eBOOK CHINA by Invest in Greece

Invest in Greece’s Strategic Location

Invest in Tourism • Investment Projects in Tourism Invest in Renewable Energy Market • Investment Projects in RES

39 80 124 153

Greek Infrastructure Projects

193

Public Infrastructure – Privatizations

221

Digital Planning Investment Projects

237

OLP Investment Plan Investment Proposals – Pireaus Shipping Centre International Logistics Centre – Thriasio Project New Heraclion Airport Kastelliou Waste Management Projects Hellenic Development Fund Listed Government Companies

240

266 294 304 316 321 337

Invest in Greece’s Strategic Location

June 2010

Contents

1. Greece: Facing the fiscal challenges through investments 2 G 2. Greece’s competitive advantage ’ titi d t 3. Growth sector opportunities pp 4. Invest in Greece Agency’s service offering

1. Facing the fiscal challenges through investments

Today Greece is facing a triple challenge Today, Greece is facing a triple challenge…

The fiscal challenge; to reduce within a three year period its g , excessive budget deficit from 13,7% of GDP in 2009 to under 3% in 2012 and thus stabilize and subsequently reduce its growing debt to GDP ratio The competitiveness challenge; to improve competitiveness through appropriate restructuring and new Greenfield through appropriate restructuring and new Greenfield investment. The credibility deficit regarding budget data, statistics and economic policy, red tape and the serious damage of Greece’s profile.

Greece is currently facing the challenge of fiscal consolidation

Greece is taking concrete steps to confront the recent fiscal consolidation

•

The Greek government is implementing a Stability and Growth Program that represents the government's firm response to the current challenges h ll that h the h country faces f

•

The Program is supported with a Euro 110 billion financing package provided by Euro area Member States and the IMF

•

The Program includes both structural and fiscal reforms that will help Greece overcome deep‐rooted structural deficiencies that persist in public fiscal management, the real economy and the financial sector

•

The Program foresees a fiscal effort of the order of 11 GDP points or aprox. 30 billion euros from now until the end of 2013.

Greece is taking concrete steps in order to resume its growth Concrete steps are being taken to b k boost economic activity

Strong government funding

Spurring economic activity

• Public Public investments in 2010 to reach €10.3bn investments in 2010 to reach €10.3bn • almost 4.2% of GDP • A new framework for Investment Incentives to be launched in Q2 2010, in order to promote investments and especially “environmental friendly” business projects • Acceleration of the implementation of the EU‐funded NSRF Acceleration of the implementation of the EU funded NSRF 2007‐2013 with a great emphasis to promoting entrepreneurship, innovation and “green growth” • The Greek government is also in the process of creating a Hellenic Development Fund (HDF) which will be able to participate in a number of large‐scale, economically viable and financially promising investment projects • The provision of loans, equity as well as investment partnerships will be funded through a wide range of HDF securities

• A A draft bill to simplify all procedures of business start ups, draft bill to simplify all procedures of business start ups licensing and operation • Through the use of an electronic registry for enterprises the required steps to open up a business will be reduced from 16 to 1 A f kt t i t t i th • A new framework to promote investments in the Renewable Energy Sector (RES) has already been submitted to the Parliament • The implementation of the Fast Track Law, which aims to cut down to 3 months all required licensing procedures for large‐scale investments

2. Greece’s competitive advantage

Greece is strategically positioned as the gateway to SEE… •

•

Members of the Eurozone, NATO, EBRD, EIB, IMF, UN, OECD, WTO, WHO, Interpol, UNESCO and CERN Access to the strategic and high growth SEE Access to the strategic and high growth SEE markets with: ‐ Over $1,000bn of GDP ‐ Over 140 million people

•

Strong business and cultural ties with the region

•

Network of over 4,000 Greek companies present

•

More than 3,000 Greek branches of banks covering over 20% of the banking market in SE Europe

•

Greek companies in top 3 investors in every market

…which makes it ideal for selecting it as a regional hub for the EMEA area Regional headquarters Entry point for EU, SEE, ME, NA sales

Europe

Business operations Africa

Middl E t Middle East

Back office support Service center

Greece can be the regional hub for strategic growth in SE Europe, Africa and the Middle East 8

Greece is a major player in the global mercantile sea transport sector

Others s

Cargo o

Pure Containers s

Passenge er

Combinatio n Carriers

Liquid Gas

Chemical & Produce

Greek mercantile fleet evolution 26

dw (10m)

Source: Greek Shipping Co‐operation Committee

2001

2002

2003

2004

2005

2006

2008

2007

2000

1999

1998

1997

1996

1995

1994

1993

1992

As the shipping rates are picking up As the shipping rates are picking up again, there has been an increase of ship‐building orders from Greek shipowners

Ore & Bulk

Greek shipowners top the international commercial marine , g q p fleet, having acquired 164 ships in 2009 for the amount of $3.16bn

10%

1991

–

20%

1990

Mainly in the field of oil tanker and bulk carriers

23%

Oil Tankers s

–

Greek fleet as % of global fleet (ships)

1989

•

In the past few year of strong growth in the shipping sector the Greek ship‐ g owners have strengthened their position

1988

•

Greece offers ample high‐quality human capital at very competitive rates Annual compensation (€ 000s) Workforce breakdown by education

Source: OECD

Labour productivity per hour (% change)

Source: National Statistical Service

Source: Eurostat

Greece’s innovation hubs are picking up momentum Currently, Greece might be a moderate innovator… Innovation leaders

Moderate innovators

Catching‐up countries

Source: Data from European Commission

…but it is picking up momentum fast but t s p c g up o e tu ast 2004 – 2008 Innovation performance indicator CAGR

Belgium m

Ireland d

Estoniaa

Finland d

EU 2 7

Spain n

Austria

Italyy

Sloveniaa

Poland d

Checck

Hungar y

Maltaa

Slovakiaa

Lithuaniaa

Source: Data from European Commission

Latviaa

Portugaal

Cypru us

Bulgariaa

Romaniaa

Greecce

7.4% 7.3% 6.5% 6.2% 5.8% 5.4% 5.1% 4.7% 4 7% 4 4.4% 4% 4 4.1% 1% 3.7% 3.5% 3.0% 2.7% 2.7% 2.7% 2.6% 2.6% 2.4% 2.3% 2.1%

Greece provides a very attractive financial framework PPP • As of December 2008, 52 projects valued at , p j €5.7bn have already been approved in the context of the new framework for Public‐Private Partnerships, while 14 projects valued €1.5bn are in the tendering process

Investment Law • Since the enactment of the Law in 2005, more than 4,000 investment projects worth approx. €9bn have been approved • The investment framework is currently under revision • A new investment framework is expected within Q3 2010

3. Growth sector opportunities

1. Tourism and real estate 2. Renewable energy 3. High tech 4 Food and beverage 4. Food and beverage 5. Environmental management

There are many growth opportunities in the Greek tourism sector in the higher value‐added Greek tourism sector in the higher value‐added segment Subsector

Marinas

Integrated Integrated resorts Business Tourism

Advantages

Opportunities

• More than 3,000 Islands and over 15,000 km of coast line • Safe sea, small distances between destinations and favorable wind force • 128 marinas in total with 19,269 mooring places • 55 of them actually in service providing for 10.015 places l

• Need for more and upgraded marinas • Marina PPP projects • Attractive subsidies

• A well‐educated and experienced workforce is active/employed in the tourism sector

• Hotel operating season to be extended (i.e. golf)

• Mediterranean climate favours year round operation • Attractive Incentives

• Lack of integrated resorts. Only two existing, another two are under way • A new law concerning Holiday Housing (Vacation home/property) is under way

• Superb locations to establish resorts

• Other Mediterranean markets like Spain, Italy and France are conceived as saturated

• 0.8 %of the global pie with an aim to reach 2‐2.5% (ICCA) • Priority Sector with lucrative incentives • Spectacular Destinations Spectacular Destinations • Well developed tourism infrastructure

• Excellent climate favors all year conference and business tourism • Lack of convention centers • Dynamic market with great development Dynamic market with great development potential

There are many growth opportunities in the Greek tourism sector in the higher value‐added Greek tourism sector in the higher value‐added segment (cont’d) Subsector

Golf resorts lf SSpas and d thalasso‐ therapy Eco tourism

Advantages

Opportunities

• Ideal climate for golfing all year round • Available land amid spectacular settings • Well developed tourism infrastructure

• • • •

Suitable land for development Priority sector with lucrative incentives Only 5 18‐hole courses Significant unmet demand with huge potential for growth

• Nearly 700 thermo metallic springs of great value y p g g • Booming domestic demand for spa services • Well educated & highly experienced human resources

• Mostly underdeveloped or operating with y p p g outdated facilities • Current capacity is low in absolute numbers • Available sites for developing spas and thalassotherapy centers • Attractive subsidies

• Diverse natural environment • Rare combination of mountains and island complexes • Negative impacts minimized on host community • Demand for local goods and services • Growing number of eco‐conscious tourists seeking for a pristine environment

• Development of infrastructure such as roads, airports and bridges • A greater variety of economic activities in rural & non‐industrial regions • Eco‐spa business all year‐round

There are many growth opportunities in the Greek tourism sector in the higher value‐added Greek tourism sector in the higher value‐added segment (cont’d) Subsector

Health lh tourism Sports tourism

Advantages

Opportunities

• Mild climate, Mediterranean diet and clean environment are ideal to patient’s recuperation • Well educated, multilingual personnel • Unique location between Europe, Africa, and Asia, make Greece easily accessible, reducing the patients’ travel risks

• Plethora of famous medical schools, along with highly qualified medical personnel • Wellness boom taking place • New fitness consciousness & striving for health leads to a rapidly rising demand for visits to appropriate destinations in a well‐preserved natural environment natural environment

• Expert in hosting major sporting events • The 2004 Olympic Games brought about mega infrastructure • Breathtaking scenes for winter sports (Ski, Golf, mountaineering etc)

• Generous investment incentives • Some forms of sports tourism are not yet adequately developed (i.e. golf)

Real estate has also numerous investment opportunities to offer

• Big infrastructure projects in main Greek cities

• Large‐scale developments

• Industrial property

1. Tourism and real estate 2. Renewable energy 3. High tech 4 Food and beverage 4. Food and beverage 5. Environmental management

The Renewable Energy Sources sector in Greece has various opportunities to offer • Greenfield investments in wind farms

Wind

• Cooperation with existing firms • Light manufacturing Light manufacturing

Geothermal

Biofuels

H d Hydro

• Greenfield investments in PV parks g g • Light manufacturing

• Greenfield investments in geothermal power plants power plants

• Greenfield investments in Biofuel plants • Biorefineries

• Greenfield Greenfield investments in small hydro investments in small hydro plants

1 Tourism and real estate 1. Tourism and real estate 2. Renewable energy 3. High tech 4 F d db 4. Food and beverage 5. Environmental management

There are two main drivers of high tech in Greece

Information and Information and communication technology

Biotechnology

Investment opportunities in the Greek high tech sector focus on high value adding tech sector focus on high value‐adding services Intense R&D activity…

…generates multiple investment opportunities

ICT Thessaloniki

•

Software development

•

Biotech •

Drug development

Microchip and MEMS design

•

Medical & diagnostic devices

•

R&D lab

•

Clinical trials

•

Regional support center

Larissa

Patras

Athens

Iraklio

1. Tourism and real estate 2. Renewable energy 3. High tech 4 Food and beverage 4. Food and beverage 5. Environmental management

The F&B sectors has abundant investment opportunities to offer

• Honey and nut based snacks

• Chocolates and confectionery

• Macaroni products

• Cheese

• Marmalades and pickled goods

• Specialty herb mixes

• Ready made meals and frozen food

• Traditional spoon sweets • Liqueurs and fruit juices

• Seafood • Herbal beverage products • Organic products

• Meat and delicatessen products based on olive oil and other based on olive oil and other healthy Mediterranean ingredients • Boutique and niche market goods including: including: • Sprirulina and saffron, both widely known for their therapeutic attributes • Mastiha and other herb and other herb products • Unique sauces • Baby foods

1. Tourism and real estate 2. Renewable energy 3. High tech 4 Food and beverage 4. Food and beverage 5. Environmental Management

There are several investment opportunities in the waste management sector in Greece

• Creation of modern, integrated facilities for the final disposal of municipal waste disposal of municipal waste • Rehabilitation of the existing dumps • Environmental sound management of domestic, commercial industrial and medical waste commercial, industrial and medical waste • Construction of suitable transfer station networks • Selective collection at source and further recycling of municipal wastes municipal wastes • Integrated public communications strategy in the effort to tackle waste management • Water Water treatment and sea or brackish water desalination, treatment and sea or brackish water desalination sewage treatment

4. Invest in Greece Agency’s service offering

We provide full service, free of charge, so that you establish yourselves and expand in Greece Ground work

Incorporation

Running the company

Assist in finding location Assist in finding location

Assist in setting up the project Assist in setting up the project

Continuous assistance thereafter Continuous assistance thereafter

• Identify the site • We can provide shortlists and arrange site visits and and arrange site visits and meetings with local partners • Establish contact with relevant clusters • Suppliers & sub‐contractors Suppliers & sub contractors • Distribution channels • Business partners

• Provide information about legal regulations • Analyze Analyze the entitlement to public the entitlement to public support • Investment Law • PPP • NSRF

• Continue to monitor the project • Provide additional assistance on an ad‐hoc basis an ad‐hoc basis • Provide networking through our contacts • Identify potential expansion opportunities

• Hand‐holding during the setting up of the business • Dealing with all regulative authorities • Helping overcome glitches

Invest in Greece provides support throughout the entire business cycle

We accelerate investments through Fast Track We accelerate investments through Fast Track

Qualification Prerequisites

Case #1

• The total value of the investment must exceed €200 million

Case #2 Case #2

• The value of the investment must exceed €75 million and, concurrently, the investment must create at least 200 new job positions

Case #3

• The investment value must be at least €1 million per annum in advanced million per annum in advanced technologies and innovation projects

Successful cases i in commerce & investment &i t t

Your Investment Partner in the region 3 Mitropoleos St. 105 57 Athens, Greece t. +30 210 3355700 f. +30 210 3242079 e. info@investingreece.gov.gr

TOURISM

Greece: : Investment Opportunities in Tourism Investment Opportunities in Tourism

Contents

•

Tourism: an eternal competitive advantage

•

Investment Framework Investment Framework

Tourism: an eternal competitive advantage

Greece has all the prerequisites of an ideal tourist destination…..

• More than 5,000 islands and islets More than 5 000 islands and islets

• 15,000 km of coastline

• Greece holds the 2nd place among 41 countries across Europe, South 41 countries across Europe South Africa, Morocco, Tunisia, New Zealand, Brazil, Canada and the Caribbean, in the 2010 European Blue Flag Program with 421 beaches and 9 marinas

Greece…. A Global Brand, A Timeless Destination • One of the safest countries in the Mediterranean region with a hospitable population • Greece’s Mild climate is ideal for year‐round tourism and one of the core ’ ild li i id l f d i d f h priorities of Greece today is to create a dynamic, sustainable, four‐season tourism infrastructure that responds to the diverse and challenging needs of the 21st Century. Average of 300 sunshine days per year • Mediterranean cuisine‐diet (life expectancy at 79,66 years‐old, 26th position in the world) in the country that gave birth to symposiums and position in the world), in the country that gave birth to symposiums and the Epicurean philosophers • Infrastructure—Supporting Success Th 2004 Ol The 2004 Olympic Games proved to be a catalyst for widespread i G d b l f id d infrastructure development.

Tourism holds a prominent position in the Greek economy…… • Greece is among top 10 destinations for 2010 (Lonely Planet Best Travel 2010) • Greece holds the 2nd place in the 2008 Telegraph Travel Awards, at p y g their Best European Country ranking. • According to an investigation carried out in 2009 by Zoover.com (a holiday website concerning hospitality) Greece appears to be the holiday website concerning hospitality), Greece appears to be the country with the most hospitable people, from the American results and the 3rd most hospitable country when taking into results, and the 3rd most hospitable country when taking into account international results.

….supporting public revenues supporting public revenues Tourism sector receipts (€ mn)

Source: Bank of Greece

The Greek tourism industry has displayed strong growth Direct & Indirect Employment in the tourism sector (in thousands)

2008 913 2007 939 2006 906 2005 860 2004 801 2003 793 2002 787

Source: National Statistical Service

Tourist Arrivals Tourist Arrivals Tourist Arrivals (mil.)

20F 17.5

13 3 13.3

17.6

14.4

12.1

2004 2005 2006 2007

Source: National Statistical Service

2008 2015

T it i l Tourist arrivals per Greek Region G kR i Arrivals in Hotels & Campings in the Greek Regions 2007‐2008

Arrivals in Hotels & Campings in the Greek Regions 2008 ‐ Share %

2007

4 000 000 00 4,000,000.00

Eastern Macedonia Thrace4.1%

Crete 14 3% Crete 14.3%

2008

3,500,000.00

Central Macedonia 13.6%

South Aegean Islands 13.5%

3,000,000.00 2,500,000.00 2,000,000.00

Western Macedonia 1.3% Thessaly 5.4%

1,500,000.00 1,000,000.00 500,000.00

Epirus 2.4%

Source: Association of Greek Tourism Enterprises

Crete

Southern Aeggean Islands

North Aeggean Islands

Attika

Peloponese

Cen ntral Greece

Westtern Greece

Ionian Islands

Ipiros

Thessaly

Western Macedonia

Central Macedonia

EEastern Macedon nia & Thrace

0.00

Ionian Islands 6.8%

North Aegean Islands 1 9% Islands 1.9%

Western Greece 5.1% Attika 21.3% Peloponese p 6.3%

Source: Association of Greek Tourism Enterprises

Central Greece 3.9%

Nights spent % Change Rate 2008/2007

Nights spent (Hotels & Campings) in the Greek Regions 2007 ‐ 2008 (m)

14,714,5 14 5

2008

7,9 7,1

7,57,3

900,065

Source: Greek Tourism Organization

2,72,5

Crete

SSouthern Aegean Islands

North Aegean Islands

1,6 1 61,6 16

Attika

1,7 1 71,6

Peloponese

Ionian Islands

Ipiros

Thessaly

Western Maccedonia

Central Maccedonia

Easteern Macedonia & Thrace

1,6

1,91,8 18

1 91,9 389,331 389 3311,9 1 9 936,866 936 866

Central Greece

392,241 17 1,7

7,7 7,3

Western Greece

2007

15,315,7

Eastern Macedonia & Thrace

6,30%

C t lM d i Central Macedonia

10 32% 10,32%

Western Macedonia

0,75%

Thessaly

1,30%

Ipiros

‐3,93%

Ionian Islands

‐1,88%

Western Greece

‐4,98%

Central Greece

‐6,77%

Peloponese

‐4,99%

Attika

‐5 08% ‐5,08%

North Aegean Islands

‐0,35%

Southern Aegean Islands ‐0,98% Crete Source: Greek Tourism Organization

2,64%

Regions share in nights spent Regions share in nights spent Share % ‐ Nights spent (Hotels & Campings) in the Greek Regions 2008 Eastern Macedonia Thrace 2,7% Central Macedonia 12%

Crete 24%

Western Macedonia 0,6% Thessaly 3% Epirus 1,4%

Ionian Islands 11,2%

South Aegean Islands South Aegean Islands 22,2%

Western Greece 2,8%

Central Greece 2,5% Peloponese 3,9% North Aegean Islands 2,5%

Attika 11,1% Source: Greek Tourism Organization

This is how the number of high‐end hotels is divided Breakdown of hotels by star rating at key tourist destinations 515 488 437

5* 4* 4

308

3* 222 193 130

77 29

Source: National Statistical Service

Ionian Islands

137

2* 1*

83 43

12 Athens

167

159

141

186 194

183

18 Dodekanese

12 Cyclades

Chalkidiki

According to the Greek Hotel Branding Report, branded Hotels in Greece According to the Greek Hotel Branding Report, branded Hotels in Greece account only for 4% of the total number and 19% of total availability of rooms, while in other European countries this figure lies between 25 and 40%.

World Economic Forum: Travel & Tourism Competitiveness Report • According to the 2009 Travel & Tourism Competitiveness R Report that was published by the World Economic Forum, t th t bli h d b th W ld E i F Greece holds the 24th position among 133 countries. • • • • •

Prioritization of Travel & Tourism Æ 3rd place Number of World Heritage cultural sites Æ9th place Number of World Heritage cultural sites Æ9 Tourism infrastructure Æ 5th place Ph i i d it Æ 1st place Physician density Æ l Health and hygiene Æ19th place

Current developments Current developments

• Lifting of Cabotage regulation in cruise tourism • A new Holiday Housing Land Planning Law to be introduced • Major new investments: Costa Navarino: The first fully integrated resort in Greece, Hilton Doubletree Resort Hotel in Kos, new Sheraton Hotel in in Greece, Hilton Doubletree Resort Hotel in Kos, new Sheraton Hotel in Rhodes, Gran Melia in Crete etc... • Major brands‐new developments in the pipeline: Porto Heli Collection, S Seascape Hills Resort, the Minoan Cavo Sidero Resort , etc... Hill R t th Mi C Sid R t t • Development and privatization of state owned tourism assets: Marinas, land plots, hotels etc Invest in Greece Agency is involved in the promotion of an extensive and dynamic Public and Private projects portfolio.

Therefore, it doesn‘t come as a Therefore it doesn‘t come as a surprise that…..

.…some are taking advantage of the current situation 11 January 2010: Hilton Worldwide announced the operation a Doubletree by Hilton Resort on the island of Kos in Greece Patrick Fitzgibbon, Hilton Worldwide’s senior vice president, development Europe & Africa, said: development ‐ Europe & Africa said:

.…some are taking advantage of the current situation 11 January 2010: Starwood Hotels & Resorts Worldwide Inc. will launch its first Sheraton hotel in Greece with the inauguration of a Sheraton Rhodes Resort in the spring It will inauguration of a Sheraton Rhodes Resort in the spring. It will be Starwood’s eighth hotel in Greece. The Sheraton Rhodes y y Resort will be located only a few kilometers from the city’s historic old quarter district and features 401 rooms. “Rhodes Rhodes is a magical destination and we are thrilled to bring Sheraton, our most emblematic chain, to this significant travel destination”

Roeland Vos, the president of Starwood Hotels & Resorts in Europe, Africa and Middle East.

.…some are taking advantage of the current situation • Gran Meliá Resort and Luxury Villas lá d ll Daios Cove is a brand new luxury resort nested on a hillside overlooking its private tranquil bay on the North‐East part of Crete. Located right on the waterfront with g a private sandy beach, masterfully blending the surrounding landscape together with its unique private bay together with its unique private bay and direct access to the crystalline. • 300 rooms, suites and villas. All b boast spectacular views of the cove l i f h and turquoise sea waters and most feature private heated swimming pools.

Investment Opportunities in Tourism Investment Opportunities in Tourism

Greece’s changing face in hospitality investment opportunities

…with a tourism sector diversification offering great investment opportunities

• Marinas

• Integrated Resorts

• Business, Golf and eco tourism

• Wellness/Health and Sports tourism

Marinas A A sea of opportunity f t it Advantages • More than 5,000 Islands and over 15,000 km of coast line • Safe sea, small distances between destinations and favorable wind force • 128 marinas in total with 19,269 mooring places • 55 of them are actually in service providing for y p g 10,015 places • Sea Tourism yachting ‐ cruises Opportunities • Need for more and upgraded Marinas • Marinas for PPP development under way

Flisvos marina (PPP Project): One of the successful privatizations of the Tourism Development Co. In 2002, LAMDA TechnOL Flisvos Marina was awarded a 40‐year concession to develop, upgrade and manage the marina. Today one of the most upscale, modern projects made

Integrated Resorts are highly supported by the Greek state

Advantages

• Mediterranean climate favours year round operation • Attractive Incentives • Superb locations to establish resorts • A well‐educated and experienced workforce is active/employed in the tourism sector ti / l d i th t i t

Opportunities

• Hotel operating season anticipated to be extended to include the winter months by virtue of the existence of upscale leisure virtue of the existence of upscale leisure facilities (i.e. golf) • Lack of integrated resorts.

