Invest in a New Future.

Opportunities out of Crisis

August 2012

Agenda

1. Reforms to spur investments and growth 2. Greeces competitive advantage 3. Growth sector opportunities 4. Invest in Greece Agencys service offering

1. Reforms to spur investments and growth

Greece is decisively tackling the challenge of fiscal consolidation and growth

A solid Program to restore debt sustainability and increase competitiveness The Greek government is implementing an Economic and Financial Program, supported with a financing package provided by the EU, the ECB and the IMF, to restore public debt sustainability and increase competitiveness of Greeces economy. The Program includes both structural and fiscal reforms that will help Greece overcome structural deficiencies. Furthermore, a Private Sector Involvement (PSI) has been concluded to secure the decline of the Greek debt to GDP ratio with an objective of reaching 120% by 2020.

According to OECDs Going for Growth report, Greece has made the biggest progress, of all OECD countries, on structural reforms since the start of the crisis, covering the 2007-11 period. Greece is taking concrete steps to reform its economy

Financial analysts expect several sectors to grow significantly in the next few years
Room for investment: 1-5 year horizon
Infrastructure
Toll roads & concessions Marine/port developments Existing & New airports

Property development
Airport development Tourism REIT& REIC formation & flotation Gaming sector / Casinos

Estimated investments 10bn

Estimated investments 5bn

Energy projects
Capacity replacement (generation) New business (RES) Transmission/Interconnection investments Natural gas

Water & Waste

Water resources management Waste management Utility companies

Estimated investments 20bn

Estimated investments 2bn

Total estimated investments of 37bn

Source: EFG Eurobank, 2010

McKinsey & Company: Greece 10 years ahead

Investment opportunities
In important sectors of the Greek economy:

According to McKinsey & Co: within 10 years the creation of 520,000 new jobs and 49 billion in new Gross Value Added (55 bn in GDP terms) could be achieved with the implementation of a New National Growth Model.

Tourism Energy Food processing Crops Agriculture Retail and wholesale

In rising stars sectors:
Generic Pharmaceuticals Aquaculture Medical Tourism Elderly care Regional Cargo Hub Development Waste management Specialized food categories Classical educational programs

Deals in 2011

Canadian Eldorado Gold agreed on December 2011 to acquire all of the shares of European Goldfields, which currently operates the Stratoni mine and is developing the Skouries and Olympias projects in Greece and the Certej project in Romania. Qatar Holding has already agreed on October 2011 to acquire 13 million shares of European Goldfields for C$130 mn. Qatar Holding has also entered into a call option agreement to acquire a further 9,373,390 shares at 13 C$ per share and as a strategic partner will provide 600 mn US$ as a loan facilities.

U.S. Watson Pharmaceuticals bought Greece's Specifar for $562 million.

The Dutch group of Friesland - Campina has announced a new 10 million investment in food sector McArthurGlen opened its 20th European outlet store in Athens. It is an investment of 100 mn which offers 21,000 sq.m. GLA and creates 1,000 new jobs.
6

Deals in 2011

Chinese Group of Companies FOSUN agreed to acquire approximately 13.4% stake in Greek Folli Follie Group. Cronwell Hotels and Resorts and Russian private investors acquired three Hotels in Chalkidiki and many other residences.

Czech investment group PPF and ICT Group, the vehicle of Russian investor Alexander Nesis, have bought minority stakes in Greece's fourthlargest lender Piraeus Bank.

Linnaeus Fund, based in the Netherlands, acquired significant stakes in Greek aquaculture companies.

Tenders by the Greek government for investments in geothermal energy, solar parks and marinas attracted foreign companies in 2011

Deals in 2012
Turkish Setur Servis Turistik AS, subsidiary of Ko Holding and Greek multinational Folli Follie SA won a concession to operate a marina on the Greek island of Mytilini for 40 years. Dutch Tethys Ocean BV, a fully-owned subsidiary of Linnaeus Capital Partners BV, raised its equity stake in Dias Aquaculture to more than 50 percent. Turkish Kartonsan, a subsidiary of the Turkish Group Pak Holdings has acquired MEL S.A. Macedonian Paper mills.

Belgian retailer company DELHAIZE announced that it will invest 100mn in 2012 in Greece through its AB Vassilopoulos subsidiary.

