32*!0))3E$503)4!17$))*9!0)!5F*! =3<0)I!<3)5F4P N0A89&"' 3/1' 7/#9.A&,' 7/10' <&/)' /1' /' +#708`."9.&(0' 1(/.&' d' A/1' 80' D&&9'&+D)/.&,'D<'0A&'(#D78.?' #V #VJGPKCP $TGYGT[ YG CTG TGCNN[ RTQWF QH #6*+0'1 VJG Æ&#x2019;TUV ETGC&

50E*!K2*?*2%!41$=*!0)!62**=*P!H!%*$2!$85*2!054!0)$(I(2$503)!?*!$2*!2*& $77%! 9*70IF5*9! 53! 4**! 5F$5! 5F*! 1(K70=! *<K2$=*9! 05! 43! ?F37*F*$25*97%@! ?F07*! <32*! $)9! <32*! 1*317*! *L12*44! 5F*02! 0)5*2*45! 53! E0405! 05P! H4! 5F*!

K0II*2!17$%*2!0)!5F*!K**2!=$5*I32%!0)!62**=*@!?*!8**7!$!4523)I!4*)4*!38!

2*413)40K0705%!53?$294!I23?0)I!5F*!<$2D*5@!*9(=$50)I!5F*!62**D!=3)& 4(<*24!$)9!4F$20)I!5F*!K**2!F*205$I*!$)9!<$I0=!38!K2*?0)IP!BF04!04!

F3?!HBMT>A`!?$4!K32)P!HBMT>A`!5$)I0K7%!9*<3)452$5*4!3(2!?077!53! =3)45$)57%! *E37E*! $)9! *L1*20<*)5@! ?F07*! 05! 04! $743! $)! *L=*77*)5! =3)& )*=503)!130)5!832!1*317*!?F3!73E*!K**2!$)9!?$)5!53!90E*!9**1*2!0)53!

054!F04532%!$)9!=(75(2*P!O0245!38!$77@!HBMT>A`!1239(=*4!70<05*9!V($)505%!

38!)3)&1$45*(20a*9!41*=0$75%!K**24@!K$4*9!3)!2*=01*4!0)4102*9!K%!5F*!

5$45*4!$)9!$23<$4!38!*$=F!4*$43)P!H990503)$77%@!05!04!31*)!53!5F*!1(K0=! *E*2%!;$5(29$%@!823<!-1<!()507!h1<@!K(5!05!$743!123E09*4!5F*!311325(& )05%!832!=3)4(<*24!53!1$250=01$5*!0)!()0V(*!$)9!*L1*20*)50$7!*E*)54!$)9!

4*<0)$24P!R*5$07*9!0)832<$503)!04!$E$07$K7*!3)!???P$5F0)*3PI2!

H5F*)0$)! S2*?*2%! F$4! 9*<3)452$5*9! 054! =$1$=05%! 53! K(079! 73E*9!

K2$)94@!05C4!)3?!50<*!53!5$7D!5F323(IF7%!$K3(5!5F*!1239(=5!$)9!53!()E*07!

5F23(IF!HBMT>A`!$77!5F*!134050E*!45320*4!$K3(5!K**2P! O0'81'1/8,'0A/0'89'>"",'08+&16'<"#',)89B'D&&)6'89'D/,'08+&16'<"#',)89B' +")&:'G/1'0A/0'()"%&,'0"'D&'0A&'./1&?!

7PFGPKCDN[ VJG ETKUKU JCU RQUGF UGXGTCN FKHÆ&#x2019;EWNV EJCNNGPIGU %QORC& )0*4!$)9!K2$)94!$2*!)35!904=3))*=5*9!823<!5F*!*)E023)<*)5!5F*%!31& *2$5*]!$)9!5F04!2*7$5*4!53!$77!0)9(4520*4P!BF*!=20404!F$4!K23(IF5!832?$29!

43<*!)*?!52*)94@!$4!=3)4(<*24!$2*!$5!5F*!4$<*!50<*!<32*!4*7*=50E*! ?05F!2*I$294!53!5F*!5F0)I4!5F*%!K(%!K(5!$743!<32*!120=*&=3)4=03(4P!T)!

I*)*2$7@!0)!5F*!7$45!8*?!%*$24@!?*!=$)!4$%!5F$5!5F*2*!F$4!K**)!$!9231!

0)!E37(<*4@!?F0=F!04!120<$207%!9(*!53!5F*!9*=2*$4*!0)!5F*!3(5&38&F3<*! =3)4(<1503)P! \*317*! I3! 3(5! 7*44! $)9! 5F*2*832*! 5F*%! =3)4(<*! 7*44P! `)!5F*!35F*2!F$)9@!5F*!405($503)!134*4!$)!311325()05%P!W*!D)3?!5F$5! *41*=0$77%!$<0945!$!=20404@!=3)4(<*24!4F3?!5F*02!52(45!53!V($705%!$)9!

E$7(*&832&<3)*%!1239(=54P!`(2!1239(=5!132583703!04!()0V(*7%!1340503)*9!

0)!5F04!2*41*=5@!$4!05!=3)40454!38!388*20)I4!5F$5!8(77%!<$5=F!=3)4(<*24C! )**94!$)9!*L1*=5$503)4!$)9!1239(=*!E$7(*!832!*E*2%3)*!X!823<!5F*!

K$27*%!1239(=*2!53!5F*!*)9!=3)4(<*2P!!

insider athens! "! #$%!&!'()*!+,-.!+h

(+,+'aB/'f4,

(+,+'afa'f4,

95@*2+3L-)8J;(/L(8M()L(/3+82-(L+8L5I/8 0MTVSY XVIIX MR ,P]JEHE Ƴ ERH ǻRHW E NE^^] QW--78C55LT8:)-F3/F*8*2(*V+8(873**7-843*895R588b8(8 73**7-843*8aKJK8a@1-c

T

8! 5F*2*C4! 3)*! 5F0)I! %3(! =$)! =3()5! 3)! $K3(5! 67%8$9$! &! 5F$5! 4F0)%!

F$11%! F(K! 38! 5F*! H5F*)0$)! J0E0*2$! &! 05C4! 5F$5! )35F0)I! *E*2! 45$)94!

45077!832!73)IP! >*?!8$E3(205*4!*<*2I*P!`79!3)*4!V(0*57%!904$11*$2!Z385*)!3E*2)0IF5[P! )N[HCFC CNQPI YKVJ KVU Å«HTGPGO[Ŭ KP VJG PQTVJ -KÆ&#x2019;UUKC KU YJGTG JQV PGY HNCXQWTU CPF VTGPFU CTG TQNNGF QWV Æ&#x2019;TUV VQ DG TQCF VGUVGF QP VJG H5F*)0$)!=3)4(<*2$50P! T)! 2*=*)5! %*$24@! 5?3! 5F0)I4! F$E*! D*15! 5F$5! =$23(4*7! 410))0)I! *E*2!

8$45*2b!BF*!S0I!;V(**a*@!38!=3(24*P!H)9!$!K2$E*2@!<32*!0)5*2)$503)$7! $5505(9*!?05F!2*I$294!53!)*?!45$25&(14P T)!#*5$L$!M0IF!;52**5!&!67%8$9$C4!<$0)!2*5$07!$25*2%!$)9!F3<*!53!c$2$@!

Mv#@! *5! $7! &! 05! =$)! $77! K*! 2$5F*2! 43(77*44! $)9! 12*90=5$K7*! $9<055*97%P!! :3(!2*$77%!F$E*!53!E*)5(2*!0)53!5F*!7*$8%!409*&452**54!4(223()90)I!05!53!

5$1!0)53!5F*!52(*!*E37(503)$2%!410205!38!5F04!=34<313705$)!=3$45$7!=$105$7P O*?!452**54!F$E*!<321F*9!<32*!)350=*$K7%!38!7$5*!5F$)!Y$aa%!/0123(P!

+i!insider athens! "! #$%!&!'()*!+,-.

".322.!&1C/*23 E2-8+25:+8(/L8)-+*(@)(/*+83/8[3:)5@8(778F5;:7-;-/*8-(F285*2-)8+58I-778X8(/L8 :-5:7-8I(7P3/C8L5I/8*2-8+*)--*8F(/8W--78*2-8C55L8-/-)C>83/8*2-8(3)K BF*4*!9$%4@!5F04!*L5*)9*9!5F323(IF8$2*@!2())0)I!1$2$77*7!53!#*5$L$@! $)9!)*$57%!9044*=5*9!K%!A41*2093)!;V($2*@!1344*44*4!$)!*)*2I*50=@!

(1K*$5!1$50)$!5F$5C4!105=F*9!43<*?F*2*!K*5?**)!;3M3!Q077$I*@!U0557*!

T5$7%! &! $)9! UPHP! U(L*P! W05)*44! 5F*! 134F*2! 1$E*<*)54@! 5F*! $(5F*)50=!

T5$70$)!52$55320$4!$)9!5F*!47*?!38!8$4F03)$K7*!I339&50<*!=3=D5$07!K$24!

UWEJ CU /KMTQ 2GTG 7DW CPF 6JG YCXG QH GFI[ DQWVKSWGU DGCWV[ K$24@! O2*)=F! 9*704@! $)9! =2*$50E*! =3)=*15! 4532*4P! >35! 53! <*)503)! 5F*!

I0$)5!1355*9!1$7<4!52(44*9!(1!%*$2&23()9!?05F!8$02%!70IF54P!!!

O339?04*@!%3(!=$)!90)*!3)!'$1$)*4*!452**5!8339@!=3)5*<132$2%!#*9& 05*22$)*$)! I2077&F3(4*! 8$2*@! I3(2<*5! F3593I4@! 32! =F37*45*237&K(450)I! #*L0=$)P!`2!F*$9!53!$)!379&4=F337!)*0IFK3(2F339!4(1*245$2!70D*!\*=& =$50! 90! 637$@! 5(=D*9! $?$%! 0)! 5F*! 7*44! 87$4F%! 2*409*)50$7! V($25*2P! O32! %*$24@!5F04!\0*9<3)5&0)4102*9!52$55320$!F$4!K**)!V(0*57%!4*2E0)I!(1!201& TQCTKPI FKUJGU NKMG EJKEMGP YKVJ )QTIQP\QNC Æ&#x2019;IU CPF QTCPIG UEGPVGF GF0$)50!4$(=*[@!53!5F34*!0)!5F*!D)3?P k/0123(!F$4!K*=3<*!52*)9%@C!4$%4!GF20450)*!O*2)$)9*a!B40534@!38!U0770*!

4QUCNKG QPG QH VJG Æ&#x2019;TUV EQPEGRV UVQTGU KP VJG RTGEKPEV ŧ9JGP YG Æ&#x2019;TUV =$<*!F*2*!+!%*$24!$I3@!05!?$4!$!204DP!S(5!1*317*!$2*!)3?!5(2)0)I!$?$%!

823<!<$44!1239(=503)PC! W$7D!0)53!U0770*!J34$70*!Z$5!)(<K*2!.-[!$5!Y(45!5F*!20IF5!50<*!38!$85*2& )33)@!$)9!GF20450)*!<0IF5!Y(45!=2$=D!31*)!$!K3557*!38!?0)*!53!4F$2*! ?05F! %3(! &! 32! K2*?! $! 135! 38! =388**! X! ?F07*! 4F*! K(40*4! F*24*78! <$D& 0)I!5F*!=3E*5$K7*!K*$9*9!520)D*54!4F*!4*774!0)&4532*P!T5C4!$77!1$25!38!5F*!

820*)97%!E077$I*!E0K*!5F$5!5F*!/0123(!4*5!$2*!D**)!53!8345*2@!4F*!4$%4P kBF*!4F314!$)9!2*45$(2$)54!0)!/0123(!$77!=3<17*<*)5!*$=F!35F*2!43! ?*77!X!$)9!1*317*!?$7D0)I!93?)!5F*!452**5!=$)!8**7!5F*!I339!*)*2I%!

0)!5F*!$02PC! #FFU (C[G QH $QWVKSWG C HGY FQQTU FQYP k/0123(!832!<*!04!$)!n31*)!<$77o@C!4F*!4$%4P!k`E*2!5F*!7$45!+!%*$24@!05C4!

TGCNN[ EQOG CNQPI ;QW ECP Æ&#x2019;PF GXGT[VJKPI JGTG PQY Ũ kAE*)!5F*!1F$2<$=0*4!F*2*!$2*!<32*!70D*!K3(50V(*4NC!4F*!7$(IF4P

X/%"-4'N#4."4-4'4'F4-)

B/8<*-C+"D<$12$+2"E/2+F G!H U0557*!T5$7% BF*!`79b

A)M"LLJ$OJ$DNI"

6WEMGF CYC[ DGJKPF VYQ GPQTOQWU RKPGU CDQWV DNQEMU HTQO VJG <$0)!/0123(!;5201!04!5F04!F(<K7*!T5$70$)!52*$4(2*@!=F$<103)*9!K%!73& =$74@!5F$5!8**74!70D*!5F*!2*$7!9*$7P!WF*)!%3(!?$7D!0)@!%3(!0)45$)57%!4<*77! $)9!8**7!T5$7%P!T5C4!$4!08!%3(C2*!90)0)I!0)!43<*!$(5F*)50=!4(K(2K$)!52$5& 5320$!3)!5F*!3(54D0254!38!J3<*P!J*I(7$24!2$E*!$K3(5!5F*!=$21$==03!$)9!

F*2K!10aa$!$)9!5F*!82*4F!1$45$!23774!45(88*9!?05F!4$740==0$!Z4$(4$I*[@!

20=355$!$)9!1(<1D0)!4$(=*P!`1*)4!832!*$27%!90))*2!823<!.1<!Z7()=F!04!

4*2E*9!3)7%!3)!?**D*)94[P!!"5,)/'A?>';=?7QHQ7=A==7 p!H)9!5F*!>*?b

;'MJ("$2L"IJ"("$"$!"(N

(+%4##"'0"'\).4

#$)3! <3E*9! 0)53! /0123(! -,! <3)5F4! $I3@! 2*17$=0)I! 73)I&50<*2! H)& 53)034@! $)9! F$4! <$9*! 054*78! 20IF5! $5! F3<*P! BF*2*C4! 43<*5F0)I! E*2%!

CRRGCNKPI CDQWV VJG Æ&#x2019;V QWV \KPI[ TCURDGTT[ CPF EJCTEQCN OKZGF WR ?05F! <3)$450=! =3)=2*5*@! F0IF! =*070)I4@! 3(540a*9! =02=(7$2! 5$K7*4@! $)9! ?$2<*2!T5$70$)!53)*4[@!5F$5!?077!<$D*!%3(!8**7!20IF5!$5!F3<*!533P!BF*! ?$05*24!$2*!4(1*2&820*)97%!$)9!5F*!40<17*!T5$70$)!8$2*!04!=3)4045*)57%!

I339P!W*C2*!K0I!8$)4!38!5F*!0)E*)50E*!4$7$94!Z$77!$23()9!e-d[b!O*))*7@! ?$7)(54@!32$)I*@!V(0)3$!$)9!87$E3(2*9!%3IF(25P!#3a$2*77$@!1*=320)3!@!

I32I3)a37$@!a(==F0)0@!<0)5!$)9!41*=DP!BF*!?F05*!10aa$!?05F!52(887*!$)9! =$2$<*70a*9!3)03)!23=D4!533P!A7*I$)5!$)9!F34105$K7*@!#$)3!<$D*4!$!

2*7$L0)I!$)50935*!53!5F*!(4($77%&F*$E0)I!\*2*!mK(!4=*)*!)*L5!9332P! !"5,)/'EI>';=?7QHQ7?@@I7

insider athens! "! #$%!&!'()*!+,-.!+^

]"VN\'$7'3KJ

BF*! $88329$K7*! '$1$)*4*! 452**5! 8339! 0)E$403)! 38! H5F*)4! =3)50)(*4!

YKVJ UV[NKUJ PGYEQOGT -C\QMW Ť CPF VJCVŨU LWUV ƒPG D[ WU 6WEMGF $?$%! 0)409*! 5F*! U$(2$! H4F7*%! $2=$9*@! /$a3D(! Z05! <*$)4! n8$<07%o! 0)! ,CRCPGUG QHHGTU VJG HWNN HNQVKNNC QH UVCPFCTF UWUJK DCT ƒZVWTGU VJCV 62**D4!F$E*!$=V(02*9!$!5$45*!832@!0)!$!47**D!K7$=D!$)9!K$<K33!41$=*P! \20=*4!$2*!$4!13=D*5&820*)97%!$4!?*!)3?!*L1*=5!Z$)!-i&10*=*!=3<K3!

RNCVVGT EQOGU KP CV Ż 6JGTG CTG UQOG FCUVCTFN[ FGUUGTVU DC& )$)$! 5*<1(2$]! 820*9! $117*! 23774[! 5F$5! ?077! ()93! $77! %3(2! I339! ?32DP! `1*)4!9$07%!$5!-+Pf,1<P!!"5,)/'AH>';=?7QHI7IAIH7

(>I#B A)/)$FH'$^"/

4QNNKPI YKVJ VJG VKOGU VJKU HQTOGT ƒPG FKPKPI GUVCDNKUJOGPV JCU 41705! 0)! F$78! 53! 2*&0)E*)5! 054*78! $4! 5F*! Z12*4(<$K7%[! <32*! 2*=*4403)& 12338! 1231340503)! 38! >0IF5! $)9! R$%! R0)0)IP! \*2*! 04! )3?! $! 63(2<*5!

S(2I*2! S$2sJ*45$(2$)5! Z>0IF5[@! ?F07*! mK(! )*L5! 9332! 388*24! n\(2*!

O339o!ZF*$75F%!K2*$D8$454@!K2()=F*4!$)9!5F*!70D*[!9(20)I!5F*!9$%P!BF*!

5F(<10)I!)0IF57%!1$25%!4=*)*!$5!\*2*!!&$)9!?*!93!<*$)!5F(<10)IN!&!

F$4!<$9*!05!5F*!)*?!\*317*&W$5=F0)I!Mx!38!/0123(!Z05!(4*9!53!K*!AI3! #03!3113405*[P!T5C4!$743!3)*!38!5F*!8*?!K$24!?F*2*!%3(C77!4**!62**D4!

7*550)I!5F*02!F$02!93?)!$)9!9$)=0)I!05!(1!Z$73)I409*!5F*!832*0I)!?0E*4! =23?9!?F3CE*!$9315*9!\*2*[P!BF*!4*2E0=*!=$)!K*!$!K05!388&F$)9P!S(5!

5F*!8*450E*!<339!(4($77%!<$D*4!(1!832!05P!!BF*%!<$D*!$!<*$)!1$4403)!

82(05!<3Y053!533P!!"5,)/'EI>';=?7QHI7=IA?'R(+,+Ti';==7;=A7QE@E'RaB/T7

f)/#"j/+'AA

@SJRN3

+H [QW JCRRGP VQ DG UVTQNNKPI RCUV VJG QNF ̌̍¿Æ̎·¼Å¼Â¾̍ QH CP GXGPKPI $)9! F*$2! ?F$5! 43()94! 70D*! 5F*! 43()952$=D! 38! 93?)53?)! J03! 9(20)I! G$2)0E$7! *2(150)I! 823<! 5F*! 2*45$(2$)5! 3113405*p! =F$)=*4! $2*! 05C4! $!

BF(249$%!)0IF5P!BF(249$%!)0IF5!U0E*!;$74$!>0IF5!$5!H<0I34!04!$!<*22%!

2035!5F$5!<(45!K*!*L1*20*)=*9!$5!7*$45!3)=*P!!BF*!8()!D0=D4!388!$23()9!

-,1<! ?F*)! H<0I34C! U$50)! H<*20=$)! 9$)=*24! F379! $! 4$74$! <$45*2& =7$44!ZI2$K!%3(24*78!$!823a*)!=(*2E3!<$2I$205$!32!5?3!832!43<*!R(5=F! =3(2$I*! K*832*! 05C4! %3(2! 5(2)! 53! I*5! ?F04D*9! $23()9! 5F*! 507*4N[P! BF*! *7*=520=! $5<341F*2*! 04! 8(25F*2! =F$2I*9! (1! K%! 5F*! I7$<! G(K$)! $)9!

U$50)3!=3)50)I*)5!?F3CE*!5(2)*9!5F04!73)I&2())0)I!?**D7%!*E*)5!0)53!

3)*! 38! 5F*! F355*45! 50=D*54! 0)! 53?)P! S33D0)I! 04! *44*)50$7P! !"5,)/' DA>' ;=?7QHQ7@=DE>'***748"6)$76,'

k+,#+)

(+,+'aB/'f4,

f,!insider athens! "! #$%!&!'()*!+,-.

".322.!&1C/*23

JEA; ^N'LJ_')$00

;70)D%!(2K$)!7*04(2*!?*$2!?05F!$!n<0L!$)9!<$5=Fo!1F073431F%!5F$5!*7& *E$5*4!(1=3<0)I!62**D!9*40I)*24@!$)9!0)5*2)$503)$7!K2$)94!70D*!M$7*! $QD .QXG .GOQPU $QWVKSWG CNUQ ECTTKGU C UGNGEVKQP QH Å«)NCOC& a3)o! 4F3*4! Z823<! 5F*! 70D*4! 38! ;5*7034! /3()93()$204[! 5F$5! ?3(79! 93!

G$220*!S2$94F$?!123(9P!!"5,)/'AA>'R3&+,+h$'4.$)'4'f)/#"j/+'A;'4#'!"5,)/' A;T>';=@7?;EE7EHHE>'***7B)/#"j/+A;76,'

BJIIJ)$?N3"IJ)

`(2! 8$E3(205*! /0123(! I3&53! 832! 5F$5! n43<*5F0)I! 41*=0$7o! I085P! #323=& =$)&K32)! 3?)*2! GF20450)*! O*2)$)9*a! B40534! F$4! =2*$5*9! $! =F$2<*9! *5F)0=&0)4102*9! 3$404! 38! ?F0<40=$7! 3)*&388! D$85$)4@! K*$(508(7! K*$9& *9! Y*?*77*2%@! 2$E04F0)I! F$)9K$I4! $)9! 520)D*54! 832! 5F*! F3<*P! T5C4! $77!

F3(4*9! 0)! $! ?*7=3<0)I@! ?F05*&?$4F*9! 4$73)! ?F*2*! *E*)! 5F*! 438$4! $)9!8335453374!%3(C2*!0)E05*9!53!2*7$L!3)!$2*!832!4$7*P!M*2!*LV(0405*7%& *905*9! =377*=503)! 04! *5F0=$77%! 43(2=*9! 823<! 17$=*4! 70D*! S$)I7$9*4F@!

AI%15@! M377$)9@! 62**=*@! R*)<$2D! $)9! T)90$P! >35! *L$=57%! c$2$! 120=*& 5$I4!Z5F*!F$)9&<$9*!62**D!F$)9K$I4!2$)I*!K*5?**)!e-+,&-i,[@!K(5! %3(C77!K*!5$D0)I!F3<*!$!820*)9!832!708*P!!"5,)/'D=>';=?7QHQ7AD;I

`)/L)N

'*?*77*2%!53!8$77!4*203(47%!0)!7(45!?05FP!'(45!70D*!J05$!`2$!909P!BF*!131!

45$2!2*=*)57%!$11*$2*9!3)!5F*!=3E*2!38!M$21*24!S$a$$2!123(97%!41325& 0)I!F*2!3?)!c*25*3!*E07!*%*!n<$50o!K2$=*7*5P!c*25*3!04!5F*!=2*$503)!38!

H5F*)0$)! K235F*24! c*2$2! $)9! B*3! ?F34*! 47**D! $)9! 52*)9%! 9*40I)4!

F$E*! $<$44*9! $)! (2K$)! 431F0450=$5*! 8$)&K$4*! 38! $77! $I*4P! BF*02!

40I)$5(2*! n<$50o! =(884! =$)! 2$)I*! $)%?F*2*! 823<! $K3(5! ei,&+,,,P! $TCPEJGU JCXG UKPEG CRRGCTGF KP /[MQPQU CPF -KÆ&#x2019;UUKC 5Q [QW MPQY 05C4!$!n5F0)IoP!!!"5,)/'EQ>';=?7QHI7DDQ;>'***7]+,#+)U+*+..+,:7%)8'

`JII#

S*73E*9!38!=*7*K2050*4@!c077%!3==(10*4!137*!1340503)!$<3)I!5F*!47*?!38! $2=F05*=5(2$77%&9*40I)*9@! <339&705@! F0IF&*)9! K3(50V(*4! 5F$5! =373)04*!

5F04!452*5=F!38!/0123(P!W05F!$!7$K*7&45$K7*!0)=7(90)I!R*)0<!L!ZH7*L$)& 9*2! W$)I[@! #$2=! K%! #$2=! '$=3K4@! H70=*! v! `70E0$@! T4$K*7! #$2$)5@! RQ! $)9!M*7<(5!U$)I@!5F04!04!45$5*<*)5!92*440)I!$5!054!73(9*45P!!"5,)/'A=>' ;=?7QHQ7@E??7

k"..:

Od6e8[\Bed68JMMe0998]dd[ I:+/6$<"1)+*"<$5*..$:6+F =2828D

Z&+"98'H)877'G"#1& -KRTQW I&77/'_&10/@!/0123(!--@!+-,Pi^iP+ii,P! N(&)808%"'^8RR/'I/)@!/0123(!h,@!+-,Pi^dP,fhh@!???P$1*2050E310aa$PI2!

;@Pab;E;]<@2B7

C8B)"'`'a811'0A&'Q#0#)&@!/0123(!-f@!+-,Pi^dPh-.^P! ^/#7!Z1$5044*20*[@!/0123(!h,@!+-,Pi^dPh-.^P Je'd'N77'@/<'Y&10"'I/) -KRTQW

7GEA

^89B" -KRTQW -"A"'-"A"!@!!/0123(!h,@!+-,Pi^dPfd^i@!???P43F343F3PI2!

KU5'@&>)&&1'D<'C/)8/'^)/10/B"# -KRTQW N0080#,&1@!/0123(!.-@!+-,Pi^iP,,.hP N9>&716!/0123(!h.@!+-,Pi^iP,.,^P T91/</) -KRTQW OGPU YYY GPUC[CT IT ^&)7/'^#)/!Z<$9*&53&<*$4(2*!<*)!4F3*4!$)9!$==*44320*4[@!/0123(!

YYY RGTNCOQFC IT

^>@F<.

;#)&'2/87'E")B1@!/0123(!h.@!+-,Pi^dPid,,P ^&0)"1'\G/8)] YYY RGVTQUIN[HCFC IT

g".."+'b)$4."+

insider athens! "! #$%!&!'()*!+,-.!f-

D-42!D/42

N(@-&J/)&N-%[ \*V+8W(3)8*58+(>8*2(*8*2-8;@F2D75.-L8J/C75D9(15/8)3*@(785W8(W*-)/55/8*-(82(+8/-.-)8)-(77>84--/8(8 Q*23/CT82-)-83/8S)--F-K8U2>8I5@7L83*8b83/8(87(/L8I2-/87@/F283+84()-7>8+-).-L84>8*2-8*3;-8;5+*8 'VMXW EVI EPVIEH] VIEGLMRK JSV XLI OIXXPI XS FVI[ YT XLEX ǻVWX EJXIVRSSR GYTTE$ 'YX XLEX HSIWRƶX QIER XLIVI EVIRƶX WSQI XVYP] XIVVMǻG XIE VSSQW MR &XLIRW [LIVI SRI GER MRHYPKI MR XLMW SL WS ])3*3+283/+*3*@*35/K8J;(/L(8M()L(/3+8+F5@*+82-)8G(.-8G3.-K

\,4-0+'f,+#46-+'`"-#+,'\4,0+-

D/"(O)$^/)L"R()$XJ(L)/$D"/O)(

BF*!=7(*!04!0)!5F*!)$<*@!9*$20*4N!M0IF!5*$!$5!6S!04!$!=F*204F*9!H5F*)4!

0)4505(503)P! `)=*! %3(C2*! 40550)I! $<3)I45! $77! 5F34*! 1355*9! 1$7<4! $)9!

4(<15(3(4!5$1*4520*4!0)!62$)9*!S2*5$I)*C4!W0)5*2!6$29*)!4$73)!$)9!

920)D0)I!0)!5F$5!9*70IF58(7!S20504F!832<$705%!X!%3(C77!8**7!70D*!%3(CE*!K**)!

K*$<*9!452$0IF5!53!G7$209I*4!32!5F*!J05a!&!V(0=D*2!5F$)!%3(!=$)!4$%@! n#$D*!#0)*!$!B?0)0)I4oP!!A)Y3%!5F*!23%$7!52*$5<*)5!?05F!6SC4!0<12*4& 40E*!4*7*=503)!38!5*$4!823<!$77!3E*2!5F*!?3279@!4*2E*9!nY(45&43o!0)!134F! 132=*7$0)!=(14!Z5F*%!$7?$%4!4**<!53!<$D*!%3(!405!(1!452$0IF5*2N[P!;*& 7*=5!$!9$0)5%!<324*7!70D*!82*4F7%&K$D*9!=(1=$D*4!53!I3!?05F!%3(2!2*E0E& 0)I!135!38!=F$2P!\*243)$77%@!5F3(IF@!05!$7?$%4!8**74!2(9*!)35!53!<$D*!$!

2*$7!3==$403)!38!05!$)9!0)9(7I*!0)!5F*!8(77!A)I704F!$85*2)33)!5*$!412*$9!

38! 4=3)*4@! =2$K<*$5@! *II! 32! =(=(<K*2! 4$)9?0=F*4! $)9! 35F*2! %(<& <0*4! Zef,[P! T8! 3)7%! 832! 5F*! 8$)=%&1$)54! 407E*2! 45$)9! 05! $77! =3<*4! 7$09!

3(5!3)P!!;*2E*9!9$07%!823<!-+&i1<P!K:-#4684'Kj/4,+>'#+.L';=?7@@@7????>' ***76,4-0+B,+#46-+76,'

f+!insider athens! "! #$%!&!'()*!+,-.

<N$<3"J$

U3=$5*9! 3)! $! V(0*5! /373)$D0! 452**5! 04! 5F04! 47**D! 9$<*! 5F$5! 123E09*4! $! <32*! <*773?! 62**D! 5*$! *L1*20*)=*! 53! $! 73%$7! 8$)! K$4*! ?F3! =3<*!

832!5F*!90450)=50E*!5*$!E$20*50*4@!=7$440=!F0IF&=*070)I4!$)9!*7*I$)5!=337!

0)5*2032P! ! B31! 5$45*4! $2*! B3! B4$0C4! 41*=0$75%! 0=*9&5*$4! 7$=*9! ?05F! I0)! $)9! 82(05@! Z3)*! 04! )*E*2! *)3(IF]! 5?3! 04! 533! <$)%N[@! $)9! 5F*! 4*203(47%!

9*70=03(4!F3(4*!=F**4*=$D*4P!B3!B4$0!$743!F3454!2*I(7$2!5*$!5$450)I4@!

GF0)*4*!5*$! 205($74!$)9!<(40=$7!*E*)54P!2.+c4-0,)/'K)/#$)/'=H>'!).)J -4C">'#+.L';=?7@@QQHI=>'***7#+476,' 3)'3$4"

(4")-"4'Y+,B$'4-0'3+4'b))8

A"JN(J"$G)/H3$"(O$<)"$?NNS

A4=$1*! 5F*! ?F0aa! $)9! ?F027! 38! 5F*! 3(5409*! ?3279! $5! 5F04! I2$=03(4! '$1$)*4*&45%7*! 5*$! 233<@! F3(4*9! 0)! $)! 379! )*3&=7$440=$7! K(0790)I! 0)!

5F*! F*$25! 38! 53(20450=! BF04403! Z3)*! K73=D! 823<! H1345373(! \$E73(@! 5F*!

23$9! 5F$5! 20)I4! 5F*! H=2313704[P! \$03)0$! Z\*3)%[! B*$! M3(4*! 170*4! 12*& <0(<!K2*?4!$)9!K7*)94!38!$77!D0)94@!'$1$)*4*!$)9!GF0)*4*!0)=7(9*9P! 5YGGV VQQVJU YQPŨV ƒPF UCVKUHCEVKQP QP C )$ QT 6Q 6UCK UECNG 9JKNG 5F*2*!$2*!43<*!32I$)0=!4?**54!$)9!F*$75F%!4)$=D4!3)!388*2@!\$03)0$!

04!12*55%!<(=F!$77!$K3(5!5F*!5*$P!T5!93*4!F3?*E*2!93!$!)*$5!409*70)*!0)!

K35F!GF0)*4*!$)9!W*45*2)!F*2K$7!2*<*90*4@!08!5F$5C4!%3(2!5F0)IP!!W05F! 054!=2041!4335F0)I!9u=32!38!?F05*&3)&?339@!5F*!K*$(508(7!'$1$)*4*!5*$! $==*44320*4@!$)9!$!E*2%!$1123$=F$K7*!3?)*2@!\$03)0$!04!70D*!$!5$77!920)D! 38!?$5*2!3)!$!<(II%!9$%b!$)9!5F*!1*28*=5!17$=*!53!5$D*!50<*!3(5!823<! %3(2!=05%!*L1732$503)4!X!?F*5F*2!%3(C2*!$!53(2045!32!$!73=$7P!()/.)5)/.)/' <'285&"C#+"-)$>'3&"$$")>'#+.L';=?7@I=7?;D?>''***75+)-"476,'

A)LJL)$PI)'/$c$G"I"(O/J

6JG ƒTUV 2GVKVG (NGWT OC[ JCXG EQNQPK\GF -QNQPCMK DCEM KP $WV ?*!<(45!=3)8*44!53!12*8*220)I!5F*!$5<341F*2*!$5!5F*!<32*!41$=03(4!

M$7$)920!K2$)=FP!M*2*@!5F*!E0)5$I*!5()*4!$)9!=F$2<0)I!9u=32!38!5F04!

131(7$2!)*0IFK3(2F339!2*)9*aE3(4!?077!410205!%3(!$?$%!53!5F*!23<$)& 50=!\$204!38!nK*77*!u13V(*oP!\*505*!O7*(2C4!=*)52$7!73=$7*!ZY(45!K*F0)9!HIP! >0D37$34! =F(2=F[@! 7*)94! 054*78! 1*28*=57%! 53! 70)I*20)I! $5! 7*04(2*! 3E*2! $!

O2*)=F!/(4<0!5*$@!K03&=388**!32!92*$<%!F3<*&<$9*!5$25P!GF3=3F370=4! ?077!4?33)!3E*2!5F*02!Q$7F23)$!F35!=F3=37$5*4!$E$07$K7*!0)!<$)%!9*=$& 9*)5!E$20*50*4P!#*$)?F07*@!)3)&4<3D*24!?077!1$250=(7$27%!$112*=0$5*!5F*!

3?)*24C!4<3D*&82**!1F073431F%P!26")$'_"C).4)$'Kj7';>'#+.L';=?7DQ=7IQ;A>' ***75+#"#+JO.+/,76,'

(+#"#+'G.+/,'Y4.4-0,"

^)3L$NT$LK)$?)3L ;K"J 6GC RWTKVCPU YKNN TGNKUJ CNN VJG CWVJGPVKE NKVVNG ƒPGUUGU UWEJ CU $55*)503)!53!*L$=5!K2*?0)I!50<*4!$)9!1231*2!=23=D*2%[!$5!5F04!G373)0$7& 45%7*!/373)$D0!5*$&F3(4*!41*=0$7040)I!0)!h,r!5*$4!823<!GF0)$@!T)90$@!'$& RCP CPF 5TK .CPMC #HVGTPQQP VGC KU UGTXGF FCKN[ CV RO YKVJ OWHƒPU =$D*4!$)9!4$)9?0=F*4P!!g:C4M"#)/'4-0'2.'K)/#$)/'=H>'#+.L';=?7@@Q7QHI=>' ***7#+476,' 7L/NT)3!H!F()92*9!5*$!E$20*50*4!53!904=3E*2!$5!5F04!F0IF&5*<17*!53!5*$! ?F*2*! 5F*! 132=*7$0)! 04! $7?$%4! 12*55%@! 5F*! 5$K7*4! $2*! 8$4F03)*9! 823<!

379!4*?0)I!<$=F0)*4@!$)9!E0)5$I*!1345=$294!$99!53!5F*!1$50)$!38!%*4& 5*2%*$2P! 6*54! $! K05! 533! 4<3D%! 832! 3(2! 70D0)I! 43<*50<*4P! X&48".#)-' E>' 1"%#),"4>'#+.L';=?7QQ@7@D;A ]JSNIJ"$ @/L$ ;"Td ;QWŨNN ƒPF C VGORVKPI TCPIG QH JQV KEGF CPF K35$)0=$7!5*$4!$5!2*$43)$K7*!120=*4!$5!5F04!F01!\7$D$!F$)I3(5!0)!$!2*& 4532*9&-^+,4!$K39*!5F$5!K2*?4!(1!$)!$25%!$)9!<*773?!E0K*!K*F0)9!5F*!

K2**a%!7*<3)&9231!452**5!$?)0)I4P!N5+,"0)/'A>'#+.L';==7=QI7QIID>'***7 C"8)."4J4,#J%4Ol76,'

<)"$LN$RNY$

M*2*C4!?F*2*!%3(!=$)!K(%!$!I2*$5!2$)I*!38!41*=0$75%!5*$4!$)9!$==*4& 4320*4!0)!H5F*)4@!*05F*2!0)&4532*!32!3)&70)*b

<3"J("@!K).)-)$';Q>'#+.L';=?7@DI7Q@AA>''***7#$4"-476,' !"O/"3$GN'3)$NT$<)"@!_)#4,4';=>'(",4+/$>'#+.L';=?7I==7Q?DE>'***7 840,4$76,>'***7#+476,'

;"\)$c$DI#T"O"

.KMG C U $GVV[ %TQEMGT UVWFKQ UGV EQOG VQ NKHG KH KV YGTGPŨV HQT CNN 5F*!0\$94[@!5F*!V($0)5!(145$024&93?)45$024!67%8$9$!K2$)=F!38!G$D*!04!

4(2*7%!3)*!38!5F*!Y3770*45!82$)=F04*4!0)!5F04!4(==*448(7!H<*20=$)&45%7*!

DCMGT[ CPF ECHȌ EJCKP %CMG YCU ƒTUV QRGPGF D[ C RCKT QH DCMKPI OCF 40K70)I4!0)!+,,d@!0)!50<*!832!5F*!`7%<10=4P!BF*%!?$)5*9!53!=2*$5*!$!)*?!

Z$5!5F*!50<*[!87$E3(2!*L1*20*)=*!832!H5F*)0$)4!X!$)9!3)*!5F$5!*=F3*9!

5F*! D05=F*)! 5F*%! F$9! I23?)! (1! =33D0)I! 0)P! BF*! 2*4(75q! H! 4(12*<*7%! =F**28(7!41$=*!?05F!=F*=D*2&507*9!873324@!?339*)!4F*7E*4!F*$E0)I!?05F! 2*=01*!K33D4@!$)!$K()9$)=*!38!F3<*&<$9*!$25!3)!5F*!?$774!X!$)9!$! n45$%!$77!9$%o!E0K*P!;(2*@!5F*02!5*$!04!I2*$5p!S(5!7*5C4!)35!D09!3(24*7E*4P! T5C4!Y(45!$)!*L=(4*!53!I*5!93?)!$)9!9025%!?05F!5F*!I339!45(88P!H)9!K%!

5F$5!?*!<*$)b!\(<1D0)!10*@!K$)388**!10*@!=$2235!=$D*@!=F3=37$5*!7$=5$! =$D*@! 4$75*9! =$2$<*7! =$D*@! D*%! 70<*! 10*@! >*?! :32D! =F**4*=$D*! ?05F! 43(2!=F*22%!53110)IP!>**9!?*!I3!3)q!!H!41*=0$7!4F3(5!3(5!5F3(IF!F$4!

VQ IQ VQ QWT CDUQNWVG HCXQWTKVG ƒZ QP VJG %CMG OGPW 4GF 8GNXGV 4GF Q*7E*5!p!%3(!F$9!(4!$5!F*773P!g4]4,4C">';?>'#+.L';=?7HDQ7=?QA>'***7%4C+76,'

X4C+'\.:O404

insider athens! "! #$%!&!'()*!+,-.!ff

%3-428

!"#$%&'()%%*+',-..-&'/)+012+'133&4'01/-0'4&%-&3' 341/'+51,,-#.'16&4$4-6&

.<C<HB?:<D'IAB'E:>'JE=<'?=D'IAAD'GFC:FB<K':;E>'<C<L?=:'GE:M'NOA:<D'?>'$F>:B?CE?P>'(A>:'-EO<?HC<' .E:M'HM':;<'"GA=AQE>:R'HA?>:>'JABCDSGC?>>'I<>:EO?C>K'?Q?TE=L'<GAS?DO<=:FB<>K'?=D'?'HFBL<A=E=L' QMGVS FEV WGIRI ERH MW RS[ GSRRIGXIH JVSQ &XLIRW [MXL 6EXEV &MV[E]W HEMP] ǼMKLXW ZME )SLE

W

F*)! x$5$2! H02?$%4! 388*2*9! (4! 5F*! 311325()05%! 53!

413)5$)*3(47%!F31!3)!53!5F*02!0)$(I(2$7!870IF5!53!H9*7$09*!3)! #$%!+@!?*!909!Y(45!5F$5N!H72*$9%!$5!R3F$@!5F*!$)50=01$503)!5F$5!

5F04!870IF5!?$4!41*=0$7!0)!<$)%!?$%4!?$4!$11$2*)5!X!$77!1$44*)I*24!

YGTG CYCTFGF C ŧEGTVKƒECVGŨ HQT DGKPI VJG RKQPGGTU QH VJKU PGY TQWVG 53! H9*7$09*! $)9! ?*2*! I085*9! $! x$5$2! H02?$%4! B&4F025P! ! BF*! 17$)*!

KVUGNH VJG #KTDWU # :9$ KU C PGY IGPGTCVKQP HN[KPI GZRGTKGPEG WF0=F!<*$)4!5F$5!5F*!73)I*2!5F*!870IF5@!5F*!<32*!2*$43)4!%3(!F$E*!53! $112*=0$5*!5F*!=2*$5(2*!=3<83254!5F*!)*?!$02=2$85!F$4!53!388*2N @//JZ"I$"L$@O)I"JO)e$6Q YGNEQOG VJG KPCWIWTCN HNKIJV ƒTG GPIKPGU QP 5F*! I23()9! $)9! F*70=315*24! 0)! 5F*! 4D%@! 4F3?*2*9! 3(2! 17$)*! ?05F! $! ?$5*2!4$7(5*N!H)9!3)=*!388!5F*!$02=2$85@!5F*!2*9!=$21*5!?$4!2377*9!3(5!

832! 1$44*)I*24! ?05F! 5F*! *)502*! x$5$2! H02?$%4! 5*$<! &! 823<! 531! K2$44!

53!5F*!73=$7!I23()9!45$88!&!3)!F$)9!53!I2**5!(4!Z17(4!5F*!H9*7$09*!G05%!

G3()=07!12*4*)50)I!(4!?05F!$!I3390*!K$I!8(77!38!73=$7!52*$54N[ <KJ(R3$LN$ON$"(O$3))e$#U C ƒTUV XKUKV VQ VJKU FGUVKPCVKQP YG NKVGTCNN[ JCF )3!09*$!?F$5!53!*L1*=5P!BF*!1*317*!?*2*!4(1*2&820*)97%!$)9!?*!?*2*!

E*2%!8325()$5*!0)!5*2<4!38!50<0)IP!BF*2*!4**<*9!53!K*!$!?F37*!K()=F! 38!=(75(2$7!*E*)54!4V(**a*9!0)53!5F*!4F325!83(2!9$%4!5F$5!?*!F$11*)*9!

53!K*!41*)90)I!0)!H9*7$09*P!M*2*C4!$!V(0=D!12*E0*?N PNNOf$XJ()$"(O$;'IL'/)e$B$450)I!H(452$70$@!$)!*)97*44!123=*4403)!38!

I3(2<*5!*L1*20*)=*4@!9uI(45$503)4!$)9!73)I!5$K7*4!F345*9!K%!;3(5F! H(452$70$C4! =(70)$2%! *705*P! BF*! H9*7$09*! O*450E$7@! $)! 0)5*2)$503)$77%!

