Comments on Financial Statements -2014

9M 2014 FINANCIAL RESULTS

ALPHA TRUST ANDROMEDA S.A. released its financial results for the nine month period of 2014 under the International Financial Reporting Standards.

During the third quarter and particularly in September conditions in domestic money and capital markets deteriorated, mainly due to a general trend of reducing risk exposure globally. At the same time, a series of developments such as the upcoming stress tests of systemic banks and the increased political uncertainty have led to increased volatility in spite of the fiscal adjustment that remains on track.

In the nine month period of 2014, ALPHA TRUST – ANDROMEDA S.A. marked losses after tax amounting to euro 0.390 mil., compared to earnings after tax amounting to euro 0.721 mil. in the respective period last year. The Company’s gross income stood at approximately euro 0.013 mil. in total, resulting from portfolio revenues, losses from the purchase and sale of securities and mainly from losses from the valuation of securities at fair values based on IFRS.

The Company’s return was -3.77% from the beginning of the year, against returns of -10.45% recorded by FTSE/Χ.Α. Large Cap, -18.88% recorded by FTSE/Χ.Α. MID CAP and -8.70% recorded by the General Index of the ATHEX for the same period.

ANDROMEDA’s assets at the end of the nine month period stood at euro 10.50 mil while the Company’s portfolio in current prices was totally invested in Greece, by approximately 85.07% in stocks, 2.10% in bonds and by 12.83% in cash reserves.

The Company’s net asset value per share at the end of the nine month period stood at euro 25.14 while its share price at euro 21.00, thus trading at a discount of 16.47%.

The Company’s top ten equity holdings at the end of the nine month period consist of TITAN, INFORM P. LYKOS, QUEST HOLDINGS, PLAISIO COMPUTERS, OPAP, OTE, THRACE PLASTICS, MYTILINAIOS, SARANTIS and AEGEAN AIRLINES.