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Press Release

First Quarter 2017 financial results

€0.44m net after taxes profits

22 May 2017 - The consolidated net after tax profits of the Group amounted to €0.44m vs. €1.86m in the first quarter (Q1) of 2016, reduced by 76%. The net profits per share in the first quarter after taxes and securities valuation losses were €0.001 vs. €0.02 in Q1 2016.

The turnover of the Group was €5.5m in Q1 2017 vs. €7.7m in Q1 2016, reduced by 28%; after subtracting the Hellenic Capital Market Commission fee, total consolidated revenue was €5.3m vs. €7.35m, reduced by 27%.

Total consolidated revenue is reduced mainly due to a drop in trading activity in the cash market. In particular, in Q1 2017 average daily traded value was €41.5m, compared to €71.7m, a 42% reduction. The average capitalization of the Greek capital market increased by 13.5% compared to Q1 2016 (€44.3bn vs. €39.1bn).

The Athens Exchange General Index closed on 31.3.2017 at 666.06 points, up 15.4% compared to the close at the end of Q1 2016 (577.12 points). Market liquidity, as measured by turnover velocity, dropped to 23.4% in Q1 2017 compared to 36.5% in Q1 2016, while average daily volume was 70.4m shares compared to 124.4m shares.

In the derivatives market, the average daily number of contracts increased by 7% (71.5 thousand vs. 66.8 thousand), while the corresponding trading and clearing revenue dropped by 28% due to the drop in the prices of the underlying securities and the change in the product mix in the market. The average revenue per contract dropped by 36% to €0.085 compared to €0.133 in the corresponding period last year.

The operating expenses of the Group were reduced by 3.8% compared to Q1 2016 (€3.69m vs. €3.83m), while total operating expenses including new activities were reduced by 3.4% compared to the corresponding period last year (€4.02m vs. €4.16m).

Lastly, consolidated Earnings Before Tax (EBT) in Q1 2017 was €0.62m compared to €2.7m in Q1 2016.

The financial statements of the Group and the Company are posted on the Company's website (www.athexgroup.gr).