Capital Link: “Building on Success: Unlocking Greece’s Investment Potential”

The following highly interesting PANEL DISCUSSIONS, entitled: “THE GREEK ECONOMIC RENAISSANCE: GROWTH, RESILIENCE & COMPETITIVENESS”, & “DEALS THAT DEFINED THE YEAR: M&A AND CAPITAL DEALS TRANSFORMING GREECE” & “TAX ADMINISTRATION – IMPLICATIONS FOR INVESTORS &THE GREEK DIASPORA”, & “THE CASE FOR GREEK EQUITIES”, & “GREECE IN THE DEBT CAPITAL MARKETS: SOVEREIGN & CORPORATE SUCCESS STORIES & PERSPECTIVES”, were part of the agenda of the 27th Annual Capital Link Invest in Greece Forum: & Building on Success: Unlocking Greece’s Investment Potential”, that was held with great success and participation, on Monday, December 8, 2025 in New York in cooperation with New York Stock Exchange – NYSE, Athens Exchange
Group (ATHEX Group) and major Global Investment Banks & Organizations. Goldman Sachs, Morgan Stanley and TEN Ltd (Tsakos Energy Navigation) were the Lead Sponsors. The Forum was organized under the Auspices of the Consulate General of Greece in New York.

1. Panel Discussion “THE GREEK ECONOMIC RENAISSANCE: GROWTH, RESILIENCE & COMPETITIVENESS”:
Moderator: Dr. Mantha Varela, Partner – Saplegal – A.S. Papadimitriou & Partners Law Firm
Panelists:
 Mr. Orestis Kavalakis, Governor – Recovery and Resilience Facility Coordination Agency
 Dr. Filippo Taddei, Managing Director, Global Investment Research – Goldman Sachs International
 Mr. Robert Blotevogel, Advisor to Head of Economic Risk Analysis – European Stability Mechanism
ESM

Dr. Mantha Varela, Partner – Saplegal – A.S. Papadimitriou & Partners Law Firm, moderated the panel and stated: “Greece’s economic trajectory over the past years demonstrated that sustained reform, institutional credibility, and investment-driven growth can fundamentally reshape a country’s outlook. As highlighted during the panel on the Greek Economic Renaissance, the country has transitioned from recovery to a new phase of resilience and competitiveness, supported by a coordinated policy framework, the effective deployment of EU resources, and a renewed commitment to private-sector dynamism. Today, Greece stands out not only for regaining investment-grade status but for strengthening the underlying pillars that anchor long-term stability — from modernized labor rules to more transparent and predictable frameworks for foreign investment.”

Beyond the conclusions of the discussion, Mrs. Varela’s personal view was: “This transformation is neither accidental nor cyclical; it is the result of persistent structural efforts and an increasingly outward-looking economic model. The adoption of recent legislation on FDI screening and regulatory modernization reflects Greece’s strategic objective to attract high-quality international capital while ensuring that the business environment remains flexible, transparent, and aligned with global best practices. As the global and European economic landscape continues to evolve, Greece must now build on this momentum by further accelerating reforms that enhance productivity, support innovation, and expand opportunities for sustainable investment”.

Finally, Mrs. Varela stated: “Our discussion underscored a simple but crucial message: Greece has entered a phase where long-term value creation is achievable, provided that the reform effort remains consistent and investment-friendly policies continue to guide economic strategy. The country’s progress is both substantial and promising, and sustaining this trajectory will require a shared commitment from institutions, investors, and the business community alike.”

Mr. Orestis Kavalakis, Governor – Recovery and Resilience Facility Coordination Agency, stated: “Greece’s economic advance in recent years has been strongly supported by the Recovery and Resilience Facility, which remains a central pillar of the country’s reform and investment strategy. At this stage, implementation of the Greek Recovery and Resilience Plan is progressing steadily, with Greece being among the leading EU countries,
as far as RRF implementation is concerned, with almost half of the milestones and targets completed and the rest on completion track. Disbursements have accelerated, reaching 65% of the total budget, reflecting both the maturity of the investment pipeline and the solid coordination mechanisms established across ministries, implementing bodies, and the private sector. Looking ahead, the key steps toward completion include finalizing large-scale digital and green infrastructure projects, ensuring the smooth implementation of the loan component to mobilize private investment, and maintaining the reform momentum in areas such as public administration, justice, skills development, and the energy transition. These elements are essential not only for meeting the formal requirements of the Facility but also for entrenching structural improvements that will endure beyond 2026.

