ASSET DEVELOPMENT FUND 1st GREEK INVESTMENT FORUM China, 11 - - PowerPoint PPT Presentation

HELLENIC REPUBLIC ASSET DEVELOPMENT FUND

1st GREEK INVESTMENT FORUM China, 11 December 2017

• After a prolonged depression, the economy stabilized in 2016 and GDP is projected to grow by

1.6% in 2017 and 2.5% in 2018.

• In 2016, the primary budget surplus was 3.8% of GDP, exceeding expectations and the 0.5%
• target. The agreement on the second review has improved prospects for a reversal in economic

sentiment and lowered bond yield spreads.

• Financing conditions remain tight as a large stock of non-performing loans is weighing on banks’

balance sheets, restricting credit supply especially to SMEs and households, though a new resolution framework is now in place for the orderly reduction of NPLs.

• The labor market is improving, supporting private consumption, and higher demand

from abroad is boosting exports ( 9.5%).

• Unemployment is declining but remains high, especially among the young,

contributing to high poverty.

• Investment has started to recover from very low level and should gather pace.
• The number of building permits is rising and construction has bottomed out.
• Production of capital goods is recovering, pointing towards rising investments.

Source: OECD

ECONOMY LABOR CONSTRUCTION INVESTMENT PRODUCTION

Greece at a glance

Economy Overview

Greece at a glance

Opportunity

• Greece offers some very competitive advantages for investments:

‒ Geographical position ‒ Environment (energy resources) ‒ Tourism & Culture ‒ Human capital (low labor cost at the moment and very well educated) ‒ Climate & Lifestyle

• The basic problem of the economy at the moment is the insufficiency of domestic savings to

meet the investment needs, which are significant – in order to satisfy the agreed growth rates as well as cover the fiscal targets set on the economic adjustment program implemented.

• The problem worsens by the weakness of the banking system to act its role as a mediator and

support the conversion of deposits to investments.

• Foreign investment then provides the only solution to growth, and capital inflow will be

achieved by strengthening the country’s credibility as a safe investment destination.

• A couple of previous privatization cases prove that Greece is a safe and attractive investment

destination and the opportunity for Investors remains high.

Greece Economic Indicators Overview Last Reference GDP Annual Growth Rate 1.6% Nov 17 Unemployment Rate 20.6% Aug 17 Youth Unemployment Rate 40.2% Aug 17 Inflation Rate 0.7% Oct 17 Government Debt to GDP 179% Dec 16 Private Debt to GDP 137% Dec 16 GDP per capita $ 22,736 Dec 16 GDP from Agriculture € 1,688m Jun 17 GDP from Construction € 868m Jun 17 GDP from Mining € 5,163m Jun 17 GDP from Public Administration € 9,042m Jun 17 GDP from Services € 9,664m Jun 17 Foreign Direct Investment € 305m Sep 17 Tourism Revenues € 3,522m Aug 17 Tourist Arrivals 2,743,210 Sep 17 Corporate Tax Rate 29% Dec 17 Sales Tax Rate 24% Dec 17 Social Security Rate 40.06% Dec 17 Social Security Rate for companies 24.56% Dec 17 Social Security Rate for employees 15.5% Dec 17

Privatizations

Development & growth

• Privatizations have always been a difficult task and face a lot of opposition from society in

all countries.

• The main obstacle is the lack of information or evidence of the benefits of privatization.
• Aside from the fact that in most cases the state has proven to be a poor manager, having

gained all past international experience , nowadays we may claim that privatization is a

• ne-way street for modernizing a company, bringing in new funding and expertise, and

making it a profitable and efficient business.

• Privatizations have a significantly positive impact on:

‒ the local economy ‒ increasing competition, improving productivity and services ‒ creating new jobs ‒ overall growth of the economy ‒ reducing public debt

• Greece has one of the highest degrees of state control in the productive sectors across

OECD countries, not only because of direct state ownership but also because of extensive government regulation.

• The scaling down of an oversized and inefficient public sector will facilitate the reduction
• f the excessively high tax rates benefiting the private economy and facilitating return to

growth.

• Transparency of the bidding process, precise specification of the contract and the

monitoring and enforcement of the agreement secure the advantages.

One reason people resist change is because they focus on what they have to give up, instead of what they have to gain.

• Established in 2011 following a severe sovereign debt

crisis, in order to privatize public assets yielding significant revenues to reduce public debt.

• 30m euros (€)
• Shareholder:

Hellenic Corporation of Assets & Participations (HCAP)

• Attract direct investment
• Maximize revenues to the Greek State
• Restart the Greek economy

The Fund

Hellenic Republic Asset Development Fund S.A. Background Share capital Key

• bjectives

Hellenic Republic Asset Development Fund S.A.

Core principles of operation

• Adapting to market trends.
• Pursuing clear & market-oriented

privatization concepts.

• Restructuring/Reforming operations &

financial status of assets to achieve higher revenues.

• Corporate Governance Policies.
• Internal & External Auditors.
• Tenders announced to media and corporate

website.

• Three independent parties involved in every

privatization: Council of Experts – Independent Evaluator – Court of Auditors.

• Engagement with Government

Departments, Local Authorities, State Agencies and other appropriate bodies to eliminate regulatory, administrative and technical barriers.

• Privatizations and mandatory investments

included in infrastructure tenders, promote growth, increase competition, create new jobs, and restore the country’s credibility.

• Two-way communication with local

communities to consider and address their concerns and decide on optimum solutions.

• Ongoing & “after-sales” service to Investors,

to facilitate transactions.

Clarity of purpose Transparency of the process Swift action & focus on results Value

HRADF BoD & Observers

Hellenic Corporation of Assets & Participations

Preferred Bidder Court of Auditors CONTRACT HRADF’s staff Independent Evaluator Financial, Legal, Technical Advisors Council of Experts

Key achievements

Transactions Overview

1.165,70 5,2 1.040,40 419,6 289,1 498 1.378,70 2011 2012 2013 2014 2015 2016 2017 (€) million 1.165,70 5,2 929,1 117 235,1 352,4 1.364 111,3 277,1 25,4 134,7 15 2011 2012 2013 2014 2015 2016 2017 (€) million

Corporate & Infrastructure Real Estate

38 privatizations completed or

put on track

1.000 properties reviewed for

development

€7.5bn completed

transactions from 2011 to date

€4.7bn collected until today

€1.4bn total proceeds in 2017 14 projects in progress/in preparation

Transactions Proceeds’ split

Current Status

Company Market Shares (%) Status

PUBLIC POWER CORPORATION (PPC)

Energy – Electricity 17%

• RFP for the appointment of

Strategic Advisors - Dec. 2017

GREEK PETROLEUM (HELPE)

Energy – Oil 35.5%

• In the process of evaluating
• ptimum ways of privatization
• RFPs for the appointment of Legal

Consultants, Greek and Int’l & European Law – TBC

PUBLIC GAS CORPORATION (DEPA)

Energy – Natural Gas 65%

• In the process of evaluating
• ptimum ways of privatization

OTE

Telcos 5%

• RFPs for the appointment of Legal

Consultants, Greek and Int’l & European Law

Portfolio

Corporate

Company Market Shares (%) Status

Athens Water supply & Sewerage

Water 11%

• In the process of evaluating
• ptimum ways of privatization

Thessaloniki Water supply & Sewerage

Water 23%

• In the process of evaluating
• ptimum ways of privatization

Athens International Airport

Transport 30%

• Approvals for the extension of the

concession agreement until 2046 pending

• RFP for the appointment of Legal

Consultants (TBC)

Egnatia Motorway

Transport Long-term concession

• Length: 670km
• Stretching from Western Greece

(Igoumenitsa) to the Eastern borders with Turkey (Kipi)