Conference Tourism Conference Tourism

Advantages • 0.8% of the ‘global pie’ with an aim to reach 2‐2.5% (ICCA) • Athens holds the 15th position in 2008, ten places higher than in 2007 (ICCA) • Priority sector with lucrative incentives • Land of exceptional beauty • Unique brand names • Well developed tourism infrastructure Opportunities

International Conference Centre‐ Athens Concert Hall

• All‐year long ideal climate All year long ideal climate for conference travel for conference travel • Need for more and upgraded conference centres • Dynamic market with great development potential

Golf Resorts A promising course of investment

Advantages • Ideal climate for golfing all year round • Greece is becoming a second home for North Europeans for North Europeans • Well developed tourism infrastructure Opportunities • Suitable land for development • Priority Sector with lucrative Priority Sector with lucrative incentives • Only 5 existing 18 – hole‐courses • Significant unmet demand with huge potential for growth potential for growth Crete Island Golf Club

Thermal Springs, Spa & Thalassotherapy Advantages • Nearly 700 thermo mineral (and in some cases therapeutic) springs of great value ) • Booming domestic demand for spa services • Well educated & highly experienced human resources

Opportunities • Most are not commercially exploited until now or operating with outdated facilities • Current capacity is low in absolute numbers • Available sites for developing spas and Available sites for developing spas and thalassotherapy centers

SSuccess Story: among the 10 best Spa & Wellness centers S h 10 b S & W ll in the world. Wellness Hotel Thermae Sylla Spa – Edipsos North Evia

OperatingÂ IntegratedÂ Resorts

Costa Navarino Costa Navarino Peloponnese Main Facilities: (amongst other) 9Four 5* Upscale Hotel Units / Villas 9Conference C t Center Beach of Navarino Dunes

Navarino Dunes – Golf Course

9Thalassotherapy center 9Two 18-hole golf courses

SANI INTEGRATED RESORT CHALKIDIKI

Main Facilities (Amongst other) : 9Marina 9Upscale Hotel Units / Villas Vill 9Cultural Centre 9Thalassotherapy center

PORTO CARRAS INTEGRATED RESORT CHALKIDIKI Main Facilities: 9Marina 9Golf course 18 holes 9Upscale Hotel Units 9Casino 9Riding 9Thalassotherapy center

Integrated resorts in the pipeline Integrated resorts in the pipeline • Astir Palace in Vouliagmeni, the south part of Athens, is a resort complex which includes three hotels: Arion, a Luxury Collection Resort & Spa, The Westin Athens and W Athens. The resort has completed the full renovation of Arion Bungalows Hotel and is currently implementing an extensive renovation to W Athens Hotel The completion of the project will lead to the creation extensive renovation to W Athens Hotel. The completion of the project will lead to the creation of one of the most luxurious resorts in the Mediterranean. • Dolphin Capital Investors, a leading investment company (largest real‐estate fund on the AIM of the London Stock Exchange), which is focusing mainly on sophisticated master‐planned integrated resort developments is concerned in a number of high‐profile luxury projects in Greece: ‐ Porto Heli Collection Porto Heli Collection ‐ Lavender Bay Golf Resort ‐ Volos ‐ Sitia Bay Golf Resort – Crete Island ‐ Scorpio Bay Resort ‐ Scorponeri ‐ Plaka Bay Resort – Crete Island ‐ Tzia (Kea) Island • The Minoan Cavo Sidero Resort, a development by Minoan Ltd, a UK based Company, plans to Minoan Cavo Sidero Resort a development by Minoan Ltd a UK based Company plans to develop a 26km² site in northern Crete

SuccessÂ stories

Investment incentives framework InvestmentÂ incentivesÂ framework

Greece Business naturally Greece. Business naturally. •

Investment Incentives Law a new Framework will be launched in the next few months, ameliorating further the current successful framework.

•

The framework for Public Private Partnerships (PPP) provides for collaboration between public and private sector organizations for the financing, construction, maintenance operation/exploitation of infrastructure projects or for the provision maintenance, operation/exploitation of infrastructure projects or for the provision of services.

•

The National Strategic Reference Framework (2007‐2013) establishes the broad priorities for Structural Funds Programmes in Greece. Greece’s NSRF with its 40bn euro budget seeks to achieve a balanced development of the country, with 82 percent of a Fourth Community Support Framework program focusing on regional t f F th C it S tF k f i i l projects.

•

Fast Track Law: A new law that accelerates the licensing procedure for investments in Greece

…incentives which trigger Tourism Investments (May 2005 – July2009) Investments in tourism approved, per type 32 738

574

227 Establishment or Expansion of hotel units

Total: 1.571 Total budget g of 4,7 , bn euro Source: Alpha Bank‐ GNTO – Directorate of projects & investments

Modernization of hotel units Modification of traditional or listed buildings into hotel units Other types of tourism investments

A new framework for PPP A new framework for PPP

Public Private Partnerships ‐ PPP • In 2008 52 projects valued at €5,7bn have already been approved, while 14 more projects are in the tendering process for 2009 are in the tendering process for 2009 amounting for € 1,5bn • PPP’s is an established market in Greece • New opportunities for both public & private sector • 45 companies have participated in PPP tenders – 10 of them were international

National Strategic Reference Framework g f 2007‐2013 •Especially in the Tourism sector the NSRF 2007‐2013, which is co funded by Greek Government and the European is co‐funded by Greek Government and the European Union, will finance public and private projects of more than 540 540 mn E Euro until 2013. til 2013 •Public infrastructure projects aim at re‐modernizing the P bli i f t t j t i t d i i th tourism sector, improving the quality and diversifying the G k Greek tourism product, extending the tourist season. i d di h i

National Strategic Reference Framework g f 2007‐2013

More co‐funded public projects aim to enhance the natural and cultural reserve as a means of increasing the attractiveness of the country and its regions as a tourism destination, ‐ upgrading of the infrastructure and services of marinas and tourist ports, ‐ creating special zones that will host tourist yachts in commercial ports, ‐ creating special forms of tourism, tourism cultural, cultural archaeological, archaeological historic and eco‐routes of national or international importance, upgrade, ‐ complementing and modernizing infrastructure for winter tourism.

Fast Track Fast Track

A new start

• A new law that accelerates the licensing procedure for investments in Greece

• Concerns significant investments in manufacturing, energy, tourism, g g, gy, , industry, advanced technologies and innovation projects, including investments that fall under the Investment Law

Fast Track Fast Track

Qualification Prerequisites ¾Τhe total value of the investment must exceed 200 million Euro, OR ¾Τhe value of the investment must exceed 75 million Euro and, concurrently, the investment must provide for the creation of 200 new jobs, OR ¾ The investment value must be at least 1 million Euro per annum in advanced technologies and innovation projects.

Your Investment Partner in the region 3 Mitropoleos St. 105 57 Athens, Greece t. +30 210 3355700 f. +30 210 3242079 e. info@investingreece.gov.gr

Investment Opportunities in Tourism Investment Opportunities in Tourism June

Table of contents Table of contents Solis Leonidaion Resort Private Pool Villa Suite with Spa – Soneva Nisi, Milos High end Integrated resort “The Porto Heli Collection” High end Integrated resort “Lavender Bay” High end Integrated resort “Sitia Bay” High end Integrated resort “Scorpio Bay” High end Integrated resort “Plaka Bay” High end Integrated resort “Kea Resort” Land plot next to the Rio‐Antirio Bridge in Western Greece High End Tourism Resort Complex in the Island of Syros Doryssa Seaside Resort Samos Costal land plot in Ierapetra, Crete

Tourism Projects (12) Tourism Projects (12) Solis Leonidaion Resort Private Pool Villa Suite with Spa – Soneva Nisi, Milos High end Integrated resort “The Porto Heli Collection” High end Integrated resort “Lavender Bay” High end Integrated resort “Sitia Bay” High end Integrated resort “Scorpio Bay” High end Integrated resort “Plaka Bay” High end Integrated resort “Kea Resort” Land plot next to the Rio‐Antirio Bridge in Western Greece High End Tourism Resort Complex in the Island of Syros Doryssa Seaside Resort Samos Costal land plot in Ierapetra, Crete

Solis Leonidaion Resort Region: Western Greece/Prefecture of Ilia R i W G /P f f Ili Investment Scale: € 10,5 mil. (land and construction)

Project Introduction: Development of a world class resort, located in Ilia, Peloponnese, Greece.

The Sponsor has engaged The West Paces Hotel Group, LLC (“WP”) to assist in the final design of the resort and to operate the resort under their awarding winning SOLÍS resort under their awarding winning SOLÍS brand.

Solis Leonidaion Resort Region: Western Greece/Prefecture of Ilia R i W G /P f f Ili Investment Scale: € 10,5 mil. (land and construction)

Project Introduction:

Development of a world class resort, located in Ilia, Peloponnese, Greece. The Sponsor has engaged The West Paces Hotel Group, LLC (“WP”) to assist in the final design of the resort and to operate the resort under their awarding winning SOLÍS brand.

The resort to be developed will include 106 luxury suites, four dining establishments, world‐class Spa & Therapy Center, full health and fitness center, conference and meeting facilities, swimming pools and activity areas. The Leonidaion Ilia Resort will be operated by The West Paces Hotel Group under the SOLÍS brand. The land and the resort is fully entitled, the owner have spent considerable time and resources accomplishing all required permitting including full Archeological permits. The project is ready to begin construction.

Solis Leonidaion Resort Region: Western Greece/Prefecture of Ilia R i W G /P f f Ili Investment Scale: € 10,5 mil. (land and construction)

Location & Accessibility SOLÍS Leonidaion Í Resort is situated on an oceanfront parcel in the northwestern Peloponnese region of Greece in the town of Savalia. Savalia, in the county of Ilia, is a waterfront town with a traditionally agricultural history centered on its olive tree and grapevine fields. This Resort is west of the ancient town of Olympia, the original site of the Olympic Games. Today a torch bearer, like ancient heralds, starts out from Olympia bearing

Solis Leonidaion Resort Region: Western Greece/Prefecture of Ilia R i W G /P f f Ili Investment Scale: € 10,5 mil. (land and construction) Project’s Key Points: Project’s Key Points: Culturally Significant Location ‐ The area surrounding the Resort contains many culturally significant ancient sites which will provide significant and meaningful day trips and which will provide significant and meaningful day trips and destinations for guests. The Leonidaion, from which the resort takes it name, was originally established in 330 B.C. by Leonidas the Nexian as a large hostel occupying the southwest part of the sacred grove of Olympia the Altis southwest part of the sacred grove of Olympia, the Altis. Leonidaion was a place where Dignitaries and Senators stayed during their visits. Archeological digs have uncovered ancient artifacts on the property which add to the historical profile of the area the historical profile of the area. Olympia the most inspiring place in Greece devoted as a Sanctuary dedicated to Zeus gave birth to the Olympic Games the Olympic spirit of great values and ideals. Games– the Olympic spirit of great values and ideals Ancient Olympia, 45 kilometers south from the Resort, is one of the most visited sites in Greece. In addition to the historical site, the Archaeological Museum of Olympia is a modern museum dedicated to the history of the region modern museum dedicated to the history of the region.

Solis Leonidaion Resort Region: Western Greece/Prefecture of Ilia R i W G /P f f Ili Investment Scale: € 10,5 mil. (land and construction)

Composition: The Resort will be sited on two parcels of land p of approximately 21,000 sq. m. (Parcel 1) and 8,000 square meters respectively (Parcel 2). Parcel 1 is presently owned outright by the Sponsor. Parcel 2 is controlled under a p purchase option. The Sponsor has received the unfettered right to control, maintain and utilize approximately , pp y 85,000 sq.m. of beach front forest property which is currently under government control and preservation. Additionally, the Sponsor has obtained a right‐to‐use for approximately g pp y 15,000 sq.m. of coastal beach front property immediately between Parcels 1 and 2 and the sea. Under certain circumstances, the Sponsor may obtain development rights to this parcel. y p g p

Private Pool Villa Suite with Spa – S Soneva Nisi, Milos Greece Ni i Mil G Region: South Aegean/Cyclades

Project Introduction: Six Senses Resorts & Spas is to develop a Soneva branded resort on the Greek Soneva‐branded Island of Milos, situated in the Southwest Cyclades. Area size: Soneva Nisi by Six Senses will have a footprint of approximately 188 hectares, or 465 acres, and offer six private beaches in a secluded bay. bay Milos is one of the largest in the group of islands and has around 4,800 permanent inhabitants, inhabitants with its capital being Plaka, one of just five villages on the island.

Private Pool Villa Suite with Spa – S Soneva Nisi, Milos Greece Ni i Mil G Region: South Aegean/Cyclades

The 60 private pool villas are to have areas of between 90 sq. m., and 339 sq. m., with twenty of them having their own personal f h h h l spa villa attached, and six being eco villas. Supporting Six Senses’ commitment to Sl Lif S Slow Life: Sustainable, Local, Organic, i bl L l O i Wholesome ‐ Learning, Innovative, Fun, Experiences. SSoneva Nisi will feature produce from the Ni i ill f d f h region wherever possible, rather than creating a carbon footprint resulting from unnecessary importation.

Private Pool Villa Suite with Spa – S Soneva Nisi, Milos Greece Ni i Mil G Region: South Aegean/Cyclades

Facilities: Guest year‐round leisure experiences will include a raft of water‐related activities such as scuba diving and snorkeling sailing and windsurfing snorkeling, sailing and windsurfing. There will be tennis, pentangues lanes, an open‐air Cinema Paradiso, plus walking and horseback riding tracks to walking and horseback riding tracks to unexplored local areas and mountains.

Porto Heli Collection Region: Peloponnese/Argolida prefecture/Porto Heli l / ld f / l Investment Scale: €300 mil.

Project Introduction: The Porto Heli Collection, spreading in an area of 3.470.000 sq.m., will become home to four five‐star hotels, each one offering a unique style of vacationing and amenities, catering to a diverse range of travelers. In addition a number of luxury beach villas over 100 sq.m. each will be constructed in superb spots within the resort..

Porto Heli Collection Region: Peloponnese/Argolida prefecture/Porto Heli l / ld f / l Investment Scale: €300 mil.

S i lF Special Features: Whatever style of hotel a visitor seeks, from understated elegance, privacy, and opulent l i d l luxury, to an activity‐packed beach holiday with incomparable spa and golf facilities, they will be able to find the perfect holiday bl t fi d th f t h lid destination within The Porto Heli Collection.

Porto Heli Collection Region: Peloponnese/Argolida prefecture/Porto Heli l / ld f / l Investment Scale: €300 mil.

Project’s Key Points : The spectacular all‐year‐round weather conditions and tranquil waters provide ideal conditions for the full range of water sports including sailing waterskiing sports including sailing, waterskiing, wakeboarding, paragliding and jet skiing all provided by the area's excellent amenities, while the small beautiful pine‐fringed bays with sandy beaches offer scenic backdrops with sandy beaches offer scenic backdrops for day trips and exploration

Porto Heli Collection Region: Peloponnese/Argolida prefecture/Porto Heli R i P l /A lid f /P H li Investment Scale: €300 mil. Project’ss Key Points (2): Project Key Points (2): • • •

•

• • •

•

Well known high‐end area mostly visited by wealthy Greek and foreign population Well known features associated with the area of Argolis; sailing, climbing and Ancient historical sites, although the charming villages, glorious beaches and natural beauty of the area are also a huge attraction Argolis is considered to be the cradle of Ancient Greek civilisation, gaining the region the nickname of ‘Ancient Argolis’. Throughout the hills and groves which cover much of the landscape are ruins of the original city states of Greece, from ancient theatres to the beautiful Treasury of Attreus, an ancient cemetery adorned with ‘tholos tombs’. Probably the most famous archaeological locate is the city of y y g y Mycenae, with the imposing Lion Gates and the city’s importance in Greek mythology. The inland areas of Argolis are a haven for climbers and walkers, with many exceptional routes, often incorporating some of the lesser known archaeological treasures. The Frachti Caves and Didima Hole are favourite destinations for walkers, and there are climbing routes to suit all abilities too. favourite destinations for walkers, and there are climbing routes to suit all abilities too. The coastline of Argolis is ideal for those looking for access to exquisite beaches and sailing opportunities. Argolis is creased by some spectacular sand beaches, often with dramatic backdrops of hills and cliffs. Most famous areas in the Argolis district: Nafplion: a beautifully appealing coastal town, and the first capital of Greece after the 1821 revolution, is probably the most endearing 18th Century Mediterranean town one can find. It is adorned with some magnificent castles from across the ages and some of the finest beaches in Argolis. p (Epidavros), is most famous for its summer Festival of Epidaurus, which is held in the ancient p p Epidaurus theatre with a setting and acoustic qualities that makes it an excellent venue for any production.

Porto Heli Collection Region: Peloponnese/Argolida prefecture/Porto Heli l / ld f / l Investment Scale: €300 mil.

Composition: 9 The first Aman Resort in Europe – 38 suites, spa, beach club, villas 9 Luxury Beach Villas 9 Chedi Hotel – 102 rooms, spa, 40 club suites, 40 villas 9 A championship 18‐hole signature golf course by Jack Nicklaus 9 Beach Hotel with suites 9 Golf Boutique Hotel – 140 suites 9 Golf clubhouse with 225 golf estates, a fully‐staffed equestrian centre, a tennis academy, and a kids club

Lavender Bayy Region: Thessalia/Magnesia

Special features: Unspoilt, undulating hills fronted by a 2km beach and surrounded by 2k b h d d db forest. Access: A Approximately 2 ½ hours’ drive from i l 2½h ’d i f both Athens and Thessaloniki International Airports. Also 20 minutes drive from Aghialos I t International Airport. ti l Ai t Area size: 310 hectares with 2km of seafront

Lavender Bayy Region: Thessalia/Magnesia

Composition: 9 A 180 room Kempinski operated hotel 9 More than 220 branded residential units 9 More than 390 non‐branded residential units 9 An 18‐hole Gary Player Signature golf course 9 Beach club and other leisure activities Design: Master‐plan by EDSA golf design by Gary Player and hotel and residences design by Chad Oppenheim

Sitia Bay Golf Resort y f Region: Crete

Special features: A secluded peninsula of unspoilt natural beauty on the largest of the Greek islands and the most popular Greek tourist destination Access: A 10 minute drive from Sitia International Airport, a 1 ½ hour drive east from Heraklion International Airport and a 15 minute drive from Sitia Harbour Area size: 280 hectares with 2.5km of seafront

Sitia Bay Golf Resort y f Region: Crete

Composition: 9 Over Over 80,000 m 80 000 m² of buildable of buildable residential units 9 A 200 room luxury hotel 9 A convention centre 9 An 18 An 18‐hole hole Jack Jack Nicklaus championship golf course 9 A golf clubhouse 9 An 80 berth marina An 80 berth marina 9 A beach & country club and other leisure facilities Design: Master plan and hotel Master plan and hotel design by WATG. Nicklaus Design has been appointed as the golf course architect

Scorpio Bay Resort p y Region: Central Greece/Viotia/Skorponeri

Location: Skorponeri, Voiotia region, making this probably the closest luxury seaside residential resort to Athens Access: One hour’s drive from Athens International Airport Special Features: A mountainous peninsula Special Feat res A t i i l of unspoilt natural beauty overlooking a secluded bay and the island of Evoia, and within a one hour drive from the ski resort of Mount Parnassus ski resort of Mount Parnassus Area size: 172 hectares with approximately 2 km of sea frontage Composition: Luxury Oberoi operated hotel and full service spa, integrated with a residential development and sea related leisure facilities and sea‐related leisure facilities Design: Hotel and villa design by John Heah

Plaka Bay Resort y Region: Crete

Special features: Eastern‐most point of Crete Access: A 40 minute drive east A A 40 i t d i t from Sitia International Airport, a two hour drive east from Heraklion International Airport, and in close proximity to Sitia i it t Siti Harbour H b Area size: 440 hectares with 7km of seafront Composition: 9 A residential development of over 100,000 buildable m2 9 One or more One or more five‐star hotels five star hotels 9 Other supporting recreational facilities and potentially an 18‐ hole golf course Design: Master plan prepared by Hart Howerton

Kea Resort Region: Cyclades/Kea Island (Tzia)

Area size: 65 hectares with private beach Composition: •Aman Hotel with residences •Beach club Design: Hotel and residences design by John Heah Special features: p Dramatic sea views and a spectacular sandy beach offering a natural harbour and a safe shelter from the Aegean winds g Access: One hour ferry ride from Lavrio Harbour, in turn only a 15 minute drive from Athens International Airport. Regular ferry services from Lavrio, year round

Integrated Tourism Development Region: Western Greece/Etoloakarnania/Rio‐Antirrion Bridge Region: Western Greece/Etoloakarnania/Rio Antirrion Bridge Investment Scale: € 45 mil.

Area size: 270,000 sq. m. land plot Project Introduction: The project aims at the development of around 60,000 sq. m of new buildings on the available land plot of 270 000 sq m The development m. of new buildings on the available land plot of 270,000 sq m. The development plan includes: a 600 bed five star hotel, a conference and exhibition center, a marina, a maritime industry center etc. The land plot used to be the construction site of the Rio‐Antirrio Bridge that has opened in 2004. Location and Accessibility The land plot is situated in Antirrio next to the Rio‐Antirrio bridge and was used as its construction site during the construction period. It is just 210 km from Athens, 40 km from Mesollogi, which is the capital of Etoloakarnania, 5 km from Rio University Hospital, 10 km from Patra 3th largest city of Greece and one of Rio University Hospital, 10 km from Patra 3th largest city of Greece and one of the biggest ports of the country, 160 km from Aktio airport, and 53 Km from Araxos airport, 90 km from the Astakos port and 125 km from Olympia, the original site of the ancient Olympic Games. The National Airports at Araxos and Aktio host scheduled and charter flights during the summer season. Additionally, the Athens International Airport is a 2 5 hour trip from the land plot the Athens International Airport is a 2,5 hour trip from the land plot. Importantly, there are substantial improvements underway to enhance the transportation needs of the Peloponnese and Western Greece which will increase the access to the land plot. The highway connecting Athens with Patra, will be vastly improved enhancing the connections. Furthermore, Ionia Odos motorway, currently under construction, is running through the western part of Greece. The total length will be 384 km, of which 196 km will be from Rio to Ioannina. The full length of the motorway will be completed at around 2012.

Integrated Tourism Development Region: Western Greece/Etoloakarnania/Rio‐Antirrion Bridge R i W t G /Et l k i /Ri A ti i B id Investment Scale: € 45 mil.

Project’s key points: •The land plot is located just 10 km away from Patra the 3rd biggest Greek city, the 3rd biggest port of Greece and the main west gateway of the country. Patras's metropolitan area has a population of over 250,000 and is an important commercial center, with regular car‐ferry services to and from Italy and the Western Europe. •It is also located next to the Ionian Islands that is among the best yachting destinations of Greece. •More than 7.5 mn tourists visit the Ionian Islands per year and more than 2 mn th 2 th the region of Western Greece, in which Antirrio i fW t G i hi h A ti i belongs to. •8 km away from the Casino of Rio. •Fairly close to major archaeological sites like Olympia, Delfi, both included in UNESCO’s world heritage list and Nikopolis, which is included in UNESCO’s tentative list. Very close to the Acheloos close to the Acheloos delta, which forms the Messolongi delta, which forms the Messolongi •Very lagoon complex, listed as a Ramsar site.

Integrated Tourism Development Region: Western Greece/Etoloakarnania/Rio‐Antirrion Bridge R i W t G /Et l k i /Ri A ti i B id Investment Scale: € 45 mil.

Rio‐Antirrio Bridge – A state of the art bridge, a national A state of the art bridge a national landmark This bridge is widely considered to be an engineering masterpiece owing to several solutions applied to span the difficult site. The 2,880 m long bridge opened in 2004 and improved access between Central Greece and Peloponnese, which could previously be reached only by ferry or via the isthmus of y y y Corinth at its extreme east end. Its width is 28 m — it has two vehicle lanes per direction, an emergency lane and a pedestrian walkway. Its five‐span four‐pylon cable‐stayed portion of length 2 252 m is the world of length 2,252 m is the world'ss second second longest cable‐stayed deck.

