DIORAMA INVESTMENTS MANAGED BY DIORAMA INVESTMENTS FUND STRUCTURE

DIORAMA INVESTMENTS MANAGED BY:

DIORAMA INVESTMENTS FUND STRUCTURE Ø Luxembourg SICAR entity licensed and regulated Luxembourg’s Capital Markets Commission (CSSF) by Ø Exclusively managed by DECA Investments Alternative Investment Fund Manager (AIFM): the first AIFM licensed and regulated by the Hellenic Capital Market Commission (HCMC) Ø DECA has five partners with broad experience in investments

DIORAMA INVESTMENTS FUND STRUCTURE INVESTORS Private & Institutional DIORAMA INVESTMENTS SICAR PORTFOLIO Regulated by CSSF 12 -15 Investments DECA INVESTMENTS AIFM Regulated by HCMC

DIORAMA INVESTMENTS INVESTMENT SIZE: EUR 130 mn – EUR 160 mn Ø Dimitris Daskalopoulos is the anchor Investor, with EUR 50 mn commitments Ø Other seed investors include financial institutions and Greek high-net-worth individuals with EUR 25 mn Ø Other important investors are EIF, EBRD, other IFIs, other financial institutions totaling commitments of EUR 65 mn – EUR 90 mn

DIORAMA INVESTMENTS WHAT WE DO Ø Provide growth capital to Greek SMEs: typically EUR 5 mn – EUR 15 mn Ø Equity and equity-like capital Ø May invest in larger entities Ø Usually significant minority positions. May acquire majority Ø Provide capital for growth, working capital, fixed assets investments etc.

DIORAMA INVESTMENTS WHAT WE DON’T DO Ø Lending Ø Restructurings (although we will provide capital after deal with lenders is made) Ø Startups Ø Prohibited Sectors (gambling, weapons, distilled alcohol, and certain others) Ø We don’t ask for pledges, personal guaranties, mortgages etc. Our protection is the business plan, the shareholders’ agreement and the partners’ integrity

DIORAMA INVESTMENTS WHAT WE OFFER Ø Capital is the obvious • Working capital to fund growth • New plant and equipment • Strategic acquisitions Ø Advice on improving capital structure Ø Improving governance Ø Help on opening markets and outlets through our operating advisors

DIORAMA INVESTMENTS IMPORTANT THEMES Ø Long term (4 -6 years) partners Ø After we invest we are on an equal base. Either we both make money or we both lose Ø Agree on governance, our rights and exit before we enter Ø We only invest in holding companies. No affiliates with different shareholdings Ø Integrity and reputation of candidate partners fundamental

DIORAMA INVESTMENTS WHAT COMPANIES ARE WE LOOKING FOR Ø Honest partners Ø Extrovert companies. Exports account for large percentage of revenues Ø Strong fundamentals Ø Low capacity utilization Ø In need of capital

DIORAMA INVESTMENTS WHAT WE DON’T LIKE Ø Companies structures with complicated organizational Ø Importers selling mainly to Greece Ø Large capital expenditures in the next few years Ø Important reputational issues

DIORAMA INVESTMENTS HOW WE PROCEED Ø Early on we sign NDA to get information Ø Require well -thought five year plan Ø Early on we provide valuation estimate and potential structure including major items of Shareholders’ agreement Ø If agreeable we do full valuation and negotiate definitive agreement based on earlier discussions Ø The better prepared a company the faster the investment is concluded. Average time is 6 months