PRACE, the Partnership for Advanced Computing, was established in May 2010 as a permanent pan-European High Performance Computing service providing world-class systems for world-class science. Six systems at the highest performance level (Tier-0) are deployed by Germany, France, Italy and Spain providing researchers with over 9 billion core hours of compute time. HPC experts from twenty-five member states - funded in part in three implementation projects - enabled users from academia and industry to ascertain leadership and remain competitive in the Global Race. Currently PRACE is preparing for PRACE 2.0, the successor of the initial five year period. The objectives of PRACE-4IP 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 2.0; strengthening the internationally recognised PRACE brand; continuing advanced training which so far provided more than 15.000 person-training days to over 4700 persons, 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. The proven project structure will be used to achieve each of the objectives in six dedicated work packages. The project will continue to be managed by Jülich. 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 special offers to SMEs; analysing new flexible business models for PRACE 2.0; proposing strategies for deployment of leadership systems; collaborating with the ETP4HPC, the coming CoEs and other European and international organisations on future architectures, training, application support and policies.