The contribution of the privatization program to the restarting of Greek Economy Ioannis Emiris Chief Executive Officer Presentation for the 1 st Greek Investment Forum New York, October 9, 2012

2 The Privatization Programme Agreed with Greece’s creditors and enshrined by Law Based in a clear business context Aims to raise up to €50 bn Offers a key initiative to attract direct investments and to reform key sectors of the economy Aims to transform the development model of the economy and regain country’s credibility 1 st Greek Investment Forum, New York October 2012

3 Main objectives of the privatization program 1 st Greek Investment Forum, New YorkOctober 2012 Debt Repayment Competition Investment attraction Creation of new job opportunities Creation of liberalized and functional markets

4 Restarting Greek Economy Source: Foundation for Economic and Industrial Research Investment multiplier Permanent increasing tendency of 1% of GDP in public investments Impact on real GDP (% deviations from the base) According to preliminary estimates by IOBE*, the privatization program during its implementation period will increase:  investments by €60 billion (with the average investment multiplier amounting around 2)  GDP by up to 1% per year  employment opportunities by 50,000 net new job positions  direct tax revenues by €3 billion (1.5% of GDP) per year *Foundation for Economic and Industrial Research October st Greek Investment Forum, New York

5 Infrastructure Portfolio Extensive portfolio of prime infrastructure assets, which encompasses the following:  12 major commercial ports (including the ports of Piraeus, Thessaloniki, Igoumenitsa etc)  Significant small ports and marinas  All the airports facilities of the country (including the Athens International Airport)  Motorways  Water Distribution in Athens and Thessaloniki  Trains 1 st Greek Investment Forum, New YorkOctober 2012

6 Corporate Portfolio Extensive portfolio of high quality corporates in the sectors of:  Gaming (OPAP – the largest gaming operator, State Lotteries)  Energy (natural gas, petroleum refining and trading)  Natural Resources  Other Industrial Assets  Banking 1 st Greek Investment Forum, New YorkOctober 2012

7 Land Portfolio More than 70,000 public properties including:  Hellinikon (the largest urban coastal area in Attica, twice the size of Central Park)  Major properties suitable for tourism development commercial facilities golf courses hotels thermal spa 1 st Greek Investment Forum, New YorkOctober 2012

8 Latest Developments Sale of 33% stake in OPAP (gaming operator) Sale of DEPA/DESFA (natural gas supply, transportation, distribution) Development of Hellinikon Sale of State Lotteries Development of Kassiopi area in Corfu Development of Afantou area in Rhodes Projects in progress: Next Steps – We envisage launching of tenders for: SLB of 28 Public Sector Buildings Hellenic Petroleum Egnatia Motorway Thessaloniki Water Athens International Airport LARKO (Ferronickel Producer) ELTA (Post Office) Astir Vouliagmeni Regional airports and marinas Ports 1 st Greek Investment Forum, New YorkOctober 2012

9 Transparent Procedures Specific, transparent and well communicated procedures to all interested parties for every project in the portfolio The need for acceleration of the privatizations program does not impact on the transparency of the procedures October st Greek Investment Forum, New York

10 Key Parties HRADF 6 member BoD + 2 Independent Observers HRADF 6 member BoD + 2 Independent Observers October st Greek Investment Forum, New York Hellenic Republic Advisors Financial, Legal, Technical Investors Council of Experts Court of Auditors Independent Valuators ASSETS PUBLIC POLICY LEGISLATION LEGISLATIO PRIVATIZATION PROCEEDS N

11 Targeting Investors The HRADF is targeting investors from all around the globe:  with long time horizons  with strategic commitment  who are convinced that Greece can provide the extra return What the Fund offers:  friendly approach and truly excellent assets  well defined and market orientated privatization concepts characterized by: transparent procedures speed of execution legal clarity 1 st Greek Investment Forum, New York October 2012

12 Visit our website at Visit our website at st Greek Investment Forum, New York October 2012