The Case for Greece UCITS OFFER NO GUARANTEED RETURN AND PAST PERFORMANCE DOES NOT GUARANTEE THE FUTURE ONE 1 / 40

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1 The Case for Greece UCITS OFFER NO GUARANTEED RETURN AND PAST PERFORMANCE DOES NOT GUARANTEE THE FUTURE ONE 1 / 40

2 Greek Third Program: The End 2 / 40

3 Greek Third Program After almost a decade and three programs bn nd MOU bn 3rd MOU bn st MOU Source: European Commission, Alpha Trust 3 / 40

4 Greek Third Program The last Program concludes successfully next month 85,5 bn 52,0 bn 60,5 bn 67,2 bn 41,7 bn 59,7 bn 49,2 bn 33,3 bn q q q q q q q q q q q q Jul-Aug 2018 notes: 1/ Banks recapitalization (up to 25bn) included in the first tranche Source: ESM, Third Economic Adjustment Program Data as of April / 40

5 Greek Third Program By the end of the program a sufficient cash buffer emerges A cash buffer close to 20 bn may be available for debt redemptions together with Primary surplus close to 6 bn annually and Close to 2 bn privatization revenues still to materialize and 4 bn of possible returns from SMP/ANFA gains 5 / 40

6 Greek Third Program leading to a clear and manageable debt path for the future The introduction of a strong cash buffer secures the Greek debt servicing for the next five years. In this period: The primary Surplus covers interest expense on an annual basis and The cash buffer, privatization and SMP/ANFA gains cover more than 90% of debt redemptions After this period a 15% GDP limit applies for GFN (Gross Financing Needs) of Greek debt. Excluding T-bills the GFN limit is about 6%, close to the average one in Eurozone. 6 / 40

7 Greek Macro 7 / 40

8 As a result of the three programs Greece managed to balance its deficits (% GDP) 2 General Government Surplus Greek Macro Source: Eurostat 8 / 40

9 both on the Government level (% GDP) 6-1,5-2,2 General Government Primary Surplus as % of GDP -3,0-1,5 1,2 0,4 0,3 3,8 2,4 Greek Macro 3,8 3,5 3,5 3,5 3, ,4-5, ,1 Source: European Commission, Ministry Of Finance Notes (*) 2018 estimates, new bailout targets 9 / 40

10 Greek Macro as well as on the country level Current Account Deficit as % of GDP (% GDP) Source: Bank of Greece, AMECO, Data as of 2/ / 40

11 f 2019f Greek Macro while labor market and economic activity are improving 30 Unemployment rate (%) 120 Economic Sentiment European Union Greece Eurozone Greece Source: AMECO Note: 2018, 2019 AMECO forecasts, Data as of 5/2018 Source: European Commission Data as of 4/ / 40

12 Greek Growth 12 / 40

13 Greek Growth The focus now shifts on growth and its prospects Recovery gains momentum 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% -12% Ι ΙΙΙ Ι ΙΙΙ Ι ΙΙΙ Ι ΙΙΙ Ι ΙΙΙ Ι ΙΙΙ Ι ΙΙΙ I ΙΙΙ I ΙΙΙ I ΙΙΙ I ΙΙΙ I ΙΙΙ I ΙΙΙ I ΙΙΙ I GDP (qoq) GDP (yoy) Source: ELSTAT, 2018, 2019 EC spring forecasts Data as of May / 40

14 The improvement in the Greek country risk (reflected in its ten year bond yield) and the lower cost of money will trigger higher growth rates YTM (%) Greek Growth Source: Bloomberg, Data as of 30/04/ / 40

15 1/2009 5/2009 9/2009 1/2010 5/2010 9/2010 1/2011 5/2011 9/2011 1/2012 5/2012 9/2012 1/2013 5/2013 9/2013 1/2014 5/2014 9/2014 1/2015 5/2015 9/2015 1/2016 5/2016 9/2016 1/2017 5/2017 9/2017 1/2018 while better liquidity in the banking sector can also support higher growth Greek banking funding by Central Bank (ECB, BoG) Greek Growth ( bn.) Source: Bank Of Greece 15 / 40

