Investor Presentation November 2019 Disclaimer

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This presentation is intended to provide a general overview of the business of ELLAKTOR S.A. (the “Company”) and its subsidiaries (together with the Company, the “Group”) and does not purport to deal with all aspects and details regarding the Group.

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Market and competitive position data in these materials has generally been obtained from industry publications and surveys or studies conducted by third-party sources. There are limitations with respect to the availability, accuracy, completeness and comparability of such data. While the Company believes that the industry and market data from external sources is accurate and correct, none of the Company, any of the entities within the Group or any of their respective affiliates, directors, officers, employees, advisors, representatives or any other person have independently verified such data or sought to verify that the information remains accurate as of the date of this presentation and none of the Company, any of the entities within the Group or any of their respective affiliates, directors, officers, employees, advisors, representatives or any other person make any representation as to the accuracy of such information.

2 Business Overview ELLAKTOR’s evolution into a leading diversified infrastructure player

1 Origins of ELLAKTOR 2 Repositioning towards a stable, cash generative toll road concession focused business

Establishment of First concession Signed 3 of 5 major Acquired additional 6.5% AKTOR construction project signed concessions awarded in stake in business (increasing total stake to 65.75%)

1950s 1996 2008 2018

2001 2003 2019

Entry into Entry into Acquired remaining stake Renewable environment in previously listed RES Energy Segment segment business (achieving 100% (‘RES’) ownership) New strategy implemented in July 2018 following a change in ELLAKTOR’s Board of Directors with growth focused on 3 core businesses: Renewables, Phase 3: further diversification into high growth verticals including Concessions and Environment 3 renewables and environment

4 ELLAKTOR at a glance: stable cash flows from critical infrastructure portfolio

Visible, predictable, long term cash flows from well invested portfolio of critical infrastructure

Core Group Toll road Renewables Environment Construction Real Estate Concessions1

LTM 3Q19 Revenue / EBITDA €66m / €48m / 72.1% €208m / €157m / 75.5% €88m / €12m / 14.1% €(14)m EBITDA €5m EBITDA / margin

Operation of concession Environmental services and Construction of infrastructure, Operation of renewable wind projects in Greece from Developer and operator of Activity waste management across 7 public, and private projects farms throughout Greece design through to shopping centres in Greece countries in Europe internationally maintenance

• 19 wind parks, 1 small • Pioneered first • 70 years of expertise • Operator of the largest • Market leader in both Key hydro and 1 solar PV concessions in Greece with unique experience Retail Park in Greece Greece and Cyprus – highlights • • Holder of 5 of 7 key toll and know how • Total planned capacity with 26 total project Holds assets in of c.579MW by 2020E roads in Greece • €1.3bn of backlog2 Romania

Ownership 100% 100% 94.4% 100% 55.5%

Notes: 5 1. Excludes Moreas concession which had €32.5m EBITDA as at LTM September 2019 2. As at 30 September 2019 Sizeable renewables portfolio benefitting from fixed prices under 20+ year PPAs…

Sizeable renewables portfolio on attractive fixed tariff agreements 579MW due by 2020E following significant historical capex

• 2nd largest wind energy producer in Greece1 following Total Wind capacity with operating permits (MW) Capacity under 2 significant capacity build out over the last decade with limited construction capex remaining 579 • 19 wind farms, 1 small hydro and 1 photovoltaic project in operation 491 with an installed capacity of c. 296MW, with 579MW due to be operational by 2020 year end • 20 year Power Purchase Agreements (PPAs) with guaranteed offtake from the market operator 289 • remaining 241 18.4 year weighted average portfolio life 208 208 171 171 • Low maintenance assets, generating EBITDA margins in excess 150 138 118 of 70% 85 87 71 77 55 55 32 38 34 29 26 15 22 €93/MWh average fixed tariff across the portfolio 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E 2020E 2 89 98 70 MW Capacity Capex Capex remaining at 3Q19 100% fixed

272 278 Avg. MWh  Significant portfolio build-out over the last decade 29

MW  Limited expansionary capex remaining Fixed Fixed Fixed ELLAKTOR portfolio ELLAKTOR Feed in tariff Feed in premium Feed in premium  Financing secured for the remaining via auction portion

Notes: 6 1. Source: Hellenic Wind Energy Association Statistics, July 2019 2. Includes hydro and PV capacity …producing attractive returns and stable cash flow generation

2010 2011 2012 2013 2014 2015 2016 2017 2018 2020E

Capacity1 (MW) 87 116 139 162 171 190 211 246 282 579 2020

Capacity factor 27.5% 25.6% 27.3% 27.0% 22.9% 26.5% 26.7% 25.3% 26.9% year end Operating Availability 98.4% 97.9% 97.8% 97.6% 98.2% 98.0% 98.1% 98.2% 98.2%

