Ladies and Gentlemen,

I would like to thank the organizers for inviting me in this very special event that aims to highlight investment opportunities and investors’ experiences in Serbia.

Our Group, the Antenna Group, is a leading international media conglomerate, with major media investment know-how not only in our region but also globally, while our family business extends in very sizable oil shipping operations and multiple investments in financial assets, technology companies and other sectors worldwide.

Before making my final decision to enter Serbian media in 2009 by investing in then FOX television, I visited the country many times and I was convinced that Serbia is a major investment opportunity for two sets of reasons.

It is a country that has a lot of space for growth from its current low point of GDP per capita.

It is full of modern, talented and well-educated people with a cosmopolitan attitude and a strong European orientation that will become smart consumers and a demanding audience.

At the time I decided to invest, I was discouraged by international advisors who saw complicated and unstable politics, a messy European integration process and other problems. After studying the market and the people’s behaviour, I was convinced that this country will eventually find its way to Europe in spite all obstacles.

When we invested in FOX and took over the company, we first deployed a bold vision: to make it the number one station in the country. This is why we rebranded it as PRVA. We inspired our staff with this vision and made everyone share the mission of making PRVA a modern, European, top rated channel in Serbia. We took it from 7% viewership to 19% in just 3 years by bringing world class standards, formats never seen before in the country, and by investing and training in the local talent to unleash its creativity and appetite for innovation.

What this company needed was above all long-term commitment. This commitment allowed us to invest in the necessary resources, creating hundreds of new jobs, and to bring international world-class programming, treating the Serbian audience according to top class European rather than domestic standards.

We are strongly focusing on the customer needs and our market research in every investment is the only budget item that remains strong both in periods of growth and crisis. This allowed us to understand what Serbian people were missing in modern entertainment and objective information. Freedom of press and reliable reporting is paramount in our strategy to build trust and loyalty with our audiences. At the same time it establishes our credibility with international partners and news agencies to broadcast our news from Serbia in international audiences and paint the picture of modern reform oriented Serbia.

There is still a lot of space for growth. Media is a very regulated business everywhere; hence the quality of regulatory legislation and its enforcement are extremely important for a healthy business and as an attractor of investments. Serbia, in its process of European integration will have to fully harmonize with standard European legislation in media and in many other sectors.

We started with Media obviously because this is a sector the we understand very well and presented a very clear opportunity at that time; but the factors I mentioned which make Serbia an attractive investment destination will apply in other areas in which the holding companies of the Kyriakou Group are actively designing plans to invest in this country.

At the same time, consistent and long term commitments from our side along with promotion of success stories will encourage our investment partners to invest in Serbia. I can assure you that there is a number of my global investment partners who look at the success of PRVA and collect information from us to help plan their own investments in this country.

My understanding, according to all my information is that the European process is going very well and soon Serbia will officially start accession negotiations. Since EU integration is the will of the overwhelming majority across the political spectrum in this country, there is no reason why you should wait for the official negotiation before adopting crucial legislation that harmonizes with the European legal body and the acquis requirements of the accession process. Such a development will expedite your accession process and will send even stronger signals about this country’s commitment to the EU integration process, boosting investor confidence.

This is the major item that I discuss in investment fora when I talk about my positive experience in Serbia: a reliable and fully harmonized legal environment, anchored on European Union Law. When we as investors see such moves and commitment we can recommend to our investment partners in various sectors to come and look at Serbia.

On the other hand, Serbia is very special because it presents important opportunities for local and regional market consolidation. The potential for market consolidation is always a key factor in investment evaluation formulas. Serbia is the central country of the former Yugoslavia. Although there is now complete independence in terms of sovereignty and policies, still there are a lot of bonds and connectivity in infrastructure, trade, business relations and cross investment that makes an investor see Serbia as the key to unlock an entire region.

The people of Serbia need optimism and hope for the future. I think this is an important message today because we should all focus our energy to help the Serbian government to make concrete steps that will enable make investors feel safe and create new jobs, growth, wealth creation and a better future for this country.

I am glad that the government of Serbia shows tremendous commitment in the European integration process and I congratulate you Mr. Deputy Prime Minister for your courage to make tough decisions. As someone who comes from an EU country and does a lot of business globally, I know this is the best opportunity for a prosperous Serbia. I want to help as much as I can in improving Serbia’s image and in creating a better public atmosphere for all the changes that need to happen. The picture of the new Serbia that fights corruption, strengthens institutions, listens to investors, and reforms in its core needs to be shared globally. Our Group’s respected position in the media world makes this task our natural obligation for this country.

Thank you for your attention and again for your kind invitation.