16 GDP Growth Components Greek Growth In the post crisis era a new model arises based on exports rather than consumption 20% 10% 0% 2,2% 9,4% -10% -23,6% -20% -30% -11,7% -40% Exports - Imports Consumption Inventories Investments Source: ELSTAT 16 / 40

17 while Private Investments recover. Housing and Public Investments remain weak Investment Components Greek Growth ( bn) Housing Other constructions Publlic Other Private Source: ELSTAT, Ministry of Finance 17 / 40

18 Growth Drivers 18 / 40

19 Growth Drivers Future investments expected in Tourism Real Estate Transportation & Logistics Energy New FDIs through Privatizations 19 / 40

20 Growth Drivers Tourism Substantial direct & indirect contribution to the economic activity All time records in arrivals for 5 th year in a row 30mn. total international arrivals end 2017 (almost 3x the country s population) Strong tourism activity provides support to GDP 40 Tourism Arrivals (mn of travellers) % e Source: Bank of Greece, 2021 SETE estimates Data as of December / 40

21 Hellenikon One of the largest Urban Regeneration Projects 8 bn TOTAL INVESTMENT Growth Drivers 2,4% CONTRIBUTION TO GDP Real Estate JOBS DURING OPERATION Source thehellinikon.com 21 / 40

22 Growth Drivers Transportation & Logistics Greece: a major transportation crossroad between East and West. Piraeus Port Authority & Thessaloniki Port Authority : An opportunity in making Greece an international European gateway. Port of Piraeus To become: the largest Mediterranean transshipment hub a gateway for Asian products to enter Europe and European products to travel to Asian markets 3 rd on container traffic in the Mediterranean and 8 th in Europe (Porteconomics2017) Port of Thessaloniki a significant hub of combined transports a sea gateway in South East Europe, including the Black Sea. Source: Piraeus Port Authority, Thessaloniki Port Authority 22 / 40

23 Growth Drivers Energy Hub Strategic Geographical position offers Growth Opportunities Major infrastructure investment projects: pipelines, ports, energy generation plants, storage facilities 1. TAP Transfer natural Gas from Caspian through Greece to the European market 2. East Med pipeline Transport natural gas from Israel, Cyprus and Egypt through Crete, Greek mainland Source: CORINTH PIPEWORKS, DEPA, NATIONAL NATURAL GAS TRANSMISSION SYSTEM 3.EuroAsiaInterconnector Transfer electricity from Israel, and Cyprus to Crete and Attica 4. LNG Terminals & Floating Storage In Revithoussa and Alexandroupoli 23 / 40

24 Growth Drivers Privatizations Privatization Program # Asset Method / HRADF Participation Completed 1 Regional Airports (14 airports) Concession 2 Astir Vouliagmenis (Hotel Complex) 100% 3 Afantou Rhodes (Golf & Tourist Development) 100% 4 Piraeus Port Authority (OLP) 67% 5 Railways (TRAINOSE) 100% 6 Athens International Airport (AIA) 30% 7 Hellenic Telecommunications Organization (OTE S.A.) 5% 8 Independent Power Transmission Operator (ADMIE) In progress - Prior Actions 9 Hellinikon (Former Athens Airport) 100% 10 Thessaloniki Port Authority S.A. (OLTH) 67% 11 Hellenic Gas Transmission System Operator (DESFA) 66% (35% HELPE) 12 EESSTY (ROSCO Railways Maintenance) 100% 13 Public Gas Corporation (DEPA) 65% (35% HELPE) 14 Hellenic Post S.A (ELTA) 90% 15 Small Real Estate Assets 16 Small Ports & Marinas 17 Egnatia Motorway 18 Hellenic Petroleum (HELPE) 35% 19 Public Power Corporation (PPC) 17% 20 Athens Water Supply & Sewerage (EYDAP) 11% 21 Thessaloniki Water Supply & Sewerage (EYATH) 23% Source: Updated Asset Development Plan, Third Economic Adjustment Program, Data as of May / 40

