· athex listed with a market capitalisation of c.€2.5bn net asset value stands at a total of...

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MIG Investor Day

22 May 2009London

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22

Section 1Marfin Investment GroupGroup overviewFinancial highlights

MIG CompaniesVivartiaAtticaHygeiaSingularLogicOlympicMarfin Popular BankMIG Private EquityIntra-group synergies

Contents

2

33Group overview

Leading companies across key sectors

Food & Dairy

Healthcare

Transportation

IT & TelecomsFinancial Institutions

Private Equity

ATHEX listed with a market capitalisation of c.€2.5bn

Net Asset Value stands at a total of €4.075bn

Portfolio of leading companies in mainly defensivesectors across the SEE region

Diversified group with global presence

37% sales outside GreecePresence in 40 countriesMore than 22 business segments

Total workforce in excess of 50 thousand employees and associates

MIG Group Operating Performance

2008 Consolidated Revenues: €1,773m2008 EBITDA: €326.8m2008 Net Profit: €112.6m

MIG Parent:

€1,078m cash87% of investment portfolio in quoted instrumentsConstructive dividend proposed for 2009 of €0.20 per share

Highlights

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4

U.S.A.

Egypt

ATLANTIC OCEAN

Malta

Guernsey

Cyprus

Mexico

SaudiArabia

Vivartia Hygeia MPB Singular HiltonKorasidisRKB Sunce FAI Attica

Nigeria

Australia

A group with a global footprint

NORTH SEA

MEDITERRANEAN SEA

PolandGermany

Italy

Turkey

Ukraine

Romania

Bulgaria

Russia

Montenegro

Croatia BLACK SEA

Estonia

Serbia

Albania

Greece

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55

MIG continuously enhances its sectoral and geographical diversification

A diversified group

Portfolio companies by sector

Production sector: Dairy & Beverages, Bakery & confections andFrozen Foods activities.Real Estate sector: investment property activities in Serbia andGreece.Service Sector: Food services, Transportation, Hotel & Leisure,Healthcare, Financial Inst, IT & TelBreakdown as per Group’s Gross Asset Value

Group sales by geography

Group Sales include only fully consolidated companies:Vivartia, Attica, Hilton and RKB (during 2008 RKB portfolioassets were under refurbishment, therefore no material incomehas been generated)

Rest of the world 11%

€ 3,348.8m € 1,773.0m

5

66A diversified group (cont’d)

MIG’s current portfolio consists of leading companies in their sectors across SEE

Portfolio companies by industry (a),(b)

(a) MIG’s gross asset value, amounted to €3,348.8m

(b) MIG portfolio is classified in 5 core businesses & private equity

(c) Vivartia breakdown in 4 business lines according to averageEBITDA of years 2009 to 2013 (as per the latest business plan)

Private equity by industry (d),(e)

€ 3,348.8m € 386.2m

(d) Breakdown as per Group’s Gross Asset Value

(e) The Private equity Sector includes : MIG Leisure, RKB Serbia,MIG Leisure & Real Estate Croatia, MIG Real Estate &Anakon/Theros

Entertainment 15%

6

7MIG group structure

Main controlling interest in subsidiaries & associates

Sector Cons. Method Current stake

Vivartia Food and Dairy Full 90.3%

Attica Transportation Full 86.8%

Hilton Private Equity: Hospitality Full 75.1%

MIG Real Estate Private Equity: Real Estate Equity 50.0%

JSC Robne Kuce Beograd Private Equity: Real Estate Full 66.7%

Sunce Bluesun Private Equity: Hospitality Equity 49.9%

Singular Logic IT & Telecom Equity 31.2%

FAI Flight Ambulance Private Equity: Flight Ambulance Equity 49.9%

Minority Interests - Non consolidated companies

MPB Financial Institutions None 9.7%

Hygeia Healthcare None 33.3%

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88

Section 1Financial highlights

Section 2

8

99Key financials - Profit & Loss

20082007

pro forma2007

reported

Sales 1,773 1,444 604

EBITDA 327 191 34

Profit after tax from continuing operations 184 182 69

Profits after tax from discontinued operations 0 268 268

Net profit for the period 184 450 337

Net profit after minorities from continuing operations 113 126 62

Basic EPS from continuing operations (in €) 0.15 - 0.16

Group income statement (€m)

20082007

reported

Operating income 173 394

Net operating income 116 348

Net profit for the period 77 278

Basic EPS (in €) 0.10 0.70

Group income statement (after minorities)Contribution by unit (€m)

20082007

pro forma

Net income from Holding & consolidation adjustments 76 43

Net income from Operational units (production & services sectors) 57 69

Net income from Real estate units 87

Gains (losses) from revaluation of investment portfolio (107) 14

Net profit after minorities from continuing operations 113 126

Consolidated sales presented a robust increase of 23% vs pro forma sales of 2007

Consolidated EBITDA posted a substantial uplift of 71% compared to pro forma respective figures of 2007, whereas EBITDA margin soared by 520 bps from 13.2% in 2007 pro forma to 18.4% in 2008

Basic EPS stood at €0.15 at a consolidated basis compared to €0.16 in 2007 as reported

Company income statement (€m)

2007 company’s net profit includes €242m extraordinary income from the disposal of banking assets

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1010Key financials – Balance sheet

2008 2007

Goodwill 1,383 1,086

Fixed & intangible assets 2,660 2,345

Investment & trading portfolio 1,328 3,718

Other assets 741 973

Cash & Cash Equivalents 1,509 1,508

Total Assets 7,621 9,631

Long term debt 1,509 1,013

Short term debt 755 2,358

Other liabilities 832 758

Shareholder’s funds 4,155 4,945

Minority interests 369 556

Total Equity & Liabilities 7,621 9,631

Group balance sheet (€m)

Net debt 755 1,864

Net debt / equity 17% 34%

Net debt / total assets 10% 19%

Equity / total assets 59% 57%

2008 2007

Total investments (Gross Asset Value) 3,349 5,916

Other assets 229 170

Cash & Cash Equivalents 1,078 1,189

Total Assets 4,656 7,275

Long term debt 0 0

Short term debt 516 2,148

Other liabilities 66 186

Shareholder’s funds 4,074 4,941

Total Equity & Liabilities 4,656 7,275

Company balance sheet (€m)

Net debt/(cash) (563) 960

Net debt / equity (14%) 19%

Net debt / total Investments (17%) 16%

Equity / total investments 122% 84%

The €2bn decrease in total assets relates to thedisposal of the stake in OTE

Debt has been reduced by €1,633m to €516m due to the reimbursement of loans for the financing of the investment in OTE.A highly liquid balance sheet with Net Cash of €563m

10

1111Strong liquidity at group level

Net debt evolution at group level

Cash breakdown Debt breakdown

Amidst adverse market conditions, MIG has significantly reduced its net debt position at a group level while all portfolio companies maintain healthy balance sheet structures and strong cash positions

€1,509m

€2,264m

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1212Net asset value

NAV composition 31 December 2008

€ 4,074m

Portfolio companies

82%

Net Cash14%

Working capital

4%

NAV bridge between Dec-07 & Dec-08

Strong Balance Sheet: Cash rich and healthy net debt levels

The company has maintained a very strong cash position of €1,078m and a healthy net cash that accounts for 14% of the NAV

As of 31 Dec 2008 the NAV per share stands at €5.45 compared to €6.59 the year before

(1,885)

(691)

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1313

Section 1MIG companies

Marfin Investment Group

13

1414

Section 1

Vivartia

Section 3

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1515Vivartia

The largest food company in the SEE region, operating under four divisions:

Dairy, Bakery, Food Services & Frozen Foods

Date of Investment: July 2007MIG Ownership: 90.3%Vivartia is the largest food company in South-East Europe, with #1 market positions in each of its core business lines, and #1 or #2 market shares in key products under each division, selling 3,5 billion units of product every yearDairy & Beverages: #1 Milk in Greece, Cyprus and Bulgaria; #1 Yoghurt in Cyprus; #2 Yoghurt in Greece and Bulgaria; #1 Fresh Juice in GreeceBakery: #1 Pastry in Greece, Bulgaria, Romania, Poland and Hungary; #1 Biscotti, #1 Bagel Chip, #1 Melba Toast and #2 Pita Chip in the USAFoodservice & Entertainment: #1 QSR, #1 Branded Coffee Shops and #1 Catering in GreeceFrozen Foods: #1 Frozen Vegetable and #1 Frozen Pastry in GreeceVivartia distributes to over 35 countries worldwide, and has joint ventures with leading players in several key growth markets outside of Greece, including PepsiCo in Mexico, Leventis Group (Coca Cola) in Nigeria, Almarai in Saudi Arabia and the Berzi Family in Egypt Vivartia is headquartered in Athens, operates 35 factories worldwide (30 fully-owned and 5 through joint venture agreements), with over 450,000m2 of owned buildings and over 1,300,000m2 of owned land

Company profile

Financial highlights (€m)

Net profit +21%28.1EBITDA +21%126.6Sales +28%1,118.7

Total equityNet Debt 390.5 +85%

2007 2008 Growth

1,437.2153.5

34.2692.4 683.4 -1%

722.0

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http://www.vivartia.com/

1616Vivartia – At a glance

Strategic & operational highlights of the yearKey Events of 2008

Completion of the operational and legal merger of the two subsidiaries in Cyprus (Charalambides Dairies & Christis Dairies)Acquisition of Nonni’s (US) in April 2008 (Bakery Division)Acquisition of Everest & Olympic Catering completed in June 2008 (Food Services & Entertainment Division)UMC (Bulgarian subsidiary) was fully consolidated in 2008 (partial consolidation as of July 1st , 2007) – Dairy Division

Year 2008 PerformanceGroup sales increased by 28.5% over last year. The increase was driven by healthy organic growth of 7.2%, first time partial consolidation of Nonni’s, Everest and Olympic Catering, and first-time full year consolidation of the subsidiary in Cyprus, Christis DairiesThe third and fourth quarters of 2008 presented significant improvement in profitability versus the corresponding quarters of 2007, and the first two quarters of 2008EBITDA increased by 21.2% over last year mainly enhanced by the increase of Bakery & Entertainment divisions EBITDA and consolidation of the recent acquisitions The Group’s EBITDA margin decreased by 64 bps to 10.7% amidst an unprecedented rise in commodity prices in 2008 and a significant slowdown in the second half of 2008 in the US and CEEDespite the adverse environment, FY2008 results were less than 2% below the 5-year business plan targets in terms of revenues and less than 1% below in terms of EBITDA while net earnings were 93% higher than those projected

Recent DevelopmentsOn 26 March 2009, Vivartia announced the reorganization of the Company into four subsidiaries through the separation of divisions. This separation will enhance the management of activities by division due to the increased volume of operations and significant international expansion while, on the other hand, it provides each new company with greater flexibility in formulating its strategy and pursuing strategic initiatives and co-operations

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1717Vivartia – Key financials & guidance

Recent actual financials and five-year guidance

€m2007

Actual

2008(5 yr

Guidance)2008

Actual2009

Guidance2010

Guidance2011

Guidance2012

Guidance2013

GuidanceCAGR’08-’13

Sales 1,119 1,458 1,437 1,731 1,909 2,136 2,403 2,672 13%

EBITDA 127 155 154 186 208 256 303 332 17%

EAT 28 27 34 46 58 91 119 139 32%

EPS 0.13 0.08 0.15 0.26 0.40 0.85 1.16 1.36 55%

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Despite the adverse environment, FY2008 results were less than 2% below the 5-year business plan targets in terms of revenues and less than 1% below in terms of EBITDA while net earnings were 93% higher than those projected


1818Vivartia – Current economic climate

Vivartia is well-prepared for any conditions arising from the current economic climate

It is our expectation that on an average basis, volumes will lag 2008 levels by around 5% - 7%

However, we do not expect any material adverse effects on profitability due to the following circumstances:

Extraordinary increases in the prices of raw materials in late 2007 & 2008 forced us to correspondingly increase consumer prices in 2008; in 2009 we are taking advantage of these adjusted consumer prices and the dramatically lower raw material pricesTimely and prudent internal cost cutting initiatives

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1919

U.S.A.Egypt

Mexico SaudiArabia

Nigeria

Countries PropertiesAll Owned

Greece 50

Bulgaria 9

Cyprus 19

Russia 3

Egypt 4

Mexico (JV) 1

Poland 2

Νιgeria (JV) 1

Romania 5

Saudi Arabia (JV) 1

USA 11

TOTAL : 106

Significant real estate portfolio

GreeceGreeceGreeceGreece

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2020Production sites excluding Bakery & Confectionary

Bulgaria Cyprus

Imathias

Thessaloniki

Larissas

ViotiasAttikis

Factory locations Ownership Production activity Food & Beverages Division

Food Services & Entertainment

Frozen Foods

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2121Dairy - Introduction

The Dairy Division has a market-leadership strategy which is based on:

Strong umbrella & individual brandsEffective commercial distributionEfficient industrial setup

Strong umbrella brand: the Delta brand, with its daily exposure to a large number of consumers through milk consumption, is an umbrella brand complemented by successful sub-brands to create a product portfolio with both high-volume commodity products and high margin value-added productsExtensive distribution network: the division has a very strong position in the trade due to its leadership position in many product lines. It has the largest chilled distribution network in Greece, with daily visits to most of the stores which sell dairy productsCompetitive R&D and industrial operations: the division has a strong R&D department to support product innovation and manufacturing operations that follow the strictest quality standards and are conveniently located close to the end-market

Competitive advantages and strategy Dairy & Beverages strategy

Market Leadership

Competitive R&D / Industrial Operations

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2222Dairy – Main product categories

The main product categories are milk, fresh dairy products, chilled fresh juices and cheeses

In Milk, a wide range of products is offered, covering all types of white (fresh, HP, UHT, evapore) and chocolate milk

In Fresh Dairy Products, Vivartia offers not only white and flavored yogurts, but also products catering to specific consumer needs (i.e. functional and children’s yoghurts)

In Beverages/Chilled Juices, Vivartia offers a diverse range of flavors

In Cheeses, Vivartia offers branded and non-branded feta, halloumi, and cream cheeses

The Dairy business includes 4 main categories

• Fresh milk• HP• UHT• Chocolate

flavored• Condensed• Children’s

milk

Dairy & Beverages products

Milk

Fresh dairy products Beverages

Milk

Beverages

Fresh Dairy Products• White yogurt• Fruits &

cereals yogurt• Children’s

yogurt• Functional• Desserts

• Chilled juices

Cheeses• Cheese (feta,

halloumi, cream)

Cheeses

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2323Dairy – Leading market positions

Vivartia enjoys leading market shares across all its dairy product-lines

Country Category Market shares(rank)

Greece White milk 26.7% (#1)

Greece Choco milk 55.6% (#1)

