From inspiration to innovation.

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Virginia Boone
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1 From inspiration to innovation.

Believing in excellence, we were able to lead MEGA from its modest launch in 1980 to the current level of 400 employees, with export activity in more than 30 countries and with a prospect of

2 Believing in excellence, we were able to lead MEGA from its modest launch in 1980 to the current level of 400 employees, with export activity in more than 30 countries and with a prospect of continuing its successful course of organic growth, based on excellent quality and innovation. We have always believed that Greeks are not born only to consume, but rather to create. This is the principle we have held and we currently hold and defend more than ever. C. Vitouladitis Chief Executive Officer

3 Our To be a leading and expert provider of innovative disposable hygiene products worldwide. Vision

4 Our Mission To seamlessly and successfully couple quality with innovation to create unique selling propositions in our field. Innovation MEGA has set new standards in the personal hygiene industry, by adopting a unique, highly innovative approach, designed to successfully pair top absorbency with exceptional skin-friendly properties. Excellence MEGA won t settle for anything less than excellence. Ever since its foundation, it has made the strategic choice to invest in state-of-the-art equipment, in order to create top quality products of pioneering design to the highest international standards.

Who we are MEGA Disposables MEGA is one of the largest manufacturers of disposable hygienic products in Europe.The company started off as a family business, and continues to grow as a big family.

Committed to the company s mission to provide consumers with superior value, our people do their very best each and every day to create products that combine excellent quality with innovation.

5 Who we are MEGA Disposables MEGA is one of the largest manufacturers of disposable hygienic products in Europe.The company started off as a family business, and continues to grow as a big family. More and more people choose to retire after a lifetime career with MEGA. Committed to the company s mission to provide consumers with superior value, our people do their very best each and every day to create products that combine excellent quality with innovation. Today, MEGA is a modern manufacturer of personal hygiene products, equipped with the latest technology capable to produce the full spectrum of the sector s diverse product portfolio. By constantly investing in state-of-the-art production, quality control equipment and experienced professionals, MEGA is today in the valuable position to possess sophisticated technologies and expert know-how in an ideal combination that helps it edge ahead of the competition, while fostering innovation for its future success. State-of-the-art technology Innovative product design with distinct Unique Selling Proposition Pioneering production techniques Advanced Quality Assurance Systems Continuous investment in consumer research Impactful marketing support

6 1.000 square meters private land AT A GLANCE MEGA owns private land of with a plant equipped with state-of-the-art production machinery and quality control systems.

MEGA has quadrupled its export activities between 2009 and 2014 Continuous investment in state-of-the-art machinery and quality control equipment (>100 million euro since 2000).

6 square meters private land AT A GLANCE MEGA owns private land of with a plant equipped with state-of-the-art production machinery and quality control systems. Personnel: 405 people (January 2015). From 2000 till today, turnover has increased more than x5. The company s overall growth is up to 60% during the five-year fiscal period from MEGA has quadrupled its export activities between 2009 and 2014 Continuous investment in state-of-the-art machinery and quality control equipment (>100 million euro since 2000). MEGA has increased its headcount by more than 45% between 2009 and The company s growth is purely organic. It stems from introducing new innovative products, getting into new product categories in the field of personal hygiene, expanding its export activities, and improving its position in the local market. Today MEGA holds No1 or No2 position (depending on the product category) in the Greek market and in several countries abroad, despite strong multinational competition. The company holds approximately 80% of the personal hygiene private label sector in Greece, having built long-term co-operations with all major retailers in Greece ever since Some of the world s most internationally recognised brands in the field of disposables have assigned to MEGA the production of their line of products under contract manufacturing agreements. Today, our branded products are present in four Continents, while we are penetrating new markets every year. MEGA has been certified with the Environmental System ISO and the Health and Safety System OHSAS For MEGA, Corporate Social Responsibility is a key component of its corporate culture and a vital part of its business. 45% 405 employees increase of employees between m2, 60% continuous investment >100 million euros overall growth over the fiscal years turnover has increased five times x5 from 2000 till today in machinery & equipment since % of personal hygiene private label in Greece Presence in 4 continents

AWARDS Our company has been awarded as: One of the top 10 companies

MEGA received the honorary distinction «Ruban d 'Honneur» in the

institution which recognizes and rewards the most dynamic companies

One of the «Strongest Companies in Greece» (2010, 2011).

