Fund (HRADF) have announced the launch of a public tender for the transfer of a majority shareholding stake (85%) in the listed company Astir Palace SA; in view of the contemplated transaction, Astir shall include in its portfolio ownership and concession rights over a large complex which includes hotels, beaches, and a marina in one of the prime locations for leisure development in Atica.

Astir Palace currently owns a real estate property portfolio (Astir Property) in the locality known as "Mikro Kavouri" in Vouliagmeni, Atica, Greece; the surface area of the real estate is 192,622 square meters, and the "Arion Resort & Spa" and "The Westen Athens" hotel complexes are built thereat. More specifically the Astir Property consists of:

(i) The Arion Resort and Spa, a hotel with 123 rooms, 58 bungalows, a spa and health center, restaurants and a bar, shops, outdoor pool, meeting and conference areas.

(ii) The Western Hotel, a hotel with 162 rooms, a gym, restaurants and a bar, shops, meeting and conference areas.

The National Tourist Organization (NTO) owns a plot of land adjacent to the ASTIR Property, of an area of 115,671 square meters, on which the "Aphrodite" hotel, which is currently not operational, is built (the NTO Property).

NBG and HRADF expect that, following satisfaction of all associated conditions precedent and upon consummation of the contemplated transaction, the preferred bidder will acquire the full and unencumbered ownership of both the ASTIR Property and of the NTO Property.

Additionally, ASTIR Palace holds:

(i) a right of use over the ASTIR Beach, a strip of beach in front of the Astir Palace hotel complexes, along a coast length of 1,600 meters (including the beach publicly known as "Astir Beach"), expiring in 2022 and

(ii) a concession right over the tourist port (marina) of Vouliagmeni, expiring in 2052

Adjacent to the ΝΤΟ Property and under concession by the ΝΤΟ to NBG is a strip of beach (the "NBG Beach") with a total coast length of 2,100 meters. The concession is currently valid until 2029, and it is expected to be part of the transaction.

The Tender will have two phases: Phase A, submission of Interest (prequalification round) and Phase B submission of binding offers by shortlisted candidates. The Submission deadline for Phase A is the 19th of March 2013, 17:00 UK time.

Financial prequalification criteria:

(a) for legal entities: average equity on a consolidated basis, if applicable, of at least EURO One Hundred and Fifty Million (€ 150,000,000), over the last three (3) fiscal years.

(b) for fund managers: average assets under management OR active and uninvested funds (as applicable) of at least Euro One Hundred and Fifty Million (€ 150,000,000) for the last three (3) fiscal years.

(c) for individuals: personal and direct ownership and possession of available, liquid and unencumbered financial assets having an aggregate market value of at least EURO One Hundred Fifty Million (€ 150,000,000).

Citigroup is the advisor of NBG for the tender.

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