As for its long-term impact, RRF is already reshaping the country’s growth model toward higher productivity, greater competitiveness, and a more extroverted and innovation-driven economy. The combination of targeted public investment, institutional reforms, and incentives for private capital is expected to leave a lasting imprint on Greece’s economic fabric, improving resilience to future shocks and enhancing fiscal sustainability through stronger potential growth. At the European level, it is possible that the RRF will be remembered as a benchmark for future fiscal governance: its performance-based disbursement model, its alignment with strategic priorities such as the green and digital transitions, and its ability to mobilize reforms alongside investment all represent features that could inform the design of post-2027 EU financing tools. In this sense, the Facility not only addresses current recovery needs but also provides a blueprint for more effective and mission-oriented European
economic policymaking in the years to come.”

Mr. Robert Blotevogel, Advisor to Head of Economic Risk Analysis – European Stability Mechanism ESM, stated: “As a long-term partner, the ESM views Greece’s recent economic renaissance as a testament to the power of past reforms. To ensure Greece’s remarkable economic recovery evolves into a structural upswing, policy must now focus on closing productivity gaps. This requires removing economic barriers, allowing resources
to flow to their most productive uses. Specific priorities include fostering an environment where young firms can scale, enhancing workforce skills through education and training, and strengthening independent institutions—such as HCAP—to unlock value in state assets.

Greece enjoys a unique window of opportunity—market confidence is restored, Greece’s financing conditions are favourable, and fiscal policy is on a sound footing. Fiscal discipline will remain the cornerstone of credibility. The challenge ahead is to enhance the quality of public finances without compromising debt reduction. This entails a strategic shift in spending: moving away from inefficient transfers toward long-term investments in human capital and digital-green infrastructure, particularly as RRF funding tapers. On the revenue side, tax policy should aim to further boost labour force participation, especially among women and the young. Finally, we support proactive debt management strategies to build buffers against future volatility. The ESM stands ready to continue supporting Greece in these efforts to boost the resilience and generate prosperity all Greeks.

2. Panel Discussion: “DEALS THAT DEFINED THE YEAR: M&A AND CAPITAL DEALS
TRANSFORMING GREECE” Moderator: Mr. Apostolos Gkoutzinis, Partner – Milbank
Panelists:
 Mr. Dimitris Kofitsas, Managing Director, Head of Greece Investment Banking Coverage & Financing –
Goldman Sachs International
 Mr. Konstantinos Kostopoulos, Managing Director, Head of Greece and Cyprus, Investment Banking –
Morgan Stanley
Mr. Apostolos Gkoutzinis, Partner – Milbank, moderated the panel and stated: “Investment Climate in Greece: Opportunity for North American Investors – Greece has emerged as one of Europe’s most stable and promising investment destinations, combining macroeconomic resilience, sustained reform momentum, and strategic positioning at the crossroads of Europe, the Middle East, and North Africa. Following a decade of structural adjustments, Greece has implemented far-reaching legal and regulatory reforms that have strengthened fiscal discipline, modernized public administration, and streamlined investment processes. These reforms—spanning insolvency, collateral enforcement, PPP frameworks, energy market liberalization, and digital governance—have materially improved the ease of doing business and investor protections, reinforcing the rule of law and the predictability critical to long-term capital. Political stability underpins this progress. Successive pro-reform governments have maintained a consistent policy direction centered on investment attraction, privatization, and competitiveness. Credit rating upgrades and
robust GDP growth, supported by EU recovery funds and tourism, have helped anchor market confidence. Greece’s digital transformation, including e-government platforms and accelerated licensing procedures, continues to reduce administrative friction and enhance transparency.

For North American investors, Greece offers compelling sectoral plays: renewable energy and grid infrastructure, logistics and port development, tourism and hospitality (including high-end and experiential assets), life sciences and pharmaceuticals, technology and shared services, and real estate redevelopment. The country benefits from EU market access, strong human capital, and improving cost competitiveness, making it a strategic hub for regional operations and nearshoring. A maturing venture and private equity ecosystem, complemented by public incentives and a robust PPP pipeline, presents opportunities across the risk-return spectrum. Legal reforms have strengthened investor recourse, expedited dispute resolution, and facilitated debt workouts and asset transfers, reducing execution risk. Combined with stable eurozone membership and improving
sovereign fundamentals, Greece offers a secure platform for North American institutional, strategic, and family office investors seeking diversification, yield, and growth. The investment thesis is underwritten by stability, transparency, and a forward-leaning reform agenda that continues to deepen Greece’s position as a gateway to wider regional markets.”