• Phase A (EoI) – deadline for

submission Jan. 26, 2018

Rolling stock maintenance for railways

Infrastructure 100%

• Phase B – deadline for submission
• f binding offers Feb. 14, 2018

Hellenic Gas Transmission System Operator Infrastructure 66%

• Phase B – deadline for submission
• f binding offers Dec. 22, 2017

Portfolio

Infrastructure assets

Egnatia Motorway

Tender for Expression of Interest (Phase A)

• Length: 670km
• Two traffic lanes per direction, a central

reserve and an emergency lane

• 63 road interchanges
• 177 major bridges
• 350 entrance / exit overbridges and

underpasses

• 73 twin-bore tunnels (max. length 4.8 km)
• 43 river crossings
• 11 railway crossings
• Regions: Thesprotia - Ioannina - Grevena - Kozani -

Imathia - Thessaloniki - Kavala - Xanthi - Rodopi – Evros

• Countries: Albania - FYROM - Bulgaria - Turkey,

through nine major vertical axes

• Towns: Igoumenitsa - Ioannina - Metsovo - Grevena -

Kozani - Veroia - Thessaloniki - Kavala - Xanthi - Komotini – Alexandroupoli

• Passing near: 332 towns and villages, 30 touristic or
• therwise special locations
• 4 Ports: Igoumenitsa - Thessaloniki - Kavala –

Alexandroupoli

• 6 Airports: Ioannina - Kastoria - Kozani -

Thessaloniki - Kavala – Alexandroupoli

• 10 Industrial Zones: Ioannina - Florina -

Edessa - Thessaloniki - Kilkis - Serres - Drama - Xanthi - Komotini – Alexandroupolis, either directly or through its vertical axes

• 36% of the country’s population
• 33% of the country’s GNP
• In the primary sector, 54% of the country’s

agricultural land and 65% of the total irrigated

• land. In the secondary sector, 41% of the country’s

employment in industry/small trade

• 51% of the country’s extractive industry

Identity Connectivity Commercial/Civil transport Zone of influence

Overall construction cost: €6bn (VAT excl.) Co-funded by the EU Part of the Trans- European Transport Network A project of great geopolitical significance in SE Europe

Company Market Shares (%) Status

10 Regional Ports

Transport Long-term concession

• In the process of evaluating
• ptimum ways of privatization

Thessaloniki Port Authority

Transport Long-term concession

• Preferred bidder selected
• Approvals pending for the

Concession Agreement to be signed

Marinas

Tourism Long-term concession

• In the process of evaluating
• ptimum ways of privatization

Alimos Marina

Tourism Long-term concession

• 1,100 berths
• Total Land Area: 210,000 m²
• Location: 10km from Athens center
• Phase A (EoI) – deadline for

submission Jan. 16, 2018

Chios Marina

Tourism Long-term concession

• Total land area: 41,000 m²
• Berths: 196
• Location: Eastern Aegean Sea
• Phase A (EoI) – deadline for

submission Jan. 18, 2018

Pylos Marina

Tourism Long-term concession

• Phase B – deadline for submission
• f binding offers Feb. 16, 2018

Portfolio

Infrastructure assets – Ports & Marinas

Alimos Marina (Athens – Attica region)

Open tender for Expression of Interest (Phase A)

• Currently managed and operated by ETAD (Public Properties Company).
• 1,100 berths
• Total Land Area: 210,000 m²
• 18,200 m² of buildable space
• Location: South-West of Athens
• 20 min from Athens city center
• 30 min from Athens International Airport
• 15 min from Piraeus Port

Specifications

• Few hours’ sail to the

islands of Saronic Gulf (Hydra, Spetses, Poros, Aegina).

• Less than a day’s sail to

the islands of Cyclades (Kea, Kithnos, Sifnos, Myconos, Milos, Ios, Paros, Naxos and others).

Alimos Marina (Athens – Attica region)

Open tender for Expression of Interest (Phase A)

Karathona Estate Zone I Zone II Zone IIIa Zone IV Zone V Zone IIIb Zone IIIc

Zone Use Buildable Area Zone I

• Marina Offices
• Dry Docking – Service Area
• Tourism & Leisure

7.160 m2 Zone II

• Marina main offices

525 m2 Zone III

• Tourism & Leisure (incl. the

existing Olympic size swimming Pool)

• Marina Offices

8.715 m2 Zone IV

• Tourism & Leisure

(Bars & Restaurants only) 1.200 m2 Zone V

• Sailing Academy (Ν.Ο.Κ.)

600 m2 TOTAL: 18.200 m2

Chios island Marina (Eastern Aegean Sea)

Open tender for Expression of Interest (Phase A)

• Currently managed and operated by Chios Municipal Port Authority
• Total land area: 41,000 m²
• Berths: 196
• Max rate of building construction: 0,30 of the total land area
• Max percentage of plot coverage: 20%

Specifications

Uses may include (indicatively):

• Restaurants, tavernas,

marine stores, leisure, boat sales, boat service & maintenance and buildings for similar uses, etc.

• The parking area may be

used for dry docking during low season. The slots at the land area may be used as a parking during high season.

Uses segmentation Max permissible exploitation Hotels 0,20 Commercial activities 0,30 Residencies 0,20 Sports facilities & Land storage facilities

Chios island Marina (Eastern Aegean Sea)

Open tender for Expression of Interest (Phase A)

Karathona Estate

CONSTRUCTION TERMS

ZONE MAX COVERAGE (%) PERMISSIBLE EXPLOITATION SIZE (sq. m.) MAX TOTAL EXPLOITATION MAX HEIGHT ALLOWANCE (m) USES ZONE 1 15 0,11 14.069 1.490

• Maintenance & dry docking toll.

Control tower: 10m.

• Other buildings: 8,50m + roof

height (from final ground elevation)

• Marina Offices
• Dry Docking / Service

Area

• Tourism & Leisure
• Athletics
• M&E facilities

ZONE 2 SUB ZONE 2A 49 0,42 11.069 5.400

• Control tower: 10m.
• Other buildings: 8,50m + roof

height (from final ground elevation)

• Marina Offices
• Tourism & Leisure
• M&E facilities

SUB ZONE 2B 43 0,36 6.313

• Marina Offices
• Tourism & Leisure apart

from shopping centers (stores & offices) & gathering areas & cultural activities

• M&E facilities

OUT OF ZONES

• 3.836

10

• 4,50m + roof height (from final

ground elevation)

• Gas station & waste and

residue reception

• Other uses (entrance,

streets, parking areas, seafront service zone, green, etc.) 35.287 6.900 TOTAL GENERAL BUILDING CONSTRUCTION AVERAGE: 6.900 / 35.287 = 0.196

Thessaloniki Marina (Aretsou Kalamaria)

Future openings

• Currently managed and operated by Chios Municipal Port Authority
• Total land area: 78,000 m²
• Berths: 245
• Max rate of building construction: 0,40 of the total land area
• Max percentage of plot coverage: 20%

Specifications

Uses may include (indicatively):

• Restaurants, tavernas,

marine stores, leisure, boat sales, boat service & maintenance and buildings for similar uses, etc.

• The parking area may be

used for dry docking during low season. The slots at the land area may be used as a parking during high season.

Uses segmentation Max permissible exploitation Hotels 0,20 Commercial activities 0,20 Residencies 0,20 Sports facilities & Land storage facilities

Argostoli Marina (Cephalonia – Ionian Islands)

Future openings

• Currently managed by the Ministry of Tourism.
• 190 berths (provides dry storage area) – marina includes an unconstructed B-phase of the marina
• Land area: 50.680 sq.m. (also dry docking capacity for dry storage and yacht maintenance for 100

vessels). Land surface needs to be re-measured.

• Sea/coastal area: 26.040 sq.m.

