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Investor Presentation FY2015 Results Contents

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Investor Presentation FY2015 Results Contents Investor Presentation FY2015 results Contents Section 1: Group overview 3 Section 2: Portfolio companies 16 Attica Group 24 Vivartia 33 Hygeia Group 44 SingularLogic 54 Sunce Bluesun 60 Hilton Cyprus 62 RKB 64 Section 3: Financial Statement information 66 Appendix: Management biographies 81 Section 1 Group Overview MIG at a snapshot 4 High-quality portfolio of leading companies across key defensive sectors Gross Asset Value (GAV) (2015) €1,480m Net Asset Value (NAV) (2015) €783m Group Assets (2015) €2,824m Group Net Fixed Assets (2015) €1,181m Group Revenues (2015) €1,143m EBITDA Business Operations (2015) (1) €163m Food & Tourism & Transportation Healthcare Real Estate IT (33% of GAV) Dairy (14% of GAV) (13% of GAV) Leisure (2% of GAV) (30% of GAV) (5% of GAV) (1) EBITDA Business Operations = Group reported EBITDA excluding holding companies and non-recurring items A proxy for the Greek macro recovery 5 Group Sales vs Greek GDP evolution €1.49bn €1.34bn €1.19bn €1.14bn €1.07bn €1.18bn €1.14bn MIG Group 100 Sales 95 87 87 83 100 81 80 76 90 76 75 74 74 80 77 77 75 72 2009 2010 2011 2012 2013 2014 2015 2016e 2017e 2018e 2019e 2020e MIG Sales GDP Reference year is 2009 (=100) | MIG Sales: like-for-like for the investment portfolio composition as of 31.12.2015 (i.e. excluding disposed companies) Greek GDP (current prices) based on European Commission (Winter 2016 Economic Forecast) and IMF (World Economic Outlook April 2016) forecasts Highly diversified operations across attractive sectors 6 Revenue breakdown EBITDA breakdown Gross Asset Value breakdown 4% 4% 3% 21% 13% 19% 31% 30% 2% 52% 14% 24% 49% 33% Food & Dairy Transportation Healthcare IT Other (Real Estate, Leisure) 2014 2015 (in €m) 2014 2015 2014 2015 Group Sales (€m) 1,117 1,143 EBITDA Business Ops 1 89.2 162.8 Gross Asset Value (€m) 1,534 1,480 y-o-y change (%) 4.1% 2.3% % margin 8.0% 14.2% NAV (€m) 923 783 EBITDA Consolidated 66.3 125.1 NAV per share (€) 0.98 0.83 % margin 5.9% 10.9% (1) EBITDA Business Operations = Group reported EBITDA excluding holding companies and non-recurring items Significant operating profitability (EBITDA) turnaround 7 (in €m) Rolling 12M Sales (LHS) Rolling 12M Recurring EBITDA (RHS) 1,210 180 163 1,190 154 1,190 160 1,167 140 1,170 130 120 109 1,150 1,143 1,142 1,139 1,140 1,136 1,137 100 89 1,130 1,126 1,118 1,117 80 67 1,110 1,100 51 1,097 60 1,087 43 1,090 1,082 32 1,078 40 28 25 24 18 1,070 13 31 13 13 1,072 20 1,050 0 Jun-15 Jun-14 Jun-13 Jun-12 Sep-15 Sep-14 Sep-13 Sep-12 Dec-15 Dec-14 Dec-13 Dec-12 Dec-11 Mar-15 Mar-14 Mar-13 Mar-12 Note: Figures presented above are like-for-like for the investment portfolio composition as of 31.12.2015 Ongoing cost rationalisation efforts 8 Key cost rationalisation initiatives (in €m) Rolling 12M Sales Rolling 12M Recurring COGS & OPEX (COGS & OPEX change 2015 vs 2011) Group consolidated €197m reduction (17% decline) o Labour: €73m reduction 1,190 o Inventory: €45m reduction o Fuel: €49m reduction 1,167 1,176 1,142 1,143 1,136 1,139 1,137 1,140 1,154 1,126 Attica Group 1,118 1,117 €59m reduction (23% decline) 1,129 1,100 1,097 o Fuel: €48m reduction 1,118 o 1,112 1,087 Labour: €7m reduction 1,078 1,082 1,072 1,093 Widening operating “jaws” 1,077 (operating leverage) Vivartia 1,056 €84m reduction (13% decline) o Labour: €41m reduction 1,040 1,035 1,031 o Inventory: €33m reduction 1,030 1,028 1,016 1,006 986 Hygeia Group 980 €30m reduction (13% decline) o Labour: €16m reduction o 3rd party: €12m reduction Jun-15 Jun-14 Jun-13 Jun-12 Sep-15 Sep-14 Sep-13 Sep-12 Dec-15 Dec-14 Dec-13 Dec-12 Dec-11 Mar-15 Mar-14 Mar-13 Mar-12 COGS & OPEX figures: (i) excluding depreciation charges (non-cash) and (ii) like-for-like for the investment portfolio composition as of 31.12.2015 EBITDA turnaround: €172m improvement since 2011 9 EBITDA Business Operations (€m) (1) EBITDA Consolidated (€m) 1% 2% 3% 8% 14% n/m n/m 1% 6% 11% EBITDA EBITDA Margin Margin €150m €172m improvement improvement 125 163 66 7 89 -47 -51 28 32 13 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 (1) EBITDA Business Operations = Group reported EBITDA excluding holding companies and non-recurring items Pre-2014 figures are like-for-like for the investment portfolio composition as of 31.12.2015 (i.e. excluding disposed companies). 2015 and 2014 as reported NAV breakdown 10 Current Sector 2014 2015 stake (€m) (€/MIG share) (€m) (€/MIG share) Attica Transportation 89.4% 493 0.53 472 0.50 Vivartia Food & Dairy 92.1% 477 0.51 444 0.47 Hygeia Healthcare 70.4% 212 0.23 212 0.23 SingularLogic IT 85.7% 37 0.04 29 0.03 SUB-TOTAL CORE ASSETS 1,219 1.30 1,156 1.23 Associates & other subsidiaries (1) 93 0.10 68 0.07 Other financial assets (2) 248 0.26 256 0.27 Net cash/(debt) & Working Capital (637) (0.68) (697) (0.74) NAV (€m) 923 783 NAV per share (€) 0.98 0.83 Based on internal valuations as per IFRS (1) Associates & other subsidiaries include: Sunce Bluesun and Hilton Cyprus (2) Other financial assets include, among others: receivable from asset sales (Olympic Air, FAI Aviation Group and Skyserv Handling) and HoldCo loans to OpCos Debt capital structure overview 11 HoldCo Debt Overview OpCo Debt Overview Bond Loans (secured): €265m Vivartia Attica Group • Maturity: October 2019 • Gross debt: €400m • Gross debt: €285m • Coupon: 4.40% – 5.25% (step-up) • % of OpCo total: 40% • % of OpCo total: 28% • Amortising Convertible Bond Loan (CBL) Tranche A (unsecured): €162m Hygeia Group Real Estate • Maturity: July 2019 • Gross debt: €160m • Gross debt: €75m • Coupon: 7% (paid quarterly) • % of OpCo total: 16% • % of OpCo total: 7% • Strike price: €0.54 Convertible Bond Loan (CBL) Tranche B (unsecured): €210m SingularLogic Other (excl. intragroup) • Maturity: July 2020 • Gross debt: €56m • Gross debt: €26m • Coupon: 6.3% (paid quarterly) • % of OpCo total: 6% • % of OpCo total: 3% • Strike price: €0.99 HoldCo Maturity Profile OpCo Maturity Profile 361 €113m short-term loans not presented 597 in this repayment schedule 550 162 199 210 210 excludes €3.3m includes €3.3m intragroup loans 199 intragroup loans 209 151 44 210 101 340 162 48 236 26 165 30 48 44 75 103 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 CBL Bond Loans OpCos HoldCo Bond Loans HoldCo CBL Experienced management team across all levels 12 Andreas Vgenopoulos, Chairman & Founder Thimios Bouloutas, CEO