25 Growth Drivers Privatizations Privatization Program Targets Asset Targets in bn 1 Regional Airports (14 airports) 1,2 2 Athens International Airport (AIA) 0,6 3 National Natural Gas System Operator S.A. (DESFA) 0,5 4 Thessaloniki Port Authority S.A. (OLTH) 0,23 5 Hellinikon (Former Athens Airport) 0,3 6 Spectrum Auction 0,3 7 Railways (TRAINOSE) 0,05 8 Hellenic Telecommunications Organization (OTE S.A.) 0,26 9 Hellenic Petroleum (HELPE) 0,84 10 Public Power Corporation (PPC) 0,19 11 Other 0,15 Total 4,62 Source: Compliance Report The Third Economic Adjustment Program for Greece Second Review, June 2017 Data as of April / 40

26 Hellas Opportunities Fund 26 / 40

27 Where we invest Corporations that have managed to gain during the crisis, benefiting from strategy, weakened competitors and improvements in cost Corporations that are undergoing restructuring or are being privatized Corporations that operate internationally and have been little affected by the domestic crisis 27 / 40

28 Key features Concentrated portfolio- 27 ASE listed companies Following a bottom-up and stock picking approach Diversifying between defensive and high-beta stocks Companies with: strong balance sheets, successful business models, capital strength, positive cash-flows, capital earnings, shareholder returns, management quality, capability to deliver results. 28 / 40

29 Greek Equity Valuation Metrics suggest Value to explore Price / Sales 3,0 3,0 Price / Book 2,5 2,5 2,0 2,0 1,5 1,5 1,0 1,0 0,5 0,5 0,0 0,0 Ase Genal Index MSCI World MSCI EM Ase Genal Index MSCI World MSCI EM Source: Thomson Reuters Datastream, Bloomberg, Alpha Trust Data as of 30/04/ / 40

30 Hellas Opportunities Fund Current Investment Case Greek Recovery Strong Business Model Investment Themes EUROBANK, NATIONAL BANK OF GREECE, ALPHA BANK, GEKTERNA CONSTRUCTIONS, AUTOHELLAS, LAMDA DEVELOPMENT, GRIVALIA PROPERTIES, PIRAEUS PORT AUTHORITY, ATHENS EXCHANGE GROUP, ELLAKTOR CONSTRUCTIONS, IASO CLINIC, AEGEAN AIRLINES, KRI-KRI MILK INDUSTRY, ADMIE HOLDING, CENERGY HOLDINGS AEGEAN AIRLINES, KRI-KRI MILK INDUSTRY, ADMIE HOLDING, HELLENIC TELECOMMUNICATIONS ORGANISATION, JUMBO, MOTOR OIL, OPAP GAMBLING SARANTIS, FOURLIS GROUP, PLAISIO COMPUTERS International exposure of holdings EXPORTS /SALES 2017 COCACOLA HBC AG 94% VIOHALCO 84% THRACE PLASTICS 83% TITAN CEMENT 80% MOTOR OIL 74% CENERGY HOLDINGS 64% SARANTIS 64% MYTILINEOS HOLDINGS 46% FOURLIS GROUP 38% JUMBO 31% % of portfolio 33% International Exposure CENERGY HOLDINGS, MYTILINEOS, TITAN CEMENT, THRACE PLASTICS, COCA COLA HBC, VIOHALCO Source: Companies data 30 / 40

31 Hellas Opportunities Fund Current Investment Case Asset Breakdown Small 5,09% Cash 11,93% MM Funds 2,38% FTSE/Χ.Α. MID Cap 9,35% Mid 38,97% Large 55,94% Stocks 85,69% FTSE/Χ.Α. Large Cap 90,65% Market Capitalization split large: >1bn // mid: <1bn and >200mns // small: <200mns and >50mns // micro: <50mns Source: Frankfurt Trust, Data as of 31/05/2018 Source: Alpha Trust, ATHEX, Data as of 31/05/ / 40