2011, 2012, 2013, 2014» by the STAT Bank.

consecutive years: 2010, 2011, 2012, 2013 after fulfilling the

Holds No1 position in its category (paper) in Greece, 2.

Its EBITDA is above the limit set by ICAP* Ratings.

This distinction is a great honor for MEGA, as it has been awarded

excellent performance, customer-oriented philosophy, ethical

7 AWARDS Our company has been awarded as: One of the top 10 companies in Europe in the Exports sector. MEGA received the honorary distinction «Ruban d 'Honneur» in the European Business Awards 2012/2013, a distinguished pan-european institution which recognizes and rewards the most dynamic companies of the European business community. One of the «Strongest Companies in Greece» (2010, 2011). One of the «Healthiest growing companies in Greece Greek Diamonds 2011, 2012, 2013, 2014» by the STAT Bank. «TRUE LEADER» of the Greek Economy by Icap Group* for four consecutive years: 2010, 2011, 2012, 2013 after fulfilling the following criteria: 1. Holds No1 position in its category (paper) in Greece, 2. Has excellent credit rating, 3. Increased its personnel, 4. Its EBITDA is above the limit set by ICAP* Ratings. «SUPPLIER OF THE YEAR 2014». This distinction is a great honor for MEGA, as it has been awarded by its clients themselves (i.e. the retailers in Greece), confirming the company's excellent performance, customer-oriented philosophy, ethical standards and excellent working relationships with Greece s Retail sector. Also the significant «Life Achievement Award 2014» was awarded to CEO and founder of MEGA Disposables S.A, Mr Constantin Vitouladitis, in recognition of his support in the development of the industry, his contribution to Greek product innovation and sustainable entrepreneurship, as well as for his ethical standards and excellent relationships with the Greek retail market. * ICAP Group is the only company recognized as a Credit Rating Agency by SEC and by the European Securities and Markets Authority (ESMA).

8 Our Core Values RESPECT. RELIABILITY. INTEGRITY. EXCELLENCE. are reflected in every touchpoint across: Consumers Suppliers Customers Society Environment

Integrity We deliver what we promise and add value that goes beyond what is expected. We demand the highest ethical standards of professional behavior and ethics of ourselves and others.

9 Integrity We deliver what we promise and add value that goes beyond what is expected. We demand the highest ethical standards of professional behavior and ethics of ourselves and others. We are always aiming higher. We achieve Excellence through Innovation, Learning and Agility. Respect We respect the human rights of our employees and create an inclusive work environment where every employee has an equal opportunity to develop his or her skills and talents. We operate in full respect of our clients needs, while we earn the trust and satisfaction of our customers by exceeding their expectations. We operate in a spirit of cooperation, and value human dignity. Responsibility We ensure a safe work environment for all our employees, providing them with best-in-class HSE training and with a focus on safety regulations and emergency procedures. We conduct business as responsible corporate members of society, comply with applicable laws and regulations, support fundamental human rights and give proper regard to health, safety, security and the environment. We act to protect the environment and add value to the community. We produce all our products by placing safe protection for the consumer at the very heart of our Product Design. For us, a product is not complete if it only offers effective performance (e.g absorbency). It also needs to possess exceptional skin-friendliness properties, and be proven skin compatible with even sensitive skin. Commitment to excellence We are always aiming higher. We will persistently create better ways of doing the things we do. We do not rest on our accomplishments, but rather build on them in our personal and professional journey to be the best we can. We set new standards and paths in our industry by encompassing innovation in our products. We endeavor to exceed expectations in every partnership.

SUSTAINABILITY For MEGA, entrepreneurship and social responsibility go hand in hand. Corporate Social Responsibility is a key component of our culture and a vital part of our business.

