Investment Opportunities For Foreign Investors In The Greek Stock Market

George Linatsas – Group Managing Director – Axia Ventures Group

December 2, 2010 The Exchange General Index has reached multi-year low

7000.0

6000.0 5794.9 4978.6

5000.0

4000.0

3000.0 19xx 19xx 19xx20xx20xx 20xx 20xx Today

2000.0

1467 1419.7 1000.0

0.0 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10

2 ATHEX General Index decoupling from PIIGS & European markets

4,000

3,500

3,000

2,500

2,000

1,500 19xx 19xx 19xx20xx20xx 20xx 20xx Today

1,000

500

0 26/08/09 26/09/09 26/10/09 26/11/09 26/12/09 26/01/10 26/02/10 26/03/10 26/04/10 26/05/10 26/06/10 26/07/10 26/08/10 26/09/10 26/10/10 26/11/10 26/11/07 26/12/07 26/01/08 26/02/08 26/03/08 26/04/08 26/05/08 26/06/08 26/07/08 26/08/08 26/09/08 26/10/08 26/11/08 26/12/08 26/01/09 26/02/09 26/03/09 26/04/09 26/05/09 26/06/09 26/07/09

ATHEX GI ISEQ (Ireland) PSI (Portugal) IBEX 35 () FTSE All Cap STOXX 600

3 Market Cap to GDP at the lowest levels since 2001

105.0%

89.3% 90.0% 80.6%

75.0% 67.9%

60.0%

45.0%

19xx30.0% 19xx 19xx20xx20xx 20xx 20xx Today 34.8% 24.7% 21.6% 15.0%

0.0% 1/1/2007 1/1/2008 1/1/2009 1/1/2010 1/1/2001 1/1/2002 1/1/2003 1/1/2004 1/1/2005 1/1/2006

4 Net flows from International Investors in decline (EUR m.)

7500

5500 5200 5100 5000

2500

981

19xx0 19xx 19xx20xx20xx 20xx 20xx Today

-1175

-2500

-3590

-5000 2005 2006 2007 2008 2009 2010*

*Jan-Oct 2010

5 Average traded daily value (EUR m.) heading south since 2007

600

500 480

400 343 317 300

19xx 19xx 19xx20xx20xx 20xx 20xx Today 205 204 200 165 148 140 135 101 100

0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010*

*Jan-mid. Nov 2010

6 Spreads of 10-Year GGB vs. the German BUND reach record highs in 2010…

1200

1000 959

895 800

600

19xx 19xx 19xx20xx20xx 20xx 20xx Today

400

200

147

0 20/11/2009 20/1/2010 20/3/2010 20/5/2010 20/7/2010 20/9/2010 20/11/2010

7 …so do the Credit Default Swaps (5-Year)

1200 1128

1005 1000

800

600 689

19xx 19xx 19xx20xx20xx 20xx 20xx Today

400

282

200

0 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10

8 The austerity measures drive unemployment (%) higher…

14.0

12.2 12.0

10.0

8.0 8.0 19xx 19xx 19xx20xx20xx 20xx 20xx Today 6.0

4.0

2.0 Jan.08 Apr.08 Jul.08 Oct.08 Jan.09 Apr.09 Jul.09 Oct.09 Jan.10 Apr.10 Jul.10

9 …and pressure consumer sentiment at low levels (units)

0.0

-10.0 -9.6 -11.2 -20.0

-30.0

-40.0 -39.9

-50.019xx 19xx 19xx20xx20xx 20xx 20xx Today

-61.3 -60.0

-70.0

-80.0 Jan.08 Apr.08 Jul.08 Oct.08 Jan.09 Apr.09 Jul.09 Oct.09 Jan.10 Apr.10 Jul.10

