1. Professional Presentation
Greece
George Saperas – Finance Manager
Finance Meeting - Barcelona / 11-14.09.2006

2. CONTEXT (problem we are facing)
Price Erosion in Greek market
Price Structure:
 Price per bottle based on consumption varies from 2,7€ to 6,5€ (average 4,5€)
 Price per Sani varies from 0€ (Key accounts) to 20 €. 4 Sanis p.a are executed
 No rental for new customers. Old customers are switched from rental charge to sani
charge
Background:
 Prices in Eden Springs Hellas are phasing out i.e
2004 2005 2006(YtD)
18,9 Bottle 4,79 4,45 4,36
% diff. -7,1% -2,0%

3. Background:
 Comparing to European peers Creece in total rank between the cheapest countries
BIG MAC PRICE COMPARAISON, 2005
Big Mac local price Cost in Big Macs (I)
(Euros) Monthly Rental 18,9 Bottle
Austria 2,75 3,64 2,51
Belgium/Lux 3,45 4,06 2,10
Denmark 3,84 7,81 1,74
Finland 3,75 5,33 2,40
France 2,84 5,28 2,11
Germany 2,83 3,89 3,36
Greece 2,70 3,70 1,85
Ireland 3,40 3,38 2,65
Italy 2,20 3,18 4,09
Netherlands 2,65 4,41 2,88
Norway 5,67 4,41 1,68
Portugal 2,50 3,20 1,60
Spain 2,95 3,39 1,86
Sweden 3,64 5,77 2,47
Switzerland 4,19 2,39 2,15
United Kingdom 2,94 3,20 1,90
Average 3,33 4,23 2,24
(I)Represents costs in terms of locally -priced Big Macs:number of Bigs Macs equivalent
Source: Zenith International
CONTEXT (problem we are facing)

4. CONTEXT (problem we are facing)
Why:
 Price Competition extremely high. Fierce competition from the growing numbers of new smaller
players
 Big players fail to collaborate in raising or even keeping prices stable
 Price increases have little effect since a big number of customers (specially Key accounts) are
excuded
 Sales force has limited marketing tools
 Customers believe that HOD is a commodity.
They fail to understand the value of the service
 Brand awareness is limited.
 Customers are attracted only by price discounts
Consequences:
• Promising growth rates in customers’ acquisition and consumption are not reflected to revenues
• Cash generation is limited in order to compensate shareholders and to support the further
growth of the business

5. HELP (in case of problem)
Questions that rise:
 Solution is not easy.
 Do we have a long term perspective in the business ?
 Are we ready to change our perception (and our customers as well) about the service that we
offer and its value ?
 Are we ready to slow down our growth (loosing customers) and gain in the long term ?
 Can we collaborate with other key players in the market ?

6. HELP (in case of problem)
Questions that rise:
 Solution is not easy.
 Do we have a long term perspective in the business ?
 Are we ready to change our perception (and our customers as well) about the service that we
offer and its value ?
 Are we ready to slow down our growth (loosing customers) and gain in the long term ?
 Can we collaborate with other key players in the market ?