Investor Presentation FY 2017 Table of Contents 2
Page Section 1: Group overview 3
Section 2: Portfolio companies 13 Attica Group 14 Vivartia Group 21 Hygeia Group 27 SingularLogic 36 Hilton Cyprus 42 RKB 44
Section 3: Financial Statement information 47 Section 1 Group Overview MIG at a snapshot: 31/12/2017 4
High-quality portfolio of leading companies across key defensive sectors
Transportation-ferries Food Health
Dairy Food services
Frozen
Property portfolio Hotels IT solutions An important pillar of the Greek economy 5
#1 producer of dairy, Leading passenger ferry #1 hospital group frozen vegetables and operator in East with 1,219 beds dough products Mediterranean
505,000 outpatients 15 ferries covering the Key Highlights #1 dairy distributor per annum busiest routes
#1 branded QSR & coffee 4 state-of-the-art Vessels net book value chain (539 POS in Greece hospitals €525m & Abroad)
Employees 5,156 3,257 1,018
Revenue €565m €226m €272m
Assets €804m €417m €682m Highly diversified operations across attractive sectors 6
Revenue breakdown (FY 2017) EBITDA from business (FY 2017) Gross Asset Value breakdown (FY 2017)
5% 1% 17% 24% 33% 36% 40%
€1,080m 52% €142m 17% €1,283m
19% 24% 34%
Food & Dairy Transportation Healthcare Other (IT, Real Estate, Leisure)
Group (in €m) 2016 2017 Group (in €m) 2016 2017 Holdco (in €m) 2016 2017
Group Sales (€m) 1,082 1,080 EBITDA from business 156 142 Gross Asset Value (€m) 1,381 1,283
Sales y-o-y chg (%) -3.7% -0.2% Group reported EBITDA 132 117 NAV (€m) 666 574
Greek GDP1 y-o-y % -0.1% +1.6% % margin 12.2% 10.9% NAV per share (€) 0.71 0.61
(1) Expected GDP growth for 2017 (EU) Sales & EBITDA evolution 7
Sales (€m) EBITDA (€m) & EBITDA margin
1% 6% 11% 12% 11%
€109m improvement
1.123 1.101 132 1.082 1.080 125 1.059 117
68
9
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Debt capital structure overview 31.12.2017 8
HoldCo Debt Overview OpCo Debt Overview
. Bond Loans (secured): €258m . Vivartia (before restructuring) . Attica Group • Maturity: October 2019 • Gross debt: €396m • Gross debt: €239m • Coupon: 4.75% – 5.25% (step-up) • ST: €371m / LT: €24m • ST: €24m / LT: €214m • Amortising • 2017 average cost: 5.2% • 2017 average cost: 6.2%
. Term Loans & Interest Facilities (secured): €6m & €10m . Hygeia . Real Estate • Maturity: June 2018 • Gross debt: €151m • Gross debt: €75m • Coupon: 3M Euribor + 5% spread • ST: €23m / LT: €128m • ST: €75m / LT: - • Amortising • 2017 average cost1: 5.6% • 2017 average cost: 5.0%
. Convertible Bond Loan (secured): €425m . SingularLogic . Other (excl. intragroup) • Maturity: July 2021 • Gross debt: €58m • Gross debt: €30m • Coupon: 12M Euribor + 4% spread (2% cash + 2% PIK) • ST: €0.1m / LT: €58m • ST: €29m / LT: €1m • Strike price: stock price at ATHEX • 2017 average cost: 5.4% • 2017 average cost: 1.5%
HoldCo average cost of debt OpCo average cost of debt2
5,4% 5.7% 5,3% 4,6% 5,0% 4,3%
2016 2017 2018e 2016 2017 2018e
(1) Blended average cost of debt taking into account spreads before and after debt restructuring which completed during 4Q17 (2) Incl Vivartia’s debt restructuring NAV breakdown 9
(€m) Sector Current stake 2016 2017
Vivartia Food & Dairy 92.10% 442 418
Attica Transportation 89.38% 438 433
Hygeia Healthcare 70.38% 212 212
SingularLogic IT 85.70% 29 26
SUB-TOTAL CORE ASSETS 1,122 1,089
RKB Property portfolio 83.10% 191 181
Associates & other subsidiaries(1) 50 7
Other financial assets(2) 18 5
Net cash/(debt) & Working Capital -715 -709
NAV (€m) 666 574
NAV per share (€) 0.71 0.61
Based on internal valuations as per IFRS (1)Associates & other subsidiaries include in Dec’16 Hilton Cyprus €7m and Sunce €43m and in Dec’17 Hilton Cyprus €7m (2)Other financial assets include, among others: receivable from asset sales (Olympic Air, FAI Aviation Group, Skyserv Handling) and HoldCo loans to OpCos Experienced management team across all levels 10
Panagiotis Throuvalas, Executive Chairman of the BoD , Chairman of the Executive Committee Athanasios Papanikolaou, CEO, Member of the Executive Committee Kyriakos Magiras, Member of the Executive Committee Christophe Vivien, CFO, Member of the Executive Committee
P. Throuvalas S. Paschalis A. Kartapanis G. Constantopoulos (CEO) (CEO) (CEO) (CEO)
K. Sandic P. Karadontis (CEO) (CEO) Shareholder structure 31.03.2018 11
Number of investors Number of % total Number of shares shareholders shareholders Piraeus Bank 31.2% 1 - 100k 32,443 98.0% 101k - 1,000k 464 1.4% > 1,001k 62 0.2% Total Other Investors 32,969 99.6%
Other Investors Large investors 135 0.4% 53,1% Total shareholders 33,104 100.0% Management 0.2% Foreign Institutional Greek 13.6% Average daily marketability Institutional 2.0% FY 2017 Jan’18 – Apr’18
0.3% 0.4% Core subsidiaries profitability 12
Revenue (€m) EBITDA (€m) & EBITDA margin (%) 2% 5% 8% 8% 10%
601 563 590 572 565 56 50 46 28 11 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