32 Hellas Opportunities Fund Current Investment Case Industry Exposure TOP 10 Positions Industrials Banks Cons.Cyclicals Cons.Non-Cyclicals Financials Basic Materials Telecomms Energy Utilities Healthcare Technology 0% 10% 20% 30% Company HELLENIC TELECOMMUNICATIONS Hellas Opportunities Athex Composite Share Price index Under/ Over Weighted MCAP (in mn ) 6.60% 9.44% -2.84% 5,024 EUROBANK ERGASIAS 5.49% 5.76% -0.27% 1,967 JUMBO 5.37% 5.02% 0.35% 1,869 COCA COLA HBC AG 4.74% 11.15% -6.41% 11,023 MYTILINEOS HOLDINGS 4.70% 5.10% -0.40% 1,297 NATIONAL BANK OF GREECE 4.66% 4.71% -0.05% 2,464 ALPHA BANK 4.55% 5.63% -1.08% 2,827 AEGEAN AIRLINES 4.32% 1.56% 2.76% 618 TITAN CEMENT COMPANY 4.11% 5.04% -0.93% 1,618 GEK TERNA HLDG.RLST.CON. 4.05% 2.59% 1.46% 546 Hellas Opportunities Athex Composite General Index Total 48.59% 56.00% 29,254 Source: Frankfurt Trust, ATHEX, Thomson Reuters Datastream Data as of 31/05/2018 Source: Frankfurt Trust, ATHEX, Alpha Trust, Data as of 31/05/ / 40

33 bn bn bn bn Hellas Opportunities Fund TOP 10 Positions: Performance during the last ten years 30,0 25,0 20,0 15,0 10,0 5,0 0,0 SALES - LTM 5,0 4,0 3,0 2,0 1,0 0,0 EBITDA - LTM 2,5 2,0 1,5 1,0 0,5 0,0 NET INCOME - LTM 10,0 8,0 6,0 4,0 2,0 0,0 NET DEBT - LTM Source: Thomson Reuters Datastream, Alpha Trust Data as of 29/12/2017, ex financials 33 / 40

34 Hellas Opportunities Fund Current Investment Case Top 10 Holdings - Portfolio Matrix Symbol Mcap (mn) SALES FY 2017 (k) Ebitda FY 2017 (k) EAT FY 2017 (k) Net Debt FY 2017 (k) PE FY 2017 PS FY 2017 P/BV FY 2017 EV/ EBITDA FY 2017 Net debt /EBITDA FY 2017 Net debt /Equity FY 2017 DY FY2017 COCA COLA HBC AG 11,041 6,522, , , , % HELLENIC TELLECOMUNICATIONS 5,024 3,857,100 1,303,900 67, , % OPAP - GAMBLING 2,935 1,455, , , , % MOTOR OIL 1,921 7,843, , , , % JUMBO 1, , , , , % TITAN CEMENT 1,618 1,505, ,441 42, , % MYTILINEOS HOLDINGS 1,297 1,526, , , , % AEGEAN AIRLINES 618 1,127, ,804 60, , % GEKTERNA CONSTRUCTIONS 546 1,185, ,964 69,816 1,084, % SARANTIS ,156 39,660 28,634-13, % Source: Company s reports, Datastream, ATHEX, Alpha Trust calculations Data as of 29/12/2017, Closing price 31/05/2018 ex financials, figures in *For JUMBO with June year end, the presented figures are the LTM up to 29/12/2017 for the latest reported period of 1H / 40