Revenues/MW onwards 227 211 228 227 185 211 214 202 213 (€k)2

EBITDA/MW 156 138 148 136 122 148 148 135 153 (€k)2 Financial

OCF/MW (€k)3 FY16 – FY18 average: 114

70 80% 60 70% 60 %EBITDA Margin 50 60% 50 40 45 40 43 50% 30 37 32 32 31 33 28 40% 20 24 21 22 21 10 20 30% 14 16 0 20% Revenue & EBITDA (€m) & EBITDA Revenue 2010 2011 2012 2013 2014 2015 2016 2017 2018 Revenue EBITDA EBITDA margin

Renewable portfolio provides a strong, steady cash flow base – (579MW) x (historical €114k OCF / MW avg.) implies c.€65m p.a. run rate cash flows

Notes: 7 1. Weighted average installed capacity 2. Revenue and EBITDA / MW based on weighted average operating capacity 3. OCF/MW defined as Operating cash flow per weighted average installed MW; Operating cash defined as EBITDA – cash taxes – change in working capital – interest expense Evolution of Greek Renewable Energy market legislation

Historical Greek RES market legislation RES Special Account Deficit1

• Tariffs historically paid in full from the RES Special Account  €178m RES Special Account surplus as of June 2019 • Special Account deficit grew in the years leading up to 2014, primarily due to unsustainable PV tariffs (c. €500/MWh vs €86–120/MWh for Deficit (€m) Wind) Forecast 2019-2020 4,000 • Account now in surplus following successful measures taken to reduce Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 (3) €3.9bn the deficit since 2014, including: 3,500 1 Temporary application of special RES tax 3,000 2 Special RES levy, adjusted every 6 months to support the account

(3) €2.7bn 3 Retroactive haircut on tariffs (particularly for PV, minimal for Wind) 2,500 4 Change from FiT to FiP, reducing the portion of the tariff paid by the special account 2,000 (2) €2.1bn

1,500 (3) €1.5bn (2) €1.4bn

Feed in Tariff Feed in Premium 1,000

(2) €882m

Top 500 RES Special (2) €568m up (1) €191m (1) €62m (1) €32.2m Account Surplus premi (1) €298m 0 Fixed tariff um RES paid in full (1) €42m (1) €191m (1) €138m example: (+70) (+70) from RES special (500) Jan-12 Sep-12 May-13 Jan-14 Sep-14 May-15 Jan-16 Sep-16 May-17 Jan-18 Sep-18 May-19 Jan-20 Sep-20 FiP account account System

to marginal Distributor price (1) RES account balance FiT (2) Projected balance had the levy not been introduced (3) Projected balance had the levy not been introduced, and tariffs not been rationalised

8 Notes: 1. Source: DAPEEP S.A. Monthly Report, June 2019 Well invested portfolio of toll road concessions critical to every day life in Greece…

Portfolio comprising 5 of Greece’s 7 key toll roads with a staggered lifecycle providing cash flow visibility over the next two decades1

Concession Average daily traffic volumes Lifecycle stage Description Life (000’s)

• Mature phase • Significant cash • Key ring-road connecting 233 Alexandroupoli flows (€78m 226 the outer beltways of Thessaloniki dividend in 2018)4 217 Mar 2001 - greater 211 • Equity/ cash unwind Oct 2024 • Most convenient route to the at end of the airport reducing travel time concession Ioannina by c.30min Larissa 65.8% stake producing cash 2016 2017 2018 LTM Igoumenitsa (consolidated) flows to 2028 Sep'19 Trikala Karditsa • Reduces travel time from • Debt repayment Athens to Patras from 4hr phase 136 141 Apr 2017 - 20min to 2hr 28min 93 112 • Significant cash Aug 2038 • Patras is a key port for flows expected Aegio import-export traffic with from 2028 Rio Athens Western European 17.0% stake 2016 2017 2018 LTM Korinthos Sep'19 Tripoli

• Debt repayment Sparta ELLAKTOR • Reduces travel time from phase 66 Preferred Apr 2017 - Athens to Thessaloniki • Significant cash 60 63 Bidder for Mar 2038 (2nd largest city in Greece) 59 flows expected Alimos by 2hr 45min from 2025 Marina 22.2% stake 2016 2017 2018 LTM Sep'19

• Debt repayment • Reduces crossing time phase from the western 10.4 10.5 Aug 2004 - 10.2 • Significant cash mainland of Greece to the Dec 2039 9.3 Alimos Marina flows expected to 2.5-5min Legend Rio-Antirrio bridge Aegean motorway (2.3 km)3 (230 km) (potential) from 2028 from 45min by ferry Attiki Odos ring Olympia Odos Car park (min 2016 2017 2018 LTM road (70 km) 22.0% stake (250km) (201 km) 20% stake) Sep'19

