INTERNAL AUDIT

Internal Audit is an independent, objective, safeguarding and consulting activity designed to add value and improve the functions of an organization. The Company is exercised by the Internal Audit Department, which is an independent organizational unit and reports to the Board of Directors of the Company.The Internal Audit Department is supervised in its work by the Audit Committee of the Board of Directors and operates, in accordance with the current Greek legislation, the Rules of Procedure approved by the Board, the International Auditing Standards for the professional implementation of Internal Audit, its rules of ethics of Institute of Internal Auditors as well as basic principles of auditing.

The Internal Audit Department, with the performed audits and the provision of consulting services, assists the Management, the Board of Directors, the Company's executives and the employees in general, in the more efficient execution of their duties and in the achievement of the company's goals, through evaluation of the operation of internal control systems, risk management system and corporate governance practices.

The purposes of the Internal Audit Department include:

• The examination and evaluation of the adequacy and effectiveness of the Company's Internal Control System and the determination of whether this system provides reasonable assurance regarding:

   ·Compliance with the general procedures of the Company and the current Legislation.

   · The safeguarding of the Company's assets.

   · The economic and efficient use of resources.

   · The reliability of the financial statements.

   · The reliability and integrity of the information used to make decisions.

   · The identification and proper management of risks.

   · Achieving the objective goals of business operations.

• Informing the Management about the results of the audits and the corrective actions required.

• Monitoring the implementation of the agreed actions.

• Carrying out special and extraordinary audits assigned to it by the Management.

• The cooperation of the Internal Audit with the External Audit, with the aim of covering areas with high risks, which threaten the Company, as well as the avoidance of double audits.