Specifications

Currently the land area is

• ccupied by:
• There are no buildings within

the land area of the marina

• The land area is used as a

dry storage area by locals

• Abandoned ships,

shipwrecks and some solid waste

Argostoli Marina (Cephalonia – Ionian Islands)

Future openings

• Berths: 190 berths (A+B phase)
• Sea area: Accommodation of yachts, potential accommodation of seaplanes
• Dry storage area: Dry storage and yacht maintenance area for 100 vessels
• Maximum available area for building development: 3.300 sq.m.
• Land area: Developments and uses relative to:

‒ Marina administration & operation, Yachts dry storage & maintenance, Tourism & Leisure, E/M facilities, nautical sports, petrol station, hotel, vacation homes, etc. ‒ Green areas, landscaped free spaces, footpaths, bicycle way, internal network

Envisaged Developments

Planned Allowed Uses and Maximum Buildable Area

• Zoning: Currently, there is no

zoning in the land area of the marina.

Full Development Potential (Phase A&B)

Zakynthos Marina (Zakynthos - Ionian Islands)

Future openings

• Currently managed by the Ministry of Tourism
• Berths: 150 berths
• Sea /coastal area: 65.000 sq.m.
• Land area: 37.000 sq.m. (part of it is concessed to the Prefecture for the building of a bridge across the

creek of “Agios Haralambis” along with the necessary road junction)

• Adjusted to the main harbor of Zakynthos

Specifications

Currently the land area is

• ccupied by:
• There are no buildings within

the land area of the marina

• The land area is used as a dry

storage area by locals

• Abandoned ships, shipwrecks

and some solid waste

• Building coefficient: 1,0 of

the total land area

• Uses may indicatively

include: restaurants, taverns, boat stores, other shops, entertainment centers, sale of boats, buildings for repair and maintenance of boats and similar stores etc.

Land use categories Maximum building coefficient for each use Hotels 0,20 Commercial activities 0,40 Residencies 0,70

Marina of Mandraki (Rhodes island)

Future openings

• Currently managed by the Municipal Port Authority of Southern Dodecanese
• Berths: 175 berths
• Total berthing length: 1,030m
• Sea /coastal area: 69,630 sq.m.
• Land area: 12,700 sq.m.
• Located on the coastal front of the town of Rhodes

Specifications

Currently the land area is

• ccupied by:
• Management office 70m2
• 3 stores, each 24m2
• Port Authority & Customs
• Sea area: Accommodation of

yachts

• Dry storage area: There is no

such provision

• Maximum available area for

building development: n/a. Planned Allowed Uses and Maximum Buildable Area

• Zoning: Currently, there is

no zoning in the land area

• f the marina

Berth size

• No. of Berths

Up to 13m 80 Up to 17m 69 Up to 20m 13 Up to 30m 10

Marina of Itea

Future openings

• Currently managed by the Municipal Port Authority
• Berths: 146 berths
• Sea /coastal area: 26.000 sq.m.
• Land area: 24,700 sq.m.

Specifications

Although small and without a significant development capacity of the Land zone, the marina has a potential to act as a stop during the crossing of the Corinthian Gulf for vessels traveling from the Aegean to the Ionian Sea via the Corinth Canal. Boaters can also visit the historical site of Delphi nearby.

ZONE USE

• Max. Buildable

Zone 1

• Entrance
• Fire station
• Electro-mechanical facilities

67 sq.m. Zone 2

• Marina Administration and Operation
• Port Authority
• Customs

425 sq.m. Zone 3

• Storage
• Toilets

135 sq.m. Zone 4

• Tourism – Leisure (restaurants and canteens)

80 sq.m.

• Various

4 sq.m. Total*: 711 sq.m.

*Uses outside zones’ area (yacht fuel and waste reception station) of total area of 20 sq.m.

Regional Ports

Future openings

Specifications

• HRADF holds 100% of the

shares in the port companies (private companies) that operate these ports

• Currently in the process of

evaluating the most appropriate approach for development

Port Container General Cargo Dry Bulk Car Terminal Ferry Cruise

Patra

  

Heraklion

    

Volos

    

Igoumenitsa

 

Corfu

 

Elefsina

  

Lavrion

 

Rafina



Kavala

   

Alexandroupolis

  

Elefsina Port (Attica Region)

Future openings

Specifications

• Located in the broader

Athens area.

• Mostly serving the Attica

region.

• General cargo mostly steel

and iron, presumably reduced in line with economy.

• Future plans for port

relocation to the western end of port zone; location with very good road and rail connection possibilities.

Piers at Perama Megaridos (12km to the west of the main port) Quay Length 1,048m 118m (also use the General Cargo quays) 32m at Perama (Megaridos, 12km west of the main port) Water Depth

• 7.30 to -11.00m
• 3.50 to -6.00m
• 2.50m

Usable Area 36,000 m² 6,000 m² Major Equipment 3 Mobile Cranes, 6 Clarks, 1 Loader

Source Technical Advisors estimates

General cargo Dry bulk Coastal/Ferries/PAX Drivers/Demands

• Local economy
• Local economy
• Commuting srvc to isl.

Volume Handled (2015) 0.3 MM tons* 0.1 MM tons 0.5 MM pax / 0.3 MM vehicles Installed Capacity 2.8 MM tons 0.3 MM tons 1.7 MM pax / 0.7 MM vehicles Utilization Level (%) 10% 32% 28% (Pax), 41% (vehicles) Rail Connection No Road Connection Road connection to the national road network and ATTIKI ODOS through the city of Infrastructure data Operational

*Includes limited amounts of liquid bulk

http://www.olesa.gr/

Lavrio Port (Attica Region)

Future openings

Specifications

• Located in the broader

Athens area.

• Ferry traffic to the islands

(Kea, Kythnos, Syros etc.).

• The decrease of revenues in

2010 is mainly due to the termination of containers loading/ unloading activity.

• Minor RoRo traffic

(Greece—Cyprus—Israel).

• New Passengers’ Terminal

under construction.

• Plans for upgrading and

expanding existing marinas.

Operational

http://oll.gr/index.php/en/

Piers 65 to 69 (Dry Bulk also here) 9 to 19 Quay Length 679m 590m Water Depth

• 8.50 to -9.50m
• 6.50 to 7.00m

Usable Area Major Equipment

Source Technical Advisors estimates

General Cargo Ferry Cruise Drivers/Demands

• Local economy
• Island Population
• Tourism
• Greek economy
• Tourism
• Cruise sector trends

Volume Handled (2015) 0.02 MM tons 0.38 MM pax 0.04 MM pax Installed Capacity 0.9 MM tons 3.4 MM pax

• Utilization Level (%)

2% 11%

• Rail Connection

No* Road Connection Road connection to the Commercial port through the city of connection to the passenger’s port Infrastructure data

*Plans for extension of Athens Suburban Railway

Rafina Port (Attica Region)

Future openings

Specifications

• Located in the broader

Athens area – East coast of Attica, 30 km from Athens

• Ferry traffic to the

islands (Cyclades)

• Plans for New

Passengers’ Terminal

Operational Piers 1 to 13 Quay Length 343m Water Depth

• 6.50 to -8.00m

Usable Area

Source Technical Advisors estimates

Ferry Drivers/Demands

• Island Population
• Tourism
• Greek economy

Volume Handled (2015) 1.64 MM pax/0.3 MM vehicles Installed Capacity 3.1 MM pax Utilization Level (%) 53% Rail Connection No* Road Connection Road connection to ATTIKI ODOS Infrastructure data

*Plans for extension of Athens Suburban Railway

http://rafinaport.gr/

Patras Port (Peloponnese)

Future openings

Specifications

• Located in Western Greece.
• Handles more than half of

Greek International Ferry passenger traffic.