3. Panel Discussion: “TAX ADMINISTRATION – IMPLICATIONS FOR INVESTORS & THE GREEK DIASPORA”
Moderator: Mr. George Mylonogiannis, Founding Member – Fortsakis, Diakopoulos & Associates Law Firm (FDMA)
Panelists:
 Mr. George Pitsilis, Governor – Independent Authority for Public Revenue – Hellenic Republic
 Ms. Eftihia Pylarinou-Piper, President – HACC Hellenic American Chamber of Commerce
 Mr. Spyros Kaminaris, Partner, Head of Tax – EY Greece

Ms. Eftihia Pylarinou-Piper, President – HACC Hellenic American Chamber of Commerce, presented her organization that was established 78-years ago with the mission of strengthening economic and cultural ties between Greece and the United States. In her remarks, she emphasized that Greece has entered a new era of tax administration built on clarity, transparency, and predictability—core elements for attracting investment and reinforcing bonds with the global Greek diaspora. She highlighted recent reforms that enhance Greece’s competitiveness, including the non-dom
regime for high-net-worth individuals, the 7% flat tax for foreign pensioners, the 50% income-tax exemption for professionals returning to Greece, establishing a family office and incentives for angel investors, start-ups, and research and development. According to Mrs. Pylarinou-Piper, these measures go beyond financial benefits and reflect a renewed effort to rebuild trust with Greeks living abroad. She noted that many diaspora members have faced challenges involving double taxation, property ownership, inheritance, and tax residency. The modernization of the Independent Authority for Public Revenue (AADE), the expansion of the myDATA digital platform, and digitalization of property and tax services represent a major shift toward a more accessible, technology-driven system for citizens worldwide. She called for additional steps to streamline engagement with the diaspora, proposing a Diaspora Service Portal offering centralized information, bilingual guidance, and direct communication with government agencies. She also recommended appointing a Diaspora Liaison Officer within each ministry for faster issue resolution.

Mrs. Pylarinou-Piper underscored the importance of improved communication channels and stronger partnerships with organizations such as HACC. She proposed establishing a Diaspora Advisory Board composed of leading diaspora organizations such as HACC to collaborate regularly with the Greek government on policy priorities. She concluded by stressing that ongoing dialogue is essential to ensure that diaspora-focused policies align with the needs of global Greeks and support Greece’s long-term growth.”

Mr. Spyros Kaminaris, Partner, Head of Tax – EY Greece, maintained that increased tax predictability and certainty should be the top priority for boosting Greek tax competitiveness. This is something which is also top of mind for global investors, according to the findings of the latest EY Attractiveness Survey for Greece. While Greece’s approach to taxation is now viewed more positively than in Europe in general, Mr. Kaminaris underlined the need for further modernization, targeted tax incentives for R&D and sustainability, and greater flexibility from tax authorities. “These measures are expected to attract more foreign investment, support domestic entrepreneurship, and strengthen overall economic growth” he concluded.

4. Panel Discussion: “THE CASE FOR GREEK EQUITIES” Moderator: Dr. Orestis Omran, Partner, Head of Greece Country Group – DLA Piper UK
Panelists:
 Mr. Giannis Vrentzos, Chief Executive Officer – Alter Ego Media S.A.
 Mr. George Kallimasias, Chief Strategy Officer – Athens International Airport (AIA)
 Mr. Joti Rana, Head of Governance and Policy for the Americas region – FTSE Russel
 Mr. Konstantinos Nikas, General Manager – NBG Securities

Dr. Orestis Omran, Partner, Head of Greece Country Group – DLA Piper UK, moderated the panel and stated: “Greece is expected to sustain a solid economic growth trajectory in the coming years, outpacing much of the Eurozone. Forecasts project GDP expansion of roughly 2% in both 2026 and 2027, nearly double the expected rate for the broader Eurozone. This sustained momentum is supported not only by resilient private consumption, steady investment flows, and a dynamic tourism sector, but also by ongoing improvements in productivity, infrastructure investment, and digital transformation across key industries. Together, these elements contribute to a more stable macroeconomic environment and reinforce confidence in Greece’s medium-term prospects. The country's macroeconomic recovery has contributed particularly positively. This momentum supports the argument that the current recovery is not a temporary 'boom', but a sustainable upward trend based on improving economic conditions. This improving backdrop has also been reflected in the remarkable performance of Greek equities in 2025. While
several major European markets have struggled with political uncertainty and slow growth, the Greek market has attracted renewed attention from both domestic and international investors. The same dynamics, greater economic stability, stronger corporate profitability, and improved financing conditions, are increasingly influencing private equity activity and the M&A landscape. Investors are showing growing interest in Greek assets, not only in the public markets but also in private companies, where improved fundamentals and better access to capital have broadened the range of investable opportunities. The consistent performance of Greek equities reflects the broader improvement of the corporate sector, which is
achieving sustainable profitability, strong operating leverage, and a significantly strengthened balance-sheet position. These developments have created a more attractive environment for private equity investors, who now find a deeper and more resilient pool of companies capable of supporting growth-oriented investment strategies. Greece is emerging as a promising destination for long-term investors across the spectrum, from public equities to private equity and strategic M&A, supported by greater economic resilience and growing investor confidence.”