High‐end Tourism development g p Region: Cyclades/Syros Island Project Introduction: Harasona Village Complex will be developed over a total land of around 430.000m² in the south west part of Syros island, between Galissas and Foinikas and Foinikas area and only 8klm from area and only 8klm from Ermoupolis (island centre). It is projected to consist of three big resorts: Cavo Fregada Luxury Villas Resort A resort of 31 luxurious villas, 5 of which have f l ll f h hh been already constructed and sold, in a 185.000m² area with more than 300m façade to the sea, over the Fregada Bay. Harasona Luxury Hotel & Private Club. A five star boutique hotel which will be built on a land of around 213.000m² Harasona V.I.P. Villas Resort V I P Villas Resort A resort of 7 large V.I.P. Villas over a land of 57.000m² The land of the complex is on a private, wind‐protected beach, making the site ideal for those seeking quiet summer vacations or a long‐term alternative permanent dwelling. l l i d lli It is anticipated that the construction of the rest of the villas and the hotel will commence in 2009 and finish in 2015.

High‐end Tourism development g p Region: Cyclades/Syros Island LLocation & Accessibility: ti & A ibilit The island of Syros (with capital Ermoupolis) is the administrative, commercial and cultural center of th C l d the Cyclades complex and the most l d th t densely populated among its islands (with around 20,000 inhabitants). It covers an area of 86 km2 and is mountainous in its northern part t i i it th t while its mainland presents a variety of scenery (hills, plains and cultivated fields) Syros is relatively close to Athens, only 80 miles away from the port of Piraeus with which it is connected daily It takes 4 and 2 5 hours to daily. It takes 4 and 2,5 hours to reach Syros by ferry and high speed ferry respectively, and half an hour to Mykonos. The port of Ermoupolis is also connected with the ports of is also connected with the ports of the rest Aegean islands.

High‐end Tourism development g p Region: Cyclades/Syros Island Facilities// Composition: • Heliport • Tennis courts , basket ball courts and mini golf • Mini market , Pool Bar Restaurant , Piano bar , club i b l b house‐café • Floating platform as a l f private marina for yachts • Spa S • Vineyard

Doryssa Seaside Resort y Region: Northern Aegean/Samos Island

Location: Doryssa Seaside Resort is situated in the Southern part of Samos, next to the historical destination of Pythagorion, 2 km y g , away from Samos international Airport. Project Introduction: Doryssa j y Seaside Resort comprises of 2 different types of accommodation: “The Hotel” and “The Village” “The Village”, 120 traditional style luxurious apartments provide a genuine feeling of Greek island country side apartments. y p “The Hotel” exclusively located on the beach, hosts 148 Double Classic Guest Rooms and 19 Junior Suites

Doryssa y Seaside Resort Region: Northern Aegean/Samos Island

Facilities: The Convention and Cultural Center is conveniently located adjacent to is conveniently located adjacent to the hotel offering fine accommodations and services, excellent dining, a variety of local attractions and entertainment attractions and entertainment. Relax in the Indoor Pool, Jacuzzi and Sauna. Sport facilities also include the Gym Tennis Courts, include the Gym, Tennis Courts Beach Volley, and Soccer 5x5. Swimming at our outdoor pool and Sandy Beach are further activities Sandy Beach are further activities.

Costal land plot p Region: Crete, Ierapetra

Location: The property is located at the border of Ierapetra town, on the southern part of Crete. Project Introduction: The land plot has a surface area of 39,1 hectares with 900 m coastal frontline of four natural beaches. The eastern sea front part 7,8 hectars and the western part of 31,3 hectars. The eastern part is relatively flat with a coastline of tli f sandy beach. The western d b h Th t part of 31,3 hectars has smooth and high slopes. Inside the plot exists water supply service thru a well and electricity service. i The property possesses all the appropriate documentation and permitions iti f b ildi for building of 110.000 sq.m. f 110 000 in a mix use such us: Hotels and residencies.

Costal land plot p Region: Crete, Ierapetra IIerapetra t • Ierapetra city is located in a beautiful natural setting in the South West area of Crete and moreover is in the Libian sea. • Ierapetra city is an attractive tourist location with the near by holiday and Real Estate resorts . Opposite of Ierapetra is located the island Hrisi, • Opposite of Ierapetra is located the island Hrisi, which is very famous for its sandy beaches, with daily ferry cruises from Ierapetra.

Ierapetra

Invest in Green. Follow the Greek wind of change June 2010

Agenda g

•

The Greek RES Market today

•

The Greek Investment Proposal

•

Legislation & Regulation

•

Invest in Greece Agency targeting RES

The Greek RES Market today

The Greek RES market has shown strong performance… Electricity Production, 2008

Share of RES in electricity production –hydro excluded‐

ImportsExports 9% RES 5% Hydro 5%

Oil 12%

Lignite 48%

Natural Gas 21%

Source: RAE

RES ‐ Existing Capacity (MW) 2008 i i i ( ) 1,460 1,200

Hydro Source: RAE

Wind

Biomass

• Growth rate of 18% in renewable energy production in 2008 • Installed capacity 2,743 MW (2008) including the big hydroelectric projects, representing: • 6% of total electricity production 6% of total electricity production • 5% of total electricity consumption • Combined capacity of renewable electricity production, biofuels and thermal energy represents 8 % of total energy consumption in Greece • Targeted to reach 20% by 2020 T d h 20% b 2020

… with RES spreading throughout Greece… with RES spreading throughout Greece West Macedonia

Central Macedonia

A B C 682 236 4

A B C 588 179 106

Epirus

Eastern Macedonia &Thrace A B C 527 209 246

A A B C B C 228 44 45

Thessaly A B C 239 154 44

Ionian Islands Ionian Islands

Central Greece

A B C 185 114 71

A B C 2574 1129 321

West Greece

ATTIKI

A B C 715 329 120

A A B C B C 367 215 66

Peloponnese A B C 1485 749 218

South Aegean Islands A A B C B C 76 4 2

A: Licenses at different stages (MW) B: Licenses at the stage of Supply connection (MW) C: Units in Operation (MW)

…and different RES Sources penetrating in Every Region Central Macedonia: Wind: 27 MW Solar: 8,4 Small Hydro: 45 Biomass: 8 Other: 45 MW

Epirus: Wind: 80 MW Solar: 4MW Small Hydro: 45 MW

Peloponnese: Wind: 193 MW Solar: 4 MW Solar: 4 MW Small Hydro: 3 MW

Cyclades: Wind: 3 MW Solar: 2 MW

Eastern Macedonia ‐ Thrace Wind: 197 MW Solar: 2 Small Hydro: 21 Other: 63 MW

Thessaly: Wind: 193 MW Solar: 4 Small Hydro: 23 Biomass: 0,4 Oth 3 MW Other: 3 MW

Evia: Wind: 216 MW

Attiki: Wind: 2 MW Bi Biomass: 20 MW 20 MW Small Hydro: 1 MW Other: 30

Investments in RES, approved for funding through the Investment Incentives Law. 78 projects, €2 billion, 215 new working places 3% 2.5%

1.5%

FRANCE 34%

SPAIN 20%

6% 2% 22% 27% 3% 59%

34%

GERMANY 17% CYPRUS 8% JAPAN 6%

17%

20%

74%

UK 6% USA 3% LUXEMBOURG 3% SWEDEN 3%

Αιολική ενέργεια 59% Wind

Φωτοβολταϊκά 27% Photovoltaic

Bio-fuels Βιοκαύσιμα 3%

Other Αλλα 2%

Manufacturing Facilities 6 projects, €270,65 mil. 672 new working places

ΠΕΛΟΠΟΝΝΗΣΟΣ ΠΕΛΟΠΟΝΝΗΣΟΣ 37% Pelloponese37% 37%

2% 6%

5% 2%

ΣΤΕΡΕΑ ΕΛΛΑΔΑ 26% Sterea Ellada 26%

2% 2%

ΔΥΤΙΚΗ ΕΛΛΑΔΑ 18% Western Greece

37% 18%

18%

ΔΥΤΙΚΗ ΜΑΚΕΔΟΝΙΑ 6% Western Macedonia

Eastern Thrace & Macedonia 5%

ΑΝΑΤΟΛΙΚΗ ΜΑΚΕΔΟΝΙΑ & ΘΡΑΚΗ 5%

26%

ΚΕΝΤΡΙΚΗ ΜΑΚΕΔΟΝΙΑ 2% Central Macedonia 2% ΙΟΝΙΟΙ ΝΗΣΟΙ 2% Ionian Islands ΑΤΤΙΚΗ 2% Attica 2% ΝΟΤΙΟ ΑΙΓΑΙΟ 2%

Wind Energy The Big Players in Greece*. Wind Energy. The Big Players in Greece

Company Name

Capacity (MW)

Country

IBERDROLLA ROKAS

206MW

Spain‐Greece

ΤΕΡΝΑ

132MW

Greece

EDF

119MW

France

ENEL

79MW

Italy

PPC RENEWABLES

41MW

Greece

ΜITILINEOS ENDESA

35MW

Greece‐Spain

ACCIONA

35MW

Spain

TEHNODOMIKI

30MW

Greece

ENERCON

28MW

USA

* Capacity of the company’s operating wind farms

Solar Energy The Big Players in Greece*. Solar Energy. The Big Players in Greece

Company Name

Capacity (MW)

Country

50MW

Greece

30MW

Spain

10MW

Greece

9MW

Greece

ATHENS INTERNATIONAL AIRPORT 8MW

Greece

EDF

F France

PPC RENEWABLES ENDESA SELECTED VOLT S.A. AKTINA CHANIA S.A. SA

6MW

* Capacity of the company’s PV projects operating or currently under development

The Greek Investment Proposal

The strengths of the Greek RES market create a very attractive business opportunity

• Bound with EU regulations and Kyoto Protocol agreements • National target for RES at 20% of electricity production by 2020 • Increased domestic demand for electrical energy which is going to overcome the 80,000 GWh in 2020 from about 70,000 GWh in 2009 • High feed‐in tariffs through 20 – year PPA (power purchase agreement) • Ideal conditions for wind and solar energy • Decrease of RES production cost, attractive investment incentives

Projects with strong cash flows and attractive Returns on Investment

Greece’s attractiveness in RES (Ernst & Young, November 2009) All Wind Onshore Offshore Solar Solar Biomass/ Rank¹ Country renewables Energy wind wind PV CSP other 1 (1) US³ 70 71 75 59 72 76 2 (3) China 67 72 76 61 64 38 3 (2) Germany 66 67 66 72 74 28 4 (4) India 61 63 70 42 62 59 5 (5) Spain 59 60 65 45 64 69 6 (6) Italy 59 59 64 46 66 60 7 (7) UK 57 62 60 67 48 0 8 (8) France 57 59 61 54 61 23 9 (9) Canada 54 60 65 47 42 0 10 (10) Portugal 53 56 61 43 58 22 11 (11) Greece 52 53 57 43 60 43 12 (12) Ireland 51 58 58 57 36 0 13 (13) Australia 50 51 54 42 56 45 14 (14) Sweden 49 52 52 51 43 0 15 (15) Netherlands 45 49 50 49 47 0 16 (16) Poland 45 49 53 39 42 0 17 (17) Denmark 44 48 45 54 40 0 18 (18) Belgium 44 50 48 55 34 0 19 (19) Brazil 44 45 49 34 44 29 20 (20) Norway 43 48 49 45 30 0 21 (21) Japan 43 45 47 39 49 24 22 (21) New Zealand 41 46 50 36 31 0 23 (21) Turkey 41 43 46 36 43 28 24 ‐ South Africa 41 43 47 35 34 44 25 ‐ Czech Republuc 36 34 46 0 56 0 26 (24) Austria 34 30 41 0 53 0 27 (25) Finland 33 33 32 35 25 0 Source: Ernst & Young 1. Ranking in issue 22 is showh in parenthesis. 2. Combines with each set of technology factors to produce the individual indices. 3. This indicates US states with Renewable Portofolio Standards (RPS) and favorable renewable energy regimes.

Geothermal 64 56 64 56 52 55 56 57 49 45 43 47 46 55 40 41 45 35 46 44 34 33 36 34 39 47 47

67 49 55 43 35 65 35 29 34 33 34 28 59 34 21 22 32 26 21 30 39 49 42 31 32 33 22

Infrastructure² 68 71 64 60 60 64 62 59 62 58 56 60 53 52 42 46 50 47 42 49 48 41 44 41 45 48 33

Greece has a “long way” to go in order to reach th 2020 E the 2020 European targets. t t 1 2 3 4 5 6 7 8 9 9 10 11 12 13 14 15 16 17 18 19 20 20 21 22 23 24 25 26 26 27

EU Member State United Kingdom Ireland Greece Denmark France Netherlands Spain EU Italy Latvia Latvia Belgium Cyprus Germany Luxembourg Malta Portugal Slovenia Finland Austria Lithuania Estonia Estonia Hungary Sweden Poland Slovakia Bulgaria R Romania i Czech republic

2008 Figure 1,5 % 2,9 % 7,1 % 17,2 % 10,5 % 2,7 % 8,7 % 9,2 % 6,3 % 31 4 % 31,4 % 2,6 % 2,7 % 7,8 % 1 % 0 % 21,5 % 15,5 % 28,9 % 25,1 % 14,6 % 16 6 % 16,6 % 5,1 % 41,3 % 7,5 % 6,8 % 8,9 % 17 % 17 % 6,5 %

2020 Target 15 % 16 % 20 % 30 % 23 % 14 % 20 % 20 % 17 % 42 % 42 % 13 % 13 % 18 % 11 % 10 % 31 % 25 % 38 % 34 % 23 % 25 % 25 % 13 % 49 % 15 % 14 % 16 % 24 % 24 % 13 %

% To cover: 13,5 % 13,1 % 12,9 % 12,8 % 12,5 % 11,3 % 11,3 % 10,8 % 10,7 % 10 6 % 10,6 % 10,4 % 10,3 % 10,2 % 10 % 10 % 9,5 % 9,5 % 9,1 % 8,9 % 8,4 % 84% 8,4 % 7,9 % 7,7 % 7,5 % 7,2 % 7,1 % 7% 7 % 6,5 %

The Greek RES Market is expected to grow significantly ¾ In 2020 1 MW out of 3 MW

Targeted participation of RES & conventional technology in electricity generation for the year 2020 in market shares & numerical targets

should come from RES. ¾ The infrastructure cost for Th i f t t tf

• Targets set by the Committee for the National Energy Strategy Targets set by the Committee for the National Energy Strategy

the realization of the targets

• Targets are binding for the Greek government

represents 1/3 of the penalties

• Wind energy is expected to dominate electricity generation from RES

cost that should be paid by Greeks in case the targets are

9,040

not met.

Source: ELETAEN 2009

Capacity 2008

3,020 PV 1,44%

Hydro 6,08%

Geothermal 0,24%

Conventional 66,90%

2,300

Biomass– Biogas 0.53%

Wind 24,09%

1,070

900

Solar Solar Specular 0.73%

300 19 Wind

Source: Committee for the National Energy Strategy

Target 2020

Hydro

PVs

‐

200

Solar Specular Biomass ‐ Biogas

‐

Geothermal

The Renewable Energy Sources sector in Greece has various opportunities to offer. • Greenfield investments in wind farms

Wind

• Cooperation with existing firms • Light manufacturing Light manufacturing

Geothermal

Biofuels

H d Hydro

• Greenfield investments in PV parks g g • Light manufacturing

• Greenfield investments in geothermal power plants power plants

• Greenfield investments in Biofuel plants • Biorefineries

• Greenfield Greenfield investments in small hydro investments in small hydro plants

…. according to the Wind Energy production Potential …

…and the Solar energy production potential of each area.

RES Feed‐in Tariffs (1) RES Feed‐in Tariffs (1)

Electricity Production from: Onshore Wind Farms > 50kW Wind Energy ≤ 50kW Hydro < 15MW Hydro < PV ≤ 10KW on rooftops

Interconnected System ((Euro/MWh)) 87,85

Non interconnected Islands ((Euro/MWh)) 99,45 250 87 85 87,85 550

Solar Thermal

264,85

Solar Thermal with storage system which ensures 2 operational hours. Geothermal energy gy of low enthalpy py Geothermal energy of high enthalpy

284,85 150 99,45

RES Feed‐in Tariffs (2) RES Feed‐in Tariffs (2)

Biomass ≤ 1MW

Non interconnected Islands ((Euro/MWh)) 200

1MW < Biomass ≤ 5MW

175

Biomass > 5MW > 5MW

150

Biogas ≤ 2 MW

120

Biogas > 2 MW

99,45

Electricity Production from:

Interconnected System ((Euro/MWh))

Biogas out of biomass ≤3MW Biogas out of biomass >3MW Co generation Co‐generation

220 200 87 85 87,85

99 45 99,45

PV Feed‐in Tariffs PV Feed‐in Tariffs Tariffs (€/ΜWh) Year Month

Interconnected System >100 KW

<=100KW

Non interconnected Islands Non interconnected Islands

2010

February

400.00

450.00

2010

August

392 04 392.04

441 05 441.05

2011

February

372.83

419.43

2011

August

351.01

394.88

394.89

2012

F February b

333 81 333.81

375 54 375.54

2012

August

314.27

353.55

2013

February

298.87

336.23

2013

August

281.38

316.55

2014

February

268.94

302.56

2014

August

260.97

293.59

1.3*SMCn‐1

1.4*SMCn‐1

Year ‘n’ from 2015 onwards SMC = System Marginal Cost

Comparative European Feed‐in‐Tariffs Comparative European Feed‐in‐Tariffs

68.76 129.21 70.47 71.76 95 38 95.38 76.46 91.79 94.5 94 186 114 69.9 82.7 75.31 145.31 148.79

SPAIN Prem SLOVENIA ROMANIA POLAND MALTA LITHUANIA ITALY GC

SLOVAK REPUBLIC

ESTONIA CZECH REPUBLIC GP CYPRUS BELGIUM

75.4

EU 27 AVERAGE 0

395 427.65 376.17437.25

LATVIA 190

IRELAND

114.22 450 319.4 319 4 391.2 300

GREECE FRANCE

464.52 447.37 350

CYPRUS

403.41 504.8

BELGIUM

150 On‐shore200

386.47 282.63

EU 27 AVERAGE 0 PV 250

300

350

550

51.76 67.15

CZECH REPUBLIC GP

138.5 138 5 142.3

550

128.9

ESTONIA

129.31 102.88

50Off‐shore 100

516.33 69.9

LUXEMBOURG

166 86.24

370 94

NETHERLANDS

114.22 97.14 85.94 130 92 95 65 128.9 51.76 70.62 135.3 107.77

FRANCE

91.79

PORTUGAL

GREECE

333.33 330 324.85396.96 277.46

SPAIN FIT

300

IRELAND

107.81 68.76

107.81

100

200

300

421.08 400

PV Fully or Partially Integated

500

600

Legislation & Regulations

New flexible framework for RES Main Points (1)

• National targets g for RES for the yyear 2020. ((a)) 20% of the ggross final energy gy consumption, (b) 20% of the final energy consumption for heating and cooling and (c) 10% of the final energy consumption in transports should come from the produced energy through RES. Investments of about 1000MW annually. • Offshore Wind Farms. Installation is permitted. For the construction and operation of such s h projects proje ts one must m st comply ompl with ith the procedure pro ed re of Environnemental En ironnemental Terms Approval. For the completion of the project and the connection with the grid an open p p public tender is held.

New flexible framework for RES Main Points (2) • Land planning for RES. The installation of RES power plants must be in compliance with the General and Special Framework for Land Planning and Sustainable Development for RES. Electricity production is Permitted in agricultural land of high productivity, provided that the land is covering no more than 1% of all farmland in the specific prefecture. prefecture • RES in Buildings. The use of RES in new buildings is mandatory. There is also a provision for energy p gy savings g in the buildingg sector. • The following cases are excluded from the licensing process: geothermal stations with capacity less than 0.5 MW, biomass, biogas and biofuel production plants with capacity less than 1 MW, PV or solar thermal stations with capacity less than 1 MWp, wind parks smaller than 100 KW, combined cyrcle stations with capacity less th 1 MWe, than MW and d finally fi ll stand t d alone l renewable bl energy plants l t or combined bi d circle i l stations –not connected with the grid‐ with capacity less than 5 MWe.

Licensing Procedure & Time Saving Licensing Procedure & Time Saving

RAE / Production License

Region in charge / Operation License

Licensing Procedure - Steps

Time Needed

Production License

3 months

(a) (b)

connection offer, A Approval l off environmental terms, forestal license

4 months

Installation License contract for connection contract of purchase of electric power

4 months

(c)

Region in charge / Application for: (a) connection offer, (b) approval of environmental terms,, (c) forestal license

Region in charge / (a)Installation License (b)contract for connection (c)contract of purchase of electric power

(a) (b) (c)

Operation License

1 month

Total Time Needed

12 MONTHS

Licensing Progress of RES projects (by technology) TECHNOLOGY

With OPERATION License

With INSTALATION License

With PRODUCTION License

Total capacity (MW) p y( ) Total capacity (MW) p y( ) Total capacity (MW) p y( ) Wind Biomass Geothermal Small Hydro PV Solar Thermal Hybrid Total Capacity (MW)

1025,1

1075,7

7264,1

33,9

21,2

95,3

149,6

89,5

639,8

5,9

90,4

232

0,1

1214,6

1276,8

8239,3

Success Stories SuccessÂ Stories

Success Stories Success Stories

Iberdrola – Rokas Wind Farm in Evoia

Mytilinaios Wind Farm in Thrace

Your Investment Partner in the region 3 Mitropoleos St. 105 57 Athens, Greece t. +30 210 3355700 f. +30 210 3242079 e. info@investingreece.gov.gr

RES – INVESTMENT PROJECTS

June 2010

Contents

•

Eunice Energy Group

•

HELACTOR – Eltech Anemos

•

Copelouzos Group Energy Projects Group Energy Projects

•

Terna Energy Projects

Investment Project : “EUNICE ENERGY GROUP”

June 2010

Contents

•

Project Summary & Company Profile

•

Detailed Project Information

•

Invest in Greece Agency targeting RES Invest in Greece Agency targeting RES

Project Summary & Company Profile

Project Summary Project Summary

• The Project “Aegean 2013” is initiated by Eunice Energy Group. Th company plans The l t construct to t t off‐shore ff h wind i d parks k in i Cyclades C l d with total capacity of 684 MW. The electricity produced will be transmitted to mainland via undersea cables.

• The project owner is the company Kykladika Meltemia SA, g to Eunice Kykladika y Meltemia LTD. Both companies p which belongs are managed by Mr. Kalavrouziotis who has more than 20 years experience in energy and business administration. The managing team also has valuable al able experience e perience from the energy energ sector. sector

• EEG has initiated a long term plan to construct a series of wind parks in off‐shore locations in the Aegean Sea area.

Profile

• Eunice Energy Group (EEG) is an independent group of y gy entirely Greek interests that is active in the sectors of energy and technology and, more specifically, in the sector of generation of electricity by Renewable Energy Sources (RES). The group was founded in 2001 and it is considered to be one The group was founded in 2001 and it is considered to be one of the pioneers in Greece in services that cover the whole spectrum of investment, development, production and operation of RES projects. • In the beginning of 2007, EEG completed the construction of two wind parks in the prefecture of Arkadia, with total nominal power of 46MW. Moreover, the group is developing multiple investments in Greece and abroad, involving projects of wind and solar energy with estimated nominal projects of wind and solar energy, with estimated nominal power in the order of 320 MW.

Detailed Project Information

Mode of Cooperation – Investment Scale • The Aegean Project is organized in three separate wind farms of 684 MW, with the option to be expanded to 855 MW. Currently, measurements are made in the three locations and the preliminary results confirm that the conditions are ideal for the development of the wind parks. The wind speed in some areas, is more than 10m/sec and the capacity factor ~40%.

