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EC assigned (AA -) Rating Certificate

on September 23,2010

In view of the National Scale Rating, MERIS "Middle East Rating & Investors Service" assigns EC (AA -) rating with a negative outlook of its long-term liabilities, i.e. the entity indebtedness was rated as senior unsecured. This means that EC is nationally scaled in a very strong position for its investments and ability to settle its debit installments and interests in due time, according to MERIS analysis based on the attached financial statements for the FY ending on 30/06/2010.