2*)3?)*9!<(750&$254!8*450E$7!?05F!$!73)I!$)9!4(==*448(7!F04532%!?05F!$!

2*1(5$503)!832!K379!$)9!$9E*)5(23(4!123I2$<<0)IP!BF*!+,-.!H9*7$09*!

S0*))0$7!38!H(452$70$)!H25!92$?0)I!0)4102$503)!823<!5F*!kW()9*2D$<<*2C!

fd!insider athens! "! #$%!&!'()*!+,-.

04!!3)*!38!5F*!<345!2*<$2D$K7*!*LF0K0503)4!TCE*!*E*2!E0405*9P!\7(4!5F*2*! ?*2*!41*=0$7!$=50E050*4!832!%3()I!$9(754!X!$!K33)!?F*)!52$E*770)I!?05F! )35&533&%3()I!D094N!T)=09*)5$77%@!<%!43)!1$250=01$5*9!$)9!?3)!$!120a*N! H)9! $4! 08! 5F$5! ?*2*! )35! *)3(IF@! 3(2! E0405! 50<*9! 1*28*=57%! ?05F! I**D%! <(45&934!&!;5$2!W$24!R$%!3)!#$%!d!$)9!5F*!O2**!G3<0=!S33D!R$%!3)! #$%!hN! ]N"I"3$ "(O$ ]"(R"/NN3e! T8! %3(! 93! ?$)5! 53! =(997*! D3$7$4@! 7$a*! $73)I409*!D$)I$2334@!8**9!1$)9$4!$)9!F$E*!4)$D*4!=307!$23()9!%3(2! )*=D@! H9*7$09*! 388*24! 054! 8$02! 4F$2*! 38! ()0V(*7%! H(452$70$)! ?079708*! *L1*20*)=*4!533N!;5$25!$5!5F*!S35$)0=!6$29*)4!$)9!5F*)!F*$9!8(25F*2!

PQTVJ VQ VJG #FGNCKFG <QQ JQOG VQ OQTG VJCP CPKOCNU CPF 41*=0*4! 38! *L350=! $)9! )$50E*! <$<<$74@! K0294! $)9! 2*1507*4P! O32! 52(7%!

3)*&388!*L1*20*)=*4!=34%0)I!(1!53!D3$7$4!$)9!$9<020)I!D$)I$2334!$)9!

B$4<$)0$)!R*E074!0)!5F*02!)$5(2$7!F$K05$5@!$!5201!53!5F*!G7*7$)9!W079708*! \$2D!04!$)!$K437(5*!<(45P 7KNQ$LJII$#N'$O/NQe!O23<!K$2I$0)&F()50)I!53!K3(50V(*!K(%4@!5F*!J()97*! /CNN JCU CTECFGU CPF OQTG VJCP TGVCKN UVQTGUЏЏ 9JCVŨU PQV VQ 73E*q! H)9! 08! %3(2! 8**5! $2*! ?*$2%@! Y(45! 7*$)! $I$0)45! $)%! 38! 5F*! <$77C4! $932$K7*! Z$)9! $<$a0)I7%! 708*70D*N[! K23)a*! 10II%! 45$5(*4P! ! `2! 08! %3(C9!

70D*!53!453=D!(1!3)!410=*4!832!*E*2%!=3)=*0E$K7*!=(040)*!X!Q0*5)$<*4*@! ;*2K0$)! 32! ;1$)04F! X! F*$9! 53! 5F*! H9*7$09*! G*)52$7! #$2D*5@! ;3(5F! H(452$70$C4! 120)=01$7! 8339! F(K! $)9! $! K(4570)I@! =373(28(7@! $23<$50=! =32)(=310$!38!<3(5F&?$5*20)I!9*70IF54P D)LLJ(R$ LK)/)e$ !"#"$% &'$(")*% *+$,+*% -./$% 0+*#'1"#'.1*% '1% &/*#$"2'"% "10% -2'+*% 0"'2)% -$.3% &#4+1*% ,'"% 5.4"% #.% &0+2"'0+% *'16+% 7")% 89%% :.$%3.$+%'1-.;%(((9<"#"$"'$(")*96.3

7)2)4'8-49):+*'-#)"."4)%'8;<='3%-.52'%)#$-#.')2'8$&%)-$&')-4,142'1#'():';

8$&%)-$&'>&#24)%'()4?&2+'-+'25&'@"+2%-#.'5"@'13'311$')#$'%-3&+2:%&

A5&'B12)#-0'C)4$&#+D'51/&'21'#)2-6&')#$'&E12-0',%)#2+'

C&22-#.'",F0%1+&')#$',&4+1#)%'9-25'?1)%)+')2'>%&%)#$'G-%$%-3&'H)4?'

842-+2'(-05)&%'I)641+*'5:,&4F4&)%-+2-0',)-#2-#.D'H11$%&')2'25&'8$&%)-$&'B-&##)%&'

insider athens! "! #$%!&!'()*!+,-.!

%3-428

U3*28-3C2*8;5/*2+85W8+@/+23/-N8-15*3F8 F@3+3/-N8(87@+283/*-)35)N8(8I-(7*285W8+(/L>8 4-(F2-+8(/L8Y)@+(L-)8 F(+*7-+N84-(@*3W@78e25L-+8 3+85/-85W8S)--F-V+8 ǻRIWX EPP ]IEV VSYRH L-+*3/(*35/+K8

()#24)?-'J)4@1"4

U

3=$5*9! )325F&*$45! 38! G2*5*@! JF39*4! 04! 5F*! K0II*45! $)9! <345!

1F353I*)0=!38!5F*!R39*=$)*4*!=7$)P!

%QORWNUQT[ XKGYKPI KU 4JQFGU 6QYP CPF KVU OCIPKÆ&#x2019;EGPV YGNN 12*4*2E*9! <*90*E$7! =05%! X! $! 7*$90)I! m>A;G`! ?3279! F*205$I*! 405*P! W$)9*2!054!K*?05=F0)I!$)=0*)5!?$22*)!38!=3KK7*9!4V($2*4@!)$<*7*44! $77*%4@!T5$70$)!1$7$=*4@!K$5F!F3(4*4!$)9!<34V(*4!?F*2*!73=$74!70E*!$)9! ?32D!0)!9?*770)I4!3)=*!3==(10*9!K%!5F*!=2(4$90)I!/)0IF54!38!;5!'3F)@!

40L!=*)5(20*4!K*832*P! R04=3E*2!U0)934!X!$!5F2**!<077*))0$!379!4*557*<*)5!X!5F$5!=$150E$5*4!

CV Æ&#x2019;TUV UKIJV YKVJ KVU YJKVG YCUJGF ETWUJ QH GPEJCPVGF DWKNFKPIU UGV K*)*$5F!I399*44!H5F*)$C4!$)=0*)5!H=2313704P!T<<*24*!%3(24*78!0)!5F*!

90450)=50E*!5$45*4!38!JF390$)!I$4523)3<%!X!$!9*7*=5$K7*!F$2<3)%!38!

8*045%!87$E324!5F$)D4!53!5F*!047$)9C4!Q*)*50$)!$)9!`553<$)!1$45P!S$5F*!

0)! 5F*! *<*2$79! ?$5*24! 38! B4$<K0D$! S*$=F! ()9*2)*$5F! 5F*! Q02I0)! 38!

B4$<K0D$C4! 73E0)I! I$a*]! 32! 5$D*! $)! ()832I*55$K7*! 047$)9! Y$()5! 53!

45())0)I!)*$2K%!;%<0!?05F!054!8$02%5$7*!F077409*!E077$I*4P H5!#$)92$D0!1325@!%3(!=$)!I$a*!(13)!5F*!405*!?F*2*!5F*!<%5F373I0=$7!

G37344(4!38!JF39*4!3)=*!452$997*9!5F*!F$2K32!ZK*832*!F*!?$4!8*77*9!

K%!$!<0IF5%!*$25FV($D*[P!

f.!insider athens! "! #$%!&!'()*!+,-.

A5&)'!&+2)"4)#2

`2!40<17%!8**7!5F*!452*44*4!38!(2K$)!708*!<*75!$?$%!$4!%3(!2*&=3))*=5! ?05F!>$5(2*!0)!$!F0D*!5F23(IF!;*E*)!;120)I4!32!5F*!9$)=0)I!Q$77*%!38!

5F*!S(55*2870*4P ;F*2$53)! JF39*4! J*4325! 1(54! %3(! 20IF5! 0)! 5F*! 823)5! 23?! 38! 5F04!

41*=5$=(7$27%!90E*24*!047$)9P!'(45!d!D073<*5*24!823<!5F*!#*90*E$7!`79!

B3?)!38!JF39*4@!5F*!2*4325!04!4*5!0)!K*$(508(77%!7$)94=$1*9!I$29*)4@!

3)7%!<*5*24!$?$%!823<!$!120450)*!120E$5*!K*$=FP! H77! d,-! I(*45233<4! =3<K0)*! =$4($7! 431F0450=$503)@! =3<8325! $)9! ()9*245$5*9! *7*I$)=*! ?05F! $! 9*=09*97%! <39*2)! 5?045P! BF*! M35*7!

3E*2733D4!5F*!H*I*$)!;*$!$)9!F$4!<$)%!31503)4!832!0)5*2=3))*=50)I! 233<4@! $773?0)I! 8$<070*4! $)9! 35F*2! 7$2I*2! 1$250*4! 53! 45$%! 53I*5F*2! $)9!4F$2*!5F*!*L1*20*)=*P!H77!233<4!8*$5(2*!5F*!;?**5!;7**1*2!K*9b!$!

17(4F!<$552*44@!=3a%!9(E*5@!$)9!17*)5%!38!=3<8%!10773?4P!WF*)!%3(!8$77! $47**1!3)!5F*!;?**5!;7**1*2!K*9@!3)7%!%3(2!92*$<4!<$55*2P H)! *L=*77*)5! =F30=*! 38! 2*45$(2$)54! 04! $E$07$K7*! $5! 5F*! 2*4325@! 5F*! =(040)*! 2$)I0)I! 823<! 52$90503)$7! 62**D! 53! 0)5*2)$503)$7! 5$45*4P! ! O23<!

5F*! 2*7$L0)I! K(88*5! 2*45$(2$)5! G$45*77$)0$! 53! 5F*! 45())0)I! 1337409*! #*905*22$)*3! 832! <39*2)! 62**D! G(040)*! 32! 5F*! 40I)$5(2*! UC`)9$!

J*45$(2$)5! 388*20)I! $(5F*)50=! T5$70$)! =(040)*! ?05F! $! =3)5*<132$2%!

87$02!$)9!BFg$!?05F!5F*!<345!8$4=0)$50)I!4*7*=503)!38!52$90503)$7!62**D! 904F*4!$)9!K2*$5F5$D0)I!E0*?4!3E*2!5F*!H*I*$)P!BF*!U3()I*!S$2!3)!5F*! .5F!87332!04!5F*!1*28*=5!17$=*!53!()?0)9!3)!054!7$2I*!0)E050)I!73()I*!K*94! ?F*2*!%3(!=$)!*)Y3%!$!=3=D5$07!()9*2!5F*!4*$823)5!4()4*5P

L&%"E&'!11/

;F*2$53)! JF39*4! J*4325! 04! $! ?3)9*28(7! 17$=*! 832! 8$<070*4! 38! $77! $I*4P! :3()I*2!I(*454!$2*!$7?$%4!52*$5*9!41*=0$77%@!?05F!$!E$20*5%!38!4*2E0=*4! $)9!E*)(*4!9*90=$5*9!53!5F*02!2*V(02*<*)54!X!/09C4!G7(K@!=F0792*)C4!1337@!

E$203(4!$=50E050*4!32I$)0a*9!9$07%!K%!5F*!F35*7C4!*)5*25$0)<*)5!5*$<P G3<*! $)9! <**5! *L=*1503)$7! JF39*4! ?05F! ;F*2$53)! JF39*4! J*4325!!

CPF FKUEQXGT Æ&#x2019;TUV JCPF YJ[ VJKU OWNVK VCUMKPI KUNCPF KU UWEJ C [GCT 23()9!?0))*2!?05F!F3709$%<$D*24!38!*E*2%!1*24($403)N KYZb23S_'bYS9ZK'bZKSb3>'N4.:$$)$'2M+-/+>'Nc"4>';;I7=?E7A???>' ***7$&+,4#)-,&)0+$,+$),#7%)8'

K1"#.&'B)4'&E2&4-14

()-#'H11%'&E2&4-14

insider athens! "! #$%!&!'()*!+,-.!fh

4ACED?M' .AF:FB<U d73.3-)8 G(2)/38 (/L8 M(/(-8 =3C73()-++38 2(/LD :3FP8 2573L(>8 )-/*(78 :)5:-)*3-+8 (/L8 5)C(/3+-8 +*)-++DW)--8 .(F(*35/+N8 )-F5;;-/L3/C8 75F(788 45@*3f@-+8 (/L8 -1237()(*3/C8 (F*3.3*3-+N8 *(375)D ;(L-8*58;--*8F@+*5;-)V+8/--L+8(/L84@LC-*+8 *2)5@C28*2-3)8.-/*@)-N8U23*-89-(C@77+

fi!insider athens! "! #$%!&!'()*!+,-.

%3-428

`

70E0*2! O$F2)0! 904=3E*2*9! 62**=*! 0)! F04! *$27%! d,C4! 5F23(IF! 5F*! *%*4!38!F04!708*!=3<1$)03)P!S32)!$)9!2$04*9!0)!;?05a*27$)9@!53!$!

O2*)=F!<35F*2!$)9!;?044!8$5F*2@!F04!0))$5*!=(203405%!$)9!73E*!

832!52$E*7!<$9*!F0<!*<K2$=*!1F353I2$1F%P!H85*2!<32*!5F$)!+,!%*$24!

38! ?32D0)I! 832! 7$2I*! <(750)$503)$74@! `70E0*2! F$4! )3?! *<K$2D*9! 3)! $! )*?!=F$15*2!0)!F04!708*!X!5F$5!38!123<350)I!62**=*@!F310)I!53!0)4102*!

35F*24!53!8$77!0)!73E*!?05F!5F*!=3()52%@!$4!F*!909P

<(=F!=F30=*!=$)!K*!=3)8(40)IP!W*!388*2!43<*5F0)I!5F$5!I3*4!K*%3)9! $! 9*4=201503)! 38! $! 1231*25%! X! 1*243)$70a*9! $9E0=*! $)9! 4(II*4503)4P! T)!3(2!E0*?@!$990503)$7!4*2E0=*4!)35!3)7%!$994!E$7(*!53!3(2!K(40)*44@!

K(5! ?077! K*! $! D*%! =3)520K(532! 53! 5F*! K*45! E$=$503)! *L1*20*)=*! 3(2! =(453<*24! 9*4*2E*NW*! 93! $743! 123E09*! =3)4(750)I! 53! 5F*! 3?)*24! 38!

5F*! 1231*250*4! 0)! 329*2! 832! 5F*<! 53! F$E*! 5F*02! 1231*250*4! 3150<0a*9@!

0)5*770I*)57%@!832!5F*02!8(5(2*!I(*454P!

EA80&' -&/>#771' 81' /' (&)1"9/78R&,' 1&)%8.&' *")' A"78,/<' )&90/71:' G"3' ,"'<"#6'/'-3811'(A"0">)/(A&)'/9,'<"#)'H)&&B'(/)09&)'."+D89&'<"#)' #98X#&'.#70#)/7'8918>A01'890"'"**&)89>'/'0/87")`+/,&'()"("1/7'*")'<"#)' .78&901?

W*!52%!53!=$15(2*!5F*!*44*)=*!38!*E*2%!17$=*!?*!E0405!?F07*!$=V(020)I! )*?!E077$4!53!388*2!3(2!=(453<*24!K%!7045*)0)I!53!*$=F!35F*2C4!8**70)I4! $K3(5!05P!`(2!=(75(2$7!9088*2*)=*4!93!*)20=F!3(2!E0*?4!3)!5F*!17$=*4!?*! $9E*2504*!$)9!05!$773?4!(4!53!K*55*2!=3<<()0=$5*!?05F!3(2!=(453<*24@!

53!<$D*!5F*<!I*5!$!8**7!832!5F*!17$=*P!H743@!K*5?**)!5F*!5?3!38!(4@!?*!

F$E*!5F*!*L1*20*)=*!38!K*0)I!n3?)*24o!$4!?*77!$4!38!K*0)I!nE$=$503)*24o@! ?F0=F@!0)!3(2!E0*?@!04!0<1325$)5!0)!$!K(40)*44!4(=F!$4!3(24P!

+RZ GR \RX VHOHFW \RXU SURSHUWLHV" :KDW LV D GḨQLWH QR QR IRU \RX" N9,'3A/0'81'0A&'"9&'."++"9'*&/0#)&'<"#'891810'"9?

W*!3)7%!4*7*=5!1231*250*4!?*!93!8**7!I339!$K3(5P!W*!3)7%!123134*!$!

RNCEG VJCV YGŨXG UGGP Æ&#x2019;TUV CPF YJQUG Å«UQWN YG JCXG HGNVŬ + MPQY KV KU UQOGJQY FKHÆ&#x2019;EWNV VQ GZRNCKP VJKU CU YG CTG VCNMKPI CDQWV HGGNKPIU DWV ?*!?$)5!3(2!=(453<*24!53!F$E*!5F*!K*45!*L1*20*)=*!9(20)I!5F*02!45$%! $)9!08!?*!93)C5!8**7!I339!$K3(5!$!17$=*@!F3?!=3(79!?*!2*=3<<*)9!05q!

T5!=3(79!K*!$!F3(4*!?05F!5F*!=337*45!9*40I)!$)9!45%704F!8(2)05(2*@!K(5!08!

05!93*4)C5!F$E*!$!43(7@!?*!?3)C5!123134*!05P

;"#7,'<"#'1(&77'"#0'0A&'#98X#&'*&/0#)&1'<"#'"**&)6'1/<'."+(/)&,'0"' "0A&)'D""B89>'1&)%8.&1'1#.A'/1'/8)D9D? W*!388*2!=(453<&<$9*!123134$74!53!3(2!=(453<*24P!W*!$2*!)35!Y(45! $)35F*2! 1231*250*4! 70450)I! 3)! 5F*! 0)5*2)*5P! S$4*9! 3)! 3(2! =(453<*2C4!

2*V(02*<*)54!832!5F*02!)*L5!E$=$503)@!?*!123134*!$!=F30=*!38!E077$4!5F$5! <$5=F!5F*02!)**94!$)9!2*V(02*<*)54P!W*!$743!41*)9!*)3(IF!50<*!?05F! VJGO VQ Æ&#x2019;PG VWPG VJGKT TGSWGUV KH QWT QTKIKPCN RTQRQUCN FQGUPŨV OCVEJ 5F*02! )**94@! $)9! $743! 123E09*! 4(11325! 0)! 32I$)0a0)I! 5F*02! 5201P! BF*!

KPVGTPGV KU C HCPVCUVKE OCTMGVRNCEG VQ Æ&#x2019;PF OKNNKQPU QH VJKPIU DWV VQQ

!"#' /71"' ,&18>9' A"78,/<' 8089&)/)8&1' *")' %/./08"9&)1' A"(89>' 0"' >8%&' WKHP D ORFDO ̨DYRU RI WKH GHVWLQDWLRQ +RZ PDQ\ GHVWLQDWLRQV ,"&1'EA80&'-&/>#771'."%&)?'G"3',"'<"#'+/9/>&'0A&'7">8108.1'/9,' ."+(7&=80<'"*'1#.A'/9'"(&)/08"9?

W*! =(22*)57%! =3E*2! --! 9088*2*)5! 9*450)$503)4! $=2344! 5F*! 43(5F! 38!

62**=*!$)9!5F*!G%=7$9*4P!W*!F$E*!9*E*731*9!$!)*5?32D!38!=3)5$=54!

VJCV KU QH ITGCV UWRRQTV YJGP YG PGGF VQ Æ&#x2019;PF OQTG NQECN Å«VKRU CPF 520=D4oP!H)9!?*!$743!1$25)*2!?05F!5F*!3?)*24!388*20)I!5F*02!1231*250*4P! WF3! =3(79! 388*2! K*55*2! $9E0=*! 5F$)! 5F*! 1*243)! ?F3! F$4! 41*)5! F04!

F3709$%4!$5!5F*!9*450)$503)!5F*!1231*25%!04!0)q! ='*'#%(4'#+*+">/22*96.3%.$%+3"'2%'1-.?(4'#+*+">/22*96.3

insider athens! "! #$%!&!'()*!+,-.!f^

!<?G;'-EI<

E2-8 J+*3)8 ]-(F28 3/8 `5@73(C;-/38 F5;43/-+8 3*+8 /(*@)(77>8 4-(@*3W@78 +-**3/C8 5W8 *@)f@53+-8 47@-8 I(*-)+8(/L875/C8+(/L>8+*)-*F2-+85W84-(F28I3*28I5)7LDF7(++8I(*-)D+:5)*+8W(F373*3-+8X8(/83+7(/L8 I3*23/8(8!"D;3/@*-8L)3.-8W)5;8*2-8F3*>8F-/*)-8(/L8;3/@+8*2-82(++7-85W8W-))>D25::3/Cc8 fPO2'FGT';Z[I

PY'HOQF'N'[2Og[T'Th^TYOT2;T

WF$5!K*55*2!?$%!53!0)9(7I*!0)!73)I!?**D*)94!5F$)!41*)9!05!K%!5F*!<345!

K*$(508(7!K*$=F!0)!5F*!H5F*)0$)!J0E0*2$P!`1*)!823<!^!0)!5F*!<32)0)I!53! <09)0IF5@!5F*!H4502!S*$=F!388*24!$!17*5F32$!38!*L1*20*)=*4P!O32!%*$2& 73)I! $9<04403)! 53! H4502! S*$=FC4! 8$=07050*4@! 5F*! \7$50)(<! G$29! 388*24! ()70<05*9! $==*44! 53! 5F*! K*$=F@! 82**! 1$2D0)I@! $==*44! 53! 5F*! \7$50)(<!

U3()I*! $)9! 53! 120E$5*! 233<! ?05F! 4()! K*94! $)9! 53?*74@! G3)=0*2I*! ;*2E0=*4! $)9! 82**! $9<055$)=*! 53! 5F*! H4502! \$7$=*! J*4325C4! 8$=07050*4!

823<!#3)9$%!53!O209$%P!M*2*!04!$!8$=0705%!5F$5!=3<K0)*4!5F*!904=2*503)@!

UGTXKEG CPF COGPKVKGU QH C RTKXCVG ENWD YKVJ NGKUWTG CPF Æ&#x2019;VPGUU KP C )$5(2$7!4*550)IP!T9*$7!832!*L1$54!?F3!?$)5!53!<$D*!<345!38!5F*02!50<*!

F*2*! 0)! $! =7*$)! $)9! 8$<07%&820*)97%! *)E023)<*)5! 32! 832! 53(20454! ?F3! ?$)5!53!*)Y3%!$!F$447*&82**!9$%!$5!5F*!K*$=FP

U*5! 35F*24! 4F$2*! 0)! 5F*! *L1*20*)=*! $)9! 388*2! $! 41*=0$7! I085! 53! %3(2!

1$25)*24! $)9! E$7(*9! =(453<*24P! BF*! 73%$75%! 123I2$<<*! ?32D4! 3(5!

53! $)! $E*2$I*! 38! -,! *(234! $! 9$%! 32! 7*44P! O0)9! 3(5! <32*! $K3(5! H4502!

S*$=FC4!U3%$75%!123I2$<<*4!3)!5F*02!?*K405*P

d,!insider athens! "! #$%!&!'()*!+,-.

FGYPE'!P[Y'ITN;G'^NYF!'GTYTi #$D*!5F*!4$)9%!4F32*4!%3(2!1$25%!a3)*P!BF*!H4502!S*$=F!I*$24!054*78!53! $==3<<39$5*!$77!%3(2!120E$5*!$)9!1238*4403)$7!2*V(*454!823<!F3450)I! =32132$5*!=3=D5$07!1$250*4@!5F*<*!1$250*4@!5$450)I4@!=32132$5*!0)=*)50E*! *E*)54@! 5*$<! K(0790)I! $=50E050*4@! 123<3503)$7! $=50E050*4@! 1239(=5!

7$()=F*4!$)9!$25!*LF0K0503)4P

$/.>!#C,-<2

(&&2-#.'+,)0&

BF*!\7$50)(<!U3()I*@!5F*!QT\!4*=503)!38!5F*!K*$=F@!=$)!F345!(153!i,!

1*317*P!`2!%3(!=$)!F345!$!120E$5*!90))*2!32!=32132$5*!7()=F!832!$!4<$77!

I23(1!38!-+!$)9!2*4*2E*!$!4*=503)!38!5F*!\7$50)(<!U3()I*P -FN!';P22T;FT@i 2NWI KP RQKPVU HQT [QWT GNGEVTQPKE CEEGUUQTKGU CPF ICFIGVU CPF YK Æ&#x2019; VQ 705*2$77%!4(28!5F*!?$E*4P -CPaT`QYTT'P[F@PPY-i

M4%133'N,)

TNF6'@YO2a'N2@'IT'CTYY!i WF%!2*4520=5!%3(2!E0405!53!5F*!K*$=F!9(20)I!5F*!9$%q!:3(!=$)!45077!*)Y3%! %3(2!90))*2!3)!5F*!K*$=F!$5!B6T!O209$%C4!$)9!5F*!)*?7%!31*)*9!d,P!BF*!

388*2!$)9!5F*!4*550)I!$2*!$4!5*<150)I!$4!054!41*=0$7!K*$=F!<*)(N!H99!

53!5F*!9*=$9*)=*!38!5F*!J0E0*2$!K%!*)Y3%0)I!$!5$)5$70a0)I!=3=D5$07!823<!

5F*!9**1!2*=*44*4!38!%3(2!4()&9*=DP -^N'^NC^TYO2H

H4502! S*$=F! 5$D*4! 5F*! ?*7=3<*! $)9! K379! 45*1! 0)! 0)5239(=0)I! $! )3& 4<3D0)I! a3)*! 53! <$D*! 5F*! K*$=F! *L1*20*)=*! $! F*$75F%! 3)*! 832! $77! X! *41*=0$77%!%3()I!=F0792*)P!

T8!%3(C9!2$5F*2!()?0)9!$)9!43$D!0)!5F*!I339)*44!38!$!9*53L0)I!<$44$I*@! `27388!;1$!<$D*4!$!7$)I(323(4!K*$=F!*L1*20*)=*!*E*)!<32*!0)9(7I*)5P! O$=0$74@!<$44$I*4!$)9!K*$(5%!52*$5<*)54!I*5!%3(!K*$=F&2*$9%!53!9*$7! ?05F!5F*!()*)E0$K7*!452*44!38!73()I0)I!3)!$!4()&9*=DP

EPYa'GNY@6'^ZN!'GNY@TYi'

N;FO_OFOT-'HNZPYTi

+H [QW ECPŨV VCMG VJG UGC VQ [QWT QHÆ&#x2019;EG LWUV OQXG [QWT QHÆ&#x2019;EG JGTG $QQM CP QHÆ&#x2019;EG EQTPGT QT C EQPHGTGPEG TQQO QXGTNQQMKPI VJG UGC HQT [QWT =32132$5*! <**50)I4P! W05F! 4*$50)I! 832! -,! $23()9! $! =3)8*2*)=*! 5$K7*@! %3(! =$)! F345! <**50)I4@! $! 12*4*)5$503)4! 32! *E*)! 120E$5*! =32132$5*!

90))*24!?05F!=70*)54P

BF*!H4502!S*$=F!F$4!$7?$%4!K**)!$!I2*$5!E*)(*!832!?$5*2!413254!X!43!08! %3(C2*!0)53!?$5*2&4D00)I@!32!Y(45!?$)5!53!209*!5F*!?$E*4!3)!8$)=%!?$5*2!

53%4@!5F*!H4502!;D0!G7(K!04!?*77&*V(011*9!53!2*70E*!%3(2!$V($!$9E*)5(2*4P! WF*5F*2!%3(C9!70D*!53!F3)*!%3(2!S*$=F!Q377*%K$77!4D0774!$5!5F*!+!`7%<10=&!

URGEKÆ&#x2019;GF EQWTVU QT KPFWNIG KP VJG CNN VKOG HCXQWTKVG )TGGM URQTV QH DGCEJ 2$=D*5@!5F*!H4502!S*$=FC4!I379*)!4$)94!$2*!5F*!K*45!17$=*!53!I0E*!05!$!4F35P! O32!$!52(7%!41*=0$7!*L1*20*)=*4!3)!5F*!?$E*4@!40I)!(1!832!%3(2!U3%$75%!

G$29!)3?!$)9!*)Y3%!5F*!H5F*)0$)!J0E0*2$!0)!45%7*!832!$!%*$2P

-GP^'FOZZ'!P['@YP^i H)9! ?F%! )35! 4F31@! ?F07*! 2*=70)0)I! $5! 5F*! K*$=Fq! GF**28(7! K*$=F! K3(50V(*4! 4*77! *E*2%5F0)I! 823<! 62**D&5F*<*9! F$54! $)9! K$I4@!

2F0)*453)*!4$)9$74@!9*40I)*2!K*$=F?*$2!$)9!4()I7$44*4!&!$77!I*$2*9!

53!F*71!%3(!?05F!%3(2!5*)(3(4!?$2923K*!9*=0403)4P!

H%)2-#"/'K1"#.&

25)..)-)$'I?>'1)/."468+-"7'3+.L';=?7'QH?7=D=H>'4$#",JB+4%&7%)8 `++C04:$L'=QP'O),'40/.#$>'=?P'O),'C"0$'O,)8'46+$'A'#)'=;>'%&".0,+-'B+.)*'A>'O,++'+-#,:7' `++C+-0$'<'B4-C'&)."04:$L';QP'O),'40/.#$'4-0'=AP'O),'C"0$'O,)8'46+$'A'#)'=;

ACO'P4-$):*+

insider athens! "! #$%!&!'()*!+,-.!d-

O5C(8 X8 *2(*8 <"""D>-()D57L8 (/*3DL-:)-++(/*8 X8 3+8 2(.3/C8 3*+8 ;5;-/*83/8*2-8+@/82-)-83/8*)5@47-L8S)--F-N8)-:5)*+89*-77(8 IZEWXSTSYPSW 7IEH LIV HIǻRMXMZI .RWMHIVƶW KYMHI XS EPP XLI FIWX ]SKE VIXVIEXW SR SǺIV MR ,VIIGI MR

:

3I$!4F$7$4@!=7$44*4!$)9!2*52*$54!F$E*!4123(5*9!(1!*E*2%?F*2*!

0)!62**=*!X!70D*!<(4F233<4!$85*2!5F*!2$0)P!#$%K*!05C4!K*=$(4*!

QH VJG UVTGUU VJCV JCU HNQQFGF )TGGEG KP VJGUG ETKUKU Æ&#x2019;NNGF [GCTU VJCV VJKU PCVWTCN [GCT QNF CPVK FGRTGUUCPV JCU DGEQOG UQ RQRW& 7$2P! ! kC:3I$! 0)! 62**=*! F$4! E*2%! <(=F! K73443<*9! 0)! 5F*! 7$45! 9*=$9*@o! *L17$0)4! %3I$! 5*$=F*2! B0)$! c%<$2$D04P! nT! <3E*9! F*2*! 823<! >:G! 0)! +,-,@!?F*)!5F*2*!?*2*!45077!E*2%!8*?!45(9034!$)9!8*?*2!5*$=F*2!52$0)& KPIU CXCKNCDNG 0QYCFC[U KV KU OWEJ GCUKGT VQ Æ&#x2019;PF C RTCEVKEG UKPEG <345!)*0IFK3(2F3394!K3$45!$5!7*$45!3)*@!08!)35!4*E*2$7!%3I$!45(9034Po \*2F$14! 05C4! $743! K*=$(4*! 5F*2*C4! $)! 0)520)40=$77%! 62**D! 409*! 53! %3I$@! $4!$)35F*2!73=$7!%3I$!5*$=F*2!T2*)*!R$<$)$D0!130)54!3(5b!kCU*5!(4!)35!

832I*5!5F*!$)=0*)5!62**D4C!K*70*8b!nH!F*$75F%!<0)9!2*409*4!0)!$!F*$75F%!

K39%oP!T5!04)C5!43!9088*2*)5!823<!%3I$C4!1F073431F0=$7!45$)=*@!4**0)I!$4!

5F*!=3<<()0=$503)!K*5?**)!<0)9!$)9!K39%!04!$5!5F*!K$4*!38!K35F!K*& 70*8!4%45*<4PC :3I$!Y(45!4054!43!?*77!?05F!4*$!$)9!4()!533P!WF0=F!*L17$0)4!?F%!<32*! $)9!<32*!62**D!%3I$!2*52*$54!$2*!31*)0)I!5F*02!93324!53!F3709$%&<$D& *24!823<!$77!3E*2!5F*!?3279P!M*2*!$2*!43<*!38!5F*!K*45!3)!388*2!5F04!%*$2b

d+!insider athens! "! #$%!&!'()*!+,-.

%3-428 #K89P>)5+g! .GVŨU UVCTV YKVJ 'WTQRGŨU ƒTUV GXGT CNVGTPCVKXG JQNKFC[ EGPVTG VJG'-B<)"1' ;&90)&!)*$2!H54054$!S$%P!S$=D!0)!-^hh@!832<*2!137050=$7!Y3(2)$7045!:$))04!

H)920=313(734! $)9! 14%=F35F*2$1045! R0)$! 673(K*2<$)! ! <3E*9! 823<!

U3)93)C4!6379*24!62**)!53!;D%234@!$)9!9$2*9!53!=3)E*25!$!9*2*70=5@!379!

453)*!K(0790)I!Z832<*27%!$!4=F337[!0)53!$!kF370450=C!=*)52*P!W05F!?0))0)I! 2*E0*?4!823<!$77!23()9!5F*!?3279!Z0)=7(90)I!kBF*!6($290$)C[@!5F04!04!3)*!

17$=*!5F$5!I3*4!K*%3)9!%3I$!Z388*20)I!5F*$52*!1*2832<$)=*4@!?2050)I! ?32D4F314@! 9$)=*@! $25@! 1F353I2$1F%@! <$44$I*! 7*443)4@! <0)98(7)*44!

CPF OQTG %QWTUGU TWP HTQO ,WPG VQ 5GRVGODGT R***7 $C:,)$%+-#,+7%)8TP!:3(!=$)!45$%!*05F*2!$5!H54054$!S$%C4!!<$0)!K(0790)I! 32!0)!5F*!K*$=F!F(54!405($5*9!0)!5F*!E*29$)5!I$29*)@!32!0)!5F*!E077$I*!38! ;D%234P!(,"%+$'O),'#&+'&)."04:$',4-6+'O,)8'EIA'+/,)$'5+,'*++C>'#)'=AAH' +/,)$'O),'#&+'#*)J*++C'%)/,$+$'"-'2/6/$#7

!K8Y)-*-g88

%K8Y5)W@g8 \0=5(2*! 5F04b! 405($5*9! 0)! $! 7(4F! I2**)! I$29*)@! 5F*! f#10' Y&7/=' %877/! 0)!

5F*!E0=0)05%!38!H7<%234@!Y(45!388!H=F$2$E0!K*$=F!3)!5F*!>325F*2)!409*!

38! G328(@! 04! $! %3I$! 9*)! 38! ()0V(*)*44@! F3450)I! 3)*! %3I$! 0)452(=532! $85*2!5F*!35F*2!$77!5F23(IF!5F*!4(<<*2!$)9!$!K05!K*%3)9P!H)9!D0=D0)I! 388!?05F!3)*!38!5F*!<345!131(7$2!5*$=F*24!?3279?09*N!/*77%!S233D4!&! ?F3!9$2*9!$99!43<*!F3(4*!<(40=!53!5F34*!%3I$!K*)94!&!5*$=F*4!#$%! h&-dP!;F*C4!!83773?*9!K%!17*)5%!<32*!Z3)!5F*!<345!1$25@!U3)93)&K$4*9!

32!O2*)=F!5*$=F*24![b!R$)0*7$!R39$23!Z#$%!-d&+-[@!;$2$F!>3253)!Z#$%! +-&+i[@!:03(7$!O$05$!Z#$%!+i&'()*!d[@!J34$)$!O032*!Z'()*!--&-i@!$743!

FQGU MKFUŨ [QIC 5KOQP *QVGP ,WPG &CXKF 1NVQP ,WPG ,WN[ +[@!c$2$!#02$)9$!Z'(7%!^&-.!$)9!;*15*<K*2!-,&-h[@!A70a$!#332*!Z'(7%! +&^!$)9!;*15*<K*2!f&-,[@!GF73*!O$(7D)*2!Z;*15*<K*2!+d&`=53K*2!-[P! (,"%+$'M4,:'4%%),0"-6'#)',))8'4M4".4B.+'4-0'8)-#&>'B/#',4-6+'O,)8'D;;'#)' =;@D'+/,)$'R***7U/$#,+.4c:)64&)."04:$7%)8'T7!!

H)35F*2! ! %3I$! F354135! I30)I! 823<! 452*)I5F! 53! 452*)I5F! 04! 5F*! !">/' Y".B1'D&/.A18,&')&0)&/0@!73=$5*9!$5!B2031*52$!3)!5F*!;3(5F!G3$45P!B31& )35=F!%3I$!5*$=F*24!#*7$)0*!G331*2!Z#$%!h&-d[]!G32$7!S23?)!Z'()*! &CPP[ 2CTCFKUG ,WPG ,WN[ CPF 2CVTKEM 5JWMTCO &CU Z'(7%!+f&f,[@!M*7*)!J*$E077!Z'(7%!f,&H(I(45!.[@!R$E09!W0770$<4!ZH(I(45! .&-f!$)9!H(I(45!-f&+,[@!$)9!35F*24!Z0)=7(90)I!;0<3)!\$2D!;*15*<K*2! +d&`=53K*2!-[!*)4(2*!%3(!=3<K0)*!4()!$)9!4*$!?05F!17*)5%!38!k$4$)$4C! 5F04! 4(<<*2! &! 5F23(IF! 5077! `=53K*2! +^P! R(,"%+L' QA?' +/,)$T7! GF*=D! 3(5!

5F*02!405*!832!<32*!0)83b!R***7:)64&)."04:$6,++%+7%)8TP!!H)9!08!%3(C2*!

NQQMKPI HQT C TGCNN[ ENCUU[ [QIC TGVTGCV VJGP EJGEM KP VQ %JCPKCŨU 45$2!F35*7!!N007/908./'a/77810"9'Y&1")0'/9,'-(/!'R&)."04:$')-'F4:'=JQ>'),' S%#)B+,'=JQ>'5,"%+L'=EA?'+/,)$'***7:)64J+$%45+$7%)8T7''!

&K8B()5+g8! :3(!=$)!*)Y3%!G/0A/'<">/'A"78,/<1'?05F!0)41020)I!R(5=F!5*$=F*2!`3)$!

60*4*)@!3)!5F*!;3(5F!38!5F*!047$)9@!$5!V(0*5!\043!H70D0P!M*2!%3I$!45(903!

KU UKVWCVGF PGCT VJG RKEVWTGUSWG UGCUKFG ƒUJKPI XKNNCIG QH #NKMK HTQO /C[ CPF TWPPKPI VJTQWIJ VJG ƒTUV JCNH QH ,WPG CPF CNN QH '(7%@! H(I(45@! ;*15*<K*2[P! 60*4*)@! F$4! df! %*$24! 38! %3I$! *L1*20*)=*!

UJG UVCTVGF CV CIG Џ 2TKEGU HQT LWUV VJG [QIC NGUUQPU GWTQU QT GWTQU CNN KPENWUKXG CV VJG _877/' a"980"("#7"1[P! BF*2*! $2*! <$)%!

35F*2! $==3<<39$503)! 31503)4! 5F$5! %3(! =$)! =F334*! )*$2! 5F*! %3I$!

45(903!?F0=F!04!73=$5*9!$5!\043!H70D0P!\20E$5*!7*443)4!32!I23(1!7*443)4! =$)!$743!K*!$22$)I*9!3)!35F*2!9$5*4P!`3)$!04!$743!32I$)0a0)I!$!%3I$!

F3709$%!3)!G2*5*!5F04!%*$2@!$5!/044$<34C!Z&"98,/1'A"0&7!Z'()*!-h&+d@!

RTKEG GWTQU 'RG),'8),+'"-O)L'***7:)64J54,)$7%)8T7

insider athens! "! #$%!&!'()*!+,-.!df

%3-428

<K89(/*5)3/3g8

$K8J-C3/(g8!

M3?!$K3(5!12$=50=0)I!%3I$!0)!3)*!38!5F*!<345!7*I*)9$2%!7$)94=$1*4!

38! 62**=*q!FA&' ."+(/9<' N,%&90#)&' !">8!388*24!$)!i!9$%!2*52*$5!$5! `0$C4!\*7$I34!M35*7!!R5,"%+L'QQ@'+/,)$T@!'(7%!d&--!$)9!--&-iP!O32!$!<32*!

0)5*)4*!*L1*20*)=*!5F$5!=3<K0)*4!%3I$@!107$5*4!$)9!<*905$503)@!52%!5F*!

NR#7'!">/'/9,'^87/0&1'Y&0)&/0!0)!`0$@!?F0=F!04!17$))0)I!F3709$%4!823<! #$%!+i&'()*!d!$)9!'()*!d&--!R5,"%+$'$#4,#'4#'=?;H'+/,)$TP!O32!$!<(=F! OQTG GEQPQOKECN QRVKQP VT[ 8GTQPKEC -CTCEลจU FC[ [QIC TGVTGCV CV 5F*!;/%&7/9,'G"10&7!$5!/$25*2$934!Q077$I*!RK+5#+8B+,'=;J=D>'5,"%+L'@=D' +/,)$TP!/$2$=!?$4!$!1(107!38!`3)$!60*4*)P!

:3I$! 5*$=F*2! O350)0! S0523(! 04! 388*20)I! $! ()0V(*@! 73)I! ?**D*)9! ! 38! k<0)98(7)*44C@! 3)! 5F04! 10=5(2*4V(*@! 1045$==03&$932)*9! 047*! 5F$5C4! Y(45! $!d,!<0)(5*!8*22%!209*!823<!\02*$(4!Z!#$%!-^&++[P!!;F*!?077!K*!388*20)I! F$5F$!!%3I$!=7$44*4!0)!5F*!<32)0)I4!$)9!<32*!2*7$L*9!%3I$!7*443)4!

0)! 5F*! $85*2)33)! 3(5! K%! 5F*! 4*$! 3)! 5F*! 4F$9*9! ?339*)! 9*=D@! $5! 5F*!

O)8,&1'Z#=#)<'N(/)0+&901! SULFH HXURV ZZZ SXUHองWQHVV JU P!H743!

QP QHHGT HQT CP GZVTC GWTQU RGT UGUUKQP CTG NGUUQPU CPF EQCEJKPI 823<!U*$9*24F01!G3$=F!$)9!#*)532!GF20450$)*!\3F7!!5*$=F0)I!%3(!5F*!

1$5F!53!4(==*44!$)9!F$110)*44P!H)35F*2!%3I$!F3709$%!=3<K0)*9!?05F! $! k<0)98(7)*44C! 4*<0)$2! 83773?4! $5! 5F*! T209*4! U(L(2%! H1$25<*)54! 3)! `=53K*2! -&i@! =3<12040)I! S0523(C4! <32)0)I! %3I$! =7$44*4@! =3<K0)*9! ?05F! <*905$503)! $)9! <0)98(7)*44! 7*443)4! 0)! 5F*! $85*2)33)! ?05F! GF20450$)*!\3F7'R5,"%+L'QH?'+/,)$TP

'K8\P()3(g8

^K8JC3+*)3g8

O350)0!S0523(!52$E*74!53!5F*!047$)9!38!73)I!708*!832!$)35F*2!%3I$!F3709$%!

Z'()*! +d&+^[@! ?05F! M$5F$! %3I$! 4*4403)4! 0)! 5F*! <32)0)I! $)9! =$7<*2!