• The feasibility and the transmition study will be carried out during 2010. In February 2010, the company submitted to the Regulatory Authority of Energy the application for the first 342 MW.

• The project will be developed on public land and the forestry department is the relevant authority which will give the permit for the use of the land. The project is initially budgeted to 2 billion Euro, amount which includes the two connecting circuits to the National grid in Lavrio and Koumoundourou of length 220 and 300 km correspondingly.

Investment Project’s key points 9 The total capacity of intended wind parks amounts 684 MW in 3 locations 9 An application for production license for 340 MW has already been filed in February 2010. The company has the option to expand to 680 MW with different turbine selection. 9 The installation license will be issues by December 2011. 9 The company is expected to receive substantial subsidies of up to 75% of the investment cost of interconnection network. 9 Preliminary economic analysis indicates that the project is commercially viable without the subsidy to the wind park investment the wind park investment. 9 The map of Wind ‐power potential of Greece ranks the area of the Cyclades islands at the highest end of the wind measurements namely above 8m/s. 9 The project’s gross income is estimated to € 221 million/pa, while the operating costs per annum are estimated to € 42, 2 million. 9 With electricity price set at €87,85 / MW, (today Feed in Tariffs) the project has an Internal Rate of Return of 10%.

Investment Opportunity and Incentives EUNICE Group is currently in search of equity investors for the project in Kyklades. The company’s preference is to involve financial investors with mezzanine and equity finance at the stage of the issue of the Installation permit. p y y q yp p The company is not only interested in the equity participation of the potential partner but is also in the background of the potential investor which should be relevant to the renewable energy sector and to the development of wind projects. t d t th d l t f i d j t The new investment incentives law that will be launched in the next months will support energy‐related investments. The form of the state aid is not known yet. The project could be eligible for a cash grant, a tax exemption, or a leasing subsidy.

Location & Accessibility y Support from the local community In Cyclades the installation of the wind turbines on uninhabited islands mitigates public reactions and environmental challenges. This project will be located in uninhabitable skerries, so it is not expected to trigger any complaints or disturbance in the area. The project connects Cyclades and Dodecanese to the National Grid providing reliable power supplies and creating a solid economic development platform for both areas. The project has the strong support of the local community which considers it as a great growth opportunity for the whole region. The Aegean project will create a solid economic development platform creating 2.500 jobs during the construction period, which will last 5 years, and 500 permanent jobs for the operation and maintenance of the project. p j g p ,g g pp y 10 million annual The project will also have a strong direct economic impact, generating approximately € tax revenue to the local authorities for support and regional development. Finally, the project includes an option for substantial capacity increase with respective investment and economic impact.

The Cyclades Islands The Cyclades Islands

The Arcadian Wind Parks The Arcadian Wind Parks

Investment Project : “ELTECH ANEMOS”

June 2010

Contents

•

ELTECH Anemos Highlights

•

Projects in Operation and Under Construction

CompanyÂ Profile

Highlights of ELTECH Anemos • •

•

ELTECH ANEMOS is the renewable energy arm of the ELLAKTOR group The activities of the company are the following: – Selection of suitable sites for installation of RES (mainly Wind farms) – Measurements, analysis and studies of wind potential – Permitting process / Application for subsidies from the Greek state – Construction of RES Projects (development and optimisation studies, equipment procurement (W/T), assignment and supervision of works) assignment and supervision of works) – Operation and maintenance of RES Projects Brief History of ELTECH ANEMOS – In 2000 the company the renewable energy market in 2000 p y gy – In 2001 the company submits the first applications for WF production permit – In 2003 starts the electricity production from wind farms Currently ELTECH ANEMOS – has 86 MW in operation and another 147 MW under construction – has obtained generation permits of 760 ΜW – has applied for an additional 1.267 MW in Greece (including 40 MW of hydro and solar projects) – is also evaluating business opportunities of is also evaluating business opportunities of ~200 200 MW abroad MW abroad The plan is capture up to 15% of domestic market share within the next three years and become one of the two largest domestic renewable energy producers

Projects in Operation & Under Construction

Asset Overview in Greece 1,267

704

147 86

Applications

Production licenses and Positive Opinions

Installation licenses

Under construction

Operating

Operating Under construction Installation license

Production licenses & Pre/Final Env.Terms Applications

Projects in Operation & under Construction OPERATING Tariff

Operation Date

Status

Load Factor

Lesvos

Non-Int

Apr-04

4.2

39.0%

EL.TECH.ANEMOS S.A.

Lesvos

Non-Int

Apr-04

4.8

40.7%

Tetrapolis

EL.TECH.ANEMOS S.A.

Cephalonia Is.

Int

Jan-06

13.6

27.2%

Agia Dynati

EL.TECH.ANEMOS S.A.

Cephalonia Is.

Int

Nov-08

32.0

26.7%

Lekana (P/V)

EL.TECH.ANEMOS S.A.

Argolida

Int

Aug-09

2.0

16.4%

Ktenias

EL TECH ANEMOS S EL.TECH.ANEMOS S.A. A

Argolida

Int

Aug-09 Aug 09

23 0 23.0

27 0% 27.0%

Pr.Ilias - Papoura

ANEMOS ALKYONIS S.A.

Chania-Crete

Non-Int

Sep-09

6.3

30.3%

Project

Company

Location

Andissa

EL.TECH.ANEMOS S.A.

Terpandros

Total

Capacity (MW)

85.9

UNDER CONSTRUCTION Magoula-Kazakou

ANEMOS THRAKIS S.A.

Evros

Int

Jul-10

22.9

29.0%

Smixiotiko (SHPP)

SHPP SMIXIOTIKOU S.A.

Grevena

Int

Dec-10

5.0

35.7%

Asprovouni

EL.TECH.ANEMOS S.A.

Piraeus

Int

Dec-10

20.0

27.6%

Ortholithi

EL.TECH.ANEMOS S.A.

Piraeus

Int

Dec-10

20.0

31.0%

Mali Madi

AIOLIKI ZARAKA METAMORFOSIS S.A.

Lakonia

Int

Dec-10

7.7

27.0%

Vromosykia

A.P. ELLADOS TROIZHNIA S.A. Piraeus

Int

2011

15.3

28.4%

Lambousa

A P ELLADOS TROIZHNIA S A.P. S.A. A Piraeus

Int

2011

16 2 16.2

27 0% 27.0%

Lyrkeion

EL.TECH.ANEMOS S.A.

Int

2011

40.0

28.0%

Total

Argolida/Arkadia

147.0

Development Plan DevelopmentÂ Plan Our target is to achieve an installed capacity of 826 MW by 2014

900

826

800

111

700 194

600 MW

The company continues the wind measurements in Greece and abroad searching for new business opportunities.

500 198

400 300 162

200 100 900

826

800 715

700

600

521

500 400

323

300 161

200 100

0 In Operation

2010

2011

2012

2013

2014

In Operation

2010

0 2011

2012

2013

2014

Installed Capacity

Vromosykia & Lamboussa Wind Parks Location: Municipality of Troizina, Piraeus Prefecture Installed Capacity: Vromosykia ‐ 15.3 MW, Lamboussa ‐ 16.15 MW Development Status: Under Construction Estimated time schedule: Commercial operation to begin in 1Q2011 Annual Energy Production & Sales: Vromosykia net energy production : 38.1 GWh, Capacity F t 28 4% Factor: 28.4% Lamboussa net energy production : 38.2 GWh, Capacity Factor: 27.0% Annual Revenues: €6.7M Capex & Financing Total Capex: €40m Equity investment: €10m

Gropes & kalogerovouni Wind Parks Location: Municipality of Zaraka, Lakonia Prefecture Installed Capacity: Gropes – 20.4 MW, Kalogerovouni – 20.4 MW Development Status: Installation License (under modification) Estimated time schedule: Construction to start in 3Q2010, commercial operation to begin in 1Q2011 Annual Energy Production & Sales: G Gropes net energy production: 55.4 t d ti 55 4 GWh (Capacity (C it Factor: 31%) Kalogerovouni net energy production: 57.2 GWh ( p y (Capacity Factor: 32%) ) Annual Revenues: €9.9M Capex & Financing Total Capex: €52m Equity investment: €13m

Copelouzos Group

JuneÂ 2010

Copelouzos Group COPELOUZOS GROUP was established in 1970. Today, the Group has evolved into a fully integrated business development organization, servicing key industrial and technological sectors in Greece and abroad. The GROUP specializes in strategic economic growth areas and specific industrial sectors, where its expertise and knowledge enable it to play an instrumental role in the conception, development and implementation of large‐scale, industrial, technological and other infrastructure projects. The Group has been also concentrating on a large number of self financed and concession Projects. The Group’s main activities are the following: • Natural Gas. Importation and distribution of natural gas to Greece. Construction of the necessary natural gas infrastructure • Electricity. The construction of hydroelectric, lignite, gas ‐ fired and cogeneration power plants and the construction and operation of wind parks • Airport Management • Marinas Management • Waste Management and • Real Estate Development Due to its organization and its advanced business spirit the Group has dealt successfully with an impressive number of large scale projects in Greece in co‐operation with local and foreign specialized firms.

Copelouzos Group. Investment plans

Investment plans Investment plans

Copelouzos Group has a great interest in investing in cooperation with Libyan companies in Renewable Energy projects both in Greece and Libya. Libya Namely, Namely the group has: 1. Wind and Solar parks in Greece. 1600MW under construction. 2. Solar Modules Manufacturing. Two (2) ultra modern industries in the pipeline. 3 Wind and Solar parks in Libya. 3. Libya Interest for cooperation. cooperation 4. Airport Management. Copelouzos Group is the basic shareholder both in the Athens International Airport "Eleftherios Venizelos" and Russian (St Petersburg) Airport “Pulkovo”. Interest in undertaking the management of other airports globally.

GEK TERNA Group

Contents

•

GEK TERNA Group

•

Projects Presentation

GEK TERNA Group GEK TERNA Group

GEK TERNA Group is one of the leading groups with activities in Greece, the Regional South‐ Eastern Markets and in the Middle East, in: • Construction & Contracting • Energy investment and production & energy related projects (renewable & thermal) • Concessions • Real estate development & • Industrial business units

Investments • The Group is heavily investing in Transportation Projects (Motorways), Conventional Energy (Thermal) and in Renewable Sources of Energy Projects. • The invested amounts over the last 4 years are ~ 1.3 bio €. • The CAPPEX for the next 5 years in Motorways Projects is ~ 1 bio €, in Thermal Energy Projects is ~ 1.6 bio € and in Renewable Sources of Energy Projects is ~ 1.7 bio €. The Group is investing in Greece, Libya, Poland, Bulgaria, USA & Egypt.

GEK TERNA Group GEK TERNA Group

Financials : The Group maintains a strong balance sheet, d demonstrating in 2009 a turnover of 765 mio t ti i 2009 t f 765 i €, an € EBITDA of 91 mio € and a net profit of 77 mio €.

Activities (1) Activities (1) In the Concessions sector, the Group displays an impressive dynamic and utilizes a strong profit‐making strategy, through its involvement in the financing/management/ commercial exploitation of concession projects and also through its subsidiary’s (TERNA S.A.) involvement in their construction.

Concessions & Construction

TERNA S.A. is one of the leading construction and contracting companies in Greece with extensive presence in the regions of South East Europe and Middle East. TERNA covers the entire range g of technical,, industrial and energy gy related p projects j for both the Public and Private Sectors and implements large and complex infrastructure projects, as well as significant building and energy projects. The Group p is currentlyy developing p g and operating p g two large g scale motorwayy concessions (Ionian Road and Central Greece Motorway – total length 610 km), in Western and Central Greece. Moreover, GEK TERNA is contending for a share in other concession motorways in Greece, as they are tendered by the Greek Government. Also, The Group has already constructed and is currently operating nine new underground car parks, while it has already been pre‐qualified for the construction and commercial exploitation of ten more stations.

EEnergy Production

In the Energy Production sector, sector the GEK TERNA Group, Group through its subsidiary companies TERNA ENERGY S.A., and HERON S.A., develops, finances, constructs and operates open and combined cycle gas turbine plants, Wind Farms and Hydroelectric Plants, biomass, and solar.

Activities (2) Activities (2)

Real Estate Development

Industrial Sector Industrial Sector

The Group is involved in the following areas of real estate development: • Entertainment ‐ Leisure Centers • Commercial and Business Centers • Logistic Centers g – Industrial Parks • Residential and Holiday Villa Developments • Tourist Developments • The above Projects are developed in Greece, South‐Eastern Europe and in the Middle East. GEK TERNA Group has developed an Industrial activity which contributes vertically to the other core‐businesses, in the following sectors: • Steel Structures manufacturing • Concrete Railway Sleepers • Quarry Materials • Building Materials • Mining The Group is listed in the Athens Stock Exchange. Exchange

TERNA in Greece – Projects’ presentation

Energy Projects’ presentation Energy Projects presentation

IOANNINA SEWAGE TREATMENT PLANT. The contract included design, construction, and operation. The plant consists of (biological) first, second sewage treatment for a population of 120.000. It produces its own electrical energy by use of methane gas generators. Due to the very poor soil conditions and high water level advanced methods of foundation were used on the whole site.

POWER PLANT AT THIVA. THIVA The first I.P.P. I P P thermal power plant in Greece. Greece The company has already installed a 147 MW gas ‐ fired plant, in Viotia. This project concerns the: installation and commissioning of the 3 Gas Turbine Generators as well as of all the auxiliary systems & installations. Based on the performance tests, the total net power output of the station is more than 150 MW at ISO conditions, which is higher than the guaranteed value of 147,762 MW.

Energy Projects’ presentation Energy Projects presentation

POWER PLANT AT LAVRIO. Gas ‐ Turbines open cycle Power Plant at Lavrion. TERNA SA was awarded the contract of PPC SA for the design, installation and operation of five Gas Turbine units of total net power output 106.74 MW, natural gas fired.

SMALL HYDROELECTRIC PLANT ELEOUSA. The project is located on the right abutment of Axios river. The small hydro plant, exploits the large discharge of Axios, under an energy head created by the dam. The main structures of the project are: The fore bay and the power house, located at the right river bank. Two (2) Units will be housed in the powerhouse.

Energy Projects’ presentation Energy Projects presentation

HYDROELECTRIC PLANT AT POURNARI. Construction of a full hydroelectric plant (4 units) on the Arachthos river including a concrete dam (spillway) of 41.6m height.

g g, 435 MW COMBINED CYCLE POWER PLANT. Engineering, Procurement & Construction (EPC) of a Combined Cycle Power Plant with a nominal capacity of 435 MW at ISO conditions. The project incl des complete engineering permitting proc rement project includes complete engineering, permitting, procurement, transportation, construction, erection, commissioning and site training.

Energy Projects’ presentation Energy Projects presentation

CONSTRUCTION OF WIND PARKS. 1.

Didimos of Thrace Wind Farm. Development, erection and operation of a 26 MW Wind Farm, consisting of 13 VESTAS Wind Turbines, a 20/150KV 40/50MVA Substation and a 6km High Voltage Transmission Line 150KV for the connection with the National High Voltage Transmission system.

Tsilikoka Wind Farm. Development, erection and operation of a 10.2MW Wind Farm, consisting of 17 VESTAS Wind Turbines a 20/150KV 40/50MVA Substation for the connection with the National High Voltage Transmission System.

Tsouka Tsougari Wind Farm. Development, erection and operation of a 12MW Wind d Farm, consisting off 16 NEG MICON Wind d Turbines. b

Profitis Ilias Wind Farm. Development, erection and operation of an 11.2MW Wind Farm, consisting of 17 VESTAS Wind Turbines.

Pirgari Wind Farm. Construction and operation of a 5,4MW wind farm, consisting of 9 NEG MICON wind turbines.

Your Investment Partner in the region 3 Mitropoleos St. 105 57 Athens, Greece t. +30 210 3355700 f. +30 210 3242079 e. info@investingreece.gov.gr

Invest in Greece “Greek Infrastructure Projects” June, 2010

Agenda Agenda

•

Greece΄s current status

•

Legal Investment Framework

•

Novelty & Opportunities in the Greek Market Novelty & Opportunities in the Greek Market

Greece’s current status

Greece has a developed Road Network Greece has a developed Road Network …

… an extensive network of airports and f p ports… • Greece has 40 airports • 15 of which are international • 2 of them receive more that 5m passengers per year • Greek airports received 115 thousand inbound flights in 2007 in total • Corresponding to approx. 14m passengers

* Ports

* *

Igoumenitsa Volos Patra

• Greece has approx. 520 ports

• 12 of which are international

Raphina Elefsina

***

Pireaus

Lavrio

• Ports are the main entrance points to the Greek islands • With the Piraeus port being the busiest one

AIA was the only European airport in 2009 with increased number of frequencies, with its airline marketing programes having so far brought 12 new airlines to Athens in 2009

* 4

…an underdeveloped Railway Network… an underdeveloped Railway Network

Greece is playing a leading role Greece is playing a leading role...

...in the formation of a new energy map… in the formation of a new energy map ¾Through the implementation of a series of large international projects, DESFA (Hellenic Gas Transmission System Operator S.A.) is transforming the Natural Gas Transmission System into an important gateway for the entry of natural gas into Europe. ¾Natural Gas is being delivered to Greece from Asia, Russia and Algeria in order to supply the European market. ¾DESFA is connecting three continents – Asia, Africa and Europe‐ and is strengthening Greece΄s geopolitical position by establishing it as an energy crossroads between East and West an energy crossroads between East and West.

¾The ITGI Pipeline. The International Turkey‐Greece‐Italy The International Turkey Greece Italy (ITGI) Natural Gas Pipeline is part of the South European Natural Gas Route and is the first (ITGI) Natural Gas Pipeline is part of the South European Natural Gas Route and is the first significant natural infrastructure in Southeastern Europe. The Greek‐Italy pipeline is currently in the design stage and it is expected to be operational in 2014. ¾The South Stream Pipeline Russian Natural Gas in Europe through Greece. The pipeline will be constructed by a joint Russian‐Greek venture, in which DESFA and Russian Gazprom will hold a 50% share each. Russian Gazprom will hold a 50% share each

… and develops itself into an energy hub and develops itself into an energy hub Existing Infrastructure Consists of: • 815km high‐pressure mains • 378 km fields of high pressure • Three entry points: i. Greek‐Bulgarian borders ii. Greek ‐ Turkish borders iii. LNG station on the island of Revithousa •Measuring and regulatory stations

National Natural Gas Transmission System

Legal Investment Framework

Greece provides a very attractive financial framework… PPP • As of December 2008, 52 projects valued at , p j €5.7bn have already been approved in the context of the new framework for Public‐Private Partnerships, while 14 projects valued €1.5bn are in the tendering process

… for PPPs… for PPPs The implementation of projects through PPP schemes in Greece is regulated by Law 3389/2005

L 3389/2005 Law 3389/2005: • Defines the Public Entities that can implement partnership contracts with Private Entities •Defines the minimum content of a PPP contract •Regulates specific issues. Namely: Financing, payment mechanism, granting of permits, protection of the environment, treatment of archeological findings, expropriations •Defines legal issues, such as the transfer of claims, validity of sureties in rem taxation and resolution of disputes of sureties in rem, taxation and resolution of disputes (arbitration) •Established two new administrative bodies: ‐The Joint Ministers΄Committee for PPPs (JM PPP Committee) ‐The Special Secretariat for PPPs (PPP UNIT) Th S i l S t i t f PPP (PPP UNIT)

Approved projects by sector and budget Prisons 9%

Courts of Justice Defence 2% 5%

Government Buildings 9%

Municipal PPP 2% School Buildings 8%

Infrastructure for the Police 9%

University Buildings 10%

Infrastructure for the Fire Service the Fire Service 6%

Ports Security 7%

Conference Centre 1%

Transportation Infrastructure 2%

Sport Facilities 5% Sewage network/treatme nt 1%

Waste Management 7%

Hospitals 18%

Up to date, 52 PPP projects with a total budget of approximately 5.7 billion Euros have been approved 11

…and for Concession Projects …and for Concession Projects Organization Chart of Concession Projects GREEK STATE

BANKS, TECHNICAL ADVISORS

CONTRACTOR

CONCESSIONAIRE

INDEPENDENT ENGINEER

TECHNICAL CONNECTION CONTRACTUAL AND TECHNICAL CONNECTION 12

Novelty & Opportunities in the Greek Market

Key lessons from our experience Key lessons from our experience ¾The first PPP project implemented in Greece involves the design, construction, financing and facility management of seven new buildings of the Hellenic Fire Service. ‐The tender was launched in March, 2007 by the Hellenic Real Estate Corporation and the PPP contract has been signed in April 2009 Real Estate Corporation and the PPP contract has been signed in April, 2009 ‐The project is currently in construction. Operation is expected to commence in April, 2011

We have gone through a long way to reach our target to have a number of concession contracts in operation, to have succeeded in developing the public opinion in favor of PPPs and to have more public opinion in favor of PPPs and to have more concession projects in the pipeline with very good perspectives

¾Thirteen other tenders have already been launched. At least three of them are expected to be concluded within 2010. d b l d d i hi 2010 ‐Involve the implementation of school, courts of justice, student accommodation buildings, police stations, hospitals etc ¾First group of concessions (under operation): (a) Athens Airport (b) Athens Ring‐Road, (c) Rion‐Antirrion fixed link (bridge) ¾Second group of concessions (under construction): ¾Second group of concessions (under construction): ‐Five (5) Motorways development projects (of a total length of 1400 km) ¾So far 45 companies have participated in PPP tenders – 10 of them are i t international ti l ¾Greece is a focal point for the wider implementation of PPPs in neighbour countries 14

Business “Roads” Business Roads in Greece in Greece PPPs‐Concessions of transport and other infrastructure 9The Ministry of Infrastructure, Transport and Networks is the National Authority which implements big infrastructure projects under PPP schemes. 9 h 9The respective contracts are ratified by the Greek f db h k Parliament in the form of Law

New Concessions Projects in tender procedure 9The new Airport of Heraklion‐Crete (at Kasteli, Heraklion) 9The new Airport of Heraklion‐Crete (at Kasteli Heraklion) 9The Thriassion Freight Complex 9The supply of water to the islands of Cyclades & Dodecanese 9The exploitation of Marinas

Programmed Concessions (to be tendered shortly) 9The Urban Motorways of Attica 9The Urban Motorways of Attica 9The Thessaloniki Freight Complex 9The new Motorway “Elefsina‐ Thiva” 15

Key Opportunities Key Opportunities…

P bli S t Public Sector Accommodation

Transportation

Ports Security

•22 projects (Fire Stations, police stations, etc) •Total value of 1,7 bn Euros

•2 projects on track •2 projects on track •Implementation of an Integrated Telematics System for providing information to the users of urban buses and managing their fleet for a period of 12 years •Implementation of an Integrated Automatic Fare Collection System for all the available means of transport of the Athens System for all the available means of transport of the Athens Urban Transport Organization (OASA) S.A, for a period of 12 years •Value of projects: 135 mn Euro

•Installation and operation of security systems in 12 Greek ports for a period of 10 years •Total value of 342 mn Euros

…in the Greek PPP market… in the Greek PPP market

Hospitals

• The PPP Unit is examining the tender of 1 hospital project within 2011 •According to the current planning, the project scope will include design, construction, maintenance and operation of building facilities as well as provision and maintenance of the necessary medical and hospital equipment

•Design, construction, maintenance and operation of school buildings School Buildings •Three tenders already launched The PPP Unit plans to launch two new tenders in 2010 PPP Unit plans to launch two new tenders in 2010 •The

•Design, financing, construction, maintenance and facility management of the building infrastructure of a flight simulators΄centre and provision of educational services to pilots for a period of 22 years Flight Simulators •Value of project: 130 mn Euro

…and in the fields of ICT and in the fields of ICT

Management of Metropolitan Area Networks

Green Data Centers

FTTH – Fiber To The Home

(MAN) •Special Secreteriat for Digital Planning has published a public consultation, which includes proposed guidelines and principles for the selection of Municipality Fiber Optic Management Entity, in order to receive opinions and comments from all interested parties •The development of MAN, IN 68 Municipalities of Greece with a total length of optical trenches well above length of optical trenches well above 1.000km that connect more than 5.000 points of public interest, was one of the broadband infrastructure development activities that was funded with 80 million euros •The administrative body – “MAN Administrator” will ensure the operation and neutral management of the broadband network infrastructures and will be open to all potential customers under equal terms and well‐specified under equal terms and well‐specified service level agreements (SLAs)

•Greece can play the role of a telecommunication hub in the area of South West Europe and middle East •A plan to create a number of power‐ efficient, state of the art, DataCenters that will be in position to support the IT needs of the wider area

•A project of ~ 3Bn€ •This project is strategically planned by the Ministry of Infrastructures •The target is to generate a high g g g performance broadband network, that reaches the boundary of the living space, such as a box on the outside wall of a home

New International Airport of Heraklion Crete New International Airport of Heraklion, Crete

Project Introduction:

Investment scale: Estimated investment cost ~850‐1000mn€

BASIC TECHNICAL DATA • Servicing ~7 million passengers annually •3,800 m runway (servicing aircrafts of Code E of ICAP) •60,000 sq.m. passengers terminal (using 5 Multiple Aircraft Ramp Systems) p q p •Complete NAVAIDS equipment •24 km long high way (2 lanes x 2) from BOAK to the Airport. CONCESSION DATA • State subsidized capital up to 220 m € (current prices) •Concession period 35 years (5 construction, 30 operation) •Existing airport will cease operation TENDER PROCESS DATA • Tender under progress (since Sept. ΄09). Tenders to be submitted on October 19th , 2010 •Single submission tender process (all data) •Evaluation in stages: 1st : Pass/Fail (Qualifications/Capability) 2nd : (a) Technical evaluation (30% weight) (b) Evaluation of Financial offers (70% weight)

Region: Crete/Prefecture of Heraklion

M d fC Mode of Cooperation: ti Public‐private partnerships scheme (55% Greek State, 45% Concessionaire)

Project Owner: Ministry of Infrastructure, Transport and Networks

The bidder with the highest score will be invited to sign the invited to sign the concession agreement and become the partner of the Greek State

Thriassio freight complex Thriassio freight complex

Project Introduction:

Investment scale: Estimated investment cost ~150 m €

BASIC TECHNICAL DATA • Located within the Athens Greater Area •Having direct access to the main RR network, the Motorway network, the freight port of Ikonio •Land area ~ 590,000sq.m. g gy g •Staged Construction of: Shunting yard, Freight station, Customs offices, Container Handling facilities, Other facilities, Road access to the Athens Ring Road Motorway CONCESSION DATA • Concession period ~30 years (+10 years optional extension) TENDER PROCESS DATA • One stage open international tender •Tender procedure will start within the next weeks)

Region: Attica/Prefecture of West Athens

M d fC Mode of Cooperation: ti Concession scheme

Project Owner: Ministry of Mi it f Infrastructure, Transport and Networks

The project contributes to the National strategy of making Greece an ki G international intermodal node for Freight Transport and Logistics Logistics.

