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Angelos Plakopitas increases his Global Finance SA stake to 80.1%

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November 18, 2005 -- Angelos Plakopitas, founder and Managing Director of Global Finance SA, one of the leading private equity and venture capital management companies in Greece and South-East Europe, increased his majority stake in the firm from 50.1% to 80.1%. He acquired this 30% stake from EFG Eurobank Ergasias SA, which reduced its minority participation in Global Finance from 49.9% to 19.9%.

Founded in 1991, Global Finance pioneered private equity investing in South-East Europe. The firm, which has a dynamic presence in Greece, Cyprus and the Balkans, is a full member of the European Private Equity & Venture Capital Association (EVCA). Global Finance's headquarters are located in Athens, while the firm also maintains offices in Sofia and Bucharest. As of July 2005, the company has completed investments in 50+ companies in 10 countries. In 2003 and 2004 alone, Global Finance invested more than USD 80 million in 9 companies.

Geographical preferences: Cyprus, Greece, South-East Europe (Global Finance has a long-term commitment to invest in the Balkan and other Eastern European countries). Funds managed/advised:

• Baring Hellenic Ventures (BHV) Fund (BHV invested in fast-growing companies in Greece with a solid performance record and a strong brand name; raised in 1991 and liquidated in 2004, achieving extraordinary results: it returned more than 13 times the initial amount each investor contributed; size: USD 14 million);

• Global Capital Investors LP (GCI; raised in December 1997; was invested in fast-growing companies in Greece and abroad; vintage year: 1998; size: USD 50 million);

• Global Capital Investors II LP (GCI II, raised in April 2000; to date it is the largest fund raised for the Greek market; with a size of EUR 200 million, GCI II was raised in order to continue Global Finance's successful investment strategy and to be able to take advantage of the multiple opportunities offered by the market; apart from the traditional focus, increased emphasis is given to the technology and media sectors).

Global Finance is also running three specialised funds investing in Eastern Europe with combined capital of USD 150 million. Supported by major Greek and international institutional investors such as the EBRD, the International Finance Corporation (IFC) and the European Union, these funds are:

• Euromerchant Balkan Fund (EBF; vintage year: 1998; size: USD 27 million; raised in 1994; co-investments with Greek companies expanding in Bulgaria and Romania);

• Black Sea Fund LP (BSF; private equity fund investing primarily in medium-sized enterprises in the Black Sea region; focus on investment opportunities between USD 5 and USD 10 million in the Balkans and the region; size: USD 100 million; raised in 1998);

• Global Bulgarian & Romanian Growth Fund (GGF; a recent EUR 20 million start-up designed to make investments in SMEs in Bulgaria and Romania; raised in 2003).

Furthermore, Global New Europe Fund Portfolio Investments SA (GNEF) is listed on the Athens Exchange (ATHEX). Founded in February 2002, GNEF is the first Greek investment company to give access to emerging European and Middle East markets. The closed-end fund, which targets absolute performance and does not track any indices, has an investment team with significant know-how and long-term experience in emerging markets. GNEF invests mainly in the Russian, Turkish and Central European equity and fixed-income markets. The management of Global New Europe Fund has been assigned to Global Fund Management SA (GFM). Global Finance and EFG Eurobank Ergasias are the major shareholders of GFM.

In addition, Global Finance manages the private equity growth fund Global Bulgarian & Romanian Growth Fund, which was set up in June 2003 by the EBRD and Global Finance to target SMEs in Bulgaria and Romania. Other investors include Bulgarian Post Bank AD, Romania's Banc Post SA and the European Commission with EUR 6.5 million through the equity window of the EU/EBRD SME Finance Facility.

Global Finance has consistently managed to increase the level of investment activity, without compromising or loosening its strict investment criteria.

Global Finance currently participates with 13% in Lanitis Development Ltd., which owns the Aphrodite Hills Resort, the first integrated golf, leisure and real estate development in Cyprus, and is listed on the Cyprus Stock Exchange. Global Finance acquired a minority stake in this integrated leisure resort developer, which is controlled by the Lanitis Group of Cyprus, in 2002. Billionaire George David also owns a small minority stake in this Greek-Cypriot developer.

Global Finance's other investments include:

• ATHEX-listed Eurodrip SA (world-class designer and manufacturer of drip irrigation products; established in 1979, the firm was the first European company to deal exclusively with drip irrigation; Global Capital Investors II LP acquired a controlling 49.3% stake in Eurodrip in September 2005 for EUR 12.42 million; this was the second management buy-out (MBO) of a publicly-listed company in Greece -- the first one was P.G. Nikas SA);

• Dodoni (leading chain of ice-cream shops, in 1999);

• United Milk Company (OMK/UMC, leading Bulgarian dairy company; majority stake acquired in for EUR 5.1 million in May 2003; UMC leads the fresh and UHT milk markets with market shares around 25% and competes in the first tier of the yogurt market with a market share of around 10%);

• Orange Romania (leading mobile telecommunications operator in Romania; acquired in 2001);

• Temenos Holdings NV (Swiss-based, global, publicly-listed company and a leader in the banking software industry, acquired in 2000);

