“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:

Technology
Agribusiness
Nutrition
Eco business
Other opportunities

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.
 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
th
4 Investment, Pancreta Ventures
(Currently AIMS Management)
2004
nd
2 Investment, Zaitech Fund
rd
3 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

Hellenic Republic

Trustee Guarantee
EUR105m

The Notes Note-holders First government

Notes and sponsored fund of funds
Residual Certificates securitization in Europe
Preferred Share Capital Hellenic Republic
EUR45m
Ordinary Share Capital Unique structure of Notes
Guaranteed coupon, Euribor -2bps
Additional return
Unlimited upside
Share Trustee
 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 The Management Team

 Ioannis Papaioannou (MBA), Chairman  Eleni Kolofotia (MPP), Investment Manager
.
 Nikolaos Haritakis (PhD), Vice-Chairman & CEO  Antigoni Lymperopoulou (MBA), Investment
Manager
 Elias Mantzouneas (MSc), Member
 George Saperas (MBA), Finance Manager
 Andreas Zombanakis (MBA), Member
 Yiannis Petridis (MSc), Financial Analyst
 Panayiotis Alexakis (PhD), Member
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
Data Collection Systems and Mobile
Mobile Technology 2006 Central Greece
Computer Systems
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 FOOD - BEVERAGES
Branded Mediterranean Southern
Tsemperou Wind Park 14 MW 2010 Southern Greece Kritis Gi products 2009 Greece

Ionia Energiaki 96 MW 2006 Central Greece Biokid Biological baby foods 2010 Central Greece

Aigaias Anaptyxiaki 87 MW 2006 Southern Greece Craft Microbrewery Handcrafted beer 2008 Central Greece

Thermi Energy 57 MW 2009 Northern Greece Piraiki Microbrewery Biological fresh beer 2009 Central Greece
Southern
Thermi Renewable 2010 Northern Greece Greece
Dipyrites Handakos Mediterranean products 2010

AGRI BUSINESS
Faros Energy 0.75 MW 2009 Northern Greece
Northern
Mediterra Mastihashop & products 2005 Greece
Solar Cells 2006 Southern Greece Northern
Aims Solar 3.5 MW 2010 Southern Greece Krokos Kozanis Krokos products 2007 Greece
Southern
Solar Datum 3 MW 2010 Southern Greece Panagopoulos Agri-Farm 2010 Greece

Solar Concept 3.7 MW 2011 Southern Greece RECYCLING

Southern
Advent 2009 Southern Greece Mavin Rendering facility 2006 Greece
Southern
Ensol Anaptyxiaki Energiaki 56.5 MW 2007 Central Greece Tyres Herco Tyres recycling 2006 Greece
Orpheas 3,2MW 2010 Central Greece Nea Anakyklosi Waste management 2010 Central Greece
ENEP 3MW 2007 Northern 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
Size Attention

VC’s financial Too little choice

Performance is Interest Choice regarding
uncertain intermediation
 Flip Siding the Barriers
The opportunity Key factors

Financial crisis TANEO

Moderate valuations Institutional investors
Mood for change Banks
Slow investment pace Profitable companies

The objective Execution

Equity/Debt ratio Equity support of leaders

Change of company Management
management enhancement
Use of inactive funds Provision of contingent
Tax leverage capital
Setting up the New Scheme

Neues Fund Regulatory &

Taxation
issues

Management company
TANEO + Bank & Market professionals
Synergies – Extraversion

Hands-on
Banks’ management
Cherry picking
portfolios of Built on
companies Investing in leaders
experience

Mergers & Acquisitions