Boehringer Ingelheim has announced its intentions to invest 10 mn in 2012 to expand its units, in order to boost exports from Greece.
8

2. Greeces competitive advantage

Why Greece?: 1. Greece is strategically positioned as the gateway to the EU and 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 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
10

which makes it ideal for selecting it as a regional hub for the EMEA area
Entry point for EU, SEE, ME, NA sales Regional headquarters Business operations
Africa Middle East

Europe

Back office support

Service center

Greece can be the regional hub for strategic growth in SE Europe, Africa and the Middle East
11

Why Greece?: 2. The Greek economy supports FDI

World Banks country rating as FDI destination
Sector Group Health care & waste management Construction, tourism & retail Light manufacturing Telecom Mining, oil & gas Agriculture & forestry Banking Insurance Media
Source: Investing across boarders, Worldbank, 2010

OECDs FDI Restrictiveness Index

The less the better: FDI Index Scores by Country (closed = 1, open = 0)

Greeces Score Global average 100 100 100 100 100 100 100 100 100 96.0 98.1 96.6 88.0 92.0 95.9 91.0 91.2 68.0

Source: OECD 2010

12

Why Greece?: 3a. Supportive investment climate (1)

Lower corporate tax rates: nominal corporate tax rate is reduced to 20% Simplification of the establishment of new companies: one-stop-shop business incorporation services already in place New investment incentives law: transparent, quick procedures subsidizing up to 55% of the budget of projects Fast Track Law: accelerating the licensing procedure for strategic investments

Business Friendly Greece

13

Why Greece?: 3a. Supportive investment climate (2)

Lifting of cabotage in marine cruises: liberalizes the cruise market and allows non-EU cruise ships to embark from Greek ports Legislation for the acquisition of Real Estate in Border Areas: easier for EU and non-EU citizens to acquire properties in border areas New Legislation for Integrated Tourism Resorts and Holiday Housing: introduces investments in integrated tourism resorts Public Private Partnerships: legislative environment that supports PPP projects

Business Friendly Greece

14

Why Greece?: 3a. Supportive investment climate (3)

New framework for RES: accelerating licensing procedures for RES projects New Law for the simplification of environmental licensing procedures: Law reduces the projects and activities that require environmental permits. New Law on pre-bankruptcy period: introduces an important tool for the pre-bankruptcy reorganization of a business, seriously enhancing the possibility of its rescue. New legislation for the liberalization of Road Freight Transport: new law removes all unnecessary restrictions on admission to the occupation of road haulage, including minimum fixed prices
15

Business Friendly Greece

Why Greece?: 3a. Supportive investment climate (4)

Types of aid:
a. b. c. d. Tax relief Subsidy Leasing subsidy Soft loans by ETEAN (National Fund for Entrepreneurship and Development)

New Investment Incentives Law 3908/2011

The amount of aid could reach up to 55%, depending on the region, the budget of the plan and the size of the company.

Investment Plans Categories

-General Investment Plans (General Entrepreneurship, Regional Cohesion, Technological Development) -Special Investment Plans (Youth Entrepreneurship, Large Investment Plans, Integrated, Multi-Annual Business Plans, Partnerships and Networking)

Qualifying expenses
-tangible assets (buildings, machinery, equipment) -intangible assets (quality assurance systems, software, ERPs, technology transfer mechanisms, patents etc) -Research and Development and Innovation projects and programs.
16

The experience from the first two years of implementation

Investment Incentives Law: Submitted investments projects
Year 2011 (1st round) 2011 (2nd round) 2012 (1st round) Submitted plans 145 179 270 Submitted plans by sector (2012 1st round)
Manufacturing Primary sector Services Tourism 56% 22 % 12 % 10%
17

Total Budget 725 mn 854 mn 1.1 bn

Why Greece?: 3b. Fast Track Process

Qualification Prerequisites
The total value of the investment exceeds 100 million Euro

The value of the investment exceeds 40 million Euro and, concurrently, the investment creates at least 120 new jobs

The investment creates at least 150 new jobs

9 Renewable Energy projects have already been approved, with a total budget of 6,3 bn. 1 project in mining 143,1 mil

The value of the investment exceeds 15 million Euro for industrial investments within organized industrial areas or 3 million Euro for investments included in JESSICA initiative

18

Why Greece?: 3b. Fast Track Process

Projects already approved
200 MW Photovoltaic Park in Kozani, Western Greece. Project owner: ILIAKO VELOS ONE SA. Budget: 500 mn 38 Photovoltaic Parks of 131.1 MW in several Regions. Project owner: D. Panagakos Solar Concept SA SPES SOLARIS SA . Budget: 301.6 mn 126.82MW Photovoltaic Parks. Project owner: SILCIO PHOTOVOLTAIC PARKS SA. Budget: 332.2 mn Mining Industry Investment in Thrace. Project Owner: Thracian Gold Mining SA. Budget: 128.96 mn 1,005 MW Wind Parks Development in Crete and connection with mainland. Project owner: Elica Group. Budget: 1.99 bn Construction of 70 MW Concentrated Solar Power Plant in Sitia, Crete. Project owner: SOLAR POWER PLANT LASITHI LTD. Budget: 268 mn 12 Photovoltaic Parks of 166.142 MW in several Regions. Project owner: Solar Concept SA SPES SOLARIS SA . Budget: 332.284 mn Hydroelectrical power generation and pumped storage complex in Aetoloakarnania. Project owner: TERNA ENERGY SA. Budget: 501.83mn 1,077 MW Wind Parks Development in Crete and connection with mainland. Project owner: TERNA ENERGY SA. Budget: 2.46 bn 100MW Solar Park in Propotsani of Thrace. Project owner: BRITE HELLAS SA. Budget: 204mn

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4. Why Greece?: Top talent at a fraction of the cost

Europe Middle East North America
88 77 65 62 59 59 57 55 40 39 50 60 42 35 34 30 29

Asia

Greece

Gross annual income of engineers at key ICT clusters (USD thous.)

