Presentation on the Greek Real Estate Investment Market New York Monday 30th October 2000

Agenda Greece in a European Economy Greece in European Property Market Greek Real Estate Market Overview Why invest in Greece?

Greece in a European Economy

GDP Growth Source: Consensus Forecasts

European inflation % Source : OECD (1990-9), Consensus Forecasts (2000-1)

European interest rates % Source : OECD

Greek GDP growth and inflation GDP growth (%) Sources: OECD, Consensus Forecasts Inflation (%)

Greece in European Property Market

European Cross-Border Direct Investment in Real Estate - by Origin Source DTZ Research

Prime office rents Mid-2000 Source: DTZ Research Euro/sq.m/annum

European prime office yields (current) Mid-2000 Source: DTZ Research

European office yield trends Source: DTZ Research

Source : Various Gross Lettable Area (sq.m) per 1,000 inhabitants European shopping centre density 1999

Greece Real Estate Market Overview

A Changing Market Entry to Euro-Zone – Jan 2001 Lowering of interest rates Infrastructure Projects –New Airport –Greater Athens Ring Road and other road projects –Expansion of Metro System 2004 Olympic Games and associated projects Legal Framework and securitisation through mutual funds

Characteristics Traditionally owner-occupied High State ownership – although increasing disposals through privatisations Immature Investment Market Historical lack of transparency and information Currently increasing interest from domestic and international investors.

The Attica market

Development opportunities Central Athens undersupplied with quality product Urban regeneration in Central Athens and Pireaus. Demand for large spaces cannot be satisfied Development activity continues in prime locations. New Airport - Mesoghia Valley Olympic Games in 2004 and associated infrastructure projects Interest from major foreign players: Chelverton, Lend Lease, Sonae, TrizecHahn, Rodamco, Hindes East Coast of Attica – expansion of ports Source: DTZ Research

Why Invest in Greece?

International Real Estate Cycle Source: Deutsche Bank Real Estate Private Equity

Why invest in Greece ? Entry into the Euro in Jan 2001 High rate of economic growth Reducing interest rate Widening yield gap between bonds and real estate returns Major EU Investment Program Olympic Games 2004 Substantial Infrastructure Improvements Positive rental growth prospects Legal framework becoming more ‘investor friendly’ Indirect property investment vehicles emerging in mutualisation Sale and leaseback opportunities Emerging market performance within the EU Source: DTZ Research