2.Taneo

TANEO in a quote

“TANEO is a true innovation in the field of public
support for venture capital. Its structure broke new
ground in involving private investors in helping to
stipulate the creation of a venture capital market.
TANEO has learned from experiences of others, has
engaged high-quality professional advice and support
and has created a team with capability to make a real
difference to the financing of SMEs in Greece. I am
proud of my past involvement with TANEO and wish it
every success for the future”
Rory Earley
Chief Executive
Capital for Enterprise Ltd
BERR, Department for business, Enterprise & Regulatory Reform, UK

TANEO, the Sovereign Fund of funds
Your dominant partner in Greek VC market

TANEO: Financial structure

Hellenic Republic

Guarantee
Trustee
TANEO EUR105m

The Notes Note-holders
First government
Notes and
sponsored fund of funds
Residual Certificates
Preferred Share Capital securitization in Europe
Hellenic Republic
EUR45m
Unique structure of Notes
Ordinary Share Capital
Guaranteed coupon, Euribor -2bps
Additional return
Unlimited upside
Share Trustee
8 times over-subscribed
transaction

A sovereign-type structure (1)
Fund of funds, with shareholders and
bondholders
Small part of funds under management
are public
Another small part comes from EU
programs
The majority is private money, raised as a
bond with State guarantee on the principal
and a 6month coupon payment < Euribor

A sovereign-type structure (2)
Both shareholders and bondholders have equal
profit sharing rights
All powers appointed to a Trustee (Major
European Bank) to establish professional trust
mechanisms
The management team is dedicated and
committed through performance related
contracts
Performance is measured following investors
received returns (Not agency-like compensation)
Corporate governance and transparency are
evident in all levels of operation


TANEO structure-operation
Profit sharing
Profit sharing
Profit sharing
Investment
DB
Combined capital Manager
SME
Investors

Hellenic Capital
Investment
Republic Combined capital
Investors Manager
TANEO SME
Institutional
Combined capital
Investors Capital Investment
Investors Manager

Combined capital
Investors SME
Profit sharing
Investment
+
Manager
State Guarantee on capital & interest

Profit follows mutual agreements SME
and loss follows capital
in the entire structure but the red part


ΤΑΝΕΟ’s original objectives

Upgrade the Hellenic Venture Capital Market
Mobilize professionals to the market
Support the development of SMEs
Attract funding from local and international
investors (institutional & individuals)
Provide high IRR to Investors
Facilitate a sound development of all the above
in Greece


Proceed by example
Similar initiatives were very successful in
Israel and GB.
YOZMA
Established in 1993
Developed VC market in Israel, attracted
foreign investment and leveraged the
scientific potential
UK High Technology Fund
Boosted early stage and hi tech investments

TANEO’s Successes
Established Sovereignty in VC market
Created and established a competitive venture capital
industry (11 new VCs)
Introduced EU regulatory framework and EVCA reporting
guidelines
Co-invests with institutional & private investors upon
extended due diligence
Invests in People
Induced competition and collaboration in VC market
Externalize the pre/existing collaboration in Easter
Europe area
Model objectives: Efficiency & Coordination
 Overcome sovereignty issues
 Combine State’s and investors’ interests


TANEO VC FUNDS


TANEO: EBT performance
ΕΒΤ
3,000

2,000

1,000

0

ΕΒΤ
-1,000

-2,000

-3,000
2004 2005 2006 2007 2008


TANEO: Investment Activity
160,000

140,000

120,000

100,000

Commitments
80,000
Investments

60,000

40,000

20,000

0
2004 2005 2006 2007 2008 2009
(projections)


Our portfolio in numbers

Co-established 11 Venture Capital Funds
Participations in 20 Greek SMEs

€25,000,000 invested capital

ICT – Health related – Energy – Food &
Beverages - Industrial material -
Logistics – Property development

3 IPOs in Athens Stock Exchange
Alternative Market

Our portfolio in numbers
IRR on realized investments

20,7% Medical devices
47,4% Agricultural products
339% & 184% Energy

Expected IRR on unrealized investments
in energy sector 168%

Portfolio companies
Information Technology

www.taneo.gr

Portfolio Companies
Industrial Products- Materials

Special Property Development


Portfolio Companies
Food-Beverages-Agricultural products

Biotechnology-Health

Logistics


Portfolio Companies

Energy-Green Projects

Ionia Energiaki S.A. - Aigaias Anaptyxiaki S.A.

ENEP S.A. - Ensol Anaptyxiaki S.A.


Expected investments

Renewable energy
Logistics
Defense technologies
Composites
Recycling
Food
Smart applications

TANEO and OTHERS

Fostering Innovation

Strategic and Founding partner for Microsoft
Innovation Center (MIC) in Athens


With the vision to become an “innovation accelerator”
and support the growth of the Greek software economy,
the Microsoft Innovation Center in Athens will have a
dual role of:
Helping lay the foundation that will
 Enable innovation and entrepreneurship
 Trigger new ideas
Facilitating the execution of ideas by
 Supporting select innovative ideas through
implementation
 Promoting final products or services


The Innovation Center plans to achieve these goals by:

 Offering free software tools to startups and students
 Facilitating access to funding
 Arranging competitions targeting technological innovation
 Hosting events directly relevant to innovation and
entrepreneurship
 Offering technological and business skills trainings
 Using Microsoft’s vast partner, business and worldwide
Innovation Center Network to support the growth of new
ventures
 Promoting new ideas at a local and international level using
Microsoft’s PR engine


TANEO and OTHERS
Fostering Mentoring: Partner for
mentoring networking, between US
Universities Alumni, Hellenic Federation of
Enterprises (SEV), Associations of
enterpreneurs

Fostering Networking: Organize the
annual International Venture Capital
Forum and launching of online community
www.vcworld.gr

Venture Capital Forum
A unique two-day event
dedicated to raising financing for
ambitious and dynamic entrepreneurs,
business oriented researchers and new
technology-based firms. The event also
provides a forum for institutional and other
investment professionals to meet with
policy makers, entrepreneurs, academics
and researchers for an open exchange of
views and ideas.


Venture Capital Forum
The 10th International Venture Capital
Forum will take place in Hilton Hotel, in
Athens, on 16 & 17 June 2009.

Entrepreneurs and researchers are invited
to submit their investment proposal(s) the
latest by 4th May 2009 at
info@vcforum.gr


www.vcworld.gr


Fostering Networking
TANEO

VC
SMEs
VC FUNDS FUNDS

TANEO

FUND
MANAGERS

FUND
MANAGERS

SMEs


Towards the new endeavors
We have…
Learnt lessons
Built-on experience
Established brand
and we will…
Capitalize on current achievements
Leverage synergies
Satisfy market needs
Raise opportunities
Invest in real values


Current Outlook
In 2007, Greece was the third largest source of capital for
European funds due to MIG buyout fund
The sectors that attracted venture deals were the life
sciences (33,3%), computers & consumer electronics
(33,3%) and communications (33,4%)
The EU average ratio of PE/VC investments as a
percentage of GDP was 0.584% and in Greece was
0.199%.
EVCA Yearbook 2008
Greece is still in an early stage of PC/VC
growth and although VC may appear to be
conservative, Greek firms are also in need of maturing to
attract interest


TANEO is here…


Thank you for this opportunity!


2.Taneo

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