Plus Moreas Notes: (unrestricted 1. Portfolio statistics include Moreas which is an unrestricted subsidiary subsidiary) 9 2. 8.2km total length, which includes access bridges, toll plaza and the connections with the national roads network … with significant cash generation driven by ELLAKTOR’s current mature concession, Attiki Odos

Critical infrastructure connecting greater Athens Traffic volumes outpacing GDP growth…

Average daily traffic volumes (000’s) Greek GDP growth (2014-2018)2 2.8% • Connects the  outer beltways of the 400 Traffic volume growth (2014-2018) 14.7% 295 301 308 281 greater Athens metropolitan area 249 270 250 300 216 233 201 197 201 211 217 226 200  • Significantly improves traffic 100 0 conditions, by absorbing the majority of 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 LTM daily traffic flows across Sep'19 …discretion to increase tolls…

 • Most efficient connection to Athens Single entry tariff rates (€) International Airport – saving on average 4.00 € Cap: 2 €3.77 c. 30 minutes off commuters’ journeys 3.50 € 3.00 € Current: 2.50 € €2.80 2.00 € ELLAKTOR believes it is well-positioned for the 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 LTM Sep'19 renewal given incumbent position and experience- Actual toll rate Maximum toll rates Current toll tate based know-how …and mature life cycle phase, supporting healthy cash generation

Revenue €m Total dividends and distribution of equity and reserves c.40 mins from 243 248 249 city centre to 223 227 250 203 airport 186 200 175 162 160 163 171 177 150 114 87 100 61 70 70 78 Athens 50 Legend 0 Attiki Odos 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Other road (non-motorway) Athens International Airport Additional contracted cash flows out to 2028 reflecting cash unwind after the concession ends – expected to include shareholder equity of c. €174m as well as additional cash reserves Notes: 10 1. Source: Business Monitor International Industry report on Greek GDP growth, October 2019 2. Source: Benefit for Transport Attica Tollway Case Study Stable cash generation in the environment business linked to long term contracts and PPAs

Technologically advanced operations across the high margin part of the waste management value chain

FY18 revenue breakdown  Technologically advanced operations across the high margin 22% 14% Construction part of the waste management value chain including Diversified . revenue Recycling, Treatment, Waste-to-energy and Disposal Waste streams management  Market leader in waste management services in Greece in terms of number and size of projects undertaken to date Waste-to-energy 64%

 Waste management services benefit from favourable medium to long term contracts up to 25 years . Fixed gate fees and minimum volume guarantees Long term . Annual capacity c. 740k tons municipal solid waste favourable contracts  Waste to energy contracts include 20 year PPAs with guaranteed offtake at fixed tariffs  Designed & delivered one of the largest biological treatment plant in . Europe c.30MW of landfill biogas cogeneration facilities in  Operation of the largest cogeneration plant in Europe (25MW) operation  Construction and operation of first waste management PPP in Greece

 Historically, Greece has struggled to comply with EU waste Opportunities linked to Greece’s waste management transition management directives and has been subjected to fines as a Waste management for Greece vs. EU (2017)1

Favourable result Greece: Goal to recycle EU: 19% macro and 50% of waste 24%  Significant investment required by the Greek government to by 2020 regulatory 80% 28% achieve current recycling and waste management targets 1% tailwinds

 ELLAKTOR ideally positioned to benefit from these drivers 48% given significant know-how and technical expertise Disposal (landfill, incineration) Recovery (recycling) Recovery (energy)

Notes: 11 1. Eurostat report, 2018 Strong cash flow visibility from renewables offtake agreements and long term concession contracts…

Renewables Concessions

Cash flows locked in from 20+ year Power Purchase Agreements for Strong, steady dividend stream from mature concession with further Wind upside in the forecast period

18.4yrs Avg. remaining PPA life 16+yrs Avg. remaining concession life

 20 year PPAs in place with fixed tariffs and guaranteed offtake  Low and scalable operating costs resulting in consistently high margins and strong dividend generation  Majority of capex relating to capacity expansion already spent – limited additional capex remaining, with financing already included  Contracts for Olympia, Aegean and Gefyra out to 2039

Renewables cash flow generation Total Attiki Odos revenue and dividends (€m) Residual cash expected to be (of which ELAKTOR has a 68.5% stake) distributed to shareholders at conclusion of the concession – to Exp. FY16 FY17 FY18 … include shareholder equity of c. 2020YE €174m