• Old port used for small

domestic ferry traffic; part

• f it to be used for cruise

activity.

• New port used for Int’l

Ferry & Ro-Ro traffic (Greece-Italy).

• Four berths in the new ferry

terminal completed, start of construction of 5th birth imminent.

• New passengers’ terminal &
• ther port services

buildings completed.

• Mainly used by ferry lines.

Operational

Source Technical Advisors estimates

http://patrasport.gr/?lang=en

General Cargo Dry Bulk Ferry Cruise Drivers/Demand

• Local economy
• Local economy
• Islands Population
• Greek economy
• Tourism
• Cruise sector trends

Volume Handled (2011) 161,000 tons 0.1 MM tons 0.6 MM Pax 0.3 MM vehicles (2014) 467 Pax Installed Capacity 306,000 tons 245,000 tons 2.8 MM Pax 350,000 Pax Utilization Level (%) 52% 45% 19% ~ 0% Rail Connection No Road Connection Road connection to Patras ring road/Athens-Patras motorway Infrastructure data Piers “Gounari” Pier (serves both general and bulk cargo) New Port/“Ag. Nikolaou” Pier (Old Port) This activity does not exist In Patras Port Quay Length 250m 1,192m Water Depths

• 8.40m
• 8.40 to 10.5m

Usable Area 26,200m² Major Equipment 3 Cranes, 14 Forklifts

Igoumenitsa Port (Ionian Sea)

Future openings

Specifications

• Located in Northwestern

Greece

• Int’l & domestic ferry and

Ro-Ro traffic (Greece-Italy & Igoumenitsa-Corfu)

• Part of TEN-T core Network

(Trans-European Transport Network)

• Phase “B” of new ferry

terminal under construction

Operational

Source Technical Advisors estimates

Ferry Cruise Drivers/Demands

• Islands Population
• Tourism
• Egnatia motorway
• Greek economy and economic

policy

• Tourism
• Cruise sector trends

Volume Handled (2015) 2.4 MM Pax/0.8 MM Vehicles 3,090 Pax Installed Capacity 8.0 MM Pax 624,000 Pax Utilization Level (%) 30% 0% Rail Connection No Road Connection The port is directly connected to EGNATIA Motorway Piers For Cruise activity same quays as for the Ferry Quay Length 1,831m Water Depth

• 5.00 to -10.50m

Usable Area Infrastructure data

http://olig.gr/?q=en

Corfu Port (Ionian Sea)

Future openings

Specifications

• Located on the island of

Corfu

• Cruise traffic destination

(430 calls in 2012); well-established cruise destination (UNESCO heritage site)

• Domestic ferry traffic

(Igoumenitsa-Corfu) and international ferry traffic (Greece-Italy)

• New domestic ferry

terminal completed; extension of cruise pier under construction

• Yacht shelter

under construction

Operational Piers 8-18 & lee breakwater Quay Length 1,503m 975m Water Depth

• 3.00 to -10.00m
• 6.00 to -10.00m

Usable Area

Source Technical Advisors estimates

Ferry Cruise Drivers/Demands

• Island Population
• Tourism
• Greek economy
• Tourism
• Cruise sector trends

Volume Handled (2015) 1.5 MM Pax/0.4 MM Vehicles 0.6 MM Pax Installed Capacity 4.65 MM Pax 0.7 MM Pax Utilization Level (%) 32% 83% Rail Connection

• Road Connection
• Infrastructure data

https://corfuport.gr/en.html

Heraklion Port (Crete)

Future openings

Specifications

Operational Piers IV-V III I, II & AB I, II, IV & V, CD Quay Length 311m 450m Same quays as for 978m 1744m Water Depth

• 13.00m
• 10.00m

General Cargo

• 8.00 to -10.00m
• 10.00 to -13.00m

Usable Area 50,000 m3 31,500 m2 Major Equipment 2 Mobile cranes, 1 Gantry crane, 3 Reachstackers 6 Gantry cranes, 8 Forklifts

Source Technical Advisors estimates

Container General Cargo Dry Bulk Ferry Cruise Drivers / Demand

• Local Economy
• Local Economy
• Local Economy
• Islands Population
• Tourism
• Greek economy
• Tourism
• Cruise sector

trends Volume Handled (2015) 19,551 TEU 0.02 MM tons 0.1 MM tons 1.5 MM Pax / 0.3 MM vehicles 0.2 MM Pax Installed Capacity 195,000 TEU 1.7 MM tons 1.4 MM tons 2.8 MM Pax 0.5 MM Pax Utilization Level (%) 10% 8% 7% 51% 42% Rail Connection

• Road Connection
• Infrastructure data
• Located on the island of

Crete

• 5 piers that facilitate the

traffic of dry bulk and general cargo, containers, as well as coastal shipping and cruise passengers

• Customs Service operating

within the port, allows movement and storage of imports/exports

• Cruise traffic, homeporting

agreement for 2012

• Beginning of authorization

procedures for the

• peration of hydroplanes

http://portheraklion.gr/index.php/en/

Volos Port (Eastern Greek mainland)

Future openings

Specifications

Operational Infrastructure data Container General Cargo Dry Bulk Ferry Cruise Drivers / Demand

• Local Economy
• Local Economy
• Local Economy
• Islands Population
• Tourism
• Greek economy
• Tourism
• Cruise sector

trends Volume Handled (2015) 19,046 TEU 0.4 MM tons 0.25 MM tons 0.32 MM Pax / 0.05 MM vehicles 0.07 MM Pax Installed Capacity 41,000 TEU 2.6 MM tons 1.4 MM tons 1.4 MM Pax 247,000 Pax Utilization Level (%) 46% 15% 18% 22% 26% Rail Connection Rail connection to the national network Road Connection Road connection to Athens-Thessaloniki Motorway Piers Same quays as Quay Length 413m for Dry Bulk and 994m 333m 380m Water Depth

• 11.00m

Containers

• 11.0m
• 7.00 to -11.0m
• 11.00m

Usable Area 37,000 m2 70,000 m2 Major Equipment 11 Harbour Cranes, 5 non-operational

• Located at the Gulf of

Pagasitikos

• General cargo and dry bulk

traffic (mainly scrap & grains)

• Ferry connections to

Sporades islands

http://www.port-volos.gr/cgi-bin/pages/index.pl?arlang=English&type=index

Kavala Port (Northern Greece)

Future openings

Specifications

Operational Infrastructure data

• Located in East Macedonia

and Thrace region.

• Main commodity is marble,

as general cargo and dry bulk

• Ferry & Cruise activities

from old port in city center; Ferry connection to Thassos island and North Aegean islands

• Old Port: Extension of main

breakwater by 80m under construction; Rehabilitation

• f old warehouse (2,000

sq.m.) to be used as passengers/cruise terminal; call for tenders for 35 years lease

• Phillipos B: Construction of

a 120 m long detached breakwater under way

http://www.portkavala.gr/?lang=en

Source Technical Advisors estimates

General Cargo Dry Bulk Ferry Cruise Drivers/Demand

• Local economy
• Local economy
• Islands Population
• Tourism
• Greek economy
• Tourism
• Cruise sector trends

Volume Handled (2015) 0.06 MM tons 0.46 MM tons 1.9 MM Pax/ 0.5 MM Vehicles 0.1 MM Pax Installed Capacity 1.1 MM tons 4.9 MM tons 2.1 MM Pax 0.04 MM Pax Utilization Level (%) 3% 9% 91% 18% Rail Connection No Road Connection “Phillipos B’” commercial port is directly connected to Egnatia Motorway Piers Quay Length 405m Same quays 450m 588m Water Depths

• 12.00m

as for the

• 10.00m
• 10.00m

Usable Area 52,000 m2 General Cargo Major Equipment 1 Crane

Alexandroupolis Port (Northeastern Greece)

