Microwave Vision SA (ENXTPA:ALMIC) commences share repurchases on December 1, 2014 under the program mandated by the shareholders in the Mixed general assembly held on June 6, 2014. As per the mandate, the company is authorized to repurchase up to 349,094 shares such that the shares in treasury does not exceed 10% of the share capital. The shares will be repurchased at a maximum price of €20 per share for a total of €7.11 million. The shares will be repurchased at any time and by all means, on the market or privately or by use of options or other financial instruments in the long term traded on a regulated market or privately or by tendering of shares in consequence of the issuance of transferable securities giving access to the capital of the Company by conversion, exchange, refunding, exercise of a warrant or any other manner under the conditions forecasted by the market authorities and in the observance of the applicable regulation. These deals will not be able to intervene in a public bid period of bearing acquisition on the values giving access to the capital of the company. The objective of repurchase program is to support the liquidity and to lead the share market of MVG within the framework of a liquidity contract with provider of investment services conforming to the Ethics charter of the AMAFI, to honor the obligations related to share call options programs, free attributions of shares, wage saving or other allowances of shares to the employees and directors of the Company or companies which are dependant to it, the conservation and later delivery of shares in payment or exchange within the framework of external growth deals, being specified that the maximum number of shares acquired in sight of their conservation and later delivery in payment or exchange within the framework deal of merger, of scission or investment will not be able to exceed 5% of the capital, tendering of shares at the time of the exercise of rights attached to transferable securities giving access to the capital, all other practices which have suddenly been allowed or recognized by Autorité des marchés financiers or any other objective which would allow it to profit from the irrefragable presumption of legitimacy as forecasted by Regulation number 2273/2003 of The European Commission of December 22, 2003. The repurchase program will be valid for 18 months until December 5, 2015. As of December 1, 2014, the company has 6,500 shares under treasury.

On November 19, 2014, the board approved the implementation of the share buyback program and particularly examined the opportunity to proceed to possible buybacks of shares, including if necessary, through buyback of blocks outside the market, in order to retain them and to tender them in payment within the framework of possible external growth deals.