1. The Greek Experience IPOs in GREECE

2. IPOs in Greece – The greek Experience CONTENTS PART I - General Info for listing procedures & markets PART II - Legislation and procedures of an IPO PART III - Index of contents of the Prospectus PART IV - Statistics PART V - Case Study – Piraeus Port Organisation

3. PART I GENERAL INFO FOR LISTING PROCEDURES & MARKETS

4. Part I - General info for listing procedures and market ATHENS STOCK EXCHANGE is structured in three markets: 1. Main Market large and middle cap companies 2. Parallel Market small cap companies 3. New Market dynamic and Innovative companies 4. Greek Market for Emerging Capital Markets (EAGAK) Companies from Emerging Markets

5. Part I - General info for listing procedures and market Listing Requirements for the Main Market

6. Part I - General info for listing procedures and market Listing Requirements for the Parallel Market

7. Part I - General info for listing procedures and market Listing Requirements for the New Market (NE.X.A)

8. PART II LEGISLATION AND PROCEDURES OF AN IPO

9. Stage 1 Stage 2 Stage 3 approval of the Prospectus before the initial trading to the Stock Exchange approval of the admission of the company’s shares to the Stock Exchange approval of the company’s shares trading on Stock Exchange Part II - Legislation and procedures of an IPO According to the Greek legislation, there are three stages for a company in order to go public:

10. Stage 1 Approval of the Prospectus before the initial trading to the Stock Exchange Part II - Legislation and procedures of an IPO The main Underwriter provides the necessary documentation to the Stock Market Authorities. The Stock Market Authorities examine the documentation with a view to checking the fulfillment of the requirements and approve the prospectus. The Stock Market Authorities inform the Capital Market Commission about the approval of the prospectus. The company that goes public and the main Underwriter inform the Stock Market Authorities about the period of implementation of the IPO.

11. Part II - Legislation and procedures of an IPO

12. Stage 2 Approval of the admission of the Company’s shares to the Stock Exchange Part II - Legislation and procedures of an IPO The main Underwriter provides the necessary documentation to the Stock Market Authorities. The Stock Market Authorities examine the documentation with a view to checking the fulfillment of the requirements and approve the admission of the Company’s shares to the market.

13. Part II - Legislation and procedures of an IPO

14. Stage 3 Approval of the company’s shares trading on Stock Exchange Part II - Legislation and procedures of an IPO The main Underwriter provides the necessary documentation to the Stock Market Authorities. The Stock Market Authorities examine the documentation with a view to checking the fulfillment of the requirements and approve the trading of the Company’s shares to the market.

15. Part II - Legislation and procedures of an IPO

17. PART III INDEX OF CONTENTS OF THE PROSPECTUS

18. Summary data of the issue Part III - Index of contents of the Prospectus the number and the type (common, preference, etc.), of shares before the issue the total number of shares before the issue the number and the type of the new shares the total number of shares after the issue the book value of the share the disposal price of the share the total income of the issue

19. Summary economic aggregates Part III - Index of contents of the Prospectus financial data of the company of the past 3 or 5 years information about:  if there has been any change at the amortization method or the method of evaluation of stock and other assets  if there has been any account entries which are mentioned by the Chartered Accountants and are affecting the operating results

20. 1.Information about the compilation of the Prospectus and the company’s auditors Part III - Index of contents of the Prospectus names and addresses of the responsible persons for the compilation of the Prospectus from the company and the underwriter of the issue information about:  the regular and the unscheduled financial chartered auditors  the legal auditors  the tax assessors conjunctions of the company’s auditors

21. 2.Share-Capital Increase and the procedure of disposal of the new shares Part III - Index of contents of the Prospectus general procedure of disposal of the new shares underwriters - cost of the issue destination of the new capital

22. 3.Share-Holders Rights Part III - Index of contents of the Prospectus general taxation of the dividends

23. 4.Information about the Company (the issuer) Part III - Index of contents of the Prospectus general information historical records description of the company’s business activity production of certain goods - production process sales network and distribution network property assets - guarantees and real securities development of the capital stock equity capital - book value of a share Management - Administration Department

24. Part III - Index of contents of the Prospectus participation of management and main shareholders at the Board of Directors of other companies organizational chart personnel investments in last 5 years shareholders equity capital - book value of a share

25. 5.Data of the business sector of activity Part III - Index of contents of the Prospectus general data of the business sector of activity competition - prospects of the market the company’s position in the sector

26. 6.Financial Statements of the company’s activity Part III - Index of contents of the Prospectus the company’s activity business development - operating results financial costs distribution of profits before depreciation financial status analysis - long term liabilities  to banks  to suppliers sources and uses of capital cash flow

27. 7.Associated companies Part III - Index of contents of the Prospectus associated companies  subsidiaries (more than 50% of ownership)  affiliated companies (10-50% of ownership)  companies with law participation (under 10% of ownership)  companies which have common Management or common Board of Directors with the issuing company companies which participate in the issuing company companies in which the main shareholders or members of the Board of Directors of the issuing company participate subsidiaries of subsidiaries and affiliated companies interfirm trades and transactions

28. 8.Sales Expectations - operating results expectations Part III - Index of contents of the Prospectus forecast of sales the Balance Sheet the operating results for the current and the next financial year This forecast must have been controlled and evaluated by the Underwriter

29. 9.Long term Goals - Prospects Part III - Index of contents of the Prospectus targets and strategy investment policy

30. 10.Dividend Policy Part III - Index of contents of the Prospectus the company’s distributed dividends for the past 5 years the future dividend distribution policy The dividend policy has to be expressed as a percentage (%) to the company’s net profit.