10% 17% 29% 26% 19%
278 81 269 272 70 267 46 50 260 27
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
nm 7% 11% 15% 16%
206 206 30 34 202 201 22 13 190 -4
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
Notes: Hygeia Group adjusted for discontinued operations of 2017 Section 2 Portfolio companies Transportation – Attica Group A leading ferry operator in the Eastern Mediterranean Attica Group at a snapshot 15
. Date of Investment: October 2007 . MIG Ownership: 89.4%
A leading ferry operator in the Eastern Mediterranean
Diversified geographical presence One of the youngest owned fleets in the Eastern Mediterranean
. BLUE STAR FERRIES . Ranks in the top-10 list of Passenger RoRos World Gross Tonnage list of • long-standing leader in the Greek domestic waters 1,624 vessels (Lloyd’s List Intelligence) • routes: Cyclades, Dodecanese, North Aegean and Crete . Modern fleet of 15 top-class conventional Ro-Pax ferries . SUPERFAST FERRIES • 13 owned ferries (€525m net book value as of 31.12.2017) • more than 20-year presence, with leading market shares in Adriatic Sea • 2 ferries under a long-term bareboat charter agreement • routes: Greece to Bari (Italy), Ancona (Italy) and Venice (Italy) . World leader in newbuild construction of conventional Ro-Pax ferries in . AFRICA MOROCCO LINKS short international and domestic routes • JV with BMCE Bank of Africa Group (leading Moroccan bank) • 21 delivered newbuild vessels • routes: Tangier Med (Morocco)-Algeciras (Spain) (launched in June 2016) • €1.6bn (US$2.1bn) total invested capital since 1992
Strategically positioned in highly attractive markets Seasoned management team exploring opportunities for new routes
. Connects more than 40 destinations in the Aegean and Adriatic Sea, . Seasoned management team through year-round operations • approx. 30 years average experience in the ferry industry • Approx. 6,600 sailings or 1.2m Nautical Miles per annum • approx. 15 years average employment tenor • Traffic volumes (2017): 4.1m Passengers / 635k Vehicles / 300k Trucks . First Greek company to ever sail on ferry routes beyond Greek waters: . Robust demand trajectory from Greek tourism & trade growth dynamics • opened new routes in the Baltic Sea and in the North Sea . Strong incumbent position in the attractive Aegean Sea market • entered the Ro-Ro market (2005) in the Germany-Finland route (2 ships) . Further expansion of international footprint: Miami – Havana (Cuba) . Solid financial strength vs. competition • July 2015: the US Department of the Treasury’s Office of Foreign Assets (OFAC) granted Attica the license to provide carrier services to Cuba Attica Group: Business overview 16
100% 100% 49%
MEDITERRANEAN
4 10 1 Vessels (owned) (2 chartered) (owned) Tonnage (GRT) 113,079 131,404 16,071
VENICE Passengers 5,518 16,349 935 SPAIN
ALGECIRAS
Beds 2,162 3,746 - ANCONA GREECE ` Garage ITALY NORTH AEGEAN 8,842 11,849 700 (lane meters) BARI PIRAEUS CYCLADES IGOUMENITSA GREECE 15 Vessels (13 owned -> €525m net book value) TANGIER MED DODECANESE Tonnage (GRT): 260,554 MOROCCO PATRA CRETE Passengers: 22,802 Fleet Berths: 5,908
Combined Combined JV with ANEK Lines: Ancona, Bari, Venice, Heraklion (Crete; since June 2011), Chania (Crete Garage (lane meters): 21.4 km since April 2015) Passenger shipping: A key industry for Greece 17
Attica’s modern and efficient fleet is strategically positioned across highly attractive markets
. Greece has the 11th largest coastline worldwide with a total size of 13,676km (China ranks 10th with 14,500km)
12.3% of the Greek population resides in the island regions (Ionian, North Aegean, South Aegean, Crete)
Islands account for almost 12% of the Greek GDP
Greece ranks 2nd (after Italy) among EU-28 countries in terms of sea transportation: 17% of total sea traffic
. Passenger shipping serves the needs for transportation (passenger and freight) as well as acts as a catalyst for the economy of the island regions
80% of freight by sea in Greece is carried by Ro-Pax vessels (over 70 ports connecting mainland with the islands)
Passenger shipping contributes 6.5% to the Greek GDP (c€11.8bn) (direct and indirect economic effects)
Passenger shipping accounts for c7% of the total employment in Greece (directly and indirectly)
. Greek Islands have been traditionally one of the most popular tourist destinations for both Greek and foreign visitors
60-65% of the country’s hotel beds are located on the islands
. Adriatic Sea: a substantial trading route for Greece
Connects Europe, though Italy, with Greece
Connects the international waterways, through Europe's southeast mainland ports (the most efficient trading route to bypass transit across the Balkan peninsula)
. Strait of Gibraltar: the main corridor connecting Europe’s mainland with Africa, through Morocco and Spain One of the youngest fleets in the Eastern Mediterranean Sea 18