4*4403)4! $5! 4()4*5P! BF*! %3I$! 7*443)4! ?077! 5$D*! 17$=*! $5! 5F*! T>>' -0#,8"@! ?05F! $==3<<39$503)! $5! 5F*! 73E*7%! 8$<07%&2()! a/))/1' -0/)' G"0&7! &! K3$450)I! $! 1$)32$<0=! 4*$! E0*?! 17(4! 4?0<<0)I! 1337P! \20=*!

KPENWFGU C JQWT VJCK OCUUCIG VTGMMKPI +MCTKCP FCPEG ENCUUGU CPF <32*PPP! 3ULFH HXURV ZZZ SXUHองWQHVV JU P

Y"1<$1' Z8007&' _877/>&' 388*24! $! =3<K0)$503)! 38! :3I$@! x0I3)I! $)9!

5JKCVUW 5GRVGODGT 6JKU VGGP[ KUNCPF RCTCFKUG KU CNUQ XGT[ =734*! 53! H5F*)4P! ! `2I$)0=! <*$74! $2*! 3)! 5F*! <*)(! $)9! 7*443)4! $2*!

5$(IF5! K%! H))0*! G2%$2! Z:3I$sx0I3)I! 5*$=F*2@! $)9! \20)=01$7! 38! 5F*! ;F0$54(! G377*I*! 0)! M$450)I4[! $)9! >0=D! >*5*2! Z;F0$54(! 12$=50503)*2[P! BF*! 73E*7%! 10=5(2*4V(*! K7(*! $)9! ?F05*! E077$I*&45%7*! $==3<<39$503)@!

04!E*2%!)*$2!5F*!K*$=FP!Z(,"%+L'DEH'+/,)$>'***7,)$:$."##.+M"..46+7%)8'),' +84".L'&4-0$*),Cm#"$%4."7%)7/C'T7

dd!insider athens! "! #$%!&!'()*!+,-.

JHM8=de0b ;D%234b!'()*!-h&+,!$5!5F*!^/918"9'H/7898!ZM35*7!\*$=*[@!?05F!5*$=F*2!

B0)$! c%<$2$D04! R%&+%C' 3"-4h$' $"#+' ' &##5$LVV:)64*"#&#"-47*),05,+$$7 %)8TP! ! /*8$73)0$b! :3I$! F3709$%4! $5! a/7<(1"' -0#,8"1' j' N(/)0+&901@!

/C[ #NUQ QP KUNCPFU UWEJ CU -[VJGTC /C[ #PVKRCTQU /C[ -CUVGNQTK\Q ,WPG 5COQU /C[ $)9! ;*15*<K*2[@! $)9! $! ?3<*)C4! %3I$! 2*52*$5! ?05F! J$=F*7! O7*<0)I! KP -CNCOCVC ,WPG RX&+%C')/#'***7B))C:)64,+#,+4#$7%)8'4-0' ZZZ \RJDͧQGHU FRP IRU PRUH RSWLRQV DQG LQIR

Ra-.+$$' )#&+,*"$+' $#4#+0>' 5,"%+$' ,+O+,,+0' #)' B+.)*>' 4,+' 5+,' 5+,$)->' 5+,' &)."04:>' 4-0' "-%./0+' 4%%)88)04#")-' "-' 4' $&4,+0' ,))8>' 4.#&)/6&' $"-6.+' ,))8$'4,+'4.$)'4M4".4B.+'4#'4-'+c#,4'%)$#7'F)$#')5#")-$'4.$)'"-%./0+'+"#&+,' #*)'),'#&,++'8+4.$'5+,'04:TL

O5C(83/8J*2-/+ M$E*)C5!I35!50<*!53!7*$E*!53?)q!M*2*C4!?F*2*!=$)!%3(!*)Y3%!$!I339! %3I$!4*4403)!0)!5F*!=$105$7b Å° N0A&91' !">/' ;&90)&! )*$2! \$)32<3(! 45$503)@! 2()! K%! #$Y$! c0F070@! $!

8KGPPC DCUGF [QIC KPUVTWEVQT 6JKU UEJQQN KU EGTVKÆ&#x2019;GF D[ ;QIC #NNKCPEG T)5*2)$503)$7P!!ZO23<!#$%!+i&'()*!d@!#$Y$!F$4!$743!32I$)0a*9!$!%3I$!

2*52*$5!3)!\$234!047$)9P[!

AK8=>P5/5+g8 63!832!5F*!(750<$5*!=F$77*)I*!3)!3)*!38!5F*!?3279C4!K*45!1$25%!047*4@!

K%! $743! 930)I! 43<*! %3I$! 5F*2*@! 17(4! *)Y3%0)I! $! 41$@! $5! #%D3)34C4!

C<."98/9' O+(&)8/7' G"0&7' j' FA/7/11"' -(/! 405($5*9! 3)! 09%770=! A70$!

K*$=F! R*++CJ.)-6' &)."04:$' ,/-' "-' F4:>' W/-+' 4-0' S%#)B+,>' 5,"%+L' =EA?' +/,)$>' ***7:)64J+$%45+$7%)8TP! C<B"9"1$1' _877/' a"910/9089@! )*$2! #%D3)34! 53?)@! $743! 388*24! ()0V(*! ?**D&73)I! %3I$! F3709$%4! 0)! 5F*! <3)5F4!38!#$%@!'()*!$)9!;*15*<K*2'R5,"%+$'$#4,#'4#'QIH'+/,)$>'***7 B))C:)64,+#,+4#$7%)8TP

Å° S&9+&'!">/j^87/0&1!0)!c3I2$83(P!H743!388*24!\07$5*4@!$)9!<$44$I*!

31503)4!533@!43!5F$5!%3(!7*$E*!5F*!K(0790)I!8**70)I!535$77%!ka*)CP! Å° FA&'!">/'Y""+!$5!m)03)!Y(45!388!A2<3(@!04!$!=*)52$7!73=$503)!388*20)I! %3I$!*L*2=04*!17(4!5F*!1F073431F%!38!5F04!<0)9sK39%!12$=50=*P! Å° P+' N1A0/9>/' !">/' -0#,8"b! >*$2! ;%)5$I<$@! 2()! K%! A7*85F*20$!

U$I3(9$D0P!!A7*85F*20$!04!$743!$!9$)=*2s=F32*3I2$1F*2!?F3!F$4!K**)!

0)E37E*9! 0)! 5F*! 2*)3?)*9! 62**D! =F32*3I2$1F*2s9$)=*2! R0<05204! \$1$03$))3(C4!1239(=503)4P!T)!8$=5!U$I3(9$D0!(4*4!$4F5$)I$!%3I$!$4! $!?$2<(1!4*4403)!832!\$1$03$))3(C4!9$)=*24P!! Ű +P VJG EGPVTG PGCT 5[PVCIOC VJGTGŨU CNUQ VJG 2!-!'10#,8"1@!?F0=F! $743!388*24!107$5*4P!`2!F3?!$K3(5!43<*!F35!%3I$q!R*40I)*9!53!<$D*!

[QW UYGCV! ;QWŨNN Æ&#x2019;PF C EGPVTG KP 0GQ 2[EJKEQ 2TGHGT UQOG CGTKCN %3I$q!BF*!-3/A/'.&90)&'*")'<">/'/9,'(87/0&1!)*$2!5F*!H=2313704!04!

3)*!31503)P Å° &QYP UQWVJ VJGTG CTG RNGPV[ QH QRVKQPU VQQ KP )N[HCFC VJGTG CTG 5F*! 83773?0)Ib! 5F*! N9/9&/' ^87/0&1' /9,' !">/' .&90)&! Z$743! 0)! /373)$D0@!

388*20)I!$*20$7!%3I$!533[@!5F*!N9/90/'!">/'/9,'Q#18"9'1A/7/@!5F*!G"#1&' "*' !">/@!5F*! P1"<">/' 10#,8"! /9,' 0A&)/(&#08.' -/70' ;/%&' !">/!$5!5F*! ;$75! G$E*! 67%8$9$P! T)! Q3(7$@! 5F*2*! 04! 5F*! [)D/9' !">/' ;&90)&P! M0IF7%!

2*=3<<*)9*9!$743!$2*!120E$5*!7*443)4!?05F!43(5F&H5F*)4&K$4*9!%3I$!

5*$=F*2!T2*)*!R$<$)$D0'R%&+%C')/#'&+,'$"#+L'***7:)64JIJ4..76,TP!

insider athens! "! #$%!&!'()*!+,-.!

%3-428

E2-8S)--P8\+7(/L8U3*23/8925@*3/C8M3+*(/F-

2D N8*2(*8;@F ( 3/ ; 7( ( 9 L8 (*8W5)8 5-+83/*584 /3FN8 +2(:8C )5 ( )) ( 89 8Y / *2 2 W8 5 ? .-)8 5 +37-/*8 (F23N8 L / C 73 ( Wƹ ; IH SGXSTY H R E XV W Ƹ E NYWX PMOI

n;3@!909!%3(!I3!$)%?F*2*!0)5*2*450)I!3E*2!5F*!?**D*)9qo !!!n:*$F@!;$7$<0)$Po !!ZH!4F3=D*9!407*)=*P[!!n\7*$4*!5*77!<*!%3(!$2*!Y3D0)IPo

B

F$5C4!5F*!D0)9!38!2*$=503)!%3(!<$%!?*77!*L1*=5!$85*2!%3(!$9<05!53!

E04050)I!5F*!3)*!62**D!047$)9!5F$5!)*E*2!=7$0<*9!53!K*!$!53(2045! <$I)*5!$)9!4**<4!53!K*!V(05*!F$11%!)35!K*0)I!3)*P!!:3(!?3)C5! Æ&#x2019;PF 5CNCOKPC KP [QWT JQVGN CPF TGUQTV NKUVU #U HCT CU VJG XCECVKQPKPI ?3279!04!=3)=*2)*9@!05!93*4)C5!*L045P!!

H4D!$)%!62**D!?F$5!F*!32!4F*!5F0)D4!38!;$7$<0)$!$)9!%3(!<0IF5!?*77!

IGV C YTKPMNGF PQUG KP TGRN[ 6JCV TCI QH CP KUNCPF YKVJ TGÆ&#x2019;PGTKGU $5! 3)*! *)9! $)9! $! 4*?$I*! 123=*440)I! 17$)5! $5! 5F*! 35F*2q! ! BF*2*832*@!

0)520I(*9! K%! ;$7$<0)$C4! 535$7! $K4*)=*! 823<! 5F*! 53(204<! 904=3(24*!

Z?F%!93*4!)3K39%!I3!5F*2*q[@!T!=F*=D*9!05!3(5P!!;3!F*2*C4!?F$5!%3(!=$)!

4(II*45! 53! 5F34*! 4()&5F0245%! 2*7$50E*4! 32! 820*)94! ?F3CE*! Y(45! 1311*9!

0)! 823<! S02<0)IF$<! 32! S*270)! 32! S3453)@! $)9! K$2*7%! F$E0)I! %$)D*9!

5F*02!7(II$I*!388!5F*!$021325!=$23(4*7@!$4D!K2*$5F7*447%b!!nM*%@!04!5F*2*!$! )*$2K%!047$)9!?F*2*!?*!=$)!41*)9!$!9$%@!%3(!D)3?@!I3!0)!5F*!<32)0)I! $)9!=3<*!K$=D!0)!5F*!*E*)0)Iqo W$773?0)I! 0)! 5F*! 4(K57*! 4*)4*! 38! 4(1*203205%! 38! 43<*3)*! ?F3! $=5($77%!

70E*4!?05F0)!4F3(50)I!9045$)=*!38!$!62**D!047$)9@!?*!<0IF5!4(II*45!H0I0)$@!

7*44!5F$)!$)!F3(2!$?$%!K%!8$45!F%9238307@!32!<32*!9045$)5!\3234P!!S(5@!?*C2*!

F$11%!53!$))3()=*@!5F*2*C4!$!=F*$1*2@!)*$2*2!$)9!V(0=D*2!$75*2)$50E*P!

d.!insider athens! "! #$%!&!'()*!+,-.

6JG UQNG IWKFGDQQM + EQWNF Æ&#x2019;PF VJCV OCMGU GXGP C RCUUKPI OGPVKQP 38!;$7$<0)$!9*4=20K*4!05!$4!n5F*!K*45&D)3?)!047$)9!$<3)I!5F34*!?F3!

F$E*!)*E*2!E0405*9!62**=*@!5F*!7*$45&D)3?)!$<3)I!5F34*!?F3!F$E*Po!!

BF$5! 9?0)970)I! =7$44! 38! 1*317*! ?F3! $2*! 8$<070$2! ?05F! 62**D! F04532%!

D)3?!;$7$<0)$!$4!5F*!047$)9!38!;$7$<04@!?F*2*!0)!di,!SG!BF*<0453=7*4! $)9! 5F*! 62**D! 87**5! 13()9*9! w*2L*4C! \*240$)! 4F014! 0)53! 5335F10=D4! ?F07*!w*2L*4!F0<4*78!2$I*9!0)*88*=5($77%!823<!F04!*7*E$5*9!3K4*2E$503)!

1345P!!S(5!5F$5C4!$K3(5!5F*!3)7%!I339!12*44!5F*!047$)9!F$4!*E*2!F$9P!!

T)!5F*!83773?0)I!=*)5(20*4!054!)$<*!K*=$<*!/3(73(20@!53!K*!2*)$<*9! ;$7$<04s0)$! 0)! 5F*! )0)*5**)5F! =*)5(2%! K%! $! I3E*2)<*)5! *$I*2! 53! 2*& *45$K704F!62**=*C4!$)=0*)5!1*90I2**P!!M3?*E*2@!$==3290)I!53!5F*!4$<*!

I(09*K33D@!5F*!047$)9!n82$)D7%!93*4!)35!70E*!(1!53!43!I73203(4!$!)$<*Po!! # VJKTV[ OKPWVG FTKXG FQYP VJG #VVKMK CPF %QTKPVJ JKIJYC[U Æ&#x2019;HVGGP <0)(5*4! 08! %3(C2*! $! 62**D! 920E*2[@! K20)I4! %3(! 53! 5F*! #*I$2$! 5(2)&388P!!

O23<!5F*2*!$!K(<1%!$41F$75!20KK3)!7*$94!53!5F*!8*22%!5*2<0)$7P!!

6JG XQ[CIG NCUVU CNN QH Æ&#x2019;XG OKPWVGU Ť KU VJKU VJG UJQTVGUV UWEJ ETQUUKPI 0)!5F*!?3279q!!:3(!K$2*7%!F$E*!50<*!53!4?05=F!388!%3(2!*)I0)*!K*832*! %3(C2*!=7$)D0)I!388!$I$0)P!!H85*2!$!4*E*)&<0)(5*!920E*!5F23(IF!$!=3$45$7!

10)*!?339@!%3(C2*!$5!5F*!<$0)!53?)!)*4570)I!0)!3)*!38!5F*!9**1!0)7*54!

8$=0)I!43(5FP!!WF$5!4520D*4!5F*!E040532!$5!3)=*!04!5F*!4<$77!4)3?&?F05*! =F(2=F!1*2=F*9!3)!$!45$2570)I!K$4503)!38!3=F2*!23=D!43$20)I!$K2(157%!$!

8*?!452**54!K$=D!823<!5F*!?$5*2823)5P

%3-428

`)7%!5F*)!93!%3(!2*$70a*!5F$5!5F04!04!$!I*)(0)*!62**D!047$)9!$)9!)35!5F*!

307%!$)9!I20<%!3884F32*!2(45K*75!%3(!F$9!K**)!?$2)*9!$K3(5P!!BF*2*! $2*!?$5*2823)5!=$8*4!$)9!5$E*2)$4@!0)=7(90)I!$!1$45$!17$=*!5F$5!4*2E*4!

F*710)I4!5F2**!50<*4!5F*!(4($7!40a*!X!1*2F$14!$!2*<0)9*2!38!5F*!9$%4! ?F*)! H0$4@! $! K**8%! B23Y$)! W$2! F*23@! ?$4! 452(550)I! $K3(5! 5F*! 047$)9P!!

H=2344!5F*!K$%!5F*!10)*&=7$9!F0774!$2*!9355*9!?05F!F3709$%!F3<*4@!<$)%!

38! 5F*<! ?*77&D*15! $)9! 12341*23(4&733D0)IP! ! BF*! 73=$74! 4**<! ?*77& 92*44*9!*)3(IFP!!!

H! 733D! $5! 5F*! <$1! 2*E*$74! ;$7$<0)$! 53! F$E*! 5F*! 417$%*9! 4F$1*! 38! $!

452$)9*9! 3=531(4@! ?05F! 123<3)5320*4! $)9! 0)7*54! $77! 3E*2! 5F*! 17$=*P!! \2*&7()=F@!05C4!$!I339!09*$!53!920E*!43(5F!5F23(IF!5F*!?339*9!F*0IF54!

FQOKPCVKPI VJG UQWVJGTP RGPKPUWNC VQ VJG DGCEJ CV -CPCMKC # Æ&#x2019;PG Æ&#x2019;UJ NWPEJ ECP DG JCF JGTG QT CV VJG OQTG CEEGUUKDNG 5GNKPKC TGCEJCDNG 823<!5F*!<$0)!1325!38!\02$*(4!K%!4<$77!1$44*)I*2!K3$5!$)9!388*20)I!$!

E0*?!38!5F*!H5F*)4!=3$45P! BF*! F045320=$77%&<0)9*9! =$)! 405! F*2*! $)9! 0<$I0)*! ?F$5! 05! <(45! F$E*!

DGGP NKMG KP $% YJGP VJG UOQMG HTQO DWTPKPI #VJGPU Æ&#x2019;NNGF VJG F320a3)!$)9!5F*!1$)0=D*9!0)F$K05$)54!?*2*!87**0)I!0)!K3$54!53!;$7$<04!

K*832*!5F*!<$2$(90)I!\*240$)4P!!\7(5$2=F!5*774!$!F*$25&2*)90)I!5$7*!38! $! 93I! K*73)I0)I! 53! \*20=7*4C! 8$5F*2! w$)5F01134@! ?F3! ?$4! 3)*! 38! 5F*!

2*8(I**4P!!w$)5F01134C!93I@!F3?70)I!0)!I20*8!$)9!()$K7*!53!K*$2!K*0)I! 1$25*9!823<!F0<@!Y(<1*9!0)53!5F*!4*$!$)9!4?$<!$73)I409*!5F*!4F01P!!T5!

*E*)5($77%!45$II*2*9!$4F32*!$5!;$7$<04@!?F*2*!05!123<157%!=377$14*9! $)9!90*9P!!BF*!93I!?$4!K(20*9!$5!$!4135!=$77*9!/%)344*<$!Z<*$)0)I! B3<K!38!5F*!R3I[@!$)9!F3)3(2*9!832!=*)5(20*4!$85*2?$294P!!BF*!53<K! <(45!45077!K*!$23()9!5F*2*!43<*?F*2*P `)! 5F*! ?$%! K$=D! 53! 5F*! 1325! %3(! =$)! 920E*! 1$45! =2(<K70)I! *7*I$)5! <$)403)4! 0)! 5F*02! =3=33)! 38! 3E*2I23?)! I$29*)4@! 9*2*70=5! 4(2E0E324!

38! $! I*)5**7! 1$45! $<3)I! 5F*! 12*E$070)I! )3)9*4=2015! =3)=2*5*P! ! BF*! ?$5*2823)5!Q*I*2$!=$8*@!D054=F07%!3E*2&!9*=32$5*9!$4!04!(4($7!0)!62**D! =3()52%!53?)4@!04!$!8$E3(205*!4135!832!;()9$%&$85*2)33)!8$<070*4!$)9! ;$5(29$%&*E*)0)I!5**)$I*24@!?05F!5$K7*4!20IF5!$5!5F*!?$5*2C4!*9I*P!!H! F$()50)I!17$=*!832!$)!*E*)0)I!<*$7!04!H0$)503!Z)$<*9!$85*2!5F*!)*$2K%!

2(0)4!38!H0$4C!1$7$=*[@!4*E*)!D073<*52*4!43(5F!38!5F*!<$0)!53?)@!?F*2*!

5F*!4()4*5!1$0)54!5F*!K$%!$!2(44*5!I379P TCE*!7*85!()507!7$45!5F*!3)*!<(45&4**!3)!;$7$<0)$@!$)9!5F$5C4!5F*!G3)E*)5!

38!`(2!U$9%!\F$)*23<*)0P!!T5C4!3)!5F*!20IF5!38!5F*!23$9!Y(45!$!8*?!<0)(5*4! $85*2!%3(!920E*!388!5F*!8*22%P!!T8!%3(!$4D!13705*7%@!5F*!$KK*44!=$)!(4F*2! %3(!0)53!5F*!Y*?*7!38!5F04!1$250=(7$2!=23?)@!5F*!--5F!=*)5(2%!D$5F370D3)@!

32!=3)E*)5!=F(2=FP!!BF*!?$774!$)9!=*070)I!$2*!=2$<<*9!?05F!<32*!5F$)!

JCPF RCKPVGF Æ&#x2019;IWTGU HTQO 5ETKRVWTG KP C OKPF DNQYKPI XKUWCN *L173403)!Z4322%@!)3!1F353I2$1F4[P!!H4!%3(!7*$E*@!5F*!$KK*44!130)54!3(5!

38!5F*!9332P!!nR3)C5!832I*5@!5F*!?3279!3(5!5F*2*!04!8$74*@o!4F*!4$%4@!$)9!

I*45(2*4!53!5F*!=*070)Ib!!nBF*!52(*!?3279!04!0)!F*2*Po!!!!!

4RP] XLIR HS ]SY VIEPM^I XLEX XLMW MW E KIRYMRI ,VIIO MWPERH ERH RSX XLI SMP] ERH KVMQ] SǺWLSVI VYWXFIPX ]SY LEH FIIR [EVRIH EFSYX

(),#')O'K4.48"-4

g40:'(&4-+,)8+-"

F/-"%"54.'f+4%&')O'K4.48"-4

insider athens! "! #$%!&!'()*!+,-.!dh

E322:!A/F2

J/L8/5N8I-V)-8/5*8*(7P3/C8(45@*8.3+3*3/C8*2-8JF)5:573+8h*2(*V+8 (8C3.-/iK8U-V)-8*(7P3/C8(45@*8*25+-8:)3F-7-++N8+5F35DF@7*@)(78 QSQIRXW XLEX HIǻRI [LEX FIMRK ,VIIO MW VIEPP] EPP EFSYX <K)$BN(R$7'(O"#$B'(MK$ WF*)! 62**D4! I3! 3(5! 53! 7()=F! *)&8$<077*! 32! ?05F! 1$2*$@! 05C4! 5F*! E*2%!

3113405*! 38! $! 2(4F*9! $88$02P! H)%5F0)I! ()9*2! d! F3(24! 04! Y(45! 4F$<*& 8(7P!R04F*4!D**1!*)97*447%!$11*$20)I!n450!<*40o!Z832!5F*!?F37*!5$K7*!53!

UJCTG CPF VJQUG MKNQ MCTCHGU QH MTCUUK LWUV MGGR OCIKECNN[ TG ƒNNKPI :3(!F$E*)C5!52(7%!70E*9!5F*!62**D!U08*!Z32!1$25$D*)!38!5F*!8(77!4(<<*2! *L1*20*)=*[@! ()507! %3(CE*! 0)9(7I*9! 0)! 5F04! ?3)9*28(7! 62**D! 52$90503)P! \2*8*2$K7%!K%!5F*!4*$409*!X!?F*2*!*E*2%5F0)I!5$45*4!K*55*2N!`KE03(47%P! B31! ;1354! 832! $! ;()9$%! U()=F! H5F*)0$)&45%7*b! Q3(70$I<*)0@! Q$2D0a$@!

H)$E%4434!$)9!#0D23!U0<$)3P

;J()S"$'(O)/$LK)$7L"/3 `)*!38!5F*!<345!K*$(508(7!*7*<*)54!38!$!62**D!4(<<*2!04!?$5=F0)I!$! <3E0*!$5!$)!`1*)&H02!G0)*<$P!H)9!832!<$)%!62**D4@!$!E0405!53!3)*!38!

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

5F*!=05%!=0)*<$4[@!?F*)!5F*2*C4!$!8(77!<33)!?$)0)IP!`(2!5?3!8$E3(205*!

93?)53?)!E*)(*4!$2*!G0)*!\$204@!3E*2733D0)I!5F*!H=2313704@!$)9!BF0& 403)@!)*L5!53!5F*!$)=0*)5!HI32$!?05F!45*77$2!E0*?4!53?$294!5F*!4$=2*9!

23=DP!

D)LLJ(R$S)L$H#$"($)(LN'/"R)$"L$LK)$"J/QN/L :3(!D)3?!05C4!52(*]!?*CE*!$77!4**)!05N!BF*!=F$)=*4!38!$!62**D!2*5(2)0)I! F3<*!X!32!E04050)I!2*7$50E*4!$K23$9!X!$)9!)35!K*0)I!I2**5*9!K%!$!23?9%!

87$4F! <3K! 38! F(II*24! $)9! =20*24! $2*! $K3(5! $4! 70D*7%! $4! $! S205! )*E*2!

I20aa70)I! $K3(5! 5F*! ?*$5F*2P! :3(! <$%! F$E*! 53! 231*! 0)! 43<*! 820*)94!

QT DTKDG UQOG UVTCPIGTU VQ GPLQ[ VJG UCOG GHHGEV DWV KVŨU FGƒPKVGN[ C K(aa!?325F!*L1*20*)=0)I!3)=*P!

di!insider athens! "! #$%!&!'()*!+,-.

=NJ(R$LK)$WKNI)$>"3L)/$Q/NS)("O)$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ "(O$SJO(JRKL$S"33$LKJ(R :3(!93)C5!F$E*!53!K*!62**D!`25F393L!53!$112*=0$5*!5F*!<$Y*45%!$)9!

DGCWV[ QH VJG )TGGM 1TVJQFQZ *QN[ 9GGM C OCIPKƒEGPV TQNNGTEQCUVGT 38!4*)50<*)5!$)9!52$90503)P!m)70D*!W*45*2)!A$45*2@!5F*!F3709$%!2*<$0)4!

Z7$2I*7%[!()=3<<*2=0$704*9!K%!=F3=37$5*!K())0*4P!T)45*$9@!054!8*450E0& 50*4! $2*! 9**17%! 2335*9! 0)! 205($74! 4(=F! $4! =F(2=F@! 7$<K! $)9! 9%*9! 2*9! *II4P!O0)9!$!62**D!820*)9!5F$5!%3(!=$)!$==3<1$)%!53!M37%!;$5(29$%! <09)0IF5!4*2E0=*!ZH)$45$40!705(2I%[P!BF*)@!Y30)!0)!5F*!92*$<%!=$)97*&705!

123<*)$9*!K$=D!F3<*!?F*2*!%3(C77!=*7*K2$5*!5F*!2*4(22*=503)!K%!17$%& 0)I!543(I204<$!Z*II!=2$=D0)I[!$)9!K2*$D!%3(2!8$45!K%!8*$450)I!3)!7$<K@!

8*5$!$)9!82*4F7%&K$D*9!4?**5!543(2*D0!()507!5F*!*$27%!F3(24P

&NJ($LK)$;NTT))$;'IL'/)$ G$88*0)*!04!1$25!38!5F*!M37%!B20)05%!38!62**D!43=0$7!708*@!Z$73)I409*!=0I& CTGVVGU CPF UOCTV RJQPGU QH EQWTUG 'XGP FWTKPI VJGUG ƒPCPEKCNN[ USWGG\GF [GCTU )TGGMU JCXG CNYC[U OCPCIGF VQ ƒPF C UK\GCDNG YGGM& 7%!?0)93?!0)!?F0=F!53!*)Y3%!5F*02!8$E3(205*!50117*P!G$)=*7!%3(2!17$)4!832!

VJG CHVGTPQQP CPF UGVVNG KP )TGGM UV[NG VQ GPLQ[ C NKPIGTKPI EJCV ƒNNGF 7$a%!D$8*9$D0!0)!5F*!=3<1$)%!38!820*)94!32!8$<07%P!T)409*2!2*=3<<*)94!

VJG DW\\[ ūECHȌ UQEKGV[Ŭ UEGPGU QH -QNQPCMK -KƒUUKC )N[HCFC *CNCPFTK p!32!K(4570)I!HI0$!T20)0!;V($2*!0)!93?)53?)!H5F*)4P

?NII$GNS)$T/NS$LK)$^N'VN'\J"$['3L$J($LJS)$TN/$XN/\ :3(!40<17%!F$E*)C5!70E*9!()507!%3(CE*!*L1*20*)=*9!$!)0IF5!38!2*E*72%!$5!

3)*!38!H5F*)4C!412$?70)I!K3(a3(D0$!=7(K4!70D*!\34093)03@!O*E*2@!G7(K! ++!32!J3<*3b!5F*!E*)(*4!5F$5!2*I(7$27%!F345!5F*!K0II*45!)$<*!62**D! 40)I*24P!S(5!K*!?$2)*9P!WF*)!62**D4!I3!3(5!53!5F*!K3(a3(D0$!p!5F*%!

2*$77%!I3!3(5N!T5C4!5F*!17$=*!?F*2*!5F*%!=$)!832I*5!$77!5F*02!523(K7*4!$)9! =$2*4@! $85*2! $77@! $)9! 52(7%! 70E*! 832! 5F*! <3<*)5P! H! 7*I*)9$2%! Z08! =3457%[!

K$==F$)$7! 38! ?F04D%@! <(40=@! 9$)=0)I! $)9! 87%0)I! 234*! 1*5$74@! $5! K3(& a3(D0$@!5F*!8()!2$2*7%!D0=D4!388!<(=F!K*832*!-$<P!!T5C4!)35!$5!$77!()(4($7!

832!62**D4!53!41077!3(5!3)53!5F*!1$E*<*)5!Y(45!0)!50<*!832!?32DP!H85*2!

UVQRRKPI QHH CV JQOG Æ&#x2019;TUV VJCV KU HQT C URGGF[ UJQYGT CPF TGXKXKPI K3?7! 38! 1$54$4! X! 5F$5! 1$5*)5*9! 62**D! F$)I3E*2! 2*<*9%! <$9*! ?05F! 132D!K*770*4!$)9!7*<3)4P

<"\)$"$M/'J3#$W))\)(O$J3I"(O$)3M"Q)$ T5C4!O209$%!$85*2)33)P!T5C4!K**)!$!52%0)I!?**D!$)9!)3?!%3(C2*!73)I0)I!53!

87**!5F*!=05%!832!5F*!?**D*)9P!S(5!%3(!Y(45!93)C5!F$E*!5F*!50<*!32!*)*2I%!

53!473I!43<*?F*2*!533!8$2!$?$%P!U(=D%!832!%3(@!%3(C2*!0)!H5F*)4!X!$)9! *4=$1*! 04! =734*! $5! F$)9P! ;33)@! $4! 5F*! 4*$! K2**a*! 2*E0E*4! %3(2! =$2*& ?32)! 4102054@! %3(C77! 8**7! 70D*! %3(C2*! 0)! $)35F*2! ?3279P! `)*! 38! 5F*! 52(7%!

I2*$5!17*$4(2*4!38!70E0)I!0)!H5F*)4!04!D)3?0)I!5F$5!=3<*!O209$%!$85*2& )33)@!%3(!=3(79!K*!D0=D0)I!K$=D!3)!$)!09%770=!62**D!047$)9@!n70E0)I!5F*!

92*$<o@!?05F0)!Y(45!$!8*?!4F325!F3(24P!W*!2*=3<<*)9!M%92$@!H*I0)$@!

Ba0$!32!;*20834!X!Y(45!83(2!38!3(2!8$E3(205*!?**D*)9!I*5$?$%4!?05F0)!

4F3(50)I!9045$)=*!38!5F*!=$105$7P!

B)"/($"$</"OJLJN("I$D/))\$="(M) 62**D!9$)=0)I!04!4(=F!$!F(I*!1$25!38!5F*!=(75(2*@!05C9!K*!F$29!53!$E309!05!

F*2*!*E*)!08!%3(!52%N!H)9!?F%!?3(79!%3(!?$)5!53b!05C4!4(=F!$!Y3%8(7!?$%!

38! I*550)I! n0)409*o! 5F*! 62**D! 14%=F*P! >35! 53! <*)503)! $! I2*$5! ?$%! 38! <$D0)I!)*?!820*)94P!A$=F!2*I03)!38!62**=*!F$4!5F*02!3?)!45%7*!38!<(& 40=!$)9!9$)=*4P!AE*)!131(7$2!3)*4!4(=F!$4!5F*!M$4$10D3!F$E*!<$)%!

E$20$503)4!$)9!5F*!45*14!=$)!9088*2!823<!2*I03)!53!2*I03)P!BF*!K*45!?$%!

53!*)Y3%!52$90503)$7!62**D!9$)=0)I!04!53!$55*)9!3)*!38!5F*!73=$7!8*450E$74!

5F$5!3==(2!82*V(*)57%!*E*2%?F*2*!0)!4(<<*2@!E0405!5$E*2)$4!?F*)*E*2!

62**D!<(40=!04!17$%0)I@!32!40I)!(1!832!$)%!38!5F*!)(<*23(4!62**D!837D! 9$)=0)I!?32D4F314!3)!388*2!0)!5F*!=05%P!

*72%@! 82*4F! 1239(=*@! 8$4F03)! $)9! 7*$5F*2! I3394! X! ?F07*! 3)! ;()9$%4@! %3(C77!$743!4**!1*317*!412*$90)I!3(5!5F*02!K7$)D*54!53!17%!$77!43254!38! ?$2*4!Z3)*!<$)C4!52$4F!04!$)35F*2!<$)C4!52*$4(2*[P!W*!$9E04*!$220E& 0)I!*$27%!K*=$(4*!$85*2!$K3(5!--$<@!05!K*=3<*4!4(1*2&=23?9*9!$)9!

E025($77%!0<13440K7*!53!=7$0<!$!4*$5!$5!5F*!<$)%!=$8*4!$)9!2*45$(2$)54!

0)!5F*!$2*$!?F*)!%3(!)**9!$!K2*$5F*2P!/**1!0)!<0)9!5F$5!F$II70)I!04!

VJG CEEGRVGF OGVJQF QH Å«Æ&#x2019;PFKPI C EQORTQOKUG DGVYGGP VJG YKUJKPI 5F0)D0)I!38!5F*!<*2=F$)5!$)9!5F*!53(2045o@!$4!;5*E*4!4$%4P!;3<*!<32*!

(4*8(7!$9E0=*b!BF*!7$45!$<3()5!5F*!4*77*2!%*774!3(5!53!%3(2! 9*1$250)I! K$=D!04!(4($77%!5F*!K*45!120=*!%3(C77!I*5P!B2%!*)70450)I!$!nI2(<1%o!820*)9! ?F3!04!K32*9!$)9!5F0)D4!5F*!120=*!04!533!F0IF@!53!F$45*)!5F*!K$2I$0)0)I! 123=*44P!\20=*4!$743!385*)!9231!$5!5F*!*)9!38!5F*!9$%!?F*)!5F*!<*2& =F$)54!?$)5!53!1$=D!(1P!

7Q)(O$N()$WJIO$W))\$J($!#\N(N3$$ T47$)9!38!5F*!W0)94P!BF*!G$120!38!62**=*P!\$25%!\$2$9043P!BF04!?3279& HCOQWU JGFQPKUVŨU RNC[ITQWPF Ť LWUV QPG Æ&#x2019;HVJ VJG UK\G QH +DK\C JCU CU <$)%!)$<*4!$4!05!F$4!8$=*4!X!$)9!40<17%!F$4!53!K*!n93)*o!3)=*@!0)!3(2!

310)03)P!BF*!K*45!?$%!53!93!Y(45!5F$5@!?*!4(II*45@!04!53!$E309!5F*!)0IF5& ENWDU CPF LWOR JGCFÆ&#x2019;TUV KPUVGCF KPVQ /[MQPQUŨ HCPVCUVKE DGCEJ RCTV[ 9$%!4=*)*P!H!9*=$9*!32!43!$I3@!05!?$4!$77!$K3(5!?079!83$<!1$250*4!$5! ;(1*2!\$2$904*P!S(5!5F*)!$73)I!=$<*!>$<<34!Z054!32$)I*!(<K2*77$4! $)9!5(2V(304*!73()I*24!$2*!)3?!0)45$)57%!2*=3I)04$K7*!3)!5F*!F$(5*& F*93)045!=02=(05[@!$)9!D0=D&45$25*9!$!?F37*!=$=F*!38!431F0450=$5*9!)*?!

9$%!E*)(*4!4(=F!$4!H7*<$I3(!$5!B$24$)$4!S*$=F@!;=321034!$5!\$2$I$!

X!$)9!;37%<$2!$5!/$73!U0E$90P!63!$)9!*)Y3%!5F*!4F3?!Z$)9!*L52$!130)54!

832!413550)I!U0)94$%!U3F$)!32!$!/$29$4F0$)N[

G"RRI)$"L$LK)$!N("3LJ/"\J$PI)"$!"/\)L3

@8=$XG2B>$.EFg?>$@<$2<h

`)!$!;()9$%@!05!4**<4!$4!08!*E*2%!H5F*)0$)!04!*05F*2!K(%0)I!32!4*770)I! $5!5F*!#3)$4502$D0!87*$!<$2D*5P!!H)9!$4!2*41*=5*9!H<*20=$)!52$E*7!BQ! F345!J0=D!;5*E*4!4$%4b!n5F*!120=*!5$I!04!Y(45!$)!*L=(4*!53!$2I(*oP #V /QPCUVKTCMK [QWŨNN Æ&#x2019;PF GXGT[VJKPI HTQO UQWXGPKTU VQ CPVKSWGU LGY&

O7%!$!D05*!3)!G7*$)!#3)9$%]!

W$5=F! $! 41*=5$=(7$2! H5F*)0$)! 4()4*5! 823<! U%=$K*55(4! M077! 32!

G$1*!;3()03)]! #$D*!$!<3(44$D$!823<!4=2$5=F] A)Y3%!$!=3=D5$07!$5!3)*!38!H5F*)4C!$<$a0)I!2338!531!K$24!Z70D*!H!832!

H5F*)4!32!5F*!M0753)!6$7$L%!S$2[] H55*<15!53!7$)9!$!1$2D!$)%?F*2*!0)!/373)$D0!3)!$!;()9$%!Z7*5!(4!

D)3?!08!%3(!I*5!7(=D%N[ U*$2)!F3?!53!n?32Do!$!D3<K3730!53!2*9(=*!%3(2!452*44] O*$45!3)!52$90503)$7!62**D!n4<$77!17$5*4o!Z70D*!I$E234!<$20)$534!32!

53<$53!D*85*9*4[!$5!$!<*a*93137*03@!?F07*!%3(!0<K0K*!3)!5401023(!

32!2$D0P!BF*44$73)0D0!$)9!Q3734!$2*!5?3!62**D!=050*4!?05F!$)!3(5& 45$)90)I!<*a*9*4!Z32!<*a*q[!4=*)*P

insider athens! "! #$%!&!'()*!+,-.!d^

E-C.3010=>

9(.5@)8 L3+*3/F*8 F@73/()>8 -1:-)3-/F-+8 3/8 (/8 -1f@3+3*-8 +-**3/C8(*8*2-8J+*3)8B(7(F-8e-+5)*8 <K)$D/JII$7L)"\$GN'3)e$7SN\J(R$KNL ;())%! 4D0*4! $)9! ?$2<*2! 5*<1*2$5(2*4! K20)I! 3(5! 5F*! =(70)$2%! =F*84! $)9!=$2)0E32*4!0)!$77!38!(4@!$)9!43!05C4!)3!4(21204*!5F$5!4(<<*2!04!5F*!

4*$43)!38!5F*!SSxP!BF*!)*?7%!31*)*9!62077!;5*$D!M3(4*!$5!5F*!H4502!

2CNCEG QHHGTU KPHQTOCN Æ&#x2019;PG FKPKPI KP VJG KPVKOCVG TGUVCWTCPV UGTXKPI (1! 4(==(7*)5! 45*$D4@! 5*)9*2! 20K4! $)9! Y(0=%! K(2I*24! Y(45! 5F*! ?$%! %3(!

70D*!5F*<P!

J*I(7$24! 4?*$2! 5F$5! 5F*! 4*$20)I! =(54! 38! 4(==(7*)5! 45*$D4! $)9! 4105!

23$454! $2*! 43! 40aa70)I7%! I339! &! 5F$5! *E*)! 90*&F$29! E*I*5$20$)4! <0IF5! ?$)5!53!=3)E*25P!:*5@!$!8*?!=3)=*4403)4!$2*!<$9*!832!5F34*!0)=70)*9!53!

RTGHGT ITKNNGF Æ&#x2019;UJ CPF UGCHQQF VQ OGCVU 6T[ VJG RCP UGCTGF CPF VJGP ?339&3E*)!23$45*9!437*!!&!*L1*257%!I2077*9!$(!130)5!832!5F$5!K(55*2%@!$7& <345!407D%@!1*28*=503)P!M*$E*)!3)!$!17$5*P!

BF*! 62077! ;5*$D! M3(4*! 5$D*4! $! =(*! 823<! 0)5*2)$503)$7! I$4523)3<%!

52*)94!$)9!04!*V(011*9!?05F!$77!5F*!52$110)I4!38!$!2*$7!<*$5*2%!&!4<3D& GTU Æ&#x2019;TG RKVU ITKNNU CPF YQQF Æ&#x2019;TGF QXGPU UGTXKPI WR ECTGHWNN[ UQWTEGF 87$<*&70=D*9!<*$5!53!=$5*2!832!5F*!4523)I*45!38!=$2)0E323(4!=2$E0)I4P! O23<!5*)9*2!7$<K!=F314!920aa7*9!?05F!8(77&K390*9!370E*!307!$)9!4*2E*9!

QP C DGF QH TQCUVGF VQOCVQGU VQ UMGYGTGF OGCVU YKVJ Æ&#x2019;PIGT NKEMKPIN[ I339!<$20)$9*4@!5F*!62077!;5*$D!M3(4*!04!$!2*$7!=$2)0E32*C4!1$2$904*P!

D"I"VJ"$G#L/"e$2(3LJ(MLJZ)$M'J3J() #32*! $88329$K7*! $)9! 90E*24*! 5F$)! *E*2@! 5F*! $?$29&?0))0)I! 6$7$a0$! *[VTC VJG #UVKT 2CNCEGŨU QFG VQ Æ&#x2019;PG FKPKPI KU QRGP CICKP HQT VJG 4(<<*2P! 6$7$a0$! M%52$! 04! 45077! 5F*! 45$)9$29! K*$2*2! 832! 47**D@! 83390*!

F$E*)4!0)!H5F*)4P! W05F!$!)*?!=F*8!$5!054!F*7<@!5F*!=(70)$2%!1F073431F%!$5!6$7$a0$!M%52$!

5F04!4(<<*2!04!53!4F0)*!$!413570IF5!3)!0)90I*)3(4!62**D!0)I2*90*)54! $)9! 4<$77@! 73=$7! 1239(=*24! 92$?0)I! 823<! 2*I03)$7! I$4523)3<0=!

52$90503)4P! H93150)I! $! =7$440=$7! 45%7*! ?05F! $)! $2504$)$7! $1123$=F@!

6$7$a0$! M%52$C4! 0)5*212*5$503)! 38! #*905*22$)*$)! =(040)*! 04! )*?! $)9! *L=050)I!?05F!5F*!=3<13)*)54!3)!5F*!17$5*!*)I$I*9!0)!$)!0)5*217$%!38!

9088*2*)5!452(=5(2*4!$)9!$23<$4P!T)450)=50E*!=(040)*!$5!054!K*45P!H99!53!

KV VJG RNGCUWTG QH IGVVKPI KPVTQFWEGF VQ UQOG QH VJG Æ&#x2019;PGUV NCDGNU HTQO 62**D!E0)*%$294P! O32!$!4F**2!4(==*4403)!38!E04($77%!45())0)I@!5*=F)0=$77%!$45(5*!904F*4!

5F$5!()73=D!$!=3<17*L!41*=52(<!38!5$45*4@!5F*2*!04!)3!K*55*2!17$=*!53!

41*)9! $)! *E*)0)IP! \$25! 38! 5F*! )*?! I*)*2$503)! 38! 62**D! 2*)$044$)=*!

2*45$(2$)54@! 6$7$a0$! M%52$! 4F3(79! K*! 3)! *E*2%3)*C4! K(=D*5! 7045! 38!

