The Hellenic Republic Asset Development Fund (HRADF) was established on July 1, 2011 under the medium-term fiscal strategy. The new law aimed to restrict governmental intervention in the privatization process, and its further development within a fully professional context. The Fund is a “société anonyme”, of which Hellenic Republic is the sole shareholder with a share capital of € 30 million. The Fund is not a public entity and is governed by private law. The assets transferred to it by the state do not form part of its share capital and can be grouped in three categories: Real estate; Company shares; and Rights.

Specifically, the following have been transferred to the Fund by Inter-ministerial Committee Decision: Thirty-five real estate buildings; Shares of Athens International Airport S.A.; Shares of Hellenic Petroleum (HELPE); Shares of ODIE (Hellenic Horse Racing); Shares of Ellinikon; Shares of LARCO; Shares of the Athens Water Supply and Sewerage Company (EYDAP); Shares of Thessaloniki Water Supply and Sewerage Company (EYATH); Shares of OLP; Shares of OLTH; The economic rights of Hellenic Motorways; Shares of the Hellenic Football Prognostics Organization (OPAP); Shares of ALPHA Bank; Shares of National Bank; Shares of Piraeus Bank; Rights of natural gas storage in South Kavala; Rights of State Lottery Tickets; Gaming Rights to Hellenic Football Prognostics Organization (OPAP); Rights of 39 Regional Airports; Rights of “Mobile Spectrum”; Rights of “Mobile Telephony Frequencies”; Shares of Voting Rights of Hellenic Post (ELTA); Voting Rights of 10 Ports.

The Hellenic Republic privatization scheme is the largest declared investment program in the world. It is aiming at attracting significant international capital flows that will contribute to restarting the Greek economy and fuel economic growth. The HRADF efforts will be based on three pillars: Clarity of purpose, transparency of process and speed.

All announcements concerning the Fund are posted on the Internet, at HRADF website, in order to provide full information and transparency. Astir Vouliagmenis is one of the potential sites for real estate investment in Greece.

Situated 20 km from the Athens center and 25 km from the Athens International Airport,on a peninsula by the sea, known as “Mikro Kavouri”, in Vouliagmeni, Athens. The adjoining properties are the Astir Palace hotel complex (owned by the National Bank of Greece — NBG) and the Vouliagmeni Marina (in the process of privatization by the Public Properties Company; Contractor is the Astir Palace group). The nearby Lemos area is the highest priced residential area of Athens.

Size: 119.800 sq.m. (exploitable approx. 111.942 sq.m.)

The overall property has the potential to be further developed into a large scale integrated tourism / leisure / residential project around the existing hotels on a prime property. HRADF in

tends to proceed with the necessary steps set out in the new legal framework to contribute in the development of the property.