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CREDIT RATINGS

Corporate Ratings

Long-Term

Short-Term

Outlook

BBB-

A3

Stable

Primary Analyst

Rory Keelan

Senior Credit Analyst

Tel: +357 2534 2300

E-mail:

rory.keelan@ciratings.com

Secondary Analyst

Agnes Seah

Senior Credit Analyst

E-mail:

agnes.seah@ciratings.com

Rating Committee Chairman

Morris Helal

Senior Credit Analyst

The information sources used to prepare the credit ratings are the rated entity and public information. CI considers

the quality of information available on the issuer to be satisfactory for the purposes of assigning and maintaining

credit ratings. CI does not audit or independently verify information received during the rating process.

The rating has been disclosed to the rated entity and released with no amendment following that disclosure. This is

the first rating for this entity.

The principal methodology used in determining the ratings is Corporate Rating Methodology. The methodology, the

meaning of each rating category, the time horizon of rating outlooks and the definition of default, as well as

information on the attributes and limitations of CI's ratings, can be found at

www.ciratings.com .

Historical

performance data, including default rates, are available from a central repository established by ESMA (CEREP) at

http://cerep.esma.europa.eu