5F0)I4!53!93!0)!62**=*P!H99!53!5F$5!054!!E04($77%!45())0)I!73=$503)@!3E*2& 733D0)I!5F*!41*=5$=(7$2!;$23)0=!6(78P 3&+'\,"..'K#+4C'Y)/$+'4-0'\4.4]"4'Y:#,4>'2$#",'(4.4%+'b+$),#>'I?'25)..)-)$' K#>'1)/."468+-"7'G),',+$+,M4#")->'%4..L';=?'QH?=???>'4$#",54.4%+7%)8

!insider athens! "! #$%!&!'()*!+,-.

=5L-)/N8:-)F2-L85/8*2-8)55W85W8*2-8>-()D57L8 J*2-/+8U(+8R5*-7N8:)5;3+-+8*584-8*2-8/-I8 L-+*3/(*35/85W8F253F-8W5)8L3+F-)/3/C8W55L3-+K8 =5L-)/V+8F@3+3/-8(/L8(-+*2-*3F+8L)(I+83*+8 MRWTMVEXMSR JVSQ XLI QENIWXMG &GVSTSPMW MX MW +@+:-/L-L8@/L-)N8(/L8W)5;8*2-8L3+F)--*8 -7-C(/F-85W8*2-825*-783*83+825@+-L83/K

T

5!<(45!K*!V(05*!0)50<09$50)I!53!K*!()9*2!5F*!=3)45$)5!I$a*!38!

5F*! 6394! X! 3)*! 8$74*! )35*! $)9! %3(! <0IF5! 0)=(2! 5F*02! ?2$5FN! ;3! ?F*)! I$4523)3<0=! =3)4(75$)5! BF*<04! \$1$9313(734! $)9! *L*=(50E*! =F*8! #0=F$*7! S0254034! ?*2*! $4D*9! 53! =2*$5*! $! <*)(!

5F$5! 2*87*=5*9! 5F*! 4$)=505%! 38! 5F*! \$25F*)3)@! <02232*9! 5F*! F0IF! $*45F*50=! E$7(*4! 38! 9*40I)! F35*7! H5F*)4! W$4! $)9! 5F*! *L0I*)5! )**94!38!054!=70*)54@!5F*%!F$9!53!52*$9!E*2%!=$2*8(77%P!BF*!2*4(75b!$! ?*77&=2$85*9!4*5!38!904F*4!5F$5!*=F3!5F*!F35*7C4!$(5F*)50=!E$7(*4! $)9!5F*!=34<313705$)!=F$2$=5*2!38!054!I(*454P!!

T)5*2)$503)$7@! =3)5*<132$2%! $)9! 4(212040)I! 70D*! H5F*)4@! 5F*!

5$45*4! $)9! 5*L5(2*4! $5! #39*2)! 123<04*! $! 9088*2*)5! 5$D*! 3)! =7$440=!45$)9$294P!O32!7()=F!?*!F$9!$!5()$!?2$1@!2$E0370!45(88*9! ?05F!4F20<14@!$)9!13$=F*9!*II4!3)!53$45!?05F!$!F3)*%!I7$a*9!

92*440)I!X!*$=F!38!5F*!904F*4!40<17*!0)!=3)=*1503)@!K(5!E0K2$)5! ?05F!4(21204*@!*E3D0)I!$!K05!38!<%45*2%!?05F!*$=F!K05*P! `)=*!%3(2!I$4523)3<0=!=(203405%!F$4!K**)!10V(*9@!*7*E$5*!%3(2!

920)D0)I! I$<*! K%! I2$KK0)I! $! 823)5&23?! 4*$5! 53! $9<02*! H5F*)4C! ()0)5*22(15*9!40IF5!70)*!38!5F*!H=2313704@!1$45!5F*!Y$=$2$)9$!52**4!

5F$5! F*<! 0)! R03)%434! H2*31$I053(! 3)! *05F*2! 409*@! $=2344! 5F*!

7(4F!*L1$)4*!K*F0)9!M$920$)C4!H2=F!$)9!20IF5!(153!;5P6*32I*C4! =F(2=F!$531!U%=$K*55(4!M077!X!=3=D5$07!0)!F$)9P! FS9Zb_',))O#)5'0"-"-67'2#&+-$`4$'Y)#+.'b))O#)57'A>' 9")-:$")/'2,+)546"#)/'K#7 b+$+,M4#")-$L';=?'H;??;I?>',+$+,M4#")-$m8)0+,-,+$#4/,4-#76,

insider athens! "! #$%!&!'()*!+,-.!

"<2,/-8!B30=0./01

E23+8+@;;-)84)3/C+82(::>8 *3L3/C+8W5)8+:(875.-)+8I3*28*2-8 -1F3*3/C8/-I+85W8(8*)3585W8473++W@78 RI[ WTE I\TIVMIRGIW SR SǺIV MR +5;-85W8S)--F-V+8;5+*8+*@//3/C8 2573L(>875F(7-+K

28$G@B]2=2]2 !J/"RRJN$<K)/S"I$7Q"$?)3N/L

28$!.]E8E7 `E>$"L$]N'/N3$^N'LJ_')$GNL)I

BF*!1$=*!38!#%D3)34!=$)!K*!F*=50=!X!0)!5F*!K*45!13440K7*!?$%P! U(=D07%@!5F*!1*28*=5!53)0=!53!2*&K$7$)=*!$)9!2*&=F$2I*!9*17*5*9!4102054! $?$054!%3(!$5!5F*!)*?!8(77&4*2E0=*!c`A!;\H@!?F0=F!F$4!K**)!*)502*7%!2*& 9*40I)*9!0)!+,-.!53!388*2!I(*454!38!/3(234!S3(50V(*!M35*7!$)!$<$a0)I! 45$5*&38&5F*&$25!41$!*L1*20*)=*!9(20)I!5F*02!#%D3)34!43(Y3(2)P! BF*!2*<39*7*9!c`A!41$@!9*E*731*9!0)!=377$K32$503)!?05F!H5F*)4&K$4*9! `27388!;1$!AL1*254@!)3?!8*$5(2*4!$!=3<17*5*!F%9235F*2$1%!$2*$!0)=7(9& 0)I!$!K(075&0)!Y$=(aa0@!$)!320I0)$7!*L1*20*)=*!4F3?*2@!$)9!$!=3<8325$K7*!

F$<<$<@! 09*$7! 832! ()?0)90)I@! *70<0)$50)I! 53L0)4! $)9! 12*1$20)I! 832!

K70448(7!41$!52*$5<*)54!53!=3<*P B?3!52*$5<*)54!233<4!$2*!$E$07$K7*@!3)*!832!=3(17*4!$)9!3)*!832!40)& I7*4P! :3(C77! 4?0857%! 2*904=3E*2! %3(2! 4*2*)05%! $)9! 2*=3))*=5! ?05F! %3(2!

0))*2!4*78!0)!5F*!41$C4!0)E050)I7%!=34%!$5<341F*2*!?05F!054!*$25F%!4385! =3732!1$77*5@!87(88%!53?*74!$)9!=$)97*!70IF50)IP! #*$)?F07*@!$!K*413D*!41$!<*)(!F$4!K**)!=2*$5*9!53!8(25F*2!*)F$)=*!

5F*!c`A!41$!*L1*20*)=*!?05F!H7I3$)*!8$=0$74!$)9!7$E04F!K39%!<$44$I& *4!K%!32I$)0=!K2$)9!/34&\$204P!A)=F$)5!%3(2!4*)4*4!5F23(IF!$!4*)43& 20$7!Y3(2)*%!388*2*9!K%!5F*!$23<$5F*2$1%!<$44$I*!G*2*<3)%!38!3074!32!

5F*!R**1!B044(*!K%!/34&\$204P

8)T)3$7Q"$i$^"LK

H! ?3)9*28(7! )*?! 9$%! 41$@! 388*20)I! #%D3)34!

E0405324! $! 2$)I*! 38! <*<32$K7*! 1$<1*2! 1$=D& $I*4@!04!1304*9!53!31*)!0)!#%!#$77!3)!'()*!-P BF*! )*?! >*8*4! ;1$! v! S$5F! ?077! 388*2! f! 52*$5& <*)5!233<4@!Z+!38!?F0=F!$2*!93(K7*[!$)9!-!*)!

4(05*!F$<<$<!?05F!?*5!5$K7*!832!4=2(K4P ;0I)$5(2*!52*$5<*)54!0)=7(9*b!62$)9!`20*)5$7!M$<<$<!J05($7!K%!G0)V! #3)9*4!Z+F2[!?05F!52$90503)$7!S7$=D!;3$1!S*790!$)9!G2g<*!9*!J$443(7P O$=0$74!K%!Q$7<3)5!Z7(L(2%!;?044!=*77(7$2!=34<*50=4!K2$)9[P!`)!388*2! $743!?077!K*!K39%!52*$5<*)54!$)9!<$44$I*4!K%!G0)V!#3)9*4@!$!K2$)9! <$2D*9!K%!$(5F*)50=05%@!V($705%!$)9!=*2*<3)%P

!insider athens! "! #$%!&!'()*!+,-.

M$7D090D0!&!$)!$2*$!38!5F*!<$0)7$)9!120a*9!832!054!35F*2&?32797%!K*$(5%!

X!?077!433)!$743!K3$45!$!f@,,,4V!<!1$2$904*!832!41$!73E*24!0)!5F*!832<!

38!5F*!#%25F0$!BF*2<$7!;1$!J*4325!9*E*731<*)5!R$+#'#)')5+-'"#$'0)),$' F4:';ET7 BF*!2$E04F0)I!2*4325!=3<1204*4!$!7$2I*!5F$7$4435F*2$1%!1337!8*9!902*=57%!

823<!5F*!4*$@!?F0=F!?$2<4!53!f,!9*I2**4!G*740(4!Zi.!O[@!$4!?*77!$4!83(2!

4*1$2$5*!5F*2<$7!13374!?05F!()0V(*!5F*2<$7!?$5*24!38!5F*!2*I03)P! BF*!#%25F0$!BF*2<$7!;1$!123Y*=5!F$4!K**)!=$220*9!3(5!0)!=3)Y()=503)! ?05F!62**D!=3)4(750)I!=3<1$)%!`27388!;1$!AL1*254!?F3!F$E*!=3)520K& (5*9!53!5F*!41$!<*)(!9*E*731<*)5@!5F323(IF!5F*2$1045!52$0)0)I!53!5F*!

F0IF*45!0)5*2)$503)$7!45$)9$294@!$)9!5F*!=2*$503)!38!$)!0)5*I2$5*9!?*77& )*44!=3)=*15P! BF*! 5?3&4532*%! 41$! ?077! K*! 8(2)04F*9! ?05F! $! 5F*2<$7! ?*77&708*! 4(05*@!

0)=7(90)I! 45*$<233<@! F*2K$7! 4$()$@! O0))04F! 4$()$@! 5*109$20(<@! =379!

17()I*! ?$7D0)I! 1$5F! $)9! 5?3! *L1*20*)=*! 4F3?*24P! J$4(7! <(9! 52*$5& <*)54@! F*2K$7! 4$()$@! 8735$503)! K*9! $)9! 5F$7$443! K$5F! 5$K4@! Q0=F%!

4F3?*24@! /)*011! K$5F4@! =F23<35F*2$1%@! $743! 8*$5(2*@! $4! ?*77! $4! $!

F*$75F%!K$2!$)9!K*$(5%!4$73)P! `27388!;1$!AL1*254!?077!*L=7(40E*7%!4(117%!5F*!#%25F0$!BF*2<$7!;1$!?05F! 5F*!2*)3?)*9!41$!K2$)94!Q$7<3)5@!H7I3$)*!v!/`;&\$204P!!BF*!;?044!

7(L(2%! $)50&$I*0)I! =*77(7$2! =34<*50=4! 1239(=54! 38! Q$7<3)5! $2*! =3<& K0)*9!?05F!<0)*2$7&1$=D*9!$7I$*!$)9!4*$!?$5*2!1239(=54!38!H7I3$)*@! ?*77&D)3?)!40)=*!5F*!50<*4!38!M0113=2$5*4!832!5F*02!F*$70)I!1231*250*4P! WF*)!K7*)9*9!?05F!5F*!=(750E$50)I!$25!38!()0V(*!4=*)54!823<!/`;@!5F*%!

53I*5F*2!123E09*!$!Y3(2)*%!38!2*Y(E*)$503)!$)9!$!F*$75F0*2&733D0)I!K$7& $)=*9!=3<17*L03)P

\/+3L-)8C@3L)-+*(@)(/*83/L-184>8*>:-

,+O+,'#)'%),,+$5)-0"-6'4,+4'O),'8),+'"-O),84#")-'4-0'%)-#4%#'0+#4".$

$@!>?2;@8$! %E&!D@&;6GH"!! %?#!9I@E#@!J'&(%!! %?#!9I@E#@!J'&(%!!

$P27G$

;%)I23( /373)$D0! 6&!(&O'A6"!! \02$*(4!

67%8$9$!! $6B%6&(!J'?(H"!! \02$*(4 \4%=F0=3! ;'I@6TB#&"!! ;'I@6TB#&"!'G"%#@!!\4%=F0D3! !

D&"?!$'Z!BA6%%#@"!! \4%=F0=3 $^@?$%$?>7<@F?@8<7!! &%?6O&!!

Q3(70$I<*)0!

KL!@#"%6I@6(%!!!!!!!!!!!!!!!!-KÆ&#x2019;UUKC! O'AA&6"!! \02$*(4 M)N!$'$O%6&A!96@!! #3)04502$D0!

J&TTG!6(;!%?#!D&"?!! \02$*(4 PK!96@!! ;%)5$I<$!

O6"%#A'@&S'!!

-KÆ&#x2019;UUKC PQ!I@96(!E6@;#(!! #$E070!;V! T&A'"!!

M0753) R!! ;%)5$I<$!!

TG%?'"!'D!%?#!"#6!!Q3(70$I<*)0!

6!D'@!6%?#("!! #3)04502$D0! (&O'A6"!%&"!"$?&('I"6"$67%8$9$ 696@&S6!! ;%)5$I<$! (&""'(!E&$$ $ HIP!\$2$4D*E0 696@'@&S6!! \$)I2$50! '$#6(!96"O#%!!

67%8$9$ 6$@'B'A&"!TI"#IT! B6B6;6O&"!! /373)$D0 @#"%6I@6(%!!

H=2313704! B6B6&'6(('I$$$$$$$$$$$$$$$$$\02*$(4!

6B"#(;&!!

M$7$)920! B&B#@&6!! \4%=F0=3 9696!6I!@IT!! ;%)5$I<$! B"6@6O&!!

Q3(70$I<*)0!

96$6@'!! `<3)0$! @6D6A#!!

Q3(70$I<*)0 96A%?6S6@!! #$E070!;V! "6@;#A6O&!!

67%8$9$ 96@6'(;6!! #$E070!;V! %?6A6%%6!!

6$a0 96@A#G!$6@E'!! ;%)5$I<$! S#DG@'"!! \02$*(4!

9##@!%&T#!! \4%220! %@6%6!! `<3)0$ 9&'"!!

6$a0! %@6%6!'!"%#A&'"!! \$)I2$50 9''S#!$''B#@6%&U6!! \4%220! U6""&A#(6"!! \02$*(4! $6DV!S'#!! ;%)I23(! ! $6"?!!

-KÆ&#x2019;UUKC! $P?>8;G! -KÆ&#x2019;UUKC $&($'!! /373)$D0! 6@%&"6(6A!! ;%)I23( $'IA#I@!A'$6A#!! #3)04502$D0! 6U#(I#!! $U!96@!! /*2$<0D34! 9AI#!B&(#!!!!!!!!!!!!!!!!!!!!!!!!!!!-KÆ&#x2019;UUKC ;&@%G!E&(E#@!!

6$a0! E6"B6@!D'';! \4%=F0=3! ;@I(O!"&(6%@6!! ;%)5$I<$! 6(;!T'';!! /373)$D0 #(!BA'!!

Q3(70$I<*)0!S$2! AH69@#IU'&@!!

O$7023 #WBA'@#@H"!A'I(E#!! ;%)5$I<$!! A#!B#%&%!"'TT#A&#@!!

E6S6@%#!!

6$a0! T'('!Y&(#!@#"%6I@6(%!!\7$D$ /373)$D0 ?&;#!7!"##O!!

M$7$)920! "B&@'"!7!U6"&A&"!! \$)I2$50 ?'AG!"B&@&%!!

67%8$9$! "B'(;&!! ?'W%'(!96@!!

6$a0! %6@%6@#!!!!!!!!!!!!!!!!!!!!!!!!!!!!!67%8$9$ &"A6(;!!

Q3(70$I<*)0! ! $DEF?!><$$ O&%$?#(!96@!!

O$7023!! /*2$<*0D34!

T'T&W!!

6$a0! 6A#@&6!!

6(#%'(!! #$23(440 (&W'(!! /*2$<*0D34!

6U#(I#!! ;%)I23(! ('XA!! \7$D$!

9'!9'%@&(&H"!!

M$7$)920! '"%#@T6(!! ;%)5$I<$! $%$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$M0753)!

B6@O'!#A#D%?#@&6"!! #$E070!;V! DIE6!! #$E070!;V B&W&!!

6$a0!

DI(OG!E'I@T#%!! /*2$<*0D34 "#T&@6T&"!@#"%6I@6(%!!-KÆ&#x2019;UUKC! D[Y!! /373)$D0 "?'Y@''T!! /373)$D0! ?G%@6!! ;%)I23( "'$&6A&"%6!!

6$a0! O''A!A&D#!!

-KÆ&#x2019;UUKC! "'D6!96@!!

Q3(70$I<*)0! OIS&(6!!

BF04403 "B'AA6%&!! #3)$4502$D0! T';#@(!

6,30<08/C "%#B!9G!"%#B!!

M$7$)920! TI"#IT!'D!E@##O! "%&(O&(E!9&"?'B"!! /373)$D0! E6"%@'('TG$$$$$$$$$$$$$$$$$$$$$$\4%220 %?#!$AIT"&#"!! \7$D$! '@&S'(%#"!AG$6UG%%'I!/373)$D0 %?#!E&(!J'&(%!! ;%)5$I<$! B6"6J&$$$$$$$$$$$$$$$$$$$$$$$$$$$$;%)5$I<$ %?@'I9&!! \7$D$! B'AAG!T6EE''!! #*5$L(2I*03 %'G!$6DV!! \7$D$! B@#T&#@#!! ;%)I23( I(;#@;'E!!

BF04*03 U6@'IAO'!! \02$*(4

$^>>?$?>7<@F?@8<7$

'$%'9#@D#"%!!! "&AAG!Y&S6@;"!

$D?>>]$$

HIP!\$2$4D*E0! K!T6S&!! \7$D$ \4%=F0=3 !HIP!\$2$4D*E0! MLN!"%@##%!!

6(#%'(!! #$23(440 6@$?#'(!E#D"&"!! #*5$L(2I*03 $;G28>7>!!

6%?&@&!! /*2$<*0D34 $?&(6H"!D6(%6"G!! \4%=F0=3! 6%@&IT!!

H=2313704 E'A;#(!B?'#(&W!!

-KÆ&#x2019;UUKC!! 9#@;#T6!!

-KÆ&#x2019;UUKC O##B!Y'O&(E!!

67%8$9$! 9AI#D&#A;!9I@E#@!! \4%=F0=3 (6T6!!!!!!!!!!!!!!!!!!!!!!!HIP!\$2$4D*E0! ;&'"O'I@'&!! \4%=F0=3 ('';A#!96@!! ;%)5$I<$!! ;&B'@%'!! \4%220 (I&!!

-KÆ&#x2019;UUKC! (/$,Ŭ6 *,!!

-KÆ&#x2019;UUKC "6&B6(!!

M$7$)920! )(('ŰŶ 85%$1 !

Y6E6T6T6!! #$23(440! E6"%@'('TG$$$$$$$$$$$;%)5$I<$

&;#6A!! `<3)0$ O6U'I@6"!!

AL$2F0$ O@&%?6T'"!! \4%=F0=3 T6(&!T6(&!!

H=2313704 T#A&A'%'"!! #3)$4502$D0 'A&U#!E6@;#($$$$$$$$$#3)$4502$D0 B6AA6"!6%?#(6$$$$$$#3)$4502$D0 B"'T&!7!6A6%&!!

M$7$)920 @6O'O6S6('!!

M$7$)920 B@'"'B6!!

6$a0 @#(6!%&"!D%#A&6"!! \4%=F0=3 %?&'!%@6E&!! \*52$73)$ %'!O'I%&!! #3)$4502$D0 G6(%#"!!

AL$2F0$ G;@&6!! \7$D$

$D?2BB!!

LRKN!!

M$7$)920 %#A#T6$?'"!99\!$AI9!!-KÆ&#x2019;UUKC! ! $28=2@8!

9'AAGY'';!!

6$a0! &(;&6(!$?#D!! ;%)I23( &(;&6(!?6U#A&!! ;%)I23( &(;&6(!O&%$?#(!! ;%)5$I<$ &(;&6(!T6"6A6!!

BF04403 &(;&]E'!!

67%8$9$ J6&BI@!B6A6$#!!

-KÆ&#x2019;UUKC! O'?#(''@!!

6$a0! $28<>?8@<2E8@B$

6AA!"#("#"!

E6"%@'('TG!!!!!!!!!!!!!!!!!!!67%8$9$!

96OI!!

Q3(70$I<*)0 9I96!!

-KÆ&#x2019;UUKC $?#D&H"!!

M$7$)920 $'"6!('"%@6! #3)$4502$D0 D'';!T6D&6!!

67%8$9$ E#D"&"!T#!'('T6"&6!

B@'#A#D"&"!

-KÆ&#x2019;UUKC! A6!B&#@@6;#! /373)$D0 (&OO#&! /373)$D0 B#@#!I9I!!!!!!!!!!!!!!!!!!!!!!!!!!!67%8$9$!

$2<@B2@8$

MN!"'T#%?&(E!!

M$7$)920!

6EA&'!'A&'!!

H=2313704 6A!96$&'!!

Q3(70$I<*)0 6A9&'(!! \4%=F0=3 6A!;#(%#!!

67%8$9$ 6A!D@#"$'!!

Q3(70$I<*)0 6B#@&%&U'!!

67%8$9$ $6B6((6!! /373)$D0 $';&$#!9AI! /373)$D0 ;6!9@I('!!

O$7023 ;6!U&($&!!

HIP!\$2$4D*E0 ;6A!B@'D#""'@#! #$23(440 ;IA$&"!&(!DI(;'!!

Q3(7$ &A!"6A'%%'!!

67%8$9$ &A!"6AIT6&'!!

-KÆ&#x2019;UUKC A6!$6"6!;&!E&'@E&('!! 67%8$9$ T6A$'(&H"! /373)$D0 T6@E?#@&%6!!

-KÆ&#x2019;UUKC T6%&A;#!B&SS6!96@!! \4%=F0=3 (6((&(#A6!!

HIP!\$2$4D*E0 'T9@6!! \4%=F0=3 B6I"6!! #$23(440 "6A#!9&6($'!;6!

67%8$9$ "6AU'%'@'!!

"6A#!#!B#B#!! /373)$D0 "$6A6!U&('%#$6!! /373)$D0 %#"%6$$&'!

Q3(70$I<*)0 %'(G!9'(6('!! \02$*(4 %I%%&!6!%6U'A6!! /373)$D0 %I%%&%6A&6!! /373)$D0

U#S#(#!!

U#"B6!@'"6!

U&($#(S'!!

$&@A@8>7>!

M0753) 9I96!! \$)I2$50 67%8$9$! $A>?72@8$ 6(6?&%6!!

DI@&(!O6S6(!! ;%)5$I<$ ?6T6!!

67%8$9$ &(9&!! /373)$D0 O&OI!! /373)$D0 O'&!! ;%)5$I<$@!Q3(7$!

T6%"I?&"6!6%?#("!!Q3(70$I<*)0 ''S'@6!!

-KÆ&#x2019;UUKC @6OO6(!!

-KÆ&#x2019;UUKC "I96!!

-KÆ&#x2019;UUKC! %'T'#!!

-KÆ&#x2019;UUKC! G'O'!"I"?&!7!9#(%'!! /373)$D0

$]E?>@8

;'"&@6O!!

$]E7G>?!

;%)5$I<$

-KÆ&#x2019;UUKC M$7$)920!!

$AEB.8>72@8!

A#;@6!O6&!!

;%)I23(

$AF^$?>7<@F?@8<7!

O#E!^(H!$@#Y!!

T'AAG!T6A'(#H"!! %?#!J6T#"!J'G$#!!

\02$*(4 67%8$9$ BF04403!

$?EEP<EA$=2828D$

#A#$%@6!! \7$D$ &'6((&"!! ;%)5$I<$ A#!E@6(;!96A$'(!! /373)$D0 '@&S'(%#"!AGO6UG%%'I!!/373)$D0 "%H6"%@6!! #$E070!;V

$

$7EFCB@]2@$@8=$]>^@^!

96&@6O%6@&"!! #3)$4502$D0 9I%$?#@H"!"?'B!!

6$a0 E'I@'I(6O&6!O&D&""&6"! $B>^@8>7>$ -KÆ&#x2019;UUKC !

D6A6D#AA6"!! \4%220 O6A6T6O&!O'A'(6O&!! /373)$D0 (6@E&A#!!

-KÆ&#x2019;UUKC O#969%S&;&O'(!

"IS6((6!

O$7023 >*$!;<%2)0!

96@96;&T'"!!

"6UU6"!! #3)$4502$D0 $!>=2<>??@8>@8$!! "$?6@6!!

Q3(70$I<*)0 6A6%"&!!

M0753)! "'IUA6O&!96@!!

BF04403 96OI!!

Q3(70$I<*)0 %?6(6""&"!! #3)$4502$D0 9#@;#T6!!

-KÆ&#x2019;UKC 9GS6(%&('!!

M0753) $7;@8=28@C2@8$ $6D#!6U&""&(&6!! #3)$4502$D0 "6DO6!! /*2$<*0D34 $'TT'(!"#$@#%!!

-KÆ&#x2019;UUKC ;6B?(#H"!@#"%6I@6(%!! \7$D$ $7A@827G! D6%"&'!! \$)I2$50 J6T'(!B&(%W'"!96@!! 67%8$9$ E9!$'@(#@!! ;%)5$I<$ A6!E69&('%#$6!

-KÆ&#x2019;UUKC ?G%@6!! \7$D$ "6A#@'!!

AL$2F0$ &;#6A!@#"%6I@6(%!! `<3)0$ $<@C>?8@7!

O'IS&(6!$&(#]B"&@@&!! \4%220 /373)$D0 T6A696@!!

Q3(70$I<*)0 D&A&BB'I!!

HIP!\$2$4D*E0 T6U@'!B@'U6%'!! \$)I2$50 E6&;6@'"! \4%220 T&T6G6!!

67%8$9$ &B&@'"!%6U#@(!!

HIP!\$2$4D*E0 '$?@#!7!9@'Y(!! \4%220 O'A'U'"!

B6@A&6T#(%!! ;%)5$I<$ '!%S&%S&O6"!O&!

B@G%6(#&'(!! /373)$D0 '!T#@T&E6"!!-KÆ&#x2019;UUKC 5[PVCIOC M0753) @6%O6!! /373)$D0 UA6""&"!!

E'"%&J'!!

\4%220!

"%'I!T#&;6(&!! #3)$4502$D0 %?#!;6AA&6($#!?'I"#!! -KÆ&#x2019;UUKC %'!O'I%&!! #3)$4502$D0 %'@%IE6!! \$)I2$50 %@6B#S6@&6!! \$)I2$50 U'"B'@'"!! \02$*(4 S'@96"!! \02$*(4

$!>j2;@8!

6T&E'"!! ;'"!?#@T6('"!! #A!%6$'!9I#('!!

"6(%6!D#!! %6\I#@&6!T6G6!

67%8$9$ -KÆ&#x2019;UUKC M$7$)920 M$7$)920 $;%)5$I<$

$!>`>=>7$@8=$EF`E!

6(%6&'"!!

6%?&(6&O'(!! $&($'!!

O&@O&!!

'IS6;&O'!! "$?'A6@?#&'!!

$!FB<2$><G82;!

6A%6T&@6!!

6A%6T&@6!!

\4%=F0=3 `<3)0$ /373)$D0 BF04403 /373)$D0 \7$D$

$<G@2$

6(;6T6(!!

9AI#!96T9''!!

9I;''! @'I6(!%?6&!! @'G6A!%?6&!! %6T6@&(;!!

$<F?]27G$

TI%D6O!!

\*52$73)$! \*52$73)$ ;%)5$I<$! \02$*(4 -KÆ&#x2019;UUKC #*5$L3(2I*03 67%8$9$

$C>D><@?2@8$

6U'$6;'!! ;%)5$I<$ (&$#!(!#6"G!! /373)$D0!

BI@#!9A&""!!!!!!!!!!!!!!!!!!!;%)5$I<$

$X28>$^@?7$

9G!%?#!EA6""!!!!!!!!!!!!!!;%)5$I<$!

D69@&$6!;#!U&('!!

AL$2F0$! ?#%#@'$A&%'!! ">1.-_=-!

O&O&H"!;#!E@#$#!! ">1.-_=">1.-_='&('"$#(%!!

U&(&D#@6 .LͤVVLD U@#%%'"!!

B8-:/373)$D0! Y?&"B#@"!'D!Y&(#!! T-30+CC/ E8>F-*#$23(40 U&(6@%#!!

insider athens! "! #$%!&!'()*!+,-.!

#4)*'!5)*'!6!7.(.&'3*%*3'

A$*#%$(!0B2!3+45!607896080C70! )(/:+%/#;!D/-4#-%!,-'/-!#%!-! ;$E&!'+//#%.2!-;;$@,-%#+>!

F&!4(';#$('!'-4->'!-%>! :$@+@->+!>$4;#!

#1&*-/

G$H+*/$(!<-44#!I2!3+45!607896B8JCB6!

G+?#%+>!<*++=!;(#'#%+!#%!-!;$'&!'+/K /#%.

,23*!,23*

L-4#*$(!072!3+45!60789608C0C7 A+4$,$%%+'#-%!',+;#-4#/#+'!M#/:!

N+>#/+**-%+-%!/$(;:+'!

,58"09!0'':1'(!8*3*34 )/:+%'!O-'!P$/+4! "#$%&'#$(!)*+,-.-#/$(!12!

3+45!6078967876I7

9233*3.)2

A+4$,$%%#''$(!0B2!

3+45!6078J7781J66 )(/:+%/#;!D/-4#-%!;(#'#%+!#%! /*->#/#$%-4!>+;$*

̜KUUQP )K

N+'$.+#$%!)H+8!B1J2!

3+45!6078J1080B1I! D'4-%>!?4-H$(*'!M#/:!-%!(*F-%!/M#'/

!"#$!! !

E2?&*%2!<.!D*3'

Q@8!T+%-=#!B2!

3+45!6078B608I0IC C1!M#%+!+/#Y(+//+'!-%>!@#%#! @+EE+'!#%!-%!#%>('/*#-4! +%H#*$%@+%/

=2>'-&2+

3:+@#'/$=4+$('!JI2!

3+45!6078BC087676!"#%+!

M:#4+!+%Z$&#%.!4#H+!

G+F+/#=-!@('#;

!-./+#+(012'

@2).&'

!"#$! ;2*<2&'+

Q44#%$'+*H#=#'!L#4#-'!162!

3+45!6078J778IR6I )!:#>>+%!;$(*/&-*>!M#/:! :$@+K;$$=+>!;(#'#%+

=')'>'+

A+4$,$%+''$(!R12!

3+45!6078J10879C9!

S+H+*-4!*+-'$%'!/$!H#'#/2!F(/! #/'!'(;;(4+%/!',-*+!*#F'!/$,! /:+!4#'/

5%1'?.&:.+1!!

).8D$-%%$(!C62!

3+45!6078J7C86999!

T++*!?+'/!-44!&+-*K*$(%>

@*))A!B*C2&<+!!

A+4$,$%+''$(!R92!3+45!6078J1I8B97C! <*+-/!'+4+;/#$%!$?!F++*'!-%>!N+U#;-%! ?#%.+*!?$$>

82!D*3%*!

).8!D$-%%$(!6B2!3+45!6078J7787076 "+4#.:/?(4!>#':+'!#%!?-%/-'/#;!

-@F#+%;+

[-4/+/'#$(!102!3+45!6078BC08BB1C S,-%#':!-%>!@+>#/+**-%+-%!;(#'#%+! #%!/:+!:+-*/!$?!QU-*:#-

F231.+

[-4/+/'#$(!II2!3+45!6078BB780BJ9 N$>+*%!<*++=!;(#'#%+!,*+,-*+>!M#/:! $*.-%#;!#%.*+>#+%/'8!

!80G9=!!

H*&%-+!I2&

\-H-*#%$(!002!3+45!6078BJ081611 )//*-;/'!-!:#,!-%>!:-,,+%#%.!;*$M>! #%!-!;$E&!',-;+

;*34.&!#).

3:+@#'/$=4+$('!RI2!

3+45!6078BB7806IJ! Q%Z$&!-!;$;=/-#4!$*!-!;$??++!#%!-!*+/*$! ,$,!-/@$',:+*+

D'J

N$>+*%

3+&'#$

"#$%&'#$(!)*+,-.-#/$(!012!

3+45!6078977879012! )(/:+%/#;!<*++=!>#':+'!*#.:/!

-;*$''!?*$@!/:+!);*$,$4#'! #/'+4?

V&,*$(!172!3+45!6078J778C9BJ )'#-%!?('#$%!;(#'#%+!M#/:!67W!'(':#!

F(??+/!$%!N$%K3(+!-%>!01W!X:#%+'+!

F(??+/!$%!O+>K3:(

)*-:$H-'!1J!]!3:+@#'/$=4+$('!

3+45!6078BCB81C00! ^%+!$?!/:+!$4>+'/!'(@@+*!;#%+@-'!#%! )/:+%'!#'!-!,#;/(*+'Y(+!,4-;+!?$*!-! *+/*$K/#%.+>!>*#%=

!"#$!

82!I&-3'

G)!$*3.))'

!"#$%&'()!$&*&(+),-.$!

V%$''$(!1I2!

3+45!60789C68CIJ6 G+-4!D/-4#-%!:$@+!;$$=#%

#)/2C

A$'+#>$%$'!B2!

3+45!60789C08677I X$@?$*/!?$$>!$H+*4$$=#%.!/:+!'+-!

3*#,/$4+@$(!062!

3+45!6078BIR8IRJB b$(%.+!#%!-!@$>+*%!-/@$',:+*+!

M:#4+!4#'/+%#%.!/$!@('#;!?*$@!-*$(%>! /:+!M$*4>

L.!7.1*1!@'//.)*.&

I*'+

=*1%K.3!I2&

_-#@#!J2!3+45!60789CI86BII L*+%;:!;(#'#%+!]!+U;+44+%/!M#%+!4#'/

@-C2332!

^*,:+('!]!X:-*#/$%!12!

3+45!60789I68C069 )(/:+%/#;!N#>>4+!Q-'/+*%!;(#'#%+

A#*+$'!CI2!

3+45!6078BI681BB1! )%!-H-%/K.-*>+!@(4/#K4+H+4!H+%(+! :$('#%.!-!F-*2!-!F-'+@+%/!;4(F2!-*/! +U:#F#/#$%'2!@('#;!H+%(+'2!-%>!-!*$$?K /$,!.-*>+%

8*&1A!;*34.&

!80G9=!

M*3%

`L4#'H$'a!N-*#%-2!

3+45!60789C18B0CB X$;=/-#4'!M:#/:!@('#; !

!"#$!!

I'))AN''<!;2C*!

Q4-'#>$%!69!]!

V$%'/-%/#%$(,$4+$'!II2!

3+45!6078BI1877I0 D%>#-%!;(#'#%+!#%!-%!#%>('/*#K -4!'+//#%.!

I-1%K.&O+!@K'(

='K.3''&!

3*#,/$4+@$(!I02!

3+45!6078BI181RJ6 D%>#-%!-(/:+%/#;!',+;#-4/#+'! #%!-!%+-/!'+//#%.

7&'+'(2

!"!insider athens# $# %&'#(#)*+,#-./0

[#/$%$'!12!3+45!6078BIJ8I67I L*+':!'+-?$$>!;*+-/#$%'!

!80G9=!!

A+*'+?$%#'!092!3+45!6078BI08BII7 3*->#/#$%-4!,'#'/-*#-!'+*H#%.!.*#44+>! @+-/!>#':+'

)/*#(@

$K2)2112

).8!)4+U-%>*$(!IJ2!

3+45!60789C08C919 G#;:!4#'/!M#/:!D/-4#-%!?4-H$(*'

4+5'

#%&'(')*+!,-+.-/!

0.+12-&231!

92/2

)*+#,'+

!"#$%$&'(

!"#$!!

N+.8![-'#4#$(!16!]

V$%'/-%/#%$(,$4+$'!I 3+45!6078BI08BIBB2! "+4#;#$('!>#':+'!#%!-!M-*@!-/@$'K ,:+*+!*#.:/!F+'#>+!/:+!/*-#%!/*-;='8!)! ,$,(4-*!.-&!:-(%/8!

3*#,/$4+@$(!IJ2!3+45!6078BI68BC79 QU;+44+%/!;$;=/-#4'2!@+-/!>#':+'!-%>! `:$/a!?#%.+*!?$$>

P'J1'3!I2&

[$(/->$%!I62!3+45!6078BI08BB912! )!;$;=/-#4!F-*!F-'+>!$%!P$U/$%! #%!Q-'/!b$%>$%

;2C2&1.

T$(/->$%!B6KBI2!3+45!6078BIJ87BIR b$(%.+!F-*!M#/:!+U;+44+%/!H#+M'!$?! /:+!);*$,$4#'2!+/:%#;!@('#;!-%>!4#H+! +H+%/'

;2+')*3.!

)CTIKVVKQP ̔ 6GN )44!>-&!F-*!M#/:!?*++'/&4+!@('#;!-%>! #%/+*+'/#%.!.(+'/K%#.:/'

,',*J

V+4+$(!0K12!3+45!J9R8IB1870R92!

3+@,4+!$?!@#U$4$.&!-%>!:#.:KY(-4#/&!

F-*/+%>#%.

7GQG

QH@$4,#>$%!002!3+45!6078BI68BR10 <+/!#%!/$!/:+!.*$$H+

7)2+1*R'

S$?*$%#$(!06)2!3+45!6078BI087B7C QU;+44+%/!;$;=/-#4'2!*+-'$%-F4+!,*#;+'2! '(@@+*!@$$>

@'%*2)*+12 3*#,/$4+@$(!BB2!

3+45!6078BIR8IRBB!N-#%'/*+-@!

F-*K;4(F!#%!#%>('/*#-4!'+//#%.

!"#$%&'()*+',#-".)$-)#$%+/*.+*%'(01$2$3*.'42(

!"#$%&%

%()!% !"#$%&$'()( *"+&''$%&$' *"+,

A:%)#$<';!@B+9#)!9;<!

CD%#'+!41-! ")(.!/0125E,240FE-!G!#)9(!

H#);7=!>'+(9;I)#$)!&=9&! :)#J):!*)9(:!&''2

%$'+",%"-+' ),,%-./$.$%0"$1'2/234

K9L9#98$!0/-! ")(.!!/0125E521151 K$J):!+%!&'!$&:!;9*)!'M!&$78($;I!D'+#! :);:):2

)#.'51562

CD%#'+!41-! ")(.!/0125E,21344!

G+&=);&$7!N&9($9;!7+$:$;)!$;!9!7':D! :)&&$;I

)'7

E"%F"$"%G5%052'D5/2

CD%#'+!31T3/-! ")(.!/012EF325441 G+&=);&$7!N&9($9;!%$LL9!*9<)! $;!9!&#9<$&$';9(!V''<T>+#;$;I!'J);

:53"4"

S9#8'+!Q'&:9#$!5-! ")(.!/0125E,2,5X1!

6#)9&$J)!S)<$&)##9;)9;!7+$:$;)2

:2,,4%:",2/.H$

P9;;$&:'%'+('+!5-! ")(.!/0125E,2,/,4 N#$:=!%+>!:)#J$;I!%#'>9>(D!&=)!>):&!

N#$:=!@&)V!$;!G&=);:

:+1;"7

K9'<$8$:!35-!")(.!/0125E,2E1F1! ^'($&$8$!C'+L$;9!$;!9!#'*9;&$7!:)&&$;I

I572,"$%15$%$JK5/2+$"$

]$9<'='+!^9J('+!,5-!")(.!/0125E,2EXX1 6=$7!O#))8!M$:=!&9J)#;!9(';I!O(DM9<9_:! :)9M#';&2

LJ."/%&"$7.1

K9L9#98$!F0!U!^9;<'#9:!X-! ")(.!/0125E523053-!@'+&=!GM#$79;! :)9M''<!7=9$;!7'*):!&'!O#))7)

*.'.%M>+

CD%#'+!4,-!")(.!/002/0X25434 H9>!>+#I)#:-!I#)9&!7'78&9$(:-!#$I=&!;)R&! &'!&=)!:%#9V($;I!`Q`!'#I9;$7!:&'#)

-"'9.,"75

O#$I'#$'+!K9*>#98$!/-! ")(.!/0125E,2555/ 6=)M!P$9;;$:!Q9R)J9;$:!>#$;I:!S$9*$T $;:%$#)<!'%+();7)!&'!O(DM9<9

H'$J$:!0X-!")(.!/002,1/200EX! @9#<$;):!9;<!:)9M''<!$;!9!

79:+9(!:)&&$;I2

8229%:";5"

S9#8'+!Q'&:9#$!01G-! ")(.!/0125E52F310-!G+&=);&$7!N&9($9;!

M''<!$;!9;!$;J$&$;I!9&*':%=)#)

K9'<$8$:!U!H$($8$:!A&9$#$9:01-! ")(.!/0125E,2/044!

N;&)#;9&$';9(!M9#)!V$&=!9&&$&+<)

-",.%&5"/J2%9"%-",6212'2

-2,.12!

052+6.1$"75"

K9'<$8$:!33-!")(.!/012EF521,F1

<"3"

CD%#'+!5/-!")(.!/0125E52XXX, G+&=);&$7!S)R$79;!M''<!%9$#)<!V$&=!

9;D!&D%)!'M!&)B+$(9!D'+!7'+(<!V9;&

<2,4%-#5'51

K9L9#98$!0/-!")(.!/0125E521151 G!%)#M)7&!%(97)!M'#!9!M9*$(D!*)9(!V$&=!

I#)9&!M''<!9;<!7'78&9$(:

N&='*$:!/1!9;<!S'#)':-! ")(.!/012EF,25150!

W#I9;$7!*9I)$#)M&9!M''< O#$I'#$'+!K9*>#98$!3,-! ")(.!/012EF121XEX-!@'%=$:&$79&)<!

Y9%9;):)!7+$:$;)!$;!9!7':D!:)&&$;I

-+%F"$"

-#515%

K9'<$8$:!,0-! ")(.!/0125E52/FX1 6'78&9$(!Q9#!V$&=!I#)9&!*);+!9;<! >)9+&$M+(!9&*':%=)#)

!"'1"'.

=,%-",2112

!K.%&+'D.'%@25/1

S9#8'+!Q'&:9#$!03-!")(.!/0125E,253E4!

S$;$*9(!<Z7'#-!)()I9;&!N&9($9;!M9#)

=/>5

K9L9#98$!/F-!")(.!/0125E,2,E5/ @+:=$!M+:$';

=/95?02

C';:&9;&$;'+%'()':!0X-! ")(.!/012EF52!1F,3

@"32/%*5/1A2$%&"'

G(2!^9;9I'+($!X/-!")(.!/012EF5213/1 O'+#*)&!H#);7=!7+$:$;)!&=9&!<#9V:! #)I+(9#:2!

H'$J$:!04-! ")(.!/0125E,21/F1! aP!:&D()-!'#I9;$7!>+#I)#:!$;!9!79:+9(!

9;<!#)(9R)<!);J$#';*);&2

)#$./95%

!"%'/(.0,!'()(01,-2$'

C$M$::$9:!/X1T/X,!U!@)##';!! ")(.!/012F40245E1-!e)M$;)<!7+$:$;)!9;<!