Future openings

Specifications

Operational Infrastructure data

• Located in Thrace region,

close to Turkey & Bulgaria

• Potential Container Terminal

yard completed; not in use (idle space)

• General cargo and dry bulk

traffic volumes; Cargo traffic due to geographical position, rail and road connection and existing infrastructure

• Ferry connection to

Samothraki island

• Agreement between Kavala,

Alexandroupolis, Varna and Burgas ports for submitting a proposal to “MED Program” for upgrading the rail infrastructure between them

• Dredging of access channel

needs to be completed

Source Technical Advisors estimates

http://www.ola-sa.gr/en-us/home.aspx

General Cargo Dry Bulk Costal/Ferries/Pax Drivers/Demands

• Local economy
• Local economy
• Island Population
• Tourism
• Greek economy

Volume Handled (2015) 0.03 MM tons 0.27 MM tons 0.14 MM pax/0.03 MM vehicles Installed Capacity 1.9 MM tons 0.6 MM tons 0.7 MM pax Utilization Level (%) 2% 45% 21% Rail Connection Rail connection close to the port (300m) Road Connection Road access through the city to EGNATIA Motorway (10km) Piers Quay Length 670m Same quays as for the General Cargo 395m Water Depth

• 8.00m
• 8.00 to -10.00m

Usable Area 44,000 m² Major Equipment 1 Mobile Crane

Real Estate e-auction e-publicrealestate.gr Olympic Assets Thermal Springs

• Unique variety of healing properties
• Proximity to exquisite natural sceneries
• Potential for outdoor activities
• Proximity to historical sites
• Potential to grow into holistic wellness centers
• Cluster of Fthiotida, Kyllini, Kythnos island

Portfolio

Real Estate

Mixed uses Tourism Leisure Commercial Residential Infrastructure Commercial Tourism / Leisure

Real Estate Development

Special Development Planning Zone (ESCHADA)

• ESCHADA plans set specific regulations on areas and define the permitted land uses and planning

restrictions for public real estate assets.

• ESCHADA provides for land uses regulations and building terms conditions on public properties, supported

by a Strategic Environmental Impact Assessment Study. Advantages summarized:

• Assignment multifaceted, multi-operational and complementary land uses to a public real estate property.
• Faster and easier procedures for the approval of urban planning arrangements.
• Assignment of higher building coefficients on the property.
• Ability to develop properties with special uses, such as vacation homes and homes in combination with
• ther operations resulting in their best exploitation. This ability provides the perspective of grouping

properties under common types of development (golf, winter tourism, health tourism, etc.).

• Higher certainty for the investor regarding the implementation of the projects. This is achieved through

the ratification of ESCHADA as a Presidential Decree, so that the investor has the approval of land uses and building terms secured for the property they are interested in.

• Flexibility of planning framework, which – until it is implemented in the form of zoning profile proposed by

the investor – it allows for changes and choices for the optimization of the investment.

Legal framework introduced in 2011 for the development

• f public real estate.

Real Estate

Attica

Two adjacent land plots in Lavrio (ΑΒΚ 983 & 192Α)

• Location: Pounta – Zeza,

Municipality of Lavreotiki

• Land plot area:
• ΑΒΚ 192Α: 38,554.00 sqm
• ΑΒΚ 983: 146,962.00 sqm
• Other information:

Encroachments have been identified inside the land

• plots. Parts of the

properties’ wider area are subject to archaeological restrictions.

• Development concept:

Tourism - Recreation and/or residential uses

Real Estate

Attica

Markopoulo Olympic Equestrian Center

• Location: “Merenda” area,

Municipality of Markopoulo Mesogaias

• Land plot area:

1,029,571.86 sqm (exploitable area: 305,514.00 sqm)

• Built area: 24,775.28 sqm

(open and enclosed equestrian fields, training arenas, stables, veterinary clinic, office building)

• Development concept:

Sport and recreation uses, upon elaboration of ESCHADA

Real Estate

Attica

Schinias Olympic Rowing Center

• Location: Schinias,

Marathonas Municipality

• Land plot area:

2,002,000.00 sqm (of which 750,000.00 sqm constitute water area)

• Built area: 7,937.40 sqm
• Other information: Located

within Natura 2000 Network and within Zone B1 of Schinias National

• Park. HRADF only retains

the right of use and exploitation of the property.

• Development Concept:

Sport and recreation uses

Real Estate

Thessaloniki

Military Air Base SEDES (ΑΒΚ 2653)

• Location: Thermi

Municipality, Thessaloniki

• Land plot area:

1,360,000.00 sqm

• Existing buildings: Buildings

and facilities that are currently used by Hellenic Air Force

• Other information: The

property has been characterized as a military area, whose use and competence belongs to Hellenic Air Force (GG 224/A/1999)

• Development concept:

Mixed uses

Real Estate

Chalkidiki

Land plot in Monodendri - Azapiko

• Location: “Monodendri –

Azapiko” area, Sithonia Municipality

• Land plot area: 291,619.00

sqm

• Existing buildings: Three

abandoned ground floor buildings (115.00 sqm) and

• ne little church
• Other information: An

archaeological site is identified inside the

• property. Parts of the

property fall within Protection Areas P2 according to the current General Urban Plan

• Development Concept:

Tourism - Recreation

Real Estate

Chalkidiki

Possidi Camping

• Location: “Possidi” area,

Kassandra Municipality

• Land plot area: 250,423.00

sqm

• Existing buildings: Camping

facilities and supporting buildings with a total built area of 3,467.00 sqm

• Other information:

Archaeological sites, as well as forest areas of absolute protection are identified inside the property

• Development Concept:

Tourism - Recreation, upon elaboration of ESCHADA

Real Estate

Chalkidiki

Land plot in Sani, Kassandra

• Location: “Sani” area,

Kassandra Municipality

• Land plot area: 915,099.73

sqm (comprising of two adjacent land plots of 643,259.73 sqm and 271,840.00 sqm, respectively)

• Existing buildings: N/A
• Other information: The

property is subject to severe environmental and archaeological restrictions

• Development Concept:

Tourism - Recreation

Real Estate

Kavala

ΑΒΚ 3396 & Nea Iraklitsa Estate

• Location: “Alanes” area,

Nea Heraklitsa, Municipality

• f Paggaio
• Land plot area: 149,733.43

sqm (Plot Α: 44,592.91 sqm & Plot B: 105,140.52 sqm)

• Existing buildings: Three

non-permanent buildings

• perating as a bar
• Other information:

Adjacent seaside land plots with a total coastal façade

• f c. 600 m.
• Development concept:

Tourism - Recreation

Real Estate

Aetoloakarnania

Land plot (former construction site) in Antirrio (ΑΒΚ 314)

• Location: South and east of

the toll station of Rio- Antirrio bridge, Municipality of Nafpaktia

• Land plot area: 189,543.78

sqm (exploitable area: 145,897.00 sqm)

• Existing buildings: N/A
• Development concept:

Conference center - Logistics, upon elaboration

• f ESCHADA

Real Estate

Argolida - Peloponnese

Seaside land plot in Sampariza, Ermioni (ΑΒΚ 123, 199 & 200)

• Location: “Sampariza” or

“Pigadia” area, Thermisia, Municipality of Ermionida

• Land plot area: 171,043.40

sqm

• Existing buildings: N/A
• Other information:

Property comprised of two land plots (157,753.40 sqm & 13,290.00 sqm) separated by a road

• Development concept:

Tourism – Recreation, upon elaboration of ESCHADA

Real Estate

Argolida - Peloponnese

Land plot in Porto Heli

• Location: “Ververonta”

area, Porto Heli, Municipality of Ermionida

• Land plot area: 627,417.84

sqm

• Existing buildings: N/A
• Development concept:

Tourism and Leisure uses, e.g. a 9-hole golf course and hotel with supporting hospitality and leisure facilities, as well as development of a Type B Airport, upon elaboration

• f ESCHADA

Real Estate

Argolida - Peloponnese

Land plot in Nafplio

• Location: Karathona beach,

Municipality of Nafplio

• Land plot area: 425,211.25

sqm

• Coastal facade: 1,480 m
• Other information: Unique

location, at a distance of 4 km from the town of Nafplio, offering a panoramic view to the bay

• f Argos.
• Development concept:

Hotel - Leisure Resort & Second Home Residencies

Real Estate

Ilia - Peloponnese

Land plot in Vartholomio

• Location: “Thines” area,

Vartholomio, Pineios Municipality

• Land plot area: 952,172.69

sqm

• Other information: A large

part of the property is covered by sand hills, while a smaller part is covered by bushy vegetation. Parts of the property have been characterized as forest and as reforestation areas.

