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Summary invitations for the expressions of interest regarding th long-term right of use of two "Athens 2004 Olympic Games" venues

Invest in Olympic Athens

August 30, 2005 -- Hellenic Olympic Properties SA ("the Company") is a company incorporated and operating under the laws of Greece. While 100% state-owned, the Company operates as a private-sector entity. The Company is responsible for the post-Olympic management and operation of the venues constructed by the Greek State for the purposes of the Athens 2004 Olympic Games.

The Company intends to assign the long-term right of use of two facilities, both of which are located in the Athens metropolitan area. The successful bidders shall be granted the exclusive right to lease, develop, manage and commercially operate the respective facility, and shall be entitled to perform works necessary for the implementation of their business plan, subject to compliance with applicable laws and permitted uses.

Accordingly, the Company hereby initiates two international competitive bid processes ("the Tenders") for the selection of suitable bidders for the Agios Kosmas Olympic Sailing Centre and the Galatsi Olympic Indoor Hall ("the Facilities") and invites eligible parties to express their interest as follows:

• Agios Kosmas Olympic Sailing Centre. The right of use of the venue, which constitutes one of the most ambitious projects completed along the coastal zone of Athens, will be assigned for a period of no less than 25 years. The venue has a total surface of approximately 425,000 square metres, which also includes buildings of 8,945 square metres. The total buildable area amounts to 63,730 square metres. The venue is one of the most attractive sites for leisure and tourism development. The permitted uses include a marina for approximately 1,000 boats with boat support and handling premises, commercial shops, food and beverage facilities, deluxe guest rooms, cultural, leisure, sport and outdoor activities, heiport.

• Galatsi Olympic Indoor Hall: The right of use of the venue will be assigned for a period of no less than 12 years. The existing construction is impressive and is highlighted by steel and glass elements. The facility is situated on a plot of land of approximately 90,000 square metres. Presently the built area amounts to 36,068 square metres and there is the possibility of further constructions of about 8,000 square metres. The permitted uses include commercial shops, food and beverage facilities, cultural venues, sports activities and/or a themed entertainment complex, with substantial parking facilities.

Legal entities and individuals, as well as consortia submitting a joint offer, are eligible to participate in the Tenders. Selection criteria include, principally, the bidders' experience and capabilities, their economic and financial standing, the attractiveness and quality of the proposed projects, as well as the financial consideration offered to the Company.

The Tenders will be performed in two phases (Phase A: Prequalification; and Phase B: Submission of Binding Offers). Only a limited number of interested parties will be invited to participate in Phase B, based on the following criteria, as will further be specified in the respective Information Memorandum:

• Qualification and economic and financial standing;

• Soundness of the business concept and compliance with legal requirements and permitted uses;

• Experience and proven track record in areas relevant to the proposed business concept and the proposed activities.

Details of Phase A, as well as information on the respective Facility, are included in the Information Memoranda for the Tenders. These will be available upon written request to all interested parties at the Company's premises as from Wednesday, September 7, 2005 and until Friday, October 21, 2005.

Expressions of Interest, with the required accompanying documents, may be submitted, in Greek or English, at the Company's offices no later than Tuesday, November 1, 2005, 17:00 Athens time.

Clarifications and/or additional information regarding these Invitations can be obtained from the Company. [contact details] [E-mail] [key contact persons] [premium content]

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Please carefully read our special disclaimer related to Athens 2004 Olympic Games material and information published on INVgr. INV International Ltd. is not responsible for the content of external Web sites. The Tenders and respective contracts shall be governed by Greek law; the contracts will be executed in Greek. The present Invitations for the Expression of Interest do not constitute an offer. The Invitation and respective Information Memorandum have been drafted in Greek and translated into English; in doubt, the Greek text prevails. The Company reserves the right to postpone, withdraw from and/or amend the terms of and timetable for any or all these Invitations and the respective Tenders at any time at its absolute discretion, without any liability to participants and/or third parties. The Expression of Interest entails the unconditional acceptance of the terms and conditions of the present Invitations.

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