Monetization Options of HRADF’s Shareholding Stakes in Athens Water Supply & Sewerage S.A. & Thessaloniki Water Supply & Sewerage S.A.

Scope of the project is to explore the exploitation alternative strategic options for HRADF’s shareholding stakes in EYDAP S.A. and EYATH S.A.

Kantor’s services completed the following tasks:

• Overview of the Companies
• Overview and an assessement of the Companies’ Business Plans
• Overview of the EU water and sewerage markets and their characteristics
• Highlighting business development opportunities that could optimize further their value proposition, considering factors such as benchmarking with other EU water and sewerage utilities
• Identification and in-depth analysis of all the milestone issues and key factors that could maximize the shareholdings’ value
• Exploration and analysis of all possible alternative options and transaction structures for the optimum exploitation of the HRADF’s shareholdings in the Companies and make a recommendation on the optimum exploitation alternative per Company and present its recommendation to the Board of Directors and the Counsel of Experts of the HRADF.
• Highliting the critical success factors of the proposed transactions structures, in order to reach a successful completion and proposing specific actions necessary to achieve a successful transaction in the case of each Company.
• Prepetation of an nalytical timeline and a roadmap for the implementation of the proposed transaction structure(s) per Company.
• Identification and assessment of potential types of investors/companies that would be interested in the exploitation process that will be recommended to HRADF.
• Execution of a premarket sounding and presentation to the HRADF with all required analysis on the findings of such premarket sounding.