• Development concept:

Tourism – Recreational uses, including a 18-hole golf course, upon elaboration of ESCHADA

Real Estate

Lakonia - Peloponnese

Seaside land plot in Glykovryssi (ΑΒΚ 379)

• Location: “Kato

Glykovryssi” area, Municipality of Evrotas

• Land plot area: 600,000.00

sqm

• Coastal facade: 1,600 m
• Existing buildings:

Abandoned camping facilities and a few arbitrary constructions

• Other information:

Uncultivated land covered mainly by soil, native vegetation and high trees

• Development concept:

Tourism - Recreation

Real Estate

Heraklion - Crete

Former American Base in Gournes, Heraklion, Crete (ΑΒΚ 289)

• Location: “Gouves” area,

Hersonissos Municipality

• Land plot area: 738,000.00

sqm

• Exploitable area:

349,792.00 sqm

• Existing buildings: Approx.

140 buildings built during the operation period of the Base, which could be

• demolished. Outside the

exploitable area there buildings of the Hellenic Centre for Marine Research, the International Exhibition Center of Crete and others.

• Development concept:

Theme Park – Retail and Tourism – Recreation uses, upon elaboration of ESCHADA

Thermal Springs

HRADF portfolio

Platystomo Thermal Spring Ypati Thermal Spring Thermopylae Thermal Spring Kamena Vourla Thermal Spring & Koniavitis Camping Kamena Vourla Thermal Spring Kyllini Thermal Spring Kythnos Thermal Spring

Thermal Springs

Why thermal springs in Greece?

Greek thermal water composition provides a unique variety of healing properties

(Hellenic natural resources spread all over Greece are recommended for both therapeutic and preventative purposes, having beneficial effect in several diseases related to musculoskeletal system, rheumatism, gynecological ailments etc)

Proximity to areas of great historical interest

(Thermopylae monument of Leonidas, Byzantine

Museum of Fthiotida, ancient ruins and castles)

Proximity to exquisite natural sceneries

(Both seaside and mountainous landscapes

• f unique natural beauty)

Potential for many complimentary

• utdoor activities

(skiing in Parnassos and Karpenisi ski areas, trekking, hiking etc)

Thermal Springs

Why thermal springs in Greece?

Why Greek Thermal Springs

Easy extraction of thermal water

The hot springs in Greece gush to the surface, allowing them to be easily exploited

Greece is considered to be rich in geothermal resources,

• ffering a promising potential for

geothermal water utilization for heating applications alongside patients’ rehabilitation purposes

Rehabilitation enhanced with climatotherapy

Greece is one of the privileged countries that nature has endowed with rich scenery changes and Mediterranean climate, which is characterized by dry, warm-hot and sunny summers and mild and wet winter. Residence in this climate during the summer can have beneficial effect on asthma, allergies, tuberculosis, bronchitis, pneumonia, cardiovascular and neurological diseases patients.

Rehabilitation enhanced with thalassotherapy

The proximity of all Greek thermal springs to the sea offers the possibility of combining thermal healing methods with thalassotherapy

Thermal Springs

Platystomo - Fthiotida

General Info

• Recommended for

treatment of rheumatism, arthritis, skin diseases, gynecological ailments, liver diseases, biliary tract, digestive tract and urinary disorders

• The property is envisaged

to be promoted for development through sale

• r long-term lease, as is
• Potential development of

the property is suggested to be oriented towards the upgrade and enhancement

• f existing tourism and

leisure facilities

Prefecture Fthiotida

• Two hotels, one hydrotherapy center (spa) and

numerous supporting facilities are located inside the property.

• One of the hotels and some of the supporting

facilities are abandoned. The rest of the existing facilities (of total built area 7.394 sq.m.) are currently operating.

• The property is currently leased. However,

there is a pending litigation between ETAD S.A. and the lessee, who is expected to leave the property. Municipality Makrakomi Landplot 785,398 sqm Built area 11,194 sqm Development concept Tourism-Leisure, Spa, Thematic Park

Thermal Springs

Ypati - Fthiotida

General Info

• Recommended for

treatment of heart disorders, hypertension, rheumatism, arthritis, migraine, post traumatic situations and chronic nervous diseases.

• Potential development of

the Property could indicatively include:

• Continuation of the operation of

the hydrotherapy center

• Restoration of the listed buildings

“Lamia”, “Ypati” and “Xenia”

• Development of a new 5* hotel (c.

300 rooms)

• Development of agro tourism

facilities

• Supporting commercial – leisure

uses

• Total buildable area: 53,250

sqm

Prefecture Fthiotida

• Located at the foot of Oiti mountain, within the

homonymous town of Loutra Ypatis.

• Three listed hotel buildings , one hydrotherapy center

(spa) and numerous supporting facilities included.

• The spring is known since ancient times and its

therapeutic value is unique compared to other greek springs.

• The property is currently operating as a hydrotherapy

center. Municipality Lamia Landplot 700,326 sqm Built area

• c. 11,098 sqm

Development concept Tourism-Leisure, athletic facilities, healthcare buildings

ESCHADA area Property’s boundaries

Thermal Springs

Thermopylae - Fthiotida

General Info

• Recommended for

treatment of rheumatism, gynecological and peripheral nerves diseases.

• Potential development of

the Property could indicatively include:

• Upgrade of existing hotels and

supporting facilities

• Part II: Development of theme /

historical park supported by restaurants and a 4* hotel.

• Total buildable area: 6,323 sqm
• Part III: Rehabilitation center /

training center, supported by a number of bungalows for the accommodation of the patients and their companions

• Total buildable area: 14,055

sqm

Prefecture Fthiotida

• Located in an area of great natural beauty, at the foot
• f mountain Kallidromo, next to very important

historical sites

• Two hotels, one hydrotherapy center (spa) and

numerous supporting facilities are located inside the property but, currently, are not operating. Municipality Lamia Landplot 785,398 sqm. Built area 4,057 sqm Development concept Tourism, Leisure, Historical Theme Park

ESCHADA area Property’s boundaries Under investigation

I II II I

Thermal Springs

Kamena Vourla Thermal Spring & Koniavitis Camping – Fthiotida

General Info

• Recommended for

treatment of rheumatism, arthritic deformation, gynecological ailments, skin and vascular diseases.

• Potential development of

the Property could indicatively include:

• Development of vacation homes and

supporting tourism – recreation facilities, mainly at parts II and VI of the property

• Development of supporting

commercial – leisure uses and a marina at the southeastern part of the property.

