MIG HOLDINGS S.A.

Conversion Process of Bonds into Shares

According to the terms of the Convertible Bond Loan issued on 29.7.2013, as published in the relevant Prospectus dated 30.4.2013 and the Addendum to the Prospectus dated 19.6.2013 (hereinafter “the CBL”), Bondholders of either tranche of the CBL may request conversion of their bonds into Shares of the Company after the lapse of three (3) months from the Issue Date (the “Conversion Date”) and at three-month intervals after that date until maturity of the CBL. The conversion process of bonds into shares is the following:

1. No later than three (3) business days prior to each Conversion Date, in respect of the Bonds registered in their Securities Account, Bondholders shall file with their Account Operator at DSS an application for blocking the bonds they wish to have converted into shares, as well as an application for issuance of the relevant Certificate.

As operators are considered ATHEX members and Banks-Custodians.

In respect of Bonds registered in the Special Investor's Account, Bondholders shall apply to HELEX to block their bonds and issue the relevant Certificate.

Conversion applications will be valid and acceptable only for integer numbers of Bonds.

2. Until the Conversion Date at the latest, the Bondholders must appear (in person, presenting their identification card, or through their Operator) at the premises of “PIRAEUS BANK S.A.”, as special successor of “CPB BANK”, entrusted with the management of the Service Department of the Shareholders of the Company (1-3 Lysikratous & Evripidou, 176 74 Kallithea) between 10:00 and 14:30 hours, in order to submit to the Company a written statement regarding exercise of their right to have their Bonds converted into shares, together with the original Certificate of blockage of their Bonds and a print-out of their details in DSS. The above Certificate should include details of the beneficiary of the Bonds and the number of Bonds for which the conversion right is exercised.

According to the CBL Terms as in force from time to time, in case of conversion of Bonds into Issuer's shares interest is payable in respect of the period from the Expiration Date of the last, prior to the Conversion Date, Interest Accrual Period until the Conversion Date, while an amount equal to the total nominal value of converted Bonds is considered as paid.

Where there are fractional rights on Shares as a result of the application of the Conversion Ratio, the Bondholder will receive an integer number of shares and any fractions will be omitted. Instead of the fractional rights, Bondholders will receive the nominal value of the respective part of the converted Bond.

For any clarifications or information, any interested person may refer during business days and hours at the tel. numbers 210-6160434 and 210-6160435.