75

Source: UBS; Prices and Earnings report 2009

ICT Development Index skills: Top ten countries in Eastern Europe

6,75 6,28 6,21

ICT human capital: Top 20 countries

6,16

6,04

6,04

5,98

5,97

5,95

5,94

Denmark

Australia

South Korea

New Zealand

Source: ITU, 2011

Source: Economist Intelligence Unit; Benchmarking IT industry, 2011

Singapore

Norway

Taiwan

Greece

USA

Japan

Israel

UK

Canada

Ireland

Russia

China

India

Finland

Spain

Italy

20

Why Greece?: 5. Attractive investment opportunities

Ambitious Privatisation Program Tourism Renewable Energy ICT Life Sciences Food and Beverage Environmental Management Mineral resources
21

3. Growth sector opportunities

22

PPPs and Privatizations

23

Compelling public and PPP projects and Privatizations

Infrastructure projects

Privatization Program An ambitious privatization agenda The privatization and state asset management program will: Support growth Attract private investment and create jobs Provide impetus to critical sectors of the economy

that will reap significant revenue: 19 billion Euros in total until 2015
Source: Ministry of Finance
24

Privatization program with a flexible approach and transparent processes

A wide range of sectors with high potential Infrastructure: Airports, Ports, Motorways Energy: Public Power Corporation, Public Gas Corporation, Hellenic Petroleum Telecommunications: Hellenic Telecommunication Organisation, Frequency Spectrum Gaming: OPAP, Casino of Parnitha, Hellenic Horse Racing Organization, State Lottery, egaming Real Estate Other Holdings: LARCO, TRAINOSE, Hellenic Defense Systems, Hellenic Vehicle Industry S.A Procedures Concession Agreements Sale Strategic Investors Equity through the Stock Exchange Holding Company

Source: Ministry of Finance

25

Privatization program with a flexible approach and transparent processes

Privatizations in progress
Energy:
In 2012 the government plans the privatization of Public Power Corporation and Hellenic Petroleum. While the privatization of Public Gas Corporation, in process, attracted the interest of investors from Russia, Italy, Israel, Spain, Japan, Netherlands, Algeria. Azerbaijan.

Real Estate:
HRADF has announced an invitation to solicit Expressions of Interest for the exploitation of the Afantou Property (1,858,000 sqm) on Rhodes Island. The process is progressing. The tender for the development of Athens former airport, probably the largest urban land development in the world, attracted the interest of 9 group of companies from Qatar, USA, Israel, Cyprus, UK, France.

Other Holdings (to follow soon):

OPAP, LARCO, TRAINOSE, Hellenic Defense Systems, Hellenic Vehicle Industry S.A

http://www.hradf.com

26

Investment Opportunities in Tourism

27

Investment opportunities: Tourism

with unique competitive advantages:
17th in tourist arrivals globally (2011)

A unique past, a country full of archaeological treasures. Spectacular landscapes with pristine beaches and iconic mountains (More than 6,000 islands and islets, 15,000 km of coastline)

Tourism represents 15.7% of National GDP and almost 18.4% of employment (2011)

An established tourism destination

24th in total contribution to GDPP globally (2011)

Mild climate ideal for year-round tourism Healthy and tasteful gastronomy in the country that gave birth to symposiums and the Epicurean philosophers. Strong Tourism Infrastructure One of the safest countries in the Mediterranean region with a hospitable population. Always among top tourism destinations of the world
(Greek islands received first award in 2011 Cond Nast Traveler)
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Investment opportunities: Tourism subsectors

Marinas Golf courses Health tourism

Integrated Resorts

Wellness & spas

Athletic tourism

Conference Tourism

Eco tourism

29

Investment opportunities: Tourism- new boost to holiday housing

New legislation brings opportunities for investors and developers

A new Law ( 3978/2011) makes it easier for non-EU citizens to acquire real estate properties in Greece and decreases the areas that are considered as boarder areas

New legislation (4002/2011) introduces investments in integrated tourist resorts, which include tourist residences that could be sold or leased at a percentage of 30-60% of the total built area, depending on the building coefficient used