SUPERFAST FERRIES Built Age Length Width Tonnage Speed Garage Vessel Class Pax Berths Year (years) (m) (m) (GRT) (Knots) Lane meters SUPERFAST II 2009 8 RINA 199 27 25,518 24.2 938 371 2,506 SUPERFAST I 2008 9 RINA 199 27 25,757 24.2 938 371 2,506 SUPERFAST XI 2002 15 ABS 200 25 30,902 29.1 1,821 710 1,915 SUPERFAST XII 2002 15 ABS 200 25 30,902 29.1 1,821 710 1,915 11.8 113,079 5,518 2,162 8,842 BLUE STAR FERRIES Built Age Length Width Tonnage Speed Garage Vessel Class Pax Berths Year (years) (m) (m) (GRT) (Knots) Lane meters Blue Star Patmos 2012 5 BV 146 23 10,756 25.5 2,000 326 602
Blue Star Delos 2011 6 BV 146 23 10,756 25.5 2,400 118 602 Blue Star Patmos under construction at DSME Blue Star Paros 2002 15 LR 124 19 5,664 24.4 1,474 102 360 Blue Star Naxos 2002 15 LR 124 19 5,651 24.4 1,474 102 360 Blue Star 1 2000 17 LR 176 26 16,391 28.0 1,890 495 1,718 Blue Star 2 2000 17 LR 176 26 16,172 28.0 1,854 459 1,718 Blue Horizon 1987 30 LR 187 27 13,615 23.0 1,488 580 1,850 Asterion (charter) 2007 10 RINA 187 26 27,414 23.0 844 482 2,255 Blue Galaxy 1992 25 RINA 192 27 15,151 24.0 1,790 634 1,750 (charter) Diagoras 1989 28 BV 142 23 9,834 21.1 1,135 448 634 16.8 131,404 16,349 3,746 11,849 AFRICA MOROCCO LINKS Morocco Star 1980 37 LR 152 24 16,071 19.0 935 - 700 37.0 16,071 935 700 Attica Group: Performance highlights 19
Revenues (€m) 2017 Group Revenue mix (€m)
278 267 269 272 260 4m passengers 198 183 15% 160 172 183
40% €272m
35% 101 95 79 86 88 300k freight units (trucks) 11% 636k private 2013 2014 2015 2016 2017 vehicles Adriatic Domestic PAX Vehicles Freight Other
EBITDA (reported) (€m) Earnings after taxes (€m)
EBITDA 29% 33 Margin 26%
20 19% 17%
81 4 10% 70 1 46 50 27 -10 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Attica Group: Financial performance 20
(in €m) 2016 2017 (in €m) 2016 2017 Sales 268.6 271.5 Gross debt 255.4 238.7 EBITDA 70.0 50.4 Cash & cash equivalents 51.2 44.1 EBITDA margin 26.1% 18.5% Net debt 204.2 194.6 Net profit / (loss) after minority 20.3 1.2 Leverage [Net debt / EBITDA] (x) 2.9 3.9 Vessels Book Value 545.7 525.2 Residual Equity Value Fleet 290.2 286.4 LTV 47% 46%
debt breakdown by bank €'m Debt repayment schedule 180 155 160 140 Foreign 120 banks 36% 100 Fortress €239M 80 43% 60 30 40 23 20 7 7 13 Greek banks 0 21% 2018 2019 2020 2021 2022 2023 Food & Dairy – Vivartia One of the largest food companies in South East Europe Vivartia at a snapshot 22
. Date of Investment: July 2007 . MIG Ownership: 92.1%
The largest diversified food group in Greece
Top-5 FMCG company in Greece Frozen Foods €142m sales
. Top-5 FMCG company in Greece (ranked by sales to super markets) . #1 frozen vegetables and frozen dough/pastry producer in Greece . Largest food distribution fleet in Greece: 470 trucks covering • Old-classic producer in Greece 30,000 retail outlets per day • 4 production facilities . Penetration in 9 out of 10 Greek households • Undisputed market leader . Vertical integration: owned distribution and manufacturing o 63% share in the total Greek frozen vegetables market facilities (branded goods and retailer brands) o 26% share in the total Greek frozen dough market (leader among branded products)
Dairy €266m sales Quick Service Restaurants €164m sales . #1 dairy producer in Greece (DELTA) and Bulgaria (UMC) . #1 in Quick Service Restaurants (QSR), branded coffee shops and catering in Greece • Over 60 years of milk processing experience in Greece • Among Europe’s top-70 foodservice companies • Leading dairy & fresh juices producer and distributor in Greece o Everest & Flocafe (343 POS) among Europe’s top-25 coffee o 24% share in the total Greek Dairy market chains • 8 state-of-the art production facilities • Goody’s is Greece’s largest & oldest casual fast-food chain o 7 in Greece & 1 in Bulgaria • 539 POS (526 in Greece & 13 abroad in 10 countries) • Greek yogurt exports in Italy (Granarolo partnership): 20% of • Total food & coffee segment: 18% market share DELTA yogurt volume (2017) • Approx. 300,000 customers daily Vivartia: Dairy & Drinks 23
Dairy & Drinks 2017 Sales: €266m
Delta Foods UMC (United Milk Company) 2017 Gross Sales: €229m 2017 Gross Sales: €41m o Leading dairy & fresh juices producer & distributor in Greece o Market leader in fresh dairy products in Bulgaria • Leader in the Greek dairy market: 24% share o 50 years of milk processing experience (established in 1959) o Over 60 years of milk processing experience o 1 production facility o 7 state-of-the-art production facilities in Greece (1,224 employees) o o 2 milk collection stations 495 employees • 150k tons of milk sourced from 1,300 farmers (25% of Greece’s o Sources c40,000 tons of raw milk per year annual milk production) o Daily distribution to 8k retail outlets (own fleet of 93 trucks) o 205 SKUs o o One of the biggest Bulgarian exporters to US, Australia, Lebanon, Distribution to 30k retail outlets via 470 trucks (15k invoices/day) Canada and Russia (certified cheese exporter to the EU) o Dynamic entrance in cheese business Sales (€m) EBITDA (€m) & EBITDA margin (%)
