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BC Partners London Paris Milan Hamburg Geneva New York AGENDA GREECE: The Ne w Reform Agenda Investment & Business Opportunities in Greece A Global Investor’s Perspective Nikos Stathopoulos 30th October, 2008 New York City BC Partners London Paris Milan Hamburg Geneva New York AGENDA Greece as an investment destination Case Studies Conclusions BC Partners London Paris Milan Hamburg Geneva New York Private Equity is a Major Player in European M&A European LBO Activity as a % of all European M&A value 2007 BC Partners London Paris Milan Hamburg Geneva New York BC Partners: a Leading Global Private Equity Fund – 1 BC Funds Investments by Sector Investment in 67 companies since foundation in 1986 ̶ Total transaction value of US$100bn Automotive Health 6% Retail ̶ Invested in 13 countries in Europe, US and Asia 8% 23% ̶ Current portfolio companies representing an aggregate turnover Media/Telecom of US$30bn and employing 81,000 employees 11% Service Consumer 14% goods Over US$17bn ra ise d in e ig ht f un ds 19% ̶ Fund VIII with US$9.3bn of equity Industry 19% ̶ Up to US$2.4bn equity for single transaction available plus International Presence additional equity from BC funds co-investors ̶ Average transaction value of investments of US$3.1bn since 2000 New York/ (from US$141m to US$29.9bn) London London Presence in Europe and the US Hamburg ̶ Offices in London, Paris, Milan, Geneva, Hamburg, and New York Paris ̶ 50 investment professionals with broad individual experience Geneva Milan BC Partners London Paris Milan Hamburg Geneva New York BC Partners: a Leading Global Private Equity Fund – 2 Selected Transactions Media & Telecom Healthcare Consumer & Retail Automotive Industrials Services Leisure BC Partners London Paris Milan Hamburg Geneva New York SE Europe Growing as an Investment Destination Deals are increasingly financed by local banks, with less exposure to international credit markets €bnEmerging Markets Buyout Activity # deals €bn Global Buyout Activity # deals 30 160 300 1000 140 25 250 800 120 20 200 100 600 15 80 150 60 400 10 100 40 5 50 200 20 0 0 0 0 Q1 07 Q2 07 Q3 07 Q4 07 Q108 Q1 07 Q2 07 Q3 07 Q4 07 Q108 Value (LHS) Volume (RHS) Value (LHS) Volume (RHS) Source: Dealogic BC Partners London Paris Milan Hamburg Geneva New York GDP Growth has Outpaced WE Economies Western Europe South East Europe GDP Growth Index (2004=100) GDP Growth Index (2004=100) 130 130 125 125 120 120 115 115 110 110 105 105 100 100 95 95 90 90 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 France Ge rm any Italy Spain UK Greece Bulgar ia Rom ania Serbia Turkey Source: IMF, Note: Constant currency BC Partners London Paris Milan Hamburg Geneva New York Recent Key Transactions in SE Europe €684m €984m €1,600m €300m Regency Entertainment Neochimiki TIM Hellas Infote N/D €2,000m €910m UN Migros Turk UN RoRo Mey Icki BC Partners London Paris Milan Hamburg Geneva New York AGENDA Greece as an investment destination Case Studies Conclusions BC Partners London Paris Milan Hamburg Geneva New York Case Study I: Regency Entertainment BC Partners London Paris Milan Hamburg Geneva New York Transaction overview BC Partners acquired Regency Entertainment for €1.0bn 100% Dionysus Leisure 100% Thessaloniki Casino 100% Mont Parnes Casino 34.3% Hyatt Regency Hotel 100% ` In January 2006, the main shareholders of Regency Entertainment (ex Hyatt Regency Casinos) agreed to sell the ir 51. 87% s ta ke in the company to BC Par tners ` BC Partners spent the following two years acquiring the remaining free float ` The company owns 100% of the only casino in Thessaloniki and 34.3% of the nearest casino to Athens. The two casinos account for more than 50% of the Greek gaming market ` The company also owns 100% of the Hyatt Regency hotel in Thessaloniki First ever LBO o f a company liste d on t he At hens Stoc k Exc hange BC Partners London Paris Milan Hamburg Geneva New York Rationale for transaction ` Local monopoly position ` Prime locations in densely populated areas ` Very favourable industry dynamics ` High barriers to entry ` Untapped demand to be exploited in Athens ` Redevelopment of Mont Parnes Casino ` Experienced management team ` Highly cash generative business ` Potential for a number of operations improvements BC Partners London Paris Milan Hamburg Geneva New York EBITDA evolution €145m €105m Dec 05 Dec 07 38% growth in EBITDA in 24 months BC Partners London Paris Milan Hamburg Geneva New York Case Study II: TIM Hellas BC Partners London Paris Milan Hamburg Geneva New York Transaction overview Apax Partners and Texas Pacific Group acquire TIM Hellas for €1.6bn ` On 4 April 2005, TIM International announced a conditional agreement for the disposal of its 80.87% equity stake in TIM Hellas ` The acquirer was a special purpose vehicle owned by private equity funds advised by Apax Partners and Texas PifiGPacific Group ` TIM International received approximately €1,114m for its holding, which is equivalent to €16.43 per share and corresponds to an Enterprise Value of €1.6 billion for 100% of TIM Hellas ` Minority shareholders received the same price with that of TIM International Largest ever LBO in Greece First ever LBO of a Greek Société Anonyme BC Partners London Paris Milan Hamburg Geneva New York Rationale for transaction ` One of three players in attractive market ` Very high barriers to entry in mobile market ` Strong dependable cashflows from subscriber base ` Strong brand associated with innovation in Greece ` Under-penetrated Greek mobile market with 78% penetration vs 90-100% in most EU countries ` Rationale for Q-Telecom was synergies from using the same network ` Company was badly managed by Telecom Italia – losing market share New strategy Exploit potential in Increase customer Increase ARPU(a) and Increase customer next generation acquisition stimulate usage retention services (a) Average Revenue Per User BC Partners London Paris Milan Hamburg Geneva New York EBITDA evolution €415m €250m + June 05 Feb 07 66% growth in EBITDA in 20 months BC Partners London Paris Milan Hamburg Geneva New York AGENDA Greece as an investment destination Case Studies Conclusions BC Partners London Paris Milan Hamburg Geneva New York Foreign Investors are Increasingly Interested in the Region (a) FDI / GDP 12% 10% Bulgaria 18.2 Cyprus 11.4 6.5 12.9 Serbia 8% 6.4 Romania 6% 35.9 Turkey Ukraine Hungary GDP (2007) // 4% 53. 6 25.1 21. 3 Russia FDI 99.9 2% Greece 12.5 0% -20% 0% 20% 40% 60% 80% 100% Amount invested -2% x '03-'07 (a ) For 2007 da ta. Nom ina l GDP use d FDI CAGR (03-07) (€ bn) Source: Economist Intelligence Unit data, Central bank reports BC Partners London Paris Milan Hamburg Geneva New York Greece - Key Challenges Administrative obstacles ̶ Bureaucracy ̶ Unions/industrial actions/labour terms ̶ Changing tax regimes Size of market Political stability GDP growth slowdown Transparency and speed of decision-making Investor protection BC Partners London Paris Milan Hamburg Geneva New York .
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