If the Greek residential market managed to attract foreign demand analogous to of the cumulative investment in Spanish real estate assets during the 2004-2008 period -- a figure in line with the relative size of the two economies -- It would result in FDI of c. 15 bn, and boost gross fixed capital formation by almost 6.0 per cent of GDP cumulatively, which, if spread out over 5 years, suggests about an additional of a percentage point to annual growth Source: National Bank of Greece
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Afantou Golf Property Dodecanese, Rhodes Island

Project description: Invitation for the exploitation of Afantou Golf Property. The property is located in the area Afantou in the northeastern part of the Rhodes Island, and consists of the Golf Afantou plot of approximately 1,527,000 sqm and the Afantou South plot of approximately 331,000 sqm, as well as the adjacent to the Property seashore and beach. Part of the Golf Afantou plot (approximately 450,000 sqm) is covered by an 18-hole golf course designed by Donald Harradine, which is in operation since 1973. Project owner: Hellenic Republic Asset Development Fund SA Mode of cooperation: Sale of all or the majority of the shares of a socit anonyme incorporated under Greek laws Key points -The Property is located at a distance of approximately 20 km from the city of Rhodes, the Rhodes International Airport and the Rhodes Hospital. -Afantou is situated close to very important tourist destinations of Rhodes island, such as the famous Tsampika and Kolympia beaches. - Rhodes catered to a total of 3,473,000 International Passenger traffic in the year 2011, in addition to the 673,000 domestic traffic. - The Property has the potential to be developed into a large-scale integrated tourism / leisure / residential Project around the existing 18hole golf course on a well established vacation destination such as Rhodes.

Privatization process in progress

31

Open tender for the concession of Piraeus Ports landmark Attica, Piraeus
Project description: Piraeus Port Authority (PPA) has announced an open tender for the concession of the exhibition center (Pagoda) in Piraeus port. The concession aims at the transformation of the 4- floor exhibition center into a luxury hotel. Specifically the project entails the design, construction, development, operation and exploitation of a modern five-star hotel complex for a period of thirty years that could be extended under certain conditions for five more years. Project owner: Piraeus Port Authority Mode of cooperation: Sale Key points It will be the first 5star hotel in Piraeus. Piraeus is the largest port of Greece with more than 20mn passengers per year. A recent deal with Cosco opens new business horizons for the whole region. The building is located on the port of Piraeus and it will serve passengers travelling from and to Piraeus. It is located close to the new Exhibition and Convention Centre, adjacent to the new monorail that will serve the port and next to St. Nicholas Squares underground car park station with 770 parking places.

SUBMISION DATE: 8/10/2012

32

Hotels, Coastal Resorts and Land plots for development in Greece

Investment opportunities in our constantly expanding portfolio:
Coastal Resorts, city hotels and land plots for development in mainland Greece or on the Greek Islands that are looking for equity or investment cooperation

33

Investment Opportunities in Renewable Energy

34

The strengths of the Greek RES market create a very attractive business opportunity
Bound by EU regulations and Kyoto Protocol agreements National target for RES at 20% on final energy consumption by 2020, 2% above the mandatory levels of 2009/28/EC, 40% electricity production from RES Increased domestic demand for electrical energy, to surpass 80,000 GWh in 2020. Installed capacity from 15GW to 27GW. 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 20 Billions Euros

Investment 210,000 new Jobs

Projects with strong cash flows and attractive Returns on Investment

35

The Greek RES Market is expected to grow significantly

Targeted participation of RES & conventional technology in electricity generation for the year 2020 in market shares & numerical targets Targets set by the Committee for the National Energy Strategy Targets are binding for the Greek government Wind energy is expected to dominate electricity generation from RES

In 2020 1 MW out of 3 MW should come from RES The infrastructure cost to meet targets represents 1/3 of the penalty to be paid by Greeks in case the targets are not met

National Targets for the year 2020

8.000 7.000 7.500

Participation of RES & Conventional Technology in Electricity Generation for the year 2020 PV 1,44% Geothermal 0,24% Hydro 6,08% Biomass Biogas 0.53%

6.000 5.000 4.000 3.000 2.000 1.000 0 Hydro Geothermal PV Concetrated Solar Target 2020 Wind Biomass 0 120 625 0 250 4.650 3.237 2.200 1.640 44 350

Wind 24,09%

Conventional 66,90%

Concetrated Solar 0.73%

Capacity 2011

Source: YPEKA, National Renewable Energy Action Plan

Source: Committee for the National Energy Strategy

36

The Renewable Energy Sources sector in Greece has various opportunities to offer

Wind

Greenfield investments in Energy Production Plants Cooperation with existing firms

