NOT TO BE DISTRIBUTED WITHOUT THE

PERMISSION OF IBIS AND YANNIS IOANNIDIS

The Greek opportunity

Yannis Ioannidis

Sales manager VR premium, Greece Italy Balkans and Turkey

AkzoNobel

Did you Know…………

Lyrics: Xartaetoi Mikis Theodorakis

Did you know…… Greece has the 11th longest coastline in the world at 13,676 km (8,498 mi)

in length

80% of Greece consists of mountains, of which Mount Olympus is the highest at 2,917 m (9,570 ft)

Greece has more than 2,000 islands, of which approximately 170 are populated. Greece’s largest island is Crete (8,260 sq. km)

No part of Greece is more than 85 miles from the sea.

Did you know…… 393 Greek beaches and 9 marinas awarded the Blue Flag for 2013.

1000 more are completely unspoiled!

Did you know…… Greece has one of the richest varieties of wildlife in Europe, including 116

species of mammals, 18 of amphibians, 59 of reptiles, 240 of birds, and 107 of fishes!

Did you know ……. Greece enjoys more that 250 days of sunshine or 3,000 sunny hours a year.

The wind is always blowing in the Aegean

The sea that surrounds Greece can produce power

Did you know……About 7% of all the marble

producers in the world comes from Greece.

Greece is the leading producer of sea sponges

Natural Resources

Greece also produces

Aluminum, Bauxite

Nickel, Copper

Cement, Pipes

Magnesium, Gold

Betonite, Perlite

Osmium

Natural Gas ?????

Did you know…… Greece is the birthplace of

Democracy

The Olympic Games

Western Philosophy

Western Theories of Tragedy and Comedy

Western Literature

Historiography

Political Science

Major Mathematical Principles

Did you know…… Continuously inhabited for over 7,000 years Athens is one of the oldest

cities in Europe.

Did you know…… Greek has been spoken for more that 3.000 years, making it one of the

oldest languages in the Europe.

……. “Photography” “Theater”

“Charisma” “Orchestra”

“Laconic” ……..

97% of the stars' names are Greek

Did you know ……. Greece has more than 200 State museums supervised by the Ministry of

Culture, as well as 107 private museums. The new Acropolis Museum is considered one of the best Museums in the World.

The Acropolis Museum was awarded for the innovative program of conservation and restoration of the Caryatids, by the International Institute for Conservation (IIC) in Vienna, with the Keck Award 2012

Did you know…… Approximately 20 million tourists visit Greece each year, more than the

country’s entire population

Did you know ……. Shipping has traditionally been a key sector in the Greek economy since

ancient times.

Currently Greece has the largest merchant navy in the world as a percentage of the world's total dead weight tonnage, at 16.1% according to a U.N. 2012 report.

Did you know…… Greece is the third leading producer of olives, Greeks

have cultivated olive trees since ancient times.

Some olive trees planted in the thirteenth century are still producing olives.

We also produce cotton, pistachios, saffron, figs, almonds, tomatoes , watermelons and oranges, tobacco

Did you know…… Feta, which is made from Goat’s milk, is Greece’s national cheese. It dates

to the Homeric ages, and the average per-capita consumption in Greece is the highest in the world

In 2012, 70% of Greek Wines entered one of the world’s biggest wine competition, “Decanter Word Wine Awards” with 6 bottles taking gold!

Did you know…… The Greek cuisine, with its wide variety of high quality ingredients and

its wisely considered and highly beneficial combinations which encapsulate the knowledge of centuries, enjoys a privileged position in the global culture of taste alternatives

Did you know…… Every year over 300 festivals take place in Greece

Theatre , Traditional and modern music, Dance

Performance, Art, Cinema

Did you know…… Average of 2.119 working hours per year according to

OECD

Did you know…… In Greece, people celebrate the “name day” of the saint that bears their name

rather than their own birthday!Eleni

MariaPetrosGiorgosNikosKostasYannis

DimitrisAnna

Did you know that…. nights in Greece finish in the morning - we go out almost every night even if we

are penniless

we take our coffee slowly and not in "shots“

we always moan about the public sector and everyone seeks to get a job in it

we work to live and we do not live to work

we always make it, albeit in the last moment

we know how to spend better than we know how to save

we are proud of our hospitality

to Greeks, family is still something valuable

we spend our bad and low times with our friends and family

we love and hate with passion

we get angry quickly but forget all about it even quicker

we are not ashamed to cry

we dance when we are sad and party when we are happy

for the sake of a woman we would wage war for 10 years (Trojan war)

Did you know…… Greeks have always found ways to recover from wars, dictatorships,

recessions and many more unfortunate times in their history

They are hardworking

They are persistent

They are fighters

And they are winners!

Odysseus Elytis, Nobelist poet,We’ve sailed for years on end, and still

we’ve kept afloat. We’ve changed a thousand skippers on this balmy boat

We never paid the slightest heed to cataclysm but plunged headlong in everything with optimism

And high up on our lookout mast we keep for sentry one who ever and on remain our Sun and Sovereign Sun

Eleftherios Venizelos, Prime Minister of Greece, serving from 1910 to 1920 and from 1928 to 1932

“….. But I steadfastly believe that despite the erosion of the powers of the Nation, accomplished by lengthy bad administration, the material and moral resources of the Nation are still sufficient enough to complete the resurrection of Greece in the hands of inspired workers….”