Greece EU27

10 The austerity measures also impact corporate profitability

2010f EPS Downgrades since June 2009*

-4.77% EPS Downgrade Jun.09 - Jan.10

EPS -43.60% Downgrade Jan.10 - Jun.10 19xx 19xx 19xx20xx20xx 20xx 20xx Today

-7.45% EPS Downgrade Jun.10 - Nov.10

*Factset

11 In this challenging environment the characteristics to look at…

Strong Management

Strong Promising Balance Sheet Business & Cash Flow Model

19xx 19xx 19xx20xx20xx 20xx 20xx Today

Income Well Stream from Diversified Abroad Product Mix

12 International Sales as % of Total for Selected Companies* Listed in the ATHEX

100% 95% 90% 90%

80% 75% 75%

60%

50%

40%19xx 19xx 19xx20xx20xx 20xx 20xx Today

20%

0% Frigoglass Coca Cola Hellenic Intralot Mytilineos Folli Follie

*Group FY09 figures

13 ATHEX General Index vs. Performance of Selected Companies

2,350

2,150

1,950

1,750

1,550

1,35019xx 19xx 19xx20xx20xx 20xx 20xx Today

1,150

950

750

ATHEX GI TITAN MYTILINEOS INTRALOT FRIGOGLASS FOLLI-FOLLIE Coca Cola Hellenic

14 The focus remains on Macros and the Banking Sector

1900.0 Delays in the consolidation 1853.6 of the banking sector MoU - Austerity Measures 1800.0 & Structural Reforms 1769.9

1700.0

1600.0

19xx 19xx 19xx20xx20xx 20xx 20xx Today

1500.0 1436.7

1400.0 Banks Stress Tests Vote of confidence of intl. 1403.9 markets to reforms & success of NBG’s capital raising 1300.0 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10

15 The Greek Banking system although has displayed significant strength…

July 2010 – Stress Tests by CEBS

Adverse scenario + sovereign Adverse shock (23.1% haircut on 5- scenario year GGBs) 2009 2011 2011 TIER 1 National Bank of 11.3% 9.6% 7.4% PASS 11.6% 10.9% 8.2% PASS 1919xxxx 19xx19xx 19 19xxxx 20xx20xx 20xx20xx 20 20xxxx 20xx20xx TodayToday EFG Eurobank 11.2% 10.2% 8.2% PASS 9.1% 8.3% 6.0% PASS ATE Bank 8.4% 8.9% 4.4% FAIL Hellenic Postbank 17.1% 15.0% 8.4% PASS Bank of 10.5% 9.4% 8.0% PASS Marfin Popular Bank 9.4% 8.5% 7.1% PASS

16 …has embarked to substantial recapitalization efforts

Rights Issue Convertible Bond Other

National Bank of c.EUR 1000m - sale of Greece EUR 631m / concluded EUR 1184m / concluded c20% of Finansbank / H1:11

Piraeus Bank EUR 800m / Q1:11 up to EUR 250m / H1:11

Bank1919xxxx of Cyprus19xx19xx EUR19 19xxxx 345m / concluded20xx20xx 20xx20xx 20 20xxxx 20xx20xx TodayToday

Marfin Popular Bank EUR 488.6m / Q1:11 up to EUR 660m / H1:11

ATEbank TBA c.EUR1000m / Q1:11

17 A well capitalized Banking Sector along with an improved sentiment on the economy could produce significant opportunities S&P 500 Financials

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160 19xx 19xx 19xx20xx20xx 20xx 20xx Today 140

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60 6/2/2009 6/5/2009 6/8/2009 6/11/2009 6/2/2010 6/5/2010 6/8/2010 6/11/2010

18 Disclaimer

Axia Ventures Group Limited, which is responsible for issuing this marketing document, (“Axia”) is incorporated in Cyprus and is authorised and regulated by the Cyprus Securities and Exchange Commission. Axia is allowed to provide investment services in the and in Greece as well pursuant to its permissions under the Markets in Financial Instruments Directive and may also provide similar services in the United States.

All statements of opinion contained in this marketing document, all views expressed and all projections, forecasts or statements relating to expectations regarding future events or the possible future performance of Axia represent Axia’s own assessment based on information available to it as at the date of this document.

No representation is made or warranty given as to the accuracy, completeness, achievability or reasonableness of any such projections, views, statements, or forecasts. The projections, views, statements and forecasts herein are based upon various assumptions and estimates, which Axia considers to be reasonable assumptions and estimates, which involve significant elements of subjective judgement and analysis and which are subject to uncertainties and contingencies; actual results could differ materially from those set forth in any such projections, views, statements and forecasts.

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