possibly around 0.8, with 0.5x being the floor. An indicative amount for buying the 90% of the shares with EBRD holding the remaining 10% should be in the region of EUR 110 million. I expect that an IRR greater than 25% can be achieved considering the profitability of the current assets at c. EUR 50 million excluding trading gains, the additional profitability from organic expansion in lending at the levels assumed by IMF for the banking market and assuming that the exit from the investment will be achieved at the same multiple as that of the entry level (0.8x). I am available at any time to discuss the above. Should your investors be interested in the project I would be more than happy to meet them and arrange their meeting with EBRD. The next step following our meeting with EBRD would be to meet BNP and, in case they accept a bilateral process, to arrange and manage the deal process. As discussed my main objective is to lead manage the bank with a competent management team, to be compensated by “sweat equity”, and looking forward to be a major participant in the consolidation of the industry. I will also send to you the latest benchmarking review of the banking sector we are preparing for your perusal. Best regards, Yannis 18 HOUSE_OVERSIGHT_026151