35 Hellas Opportunities Fund Current Investment Case TOP 10 Holdings Company Sector Top 10 Holdings 1 HELLENIC TELECOM TELECOMS The leading integrated telecommunications operator in Southeast Europe, providing voice, mobile TV and broadband services. One of the better run companies in Greece with a successful restructuring of the fixed line business in the last years, a strong position in the domestic mobile business and in Romanian market. It's strategy aims at further strengthening its market positions through successful leveraging of new technologies, active customer service and innovative marketing. Deutsche Telecom holds 45% of the company. Strong free cash flow generation and dividend remuneration for the shareholders. 2 EUROBANK BANKS Eurobank Ergasias SA active in retail, corporate and private banking, asset management, treasury, capital markets and other services. It operates mainly in Greece. Banking sector s performance remains highly correlated to the dynamics related to the country s economic performance and its compliance to the ESM program. Hellenic financial stability fund hold only 2.38% of the equity capital as of , while Fairfax Holdings hold the 16.88%. 3 BELA RETAIL Engaged in the retail trade of new items in specialized stores. It is mainly engaged in the retail sale of toys, baby items, seasonal items, decoration items, books and stationery. Small part of the Company s operations is the wholesale trade of toys and similar items to third parties. The Company operates in the following countries: Greece, Cyprus, Bulgaria and Romania. The Company s subsidiaries include: Jumbo ECR SRL, based in Romania; Jumbo Trading Ltd, based in Cyprus, as well as Jumbo EC.B EOOD Sofia, based in Bulgaria. The Company operates more than 70 stores in Greece, Cyprus, Bulgaria and Romania, as well as an online store e- jumbo. 4 COCA COLA HBC AG BEVERAGES 5 MYTILINEOS HOLDINGS HOLDING Source: Alpha Trust, Company s Reports The third largest Coke bottler by revenue accounting for 7% of The Coca Cola Company s global sales. It produces, sells and distributes carbonated and non-carbonated soft drinks, juices, water etc. CCH is present in 28 markets, having a balanced stream of revenues coming from established (37%) and emerging/developing markets (63%) One of Greece's largest industrial companies in the sectors of Metallurgy as a producer of refined alumina and primary aluminium, EPC (Engineering-Procurement-Construction) Projects and independent power producer in Greece (c.10% of the domestic energy production market), as long as gas trading. Well diversified and export oriented, is the largest vertically integrated alumina and aluminium producer in Europe and the second largest bauxite producer in Greece. 35 / 40

36 Hellas Opportunities Fund Current Investment Case 6 TOP 10 Holdings Company Sector Top 10 Holdings NATIONAL BANK OF GREECE BANKS 7 ALPHA BANK BANKS One of the key player in the Greek banking sector with strong capital position. Taken a series of capital actions in order to deleverage its balance sheets. Banking sector s performance remains highly correlated to the dynamics related to the country s economic performance and its compliance to the ESM program. One of the key player in the Greek banking sector with strong capital position. Banking sector s performance remains highly correlated to the dynamics related to the country s economic performance and its compliance to the ESM program. 8 AEGEAN AIRLINES TOURISM 9 TITAN CEMENT CEMENT Greece's largest airline, a member of star alliance. Investments in strengthening its international presence and in supporting Greek tourism both in Athens and regional airports. A network of 153 destinations, 122 international and 31 domestic with 13.2 mn passengers. One of the youngest fleets in Europe comprising 46 aircrafts. Quality and award winning airline. Weathering through the crisis and positioning for strong growth. During 2018, 42 airplanes were ordered, valued at 5 billion of list prices. Very well managed, strong balance sheet, appealing returns to shareholders. Independent, vertically integrated cement and building materials with 116 years of industry experience. International, geographically diversified business providing resilience through the cycle. Strong market presence in Eastern USA and Greece, growing presence in Southeastern Europe, Eastern Mediterranean and Brazil. Peak group EBITDA 481mn in 2006 vs. 273mn in Dedicated management team with consistent strategy and governance effectiveness for long-term vision. 10 GEK TERNA HLDG.RLST.CON. CONSTRUCTIONS A group of companies that is active in construction, renewable energy, thermal energy, real estate and concessions. The group holds one of the leading positions in its area of activities in Greece. Source: Alpha Trust, Company s Reports 36 / 40