Mr. Giannis Vrentzos, Chief Executive Officer – Alter Ego Media S.A., stated: “Over the past few years, investor attention in Greece has focused mainly on the banking sector and a small group of large-cap companies. The strong performance of the market was driven by a significant improvement in macroeconomic fundamentals and very low starting valuations. However, this impressive rally does not mean that opportunities have been exhausted — on the contrary. Today, the case for Greek equities is not based solely on value. Increasingly, it is based on the quality of the
companies themselves. We see listed corporates with clear strategies, strengthened through the crisis, with solid fundamentals, conservative leverage and growing extroversion. It is also important to highlight that many sectors in Greece are at an earlier stage of development compared to other European markets. The country’s ‘lost decade’ has created room for a catch-up phase, as well as meaningful opportunities for consolidation. As a result, the Greek market is evolving from a value-driven to a quality-and-growth story — and this is where the next wave of investment opportunities lies. Alter Ego Media represents this new narrative. Our IPO was the first media listing in Greece in 25 years and became the most successful IPO of the post-crisis era, with almost 12 times oversubscription — a clear vote of confidence in our strategy and in the direction of the Greek equity market. Since our listing, we have already deployed around 70% of the IPO proceeds into acquisitions, technology, content and new business verticals, guided by strict strategic discipline and a conservative capital structure. Our model aligns with the global convergence of media, technology and entertainment. In many ways, Alter Ego Media reflects the next phase of Greek corporates: resilient, innovative and positioned for sustainable long-term value creation.”

Mr. George Kallimasias, Chief Strategy Officer – Athens International Airport (AIA), stated: “It is an honor for us to be participating once again in the esteemed conference this year, providing us with the opportunity to showcase recent developments and prospects for Athens International Airport. Following an increase in passenger traffic by 25% in 2024 compared to 2019, and by 13% compared to 2023, Athens International Airport is now on the threshold of another historical record for the year 2025, demonstrating a robust performance highlighted by enhanced connectivity, which enabled Athens airport to stand out as one of Europe’s most connected hubs. The listing of Athens International Airport in the Athens Exchange in February 2024 was a milestone for the Airport Company and a landmark IPO in Greece as well as in the aviation sector, having received overwhelming investor interest, oversubscribing by 11.6 times, and demonstrating strong market confidence in AIA’s equity
story.The resilient performance of AIA’s share and the exceptional participation in AIA’s Scrip dividend program launched last April, with a take up of 89.22% in its first year, reflects our shareholders' continued confidence in the strategy of AIA, while supporting our capital structure and funding of the Airport Expansion Program – which will boost our capacity to 40 million – and importantly creating additional value to the Company and its shareholders.”

5. Panel Discussion: “GREECE IN THE DEBT CAPITAL MARKETS: SOVEREIGN &CORPORATE
SUCCESS STORIES & PERSPECTIVES”
Moderator: Ms. Maria Nefeli Bernitsa, Partner – Bernitsas Law
Panelists:
 Mr. Giulio Baratta, Global Co-Head of IG Finance – BNP Paribas
 Mr. Apostolos Zafollias, Chief Strategy & IR Officer – LAMDA Development
 Mr. Dimitrios Tsakonas, Director General – Public Debt Management Agency
 Mr. Konstantinos Alexandridis, Group CFO – PPC
 Mr. Andrea Montanari, Managing Director – Head of Italy and Greece DCM, Head of European ABS –
UBS Investment Bank
Ms. Maria Nefeli Bernitsa, Partner – Bernitsas Law, moderated the panel and stated: “Greece’s debt capital markets entered 2025 with clear momentum, delivering a record year by local standards. This reflects deepening international confidence in Greece’s macro trajectory, policy stability and the resilience of its corporate and financial sectors. What stands out is the breadth of issuance: from energy transition and grid modernization to transport and infrastructure, companies such as Metlen and PPC, accessed the market to finance growth and diversify funding. On ATHEX, corporate bond issuance reached €1.25bn yeartodate (compared to €330m in 2024), with at least €2.925bn raised overall, while secondary liquidity rose 24.7% by October 2025. Greek corporate bonds outperformed euroarea peers and remained relatively insulated from U.S. tradepolicy volatility. A defining feature was the banks’ successful capital and MREL issuance, not only by the four systemic
banks—National Bank of Greece, Alpha Bank, Eurobank and Piraeus Bank—but also via inaugural deals from Credia bank and Optima bank. These transactions attracted strong cross-border demand, broadened the investor register, and materially improved pricing dynamics, enabling banks to meet regulatory milestones while optimizing capital structure. Sustaining this momentum will require maintaining issuance quality while widening the issuer base to midcaps and project financings with ESG and transition credentials. Recent reforms underpin market depth. Law
5193/2025 brought, among others, enhanced flexibility for listed bonds and targeted tax incentives. ATHEX Rulebook changes in 2024 introduced a professional investors' segment of 100k denominations (including for eurobonds and other types of bonds that meet the ATHEX listing requirements). If maintained, these conditions should keep Greece firmly on the map as a dynamic European hub for sovereign and corporate debt issuance, with banks’ debt programs serving as a benchmark for depth, demand, and pricing efficiency.”