• Total buildable area at parts

II and VI:

• Tourism / recreation: 8,500 sqm
• Vacation homes: 24,600 sqm
• Total buildable area at parts

III and IV:

• Tourism / recreation: 8,900 sqm

Prefecture Fthiotida

• Beachfront property
• Located at the foot of mountain Kallidromo, in

proximity to areas of historical interest and natural beauty

• Abandoned camping and supporting facilities are

located inside the property Municipality Molos - Ag. Konstantinos Landplot 789,272 sqm Built area 1,510 sqm Development concept Tourism, Leisure, vacation homes, eco- camping

I II III I V V I

Thermal Springs

Kamena Vourla Thermal Spring – Fthiotida

General Info

• Recommended for

treatment of chronic rheumatism, arthritis, nephritis, gout and nervous disorders, gynecological ailments, skin and circulatory system diseases.

• Potential development of

the Property could indicatively include:

• Upgrading and enhancing of the
• perating hotel “Galini” and the

hydrotherapy center (spa) “Ippokratis”

• Restoration of listed hotels

“Radion” and “Thronion” and of listed hydrotherapy center Asklipios”

• Development of a new 5* hotel
• Separation of the area intended

to serve the “Ippokratis” visitors from the remaining complex, which will be oriented towards wellness tourism

• Total buildable area:
• Part IV: 35,005 sqm
• Part I: 3,277sqm *
• Part II: 2,125 sqm *

* Subject to any limitations arising from the existing transport nodes

I II

III

IV V

ESCHADA area Property’s boundaries

Prefecture Fthiotida

• Beachfront property
• Located at the foot of mountain Kallidromo, in proximity to

areas of historical interest and natural beauty

• Three hotels, two hydrotherapy centers (spa) and supporting

facilities are located inside the property.

• Two hotels and one spa are characterized as listed.
• Property currently leased and operating as one of the top

wellness natural SPA resorts in Greece (only hotel Galini and spa Ippokratis are operating). Municipality Molos - Ag. Konstantinos Landplot 474.524,00 sqm Built area

• c. 22,100 sqm

Development concept Tourism-Leisure,

• Conf. Center

Thermal Springs

Kyllini Thermal Spring – Ilia Peloponnese

General Info

• Kyllini Thermal Spring

comprises three (3) luxury resorts, one thalassotherapy center, one conference center and multiple supporting / leisure facilities, which are currently operating as a well-known hotel and spa complex of high level.

• The leasing agreement of

the property expires in 2050.

• HRADF promotes the long-

term lease of the property.

Prefecture Ilia

• Property situated in an area of special natural beauty and

rich cultural heritage with the main archaeological site of Ancient Olympia in close proximity.

• Property leased by "LOUTRA KYLLINIS SA“ and currently
• perating as a hotel and spa complex of high level,

comprising three (3) luxury resorts, one thalassotherapy center and one conference center. Municipality Andravida-Kyllini Landplot 1,380,000 sq.m. Built area 77,763.13 sq.m. Development concept Tourism-Leisure, Spa

100 km from the port of Patras Just 45 minutes from the airport of Araxos The port of Kyllini

• ffers ferry

connections with the Ionian islands

Thermal Springs

Kythnos Thermal Spring – Cyclades islands

General Info

• Potential development of the

property could include upgrade and enhancement of existing facilities (maximum permissible built area amounts to approximately 5,700 sqm), ensuring to highlight their great architectural value.

• A complex with total built

area c. 4,685 sqm comprising

• ne hotel with 46 rooms (96

beds), a hydrotherapy center with 14 baths, 1 hydromassage and auxiliary spaces is located inside the property.

• It is said that the construction
• f the hydrotherapy center

began between 1836 – 1845, motivated by the personal interest of Queen Amalia. Between 1871 – 1891 the building was modified / supplemented based on plans

• f the architect Ernst Ziller,

The latest modifications and additions are considered to have taken place during 1964 – 1970. Prefecture Cyclades

• The hot springs of Kythnos were among the first to have emerged

in Greece, including the spring o:Aghioi Anargyroi”, which is a saline hot spring and is situated in the hydrotherapy center, and the spring “Kakavos” which is situated 50 meters away from the first one.

• A complex containing one hotel with 46 rooms (96 beds), a

hydrotherapy center with 14 baths, 1 hydromassage and auxiliary spaces is located inside the property.

• The property is currently partially operating.

Municipality Kythnos Landplot 7,200 sqm Built area 4,685 sqm Development concept Tourism- Leisure, Spa

Projects Completed

Corporate & Infrastructure

OPAP Lotteries

€1,608 million (shares & license)

State Lotteries License

€490 million

Digital Dividend

€385 million

Mutual Horse – betting License

€42.5 million

Piraeus Port Authority (OLP)

€368.5 million

14 Regional Airports

€2,150 million

TRAINOSE Hellenic Railways

€45 million

Projects Completed

Real Estate

Properties abroad

(NY, Washington, Rome, Brussels etc)

Properties abroad

(NY, Washington, Rome, Brussels etc)

€63.5 million

Paliouri, Chalkidiki

€14 million

St Ioannis, Chalkidiki

€9.6 million

Xenia, Skiathos

€2.6 million

Leto Hotel Mykonos

€16.9 million

Pelion Mansions

€1.3 million

E-auctions

€22.5 million

International Broadcasting Center (IBC)

€81 million

Kassiopi, Corfu

€23 million

Astir Vouliagmeni, Athens

€95 million

Modiano Market, Thessaloniki

€1.9 million

Projects completion imminent

Real Estate

Hellinikon (former Athens airport)

€915 million

Afantou, Rhodes

€42.1 million

HELLENIC REPUBLIC ASSET DEVELOPMENT FUND

Case Studies

Piraeus Port Authority (OLP)

Concession agreement – Transfer of 67% of shares

• The total value of the investment amounts to €1.5bn and apart from the shares acquisition (€368.5m)

includes mandatory investments of €350m as well as expected revenue from the concession agreement (€410m) and revenue from dividends (for the remaining 7% in HRADF), interests and new investment until the end of the concession period in 2052 (€400m).

• Since 2009 COSCO has already invested more than €600m in expanding infrastructure and upgrading

equipment of the Container Terminals piers II + III.

• The goal is for Piraeus Port to rank No1 among container ports in the Mediterranean, by 2019 (third in

2016).

• Investment will grow even further from the contractual obligations, and the activities running at the

moment include: ‒ Revival of the ship repair zone – the capacity of the new floating dock that will be acquired in February offers great potential and there have already been contacts with ship-owners. ‒ Cruise – a great effort has been made to turn Piraeus into a cruise homeport. Extension of the existing infrastructure, to host 4 more berths (from 10 to 14), and a full upgrade of services. Cruise terminal construction in order to further support homeport. Act as a facilitator to develop the Chinese Cruise market. ‒ Logistics – expand current capacity through connection with ex ODDY area and providing modern logistics services. ‒ Car terminal – a plan to turn Piraeus into a hub for car imports is being realized, through the construction of an underground car terminal and two 5-storey parking stations. ‒ Real Estate – the development of cruise will lead to the construction of at least one hotel and shopping mall. ‒ Railway – the privatization of TRAINOSE and the modernization of the railway network will lead to further development of the Piraeus Port container business unit, through the increase of the daily rail routes supporting its operation. The port needs to be connected through the renewed railway network to the greater Balkan area and Central Europe, in order to become more competitive as a combined transportation hub.

Fiscal revenue1 Shares € 368.5m Concession fee € 410m Dividends & capital gain € 400m

Social contributions & taxation

Investments Mandatory € 350m Other2 € 867m Catalyst effects Increased container traffic

Revival of the ship repair activity

Other catalyst effects Multipliers/ Macro effects GDP +0.8% Employment 31.000 new jobs Other macro aggregates IOBE “Financial Impact Study for the privatization of Piraeus Port”

1 Net fiscal revenue increase (2016-2025) €511m. 2 Ten-year projection (2016-2025)

Piraeus Port Authority (OLP)

Concession agreement – Transfer of 67% of shares

• Piraeus Port has climbed to No38 among container ports worldwide ranking in 2016 (No43 in 2015) –

Lloyd’s List annual Top 100 ports

• In a zero growth environment during 2016, OLP had a revenue increase of 12.9% and 8.7% increase in

profitability; results that prove the potential of the investment and establish Piraeus port among the most profitable assets of COSCO group.