Greece Yogurt 19.2% (#2)

Greece Chilled Juices 60.2% (#1)

Cyprus White milk 62.3% (#1)

Cyprus Choco milk 81.8% (#1)

Cyprus Yoghurt 33.0% (#1)

Bulgaria Yoghurt 10.5% (#2)

Bulgaria Choco milk 82.0% (#1)

Bulgaria White milk 46.7% (#1)

Dairy & Beverages brands and sub-brands

Greece

BulgariaCyprus

23

Source: Nielsen


2424Dairy – Production network

Vivartia has an extensive production network of 8 Dairy factories across SEE

The Dairy division has operations in Greece (Delta)Cyprus (Vivartia Cyprus) and Bulgaria (United Milk Company)

The production footprint network is located close to densely populated areas, which ensures low cost and timely service of the market

Location Ownership Production activity

Ag Stefanos, Greece Owned Yogurt

Tavros, Greece Owned Milk & Juices

Sindos, Greece Owned Milk

Imathia Platy, Greece Owned Evapore

Ellasona, Greece Owned Feta cheese

Eurofeed, Greece Owned Animal feed

Limassol, Cyprus Owned All Dairy products

Plovdiv, Bulgaria Owned All Dairy products

Map of production plants

Ag.Stefanos(Athens)

Delta, fresh, HP & chocolate milk

Eurofeed, animal feed

Delta, yoghurt , desserts

Delta, fresh & chocolate milk, chilled juices

Sindos

Delta,condensed milk

Tavros(Athens)

Imathia

Vigla

UMC, fresh, UHT, flavored milk,

yoghurt, cheeseGreece

Bulgaria

Cyprus

LimasolChristis, fresh & UHT milk yoghurt , cheese

Delta,feta cheese

Plovdiv

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2525Bakery – Introduction

Competitive advantages & strategy

Bakery’s market leadership strategy is based on Uniqueness of productsSize of operations Continued successful geographical expansion

Uniqueness of products: Unique long shelf life croissant products in a continuously expanding portfolio, supported by unparalleled brand equity in most of the countries of presence

Size of operations: 35 production lines all over the world, providing unique advantage to retailers

Continued successful geographical expansion:after the initial successful expansion into Central/Eastern Europe, Bakery expanded into broader geographies, such as the US, Nigeria and Saudi Arabia through acquisitions and joint ventures

Bakery & Confectionary strategy

Size of operations

Uniqueness of products

Continued successful geographical expansion

#1

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2626Bakery – Main product categories

The Soft Dough products portfolio consists of: Croissants (single & mini)Cakes (Swiss rolls, cake bars, madalenas), and Other niche products (strudel, mini strudel, tsoureki & treccina)

The Savory products portfolio includes:Bake rolls, and Pita bakes (based on Arabic pita)

From the recent acquisition of Nonni’s, these product categories are further enriched with biscotti and other specialty baked goods

The Bakery business includes 2 main product categories

Bakery products

Soft dough products Savory products

Nonni’s sweet and savory products

26


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2727Bakery – Leading market positions

Vivartia enjoys #1 market shares across all its bakery product-lines

Country Category Market shares(rank)

Greece Pastry 80.0% (#1)

Romania Croissant 77.1% (#1)

Romania Bread snacks 70.8% (#1)

Bulgaria Croissant 88.1% (#1)

Bulgaria Bake rolls 91.7% (#1)

Poland Croissant 94.7% (#1)

Russia Croissant 78.5% (#1)

Egypt Cakes 81.0% (#1)

USA Biscotti 68.0% (#1)

Bakery & Confectionary brands

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Source: Nielsen


2828Bakery – Production network

Vivartia has an extensive production network of 17 Bakery factories across SEE

The Bakery divsion has 17 manufacturing plants in Greece and abroad (Bulgaria, Romania, Poland, Russia, Egypt, USA, Mexico, Nigeria, Saudi Arabia)12 of the 17 plants are company owned while the other 5 are joint ventures in Egypt, Saudi Arabia, Mexico & Nigeria

Production & DistributionBulgaria EgyptGreeceMexico (*)Nigeria(*) (**)Poland RomaniaRussiaSaudi Arabia (*) (**)U.S.A.

DistributionCzech Republic (***)Germany Hungary (***)ItalySlovakia (***)Ukraine (***)

ExportsAlbania (***)AustraliaAustria Belarus (***)Bosnia (***)CanadaCroatia (***)FYROM (***)KazakhstanLebanon (***)Malta (***)Moldova (***)Serbia (***)Montenegro (***)Slovenia (***)

(*) Joint Ventures / Companies with Vivartia minority stakes (**) Start-ups, 1st quarter 2009(***) Countries with advertising support and high brand awareness

Vivartia factories

Owned plants

Joint ventures plants

Joint ventures

• The plants in Egypt (Cairo) and Saudi Arabia (Jeddah) produce croissants and cakes

• The plants in Mexico (Mexico City) and Nigeria (Abuja) produce croissants

Owned plants

• The manufacturing plant in Greece is located in Lamia and makes croissants, bake rolls, pita bakes, rusks, tsoureki, potato chips and extruded snacks

• The plant in Bulgaria is located in Sofia and produces croissants and bake rolls

• The plant in Romania is located in Bucharest and produces croissants, cakes, Swiss rolls and Creamlineproducts

• The plant in Poland is located in Tomasov (100km from Warsaw) and produces exclusively croissants

• The plant in Russia is located in St. Petersburg Producing croissants, cakes, Swiss rolls, mini rolls, magdalena and flan cakes

• There are 6 plants in the US. Biscotti products are made in Tulsa (OK) and Ferndale (NY), bagel chips in Bronx (NY) and South Dayton (NJ) and crackers are made in Knoxville (TN) and Willingboro (NJ)

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2929Product categories – Bakery & Confectionary

* Production to start by the end of the first quarter 2009

USA facilities: - Owned: Ferndale NY, Willingboro NJ, Knoxville TN - Leased: Bronx NY, Dayton NJ, Tulsa OK

1. CroissantsSingleMini

2. Cakes

COUNTRIES GREECE BULGARIA ROMANIA POLAND RUSSIA USA (6 facilities) MEXICO(JV) EGYPT (JV) NIGERIA (JV)* SAUDI ARABIA (JV)*

BAKERY & CONFECTIONARY DIVISION

PRODUCT CATEGORIES PRODUCED PER COUNTRY

CA

TEGO

RIES

1. CroissantsSingleMiniStrudelSingleSingle chocolate enrobed

2. Bake RollsBake RollsMini Bake Rolls

3. Pita Bakes

4. Rusks

5. Tsoureki

6. Potato Chips

7. Extruded Snacks

1. CroissantsSingleMiniStrudel

2. Bake RollsBake Rolls

1. CroissantsSingleMiniSingle chocolateTreccinaMini Strudel

2. CakesCake Bars

3. Swiss Rolls

4. Cream LineHazelnut PralineWaffers


1. CroissantsSingleMiniMini Strudel

2. CakesCake Bars

3. Swiss RollsChocolate enrobed Swiss Rolls

4. Mini RollsChocolate enrobed Mini Rolls

5. Magdalena

6. Flan Cakes

1. Biscotti

2. Bagel Chips

3. Crackers

4. Bread Crumbs

1. CroissantsMini


2. Cakes

1. CroissantsSingle

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3030Food Services & Entertainment – Introduction


Goody’s has built its success both in casual restaurants and coffee shops through employment of a fully integrated approach that allows a strict quality control and flexibility in the design of the menu

This has trained the Greek consumers to value and be extremely loyal to a consistent and higher standard than the one offered by the international chains

The recent acquisition of Everest has reinforced the leadership position and the overall potential of the division, as it has added to the Group both a leading brand in snack bars, as well as other successful concepts (La Pasteria) that have potential for further growth

Food and Entertainment strategy

(2001)

Integrated approach, quality control and flexibility in menu design

Has set a high standard for “casual dining” in the Greek market

Good and healthy foodSuperior service

(2008)

Leader in snack bars and the “on the go” market

30


3131Food Services & Entertainment – Main brands

The FS&E division has brands that satisfy a wide range of consumer dining needs

Goody’s, for fast casual dining both for lunch and dinner both on premises and recently available through delivery Flocafé, for good quality coffee and gourmet dishes in a nice ambiance from mid-morning on, for on-premises consumption Everest, for quick snacks and coffee on the go, throughout the day, for consumption both on and off premises

La Pasteria, for casual Italian diningFS&E is also active in the B2B food service through four subsidiaries:

Hellenic Catering supplies the Goody’s & Flocafe outlets and the HoReCa channel Select is a producer of bakery goods available to Goody’s, Flocafé and the HoReCa channelGreenfood produces the salads sold at the Group’s retail stores, and also sold to the organised tradeOlympic Catering offers products to the airlines for their in-flight catering and operates canteens in the airports

The FS&E business includes 8 brands FS&E service categories

31


3232Food Services & Ent – Leading market positions

Goody’s, Flocafé, and Everest are strong, recognised market leaders

Food service market

Coffee service market

Stores & System sales

2008

Goody’s # of stores 181

Flocafe # of stores 84

Everest # of stores 226

La Pasteria # of stores 21

Papagalino # of stores 19

Kuzina # of stores 2

TOTAL 533

€m 2008

Goody’s System Sales 220

Flocafe System Sales 60

Everest System Sales 125

La Pasteria System Sales 20

Other System Sales 8

TOTAL 433

32

Total Vivartia market share22.3%

Total Vivartia market share16.5%

11.1%

5.4%

5.6%

11.4%

66.5%

Flocafe Everest Starbucks Other Branded Unbranded Café

16.3%

6.0%

1.5%

5.5%

70.7%

Goody'S Everest Mc Donalds Other Branded Unbranded


3333Frozen Foods – Introduction


The Frozen Foods division has a strong competitive advantage as a result of effective brand management as well as a high quality product offering that have yielded a leadership market position that is difficult for new entrants to compete against

The division also holds a leadership position in the fragmented frozen dough market

Market leadership and scale have resulted in a cost competitive advantage

Frozen Food strategy

High brand equityStrong commercial

push in a fragmented market

Market leadership and scale

Cost advantage

Competitive advantage

Vegetables Dough

33


3434Frozen Foods – Main product categories

Basic frozen vegetables, and frozen meals sold under the Barba Stathis brand; holds a 65% market share

Frozen dough products, sold under Chrysi Zymi to retail stores (25% market share), and Elliniki Zymiproducts sold to the HoReCa channel

Fresh salads, sold under the Barba Stathis brand

The Frozen Foods business includes of 4 main product categories

Frozen Foods products

Dough products

Frozen vegetables Frozen meals

Fresh salads

34


3535Frozen Foods – Production network

Vivartia has an extensive production network of 4 Frozen Foods factories across SEE

Location Ownership Production activity

Sindos, Greece Owned Frozen vegetables

Sindos, Greece Owned Frozen dough

Plovdiv, Bulgaria Owned Frozen vegetables

Larissa, Greece Owned Marmalades

Frozen Foods factories

Sindos• Barba Stathis,

frozen vegetables• Arabatzis,

frozen doughLarissa

• Viomar,marmalades

Greece

Bulgaria

Plovdiv

• Barba Stathis,frozen vegetables

35


3636

Section 1

Attica Group

Section 4

36

3737Transportation sector - Attica

No 1 passenger ferry operator in the Eastern Mediterranean

Date of Investment : October 2007 MIG Ownership : 86.8%No 1 passenger ferry operator in the Eastern Mediterranean, owner of 100% of Superfast Ferries (the leading ferry operator in the Adriatic sea) and 100% of Blue Star (the leading ferry operator in Aegean sea)The Group’s vessels (13 in total) operate in domestic and international waters, offering connections between Greece and Italy in the Adriatic Sea (5 vessels), and between mainland Greece, the Cycladic and Dodecanese islands, and Crete (8 vessels). The Piraeus - Crete route started on 12th

March 2009The current market value of the fleet, net of all debt obligations stands at €442.1m while the average age of vessels is 11 years (7.2 year excluding the 3 older vessels of the group)

Youngest fleet in the domestic market

Attica Volumes for year 2008:

During the year the company carried 4m passengers, 275k freight units and 583k private vehicles

Company profile


Fuel cost adjustment (a) n/m-EBITDA -31%69.6Sales +3%316.3

EBITDA (like-for-like) (b)

Reported net profit 61.7 -64%

2007 2008 Growth325.9

47.728.6

69.6 76.3 +10%22.3

Recurring net profit 21.7 -42%12.6Recurring net profit (like-for-like) (b) 21.7 +90%41.2Total equity 506.1 -1%502.8Net Debt 250.9 +10%276.4(a) Assuming fuel costs at the 2007 levels(b) Adding the fuel cost adjustment

37

3838Attica Group

Through its subsidiaries Superfast Ferries and Blue Star Ferries, Attica Group owns and operates modern and fast cruise-class and car-passenger ferriesAttica provides year-round transportation services to passengers, private vehicles and freight in the Adriatic Sea as well as in the Greek domestic market

38

3939Group corporate structure

As a result of a Mandatory Public Offer completed on 2nd January 2008, MIG and its subsidiaries own 86.8% of Attica GroupFollowing a triple merger completed in December 2008, Superfast Ferries and Blue Star Ferries are 100% owned by Attica Holdings S.A.As a result of the merger by absorption, Blue Star Maritime S.A. was delisted from the Athens Exchange in December 2008

100% owned 100% owned

Listed on the Athens Exchange Market capitalisation: €325m

39

4040Leading operator in the domestic market

Market shares 2008(a)

Passengers Freight units Private vehicles

(a) The market shares are derived from statistical data of the Greek Port Authorities

40

4141The fleet

Superfast Ferries 5 ships, all built after 20014 operate between Greece – Italy1 operates in the Piraeus – Heraklion, Crete route since 12th March, 2009

The newly built Superfast I, acquired in October 2008, operates in the Patras – Igoumenitsa - Bari routeSuperfast II will be delivered Autumn 2009 and will operate in the same route as Superfast I

Blue Star Ferries8 ships, of which 5 built after 20007 operate in the Greek Islands 1 operates between Greece – ItalyA successful turnaround story of an acquired and rebranded competitor

41

4242

* This figure was limited to 804 by the Greek law

Fleet specifications

Vessel Built Rebuilt Length overall (meters)

Speed (knots)

