A reasoned opinion on LeonidsPort's voluntary public offer was submitted by the board of directors of TPA, stating that the public offer does not fall within the value range determined by the independent financial advisor, i.e., between €38.88 and €44.08 per share.

It should be noted that there is an open market order for the share, which has been set at €27, by LeonidsPort, in the context of a public offer aimed at acquiring up to 21% of PPA. At the same time, the main shareholder, Belterra, owned by Ivan Savvidis, continues to buy shares at much higher levels.

The Reasoned Opinion of the Board of Directors of the Company regarding the Public Proposal is as follows:

1. The public Offer provides the Company's shareholders with the opportunity to disinvest in exchange for a cash consideration. The Offer Price (€27.00 per share) does not fall within the range of value per share determined by the independent financial adviser, i.e., €38.88 to €44.08 per share, and in particular falls 44.00% to 63.27% short of the range of value per share derived from the report of the consultant. It is noted that in connection with the public offer, the offeror does not provide or rely on a valuation report of the company.
2. Given the maximum number of shares in the public offer, it is not expected that any successful outcome of the public offer, in and of itself, would have any impact on the interests of the company, including the interests of the employees and the places where the company's business is conducted.