PV & Solar Thermal

Light manufacturing

Geothermal

Biofuels

Greenfield investments in energy production Plants

Hydro
37

The Big Players in Greece, in Wind Energy Production

Installed MW per Wind Producer
Company
EDF EN SA & Co Iberdrola Rokas Terna Energy SA Enel Ellaktor PPC Renewables Eunice RF Energy Acciona Babcock & Brown Protergia Enercon WP IWECO BCI Jasper Energy Gamesa Iktinos Envitec Enteka Plastika Kritis WRE Aerotechniki Reninvest Others <10 TOTAL

Installed MW per Wind Supplier

Company
VESTAS ENERCON SIEMENS GAMESA NORDEX OTHERS

Capacity (MW)
272 250 241 172 127 60,5 59,8 58 44 42 36 27,5 26,8 25 22 22 19,8 16 15 12 10 10 10 47,4 1626,5

Capacity (MW)
798 350 196 155 78 48,3

Market Share
49% 22% 12% 10% 5% 3%

Source: 2011 HWEA Wind Statistics, ELETAEN

and in Solar Energy Production

Company Name Solar Power Plant Lasithi Ltd Sustainable Solar Thermal Future East-Crete Ltd 120 197 122 320 Selected Volt SA G Solar Ltd Stel Solar PV Panels Kilkis 10 1,3 25 Solaring S.A 10 9 8 8 8 PV PV PV PV PV 10 10 PPC Renewables Natura Power Solar Energy S.A NUR-MOH S.A Aktina S.A Capacity (MW) Technology

PV Production Units Exel Group Heliosphera SilcioPiritium Solar Cells Hellas

Products

Location

Annual Capacity (MW) 50 60 29 9,5 80 80 80

2010 Producti on 8 24 20,2 7,76 50 48 10

Employees

70

Solar Thermal

60 50 50 38 24

Solar Thermal PV Solar Thermal Solar Thermal PV PV PV

PV Panels Thin Film Cells PV Panels Wafers Cells PV Panels

Kilkis Tripoli Patra Parta -Thiva

Another PV manufacturing unit will be developed at Kozani to cover the demand of the 200 MW PV park which will be built at the area.
Source: HELAPCO

Kalenta Solar AIA- Eleftherios Venizelos EDF EN SA

Capacity of the companys solar projects operating or currently under development

Sunlight PV ltd New Energy Renewable Park Hellas

7,5

PV
Source: RAE & YPEKA

39

and a pipeline of projects at different stages of development

TECHNOLOGY With OPERATION License With INSTALATION License With PRODUCTION License

Total capacity (MW) Total capacity (MW) Total capacity (MW) Wind Biomass Geothermal Small Hydro PV Solar Thermal Hybrid Total Capacity (MW) 1640,46 44,53 0 205,6 625,57 0 0 2516,71 1324,67 27,80 0 60,7 428,6 0 0,1 1841,9 20569,42 410,39 8 961,9 3290,9 394,3 536,2 26171,2

Source: YPEKA, end of DECEMBER, 2011

40

. according to the Wind Energy production Potential

41

and the Solar energy production potential of each area

42

RES Feed-in Tariffs (1)

Interconnected System (Euro/MWh) 87,85 Non interconnected Islands (Euro/MWh) 99,45 250 87,85 550 264,85 284,85 150 99,45

Electricity Production from: Onshore Wind Farms > 50kW Wind Energy 50kW Hydro < 15MW PV 10KW on rooftops Solar Thermal Solar Thermal with storage system which ensures 2 operational hours. Geothermal energy of low enthalpy Geothermal energy of high enthalpy

43

RES Feed-in Tariffs (2)

Interconnected System (Euro/MWh) Non interconnected Islands (Euro/MWh) 200 175 150 120 99,45 220 200 87,85 99,45

Electricity Production from: Biomass 1MW 1MW < Biomass 5MW Biomass > 5MW Biogas 2 MW Biogas > 2 MW Biogas out of biomass 3MW Biogas out of biomass >3MW Co-generation

44

PV Feed-in Tariffs

Tariffs (/Wh) Year Month Interconnected System >100 KW 2012 2012 2013 2013 2014 2014 2015 2015 February August February August February August February August Year n from 2015 onwards SMC = System Marginal Cost : 1.3*SMCn-1 Year n from 2015 onwards SMC = System Marginal Cost : 1.4*SMCn-1 Year n from 2015 onwards SMC = System Marginal Cost : 1.4*SMCn-1 292.08 271.64 252.62 234.94 218.49 203.20 <=100KW 328.60 305.60 284.20 264.31 245.81 228.60 Non interconnected Islands 328.60 305.60 284.20 264.31 245.81 228.60 PVs on Rooftops 495 470.25 446.73 424.40 403.18 383.02 363.87 345.68 (follows 5% reduction per 6 months till the year 2019)