186 Capacit 162 160 163 171 177 1 211 246 282 579 114 (MW) 87 61 70 70 78

OCF per 3 year average: 114 2013 2014 2015 2016 2017 2018 MW (€k)2 Revenue Total dividends and distribution of equity and reserves

With further upside in the forecast period… OCF 22 33 28 (€m)  Traffic volumes expected to continue to increase  Scope to increase tariffs under current contracts (579MW) x (historical €114k OCF / MW avg.) implies c.€65m p.a. run rate cash flows  Additional income streams as broader concession portfolio matures

Notes: 12 1. Weighted average installed capacity 2. OCF/MW defined as Operating cash flow per weighted average installed MW; Operating cash defined as EBITDA – cash taxes – change in working capital – interest expense …leading to significant cash accumulation over the next 2 decades

Implied operating run rate cash flows to ELLAKTOR S.A. of >€115m

2019 2029 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Renewable (579MW) x (historical €114k OCF / MW1 avg.) implies c.€65m p.a. run rate cash flows c.€65m PPAs

Dividends from wider concession Toll road portfolio expected to step up in FY28 + concession agreements Expected to inc. Attiki dividend growth (€51m in FY18) shareholder equity of >€51m c. €174m

Attiki cash unwind +

Environment + upside from steady operating cash flows linked to long term contracts and fixed tariff PPAs + contracts

13 Strategy ELLAKTOR’s strategy – focused on 3 core growth pillars

Three core growth pillars

1 2 3 Renewables Concessions Environment

• Maintain strong financial • Maintain & extend current contracts • Focus on timely completion of current performance in mature concessions investment plan – Capitalize on growth in Attiki Odos traffic volumes in line with the Greek – Additional 284MW, peaking at 579MW • Focus on upcoming PPP economic recovery of installed capacity by the end of 2020 opportunities in Greece • Maximize cash flow from earlier • Benefit from highly visible cash flow – Selective international expansion stage concessions generation over the long term in SE Europe (currently lack of waste infrastructure) – 3 year average historic operating cash generation currently at €114k per • Selective growth into new critical – Significant upside potential installed MW infrastructure concessions underpinned by EU legislation on – Egnatia, Northern Road Axis in Crete, recycling targets Perama-Salamina tunnel

Underpinned by conservative financial policy… • Rigorous cost management, capital allocation policies and attention to financial inflows and outflows underpinning growth in the 3 core businesses

…and Construction as an “enabler” • Utilize construction capabilities as a competitive advantage where favorable in the bidding process of new attractive concessions projects

15 Strong corporate governance and clear group strategy

Strong corporate governance… … and clear group strategy focussed on profitable growth

 Emphasis on profitable growth in the three core businesses: Concessions, Renewables and Environment Business  Reorganization and repositioning of the Construction business re-organization as an ancillary activity, “enabling” each of the core businesses to capitalize on through industry experience, technical expertise and premier core position in the Greek market competencies  Sale of certain non-core assets (e.g. ownership stake in George Dimitrios Anastassios Iordanis Takis Provopoulos Kallitsantsis Kallitsantsis Aivazis Doumanoglou Elpedison and Athens Casino) and overhaul of Group-level Chairman Vice-Chairman Managing Diector Non Exec. Non Exec. services and operations

Stringent capital  Thorough risk assessment and investment allocation process with allocation policy IRR targets in connection with each new project for new  investment Specific targets and enhanced accountability introduced

 Focus on restoring profitability at a Group level and ensuring Michael Alexios Despina–Magadlini Eleni Katounas Komninos Markaki Papaconstantinou Conservative optimal cash flow generation before any future dividend Non Exec. Non Exec. Non Exec. Non Exec. financial policy distributions are made Independent Board Member  No dividends paid since 2011

Shareholding structure evolution1 Unqualified observance of modern corporate governance policies and 1 1 guidelines  Management Pre July 2018 Today share increased Governance Policy reflective of Greek Corporate Governance Code an 13% to 26%  15% 13% 13% OECD’s guidance on good governance principles 26%  Significant free float comprising a  Newly elected Board – 9 members of which 5 are Independent 30% 27% sizeable 34% Directors 22% international 8% 13%  Ranked 5 on the governance scale by ISS investor component

Free float - Pemamoaro Free float - Free float – Leonidas international Limited domestic retail / other Bobolas (management)2 16 Notes: 1. Source: Company data as at 31 May, 2018 and 31 October 2019 2. Joint investment vehicle owned by Mr. Anastassios Kallistantsis & Mr Dimitrios Kallistantsis Financial Overview Top line revenue and EBITDA evolution

Revenue (€m) EBITDA (€m)

59% 56% 356 362 53% 338 212 319 44% 201 169 149 12 86 88 5 26 109 77 10 157 209 208 157 140 183 191 120

