Capital Connect Venture ManagersPresentation of investee companiesese tat o o estee co pa es

Capital Connect Venture Managers6, Pontou street 14563 Kifissia - Athens, GreeceTel +30 210 6254063Tel +30 210 6254063Fax +30 210 6254763

e-mail: onic@capitalconnect.grwww capitalconnect grwww.capitalconnect.gr

Capital Connect

A €24m VC fund, with a closing in 2003 and an investment period until 2010

Capital Connect’s investors are the New Economy Development Fund(www.taneo.gr – a €150 million Greek state sponsored Fund of Funds) andhigh net worth individuals

The fund invests in Greek SMEs in the fields of medical devices, consumergoods, software, energy and recycling

Current Investment portfolio:

Tyres Herco SA www herco gr a tyre recycling company that converts 400 000– Tyres Herco SA, www.herco.gr, a tyre recycling company that converts 400,000old tyres into rubber granules, steel and fine powder products for industrial use.

– Mavin SA, www.mavin.gr, a company that recycles Brewers yeast to a highprotein feed supplement, sewage sludge into fertilizer and organic waste intop pp , g g genergy

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Tyres Herco – www.herco.gr

Meet Tyres Herco SA, a company that helps solve one of the world’s most pressing

environmental challenges, namely to safely recycle

some of the one billion waste tyres produced in the world each and every year.

id f f l f ll hi li kFor recent video of our factory please follow this link

Tyres Herco – data sheet

Based in the industrial area of Patras (adjacent to Mavin), a greenfield project with a1.650m2 plant over 11.000m2 of land.

Test production begun in Jan ’08 Full production in May ’08Test production begun in Jan. 08 - Full production in May 08

The most modern plant in the area, it recycles more tyres than anyother plant in Greece brings results by always operating “by the book”. It producesrubber crumb according to FIFA specifications for use in athletic fieldsrubber crumb, according to FIFA specifications for use in athletic fields.

The use of rubber in asphalt and the momentum of ‘green rubber’ can catapult the use and value of its products

Total capitalization of €5.2 million

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Tyres Herco – the tyre problem

Tyres, designed for a rugged life of use under a car, are made of vulcanized rubber. Thatmeans that rubber tyres can sit around for thousands of years, and neverdecompose.p

Discarded tyres retain water, serving as a perfect breeding ground for mosquitoesand other pests. The steel liners in the tyres are prime culprits for tearing the protectivelining at the bottom of a landfill, giving harmful substances the opportunity to leach into theg , g g pp ysoil. The oily residue left on the tyres enters the ground as well, and runs off into our watersupplies.

The tyre recycling solution is a real win-win proposition for everybody. Tyre usersy y g p p y y yhave a safe, legal way to discard their used tyres. Recycled rubber manufacturers havediscovered an entirely new niche using cheap and plentiful raw material.

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Tyres Herco – plant

Herco is a state of the art plant, built from mid-2006 to early 2008 using the most moderntechnology available. To ensure the highest purity, Tyre Herco uses German technologyby Amandus Kahl GmbH and produces crumb rubber granulates as per ISO 9001 andy p g pcertified by SGS as per DIN and FIFA requirements with a view that most of its products willbe exported.

The new plant is located in Patras, Greece’s third largest port. It has a recycling capacity ofp , g p y g p yapproximately 21,000 tons of tyres a year - about 400,000 individual casings - producing13,000 tons a year of rubber granules, steel and fine powder products. By-products strippedfrom shredded tyres are scrap steel and textile fibers from the tyre beads and reinforcement,which are also recycled and re-used.

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Tyres Herco – raw material that pays

Tyres Herco is part of Ecoelastika network set up in Greece which is responsible for theproper treatment of used tyres, according to EU regulation. This network was established bytyre importers in 2004.y p

The network is responsible for recycling used tires from the moment they become useless forvehicles until the moment they end up at the recycling factories. From 2006 in Greece,dumping used tyres in wastelands is forbidden.p g y

Tyres Herco is paid by Ecoelastika a ‘gate fee’ for incoming tyres.