…….Now you know

Greece

• Area (sq.km) 131.975

• Population (mn) 10.816

• GDP (PPP) 2014 bn $226.80

Macroeconomics

2008 2009 2010 2011 2012 2013 2014 2015est

GDP per head $ 32.120 29.810 27.020 26.000 22.440 21.770 21.380 17.390

Real GDP growth % -0.4 -4.4 -5.4 -8.9 -6.6 -3.9 0.8 0.0

Consumer prices % 4.2 1.2 4.7 3.3 0,9 -1,04 -1,43 -1,20

Unemployment rate % 7.8 9,6 12,7 17,9 24,5 27,5 26,5 25,8

Source: The Economist

Motor vehicle registrations in the EU (2013)

Greece’s 2013 was the worst year ever, counted as 0,4% of EU+EFTA new car sales

New passenger car registrations per 100 inhabitants in units 2013

Source: ACEA

New passenger car registrations in the EU and GDP 1990-2013

0

50

100

150

200

250

300

350

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

PC LCV GDP

Passenger Car (PC) and Light Trucks <3.5t.(LCV) registrations 2000-2016, Greece

estimate

Source: SEAA

PC and LCV registrations change compared to previous year, Greece

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1

0 0 0 0 0 0

#REF! #REF!Source: SEAA

Fleet and retail PC registrations, Greece 2000 - 2014

0

50

100

150

200

250

300

350

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Total Retail Fleet Source: SEAA

EU passenger car parcThe EU’s vehicle parc continues to grow

Source: ACEA

Motor Gross Written premium and claims paid

€m 2012 2013 Growth*

DE 21.989 23.260 5,8%

FR 19.476 19.700 1,2%

IT 20.224 18.676 -7,7%

UK 18.454 17.473 -3,3%

ES 10.259 9.833 -4,2%

CH 4.682 4.701 2,1%

NL 4.500 4.375 -2,8%

BE 3.537 3.579 1,2%

TR 3.454 3.375 22,8%

PL 3.575 3.319 -5,3%

GR 1.550 1.343 -13,3%

* At constant exchange rates

€m 2012 2013 Growth*

DE 20.222 21.770 7,7%

FR 15.800 16.300 3,2%

UK 12.362 16.085 32,9%

IT 15.270 14.073 -7,8%

ES 7.914 7.593 -4,1%

NL 3.320 3.248 -2,2%

CH 3.045 3.109 3,8%

BE 2.336 2.378 1,8%

PL 2.181 2.297 7,4%

TR 2.385 1.895 -0,1%

GR 753 753 0,0%

* At constant exchange rates

Source: insuranceeurope.eu

Number of insurance companies development, Greece

One more motor insurance company entry in 2014

41

33 31 31 31

0

10

20

30

40

50

2009 2010 2011 2012 2013

Motor Insurance

Source: Hellenic Association of Insurance Companies

Motor insurance important for overall non life insurance, Greece

59.90%25.20%

14.60%

Motor

Property

Other non life

Source: Hellenic Association of Insurance Companies

Insurance premiums, Greece

5.4 5.35.0

4.44.0

2.9 3.0 2.82.5 2.3

1.9 2.0 1.8 1.6 1.4

0.0

1.0

2.0

3.0

4.0

5.0

6.0

2009 2010 2011 2012 2013

total premiums paid

Non-life Premiums

Motor Premiums

Source: Hellenic Association of Insurance Companies

Part sales development OEM and aftermarket (not salvage parts), Greece

0

200000

400000

600000

800000

10000001

99

8

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

Part sales € (X1000)

Source: EL.STAT.

Aftermarket parts are taking off, Greece

0%

10%

20%

30%

40%

50%

60%

70%

80%

2007 2008 2009 2010 2011 2012 2013

Dealers

Aftermarket

Source: ICAP

Body parts share, Greece

20%

18%

21%

26%

6%

9%body parts

consumables engine

engine repair

rest

suspension

brakes

Source: ICAP

Claims frequency and accident severity

0.00%

5.00%

10.00%

15.00%

2010 2011 2012 2013

Claims ratio

Claims ratio

Linear (Claimsratio) 0

5

10

15

20

hours per claim

hours per claim

Market outlook, Greece

# 2700Independent

# 300OEM

• 500 repairs/year• Network• Technology

driven• Customer service• OE Parts• Warranty

• 150 repairs/year• Standalone• Core business• Price advantage• Alternative parts

always an option• Small number

are highly professional

~ 3000 shops

• Car park is getting older and is likely to seek for services towards the independent sector in the coming years

• OEMs intensify training to upgrade quality of service and promote body and paint, in view of the upcoming opportunities

• Insurance repairer networks• Accident management companies taking position

Yannis.Ioannidis@akzonobel.com

Yannis IoannidisSales Manager VR Premium, Greece Italy Balkans and TurkeyAkzoNobel