330 0% 2% 6% 5% 8% 317 305 32 35 278 266 20 38 18 38 41 5 5 13 8 5 285 295 267 241 229 2 14 15 6 8 -12 -1 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Delta Foods UMC Delta Foods UMC Vivartia: Frozen Foods 24
Frozen Foods 2017 Sales: €142m
Vegetables Dough 2017 Gross Sales: €62m 2017 Gross Sales: €79m o Oldest frozen vegetables and dough producer in Greece (1969) o Over 25 years market presence o Undisputed market leader in frozen vegetables: >60% share o Leader among branded frozen dough products: 26% share o 2 production facilities, 2 distribution centers & 3 cold stores o 2 production facilities o >80 SKUs (e.g. vegetables, potatoes, fresh salads, tomato) o >60 SKUs (e.g. dough, chilled dough, pies, mini pastry pies, pizza, o >50 SKUS of export-related frozen vegetables products croissant etc) o Frozen Foods business exports in 23 countries (18% of sales) o >70 SKUs of export-related frozen dough products o Distributes products to over 8,000 retail units Sales (€m)* EBITDA (€m) & EBITDA margin (%)*
10% 13% 14% 14% 17% 138 140 142 24
102 65 62 20 19 66 11 73 57 13 8 7 51 8 5 70 76 79 13 11 10 44 5 7 20 2 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Dough Vegetables Dough Vegetables * until 30.06.2014 M. Arabatzis SA was consolidated under the equity method as an associate (new standards IFRS 10, IFRS 11, IFRS 12). As of 01.07.2014 M. Arabatzis SA is consolidated fully Vivartia: Food Services & Entertainment (FSE) 25
Food Services & Entertainment (FSE) 2017 Sales: €164m
o Among Europe’s top-70 foodservice companies Everest o 539 POS (13 abroad in 10 countries, Travel-related in Greece: 237) o Catering & food services, all-day on-the-go snack & coffee o Approx. 300,000 customers daily o 243 POS (Travel-related in Greece: 95)
Goody’s Burger House Flocafe Espresso Room o Greece’s largest & oldest casual fast-food chain o Coffee chain o 123 POS (abroad: 8, Travel-related: 18) o 100 POS (abroad: 5, Travel-related in Greece: 74)
Hellenic Catering & Olympic Catering La Pasteria o Industrial catering, HoReCa channel supplier, airport canteens o Affordable Italian restaurant chain (16 restaurants) o 3 production facilities Sales (€m) EBITDA (€m) & EBITDA margin (%)
2% 5% 7% 9% 8%
177 165 163 161 164 14 12 12 8 4
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Vivartia: Financial performance 26
(in €m) 2016 2017 (in €m) 2016 2017 Sales 572.0 565.2 Net fixed assets 326.7 323.2 Dairy 278.5 265.7 Gross debt 400.5 395.6 Frozen Foods 139.8 141.6 Cash & cash equivalents 60.7 59.9 Food Services (FSE) 160.7 164.1 Net debt 339.8 335.7 EBITDA 46.2 56.4 Leverage [Net debt / EBITDA] (x) 7.4 6 % margin 8.1% 10.0% Shareholders equity 116.1 111.2 Dairy 13.1 20.1 Minority interest 27.2 27.6 Frozen Foods 19.4 24.5 Food Services (FSE) 14.2 12.5 Net profit / (loss) after minority -17.8 -3.2
Reported debt 31-Dec-2017 Vivartia debt restructuring Pro forma debt after restructuring Main terms from restructuring
Vivartia • Cost of debt between 3% and Dairy Holding €44m capitalization of 4%; cash interest only 112 FSE 103 interest due by FSE 172 • Maturity 2024 €396m €443m €103m allocation of FSE • Intermediate repayments FSE debt to V. Holding representing c. 20% of total debt 228 Frozen Dairy 56 Frozen 112 and balloon at maturity 80% 56 Healthcare – Hygeia Group The leading integrated private healthcare services group in Greece Hygeia Group at a snapshot 28
. Date of Investment: January 2006 . MIG Ownership: 70.4%
A leading integrated private healthcare services group in Greece
The market leader in private hospital units in Greece Focused on providing high quality healthcare services
. Market leader in private hospital units in Greece . High brand awareness and excellent quality reputation • 3 hospitals in Greece (Hygeia, Mitera, Leto) • Hygeia Hospital: First & only hospital in Greece accredited by the Joint Commission International (JCI) . Leading general hospital facilities and maternity clinics . High calibre physicians and support personnel • Total licensed bed capacity: 1,094 (of which 874 in Greece) • 43 operating rooms / 14 delivery rooms • Approx. 2,700 employees • 9 Intensive Care Units (67 beds) • More than 3,100 co-operating physicians • Centre for Molecular Biology and Cytogenetics (Alpha Lab) . Leader in cutting edge medical technology • Procurement: Y-Logimed supplies with medical products, • First and only in Greece multidisciplinary hybrid operating room consumables and implantable devices Hygeia Group hospitals, • First and only in Greece pioneer radiosurgery device Gamma aiming to economies of scale Knife®
