IN WITNESS WHEREOF the undersigned, duly authorised thereto, have signed this Convention.

DONE in duplicate at Athens, this 29th day of June 2009, each in the English, French and Greek languages, each version being equally authentic.

Lawrence Cannon Minister of Foreign Affairs FOR CANADA
Dora Bakoyannis Minister of Foreign Affairs FOR THE HELLENIC REPUBLIC

PROTOCOL

1. At the time of signing of this Convention between Canada and the Hellenic Republic for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and on Capital, the undersigned have agreed upon the following provisions which shall be an integral part of the Convention.

2. It is understood that:

i) In paragraph 1(i) of Article 3, for greater certainty, the term "operated solely between places in a Contracting States" refers to a single voyage undertaken by a ship or aircraft.

ii) Notwithstanding Articles 7 and 8, profits derived from the operation of ships or aircraft used principally to transport passengers or goods exclusively between places in a Contracting State may be taxed in that State. This provision shall also apply to profits from the participation in a pool, a joint business or an international operating agency.

iii) With respect to paragraph 6 of Article 13, in the event that the Canadian departure tax rules, for which that paragraph is relevant, are significantly amended or replaced, paragraph 6 of Article 13 shall be replaced by the following:

"6. The provisions of paragraph 5 shall not affect the right of a Contracting State to levy, according to its law, a tax on gains from the alienation of any property derived by an individual who is a resident of the other Contracting State and has been a resident of the first-mentioned State at any time during the five years immediately preceding the alienation of the property."

iv) For the purposes of Article 15, the term "employer" means the person having rights on the work produced and bearing the relative responsibility and risks.

v) The Convention shall not apply to any company, trust or other entity that is a resident of a Contracting State and is beneficially owned or controlled, directly or indirectly, by one or more persons who are not residents of that State, if the amount of the tax imposed on the income or capital of the company, trust or other entity by that State is substantially lower than the amount that would be imposed by that State (after taking into account any reduction or offset of the amount of tax in any manner, including a refund, reimbursement, contribution, credit, or allowance to the company, trust or other entity, or to any other person) if all of the shares of the capital stock of the company or all of the interests in the trust or other entity, as the case may be, were beneficially owned by one or more individuals who were residents of that State.

vi) Irrespective of the participation of the Contracting States in the General Agreement on Trade in Services (GATS), or in other international agreements, the Contracting States in their tax relations shall be covered by the provisions of this Convention.

In witness whereof the undersigned, duly authorised thereto, by their respective Governments, have signed this Protocol.

Done in duplicate at Athens, this 29th day of June 2009, each in the English, French and Greek languages, each version being equally authentic.