Passengers Berths / Air seats

Private vehicles

Freight units / Lane meters

Superfast I 2008 - 199.14 24.0 950* 374 / 118 100 140 / 2,505

Superfast V 2001 - 203.9 28.3 1,595 842 / 90 90 110 / 1,920

Superfast VI 2001 - 203.9 28.3 1,595 842 / 90 90 110 / 1,920

Superfast XI 2002 - 199.9 29.1 1,639 710 / 46 90 110 / 1,915

Superfast XII 2002 - 199.9 29.1 1,639 710 / 46 90 110 / 1,915

Blue Star Paros 2002 - 124.2 24.4 1,475 104 / 378 48 21 / 360

Blue Star Naxos 2002 - 124.2 24.4 1,473 104 / 378 48 21 / 360

Blue Star 1 2000 - 176.1 28.0 1,802 458 / 179 100 100 / 1,718

Blue Star 2 2000 - 176.1 28.0 1,890 430 / 349 100 100 / 1,718

Blue Star Ithaki 2000 - 123.8 24.1 1,313 22/275 126 21 / 360

Diagoras 1990 2001 141.5 21.0 1,468 424 / 236 75 50 / 625

Blue Horizon 1987 1999 187.1 22.5 1,510 582 / 119 67 110 / 1,850

Superferry II 1974 1992 121.7 19.5 1,530 70 / 330 130 24(12m)+ 4(10m) / 346

Superfast Ferries: Average fleet age 6 years - Blue Star Ferries: Average fleet age 15 years

The most modern fleet in the domestic market42

4343The routes

Greece - Italy

Superfast I (since October 08)

Superfast V

Superfast VI

Superfast XI

Blue Horizon

Scotland-Belgium

Blue Star 1 (discontinued Sept 08)

Cyclades

Blue Star Ithaki

Blue Star Paros

Blue Star Naxos

Superferry II

Dodecanese

Blue Star 2

Diagoras

Blue Star 1 (since October 08)

Crete

Superfast XII (since March 09)

International routes Greek Island routes

43

4444Recent corporate activity

Strategic & operational highlights of the year

In February of 2008, Attica’s shares were converted from bearer to nominalFour RoRo vessels were sold at a profit of €9.7m, resulting in a cash surplus of €24m for the 1st quarter 2008Triple merger of Attica Group with Superfast Ferries Maritime and Blue Star Maritime (now delisted) completedAcquisition of two new RoPax vessels (Superfast I and Superfast II), for €156m in June 2008, deliveries in October 2008 and Autumn 2009Discontinuation of the North Sea route, with rerouting of Blue Star 1 to the Piraeus-Dodekanese route from September 2008Financing arranged for Superfast I (€48m at 135bp spread, 40% equity) – September 2008Delivery of Superfast I and deployment in the Bari route – October 2008Decision to reroute Superfast XII to Piraeus-Heraklion route – December 2008; service commenced on 12th March 2009

44

4545Performance by route/market

Route/Market contribution to group revenue

Route/Market contribution to group EBITDA

38.0%

9.0%51.0%

Full Year 2007 Full Year 2008

42.0%

6.0%52.0%

52.0%

7.0%41.0%

72.0%

2.0%

26.0%


45

4646Revenue/Cost breakdown

Attica Group revenue breakdown per traffic segment – FY 2007

Attica Group revenue breakdown per traffic segment – FY 2008

51.0%14.0%

35.0%

International Routes

22.0%8.0%

70.0%

Greek Islands Routes

36.0%

13.0%51.0%

71.0%

7.0%

22.0%

International Routes Greek Islands Routes

46

4747Revenue/Cost breakdown (cont’d)

Attica Group cost structure, as a share of operating expenses

Attica Group cost structure, as a share of revenue

12.0%

6.0%2.0%

12.0%

8.0%

24.0%

48.0%


9.0%

6.0%2.0%

10.0%

7.0%

18.0%

50.0%

7.0%

3.0%

1.0%8.0%

6.0%

14.0%

31.0%

6.0%

3.0%

1.0%8.0%

5.0%

14.0%

30.0%

47

4848Market: Greece – Italy

Full year 2008 traffic data

Passengers: 717,09333.2% Market Share - Rank: 1st

FY07: 727,742 passengers33.6% market share, rank: 1st

Freight units: 148,93030.2% Market Share - Rank: 1st

FY07: 141,339 freight units 30.9% market share, rank: 1st

Private vehicles: 137,310 27.2% Market Share - Rank: 2nd

FY07: 141,404 private vehicles 27.9% market share, rank: 2nd

Volumes and corresponding market shares for Attica are Superfast and Blue Star Ferries aggregates

Market shares data as per Greek Port Authorities and Attica data

13.1%

9.1%

21.3%23.3%

33.2%

22.2%

12.5%

17.6%17.4%

30.2%

10.2%8.1%

25.5%

29.0%

27.2%

Passengers

Freight Units

Private Vehicles

48

4949Market: Greece – Italy (cont’d)

Monthly load and revenue figures

Full Year 2007 Monthly average passengers and freight units

Monthly passenger/car and freight revenue4 Superfast and 1 Blue Star ferries

Monthly passenger/car and freight revenue4 Superfast and 1 Blue Star ferries

0

20

40

60

80

100

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec01002003004005006007008009001,000

Freight Units Passengers

0

20

40

60

80

100

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec01002003004005006007008009001,000

Freight Units Passengers

02,0004,0006,0008,000

10,00012,00014,00016,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Freight Revenue Passenger / Car Revenue

02,0004,0006,0008,000

10,00012,00014,00016,000


Freight Revenue Passenger / Car Revenue

49

Full Year 2008 Monthly average passengers and freight units

5050Market: Greek Islands

Full year 2008 traffic data – Cycladic Islands (Santorini, Mykonos, Paros)

Attica operates 4 ships (avg. age 13 yrs) and serves 12 islands, daily and year-round, while the competition operates 17 ships (avg. age 18 yrs)

With 34.7% of total sailings in this market, Blue Star Ferries had:

49.3% in passenger traffic Rank: 1st

53.4% in freight unit traffic Rank: 1st

46.4% in private vehicle traffic Rank: 1st


30.7%

20.0%

49.3%

42.1%

4.6%

53.4%

34.7%

18.9%

46.4%

Passengers

Freight Units

Private Vehicles

50

5151Market: Greek Islands (cont’d)

Full year 2008 traffic data – Dodecanese Islands (Kos, Rhodes)

Attica operates 3 ships (aged 8 and 18 yrs) year-round, while the competition operates 2 ships (avg. age 35 yrs)

With 54% of total sailings in this market, Blue Star Ferries had:

78.0% in passenger traffic Rank: 1st

71.4% in freight unit traffic Rank: 1st

76.0% in private vehicle traffic Rank: 1st

*Following the discontinuation of the North Sea route, Blue Star 1 was rerouted to this market at end 2008


22.0%

78.0%

28.6%

71.4%

24.0%

76.0%

Passengers

Freight Units

Private Vehicles

51

525252Indicative 5-year potential

Projected potential traffic data 2013 and actual data 2008

52

2008A 2013F

Sailings 5,568 6,613

Freight units 276,055 351,508

Passengers 4,083,875 5,084,005

Private vehicles (all) 583,192 703,206

There are many factors influencing performance of a shipping group such as Attica; these factors include fuel costs, demand for tourism, acquisition or building of new vessels and new route deployment/utilisation

While we cannot disclose any details, based on the projected data above it is estimated that by 2013, it may be possible to achieve:

Approximately €90m in EBITDA, andApproximately €45m in net income

0

20

40

60

80

100

2008 2013

0

10

20

30

40

50

60

2008 2013

EBITDA

Net income

CAGR 14%

CAGR 15%

5353Outlook for the future

Attica is a holding companyOur expertise lies in quality shipping, transportation and leisureThrough strong and lasting growth, we are committed to adding value for the benefit of all our shareholdersWe plan to expand our business by adapting our presence according to market demandWe aim to play a bigger role in our home marketWe focus on constantly improving operational and bottom line profitability and generating positive cash flows to support our policy for higher dividend pay-out in the years to comeAlthough our route in Crete started just two months ago, we have already achieved:

27% of passenger traffic24% of private vehicle traffic13% of freight traffic

53


5454

Section 1

Hygeia

Section 5

54

55Hygeia – Healthcare sector

55

Leading private provider of integrated healthcare services in SEE Date of investment: January 2006

MIG Ownership: 33.3%Hygeia is a market leader in private hospital units in GreeceHygeia Group consists of 3 main divisions

Secondary Care: Hygeia General Hospital, Mitera S.A, Leto S.A, Achillion Hospital (Cyprus), Hygeia Hospital Tirana, Evangelismos Hospital (Cyprus), SAFAK Group (Turkey)Primary Care: Magnetic Health diagnostic S.A, Alpha LabCommercial Activities: Y-Pharma S.A, Y-Logimed S.A (procurement companies for pharmaceuticals and supply consumables & impantable devices respectively), Stem Health S.A, Stem Health Hellas S.A, Stem Health Unirea S.A Romania (Stem Cell banks)

9 hospitals are in full operation while 1 is under construction (Hygeia Hospital in Tirana). The total licensed bed capacity of the group as of Dec 31, 2008 was 1,548 beds, expected to be increased to 1,768 beds after the beginning of Hygeia Tirana Hospital’s operation (Jan 2010)

Company Profile

Financial Highlights (€m)

Net profit +75%11.9EBITDA +107%24.0Sales +116%130.3

Total equityNet Debt 78.0 +108%

2007 2008 Growth281.8

49.820.8

358.5 379.1 +6%162.3

55

56Hygeia – Group structure (a)

56

(a) Direct and indirect stakes as at 30 April 2009

56

Hygeia operates through three main divisions; Domestic, International, and Commercial Services

57Hygeia Group – History and key events

57

Key Dates Event1970 Establishment of Hygeia Hospital

June 2002 Listing in the ATHEX

January 2006 Marfin acquires 49% stake of Hygeia S.A.

April 2006 Hygeia acquires 24.8% of Mitera S.A.

December 2006 Mitera S.A. increases its stake to Leto S.A. from 34% to 72.4%

April 2007 Establishment of Y-Pharma S.A.

April 2007 Establishment of Stem Health S.A.

July 2007 Establishment of Hygeia Hospital Tirana Sha

November 2007 Hygeia increases its stake to Mitera S.A. to 98.6%

December 2007 Establishment of Stem Health Hellas S.A.

January 2008 Acquisition of Achillion Hospital Ltd. (Cyprus) 56.7% stake

July 2008 Acquisition of Evangelismos Hospital Ltd. (Cyprus) 60% stake

July 2008 Hygeia increases its stake to Achillion to 65.75%

September 2008 Establishment of Stem Health Unirea S.A. (Romania)

December 2008 Acquisition of Safak Group (Turkey) 50% stake

March 2009 Mitera S.A. increases its stake to Leto S.A. from 72.4% to 88.8%

57

58Hygeia – Healthcare sector

58

Key Events of 2008In January 2008 Hygeia concluded the acquisition of a 65.7% stake of Achillion Hospital in Limassol for €15.6mIn July 2008 Hygeia concluded the acquisition of a 60% stake of Evangelismos Hospital in Paphos for €7.1mIn July 2008 Stem-Health, a cell bank, commenced operationsIn September 2008 Stem-Health Unirea was established in Romania; it will commence operations in H109In December 2008 Hygeia concluded the acquisition of a 50% stake of Safak Group in Turkey. Safak Group controls 4 hospitals with 470 beds capacity in the metropolitan area of IstanbulIn view of the challenging macroeconomic environment Hygeia Group decided to realign its investment plan, proceeding only with committed investments that support sustainable organic growthIn this context Hygeia Group decided in December 2008 and Implemented in January 2009, the following initiatives:

Full redemption of the existing Convertible Bond of €306.0m on its first call (Jan 13, 2009). A share capital Increase of circa €83m, in favor of old Shareholders (to be completed in H2 09), followed by a new debt bridge financing

Year 2008 PerformanceFY2008 consolidated revenues increased by 116% y-o-y to €281.8m (Consolidated P&L is not directly comparable, due to the full-consolidation of Mitera-Leto Group, Achillion, Evangelismos and Safak Group)FY2008 EBITDA soared by 107.4% y-o-y to €49.8mEBITDA margin stood at 17.7% versus 18.4% in 2007 impacted by the integration costs of the newly acquired hospitals in Cyprus

58

Strategic & Operational Highlights of the year

59Hygeia – Mission, values, vision

59

Provide high quality services at the leading edge of medical science and technologyDevelop an integrated health services network in Greece, and in SEEPromote corporate integrity and social responsibilityServe as the recognised reference point for patients and medical staffContinue to be a reliable and responsible employerCreate value for our shareholders

Our ValuesCommitment toward patient safetyFocus on healthcare services delivery with dignity & respectProactive respect for the environmentHolistic approach toward patient carePromote medical ethics and the advancement of medical science

Our VisionTo become the largest private sector provider of integrated Healthcare services in SEE, the Mediterranean & theMiddle East

59

Our Mission

60Hygeia – Regional strengths

6060

Hygeia has taken steps to become the largest private sector provider of integrated healthcare services in SEE, the Mediterranean and the Middle East

61Hygeia – Long term strategy

61

Increased efficiency, reduction of length-of-stay (LOS)Cost containment, efficient internal controlOperating leverageExtract synergies from mergers and acquisitions, centralize suppliesSkew of revenue mix towards value added servicesModernise & upgrade key medical technologyIncrease emphasis on medical researchSupplement voids in the public health system

Greenfield expansion in SEE & the Middle EastMergers and acquisitions in Greece, SEE & the Middle EastFurther utilise relationship with Marfin Investment Group

Comprehensive hospital infrastructureOne-stop diagnostic servicesContinuation of best-in-class medical servicesBroaden outpatient servicesPioneer scientific advancementsDevelop new medical capabilities

OrganicGrowth

Geographicalexpansion in Greece and SEE

Business development

61

Hygeia has adopted the following strategies for long-term growth…

62Hygeia – Short term strategy

62

In light of the challenging macroeconomic environment, both globally and in particular in SEE,Hygeia Group has decided to realign its investment plans and implement a less aggressivestrategy in the short-term, by:

proceeding only with committed investments,and pursuing only selective acquisitions in the region that support sustainable organic growth,focusing on operating consolidation of the newly acquired companies,Fully extracting synergies that arise amongst the Hygeia Group of companies and the larger MIGfamily of companies

62

…while focusing on effectively managing its short term strategy

63Hygeia – Management views on strengths and initiatives

63

Experienced & proven management team; clearly recognised in the regionHigh brand awareness as a health organisation of high reputationDedicated and professional staffSuperior, leading customer serviceReliability - continuity of careContinuing education programsNew technologies and treatment protocolsScientific research contributions acknowledged domestically and internationally

Hygeia Group initiatives

Expand in SEE and replicate Hygeia’s successful business model, transferring know-how and technologyTake advantage of the fragmented domestic private sectorFocus on de-regulation of the domestic primary healthcare sectorFocus on de-regulation of the domestic pharmaceutical and pharmacy sectorsBenefit from increase in out-of-pocket healthcare spending of Greek & SEE citizens

63

Hygeia Group strengths

64Hygeia – The Greek healthcare market

64

Greek healthcare spending as a % of GDP stands at 9.1%The OECD countries average stands at 8.9%

Source: OECD 2008

64

10% 10% 10% 10% 10% 9% 9% 9% 9% 9% 9% 9% 9% 9% 8% 8% 8% 8% 8%8% 7% 7% 7% 7% 6% 6% 6%

11%11%

15%

11%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

U.S.

