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November 17 th 2006

8 th Annual Capital Link Forum. Invest in Greece Spyros Capralos Athens Exchange Chairman & CEO. November 17 th 2006. The Greek Economy. Reduction of corporate taxes 2004: 35% 2006: 29% , 2007: 25%

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November 17 th 2006

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  1. 8th Annual Capital Link Forum Invest in GreeceSpyros CapralosAthens ExchangeChairman & CEO November 17th 2006

  2. The Greek Economy • Reduction of corporate taxes2004:35%2006:29%, 2007:25% • Reduction of the stock sales tax from30 b.p.to 15 b.p.Gov’t might reduce further to10-12 b.p. • Privatizations • 2006: IPO of the Greek Postal Savings Bank • 2006: Full privatization of the Commercial Bank of GreeceBuyer: Crédit Agricole • 2006: €3 bn capital increase by NBGProved that large amounts of capital can be raised in ATHEX • 2007:€1.7 bn privatization revenues for the gov’t (included in the budget)

  3. Greek Business • 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 • Unified Group organizational structure HELEX Group Corporate Operations Financial Markets Clearing, Settlement & Registry • Merger of subsidiaries  Simplified Group structure • 2002: ASE + ADEX = ATHEX • 2005: HELEX + ASYK = HELEX • 2006: HELEX + CSD + ADECH = HELEX(to be completed by the end of 11.2006)

  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 Figures refer to percentage of the Market Capitalization. 2001-2005 Data refer to December 31st of each year. Participation of international investors in the FTSE/ATHEX 20 & FTSE/ATHEX 40 • Market is becoming more “Institutional” and more “International”.

  7. Capital Inflows in ATHEX

  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 Changes Need for competitiveness Reduction of Market Risk for the Group MiFID + Code of Conduct Need for Turnover Velocity Transparency

  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. ATHEX Average Daily Value of Trading (€ ml.) Market Statistics ATHEX General Index +17% +32% +23%

  13. 8th Annual Capital Link Forum Thank you!Invest in GreeceSpyros CapralosChairman – Athens ExchangeCEO – Hellenic Exchanges November 17th 2006

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