NBG » Topics » NBG Venture Capital S.A.

This excerpt taken from the NBG 20-F filed Jul 15, 2005.

NBG Venture Capital S.A.

        NBG Venture Capital S.A., a Greek company wholly-owned by the Bank, is a leading Greek private equity and venture capital firm pursuing investment opportunities across industries, primarily in Greece and the broader southeastern European region. NBG Venture Capital provides its services to the following private equity and venture capital funds:

        NBG Greek Private Equity Fund LP, an English limited partnership, was established in February 2004 with a capital commitment of €20 million from the Bank. NBG Greek Private Equity Fund aims to invest in the equity or equity-related capital of unquoted and certain quoted companies spanning development capital, recapitalizations, buy-outs and buy-ins with or without leverage. NBG Greek Private Equity Fund will seek to invest in companies operating in Greece. It may also decide to invest in companies operating outside of Greece. At the end of 2004 the NBG Greek Private Equity Fund had not made any investments.

        NBG Emerging Europe Fund LP, an English limited partnership, was established in 2002 with a capital commitment of €30 million from the Bank. NBG Emerging Europe Fund is the successor fund to NBG Balkan Fund, which transferred at cost (i.e., about €4 million) two out of its three investments to NBG Emerging Europe Fund. NBG Emerging Europe Fund aims to invest in the equity or equity-related capital of unquoted and certain quoted companies operating in countries in Central and Eastern Europe, and other markets which are considered emerging markets. In 2004, the Fund exited one of its two investments and at the year end held one remaining investment of €15 million.

        NBG Technology LP, an English limited partnership, was established in 2001 with capital commitments of €60 million, out of which the Bank has committed €30 million. NBG Technology aims to invest primarily in the equity or equity-related capital of unlisted small- and medium-sized enterprises operating in the sectors of technology, media and telecommunications throughout Europe. During 2004, NBG Technology LP made one new investment and at the end of 2004, total invested capital amounted to €6.7 million.

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        NBG Greek Fund Limited, a Cypriot company currently wholly owned by the Bank, was established in 1998 with committed capital of €44 million. The scope of NBG Greek Fund was to invest primarily in rapidly growing Greek companies. NBG Greek Private Equity Fund is the successor fund to NBG Greek Fund, which reduced its committed capital down to €15 million and divesting its current holdings which, at the end of 2004, had an estimated market value of about €7.35 million. In 2004 the Fund returned to its shareholder the amount of €8.4 million.

        NBG Balkan Fund Limited, a Cypriot company currently wholly owned by the Bank, was established in 1998 with committed capital of about €14.7 million. NBG Emerging Europe Fund is the successor fund to NBG Balkan Fund, which is currently in the process of being liquidated and returning its capital to NBG after having transferred at cost two out of its three investments to NBG Emerging Europe Fund (and the third investment to NBG Greek Fund). In 2004 the Fund returned to the Bank the amount of €5.4 million.

        National Development Company of Northern Greece, a Greek fund, was established in 1998 with committed capital of about €6 million. In 2004, we decided to liquidate and wind down this fund. This process is expected to be completed in 2005.

        NBG Venture Capital also monitors the $15 million capital commitment made by NBG to Turkish Private Equity Fund I, a Guernsey limited partnership which was established in 2002 with total capital commitments of about $44 million. NBG Venture Capital is represented on the advisory board and the investment committee of the Turkish Private Equity Fund, which aims to make equity or equity-related investments in companies which are incorporated or whose business operations are primarily in Turkey. At the end of 2004, Turkish Private Equity Fund had made two investments of a total value of $7.5 million.

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