45

Business deals in 2011 in RES

Sinovel set to finalise 300MW deal A memorandum was signed with Greece's Public Power Corporation regarding Sinovels participation in a wind farm at Rhodope in northeastern Greece, with a capacity of 300MW and a budget of 220-250 m NUR-MOH heliothermal on Crete: 38MW electricity generation license for a solar power plant The developer Nur-MOH is a joint venture between Nur Energie, an independent power producer and developer active in the Mediterranean region, and Motor Oil Hellas (MOH), one of the largest corporations in Greece listed on the Athens Exchange. The subidiary company entered into an agreement with the Municipality of Lefki, Crete, for a 20-year lease over 100 hectares of municipal land in order to build, own, and operate a CSP plant

Abengoa The Spanish multinational corporation got its electricity generation license in April 2011, for the construction and operation of a 25MW CPS plant, on Crete

Phoenix Solar builds 1.1MW Greek solar plant Photovoltaic system integrator Phoenix Solar announced in October 2011, a 1.1MW solar power plant in Kolindros in Central Macedonia. Frankfurt-listed Phoenix Solar is in charge of the design and construction of the solar park, as well as for the delivery of modules, inverters and components. Construction work began in September and has already been completed

Conergy: PV parks under construction Conergy is currently constructing a 1.5MW photovoltaic park in Arta and a 2MW photovoltaic park in Greneva, located in the northern parts of Greece

PPC: The first phase of the Invitation for Expression of Interest for the selection of a long-term strategic partner for the construction and operation of a photovoltaic park with a total capacity of 200MW in the area of Kozani was completed. Amongst the 15 companies that will be invited to participate in the 2nd phase (submission of offers) are significant groups from: USA, Germany, China, Japan, Spain, Italy and Norway

46

Large Private Projects Under Development-Indicative sample

Wind and Solar parks in Greece of 1600MW under construction. The 1.100 MWs concern wind park development in the area of Crete, which will be connected to the mainland via Peloponnese with underwater cables. Portfolio of five (5) separate wind projects, with total capacity ~65MW and solar projects with total capacity 22 MW, in different areas of Greece 18 wind projects in the area of south Evia, with total capacity 501 MW and estimated investment cost 800 m. Euro. Construction and operation of 142 MW Solar projects with estimated cost 417m Euro and 352 MW wind projects with estimated budget 800 m Euro Construction of off-shore wind parks in Cyclades with total capacity of 684 and with a budget of c. 2,000,000. The electricity produced will be transmitted to mainland via undersea cables. The Project is organized in three separate wind farms of 684 MW, with the option to be expanded to 855 MW.
47

Investment Opportunities in the ICT sector

48

ICT and Life Sciences: Greece innovates

Intense R&D activity Thessaloniki Larissa Microchip and MEMS design Patras Athens R&D lab Regional support center Clinical trials Medical & diagnostic devices generates multiple investment opportunities

Software development

Drug development

Clusters: ICT Life Sciences

Iraklio

49

ICT and Life Sciences: Strong growth in recent years

The Greek ICT sector displays strong growth Strong uptake of new technologies Booming broadband penetration Worldwide leaders in mobile penetration Strategic geographical position and established company network in the region
14,181 12,261 Amounts in $ bn 10,521 telecoms services s/w h/w 16,828 16,916

2005

2006

2007

2008

2009

Source: Source: Federation of Greek ICT Enterprises; Digital Planet, Global Insight 2010

World leaders in mobile penetration (% of pop.)

173% 171% 148% 148% 145% 144% 141% 139% 134% 131%

Broadband penetration (mn lines)

1.507 1.629 1.753 1.794 1.917 2.039 2.105 2.154 2.253 2.320

-05

160

-06

225

-06

297

-06

370

-06

488

-07

623

-07

761

-07

904

-07

1.017

-08

1.125

-08

1.246

-08

1.311

-08

-09

-09

-09

-09

-10

-10

-10

-10

Source: Pyramid Research, OECD, Economist Intelligence Unit

Source: Regulatory Authority

World leaders in mobile penetration

57% CAGR in the last 3 years

50

-11

ICT and Life Sciences: Value adding services

Depending on the advantages to be exploited, different projects can be realised

Software development Microchip and MEMS design Competitive wages R&D lab SEE(MENA) or EU service center

Excellent talent pool

Advantage 1:

Advantage 2:

Geographic location

SEE(MENA) or EU training center Regional support center Regional headquarters

Advantage 3:

Strong market

51

Investment Opportunities in the F&B Sector

52

F&B is the most dynamic and high-growth sector of Greek manufacturing

Number of companies in the Greek F&B sector
15.715 16.255 16.353 16.695

Key Figures
F&B enterprises represent 23% of total manufacturing enterprises 893 are industrial companies with prominent domestic and international presence. The rest are SMEs Sales account for 9.74 billion Euro covering 26.2% of total manufacturing Employs 91.847 people covering 22,9% of total employment in manufacturing