Key Performance Indicators
Inpatients Outpatients Operations Patient Days Births
48,000 370,000 45,000 143,000 8,000 Hygeia Group: Hospital facilities 29
Hygeia Hospital (Athens, Greece) Leto Hospital (Athens, Greece) . Founded in 1970 . Founded in 1966 . State-of-the-art general acute care hospital . Modern (boutique) Maternity and Gynaecology Hospital . First & only JCI accredited hospital in Greece o 274 active beds (440 licensed) o Obstetrics center o 18 Medical Departments o Gynaecology & diagnostic center o 26 Surgical Departments o Surgical center o 6 Clinical & 8 Imaging Laboratories o 90 active beds (100 licensed) o 10 Outpatient Examination Rooms o o 18 operating rooms 10 operating rooms / 6 delivery rooms o 4 Intensive Care Units (ICU) (28 beds) . Offers alternative childbirth techniques: o One-Day Treatment (ODT) Unit / One-Day Surgery (ODS) Unit o “Water Birth” o Bone Marrow Transplant Unit (BMTU) o “Childbirth as if being at Home” (new room of high aesthetics o first & only state-of-the art Hybrid Operating Room in Greece inaugurated in 2010) Mitera Hospital (Athens, Greece) Hygeia Hospital Tirana* (Tirana, Albania) . Founded in 1979 . First & only integrated private hospital in Albania (July 2010) . General, Maternity, Gynecological and Children's Hospital . The largest private sector investment (€67m) in Albania o o 310 active beds (459 licensed) 102 active beds (220 licensed) o 9 operating rooms / 5 delivery rooms o 15 operating rooms / 8 delivery rooms o 1 ICU (16 beds) o 4 Intensive Care Units (ICU) (24 beds) o First comprehensive oncology center o Hemodialysis Unit o Most contemporary IVF Unit in Albania o Level 3 Neonatal Intensive Care Unit (NICU) (90 beds) o State-of-the-art German Eye Clinic o Certified as a kidney and corneal transplantation center o Bone Marrow Transplant Unit (BMTU) (inaugurated in 2015)
* Hygeia Hospital Tirana has been reclassified as “Asset Held for Sale” as of 31/12/2017 Hygeia Group: Leader in cutting edge technology 30
Latest Generation Multidisciplinary Hybrid Operating Room . Inauguration November 2012: the first and only in Greece o Covers an area of 87 sqm o Ability to perform complex endovascular procedures to a larger number of patients, especially those with multiple medical problems o Equipped with the most advanced imaging and medical equipment (Digital Cardiovascular Imaging System Allura Xper FD20 by PHILIPS)
Da Vinci System® S (DA VINCI® S Stream Line) . Robotic revolution in laparoscopic surgery (approved by the FDA) . The first and only Robotic Surgical System worldwide performing the whole spectrum of laparoscopic surgery and a large number of conventional procedures o 3D-lenses system offers the possibility of a 15-fold magnification of the surgical field for very accurate, stable and detailed movements
Gamma Knife (Leksell Gamma-Knife Perfexion) PET/CT Scan Dept (SIEMENS-BIOGRAPH PET-CT) Neurosurgery & Interventional Neuroradiology
Radiotherapy & Oncology Center Transcatheter Heart Valves Cardiology - Cardiac Surgery (Heart Team) Healthcare services in Greece 31
Private Health Expenditure Evolution of Health Expenditure in Greece (% of GDP, 2014) (% of GDP)
3% 3% 4% 4% 4% 4% 3% 3% 3% 3%
4,7% 7% 7% 6% 6% 6% 6% 6% 6% 6% 5% 3,1% 2,6% 2,6%
2,5% 2,3% 2,2%
2010 2011 2012 2013 2005 2006 2007 2008 2009 2014 OECD GR ES DE FR IT EU Public Private Breakdown of 363 clinics in Greece Breakdown of 62.8k beds in Greece Structure of the Private Healthcare (EOPYY data for 2015) (EOPYY data for 2015) Sector in Greece (type of clinics)
Special purp Private Maternity 9% 24% 7% Public Private 43% General 47% 49% NPID Psychiatric 9% 26% Public 67% NPID Mixed 10% 9%
NPID = Legal Entities of Private Law Hygeia Group: 2017 Key performance indicators (KPIs) 32
Outpatients (in ‘000) Inpatients (in ‘000) Operations (in ‘000)
178 24 161 21
16 14
8 7 31
Hygeia Mitera Leto Hygeia Mitera Leto Hygeia Mitera Leto
Length of stay (days) Occupancy rate Patient Days (in ‘000)
4,5 71 71% 59 53% 2,5 41% 1,5 13
Hygeia Mitera Leto Hygeia Mitera Leto Hygeia Mitera Leto Ministry of Health clawback & rebate mechanisms 33
Article 100, Greek Law 4172/2013 In July 2013, two governmental decisions came in force, by law, retroactively (i.e. effective as of January 2013) and unilaterally, adversely impacting directly the private healthcare industry until 31.12.2018 Rebate . a gradual discount method calculated on the invoiced claims (i.e. hospitalization expenses, diagnostic tests and physiotherapies) submitted to the National Organization for Healthcare (EOPYY) Clawback . automatic payback mechanism for any expenses incurred relating to hospitalization, diagnostic tests and physiotherapy . the monthly National Organization for Healthcare (EOPYY) expenses for diagnostic tests, hospitalization and physiotherapy offered by affiliated private healthcare providers must not exceed 1/12 of the approved credit funds of the EOPYY budget