10 SUSTAINABILITY For MEGA, entrepreneurship and social responsibility go hand in hand. Corporate Social Responsibility is a key component of our culture and a vital part of our business. Through our Corporate Social Responsibility Program s four key pillars of Market Place, Employees, Society and Environment, we have the opportunity to establish our presence as a «responsible citizen» almost on a daily basis, thus adding value to our diverse stakeholder universe. Integrity is one of our corporate values, the foundation of our business activities, the connective tissue that holds the fabric of this company together. An integral part is that, as a matter of course, we abide by the law, respect basic ethical values, support and respect the protection of internationally proclaimed human rights while behaving in a sustainable manner. We base our entrepreneurial activities on the principles of the United Nations Global Compact. Community We participate in efforts designed to improve the quality of life in communities where we operate. We proactively identify needs at the local and national level and we contribute by, complementing, supporting and promoting the respective initiatives and actions, where possible. We support children in need by putting into action important activations focusing on children s needs throughout Greece.

11 People We consider our people as the most important and the most valuable asset. We have created a working environment that is fair and offers appropriate working conditions, and which is conducive towards enhancing, as well as developing people s skills, turning them into partners in corporate progress. Our primary concern is the continuous attention to our employees health and safety. Therefore, we have adopted specific policies, ongoing actions and continuing education programs. Furthermore, MEGA is certified with OHSAS, one of the internationally recognized standards for the Health and Safety Management Systems. Environment At the heart of our strategy for sustainable development is the commitment to manufacture our products with the least possible environmental impact. We plan, invest and work systematically to make the operation of our industrial unit more environmentally friendly. We have also been certified with the Environmental System ISO

What we do MEGA has set an exceptional path in personal

materials that ensure the ultimate hygienic care for

Our product range focuses on items that constitute

Feminine care products, Adult incontinence products and

The primary basis of our business model is our product

We produce, market, and sell to customers innovative

relationship of trust with the consumers.

broadening our brands portfolio and introducing new

12 What we do MEGA has set an exceptional path in personal hygiene, by pairing excellent performance with raw materials that ensure the ultimate hygienic care for the skin. Our product range focuses on items that constitute basic daily necessities that are integral to healthy daily living. Our core product categories include Baby Care Products, Feminine care products, Adult incontinence products and Personal Care Products for the entire family. The primary basis of our business model is our product portfolio. We produce, market, and sell to customers innovative brands, while we have built a special, strong relationship of trust with the consumers. Today we are offering to our consumers more choices than ever. We drive innovation by continuously building on broadening our brands portfolio and introducing new products, to further extend consumer options in personal hygiene, with emphasis on skin-friendliness as an ultimum principle in product design. Our innovative product line stems from our company s strong commitment to research and development, responding to the needs of the most demanding consumers.

Woman Sanitary napkins, pantyliners, cotton discs, make-up removal wipes, intim wipes, intim wash. We have been consistently following the changing needs of the modern woman.

13 OUR SPECIAL APPROACH TO PERSONAL HYGIENE All products are designed on the principle of offering a tested safe protection to the consumer. Thus, they do not merely deliver high absorbency or performance, but are also designed with materials of exceptional skin-friendly properties, to ensure the utmost respect to the needs of the skin. Woman Sanitary napkins, pantyliners, cotton discs, make-up removal wipes, intim wipes, intim wash. We have been consistently following the changing needs of the modern woman. With a view to best respond to these needs, we have developed a complete range of feminine hygiene products with excellent quality and innovative product features. Baby and child Baby diapers, baby pants, baby wipes, antiseptic wipes for children. All our baby products have been designed on the basis of on-going research on mothers insights, study of the specialized needs of the sensitive baby s skin, as well as close monitoring of technological developments in the field of baby hygiene. Elderly A full range of incontinence products (light inco pads, pants, briefs, bedpads). Our incontinence product line has been specially designed to offer a complete protection, combining top absorbency levels with skin-friendly materials, thus ensuring sensitive care to the delicate skin of incontinence product users. The entire family Cotton wool, cotton buds, antibacterial wipes, wipes for cold relief and other specialty products. We produce a wide range of soft products made of skin friendly materials, for every day family personal hygiene.