Mr. Dimitrios Tsakonas, Director General – Public Debt Management Agency, stated that in 2025 Greece’s public debt will continue to decline for a third consecutive year, both as a percentage of GDP and in absolute and net terms. This development reflects the fiscal consolidation achieved over the past 15 years, during which sustained primary surpluses consistently exceeded annual interest expenditures, as well as the long average
maturity, smooth amortization profile, and fully hedged market risks of the public debt portfolio. He underlined that in 2025 the reconstruction of the Greek yield curve was completed. Two syndicated issues in the first quarter introduced a new 10-year benchmark, while the reopening of the 15-year and 30-year bonds increased their outstanding amounts and significantly enhanced their liquidity in the secondary market. Moreover, the combination of the Switch & Tender Offer—through which €1.5 billion of 2026 bonds were exchanged for longer-term securities—and the early repayment of part of the GLF bilateral loans contributed to a further reduction in refinancing risk. These actions also strengthened Greece’s international standing by demonstrating a forward-looking debt management strategy that anticipates future interest and amortization
obligations. Given the portfolio’s robust characteristics, substantial cash reserves exceeding 18% of GDP, and the expected continuation of primary surpluses, the HR/PDMA accelerated the early repayment of GLF loans, with the objective of full repayment by 2031, at least a decade ahead of schedule. This approach reduces the outstanding debt, lowers annual interest costs, and ensures the optimal use of available reserves. He added that the early repayment strategy will facilitate the PDMA’s issuance policy by creating additional space for bond issuance aimed at enhancing market liquidity. Forthcoming changes to the Primary Dealer framework, expected to take effect in 2026, will further support this direction. For 2026, issuance is projected at approximately €8 billion, including a new 10-year benchmark, while maintaining zero interest-rate and foreign- exchange exposure.

Mr. Konstantinos Alexandridis, Group CFO – PPC, stated: “Over the next three years, we will continue to invest decisively, allocating more than €10 billion between 2026 and 2028 to energy and technology infrastructure, with around 93% of capital expenditure directed to growth: new large-scale RES projects, flexible generation development, network expansion and modernization, and customer-focused services supported by Artificial Intelligence across all  operations. Our vision is to accelerate the energy and technology transition across Southeastern Europe.” He added: “In practical terms, PPC Group is reinvesting its operating profitability into infrastructure projects inGreece and the wider SE Europe region. And despite the increase in investments, our debt as a percentage of

EBITDA will remain below our self-imposed limit of 3.5x, as roughly 70% of total investments will be financed through our strengthened cash flows (FFO).” Mr. Alexandridis continued by noting that PPC Group’s broader geographical presence and diversified RES portfolio enhance resilience by leveraging complementary solar and wind profiles across the region. Synergies arise across multiple areas – from energy management to project development and operations – delivering significant efficiencies and economies of scale. This integrated model enables PPC to fully capture the opportunities presented by the green transition, reduce exposure to market volatility and provide customers with reliable, affordable and green energy solutions. Concluding, Mr. Alexandridis said: “Supported by past and ongoing investments, the Group’s EBITDA is projected to reach €2.9 billion in 2028, up from €1.3 billion in 2023, representing an annual growth rate of 18% over the period. As PPC expands rapidly, it continues to deliver better services and competitive products to customers everywhere, creating shared value for shareholders, society and the environment. We have the vision, the expertise and the strong will to achieve this.”