November 17th 2006

Invest in GreeceInvest in Greece

Spyros CapralosSpyros Capralos

Athens Exchange

Chairman & CEO

88thth Annual Capital Link Forum Annual Capital Link Forum

2

The Greek Economy

Greece

Reduction of corporate taxes2004: 35%35% 2006: 29%29%, 2007: 25%25%

Reduction of the stock sales tax from 30 b.p.30 b.p. to 15 b.p.15 b.p.Gov’t might reduce further to 10-12 b.p.10-12 b.p.

Privatizations

2006:2006: IPO of the Greek Postal Savings Bank

2006:2006: Full privatization of the Commercial Bank of GreeceBuyer: Crédit Agricole

2006:2006: €3 bn capital increase by NBGProved that large amounts of capital can be raised in ATHEX

2007:2007: €1.7 bn privatization revenues for the gov’t (included in the budget)

3

Greek Business

Greece

Merger activity is picking up

Vivartia (Delta + Goody’s + General Foods + Chipita)

Marfin, Egnatia & Laiki Bank merger

Private Equity Fund is trying to take Hyatt private

Increased M&A activity in the health sector

Increase in private placements increase in free float of the market

4

HELEX Restructuring

Corporate Operations

Financial MarketsClearing, Settlement &

Registry

HELEX Group

Merger of subsidiaries Simplified Group structure

2002:2002: ASE + ADEX = ATHEX

2005:2005: HELEX + ASYK = HELEX

2006:2006: HELEX + CSD + ADECH = HELEX(to be completed by the end of 11.2006)

Unified Group organizational structure

5

ATHEX Rulebook

Elimination of odd lots; lot size = 1

Payment of dividends by the Central Securities Depository directly to the investors’ trading accounts

Calculation of the closing prices using the call auction method

Resolution of listed company shareholder registry issues

Removing the barriers to the entry of remote members

ATHEX now has 9 remote members, all from Cyprus

Extended trading hours

Relaxation of listing requirements for shipping companies

6

International Investors in ATHEX

27,8%

37,0%39,4%

44,5%

50,7%

42,2%

25%

40%

55%

2001 2002 2003 2004 2005 2006Oct

18,4% 20,0% 21,8%

31,1%

41,3%

15%

30%

45%

2002 2003 2004 2005 2006Oct

I nternational vs. Retail I nvestor Participation in ATHEX

28,7%31,3%

36,5%40,3%

44,6%

32,1%29,7% 30,6%

26,9%24,5% 23,0%23,9%

20%

25%

30%

35%

40%

45%

2001 2002 2003 2004 2005 2006 Oct

International Investors

Local Retail Investors

Figures refer to percentage of the Market Capitalization. 2001-2005 Data refer to December 31 st of each year.

Market is becoming more “Institutional” and more “International”.

Participation of international investors in theFTSE/ATHEX 20 & FTSE/ATHEX 40

7

Capital Inflows in ATHEX

Net Capital Inflow in ATHEX from Ιnternational Investors (€ mln)

5.200

3.700

0

1.000

2.000

3.000

4.000

5.000

2005 2006 (10 months)

8

Challenges Consolidation of Exchanges

+ tie-up

- merger?

+ merger

Trading Platform creation by 7 major banks (2008)

9

Challenges Transparency – Cost of Trading

Fee Structure ChangesFee Structure ChangesFee Structure ChangesFee Structure Changes

Need forcompetitiveness

MiFID +MiFID +Code of Code of ConductConduct

Need for Need for Turnover Turnover VelocityVelocity

Reduction Reduction of Market of Market

Risk for the Risk for the GroupGroup

TransparencyTransparency

10

ATHEX-CSE Common Platform

Common Trading & Clearing Platform (live since October 30th, 2006)

Remote Membership

Single entry point for Investors

Shares in both markets traded in Euros

Common trading hours for both markets

Harmonization of the regulatory framework

Paves the way for similar agreements in the region

11

New Developments

ETFs

Liberalization of Short Selling & Stock Lending

Changes in Derivatives’ Market

Creation of new Semi-regulated market

Change of Corporate Law Legislation (already drafted)

Record Date - Proxy Voting for Shareholders’ Participation

12

Market Statistics

141

210

340

50

125

200

275

350

2004 2005 2006 Nov

ATHEX Average Daily Value of Trading

(€ ml.)

2.000

3.000

4.000

5.000

1/1/

04

1/4/

04

1/7/

04

1/10

/ 04

1/1/

05

1/4/

05

1/7/

05

1/10

/ 05

1/1/

06

1/4/

06

1/7/

06

1/10

/ 06

+23%

+32%

+17%

ATHEX ATHEX General General Index Index

November 17th 2006

Thank you!Thank you!

Invest in GreeceInvest in Greece

Spyros CapralosSpyros Capralos

Chairman – Athens Exchange

CEO – Hellenic Exchanges

88thth Annual Capital Link Forum Annual Capital Link Forum