MEMORANDUM OF COOPERATION BETWEEN ELGEKA GROUP & COSC

MEMORANDUM OF COOPERATION BETWEEN ELGEKA GROUP & COSC

On Saturday, October 2nd 2010, Elgeka Group and Cosco Pacific Limited signed a memorandum of cooperation regarding the construction, development and operation of a Container Freight Station at the New Container Terminal of the Port of Piraeus.

The above collaboration further strengthens the existing strategic alliance of the two groups.

The memorandum includes the basic terms of the cooperation between the two parts and will be followed by the Shareholders’ Agreement signature which will determine all the details of the agreement.

The agreement consists of the following basic terms:

• Incorporation of a common corporate scheme COSCO – DIAKINISIS PORT with 50%-50% participation from each part in the paid up share capital.
• Construction, development and operation of a Container Freight Station of a total surface of approximately 7,000 sqm.
• The aforementioned investment is estimated to amount up to five million Euros (€ 5.000.000).
• Creation of approximately 50 new work positions for the new Station.

The specific strategic collaboration between the two groups, establishes new presumptions on the wider sector of merchandising transport in relation to a) the connection of the Piraeus Port as the transportation centre to East and North Europe and b) the management of inventories-products from companies operating either in Greece or in other European countries with the objective to offer lower prices towards to the end consumer.