• Container traffic in Piraeus increased by 14.4% in 2016 (vs 2015) when global traffic increased by a mere

1.3% (Drewry Maritime Research).

• Piraeus ranked No1* among the terminals COSCO operates outside China.
• 58% consider Piraeus as a

shipping center offering the most attractive and holistic shipping environment for the

• peration of a ship

management office. (Singapore-53%, Dubai-29%, London-24%)

• 49% predicted Piraeus as among

the top shipping centers worldwide for the next decade, although shipping is moving to the East following the global economy. (Singapore-73%, Shanghai-33%)

Research by EY in collaboration with Mr Athanasios Pallis – Associate Professor University of the Aegean Sample: 779 Shipping Executives

Q1 2017 (€) Q1 2016 (€) CHANGE % Turnover 52m 46.2m 12.6% Revenue 8.6m 1.8m 377.8% Net profit 4.4m 1.6m 175%

* COSCO SHIPPING Ports Limited 2017 INTERIM RESULTS ANNOUNCEMENT

1Q 2017 1Q2016 CHANGE TEU TEU %

Regional Ports

Transferred to HRADF in 2012

• Regional Ports in HRADF portfolio cumulatively doubled operating profits during 2016
• Average annual profit increase for 9 out of 10 ports at 112%

‒ Profit increase 20% in 2015 ‒ Profit increase 40% in 2014

• The dividends paid to the State, amount close to € 5m in total
• Furthermore, there was a significant increase in turnover for 5 of these ports

PORT AUTHORITY SALES 2016 (€ mil.) CHANGE 2015-2016 PROFITS 2016 (€ mil.) CHANGE % 2015-2016 VOLOS 5.63 25,8% 1.35 12% ELEFSINA 3.75 36,56% 1.37 86% IGOUMENITSA 5.59

• 3,81%

1.75 15% HERAKLEION 7.08

• 15,49%

2.42 107% KAVALA 3.86 91% 1.60 370% CORFU 4.53 14,92% 1.92 222% LAVRIO 3.65

• 0,16%

0.79

• 21%

PATRA* 5.46

• 5,01%

0.11 11,262% RAFINA 2.31 4,15% 0.35 59% ALEXANDROUPOLI 0.98 21,93% 0.14 159%

*Change between 2015-2016 is affected by entries of fixed assets for year 2015 when the Patras Port presented losses of € -12,384,127 Source: Annual Financial Statements, IAS

Port Container General Cargo Dry Bulk Car Terminal Ferry Cruise

Patra

  

Heraklion

    

Volos

    

Igoumenitsa

 

Corfu

 

Elefsina

  

Lavrion

 

Rafina



Kavala

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Alexandroupolis

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Regional Ports

Restructuring

• HRADF managed to turn the 10 regional ports into profitable companies within 4 years, by introducing:

‒ Centralized monitoring management ‒ Participation in the BoD and continuous feedback ‒ Homogeneous policies, exchange of information and standardization of procedures ‒ Zero borrowing from banking institutions and the State, in parallel to the increase in turnover and profits. ‒ A five-year business plan and a five-year investment plan conducted for all ports and monthly monitoring of budget ‒ The settlement of chronic issues between Municipalities and Port Authorities; currently in progress is the exclusion from the port zones of areas that are not required for port services, so that they can be allocated by the State to the Municipalities. ‒ Combined actions between the Port Authorities to create cruise clustering schemes, and to help a joint descent in attracting EU program funds, resulting in an improved use/absorption of them. ‒ Port infrastructure maintenance projects that are underway in all Port Authorities.

• HRADF holds 100% of the

shares in the companies that operate these ports

• Currently in the process of

evaluating the most appropriate approach for development

Regional Ports

Further development

• In support of the future strategy for the development of the ports, an Exploitation study was completed in
• Dec. 2016.
• In that study, the 10 Port Authorities and their respective activities were analyzed in relation with

economic, commercial and technical potential, identifying those activities with exploitation potential.

• A further study is currently underway in order to assess Investors’ appetite and prioritize the ports to be

privatized.

• Potential for growth is very high, if operated by high skilled professionals and new investment for

infrastructure projects flows in.

• The model of Public-Private Partnerships is being considered for future concessions, which means that
• wnership and land remain with the State, whereas the management & operation of various activities of

the ports are passed to private investors through long-term concession agreements.

The shipping industry provides a significantly positive impact to the economy “Multiplier” effects across the economy:

• for every €1m the

shipping industry contributes to GDP, it creates another €1.6m elsewhere in the economy

• for every direct job the

shipping industry creates, another 2.8 are created elsewhere in the EU economy(1)

(1) OECD “The Economic value of Shipping

and Maritime activity in Europe” (Oxford Economics)

14 Regional Airports

Concession agreement

• The biggest privatization up to now – concession fee €1.23bn
• Not a sale, but a concession for the operation, maintenance and commercial exploitation of 14 regional

airports for 40 years.

• The airports in Santorini, Rhodes and Chania ranked among the worst 15 in the world for 2017(1) in terms
• f facilities, waiting lines, air-conditioned lounges, food options, cleanliness, customer service etc.
• Apart from the investment in infrastructure which was imperative in order to serve the continuously

growing numbers of visitors, the commercial activity should also be strengthened.

• Almost 50% of revenue for US and European Airports derives from side activities, e.g. parking services,

passengers’ transfer, car rentals & commercial activities (duty free shopping, food halls etc.). Average spending in AIA amounts to €7-11 per passenger, whereas in regional airports the respective amount shrinks to just €1.

Transaction Objective: Upgrade of infrastructure and services within the first 4 years and maintain a certain level of services thereafter Multiple benefits for the tourism sector and the regional development of the islands/cities the airports are located, with an immediate positive impact on traffic, jobs and real estate value.

(1) sleepinginairports.net annual survey

* estimation

REVENUE BREAKDOWN (€) Concession fee 1.23bn Total Lease value (annual lease €22.9m + inflation) 1.2bn Share of profits (annually set at 28.5% of EBITDA) 5bn* Gains from taxation, local economies growth etc. 4.6bn* Overall revenues estimated close to € 10bn

14 Regional Airports

Concession agreement

Up to now:

• Lack of investment.
• No financial reports

published.

• No results history.

Fraport Analyst Presentation 9M 2017 – Nov. 2, 2017 Fraport Greece first operational season (APR – SEP)

• Revenue € 181.4m
• EBITDA € 106.2m
• Net profits € 29m
• Passengers figures up by 10.5% to 23.9 mil.
• Investments € 66m
• Total investment for the whole duration will amount to € 1.4bn and will dramatically remake the airports’

image to reflect the country’s tourism product.

• Infrastructure expansion and improvement will increase capacity and traffic, creating an estimated number
• f 1,500 new jobs inside and around the airports’ area (Fraport posted 600 jobs in summer 2016 before

beginning operation).

• Legislation and terms of the agreement enforce strict continuous control to ensure safety, environmental

policies compliance and high standards of services for all users (passengers & airlines).

• Concession raises competition as there are now 3 operators in the country and possibly a fourth with the

concession of the new airport in Kastelli Heraklion.

• Despite the very short time of operation, revenue contribution is apparent in Fraport’s results

announcement for 9M 2017.

HELLENIC REPUBLIC ASSET DEVELOPMENT FUND

W: www.hradf.com e-mail: info@hraf.gr T: +30 210 32 74 400