How we do it RESEARCH & DEVELOPMENT With an eye on the ever changing trends and needs of consumers and international markets, research plays a vital role in our products' development, thus we always

14 How we do it RESEARCH & DEVELOPMENT With an eye on the ever changing trends and needs of consumers and international markets, research plays a vital role in our products' development, thus we always trail our new products to ensure that they meet our consumers and international customers changing needs, lifestyles and expectations. QUALITY ASSURANCE & QUALITY CONTROL A strategic choice Good is not enough. We strive for excellence in providing outstanding products to our customers and consumers. We are constantly enhancing our brands to deliver rewarding product experiences. Our top quality is verified by certificates and recommendations of trusted international institutions. Quality control and Assurance Systems, in line with contemporary views and high safety standards in the field of disposables, are applied at all stages in the production process. The Quality Assurance System of MEGA Disposables is strict, absolute, but at the same time non-bureaucratic. It is well accepted and approved by audits from all our customers and local authorities. The internal QA system is a flexible, totally automated and computerized quality control system that guarantees unquestionable quality for each product, from the stage of raw materials procurement to final placement at various points of sales. Our products evaluation and development is based on an on-going collaboration with certified laboratories and official institution of quality assurance in the category of disposables. MEGA's internal QA System, is equipped with the latest technology, as well as our experienced personnel, who daily monitor all stages of product manufacturing and the performance of the machinery and production units. Suppliers selection. Incoming raw materials controls. Specifications control of new raw materials and production equipment. Control of mechanical and External Laboratories. Our company cooperates with all approved laboratories and official organizations of our field. EDANA-INDA (Belgium - USA): all our raw materials are controlled according to approved methods and we follow all conferences to be updated about any new regulations. COURTRAY LABORATORY (France): we confirm our own lab's findings by comparing with samples sent to Courtray lab. All sizes of our current Baby Diapers Premium range are tested since 2010 and classified as CLASS A (tolerance CLASS B). OEKO-TEX ASSOCIATION (Switzerland): we buy nonwovens that have been tested for harmful substances according to Oeko-Tex Standard 100. Babylino diapers have been checked against stringent criteria corresponding to products intended for children aged 0-3 years, for the absence of harmful substances. PASTEUR Institute (Greece): has certified our products anti-bacterial action. HY-TEC Hygiene Technologies (Germany): external tests are performed to prove the effectiveness of our products and to technological equipment. Online cameras, which detect each product, compare it with the prototype and in case of nonconformity, automatically reject it. Quality control of final products. Automatic consumer complaint procedure in place. Panel testing on consumers. RMs control according to EDANA methods. The RMs are controlled based on our suppliers lot number. In house laboratory controls* Microbiological control in house. Finished product performance (equipped with mannequins by Courtray lab for baby diaper and adult incontinence testing and classification). Regular internal panel tests. *Our in house laboratory is equipped with the latest technology and our experienced personnel is monitoring daily our product specifications and bench-marking the competition. ensure the validity of our marketing claims. DERMSCAN group (France) DERMATEST (Germany) PRODERM Institute of Applied Dermatological Research (Germany). A.SYGGROS DERMATOLOGICAL HOSPITAL (Greece) In cooperation with all the above, we make IN USE tests on all our products under dermatological, gynecological or pediatric supervision depending on the product category. The skinfriendliness of our products to the user during real use is of great importance to our company. Our company is against testing on animals. MEGA's product quality efficiency The excellent quality control systems and continuous technological evolution of our production lines has ensured leading positions for our product range in the Greek market, as well as in several export markets. We hold No1 or No2 position in all product categories we operate in, with market shares ranging from 20% to even up to 75%, depending on the product category.

