Post-merger integration is a normal part of any acquisition process to ensure the maximum benefits are derived from the merging companies. It is a structured process to facilitate the continued uninterrupted operation of the companies while allowing the identification and realization of merger benefits. These benefits can come from improvements to revenues, cost reduction, productivity increase and/or better utilization of assets and be short and medium term in nature. These benefits can be made possible through changes to: process, structure and/or resource allocation and can be achieved directly and continuously within the first two years after the merger.

The PMI project consists of two essential components.
- The Decision Committee which defines the context and overall targets of changes, takes the final decision on the proposals made by the PMI team and monitors the progress of the project. The Decision Committee consists of Messrs D. Daskalopoulos, Sp. Theodoropoulos and J. Jenk.
- A PMI team. This team, assisted by 7 specialized sub-teams consisting of managers from all the merging companies, will identify and propose changes that will have a positive effect on "BrandCo?". The PMI team will examine current practices, design changes and suggest improvements as well as resolve specific issues.

Mr. S. Nezis will head this PMI team, supported by Mr. N. Stellakis from Chipita International and Mr. A. Mavridoglou from the Delta Group. The PMI team and the 7 sub-teams have already started examining thoroughly all "BrandCo's" activities in order to develop and make suggestions for immediate and long-term changes that will create value. The PMI team will work closely with the existing management structures of the merging organizations, including "BrandCo's" Executive Board.

Membership of the PMI team is in addition to formal and existing responsibilities. At this stage the PMI team has 5 mass areas of responsibility:
1. To finalize the legal and financial procedures for the ?technical? completion of the merger.
2. Will ensure the dealing of practical issues towards the transition to the new company and its smooth operation after the merger.
3. To clarify the areas of improvement, productivity and effectiveness of the used resources with proposals for new business practices such as Human Resources issues, Procurement, Media Buying, Merchandising, International Development, Exports, Product Development.
4. To identify the immediate economies (synergies) as well as the new opportunities for development of the new company.
5. To suggest the necessary changes to the organizational structure in order to secure the implementation of the most appropriate corporate practices of the new company.

"BrandCo" will be presenting its 3-year financial targets in March 2006. ?BrandCo? is expected to operate under its new entity in July 2006.