A.Sw

itzer

land

Fran

ceGe

rman

yBe

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Portu

gal

Austr

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nada

Denm

ark

The

Neth

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dsN.

Zea

land

Swed

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Icela

nd

Italy

OECD

Ave

rage

Austr

alia

Norw

aySp

ain U.K

.Hu

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yFi

nlan

dJa

pan

Irelan

dLu

xem

burg

Slov

akia

Czec

hM

exico

Kore

aPo

land

Turk

ey

Healthcare spending per GDP in OECD countries

65Hygeia – The Greek healthcare market (cont’d)

65

Greek private sector spending represents 38.4% of total spendingThe OECD countries average private sector spending stands at 27%USA private sector accounts for 54.2% of total healthcare spending

Source: OECD 2008

65

38% 38%

33%30% 30% 29% 29% 29% 29% 28% 27% 26% 24% 24% 23% 23% 22% 22% 20%

18% 18% 18% 16% 16%13% 12%

9%

40%

54%56%

45%

0%

10%

20%

30%

40%

50%

60%

Mex

icoU.

S.A.

Kore

aSw

itzer

land

Gree

ceTh

e Ne

ther

lands

Austr

alia

Polan

dCa

nada

Portu

gal

Hung

ary

Spain

Turk

eyBe

lgium

OECD

Ave

rage

Slov

akia

Finl

and

Austr

iaGe

rman

yIta

lyN.

Zea

land

Irelan

dFr

ance

Japa

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Islan

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U.K.

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Percentage of private healthcare spending in OECD countries

6666Hygeia – The Greek healthcare market (cont’d)

Private hospital and diagnostic center revenues reached €1.79bn, increasing 19% y-o-y, while the CAGR for the period 1997-2007 was 13.4%

Source: ICAP 2008, OECD 2008, NSS Revised Data July 2008

Growth trends in Greek hospitals

It is estimated that in the following 2 years, the CAGR of private general hospitals will be 16-18% y-o-y, while maternity hospitals will grow by 9-11% y-o-y and primary care by 10% y-o-y due to the following catalysts:

Ageing population: population over age 65 is 18.6% versus 13.8% in 1991; according to NSS, by 2030, 24% of population will be above 65-years oldIncreasing life expectancy: life expectancy stands at 79.3 years from 77.2 years in 1991Under-insured population: circa 10% of the population have private insuranceHighest proportion of smokers in the OECD: 38.6% of the population vs 24.3% OECD averageAround 22% of adults are classified as obeseHigh impact of immigration: approximately 1m immigrants live in Greece, overwhelming public sector hospital capabilitiesThe chronic inefficiency of the public healthcare systemleaves ample room for private sector; only 18% of population is satisfied with public sector care versus 56% E.U. averageTwo-tier private sector with very few players offering high-end services and a large number low-end players that substitute the public sectorPoor quality health care services outside the main Greek cities (Athens & Thessaloniki)Highly fragmented private sector

53.6% 52.9% 52.1% 51.6%

15.8% 16.1% 16.5% 15.5%

8.2% 8.7% 9.3% 9.5%

9.5% 10.0% 10.2% 10.7%

12.7%11.9%12.2%12.9%

0%

20%

40%

60%

80%

100%

2004 2005 2006 2007

Other IATRIKO IASO EUROMEDICA HYGEIA GROUP

More than 200 players none of them above 5% market share

66

Market share of private healthcare institutions

67Hygeia – Group hospitals

67

Hygeia Group has a portfolio of 9 hospitals in SEE, with a total licensed bed capacity of 1,548; of these, 3 hospitals are in Greece, 4 are in Turkey and 2 are in Cyprus With the conclusion of build of the new hospital in Albania by the end of 2009, the Group will have 10 hospitals with a total licensed bed capacity of 1,768 beds

Hygeia Group will have 71 operating theatersHygeia Group will have 42 delivery roomsHygeia Group will have 22 Intensive Care Units (148 beds)

During 2008, over 65,000 operations were performed and more than 21,500 babies were born in Hygeia Group hospitalsHygeia Group is the largest obstetrics and gynecology group in Greece with more than 17,500 Greek deliveries, implying a 16% market share Inpatient admissions c. 108,000 per annumOutpatient visits c. 840,000 per annum

67

The Hygeia Group has an impressive portfolio of leading state-of-the-art hospitals

68Hygeia – Group hospitals (cont’d)

68

D.T.C.A. Hygeia General Hospital is a state-of-the-art general acute care hospital of 40k m2, in the northern suburbs of Athens, in close proximity to AIA and the ports of Lavrio & Rafina. The hospital is licensed for 369 beds, has 17 operating theaters and 4 Intensive Care UnitsMitera Maternity Hospital is a state of the art Maternity, Gynaecology and General Hospital of 35k m2, adjacent to HYGEIA. The hospital is licensed for 442 beds, has 19 operating theaters, 22 delivery rooms and 3 Intensive Care Units Leto Maternity Hospital is a state of the art Maternity and Gynecology Hospital of 6.5k m2, close to Athens’ center. The hospital is licensed for 110 beds, has 7 operating theaters, 7 delivery rooms and an Intensive Care UnitAchillion Hospital was built in 2004 and is a 7k m2 facility with a licensed capacity of 86 beds in Limassol, Cyprus. The hospital has 8 operating theaters, 5 delivery rooms and an Intensive Care UnitEvangelismos Hospital was built in 2003 and is a 6.2k m2 facility with 71 licensed beds, in Paphos, Cyprus. The hospital has 3 operating theaters, 2 delivery rooms and an Intensive Care Unit

68

Hygeia Group hospitals: in detail

69Hygeia – Group hospitals (cont’d)

69

Avrupa Safak General Hospital is a state-of-the-art general acute care Hospital of 8.5k m2 that was established in 1998 in Gaziosmanpasa, Istanbul. The hospital is licensed for 180 beds, has 5 operating theaters, 2 delivery rooms and 4 Intensive Care UnitsJFK Hospital commenced operations in December 1999 and is a 9k m2

facility with licensed capacity of 126 beds in Besyuz Evler, Istanbul. The hospital has 5 operating theaters, 2 delivery rooms and 3 Intensive Care UnitsGoztepe Safak Hospital commenced operations in April 2004 and is a 6.8k m2 facility with licensed capacity for 87 beds in Goztepe, Istanbul. The hospital has 4 operating theaters, 2 delivery rooms and 3 Intensive Care UnitsIstanbul Safak commenced operations in January 2005 and is a 2.5k m2

facility with licensed capacity for 77 beds in Gaziosmanpasa, Istanbul. The hospital has 3 operating theaters, 2 delivery rooms and 2 Intensive Care UnitsHygeia Hospital Tirana will be the 1st integrated private hospital in Albania and is expected to commence operation in 2010. The 220-bed hospital will be a circa 25k m2 state-of-the-art facility on a main traffic artery of Tirana

69

Hygeia Group hospitals: in detail

70The sector leader in cutting-edge technology

70

Linear Accelerator ELEKTA AXESSETM

Hygeia is the 1st hospital in Europe to install the Elekta Axesse linear accelerator, and among the first globally. Hygeia’s Radiation Oncology Department will use the Elekta Axesse to offer the latest treatment modalities

da Vinci® S Robotic Surgery System, (Intuitive Surgical – da Vinci)This is the latest generation da Vinci S Robotic Surgery System and the 1st and only one to be installed in Greece. This device allows surgeons to perform a variety of surgical procedures using the most modern and precise techniques. The 1st

coronary artery bypass graft operation using the da Vinci S Robotic Surgery System was successfully performed at Hygeia in 2008

Open Magnetic Resonance Imaging Device with high field uniformity 1.0T (Philips Ambient Experience)

The Mitera General, Obstetrics & Gynecology and Pediatrics Clinic possesses the most advanced medical imaging technology with this new Magnetic Resonance Imaging (MRI) system. This MRI allows high definition images to be captured very quickly in a totally patient-friendly, open ambient environment

70

71The sector leader in cutting-edge technology (cont’d)

71

Hemodynamic-Angiographic and Electrophysical LaboratoryThis laboratory provides the capability for complex diagnostic examinations and invasive procedures and operates in the Mitera Pediatric Cardiac Surgery Clinic. The laboratory is in an ideal location near both the pediatric cardiac surgery intensive care unit and the pediatric cardiology & cardiac surgery unit. This laboratory is the only one of its kind in Greece treating pediatric arrhythmias

Gamma Knife (Elekta-Leksell Gamma-Knife C)This represents the most sophisticated device for treating life-threatening cancer tumors of the brain. The Leksell Gamma Knife allows these extremely complex neurosurgical procedures achieve a precision of 0,3mm. Hygeia has performed over 500 of these therapies with a success rate exceeding 95%

PET/CT (Siemens-Biograph PET-CT)Hygeia’s PET-CT Department was the first to be established in 2004 and to achieve ISO 9001:2000 certification. The PET-CT is an imaging device for patients diagnosed with cancer. In such, the PET-CT Department works very closely with Hygeia’s Radiation Therapy and Oncology Center to ensure the patient receives the best care possible. The Department has successfully conducted over 2,400 PET-CT examinations

71

72Hygeia – Group personnel and KPIs

72

The Hygeia Group has over 8,000 physicians and staff encompassing nearly 50 different specialties, of which:

3,659 nurses, administrative and other402 salaried physicians4,019 cooperating physicians

In the last year, we have dedicated over 40,000 training hours to our personnel; staff turnover has dropped from 24% in 2007 to 6.5% in 2008 The vast majority of our physicians have received all or part of their medical education & training in the United States and the UKOur objective is to continue our strategy of attracting the highest caliber physicians from abroadThe Hygeia Group will be the first healthcare group to receive the JCI Accreditation in Greece, forthcoming this year

Hygeia Group 2004 2005 2006 2007 2008Inpatients 14,536 14,893 15,144 49,501 108,257change y-o-y 2.5% 1.7% 226.9% 118.7%Outpatient Visits 66,221 69,581 77,398 321,271 839,609change y-o-y 5.1% 11.2% 315.1% 161.3%# of Deliveries 0 0 0 16,043 21,546change y-o-y 34.3%Length of Stay (Days) 4.54 4.48 4.47 3.50 3.04Occupancy Rate 71.0% 71.9% 73.0% 66.0% 71.1%

72

The Hygeia Group has over 8,000 physicians and staff contributing their skills and services to its patients

73Hygeia – Group revenue analysis

73

The Hospital Services business unit accounts for 91.4% of group salesHygeia, Mitera & Leto Hospitals account for circa 87% of salesRevenues from third countries accounts for 5% of group sales, since Achillion & Evangelismos were consolidated in 1Q08 & 3Q08 and Safak Group since Dec. 08 for the first timeWith the consolidation of Safak Group, SEE participation in 2009 will increase substantially

91.4%8.6%

Hospital ServicesPrimary Care & Commercial Services

Business units

2.6%

1.8%

7.0%0.6%

8.6%

30.8%

47.1%

Hygeia Mitera LetoAchillion Evangelismos Y-PharmaSafak

Companies

95.0%

5.0%

Greece Abroad

Geographical

73

74Hygeia – Group financials (a)

74

(a)2004-2008 under IFRS

Income Statement (€m) 2002 2003 2004 2005 2006 2007 2008Revenues 74.0 68.9 79.2 83.6 94.6 130.3 281.8change y-o-y -6.8% 14.9% 5.5% 13.2% 37.8% 116.2%EBITDA 14.7 8.9 6.3 6.8 11.6 24.0 49.8change y-o-y -39.6% -28.8% 7.5% 70.6% 106.6% 107.5%margin 19.9% 12.9% 8.0% 8.1% 12.3% 18.4% 17.7%EBIT 9.2 4.3 -1.0 -0.3 5.1 16.6 33.9change y-o-y -53.0% n.m. n.m. n.m. 223.9% 104.4%margin 12.4% 6.2% -1.3% -0.3% 5.4% 12.7% 12.0%EBT 7.9 2.9 -3.0 -2.2 3.0 16.4 15.6change y-o-y -63.6% n.m. n.m. n.m. 450.6% -5.0%margin 10.7% 4.2% -3.8% -2.7% 3.2% 12.6% 5.5%Net Income 5.0 0.9 -1.5 -2.3 1.0 12.1 21.1change y-o-y -82.9% n.m. n.m. n.m. 1053.8% 74.5%margin 6.8% 1.2% -1.9% -2.8% 1.1% 9.3% 7.5%

Balance SheetNet Fixed Assets 64.6 76.3 103.3 98.9 94.3 316.0 373.1Working Capital 3.8 3.1 -1.5 -1.9 0.4 6.5 -0.2LT Assets 0.2 0.2 2.3 2.2 73.4 198.4 241.7Total Assets 68.7 79.6 104.0 99.3 168.1 520.9 614.6Net Debt 24.0 35.4 41.6 44.7 38.5 78.0 162.3LT & Other Liabilities 0.3 0.3 12.8 14.6 28.8 111.2 112.1Equity 44.4 44.0 49.6 40.0 100.8 331.6 340.1Capital Employed 68.7 79.6 104.0 99.3 168.1 520.9 614.6

Financial RatiosWC/Sales 5.2% 4.6% -1.9% -2.2% 0.5% 5.0% -0.1%Net Debt / EBITDA 1.6 x 4.0 x 6.6 x 6.6 x 3.3 x 3.3 x 3.3 x

Current Assets / Current Liabilities 0.9 x 0.7 x 0.5 x 0.5 x 0.7 x 0.6 x 0.7 xInterest Coverage (EBITDA/Interest Expenses) 11.2 x 6.2 x 3.2 x 3.3 x 2.5 x 7.4 x 1.7 x

74

75Hygeia – the future

75

The Hygeia Group has focused its efforts to creating the highest quality private healthcaregroup in SEE, the greater Mediterranean, and the Middle East

Clearly defined long-term strategyStrong shareholder structureStrong and stable financialsHigh brand awareness, excellent reputation in both the public as well as within the medical fieldManagement team with international background & training and significant experience in the sectorHighest-caliber physicians and high quality support personnel

The Hygeia Group is well equipped to be the leading healthcare provider in the region

75

7676

Section 1

SingularLogic

Section 6

76

7777

The leader in the highly fragmented local IT market with a diverse base of more

than 40,000 SME clients, 500 Large Enterprises and more than 100

Multinational Clients

Date of Investment: December 2006MIG Ownership: 31.2%Singular Logic is a leading player in the Greek BusinessSoftware market providing integrated solutions for the privateand public sectors, in Greece and abroad through threedynamic business divisions