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Tyres Herco – production

The plant manager has managed to deliver consistent high quality material for our ever-demanding customers and satisfied partners

Tyres Herco’s production line works 24/7 (21 shifts / week) and as a result recycles Tyres Herco s production line works 24/7 (21 shifts / week) and as a result recycles more tyres than any other plant in the region. Its reputation is that of a company that brings results by always operating “by the book”.

The facility houses a laboratory and an experienced technical team committed to helping The facility houses a laboratory and an experienced technical team committed to helping customers formulate custom products suitable for their needs.

Herco’s output from its production line is:60% rubber crumbs sold mainly for athletic turf fields and playground surfaces- 60% rubber crumbs – sold mainly for athletic turf fields and playground surfaces

- 15% light melting steel scrap - sold to local and international plants that melt and reuse it- 25% textile rubber – sold as alternative fuel

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Tyres Herco – 100% renewable products

Rubber: Our main product is valuable rubber crumbs, free from steel wire and textile. They are used in various applications such as car parts, floor coverings, road building, port fenders, insulation, mats, p , g , g, p , , ,moldings, equestrian landscaping and turf applications, carpet underlay, sports and playground surfaces, etc. Timberland is basing its latest advertising campaign on the use of rubber powder in its soles. When you see the Timberland Green Rubber icon it means the outsole is made with 50% Green Rubber material, which contains at least 85% rubber from old tyres.

Steel: There’s more to tyres than just rubber. Tyre Herco’s uniquesystem, extracts every strand of high tensile steel from tyresof all kind. These are then on sold to steel manufacturers whounderstand the true value and quality of this steelunderstand the true value and quality of this steel.

Synthetics (Textile rubber): Most tyre recyclers don’t understand the true worth of the synthetic fibers found in tyres. We do, which is why we use this valuable resource as alternative fuelwhy we use this valuable resource as alternative fuel

Tyres Herco – other product use examples

Tyres Herco – salesWe focus our efforts in international vs localsales for the majority of our products, mainly dueto the fact that our superior quality is suitable by allp q y ymajor clients abroad (as per FIFA requirements) andtheir payment terms are favorable compared to thelocal ones. We now export to satisfiedcustomers to over 20 countries from Europe,the Middle East, Africa and Asia.

Rubber prices do not fluctuate more than 20% andare expected to increase dramatically when theMinistry of Public Works in Greece follows theexample of the USA and European countries andstarts utilizing rubber powder in asphaltstarts utilizing rubber powder in asphalt.

The light melting steel scrap’s lower prices areexpected to increase in the years to come

Tyres Herco – use in asphalt

Rubber powder can be used as raw material in various applications, such as RubberizedAsphalt Concrete (RAC). This pavement material consists of regular asphaltconcrete mixed with rubber powder. This will result to a significant increase of the value ofp gour products.

Use of rubberized asphalt was pioneered in the 1960's because of its high durability. Otherbenefits of Asphalt Rubber:p

Reduction of road noise up to 12 Decibels

Increased elasticity and resilience at high temperatures.

Improved resistance to surface initiated and fatigue/reflection cracking due to higher bindercontents and elasticitycontents and elasticity.

Reduced temperature susceptibility / Improved durability

Increased viscosity that allows greater film thickness in paving mixes without excessive draindown or bleeding.

Improved aging and oxidation resistance due to higher binder contents, thicker binder films, andanti-oxidants in the tyre rubber.

Improved resistance to rutting (permanent deformation) due to higher viscosity, softening pointsand resilience (stiffer, more elastic binder at high temperatures).

Lower pavement maintenance costs due to improved pavement durability and performance.

Improved safety due to better long-term color contrast for pavement markings because rubberacts as a pigment that keeps the pavement black longer.

Savings in energy and natural resources by using recycled productsSavings in energy and natural resources by using recycled products

Mavin – www.mavin.gr

Meet Mavin SA, a company that recycles waste into

useful raw materials through its state-of-the-art production lines.

Brewers yeast becomes a high-protein food supplement, Sewage sludge turns into fertilizer and Sewage sludge turns into fertilizer and

Organic waste turns into energy

Mavin – data sheet

Based in the industrial area of Patras (adjacent to Tyres Herco), a greenfieldproject with 1.250m2 plant over 11.000m2 of land.