45 50 60 66 31 33 42 48 (12) (27) (7) (5) FY16 FY17 FY18 LTM 3Q19 FY16 FY17 FY18 LTM 3Q19

Renewables Concessions Environment Other Renewables Concessions Environment Other Margin

• Renewables (c. 18% LTM 3Q19 revenue): Increase driven by installed capacity, • Renewables (c. 72% EBITDA margin LTM 3Q19): EBITDA grew at a 15.5% CAGR boosted by particularly favourable wind conditions in FY18 in line with increased revenues alongside a stable cost base • Concessions (c. 57%): Growth primarily driven by traffic flows in the Company’s • Concessions (c. 75%): FY17 boosted by a €25.8m profit relating to the reversal of mature concession (i.e. Attiki Odos) as well as revenues from the Company’s heavy maintenance provisions due to revised estimates at Attiki Odos operation and maintenance unit, Attikes Diadromes • Environment (c. 14%): Decrease in FY17 EBITDA attributable to one off impacts • Environment (c. 24%): Decline in FY17 due to the completion 2 key construction including reversal of profitability of certain construction contracts projects. FY18 increase in revenue in line with increased waste management • Other: “Other” EBITDA captures corporate overhead costs as well as one off impacts: volumes as well as compensation received for previous uncontracted work from – c.€8.5m in FY16 relating to the sale of ELLAKTOR’s stake in utility provider EDSNA3 Elpedison – c.€23.7m in FY17 relating to the sale of ELLAKTOR’s stake in Athens Casino

Notes: 18 1. Financials reflect core group operations only 2. Other represents management activities / operations at ELLAKTOR level 3. Association of Municipalities in the Attica Region, Solid Waste Management Cash flow generation

Cash flow generation (€m) Commentary

Operating cash flow LTM (€m, FYE-Dec) FY16 FY17 FY18 3Q19 • Improvement in NWC over the period driven by working capital in Renewables. Minimal NWC requirements in Concessions EBITDA 149 169 201 212 • Dividends received relate to minority owned Concessions (i.e. Olympia, Cash Taxes (36) (32) (40) (41) Aegean, Gefyra) – expected to increase significantly once concessions mature in FY28 Changes in Working Capital (49) (3) 12 2 • Dividends paid relate to cash paid to the minority shareholder of Attiki Odos Interest Expense (38) (34) (35) (33) • Operating cash flow set to increase in line with completion of the Interest Received 5 2 4 3 renewables portfolio and dividend growth at Attiki Odos

Dividend Received 1 2 2 2 Free cash flow Dividend Paid to Minorities (31) (31) (33) (34) • Free cash flow represents the cash flow of the group’s existing operations, post repayment of existing debt

Operating Cash Flow 2 73 111 111 • Debt amortization expected to decrease and primarily reflect amortization of Renewables debt following the proposed refinancing • Negligible ongoing maintenance capex required post initial investment for Debt Amortization (56) (63) (63) (50) both Concessions and Renewables, with operating costs largely reflected in opex • Free cash flow affected by a one-off outflow relating to NWC in FY16 Free Cash Flow (54) 9 48 62 • Free cash flow set to increase in line with increase operating cash flow and a decrease in amortizing bank debt post refinancing

Capital Expenditure (48) (86) (73) (137) Growth capital expenditure typically financed with project finance debt

Notes: 19 1. Financials reflect core group operations only Growth capital expenditure and debt financing

Growth capital expenditure (€m) Debt funding

• New debt financing primarily linked to Renewables capex funding which 98 already has financing requirements secured 86 73 2 • Additional debt financing in the historical period relates to: 2 2 – One-off support for the Construction business (c. €82.5m outflow to 48 2 3 3 Construction in 1H19) which is expected to be self–funded going forward

3 94 – Opportunistic refinancing of existing debt (c. €31m in FY17) 82 23 67

22 Future growth capital expenditure

FY16 FY17 FY18 YTD '19

Renewables Concessions Environment Other • Committed future growth capex expected to include:

– Renewables: capex relating to completion of capacity expansion programme • Renewables: capex comprised primarily of growth capex linked to the installed capacity build out over the period . Remaining capex estimated at c. €50m in FY19 and €77m in FY20 – An additional 284MW of capacity is currently under construction – Concessions: and expected to be commissioned by FYE20, with the majority of . Estimated capex of c. €86m related to the Alimos Marina related capex expected to have been spent by FYE19 concession over the period to FY22 • Concessions: FY16 capex included the one-off acquisition of an . Expected to be financed via project finance debt investment property

20 Notes: 1. Financials reflect core group operations only Key credit highlights

1 Fully developed portfolio of high-quality assets that are critical to everyday life in Greece

Significant cash flow visibility from renewables offtake agreements and long term concession 2 contracts