Water Supply to the islands of Cyclades & Dodecanese Water Supply to the islands of Cyclades & Dodecanese

Project Introduction:

Investment scale: Estimated investment cost ~30 m €

BASIC TECHNICAL DATA • Development of desalination plants, using renewable energy •Water produced to be delivered to the water‐tanks of the Municipalities of the islands •More than 13 islands of Cyclades and Dodecanese are to served CONCESSION DATA •Concession period ~15 years •The Greek State will finance the purchase of water with up to 30 m €

Region: South Aegean

M d fC Mode of Cooperation: ti Concession scheme

Project Owner: TENDER PROCESS DATA • Tender procedure will start within a couple of months • Legislation is to be ratified for the simplification of the procedure and the permits for desalination plants using renewable energy.

Ministry of Infrastructure, Transport and Networks

Upgrade of National Transportation Network Upgrade of National Transportation Network

IONIAN ODOS

PELOPONISOS FREEWAY NETWORK

E65

PATHE

EGNATIA ODOS

Project Details

Length of Concession Project (Km)

Length of Project t b to be constructed (km)

Thessaloniki Underwater Tunnel

5,5

6,5

PATHE/ Maliakos ‐ Kleidi

230

Ionian Highway (Antirrio ‐ Ioannina)

379

147

Corinth ‐ Tripoli ‐ Kalamata and Lefktro ‐ Sparta

205

100

Motorway of Central Greece (E65)

233

192

Elefsina ‐ Corinrth ‐ Patra ‐ Pyrgos ‐ Tsakona

372

290

Name

Excellent Infrastructure Opportunities Excellent Infrastructure Opportunities…

Marina of Kastello (Chios Island)

•The marina, designed to accommodate a total of 274 boats, is located on the fifth largest Greek island, situated in the Aegean Sea, seven kilometres (five miles) off the Asia Minor coast The island is noted for its strong merchant shipping the Asia Minor coast. The island is noted for its strong merchant shipping community, its unique mastic gum and its medieval villages. •The Greek Ministry of Culture and Tourism will announce an International Open Public Call to Tender with sealed bids for the selection of Management Carrier for the Marina of Kastello, on the Aegean island of Chios. Long Term Concession Contract Concession Contract •Long‐Term

Marina of Thasos Island

•The Greek Ministry of Culture & Tourism will announce an International Open Public Call to Tender with sealed bids for the selection of Management Carrier for Public Call to Tender with sealed bids for the selection of Management Carrier for the Island’s Marina, part of the Kavala prefecture. •The marina is designed to accommodate a total of 280 boats. •Long‐Term Concession Contract

Marina of Argostoli Area – Kefalonia Island

•The Greek Ministry of Culture & Tourism is set to announce an International Open Public Call to Tender with sealed bids for the selection of Management Carrier for the Marina of Argostoli, in the island of Kefallonia. The marina is designed to accommodate a total of 190 boats. •Long‐Term Concession Contract •Long‐Term Concession Contract

… for those seeking entry… for those seeking entry

Marina of Aretsou (Thessaloniki

Marina of Mytilini (Lesvos)

Marina of Pylos (Peloponnese)

•Situated in Aretsou, a seashore suburb of Thessaloniki. The Marina can accommodate up to 245 boats. Its terrestrial zone covers an area of 78.000sq.m. The project’s objective is to modernize existing facilities and upgrade services. •Concession through International Tender •The marina is located on the southeast coast of the island, 8 km away from the local international airport, and is designed to accommodate 270 boats. It is located within the Mytilini city limits, which is the islands main city, and right next to the island’ss commercial port. island commercial port •The land zone of the marina extends over an area of 41,750 sq.m. while its facilities are housed mainly in two one‐storey buildings of approximately 1140 sq.m. The first building is mostly for administration purposes (management offices, Customs Office, Port Police Station etc) while the second is intended for commercial use (restaurant, retail point for sailing‐related merchandise, etc). Boat Storage and repair facilities are also available. The site is landscaped with plants and flowers, and there is also an open‐air theater with a 250 seat capacity. •Long‐Term Concession Contract •The marina, designed to accommodate a total of 224 boats, is located near the •The marina designed to accommodate a total of 224 boats is located near the historic Greek city of Pylos, located favourably on the west coast of the Peloponnese, in the district of Messenia, in southern Greece. The site is ideal for boats travelling to/from the west of Greece, and more specifically, Italy, Adriatic, and the Ionian Sea. Pylos is also linked via national highway with Kalamata and Sparta, and can prove an important entry point to the whole of the Peloponnese, as well as the highly popular Ionian islands. •Long‐Term Concession Contract 24

…in Dynamic Market of Tourism in Dynamic Market of Tourism

Marina of Alimos

•The largest recreational port in the South‐eastern Mediterranean, Alimos Marina is located in the Kalamaki area, a seashore suburb of Athens, by the road that links the cities of Athens and Piraeus with Cape Sounio. The marina has a dominant position in the broader Attica region, benefiting from its proximity to the centers of Athens and Piraeus With a distance of only 11klm from the city of Athens and 9klm from and Piraeus. With a distance of only 11klm from the city of Athens and 9klm from the city of Pireaus. The marina can accommodate 1.100 moored vessels and another 500 vessels onshore. •The terrestrial zone covers an area of about 171.030sq.m. where substantial activities for the provision of services to boat owners and visitors can be developed. The basin of the port covers an area of 250.000 sq.m. •It has the prerequisites for becoming a high standard marina for marine tourism services. Moreover, due to its proximity to the seashore zone of Athens, Alimos marina is the ideal place to become a seashore recreational pole. •Long‐Term Concession Contract

Marina of Vouliagmeni

•Situated in Attika Attika’ss Riviera most idyllic golf, golf Vouliagmeni Marina can accommodate up to 115 boats, as well as super and mega yachts. The marina’s terrestrial zone covers an area of 35.000 sq.m. •Long‐Term Concession Contract

Marina of Malia (Crete)

•The marina, designed to accommodate a total of 400 boats, is located on the Northern coast of the island, about halfway between the cities of Heraklio and Agios Nikolaos, on the outskirts of the popular tourism destination of Malia. It can serve as a base for exploring both of these massively popular tourism destinations, as well as the world famous archeological sites of Knossos and Festos. The operation of the marina will be at the heart of further development on one of Greece’ss strongest, marina will be at the heart of further development on one of Greece strongest, dynamic, and growing tourism destinations. •Long‐Term Concession Contract 25

Successful cases i in commerce & investment &i t t

Your Investment Partner in the region 3 Mitropoleos St. 105 57 Athens, Greece t. +30 210 3355700 f. +30 210 3242079 e. info@investingreece.gov.gr

Development of public infrastructure projects – a primer

June 2010

Through the infrastructure development program the Hellenic Republic (HR) plans to program the Hellenic Republic (HR) plans to boost growth and quality of life

¾ Development of public assets/infrastructure in order to achieve Development of public assets/infrastructure in order to achieve • Economic restructuring and development • Improvement in the quality of life • Improvement in fiscal economics ¾ Safeguarding of • Public goods • Strategic stakes Strategic stakes • Stakes affecting national security ¾ Forming a Government which guarantees access to public goods and supports the private sector for the benefit of its citizens

There are several options for the Hellenic Republic to develop its infrastructure Hellenic Republic

Consultation with the markets Targeted state ownership d hi

• 51% or more: Absolute majority • 34%: Binding strong minority 34% Bi di i i • Less than 34%: Complemented Shareholders’ agreement • Full privatisation

Potential transaction structures

• • • • •

“ Plain Vanilla” Sale C Concession contracts i Strategic Investors Listing in the stock exchange Holdings

Concession contracts Concession contracts Effective tool for the utilisation of Public Property such Infrastructure or Real Estate Implementation of a monitoring mechanism for the flawless execution of the existing contracts: ‐ Attiki Odos motorway ‐ Rio – Antirrio bridge ‐ Athens International Airport

New concession contracts ‐Egnatia Motorway ‐New New Attica Motorways, Cretan Motorways Attica Motorways, Cretan Motorways ‐ Hellenic Railways Logistic Centres in Thriasio and Thessaloniki

The Hellenic Republic is contemplating of developing several of its assets

Transports

• Hellenic Railways • Ports • Airports Airports

Water – Sewerage

• EYATH • EYDAP • ‘Hellenic Hellenic Waters Waters’

Energy

• PPC • DEPA • ELPE

Telecommun • ELTA • OTE ications Lottery and Lotter and Gaming

• OPAP • Casinos

R lE t t Real Estate

• KED • ETA • Hellenic Olympic Properties

Transports: Hellenic Railways

Current Status: C S • The HR holds 100% of all companies in the group • Almost €1 billion annual losses, , debts reaching €10 billion

EDISY S.A. Management of the railway infrastructure

TRAINOSE S.A. Transport services

ERGOSE S.A. Implementation of the Investment Programme

GAIAOSE S.A. Real estate management

Envisaged actionplan: • Immediate restructuring to stop losses and reduce debt • Discontinuation of loss‐making routes • Rationalization of company’s human resources and transfers of surplus staff R ti li ti f ’ h dt f f l t ff • Intercompany agreements with specific purchase, supply and maintenance clauses • Divestment of 49% stake in TRAINOSE to a strategic investor and delegation of management • Train Train stations and commercial buildings to be contributed to a special purpose company and developed stations and commercial buildings to be contributed to a special purpose company and developed through concessions contracts • Concession contracts for logistics centre in Thriasio field and Thessaloniki

Ports: OLP, OLTH and regional ports

− The Hellenic Republic holds a stake of 74% in OLP (Piraeus Port Authority) and OLTH (Thessaloniki Port (Piraeus Port Authority) and OLTH (Thessaloniki Port Authority) and a stake of 100% in ten other regional ports − Establishment of one or more corporate entities into which the port authorities will be contributed which the port authorities will be contributed − Development of port services in cooperation with strategic partners − Listing of corporate entities on the stock exchange, while maintaining a minimum ownership of 51%

Airports: Athens International Airport Athens International Airport and regional airports

Development of Development of Athens International Airport: − The HR owns a 55% stake − Extension of the concession contract − Potential contribution Potential contribution of state shares to a holding company and/or listing on the Stock Exchange

Development of Regional Airports − The HR controls 100% The HR controls 100% − Concession contracts with strategic investors for the management of one or more of airports − Establishment of a company to Establishment of a company to which the management rights for the airports will be transferred − Listing of the company on the Athens Exchange Athens Exchange

Water supply – sewerage: EYDAP and EYATH

EYDAP Athens water supply & sewerage − Hellenic Republic stake at 61% stake at 61% − Further unbundling of the network is required − Divestment of 10% stake (in order to maintain a 51% majority)

EYATH Thessaloniki water supply & sewerage − Hellenic Republic stake at 74% stake at 74% − Maintaining of existing full unbundling of network − Divestment of 23% stake (in order to maintain a 51% maintain a 51% majority)

“Hellenic Waters S.A.” − Examine a possible corporate structure for a holding company which will include EYDAP, EYATH and regional water and sewerage companies

Energy: PPC, DEPA and ELPE

PPC (Public Power Corporation) ‐ Hellenic Republic stake at 51% ‐Maintaining share majority of the State in DESMIE (Hellenic DESMIE (Hellenic Transmission System Operator) ‐ Institutional interventions for the deregulation of wholesale and retail markets 3rd energy framework energy framework ‐3

DEPA (Public Gas Corporation) ‐ Hellenic Republic stake at 65% and option for 30% by PPC ‐ Valuation of PPC’s option ‐ Unbundling of DEPA and DESFA (Hellenic Gas Transmission System Operator) with HR control and management

ELPE (Hellenic Petroleum) ‐ Maintain the current equity stake

Telecommunications: ELTA, OTE and the frequency spectrum

Hellenic Post − Hellenic Republic stake at 90% − Hellenic Postbank holds the remaining 10% − Divestment of 39% stake (in order to maintain a 51% majority)

OTE (Hellenic Telecommunications Organisation) − Maintain the current strategic stake

Frequency Spectrum ‐Examine concession contracts t t

Lotteries and Gaming: OPAP and casinos

OPAP (Greek Lottery organisation) − The Hellenic Republic controls OPAP with a binding minority of 34% − Draft law for market Draft law for market monitoring, web‐betting, licenses for limited profit electronic games and extension of monopoly extension of monopoly − Extend OPAP’s activities (i.e. instant lotteries, web‐ betting, extension of licenses) − Maintain HR’s stake

Casinos − Divestment of ETA’s (Hellenic Tourism Development) stakes in the Development) stakes in the casinos

Public property management through a holding company The Hellenic Republic transfers a “bundle” of majority or minority stakes to a holding company − Immediate revenue for the HR − Maintain control over the transferred stakes Maintain control over the transferred stakes − Allows for the maintenance of control in strategically important companies − Offers the possibility for the divestment of companies which cannot immediately be listed on the Athens Exchange − Effective implementation in homogenous portfolios − Implementation in concession contract portfolios with the participation of passive p p p p p investors

Development of public real estate Development of public real estate KED (Hellenic Public Real Estate Corporation), ETA (Hellenic Tourism Development), HOP (Hellenic Olympic Properties) − Merging of the above companies • development rights • owned by the HR − Real Estate managed by Ministries may be transferred to the company − Development though concession contracts based on Law 3049/2002 / − Real estate portfolio management through holding companies − Potential listing on the Athens Exchange − Prerequisite: Legal framework based on the HOP template P i it L l f kb d th HOP t l t

Development of public real estate (cont’d) Development of public real estate (cont d) Xenia Hotels − Sale of individual Xenia Hotels or bundling of several Xenia Hotels into an investment vehicle several Xenia Hotels into an investment vehicle to be developed through concession Possible listing of the company on the Athens − Possible listing of the company on the Athens Exchange with retention of 51% or 34% stakes

Hellenic Tourism Real Estate − Establishment of a “high quality” portfolio of tourism real estate and contribution into development companies through concessions development companies through concessions − Possible listing on the Athens Exchange with retention of 51% or 34% stakes Large Public Property Large Public Property − Special authorities for the utilisation of important public real estate (Hellinikon, Tatoi)

Your Investment Partner in the region 3 Mitropoleos St. 105 57 Athens, Greece t. +30 210 3355700 f. +30 210 3242079 e. info@investingreece.gov.gr

SPECIAL SECRETARIAT FOR DIGITAL PLANNING Investment Opportunities in Greece Investment Opportunities in Greece

Investment opportunities in the fields of ICT (1/2) Management of Metropolitan Area Networks

• –

–

Special Secretariat for Digital Planning has published a public p g g p p consultation, which includes proposed guidelines and principles for the selection of Municipality Fiber Optic Management Entity/ ies, in order to receive opinions/views and comments from all interested parties The development of Metropolitan Fibre Optic Networks (MAN), in 68 Municipalities of Greece with a total length of optical trenches well above 1.000 Km that connect more than 5.000 points of public interest ( bli b ildi ) (public buildings), was one of the broadband infrastructure f th b db d i f t t development activities that was funded with 80 Million Euros The administrative body ‐ “MAN Administrator” will ensure the operation and neutral management of the broadband network operation and neutral management of the broadband network infrastructures and will be open to all potential customers under equal terms and well‐specified service level agreements (SLAs)

SPECIAL SECRETARIAT FOR DIGITAL PLANNING

Investment opportunities in the fields of ICT (2/2) Green Data Centers

• – –

Greece can play the role of a telecommunication hub in the area of South West Europe and middle East A plan to create a number of power‐efficient, state of the art, DataCenters that will be in position to support the IT needs of the that will be in position to support the IT needs of the wider area

FTTH – Fiber To The Home

• – – –

A project of ~3Bn€ This project is strategically planned by the Ministry of Infrastructures The target is to generate a high‐performance broadband network, that reaches the boundary of the living space, such as a box on the outside wall of a home SPECIAL SECRETARIAT FOR DIGITAL PLANNING

APRIL 2010

PIRAEUS PORT AUTHORITY SA

BoD PRESIDENT & MANAGING DIRECTOR Yiorgos Anomeritis Tel +30 210 4550250 +30 210 4550248 Fax +30 210 4550280 E-mail: ceo@olp.gr

PIRAEUS PORT MAP Car Terminals Container Terminal

Ship Repair Zone Passenger Port

Cruise Port

CONTAINER TERMINAL NEW PIER I CONTAINER TERMINAL

Eastern Berth Length: 520 m Draft: 18 m Quay Cranes: 4 Super Post Panamax Western Berth Length: 320 m Draft: 12 m Quay Cranes: 3 Panamax

PIRAEUS PORT AUTHORITY S.A.

CARGO FLOWS Container Throughput* (TEU’s)

* Provisional Data

CAR TERMINALS G2 Terminal 6.600 spots 730m dock wall 11m max draft

G1 Terminal 4.500 spots 375m dock wall 11m max draft

PIRAEUS PORT AUTHORITY S.A.

CARGO FLOWS Car Terminals Throughput

PASSENGER PORT Coastal port Aprox 20mil. Passengers 31 berthing spots 5 passenger terminals 25.000 vessel calls annually

Cruise Area Aprox 2.0mil passengers 11 berthing spots 3 passenger terminals 950 vessel calls annually

PIRAEUS PORT AUTHORITY S.A.

PASSENGER TRAFFIC Domestic Traffic

PIRAEUS PORT AUTHORITY S.A.

PASSENGER TRAFFIC CRUISE

SHIP REPAIR ZONE

2 Floating docks are leased by PPA to numerous SMEs conducting repair works

2010-2014 INVESTMENT PLAN

2010-2014 INVESTMENT PLAN (000’ Euro) No

DESCRIPTION

Expansion of the southern part of the central port for the service of cruise vessels.

Expansion of northern Central port for the service of passenger and tourist traffic.

Exhibition Conference centre at the "Leontos" area.

TOTAL

230.000

Under Study

2010

2011

2012

2013

2014

NOTES

50.000

80.000

100.000

EIB/NSRF 2007-2013 programme for development

90.000

30.000

40.000

20.000

Expansion of the cruise terminal at “Leontos” area.

3.000

2.500

500

New dock for cruise vessels at Ag. Nikolaos area

8.000

4.000

In conjunction with Drapetsona reformation real estate project.

Self financing

Own funds, NSRF 20072013 programme for development

NSRF 2007-2013 programme for development/EIB

2010-2014 INVESTMENT PLAN (000â&#x20AC;&#x2122; Euro) No

DESCRIPTION

Transformation of the old exhibition centre into a cruise passenger terminal and a 5 star hotel.

New dock for coastal vessels at Alon port.

Transformation of the "kastraki" building at the Haetionian Coast into a thematic maritime and Piraeus city park.

Transformation of the large warehouse in the Haetionian coast into a multi use center and innovation.

Transformation of the southern warehouse at the Haetionian coast into museum rooms

TOTAL

2010

2011

2012

2013

20.000

50.000

5.000

10.000

6.000

3.000

2014

NOTES

15.000

Concession contract

Composition of Study

7.000

10.000

2.000

4.000

5.000

1.000

5.000

NSRF 2007-2013 programme for development/EIB

Co-financing

Self financing

Co-financing or self financing

2010-2014 INVESTMENT PLAN (000â&#x20AC;&#x2122; Euro) No

DESCRIPTION

TOTAL

2010

2011

2012

2013

2014

NOTES

Composition of Study

NSRF 2007-2013 programme for development

3.500

NSRF 2007-2013 programme for development, own funds

Transformation of the existing grain silo into a National Maritime Museum.

Transformation of the stone warehouse into a passenger terminal and art exhibition rooms.

Construction of an elevated rail around and within the central port zone.

60.000

Construction of a new grain silo.

3.000

Completion of the new Pier I container terminal.

12a

Completion of the new administration building of Pier I container terminal.

Infrastructure and equipment upgrade of Pier II of the Container Terminal.

4.500

1.000

20.000

EIB, NSRF 2007-2013 programme for development and self financing

3.000

NSRF 2007-2013 programme for development, own funds

160.000

68.000

Own funds, Third Framework programme, EIB

4.000

Own funds, EIB.

Study is approved

Financing by PCT SA according to the concession contract.

2010-2014 INVESTMENT PLAN (000â&#x20AC;&#x2122; Euro) No

DESCRIPTION

Construction of the eastern part of Pier III at the container terminal.

New unified Customs Building at the ODDY area.

Improvements of existing infrastructure.

Helipad operation.

TOTAL

2010

2011

2012

2013

2014

NOTES

110.000

20.000

30.000

60.000

PCT financing according to the concession contract

9.000

Own funds,EIB

8.000

15.500

12.000

14.000

Own funds, EIB

55.500

6.000

Completed

Own funds

Infrastructure (a) slops, (b) power supply, (c) fiber optics, (d) plants, (e) solar panels at coastal port.

Composition of Study

NSRF 2007-2013 programme for development, EIB

Electric power substations providing medium voltage to ships.

Composition of Study

Own funds

Completion of rail station at the Container Terminal.