• ATHEX-listed P.G. Nikas SA (leading producer and marketer of processed meat products in Greece and the wider region of South-East Europe; acquired in 2003; it has ventures in Greece, Bulgaria, FYROM and Cyprus);

• NetMed N.V. (sole pay-TV provider in Greece and Cyprus; acquired in 2000);

• CORPORACIÓN DERMOESTÉTICA SA (company headquartered in Valencia, Spain offering medical aesthetic treatments in Spain and Portugal through a network of 43 centres and clinics; currently expanding in Italy and actively exploring opportunities in Greece and the UK; acquired in 2003; investment: EUR 7.8 million);

• Attica Zoological Park (Spata-based thematic entertainment park, covering 32 acres, which is also known as "The Athens Zoo" and opened to the public in May 2000; acquired in 2004);

• Diakinisis (Athens-based logistics services provider, founded in 1977, which has the largest market share in third-party logistics (3PL) services in Greece; acquired in 1998);

• Epavlis SA (largest chain of retail stores in Greece's bed linen market; acquired in 2003);

• Mangos SA (digital processing of image/sound; acquired in 1994);

• ATHEX-listed Profile Systems & Software SA (Athens-based, world-class provider of integrated software solutions for the financial sector specialised software applications; acquired in 1999);

• Yioula Glassworks SA (Egaleo, Athens-based glass manufacturer; acquired in 2001);

• Royal Potatoes (MBO of a Bulgarian manufacturer and wholesaler of frozen potatoes, offering a full range of frozen products in the Bulgarian market, where it commands a 40% market share; acquired in 2005);

• La Fourmi (supermarket chain in Romania; acquired 80% in September 2005; La Fourmi was the first supermarket chain to open in Romania in 2003 and currently has a strong presence in Bucharest with 11 outlets);

• ONDA (Bulgarian chain of coffee shops; invested through Global Bulgarian & Romanian Growth Fund; the investment, through a share capital increase, makes Global Finance the biggest shareholder in the company; ONDA currently operates six outlets in Sofia; ONDA is the Global Bulgarian & Romanian Growth Fund’s third investment in Bulgaria)

• TotalSoft SA (88% through Global Finance's private equity funds; leading Romanian software company; acquired in April 2005)

• ...and other firms.

Previous investments that Global Finance has successfully completed include:

• Goody's SA (previously listed on the ATHEX, now part of Delta Holding SA; pioneered quick-service, fast-food restaurants in Greece; acquired in 1992 and sold in 1998);

• ATHEX-listed Germanos SA (currently the biggest Greek chain of stores for telecommunications goods and services in Europe; acquired in 1996 and sold in 2004);

• ATHEX-listed Jumbo SA (formerly Babyland SA; undisputed leader in the consolidating Greek toy retail market; acquired in 1995 and sold in 1999);

• S.C. Sicomed SA (one of the leaders on the Romanian pharmaceutical market (Romania's leading generics company); acquired in 1999 and sold in 2005 to Zentiva NV via Venoma Holdings Ltd.);

• ATHEX-listed Chipita International SA (one of Greece's largest packaged food manufacturers and a leader in flour-based snacks, both in Greece and in Eastern Europe; acquired in 1992 and sold in 1999);

• Boutari Group (wine and "Mythos" beer producer; acquired in 1999 and sold in 2005);

• ATHEX-listed Gregory's Micromeals SA (Gregory's Food Service Group; snack food retail outlets; acquired in 1998 and sold in 2004);

• DIS (Data Information Systems, a Greek software house; acquired in 1995 and sold in 2000);

• Computer Logic SA (a software and IT company that merged in 2000 with DIS, forming ATHEX-listed LogicDIS SA, a new giant in business software in Greece; acquired in 1998 and sold in 2005);

• ATHEX-listed Hatzioannou Holdings SA (established underwear manufacturer with a production facility in northern Greece and a factory in Bulgaria; has various retail chain subsidiaries such as Sprider SA (59%) in Greece and Virgin Ware (100%) in the UK; acquired in 1998 and sold in 2004);

• Information Dynamics SA (system integrator in Greece; merged in 2003 with LogicDIS SA; acquired in 1999 and sold in 2005);

• ATHEX-listed Seafarm Ionian SA (fish farming; acquired in 1999 and sold in 2003);

• Panagia (health services in Greece; acquired in 1996 and sold in 2000);

• Mark Aalen (optical retail chain in Greece; acquired in 1993 and sold in 1993);

• Maxim (textile dyeing and finishing in Greece; acquired in 1994 and sold in 1999);

• Epiphania (corporate printing/publishing and editorial services; in 2002 renamed to Comm Group SA, a fully vertically-integrated, "one-stop" total communication, advertising, production and technology group; acquired in 1993 and sold in 1999);

• Zephyr Telecommunications, Inc. (IP telecommunications, based in the USA; acquired in 2000 and sold in 2003);

• ...and other companies.

Angelos Plakopitas has over 35 years of finance and operating experience. Prior to founding Global Finance, he was, for over a decade, the General Manager of one of the largest industrial companies in Greece. He has 14 years of experience in corporate banking in Greece and the USA, mainly with Citibank. Plakopitas holds a BA degree from the Graduate School of Economic and Business Sciences of Athens and an MBA from New York University (NYU). He is Director of a number of portfolio companies.

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