Panagiotis Throuvalas, Deputy CEO Kyriakos Magiras, Member of the Executive Committee Christophe Vivien, CFO P. Throuvalas S. Paschalis A. Kartapanis S. Krassadakis (CEO) (CEO) (CEO) (CEO) K. Sandic P. Karadontis F. Karatzenis (CEO) (CEO) (representative) Shareholder structure (December 2015) 13 BoD & Management 5.1% Dubai Group 14.2% Retail investors 33.4% IRF European Finance 4.0% Piraeus Bank 28.4% Institutional investors 14.9% Medium-term Strategy 14 Goals Achievements Completed over €290m in non-core business Divest non-core businesses to support deleveraging divestitures in the last 5 years and enhance liquidity Expanded Vivartia’s dairy business in Italy via a Portfolio Pursue value-accretive growth opportunities in core successful partner JV rebalancing business sectors Attica launched JV with ANEK on Adriatic Sea and Enhance core business profile via geographic Crete routes diversification and expanded product offering Positioned as a natural consolidator in key core industries in Greece Refinanced and restructured a substantial portion of subsidiary loans Comprehensive o Vivartia and Hygeia restructuring terms have been balance sheet Provide MIG and its subsidiaries with a robust and agreed restructuring stable capital structure over the long-term Achieved rapid deleveraging at Attica following the 2014 refinancing Focus on achieving a sustainable, long-term solution across the capital structure of the Group Revenue stabilization and market share Continue pursuing revenue growth initiatives, improvements despite adverse macro conditions Operating capitalizing on MIG’s core companies’ leadership and €181m COGS & OPEX reduction across 4 core expertise profitability businesses since 2011 Ongoing focus on cost rationalization and improved enhancement Improved margins through product offering operating efficiency optimization Solid track record in divestments 15 Asset disposals in the past 4 years: €293m cash proceeds and €269m gross debt deleveraging Divestment Cash Proceeds Nov-2011 Sale of 90% stake in Vivartia Cyprus €42m Jun-2012 Sale of MIG Aviation 3 & MIG Aviation UK €20m €72m Sale of 100% stake in Olympic Air (€128m debt deleveraging) Oct-2012 Sale of 31.5% stake in Stavros Nendos S.A. €4m Sale of Hygeia Group hospitals in Cyprus No cash proceeds Mar/Apr-2013 (Evangelismos & Achillion) (€15m debt deleveraging) May-2013 Sale of 14.4% stake in Cape Investment Corporation €9.5m Oct-2013 Sale of 1.1% stake in Aegean Airlines €4.5m Aug-2014 Sale of 35% stake in MIG REIC €12.3m Mar-2013 & Sale of Attica Group vessels €85.2m Oct-2014 (Superfast VI and Blue Star Ithaki) (€77m debt deleveraging) Sale of 51% stake in FAI rent-a-jet AG €25.2m Jul-2015 Sale of 50.1% stake in FAI Asset Management GmbH (€50m debt deleveraging) Dec-2015 Sale of 100% stake in Skyserv Handling Services €18m Section 2 Portfolio Companies Snapshot of portfolio companies 17 Main controlling interests in subsidiaries & associates Consolidation MIG Fixed (in €m) Sector Equity Net Debt Sales EBITDA EBT method stake Assets Attica Transportation Total 89.4% 566 376 215 278 81 33 Vivartia Food & Dairy Total 92.1% 341 161 343 601 50 (13) Hygeia Healthcare Total 70.4% 184 120 146 220 22 (9)
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