Hellenic Railway Company

3.700

2010-2014 INVESTMENT PLAN (000â&#x20AC;&#x2122; Euro) No

DESCRIPTION

TOTAL

2010

Parking creation at "Akti Vassiliadi" area.

Terminal upgrade at "Lemonadika" area.

Dredging of central port.

8.000

Works for improvement of the Ship Repair Zone.

10.000

Participation in the project of shaping incoming transport flows at the Municipalities of Perama and keratsini.

200 Composition of Study

Composition of Study

2011

2012

2013

2014

NOTES

200

Own funds

Own funds, co-finance,EIB

2.000

Own funds.EIB

2.000

1.500

3.000

Own funds, NSRF 2007-2013 programme for development,EIB

Own Funds ,NSRF 2007-2013 programme for development

Own funds, NSRF 2007-2013 programme for development

2.000

Machinery refurbishment with environmentally friendly mean (energy, plants, solar panels).

4.000

2.000

Machinery and Equipment.

6.800

1.000

3.500

1.000

Machinery for upgrade.

2.000

1.000

1.000 -

300

Own funds

2010-2014 INVESTMENT PLAN (000â&#x20AC;&#x2122; Euro) No

DESCRIPTION

TOTAL

2010

2011

2012

2013

2014

NOTES

Installation of a new drydock and abandonment of the old stone dry docks that will be given for use within the scope of the Civilization Coast.

Under Study

In conjunction with Ship Repair Zone

Independent operation of ISPS code for Piraeus Port.

Composition of Study

Own funds, NSRF 2007-2013 programme for development

Creation of a logistics subsidiary company.

Composition of Study

Creation of a subsidiary company supporting the ship repair industry at Piraeus

Company establishment

EIB - NSRF 2007-2013 programme for development

Own funds, NSRF 2007-2013 programme for development

FINANCIAL DATA

PIRAEUS PORT AUTHORITY S.A.

REVENUE PER ACTIVITY 2009

PIRAEUS PORT AUTHORITY S.A.

TURNOVER 000’ s Euro

PIRAEUS PORT AUTHORITY S.A.

FINANCIAL RESULTS 000 â&#x20AC;&#x2122; s Euro

Losses in 2009 due to increased provisions for voluntary personnel retirement scheme, pending lawsuits, impairment and asset sales of a total amount 45.6mil Euro.

* Including other operational income and expenses

PIRAEUS PORT AUTHORITY S.A.

COST ANALYSIS 2009

12 M 2009

(000’ s €)

Personnel Cost (1.649 persons at 31/12)

91.655

Depreciation

10.421

Materials Consumption Other Operational Expenses TOTAL

6.052 25.388 133.517

PIRAEUS PORT AUTHORITY S.A.

COST CHANGE 2007

Personnel cost Depreciation

2008

2009

(000’ €)

(000’s €)

(000’ s €)

2009 / 2007

100.012

72.796

91.655

-8.4%

10.405

10.239

10.421

0.2%

Material Consumption

4.516

Operational Expenses*

25.744

26.447

23.609

2.584

579

1.779

-31.2%

133.517

-6,8%

Provisions Total Expenses

143.261

2.768

112.830

6.052

% Change

* Taxes – Duties, Third Party Services, Third Party Indemnity Services, Other Operational

34,0% -8,3%

SHARE CAPITAL COMPOSITION (AT 12/4/2010)

PIRAEUS PORT AUTHORITY S.A.

SHARE VALUE 2009 PPA / GENERAL INDEX

Regeneration of the Area of Drapetsona

1. Goals and Strategy of the Prefecture of Piraeus – Precinct of Athens • •

Usages Diagrams Development Proposal

A. The prefecture of Piraeus – Precinct of Athens has evaluated the intervention in the coastal and wider area of Drapetsona and Keratsini as project with a strategic im mportance, and has therefore created a protection network for the procedures – studies – recreation prop posals of the area (since 1998). The entire “movement” movement on the subject “Recreation Recreation off Drapetsona – Keratsini and the wider area area” has offered, offered since 2006-07, a variety of proposals. Many of them were w published with the initiative of: •The Ministry of Town Planning, Development and Envvironment (2007) •Ministry of Merchant Shipping •The Piraeus Port Authority (2007 – 2010) •The municipality of Keratsini (2008) •National Bank of Greece (Protypos Ktimatiki 2007) •Agencies and organizations for the protection of the area (2004 – 2008 etc.) etc ) •Maritime and international associations and finaly •The prefecture of Piraeus (since 2008) In general, general all the past proposals were focusing in the recreation of the area combined with its development. development Consequently they included conditions, urban settingss and a way of thinking, which was one-sided and was heading towards to a residential development plan.

AER RIAL V VIEW

Nevertheless,, theyy contributed to the g general raise of the awareness that this area is unique, q , both as position and as value, for the society but also literally. Drap petsona’s position, its complete dereliction until now an its opportunities have become an “Apple of Discord” and be ecause of that all the past proposals – initiatives, which were coming the one after the other, did never “fructify”. The T reasons were mostly the luck of implementation strategy, the conflict of interest and finally the unrealistic proposals p of the local organizations, who considered the area to be a development field of outdated expectations. The Prefecture of Piraeus – Precinct of Athens, having weigh hed the complete data of the region, has defined a new approach (way of thinking), which could be briefly describe ed through the following three axes: •Creation of a Metropolitan Park •Free access to the seafront •Protection of the properties and the interests of the owners through a development framework which will be: 9United – integrated for the whole area 9With elimination of adverse usages 9Reducing of the covered surface 9Increasing of the height 9In combination and cooperation with the development plan of the Piraeus Port authority All this will be “under under the umbrella umbrella” of a general developm ment plan based on a united – integrated Master Plan. Plan The environmental responsibility, which refers and concerns the Prefecture of Piraeus – Precinct of Athens, creates an additional obligation – commitment for the protection off the local society.

B. The entire district is considered to be a united – integrated recreation total, with the properties of: Piraeus Port Authority zone

Property of AGET (Α.Γ.Ε.Τ.)

Public Prope erties Property of BP – MOBIL

Property p y of the National Bank of Greece

Existing Traffic Ax xes - Lines

Scheduled Public Transsportation Lines Links to fixed-track mea ans and stations

MA ASTER R PLAN

The analysis of the proposal of our company (A.R.I.S.), whiich was developed according to the instructions of the Prefecture of Piraeus Piraeus, includes the following following.

• • •

Completion (underground guidance of the uncomplete ed part of Kontopoulou Avenue) of the part of the regional street Posidonos – Schistou Avenue. Avenue Completion of the avenue junctions in the points of: Vasiliadi V Coast, Water Services Association area (EYDAP area) Monorail track-line layout, from the Vasiliadi Coast un ntil the EXIT to Water Services Association (EYDAP) and connection ti with ith th the restt off th the ttrack-line k li iin th the zone e off the th Piraeus Pi Port P t Authority A th it (OLP) (OLP). C Construction t ti off two railway stations (one in each end of the track) pllus one monumental station, which will also have commercial uses and a parking space for 700 cars.

• • •

Facilities F iliti ffrom th the U University i it off Pi Piraeus with ith an auton t nomous access Completion of two open football grounds Construction of a lake with an islet inside, which could be accessed from the surrounding area. Construction of a social events venue(in one level).

• •

Heliport construction and infrastructures Construction of a restaurant and the necessary facilitties for seaplanes and Mega Yachts. This restaurant will be completed with functional, morphological and dessign data from our ancient naval tradition. Lighting systems in order to promote specific parts an nd create approach indicators (underwater) for the seaplanes

• • • •

A Yacht Marina A Yacht club marina Two to three skyscrapers of the naval center with a to otal covered area of 7.500 m2 and a total construction area of 195.000 m2 in 22 – 34 floors.

•

Maintenance, Repair and Restructuring of the preservved buildings, inside the park, into buildings with charitable, cultural and educational usage. The total covered area is 17.736 m2

MAIN TRAIN STATION

UNIVERS SITY B BUILDING

Consequently, the complete covered area of the above e (Nr. 4, 8, 12,13) is 38.936 square meters (or 0,06) and the complete contruction area is 265.736 265 736 square m meters (or 0 0,41). 41) The entire recreation proposal of A.R.I.S. includes: •“Green” “Green” Areas • Bicycle Paths – Axes in a percentage beyond d 70% •Pedestrian Paths – Axes •Seafront development and accessibility from the nea arby residential zone •Walking W lki g ((promenades) d ) and d social i l activity ti it areas (b (by th h preserved he db buildings) ildi g ) •Water Sport activities •Educational Functions Conditions C diti off a M Metropolitan t lit P Park k will ill b be created t d in i th h whole he h l recreation ti area, together t th with ith “i “islets” l t ” off residential intervention and the necessary traffic routtes. The goal of the prefecture of Piraeus (but also the one e of the Ministry of Town Planning, Development and E i Environment and d the h Ministry Mi i off Merchant M h Shi Shipping), i ) tthat h was transferred f d to our company, was and d still ill iis that the entire area should be encountered as ONE sin ngle total and thus any intervention has to be based on a prescribed – prearranged and widely accepted Maste er Plan, which will set the uses and the Urban Policies – Facts for the entire area, independently of the moment that each owner will decide to participate. The recreation study of our company includes: •Usages Diagrams: Buildings, Green Fields, Traffic Rou utes, Seafront (as presented in the Master Plan suggested by ARIS) •Allocation of all the functions of the building-web an nd the accesses. One very important part of our proposal study was to ensure an unobstructed view to the sea, which is one of the crucial points, in addition to the creation of big g areas with green fields and the construction of the naval center.

COA ASTAL PROME ENADE E

COA ASTAL PROM MENADE E

2. Proposal for Development of Drapetson na According the Prefectureâ&#x20AC;&#x2122;s directions, the strategy for the development of Drapetsona, focuses on the maximization off Added dd d Value. l This h will ll occur from f the h INTERGRATED RECREATION focusing f on the h excellent ll and d flexible usage of the available grounds, the development of a Social and Public place (park) in conjunction with a certain identity and the characteristics (naval centerr and services) that will be utilized to a maximum. Due to its position, and utilization of the emerging opportunities it will become a reference point and why not a Landmark of the city of Piraeus. Our flexible report, refers to a the development throug gh a special law and not through the laws of recreation according to the model used for the Olympic Games, at the Olympic village, in the double recreation plan at the city of Votanikos (by A.R.I.S. Architects and ASPA S.A.) and a Alexandras avenue and the PPP projects. The aim for the Metropolitan Park is to include a super local pole for promotion with a mild development and utilization of the grounds in favor of the local Community and the new w commercial centre. Our excellent report refers to the intention of the Prefe ecture to respect the local proprietors and recommends its development into an Attractive Business centre with a specific identity and characteristics. This Business centre will utilize the areas prospects, will maximize th he Added Value and consequently will make this centre most attractive for Investments. On these grounds, the Prefecture values that the recrea ation and renewal of this location as an integrated centre, requires the collaboration and the agreement of the pro oprietors.

The basic strategic g development p that was created byy our company p y includes the following: g •

The creation of an attractive destination (green spaces s of over 60%/buildings of special requirements)

•

Utilization of the position (sea footage, proximityy to the Piraeus port)

•

A selection of a variety of usages (entertainmentt centre, cultural activities, accessibility)

•

Focusing on the Maritime and Business world (forr investments)

•

A Positive acceptance from the local community (green spaces, parks, cultural and sea activities)

•

An increase of visitation and the choosing of the e area

•

Maximization of profits for this investment

•

Availability of public spaces for public use

The study presents a Metropolitan park becoming a Landmark of the area, a naval center worthy of the Shipping tradition of Piraeus and a park promotin ng the city and the harbor.

3. The suggested Development model: a.

The construction of a Metropolitan p p park

The construction of 2-4 towers for the use as a Sh hipping centre

This also represents the compen nsation of the propriety owners. The property percentage will determine the t percentage of ownership of the under construction naval center

c. Regarding the Regeneration as an Integrated centre d. The PRESERVATION- INCLUSION of the following in the regeneration: 1. 2 2. 3. 4. 5.

Super local poles Under development expansion of the area The hubs: Akti Vassiliadi, Water plant (EYDAP), Ko ontopoulou street The coast line for mild usages: Marina, Marine So ociety Recreation Centers Preserved Buildings

The areas and their use will p provide the econ nomic ffeasibility, y, the sustainability y and the protection of the Metropolitan Park. The e property status quo will determine the Developme ent Model

Once restructuring and renovations are complete ed these will be turned into Cultural and Educational centers, with social uses and activitiies for public use. The cost of this transformation will be covered by b contractual sublease or a loan. loan

AR REA L A AYOUT

Strategy for Development Drapetsona is one of the mostt downgraded Metropolitan areas. However it presents many prospects for development due to its possition but also due to the development, approved planned projects in th he extended area. These are as follo ows:

1. To redefined and redesign the zone Pireaus – Perama, aiming at a new passenger harbor and at a transportation section of this zone, this being Drapetsona.

2. The (gradual) realization of the plan to remove heavy industry from the area. area Such as: •The Cement industry, •Power and Energy plants

3. Th release The l off llarg ge stretches t t h off land from the transfer or nstallations. elimination of In

After taking under consideration all of the above and weighing the Social factor and the citizens expressed desire the Prefecture’s proposal is to Transforrm the Regeneration Area into a modern Metropolitan park allowing freedom and social use up to 75% of the area with w small isles consisting of Public services, Preserved building Recreational facilities building, facilities, (café (café, restaurants) and d Naval center Towers. Towers The later will serve to balance the proprietary status quo of the location, as it is suggested d that this will be the compensation for assigning their proprietorship in combination with the joint action-agre eement for the Regeneration and its BASIC FUNCTIONS-USES

5. Basic Functions-Uses/Suggested Model The Utilization of the location comprises of the deve elopment of a Recreational Park and a destination where it would be expected to:

• Affect the greater area nvironment • Restore the balance in the Natural En • Create a hub for walking and connect with the city outflow • Create the foundation for social and cultural activities • Present the public to the Sea Front • Promote Archeological locations and the Ancient Quarry

The above is a Description of the social- cultural and environmental e objectives of this Proposal.

IN ADDITION TO THE ABOVE the suggested Reg generation includes:

COVERAGE

2-3 towers of 22-34 floors covering 3Χ2500 and a structure of 2Χ2500Χ22 fl. 1Χ2500Χ34 fl.

7.500

STRUC CTURE

110.000 8 85.000

Marina, University buildings ,Marine Society, Land Station(cafe, Restaurant )

13.700

5 58.300

Preserved Buildings

17.736

1 17.736

38.936

271.036

0 41% 0,41%

1.000

(500)

45.300

(8.000)

Marine Society

5.000

(2.200)

L.S.

5.000

(1.500)

Café Restaurant

2.000

(1.500)

53 000 53.000

(13 700) (13.700)

Marina

University Buildings

TOTAL

Electrical Glass +SILO Kanelop.Museum Kanelop. Industry Plaster industry

2.346 11.025 2.105 1.900 360

The analysis of the area, based on the above, bring gs us to: Buildings: Construction Area Factor 0,41 Buildings: Covered Area Factor

0,06

Additional Funcions

Traffic Routes

0,100

Public Areas, Educational, Commercial areas etc

0,055

Port Zone

0,050

Total Covered Area Factor

0,265

The final percentage of the covered area with all the parallel functions (streets, pedestrian etc) is ~ 0,25 and consequently the percentage of the public “green” areas is ~75%

TOW WER V VIEW

The leading principles in the Development Prop posal are: Visibility of the Urban Environment and the Recre eation Areas Accessibility of Sea Front Creation of a Park with free accesss to the public

Realization of a web of buildings with social but also autonomous financial parties

6. Special Purpose Vehicle - Entity (SPV) Besides the skyscrapers that will pass to the owners of the different parts of the area and the building of the University of Piraeus which will be given to the Ministry M of Education, the rest of the facilities will be used and managed from the SPV, which is going to be e established. This SPV will manage and maintain the entire area. These facilities are: • Café - Restaurant (at the lake) • Yacht Club – Restaurant ((at the jjetty) y) • The 5-6 preserved buildings (with cultural and edu ucational uses) • The Heliport • The parking • The Marines for the Mega g Yachts • he Monorail • The different Stand – Café’s, Stand – Shops (which will be spread at the port zone)

AR REA LA AYOUT T

The SPV will ha ave two main goals

1. T create To t th the skyscrapers, k b by fi finding di a d developer. l Th The proposed development scheme will be either “Granting or Concession Agreement or Joint Venture”

2. The financing, through investment funds and the E.U., of the: •Renovation, with new uses, of the preserved buildings •Café’s, restaurants, monumental station with the commercial uses •Pedestrian and bicycle paths, the green fields and the infrastructure facilities •Port facilities (jetties, infrastructure, marinas) as well as the building related to the marinas

The repayment off the Th h lloan needs d ffor the h projects j mentiiioned d iin number b 2 above b will ill occur through h h the h operation i – management of these facilities. Th SPV will The ill have h the th ffollowing ll i B Board d off Di Directors t

AGET (ΑΓΕΤ) Piraeus Port Authority (O.L.P.) Prefecture of Piraeus – Precinct of Athens

B.O.D. of SPV National Bank of Greece ΒΡ – MOBIL (EKO)

The administrative structure and the participation perce entage, will be based on the property of each owner, the specificity of the area and the Urban Data (within/outsiide the Town Planning Area etc.)

7. Implementation Model: The implementation proposal of development model in ncludes: • Signing of a Memorandum of Understanding (MoU) between the Prefecture of Piraeus - Precinct of Athens, Piraeus Port Authority, National Bank of Greece, BP BP-Mo Mobil (EKO) and AGET. • Development – Studies, Master Plan from the Prefectu ure of Piraeus - Precinct of Athens and the Piraeus Port Authority with common components and convergent suggestions • Public consultation of the studies (master plan) of the Prefecture of Piraeus - Precinct of Athens and the Piraeus Port Authority involving the Municipality of Drapetsona – Keratsini, O.R.S.A. and approval of the study from the Prefecture Council. • Studying and approval of the environmental condition ns • Files transmission to O.R.S.A. for approval and modiffying of the uses and building terms • Files transmission to the Ministry of Town Planning, Development D and Environment for legislative regulation • Modification of the Town Plan and/or issue of a Presid dential Decree “Special Recreation Conditions of the area” plus publication in the Government Newspaper area • Constitution of the SPV involving the above mentione ed owners • Tendering of the Naval Center project in an internatio onal level • Financing of the SPV, without charging the public sector, for the projects in its responsibility

â&#x20AC;˘

Utilization of the Project: 9 9 9 9 9 9 9 9 9

2-4 Skyscrapers of the naval center Recreation of the preserved buildings Formation of the metropolitan park an nd the infrastructure projects Infrastructure projects and recreation projects of the Seafront Construction of the marinas Monorail Cafeterias and restaurants Pedestrian and Bicycle paths, internal traffic routes Utilization of three access axes to the Metropolitan Park

Project Management: The skyscrapers will preserve their independence from the rest of the park since they are individual Proprietary Projects. Moreover, the University Facilities will be e an individual function.

TOW WERS S NIGH HT VIE EW

Investment Opportunity – pp y International Logistics g Jun

International Logistics Center Development Region: Attika/Aspropirgos/Thriasion Pedion k / / h d Investment Scale: €150 mil.

Project Owner, Mode of Cooperation and Investment Scale ¾The land plot belongs to the Greek State (GAIOSE S.A. ‐ A subsidiary of TRAINOSE ‐ Effectively, the Greek Railways Operation Company) and the project will be run by GAIOSE S.A. of the Ministry of Infrastructure, Transport and Networks. ¾Total land plot is 2,000,000 sq.m. (200 hectares), of which 588,326sq.m. ((~60 60 hectares) will be leased for the specific project. project There can be built 235,000 sq.m. of covered space. ¾The project will be realized through a 40 year concession, concession after a single phase international open public tender. The budget of the whole project is expected to reach almost 150,000,000 €.

International Logistics Center Development Region: Attika/Aspropirgos/Thriasion Pedion R i Attik /A i /Th i i P di Investment Scale: €150 mil.

Project Introduction: The project aims at creating the largest Logistics Center in Greece, in the area of Thriasion Pedion, in a land plot l t that th t belongs b l t and to d will ill be b leased l d by the Greek State. The new Center is expected to concentrate t t the th majority j it off vastt cargo volumes in the Attica region and Greece in general, and operate as one of the most important Logistic C t in Centers i the th Balkans. B lk

International Logistics Center Development Region: Attika/Aspropirgos/Thriasion Pedion k / / h d Investment Scale: €150 mil. Project’ss Aims & Objectives Project Aims & Objectives

The quickest possible Launch of the International Logistics Center

The construction of modern and functional buildings and other e co st uct o o ode a d u ct o a bu d gs a d ot e infrastructure facilities which meet all safety standards

The use of combined transport opportunities offered by the property because of its strategic geographic location (transport from both major highways such as Attiki Odos as well as by rail from both major highways such as Attiki as well as by rail lines and the harbor station at Neo Ikonio)

Ensuring the ‘unlimited character’ of the Centre through the service of the maximum possible number of end users which will include, indicatively and without limitation, transportation and trading companies, logistics firms (third party logistics and house logistics), etc.

Providing high quality services to end users of the Center Providing high quality services to end users of the Center

The development of rail transport by ensuring the increase of rail freight in the country

Full deployment of the Center’s dynamic

Ensuring adequate funding for the timely and proper construction of the Centre and the proper operation and maintenance

International Logistics Center Development Region: Attika/Aspropirgos/Thriasion Pedion R i Attik /A i /Th i i P di Investment Scale: €150 mil. Project Timetable details: Stage 1 Construction of a minimum of 47,000 sq m of buildings and covered spaces‐ sq.m. of buildings and covered spaces 18months from the beginning of the project Stage 2 will last for 60 months after the beginning of the project with a minimum beginning of the project, with a minimum requirement of a further 164,500 sq.m. to be built. Stage 3 Stage 3 will last 5 years after the completion will last 5 years after the completion of stage 2 and requires for the final completion and operation of the remainder of the Logistics Center.

Submission deadline 20/9/2010

The project is expected to be fully funded by the investor. The investor will operate and fully exploit the completed project for 40 years. The Hellenic Republic is expected to years. The Hellenic Republic is expected to retain an estimated 15% stake of the SPV that will operate the Concession.

International Logistics Center Development Region: Attika/Aspropirgos/Thriasion Pedion R i Attik /A i /Th i i P di Investment Scale: €150 mil. Project’ss Key Points : Project Key Points : •Greece: Ideal location, access to regional markets, modern infrastructure •The proposed Logistics Center offers access to the emerging markets of Southeast Europe and the Eastern Mediterranean. In addition, Greece is perfectly suited as a gateway to the EU from the Far East. East •Greece’s shipping industry, the most renowned in the world, transports raw materials and finished products •The country’s busy ports are a vital gateway to Western and Southeast Europe and the Eastern Mediterranean, and are complemented by a modern and far‐reaching infrastructure network: •Road — 1485 kilometers of new North‐South and East‐ West highways •Sea — 12 international ports, ports serving Greece, Greece Europe, Europe the world •Air — 15 international airports, 25 domestic airports

International Logistics Center Development Region: Attika/Aspropirgos/Thriasion Pedion R i Attik /A i /Th i i P di Investment Scale: €150 mil. Location & Accessibility: The Logistics Center will be at the heart of modern infrastructure, conveniently connected to the main transport hubs of the country and on Greece’s most modern and efficient highway: The land plot is located next to Attiki Odos, the main highway h h off the h Attica Region, which h h also l connects the majority of the city of Athens with the El. Venizelos Athens International Airport. A new raill line l willll be b finished f h d in 2011, which h h will also connect the land plot and the proposed Logistics Center with the port at Ikonio, which is the commercial part of the Port of Piraeus. The Port of Piraeus is the focus of a State‐run investment plan that will reach 1bn Euros and is expected to update and modernize one of E Europe’s ’ most significant i ifi ports.