Singular Logic has a large and reputable customer base ofGreek and international companies serviced on the back offocused and competent offerings developed alongsidepowerful partners

Company Profile

IT Sector

EnterpriseDIS (Corporate)

SingularLogicSoftware (SMEs)

SingularLogicIntegrator

(Public Sector)

Enterprise solution provider for the private sector using both own brand and third party

software

Leading software vendor for small and medium enterprises

Service provider for system and software

integration projects for the public sector

“Oracle EE & CIS Partner of the Year 2008 - Enterprise Application Partner Award”

“ΙΒΜ Business Partner Sales Leadership Achievement Award, IBM Retail Store Solutions 2007 – Europe”



Total equityNet Debt/(Cash) -6.0 +61%

2007 2008 Growth107.0

17.09.5

54.2 62.8 +16%-9.6

77

7878

Strategic & Operational highlights of the year

During the last year, SingularLogic has performed a successful financial turnaround which is demonstrated in all 2008 financial metrics:

FY2008 consolidated sales soared to €107.0m presenting a substantial increase of 31% compared to FY2007 (€81.9m)Consolidated FY2008 EBITDA reached €17.0m versus €10.1m in FY2007 representing a robust uplift of 69% The EBITDA Margin of the year increased by 361 bps to 15.9% vs 12.3% in 2007Consolidated FY2008 EBT posted an impressive increase reaching €11.5m compared to €3.5m in FY2007FY2008 Net Profits after Tax presented a substantial growth of 370% versus FY2007 amounting to €9.5m FY2008 Net Profits after Tax and Minorities amounted to €8.7m, 510% higher than FY2007In FY2008 SingularLogic preserved a strong financial structure with a highly liquid balance sheet which is illustrated through its strong net cash position of €9.6m (€36.9m cash vs €27.3m debt)

SingularLogic is continuously working towards the realisation of synergies with other MIG group companies. During 2008, Hygeia Group’s IT requirements were fully outsourced to SingularLogic. Similarly, the company has been working closely with MPB, Attica and Vivartia and it will be providing valuable IT solutions support to the newest company of the group, Olympic

IT Sector78

7979

SingularLogic has outperformed its competitors in all profitability figures(1), accounting for more than 1/3 of thesector’s Net Income and possessing the healthiest cash position(2) in the industry

The undisputed leader in the Greek IT sector

1. SingularLogic achieved the highest EBITDA in terms of absolute number (€17m) and a significant EBITDA growth ratio of 69.2%, unsurpassed in the sector, together with the highest Net Income after minority rights of €8.7m, which grew by +510% vs. 2007, the highest growth of all listed companies

2. As of 31.12.2008, the company held the highest cash reserves in the sector, at €36.9m

3. Figures in blue or red refer to Net Income figures for 2008

EBITDA Growth ‘08

Sales growth ’08/’07 Size of circle = latest available revenues, €m

797979

€9.5m

€0.9m

€1.1m

€1.7m€1.7m

(€27.0m)

(€7.0m)(€151.5m)

€1.2m

€2.3m

€1.0m

Negative band not drawn to scaleSource: FactSet, Company accounts

79

8080

SingularLogic has a clear focus on software services and is ranked No 1 in the Greek market

Focus on software

Business Software LicensingBusiness Software Maintenance and Services

31%

8% 7% 7% 6%3%

38%

Sing

ular

Logi

c

SAP

Alte

c

Rea

l C

onsu

lting

Prof

ile

Q&

R

Oth

er

27%

20%

13%9% 8%

5%

17%

Sing

ular

Logi

c

SAP

Alte

c

Rea

l C

onsu

lting

Prof

ile

Q&

R

Oth

er

80

8181

SingularLogic operates through three divisions, structured around a customer-centric approach

Main operating divisions

Finance HR Strategy & Corporate Marketing IT R & D

e-government

Transportation

Defence

Health

Regional government

ERP

Commercial Packages

Accounting Packages

Payroll / HR

CRM

Hotel

BI

Retail

Consumer Industrial Services

Account management

Strat. ProductDevelopment

Services

Project mgmt

Development

Marketing

Financial

Retail Enterprises

Business Outsourcing

Services

Account management


Network support

Training

Development

Marketing

Account management


Services

Project mgmt

Development

Marketing

TelecomsNational Elections

81

8282

SingularLogic operates through three divisions, structured around a customer-centric approach

Main operating divisions (cont’d)

Strategic technological partner & business integrator for large enterprises & organizations in the private sector in Greece and abroad

25 years of expertise in offering integrated own developed or internationally represented IT solutions500 large and 100 international companies from all business domains (Consumer/Industrial/Services, Retail, Financial, Telco Institutions, Healthcare)Customisation & system integration to support every business need (ERP, CRM, BI, EAI, etc)

Powerful national network behind the most reliable and complete product offering for small to medium enterprises

The largest installed base with more than 80,000 active installationsThe largest distribution network with more than 500 business partnersComplete product portfolio covering more than 10 business areas

Long standing, successful track record behind large scale IT projects for the Public Sector

Elections for the last 27 yearsIntegrated Information System for GDDIA, €5mAir battle control system for Lockheed Martin, €12.5m The largest public sector project in Greece for 2008 (heating petrol chain –IFESTOS, MoE)More than 300 local authorities customers and more than €15m projects in Regional Public AdministrationElectronic Urban Planning I-II-III

82

8383

SingularLogic attracts a diverse base of more than 80,000 SME clients, 500 large enterprises and more than 100 multinational clients

Large and diverse client base83


8484

SingularLogic utilises unique salesforce models

Large and diverse client base (cont’d)

4,000

15,000

140,000

650,000

Breakdown of businesses in Greece

Corporate and public sector

Large SMEs (average revenue €2.5m)

Small SMEs (average revenue €0.7m)

Professionals

Source: SingularLogic

• Over 50 expertly trained account managers dedicated to each major corporate segment (telco, retail, financial, consumer) and major public sector organisations

• Largest and most geographically extensive sales network of over 500 dealers, managed and expertly trained and coordinated by Singular Logic

84

8585

SingularLogic offers its clients a strong portfolio of 3rd party products developed by major international vendors


IP Office Compact Contact CenterApplication Enablement ServiceIP Office Professional EditionIP Office Standard EditionDistributor of the Year Excellence 2008

Platinum Partner

85

8686

SingularLogic employs over 850 skilled professionals, of which 400 are certified IT consultants and 185 are developers, complemented by approximately 300 additional consultants


Educational profile Organizational orientation

650

700

750

800

850

900

2005 2006 2007 2008

Total group headcount

86

17%

36%15%

32%

Postgraduate University College Other

22%

49%

13%16%

Developers IT ConsultantsSales & Marketing Administrative

8787

Three years ago two historical leaders with underperforming operations, and the late partial control of MIG joined forces to create a new IT leader – significantly improving profitability

SingularLogic – Result of a merger

Revenues (€m) EBITDA (€m)

Net income (€m)EBIT (€m)

(4.7)

1.0

10.1

17.0

-10

-5

0

5

10

15

20

2005 2006 2007 2008

(13.3)

(7.7)

2.0

9.5

-15

-10

-5

0

5

10

15

2005 2006 2007 2008

68.5

45.6

81.9

107.0

0

20

40

60

80

100

120

2005 2006 2007 2008

(10.0)

(2.5)

4.7

13.2

-15

-10

-5

0

5

10

15

2005 2006 2007 2008

87

8888

Since the merger, SingularLogic has achieved a successful financial turnaround

The merger – financial impact

LTM EBITDA (€m) quarter-on-quarter development

LTM Revenues (€m) quarter-on-quarter developmentThe increase in

revenues is attributed not only to strong organic growth, but also to SingularLogic’s ability to expand towards more profitable product & service offerings

Significant growth through profit-generating activities has been streamlined with simultaneous containment of costs

45.6

55.6

66.3

75.7

81.9

88.1

95.1

100.3

107.0

25.0

35.0

45.0

55.0

65.0

75.0

85.0

95.0

105.0

115.0

Q4 06 Q2 07 Q4 07 Q2 08 Q4 08

1.01.9

3.8

5.0

10.1

13.6

14.9

17.0

14.5

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

Q4 06 Q2 07 Q4 07 Q2 08 Q4 08

88

8989

SingularLogic has experienced strong growth across all divisions

Revenue analysis

Turnover divisional breakdown, 2008 (€m)Turnover (€m)

39.5

20.122.0

51.5

29.725.7

0

10

20

30

40

50

60

Enterprise Integrator Software

2007 2008

30%

48%17% 51.5

25.7

29.7

Enterprise Integrator Software

89

9090

SingularLogic has had high growth across high-margin targeted product categories

Revenue analysis (cont’d)

Turnover breakdown by product, 2008 (€m)Turnover (€m)

12.9

20.9

31.8

16.116.1

22.4

53.9

14.4

0

10

20

30

40

50

60

Licenses Maintenance Services Hardware &System Software

2007 2008

25%

7%

69%

(11%)

14.4 16.1

53.9

22.4

Licenses Maintenance

Services Hardware &System Software

90

9191

Focused strategy of innovation, increased customer utilisation and cost consciousness

Strategic plans

Capitalising on internal group

clients

SingularLogic

Market share gains and increased

penetration Through new

product development efforts

International distribution of new products

Through agreements with major

international vendors

Further selective consolidation in

sector Profitable high-growth potential

targets

Strong pipeline in place

Momentum in both private and public

sectors

Initiation of 4th CSFP

Through significantly reduced competitive

pressure

91

Capitalising on internal group

clients

Market share gains and increased

penetration Through new product development efforts

Strong pipeline in place

Momentum in both private and public

sectors

9292

SingularLogic will focus on development of outsourcing and other value-added services

Areas of interest:Disaster recovery and business continuity servicesOutsourced customer support servicesApplication service provisionValue added services (mobile applications & communication enabled solutions)Business process outsourcing

Advanced software solutions and servicesProduct innovation through Galaxy, the latest state-of-the-art technology platformNew offerings

Retail, RestaurantCRM/Payroll: SaaS, IP telephony: Avaya CEBP offeringsICTM offerings: Alert Server, Voice & Web Shop, Digital Signage Easy Pack, Credit Assist, etc.E-securityJoint ICT offerings with WIND

Expanded Revenue streamsSOA service initiatives (Stock online, Data exchange, alerting)Opportunities from large customer base (upgrades, cross sell, up sell)Business Benefit program to attract the competition’s clientsInternational expansion in SEE through network developmentDistribution agreements with large international vendors (global market reach)

Strategic plans (cont’d)92

9393

Public sector modernisation projects are expected to provide further opportunities to the IT sector

Strategic plans (cont’d)

SingularLogic will target opportunities in the following major business categories:

National Elections, Efaistos, FosOffsets / Defense – surveillanceExpansion of the Forest Fire Detection SystemFurther business opportunities in CyprusPreparation for Espa bids/projects – H2 ’09PPP expected projects – Army supplies warehouse, Port Security, Health cardGovernment issues / needs – 3% rebate medicines, Payroll for public sector, consolidation of socialsecurity agencies, tourism, Ministry of Health, local registriesInnovative solutions – FOS, surveillance, IVR/SMS, simulators

93

9494

Section 1

Olympic

Section 7

94

95The transaction perimeter

Pantheon MRO

Brand name and logoSlots in Heathrow, Gatwick, JFK, Fiumicino, Frankfurt, Charles de Gaulle, Linate, Bucharest, Brussels

Long-term leases for 2 MRO hangars located at Athens Intl Airport (‘AIA’), expiring in 2026 Selected MRO equipment

Minimum Assets

€ 45.7m € 16.7mMIG’s offer

Additional slots, certain aircraft, IT systemsOther flight-related assets from OAS, prior to its liquidation

Additional MRO equipmentIT systemsAdditional

Assets

Ground Handling

Rights for the provision of handling services at 5 main liberalised Greek airportsLeases for AIA cargo and other facilities

€ 44.8m

Additional ground handling equipmentAdditional cargo equipment

MIG has acquired a number of commercially significant assets, free of any obligations, at a very attractive price of €107m

95

96The transaction

In February / March 2009, MIG participated in the privatisation of selected assets of the financially distressed Greek state-owned air carrier previously known as Olympic AirwaysFor more than 25 years, Olympic Airways had operated in a very inefficient manner, by and large relying on state aid (through government subsidies and indirect lifelines)The government’s previous privatisation attempts (during 2000-1 and then in 2004-5) had failedIn 2008, the structure of the privatisation process was altered and the business was separated in three ‘asset groups’. Bidders were invited to submit separate offers for each of them: Flight Operations (‘Pantheon’), Technical Base Assets (‘MRO’) and Ground Handling (‘GH’)On 4 February 2009, the Interministerial Privatisation Committee announced the failure of the privatisation process for the third time and made a public appeal towards Greek business and investment groups to express their interest in acquiring the national air carrier and enter into direct negotiations with the governmentThe following day, MIG announced its intention to participate in the direct negotiation process for the acquisition of the Greek national air carrierOn 13 February 2009, MIG submitted a binding offer for Pantheon for €45.7m, and for the MRO assets for €16.7m. As a result, the Interministerial Privatisation Committee granted MIG exclusivity until 6 March 2009

Upon the end of the exclusivity period, the Government’s advisers endorsed MIG’s offer. At that time, MIG also committed to also acquire the Ground Handling Services assets for the minimum price of €44.8m, should the government’s negotiations with Swissport not consummateMIG also paid €60m, the equivalent of Pantheon’s cash balance at the timeOn 23 March 2009, MIG and the Hellenic Republic signed all legal documentation regarding the completion of the acquisitions of the three businessesPost ratification of the agreements by the Greek Parliament, MIG became a 49% shareholder in the 3 businesses

96

97

Strong brand recognition and intangible sentimental value for Greek consumers

Very significant synergetic potential with other MIG investments while overall transaction size is fairly limited

A historically inefficient operation, that nevertheless retained a solid market position and produced sizeable revenues

A substantially inflated cost base with obvious elements of ‘fat’ that can be mitigated relatively easily

Complementary operations between Pantheon, the MRO and Ground Handling businesses

We have acquired an obligation-free operation and maintain strategic and operational flexibility on key decisions vis-à-vis inter alia fleet, network, employee recruiting

The new companies will in no way be associated with the old liabilities of Olympic

Transaction highlights

A very compelling investment proposition…

Pressure from the European Commission to complete the deal and the lack of investor appetite, by and large due toconvoluted transaction structure and gloomy history, presented MIG with the opportunity to acquire highly valuable assets(logo, slots) at relatively distressed valuations