3 Leading position in Greece enabling ELLAKTOR to capitalize on attractive industry dynamics

4 Robust core end markets with proven resilience to the cycle

Strong corporate governance and clear group strategy supported by an experienced and 5 committed management team

21 Appendix Fully developed portfolio of high quality assets that are critical to everyday life in Greece

Significant investment over the last 2 decades, establishing a high quality asset base with c. €1.9bn asset value1

x3 x2 x2 x2 x2 x2 x2

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

“Construction and “Kassidiaris I & II – 90MW 39.1 operation of first waste capacity wind farms outfitted 28.8 management PPP in with high quality equipment” Alexandroupoli Greece”

76.8 Thessaloniki

5.0

Larissa

“Modern high-speed highway 90.0 “Backbone of the Greek connecting Athens and the Lamia 9.0 motorway system, linking key western port of Patra” Athens with Thessaloniki” 88.2 Rion- 48.2 36.0 Antirion 1.2 Aegio 9.9 6.4 Athens Korinthos Legend Attiki Odos ring road 24.3 Tripoli Rion-Antirrion bridge “One of the worlds longest 2.0 “State of the art ring road, Moreas motorway multi-span cable bridges 174.8 forming an integral part of Aegean motorway connecting one of Greece's’ Sparta everyday life in the greater Olympia Odos most important regions, the Kalamata Athens area” Alimos Marina Peloponnese” Car park (min 20% stake) Wind (Operating) Wind (Under Construction) Small-hydro (operating) Solar PV (operating)

23 Notes: 1. As at September 2019 Robust core end markets with proven resilience to the cycle

ELLAKTOR’s activities involve the operation of Greece’s critical infrastructure, supporting resilient performance through the cycle

Renewables… … Concessions

 ELLAKTORs concessions include some of Greece’s most critical  Renewable energy benefits from priority offtake by the market infrastructure operator, effectively guaranteeing demand  Traffic volumes and overall revenues remained resilient even  Long term fixed tariff PPAs lock in favourable prices throughout the Greek sovereign debt crisis  Consistent support from the government for renewables  Scalable cost base leading to consistent margins throughout the throughout the cycle cycle

EBITDA Concession Margin resilience Greek government continued to award lucrative margin GDP as a % of RES tariffs throughout Sovereign Debt crisis (%) demonstrated throughout the 2008 base value Greek sovereign debt crisis 80% 120% 32MW @ 86.0/ 31MW @ 86.0/ 16MW @ 89.9/ 40MW @ 82.0/ 6MW @ 98.0/ €MWH €MWH €MWH €MWH €MWH 75% 100%

70% 80%

65% 60% 2009 2010 2011 2012 2013 2015 2017 2018 2019 60% 40%

55% 20%

23MW @ 86.0/ 32MW @ avg. 37MW @ avg. of 48MW @ avg. of 50% 0% €MWH 101.0/ €MWH 95.0/ €MWH 95.0/ €MWH 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 LTM 2019 2

1 RES capacity awarded to ELLAKTOR Concessions EBITDA Margin Greek GDP Growth 24 Notes: 1. Source: Business Monitor International Industry report on Greek GDP growth, October 2019 2. Chart based on expected FY19 Greek GDP Leading position in Greece enabling ELLAKTOR to capitalize on attractive industry dynamics

Leading1 positions in ELLAKTOR’s key markets… … positioning ELLAKTOR to benefit from attractive market dynamics

Market share: Wind capacity in Greece3 Domestic and EU directives driving increased demand for renewables  #2 player in Greece Renewables share of total Greek electricity production5 Ter… 554 60% 53% 56% by wind capacity 51% 48% 46% installed Ell… 292 5794 43% 45% 38% 41% 33% 36%  30% 30% Renewables Additional capacity of Ibe… 251 30% Expected to reach 6.6GW 284MW planned to wind capacity by 2030, far ER… 243 15% behind the countries target be completed by of 7.5GW by 2020 2020 year end ED… 238 0% 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Greek infrastructure spending set to continue outpacing GDP growth  Largest concession holder in Greece with Real value growth: Infrastructure vs. Greek GDP stakes in 5/7 key Greek concessions 10%  c.35% market share of Greek road 35% 8% concessions by revenue2 6% Concessions 65% 4%  Significant experience, profitability record 2% 0% and size allowing us to meet pre- 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 qualification criteria Roads and bridges Ports, harbours and waterways Greek GDP