International Logistics Center Development Region: Attika/Aspropirgos/Thriasion Pedion R i Attik /A i /Th i i P di Investment Scale: €150 mil. Project’s General Contribution: Freight transportation and is one of the key factors in a country’s economic development. Many European countries have realised the need to keep the cost of stock stored and tranported at a minimum, and have hence proceeded in developing large, well‐connected Logistics Centers. The term “logistics centres” generally refers to those sites specially organized for carrying out logistics activities. The name of these sites may vary depending on the customs in practice in each country – for instance we may find: 1. Centres logistiques de fret 2. Gares routières de marchandises 3. Logistics park 4 Platform freight terminal 4. 5. Interporto 6. Centro integrado de mercancias 7. Güterverkehrzentrum 8. Transport centre 9. Freight village 10. Transport center A Logistics Centre is the hub of a specific area where all the activities relating to transport, logistics and goods distribution – both for national and international transit – are carried out,, on a commercial basis,, byy various operators. p The operators p mayy be either owners or tenants of the buildings or facilities (warehouses, distribution centres, storage areas, offices, truck services, etc.) built there. A Logistics Centre must also be equipped with all the public facilities necessary to carry out the aforementioned operations. In order to encourage intermodal transport for goods handling, a Logistics Centre should preferably be served by a variety of transport methods (roads, rail, sea, inland waterways, air).

International Logistics Center Development Region: Attika/Aspropirgos/Thriasion Pedion R i Attik /A i /Th i i P di Investment Scale: €150 mil. By developing large, effective Logistics Centers, the following are achieved: Project’s General Contribution:

9Optimization of the logistics chain 9Optimization of lorry utilisation 9Optimization of warehouse utilisation 9O ti i ti 9Optimization of manpower organisation f i ti 9A decrease in the total transport costs 9A decrease in the total industrial costs 9A decrease in personnel costs

9An increase in the transport operators total turnover 9transportation systems are optimized, 9transport cost is minimized, 9a steady, high level of services in terms of security and accountability is ensured, and 9the country adapts to well 9the country adapts to well established international practices that also adhere to key EU policies in the area of transport of goods and open economies.

Your Investment Partner in the region 3 Mitropoleos St. 105 57 Athens, Greece t. +30 210 3355700 f. +30 210 3242079 e. info@investingreece.gov.gr

HELLENIC REPUBLIC MINISTRY OF INFRASTRUCTURE, TRANSPORT AND NETWORKS GENERAL SECRETARIAT OF CO – FINANCED WORKS Special Service of Public Works of Peloponnese Concession Road Works

New Heraklion New Heraklion International Airport

March 2010

Ministry of Infrastructure, Transport and Networks

Contents 1.

Project

Airport Opening Day Minimum Requirements

Concession Data

Tender Process

March 2010

Ministry of Infrastructure, Transport and Networks

Project The Greek State has launched an International Tender Process for the selection of an investor who shall become the Greek State’s partner in the development of the new Heraklion International Airport (Airport) in Kastelli, Crete through a concession agreement. This airport will be located in the vicinity of the military airfield and will replace the existing “N.Kazantzakis” International Airport of Heraklion, which will close at the commencement of operations of the new airport. At commencement of operation, the airport is forecast to be in a position to handle passenger traffic of at least 7 million annually.

March 2010

Ministry of Infrastructure, Transport and Networks

Airport Opening Day Minimum Requirements‐1 The Airport will be required to meet the following minimum requirements at opening day: Design Aircraft ICAO Code E 3.800 m. Runway Parallel Taxiway capable of serving as alternate Runway Complete network of taxiways, high speed exits and sequencing bays

March 2010

Ministry of Infrastructure, Transport and Networks

Airport Opening Day Minimum Requirements‐2 60.000 sq.m. Passenger Terminal with five (5) Multiple Aircraft Ramp System (MARS) type Boarding Bridges Twenty five (25) Power In –Power Out Aircraft Parking Positions Fuel Farm with Hydrant network to each aircraft parking position Waste Management system including sewage treatment plant and garbage collection and processing station

March 2010

Ministry of Infrastructure, Transport and Networks

Airport Opening Day Minimum Requirements‐3 Parking facilities and Control tower, meteorological station, ground handling facilities, and all other necessary support facilities Complete NAVAIDS equipment (Precision Approach Category I) 24km highway with two lanes in each direction and a central reservation separating the running surfaces connecting the new airport at Kastelli with the North Crete Highway and with the South Crete Highway.

March 2010

Ministry of Infrastructure, Transport and Networks

Concession Data‐1 The Greek State is seeking to select on a competitive basis an investor who will become its partner in a new airport company that will be granted d the h concession i to the h Financing, Fi i D i Design, C Construction, i and d Operation of the Airport and the connecting access road to the Airport. The Greek State and the investor will become partners in an Airport company that will undertake the implementation of the concession agreement The Greek State will hold a 55% share in the Airport agreement. company and the investor the remaining 45%. The Greek State’s investment is limited to the provision of a Financing Contribution in the form of subsidised capital up to 220m€ at current prices. prices March 2010

Ministry of Infrastructure, Transport and Networks

Concession Data‐2 The Airport company will receive financing through state grants, equity supplied by the investor, proceeds from the Heraklion Airport Departure Tax fund, and debt secured by the investor from commercial banks and EIB. The concession will have a thirty five (35) year term with an estimated five (5) year construction period and a thirty (30) year operation period. Following the Airport opening the existing airport at Heraklion Crete will cease to operate.

March 2010

Ministry of Infrastructure, Transport and Networks

Tender Process‐1 The Greek State announced the International Public Tender Process in September 2009. The deadline for the submission of binding offers is October 19th 2010. The Greek State is seeking a concessionaire with experience in the operation of airports, ability to raise financing, through equity and debt, for infrastructure development and capable of carrying out the design and d construction t ti off a complex l technical t h i l project. j t The tender has been designed g as a single g submission p process with interested parties submitting complete proposals that include participation qualifications & capability credentials, technical proposals and financial offers on October 19th. March 2010

Ministry of Infrastructure, Transport and Networks

Tender Process‐2 The evaluation of proposals will be carried out in phases. In the h 1st phase h the h Greek G k State S will ill evaluate l on a Pass/Fail / il basis b i the h participation qualifications and capability credentials of the interested parties. All parties who pass the 1st phase will proceed to the 2nd Phase in which technical proposals will be evaluated in a two step process. Initially, technical proposals will be evaluated on a Pass/Fail basis for their compliance with the Minimum Technical Requirements (MTR’s). Technical proposals satisfying all MTR’s will then be evaluated, on an objective scoring basis, in a set of technical criteria. The score given to each bidder is each bidder’s technical evaluation score and carries a 30% weight in the determination of the bidders bidders’ final score. March 2010

Ministry of Infrastructure, Transport and Networks

Tender Process‐3 The 3rd Phase includes the opening of the financial proposals and the selection of the preferred bidder. The financial proposal of each bidder receives scoring according to a set of financial criteria and carries a 70% weight in the determination of the bidders’ final score. The bidder with the highest score will be invited to sign the concession agreement and become the partner of the Greek State. For the purposes of assisting in the design and implementation of the tender process the Greek State has retained the assistance of specialized advisory team throughout the tender period. period

March 2010

Two PPP Projects Lead the Way in Waste Management

Region of Western Macedonia: New infrastructure for the Integrated New infrastructure for the Integrated Waste Management System Geographical Area covered by the project

A PPP projects that involves the design, construction, financing, maintenance, facility management and operation of new infrastructure, aiming at covering the waste management requirements imposed by the EU Directives The selected SPV will undertake: 1. The design, construction, maintenance and operation of the central integrated waste management installations which will be composed by a treatment and exploitation y unit and a residues sanitary landfill 2. The maintenance and operation of the existing network of waste transfer stations, when the treatment unit begins its operation. The network consists of ten transfer stations and their mobile equipment KEY PROJECT DATA: Contracting Authority – Project Owner: Waste Management System of Western Macedonia (DIADYMA S.A.) Project Capacity: 120,000 tons per year, reaching 152,000 tons by the end of the partnership Mode of Cooperation: Public Private Partnership Technology Used: The unit will be constructed upon any proven technology that can meet the targets set by the EU Directives and the output specification set by the Contracting Authority B d t 97 illi EURO 20% i Budget: 97 million EURO +20% insurance and heavy maintenance costs dh i t t Duration of Contract: 27 years Reimbursement: The project will be reimbursed by the end users and the Greek state

Source: Special Secretariat for Public Private Partnerships, DIADYMA S.A.

Region of Western Macedonia: New infrastructure for the Integrated New infrastructure for the Integrated Waste Management System (2) The project is part of the strategic plan of the Region of Western Macedonia. Its implementation ensures that: 1 1.

the amount of waste to landfill is decreased and the life cycle of the existing the amount of waste to landfill is decreased and the life cycle of the existing landfill is doubled

the environmental impact of treating biodegradable waste is minimised

3 3.

commercially exploitable products are produced. The selected SPV will be given i ll l i bl d d d Th l d SPV ill b i the right to commercially exploit the output of the treatment unit, such as recyclable products, biogas, RDF, SRF, etc.

the efficiency of the investment made during the 2002‐2004 period is maximised

Restoration works in the region of Western Macedonia Source: Special Secretariat for Public Private Partnerships, DIADYMA S.A.

Prefecture of Thessaloniki: Development of an Integrated Waste Development of an Integrated Waste Management System Geographical Area covered by the project

A PPP projects that involves the design, construction, financing, maintenance, facility management and operation of the new infrastructure of the integrated waste management system in the Prefecture of Thessaloniki system in the Prefecture of Thessaloniki The selected SPV will undertake: ¾ The design, construction, maintenance and operation of a plant that will treat solid waste of the Northwestern unit of the Prefecture of Thessaloniki and will be composed of a treatment and exploitation unit and a sanitary landfill. KEY PROJECT DATA: Contracting Authority – Project Owner: Association of Local Authorities of Greater Thessaloniki Project Capacity: 400,000 tons per year Mode of Cooperation: Public Private Partnership Technology Used: The unit will be constructed upon any proven Technology Used: The unit will be constructed upon any proven technology that can meet the targets set by the EU Directives and the output specification set by the Contracting Authority Budget: 242 million EURO +20% insurance and heavy maintenance costs Duration of Contract: 29 years Duration of Contract: 29 years Reimbursement: The project will be reimbursed by the end users and the Greek state

Source: Special Secretariat for Public Private Partnerships, Association of Local Authorities of Greater Thessaloniki

Prefecture of Thessaloniki: Development of an Integrated Waste Development of an Integrated Waste Management System (2) The project is part of the strategic plan of the Association of Local Authorities of Greater Thessaloniki given that waste production in the Prefecture is significant. The implementation of the project ensures: The implementation of the project ensures: 1.

the decrease of the amount of waste that is sent to landfill

the final cease of operations in the landfill of Tagarades

3 3.

the commercial exploitation of the plant’ss output. The selected SPV will the commercial exploitation of the plant output The selected SPV will be given the right to commercially exploit the output of the treatment unit, such as recyclable products, biogas, RDF, energy, etc

Environmental Park of Park of Thermi, Thessaloniki Landfill of Tagarades Source: Special Secretariat for Public Private Partnerships, Association of Local Authorities of Greater Thessaloniki

Hellenic Development Fund - HDF

February 2010 HELLENIC REPUBLIC MINISTRY OF ECONOMY, COMPETITIVENESS AND SHIPPING

Page 1

LEGAL NOTICE - PLEASE READ THIS PAGE BEFORE REVIEWING THIS DOCUMENT

This document (the ―Document‖): (a) has been prepared by or on behalf of the Hellenic Republic (the ―HR‖); (ii) is the property of the HR; (iii) is restricted, strictly privileged and confidential; and (iv) is intended as a visual aid to a an introductory verbal presentation arranged by the HR on 20 February 2010 for a limited and select group of attendees approved by the HR (the ―Intended Recipients‖); (v) should be read in conjunction with and remains subject to the conditions and limitations disclosed separately as part of such presentation. If you are not an Intended Recipient of this Document, you are hereby notified that you have received this Document in error and that you may not review, copy, retain, use, disseminate or disclose this Document or its contents, in whole or in part, to any person and that any such action is unlawful. If you are not an Intended Recipient, you are hereby further notified that you must return this Document immediately to the HR, without retaining any copy or extract. The HR reserves the right to modify this Document at any time without notice. Neither this Document nor any other information supplied or disclosed in connection with it: (i) is intended to provide the basis of any business, investment, financial or other evaluation or decision; (ii) may replace or replicate an informed commercial assessment or business determination; or (iii) should be considered as a recommendation, offer or solicitation by or on behalf of the HR, its controlled entities, or their respective officers, directors, employees or agents, that any recipient of this Document (including, for the avoidance of doubt, the Intended Recipients) should consider or authorize any transaction, directly or indirectly

HELLENIC REPUBLIC MINISTRY OF ECONOMY, COMPETITIVENESS AND SHIPPING

Page 2

Key Drivers for Implementation

The Challenge

The Opportunity

 The HR faces the challenge of maintaining stable growth rates without causing further strain on public finances.  The HR aspires to develop key sectors of the economy, including ―green‖ energy, urban regeneration, innovative entrepreneurship, biotech, ICT and major infrastructure projects.  The above sectors offer significant opportunities for profitable investments, in ways compatible to the HR’s growth strategies, as well as for enhancing social cohesion.  The Hellenic Development Fund (HDF) will act as a catalytic and counter-cyclical funding vehicle, with a view to supporting green development strategies.

The Proposal

 Τhe HDF will operate in line with the spirit of the E.U.’s modern financing tools. It will assist in the conversion of political grants to revolving financing, thus establishing solid incentives for financially viable investments.  The HDF will foster a leading role for Greece as part of the development of the wider South-Eastern Mediterranean region.

HELLENIC REPUBLIC MINISTRY OF ECONOMY, COMPETITIVENESS AND SHIPPING

Page 3

Basic Pillars of HDF’s Operation

Government’s Growth Strategy

Project Maturity and Implementation

 Τhe HDF will operate within the framework of long-term development and growth programs.  The HDF already forms part of the HR’s 3-year Stability and Growth Plan and is an integral part of strategies to promote green development.  Through its reliability and know-how, the HDF will ensure the completion of preliminary review procedures of projects, leading through maturity, as well as validation of the eligibility of proposed projects for implementation.  The HDF will help secure financing of project in areas to include infrastructure and energy, in the event that:

Project Financing

— The private sector is unable to address financing requirements; — Credit enhancement is required to address investment risks.

International Activities

 The HDF will fund development projects in the wider region, positioning itself in an active role for attracting foreign investments and aspiring to upgrade Greece to a regional investment hub.

HELLENIC REPUBLIC MINISTRY OF ECONOMY, COMPETITIVENESS AND SHIPPING

Page 4

HDF Business Areas The HDF will:

   

Streamline financially viable projects; Coordinate and participate in the financing of projects; Monitor the roll-out of investment plans;

Provide advisory services to the government in respect of incentives intended to facilitate investments and necessary reforms to the regulatory framework.



Partner with public/private bodies, including Ministries, state entities and commercial banks. Private Sector Project Proposals

Government Ministries

Political and Steering Guidelines HDF

Government Bodies

Advisory Services

HELLENIC REPUBLIC MINISTRY OF ECONOMY, COMPETITIVENESS AND SHIPPING

Loans and Investments

Projects and Programmes

Financial System

Page 5

HDF Funding Sources



HDF’s shareholders will include the Hellenic Republic, international, multilateral and other financial institutions.



HDF’s financial activities will be refinanced primarily through debt securities issued by the HDF and placed on the global capital markets.



Diversification of HDF’s sources of funding will help minimise unwanted outflows of private funds from the domestic financial system.

Other FIs

IFIs as Strategic Partners

Hellenic Republic

Shareholders Equity

Guarantee

Capital Markets

Debt Financing

Hellenic Development Fund

HELLENIC REPUBLIC MINISTRY OF ECONOMY, COMPETITIVENESS AND SHIPPING

Page 6

HDF’s Financing Activities HDF’s financing activities include direct and indirect activities. Indirect Financing Activities:  The HDF will endeavor to promote financing products for small and medium scale investments, through the existing network of commercial banks (lending business) and through holding entities (for equity investment business). Direct Financing Activities:  Direct activities will primarily involve financing synergies of the HDF with the wider financial system, to support the implementation of major development projects.  Direct activities will focus on areas that are key to the promotion of the new growth model, including ―green‖ energy, urban regeneration, innovative entrepreneurship, biotech, ICT and major infrastructure projects.  Direct activities will include lending, equity participations, mezzanine finance and investment partnerships (PPPs/PFIs), as well as participations in urban development funds (UDFs). HELLENIC REPUBLIC MINISTRY OF ECONOMY, COMPETITIVENESS AND SHIPPING

Page 7

Financing Activities: Lending

Direct Lending

Indirect Lending (through banks)

International Activities

 Medium and larger ―green‖ energy, infrastructure and transportation, tourism and agricultural development projects, as well as PPPs.

Hellenic Development Fund

Local Commercial Banks

 Leveraging of the existing network of banks for promoting programmes in the areas of innovation and new technologies, small and medium enterprises, and energy efficiency.

 Financing to countries in the wider regions (e.g., in cooperation with the Export Credits Assurance Organization).

HELLENIC REPUBLIC MINISTRY OF ECONOMY, COMPETITIVENESS AND SHIPPING

Page 8

Financing Activities: Equity Participations

Hellenic Development Fund

Green Energy Sub-Fund

Project Company

PPP / PFI

Infrastructure Sub-fund

Project Company

PPP / PFI

Equity Investments

 Financing of viable projects lacking sufficient equity funds.  Investments via HDF’s specialpurpose (sectoral) sub-funds.

Private Sector Co-Investors

Hellenic Development Fund

Venture Capital Style Investments

Technology and Innovation Sub-Fund

Project Company

Private Sector Co-Investors / Venture Capital Funds

HELLENIC REPUBLIC MINISTRY OF ECONOMY, COMPETITIVENESS AND SHIPPING

 Τhe HDF would act as a venture capital investor in the areas of ―green’ energy, shipping, novel technologies, etc.

Page 9

Overview of Financing Activities Hellenic Development Fund



 

Indirect lending to smallsize projects through commercial banks. Offer risk-sharing and liquidity to other banks. Direct lending to medium and large-size projects.

Lending

Treasury and capital management  Risk management and liquidity.  Maintenance of capital ratios (e.g. including a minimum 10% Tier 1).  Monitoring of dividend policy.  Managing relationships with other financial institutions.

Allowed Direct Business International Regional Development (DFI)

Green Energy

Infrastructure Transport and Shipping

Equity

Equity Investments

 

Specialised HDF sub-funds provide equity financing in various sectors. Indirect equity participations through venture capital funds. Direct equity participations to firms and SPVs that implement PPPs/PFIs.

Allowed Indirect Business Agro and Tourism

Urban and Rural Regeneration

Lending



Commercial Banks

SME

Technology and Innovation

HDF CB (Other Direct Business)

Equity

Venture capital funds

Lending

Real Economy

HELLENIC REPUBLIC MINISTRY OF ECONOMY, COMPETITIVENESS AND SHIPPING

Page 10

Overview of HDF Proposal IFIs as Strategic Partners

Other FIs

Hellenic Republic

Capital Markets Guarantee for HDF debt

Shareholders’ Equity

Debt Financing

Hellenic Development Fund



 

Indirect lending to smallsize projects through commercial banks. Offer risk-sharing and liquidity to other banks. Direct lending to medium and large-size projects.

Lending

Allowed Direct Business International Regional Development (DFI)

Green Energy

Infrastructure Transport and Shipping

Equity

Equity Investments

 

Allowed Indirect Business Agro and Tourism

Urban and Rural Regeneration

Lending



Commercial Banks

SME

Technology and Innovation

HDF CB (Other Direct Business)

Equity

Venture capital funds

Lending

Real Economy

HELLENIC REPUBLIC MINISTRY OF ECONOMY, COMPETITIVENESS AND SHIPPING

Page 11

Proposed Management Structure Independent Management with the Appropriate Safeguards

Board of Directors Executive Management Team

Investment Committee

 Board of Directors appointed by supermajority of t general assembly of shareholders.  Each shareholder to possess vote according to percentage ownership.  Potentially rules built into the articles of association ensuring representation on the Board of appropriate bodies (business associations, investment experts etc).  Ability to hire management and more junior personnel based on private employment status criteria further to Board decision.  Management team to include a CEO, CFO, Head of Treasury, Head of Equity Investments, Head of Lending.  Investment Committee appointed by the State and holding certain approval and veto powers with respect to projects and investments in order to safeguard the business and reputation of HDF. Board of Directors Approval Powers

CEO CFO

Head of Lending

Head of Treasury

HELLENIC REPUBLIC MINISTRY OF ECONOMY, COMPETITIVENESS AND SHIPPING

Head of Equity Investments

Page 12

Key Aspects of HDF’s Operation  The HDF will be an entity distinct from the Greek State and will have independent management.  In its capacity as a financial institution, the HDF will be supervised by the Bank of Greece and will be subject to the provisions to be set forth in the HDF Law.  The Board of Directors will be elected by the shareholders. The HDF will hire officers from the market. HDF staff will be engaged on a private sector basis.  The HDF will not compete directly with the banking system, both in respect of its financing activities and in respect of sourcing funds from the markets.  The HDF will operate and manage a centralized treasury, as well as equity, debt issuance, securitization and other capital markets operations.  Funds will be made available by the parent (HDF) to the various HDF sub-funds on the basis of defined priorities and criteria. HELLENIC REPUBLIC MINISTRY OF ECONOMY, COMPETITIVENESS AND SHIPPING

Page 13

Supervision  The HDF will be a credit institution, supervised by the Bank of Greece. HDF’s equity participations will be held by subsidiaries and intermediate holding entities, not separately subject to regulation (subject to supervision on a consolidated basis).  In its capacity as a regulated entity, the HDF will be on a level playing field with commercial banks.  The HDF will avail itself of the requisite management structure, resources, risk management and internal control systems and will comply with all other procedures required by law for the taking up and pursuit of its activities.  In order to expedite launch of HDF’s catalytic activities, grant by law of a grace period of up 18 months for licensing is being considered.

HELLENIC REPUBLIC MINISTRY OF ECONOMY, COMPETITIVENESS AND SHIPPING

Page 14

Proposed Timeline When

March 2010 June 2010 September 2010

Steps to Implement  Complete discussions with prospective shareholders and confirmation of share capital commitments  Drafting of the HDF bill and completion of consultation;  Selection of key officers and premises.  Complete legal issues (e.g., enactment of HDF Law, HDF establishment, HR guarantee)  Payment – in of share capital, internal systems go live.

November 2010

 HDF funding on the international markets

December 2010

 First disbursement to finance investments.

HELLENIC REPUBLIC MINISTRY OF ECONOMY, COMPETITIVENESS AND SHIPPING

Page 15

Summary – Conclusions  The HDF is intended as a non political, but institutional, intervention vehicle with anticipated favourable impact on the real economy and the banking system.  The establishment and operation of the HDF constitutes a high priority in this juncture and the HR is keen on forging partnerships with multilateral, international and sovereign banks, funds and organizations.  The HDF will act as a credit institution under full supervision. However, its activity will be complementary to that of the banking system and not competitive.  The HDF will raise funding from diversified sources and not in competition with commercial banks.  The structure of the HDF ―product‖ suite will fill gaps in the market, both at the level of liquidity and at the level of capital, by leveraging the networks of partner banks.