7'78&9$(:!$;!:&D($:=!+#>9;!9&*':%=)#)

&",+A

&2%&21'5/5H$

^':$<';':!X5-! ")(.!/0125E523X44 c9&)#M#';&!('+;I$;I

&2+'>2/

]9:89#'($!F4-! ")(.!/012EF,24F11 G*)#$79;!:&D()!>9#!V$&=!#'78-!>(+):-! :'+(!*+:$7!9;<!($J)!)J);&:

F"#'5%&"4

O#$I'#$'+!K9*>#98$!/-! ")(.!/0125E,2EEEX! AR7)(();&!7'78&9$(:!$;!9!S'#'779;! :&D()!I9#<);

:57'2%

K9'<$8$:!33T3X-! ")(.!/0125E,20130!

S$;$*9(!<)7'#!V$&=!V)((T8;'V;!O#))8! ]Y:

N5/"'1.%

S9#9;I'+!05-! ")(.!/0125E,20X00 G!V$;)!>9#!9;<!N&9($9;!#):&9+#9;&!V$&=! #)I+(9#!9#&!)R=$>$&$';:!9;<!7''(!<)7'#

."3$' FK2J2,"1

d$:$*'%'+('+!E-! ")(.!/0125E,23,,/ @9&$:M$):!)J);!&=)!*':&!<$:7)#;$;I! 7'MM))!7';;'$::)+#!

%()!% QRST

GI2!^9#9:8)J$!001-! ")(.!/012F50231/E G77&);&!';!*)9&!$;!9;!)()T I9;&!:)&&$;I!

b9:$()':!O)'#I$'+!Q!/,>")(.!/012F5X243/3!

G&=);:_!>):&!&9>()!>D!M9#

FK.;5H$

^)#$8()'+:!30-!")(.!/012F502X44,! e)M$;)<!7+$:$;)!V$&=!$;&)#;9&$';9(!

M(9J'+#:!9;<!#)I+(9#!V$;)!&9:&$;I:

(,%!"J2%&+./2

A&=;$8$:!G;&$:&9:)':!U!^:9#';!0 ")(.!/012F5,21,F1-!S)R$79;!M(9J'+#:! $;!9!&#9<$&$';9(!:)&&$;I

-"5#"/

C2!b9#;9($!E-! ")(.!/012F5X21F,, ARB+$:$&)!<$:=):!M#'*!6=$;9-!

Y9%9;!9;<!N;<';):$9

*$235%V%),"15

A()M&=)#$'&';!@B!5-! ")(.!/012F5,25045 O9:&#';'*$7!%9#9<$:)!:)#J$;I!O#))8! <$:=):!V$&=!9!*'<)#;!&V$:&

P"727"O"/2%

N#98($'+!0-! ")(.!/012F5E2XX10 f+9($&D!O#))8!*)LL):!$;!9!7':D!:$*T %()!);J$#';*);&

-"/1"%8.

GI2!O)'#I$'+!31_Q-! ")(.!/012F5X2EFE1 S)R$79;!M''<!$;!&#9<$&$';9(!:)&&$;I

C5/.%I21%%

C9('I#)L$:!0/-! ")(.!/012F5E21114 N;<+:&#$9(!:)&&$;I!V$&=!)7()7&$7!

V$;)!($:&

%GP=IB%

UT%$23.1K5/D

<59.%V%-..7

)/"K51"%

-#515%F2J71"5,%&"'

N#'';!@B!5-! ")(.!/012F5E2E//4 ^$LL9!9;<!7'78&9$(!>9#!$;!9! @9;!H#9;:7$:7'!9&*':%=)#)

6=#2!@*$#;$:!3-! ")(.!/012F5E20/// "=)!';(D!%(97)!$;!G&=);:!&'!&#D! 9+&=);&$7!^)#:$9;!<$:=):

C$M$:$9:!/X,-!")(.!/012F442F4,4 O#)9&!<#$;8!*);+!9;<! %)#M)7&!I9#<);!M'#!:%#$;I! 9;<!:+**)# Ì&#x201D;PFTGC 2CRCPVTGQW ")(.!/012F5323F44!

O#)9&!7'78&9$(:!9;<!:'%=$:&$79&)<! ?9LL!&+;):

N5/J./O2

O$9;;$&:'%'+('+!0-! ")(.!/0125E,20301 b9(+)!M'#!*';)D!N&9($9;!:%)7$9($&$):!

V$&=!9!@'+&=)#;!N&9($9;!&'+7=

K9'<$8$:!33T3X-! ")(.!/0125E,2F15E Q9:B+)![%$;7=':\!$;!9!7'LD!:)&&$;I

.%$*$%&$'

B..#%C275/D

!2%*"'"341K5

]$*$&#$'+!O'+;9#$!41")(.!/00210/2/510-!6#)9&)TD'+#T'V;!

G:$9;!7+$:$;)-!M9:&!9;<!M+;8D

%GP=IB%

'%"%(&)*

!"#"$%&"'

"#$%&'()*'+!,,-! ")(.!/0123,4205,, 6'78&9$(:!9;<!&9%9:!9&!&=)!>9#-!?+:&! ($8)!$;!@%9$;

CD%#'+!E-! ")(.!/0125E,203F0!

6#)%)#$)!$;!9!M9$#DT&9()!:)&&$;I

6=)M$g:

insider athens! "! #$%!&!'()*!+,-.!//

F@#8&:&$%!((*!+,-.!/(01E0(1)33) F@7#L,8!L78-&W=%&$:!#,%8$7#$:8!

#%&'()

"#$%%&'$!()*! +,-.!/(012/(1030( 4567&%&8,!9#,8$:!%;,<&$-8&,%

L.,.>&

*+,&-')-.

L!$,)',)0&(!;)!L!53>4)C&(

=R&@7!+#&B@:@%!(3*!+,-.!/(01E0(1E3(3 _$;$:,%,W+>$&!B7%&@:!X,%8$7#$:8

=8>,:%!?&-8@:*!"$%1!A@B&$%!

CD*!+,-.!/(012/E1(C00! +#$'&8&@:$-!F#,,G!#,<&;,%!

H&8>!$!I,'&8,##$:,$:!8H&%8

Q#@%&:&!(/W(C*!+,-.!/(01D/)100E0 =!L@',#:!8$N,#:$!%,#N&:R!8#$'&8&@:$-! '&%>,%!$8!#,$%@:$M-,!;#&<,%

/..0..1&+&

Z,N&'@7!C*!!+,-.!/(01E0E1C/EE V#,:<>!M@7-$:R,#&,

?$8J&K&$::&!I,5&!/=*! +,-.!/(012/)13003 3!B$L@7%!<>,B%!<@LM&:,!8>,&#!8$-,:8%!

8@!<#,$8,!7:&67,!B-$N@#%1!

/$/

O7L;-&$:&%!(C!P!Q&@>$#@7%!/2*! +,-.!/(012//1EE(/*!Q&BB,#,:8!D!<@7#%,!

L,:7%!,N,#K!:&R>8*!H&8>!,5<,;8&@:$-!

67$-&8KS!

23)%)4%3)

T$-8&:@:!/!*!+,-.!/((12001U)E)

5)%.(

=8>,:%!?&-8@:!"$%1!A@B&$%!CD*! +,-.!/(012/C1CC00*!A&L;-K!;#,;$#,'!

-@<$-!B-$N@7#%1!F7$#$:8,,'!N$-7,!B@#!

L@:,K

63,3-3

"#$%&'$!((*!+,-.!/(012/)1/00/ I@',#:!M&%8#@8!%,#N&:R!%,$B@@'!P! <7#,'!M,,B

6%&(()(

I,$:'#@7!(3*!+,-.!/(01DCD1)0D0!P! /(012/31D))3*!V$L&-KW#7:!8$N,#:$! %,#N&:R!8#$'&8&@:$-!F#,,G!B@@'

!789:;! <&%&=+!*&>

=8>,:%!?&-8@:*!"$%1!A@B&$%!CD*! +,-.!/(012/E1(C0/*!X@@B8@;!<@<G8$&-%! &:!$!<>&<!$8L@%;>,#,

!"#$%"&'()

:A)

!"#$! #%3>)&

I,R1!=-,5$:'#@7!32* +,-.!/(013//1/D))! ='N,:87#@7%!F#,,G!<7&%&:,!&:! $!<@%K!%,88&:R

#'?)>)

Y-$8$&@:!(3*!+,-.!/(01)CD1/UE) F#,,G!P!I,'&8,##$:,$:! <7&%&:,!&:!M,$78&B7-! %7##@7:'&:R%

@A-0+!<.A>43'!

Y$#$LK8>&$%!()!P!A$-$L&:@%*! +,-.!/(013/C1/2/2*!?$78,! <7&%&:,!&:!$#8!',<@!&:8,#&@#

B.%%+!5&CC..!

Z,@:&'@7!E0!P!A$-$L&:@%* +,-.!/(013/C1((/0*!F@7#L,8!<7&%&:,!&:! $!;@%8WL@',#:!%,88&:R1!

D&E0&!

I,R$-@7!=-,5$:'#@7!E0WE/*!! +,-.!/(013/C1))C0*!

A<$:'&:$N&$:!<7&%&:,!

!"!insider athens# $# %&'#(#)*+,#-./"

B&A%!

F$-$5K!T$#!W!?&-8@:

$&4&>)-F

[,#$L&G@7!3(*!+,-.!/(013//13UC3! +>$&!B@@'!&:!$!M,$78&B7-!%,88&:R

!789:;! /6!*&>

[@:%8$:8&:@7;@-,@%!(0E +,-.!/(01)C31(2CC!

:)=.-

=R&%&-$@7!D(T*! +,-.!/(01)CD1/022 +@;!=8>,:&$:!>,'@:&%8!>$:R@78!B@#!

8>,!)0W%@L,8>&:R!<#@H'1!

!&*&))&$

+&,-(.

!"#$!!

!"#$!

GH!83('&A>&-'

[@-@G@8#@:&!/(*! +,-.!/(01D/)1)3/*! ?&R>-K!#,<@LL,:','1 X,B&:,'!$-WB#,%<@!'&:&:R! H&8>!,5<,--,:8!%,#N&<,

#>')(&-&%

\&#&:&!/*! +,-.!DU)1D(C1C2CC ]:&67,!-@7:R,!P!R$#',:!H&8>!,5<,;W 8&@:$-!<-$%%K!8@7<>

"%&)&(!<)

Q,5$L,:&%!P!O-&L;&@:&G@:!C*! +,-.!/(01D/010003 +>,!$78>,:8&<&8K!@B!F#,,G!<7&%&:,!H&8>! %87::&:R!N&,H%!@B!8>,!<&8K

<3E()(!53!L-.4&()&!B>.3%3E()(

[&B&%%&$%!)(2*!+,-.!/(01E001(C0/ Q&N&:,!B@@'!B#@L!$--!@N,#!8>,!H@#-'

<.%F3-!B?.3-)=

?$#&-$@7!+#&G@7;&!P!F@#8&:&$% +,-.!/(01E0(1)3EE*!9>&:,%,!<-$%%&<! ;@;7-$#!B@#!8>,!M#7:<>!M7BB,8

<.A>.A-&0)&!;)E)(()&(!

[&B&%%&$%!/EU*!+,-.!/(01E0(1(0U) Q,-&<&@7%!%$-$'%*!$;;,8&J,#%*! %@7N-$G&$!P!R#&--,'!;-$88,#%

9%!D&%A4&).

Y$:$R&8%$%!)*!+,-.!/(01D/)1)U)C A;,<&$--KW;#,;$#,'!^8$-&$:!L,$-%

M&)NA>!B&%&J3

[&B&%%&$%!///*!+,-.!/(01E0E1E)(E ^:'&$:!<7&%&:,!$:'!B&:,!H&:,%

;&('3%.>),.

Y-$8$:@:!/*!+,-.!/(01E0213C0E Y$#8!@B!$!<>$&:!@B!7;%<$-,! %,$B@@'!#,%8$7#$:8%!8>$8!&%! %7#,!8@!;-,$%,

;.00)-.!B(&>&0)

B>+'&-3).-! [@-@G@8#@:&!)2*!+,-.!/(01E0E1U(D0 F,:,#@7%!;@#8&@:%!@B!I,'&8,##$:,$:!

B$#,!!

8&00&-

[&B&%&$%!/)EW/C0* +,-.!/(01E0E12UC( _$;$:,%,!#,%8$7#$:8*!M$#*!-@7:R,!H&8>! %&R:$87#,!<@<G8$&-%

8.+&%!$?&)!

\&#&:&!(/*!+,-.!/(01D/)1/)// +>$&!<7&%&:,!&:!$:!@;7-,:8!%,88&:R

D&%A4&).!F)!#'3-3

Y$:$R&8%$%!)*!+,-.!/(01D/)1)U)C =78>,:8&<!^8$-&$:!B@@'!P!B$M7-@7%!',%W %,#8%

D34)>&4)(!83('&A>&-'

A,L&#$L&%!?@8,-*!?$#&-$@7!+#&G@7;&!

CE*!+,-.!/(01D/E1C300!

I,'&8,##$:,$:!<7&%&:,!&:!$!>&;!$8L@%W ;>,#,

DAI&

Z,N&'@7!((*! +,-.!/(01E0E133ED =!M-,:'!@B!8#$'&8&@:$-!$:'!L@',#:! _$;$:,%,!<7&%&:,

$3%34&J?.(!*&>I3OA3!/%AI

V#$RG@;@7-@7!//* +,-.!/(01E021DDE0 X$#,!L,$8%!<>$#WR#&--,'!

8@!;,#B,<8&@:

*3>F34&

4N$R,-&%8#&$%!)D*!+,-.!/(01D/01(32/ A,$B@@'!8$N,#:$

*%A3!B)-3

Z&B,!F$--,#K*!+>&%,@%!(0)*!! +,-.!/((1(0D12C00! ^::@N$8&N,!<7&%&:,!&:! $!<@@-!#,%8$7#$:8!<7L!',-&

[K#&$J&%!(U* +,-.!/(01D/)10223! +>,!(U8>!<,:87#K!L,,8%!8>,!/(%8! &:!M,$78&B7-!%,88&:R*!H&8>!%7<<,%%B7-! #,<&;,%

2&!<&I)-.'3J&!

$.4.3

*AI&

+>1!Q&-&R&$::&!3D*![,B$-$#& +,-.!/(01E0E1)UEE +$;$%!M$#!H&8>!',<$',:8!$8L@%;>,#,

AG&$8>@7!)!P!A8#@B&-&@7*! +,-.!/(01D/01((0E! V$L&-K!#,%8$7#$:8!H&8>!I,'&8,##$:,$:!

B$#,!

Y1+%$-'$#&!)2*! +,-.!/(01E02122C3 =!>$#G!M$<G!8@!#,8#@!=8>,:% Y$;$'&$L$:8&!C*!+,-.!/(01D/)1((3( I&5&:R!;@8!@B!<7&%&:,%!B#@L!$#@7:'!

8>,!H@#-'

/&(?

Q&-&R&$::&!3C*!+,-.!/(/1(001C22/ 9@%L@;@-&8$:!>$:RW@78!H&8>!

7;%<$-,!I,'&8,##$:,$:!<7&%&:,

/.44.-!D3J>3'

[&B&%%&$%!)/C*!+,-.!/(01D/)1)E(0 9@BB,,!$:'!-&R>8!I,'&8,##$:,$:!

L,$-%!&:!$!;-,$%$:8!%,88&:R

7.(!K3>4&-.(

[K#&$J&!/C*!+,-.!/(01E0E12U0D 45<,--,:8!I,5&<$:!B@@'!

P!%7;,#!L$#R$#&8$%

;..%!2)E3

5&-C)&4.!I+!53&'!DOA&>3!

A8$L$8$!=N,1!3*!Q#@%%&$1! +,-.!/(01E001C200!O;,:!B#@L! I@:'$K%!8@!V#&'$K!B#@L!)!;L!8@!L&'W :&R>8!$:'!@:!H,,G,:'%!B#@L!(;L!8@!

L&':&R>8

5&>C?3>)'&

[&B&%&$%!)D)*!+,-.!/((1C0E1(()/ V$:8$%8&<!;&JJ$!L$',!H&8>!-@<$-!&:R#,W '&,:8%!B#@L!$--!@N,#!F#,,<,

:&>C)%3 ?$#&-$@7!+#&G@7;&!30* +,-.!/(01E0E1))))!!

Z,M$:,%,!<7&%&:,!&:!$!<@%L@;@-&8$:! $LM&,:<,

$?3!7&%%)&-J3!K.A(3

F@#8&:&$%!((P!Q$:R-&*![&B&%%&$*! +,-.!/(01E0(1)33) F#,$8!%7%>&!$8!8,##&B&<!;#&<,%

!789:;!

7+.!PQ!

[&B&%&$%!/CE*!+,-.!/(01D/)10E20 `,H!>$:R!@78!@$%&%!H&8>! #,8#@!$LM&,:<,!

53-'.!/&ER

=R1!+>,@'@#@7!(0*!+,-.!/(01E0E10(U) +#$'&8&@:$-!>@L,!87#:,'!%8K-&%>!<$B,

6)-)E3>& [&B&%%&$%!)(2*!+,-.!/(01E021220U! A,-,<8&@:!@B!H&:,%!B#@L!$--!@N,#!8>,!

H@#-'

!"#$%&'()*+',#-".)$-)#$%+/*.+*%'(01$2$3*.'42(

!"##$"%

!"#"$%&'

"#$#%%#&%!'()*! +,-.!/0123102345( 67!$&8*!9:,!9$!;<,!=,%;!>,--&8%!%;9>?#:@! ;<,!$#:,%;!-&=,-%!#:!;9A:

&'()&! *+,)-').$%$ /+0'..)-'). !*+"

B89C9;9D!05*! +,-.!/0124/02//5' E98!8,&-!FG,8#>&:!<9G,H G&C,!><,,%,>&?,*!=89A:H #,%!&:C!G98,!

,%"-.

"8#,I9;9D!0/*! +,-.!/012'(J2/)J3 K,%%,8;%!&:C!>&?,%!

-).0+1-+(0. (#/*0$%*&

+%&?&-9$!'(F*! +,-.!/012'(02J()5 E-&L9D8%!9$!GD-;#,;<:#>!>D#%#:,

,$#$4438

W,:9?8&;9D%!0)*!+,-.!/0124/02(')1 U9G,H>99?,C!M8,,?!;&L,8:&!C#%<,%

,%"87&;%$"5/*#

W,:9?8&;9D%!/0 +,-.!/0124/)2)5)5 R8,&;#L,!$D%#9:!>D#%#:,!

^#-#9:#!4*! +,-.!/012'(J2''5'!

M,:,89D%!S98;#9:%!9$!^,C#;,88&:,&:! $&8,

=*#*0*+$&=3#35*+$

H*/+*&

T?9D$&!/)*! +,-.!/012'('2544'*!F$$98C&=-,!@9D8H G,;!G,:D!#:!&!><#>!,:L#89:G,:;2 P-9D;&8<9D!'/*! +,-.!/0124/023311 T9DL-&?#&!9:!;<,!%#C,A&-?!<&L,!:,L,8! =,,:!%9!;8,:C7

!$563&

T?9D$&!5/*!+,-.!/012'(J2'(1' M8,&;!>9>?;&#-%!&:C!%S,>#&-;7!;&S&%!

!37$6"&1#8

U&8#;9%!Q!V9D?#&:9D*! +,-.!/0124/'213)( B;&-#&:!>D#%#:,*!@8,&;!$98!$&G#-7! =8D:><,%!&:C!S,9S-,HA&;><#:@2!!

,9:&&

W,:9?8&;9D%!J)*! +,-.!/0124/0200J( M9D8G,;!$99C!=7!N-#L,8!R&GS&:<&

T9-9:9%!4/*! +,-.!()'2)50204(1*!()12(142''(/! `:#9:!Z&>?%!&:C!8,C!;,-,S<9:,!=99;<%! #:!&:!&--!C&7!=&8H8,%;&D8&:;

>?(@%"8A3$%

I6*#*&J$53/"6*

D*$&)*$

T#:&!51*!+,-.!/012'(0211J0 ^,C#;,88&:,&:!8,%;&D8&:;!#C,&-! $98!A#:#:@!Q!C#:#:@

P-9D;&8<9D!03*!+,-.!/0124/523'1( X&8-7!,L,:#:@!>9>?;&#-%!#:!&!-&#CH=&>?! &;G9%S<,8,

>*&B$"%%*7"

I.3K%330

H3-"@87

W,:9?8&;9D%!50*! +,-.!/0124//2)01( E#:,!E8,:><!>D#%#:,!

I4$%3-&L&J*-$#$-

NG#89D!(1!Q!T?9D$&!J1*! +,-.!/012'')2/'41!

F--!C&7!<&:@H9D;!A#;<!GD%#>!8&:@#:@! $89G!Z&II!;9!$&G9D%!%9D:C;8&>?%

I/$5+$5M&1$-.34-

T?9D$&!J4HJ)*!+,-.!/012'(J25333 F--!;#G,!>-&%%#>!>&$a!=&8!

TS,$%#SS9D!'1*! +,-.!/0124/'24/)4 X-,@&:;!%,;;#:@*!8,$#:,C!>D#%#:,*! ,Y;8,G,-7!S9-#;,!%,8L#>,2

^#-#9:#!0/*!+,-.!/012'(J2(J(1 ^#%%9:#HC,%#@:,C!#:;,8#98%*!%,8L#:@!

D:#_D,!^,C#;,88&:,&:!$-&L9D8%!

>"&C%*57&1*#635

V&><#;9%!5*!+,-.!/0124/'24545 N8#@#:&-!E8,:><!>D#%#:,

P&;8#&8><9D!B9&?,#G!J'!Q!P-9D;&8Y9D*! +,-.!/0124/J23)/1 M8,&;!$99C*!=D%;-#:@!&;G9%S<,8,2

I8@*&H"-/*8%*5/

E$6"&5&'*-F&

)C<&,%$7*F?-

NG#89D!(1!Q!T?9D$&*!+,-2.!/012'(024/10!

M9D8G,;!>&$,H8,%;&D8&:;!A#;<!98@&:#>!

S89CD>;%!&:C!Z&II!GD%#>!

E$++"$

V,L,:;#!'*!+,-.!/0124/'2)'(( P,8DL#&:!&89G&%!&:C!$-&L9D8%!#:!

"9-9:&?#[

I+382*+$

)"5

V9D?#&:9D!'(*!+,-.!/0'21/(2'(5( E&%<#9:&=-,!@&%;89!SD= T?9D$&!53!Q!T#:&*!+,-.!/012''323/00!

FD;<,:;#>!%D%<#!#:!;<,!<,&8;!9$!;<,!>#;7 "9-9?9;89:#!'5*!+,-.!/012(/'2')J5*!

FG,8#>&:!8,%;&D8&:;!A#;<!8,&-!%;,&?! &:C!=&8=,>D,%&D>,!$98!>&%D&-!C#:#:@[

)8//$&*&)*A3#*

TS,$%#SS9D!3*!+,-.!/0124//2/435!

FD;<,:;#>!B;&-#&:!;8&;;98#&!&;!&$$98C&H =-,!S8#>,%2

P-9D;&8<9D!01*!+,-.!/0124/0210(0 N:,!9$!;<,!G9%;!S9SD-&8!<9;! %S9;%!#:!;9A:

3+!6.

O*&!*43

+%&?&-9$!0*!+,-.!/012'(12/J)4 V9:@H,%;&=-#%<,C!S,9S-,HA&;><#:@! <&:@9D;

B"%3-

"9-9:&?#!T_D&8,*!+,-.!/012'(J251(3!

X:Z97!&!>DS!9$!Z&L&!#$!79D!>&:!$#:C!&!%S9;

;%$G35/"-&>F6*AF//38

)8//$/*#$*

\&-&98#;9D!0J*!+,-.!/012''32)(()!

F:!&D;<,:;#>!&:C!<9%S#;&=-,!B;&-#&:! ;8&;;98#&

0)+

;8G*7$+3

N3+3&I8-.$&L&1"5/3

T9D;%9D!0)*!+,-.!/012''323)J0!! +,&!Q!;,&!S&8&S<,8:&-#&!$89G!&89D:C! ;<,!A98-C

V7>&=,;;D%!U#--*!! +,-.!/0124//241(5!M9D8G,;!C#:#:@!

A#;<!&!%S,>;&>D-&8!L#,A "&8:,&C9D!/5H/(*! +,-.!/0124/)25J3J +8&C#;#9:&-!M8,,?!&SS,;#I,8%!Q!9DI9

')!P&;8#&8><9D!B9&?,#G! +,-.!/012'J/2J(5J E8,%<!%D%<#!;9H@9[!

&OH<E=& *+-.2$341*.$%$4"1(5).

PQ

P-9D;&8><9D!5(*! +,-.!/0124/'20J/J! F!_D&#:;!Z&II7!A<#%?,7!=&8!$98!;<,!C#%H >,8:#:@!

!$/F

b#>,!b!X&%7

>35735&-/%&RS

F8#%;#S9D!'J*! +,-.!/0124/'2J01/ FD;<,:;#>!B;&-#&:!;8&;;98#&

K#G9?8#;9D!0/*! +,-.!/012'(J241'' E8,%<*!=,&D;#$D--7!S8,%,:;,C!%D%<#

D*#635$?-

P-9D;&8><9D!'3!Q!R<&8#;9%*!"9-9:&?# +,-.!/0124/J20444!P,9S-,HA&;><#:@! &:C!&D;<,:;#>!B;&-#&:!$&8,!

B+!c,%;&D8&:;

I*#"&"&B"4"

!*2"&13."0"

!*4*55*

U&8#;9%!'/*! +,-.!/0124/)214J( P9SD-&8!<&D:;!9$!;<,!8#><!&:C!&-G9%;! $&G9D%*!A#;<!>9%G9S9-#;&:!>D#%#:,

=$+8

T;!M,98@,!V7>&=,;;D%!U9;,-*!

"-,9G,:9D%!/*!+,-.!/0124/)21400 M9D8G,;!M8,,?!>D#%#:,!

NG#89D!'(*!+,-.!/012'(123103 O,->9G#:@!:99?!A#;<!M8,,?!>99?#:@! &:C!G98,H#%<!>9>?;&#-%!

B%F/*5"$35

<)&%"-/*8%*5/

1*$/

"&8:,&C9D!/5H/)*!+,-.!/0124/J2144' M9D8G,;!%,&$99C!<&:@H9D;

B*4*7*+$-!

E9?#-#C9D!05!Q!\9D?9D8,%;#9D!J4F +,-.!/012'(123(/0!

P&89%]!-,@,:C&87!@9D8G,;!8,%;&D8&:;! %,8L#:@!%,&$99C!#:!;<,!<,&8;!9$!

F;<,:%

R<&8#;9%!J'*! +,-.!/0124//23)01 ^9C,8:!&,%;<,;#>%*!GD;-#H>D-;#!>89AC! &:C!%9D-$D-!GD%#>

)3&)-*$

(%)"*++'

!""#$%$&'()

&'()& (M*5$

"#$#%%#&%!//*! +,-.!/012/44241(5!K,-,>;&=-,*! #:%S#8,C!M8,,?!>D#%#:,

(#/*0$%*

P,8#?-,9D%!/3*!+,-.!/012(0/233J0 ^D-;#,;<:#>!>D#%#:,!#:!$D:?7! ,:L#89:G,:;

(5"/35

T;8&;#@9D!V,??&!0)*! +,-.!/01231(2(411 +8&C#;#9:&-!>D#%#:,!#:!&!>9G$7H ><#>!%,;;#:@!8,G#:#%>,:;!9$!;<,!

51%!Q!(1%!

insider athens! "! #$%!&!'()*!+,-.!/0

"1+:+(+)!4.! /012!3456-4767753 A10+(!1$(0)!+(>!+!B0+&*$C&1!#+D>0(! :+E0!*<$)!=+CF.!B+D.!D0)*+&D+(*!+!:&)*

%",*"

"#6!'%()*+(*$(%&!G-!H!9C0)*%&!I /012!3456-4J67375!

9*+1$+(!=&$)$(0!+==%:K+($0>!B?!+! )010=*$%(!%C!LD00E!H!9*+1$+(!;$(0)

/"0"1"1"

'$C$))$+)!IJ".! /012!3456-8I6-8GG MD0)<.!(&*D$*$%&)!")$+(!C&)$%(!C%%>!$(! +!)100E!?0*!)$:K10!)0**$(#

/23*4)&*$'($536)

!"#$%$&'(

"#6!'%()*+(*$(%&!G8.! /012!3456-4J675,4.!L%&D:0*!C%%>!;$*<!

D$=<!;$(0!1$)*!+(>!N$(*+#0!>0=%D!

$789$ :;$<&="6$>"&?)6

"D:+*%1%(!E+$!'10C*%(!G8.! /012!3456856486,4, A%%1.!:$($:+1$)*!0(N$D%(O :0(*!+(>!$(*0D0)*$(#.!C&)$%(! =&$)$(06

@,0"

P+)6Q%C$+)!H!'%EE+1$!4.! /012!3456J3G637J7 9*+1$+(!$()K$D0>!:0(&!B?! =<0C!"(>D0+!R0D*%(!+*!*<0! "*<0()!A%(=0D*!S+11

>360)&

T%D$10%&!45O43.! /012!3456-G,644-7 UD$#$(+1!>$)<0)!+(>!$((%N+*$N0!=%:B$O (+*$%()!$(!+(!010#+(*!+*:%)K<0D0

ABC8*B&"

"10V+>D+)!45.! /012!34568876G,55 M%D!+(!&(C%D#0**+B10!D%%CO*%K! >$($(#!0VK0D$0(=0

9'$%"&D'$7#)(B2)&3"*

W0V*!*%!X0#+D%(!X%&)$E$).!! /012!3456J336IJ8G! A1+))$=!D0=$K0)!+(>!($=0!+*:%K)<0D0! $(!+!1&)<!#D00(!K+DE

I"#B2"-"&

/)%<+!3J.!/012!3456-GG6434, Y%N01?!#+D>0(!+(>!=<$=!$(*0D$%D! +**D+=*)!+!=%%1!=D%;>

I"&"'6?"

/)%<+!GI.!/012!3456-GG6GI58 L%&D:0*!=&$)$(0!+(>!C&(E?!B0+*)

I&3D3

T%D$10%&!-.!/012!3456-,G63I85! /D0(>?!<%10O$(O*<0O;+11!<+(#%&*!

$789$ I"3&"DB"&3*$

X%(+)*$D+E$!QZ&+D0!3 /012!3456I346I5I-!

U1>O;%D1>!*+N0D(+!)0DN$(#! *D+>$*$%(+1!LD00E!C+D0

J"(K$8L3**363"

92"6"**3*

X$*D%K%10%)!-7.! /012!3456I3G6GJ5, "!)%&N1+E$!1%N0D])!K+D+>$)0

9'$H',B3

"*<$(+)!-,!H!Y?E%&D#%& /012!3456I3,65755 _DB+(!>0)$#(.!%D#+($=!=&$)$(0.!AD0*+(! >01$!=%D(0D

$!EFGH$

/<0:$)*%E10%&)!8!+(>!W$E$*+D+!7.! /012!3456I8I68,I4 \V=0110(*!C$)<!*+N0D(+!$(!*<0!=0(*D0!%C! "*<0()

OPQ$J'.DB"3#$I"&

!"#$%

">D$+(%&!3I.!/012!3456I346I337 X0>$*0DD+(0+(!C+D0!D$#<*!(0V*!*%! *<0!+(=$0(*!+#%D+!

9C0)*%&!3.!/012!3456I346555-

8$('&$8B2)6*$

X$+%&1$!3OG.!/012!3456I3G6G3GG "(!&DB+(!*0DD+=0!;$*<!*<0!:%)*!)*&(O ($(#!N$0;!%C!*<0!"=D%K%1$)

J',#),&$R'."#)!

W%D:+(%&!I.!/012!35-6J556G74J "!?%&(#!)=0(0!;$*<!#D0+*!=%=E*+$1)! +(>!+CC%D>+B10!C$(#0D!C%%>!%N0D1%%EO $(#!*<0!"=D%K%1$)

'?(0*%&!J.! /012!3456I346JG5J QK0=$+1$[$(#!$(!D0#$%(+1! >$)<0)!H!1$N0!:&)$=!%(! ;00E0(>)!

R',D',13$I"&

J'*"$G'*B&"

"ND+:$%*%&!-O8.!/012!3456I3465,45 "!>+?H($#<*!=&1*&D+1!0(*0D*+$(:0(*! =0(*0D!+(>!B+D!;$*<!+!N$N$>!-55:3!

B+=EO#+D>0(6!

"#$+)!/<0E1+)!,.! /012!3456II465755 \V=0110(*!9*+1$+(!C%%>!;$*<!+!

4735])!A<$=+#%!D0*D%! +*:%)K<0D06

+)#3#'B'*$

'+1+:$%*%&!47.!/012!3456I3363G,8 LD00EOX0>$*0DD+(0+(!=&$)$(0!;$*<!

CD0)<!1%=+1!$(#D0>$0(*)!

A"LL"*

X$*D%K%10%)!8-. /012!3456I3467747 L?D%)!H!X$>>10!\+)*0D(!>$)<0)!1$E0!

K+)*%&D:+1$

A30"#"*MI"3&"DB"&3*

X%(+)*$D+E$!QZ6!3.!/012!3456I346I5IA0(*&D?O%1>!D0)*+&D+(*!)0DN$(#!+!

N+D$0*?!%C!CD0)<!>$)<0)

A',L#"D3$I"&

">D$+(%&!J!H!/<$)$%&!4,. /012!3456,4,65,,5

AB',$+)N?"63

Q%ED+*%&)!I!H!\ND$K$>%& /012!3456I3G675JI.! "!:0(&!*<+*!$)!)&D0!*%!K10+)0!;$*<! )K0=$+1$*?!%N0(!>$)<0)

^1+*0$+!"N$))$($+)!I.!/012!3456I3I6G84G "(!+11!>+?!<+(#O%&*!;$*<!#%%>!:&)$=.! =%%1!+*:%)K<0D0!+(>!#D0+*!N$0;)!

A3S$!'0*

A4'##"B3$

"$%1%&!3J".!/012!34,6,,46I55G! "!>01$=$%&)!=%:B$(+*$%(!%C!)$#(+*&D0! =%=E*+$1)!;$*<!<%:0:+>0!)?D&K)!+(>!

C&(E?!X0>$*0DD+(0+(!=&$)$(0

9"(

W%D:+(%&!,.!/012!3456I3I68J,J U&*>%%D!B+D!$(!+!(0%=1+))$=+1!B&$1>$(#! ;$*<!+D*?!+*:%)K<0D0!+(>!#D0+*!

0V<$B$*$%()

!"#$% !

!"!insider athens# $# %&'#(#)*+,#-./0

9&"B"

J'*"$G'*B&"

"#$+)!/<0E1+)!,.!/012!3456II465755 \V=0110(*!9*+1$+(!C%%>!;$*<!+!4735])!

A<$=+#%!D0*D%!+*:%)K<0D06

$789$ @"B*3'

\CD%($%&!,.! /012!3456J346JG34 LD00E!C%%>!H!K%1$*$=+1!#%))$K

+"L&'$%&'L"B'

"D$+((%&!I4.! /012!3456J336IG--!

R0)*!N+1&0OC%DO:%(0?!:0+1! $(!"*<0()

A4'6?3

^?DD%(%)!,.! /012!3456J,-6G534.! "!:$V!%C!\&D%K0+(!H!:%D0!0V%*$=!C1+O N%&D)6!P%*0>!%(0!%C!*<0!B0)*!$(! "*<0()

9'&B,0"

"D=<$:$>%&)!4.! /012!34I65I56J,35.!

S0+1*<?.!+CC%D>+B10!)*D00*O)*?10!C%%>6!

9&"4)-"&3"

\CD%($%(%)!4I.! /012!34567346I,55.!

X0>$*0DD+(0+(!=&$)$(0!$(!=<$=!)0**$(#

9&"B"$'$AB)#3'*

+'DD"

"*<$(+)!GG.!/012!3456I346-873 R0)*!0)KD0))%!$(!*%;(6

"(+#0(($)0%)!QZ6!JO7.! /012!3456J3764,II! /<0!B0)*!#D$110>!C$)<!$(!*%;(

9"3#'&$+"?)

U)*4"$E'*"

"#<$+)!9D$($)!QZ&+D0!3.! /012!34I655G67-G, /D0(>?!+(>!<$K!=%CC00!)<%K!+(>! =%=E*+$1!B+D6

$789$ 8B236"3D'6

/<0:$)*%E10%&)!3. /012!3456I8I68G8, "!*D+>$*$%(+1!LD00E!%&[0D$

F?)"#$E)*B",&"6B

^+(0K$)*$:$%&!G-.! /012!3456II56I555 LD00E!=1+))$=)!$(!%1>O;%D1>! >0=%D

T#3L)$>"&?)6

G8!_DB+(!L+D>0(

%"##"*$8B2)6"

1"*2-",$

+",-".

$!EFGH$

/0)*$"

"#$%&!'%()*+(*$(%&!,-.! /012!3456-4567788.!9*+1$+(!:0(&!;$*<!+! :0(&!*<+*!=<+(#0)!>+$1?@!

!)*"+,$-".$

!"#$%&'()**'&)

S%*01!/$*+($+.!^+(0K$)*$:$%&!,3.! /012!3456II36-556!

L%%>!C%%>!+(>!#D0+*!N$0;!%C!*<0! "=D%K%1$)6

W+$+>%(!3.! /012!3456J3I6G,,4 LD0+*!N+1&0OC%DO:%(0?!9*+1$+(!=&$)$(0

$!EFGH$ &'($)*"+% 8="&'&3-"$

^1+)*$D+!QZ&+D0!45.!/012!3456J5467,I5! "!K0*!CD$0(>1?!K1+=0!;$*<!1%(#!B+1=%(?! *+B10)!*<+*!C$11!&K!0N0D?!($#<*

V"#($G'B)$W"--$J#,=

/D$N%($+(%&!4J.!!! /012!34567346II45 "!`+[[!=1&B!;$*<!#D0+*!<$)*%D?.!<%)*$(#! $:K%D*+(*!(+:0)!CD%:!*<0!$(*0D(+O *$%(+1!:&)$=!)=0(06

A,4)&(#X$

\:K0>%E10%&)!38OI5.! /012!3446G5G6-5J-! /<0!(0;!<%*!)K%*!C%D!D0*D%!#+:0D)

#%&'('%

"#&(%)!*+,!"-./'),!

0/#1!233423546787,!

0.9%!:&&;!%'!9'!/<&-%=!)/--%'>!

)*+,!)'(-..

?@;9'-%;&'!26,!!

0/#1!235486248326, 0.9%!:&&;!A%-.!B&;/C'! %'-/C%&C!;/)%>'!

$/0.!$1'20

?%;9-%;&'!8*,!

0/#1!23548634527* DC/9-%E/!>&FCB/-!G%-=./'!

A%-.!.%>.!HF9#%-@!%'>C/;%/'-)

!34567!

7+10.8!9.+

!)$%"*+

I(/C%&'&)!3!J!K%B&:&'-&),!

0/#1!2354862487L2,!"B&'>!M/-C9#&'9N)!

-C/';@!;%'%'>!&(-%&')!A%-.!9--%-F;/4

!"#$! :';<'0%!=./%>8

"G4!?&FB&F';&FC&F!3*",!

0/#1!235463L4L+O7 0C9;%-%&'9#!)/9:&&;!

4.+'%!$/'0

V&-9C9!383,!M%C9/F),!

0/#1!235462746676,!

W&B/U)-@#/!0.9%!:&&;

$.%?!).%'%.

M9(9'9)-9)%&F!*8,!0/#1!235463343753 X-9#%9'!=F%)%'/!A%-.!9!E%/A!&:!-./!.9CU $&FC "&'($$

!"#$% -",$./0$ "G4!?&FB&F';&FC&F!+2, )$*+, 2 P%GC&#%B9'&,!0/#1!2354+224O655 )1 D'1.+*E.

Y/9:&&;!(C/(9C/;!$@!P%=./#%'! )-9CUA%''%'>!=./:!Z/:-/C%)!Z9[9C&F!

D'880*,%'8

Q-&#%G&F!L2!J!\%-&#%&', 0/#1!23546*3426+L SC%/';#@!:&&;!9';!9-B&)(./C/

D.8;.1.8

"G-%!?&FB&F';&FC&F!25,!

0/#1!23546324L826,!P/;%-/CC9'/9'! ;%'%'>!A%-.!9!)/9!E%/A4

F,G?1.8

"G4!?&FB&F';&FC&F!6O, 0/#1!235463L4+3+2!

SC/).!)/9:&&;!&'!-./!HF9@

F.1-'8

"G4!?&FB&F';&FC&F!36, 0/#1!235463343**8 ]'%HF/!:#9E&FC)!&:!-./!P/;%-/CC9'/9'

!34567!

3.+1'(-,08

"G4!MC&-&()9#-%!27,!

0/#1!235463242572 D#9))%=!:%).!-9E/C'9

=0((?!'%&!$/,!@08/

"G4!P%GC&#%B9'&F,!

0/#1!23546324663L! Q<=/##/'-!)/9:&&;R!-C@!-./!

9)-9G&B9G9C&'9;9

7,2!A%>!:1,B

"G-%!P%9&F#%!O8,!

0/#1!23546274587* D&B:&C-!:&&;!9';!=&#;!$//C)

7.**0'8

M#9)-%C9!8,!

0/#1!23546*247*25!

Q<=/##/'-!)/9:&&;!$F-!;%::%=F#-!-&!:%';R! C/)/CE/!&'!A//G/';)

C';'0.'%%.+

"G-%!?&FB&F';&FC&F!62,!

0/#1!23546224+5+7,!S&C!TC//G!:%).!)(/U =%9#%-%/)!&'!-./!.9C$&FC:C&'-4

58<0.;*.0E.8

"G4!P%=C&#%B9'&F,!0/#1!2354638465O6 ^'/!&:!-./!.%(!(#9=/)!-&!)//!9';!$/! )//'!A%-.!9!C&&:-&(!$9C!&E/C#&&G%'>!

-./!@9=.-%'>!B9C%'9

7'<'G020.

"G4!?&FB&F';&FC&F!6, 0/#1!235463843*32!

D#F$,!=9:/!J!$//C!.&F)/

!"#$!

H!I'J0

V%G%)!6O,!0/#1!235482242O87!

DC/9-%E/!>&FCB/-!;%)./)!-.9-! =.9'>/!B&'-.#@

)1,<<.8

?@;9-.9'/&'!63,!

0/#1!235482842335,!Z/>/';9C@!

A9-/C%'>U.&#/!%'!-./!M#9G9!;%)-C%=-

3';/%,>8!4,8<'+1'%<

Z@)%GC9-&F)!6,!0/#1!23548224L7L3 _/:%'/;!=#9))%=!TC//G!;%)./)!%'!9!

C/)(#/';/'-!9-B&)(./C/

"*,K<1'

V%G&;%B&F!3OU25,!!

0/#1!235488L45555 _&&:U-&(!;%'%'>!A%-.!TC//G!=F%)%'/

I.%.!L0%,!4,8<'+1'%<

\/'%[/#&F!M9#/&#&>&F!6,!

0/#1!23548224*L33 ]'(C/-/'-%&F)!>&FCB/-!=F%)%'/

MK/.*'1/,0. \9C&F#G&

0C%(&;&'!36,!0/#1!235482643*5+ "!-C9;%-%&'9#!-C9@!-9E/C'9!A%-.! &#;!:9).%&'/;!;/=&C!J!(C%=/)

"#$%&'

N&10'

";C%9'&F!*O!J!Q&#&F, 0/#1!235482+43*37 09;%-%&'9#!TC//G!=F%)%'/

:/0%'>8!@'%<'8?

!34567!

30.8E.+1.0

?9B$&FC&>#&F!82,!

0/#1!2354*L647OO7!

D.%'/)/!=F%)%'/

!"#$%&'()!$&*&(+),-.$

K%B4!\9)%#%&F!3*,!

0/#1!2354*L34877L! "##!;9@!=9:bUC/)-9FC9'-

6.O*

3.+1'(;,08!S?8<,1!

?&#&G&-C&'%!+7`,!

