Table of Contents 1. Introduction 8 1.1. What is this Report About? 8 1.2. Definitions 8 1.3. Summary Methodology 10 1.4. About Strategic Defence Intelligence 11 2. Executive Summary 12 3. Market Attractiveness and Emerging Opportunities 14 3.1. Current Market Scenario 15 3.1.1. Primary Threat Perception 15 3.1.2. Military Doctrine & Strategy 16 3.1.3. Military Fleet Size 17 3.1.4. Procurement Programs 22 3.1.5. Top Procurement Programs by Value (US$ Million) 2018-2023 24 3.1.6. Social, Political and Economic Environment and Support for Defense Projects 25 3.1.7. Political and Strategic Alliances 26 3.2. Defense Market Size Historical and Forecast 27 3.2.1. Greek total defense expenditure including pension is anticipated to grow at a CAGR of 2.64% over the forecast period 27 3.2.2. Greek base defense budget, excluding pensions is anticipated to grow at a CAGR of 2.82% over the forecast period 29 3.2.3. Conflict with Turkey and military modernization will drive Greek defense expenditure over the forecast period 31 3.2.4. Defense expenditure as a percentage of GDP is anticipated to decline over the forecast period 32 3.3. Analysis of Defense Budget Allocations 34 3.3.1. Capital expenditure allocation expected to increase over the forecast period 34 3.3.2. Capital expenditure expected to increase over the forecast period 36 3.3.3. The Army accounted for the largest share of the overall defense budget during the historic period 38 3.3.4. Other segment to account for the highest share of Greece’s defense budget 40 3.3.5. Per-capita defense expenditure expected to increase over the forecast period 44 3.4. Homeland Security Market Size and Forecast 45 3.4.1. Homeland security market expected to grow at a CAGR of 3.88% over the forecast period 45 3.4.2. Illegal migration predicted to drive homeland security procurement 47 3.4.3. Greece is considered at ‘high risk’ of a terrorist attack 48 3.4.4. Greece experienced moderate terror activity during the historic period 49 3.4.5. Greece has a terrorism index score of 4.1 51 3.5. Benchmarking with Key Global Markets 52 3.5.1. Greek defense budget expected to register consistent growth over the forecast period 52 3.5.2. Greek military expenditure is expected to remain low compared to other leading spenders 54 3.5.3. Defense budget as a percentage of GDP expected to remain moderate on a global scale 55 3.6. Market Opportunities: Key Trends and Growth Stimulators 56 3.6.1. Top 10 Defense Market Categories by Value (US$ million) - Forecast-Period Projections 56 3.6.2. Land-based C4ISR 57 3.6.3. Military IT, Data and Computing- Networking 58 3.6.4. Frigates MRO 59 4. Defense Procurement Market Dynamics 60 4.1. Import Market Dynamics 62 4.1.1. Defense imports maintained high volumes during the historic period 62 4.1.2. Germany accounts for most of Greece’s defense imports 63 4.1.3. Naval vessels, aircraft, and missiles are the main categories of imported military hardware 64 4.2. Export Market Dynamics 65 4.2.1. Naval vessels are the main exported defense products 65 5. Industry Dynamics 66 5.1. Five Forces Analysis 66 5.1.1. Bargaining Power of Supplier: Low to Medium 67 5.1.2. Bargaining Power of Buyer: Medium to High 67 5.1.3. Barrier to Entry: Low 67 5.1.4. Intensity of Rivalry: Low to Medium 67 5.1.5. Threat of Substitution: Medium 67 6. Market Entry Strategy 68 6.1. Market Regulation 68 6.1.1. Offset obligations are attached to all defense deals 68 6.1.2. European