The yeast (line 1) is operational since July ’09 The sewage sludge (line 2) wasThe yeast (line 1) is operational since July 09. The sewage sludge (line 2) wascompeted in September ‘09 and the waste to energy (line 3) is approved but notyet built.

Recycles all the yeast of the largest brewery in the country and negotiates aRecycles all the yeast of the largest brewery in the country and negotiates acontract to recycle the sewage sludge of municipalities in the Peloponnese.

Total capitalization of €7m

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Mavin – plant

Mavin is a state of the art plant, built from mid-2007 using the most modern technologyavailable. It has two production lines and has obtained the environmental permits andgrant approval to construct and operate a third.g pp p

1. A brewers yeast drying line – operational since Jan 2009

2. A sewage sludge drying and neutralization line – in test production since Sep 09

3. An organic waste to energy line – Environmental permits secured, grant approved

The plant is located in the Industrial Area of Patras, Greece’s third largest port.It has a capacity to:

1. recycle 5,000 tons of brewers yeast / annum

2. recycle 25,000 tons of sewage sludge / annum

3 produce 6MW of fuel power3. produce 6MW of fuel power

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Mavin – 1. brewers yeast line

Breweries cannot easily sell their 'wet' yeast, but rather prefer to sell to an intermediary likeMavin who dries and sells it as an additive using German technology by Ponndorf GmbH(www.ponndorf-gmbh.de).( p g )

Brewer’s yeast has multiple applications and is currently sold as a high-protein additive to aquaculture companies and animal feed producers. It is also used by horses and pets and results to higher endurance, increased activity, better digestion and a healthier hair coat. g , y, g

Our collaboration with top breweries in Greece (makers of Heineken, Amstel, etc) guarantees the quality of the raw materials. Mavin’s plant complies with the ISO 9001:2000 and HACCP standards, which guarantees the quality of the final products., g q y p

Mavin – 2. sewage sludge line

Municipalities and local industrial plants have a great problem with the sewage sludgethat originates from their sewage treatment plants.

Mavin solves this problem by transporting the sewage sludge from their premises to itsstate-of-the-art facilities and then neutralizes and converts it into high qualityfertilizer.

The company has a capacity to recycle up to 25.000 tons per annum - the needs of a city - using German technology by UMAG (www.umag.com). Drying is achieved by contact with steam-heated stainless steel disc dryers, technology that removes the moisture up to h d d fthe desired rate of 10%.

Mavin – 3. waste to energy line

Mavin has secured an environmental and a grant approval to construct and operatea waste to energy line.

This is achieved by a high-tech waste incinerator with special flue gases treatment that isbuilt according to the strict European Union regulations and has the ability to burn awide range of waste: Organic, slaughter house, super market, hospital, industrial andbiomass to name a few. Tyres Herco is expected to provide Mavin with ample and cost-effective fuel namely its textile rubber product.

This environmentally friendly energy system reduces the volume of the original wasteb ll h l d f f lby 93%, guarantees zero pollution, while producing 6MW of fuel power.

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Herco & Mavin {innovative solutions to environmental problems}

The two sister recycling companies share management, employees and resources. Withintelligent use of top-of-the-line technology they solve demanding environmental problems.

Tyres Herco, the most modern and efficient plant in the Balkan region produces superiorquality products for export. The use of rubber in asphalt and the momentum of ‘green rubber’can increase dramatically the use and value of its products.

Mavin’s yeast line solves a major problem of the largest brewery, while producing a high-valueproduct; its sewage sludge line helps the local community meet EU regulations by solving anessential and sensitive issue; the waste to energy line will offer clean energy at a fraction ofthe costthe cost.

A combined investment of over 12 million Euros, the companies operateenvironmentally friendly plants that guarantee zero pollution and help solve major ecological issues and help solve major ecological issues.

Since the location of the Patras Industrial Area is favorable to securing environmental approvals, grants and raw material, two new recycling ’green’ projects are being investigated by two new recycling green projects are being investigated by the management. These are expected to further enhance the synergies of the group.