Opportunities linked to Greece’s waste management transition  Extensive know-how in designing, developing, operating and maintaining Waste management for Greece vs. EU (2017)6 integrated and technologically advanced waste management operations Greece: 19% EU:  Own and operates >30MW of installed landfill biogas electricity generation Goal to recycle 24% 50% of waste Environment including largest landfill has powered plant in Europe 80% 1% by 2020 28%  Pioneered first integrated waste management PPP in Greece – mechanical biological treatment plant in Kozani 48% Disposal (landfill, incineration) Recovery (recycling) Recovery (energy)

Notes: 25 1. Leading concession holder and #2 position in wind by capacity 2. Source: Hellastron National Report, May 2019 5. Source: Greek National Energy and Climate Plan, January 2019 3. Source: Hellenic Wind Energy Association Statistics, July 2019 6. Source: National Waste Management Plan / European Commission Environmental Review 4. To be completed by FY20e, including 1 PV and 1 small hydro Renewables – ELLAKTOR’s asset portfolio

Installed Licensed Energy yield (GWh) Mean Annual Long Term Operation FiT FiP Asset Stake Capacity Capacity availability Yield License Date (€/MWh) (€/MWh) (MW) (MW) 2016 2017 2018 2016-182 (GWh/yr)

Antissa 100.0% 4.2 4.2 Oct-03 11.7 11.1 10.7 93.0 98.9% 11.9

Terpandros 100.0% 4.8 4.8 Oct-03 14.0 13.8 13.7 93.0 97.8% 14.8

Tetrapolis 100.0% 13.6 13.6 Jan-06 33.6 32.5 33.8 84.0 98.2% 34.2

Agia Dynati 100.0% 32.2 27.2 + 5.0 Apr-09 / Feb-18 64.8 55.5 + 4.71 61.7 + 11.3 86.0 / 98.0 98.4% 10.6

Ktenias 100.0% 23.0 20.0 Aug-10 44.6 44.8 44.2 86.0 98.9% 44.2

Lekana (PV) 100.0% 2.0 2.2 Jul-10 3.3 3.4 3.2 325.0 100.0% 3.3

Magoula 100.0% 23.0 23.0 Aug-11 60.2 57.2 64.7 86.0 98.6% 58.1

Mali Madi 100.0% 7.6 7.7 Aug-11 16.0 16.6 15.8 86.0 97.9% 16.2

Vromosykia 100.0% 11.1 11.1 Dec-12 30.5 31.1 30.9 89.9 99.2% 31.7

Asprovouni 100.0% 20.7 20.0 Nov-12 45.1 42.8 39.8 107.0 97.5% 44.8

Lambousa 100.0% 16.1 16.1 Sep-13 42.8 43.4 42.7 89.9 99.4% 43.9

Ortholithi 100.0% 20.7 20.0 Jul-15 48.0 47.5 46.6 105.0 99.2% 47.1

Magoula Ext. 100.0% 16.1 16.1 Sep-15 46.5 46.2 49.7 82.0 99.0% 45.8

Lyrkio 100.0% 39.6 39.0 Jul-17 2.41 71.7 79.2 82.0 99.7% 84.8

Agia Dynati Ext. 100.0% 2.4 2.3 Feb-18 – 2.21 5.3 98.0 99.1% 4.9

Kalogerovouni 100.0% 17.1 17.1 May-18 – 5.31 45.9 82.0 97.7% 44.9

Gropes 100.0% 18.9 18.9 Aug-18 – – 24.61 105.0 n/a 43.9

Tetrapolis Ext. 100.0% 6.4 6.4 Jun-19 – – – 98.0 n/a 16.2

Pefkias 100.0% 9.9 9.9 Jun-18 – – 23.11 98.0 n/a 28.4

Karpastoni 51.0% 1.2 1.2 Aug-02 2.8 3.7 3.97 87.0 95.9% 3.7

Smixiotiko (Hydro) 51.0% 4.9 4.9 Mar-13 12.1 9.2 12.7 89.7 99.6% 11.5

TOTAL 295.5 290.6 703.1

26 Notes: 1. Less than 12 months operation 2. Only for full year operation Concession – critical infrastructure in Greece

Attiki Odos Olympia Odos Aegean Motorway Gefyra Alimos Marina

• Main urban motorway in • Only bridge connecting the • Modern high-speed highway • Part of the backbone of the Athens, connecting 22 Peloponnese, one of the • At 1,100 berths Alimos connecting Athens with the Greek motorway system, municipalities in the Attica most important regions of the Marina is the biggest marina key western port of Patra, a linking the Greek capital in region to all major transport country, with the Greek in the Balkans major urban and economic the south with the second Key infrastructure, such as roads, mainland Features centre largest city in Greece • Its strategic location as part air, rail and sea • Reduces travel times from c. of the Athens urban area and • Services a major part of • Main north-south motorway • Most convenient route to the 45 minutes by ferry to c. 2.5 its extended land zone make Greece’s export-import traffic route along the eastern coast airport reducing travel time by minutes driving, according to it an important trade location with Italy of c. 30 minutes company estimates