30 14% 12% Cumulative impact to Consolidated Sales & EBITDA: €97m 12% 25 10% 8% 8% 7% 8% 20 6% 28 6%
4% 15 20 18 16 15 2%
10 0% 2013 2014 2015 2016 2017 Clawback & Rebate (€m) (LHS) % of Gross Sales (RHS) Note: Total cumulative impact from Rebate & Clawback at €108m including VAT Hygeia Group: Performance highlights 34
Sales (€m) EBITDA (€m) Profitability margins (%)
Clawback & Rebate
20 15 20 28 16 18 15 18 18% 16% 16% 14% 12% 16 10% 8% 30 34 202 201 206 206 28 5% 190 22 2% 13 -3% -4 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Gross profit EBITDA
2017 Sales per unit (€m) 2017 EBITDA per unit (€m) 2017 EBITDA margin per unit
Leto Leto 12 -0 Mitera Mitera 5 8% Mitera 64 €206m €34m 16% Hygeia 125 Hygeia Hygeia 23% 29 Hygeia Group: Financial performance 35
(in €m) 2016 2017* (in €m) 2016 2017* Sales 205.9 206.0 Net fixed assets 173.9 133.4 EBITDA 30.5 33.5 Gross debt 157.9 131.6 % margin 14.8% 16.3% Net debt 143.1 120.5 Impairments -0.5 - Leverage [Net debt / EBITDA] (x) 4.7 3.6 Net profit / (loss) after minority 4.2 9.7 Shareholders equity 119.4 120.7
Group hospital revenue analysis per source in Greece (2017) Debt breakdown Out-of- Leto & Mitera other pocket EOPYY 43 1 42% 15%
€206m €132m
Insurance Hygeia 43% 87
Hygeia hospital revenue analysis per type (2017) €'m Debt repayment schedule 70 Outpatient 61 Surgery 60 41% 23% 50 €125m 40 30 20 15 16 17 12 9 Medicine 10 36% 0 * Hygeia Hospital Tirana has been reclassified as “Asset Held for Sale” as of 31/12/2017 2018 2019 2020 2021 2022 2023 IT – SingularLogic Major player in the Greek Business Software market SingularLogic at a snapshot 37
. Date of Investment: December 2006 . MIG Ownership: 85.7%
Major player in Greek Business Software market
A comprehensive software vendor & IT services provider Reassessing business model
. Established in 1984, SingularLogic is the #1 Greek business . A key sector consolidator software Vendor and one of the largest Integrated IT Solutions • the company has emerged through a string of mergers and Group in Greece acquisitions, involving domestic IT majors (Delta Informatics in • Product offering comprising more than 20 proprietary app 2001, LogicDis in 2006) that allowed it to complement and scale solutions its offering portfolio and, therefore, its addressable markets . • Full spectrum of IT services Large installed base • Supporting a large number of SMEs and c. 6,000 accountants • Market leader in the software for SMEs (e.g. ERP, CRM) • c. 700 large Greek corporates & more than 100 multinationals, • Large B2B partner network in Greece through both proprietary solutions and solutions of global • Greece’s incumbent elections manager since 1981 (helps the majors (SAP, Oracle, etc.) Hellenic Republic improve transparency and results transmission • 400 implemented IT Projects in the Private and Public Sector speed) . Local presence through subsidiaries in Cyprus, Bulgaria, Romania . Group activities span: and inroads into MENA . Powerful Technology Partnerships • development and distribution of business software applications • Strong relationship with global IT Majors (Microsoft, SAP, Oracle, • design and implementation of Integrated IT Solutions for large Liferay, Tableau, Avaya, IBM etc) enterprises of the private and public sector . Reorganization • distribution and support of well-established international IT • Following a difficult 2017 the company currently is reassessing products its business model and implements reorganization initiatives SingularLogic: Reorganization 38
2 Corporate Divisions
Software Technologies Integrated Services
Focus: Developing, selling, implementing and Focus: Designing, implementing and supporting Business Software applications supporting integrated IT solutions of global leading vendors for large enterprises of the Target: Large and medium enterprises of the private and public sector private and public sector, as well as distribution via partners and resellers that Focus areas: CX, BI & analytics, portals & target SMEs mobile, SAP solutions, service oriented architecture, financial IT Solutions, custom Business Software focus: ERP, CRM, solutions, security, EU innovation projects, Webapps, Mobile, ioT, HR & Payroll, Retail & managed services and infrastructure services Hospitality applications
Synergies and Added Value of the new scheme . Expertise in a vast but focused ICT spectrum . Deep business understanding of verticals and operational needs for different business sizes . Best business practices knowledge from both large structured enterprises and agile SMEs SingularLogic: Growth Initiatives 39
Growth Initiatives
. IOT opportunities
. Strategic Partnerships (OTE)
. Industry specific target expansion
. Innovative solutions SingularLogic: Financial highlights 40