37 Hellas Opportunities Fund Current Investment Case Portfolio Summary Hellas Opportunities Fund Athex Composite Share Price index P/E Positive P/SALES P/BV EV/EBITDA NET DEBT/EBITDA DY 2.01% 2.12% Source: Companies reports, ATHEX, Alpha Trust calculations Data as of 29/12/2017, Closing prices 31/05/2018, ex Financials 37 / 40

38 Hellas Opportunities Fund NAV PERFORMANCE 15% 4 year performance 30/05/ /05/2018 0% -15% -30% -45% -33,52% % % -60% -75% HELLAS OPPORTUNITIES FUND (I) Athex Composite Index Total Return Athex Composite Share Price index Source: ATHEX, Thomson Reuters Datastream Data as of UCITS OFFER NO GUARANTEED RETURN AND PAST PERFORMANCE DOES NOT GUARANTEE THE FUTURE ONE 38 / 40

39 AlphaTrustHellenic Equity Fund Equity fund Greece Alpha Trust Hellenic Equity fund vs Athex Composite Index - 20years performance (31/10/ /10/2017) 300% 250% 200% 150% 100% 50% 0% -50% -100% 18.90% % ALPHA TRUST HELLENIC EQUITY FUND Athex Composite Share Price index Alpha Trust Hellenic Equity fund (HCMC s License: 58th/ /6A) Source: ATHEX, Alpha Trust, Data as of UCITS OFFER NO GUARANTEED RETURN AND PAST PERFORMANCE DOES NOT GUARANTEE THE FUTURE ONE 39 / 40

40 AlphaTrustHellenic Equity Fund Equity fund Greece Outperformance vs. Benchmark 100% 89,72% 80% 60% 40% 32,65% 20% 19,74% 3,93% 5,94% 0% 1 Year 3 Years 5 Years 10 Years 20 Years Alpha Trust Hellenic Equity fund (HCMC s License: 58th/ /6A) Benchmark: AthexComposite Share Price Index Source: ATHEX, Alpha Trust, Data as of 31/05/2018 UCITS OFFER NO GUARANTEED RETURN AND PAST PERFORMANCE DOES NOT GUARANTEE THE FUTURE ONE 40 / 40

41 DISCLAIMER This presentation contains data regarding past transactions and services and does not constitute binding or secure predictions with regards to future results of those transactions and services. No reproduction or publication of this presentation is allowed without prior written consent from alphatrust. Part of the information and data of this presentation have been collected from reliable sources, nevertheless there is no guarantee for their accuracy or their validity. Any data and estimations contained herein do not constitute under any circumstances analysis, instigation (or the opposite) or investment advice for specific transactions. alphatrust bears no liability for any investment that may take place based on any data and estimates published in this presentation, since the return on the investments may be either losses or profits and consequently under no circumstances can it be guaranteed. Further information on alphatrust Mutual Funds can be found on the Key Investor Information Documents (KIIDs), the relevant prospectus, the funds rules and the latest available half yearly and annual reports of each Mutual Fund. The aforementioned documents are available in electronic form from our company s website: or can be obtained free of charge in hardcopy at the Registered Office of our Company (21, Tatoiou Street, , Kifissia, Greece) and our company s licensed representatives. Contact Tel: mail: info@alphatrust.gr web: 21, Tatoiou str., Kifissia, Greece ALPHA TRUST MUTUAL FUND AND ALTERNATIVE INVESTMENT FUND MANAGEMENT S.A. 21, Tatoioustr, Kifissia, Greece tel: , Fax: , url: info@alphatrust.gr Hellenic Capital Market Commission's License 24th/ Subj.669/ & 7/695/ , General Electronic Commercial Registry: UCITS OFFER NO GUARANTEED RETURN AND PAST PERFORMANCE DOES NOT GUARANTEE THE FUTURE ONE 41 / 40