0/#1!233423+47+86 "'!/E/'%'>!#&F'>/!)=/'/!A%-.!:C%/';#@! )/CE%=/!9';!X-9#%9'!%')(%C/;!:&&;!9';! ;C%'G

$/,!:*+(80,8

MC9<%-/#&F)!85,!0/#1!235482842*O2 S/9-FC/)!-9)-@!=&=G-9%#)!9';!(C/B%FB! )(%C%-)!-.9-!9--C9=-!9##!9>/)

$/1.+-0!

">.%9)!Q%C%'%)!YHF9C/!J!\9)%#%G%)!3,!

0/#1!23548284572*,!"!=&[@!9';!=&#&C:F#! )(9=/!A%-.!9!>&&;!)/#/=-%&'!&:!=&:://!

9';!=&=G-9%#)

$.?!:'G,!

?9C@-)%!35,!0/#1!235488343+++! a9[[!9';!:F'G!E/'F/!-.9-!)-9C-/;!-./! ?9C@-)%!)-C//-!)=/'/

"';C%9'%&F!8L,!

0/#1!2354*L345355 K/#/=-9$#/!)/9:&&;!9';!:C/=.!&@)-/C)

@08/!:.T!C*'<<,18

M/C%G#/&F)!33,!

0/#1!2354*L3437L*!! "!B&;/C'!-9G/!&'!9!-C9;%-%&'9#!()9C&U -9E/C'9

U'8;'1!@..&!'%&!I..&

K%B4!\9)%#%&F!"E4!J!Z@G&FC>&F,!!

0/#1!2354*LL4+533,!

DC/9-%E/!$%)-C&!=F%)%'/!%;/9#!:C&!$F)%U '/))!#F'=./)

710</'(.8

P(&FB(&F#%'9)!J!V4!M9C%-)%,!!

0/#1!2354*L24OL75!

0C9;%-%&'9#!:#9E&FC)!%'!9'!%':&CB9#!

9-B&)(./C/

I'<0*&,!C0JJ'!)'1

!+-./).'

!"#$!

!&%,%

!"#$%&'(%

!"#$%&'()*+',#-".)$-)#$%+/*.+*%'(01$2$3*.'42(

!"#$!

PQR!M<1,,<

M/C%G#/&F)!L,!

0/#1!2354*L34*O58!!

X-9#%9'!:9C/!A%-.!9==/'-!&'!.%>.!HF9#%-@! %'>C/;%/'-)

?%:%))%9)!"E4!835,!

0/#1!2354*L345*OO! aF%=@!$FC>/C)!9';!C%=.! )9#9;)!A%-.!C/-C&!#&&G

S(-1'

#*-0.%

C0;,10'

^B%C&F!*,!0/#1!2354*L645L35!

P/;%-/CC9'/9'!:#9E&FC)!%'!9! =&)@!9-B&)(./C/

#%<'0.8

T4!KC&)%'%!L,!

0/#1!2354*L+4+678! _/#9</;!9-B&)(./C/!A%-.!;/#%=%&F)!

B/[/;/)

)*+,G0,*&!)+12,1

">>/#&(&F#&F!8,!

0/#1!2354*LL4LL87!!

S&C!C/9#!"B/C%=9'!$FC>/C)

$/,!)+12,1!=.0%<

Y&#&B&F!6U*,!

0/#1!2354*L342222,!V/A!I&CG!)-@#/,! &C>9'%=!$FC>/C)!%'!9'!%';F)-C%9#!9';! :C/).!C/)-9FC9'-!/'E%C&'B/'-4

^#%B(%&'%G&'!225!J!Z@G&FC>&F,!

0/#1!2354*L343825!

X-9#%9'!:&&;!A%-.!9--%-F;/ ">>4!Y%G/#%9'&F!O!J!"';C%9'%&F, 0/#1!2354*L247336!

0/CC%:%=!:F)%&'!:&&;!A%-.!(%HF9'-!:#9U E&FC)

4,%'!<08!@<,*0'8

2+-.!P9C-%&F!2O,!

0/#1!2354*L648OL6!

W%>.#@!C/=&BB/';/;!TC//G!-9E/C'9

!34567! '"/.$ 7+&+

2+-.!P9C-%&F!22,!

0/#1!23L4L2248565 "F-./'-%=!=&:://!/<(/C%/'=/4

insider athens! "! #$%!&!'()*!+,-.!/0

%&'()*(

"#$%&'()!*!+(,'%&()-.! "$/0!123451242675!

8/9:;('/9!&%<$'=!(>>$'-!?%': @%A=!?%-AB-!/A,$!-%/%9-.!-%': 9A=$-!*!>%<%

+,-,./--,0

CA(/()!D2."$/0!12345154EF3E G()'H$&!$&#=AB!-&'$$&!>((9

1(0*&2(

CA-(I()!23!-&'$$&.! "$/0!123451545F1D.!J(-#$'!H$=)!%=9!

K$9A&$''%=$%=!L'$I$'&(A'$M

3'&)(0!$,4/)5

C&#$=-!N$=&'%/!K%',$& OA/(IAH$=(-!6.! "$/0!123451643PP5.!G'$%&!&'%9A&A(=%/!

G'$$,!&%<$'=.!%=!$QB$//$=&!I/%B$!>('! /)=B#

6(78&5,!9&5/:;0&))&

+%'A!63.!"$/0!12345124DD56 K$9A&$''%=$%=!>%'$!*!$B/$B&AB!H)-AB

<70/7=!(.!1)//>!1,0*)(5(=?

C@A()!RAHA&'A()-!+&'$$&.! "$/0!123451242522.!K(9$'=!S$//$=AB! B)A-A=$!%=9!%<%=&:@%'9$!@%-&'(=(HAB! $Q#A?A&A(=-4!!

@AB)/!C!D)(E5

T$(,('A()!P.!!"$/0!123455241ED3 K$9A&$''%=$%=UO'$=B#!B)A-A=$

!%F3G6! !"#$%&'()!$&*&(+),-.$ D//)!$&=/

&#'()*+)

!"#$$%

!"#$!

!"#$!

G/E!$,0*/!

#=,5I&5/!D,J/-0!C! 1(7)=,5I&0/0

]A,A-!25.!+Y=&%@H%! "$/0!12345154EF1E!O'$-#! ?%@$/-!%=9!O'$=B#!I%-&'A$-

#4(A,I(

]A,A-!53.!"$/0!12345154PFPF ^$@$&%'A%=!'$-&%)'%=&

D7I((

T$,,%!26.!"$/0!123455245F6D C)&#$=&AB!"#%A!

D?!$B/!1-,00

+()'A!1.!"$/0!123451541D73 N#%'HA=@!;A=$!?%'!;A&#!

B#%'%B&$'

@!$8&*8&>,0!>&!(!</)=&J,0

KA&'(I(/$(-!21:26.!"$/0!12345164P73P +%<()'Y!G'$$,!B)A-A=$.!I$'>$B&/Y!B(H: ?A=A=@!H(9$'=!*!&'%9A&A(=%/!$/$H$=&-

@0*/)=,5!

C@A%-!`A'A=A-!+W.!"$/0!123451645552!

K$9A&$''%=$%=!9A-#$-!A=!%!-$&&A=@! ;#$'$!HA=AH%/A-H!H$$&-!'$&'(

;,0,2&

(GGF̥¿

Q

;,7-

%(0&),>

;-,8,!L(75J/0

T$,,%!26.!"$/0!123451D4P766!

C!;%//!(>!?((Z$!>('!-$'A()-!9'A=,$'-

^()/A-!52:55.!"$/0!123451545553 _%I%=$-$!*!J('$%=!B)A-A=$!A=!&#$! #$%'&!(>!C&#$=-

+&(%!+IY'(HA/A().!"$/0!123!451143P26.! \%=@!A=!&#$!#$%'&!(>!C&#$=-a!/)Q$!Z(=$4 b%=$IA-&A(HA()!23.!"$/0!1234P1146F16!

C!&')$!O'$=B#!I%&A--$'A$ ]_^!C&#$=-!b/%Z%!S(&$/ ^%-4!G$('@A()!C!*!+&%9A() "$/0!123455D41633!

C//!9%Y!/()=@$!;A&#!-%/%9-!*!-=%B,-!

!"# (GGF̥¿ 7TDCP )CUVTQPQO[ $"%&'$(# )*+$#",% ;7)/!D-&00 J&$=%!2.!C&#$=-.! ( "$/0!123451243DD2 -(-".& X(H<A-!16C.!"$/0!123451D43571 O)=,Y!A=&$'A('.!%!9$/A@#&>)/!I%&B#!(>! , G/)&$=:>'$$!?/A--!>('!)=B(=<$=&A(=%/! @'$$=!-I%B$

>((9A$-

+7)&5!6,8,5

$,M7/)&,!<,?,

CI(//(=(-!1.!"$/0!12345114E2P3 C!_%I%=$-$!>%<()'A&$!(>!$QI%&-!*!

C&#$=A%=-!%/A,$

b$&'%,A!23.!"$/0!12241274P3F2.

O$A-&Y!K$QAB%=!-&'$$&!>((9!B#(AB$-!%&!

I(B,$&:>'A$=9/Y!I'AB$-

1D!9()5/)

$B/!;,)-&,=/5*

S(&$/!G'%=9!\'$&%@=$. "$/0!123455543PD3.!T)Q)'A()-!-)': '()=9A=@-.!K$9A&$''%=$%=!B)A-A=$

D((8/!9(('/),*&4,

J(/(,(&'(=A!DP.!"$/0!122463D45P55 C!H)/&A:I)'I(-$!H$$&A=@!<$=)$!>('!

9'A=,-.!I$'>('H%=B$-.!%=9!@%H$-

X(Y%/!8/YHIAB!S(&$/.!

C&#4!RA%,()!1F:56.!"$/0!1234E1F4F633 G'$$,!*!K$9A&$''%=$%=!B)A-A=$!;A&#! ?'$%&#&%,A=@!<A$;-!>'(H!&#$!'((>&(I

9,5*&5,!H(A&,-

6&>&K0!I/!1)/A/

J%/%HA(&()!26.!"$/0!12345114P253 [I&$HI(!?%'!A=-IA'$9!?Y!L\A@!

T$?(;-,AM!

CI(//(=(-!22.!"$/0!12345524FDFD C!B(=@$=A%/!I/%B$!&(!9'(I!A=!>('! %!W)AB,!=((9/$!>AQ

+&(%!+IA/A(HA/(). "$/0!12345124252D.!!

X$>A=$9!B)A-A=$!A=!B#AB!-$&&A=@

9&*?!D&0*)(

35I&,5!6&*AB/5

%7I/

G((I-/!D,)

J(/(,(&'(=A!E.! "$/0!123451541PED C!B(ZY!c%ZZ!?%'!;A&#!-I$BA%/&Y! B(B,&%A/-

V'((=!+W)%'$!2.!"$/0!12345114F665 X$/%Q$9!%&H(-I#$'$!;A&#!;A9$!-$/$B: &A(=!(>!HAB'(?'$;-!

T$(,('A()!F.!"$/0!123451D4277F. "A=Y!-&%=9A=@!?%'.!A9$%/!>('!-(BA%/AZA=@

]$;!S(&$/.!OA/$//A=(=!27.! "$/0!123451P452P3.!K$9A&$''%=$%=!

B)A-A=$!;A&#!%!H(9$'=!&;A-&

CI(//(=(-!7.!"$/0!12345154PP13

3(,55&0

]_^!C&#$=-!b/%Z%!S(&$/ ^%-4!G$('@A()!C!*!+&%9A() "$/0!123455D41633.!V=&$'=%&A(=%/!B)A: -A=$!;A&#!K$9A&$''%=$%=!%BB$=&-

$7I()!N,--!F/0*,7),5*!C!L(75J/

JA=@!G$('@$!S(&$/.!^%-4!G$('@A()!C5.! "$/0!123451141123.!`/$@%=&!-$&&A=@.! '$>A=$9!B)A-A=$!%=9!%=!A=B'$9A?/$!

CB'(I(/A-!<A$;!

!%F3G6!

VIA&()!%=9!^()/A-!5F. "$/0!1234512421PE N(-Y!;A=$!?%'!;A&#!O'$=B#!>/%A'!

!"#$%&'()!$&*&(+),-.$

6(&

J(/(,(&'(=A!5.!"$/0!7E64F16416DD. R$/ABA()-!B'$%&A<$!B(B,&%A/-!%=9!

HAQ(/(@Y

2D!]A,A-.!"$/0!1234512423EE! C>>('9%?/$!-&'$$&:>((9!-&Y/$!-)-#A

OP!D,)

#R,)&8,!

#-/S,5I/)K0

S(&$/!G'%=9$!\'$&%@=$.!+Y=&%@H%!+W.! "$/0!123455543333.!O('!B#$'A-#$9!BA@%'! %=9!-A=@/$!H%/&!$<$=A=@-

D,R,!#7!F7=

N/%Y&(=!7.!"$/0!1224P234E263 CH%ZA=@!B(B,&%A/-!%=9!')H!B(//$B&A(=! ;A&#!%!B(ZY!$=<A'(=H$=&

D,))/-I&/)

^()/A-!P.!"$/0!123451D46P22 C=!%//:9%Y!B%>d:B)H:;%&$'A=@!#(/$!

(I$=!A=&(!&#$!;$$!#()'-

D,)-/?!9,)J(!

J(/(,(&'(=A!7.! "$/0!12345154366D! `=c(Y!%!;A9$!-$/$B&A(=!(>!A=&$'=%&A(=%/! %=9!G'$$,!?$$'-!%BB(HI%=A$9!?Y!/A<$!

H)-AB

D(7*&M7/

OA/$//A=(=!2D.!"$/0!12345154252D b(I)/%'!C&#$=A%=!=A@#&!-I(&

%)75>!H&5,*),!

"#A-$(-!27.!"$/0!123455245P55!

C!>'A$=9/Y!I/%B$!&(!9'A=,!&(!<A=&%@$!

H)-AB!>'(H!&#$!eD3-!%=9!e73-

"S'-()/)K0!L(75J/

]_^!C&#$=-!b/%Z%.!+Y=&%@H%!+W)%'$.! "$/0!123455D41633.!K%@=A>AB$=&!B(B,: &%A/-!%=9!/A<$!c%ZZ!A=!%=!A=&AH%&$! %&H(-I#$'$

$B/!A(5A&/)J/!(.!*B/!1),5I/!D)/*,J5/!N(*/-!)/A(==/5I0

!"!insider athens# $# %&'#(#)*+,#-".!

!"#

123$4

15

$%& !"#$%&'' !"#$%&'%()*$+,#-' '()**+, ()*+,-./"0,&' 1"#"%$20&'' *34-%5 "(-%./)-+0% 6".$,&' ./#%-$01%20()*$+,#-

$%& 7038'9-%&'' ./#%-$01%20()*$+,#-' '()**+, :$#$;8&'' !$%30/4)!$1()) *$+,#-) "(-%./)-+0% <=&'' 1"#"%$20&'*$+,#-

$%& *34-%5'7#.-' 506$/#()!"#$%&'%()76"8%3% '()**+, *34-%5'>$#20%?@A""B'3".,'' *34-%5'7""20%?'#-55"%5' C>>>D$34-%5>$#20%?3".,5D?,E' "(-%./)-+0% *330F$'9""#"?0F$#'G$,2' !9%$%()*$+,#-

!"#$%&'()*+',#-".)$-)#$%+/*.+*%'(01$2$3*.'42(

!"#"$%&'(#%

A"''>Q7.;*7#$%./+P

N,;'6%7;!1)!*+,-!(./0C220324H 5&!8&J7+6+&6%#8'!<;&EM#86!9%6<!7+;M '#&;K,AMJ7%>+:!:7%&$')!6<+B+:!'J#76'! &%E<6')!;&:!$&#>$M#86!K87E+7'

)*'+*

5B+7%$%'!4)!*+,-!(./014/0C1/3 D;&>+!6<+!&%E<6!;9;A!%&!;!><%>! +&@%7#&B+&6

,%-./$%0('"

F#8,%'!G)!*+,-!(.10/1H0(.33 IBJ7+''%@+!'+,+>6%#&!#=!'%&E,+!B;,6'

1*2*.3%+4

F#8,%'!3HM3G)! *+,-!(./01((021G3)!*7+&:A!9%&+K;7

89".:'+27("7

N7;O%6+,#8'!1/)!*+,-!(./01(10(4C( "%&:!#86!9<A!%6!%'!7;6+:!;B#&E'6!6<+!

K+'6!K;7'!%&!P87#J+0!

89".;(6.<%(6#

Q<7%'6#8!R;:;!.)!*+,-!(./01(.0C434 N#J8,;7!:7%&$')!>,;''%>!>#>$6;%,'!;&:!

6<+!=;&>%+'6!?S*!%&!56<+&'T

89".8$*=

U6<#&#'!./)!*+,-!(./01(.0HH4.

5,,87%&E!E#,:!67%BB%&E')!>#'A!B##:! ;&:!'B##6<!68&+'!;&:!:;&E+7#8',A! :+,%>%#8'!>#>$6;%,'!#&!6;J

!"#$% )*>*

!"#$%&'

F#8,%'!G)!*+,-!(.10/(C031/H "#7!;!>;==+%&+!=%O!,%$+!&#!#6<+70

.?@8. @(.A(B%'*7

LA&E7#8!5@+0!.H4)! *+,-!(./02(10(2.C U7%E%&;,!'+;=##:!:%'<+')! =7+'<!%&E7+:%+&6'!;&:!'%BM J,+!+,+E;&6!%&6+7%#7

@C"6+"

V+67#J#,%6;&!W#6+,)!

LA&E7#8!5@+!1CH)! *+,-!(./023G0.//)!!

"7+&><!K%'67#6!%&'J%7+:!KA! V%><+,!X#8O

)%''(*7

LA&E7#8!5@+0!1/1)! *+,-!(./023/0C4(/ PO>+,,+&6!'+;=##:!%&!;!J,+;';&6!

V+:%6+77;&+;&!;6B#'J<+7+

,"G$*.)*(

56<+&'!R+:7;!W#6+,)!

LA&E7#8!..H)! *+,-!(./021/0////!

N#,A&+'%;&!*+J;&A%;$%!7+'6;87;&6!

E#%&E!'67#&E!;=6+7!1/!A+;7'

/$"2(H$"

56<+&;+8B!I&6+7Q#&6%&+&6;,)!

LA&E7#8!5@+!C2M21)! *+,-!(./02(/042C. ?#87B+6!>8%'%&+!9%6<!'J,+&:%:!@%+9'

!>#$*.

U&;''%'!Q8,687;,!Q+&6+7 LA&E7#8!5@+!./GM./2)! *+,-!(.G0G/G0...C)!(./011.04G4G Q7+;6%@+!E#87B+6!?7++$! >8%'%&+!9%6<!'68&&%&E!@%+9'

F6G(*6.:9"0

56<;&;'%#8!D%;$#8!(()! *+,-!(./02(101HCH

F6G(*6.!*C"'(

LA&E7#8!5@+0!.()! *+,-!(./02(303H((

.?@8. :%&%6+#7

F;'%,+#'!N;@,#8!4G) *+,-!(./0C2H0H.GG)!*<+!J,;>+!

6#!'6#>$!8J!#&!A#87!\8%&#;! ><%J'!;&:!;>;%!K+77%+'

J$*B%+'(7.1"*#.5="6./$%N"&#

F;'0!N;@,#8!./1)!*+,-!(./021(0/(..!

5!&%E<6>,8K)!E#87B+6!+BJ#7%8B)!;&:!

56<+&']!B#'6!E,;B#7#8'!!B+;6!K#8M 6%\8+!;,,!%&!#&+

J+'&(7.(6.O+6G%

N7%&$%J#'!N+67#8!11)!*+,-!(./0C230(.14 *#JM\8;,%6A!;86<+&6%>!I6;,%;&

O*2('>

.?@8.

F6G(*6.1*7*'*

P7B#8!.(2)! *+,-!(./01(.023.( 5B;Y%&E!I&:%;&!=##:!;6! ;==#7:;K,+!J7%>+!%&!;!J,+;'M ;&6!+&@%7#&B+&6

)($B(

5J#'6#J,#8!N;@,#8!1.)! *+,-!(./01340424/ I:+;,!=#7!;!,8&><!K7+;$

)+I(6*

5:7%;&#8!2)! *+,-!(./01(30/.11 I&'J%7+:!67;:%6%#&;,!7+>%J+'!%&!;!>#YA! ;76A!+&@%7#&B+&6

89".<*2"7.<%>&"

5'6%EE#'!.()! *+,-!(./01(10H/HH ?+&8%&+!I7%'<!J8K!9%6<!6AJ%>;,!J8K!=;7+

:*0D.E%"

56<+&;+8B!I&6+7Q#&6%&+&6;,)!!

LA&E7#8!5@+!C2M21)!*+,-!(./02(/044HH Q;'8;,!:%&%&E!;&:!6+77%=%>!K8==+6'!! =#7!,8&><!;&:!#&!L8&:;A'

(&')+

5(6%7&"6#

V;6'8<%';

./*00*&

5%#,#8!3C)!*+,-!(.10//30C1C( 5!>#B=#76;K,+!;6B#'J<+7+!9%6<!;! @;7%+6A!#=!%&6+7&;6%#&;,!>8%'%&+!;&:!;&! +,;K#7;6+!L8&:;A!K78&><

.J3FA).

89".K%-'

I7;$,%:#&!./)! *+,-!(./013H0///1!

576)!6;'6+)!=;'<%#&!;&:!B8'%>!>#,,%:+! ;6!6<%'!9+,>#B%&E!&+9!Z+6<&%>!87K;&[!

'J;>+

L6G"$G%M.

I7;$,%:#&!C)! *+,-!(.10/140H121!

LJ+>%;,6A!>#==++')!%BJ7+''%@+!'+,+>M 6%#&!#=!=#7+%E&!;&:!?7++$!>7;=6!K++7')! ;&:!+O>+J6%#&;,!>#>$6;%,!B+&8

F;'%,+#'!N;@,#8!G3)!*+,-!(.(0./3013..

W+;,6<A!,%@%&E!'B##6<%+'!@%+!9%6<!

9%>$+:!>#>$6;%,'!;&:!><#>#,;6+!J;'6;! >#&=+>6%#&'

)%(

2C!F;'0!N;@,#8)!*+,-!(.10/1(0/C2/!

5==#7:;K,+!'67++6M=##:!'6A,+!'8'<%!

A*(*G"7

F;'0!N;@,#8!G3)!*+,-!(./024H0GG/4 N#J8,;7!=;B%,A!E7%,,!^#%&6

3">./*P'%Q7

F;'%,+#'!N;@,#8!C2)!*+,-!(./0C220(/4C ";K!'B##6<%+')!6+77%=%>!K78&><)!;&:! @%K+A!B8'%>!6<;6!:7;9'!;!A#8&E!=;'<M %#&;K,+!>7#9:

(&')*+$,-#*

"#$%#&#'!()!*+,-!(./01(1023/4 5!678+!9%&+!:+'6%&;6%#&!9%6<!=#>8'! #&!?7++$!@%&+A;7:'!

?@8.

R*B+

V;7E%!W#6+,)!R%6#8'!..)!! *+,-!(./024G0/2(3!D+,%>%#8'! @;7%;6%#&'!#=!V+:%6+77;&+;&! =##:

@'.R*&(%

N#'%:#&#'!.G)!! *+,-!(./0C240/3// *7;66#7%;!'+7@%&E!67;:%6%#&;,!

I6;,%;&!:%'<+'!S!J%YY;

F#9*B(.

5J#,,#&#'!(C)!! *+,-!(./0C2401G3G _+;86%=8,!'+;!@%+9)!=7+'<! '+;=##:

1*'*P*$.

*<+!V;7E%)!R%6#8'!..)!*+,-!(./0C2(02.4/!

V8,6%&;6%#&;,!6;'6+'!%&!;!><%>!

V+:%6+77;&+;&!;BK%+&>+

1*#7+9(7*.@#9"67

5'6%7!N;,;>+)!5J#,,#&#'!3/)!! *+,-!(./0C240/H./)!Q+,+K7%6A!><+=! `#K8!V;6'8<%';!'+7@+'!8J!'8'<%! =;@#87%6+'!9%6<!;!R;6%&M5B+7%>;&!=,;%7

1%%$(6M7!

V;7%&;!F#8,%;EB+&%)!*+,-!(./024G0/4H2 1>#9%7.%0.#9".K"*

5E0!`%$#,;#8!./!S!I,%#8)! *+,-!(./0C2.0..//!?#87B+6!

V+:%6+77;&+;&!>8%'%&+!6<;6!K,+&:'! ,#>;,!J7#:8>+!9%6<!=7+'<!'+;=##:

/7*$*B(

N#'%:#&#'!.H)!*+,-!(./0C240((.H L+;=##:!'+7@+:!%&!;&!%&=#7B;,!'+66%&E

3*0*'"

5J#,,#&#'!(C)!*+,-!(./024G0..C3 *7;:%6%#&;,,A!J7+J;7+:!'+;=##:!:%'<+'!

J7+'+&6+:!+O\8%'%6+,A

8$%+0*.:9%&%'*#".R*$

K&9*$*

F;'%,+#'!N;@,#8!C/)!*+,-!(..0/.(0///3 W+;@+&!#&!+;76<!=#7!><#>#<#,%>'

N#'%:#&#'!.H)!*+,-!(./0C240(31( ?7%,,'!9%6<!=7%,,'!%&!;!=7%+&:,A! '+66%&E!;6!7+;'#&;K,+!J7%>+'

.J3FA).

8"7#*&&(%

&"'%()!*+&%),)*-+./$% @'(*.R$*77"$("

5'6%7!N;,;>+)!5J#,,#&#'!3/)! *+,-!(./0C2/.G23!

5,,M:;A!,#8&E+!K;7!;&:!7+'6;87;&6!

:*C*.O*>G%6

5E%#8!I#;&&#8!(C)!*+,-!(.H0H./022GH V%:M7;&E+!#7!'J+>%;,!+:%6%#&!9%&+!@;7%M +6%+'!9%6<!;!E%::A!7;&E+!#=!%BJ#76+:!

E##:%+'

:*C*.S"M"$*

N#'+%:#&#'!..)! *+,-!(./02430441H 5!&+9!9%&+!K;7!><;&E%&E!6<+!E;B+! =#7!6<+!'6;E&;&6!>#'6;,!+&>,;@+

!"

#$ R%6#8'!(!S!5J#,,#&#')! *+,-!(./0C2403..( UA'6+7!K;7)!'8>>8,+&6!'6+;$'!;&:!#=! >#87'+)!J;'6;!%&!%&@%6%&E!'+66%&E0!

T*00'".!%+7"

N#'%:#&#'!.G)!*+,-!(./0C240.((G L87+!6#!';6%'=A!A#87!'9++6!6##6<

.J3FA). ?6./'%.

N#'%:#&#'!3)!*+,-!(./024G0.GG/ Q#>$6;%,'!#@+7,##$%&E!F#8,%;EB+&%!_;A

F7'*6G.

(G6<!$,B!56<%&#&ML#8&%#8 *+,-!(./024H01H41M3!59;7:M9%&&%&E! >8%'%&+!S!;&!8&B;6><+:!,#>;6%#&

insider athens! "! #$%!&!'()*!+,-.!.-

"#$%&'(&))*+!,-! "./0()!

10#2!34567,763478-!

34567336439,*

+,%-./%0")'12(3

:&(0;$).$<$*+!4=-! "./0()!

10#2!34567746>?58 1/0!#&'@0).!A*'0$@(!#&(@+&@0!

B**%).*'0!$(!C'00D0!

4%1*5""23!

E$(&!?5-!

G*#*(&%$!

10#2!344654365=9>!

4%*,(60%*")6%0.!

E*#*(*)!>>-!

G*#*(&%$!

10#2!34567?368>57!

4%7(2"$",%("!

E.&)$(*+!47-!

10#2!3456>3764354!

8)01&("*9"7"! :0'$%#0*+)!94-!! "@6:&'&)%0H$!

10#2!34464,96?>>4! :1$13".(0(")!

:&(0;$).$<$*+!7>-!"./0()!

10#2!345673=67373-!!

345677367754!

:",;<,".* "%&F$<$&)!,9-!

10#2!3456775659== :)=,(>!

!"#$

G&'&@0*'@$!E0'H$&)!4-!EI(.&@<&-!!

E6!G&'&@$*'@&!9!J!K&L&'&%$-!C#IA&F&!

1/0!M&##!&(F!C*#F0(!N&##-!M&'*+))$!

10#2!3456,4,64777

?01$(1&

OH'$;$F*+!94-!!

M*(&).$'&%$ 10#2!34567346>37, P#FQ).I#0!B+.D/0'!)/*;! *AA0'$(@!D+'0F!<0&.)!

51/10

OH'$;$F*+!74-!

M*(&).$'&%$!

10#2!34567346>33= R0##Q%(*S(!/0'B!/&H0(*

G*).&'0#*)

!161*?&./('(3

:&.'$&'D/*+!T*&%0$<!9=-!!

G*#*(&%$ 10#2!3456>3=645=5 U*<;'0/0()$H0!S$(0!&(F!#$V+*'!

S/*#0)&#0')!!

!%,,(%0

G'$0L*.*+!4F-!EI(.&@<&!

10#2!34567?465595-!!

G$A$))$&)!"H06!7?8-!!

10#2!3456,546,>=?-!!

EI(@'*+!"H06!735-!!

10#2!34569=767==4!!

E.*D%$).)!*A!;'0<$+<!S$(0)!&(F! );$'$.)!

@"3.10%,"3*

:&.'6!T*&%0$<!75Q73-!!

10#2!3456>3=68555!

C'0&.!)0#0D.$*(!*A!D/00)0!&(F!C'00%! @**F$0)

@;,(7

G&'(0&F*+!35-!!

10#2!3456>396=497 W+&#$.I!;$D%)!A'*<!./0!S*'#FX)!!

B0).!H$(0I&'F)!

A1023*B*C$%&>%0*D""'* O'<*+!77Q7=-!"./0()-!!

10#2!345673965?>=* Y*+#$&@<0($)!"H6!,=-!C#IA&F&10#2!3446543698?,!

K&L&'&%$!47-!C#IA&F&-!

10#2!3456,896749> :0(.0#$)!"H6!37-!Y'$#$))$&-!

10#2!34465436=7,4 A%3"<1(1

Z$%$)!=3-!EI(.&@<& 10#2!34567336849? :&D%&@0F!J!A'0)/!);0D$&#$.I!A**F)!

A(01&

OH'$;$F*+!9=-!

10#2!34567346>4,> E&+)&@0)-!;&).'&<$!J!D+'0F!<0&.)

:0"6%&>%

:*)$F*(*)!,5-!

10#2!3456,8,6497= C*+'<0.!['0(D/!F0#$D&.0))0(!

C"0$0%31*E.1,(1&1

G$'$&L$!?Q,-!

10#2!3456,546>,,?-! "+./0(.$D!A'0)/!T.&#$&(!;&).&-!)&+D0)-! .'+AA#0)!J!<*'0

."/"##"*0

̙CPQU! E.&F$*+!39-!"./0()!

10#2!34567346>84>-!

374653364447!

C.%-1&('(3*D(&%3.*D""'3!

\$<$.'$*)!EV!47-!

10#2!3456,5,63484 O]D0##0(.!O+'*;0&(!F0#$D&.0))0(

F103"3*

G&))&H0.$!=-!

10#2!3456,54639>3!

M$#%!;'*F+D.)!J!;&.$))0'$0!

G(&%*H101<%

^0(*%'&.*+)!3=-!

10#2!3456>34674>=-!_'*S)0'QA'$0(F#I! D&H&!S$./!/0#;A+#!)0'H$D0 *

!"%&'(&)*"+

,))-+&)*"+

!"#$%&'()#*

?./%&3*A%.0"*A1,,*

Y*+#$&@<0($)!"H0(+0!3>?-!!!

10#2!34568>?68999!

E/*;)-!D$(0<&)!&(F!A**F*

?..(>1

:&(0;$).$<$*+!8-!

10#2!34464,563?55 N*<0!.*!&(!&''&I!*A!#+]+'I! @**F)!

H",'%&*I1,,

G$A$))$&)!7>"-!!

10#2!3456?,5679=5 474!/$@/Q0(F!`&(F!/$@/Q ).'00.a!).*'0)!A*'!&(I*(0!

S$./!&!;&))$*(!A*'!A&)/$*(!

?$0(1.(

:$(F&'*+!38-!

10#2!34567?56>,>, E<&'.#I!F0)$@(0F!c0S0##0'I! A*'!./0!I*+(@

+,%&1*F".3(

^&(./*+!>-!

10#2!34567?56587?

U*(H0')&.$*(!;$0D0)!$(!! @*#F!&(F!).*(0!

D1&")012(3

:&.'$&'D/*+!T*&%$<!37-!

G*#*(&%$-!10#2!3456>3464>?3-!! d($V+0!D*##0D.$*(!*A!&($<&#! &(F!$()0D.!;$()!J!0&''$(@)

D",,(*D",,(%

1)&%&#*A!?!J!E*#*(*)!3=!

G*#*(&%$-!10#2!345673765>78!

C'00D0e)!/$@/Q).'00.!0];*'.! ).*D%)!S&.D/0)!&(F!0H0'IF&I!B$c*+]

8#%<1*

Y*+%*+'0).$*+!3-!G*#*(&%$!

10#2!34567336>?,3!

O#0@&(.!B*+.$V+0!)/*SD&)$(@!./0!

B'&(Fe)!.$<0#0))!.$<0;$0D0)!

F1&*!,%%-*B*?0$%,3

Y*+%*+'0).$*+!4-!G*#*(&%$ 10#2!345677465748 1/0!c0S0##0'!*A!./0!$(.0'(&.$*(&#!c0.)0.

5),<10(

Y*+%*+'0).$*+!,-!G*#*(&%$ 10#2!34567396>44,-!P;+#0(.!F0)$@()!$(! c0S0##0'I-!S&.D/0)!J!&DD0))*'$0)

!10.(%0

Y*+%*+'0).$*+!>-!10#2!345677467?55 1S*!A#**')!*A!F0)$@()!J!.$<0;$0D0)!

BI!./0!;'0).$@$*+)!U&'.$0'!<&$)*(

A>?0./)0H,%&!

_+$#F$(@!_#*D%!O>4b&#*+-!48559-!E;&.&-!

10#2!3456??765,75-!

3456??765,95! \0)$@(0'!P+.#0.!E/*;;$(@!

U0(.'0

9/%*A1,,*?./%&3

"(F'0&!:&;&(F'0*+!7= 10#2!3456?7565555 E/*;)-!D$(0<&)!&(F!A**F "..$D&

!"!insider athens# $# %&'#(#)*+,#"-.!

U/*;&'F

!"#$%&'()*+',#-".)$-)#$%+/*.+*%'(01$2$3*.'42(

()*%+,-%)%#./*+

A$:/=&,#&<&'(!BC!2/34!)56-7B5-57D5 E$F(3'(,!1'3%!%/,&1:,!F;!

G$<'(,!.0//H!?/@/33/0

01++%&*+

A$:/=&,#&<&'(!DC!2/34!)56-7)7-)I5I J&%/!0$:1/!'G!3(K(0;!F0$:%!#&</=&/>/,

2%&%3"*%/%4*+

+'(H'(0/,#&'(!)5C!2/34!)56-7B)-D55L M3%N@'03%!,O'=!H:'@:!G'0!&#,!

'0&1&:$3!*!/3/1$:#!%/,&1:,

51/3"1&#.'%4*+

+'(H'(0/,#&'(!5IC!2/34!)56-7B5-75LD 2&</3/,,!=&/>/,!&:,=&0/%!F;!>3$,,&>$3! .0//H!%/,&1:

6#)#3%+

!%&'()*+$

A$:/=&,#&<&'(!56C!2/34!)56-7B6-5)D) P/,&1:,!&:,=&0/%!F;!#O/!$:>&/:#! .0//>/!$,!@/33!$,!>':#/<='0$0;! >'33/>#&':,!F;!%/,&1:/0,!3&H/!A$3'<$!

A&>$,,'

78&#$#)*+,2.+1.9,:"#$,

58!P&':;,&'(!Q0/'=$1&#'(C!!

2/34!)56-I66-6I55

;1/%4*,2.+1.9,:"#$, R'(<F$0&!*!+$,-!"'G&$,!

2/34!)56-7BD-56S8C! )56-7BD-566)! @@@-F/:$H&,O'=-10!

<#&=13,91,/#3,

Q%0&$::'(!566C!A3$H$!

2/34!)56-7)8-7DS6! @@@-G'01/#</:'#$#O/:,-10!

>&1181,*+,?#&,-#@1&+

>;,:$%,%3,G#31),>&%/'1,;&13%=/1

+$3#/#,&'(!86!N!8)C R'3':$H& 2/34!)56-I)S-86BS @@@-10//>/&,G'03'T/0,->'< 2':1(/N&:N>O//H!,'(T/:&0,!G'0!#O/! %&,>/0:&:1!#0$T/33/0

(3A+,%))B,#",+#,+#.@1/*&,3#,91C! U':>&/01/!Q#O/:,C! Q;-2O/H3$,!LC!A,&00&C! 2/34!)57-67B-I)BB! V'0/!#O$:!86!.0//H!%/,&1:/0,W!(:&X(/C! :/@!&<$1&:$#&T/!$:%!(:/K=/>#/%! &%/$,!#O$#!0/N%/G&:/!#O/!,'(T/:&0 @@@-'O,','(T/:&0->'<!

0#&*

V&#0'='3/',!57C!!

V':$,#&0$H& 2/34!)56-7)7-787S 20$%&#&':$3!*!>':#/<='0$0;!?/@/33/0;!

2#?., "$00&!)LC!A,;00&C! 2/34!)56-775-5I))! +&:#$1/!$:%!>':#/<='0$0;!,#;3/!O'</! %a>'0!$:%!G(0:&#(0/,

+$,&3/',!./'01&'(!5C! ";:#$1<$!"X )56-777-6DII

G*)3#/*%,:$%, +$,-"'G&$,!SBC! 2/34!)56-D)L-5666,

5%)*#+*/3"1*1+, A0'#'1/:'(,!LC!A,;00&C! 2/34!)56-B8B-68DS! +&:#$1/!O'</!%a>'0!$:%!G(0:&#(0/,

(H:$%,

^:#/0U':#&:/:#$3!Q#O/:$/(<!Q#O/:, ";:10'(!QT/:(/!LINI7C! 2/34!)56-I)6-B666!

5&1)#@1', ^=&#'(!8C!";:#$1<$! "/>':%NO$:%!>3'#O&:1!>'33/>#/%!G0'<! #O/!>&#&/,!'G!A$0&,!$:%!b/03&:!

I)*@1,J&11,:$%

Z$#_&1&$::&!V/K&!SC!!

Z&3#': 2/34!)56!D)S-SS)8

E13&#+1N.%),O*/3%=1,:"#$,, Q1O&$,![&0&:&,!7C!V':$,#&0$H&!

2/34!)56-8S8-5887! .0/$#!>'33/>#&':!'G!</0>O$:%&,/!

0$:1&:1!G0'<!#O/!c)6,!#'!#O/!cI6,-,

I&)#??,:$%,7+3*&,;1%8" Q='33':',!S6C! +'(3&$1</:&!

2/34!)56-LIB-66)L

:#?*3%,

^0$H3&%':!78C!2O&,,&' 2/34!)56-7SB-II6S,

2.+1.9,#?,!D8)%'*8,7&3,:"#$,

Y/'=O;#'(!P'(H$!SC!!

R'3':$H&!

2/34!)56-D))-L7)5N7!

7/%/1%,:$%,

9&G/!.$33/0;!Z'#/3 567!2O&,,/',!QT/-C! [H$3&C 2/34!)55-56B-DS66

7&*#/,E1+#&3,F,:$%C!

Q,#&0!A$3$>/!U'<=3/KC! Q='33':',!S6C! +'(3&$1</:&!

2/34!)56-LI6-)666 M=/:!%$&3;!G'0!#0/$#</:#,!

G0'<!6I466!#'!)5476!\3$,#! $=='&:#</:#!$#!)6466]!

791&*4%/*4*,7=#&%,

L1+31&'%DA+,;&1%'

Q#O&:$,!76C!V':$,#&0$H&!

5,#N):%!E3''0!

2/34!)56!7)5DLDB,

R$33&%0'<&'(!LDNLIC! 2/34!)56-LL5-5)77 ^<='0#/%!,/>':%NO$:%!>3'#O/,d! &:%&T&%($3&#;!1($0$:#//%!

;#"K#,

^=='H0$#'(,!7IC! [K$0O&$!

2/34!)56-77L-I)6)!

>#.%'1)#.$*!

A0'#'1/:'(,!5)C! A,;00&C!2/34!BID-L8)-7I77,

-*41,L1+31&'%DM+!

,

!"%+-$

"#$%&'(!)!*!+$,-!./'01&'( 2/34!)56-7)8-6888!

9/1/:%$0;!#&</!=&/>/,!$:%!?/@/33/0;-

,*)-#.(

!"#$%&'

I&)#??,:$%,7+3*&,;1%8"

!"#$

(3A+,%))B,#",+#,+#.@1/*&,3#,91C

A0'#'1/:'(,!5BC! V':$,#&0$H&!

2/34!)5B-D66-SL56! +&:#$1/!>3'#O/,!<$&:3;!G0'<! #O/!`:&#/%!"#$#/,,

P%31&,783*#/,-3'

+'(3&$1</:&,!!

QT/:(/!5)C!+'(3$!!

2/34!)56-LI8-LLD7!

V'F4!BIS-SDB-586) /N,O'=4!@@@-@$#/0N$>#&':-10! /N<$&34!%,=&3&'#&e1<$&3->'<

A$3&',&:&#O/&/,

insider athens! "! #$%!&!'()*!+,-.!./

!"!insider athens# $# %&'#(#)*+,#-./!

;0>45$%&$#@8,0%*, D'+C$.!"&<2*%.!!

1234!,5565-56--,950)5$&#C(/5P## @8,0%*, H0N#'+!587.!\6!HG0#*$.!"&<2*% 1234!,5-6975O65-5R8 S0))0/#@8,0%*, :'+A'+#2%&$'+!>.!"&<2*%.!

1234!,5-67,5675--

!P*&'&)5/!$%!'@2*!C)$30!)*C! 2*&#)*L2.!$*L3+C2%!)#L<)2'3'N$R L)3!%$&2%6!1234!,5-67,56-,59# !$P5,$%#!G&*0!])%!&<2!<2)#&!'(! )*L$2*&!"&<2*%!R!&<2!('L+%!'(! @'3$&$L)3.!L'GG2#L$)3.!)CG$*$%R &#)&$T2!)*C!%'L$)3!3$(2!('#!L2*&+R #$2%"#;:+0$%5$,#F8(*P8,/!G)*0!

L<+#L<2%!C)&$*N!(#'G!&<2!55&<! )*C!5,&<!L2*&+#$2%!)#2!('+*C!)#'+*C!&<2!

L$&06!\'&2]'#&<0!2F)G@32%!$*L3+C24!!G5&/# =),7%8,*5&/T!*2F&!&'!&<2!L)&<2C#)3!'*!

M$&#'@'32'%!H&#22&^!H0'$5B0*,0T!<)3(])0!

C']*!K#G'+!H&#22&!(#'G!H0*&)NG)^!!G5# !'&/%&)5.!"N'#)!)#2)!%'+&<!'(!H&')!'(! "&&)3'%^!)*C#!G50#@*50>0#Y_+%%$)*! `#&<'C'F!L<+#L<[!'*!U$3233$*'*!H&#22&6!

Z<+#L<2%!)#2!'@2*!&'!&<2!@+Q3$L!'*!

H+*C)0%!)*C!<'3$C)0%.!)3%'!+%+)330!('#!

C)$30!@#)02#%!=)GR5@G!)*C!8RO47-@G6!

E#2%%!%'Q2#30!]<2*!!T$%$&$*N6! @,P8$&'&)5/#?90+5[!)!59&<!L2*&+#0!N)%! ()L&'#0!&+#*2C!G)a'#!L+3&+#)3!L2*&#2!('#! @2#('#G$*N!)#&%!)*C!$*%&)33)&$'*!]'#A%6! /$#2'%!5--!S!K#G'+.!D)V$6!

1234!,5-678O65>J96!

U0>*50$V/#!*P8!)!_'G)*!)#L<!&<)&!