Acquisition at or near the bottom of the cycle, which provides a strong cost advantage and higher degree of flexibilityversus the competition

Significant untapped ancillary revenue potential

…supported by the numerical analysis

We have effectively acquired the right to use Olympic’s broadly recognised brand name into perpetuity but have assumed no obligation whatsoever

97

98A well-structured transition phase

Feb-

09

Apr

-09

1 O

ct-0

9

Announcement of MIG’s interest

Initial Closing: MIG acquires

49% of NewCos

Transition Period

Final Closing: MIG acquires

100% of NewCos

Acquire additional assets from old OlympicApply for additional slots, bilateral designations, licences, AOCRecruit personnel, launch trainingNegotiate leases and/or order planesParticipate in tenders for PSO routes Participate in tenders for licences for ground handling services at newly liberalised airportsNegotiate and close commercial agreements for all 3 businesses

MIG gradually (49% at first and 100% eventually) acquires the share capital of three ‘NewCos’, one for each businessThis ensures no connection between the old Olympic (and its obligations) and the new aviation group

98

99Roadmap to success

Pantheon MRO

Re-establishment of Olympic as a reliable, punctual carrierOngoing yield and revenue managementNetwork and schedule optimisationFleet rationalisationOpEx optimisation Fuel hedgingCommercial agreementsFrequent Flyer Programme

Re-establishment as a reliable, credible vendorExpansion of 3rd carrier revenuesVision to capture vacant role of maintenance hubIncrease utilisationof MRO facilitiesCommercial agreements

Key strategic initiatives

Ground Handling

Maximisation of foreign carrier revenuesCost base rationalisationUtilisation increase for cargo facilitiesMaximisation of synergies with other parts of OlympicCommercial agreements

2-3 years 1 year 1-2 years

99

100A unique geography and topography

High number of islands, dispersed across a large geographic area

A disproportionately large number of tourist destinations, mainly because of very long coastline

Sub-optimal rail and highway networks

Economic and public administration activity concentrated in 2 urban centres, Athens and Thessaloniki

Strategically located between Western Europe, Eastern Europe, the Middle East and North Africa

Aviation in Greece is both an infrastructure and a leisure play

Greece has the potential to become a regional hub

100

101

Steady revenue flows

Vast synergetic potential (indicative)

MRO

Ground Handling

Other Airlines

RetailTransportation Tourism

Banking

IT

101

Healthcare

102102

Section 1Section 8

102

Marfin Popular Bank

The GroupKey operating highlightsEconomic outlookFull-year 2008 results overview

103103Marfin Popular Bank Group (MPB) major milestones

103

MPB acquires 99% of Marine

Transport Bank, Ukraine

Marfin acquires SBM Bank of

Estonia

Egnatia acquires BNP-Dresdner Romania

Laiki Hellas founded

Egnatia Bank established

Laiki Bank of Cyprus

established

MPB acquires 43% of Malta Lombard

Bank

Marfin acquires Piraeus Prime

Marfin acquires Hellenic

SecuritiesMarfin founded

Marfinraises € 400m;

acquires 10% of Egnatia

Marfin acquires:13% of Laiki &

44% of Egnatia

MPB acquires 51% of Rosprombank in

Russia

Marfin acquires13% of Laiki Bank

Marfin acquires:44% of Egnatia Bank

1901 … 1991 1992 … 1998 … 2000 2001 2002 2003 2004 2005 2006 2007 2008 …

1991 1992 … 1998 … 2000 2001 2002 2003 2004 2005 2006 2007

1998 … 2000 2001 2002 2003 2004 2005 2006 2007

MPB is created (3-way merger of Laiki,

Marfin, Egnatia)

Marfin acquires10% of Egnatia Bank

104104

Group profile

Marfin Popular Bank Group (MPB) is strategically positioned as a regional player with two home markets, Greece & Cyprus, and operations spanning in 11 countries mainly in Emerging EuropeFocus on corporate banking, wealth management and international business bankingTen years of robust growth both organically and through a series of mergers & acquisitions and strategic alliancesSuccessful management track record and entrepreneurial culture

Corporate profile104

Figures & ratings

Assets of €38bn, 512 branches in 11 countries and 9,500 employeesLoan portfolio of €24bn and deposits & assets under management of €25bnTotal equity at €3.4bn with tangible equity at €2.2bn; Tier I ratio at 9.0% and total capital adequacy ratio at 11.3% under Basel IICredit ratings: Standard & Poors (Dec 2008) BBB- / A-3, stable outlook, Moody’s (Dec 2007) A3 / stable outlook, Fitch (Jan 2009) BBB+ / stable outlook

105

Further recent awards“Quality Recognition Award 2008 (Correspondent Bank)”, Awarded by JPMorgan“Best Investment Services Provided, Cyprus 2008”, Awarded by World Finance of Reuters (first time awarded in Cyprus)“Innovation Award- Cyprus”, Awarded by Money Markets 2008 International Custody Awards“Best Banking Awards 2009”, Awarded by World Finance“Best in Class Client Services-Cyprus” Awarded by Money Markets 2007/2008 European Custody Awards

105As of FY08, there are 512 branches internationally

105

UNITEDKINGDOM

5

GUERNSEY

AUSTRALIA 10

MALTA

ROMANIA

27

SERBIA

31

UKRAINE

84

RUSSIA 36

CYPRUS

116

GREECE

ESTONIA 4

1

6

192

106106Evolution of key Group metrics

106

Total Assets (€bn)

Branches

Net Profit (€m)

Employees

1023

3038

120

10

20

30

40

50

2004 2005 2006 2007 2008

215

563395

35 720

100

200

300

400

500

600

2004 2005 2006 2007 2008

3,692 3,7945,938

7,9889,457

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,000

2004 2005 2006 2007 2008

181311

423512

1880

100

200

300

400

500

600

2004 2005 2006 2007 2008

107107

Shareholder structure (31 March 2009)

Shareholders’ structure & corporate governance107

Corporate governanceMPB has adopted the effective institutional framework of corporate governance; meanwhile it employs a fully dedicated team, working on how to improve corporate governance and take actions over and above itThe Bank’s Board of Directors comprises of fourteen members out of which three are independent and nine non-executiveFinancial statements under IFRSMost important committees:

Executive CommitteeAudit CommitteeRisk Management CommitteeNomination CommitteeRemuneration Committee

Dedicated teams of:Investor RelationsShareholder RegistryCorporate Governance Corporate Announcements

19% 10%

3%3%

43%

10%

4%

2%

6%

Lanitis family Theocharakis family ManagementOther Investors Foreign Institutional Greek InstitutionalCypriot Institutional Dubai Group LTD MIG

108108

MPB’s market share in Cyprus (%)

Market shares in Cyprus108

Market Shares of the largest banks in Cyprus (%)

15.6%11.3%

17.3%21.5% 19.4%

16.8%12.6%

18.3%22.6%

19.8%16.4%

12.9%

27.5%

20.0% 20.4%

-2.0%

3.0%

8.0%

13.0%

18.0%

23.0%

28.0%

33.0%

Total Loans Mortgage Loans Consumer Loans Corporate Loans Total Deposits

2006 2007 2008

23.7%

15.7%18.8%

7.1% 8.5%

1.5%

26.8%

20.4% 19.1%

9.4%6.1%

1.1%0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

BoC MPB Co-ops Hellenic Alpha NBGLoans Deposits

109109

MPB’s market share in Greece (%)

Market shares in Greece109

Market Shares of the largest banks in Greece (%)

3.3%1.8%

3.5% 4.2% 3.8% 4.0%4.4%2.6%

4.5% 5.5% 4.5%

10.5%

5.2%2.8%

5.2%6.5%

4.9%

11.0%

0.0%2.0%4.0%6.0%8.0%

10.0%12.0%

Total Loans Mortgage Loans Consumer Loans Corporate Loans Total Deposits IBG - Athex share2006 2007 2008

2.6%5.2% 3.7%

17.6% 16.2% 14.9%11.5%

8.7% 8.1%4.5% 4.8%4.9%

23.5%

15.7%

11.0% 11.3%7.5% 8.9%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

NBG EFG Alpha BoP Emporiki ATE MPB BoC HPBLoans Deposits

9.9%

18.6% 20.4%

110110Key strategic objectives for 2009

110

Balance sheetmanagement

Less aggressive balance sheet expansion, becoming more selective on loan disbursement across geographies and sectors; enhanced focus on a) strong cash flow generation, b) high quality collaterals, and c) pricing

Pricing A more moderate balance sheet expansion is more accommodative to a less aggressive deposit gathering strategy; ongoing progress on reducing cost of deposit combined with aggressive asset re-pricing across all key geographies and product areas

Liquidity Focused on sustaining a group loan-to-deposit (L/D) ratio less than 100%; maintaining a sufficient high level of contingency liquidity surplus, taking advantage from the ECB repo facility and the securitization markets

Asset quality Comfortable asset quality position in view of high exposure in developed countries of Greece and Cyprus; southeast Europe accounts for only 5% of the Group’s loan book; nevertheless, the Group is adopting precautionary measures through a) tightening credit standards across all key product areas and b) taking pre-emptive provisions

Capital adequacy The Group’s strong capital position is underpinned by a two pillar strategy of managed balance sheet expansion and strong focus on profitability

111111Preemptive management actions

111

Balance sheetexpansion

Moderating balance sheet expansion to account for a) slower economy, b) deteriorating asset quality, and c) constrained liquidity conditions

ProfitabilityStrong emphasis on loan book repricing across geographic and product areasBalanced approach on deposit gathering trying to optimize volume versus pricingOnly selective hiring combined with ongoing reallocation of existing staff internally

LiquidityMaintaining a sufficient cushion of contingent liquidityEmphasizing on strong reliance of customer deposits versus wholesalefunding

Asset quality Elevating strictness of credit criteria, strengthening process and humanresources in debt collection

Capital adequacy Maintaining a strong capital bufferFollowing the latest issuance of €250 million non-core Tier I, MPB’s 2008 pro-forma Group Tier I and CAR stand at 9% and 11.3%

112112

Section 1Section 8 (b)

112

Marfin Popular BankThe GroupKey operating highlightsEconomic outlookFull-year 2008 results overview

113113

Total Group deposits (€bn)

Customer deposits & assets under management113

Assets under management * (€bn)

Deposits by region (2008)

IBB deposits (€bn)

* Includes mutual funds, client directly-held bonds, equities, and financial products

9.2 11.6

10.111.3

1.41.9

24.8

20.7

0

5

10

15

20

25

FY07 FY08

Greece Cyprus International

+20% y/y y/y

+37%

+12%

+27%

7.7%

46.8%

45.6%

Greece Cyprus Int'l

4.93.9

0.0

1.0

2.0

3.0

4.0

5.0

6.0

2007 2008

- 21% y/y

4.2 4.6

0.0

1.0

2.0

3.0

4.0

5.0

6.0

2007 2008

+11% y/y

114114

Group funding sources (2008)

Deposit reliant funding base114

Customer deposits per region (2008)

Maturity of outstanding debt (€m)

Funding sourcesIn terms of funding, deposits comprise 72% of MPB’s funding base; that combined with a loan-to-deposit (L/D) ratio not in excess of 100% and an attractive maturity profile of outstanding debt, makes MPB’s balance sheet one of the strongest and most liquid within the Hellenic banks’ universeKey strategic objectives

Maintain a sustainable liquidity position i.e. reflected in a loan/deposit ratio close to 100%Improving funding cost structure through expanding deposit base combined with customer micro-management and segmentation

8%

2%3%13%

74%

Deposits RepoSenior debt Subordinate and other issuesInterbank borrowings

200750

1

300

500

200400600800

1,0001,200

2009 2010 2011 2012 2013

Senior Bond Bank Loans Hybrid Tier I

46%

47%

7%

Cyprus Greece International

115115

Loan book by region (€bn)

Loan portfolio evolution by region and category115

Loan book by category (€bn)

Loan book by region

Loan book by category

9.5

6.7

8.62.1

2.8

12.8

18.3

24.2

0

5

10

15

20

25

FY07 FY08

Greece Cyprus International

+ 32% y/yy/y

+33%

+28%

+35%

5%

7%

52%

36%

Greece Cyprus Developed Countries SEE

17%

16%

67%

Mortgages Consumer Business

Retail33%

3.13.1 4.0

12.016.2

3.9

18.3

24.2

0

48

1216

2024

28

FY07 FY08Mortgages Consumer Business

+35%

+26%+28%

+ 32% y/y y/y

116116

MPB – loans breakdown per region (FY08

Well diversified Group loan book116

MPB – loans in developed countries (FY08)

MPB – loans in SEE (FY08)

The Group’s exposure in the UK and Australia is mainly in community bankingMPB’s portfolio in emerging Europe is well diversified across different countries and productsA large part of MPB’s exposure in the three neighboring countries of Romania, Serbia and Ukraine is accounted for lending to Greek subsidiaries

53%

36% 4%7%

Greece Cyprus SEE Developed Countries

4%47%

27%

11%

11%

Estonia Romania Ukraine Russia Serbia

57%

23%20%

UK Australia Malta

117117

IBB number of accounts & customers

International Business Banking (IBB) market in Cyprus117

No. of transactions of IBB (‘000)

IBB market share

IBB non-Interest Income (€m)

65,38460,67158,838

54,32251,682

32,81131,00729,82227,65326,094

15,000

25,000

35,000

45,000

55,000

65,000

75,000

Dec-07 Mar-08 Jun-08 Sep-08 Dec-08

Accounts Customers

80.272.170.7

72.469.8 67.3

77.7

66.860.5

63.557.0

61.4

88.5

99.6

83.6

87.998.1

103.4

119.3

87.883.882.982.472.4

50

65

80

95

110

125


2008

2007

8.6%8.3%

8.7%

8.2%

7.9%

7.5%

8.0%

8.5%

9.0%

Dec07 Mar08 Jun08 Sep08 Nov-08

21.032.2

54.7

0

10

20

30

40

50

60

2006 2007 2008

+70% y/y

+54% y/y

118118

Provision charges (€m) & cost of credit risk

Resilient asset quality trends118

NPLs & coverage ratio

98

129

0.63% 0.61%

20

40

60

80

100

120

140

FY07 FY080.0%

0.5%

1.0%

1.5%

2.0%

Provisions Cost of risk

84% 80%

65% 61%

21% 22%

4.8%4.3%

FY07 FY08

Tangible collateral Cumulative Provisions

Personal / Corporate Guarantees NPL's

169 % 164 %

119119Resilient asset quality trends

119

(€m) Greece Cyprus UK Australia Malta(1) Russia(2) Estonia Romania Serbia Ukraine SEE Total