Defense Agency promotes defense procurements within the EU 69 6.2. Market Entry Route 70 6.2.1. Budgeting process 70 6.2.2. Procurement policy and process 71 6.3. Key Challenges 72 6.3.1. Economic crisis will affect current and future procurements 72 6.3.2. IMF and EU regulations on Greek defense expenditure will limit Greece’s flexibility in military maintenance 72 7. Competitive Landscape and Strategic Insights 73 7.1. Competitive Landscape Overview 73 7.2. Key Domestic Companies 75 7.2.1. Hellenic Aerospace Industry: overview 75 7.2.2. Hellenic Aerospace Industry: product focus 75 7.2.3. Hellenic Aerospace Industry: recent announcements and strategic initiatives 76 7.2.4. Hellenic Aerospace Industry: alliances 76 7.2.5. Hellenic Aerospace Industry: recent contract wins 77 7.2.6. Hellenic Defence Systems S.A: overview 78 7.2.7. Hellenic Defence Systems S.A: product focus 78 7.2.8. Hellenic Defence Systems S.A: recent announcements and strategic initiatives 79 7.2.9. Hellenic Defence Systems S.A.: alliances 79 7.2.10. Hellenic Defence Systems S.A: recent contract wins 79 7.3. Key Private Sector Companies 80 7.3.1. ISI Hellas: overview 80 7.3.2. ISI Hellas: product focus 80 7.3.3. ISI Hellas: recent announcements and strategic initiatives 81 7.3.4. ISI Hellas: Alliances 81 7.3.5. ISI Hellas: recent contract wins 81 7.3.6. Hellenic Shipyards S.A: overview 82 7.3.7. Hellenic Shipyards S.A: product focus 82 7.3.8. Hellenic Shipyards S.A: recent announcements and strategic initiatives 82 7.3.9. Hellenic Shipyards S.A: recent contract wins 82 7.3.10. SSMART S.A: overview 83 7.3.11. SSMART S.A: product focus 83 7.3.12. SSMART S.A: alliances 84 7.3.13. Signaal Hellas: overview 85 7.3.14. Signaal Hellas: product focus 85 7.3.15. Signaal Hellas: alliances 85 7.3.16. Theon Sensors: overview 86 7.3.17. Theon Sensors: product focus 86 7.3.18. Theon Sensors: recent announcements and strategic initiatives 86 7.3.19. Theon Sensors: recent contract wins 87 7.3.20. Ordtech Military Industries: overview 89 7.3.21. Ordtech Military Industries: product focus 89 7.3.22. Intracom Defense Electronics: overview 91 7.3.23. Intracom Defense Electronics: product focus 91 7.3.24. Intracom Defense Electronics: recent announcements and strategic initiatives 91 7.3.25. Intracom Defense Electronics: recent announcements and strategic initiatives 92 7.3.26. Intracom Defense Electronics: recent contract wins 93 7.3.27. Hellenic Vehicle Industry S.A.: overview 95 7.3.28. Hellenic Vehicle Industry S.A: product focus 95 7.3.29. Hellenic Vehicle Industry S.A: recent announcements and strategic initiatives 95 7.3.30. Hellenic Vehicle Industry S.A: recent contract wins 95 7.3.31. IDE (INTRACOM Defense Electronics): overview 96 7.3.32. IDE (INTRACOM Defense Electronics): product focus 96 7.3.33. IDE (INTRACOM Defense Electronics): recent announcements and strategic initiatives 96 7.3.34. IDE (INTRACOM Defense Electronics): recent contract wins 97 8. Business Environment and Country Risk 98 8.1. Economic Performance 98 8.1.1. GDP Per Capita 98 8.1.2. GDP, Current Prices, US$ Billion 99 8.1.3. Local Currency Unit per US$ 100 8.1.4. Market Capitalization of Listed Companies 101 8.1.5. Market Capitalization of Listed Companies (% of GDP) 102 8.1.6. Exports of Goods and Services (LCU Billion) 103 8.1.7. Imports of Goods and Services (LCU Billion) 104 8.1.8. Goods Exports as percentage of GDP 105 8.1.9. Goods Imports as a Percentage of GDP 106 8.1.10. Gross National Disposable Income (US$ Billion) 107 8.1.11. Service Imports as a Percentage of GDP 108 8.1.12. Service Exports as a Percentage of GDP 109 8.1.13. Foreign Direct Investment 110 8.1.14. Net Foreign Direct Investment as a Percentage of GDP 111 8.1.15. Government Cash Surplus/Deficit as a Percentage of GDP (LCU) 112 8.1.16. Mining, Manufacturing, Utilities Output 113 9. Appendix 114 9.1. About SDI 114 9.2. Disclaimer 114

