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Newsletter October 2012

INVESTMENT NEWS

International Tender Launched

Greece's Hellenic Republic Asset Development Fund S.A. (HRADF) launched an international tender on September 27 for the sale of a 33 percent holding in the Athens-listed Hellenic Football Prognostics Organisation (OPAP).

OPAP was established in 1958 and has been listed on the Athens Exchange since 2001. OPAP holds the exclusive concession for the organisation and operation of certain games of chance in Greece. In 2000, OPAP was granted a concession for the exclusive right to operate 13 games of chance in Greece for 20 years, a concession that has recently been extended for 10 more years, until October 2030. Additionally, OPAP holds the exclusive license for 10 years for the operation of 35,000 Video Lottery Terminals (VLTs), of which 16,500 will be operated by OPAP itself and the remaining 18,500 by concessionaires of OPAP.

Interested parties are invited to express their interest and demonstrate that they fulfill the criteria outlined in the invitation for expression of interest so as to qualify for participation in the tender process. Expressions of interest are required to be submitted by no later than 17.00 hrs UK time on October 19, 2012.

The tender process is expected to be conducted in two phases, subject to the HRADF’s right to subsequently introduce an additional intermediary phase of nonbinding offers.

In phase I, candidates will express their interest to participate in the tender process.

In phase II qualified interested parties, will be requested to submit their binding offers.

Deutsche Bank AG, London Branch and National Bank of Greece SA are acting as financial advisers and Freshfields Bruckhaus Deringer LLP and Karatzas & Partners Law Firm are acting as legal advisers to HRADF.

For more information, please visit: http://www.hradf.com/en