31. 11.Disposal Price of the Share Part III - Index of contents of the Prospectus rationalize the disposal price of the share in accordance to:  the basic economic aggregates  the property assets  the company’s business sector of activity

32. PART IV STATISTICS

33. 1. Macroeconomic Indices Part IV - Statistics Inflation 3Months T-Bills 3Years T-Bills Bank Deposits Macroeconomics Data

34. Part IV - Statistics Evolution of inflation rate (1992-2002)

35. Part IV - Statistics Evolution of 3Months T-Bills yield (1992-2002)

36. Part IV - Statistics Evolution of 3 Years T-Bills yield (1996-2002)

37. Part IV - Statistics Evolution of bank deposits yield (1995-2002)

38. Part IV - Statistics Evolution of macroeconomics data (1995- 2002)

39. 2.Stock Market Statistics Part IV - Statistics Evolution of Greek Stock Exchange General Index Evolution of Greek Stock Exchange General Index – annual variation Evolution of number of Listed Companies Evolution of Market Capitalization Evolution of Greek Stock Market Turnover Evolution of Greek Stock Market number of trades Evolution of Greek Stock Market Indicators

40. Part IV - Statistics Evolution Of Greek Stock Exchange General Index (1992-2002)

41. Part IV - Statistics Evolution of Stock Market General Index - annual variation (1992-2002) 1. Greece locks currency to Exchange Rate Mechanism (EURO) – 16.03.1998 2. Greece request lock of Exchange Rate Mechanism (EURO) – 3.03.2000 3. Morgan Stanley Capital International classified MSCI Greece Index as a developed market index – 31.05.2001

42. Part IV - Statistics Evolution of number of Listed Companies (1992-2002)

43. Part IV - Statistics Evolution of Greek Stock Market Capitalization (1995-2002)

44. Part IV - Statistics Evolution of Greek Stock Market Turnover (1995-2002)

45. Part IV - Statistics Evolution of Greek Stock Market Number of trades (1995-2002)

46. Part IV - Statistics Evolution of Greek Stock Market Indicators (1995-2002)

47. 3.IPO’s STATISTICS Part IV - Statistics Evolution of Number of IPOs IPOs Total Capital Drawn Use of IPOs Capital Drawn Over cover of IPO Maximum/Minimum first 3 listing days The largest IPOs Evolution of IPOs Indicators

48. Part IV - Statistics Evolution of Number of IPOs (1994-2002)

49. Part IV - Statistics IPO’s Total Capital Drawn (1994-2002)

50. Part IV - Statistics IPO’s Total Capital Drawn - values adjusted to inflation (1994-2002) Basic year - 1994

51. Part IV - Statistics IPO’s Total Capital Drawn (1994-2002)

52. Part IV - Statistics IPO’S Capital Drawn - values adjusted to inflation (1994-2002) Basic year - 1994

53. Part IV - Statistics IPO’s Total Capital Drawn YearTotal capital drawn (adjusted to inflation) (EURO) 1994275,099,357 199565,274,63460,484,279 1996285,434,377246,515,990 199759,759,27249,289,675 19982,166,833,3721,720,624,262 19994,868,394,0843,762,761,497 20002,371,122,7521,763,671,343 20011,068,893,048771,524,776 2002958,603,614670,528,241 Basic year - 1994

54. Part IV - Statistics Use of IPO’s Capital Drawn

55. Part IV - Statistics Use of Capital Drawn (1994-2002) Acquisitions new companies establishment

56. Part IV - Statistics Over cover of IPO (1994-2002)

57. Part IV - Statistics Maximum/Minimum first 3 Trading Days (1999-2002)

58. Part IV - Statistics The Largest IPOs (1994-2002) YearCompanySector Total capital drawn Media 20,909,757 1995Alpha FinanceInvestments9,079,236 1996OTE 281,900,325 1997Chios BankBanks13,003,548 1998ELPEEnergy 245,254,846 1999PanafonTelecommunications 1,077,035,950 2000CosmoteTelecommunications 457,813,646 2001DEHEnergy 463,683,052 2002OPAPLucky Games 508,700,000 EURO Telecommunications Tiletipos 1994

59. Part IV - Statistics Evolution of IPO’S Indicators (1994-2002)

60. Part IV - Statistics Evolution of IPO’s Indicators - values adjusted to inflation (1994-2002)

61. PART V CASE STUDY PIRAEUS PORT ORGANIZATION

62. We present the case of ‘Piraeus Port Organisation’, the last company that entered the Greek Capital Market. The key figures of the IPO are the following: Existing Shares25,000,000 New shares6,375,000 Face Value2 EURO Margin7.70 – 8.80 EURO Period23-25/06.2003 Part IV – Case Study – Piraeus Port Organization

63. Main UnderwritersEFG Eurobank Ergasias Agricultural Bank of Greece 5/2/2002Decision of the Board of Directors that the company shall go public July 2003Approval and Distribution of the IPO Prospectus 25/7 to 27/7/2003Registration Period 30/7 to 1/8/2003Distribution of shares to shareholders 8/8/2003First Trading Day Part IV – Case Study – Piraeus Port Organization

64. The company we present enters the Capital Market in order to raise funds for implementing the investment plan. The plan involves investment such as the construction of 2 new piers, which shall increase the cargo transportation, the purchase of 46 vehicles and the preparation of the port. The evolution of the share price the first 5 days are the following: Part IV – Case Study – Piraeus Port Organization