List of Tables Table 1: Greek Army Strength 17 Table 2:Greek Navy Strength 19 Table 3: Greek Air Force Strength 21 Table 4: Greek - Ongoing Development and Procurement Programs 22 Table 5: Greece - Future Procurement Programs 23 Table 6: Greek - Defense Procurement Programs by Value (US$ Million), 2018-2023 24 Table 7: Greek Defense Expenditure Including Pension (EUR Billion & US$ Billion), 2014-2023 27 Table 8: Greek Base Defense Budget (EUR Billion & US$ Billion), 2014-2023 29 Table 9: Greek GDP Growth and Defense Expenditure as a Percentage of GDP, 2014-2023 32 Table 10: Greek Defense Budget Split Between Capital and Revenue Expenditure (%), 2014-2023 34 Table 11: Greek Defense Capital Expenditure (EUR Million and US$ Million), 2014-2023 36 Table 12: Greek Defense Budget Split Between Military Services (Army, Air Force, Navy and Others) (%), 2014-2023 38 Table 13: Greek - Defense Budget Breakdown by Service (EUR Million), 2014-2023 40 Table 14: Greek - Defense Budget Breakdown by Service (US$ Billion), 2014-2023 42 Table 15:Greek Per-Capita Defense Expenditure (US$), 2014-2023 44 Table 16: Greek Homeland Security Expenditure (EUR Billion and US$ Billion), 2014-2023 45 Table 17: Terrorism Index, 2018 49 Table 18: Benchmarking with Key Markets - 2014-2018 vs. 2019-2023 52 Table 19: Greek - 10 Leading Defense Market Categories by Value (US$ Million), 2018-2023 56 Table 20: Greece - Offset Guidelines and Agreements 68 Table 21: Greece - Budget Formation Timetable, (January-December) 70 Table 22: Greece - Ongoing Foreign Military Sales Deals 71 Table 23: Greek - Top Defense Suppliers by Value (US$ Million),2018-2023 73 Table 24: Greek - Competitive Landscape, 2018 73 Table 25: Hellenic Aerospace Industry - Product Focus 75 Table 26: Hellenic Aerospace Industry - Alliances 76 Table 27: Hellenic Aerospace Industry - Recent Contract Wins 77 Table 28: Hellenic Defence Systems S.A - Product Focus 78 Table 29: Hellenic Aerospace Industry - Alliances 79 Table 30: Hellenic Defence Systems S.A - Recent Contract Wins 79 Table 31: ISI Hellas - product focus 80 Table 32: Hellenic Aerospace Industry - Alliances 81 Table 33: ISI Hellas - Recent Contract Wins 81 Table 34: Hellenic Shipyards S.A - Product Focus 82 Table 35: Hellenic Defence Systems S.A - Recent Contract Wins 82 Table 36: SSMART S.A - Product Focus 83 Table 37: SSMART S.A - Alliances 84 Table 38: Signaal Hellas - product focus 85 Table 39: Signaal Hellas - Alliances 85 Table 40: Theon Sensors - product focus 86 Table 41: Theon Sensors - Recent Contract Wins 87 Table 42: Ordtech Military Industries- Product Focus 89 Table 43: Intracom Defense Electronics - Product Focus 91 Table 44: Intracom Defense Electronics - Alliances 92 Table 45: Intracom Defense Electronics - Recent Contract Wins 93 Table 46: Hellenic Vehicle Industry S.A - Product Focus 95 Table 47: Hellenic Vehicle Industry S.A - Recent Contract Wins 95 Table 48: IDE (INTRACOM Defense Electronics): - Product Focus 96 Table 49: Hellenic Vehicle Industry S.A - Recent