G)#A2C&<2!Q'+*C)#0!'(!)*L$2*&!"&<2*%! )*C!&<2!*2]!L$&06!P'L)&2C!)&!&<2!L'#*2#!

!G&*0#C(/,(4# P'L)&2C!$*!&<2!H&')!'(!"&&)3'%.! "&<2*%6!1234!,5-67,56-5J>6! !%,)5,*#D':*&/#[0//5)5&(# h2Q%&2#!>".!"&<2*%6!

1234!,5-69,765>-,.!! %@0#'%T)%%$3$'+6'#N! !%8,$/#X$51,*/5%:#U5/%&*:# C(/,(4 1<'3'+!>.!/3)A).!

1234!,5-67OJ69>-,. <$%&'#0RG+%2+G6+')6N# ;,$0B5#C(/,(4 ;'+GQ)#$!5!S!:)%6!H'($)%!

"T2*+2.!"&<2*%!

1234!,5-67O=65---.!!Q2*)A$6N# ;,$0B5#C(/,(4#&7#Q/)045P#!*%/# E$@03'+!5,.!;2#)G2$A'%6!!

1234!,5-67,>65755.!Q2*)A$6N# ;,$0B5#C(/,(4T#S5*,&/# /$#2'%!57J!S!"*C#'*$A'+.!D)V$!

1234!,5-678>67555.!Q2*)A$6N# ;:+0$%5$,#C(/,(4# :)%6!H'($)%!,,.!;'3'*)A$.!

1234!,5-6=,565-,=

1)'$)2'

!"##$%&$'

!"#!$%&$&'&()&(#!*%# "#$%&'()*'+%!,-.!/%0##$!

1234!,5-67,568998! !*%+&$,#-.

8,!:)%6!;'*%&)*&$*'+.!"&<2*%.!

1234!,5-!=,>!9>89 !/%*&)01&/#2,304,$5## ?)*&<$@@'+!55.!;'3'*)A$!

1234!,5-6=,96878, !/%*&)01&/#!*%657,# B#'C'&'+!55.!;'3'*)A$ 1234!,5-6=,,65,-!%8,$/#!*%#90)),*: D30A'*'%!8.!E2F)G2*$!HI6.! "&<2*%.!1234!,5-!=,5!797J ;,*$5,*<=)50>,/#90)),*:# K@&)L<)3A'+!55.!1<$%%$'.

1234!,5-67856797> ?@8,A#;*,,>,*#90)),*:# B)%'*)%!8>.!M2&)F+#N2$'.!

1234!,5-67756=>,= =B7*0/5#90)),*: :)3)'#$&'+!9).!1234!,5-67O-6=>9J! =),$5#C0*$,*5#90),*5, P2Q2%%$!>R=S!/'#$*'+!5O.!"L#'@'3$% 1234!,5-6JO5968JJ =CD@#E0%5&$0)#C(/,(4#&7# F&$%,4'&*0*:#!*% ;)33$##'$%!"T6!S!"GT#6!U#)*&V$!%&#22&! "&<2*%.!!

1234!,5-69,86,555R!7!

90G&/50$#90)),*: M2#3$*!7.!"&<2*%.!!1234!,5-67O86-,5> HI!*%#90)),*: H$*)!>8.!"&<2*%.!1234!,5568-567J== H0)70:0$#90)),*:# W)#$&'%!55.!;'3'*)A$.!1234!,5-6=,56=O=9!

H&(*>#90)),*:# ;)%%$)*$!,R8.!"&<2*%.!!

1234!,5-6O8,6O>=7!

DB&(70#90)),*:# HA'+()!8.!;'3'*)A$.!!!

1234!,5-67O-67>85!

D%01*&/#C580)50*0/#!*%#! ,O-!;$($%%$)%!S!E$3$N$)**$.!;$($%%$)!!

1234!,5-6O,76-9,J @80$0//5/#J*5///5*0/#90)),*: ;#$2V'&'+!=.!"&<2*%.!

1234!,5-67O86-,JJ @8,#=:$0*>#C0$/5&$ "N<$'+!;'*%&)*&$*'+!,-!S!M2*)*C#'+.! "&<2*%.!!1234!,5-67,,6577> @5%0$5(4#K50:50$$&/#! :)%6!;'*%&)*&$*'+!88.!/)*N#)&$.

1234!,5-6=,96=O88 L5''0/#90)),*: H'('A32'+%!>7E.!"&<2*%.!!

1234!,5-677569777!

M&(4N&()0B5/#90)),*:#! ;'3'*)A$!HI+)#2!,-.!;'3'*)A$!

1234!,5-67O-6J,=JX! ;#$2V'&'+!O.!H0*&)NG).!

1234!,5-67O7688>8

'(!:)%6!`3N)%!)*C!"G)3$)%!"T2*+2%6!

6:B015%%&/#U5))!$%!&<2!<$N<2%&!@'$*&!$*! "&<2*%6!1)A2!&<2!&232(2#$I+2!(#'G!&<2!&'@! '(!/3'+&)#L<'+!H&6!!R>,&$#&7#U,*&># !%%5P(/#Q+$3&!$*!5O5!"E.!&<$%!$%!]<2#2!&<2! "&<2*%!U2%&$T)3!&)A2%!@3)L26!"LL2%%$Q32! ('#!b56>-!)*C!'@2*!C)$30!(#'G!J47-)G6!

S0$0%8,$50$#D%0>5(4!c;)3$G)#G)#'d])%! &<2!%$&2!'(!&<2!($#%&!G'C2#*!`30G@$L%!$*!

5J9O6!P'L)&2C!)&!:)%%$32'%!;'*%&)*&$*'+! )*C!"N#)%.!)L#'%%!(#'G!&<2!\)&$'*)3!

D)#C2*6!S$:3#U5))#<2#2.!('#!&<2!($#%&!&$G2! $*!<$%&'#0.!2T2#0!L$&$V2*!L'+3C!T'&2.!N$T$*N! /*0F!&<2!*)G2!&<2!cQ$#&<@3)L2!'(!C2G'LR #)L0d6!Z3'%2!Q0!$%!&<2!Q2)+&$(+3!`3C! `Q%2#T)&'#06!S*,/5>,$%50)#S0)0P,#('#G2#R 30!&<2!_'0)3!/)3)L2.!&<$%!Q+$3C$*N!$%!+%2C! Q0!&<2!/#2%$C2*&!'(!D#22L2!&'!<'%&!C$N*$R &)#$2%6!B#'C'+!"&&$A'+!H&#22&6!D%&0#&7# !%%0)&/!%<'@@$*N!)#L)C2!Q+$3&!$*!&<2!,*C! L2*&+#0!eZ!)*C!&'&)330!#2L'*%&#+L&2C!$*! &<2!59>-%6!1+2%RH+*!J47-)GR7@G6!

"CG$%%$'*!&'!&<2!"N'#)!)*C!G+%2+G! b76>-6!"C#$)*'+!,86!1234!,5-67,56-5J>!

D:$%0G40?F&$/%5%(%5&$#DW(0*,A!$%!&<2! <2)#&!'(!&<2!L$&0!)*C!&<2!Q2%&!%@'&!('#! *2]!T$%$&'#%!&'!'#$2*&!&<2G%23T2%6!1<2!

KTV'*2%.!C#2%%2C!$*!&#)C$&$'*)3!+*$('#G%.!

N+)#C!&<2!@&4N#&7#%8,#X$B$&Y$#D&)>5,*! $*!(#'*&!'(!&<2!S0*)504,$%"!1<2!L<)*N$*NR '(R&<2RN+)#C!L2#2G'*0!&)A2%!@3)L2!2T2#0! <'+#6!@,4'),#&7#R):4'50$#M,(%!'*L2!&<2!

3)#N2%&!&2G@32!$*!)*L$2*&!D#22L2.!$&%! #+$*%!3$2!a+%&!Q2<$*C!W)C#$)*f%!"#L<6!M'*R H+*!J)GR=47-@G6!b,6--6!:)%6!`3N)%!)*C! "G)3$)%!"T2*+2%.!1234!,5-69,,6O77-6! @8,0%*,#&7#25&$:/(/!Q+$3&!$*!&<2!>&<!L2*R &+#0!eZ!$%!]<2#2!&<2!@3)0%!'(! "#$%&'@<)*2%.!K+#$@$C2%.!"2%L<03+%!)*C! H'@<'L32%!]2#2!($#%&!@2#('#G2C6! @&Y,*#&7#Z5$>/#&<2!'L&)N'*)3!&']2#.!#2@R #2%2*&$*N!&<2!2$N<&!C$#2L&$'*%!'(!&<2! ]$*C.!])%!Q+$3&!$*!&<2!5%&!L2*&+#0!eZ!Q0! &<2!H0#$)*!)%&#'*'G2#!"*C#'*$L+%6!M'*R H+*!J)GR=@G6!g+%&!2)%&!'(!&<2!"*L$2*&!

"N'#)6!1234!,5-67,86>,,-6!

*GNNGPKEŞ%QUOQU J&($>0%5&$#&7#%8,#U,)),$5P#Y&*)># /$#2'%!,>8.!1)T#'%6!1234!,5,6,>86----6! <2332*$LRL'%G'%6N# J*5//5*0/#[)0//5/#C(/,(4#&7# F&$%,4'&*0*:#=(*&',0$#!*%# M'*$%!"%&2#$'+!7R=.!/3)A).!!

1234!,5-67,768O=J!(#$%%$#)%G+%2+G6L'G 9&()0$>*5/#J&($>0%5&$#C(/,(4#&7# F:P)0>5P#!*% \2'(0&'+!E'+A)!8.!"&<2*%!6!

1234!,5-6=,,6J7,5.!L0L3)C$L6N# U,*0B),5>&$# W2#)A32$C'*!5O.!1<$%%$'.!

1234!,5-678O659J5! "@'%&'3'+!/)T3'+!7=.!1<$%%$' 1234!,556-5,6O8JO.!<2#)A32$C'*R)#&6N#!

Q)50/#60)0&($5/#\,Y,)),*:#C(/,(4# ;)#0)&$C'*!S!;)33$%@2#$!5,.!M)A#0N$)**$.!

"L#'@'3$%6!1234!,5-69,,6=,O-.!!

3)3)'+*$%6L'G \,Y5/8#C(/,(4# \$A$%!79.!/3)A)6!1234!,5-67,,6>>J,6! a2]$%<G+%2+G6N# H,*04,5B&/#C(/,(4# K#G'+!58J.!M'*)%&$#)A$.!

1234!,5-678O67>>,6!

E0%5&$0)#!*P80,&)&G5P0)#C(/,(4#! /)&$%%$'*!88.!"&<2*%.!1234!,5-6J,56==,8!

E0%5&$0)#90)),*:#0$>## !),30$>*&/#D&(%/&/#C(/,(4# :)%6!;'*%&)*&$*'+!>-.!"&<2*%6!!

1234!,5-6=,76>J>=.!,5-6=,76>97=!

E(45/40%5P#C(/,(4# /)*2@$%&$G$'+!5,.!"&<2*%6 1234!,5-67O76>9>7.!*G)6N#! @8,#!P*&'&)5/#C(/,(4# E$'*0%$'+!"#2'@)N$&'+!H&#22&.!"L#'@'3$%6!

1234!,5-69,865-87.!&<2)L#'@'3$%G+%2+G6N# #@8,#E0%5&$0)#!*%#90)),*:#0$># !),30$>,*#D&(%+&/#C(/,(4# M$L<)3)A'@'+3'+!5!R!:)%6!Z'*%&)*&$*'+!5.! "&<2*%.!1234!,5-6=,76>J>=! !))&(#J($#S0*B ;$($%%'+!S!/2&#'+!_)33$.!"N6!B')**$%! _2*&$%.!1234!,5-68,>6O999.!)33'+6N# F85)>*,$V/#C(/,(4 ;0C)&<$*)2'*!58.!/3)A).!!

1234!,5-67756,99>6 9&()0$>*5/#C(/,(4#&7# E0%(*0)#U5/%&*: P2T$C'+!57.!;$($%%$)6!

1234!,5-6J-56>J=-.!N*<G6N# 9*,,B#J&)B#!*%#C(/,(4 E)$30!;)#)N<$'V$%!@+@@2&!%<']%i! ;0C)&<$*)2'*!5=.!/3)A).!

1234!,5-67,,69-75 C(/,(4#&7#F85)>*,$V/#!*%# ;'C#'+!9.!/3)A).!1234!,5-67756,O,5!

L<$3C#2*%)#&G+%2+G6N# D(445% 1<2!h)33!H@'#&!Z3$GQ$*N!Z2*&2# "N6!"&<)*)%$'+!5,.!/)33$*$.!

1234!,5-6O-76--97.!%+GG$&6N# Z,/%5$#H5>/#F)(N "@'33'*'%!8-.!:'+3$)NG2*$.!

1234!,5-6J9-6,---!<&&@4XX]]]6]2%&$*)&<2*%6 L'GX2*X]2%&$*jA$C%jL3+QX

3)'*+45%+6&7'

()#*)%"#+,$-)$'

$''!-&$+&!%*!.*#,&)('** +(/0*123451146738

!%85$05/#F()%(*0)#F,$%*,# ('#G2#30!)!%$3A!()L&'#0.!&<$%!%@)L2! <)%!Q22*!L'*T2#&2C!$*&'!)!3)#N2!

L+3&+#)3!L2*&#26!)%&'#$)%!78R7O.! :'&)*$A'%6!1234!,5-678J6----6! ;OC#@8,&P80*0B5/# J&($>0%5&$#7&*#%8,#J5$,#!*%/# O#C(/5P :)%6!H'($)%!9!S!M2#3$*!5.!"&<2*% 1234!,5-67O565,-O Q),0$0#@&($%0#F&$%,4'&*0*:# !*%#F,$%*,# 8J!"#G)&'3'*R;32@<&'*!%&6!"&<2*%.!

1234!,5-6O87698OO! C,G0*&$#C&(/5B5/!

Y1<2!"&<2*%!Z'*L2#&!W)33[!3$T2!

L'*L2#&%.!'@2#)%!)*C!'&<2#!@2#R ('#G)*L2%6!:)%6!H'($)%!"T26!S! ;'AA)3$6!1234!,5-6=,J6,777 C5P80,)#F0P&:0$$5/# J&($>0%5&$ /$#)2+%!,-O.!1)T#'%.!!

1234!,5-67856J>>R$0//5/#F()%(*0)#F,$%*, H0*N#'+!5-=R5-9.!"&<2*%.!1234!,576-5=6J---!

D%01*&/#E50*P8&/#J&($>0%5&$ :)%$3$%%$%!H'($)%!"T26!JO" @8,#!*%#J&($>0%5&$ \'#G)*'+!>.!"&<2*%.!1234!,5-67,76J=>=

0&*$' ./$"*%$'

!"#$%&'()*+!,"'

!"#$%&"'($")&*&(+!

!),'%(&,#0)$%

/$/$5.!)&,$)'0&%!6(#3!

1#2!%#&+!0!/'&!/"$+$0#(

"#$! %$&$'()*+! ,$)-.+! *$/0*.! 1/! 2)*.! 03!

4.)*500(!60.$%/!)'(!7$/0*./8!9*$).#.):1'&! ;1$5/! 03! .#$! 4)*0'1<! =-%3>! $%$&)'.! )'(! /02#1/.1<).$(! (?<0*! 1'! )%%! @AB! *00C/! )'(! /-1.$/>!2*1;).$!/51CC1'&!200%/!)'(!,$)<#D $/>!/2)!)'(!&0-*C$.!*$/.)-*)'./8!

E20%%0'0/!FG>!H0-%1)&C$'18! "$%I!A@G8JKG8AGGG

LGS!*$'0;).$(!*00C/>!.50!200%/>!<0';$'D .10'! 3)<1%1.1$/>! ,-/1'$//! <$'.$*>! ! 30-*! *$/D .)-*)'./>! .50! ,)*/! )'(! /2)8! "#$! *003.02! =)%)N+!9)*!)'(!7$/.)-*)'.!#)/!&0*&$0-/! <1.+!;1$5/8!

H)/8!4031)/!FS>!Q%1/1)! "$%I!A@G8[AJ8@GGG

Y0<).$(! 1'! R131//1)>! .#$! #0.$%! 033$*/! )'!

-'30*&$..),%$!$N2$*1$'<$!.#)':/!.0!_]_]D VE"`/! -'1U-$! /%$$2! /+/.$C/! 1'! 1./! AA! &-$/.! *00C/>! 205$*! ,*$):3)/.>! ,1:$! *1(/! )'(!#$*,!&)*($'8!

W$%%1/!S>!R131//1)8!"$%I!A@G8JG@8JGA[

Y0<).$(!).!.#$!,)/$!03!.#$!E<*020%1/!)'(! <%0/$!.0!W%):)8!W00%!51.#!,)*>!*003!&)*($'! *$/.)-*)'.!51.#!E<*020%1/!;1$58!

W)*.#$'0'0/!@KDAL!V):*1&1)''1>!E<*020%1/8 "$%I!A@G8KAJ8G@GG

!),'%!'-.&#%)'"/$%)#%'%)!0&!),'%(

!),'%(&0'1"!&,$)'0

/"$7%'&+0!8!&

9"!%1'&:"')!9%'

LFB! *00C/! 51.#! *$'0;).$(! M$%-N$! *00C/! )'(!/-1.$/8!M$(1<).$(!,-/1'$//!<$'.*$!3)<1%1D .1$/! )'(! B8LGG! CA! 03! $N.$'/1;$! O! 3%$N1,%$!

C$$.1'&! /2)<$8! P$5! QD42)! )'(! *$'0;).$(! &+C8!E5)*(!51''1'&!*$/.)-*)'./8!

4+'&*0-!JKDKB>!P$0/!R0/C0/8! "$%I!A@G8KAG8SGGG

B@F! ($%-N$! &-$/.! *00C/>! @J! /-1.$/8!

7003.02! /51CC1'&! 200%! )'(! ,)*>! #$)%.#! <%-,>! W0%+'$/1)'! D! "$2)'+1):1! 7$/.)-*)'.>!

Y$(*)!R)1!)'(!/20*./!,)*8!

4+'&*0-!@@L>!P$0/!R0/C0/8! "$%I!A@G8KBG8GGGG!

P$5%+!*$'0;).$(>!).!)!;$*+!<0';$'1$'.!%0<)D .10'! )..*)<./! ,0.#! ,-/1'$//! )'(! %$1/-*$! .*);$%%$*/8! EC$'1.1$/! 1'<%-($! *$/.)-*)'.>! ,)*>! *003.02! /51CC1'&! 200%>! <0'3$*$'<$! )'(!,-/1'$//!3)<1%1.1$/>!&)*)&$!2)*:1'&8!

V1<#)%):020-%0-!LG>!E.#$'/8! "$%I!A@G8[A[8JGGG

"#1/! <1.+! %)'(C)*:! 1/! 2)*.! 03! 4.)*500(!

60.$%/! )'(! 7$/0*./8! E%%! ASL! *00C/! )'(! LS! /-1.$/! )*$! ($<0*).$(! 51.#! 0*1&1')%! )*.50*:! )'(! )'.1U-$/8! 7$<$2.10'! )*$)/>! ,)%%*00C/>! *003!&)*($'!51.#!E<*020%1/!;1$58!Y-N-*+!/2)>!

1'(00*!)'(!0-.(00*!200%/8!

4+'.)&C)!4U8!"$%I!A@G8BBB8GGGG

!),'%#!%&/!00#",$'&,$)'0

/#2#)'0&!))#3!

1#2!%#&!+$00$%&+!0!/'&*&(+!

,$0#1!4&#%%&!))#/!&!2'%-'&

SS! /.).$D03! .#$D)*.! *00C/>! @L! $N$<-D .1;$! *00C/! )'(! B! /-1.$/8! "#$! )<<%)1C$(!

T.*-/<0! 7$/.)-*)'.! /$*;$/! .02! U-)%1.+!

V$(1.$**)'$)'!<-1/1'$8!

R)%%1*01/!BA!O!W$.C$X)>!P$0/!R0/C0/8! "$%I!A@G8KA@8LBLB

E! .*)'U-1%! 31*/.D<%)//! ,-/1'$//>! /20*./! )'(!

3)C1%+! #0.$%! /$.! 1'! .#$! %$)3+! &*$$'! /-,-*,! 03!

V)*0-//1>!51.#!)!/51CC1'&!200%>!<0'3$*$'<$!

3)<1%1.1$/!)'(!/2)<10-/!*$/.)-*)'.!51.#!.$**)<$8 T2.)%030-!@B!\!@L>!V)*0-//18! ̟GN

Y0<).$(!/$)/1($!51.#!)!C)&'131<$'.!;1$5!03!.#$!

4)*0'1<!=-%38!E%%!*00C/!51.#!,)%<0'1$/!)'(!/$)! ;1$5/8! Q'(00*! )'(! 0-.(00*! 200%/>! ,0-.1U-$/>! ,$)-.+!2)*%0*>!,-/1'$//!<$'.*$!)'(!/2)8!

E&8!P1:0%)0-!@G!O!Q%10->!R);0-*1!

H0-%1)&C$'18!"$%I!A@G8JK@8@@GG!

P$5! 31;$D/.)*! 2*02$*.+! 0'! E..1<)! E;$'-$! %1':1'&!E.#$'/!51.#!.#$!1'.$*').10')%!)1*20*.8!

4.).$D03D.#$!)*.!<0'3$*$'<$!3)<1%1.1$/>!*$/.)-D *)'.>!.50!,)*/>!200%!)'(!31.'$//!<$'.$*8!

FG8A!:C!E..1<)!70)(>!,$.5$$'!$N1./!@[!O! @J>!42).)8!"$%I!A@G8SSJ8KGGG

!),'%(&'0'/)"!&+!0!/'&,$)'0

/#2#)'0&$04.+#/

1#2!%#&/!"!2'0

,$0#1!4&(-#)'(&

Y0<).$(! 1'! #1/.0*1<! W%):)! ,$'$).#! .#$!

E<*020%1/8! Z)<1%1.1$/! 1'<%-($! ,)*>! *$/.)-D *)'.>!/2)!)*$)!51.#!1'(00*!/51CC1'&!200%>! ,-/1'$//!<$'.*$>!&)*($'!)'(!-'($*&*0-'(!

2)*:1'&8!

P8!P1:0(1C0-!@JDAG>!W%):)8! "$%I!A@G8BB[8GGGG

71&#.! )<*0//! .#$! ]%+C21<! 4.)(1-C>! 1./!

4-2$*10*! 700C/! )'(! ^-'10*! 4-1.$/! )*$!

31..$(! 51.#! C0($*'! )C$'1.1$/>! 3*0C! 3*$$!

C1'1,)*! .0! 3*$$! 5131! 1'.$*'$.! )<<$//! )'(!

1'.$*)<.1;$!.;8!

R131//1)/!AE!O!W)'.)')//1/>!V)*0-//18! "$%I!A@G8SJG8@KGG

41.-).$(!<%0/$!.0!C)a0*!.0-*1/.!)..*)<.10'/!

51.#>! *003.02! *$/.)-*)'.! )'(! /51CC1'&!

200%8!

H)/8!E%$N)'(*0-!A>!R$/)*1)'18 "$%I!A@G8[AG8[GGG

T%$&)'.>!)%%D/-1.$!#0.$%!033$*1'&!#1&#!/.)'(D )*(!)<<0CC0().10'8!T)<#!/-1.$!2*0;1($/! &-$/./! 51.#! )! /$2)*).$! %1;1'&! *00C! )'(! :1.<#$'$..$8!

E*'1/!F>!Q%1//1)8! "$%I!A@G8[A[8JGGG!

insider athens! "! #$%!&!'()*!+,-.!./

!"#$%$&'()*'+")

0"+&.3.%'+$,

&$8')).,(9%*

+2".<",'$(3$%$;"(2.+"%

"#$%&'(&)*+&,+%)#$-!*')+.!/%!0/(/11/23!42$)!'(!

5678! 9')+.1:"*+;+<! 1#/)+1! =/)*! ;'<+$%!

(2,/./)/+1:! >+%)+./1!?3!0/(/11/2:! "+.@!A?B:CAD:DDDD

XJ+$.''S/%F!)*+!M,$'4'./1!2%<!)*+!72$'%/,!

L#.(3! )*+! G+)$'4'./)2%! 9')+.! ,';P/%+1! =2$;! *'14/)2./)-! 2%<! #$P2%! .#O#$-:!

7-%F$'#! MJ+! DWY3! >2.+'! Z2./$'! ":!A?B!RUT!?BBB3!;+)$4'./)2%[,*2%<$/1:F$

7+)!2,$'11!($';!)*+!.#1*!F$'J+1!'(!>+</'%! )'#! M$+'1! 42$S3! )*/1! ,'%)+;4'$2$-! *')+.! /1! 2! U&;/%#)+! =2.S! ($';! K/,)'$/2! ;+)$'!

1)2)/'%! 2%<! A:R! S;! ($';! )*+! M,$'4'./1:!

M . + O 2 % < $2 1 ! MJ + % # + ! ? B 3 ! M ) * + % 1!! "+.@!A?B:WWR:UYBB

e%! 2%! +.+F2%)! %+',.211/,2.! P#/.</%F3! )*/1! *')+.! *21! 2! $+1)2#$2%)3! F-;3! 12#%2! 2%<! '#)<''$!4''.:!`#1/%+11!,+%)$+3!/%)+$%+)!H! ,'%(+$+%,+!(2,/./)/+1:!

Z/.2<+.(+'1!A3!0/(/11/2: "+.@!A?B:CAD:DCAA

( ( )"0'&$0')

+2"(0$&-'

!',-(-".&-"(

,"4(

7/)#2)+<! /%! )*+! *+2$)! '(! )*+! ,/)-3! /)E1! ?BA! F#+1)!$'';1!2%<!1#/)+1!2$+!+.+F2%).-!(#$& %/1*+<!2%<!%2)#$2.!=''<!(.''$1:!G++)/%F!H! I'%(+$+%,+!142,+13!$+1)2#$2%)1!=/)*!42%'& $2;/,!J/+=1:!K21:!L+'$F/'#!ME!D:!7-%)2F;2!

7N:!"+.@!A?B:DAA:AA?B

\+1/F%+<!P-!)*+!I2;42%2!P$')*+$13!]6^3! )*+! .2)+1)! J+%)#$+! '(! 5678! 9')+.1! *21! TR! .#O#$-!$'';13!/%,.#</%F!?W!7)#</'1!2%<!C! _#%/'$! 7#/)+1:! ]6^! "21)+3! /1! )*+! 9')+.E1! /%%'J2)/J+!$+1)2#$2%)!,'%,+4):!

Z/.+../%'%!?C3!7-%)2F;2:! "+.@!A?B:DATDBBB

5678!9')+.!<+1/F%+<!P-!02$/;!b21*/<:!Y?! .#O#$-!$'';13!U!1#/)+1!2%<!C!4''.1/<+!P#%& F2.'=1:!c.)$2&)$+%<-!P2$&$+1)2#$2%):!

92$/.2'#!"$/S'#4/!UW3!0+(2.2$/&0/(/11/2:! "+.@!A?B:CAW:UUBB

`'#)/N#+!*')+.!=/)*!RB!142,/'#1!$'';1!2%<!

1#/)+1! 2%<! F$+2)! J/+=1! )'! )*+! 1+2! 2%<! 4/%+! ('$+1)1:!`2S#!b+1)2#$2%)!'((+$1!2!#%/N#+!</%& /%F!+O4+$/+%,+!=*/.+!G2.2P2$!2%<!)*+!V'PP-! .'#%F+!2$+!4+$(+,)!('$!2!F.211!'(!,*2;42F%+:!

I.'1+!)'!)*+!.2S+3!P+2,*!2%<!)+%%/1!,'#$)1:!

V/)'#1!??3!K'#./2F;+%/:!"+.@!A?B:WRA:RBBB

%'#"(-$%%"&/

,56($+2",)(3%$7$

! ! ! ).#'+"%($+2",)($'&3.&+

G'<+$%!2$,*/)+,)#$+!(/%<1!/)1!+O4$+11/'%!/%!2!;/%/;2.& /1)!<+1/F%+<!P#/.</%F!=/)*!</1,$++)!1=/;;/%F!4''.13!

Q+%!F2$<+%1!2%<!+)*%/,!+.+;+%)1:!"*+!*')+.!'((+$1!AR! 142,/'#13!.#O#$-!$'';13!/%,.#</%F!D!2$)!1)#</'1!2%<!A! 1#/)+1!2%<!2!142!2%<!(/)%+11!,+%)$+:! "*/1+'1!MJ+%#+!?BD3!6S2./:!"+.@!A??:?BC:TUBB!

`'#)/N#+&1)-.+!*')+.!=/)*!?WA!$'';1!/%,.#<& /%F!AD!1#/)+1!=/)*!P$+2)*)2S/%F!J/+=1!'(!)*+!

M,$'4'./13!/<+2..-!.',2)+<!/%!)*+!*+2$)!'(!)*+!

P#1/%+11!2%<!1*'44/%F!</1)$/,)!=/)*/%!=2.S& /%F!</1)2%,+!'(!>.2S2:!A3!K21:L+'$F/'#!ME!7)3!

7-%)2F;2!7N:!"+.@!A?B!DDYAUBB

M/$4'$)! *')+.:! 6O+,#)/J+! (.''$3! P#1/%+11! ,+%)+$!2%<!,'%(+$+%,+!(2,/./)/+1:!"='!P2$1!

2%<!)='!$+1)2#$2%)1:!9+2.)*!,.#P!2%<!,'J& +$+<!1=/;;/%F!4''.:!

6.+()*+$/'1!K+%/d+.'1!e%)+$%2)/'%2.!M/$4'$)3!

742)2:!"+.@!A?B:DYU:UBBB

>2$)!'(!)*+!M1)/$!>2.2,+!I';4.+O!=/)*!?CA!F#+1)! $'';1! 2%<! 1#/)+1! 2%<! J/+=1! '(! )*+! 72$'%/,!

L#.(:!7+2!J/+=!.'#%F+13!)$+%<-!P2$13!(#1/'%!2%<!

G+</)+$$2%+2%!,#/1/%+!$+1)2#$2%)1!2%<!4$/J2)+!

F2d+P'1!P-!2%!X.-;4/,&1/d+<!4''.:!

M4'..'%'1!UB3!K'#./2F;+%/:!"+.@!A?B:WRB:ABBB

0"%'1($+2",)

,.6.+"%

)+:(-".&-"(%/;$9"++*)(2.+"%

$+2",)(4$)

V',2)+<! /%! )*+! *+2$)! '(! M)*+%1! =/)*! ?DC! .#O#$-! $'';13! 142,/'#1! </%/%F! 2$+213! 2! ;'<+$%!*+2.)*!,.#P!2%<!J/+=1!'(!*/1)'$/,! ;'%#;+%)1:!

I*2.S'S'%</./!?U!H!AW)*!X,)'J$/'#3!

M,$'4'./1:! "+.@!A?B:DDA:B?BB

V',2)+<!/%!)*+!,+%)+$!'(!M)*+%1:!"='!`2$1a b+1)2#$2%)1! 2)! '#)<''$! b''()'4! >''.! H! .'PP-! 2$+23! 4.2-! 2$+23! F-;3! ($++! /%<''$!

42$S/%F3! ($++! ^/&Z/! 2%<! 42%'$2;/,! J/+=! ($';!)*+!b''(!L2$<+%:!

U&C!G/,*2/.!K'<2!7)$++)3!K2)*/1!7N#2$+:! "+.@!A?B:WAB:BTBB

V',2)+<!/%!)*+!#44+$!42$)!'(!0'.'%2S/3!%')!

(2$!($';!)*+!V-,2P+))#1!fV-S2J/))'1g!(#%/,& #.2$!$2/.=2-:!6O,+..+%)!$+1)2#$2%)3!V+!L$2%<! `2.,'%:!b''()'4!1=/;;/%F!4''.:!

0.+';+%'#1!A3!\+O2;+%/1!7N#2$+3!

0'.'%2S/:!"+.@!A?B:TU?:CBBB

c$P2%! 2<J+%)#$+3! <2$/%F! <+1/F%3! '$/F/%2.!

2$,*/)+,)#$+3! +%+$F+)/,! 1',/2.! *#P! 2%<!

1)-./1*!,';('$)3!M)*+%1^21E!A?!$'';1!2..! (+2)#$+!J+$2%<21!)'!)2S+!/%!2!)$#.-!2#)*+%)/,!

M)*+%/2%!+O4+$/+%,+:! \/'%-1/'#!M$+'42F/)'#!Y3!"+.@A?B:TAY:UWT?

!!!insider athens" #" $%&"'"()*+",-.!

+2"(4")+',($+2",)

!"#$%&'()*+',#-".)$-)#$%+/*.+*%'(01$2$3*.'42(

!"#$!%&$#

"! #$#%$&! '(! )*+,! -'.$/01! 2'3$&4!

3$0564! 743! 05#8/$! 7&9:5.$9.;&7/! 9:7&#1! <=! $&6'4'#597//>! 3$0564$3! &''#0!

743! ?! /'(.! 0;5.$01! @A<B! C7&! D$0.7;&74.! ('&! 543''&! 743! ';.3''&! 3545461!!

E'/'F'.&'45!A<G!E5(50057!H$/I!A<J1=AK1K?A<!!!

-#+&52&$

"! (5O$! #54;.$! P7/F! .'! N/7F71! SJ! 6;$0.! &''#0G!#$$.546!(795/5.5$0!743!7!/'O$/>!7.&5T ;#!%7&T9'(($$!0:'81!

D'O$&.';!]7//5!\G! 27F&56574451!

H$/I!A<J1SAK1=XKA

'()'!#*&+% ','(-&!#.(/(012!#0

-&!#.(#.#)!+'

L;M;&5';0! 787&.#$4.0! 743! 0;5.$0! 54!

N/7F71!27645(59$4.!O5$P0!'(!.:$!"9&'8'/50G! -73&574Q0! "&9:! 743! R$;0! H$#8/$1! +:'&.!

P7/F!.'!+>4.76#71!

L>05F&7.';0!ST<<G!N/7F71!

H$/I!A<J1KA?1SJJJ

^5.:54!P7/F546!350.749$!(&'#!7//!7&9:7$'T /'6597/!05.$0G!%;054$00!743!9'##$&957/!350T .&59.01!_49/;3$0!%7&G!&$0.7;&74.G!/'%%>!743! #$$.546!7&$701! *&#';!?G!+>4.76#7!+U1!

H$/I!A<J1KK`1XJJJ

'3'+2.2'(-&!#.

6#+20)&6#(-&!#.

)&0!'($','+2$&

0'$!&+2$2

!-#("#0!2$(+#0&+!()&0!'($','+2$&!

3%0!2:1#

_4085&$3! %>! '/3! 2$0054574! #7405'40G! 5.0! \\?!3$/;M$!&''#0G!0;5.$0G!<AK!P5.:!8&5O7.$!

54(545.>!8''/0G!'(($&!799$00!.'!74!$M.$405O$!

9'##'4!8''/!7&$70G!743!&$(/$9.!^$0.54Q0!

0''.:546!7$0.:$.591!

V7O7&54'!a;4$0!b'0.7!V7O7&54'G! N5/'0!2$005457G!H$/I!A`AKJ1S?JJJ (

2>0.5U;$!50!74!<X!O5//7!:'.$/G!3$0564$3!%>! c&74F!L$!c$O%&$1!

2>0.5U;$G!Z571!

H$/1!AAX=J1`<<<\

!-#(+&3'$&07('(.181+%()&..#)!2&$(+#0&+!

!-#(!02!&1+'0()&..#)!2&$(-&!#.(

AXS! $MU;505.$/>! 788'54.$3! &''#0! 743!

KA! 0;5.$0! P5.:! 5435O53;7/! 54(545.>! 8''/01!

H&735.5'47/!]&$$F!3$0564!P5.:!9'4.$#8'T &7&>!.';9:$01!

V7O7&54'!a;4$0!b'0.7!V7O7&54'G! N5/'0!2$005457G!H$/I!A`AKJ1S=JJJ

"&.! 743! :'085.7/5.>! 7&$! 6&795';0/>! 9'#T %54$3!54!.:$!;45U;$!%79F3&'8!'(!7!3&7#7.59! /7430978$1 c5&'0.$(745G!+74.'&545 H$/I!AAX=J1AK`\`

#,2'

! !

,#5#3'

!-#+3'#(0%..'("#..$#00(-&!#.(

"4!$M9$//$4.!9:'59$!('&!%;054$00!743!/$50;&$! .&7O$//$&01!<JJ!&$4'O7.$3!&''#0!743!0;5.$0!

P5.:!6&$7.!0$7!O5$P0G!#$$.546!743!%74U;$.T 546!(795/5.5$0G!';.3''&!0P5##546!8''/1!

"61!V5F'/7';!<K!W';/576#$451!

H$/1!A<J!XSSJKS<

<`!&''#0G!\!Y;45'&!0;5.$0!743!7!0;8$&T/;M! 8$4.:';0$!0;5.$1!N7&.!'(!)*+,!-'.$/01!

-7&5.'0!AAG!E'/'47F51!

H$/I!A<J1`AS1`AJJ

4+#0-(-&!#.

6-2.266&0

+5.;7.$3!54!.:$!:$7&.!'(!'/3!".:$40!P5.:54!

P7/F546! 350.749$! '(! .:$! N/7F71! *4Y'>! .:$!

Z&746$!C7&G!&''(.'8!&$0.7;&74.!743!8''/1! +'8:'9/$';0!A=![!E/50.:$4';0G!Z#'4'571!

H$/I!A<J1?A\1X?<<

D$9$4./>!&$(;&%50:$3G!7//!?J!&''#0!7&$!P$//T 788'54.$3!743!9'#('&.7%/$1!]''3!O7/;$!('&! #'4$>1!

25.0$'4!KG!"9&'8'/501!

H$/I!A<J1SAA1K=<<T\! ! !

W'.$3!'4$!'(!.:$!.$4!%$0.!0870!54!.:$!P'&/3G!5.! :70!<J<!&''#0G!`!+;5.$0!743!<!8&$053$4.57/!0;5.$!

P5.:!74!549&$35%/$!0$7!O5$P1!A!&$0.7;&74.0!'(($&! .&735.5'47/!2$35.$&&74$74!9;5054$!N'053'4'0!

AG! *3580'0G! *O571! H$/1! AAA=J1=J<JJ! !

W$3$#7!:70!\?!&''#0!9'4O$&.$3!(&'#!7! <JJ!>$7&!'/3!4$'T9/700597/!978.754Q0!:';0$!

743! 7! 8&5O7.$! 0P5#546! 8''/! ('&! 7//! .:$!

0;5.$01!W$3$#7G!2$67/':'&51!

H$/I!AAX=J1X<`S= !

0%+&0

6'!3&0 6'!3&0('9!20(012!#0(/(06'(

,2..'(0#.#$'

"! ?T0.7&! /;M;&>! :'.$/! 05.;7.$3! '4/>! 7! ($P! 0.$80! (&'#! ]&5F'0! %$79:1! b'4053$&$3!

8'005%/>!.:$!%$0.!/'97.$3!:'.$/!54!N7.#'01 N7.#'0G!]&5F'0!C7>1 H$/I!AA\`J1KAXJJ

"!/;M;&5';0!(5O$T0.7&!%';.5U;$!:'.$/!P5.:!0;5.7%/>! $U;588$3!&''#0!743!0;5.$0!.'!$40;&$!7!9'#('&.T 7%/$!0.7>1!H:$!08795';0!.$&&79$!P5.:!7!874'&7#59!

O5$P!50!53$7/!('&!%&$7F(70.!'&!3&54F0!H$/1!AAX<J! X=JJ`G!PPP1O5//70$/$471$;

insider athens! "! #$%!&!'()*!+,-.!./

!"#$ %&'()$*)+,(-(+*($.(-%&*($

"#$%&'()%*'#!+&,-..-/0!12#!

3456!7)%#11$#12"18!

7)%#177#%$99!

*%++,-*$!() %..$*,)'/!*,' /(01.$

3456!7)%#"7"#9%%%

23)453$61.&+(..$7(-%&*(.$ 3456!7)%#1":#;1": <-=-..-&.!>?4#!9%8!@&A/B..-

*%"-$,-)',-&$*,' 897$

>.C5-*-/B!728!<AD/04A3456!7)%#1)9#%%%%

:;<$3456!7)%#919#%%%% #=>-(..$9&?@$ E#!3A-C/B*-!")8!>,F40.

3456!7)%#17)#9929

2(+&A&$"5=@'-)B&A&$!

<-=-../B!);8!G40,-8!3456!7)%#;12#))%%

7>(('(=$

E404C&!7;8!)2C5'!>,F-0/0(H&'-&.8! <-=-..-&!3456!1%)#))%#%%))

CD7!

;C5'!+4&0-&.(@&AC/*/B5/B!>?#8!</A/*3456!7)%#991#;%%%

#-$&$01)'*2%%(')$0) ,01($'2 "-)*E)A&+&.&$:-&%&+0$7*E))3

71,F!IC,/?A-/B!)7:8!>'J45/C-*-8!

3F4..&5/0-C-!3456!7$)%#"79#%97

:-&%&+0$7*E))3$;&0EF5@

>'=-,F4&.!&0K!>L#!3A-&K/.!$%8!)"2!:;! +#!M&5-A/8!3456!7)%#911#1%918!:99#""7#7"""

G35*E).$6-).

72,F!@&A,-/B!7%8!+4A-.,4A-N! O40/=/K/.!)"8!+4A-.,4A-N! >=A/K-,-.!$98!P5-/0 3456!7)%#2";#;1928!7)%#2":#9)9%

-,(%*!3$%0)!1,0*$,' 833&('$D&*A,)-'.$

@/BA/BQ-!"8!>,F40.8!3456!7)%#:)%#;;9;

8?E(+.$/(3)*5?&)+$9(+?-( R&CD0,F/B!)%8!S5D=&K& 3456!7)%#9:2#%:9"

8??&*5$H)%(-.$

ED0LA/B!>?4#!)98!T4/.!</.'/.8!

3456!7)%!977!"77)

9(3(4-&?@$I+?(-+5?&)+53$H)%(-. <&*/K-.,A-/B!>?4#!)%78!T4&!P/0-& 3456!7)%!7"7!%)%:!

9)->)-5?($/(3)*5?&)+.$8?E(+. >L#!E&A&0,&!$78!T4&!UA-,FA4& 3456!7)%#1%%#$2)%

!->E(($6(&+)03)1$

7",F!C'!I5K!T&,-/0&5!G/&K!>,F40.(</A-0,F! H/V&,-/0!U54=.-0-&8!U54=.-0& 3456!7)%#9;:#:)%%!

!*?)>1.$/(3)*5?&)+$7(-%&*(.

WL4-&.!"8!@&A-0&!R4&.8!3456!7)%#;29#92$%

3-!0'(!3$%0')4) $03,-/-,3$01 23)453$61.&+(..$7(-%&*(.$ <-=-.-&.!9%8!@&A/B..-8!

3456!7)%#1":#;1": I67$J$I+?(-+5?&)+53$61.&+(..$7(-%&*(.$$ @-VF&5&C/*/B5/B!798!<&-..&A-&03456!7)%#"7;#22;)

!"##$%&'($#$&)*$+'&"##,$#-

012...#3,&4,35#6,7#78,#9,57#:;#<3,,=,#,&=8#>:+782# ?*95=3@9,#7:#A+5@4,3#&+4#+,B,3#>@55#&+:78,3#@55*,C !"#$%&!%'#%"()'*+%',-%!&.!/0*1,*2#!3*#!*$"0()'4'5*#"640% 20%4*7"%&!%'%/'++%',-%89:6;8<6=>?@

!"!insider athens# $# %&'#(#)*+,#-./!

3-!&,()!1,0*$,') "-5%(3$D35+$ XFA-.,/B!H&K&!$8!>,F40.

3456!7)%#$$$#$%%8!

YYY#,A&?45*5&0#LA

6!7NI8$8N:$;#/O#2!GIN8!

a&,Q-C/.,&!$8!>,F40.8!3456!7)%#:;)#%"11

6/8OI<$\&..-5-.!E/=-&.!7$8!>,F40.!

3456!7)%#"7)#$%$9

6C<28/I8$E,A&,-L/B!<&55&A-!$$>8!!

8B>E&?-&)+$

+#!+.DVF-V/#!3456!7)%#:";#1)%2

<D*A/B!;:!Z!+5/B,&AF/B8![&=03456!7)%#9%%#:%%%8!