Group revenue analysis per customer (2017) Group revenue analysis per product/service (2017)
12% 10% 9% 22% 13% 11% 11% 13% 20% 21% 20% 20% 42% 40% 45% 51%
68% 69% 71% 58% 38% 40% 33% 31%
8% 7% 9% 8% 2014 2015 2016 2017 2014 2015 2016 2017
Large corporates SMEs Public sector S/W Licenses S/W maintenance Services Merchandise
(in €m) 2016 2017 (in €m) 2016 2017 Sales 39.2 37.5 Net debt 53.3 56.6 EBITDA 4.6 -4.7 Leverage [Net debt / EBITDA] (x) 11.6 -- % margin 11.7% - Impairments - -2.7 Net profit / (loss) after minority -4.0 -13.6 Other portfolio companies Hilton Cyprus at a snapshot (Tourism & Leisure) 42
. Date of Investment: August 2007 . MIG Ownership: 75.1%
The most luxurious hotel property in Nicosia (capital of Cyprus)
A landmark hotel Development potential
. The only 5-star hotel in Nicosia . Highly valuable developable land • 294 rooms: 24 suites, 76 executive and 194 standard rooms • One of the few sizeable plots left in the city center, adjacent to the hotel • Total land plot: 32,200 sqm / Hotel building: 28,700 sqm • more than 6,000 sqm of developable land • Operates under the Hilton brand since 1967 with a management contract until end-2017 (option to extend further) • estimated to yield 20-25,000 sqm of usable floor-plate with potential commercial usage (mixed-use office and residential, . Reference landmark venue in the capital shopping center, casino and concert venue) • Strategically located in the city center offering a level of comfort and convenience second to none in Nicosia (located within walking distance from important business and leisure facilities, e.g. the Central Bank of Cyprus, the International Conference Center or smart shopping streets) . Relatively better positioning versus competition • All direct competitors offer lower luxury standards to clients (being only 4-star hotels) • Competitors do not offer similar convenience to business clients in terms of proximity to Nicosia's business district • Extensive business amenities (full-service business center and 11 meeting rooms) Hilton Cyprus: Financial performance 43
(in €m) 2016 2017 (in €m) 2016 2017 Sales 10.7 12.0 Net fixed assets 92.7 92.2 EBITDA 2.6 3.4 Net debt 2.5 0.5 % margin 24.6% 34.9% Leverage [Net debt / EBITDA] (x) 0.9 0.2 Net profit / (loss) after minority 1.3 2.1 Shareholders equity 75.7 77.1
RevPAR (€) 60 68 RKB at a snapshot (Real Estate) 44
. Date of Investment: October 2007 . MIG Ownership: 83.1%
The largest commercial retail real-estate portfolio in Serbia
Unique proposition for a nationwide retail real-estate platform Strong market positioning
. Owns the largest commercial real-estate portfolio in Serbia . Serbia’s largest retail real-estate portfolio • Gross leasable area GLA: c276,000 sqm • accounts for approx. 30% of the total retail space in Belgrade • Net leasable area (NLA): c200,000 sqm (of which 46% in Belgrade) . Attractive assets in prime locations . 34 attractive, non-replicable, centrally located commercial real- • more than 75% have been refurbished and modernized following estate properties in Serbia (24 cities) MIG’s acquisition • 32 department stores of c150,000 sqm total NLA (of which 9 are . Strong brand recognition supported through intensive rebranding located in Belgrade) and marketing campaign • One unique in size and location logistics centre in Belgrade, at the . Introduction of new high-quality, anchor tenants intersection of the country’s two main motorways . Rising spending power of a practically underlevered and • One of the largest office buildings in the city centre of Belgrade underserviced consumer base to support substantial demand for (GLA of c16,600 sqm and NLA of c6,800 sqm) commercial real estate in Serbia
Properties GLA NLA Appraised Value* Breakdown per district (number) (‘000 sqm) ('000 sqm) (€m) Belgrade 12 127.7 91.3 177.7 Vojvodina 7 51.7 38.4 26.9 Rest of Serbia 16 97.2 70.2 61.0 Total Serbia 35 276.6 200.0 265.7 * American Appraisal valuation 31.12.2017. RKB: Property portfolio locations 45
Serbia Belgrade
1. Subotica
2. Sombor 5. Kikinda 3.Backa Topola
6. Zrenjanin 4. Kula 7. Vrsac Serbia 8.1-8.11 BELGRADE 9. Pozarevac
10. Smederevska Palanka 18. Bor 11. Valjevo 15. Kragujevac 19. Zajecar 12. Bajina Basta 13. Uzice 16. Jagodina 17. Paracin20. Knjazevac 14.Kraljevo 21. Nis 23. Pirot
22. Leskovac
24. Vranje RKB: Financial performance 46
(in €m) 2016 2017
Sales 5.0 6.5
EBITDA from business 2.4 2.6
Investment properties 275.4 265.7
Net debt 75.0 75.0 Section 3 Financial Statement Information From EBITDA to Net Result 48
Portfolio companies: €(0.9)m Holdings: €(49.6)m Group accounts: €(24.3)m in € m
200
150 5.3 (61.7) 100
141,6 (9.5) 50 (76.6)
0
(13.2) (74,8) -50 (36.4) 1.2 (13.8) (11.7) -100 EBITDA from Non Interest Other Depreciation Holdings Holdings Impairment Discontinued Minorities Group net Business recurring expenses financial operating interest exp. & result results & tax exp. Revaluation Income statement – core subsidiaries 49