Contract Wins 97List of Figures Figure 1: Greece Defense Expenditure Including Pension (EUR Billion), 2014-2023 28 Figure 2: Greece Defense Expenditure Including Pension (US$ Billion), 2014-2023 28 Figure 3: Greece Defense Expenditure (EUR Billion), 2014-2023 30 Figure 4: Greece Defense Expenditure (US$ Billion), 2014-2023 30 Figure 5: Greek GDP Growth vs. Defense Expenditure as a Percentage of GDP, 2014-2023 33 Figure 6: Greek Defense Expenditure Allocation for Capital and Revenue Expenditure (%), 2014-2023 35 Figure 7: Greek Defense Capital Expenditure (EUR Million), 2014-2023 37 Figure 8: Greek Defense Capital Expenditure (US$ Million), 2014-2023 37 Figure 9: Greek Defense Budget Split Between Army, Air Force, Navy and Others, 2014-2023 39 Figure 10: Greek - Defense Budget Breakdown by Service (EUR Million), 2014-2023 41 Figure 11: Greek - Defense Budget Breakdown by Service (US$ Billion), 2014-2023 43 Figure 12: Greek Per-Capita Defense Expenditure (US$), 2014-2023 44 Figure 13: Greek Homeland Security Budget (EUR Billion), 2014-2023 46 Figure 14: Greek Homeland Security Budget (US$ Billion), 2014-2023 46 Figure 15: Terrorism Heat Map, 2018 48 Figure 16: Terrorism Index, 2018 51 Figure 17: Benchmarking with Key Global Markets: 2014-2018 vs. 2019-2023 53 Figure 18: Defense Expenditure of the World’s Largest Military Spenders (US$ Billion), 2018 and 2023 54 Figure 19: Defense Expenditure as a Percentage of GDP of Largest Military Spenders (%), 2018 55 Figure 20: Land-based C4ISR Market Size (US$ Million), 2018-2023 57 Figure 21: Military IT, Data and Computing - Networking Market Size (US$ Million), 2018-2023 58 Figure 22: Frigates MRO Market Size (US$ Million), 2018-2023 59 Figure 23: Greece - Defense Procurements in Terms of Supplier Relationships, 2018 61 Figure 24: Greek Defense Imports (US$ Million), 2013-2017 62 Figure 25: Greek Defense Imports by Country (%), 2013-2017 63 Figure 26: Greek Defense Imports by Category(%), 2013-2017 64 Figure 27: Industry Dynamics - Porter’s Five Forces Analysis 66 Figure 28: Greek GDP Per Capita, 2015-2025 98 Figure 29: Greek GDP, Current Prices, US$ Billion, 2015-2025 99 Figure 30: Greek LCU per US$, 2015-2024 100 Figure 31: Greek Market Capitalization of Listed Companies (US$ Billion), 2005-2012 101 Figure 32: Greek Market Capitalization of Listed Companies (% of GDP), 2005-2012 102 Figure 33: Greek Exports of Goods and Services (LCU Billion), 2005-2014 103 Figure 34: Greek Imports of Goods and Services (LCU Billion), 2005-2014 104 Figure 35: Greek Goods Exports as a Percentage of GDP, 2005-2014 105 Figure 36: Greek Goods Imports as a Percentage of GDP, 2005-2014 106 Figure 37: Greek Gross National Disposable Income (US$ Billion), 2005-2014 107 Figure 38: Greek Service Imports as a Percentage of GDP, 2005-2014 108 Figure 39: Greek Service Exports as a Percentage of GDP, 2005-2014 109 Figure 40: Greek Foreign Direct Investment (US$ Billion), 2005-2014 110 Figure 41: Greek Net Foreign Direct Investment as a Percentage of GDP, 2005-2014 111 Figure 42: Greek Government Cash Surplus/Deficit as a Percentage of GDP (LCU), 2008-2012 112 Figure 43: Greek Mining, Manufacturing, Utilities Output (LCU Billion), 2005-2014 113

Hellenic Aerospace Industry Hellenic Defence Systems S.A ISI Hellas Hellenic Shipyards S.A SSMART S.A Signaal Hellas Theon Sensors Ordtech Military Industries Intracom Defense Electronics Hellenic Vehicle Industry S.A IDE (INTRACOM Defense Electronics)