Balance Sheet

TotalAssets

18,486 15,592 1,698 456 518 282 53 726 172 370 1,603 38,353

Total Loans

12,769 8,611 950 375 331 126 42 525 116 305 1,114 24,151

Total Deposits 11,587 11,368 583 360 440 150 23 144 61 113 491 24,828

P&L

NII 281.2 363.4 22.6 10.5 12.3 5.4 2.8 15.3 7.2 23.6 54.3 744.4

Total Income 410.4 494.9 31.7 11.9 30.7 8.3 3.1 30.0 11.0 53.4 105.8 1,085.3

OPEX (268.9) (191.8) (14.4) (9.0) (20.3) (8.4) (2.7) (15.6) (16.5) (22.7) (65.9) (591.2)(3)

Net Profit 44.9 257.8 12.1 1.7 7.4 0.4 (0.8) (1.7) (12.9) 17.9 2.9 394.6

Retail Network 192 116 6(4) 10 6 36 4 27 31 84 182 512

(1) Malta was consolidated for the first time in March 2008(2) Russia was consolidated for the first time in September 2008 (3) Amortization of intangibles also added at Group level(4) One branch located in Guernsey

120120

Section 1Section 8 (c)

120


121121MPB’s Group operating environment

121

MPB is exposed to a geographic region covering a population of more than 100 million with above-average market growth ratesGreece remains a structurally fast growing market, with €39bn expected to be invested in public infra-structure projects until 2012In Cyprus, strong domestic growth is underpinned by prolonged cyclical uptrend, impact of convergence to EU and positive implication of international business bankingIn Greece, more than 25% of total employees work for the wider public sector while in Cyprus the corresponding ratio is 18%; high levels of job security tend to make consumption patterns more stable; in Greece in particular, there is still a considerable proportion of firms and households with no or very low leverage In SEE, the potential for strong long-term economic growth prospects, prospective EU membership and very low levels of financial intermediation could offer attractive opportunities in the future

Key portfolio characteristics Country Population(m)

GDP (US$ bn)

GDP (real)

growth 2008

GDP per capita ($’000)

2008

Credit to GDP

Greece 11 357 2.9% 31 103%

Cyprus 0.8 25 3.7% 25 232%

Romania 22 200 7.1% 13 41%

Serbia 7 51 5.4% 11 38%

Ukraine 46 186 2.1% 7 80%

Estonia 1 23 -3.6% 21 99%

Bulgaria 8 50 6.0% 12 67%

Russia 142 1,672 5.6% 16 26%

Eurozone 324 13,622 0.8 33 n.a.

Source : IMF, International Financial Statistics

122122

GDP Growth

Greece: Economic overview & outlook122

Main economic indicators & forecasts Greece

Mainly services based economy with considerable reliance on shipping, tourism and bankingEconomy transformed through entry into the Eurozone in 2001, from high inflation and low growth to low inflation and strong growthHigh income economy with per capita income in 2008 at 97% of the EU-27 averageGross fixed investment is declining, but remains considerable at 21% of GDP in 2008 and 18% of GDP expected in 2009 and 2010 Public and corporate investment growth is expected to benefit from EU structural funds and the launch of public-private partnership projectsGreek banking has moderate exposure to Central and eastern European countries and at the same time remains well capitalisedIn public finance, imbalances will persist with the debt ratio surpassing 100% of GDP in 2009 and the budget deficit remaining c5% of GDP; in current account, imbalances will persist but gradual improvement is expectedGDP growth is expected to turn negative in 2009 for the first time since 1993, but remain above the Eurozone average

The Greek economy

3.4%4.5% 4.2%

3.4% 5.6% 4.9%2.9% 4.5%

4.0%

2.9%

-0.9%

2.9% 3.9%

1.9% 0.9% 0.8%2.1% 1.7%

2.9%2.6%

0.8%

-4.0%-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

'99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09

Greece Eurozone

2006 2007 2008 2009F

GDP (% real change) 4.5 4.0 2.9 -0.9

Nominal GDP (€bn) 213.2 228.2 242.9 253.7

GDP per capita (€) 19,418 20,763 22,106 23,081

Recorded unemployment (%) 8.9 8.3 7.7 9.0

Consumer prices (% change) 3.2 2.9 4.1 1.8

Budget balance (% of GDP) -2.6 -3.5 -37 -5.0

Public debt (% of GDP) 95.9 94.8 97.6 103.4

Current-account balance (% of GDP) -11.1 -14.2 -12.7 -11.5

123123

GDP Growth

Cyprus: Economic overview & outlook123

Main economic indicators & forecasts Cyprus

Predominantly services based economy with a strong international banking and finance sectorAttractive tax environment with an extensive network of double tax treatiesHigh income economy with per capita income in 2008 at 93% of the EU-27 averageThe adoption of Euro in January 2008 shields the economy and creates an anchor policy necessary for macroeconomic stability Strong banking fundamentals and effective supervision enhance macroeconomic stabilityFavourable public finances with a debt ratio of 49% of GDP and a budget surplus of 1% of GDP in 2008, entail considerable potential for additional fiscal stimulus The imbalance in the current account reflects conditions of excess demand in the economy, but gradual improvement is expectedMortgage lending was based on prudent criteria and does not pose problemsIn view of the current challenging global economic environment, economic growth is expected to slow significantly in 2009, but still remain in positive territory and considerably better than the Eurozone outlook

The Cypriot economy

4.8% 5.0%4.0%

2.1%

1.9%

4.2% 3.9%4.1%

4.4%

3.7%0.3%

2.9% 3.9%1.9%

0.9% 0.8%2.1% 1.7%

2.9% 2.6%0.8%

-4.0%-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

'99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09

Cyprus Eurozone

2006 2007 2008 2009F

GDP (% real change) 4.1 4.4 3.7 0.3

Nominal GDP (€ bn) 14.4 15.6 16.9 17.4

GDP per capita (€) 18,630 19,867 21,365 21,869

Recorded unemployment (%) 4.5 3.9 3.8 4.7

Consumer prices (% change) 2.5 2.4 4.7 1.1

Budget balance (% of GDP) -1.2 3.2 1.0 -2.2

Public debt (% of GDP) 64.6 59.4 49.0 48.0

Current-account balance (% of GDP) -7.1 -12.2 -18.0 -13.0

124124

Section 1Section 8 (c)

124


125125

Revenues: FY 2008 revenues 3%(1) higher y/y to €1,085.3m; FY 2008 NII up 12% y/y to €744.4m; fee & commission income 7% lower to €286.7m; financial & other income 35%(1) lower to €54.2mBalance sheet: Group loan (net) and deposit growth of 33% and 20% respectively y/y with market share gains evident across all key geographic and product areasNet interest margin (NIM): 4Q08 NIM stood at 2.40% vs. 2.45% in 3Q08; ongoing repricing of loan book in Cyprus and Greece, as well as increasing contribution from international operations is still being offset by competition induced compression in deposit spreadsCost: Operating expenses up 11% y/y to €591.2m and 3% higher ex-acquisitions, reflecting the impact of an effective cost management strategy and the benefits of the ongoing Group wide cost re-engineering programAsset quality: Group NPL ratio down to 4.3% in December 2008 from 4.8% in December 2007, dropping 52 bps y/y; cost of risk down to 61 bps in FY08 from 63 in FY07Liquidity: Loan/deposit ratio rose to 94% in FY08 from 85% in FY07; MPB’s loan/deposit ratio remains one of the lowest among the Hellenic Banks and well below the European average Capital: Tier I capital and total regulatory capital stood at €2,095m and €2,741m respectively, with the respective proforma ratios at 9.0% and 11.3% as of December 2008 RoTE stood at 18.3% in December 2008

Full Year 2008 Group results highlights125

FY 2008 net profit reached €394.6m (30% lower y/y), while net profit adjusted for exceptional items and profit from discontinued operations stood at €302.4m (4% lower y/y)

(1) Adjusted for exceptional items

126126Group income statement

126

(€m) FY07(3) 3Q08(3) 4Q08 FY08FY08/

FY07 (%)4Q08/

3Q08 (%)Net interest income (NII) 664.9 199.9 188.0 744.4 12.0% (5.9)%

Net fee & commission income 309.0 75.2 65.2 286.7 (7.2)% (13.3)%

Financial & other income 83.3 12.0 (7.1) 54.2 (34.9)% -

Income from exceptional items 118.7 (1) - - - - -

Total income 1,175.9 287.1 246.1 1,085.3 (7.7)% (14.3)%

Total income adjusted for exceptionals 1,057.2 - - 1,085.3 2.7% -

Staff costs (325.3) (89.0) (100.8) (349.7) 7.5% 13.3%

Other operating expenses (160.6) (44.5) (69.5) (191.0) 18.9% 56.2%

Depreciation & amortization (45.3) (11.9) (15.8) (50.5) 11.5% 32.8%

Operating expenses (531.2) (145.4) (186.1) (591.2) 11.3% 27.9%

Provision for loan impairment (97.9) (22.8) (59.5) (129.4) 32.2% 161.2%

Profit/loss from associates 2.9 0.8 0.6 2.5 - -

Profit before tax 549.7 119.7 1.1 367.2 (33.2)% (99.1)%

Tax (84.5) (19.5) 1.5 (56.0) (33.7)% -

Minority interest (29.8) (2.6) 0.8 (8.8) - -

Profit from discontinued operations (2) 127.9 5.3 67.9 92.2 - -

Net profit attributable to shareholders 563.3 102.9 71.3 394.6 (30.0)% (30.7)%

(1) Exceptional items: gains from the sale of the stakes in Hellenic Bank, Bank of Cyprus and Universal life(2) Profit from discontinued operations derives from MIG in 2007 and the sale of the insurance units of the Group to CNP Assurances in 2008(3) Full year 2007 and 3Q08 figures have been adjusted for the disposal of insurance operations

127127Key Group balance sheet items & ratios

127

Key balance sheet items (€m) FY07 (2) FY08 FY08/ FY07 (%)

Loans to customers (net) 17,584 23,427 33.2%

Total assets 29,761 38,353 28.9%

Customer deposits 20,695 24,828 20.0%

Total equity 3,390 3,430 1.2%

Key ratios FY07 (2) FY08

Tier I 9.1%(3) 9.0%(4)

Capital adequacy ratio 11.2%(3) 11.3%(4)

Cost/income 50.3%(1) 54.5%

NIM 2.84% 2.40%

Loans/Deposits 85.0% 94.4%

NPLs 4.8% 4.3%

Provisioning 63 bps 61 bps

RoTE (return on tangible equity) 20.2% 18.3%

RoA 1.31%(1) 1.16%(1) Adjusted for exceptional income(2) Full-year 2007 figures have been adjusted for the disposal of insurance operations(3) As originally reported by MPB per Basel I regulations(4) Figures for Tier I capital and regulatory funds are estimated and proforma for the issuance of €250m hybrid securities in May ‘09

128128

Section 1

MIG Private Equity

Real EstateHospitality / LeisureFlight Ambulance / AviationOther

Section 9

128

129

Owner of the largest retail real estate portfolio in the countries of former Yugoslavia and one of the largest in

Europe Date of investment: October 2007

MIG Ownership: 66.7%

Robne kuce Beograd (RKB) is specialized in real estate management and retail space arrangement

RKB is historically the largest real estate department store and shopping centers chain in the countries of former Yugoslavia and one of the largest in Europe; it has a remarkable real estate portfolio in attractive, non-replicable and central locations totaling 232,000m2

The formerly state-owned department stores operator, auctioned by the Serbian Privatization Agency as the company’s bankruptcy administrator, consists of 32 department stores in Serbia (9 of which in Belgrade), 4 department stores and 1 warehouse in Montenegro, 1 logistics centre and 1 office building in Belgrade

Following modern trends in organising and managing real estate, RKB provides international and local retailers with prime real estate, ensuring an optimal quality/price ratio

Company profile

Real Estate


During 2008 RKB portfolio assets were under refurbishment, therefore no material income has been generated

129

130

Attractive assets in prime locations

Strong brand recognition boosted

through intensive rebranding and

marketing campaign

Completely refurbished and

modernized properties

Old tenants were expeditiously

evicted and new high-quality tenants

have been introduced

Right of ownership has been

established over most properties

HoldCo/OpCo merger completed

Attractive assets in prime locations

Strong brand recognition, but

cannibalised during bankruptcy

Old-fashioned interior and exterior,

in communist-era fashion

Properties occupied by low-quality

tenants under unfavourable terms

‘Grey’ areas on right of ownership

over a number of properties

HoldCo/OpCo structure resulted in

tax inefficiencies and sub-optimal

loan securities

The new RKB

‘Old’ RKB ‘New’ RKB

In an admittedly challenging period for retail real estate globally, RKB’s management, in cooperation with the main shareholders, has managed to reshape what used to be an amalgamation of prime, but

problematic, assets into a robust, sound and well-structured company

• Refurbishment• Marketing to tenants

• Rebranding• Legal ‘housekeeping’• Merger

130

131

Extensive refurbishment and modernisation

Refurbishment of properties

During 2008, the company’s department stores underwent extensive refurbishment

3 department stores opened during 2008 (Terazije, Dušanovac, Zemun) and have been fully leased to tenants

The refurbishment of a total 22 department stores has been completed and all of them are expected to be leased and

open by mid-May

The refurbishment of all remaining department stores is expected to be completed by end of May 2009, with the

exception of 2 properties where additional space can be built and, to that end, they will be ready by end of 2009

DS Miljakovac DS SavaDS Dusanovac DS Zemun

Bef

ore

Afte

r

DS Zajecar

131

132

1. Subotica2. Sombor 3. Bačka Topola 4. Kula 5. Kikinda6. Zrenjanin7. Vršac 8. Belgrade

8.1 Terazije8.2 Stari grad8.3 Kalemegdan 8.4 Beograđanka8.5 Fontana 8.6 Dušanovac 8.7 Miljakovac 8.8 Zemun 8.9 Sava 8.10 Headquarters Building8.11 Distribution Centre

9. Požarevac 10. Smederevska Palanka11. Valjevo 12. Bajina Bašta13. Užice14. Kraljevo15. Kragujevac16. Jagodina17. Paraćin18. Bor 19. Zaječar20. Knjaževac21. Niš 22. Leskovac23. Pirot24. Vranje

1. Bjelo Polje 2. Podgorica

Locations in Montenegro - all owned

An unparalleled footprint in Serbia

1. Bjelo Polie

2. Podgorica

1. Subotica

2. Sombor3.Backa Topola 5. Kikinda

4. Kula 6. Zrenjanin7. Vrsac

8.1-8.11 BEOGRAD9. Pozarevac

10. SmederevskaPalanka

11. Valjevo

12. Bajina Basta13. Uzice

14.Kraljevo

19. Zajecar

18. Bor

17. Paracin

15. Kragujevac

16. Jagodina

24. Vranje

22. Leskovac

20. Knjazevac

21. Nis 23. Pirot

Serbia

Montenegro

Locations in Serbia - all owned

132

133

Sunce is one of the largest groups in the Croatian hospitality and leisure industry Date of investment: July 2008