Vivartia Attica Hygeia* Income statement (in €m) 2016 2017 2016 2017 2016 2017
Sales 572.0 565.2 268.6 271.5 205.9 206.0
Gross profit 190.2 173.8 80.9 60.0 33.2 36.2
EBITDA 46.2 56.4 70.0 50.4 30.5 33.5
EBIT 16.4 27.4 46.2 25.6 15.4 19.0
Cost of debt (27.5) (26.6) (22.3) (18.2) (9.7) (9.4)
Associates & financial results (3.1) 2.5 (3.0) (5.9) (3.7) (0.0)
Results before tax (14.2) 3.3 21.0 1.6 1.9 9.6
Results after tax, Group share (17.8) (3.2) 20.3 1.2 4.1 9.7
Gross profit margin 33.3% 30.8% 30.1% 22.1% 16.1% 17.6%
EBITDA margin 8.1% 10.0% 26.1% 18.5% 14.8% 16.3%
Net debt 339.8 335.7 204.2 194.6 143.1 120.5
Net debt to EBITDA 7.3x 6.0x 2.9x 3.9x 4.7x 3.6x
* Hygeia Hospital Tirana has been reclassified as “Asset Held for Sale” as of 31/12/2017 Income statement – Group & Holdco
Group consolidated MIG Holdco Income statement (in €m) 2016 2017 2016 2017
Sales 1,082.0 1,079.9 - -
Gross profit 306.1 268.7 - -
EBITDA 132.2 117.8 (16.4) (12.4)
EBIT 55.7 40.8 (16.8) (12.8)
Cost of debt (107.0) (98.3) (39.4) (36.0)
Associates & financial results (26.7) (4.8) (60.7) (43.2)
Results before tax (78.0) (62.3) (116.9) (92.0)
Results after tax, Group share (84.9) (74.8) (116.9) (92.0)
Net debt 1,531.6 1,493.8 693.8 690.0
Note: Hygeia Hospital Tirana has been reclassified as “Asset Held for Sale” as of 31/12/2017 Financial position – core subsidiaries 51
Vivartia Attica Hygeia* Financial position (in €m) 2016 2017 2016 2017 2016 2017
Tangible assets 326.7 323.2 547.9 527.1 173.9 133.4
Intangible assets 77.0 76.8 2.0 1.9 68.7 65.4
Goodwill 117.2 120.2 0.0 0.0 82.7 82.7
Investment in associates 16.1 17.1 0.0 0.0 0.0 0.0
Cash and cash equivalent 60.7 59.9 51.2 44.1 14.9 11.1
Other assets 215.0 206.9 93.0 106.3 89.1 119.0
Total assets 812.6 804.2 694.0 679.4 429.3 411.6
Shareholders equity 116.1 111.3 401.6 402.9 119.4 120.7
Minority interest 27.2 27.6 0.0 0.0 1.3 0.2
Total equity 143.3 138.9 401.6 402.9 120.7 120.9
Short term debt 375.0 371.5 25.6 24.3 156.5 14.9
Medium-Long term debt 25.5 24.2 229.8 214.4 1.5 116.7
Other liabilities 268.9 269.7 37.0 37.7 150.7 159.1
Total liabilities 812.6 804.2 694.0 679.4 429.3 411.6
* Hygeia Hospital Tirana has been reclassified as “Asset Held for Sale” as of 31/12/2017 Financial position – group accounts 52
Group consolidated Financial position (in €m) 2016 2017
Tangible assets 1,134 1,065
Intangible assets 434 425
Goodwill 238 241
Investment in associates 59 17
Cash and cash equivalent 143 131
Other assets 707 721
Total assets 2,715 2,600
Shareholders equity 313 239
Minority interest 116 111
Total equity 429 350
Debt Holdco 703 699
Debt Opcos 970 925
Other liabilities 612 625
Total liabilities 2,715 2,600
Note: Hygeia Hospital Tirana has been reclassified as “Asset Held for Sale” as of 31/12/2017 Disclaimer 53
This presentation may contain forward-looking statements, which include comments, statements and opinions with respect to our objectives and strategies, and the results of our operations and our business, considering environment and risk conditions. However, by their nature, these forward-looking statements involve numerous assumptions, uncertainties and opportunities, both general and specific. We caution that that these statements represent the MIG’s judgments and future expectations and that we have based these forward- looking statements on our current expectations and projections about future events. The risk exists that these statements may differ materially from actual future results or events and may not be fulfilled. We caution readers of this presentation not to place undue reliance on these forward-looking statements as a number of factors could cause future MIG results to differ materially from these targets. Forward-looking statements may be influenced in particular by factors such as movements in local and international securities markets, fluctuations in interest rates and exchange rates, the effects of competition in the areas in which we operate, general market, macroeconomic, governmental and regulatory trends and changes in economic, regulatory and technological conditions. We caution that the foregoing list is not exhaustive. When relying on forward-looking statements to make decisions, investors should carefully consider the aforementioned factors as well as other uncertainties and events. Any statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. All forward - looking statements are based on information available to MIG on the date of this presentation and MIG assumes no obligation to update such statements, unless otherwise required by applicable law. Nothing on this presentation should be construed as a solicitation or offer, or recommendation, to acquire or dispose of any investment or to engage in any other transaction.