14.490

15.195

2004

2005

2006

2007

2008

2009

Niche Markets with a bright future

Honey and nut based snacks Pasta products Marmalades and pickled goods Ready made meals and frozen food Seafood Cheeses Specialty herb mixes Liqueurs and fruit juices Herbal beverage products Organic products

Source: Foundation for Economic and Industrial Research (IOBE), 2009

53

Food & Beverage: A privileged sector environment

Low operating costs Abundant raw materials of high quality Access to the emerging growth markets of Southeast Europe and Eastern Mediterranean through the established production and sales network of Greek enterprises Shift towards a low calorie, cholesterol free and vitamin-rich diet throughout the western world favoring the Greek Mediterranean diet Highly experienced and well-educated labor force

54

Food & Beverage:

offering plenty of benefits to international entrepreneurs
A well-developed domestic retail / supermarket network that guarantees timely distribution and has already attracted key foreign players (Carrefour, Delhaize, Lidl) Strong focus on R&D. Innovative manufacturers and highly specialized research centers develop new up-market and high quality products. Greece is the largest producer of sea bream and sea bass in the Mediterranean (150,000 tons of fish) and a key supplier of European markets (85% of the produced fish is exported)

55

Investment Opportunities in the Waste Management

56

Waste management: An upcoming and promising service sector

Creation of modern, integrated facilities for treating and disposing municipal solid waste Energy recovery from organic waste
Country targets
According to EU and national directives Greece should: recover at least 60% by weight all packaging waste by 2011 which includes recycling at least 55% Current Status: 50% decrease biodegradable waste , that is sent to landfill by - 1,100,000 tons in 2010, - 1,900,000 tons in 2013, and - 2,700,000 tons in 2020 Current Status: 461,079 tons (42% target coverage)

Rehabilitation of the existing landfills Environmental sound management of industrial, medical and hazardous waste Construction of suitable transfer station networks and recycling centres Selective collection at source and further recycling of municipal waste Water treatment and sea or brackish water desalination Wastewater and sewage treatment
57

Waste management: A favorable business & legal environment

Binding national and EU legislation that sets specific quantity targets in waste management and recycling A favorable 4th EU Programming Period (NSRF 20072013) for waste and wastewater treatment projects A promising Public Private Partnership (PPP) framework favoring the development of environmental projects and relevant infrastructure Fast licensing procedures for large projects and projects of strategic importance ensured by the new Fast Track law (L.3894/2010) Generous incentive schemes for environmental projects through a brand new investment incentives legal framework (L.3908/2011) Easier, simpler and faster company establishment regulated by a brand new legal framework A competitive construction sector that leads project implementation Competitive and generous Feed-in-Tariff for producing electricity from the biodegradable fraction of municipal waste
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Region of Western Macedonia: 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 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 Budget: 97 million EURO +20% insurance and heavy maintenance costs 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 waste management system (2)
The project is part of the strategic plan of the Region of Western Macedonia. Its implementation ensures that:
The companies that have passed in the 2nd phase of the tender, which includes the submittal of bits are: 1. Waste Syclo 2. Mesogeios-J&P AvaxPolyeco 3. Novaera Hellas 4. Terna Energy 5. Athoniki Techniki Adamidis 6. Helector -Helesi

1.

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

2. 3.

the environmental impact of treating biodegradable waste is minimised commercially exploitable products are produced. The selected SPV will be given the right to commercially exploit the output of the treatment unit, such as recyclable products, biogas, RDF, SRF, etc.

4.

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 Peloponnese:
Development of an integrated waste management system through PPP
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 Peloponnese, through a Public Private Partnership. The tender will be concluded in two phases . The first phase will be the Expression of Interest and 6 participants will participate in the second
Geographical Area covered by the project

phase. The second phase will include an open dialogue and the Final Offers made by the bidders.

KEY PROJECT DATA: Contracting Authority Project Owner: Prefecture of Peloponnese. Project Capacity: 200,000 tons per year Mode of Cooperation: Public Private Partnership Technology Used: No specifications are given. Technology will be proposed by the bidder. Duration of Contract: 28+5 years
Current condition of a waste disposal field in Peloponnese

Prefecture of Serres:
Development of an Integrated Waste Management system
A PPP project that involves the design, financing, construction, maintenance and operation of the new infrastructure of the integrated waste management system in the Prefecture of Serres.
KEY PROJECT DATA: Contracting Authority Project Owner: Solid Waste Management Corporation in Serres - Limited Development Company (ESANS ) Project Capacity: 90.000 tons per year Mode of Cooperation: Concession Technology Used: The basic selection criterion of the preferred bidder will be the lowest fee which will be paid by the registered citizens, as well as achieving all the relevant environmental targets. All approved European technologies which satisfy the prerequisites set by the European Legislation will be accepted with full transparency and ensuring the public interest. Duration of Contract: 27 years Reimbursement: The project will be reimbursed by the end users and the Greek state