HELLENIC REPUBLIC MINISTRY OF ECONOMY, COMPETITIVENESS AND SHIPPING

Page 16

Key listed companies of the Hellenic Republic 13/04/2010

Executive summary • The Greek state holds significant stake at 12 listed companies in the following sectors: • Banking • Networks k • Utilities • Oil and Gas Oil d G • Gambling • Th The value of its stakes in these 12 companies reaches approx. €10 bn (market l f it t k i th 12 i h €10 b ( k t prices as of 12th April 2010) Atebank, HELLPE, OLTH, OLP, Postbank and EYDAP have outperformed the HELLPE, OLTH, OLP, Postbank and EYDAP have outperformed the • Atebank, Athens Stock Exchange • If the Hellenic Republic decided to keep at most 50.1% at the listed companies that it currently holds a bigger stake (Atebank, Attica Bank, EYATH, EYDAP, PPC, OLP, OLTH), it could gain around € 755 mn by privatizing the residual

There are six companies in which the Greek State owns a stake that have outperformed Athex stake that have outperformed Athex 1 year share price performance 190

170

150

130

110

Source: Euro2day; closings as of 13/04/2010

Athex

1 year return 6%

NBG

5,8%

Atebank

22.6%

Postbank

8.1%

Attica

‐42.7%

PPC

‐16.1% 16 1%

OTE

‐25.4%

OLP

19%

OLTH

22.1%

OPAP

‐18.7%

ELPE

22 6% 22.6%

EYDAP

8.1%

EYATH

‐9.8%

Aggregated value of Greek State’s stakes at major listed companies major listed companies Share price at 12/4/2010

State's stake

National Bank of Greece*

14.50

24.900%

607

2,192

OPAP*

16.88

34.370%

319

1,851

PPC

13.45

51.120%

232

1,595

Agricultural Bank of Greece

1.57

77.310%

905

1,099

Hellenic Petroleum

8.34

35.480%

306

904

OTE

8.94

12.930%

490

567

Postbank*

3.82

50.400%

284

548

EYDAP*

6.35

61.033%

107

413

Attica Bank* k*

1.37

81.140% %

245

272

OLP

13.47

74.500%

251

EYATH

4.60

74.550%

124

OLTH

13.71

75.000%

104

Company Name

Total Number of Value of State's stake shares (€m)

9,919 * Contains the stake of all public funds, enterprises and entities

The Greek state through its participation on the abovementioned listed companies holds stakes in some other listed companies (i.e. HELLENIC EXCHANGES, HELLENIC DUTY FREE SHOPS, AGROTIKI INSURANCE, ALPHA TRUST ΑNDROMEDA, HELLENIC SUGAR INDUSTRY, ASTIR PALACE VOULIAGMENI, KARAMOLENGOS BAKERY INDUSTRY, PLIAS CONSUMER GOODS)

Banking sector overview and trends • The Greek banking sector is completely independent from State interventions and linked to the financial system of the Eurozone • G Greek banks operate in a fully harmonized EU‐27 legal framework and fall mostly under the regulation of the Bank of Greece kb k i f ll h i d EU 27 l l f k d f ll l d h l i f h B k fG and the Capital Market Commission • Nevertheless, minor state interventions in ‘moral hazard’ issues are not uncommon • The number of banks operating in Greece has grown in the past few years, despite the international consolidation trends of the sector • Furthermore, branches have grown in numbers, as well as ATMs, despite the increase in internet banking usage • Over the past few years the Greek banks have undergone a strong expansion phase, which they financed through share capital increases and bond issues • The key sector of expansion was consumer/household lending • In the last few weeks, deposits of Greek banks have suffered, but indications suggest that this happened to service corporate loans rather than having capital transferred abroad amidst concerns over Greece’s macroeconomic outlook • Key concerns regarding the Greek banking sector include: Key concerns regarding the Greek banking sector include: • Deterioration in the macroeconomic outlook in Greece, the Balkan region or and/or Turkey. This could result in higher loan losses going forward and in lower capital adequacy ratios • Recently liability spreads have been under a lot of pressure in Greece. This could lead to higher lending costs for Greek banks, significantly impacting their profitability prospects. i ifi l i i h i fi bili • Should the competition for deposits intensify further, Greek banks could suffer margin compression

NBG ‐ National Bank of Greece Overview

Shareholdings

• N National Bank of Greece (NBG), has the largest branch and ATM network in ti lB k fG (NBG) h th l tb h d ATM t ki Greece with 575 domestic banking units and 1,504 ΑΤΜs. Today, the Group's network overseas includes 1,208 units (data as at 31.12.2009)

Shareholder

Stake

International Investors

45.1%

• Stakes in other listed subsidiaries include the Postal Savings Bank (6.07%), Karamolegos (8.02%), Astir Pallas (85.35%), Altec (12.44%) and Plias (5.90%)

Domestic Investors

29.9%

D Domestic i Pension Funds P i F d

17 3% 17.3%

Other Public Sector Entities

7.6%

Intra‐Group Holdings

0.1%

Total

100%

In € m

2008

2009

Loans and advances to customers (net)

64,498

69,134

Total operating income

4,926

5,077

Net attributable profit

1,546

923

1 year share price performance

Source: NBG, as of 30/06/2009

Recent developments and key points of interest • 12/04/2010: Fitch downgrades NBG’s covered bonds from AA to A+ • 08/04/2010: Natixis downgrades NBG’s outlook to “reduce” from “buy” and reduces target price to €15 from €19 • 06/04/2010: 06/04/2010: NBG establishes Pangaia Real Estate Investment NBG establishes Pangaia Real Estate Investment Company (REIC) with a portfolio of 241 pieces of property worth around €900m • 01/04/2010: Citigroup retains “buy” outlook on NBG, but reduces target price to €20 from €22 • 31/03/2010: Moody’s downgrades NBG to “A2” from “A1” • 18/03/2010: NBG Group announces drop of 37% in net profit Source: Company announcements; press clippings

Atebank ‐ Agricultural Bank of Greece Overview

Shareholdings

•

U Up until the early 1990s, Atebank operated as a specialized financial institution on til th l 1990 At b k t d i li d fi i l i tit ti behalf of the Greek state to support the development of the country’s agricultural sector. The wider farming sector remains one of the Bank’s major areas of activity

•

Stakes in other listed subsidiaries include Agricultural Insurance (87.21%), the Hellenic Sugar Company (82.05%), EYDAP (10.04%) and Hellenic Duty Free (20.11%)

In € m

2008

2009

20,854

21,910

Total operating income

807

1,040

Net attributable profit

‐402

Loans and advances to customers (net)

Shareholder

Stake

Greek State

77.31%

Other shareholders (not Other shareholders (not exceeding 5% each)

22.69%

Total

100%

Source: Athens stock exchange

1 year share price performance

Recent developments and key points of interest • 13/04/2010: Atebank’s stake in Agricultural Insurance reached 87.21%, as the former’s voluntary tender offer continues •

12/04/2010: Fitch downgrades Atebank’s credit rating to “BB+” from “BBB‐”

• 08/04/2010: Moody’s downgrades Atebank’s outlook to “negative” from “stable” • 01/04/2010: Citigroup maintain “sell” recommendation for Atebank’s share; target price at €1.00 03/03/2010: Atebank launches voluntary tender offer for the remaining Atebank launches voluntary tender offer for the remaining • 03/03/2010: stake in Agricultural Insurance • 26/03/2010: Ateleasing announces losses, due to increased provisions Source: Company announcements; press clippings

Hellenic Postbank Overview

Shareholdings

• H Hellenic Postbank has a wide depositor base with capital adequacy ratios ll i P tb k h id d it b ith it l d ti amongst the highest in Europe and a healthy loan book • Its key strengths include its branch network and its collaboration with the Hellenic Post for the promotion of banking and bancassurance products

Shareholder

Stake

Greek State

34.43%

Hellenic Post

9.90%

• Stakes in other listed subsidiaries include Aspis Bank (32.90%), Attica Bank (20.05%) and Alpha Trust Andromeda (9.99%)

EFG E b k EFG Eurobank

6 07% 6.07%

In € m

2008

2009

NBG

6.07%

Loans and advances to customers (net)

7,004

7,903

Other

43.53%

Total operating income

302

369

Total

100%

Net attributable profit

1 year share price performance

Source: Athens stock exchange

Recent developments and key points of interest • 01/04/2010: Citigroup maintains “hold” recommendation on Postbank; reduces target price to €4 from €5.25 • 01/04/2010: Postbank’s stake in Aspis Bank reaches 32.90% after participating in Aspis Bank’s share capital increase • 31/03/2010: Postbank announces a net loss of €102.5m for Q4 2009 • 29/03/2010: HSBC estimates Postbank’s net profit for FY 2009 at €104m • 23/02/2010: National Securities reduces target price to €4 from 4.75; maintains “neutral” recommendation • 16/02/2010: JP Morgan reduces target price to €3.5 from €4; JP Morgan reduces target price to €3 5 from €4; “underweight” recommendation Source: Company announcements; press clippings

Attica Bank Overview

Shareholdings

• Si Since 1964, Attica Bank belonged to 1964 Atti B k b l d t the Emporiki th E iki Bank Group of B kG f Companies and was listed in the Athens Stock Exchange (Athex) on 02/06/1964. On 26/06/1997, through Athex, the Emporiki Bank Group of Companies transferred part of the shares it held to TSMEDE and the Deposit and Consignement Fund. On 09/09/2002, it transferred its remaining shares to the Hellenic Postbank to the Hellenic Postbank

Shareholder

In € m

2008

Loans and advances to customers (net)

Stake

TSMEDE

41.96%

Deposit and Consignment Fund

19.13%

H ll i Postbank Hellenic P b k

20 05% 20.05%

2009

Other

18.86%

3,386

3,922

Total

100%

Total operating income

145

150

Net attributable profit

1 year share price performance

Source: Athens stock exchange

Recent developments and key points of interest • 13/11/2009: Negotiations for a potential merger with Aspis Bank fell through • 30/09/2009: Attica Bank raises €152m in share capital increase • 04/06/2009: Two new branches in Holargos and Chios 04/06/2009: Two new branches in Holargos and Chios • 19/02/2009: New branch in Vari

Source: Company announcements; press clippings

Utilities sector overview and trends Telecoms •

Rapid developments in fixed line telephony occurred in Greece in 2009.

Water and sewage sector •

EYDAP and EYATH are the dominant players in the water and sewage market in Greece

The establishment of stronger corporate groups and the formation of

•

strategic alliances have become prerequisites for survival in this market

managed by the local municipalities

segment which is characterized by declining profitability margins •

•

Furthermore, intensified competition brought about partnerships

Main challenges of the water and sewage sector include: •

lower water volumes due to unfavorable weather conditions

operators, as a means to provide integrated telecom solutions and this

•

lower tariffs because of the general prices freeze

trend is expected to continue trend is expected to continue

•

higher operating costs, especially related to wastewater g p g , p y treatment and electricity bills

Mobile telephony in Greece has also seen a dramatic margin squeeze

telephony will turn into the red in the immediate future I t Internet protocol television (IPTV) services can be a driver of significant t t l t l i i (IPTV) i b di f i ifi t growth opportunities for the sector. Growing demand for IPTV service is estimated to enhance customer base and revenues •

Greece’s low broadband penetration rates (15.6% during the first half of 2009) presents a huge upside potential

•

between mobile telephony providers and alternative fixed‐line

due to intense competition, with analysts expecting that even pre‐paid

•

The rest of the country is basically served by companies

The telecoms market is expected to be driven by the convergence in fixed‐line and mobile telephony in terms of service offerings and telecom networks •

Therefore, market changes and corporate developments are expected to intensify

•

Foreign investors have shown strong interest in the past for stakes in these two companies

OTE ‐ Hellenic Telecommunications Organization Overview

Shareholdings

• OTE OTE is the incumbent telecommunications provider in Greece, and together with its is the incumbent telecommunications provider in Greece and together with its subsidiaries forms one of the leading telecom groups in Southeastern Europe. The OTE Group offers a full range of products and services, from broadband services, fixed and mobile telephony to satellite, high‐speed data communications and leased line services • OTE’s participations include: Cosmote Greece (100%), AMC Albania (95%), Globul g ( , ((74%), Cosmote ), Romania (70%), Telecom Serbia (20%) ( ), ( ) Bulgaria (100%, RomTelecom etc

In € m

2008

2009

Sales

6,407

5,984

EBITDA

1,058

1,001

844

781

Profit before tax

Shareholder

Stake

Greek State

12.93%

DEKA SA + IKA ETAM

7.07%

Deutsche Telecom AG

30%

Institutional Investors

39.78%

Private Investors

10.22%

Total

100%

Source: Athens stock exchange

1 year share price performance

Recent developments and key points of interest • 13/04/2010: The outlook for OTE share remains stable according to Fitch, which states that the financials of the company remain solid and are not influence by the Greek negative outlook / / y • 09/04/2010: Merrill Lynch outlook on OTE remains “neutral” • 31/03/2010: UBS outlook on OTE remains “neutral”. UBS estimates decrease in sales and EBITDA in the range of 3‐5%

Source: Company announcements

EYDAP – Athens Water Supply and Sewage Overview •

Shareholdings

Th Ath The Athens Water Supply and Sewerage Company (EYDAP SA), is the largest W t S l dS C (EYDAP SA) i th l t company in Greece operating in the water market. EYDAP SA supplies approximately 4.000.000 inhabitants of Attica with potable water, through an extensive network that includes 1.796.500 metered connections and a total length of 7.940 km. The sewerage sector similarly serves 3.300.000 inhabitants, with a total network length of 5.800 km. It employs 3,320 people

In € m

2008

2009

Sales

403

386

EBITDA

Profit before tax

1 year share price performance

Shareholder

Stake

Greek State

61.033%

Agricultural Bank of Greece Agricultural Bank of Greece

10 043% 10.043%

Other

28.924%

Total

100%

Source: Athens stock exchange

Recent developments and key points of interest • 29/03/2010: EYDAP took responsibility along with Romania of the operation of the Regional Office of the Water Operators' Partnership of the United Nations for South East Europe. The Water Operators' Partnership of the UN is a network of partners involved in water management industry with a common commitment to sharing expertise, experience and providing ih i h i i i d idi training to better deal with ‐ issues of water supply, sanitation and general protection water as a natural asset to failure in the region of Southeast Europe

Source: Company announcements

EYATH – Thessaloniki Water and Sewage Company Overview

Shareholdings

• Th The Thessaloniki Water Supply and Sewerage Co. (EYATH) is Th l iki W S l dS C (EYATH) i responsible for the water supply of the Thessaloniki urban complex and the collection and the convey of the urban waste waters to the Waste Waters Treatment Installations. It employs 405 people.

Shareholder

Stake

Greek State

74.550%

Suez Environment Company Environment Company In € m

2008

2009

Sales

EBITDA

Profit before tax

1 year share price performance

5 0124% 5.0124%

Other

20.4376%

Total

100%

Source: Athens stock exchange

Recent developments and key points of interest • 31/3/2010: Mr. Pierre Andrade Suez Environment’s vice president said that investor interest in the SA EYATH remains alive for the French company • 17/03/2010: 17/03/2010: EYATH and Cosmoline will establish a joint Experts EYATH and Cosmoline will establish a joint Experts committee to examine the possibility of the creation of a joint telecommunications company

Source: Company and press announcements

Power and electricity overview and trends Oil refining sector

Electricity

•

Deregulation of Greece’s downstream sector is progressing

•

Greece depends on imports to meet virtually all of its refinery intake

within the next years, mainly due to the linearization of the market and

needs

the growing share of the renewable in the energy mix.

•

Hellenic Petroleum and Motor–Oil are the two companies that dominate the oil refining market in Greece •

•

These players control the whole value chain of production

Local players have been consolidating the market in 2009 •

Hellenic Petroleum acquired BP’ss retail network while Motor Oil Hellenic Petroleum acquired BP retail network while Motor Oil acquired Shell’s retail network

•

• •

•

The energy landscape is expected to experience significant changes

The country’s energy needs have been growing constantly and the entrance of new companies through its linearization will make the market more efficient •

PPC is engaged in the generation, transmission, distribution, and supply of electricity across the country supply of electricity across the country •

For the period 2009‐14 the company is aiming towards

Greece has densest network in Europe in terms of stations per

increasing its efficiency and competitiveness in the

1,000 vehicles, with associated low throughputs

liberalized energy market. The plan focuses on building

G li Gasoline still dominates the Greek motor fuel mix till d i t th G k t f l i

new plants with advanced technology, l t ith d dt h l

Bourgas‐Alexandroupolis crude link is main element in government’s

decommissioning old and inefficient power plants, and

strategic transit ambitions

accelerating the completion of large hydro projects for

Recent increase of fuel tax rate

an efficient plant portfolio. These investments would

• •

•

Traditionally among the lowest in Europe

enable the company to modernize its operating

Around the globe the world oil market should gradually tighten in 2010

practices and improve its competitiveness. PPC,

and 2011 on the condition that the global economic recovery continues

through its subsidiary PPC Renewables, is already

as projected. Non‐OECD countries are expected to lead 2010 demand

engaged in the business of alternative sources of

recovery, while OECD countries are expected to present sluggish oil

energy.

demand growth in the near term

HELLPE – Hellenic Petroleum Overview

Shareholdings

The Group’s range of The Group’s range of activities includes: Refining of crude oil and activities includes Refining of crude oil and fuel supply, retailing fuel supply retailing of oil products, including sales abroad, production and trading of petrochemicals and chemicals, Oil & Gas exploration and production, production and trading of power generation through Elpedison, the 50/50 joint venture with Italy's Edison, participation in the natural gas market, through the 35% stake in DEPA S.A., provision of consulting and engineering services to hydrocarbon related project, production and trading of any other form of energy participation in the transportation of crude oil and products (pipe‐ other form of energy, participation in the transportation of crude oil and products (pipe lines, sea transportation). It employs around 2,500 people

In € m

2008

2009

Sales

9,953

6,757

EBITDA

459

362

Profit before tax

‐142

219

Shareholder

Stake

Greek State

27.46%

Public Securities’ Company

8.02%

Paneuropean Oil & Industrial Holdings S.A.

36.014%

Other

28.506%

Total

100%

Source: Athens stock exchange

1 year share price performance

Recent developments and key points of interest • 23/03/2010: The Hellenic Petroleum Inc. informs investors that its subsidiary company HELLENIC PETROLEUM FINANCE plc, signed a three‐year syndicated loan contract amounting to €350,000,000 competitive terms. The purpose of the loan was €350,000,000 competitive terms. The purpose of the loan was to finance the purchase of shares of Greek Fuel Company (formerly BP Hellas)

Source: Company announcements

PPC ‐ Public Power Corporation Overview •

•

Shareholdings

PPC is the largest power generation company in Greece providing electricity to PPC is the largest power generation company in Greece providing electricity to approximately 7.4 million customers. PPC is also the sole company with a fully owned power transmission system in Greece. PPC owns 93% of the installed power capacity in Greece, generated by lignite, fuel oil, hydroelectric and natural gas power plants, as well as by aeolic and solar energy parks. At the same time, PPC owns the country's two large lignite mines in Greece . PPC is the largest business in Greece in terms of assets g

In € m

2008

2009

Sales

5,802

6,030

EBITDA

‐171

1,136

Profit before tax

‐396

993

Shareholder

Stake

Greek State

51.12%

Personnel Insurance Company

3.81%

Institutional & Private Investors

45.07%

Total

100%

Source: Athens stock exchange

1 year share price performance

Recent developments and key points of interest • 31/03/2010: According to Merrill Lynch, 2009 was a very good year for PPC and City group estimates that the 2010 results will be very strong g pg y f • Citigroup gives the recommendation “buy” for PPC’s share

Source: Company announcements

Ports sector overview and trends

• Sea transport has always been one of the top performing sectors of the Greek economy and the related infrastructure still remains one of its valuable assets • Both Piraeus Port Authority and Thessaloniki Port Authority, managing the B th Pi P t A th it d Th l iki P t A th it i th corresponding ports, have a long history and are, today, ideal hubs for the connection of Greece with the Mediterranean, and of Europe with the rest of the world providing services to ships of any type and size • Both ports have multiple activities in reference to the commercial port, the p , p p p central port, ship services and real estate development and exploitation and have the potential to develop further keep their investors satisfied and serving the Greek commercial transactions

OLP ‐ Piraeus Port Authority Overview •

Shareholdings

Piraeus, the biggest port in Greece and one of the biggest in the Mediterranean, has multiple , gg p gg , p activities in reference to the commercial port, the central port, ship services and real estate development and exploitation. Today OLP employs more than 1500 people and annually provides services to more than 24,000 ships. The Piraeus port enjoys Strategic geographical position at the crossroads of Asia ‐ Africa – Europe, has adequate infrastructure and natural depths for the accommodation of even the largest modern container ships, operates 24 hours ‐ 365 days/years of the Container and Car Terminal and offers Integrated information system supporting port operations and operational and safety standards according y pp gp p p y g to international regulations

In € m

2008

2009

Sales

116

128.5

EBITDA

‐39 39

Profit before tax

‐38

1 year share price performance

Shareholder

Stake

Greek State

74.5%

Investors

25.5%

Total

100%

Source: Athens stock exchange

Recent developments and key points of interest • OLP showed negative results for 2009 mainly due to: the slowdown of the sea‐transports, the personnel strikes due to the new concession and the provisions for expenses related to the personnel costs the personnel costs • In July 2010 the Pier I of the port will start its operation. The Pier will have capacity of 1.000.000 TEUs annually and will accommodate through modern equipment and cranes Super Post Panamax and Panamax boats Source: Company announcements

OLTH ‐ Thessaloniki Port Authority Overview •

Shareholdings

The port of Thessaloniki is the natural gateway for the economic activities of the inland The port of Thessaloniki is the natural gateway for the economic activities of the inland markets beyond Greece and enjoys a privileged position being located at the crossroad of land transportation networks. It serves the growing needs of the local markets for the import and export of raw material, consumer products and capital equipment. The port has a total quay length of 6,200m and a sea depth down to 12 meters. It has 600,000 m2 of indoor and storage area and mechanical equipment for the secure and prompt handling of all kinds of cargo, general, bulk and containers. The port handles over 16.000,000 tons of cargo per annum, 370,000 TEUs containers, 3,000 ships and 220,000 passengers

In € m

2008

2009

Sales

EBITDA

Profit before tax

Shareholder

Stake

Greek State

75%

Pri ate Investors Private In estors

25%

Total

100%

Source: Athens stock exchange

1 year share price performance

Recent developments and key points of interest • The management of the Thessaloniki Port Authority, announced that it will maintain the existing 5‐year financial strategy without any changes. The port showed a slowdown in sales and profits, but this is justified by the global financial slowdown

Source: Company announcements

Betting sector overview and trends

• In 2014, the European casinos & gaming sector is forecast to have a value of $136,173.3 million, an increase of 31.7% since 2009 • Healthy sector growth in recent years and diversification eases rivalry H lth t th i t d di ifi ti i l amongst large incumbents • The United Kingdom accounts for 28.3% of the European casinos & gaming sector value • OPAP is the biggest lottery system operator in Europe and one of the largest in g j y p p y the world. The organization enjoys a state‐protected monopoly. • Apart from OPAP there are many on‐line gambling companies that operate through the internet with a not so legal status. Main risks for the company relate t to regulatory threats (tax, liberalization, etc.), market share loss from online l t th t (t lib li ti t ) k t h l f li competitors

OPAP – Greek Organisation of Football Prognostics Overview •

Shareholdings

OPAP i th ffi i l l tt OPAP is the official lottery games’ company wagering leader in Greece. The ’ i l d i G Th Company’s scope today is the organization, operation and conduct of the lottery games in Greece. The company has an extensive distribution network (c5,000independent retailers), and enjoys a dominant position in Greek gaming

Shareholder

Stake

Greek State

34.37%

Capital Research and Management Company In € m

2008

2009

Sales

5,520

5,441

EBITDA

1,057

€967

994

947

Profit before tax

Fidelity Investments

15.0011% 5%

Other

45.6289%

T t l Total

100%

Source: Athens stock exchange

1 year share price performance

Recent developments and key points of interest • 31/03/2010: EFG Eurobank Securities resumes coverage on OPAP with a “Buy” rating and a target price of €20 • 22/3/2010: Merrill Lynch’s earnings review for OPAP: Better than expected Reiterates buy rating than expected – Reiterates buy rating • 22/3/2010: UBS keeps buy rating for OPAP with a target price at €23

Source: Company announcements