Type Motorway Motorway Motorway Toll bridge

ELLAKTOR stake 65.8% 17.0% 22.2% 22.0%

Length 70km 201km 230km 2.3km

Investment €1.3bn €2.1bn €1.6bn €0.8bn ELLAKTOR declared Amount as preferred bidder Toll revenues (2018) €186m €104m €74m €41m

Accounting treatment Full consolidation Equity treatment Equity treatment Equity treatment

Operator Attikes Diadromes Gefyra Leitourgia Concessionaire

27 Concessions – lifecycle

• Concession lifecycle can be divided into 4 Concession life cycle key stages 1) Funding 2) Construction 3) Debt repayment 4) Dividend distribution i. Funding: Typically via shareholder equity, non-recourse project financing NA debt, state grants, and future concession revenues

Attiki Odos example ii. Construction: Concessionaire / sub- contractors complete construction Construction Debt Repayment Dividend Distribution works Flows to shareholders (€m) Debt repayment (€m)

iii. Debt Repayment: Initial cash flows directed towards pay-down of project finance debt

iv. Dividend Distribution: Following sufficient pay-down of debt, dividends can be paid to shareholders

1995 1996 1997 2001 2004 2024

Submission of Attiki Odos Commencement Delivery of Construction End of tenders concession of preliminary first section completion concession awarded works

28 Environment – ELLAKTOR’s key environmental projects

Major waste management services contracts Existing landfill biogas power plants1

Mechanical biogas treatment (MBT) plant, residual landfill & Cogeneration plant – Attica, Greece (Ownership 50%) transfer Stations – Kozani, Greece (Ownership 100%) • 25MW installed capacity across 2 stations • 120kta capacity • One of the largest cogeneration plants worldwide and the • 1st integrated waste management facility in Greece largest in Europe • Design, financing, construction & 25yr operation • Utilization of thermal energy from the adjacent leachate • Operations commenced in 2017 treatment plant

Cogeneration plant – Salonica, Greece (Ownership 100%) MBT plant & residual landfill – Larnaca, Cyprus • 5MW installed capacity (Ownership 100%) • Electrical energy production • 190kta capacity • Only operational waste management plant in Cyprus • Design, construction & 10yr operation • Operations commenced in 2010 • Company headquarters • Market leader • Patented technology through • Significant growth opportunities German subsidiaries (biological Hospital waste incinerator – Athens, Greece treatment) (Ownership 70%) • 12kta nominal capacity • 1st landfill biogas project • Design, construction & 15 yr operation completed in May 2014 • Operations commenced in 2007

• Larnaca Plant (190 kta) • Significant growth opportunities MBT plant – Attica, Greece (Ownership 70%) • 240kta capacity • Awarded 2 Waste turnkey • 9yr operation Management projects • Operations commenced in 2010. Currently operating under a • Total capacity 190kta short term extension scheme pursuing an 18-24 months additional contract • 1st landfill biogas project under construction

MBT plant – Osnabruck, Germany (Ownership 100%) • Waste Management Project of • 105kta capacity Sofia • 17yr operation • Operations commenced in 2006 • Awarded the 1st Waste Management project • Total capacity 41Ktpa

29 Notes: 1. 2 additional projects in pipeline already won through tender process – additional capacity c.5MW Upcoming growth opportunities

Concessions Environment

1 Egnatia motorway concession project tender Upcoming waste management opportunities in Greece Market expected to exceed €1.5bn over next 5 years • 648 km traversing the width of the country to the Turkish border

• In May-18, ELLAKTOR was announced as one of 7 Thessaloniki Thrace shortlisted bidders for the concession. Expected award of Capacity: 400k t/a Capacity: 110k t/a concession in 2020

• ELLAKTOR’s bid is as a minority partner in a consortium with Roadis (subsidiary of PSP Investments)

Corfu Thessaly Capacity: 87k t/a Capacity: 300k t/a

2 Crete’s Northern Motorway Axis (BOAK) tenders • Biggest new motorway project in Greece – split into two different tenders (1 concession and 1 PPP)

• In Mar-19, ELLAKTOR moved to the second phase of the Aitoloakarnania Attica Region tender process Capacity: 90k t/a Capacity: 1,355k t/a

Rhodes Capacity: 90k t/a 3 Salamina Undersea Tunnel Achaia Capacity: 155k t/a • Design, construction, financing, operation, maintenance and exploitation of the undersea road tunnel to Salamina island Crete • Prequalified bidder in partnership with VINCI Concessions Capacity: 200k t/a

30