PRACE, the Partnership for Advanced Computing is the permanent pan-European High Performance Computing service providing world-class systems for world-class science. Systems at the highest performance level (Tier-0) are deployed by Germany, France, Italy and Spain providing researchers with over 11 billion core hours of compute time. HPC experts from 25 member states enabled users from academia and industry to ascertain leadership and remain competitive in the Global Race. Currently PRACE is in transition to PRACE 2, the successor of the initial five year period. The objectives of PRACE-5IP are to build on and seamlessly continue the successes of PRACE and start new innovative and collaborative activities proposed by the consortium. These include: assisting the transition to PRACE 2 including an analysis of Trans National Access; strengthening the internationally recognised PRACE brand; continuing and extend advanced training which so far provided more than 18 800 persontraining days; preparing strategies and best practices towards Exascale computing; coordinating and enhancing the operation of the multi-tier HPC systems and services; and supporting users to exploit massively parallel systems and novel architectures. A high level Service Catalogue is provided. The proven project structure will be used to achieve each of the objectives in 6 dedicated work packages. The activities are designed to increase Europe's research and innovation potential especially through: seamless and efficient Tier-0 services and a pan-European HPC ecosystem including national capabilities; promoting take-up by industry and new communities and special offers to SMEs; implementing a new flexible business model for PRACE 2; proposing strategies for deployment of leadership systems; collaborating with the ETP4HPC, CoEs and other European and international organisations on future architectures, training, application support and policies. This will be monitored through a set of KPIs.