OPTIMA S.A.

QUALITY BRANDS INTERNATIONAL S.A.

By its unanimous Decision No. 613/2015, the Hellenic Competition Commission (HCC) approved, under Greek merger control rules, the proposed transaction consisting in the acquisition of 52,93% of the shares in QUALITY BRANDS INTERNATIONAL S.A. by OPTIMA S.A.

OPTIMA is active in both the production (through EPIRUS SA) and the distribution (wholesale and retail) of cheese products. Similarly, QUALITY BRANDS INTERNATIONAL is active in the trading of cheese products in Greece.

The relevant market concerned is the market for cheese products. The exact delimitation of the said market is not necessary in the context of assessing the transaction at issue, as, even in the light of the strictest scenario/definition and in any case, the operation of effective competition is not expected to be restricted under any alternative definition (mainly due to the relatively limited activities and market shares of the companies concerned). The relevant geographical market is considered to be the Greek territory, where the companies OPTIMA and QUALITY BRANDS INTERNATIONAL operate under sufficiently homogeneous competitive conditions.

According to the decision, no substantial change in the structure of the relevant markets, actual or potential competition and alternatives of choice for suppliers and customers as a result of the notified transaction and, therefore, it is not expected to significantly affect or restrict competition.