YYY#&'*F-,A-/0F/5-K&D.#LA

98N8:8$$U,F#!>0,-.,&.4/.!;18!a&5&0KA-!

"-5%(3D35+(?KL$

G-L-5-.!)78!>,F40.8!3456!7)%#"79#7:;"

<&A&L-/AL-!E4A?-&.!;8!ED0,&L'& 3456!7))!)%"!9:1;8!

YYY#,A&?45*5&04,7;#V/'

3456!7)%#"7"#$;%%

9;I<#$

9;IN8$<A-0/0!7>8!+#!+.DVF-V/8!!

3456!7)%#:"7#$717

H&'J(5.?$"-5%(3$

9/!8"I8$3Q&?455&!;8!T#!+.DVF-V/8!!

\&.!E/=-&.!)%2()%"8!>'*45/C-*/3456!3456!7))#7))#11118!

YYY#'-K4&.,#LA

9C68$E/=/C54/B.!28!M-5/,F4-8!!

3456!7)%#:""#"%$$ 3456!7)%#:12#222%

9QD/C7$O40/=/0,/.!7>8!>,F40.8!!

+,-.##$&# /"01"(.0'2%#1$1"1&#'

!"#$%&##'#&()$*&#

!"#$%&$'"!()

M-(+*E$I+.?&?1?($

3456!7)%#$"$#;1%%

E-0&!$)8!)%:1%!>,F40.

3456!7)%#$$9#1:%%

9O#9;$/#DC6<I9$S#!E4=4A-!:8!!

;(33(+&*$8B(-&*5+$C+&)+$

:#NH8/R$@/BA/BQ-!)%8!>,F40.8!!

@&..&5-&.!778!)%:1%!>,F40.8!

3456!7)%#$:1#%9%%

6-&?&.E$9)1+*&3$

+#!+.DVF-V/#!3456!7)%#:")#9"%) 3456!7)%#"72#:;;%

#2QD"$\&.#!E/=-&.!$8!ED0,&L'&8!

3456!7)%#$:)#1:)7

</5/0&C-!E]B&A4!)"! )%:!"$!>,F40.!

3456!7)%#$:9#7$$$!!

#7"!NI8$@4../LF-/0!7(;8!>'*45/C-*/-8!!

I+.?&?1?)$9(-%5+?(.$

3456!7)%#"72#21:%

@-,A/*/54/.!7$8!)%2!2"! >,F40.8!3456!7)%#$:$#;))"!

2)(?E($I+.?&?1?

I'-A/B!);():8!)%%!$$! >,F40.8!3456!7)%#$::#)%%%

!+5..&.$913?1-53$9(+?-(

ED0LA/B!>?4#!)%"()%98!))"!;2! >,F40.8!3456!7)$#%)"#1%%%!

I+.?&?1?)$I?53&5+)$'&$ 913?1-5

+&,-..-/0!^71!IC,/?A-/B_!;" 3456!7)%#$:9#7$$$8!

7)%#27;#7:;:

3456!7)%#";"#2::%

MIN<8N:$a&,Q-D-&00-!@4`-!28!>,F40.8!!

M/8N9#$\&.#!E/=-&.!"8!ED0,&L'&8!!

3456!7)%#$$9#)%%%

MQ/!H$+&*&K-&'&0,-!;8!+#!+.DVF-V/#!!

3456!7)%#:";#9212

2#!/2I8$>L#![-'-,A-/B!7;8!!

+#!+.DVF-V/#!3456!7)%#:";#7)1:

2#/H8NQ$<&A&/5-!Z![-'-,A-/B!$8!>,F40.8!

3456!7)%#"71#2)))

;CN28/Q!<&A04&K/B!728!</5/0&C-!!

3456!7)%#"72#:1%%

IN:I8$<54&0,F/B.!$8!@4,.8!

3456!7)%#"7)#:;1) IN:!N#7I8$@&A&,F/0/KA/'/0!998!!

8<68NI8$\4C-&A45-!"8!M-5/,F4-8!

3456!7)%#:1"#:7%%

8<2#/I8!

\&.#!X/0.,&0,-0/B!);8!>,F40.!!

3456!7)%#"2:#;)9)(7

8/2#N"IN8$

\&.#!E/*F-&.!298!>,F40.!

3456!7)%#"7;#;)21

8/H#NI8!

<#!+&5&-/5/L/B!928!>,F40.8!!

3456!7)%#:1$#))$%8!

7)%#:1$#));2

8C7"/8<I8!

+#!+.DVF-V/8!3456!7)%#:";#7$;2

I/8N$E,A&,-L/B!<&55&A-!):8!+&,-.-&8!!!

3456!7)%#:";#);$:!

I/8S$@&Q&A&C-!;8!+.DVF-V/8!!!

3456!7)%#:""#17":

I/#<8N:$\&.#!</0.,&0,-0/B!"8!@4,.8!!

3456!7)%#"7$#7;%2

I7/8#<$@&A&,F/0/KA/'/0!)8!! +#!+.DVF-V/8!3456!7)%#:"%#22%%

I"8<Q$E4C4A-!78!</5/0&C-8!

3456!7)%#$:)#"7:%

P8D8N$U,F0-C-.!>0,-.,&.4/.!;:8!a&5&0KA-#!

3456!7)%#:"%#99%%

<-=-.-&.!Z!>54`&0KA&.8! >'*45/C-*/-8!3456!7)%#1"%#;%%%

P!/:8N$+&*&K-&'&0,-!7)#!+#!+.DVF-V/#!!

8C7"/I8$\&.#!E/=-&.!>?#!;8!

>,F40.8!3456!7)%#"72#"7"%!

R8O8R;7"8N$P'-,,/B!)778!+&*&L/B 3456!7)%#:2;#"":2

8O#/68IP8N$

R!/#8$@4../LF-/0!7(;8!>,F40.#!

EC/B=&!)%8!>,F40.8!3456!7)%#$:$#7"7)

68N2<8:#7;

@&A&,F/0/KA/'/0!))98!+&5&-/!+.DVF-C/ 3456!7)%#:"7#%72%!

6#<2ICH$

E4C4A-!$8!</5/0&C-8!3456!7)%#$:%#%$);

3456!7)%#:";#;):)

!3456!7)%#:91#;%1%

RCT8I"$@&A&,F/0/KA/'/0!7"8!! +#!+.DVF-V/8!3456!7)%#:";#$29$

<#68N!N$:8!72,F!@&A,-/B8!+#!+.DVF-V/8!

3456!7)%#:"2#21"$

!"#$%&'()*+',#-".)$-)#$%+/*.+*%'(01$2$3*.'42(

!"#$%$&'

0&12!(34+56F+(3(4

"#$%&'#!()!*+!*,-.%/.')!0&12!(34+563+6784

0$!E"&#$&'9:,+!C'D%/:,!F8)!H'1'#:Q/!!

!"()*+'9:,+!;&'<=/'>!?@!A)!"$%&#,)!

;'>N/+!0&12!(34+66(+5444!K!37B7

0&12!(34+6(8+FB75

0&12!(34+6(5+B444

0&!-$&'9:,+!H'#,$:#$/#'>!BA)!"$%&#,!

")(&$#*'C$&D%:#'>!E&1$:!F)!G/1'$%&/)!0&12!

1#/4-0!(2,+1/0-3+

0&1+!(34+6(8+FFAB!

(34+5A4+4(B4

0"Z*1H?"(,'9:,+!C'I/:,!(B"!K!L&'I/V

"&*'H/I/,,/:,!"J+!(84!K!L+!*:</$,/!()!

&:-&#.*:'1*:$.&0'%*(-$.*%L' %@229<=C6'H4C5IC7D''

0&12!+(34+566+4((4

1&0!&'

")'

9+!C'I/:,!85)!"$%&#,)!0&12!(34+66A+73BA

*1'>$:<.%'>!3)!"$%&#,)!0&12!(34+6(6+(544

1*Z$.?!G/1/Q/,!X$:/<&/:,!C[+!3F)!H'1'#:Q/)!

"%&'

0&12!(34+6(8+F6A4

9:,+!C'I/:,!83)!"$%&#,)!0&12!(34+6(3+(873

1?0:&-$&';&'<=/'>!?:.>!(4)!G/1'$%&/+!

"(","&+'

0&12!(34+588+4554

M&#:#N<'>!3)!H/I/,,/:)!!0&12!(34+B53+B7F8

1?(?..?'M:<:$%'#'N<'O'#!7)!!

-&!$.&#

*+!*,-.%/.'+!0&12!(34+56F+F(34

'M:J/1/!()!*+!*,-.%/.')!0&12!(34+56F+B78A

#*!E*(0&#:%'9:,!H'#,$:#$/#'>!7V6)!

-*#*/"*0&'M:<:$%'#'N<'O'#!38)!!

M&$,)!0&12!(34+6(7+F844

*+!*,-.%/.'+!0&12!(34+56(+8358

#$,*($&'C$<&/$!36)!G/1'$%&/!0&12!(34+A4(+33AA #?([&+'Y:$]/-/:##/!M&a/!7)!"$%&#,!

-$*!#&1'P:Q/#$%'#!74)!*,-.%/.')!

0&1+!(34+53(+A6BB)!(34+567+B4A4+

0&12!(34+6(8+43((

A&0*%!$#*';/:,,&O/'#!3B)!!

*+!*,-.%/.'+!0&1+2!(34+56(+5453VB

A&#&1&'*<:a/$&1'>,!38(!K!TT!M&<:<V .%/:,)!*/<:&>,)!0&12!(34+F(A+5FF3

A*("'

C&O/$&1'>!()!"$%&#,)!0&12!(34+668+(653

AE$0$AA$#*%'"#$%&'#!(5)!*+!*,-.%/.'+!

0&12!(34+56(+3AB6 A?0&#:'U%<-,:#$%&O'#!(()!! *+!*,-.%/.'+!0&12!(34+568+6644

A?(!",&0'9:,+!C'I/:,!(B)!H'1'#:Q/!!

0&12!(34+6(8+4485!`!(34+6(B+56AF!

\&!&(!*&</Q1&'>,!(!K!H/I/,,/:,!"J+!(3()!

L+!*,-.%/.')!0&12!(34+6(7+74B3

'-"2)"(0*"+

0&12!(34+6(F+536B

A&)$%!&#'W'>Q/:#'>!5)!XJ:==&1/,O',)!

(?1&#$&'XOO+!?&#:Q/!6)!

*+!*,-.%/.'+!0&12!(34+56(+AA67

("%%$&'L/Q/I'<',!W-$<:!(A)!!

*+!*,-.%/.'+!0&12!(34+56(+7(B7

%&":$'&(&H$&'*:1:/'1'=%'>!(!K!"=/:,!

"##/,)!Y:1:#N</)!0&12!(34+563+5833

%*(H$&'9:,+!C'D%/:,!345)!"$%&#,) 0&12!(34+666+FBFF

%$#,&A?(*'"/=/:1/:,!36)!*:<:N/,,',!

"O:<'>,,/'>+!0&12!(34+5AF+746(

%0?-&)'(*A"H0$.';+!C&I&</!F)!! *+!*,-.%/.'+!0&12!(34+566+38A4

%0?-*#$&'H/I/,,/:,!"J+!(A4!K!E/O'Q<:V

$/:,!3)!L+!*,-.%/.')!0&12!(34+56(+4484V483

!"!#$!%&'( %)"*!#+ &23456789'0&12!355 :;8<;=>'%?%'0&12!3435+!

0%&-!R/11!/,,>&!:#!/#J'/.&! $'!.1:/O!<&/OS><,&O&#$!I<'O! -'><!/#,><&<+!

TD/<'>!3)!"$%&#,+!

:4<@'AB6=268C9>'

U:11!3FBF)!"1,'!.%&.Q!#&R,D:V D&<,!I'<!1/,$/#=,+

*29=D978@'E;>FC<65> 0&12!3FBF

GC=9'H=CD6I9!0&12!388!

G;=9><'GC=9'0&12!383 A;C>;7'E;<5C79' 0&12!(34+668+B666

A;5C89'0&12!344 !;4=C><'A;5C89'0&12!363 .;6><',46=I'0&1234A! &C='A;5C89'0&12!(34+85F+(444!

#,-.(-++/+0-%&! *0A&'0&12!34F44 *29=D978@'%9=JC89'0&12!34F *KF=9>>'%9=JC89'0&12!37F E9556>'%9=JC89'0&12!3476 $7<9=629=C867'0&12!337A!

%?"!E'&G($.&'

%A&$#!E/'#-,/'>!"<&'D:=/$'>!(3)!*1:Q:)!

0&12!(34+8(3+B3(B

%[*:*#'9:,+!H'#,$:#$/#'>!6)!"$%&#,)!

0&12!(34+6(5+5344

%[$!/*(0&#:!T:,/'>!()!XJ:==&1/,O',)!

0&12!(34+6(B+4B5FV5

!&$[&#'M:<:$%'#'N<'O'#!76)! *,-.%/.')!0&12!(34+566+73(( ^&D<&,&#$:$/J&!'II/.&

!E&$0&#:'M:<:$%'<'N<'O'#!(7!K!

H-D<'>)!*+!*,-.%/.')!0&12!(34+56F+8457

!"#$%&

H/I/,,/:,!54)!M:<'>,,/+!0&12!(34+534+55F7

1-!./-0#/&( 2,+1/0-3+ *"(?.0$#$.'A&*:?#'

W&O&,,'>!B8VF3!K!"%:<#'#!

(48)!H:$'!*:$/,,/:)!

0&12!(34+A58+3844

A&*:?#'&,$&'%?G$&' E?%A$!&0' M/Q<:,!",/:,!:#N!0%/J'#)!! ;'>N/+!0&12!(34+6F5+6444

X$%#/Q/,!"#$/,$:,&',!55)!Y:1:#N</+!!

0&12!(34+566+B76B!RRR+,-OO&$</:+=<!

.*#!(&0'.0$#$.'?G'&!E*#%'

",Q1/D/'>!C$+!B3)!"$%&#,)!XO&<=&#.-!#>OV S&<!3358!'<!0&12!(34+B56+F444!

RRR+.&#$<:1.1/#/.+=<

*"(?.0$#$.'

E/:=#',$/.)!,><=/.:1!:#N!$<&:$O&#$!.&#$<&+! "$%:#:,/:N'>!8)!"$%&#,)!Z#&:<!M:J/1/!C[+\)!

0&12!(34+5F3+5544!! *"(?:*#!$.&'

CD&./:1/]&N!N&#$:1!.:<&! *:$/,/'#!374)!"$%&#,)!0&12!(34+A55+BB56VA "1:O:#:,!B)!M:<'>,,/)!"$%&#,)!

0&12!(34+538+7654V3)!X1+!9&#/]&1'>!35()!

H:11/$%&:)!"$%&#,)!0&12!(34+875+7B57

+,*$&''

H/I/,,/:,!K!X+!C$:J<'>!F)!M:<'>,,/)!

0&12!(34+5A5+6444)!RRR+-=&/:+=<

$&!($)?')*#!(?'

M&!E*#%'1*:$.&0'.*#!*(N'!

"<&',!B5)!*+!G:1/<'+!

0&12!(34+8A8+(344V(4+!E/,$'O'>!7V6)!

M:<'>,,/+!0&12!(34+538+A344

E*&(!'R'-&%."0&('.*#!(*' *P#P':95C6=D@=C>L'1:'G&..'G%.&$'T#V

$&<J&#$/'#:1!.:<N/'1'=/,$+!C'>$%&<#!"$%&#,+!

9:Q.%'>!(!K!9:,+!H',$:#$/#'>)!

0&12!(34+A86+5(65)!RRR+%&:<$1/#&+=<!!

0C6':P'A6F6<B676S;4

E&<O:$'1'=/,$!_!9&#&<'1'=/,$ "N>1$!`!*&N/:$</.!E&<O:$'1'=*:$</:<.%'>!T':Q/O!FF)!!H'1'#:Q/!

0&12!(34+6(8+F74()!586FB778F(+

%!5+1-1!#+(6( "-$-7/%!+ &<B97>'$7>CI9=)!$%&!S/VO'#$%1-!

O:=:]/#&!I'<!;<&&.&!/#!X#=1/,%! !B9'$7<9=76<C;765' #9T'+;=S'!C29>'

.:<</&,!$%&!X#=1/,%!J&<,/'#!'I!

)6<BC29=C7C

#-./, &<B97>'$7<9=76<C;765'' (6IC;'UVWLW'!

;''N!M'<#/#=!"$%&#,!:$!34:O)!

X#=1/,%!D<'=<:O,!:$!33:O)!O>,/.!

D<'=<:O,!'#!R&&QN:-,!:$!8DO)!

R&&Q&#N,!:$!3DO+!*&/<:/',!344)! "$%&#,)!0&12!(34+BF3+3534

1*!(?A?0$!&#'E?%A$!&0!!

X$%#:<'>!M:Q:</'>!8!K!X1+!9&#/]&1'>)!!

L+!G:1/<'+!0&12!(34+FA4+8444!!

RRR+O&$<'D'1/$:#V%',D/$:1+=<

$&%?'!

H/I/,,/:,!B6VB8)!M:<'>,,/+!!

0&12!(34+53A+F444

1$!*(&'!

H/I/,,/:,!K!X+!C$:J<'>!5)!M:<'>,,/+!

0&12!(34+5A5+8444!

1)*3/&(2,+1/0-3+ &%)0*A$*$?#'E?%A$!&0''

9:,+!*:J1'>!3)!9'>1:+!0&12!(34+A87+AB43VF

/0&11$+

$'>!9:OJ:!()!C-#$:=O:0&12!(34+6(7+5F44

A&*:?#'&,0&$&')+($&)?"'

E?%A$!&0'W/J:N/:,!B!:#N!0%/J'#)!

'()$*+&,-".*#

0$H+&'9-<'#',!3B)!*+!*,-.%/.')!!

$#!!8(3-%$)-$! !B9'&<B97>'.97<9=

FA!"<.%/O/N'>,!C$<&&$)!M&$,)! "$%&#,!335B5)!;<&&.& 0&12!(34+643+7(F(

.*0!'&<B97>

66!".:N&O/:,!C$<&&$)!345!6A! "$%&#,)!;<&&.&)!

0&12!(34+BB4+3F77!

,=99S'E;4>9

E<:='>O/!6)!3F7!53!H/I/,,/:)!

0&12!(34+A4A+73A5

*-&#,*0$%1?%'!

E95597C8'&29=C867'"7C;7

)&!'E?%A$!&0'!

?2C5;',=99S'067D46D9'&7I'.45<4=9

L/Q/,!()!H/I/,,/:)!0&12!(34+5(A+4444!

CD&./:1/]&N!$<:>O:!>#/$+!

*:#:=/!0,:1N:</!3B!ZF$%!I1''<\)!373((!

M:<'>,,/)!0&12!(34+53(+(645

!/&##*$?'!

/%0!#%-0/,%-3(+&2,,3+(

PD,/1:#$'>!F7VF6)!H'1'#:Q/)!

0&12!(34+6(4+3444

"I&#$'>1/!K!0]:#/)!*/<&:>,) 0&12!(34+F73+8F33V8!

12'+/&/-%+(!

((!M:,,:1/:,!,$<+)!345!A4!"$%&#,)!

0&12!(34+B5A+4844!

%<'.6<B9=C79X>' H=C<C>B'*236>>@'%8B;;5

ZXL;WTCY!C*X"HTL;\

C'I'Q1/,!9&#/]&1'>!66)!W-Q'J</,,/!

0&12!(34+(A(+8674

$;677C>'HC<O;>L'1:'

%<P'06T=9789'.;559D9'

&PQP')67955;F;45;>L'1:!

&29=C867'.;2247C<@' %8B;;5>';Y'&<B97>

X-&!C><=&'#)!0,'%:!36)!"$%&#,)!

0&12!(34+6F6+(666

"=%/:,!*:<:,Q&J/,!"J&+!3(8)!Y:1:#N</)!

0&12!(34+5B8+B(44

:C2C<=C>'0C7;>L'1:'G&.%'

H@=;7'.;559D9

*1:,$/.!K!^&.'#,$<>.$/J&!C><=&<-)!Y:</1:'>!

0</Q'>D/!5()!H/I/,,/:)!0&12!(34+A4A+45A(

;&#&<:1!C><=&'#)!H/I/,,/:,!((6)!H/I/,,/:)!!

0&12!(34+53(+7443V(!

"#&O'#!C$)!H'<'D/)!0&12!(34+A83+6444

G/1'1:'>!6)!;&<:Q:,)!

0&12!(34+54F+66((

insider athens! "! #$%!&!'()*!+,-.!./

T0`!<0+1!3LH-! /0+5!^F0K0@<%N0_1!32B O/W!@*'<)90;!'0;N%@01!3LS! (,<0;,&<%),&+!@&++!%,K);9&<%),! ^W,#+%'$-!Y;0,@$!=!>0;9&,_1!36B! ```5)<05#;!

```5%:&5#;

H?::I(J28@1>:?("K@=1CK:87( &?D286L27618(/&4"A0( ```5)&0F5#;-!/0+1!234!BB!HB!444

$;<=69(,:?M69:5(

"F9%,%'<;&<%),!(,K);9&<%),!

M0,<0;!^R&R0;`);:!&''%'<&,@0_!! ),!`00:F&G'!H&9CLR9!^JW._1!! /0+1!377-!``5:0R5#)N5#;

+123(455657289:(( WQ."1!34S

$;<=69($1>:?(.1?@1?27618(/A"*0!

B:27F:?(477692N!!

(,!@&'0!)K!R)`0;!K&%+*;01! /0+1!234-!D2L!BBLB!```5F0%5#;!

/0+1!3SH-!```5$,9'5#;

B27:?(,;@@=C()(,:>2D:(/"EA4$0(

.676L:8O5(+6DF75(&K<;35K28P(!

(,!@&'0!)K!`&<0;!@*<1! /0+1!3242-!```50GF&R5#;!

"#$%&'!()*+%&,%'-!.&++%,%-! /0+1!234564753744

-./#"'()*+&&,(%'(01+.'2

*#)$+#,)-"#,./0-#1$+2,+)$#(

!"#$%&'()*+&&,

D!U&<P%G%&,,%'!A0d%'!^,0&;!<$0!

U%+<),!U)<0+_-!/0+1!234!72!HB!6S4

%")*#'+, -#".%&)/&(%"' L+.(!&11"?.(M%'J./?"/1.'

8%9):;%<)*!6!=!>0;9&,%:%'!?@$)+%'!"<$%,), A&;)*''%-!/0+1!234!63BB264CD!

.'&;),!7S-!U&+&,F;% /0+1!23456H25762B

-/..3(-./#"'()*+&&,

>"/,7(6."/'%'?(

2D!A&;<%)*!=!E0;,&;F)*-!E;G+%''%& /0+1!23456H254D66

4'1./'"1%&'",()*+&&,(&5(01+.'2 I0,%&'!&,F!";<09%F)'-!J%K%''%&-! /0+1!234562L5LHHH

67*8.(9/"'*&:;.,,8'%<=.( >=?@'.(A.,"*/&%B

M$+)%'!=!/;%:&+),-!"#5!.&;&':0N% /0+1!2335L445B323

)*=&,"()1"1",.(41",%"'"

OF)'!A%<'&:%!3H-!",)!.&<%''%& /0+1!234522H52724

)1(!"1+./%'.C2(D/%1%2+( >#E"227()*+&&,

?)K):+%'!E0,%P0+)*!77-!QG:)N;%''%! /0+1!23452H25B7D4

)1F(6"G/.'*.(!&,,.?.(

",09),!?<-!J);)R%-!/0+1!2345HB357444

!"#$%&'#(#%' H'%I./2%17(&5(4'J%"'"$&,%2(

(R%<)*!B-!"<$0,'-!/0+1!2345L2L566S7!

A>K>>

>;&N%&'!6-!"#$%&!.&;&':0N%-!! /0+1!23456445BH44

06D0(-/"J="1.(D=2%'.22()*+&&, "<$%,&'!"N05!=!";0)'!2"-!E)*+%&#90,% /0+1!2345HB65SDL3

V%P)*,<)'!DL-!W++%,%:) /0+1!2345B635H76L

;&$2*&1*+(4'1./'"1%&'",( M%'J./?"/1.' "#5!/;%&,F)'!BL-!E&;% /0+1!2345B6D5LBHD

6."/'%'?()1.$2

J&''&N0<%!22-!J%K%''%&-!! /0+1!2345H4353S2H

)%&2/", -#".%&)/&(%"'

)*=&,"(#"1./'",(%1",%"'"(J.(01.'.

A%<'&:%!3H-!",)!.&<%''%&-!! /0+1!23452425427S

4,(N=,%'&(#"?%*&(

/;)&F)'!2L-!"#!.&;&':0N%-!! /0+1!23456445L3SH

0#./%*"'()*+&&,(&5( !,"22%*",()1=J%.2(D,.?.'( ?)*0F%&'!DS-!"<$0,'! /0+1!234572L56L3L!!

01+.'2(!&,,.?.(6%E/"/7

?<0R$&,)*!80+<&-!.5!.'G@$%@)! /0+1!234567B5H344!

D.'"3.%&2(6%E/"/7

",<$%9)*!>&P%!2-!"<$0,' /0+1!2345L6753427

D/%1%2+(!&='*%,(6%E/"/7 J)+),&:%!?\5!37-!J)+),&:% /0+1!2345L6L5L233]D!!

P..3:":E&&(P/.)*+&&,

E)*#+%&90,%-!/0+1!2345B6753B74

P.1./(P"'

Q&:),%&'!SC6-!E)*+& /0+1!2345HBD5B6DS

P/%'*.(0,,.'(L+.(>'?,%2+( Q=/2./7()*+&&, QG'%9&$)*!H-!E&;% /0+1!2345B6D56H44

/0+1!445H44533HH574L54L!

.)'<!)KK%@0'!)R0;&<0!`00:F&G'!

H&9C2R95!/$0!9&%,!R)'<! )KK%@0'!%,!"<$0,'!&;0!+)@&<0F! &<!?XT/">A"!?ab"VW!&,F! OAOT("!?ab"VW!&<!"0)+)*!344! &,F!)R0,!`00:F&G'!71L4&9CHR9-! ?&<!71L4&9C2R9-!&,F!?*,!B&9C 31L4R95!

!&='1/7(!&J.U(L4! !%17(!&J.U(234! %'1./'"1%&'",(*",,2(K%;'<!F%&+!

44-!<$0,!<$0!@)*,<;G!@)F05!! /)!@&++!K;)9!&!P=E,%*( ($"7:($+&'.![*G!&!R$),0!! @&;F!&<!<$0!:%)':'5! .;0R&%F!9)[%+0!R$),0!@&;F'!^?(A! @&;F'_!&;0!&N&%+&[+0!K);!cD!&<! :%)':'-!R)'<!)KK%@0'-!9%,%!9&;:0<'! &,F!9)[%+0!R$),0!@)9R&,G! '<);0'5,,,,,,,,,

;.,,.'%*(0#./%*"'(H'%&'( -/..3(6%E/"/7( 22!A&'&+%&'!?<!^7<$!K+));_-! "<$0,'-! /0+1!2345L625BHH6!!

41",%"'(4'21%1=1(6%E/"/7 Q"1%&'",(6%E/"/7

0=($.1%1(E&'+.=/(

Q&/J%*(6%E/"/7

S-!J)F;)*-!Y%+)<$0%-!! /0+1!23456775LH4L

N0)L>K!0KA(

O9%;)*!3SC36-!"<$0,' /0+1!2345L645H333!!

.&<%'%),!S7-!O9),%&

N"/7(P&$$%'2

/0+1!2345B2B54244!

-&.1+.(4'21%1=1.(6%E/"/7(

0&%"1+, -#".%&)/&(%"'

?R&;<%'!L6!=!U&;%+&)*!/;%:)*R%-!!

J%K%''%&!/0+1!234!H4!33!D74

A4Q>K)(!6HD(

.$0%F%)*!3-!"<$0,' /0+1!2345L6254274!!

!

D4!(;&:+%<)*-!>+GK&F&-!! /0+1!234!B6DH!247

/0+1!2345L2S5SB7D!

9/.'*+(4'21%1=1.(6%E/"/7

-./#"'(0/*+".&,&?%*",( 4'21%1=1.(6%E/"/7(

U&;%+&)*!/;%:)*R%!36-!J%K%''%& /0+1!2345H435273B

0N>K4!0Q(>SPK>))((

/0+1!445H445336L5H4L54S !

Z&;[&G%&,,%'-!.&++%,%-!/0+1!234564L52D27

#(/*#/",-#".%&)/&(%"'

*3'(,3&,'(3*%",, 1&%.#(,1/&.'

T4)0(!

R(#%3/&2(0'1&'%2

N.,%'"O2(M%'J./?"/1.'

D=2%'.22(!&,,.?.(&5(01+.'2

!"!insider athens# $# %&'#(#)*+,#-"./

P,"7("'J(6."/'

L3!?%,&!?<-!"<$0,' /0+1!2345L625SL43!!

6.2(0,&=.11.2

/&<)%)*!2!=!O<$),)'!77-!J%K%''%& /0+1!2345H4H5H44H

MG@+&F),!33-!>+G:&!T0;&-!! /0+1!23456445L3B6

"<$5!8%&:)*!H3!=!XF;&'!D-!!

J%K%''%&-!/0+1!23456245DH3H

0#./%*"'(H'%I./2%17(&5(01+.'2 J%K%'%&'!=!?)@$)*!S-!T0)!.'%@$%:)-! /0+1!234572D5BL43

P"/"#71+%"

&'"#$ &"()

,1962=(,:9;?67C()(%:2=7F(685;?289:( /*G40(!

3-4+,-+$(

!"#"$%&'"()(*'!"+'"!(( ,"+-*.",(/&!"0(

!"#$%

0JI./1%2.(%'(&=/(,%21%'?2V("'J(/."*+(1+&=2"'J2(&5(*=21&#./2W((.#"%,(=2("1U("J2X%'2%J./:#"?"Y%'.F?/

/P&N0++&!2D-!?G,<&#9&-! /0+1!2345LH2546D7!!

7!J&N&+)<<%!?<-!A&:;%#%&,,% /0+1!2345B2S5B234-!2345B2S5B233

"JI./1%2.(%'(&=/( 0JI./1%2.(7&=/(E=2%'.22(+./.("'J(&'(&=/(G.E2%1.U ,%21%'?2V("'J(/."*+( GGGF%'2%J./:$=E,%*"1%&'2F*&# 1+&=2"'J2(&5( *=21&#./2

"#$%!*(')+,-)*.''/**

!3/'$(,&09;3&%"(D"'Q&*"((

"#$%!*(')+**)'...C&'0)+++,

89%Q"*/$(1'$Q".(!#"%*7(( R(,&09;3&%"(D"'Q&*"3((

"#$%!*(').,()..0.

"#$%!*(').**)-'+'!

!&'(1$2&3(12#$34567#8!9:;!

,&09;3&%"3(+$*$7$(((

4'&/&35(!&'6$73("#$%!*(').-.)'?-.!

89%/&%"%/$.("#$%!*(').-.)?.(* 87:';3(!&'6$73!"#$%!*(').-.)?('' <$37(="/("#$%!*(()(+&)''(. <.(!.("#$%!*(')+.?)(-''/( <0&'$/"3("#$%!*(')+..).?'' </&5$>("#$%!*(').*?)('(' ?@"'&$!@@@)3A#839)45BCD8 ,;A/5$%3$("#$%!*('),(0)-*'' B.70:&*(!&'6$73!"#$%!&'()&'()'('( C$/$'(!&'6$73("#$%!*(')+-')&0'' D&%#$:9'"!"#$%!*(')++?)*-,0 D6&33(E(8'933$&'("#$%!*('),(0)-.*' 1;%&3$&'("#$%!*(')+,+),?+, 1;'F&35("#$%!*(')+&&)-0''

!"#()#*

"#$%!*(')+&&).**(!

!.&/$.&$!"#$%!*(')++&)&&&& !0"'&*$%!

6$9:#!4<987#8=>! "#$%!*(')+.&)?(?+

<."A/5"'&93(G"%&H".93( ?%/"'%$/&9%$.(!&':9'/ E6979)!"#$%!*(').-.)''''F! *(').-.)(''')!@@@)939)D8

IJ(KBLM(G?N(1M!ODP NBM1(D<MG?8<

GEG!EHI496!E#8J34#=!97!K7<#:=!

K386587!685J3;#=!L##7!M!N8##7F! O9DD9D#!29P$3:D!9:;!"89:=6587!

E#8J34#)!! "#$%!*(').-.)'(''! @@@)=HI496)D8 Q58!3:R5!9A5P7!7<#!6PA$34!AP=!$3:#=!6$#9=#!

4<#4H!5P8!=#4735:!6PA$34!789:=6587!

20#/#&%*0$

!!!(M97$.(N'"3/&#"(

"89B!373:#8983#=!98#!5:$I!R85B!EI:79DB9!75!

E)W)Q!13:![#5!Q9$385>!9:;!R85B!EI:79DB9!75!

K=H$3635!b5P$9=)!Q85B!L5:;9I!75!"<P8=/ ;9IF!789B=!56#897#!R85B!-)9B!P:73$!

B3;:3D<7!9:;!:5:/=756!R85B!Q83;9I! B58:3:D!75!EP:;9I!B3;:3D<7)!! @@@)789B=9)D8!

!>$(M"%/P$P8$'(!

"#$%!*(').**)''&0!

!'"%$("#$%!*(')&+?),&&.F! *('),(?)0?''

!;/9(L%&9%( "#$%!*('),'*)'(,* !Q&3("#$%!*(').**)?+-( 4;>#"/("#$%!*(')+*()?00(/. <;'9:*$'("#$%! *(')+*?)&&('/&

K"'/H!"#$%!*(')++&)*''' -&*5$".(D/$09;(,;2;'7( M"%/$.3((

"#$%!*(')+**)*??*C?.!

D&2/(M"%/P$P8$'( "#$%!*(')-0'),&+-F!*(')+**)'(0(

"#$%!*(').*.)?(*'

S5BA3:#;!734H#7=!R58!B#785F! AP=#=!9:;!785$$#I=!10(F?'>!!

98#!9J93$9A$#!R85B!B#785!=79/ 735:=!9:;!4#:789$!734H#7!A557<=F! J9$3;!@37<3:!+'!B3:=!!

5R!J9$3;9735:!R58!9$$!6PA$34!789:=/ 6587!/!#T4#67!7<#!9386587!=#8J34#F! @<34<!45=7=!&0)

()*+(&&,-%&, .+$#/0$,1"+*$+0

STU(+&A&393(?%/"'*&/7(( 4;3(D/$/&9%(P(!/5"%3(!&':9'/( <2:'"33V(( U38#47!S5::#4735:!75!7<#!3:7#8437I! AP=!1V"WX>!7#8B3:9$=!VYQYEZE! 9:;!XYZEYZ[!

STW(D7%/$#0$(X(!/5"%3(!&':9'/( <2:'"33V(( U38#47!S5::#4735:!75!EI:79DB9!

E\P98#!97!K7<#:=!437I!4#:7#8)!

STY(N"&'$&$3(X(!/5"%3(!&':9'/( <2:'"33V(!

U38#47!S5::#4735:!75!]389#P=!

4#:789$!69==#:D#8!6587!7#8B3:9$=)!

STZ([$A%&(-"/'9(D/$/&9%(X(!/5"%3(!&':9'/( <2:'"33V(!

U38#47!S5::#4735:!75!UKQ[Y!B#785!=79735:)!

"34H#7=!9J93$9A$#!97!7<#!K883J9$=!29$$^!J9$3/ ;97#!5:!A598;)!Q98#!3=!_"#$%&'(!)*'+$,!)-.$!$/)-.')$/001! `+.!1,-a!B3:>F!`+-!10'a!B3:>F!! `+,!1+'a!B3:>F!`+0!10'a!B3:>)!!

Q58!RP87<#8!3:R58B9735:!;39$!(&-!!

58!J3=37!@@@)59=9)D8F!@@@)9B#785) D8)!Q58!3:R5!5:!7893:=!J3=37!@@@)6859=/ 739H5=)D8!

2(!!('"3,+1"!415&, $+61'"&10"$' V985$5P!()!"#$%!*(')-*+)0''*F!! @@@)5=#)D8

102('&,#(0+$ ,&%"(\!1]389#P=/V3R3==39>!-9B/B3;:3D<7F ,&%"(I!1K:7<5P65$3/W$$3:3H5>!-).'9B/ B3;:3D<7F!! ,&%"(U!1KD<39!L983:9/U5PH3==3=!]$9H#:739=>!

-).'9B/B3;:3D<7! ,&%"(U!1KD<39!L983:9/K386587>!-).'9B/ **)-*6B!9:;!',).'9B/*.).'6B) "<#!$9=7!373:#898I!3=!*!<5P8=!$97#8!5:!Q83;9I! 9:;!E97P8;9I!:3D<7!7<9:!37!3=!;P83:D!7<#! @##H)!"""#$%&'()#*(!

01)"&, "9T3=!R85B!7<#!9386587!<9J#!9!R$97!897#!5R! 0.-!75!S#:789$!K7<#:=)!O#7@##:!B3;:3D<7!

9:;!-9B!;5PA$#!7983RR!966$3#=) [57#%!YR!I5P!=P=6#47!7<97!I5P!<9J#!

A##:!5J#84<98D#;F!I5P!49:!49$$!7<#!

75P83=7!65$34#!':!(0(

"'0(+3"05,-%&(& 1"'0&%$.(\](OP=#=!R58!YD5PB#:37=9F!

Y59::3:9F!V9J9$9F!X5P789H3F!]9789F!7<#!]#$5/ 65:#=#F!9:;!"<#==9$5:3H3)!V3R3==5P! (''F!"#$%!*(')-(*)?+('/(F!! @@@)H7#$)58D

1"'0&%$.(I](OP=#=!R58!U#$6<3F!WJ39F!

N9$9T3;3F!V986#:3=3F!V97#83:3F!X9B39F!X3J9;39F! "<3J9!9:;!b5$5=)!+,)-,).!/01#

Q58!+1<,!373:#8983#=!9$$!5J#8!N8##4#!!

49$$!(?-'-

+17"$,01)" <%9/&/$("#$%!*('),?-)+''' <'0&3!"#$%!*(')?(()-*'' ?F$';3!"#$%!*(')-(-)*&'1 +&A&33&$("#$%!*(')&'()?'''

N&'$";3("#$%!*(')?(&)*...

M$>&9(1$2&(^.7A$>$(

1&##"&'

!&'(-$./$(

0+1#,

)'90(/5"(N9'/(9A(N&'$";3

O9'/5"'%($%>(<$3/"'%(!"P #"$%(?3.$%>3](N97#=!K!M!O 85&93_(?F$'&$_(,"3Q93_(D$P 093_([9>"*$%"3"(?3.$%>3]( N97#!W +$.70%93_(+93(,"'93_( N$/093_(M59>"3_(D$'9%&*( ^;.A(?3.$%>3](( N97#=!N!M!W! !"#&%$_(K7>'$_(N9'93_(D:"/P 3"3_(8'"/"](N97#!K !#5&93(O&F9.$93_(85$%&$_(?'$F.&9_(+$3P /"..&(`+&33$093a_(M"/570%9_(87*.$>&*( ?3.$%>3](N97#=!OF!N!M!U! !3/&:$."$_()9."#$%>'93_(+&09.93_( +&/5%93_(-&.93_(D"'&A93_(D&A%93](( N97#!O! !09'#93_([9%9;33$_(?93_(?'$F.&$_( +9;A9%&33&_(-7F9%93_(D$%/9'&%&_(D*5&P %9;33$_(D7'93_(1&%93](N97#=!NMU! O$293_(N$'93](N97#!N77

&%*(+.1&0,.(++"(&( U93$I!;#6987P8#=F!N8##4#!/!Y79$I%!R85B! ]9789=!9:;!YD5PB#:37=9!75!K:45:9!

9:;!O983!2#9;!5RR34#%!*./(*-!EI:D85P! KJ#:P#!M!.!"58J9!E78##7!((0?-!K7</ #:=)!"#$%*(')&+()+''' d#=#8J9735:=%!K7<#:=%!*(')&+()+(.' "<#==9$5:3H3%!*.(')-,')0''F!@@@) =P6#8R9=7)45B

K".."%&*(D"$6$73( *('!?(!++!'''!! @@@)<#$$#:34=#9@9I=)D8 !%"F(,&%"3(@@@)9:#H)D8!

U5B#=734!$3:#=%!*('!?(!+0!?*' Y:7#8:9735:9$!$3:#=%!*('!?(!+0!?.'!

-&%9$%(,&%"3( @@@)B3:59:)D8!! "#$%!&'(!((!0-!'''

"#$%!*(')+,')-,''!!

"<#8#!3=!9!A55H3:D!R##!5R!_*!9;;#;!75!!

7<#!B#7#8F!9:;!9!_.F?'!c!bK"!R58!9!!

68#/9889:D#;!B##73:D)!Q58!]W"!79T3=!!

7<#8#!3=!9:!#T789!4<98D#!5R!_-)!

3&0()#*'

"#$%!*(')++&)'***

!"#$%&"'(&

+,-$"./*#0%'()#*

!"#$"%&'

!"#"$%!"#$%!&'()(()*'''' !&'()'$%*"(+,-(

&(1,*$+0&( ,$Q'&9 "#$%!**+*')*00((F! **+*')**'&+ N&'$";3( "#$%!*(')?**),'''/?

M$A&%$( "#$%!**+?')**.''F! **+?')*&&&& !

!

.(++"(& Q#883#=!8P:!I#98/85P:;)!Q58!3:R58B9/ 735:!5:!=#9=5:9$!=4<#;P$#=!45:7947!9!

789J#$!9D#:7!58!49$$!7<#!]587!]5$34#!5:! *(')?**),'''

51320,321+0(+& !\(b$*5/(1'$>"(89%39'/&;0(( KH73!"<#B3=75H$#5P=!&F!L983:9!e#9=F! ]389#P=)!"#$%!*(')?-&)0(''! ^5&9.0$%(b$*5/3(( Q3$#$$3:5:!0F!EI:79DB9)!"#$%! *(').*.).,+, O9'/53/$'(( ]5=#3;5:5=!+!M!K4<3$$#5=F! ])!Q9$385)!"#$%!*(')+&&)?'''

N^!(( E<3663:D!]5=3;5:5=!,(F!])!Q9$385)!! "#$%!*(')+&-)+?''

D"$59'3"(K$HI5:3;5:!&.!1L983:9>F! b5P$9)!"#$%!*(')&+-)**(*

D"$3*$:"!]5=#3;5:5=!KJ#)!*+F!

K$3B5=)! "#$CQ9T%!*(')+&-)&.'(

G$."A(b$*5/3(]$)!S<97f3H5:=79:73!*F! ]389#P=)!"#$%*(')?-()*'(' G"'%&*93(b$*5/3(]5=3;5:5=!((F! V9$9B9H3)!"#$%!*(')+&-)'(**/&

insider athens! "! #$%!&!'()*!+,-.!/-

Konstantinos Patsios, Blender Gallery

Erato Hadjisavva, ekfrasi Yianna Grammatopoulou

Insoo Chin, Asian Art Works

Elias Kafouros, AD Gallery

Alina Matsa, Skoufa Gallery

Eleni Mylonas, Francoise Heitsch Gallery

Alexandros Psychoulis, Zina Athanassiadou Gallery

Katsoulidis, Peritechnon Karteris

Art is in the eye of the beholder Art-Athina, now in its 21st year, is making a bold statement: crises and capital controls have only fed the appetite for illusions of beauty and served as inspiration for a new generation of renaissance artists. With 40,000 visitors last year, and a whopping 92 galleries participating, including several international ones, Alexis Caniaris, the General Manager of Art-Athina, believes the interest in contemporary Greek art has never been stronger. And Athensâ&#x20AC;&#x2122; burgeoning creative energy, often compared to post-wall Berlin, will be the focus of discussion at one of the parallel programmes. Art-Athina runs from May 26 to May 29 at the Taekwondo stadium, Faliro Pavillion. Visit Insider at booth no.25 and may the creative force be with you! art-athina.gr

72 insider athens | May - June 2016

insider athens! "! #$%!&!'()*!+,-.!hf

hd!insider athens! "! #$%!&!'()*!+,-.