Geographical Area covered by the project

Prefecture of Attica:
Development of an Integrated Waste Management system
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 Attica

KEY PROJECT DATA: Contracting Authority Project Owner: Prefecture of Attica Project Capacity: 1,350,000 tons per year Mode of Cooperation: Concession 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: 430 million EURO Duration of Contract: 20-25 years Reimbursement: The project will be reimbursed by the end users and the Greek state

Geographical Area covered by the project

Source: Prefecture of Attica

Prefecture of Thessaloniki:
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
The selected SPV will undertake: 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 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 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 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: 1. 2. 3. the decrease of the amount of waste that is sent to landfill the final cease of operations in the landfill of Tagarades the commercial exploitation of the plants 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 Thermi, Thessaloniki

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

Investment Opportunities in Mining Sector

Mining and metallurgy in the Greek Economy

The industry provides a major source of employment in the country: approximately 80 thousand employees are employed directly or indirectly in the sector.

Employment

SalesGDP

The Greek mining/metallurgical industry constitutes an important sector of the economic activity of the country. It constitutes approximately 4% of the GDP, with the inclusion of interrelated enterprises such as quarrying, processing and production of intermediate and final products. It supplies essential raw materials for industries such as cement, production of energy, non-ferrous metals (aluminum, nickel, etc). Estimated sales of the countrys mineral industry and basic metallurgies, total almost EUR 2.1 billion

Exports

Greek mining industry has strong outward-looking features, since exports account for more than 70% of sales, and for some minerals Greece holds a leading position in the global market. Greek mining companies are well organized and hold significant market shares worldwide in products such as bauxite, alumina, aluminum, nickel, caustic calcined magnesia, dead burned magnesia, raw magnesite, pumice, silica and ornamental stones (principally marble).

Source: UN, USGS, Greek Mining Enterprises Association

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Strong business potential and sound industrial capacity

Some of the big players in the market

Available reserves

Strong industrial capacity

Strong exports and business potential

Reputation of Greek minerals

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FDI announced in 2011

Canadian Eldorado Gold Corporation has acquired all of the issued and outstanding common shares of European Goldfields Ltd and its multi-stage assets located in Greece. The total transaction value was approximately C$2.5 billion.

Paul Wright Eldorado Golds President and CEO called Sunday's deal a "vote of confidence" for the struggling eurozone country. The northeast of Greece is very, very prospective. We obviously take the view that Greece will work its way through the present difficulties."

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Future projects: Private and public mining sites - Privatisation

Vathi Gerakari

Kallintiri Alexandroupolis

Sappes project Au, Ag, 0.8 bn total value Perama project Au, Ag, 1.8 bn total value Olympias project Pb, Zn, Au, Ag, 6.4 bn total value Skouries project Cu, Au 8.6 bn total value Stratoni project Pb, Zn, Ag, 0.6 bn total value

Polikastro Skra

Chalkidiki

Privatisation of the 5th largest Nickel producing company in the world -LARCO
According to the Medium- Term Fiscal Strategy 55.2% of its shares that belong to the Hellenic Republic will be sold. The Ministry of Finance has already appointed HSBC Bank PLC and PriceWaterhouseCoopers Business Solutions financial advisors.

Public consultation for the launch

of three international public tenders for the lease of 3 Public mining sites: -Kallintiri -Vathi Gerakari -Polikastro Skra

Source: NTUA, Ministry of Environment, Energy and Climate Change

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4. Invest in Greece Agencys service offering

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We provide full services, so you establish yourselves and expand in Greece

Invest in Greece provides support throughout the entire business cycle

Assistance & Advice

1. Governmental Legal Entity 2. Incorporation and operation since 1996 3. Business Units: Investment Promotion Unit Investor Services Unit Strategic Investments Unit Policy and Planning Unit Finance and Administration Unit Communication and Public Relations Unit

Aftercare Support

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World Banks reports gives the third position to Invest in Greece Agency
Invest in Greece Agency was ranked 3rd Investment Promotion Agency in the world, in terms of handling inquiries from investors, according to the Global Investment Promotion Best Practices Report 2012, published by the World Bank.
Invest in Greece Agency went from being among the OECDs weakest performers in 2009 to being among the worlds strongest in 2012. Most impressively, at a time of economic turmoil, when many IPIs would be discouraged, Invest in Greece Agency tried harder.

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Development of Investment Opportunities Portfolio

Public Projects
Promotion of mature public projects, in sectors where the country has competitive advantages. Cooperation with the relevant Ministries and the local authorities for finding projects which can attract private investments.

Private Projects
Development of a portfolio of mature private projects in many sectors of the economy More than 150 mature privately owned projects in our projects portfolio. Customized promotion to foreign Investors

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Invest in Greeces web-site embraces the world

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