MIG Ownership: 49.9%Sunce (Bluesun Hotels & Resorts) is one of the largest groups in the Croatian hospitality and leisure industrySunce owns and operates 11 hotels with a total capacity of 2,247 rooms and 4,510 beds In 2008, Sunce’s activities accounted for a 4.6% market share of total overnight stays of the Croatian tourist marketA well diversified client portfolio; tourists from Germany, Croatia and Russia represented 46% of total touristsInternational Awards

Bluesun hotel Afrodita, Tučepi - TUI Holly 2008 (amongst top 100 hotels out of 5,800)Bluesun hotel Alga, Tučepi –SAGA

Year 2008 Performance4% increase of total revenues for 2008 compared to last year despite adverse market conditionsFY2008 EBITDA margin stood at 12.2% vs. 11.6% in 2007Net Debt stood at €87.6m compared to €84.2m in Dec 07

Company profile

Hospitality & Leisure


Net profit -4%-5.2EBITDA +8%3.9Sales +4%33.1

Total equityNet Debt/(Cash) 84.2 +4%

2007 2008 Growth34.34.2

-5.483.2 75.5 -9%

87.6

133

134

Brac Island hotels725 rooms in three hotels on the largest island off theDalmatian coastLocated within 5 minutes walking distance from the famousbeach of Zlatni Rat, recently rated among the top 15European beaches by the Daily Telegraph

Brela hotels755 rooms in four hotelsLocated on the mainland, with a superb view of the complexof islands (Brac, Hvar, etc.)Benefiting from a very beautiful nearby marina

Tucepi hotels767 rooms in four hotelsVery attractive holiday resort, only 3km away from the town ofMakarskaDistinguished by longest gravel beach of the MakarskaRiviera

The Bluesun assets

Portfolio of uniquely positioned hotels…

Airport BracRecently undergone extensive refurbishment; Annual capacity of 5,000 aircraft

Agricultural landOwns 317,000m2 of agricultural land on Brac Island and a 40-year concession for another 2,600,000m2

Non-operating assetsThree hotels and one residential building located in Brela and Bol

…strengthened by other attractive assets

134

135

Locations in Croatia - all owned

Locations in Croatia

4. Zagreb

1. 1-1.4 Bol 3.1-3.4 Tuccepi

2.1-2.4 Brela

Croatia

5. Airport Brac

1. Bol (Brac Island)1) Bluesun hotel Elaphusa ****2) Bluesun hotel Borak **** 3) Bluesun hotel Bonaca ***

2. Brela1) Bluesun hotel Soline ****2) Bluesun hotel Berulia ****3) Bluesun hotel Marina ***4) Bluesun hotel Maestral ***

3. Tucepi1) Bluesun hotel Alga ****2) Bluesun hotel Kaštelet ****3) Bluesun hotel/villas Afrodita ****4) Bluesun hotel Neptun ***

4. Zagreb1) Zagreb Headquarters

5. Airport (Brac Island)1) Airport Brač Ltd (c. 51% participation)

Real Estate Valuation: €180mAcquisition price for MIG’s 49.9% stake: €90m

135

136136

Hilton, the only 5-star hotel in NicosiaDate of investment: August 2007MIG Ownership: 75.1%Hilton Cyprus is the only 5-star Hotel in Nicosia, consisting of 298 rooms out of which 76 are executive and 24 are suites

Cypriot Market Statistics:Revenue from tourism in 2008 was estimated at €1.8bn, recording a decrease of 3.6% in relation to the corresponding figure for 2007 (€1.9bn)The biggest market share of tourist arrivals was captured by Europe, which accounted for the 94.3% of total arrivals in 2008. Tourist arrivals from UK (representing the 52% of total tourist arrivals) declined by 3.1% y-o-y

Year 2008 PerformanceSales stood at €16.0m, increased by 8.4% versus 2007EBITDA reached €5.2m vs €4.9m a year ago (+7.0% y-o-y)Net income stood at €3.8m (+31.3% y-o-y)Net Debt decreased €3.7m vs €4.7m in 2007Occupancy rates increased by 663bps to 55.7%

Company profile

Hospitality & Leisure



Total equityNet Debt 4.7 -21%

2007 2008 Growth16.05.23.8

54.1 74.0 +37%3.7

136

137137Hilton – revenue analysis 2008

Revenues per segment Room revenues breakdown

Sales increased by 8% despite a negative trend in the Cypriot tourism market

Room revenues and Food & Beverage revenues have an almostequal split in the company’s total income, however in terms of grossmargin the split changes in favor of room revenues

A total percentage of 39% of room revenues is generated by corporate customers, while tour packages, long term contracts & conferences represent 17%, 14% and 10% respectively

137

138Room revenues breakdown

By room type By customer type

Int. Business Travel

34%

Leisure

19%

Convention

9%

Permanent

14%

Rack

13%

Meetings

10%

20082008

Guest Room

61%

Deluxe & Executive

30%

Suites

9%

Guest Room

60%

Deluxe & Executive

31%

Suites

9%

2007

Int. Business Travel

35%Leisure

23%

Convention

11%

Meetings

10%

Rack

14%

Permanent 7%2007

138

139Tourism in Cyprus

139

The Cyprus Organisation of Tourism’s strategic plan for 2010 includes the following main goals: Revenues for 2010 of €3bn (€1.8bn in 2008 and €1.9bn in 2007)Travelers: 3.5 million (2.4m both in years 2008 and 2007)Average length of stay: 11.6 (10.1 days in 2008 and 10.0 days in 2007)

140Tourism in Cyprus (cont’d)

140

Mar

ket S

ize

Small

Large

Low HighPotential for growth

Wedding Ceremonies

Internal Tourism

GolfCasino

Agri-Tourism

Enterprising Tourism

Tourism of City

Cultural TourismConference Tourism

Athletic Tourism

Based on a strategic study performed on 10 February 2006 by Pricewaterhouse Coopers, GMC, Cypronetwork, ALA Planning Partnership

Hilton Cyprus is a leader in conference and athletic tourism and weddings

141

FAI is one of the top 3 European and top 5 globally fixed-wing medical evacuation

companies Date of investment: January 2009MIG Ownership: 49.9%Main customers include the major insurance and assistance companies, governmental agencies and corporatesFAI employs 90 full-time employees, from 20 nations, plus 50 freelance physicians and paramedicsThe company controls an efficient fleet of owned and managed, based in the low-cost 24/7 Nuernberg International AirportFAI operates a modern fleet of 8 owned and 3 leased jetsFAI will build a state-of-the-art owned 2,500 sqm hangar and 1,000 m2 office in the Airport, to be completed by Q3 2009International Awards

2007 EURAMI’s (European Aero-Medical Institute) Certificate “Critical Care”

A robust business modelc.75% of revenues comes from medical transfers, a much less competitive market than corporate aviationThrough track record and streamlined operations, top-of-class utilisation rates per aircraft (>1,000 p.a.)5 solid contracts with the largest NGO in the worldMajority of fuel cost is passed on to clientsFully fledged in-house maintenance capabilities

Company profile

Flight Ambulance


EBT -19%4.2EBITDA +13%5.5Total revenue +33%21.9

Fleet Book ValueNet Debt/(Cash) 4.1 +180%

2007 2008 Growth26.56.23.4

4.0 9.3 +131%11.6

141

142Key financial highlights

Operational revenue breakdown (€m)

12,014,6 15,0

18,0

1,20,3

1,8

3,0

1,7

4,0

6,0

10,5

2,2

1,3

3,7

1,5

17,1

20,0

26,5

33,0

0

2

4

6

8

10

12

0

5

10

15

20

25

30

35

2006A 2007A 2008A 2009E

Fixed-Wing Ambulance Fixed-Wing Non-Ambulance Fixed-Wing Public Services

Other Services Number of Aircraft (RHS)

17.0%

32.5%

24.5%

Robust year-on-year revenue growth from operationsIncreasing reliance on more visible long contracts of Fixed-Wing Public Services segment

142

143The fleet

LJ 55 (total jets: 5)

• 4 jets• FAI owned• NGO contract

LJ 35(total jets: 2)

• 1 jet • FAI owned• Air Ambulance

• 2 jets • FAI owned• Air Ambulance

LJ 60(total jets: 2)

• 1 jet• FAI owned• VIP Charter & Air Ambulance

• 1 jet• Managed• NGO contract

Falcon 900DX(total jets: 1)

• 1 jet• Managed• VIP Charter

CL 604(total jets: 1)

• 1 jet• Managed• VIP Charter & Air Ambulance

143

144Top-tier clientele

144

http://www.medavia.com/frameset/home.html

http://www.sos.dk/

145

In June 2007, MIG acquired 50% of Attika Real Estate, which was later renamed to MIG Real EstateMIG Real Estate is one of the very few REITs available in Greece, benefiting from advantageous tax regime

Exemption from corporate income tax (instead, 10% of the ECB reference rate + 1% tax on the average value of investments)Exemption from depreciation procedure

Highly experienced management and a very transparent decision-making process, through a 5-member investment committeeSince the introduction of MIG into its share capital, MIG Real Estate expanded its portfolio from 7 to 30 propertiesMIG Real Estate is planning its IPO on the Athens Exchange during 2009

MIG Real Estate – REIT in Greece 145

146

A high-quality property portfolio, comprising:32 commercial properties with total GLA close to 21,000 m2

Appraised value in excess of €69mNo single property has a value greater than €7m

A robust, high-quality tenant baseHigh rental yields (close to 7.5%)Strong lease terms

Standard lease terms of 12 years70% of the leases expire between 2015 and 2020 while the remaining 30% expires between 2009 and 2013All tenants responsible for maintenance expenses

MIG Real Estate – Portfolio highlights146

Portfolio breakdown by property type

Portfolio breakdown by geography

45%

38%

17%

Office space Bank outlets Other commercial

80%

10%

10%

Greater Athens Thessaloniki Other Greek cities

147

Radio Korasidis is the most historic Greek retail chain of electronic goods

Date of investment: January 2008The company went through financial distress in the early 2000s and filed for protection from creditorsA new management team was introduced to restructure the company and managed to do so through the favorable conditions prescribed by Article 44 of Greek Law

Current strategy: Target market penetration & market developmentFocus on white goods Pursue selective geographic expansionFurther utilise state-of-the-art logistics facility in the Greater Athens areaRedefinition of the original planned shop restructuring scheduleCurrently 49 shops exist across the countryChange of exterior layout and signage for all existing stores is currently under way Plans exist for the opening of another 11 new shops during 2009

Company profile

Radio Korasidis

Revenue breakdown 2008

147

148148

Section 1Intra-group synergies

Section 10

148

149149

A strong portfolio for the extraction of synergies

Providing financial services to MIG’s subsidiaries and extending its services to their clients, employees and suppliers

Providing commercial space for the Group’s retail operations

Providing food & beverage products in Attica’s vessels

Synergetic activities with Hygeia Group for hospital meals preparation

Providing software services and support on the IT needs of the Group and subsidiaries

Providing accommodation and services on business events of MIG and subsidiaries

Extracting synergies with Marfin Travel

Proving on-board Point-of-Sales for Vivartia’s segments

Vivartia’s cargo travel on Attica’s vessels

MPB (Installed ATMs on Attica’s vessels)

Extracting synergies with Marfin Travel

MIG Real Estate

Providing real estate management and retail space arrangement for MIG and subsidiaries

Providing healthcare services to MIG and subsidiaries’ employees and their families

Introduction of synergetic products with MPB

Synergetic activities with Vivartia

IT/database management with SingularLogic

First-level synergies within MIG149

(RKB)


http://www.attica-group.com/gr/index.asp

150150MIG’s synergetic environment

The above analysis outlines the first level of easily identifiable and addressable synergies. As integration between companies is enhanced, second and third-level synergies can be extracted;

these synergies are estimated at €100m and are expected to be realised over a 3-year horizon

150

Cost reductionNet income generationGaining competitive advantage

Sources of synergies

CorporateStaffSuppliersSales NetworksCustomers

5 pillars

Key Building BlocksBuild staff culture and loyalty; incentivise own-product useUtilise advantages from large economies of scale

Progress YTD95% of staff payroll payments and 40% of all suppliers payments are executed through MPBCost-cutting through better central procurement procedures for fuel, couriers, postage, stationery, telecommunication sand IT, construction, facilities management, business travel, leasing and insurance contracts, media expenses

EVERY DAY, over 22 million people purchase or utilise a MIG product or service

Total estimated financial benefit for 2009: €26m

151151

DisclaimerThis presentation contains forward-looking statements, which include comments, statements and opinions withrespect to our objectives and strategies, and the results of our operations and our business, consideringenvironment and risk conditions.However, by their nature, these forward-looking statements involve numerous assumptions, uncertainties andopportunities, both general and specific. We caution that that these statements represent the MIG’s judgmentsand future expectations and that we have based these forward-looking statements on our current expectationsand projections about future events. The risk exists that these statements may differ materially from actualfuture results or events and may not be fulfilled. We caution readers of this presentation not to place unduereliance on these forward-looking statements as a number of factors could cause future MIG results to differmaterially from these targets.Forward-looking statements may be influenced in particular by factors such as movements in local andinternational securities markets, fluctuations in interest rates and exchange rates, the effects of competition inthe areas in which we operate, general market, macroeconomic, governmental and regulatory trends andchanges in economic, regulatory and technological conditions. We caution that the foregoing list is notexhaustive.When relying on forward-looking statements to make decisions, investors should carefully consider theaforementioned factors as well as other uncertainties and events. Any statements regarding past trends oractivities should not be taken as a representation that such trends or activities will continue in the future. Allforward - looking statements are based on information available to MIG on the date of this presentation andMIG assumes no obligation to update such statements, unless otherwise required by applicable law.Nothing on this presentation should be construed as a solicitation or offer, or recommendation, to acquire ordispose of any investment or to engage in any other transaction.Neither this presentation nor a copy of it may be taken or transmitted into the United States of America,Australia, Canada or Japan, or distributed, directly or indirectly, in the United States of America, Australia,Canada or Japan. Any failure to comply with this restriction may constitute a violation of United States,Australian, Canadian or Japanese securities law. The distribution of this presentation in other jurisdictions maybe restricted by law and persons into whose possession this presentation comes should inform themselvesabout, and observe, any such restrictions.

151

152152

CONTACT INFORMATION

Investor Relations OfficeMarfin Investment Group

+30 210 817 3000+44 207 054 9280

www.marfininvestmentgroup.com

MARFIN INVESTMENT GROUP HOLDINGS S.A.24 Kifissias Ave, 151 25 Maroussi,

Greece

152

http://www.marfininvestmentgroup.com/

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