November 17 th 2006 Invest in Greece Spyros Capralos Invest in Greece Spyros Capralos Athens Exchange Chairman & CEO 8 th Annual Capital Link Forum

2 The Greek Economy 35%29%25% Reduction of corporate taxes 2004: 35% 2006: 29%, 2007: 25% 30 b.p.15 b.p b.p. Reduction of the stock sales tax from 30 b.p. to 15 b.p. Gov’t might reduce further to b.p. Privatizations 2006: 2006: IPO of the Greek Postal Savings Bank 2006: 2006: Full privatization of the Commercial Bank of Greece Buyer: Crédit Agricole 2006: 2006: €3 bn capital increase by NBG Proved that large amounts of capital can be raised in ATHEX 2007: 2007: €1.7 bn privatization revenues for the gov’t (included in the budget)

3 Greek Business Merger activity is picking up Vivartia (Delta + Goody’s + General Foods + Chipita) Marfin, Egnatia & Laiki Bank merger Private Equity Fund is trying to take Hyatt private Increased M&A activity in the health sector Increase in private placements  increase in free float of the market

4 HELEX Restructuring Corporate Operations Financial Markets Clearing, Settlement & Registry HELEX Group Merger of subsidiaries  Simplified Group structure 2002: 2002: ASE + ADEX = ATHEX 2005: 2005: HELEX + ASYK = HELEX 2006: 2006: HELEX + CSD + ADECH = HELEX (to be completed by the end of ) Unified Group organizational structure

5 ATHEX Rulebook Elimination of odd lots; lot size = 1 Payment of dividends by the Central Securities Depository directly to the investors’ trading accounts Calculation of the closing prices using the call auction method Resolution of listed company shareholder registry issues Removing the barriers to the entry of remote members ATHEX now has 9 remote members, all from Cyprus Extended trading hours Relaxation of listing requirements for shipping companies

6 International Investors in ATHEX Figures refer to percentage of the Market Capitalization Data refer to December 31 st of each year. Market is becoming more “Institutional” and more “International”. Participation of international investors in the FTSE/ATHEX 20 & FTSE/ATHEX 40

7 Capital Inflows in ATHEX

8 Challenges Consolidation of Exchanges + tie-up - merger? +merger Trading Platform creation by 7 major banks (2008)

9 Challenges Transparency – Cost of Trading Fee Structure Changes Need for competitiveness MiFID + Code of Conduct Need for Turnover Velocity Reduction of Market Risk for the Group Transparency

10 ATHEX-CSE Common Platform Common Trading & Clearing Platform (live since October 30 th, 2006) Remote Membership Single entry point for Investors Shares in both markets traded in Euros Common trading hours for both markets Harmonization of the regulatory framework Paves the way for similar agreements in the region

11 New Developments ETFs Liberalization of Short Selling & Stock Lending Changes in Derivatives’ Market Creation of new Semi-regulated market Change of Corporate Law Legislation (already drafted) Record Date - Proxy Voting for Shareholders’ Participation

12 Market Statistics ATHEX Average Daily Value of Trading (€ ml.) +23% +32% +17% ATHEXGeneralIndex

November 17 th 2006 Thank you! Invest in Greece Spyros Capralos Thank you! Invest in Greece Spyros Capralos Chairman – Athens Exchange CEO – Hellenic Exchanges 8 th Annual Capital Link Forum