“TANEO is a true innovation in the field of public support for venture

capital. Its structure broke new ground in involving private investors

in helping to stimulate the creation of a venture capital market.

TANEO has learned from the experiences of others, has engaged

high-quality professional advice and support and has created a team

with the capability to make a real difference to the financing of SMEs

in Greece”

Rory Liam Earley

Chief Executive Capital for Enterprise Ltd

TANEO

Mission

TANEO’s mission is to develop and accelerate the development of world – class

Greek companies by achieving strong positions in the markets with great potential

and by increasing national and regional prosperity

Vision

TANEO’s vision for the future is to use the experience and household name that has

been achieved over the past years, in order to further assist development in the

Greek Economy. The current financial crisis that the country is experiencing,

highlights a number of areas that need to be explored and we have the ability

become useful

Endgame

To shift financial backing from public to private sector by involving privately managed

funds-of-funds to select the best European VC funds and sell their potential to

investors across the world

Investment Policy Drivers

Long term Investor:

Commitment to the venture capital asset class

No expectation of value creation on a short term basis nor through excessive leverage

Investment policy driven by financial and economic rationales

Target a reasonable and sustainable IRR on the long term for our sponsors and

investors

Primary investments (and incidentally secondaries in funds in which we are already

an investor)

Creation of new leading players on undeserved market segments

Why Venture Capital?

Rationale for Venture Capital Investment:

Promotion of research and development, innovation and structural change

Venture Capital is the best source for startup companies

Promotion of SMEs in later stage investments:

Growth Capital

Sustainable stabilization of the equity capital base

Diversification of financing resources

TANEO Fund Following a long tradition of collaboration between public and private investors

throughout the world i.e. Israel and the U.K, the semi-sovereign Greek fund of funds,

has invested and committed over €185m out of €280m under management in SMEs

since 2003.

TANEO leverage combines strength and full knowledge on Greek real assets,

opportunities and industry expertise in the following targeted sectors:

Through active management, innovative corporate governance and its value

creation model, TANEO’s team in collaboration with individual management

Teams, has established a reputation as the only first-class investment partner for

Greek SMEs.

Technology

Agribusiness

Nutrition

Eco business

Other opportunities

Milestones

2010

Investments in portfolio

companies reached €55m

2009

Investments to portfolio companies

reached €40m

2008

7 More Investments completed

(Alpha Ventures, FG RES, New Mellon, Oxygen

Capital, Thermi, GIVE, Piraeus Capital).

2007 Change of management, Mr Haritakis

Appointed as CEO of TANEO

Timeframe 2001 2003 2004 2005 2006 2007 2008 2009 2010

2005

4th

Investment, Pancreta Ventures

(Currently AIMS Management)

2004

2nd

Investment, Zaitech Fund

3rd

Investment, IBG Hellenic Fund II

2003

TANEO’s Bond Issue Vintage Year - €150.000.000

Under management 1st investment Capital

Connect Venture Capital Partners

2001

Establishment of TANEO S.A.

TANEO Structure

The Notes

Preferred Share Capital

Ordinary Share Capital

Share Trustee

Note-holders

Hellenic Republic

Trustee

Hellenic Republic

EUR105m

Notes and

Residual Certificates

EUR45m

Guarantee

Unique structure of Notes

Guaranteed coupon, Euribor -2bps

Additional return

Unlimited upside

First government

sponsored fund of funds

securitization in Europe

TANEO Investors

TANEO proudly claims that has earned the trust of many Greek and international

financial institutions and private investors. Our investors’ base consists of:

the Hellenic Republic, hedge funds, insurance companies, pensions funds and private banks.

TANEO’s Notes are listed on the Irish Stock Exchange as floating rate notes with a

final maturity date in 2013

TANEO has co-invested its resources with 11 out of the 18 members of the Hellenic

Venture Capital Association.

TANEO is providing quarterly reports for all its funds, according to EVCA reporting

guidelines, to its investors, via its Trustee, Deutsche Trustee Limited.

Human Capital

TANEO’s operating resources include:

The Board of Directors

Ioannis Papaioannou (MBA), Chairman

.

Nikolaos Haritakis (PhD), Vice-Chairman & CEO

Elias Mantzouneas (MSc), Member

Andreas Zombanakis (MBA), Member

Panayiotis Alexakis (PhD), Member

The Management Team

Eleni Kolofotia (MPP), Investment Manager

Antigoni Lymperopoulou (MBA), Investment

Manager

George Saperas (MBA), Finance Manager

Yiannis Petridis (MSc), Financial Analyst

TANEO Funds Under Management

% represent fund commitment over total commitment

Total Commitment 280.757.800€

Collaboration

Our investment and operational professionals, work closely with management teams

of the funds at all phases of our investment decisions. During diligence, we work with

fund management to develop a shared vision for the business by defining the most

important drivers

Our professionals monitor the progress and the performance with the fund

management and intervene when necessary, with respect to the engagements and

agreements of all parties

We, in TANEO, believe the sense of partnership, team work, integrity and diversity

are critical elements for success. While portfolio companies vary in sectors and stage

development, out teams’ network, our internal and external resources, are available

to support and assist in executing strategic plan wherever and whenever needed

Implementation

TANEO’s operating professionals and Board members, collaborate with management

teams of the independent funds as well as our portfolio companies, in order to design

and support the execution of the detailed value creation plan which includes:

Best practices within the sector

Overcome bureaucratic and financial obstacles

Implement revenue generating and cost-reduction techniques

Improve asset utilization and cash flow management

Deutsche Bank acts as Trustee for TANEO

KPMG, formerly Capital Dynamics, acts as Investment Advisor

Investment Activity

General Info

Fund Commitment : 140.046.041€

Draw Downs:

Funds Reserved for RES Projects 96.102.291€

Commitments to Portfolio Companies:

Invested Funds

Investment Focus by Geography: Greek SMEs

Investment Focus by Stage: Seed, Start –Up, Early Stage, Expansion-

Development, Bridge, Mezzanine

Sectors Invested: Software, IT, Transportation, Communications, Energy,

Food & Beverages, Medical/ Life Sciences, Industrial

Products, Waste Management, Real Estate

Portfolio Investments

INFORMATION TECHNOLOGY

Performance Technologies Information technology 2005 Central Greece

Mobile Technology Data Collection Systems and Mobile

Computer Systems 2006 Central Greece

Antcor Advanced Network Technologies 2006 Southern Greece

Upstream Mobile Marketing Solutions 2008 Central Greece

Advice ERP Systems 2003 Central Greece

e-Global Internet Life and Community Stations 2005 Northern Greece

Lead Generation Realtors and Property website 2009 Central Greece

ESS Electronic Shipping Solutions 2009 Central Greece

Voice Web Speech Application Developer 2009 Central Greece

HEALTH - MEDICAL RELATED

Micrel Medical devices 2004 Central Greece

Erasineio Hospital 2009 Central Greece

INDUSTRIAL PRODUCTS

Doppler Lift manufacturers 2005 Northern Greece

Autostop Leather interior manufacturers 2008 Central Greece

SPECIAL PROPERTY DEVELOPMENT

ISV+B Development Upscale innovative studios 2008 Central Greece

LOGISTICS

Foodlink Third Party Logistics 2008 Central Greece

Portfolio Investments ENERGY

Tsemperou Wind Park 14 MW 2010 Southern Greece

Ionia Energiaki 96 MW 2006 Central Greece

Aigaias Anaptyxiaki 87 MW 2006 Southern Greece

Thermi Energy 57 MW 2009 Northern Greece

Thermi Renewable 2010 Northern Greece

Faros Energy 0.75 MW 2009 Northern Greece

Solar Cells 2006 Southern Greece

Aims Solar 3.5 MW 2010 Southern Greece

Solar Datum 3 MW 2010 Southern Greece

Solar Concept 3.7 MW 2011 Southern Greece

Advent 2009 Southern Greece

Ensol Anaptyxiaki Energiaki 56.5 MW 2007 Central Greece

Orpheas 3,2MW 2010 Central Greece

ENEP 3MW 2007 Northern Greece

FOOD - BEVERAGES

Kritis Gi

Branded Mediterranean

products 2009

Southern

Greece

Biokid Biological baby foods 2010 Central Greece

Craft Microbrewery Handcrafted beer 2008 Central Greece

Piraiki Microbrewery Biological fresh beer 2009 Central Greece

Dipyrites Handakos Mediterranean products 2010

Southern

Greece

AGRI BUSINESS

Mediterra Mastihashop & products 2005

Northern

Greece

Krokos Kozanis Krokos products 2007

Northern

Greece

Panagopoulos Agri-Farm 2010

Southern

Greece

RECYCLING

Mavin Rendering facility 2006

Southern

Greece

Tyres Herco Tyres recycling 2006

Southern

Greece

Nea Anakyklosi Waste management 2010 Central Greece

Biocompost Waste management 2010 Central Greece

Asa Waste management 2011 Central Greece

Structural Issues

The lack of a critical mass of “venture minded” LPs that over the years

consistently commit capital to Greek VC is due to:

Absence of a class of long-term investors with skills and interest in

innovation & entrepreneurship to become successful players in the asset

class

Need for intermediation between small VC industry and large institutional

investors

Small number of FoFs with the know-how to conduct due diligence &

monitor VC funds

Need to demonstrate the ability to generate wealth in order to attract more

investors

It’s TANEO’s responsibility to explore opportunities, reveal values and

navigate the market towards profitable ventures

What’s Next

At this moment of turmoil in Greece, the majority of companies operating in the mid

market, that make up the back bone of the economy, are facing severe liquidity

constraints, as bank financing has become extremely strict.

During this current period of negative economic conditions, there is an increased

need for equity, especially given the liquidity squeeze in the market.

At the same time, however there is also increased lack of visibility, risk and

uncertainty, which holds back investment decisions and naturally brings out cautious

and risk-averse instincts of investors

In this environment TANEO is the only actual source of equity available to SMEs in

the Greek Market.

Hence, TANEO is preparing for its next step given this new status of the market

Barriers in Attracting Private Investors

Substandard size Immateriality reduces

Of VC Market selection pressure

VC’s financial Too little choice

Performance is regarding

uncertain intermediation

Size Attention

Choice Interest

Flip Siding the Barriers

Financial crisis

Moderate valuations

Mood for change

Slow investment pace

The opportunity

The objective

Equity/Debt ratio

Change of company

management

Use of inactive funds

Tax leverage

Key factors

TANEO

Institutional investors

Banks

Profitable companies

Execution

Equity support of leaders

Management

enhancement

Provision of contingent

capital

Setting up the New Scheme

Neues Fund

Management company

TANEO + Bank & Market professionals

Synergies – Extraversion

Cherry picking

Investing in leaders

Mergers & Acquisitions

Regulatory &

Taxation

issues

Banks’

portfolios of

companies

Hands-on

management

Built on

experience