According to our announcement dated on 07/05/2009 about the extension for another three months of the time schedule set forth in the agreement between the companies Elmec Sport SA ("Elmec") and Hellenic Duty Free Shops SA ("HDFS") and the members of the Papaioannou family on the purchase on behalf of ''Elmec'' of the total number of shares that Papaioannou family possesses in the companies of Lapin Group, ''Elmec'' announces the end of talks regarding the said agreement.
Despite the long term benefits of the said agreement, given the successful operational growth model of Lapin House that has evolved them as the dominant leader in the domestic market the during the last decade, the current continuous negative financial turmoil, does not leave any perspective for midterm capital gains for both parties and if new negotiations will occur in the future will start on a new basis.