On Thursday 17 April 2008, Sal. Oppenheim will hold
the 5th Greek Investment Conference at The Westin Athens Astir Palace Beach Resort, followed by a Field Trip "Greek Retail Sector" on Friday 18 April 2008.

The Greek government expects GDP growth of 3.3% this year after 3.50% in 2007. While this might look ambitious, the Greek economy continues to achieve the fastest growth of any economy in EU. Greece is now the eighth largest economy within the Euro area. Economic growth in 2008 will be driven not only by the domestic demand, but also the important role of Greek companies play as industrial partners in the Balkans. The recent re-election of the Government ensures the continuity and stability of recent successful economic policies.

Historic cultural and religious ties with the Balkans have made Greece the preferred partner for business development in South Eastern Europe: we believe that the Balkans represents a unique opportunity for Greece to participate in this region‘s tremendous growth. The accelerated consumer spending of the Balkan’s population and the requisite, much needed restructuring of the local infrastructure is forecasted this year to produce an impressive GDP growth of 4.2% to 6% for that area.

Given the growth of the Greek economy, the likely privatization of State owned assets, and the ongoing reduction of family holdings in listed companies, the inflows from international institutional investors will likely continue. Last but not least, the market will take advantage of a necessary restructuring (simplification) of the several domestic index and of an extension of trading hours required for a marked improvement in the efficiency (eliminating for example the inconvenient midday break).

For 2008, the privatization program is one of the main priorities of the Greek government. The opportunities created by this program will significantly boost the interest of foreign institutional investors. The government is expected to sell both listed and unlisted stakes in sectors such as banking, services, transport, energy and infra-structure (industrial ports, airport etc.). With the government indebtedness expected to decline, the government is in a better position to create new economic programs and incentives to help the global competitiveness of the Greek industry.
The Greek capital markets have seen a strong increase in free floats of family owned companies. This occurred through secondary placements and M&A transactions creating not only higher liquidity, but also raising the profile of the market to foreign institutional investors. International investors increased their exposure in Greek equities from 27% on average in January 2005, when Sal Oppenheim became an active player in the Greek equity markets, to 40% at the end of 2007. International flows remain a key catalyst for the performance of Greek stocks.

Strong earnings growth and lower valuation explains why the Greek market has been outperforming other European markets since 2005 January to March 2008: Athens Stock Exchange General Index has gained with 58% the same as the DAX with +57% and more than the CAC40 +36%, the FTSE +36%, the DJ EuroStoxx50 +39% and S&P500 only poor +16%.

The Greek companies where Sal. Oppenheim is involved are leading indicators in their own industry sectors. We hope you take the opportunity to meet with the managements presenting at this conference. They represent a new breed of managers and entrepreneurs which is transforming and driving the future Greek economy.

Nicola R. Facciorusso Senior Vice President Director Corporate Brokerage Sal. Oppenheim