15 INNOVATION Innovation is embedded in the DNA of MEGA Disposables. By creating the Sensitive Concept & Cotton Concept, the company has introduced a unique proposition in personal hygiene, ensuring complete protection, with the utmost respect to the needs of the skin. The Sensitive Concept is a definite value in personal hygiene. It was created exclusively by MEGA in Greece, with a view to offer top protection without irritation. In 1997 our company responded to this need by creating a true innovation: the first Sensitive sanitary napkin worldwide, with a hygienic skin-friendly top sheet made of fibers. The response of consumers to the EveryDay Sensitive napkin was such that EveryDay became the fastest growing brand in its category in Greece, while ever since its launch, it has acquired leading positions with exceptionally high levels of consumer loyalty. The Sensitive Concept was applied in 2011 to the first sensitive baby diaper ever to receive the Oeko-texR STANDARD 100 certification (Babylino Sensitive) and in other selected product categories such as in baby wipes, intimate wipes, make-up removal wipes, light incontinence pads and incontinence pads, pants and briefs. With a view to design products pairing top performance with excellent skin compatibility, we ended up in Cotton as the best provider for its unmatched purity, creating the Cotton Concept. Cotton, as an ingredient, is naturally soft, hypo-allergenic, compatible and welltolerated even by the sensitive skin. In 1998, the All-cotton panty liners were introduced. Contrary to other products in the category of personal hygiene that bear synthetic topsheets, the EveryDay All-cotton pantyliners have a 100% cotton topsheet, thereby bringing pure nature in contact with the skin, and thus offering the ultimate hygienic proposal in feminine hygiene.

16 Our Markets Mega Disposables distributes its products in 4 continents. Our company began its export activities in the 90 s. Believing that our global presence is an essential ingredient to our success, today, we distribute products in more than 30 markets including amongst others: England, Italy, Spain, France, Portugal, Armenia, Albania, Bulgaria, Romania, Slovenia, Croatia, Cyprus, Denmark, Czech Republic, Ireland, Libya, Algeria, Malta, Mexico, New Zealand, Nigeria, Iran, China etc. The export network is based on exclusive distribution agreements and partnerships under contract manufacturing agreements with some of the most important companies operating in the respective markets. Our aim is to become a major player in international markets in the industry of hygienic disposables. Exports of branded products Firm commitment to high quality standards has allowed MEGA to win the confidence of consumers and retailers in more than 30 countries, thus increasing significantly export sales of branded products. Well-known brands, such as EveryDay Sensitive, Babylino Sensitive and others, have successfully transfered abroad MEGA s unique approach in personal hygiene: that a product should not only offer top absorbency levels, but also exceptional skin-friendly properties. Contract manufacturing products Top quality standards and innovative product design have formed a solid foundation of trust for the company s ability to deliver, prompting several prominent international brands to turn to MEGA Disposables as their preferred partner of choice for their bespoke production needs. Leading multinational companies have entrusted MEGA, even with the development of pioneering technologies, such as biodegradable hygienic disposables.

Looking ahead Our primary corporate goals are to achieve sustainable profitable growth and thus to enhance the corporate value of the company on the world stage.

17 Looking ahead Our primary corporate goals are to achieve sustainable profitable growth and thus to enhance the corporate value of the company on the world stage. Operational excellence and efficiency along with inspired and high-performing people are the key to our future corporate success. Further, recognizing that sustainability is a route to future profitability, our strategy is to create value, while pursuing innovation that reduces our impact on the environment, delivering measurable results. Emphasis on innovative product design. Having successfully set our unique Sensitive proposal in personal hygiene, we will now place further emphasis on innovative product design, with a view to offer further improved products to best serve the evolving needs of consumers. Our vision is to offer the most hygienic personal care proposition to consumers around the globe. Continuous investments. Our program of continuous investments in environmental friendly, state-of-the-art machinery and quality control equipment, ensures that we remain at the forefront of innovation and excellence. Also we aim to further expand our product line, so as to create new growth opportunities. Further Global Business Expansion. We continue to grow in existing markets with a focus on quality, sustainability and profitability. At the same time, we aim to expand our business to new regions, mainly in Europe and Asia.

18 DEKELIAS 148, ACHARNES, GREECE T : E : mega@megadis.gr

Enriched by the valuable experience of more than 25 years, Dali is professional

1 3 4 15 17 Established in 1993, Dali Elastic is located in Jinjiang, Fuijian province. Enriched by the valuable experience of more than 25 years, Dali is professional in research & development, manufacturing