JULY 2007

1 Disclaimer

These preliminary materials and any accompanying oral presentation (together, the “Materials”) have been prepared by SA (the “Company”) and are intended solely for the information of the Recipient. The Materials are in draft form and the analyses and conclusions contained in the Materials are preliminary in nature and subject to further investigation and analysis. The Materials are not intended to provide any definitive advice or opinion of any kind and the Materials should not be relied on for any purpose. The Materials may not be reproduced, in whole or in part, nor summarised, excerpted from, quoted or otherwise publicly referred to, nor discussed with or disclosed to anyone else without the prior written consent of the Company.

The Company has not verified any of the information provided to it for the purpose of preparing the Materials and no representation or warranty, express or implied, is made and no responsibility is or will be accepted by the Company as to or in relation to the accuracy, reliability or completeness of any such information. The conclusions contained in the Materials constitute the Company’s preliminary views as of the date of the Materials and are based solely on the information received by it up to the date hereof. The information included in this document may be subject to change and the Company has no obligation to update any information given in this report. The Recipient will be solely responsible for conducting its own assessment of the information set out in the Materials and for the underlying business decision to effect any transaction recommended by, or arising out of, the Materials. The Company has not had made an independent evaluation or appraisal of the shares, assets or liabilities (contingent or otherwise) of the Company .

All projections and forecasts in the Materials are preliminary illustrative exercises using the assumptions described herein, which assumptions may or may not prove to be correct. The actual outcome may be materially affected by changes in economic and other circumstances which cannot be foreseen. No representation or warranty is made that any estimate contained herein will be achieved.

2 Agenda

Group Overview

Areas of Activity • Projects (EPC) • Infrastructure Projects • Defence Projects

Group Strategy

Consolidated Financial Review

3 Group Overview

4 Group History

1962: Founded as a 1980: Absorption of 1999: Company 2005: Acquisition of joint stock company. the technical acquired by Mytilineos 83.5% of ELEMKA S.A. contracting firm Holdings S.A. TECHNOM S.A. 1999: Increase in Company’s Share Capital.

1960-1972 1973-1998 1999-2005 2006

2002: Acquisition of TCB SA and RODAX S.A.

2002: Partial 1973: Company listed 1989: Acquisition of Acquisition of stake in on the Stock 99.98% of SERVISTEEL EKME S.A. (40%), 3KP Exchange. S.A. S.A. (40%).

5 Group Overview

Leading • Primarily active in Infrastructure Projects, Energy - EPC and Defence sectors. Industrial • Quoted on Athens Stock Exchange since 1973 with current market cap of € 755 mn (1) Group in

• A total of 4 subsidiaries with substantial know-how and specialisation in their areas of activity. Group Portfolio

• operates in the energy sector either as an EPC Contractor or as equivalent partner in consortia with foreign firms such as Alstom, Siemens and General Electric. Energy Projects • Has long experience and specialized technical know-how in construction of Thermoelectric Power (EPC) Plants (TPP), Hydroelectric Power Plants (HPP) and the power transmission sector. • Has been the main supplier of technology and know-how to the Greek (PPC), delivering Power Generation Plants of high specifications for more than 25 years. • METKA plays a significant role in the execution of large scale infrastructure projects in Greece and abroad. Infrastructure • Has the ability to meet demanding criteria of infrastructure projects proven by the successful Projects completion of landmark projects (fabrication of the pylon head steel structure for the Rion - Antirrion bridge, construction of the steel roof for the Olympic Velodrome, and other demanding Olympic structures, etc).

Defence • Major supplier of the Hellenic Armed Forces of trucks, armoured vehicles and other demanding Projects military application structures such as submarine pressure hulls etc.

Proven • Successful track record in implementing its growth strategy and delivering shareholder value. Management

(1) As of 29 June 2007. 6 Mytilineos Group – Pre-Restructuring

Mytilineos Holdings

Mkt Cap: € 1.500 mn Net Debt: € 175 mn (31/03/07) BV: € 779 mn

METALLURGY & MINING ENERGY EPC VEHICLE54.0% MANUFACTURING

ALUMINIUM OF DELTA PROJECT METKA ELVO GREECE (63.14%) (53.00%) (43.00%) (52.43%)

Mkt Cap: € 550 mn Mkt Cap: € 80 mn Mkt Cap: € 755 mn Not Listed 100% Alumina & Aluminum 100% MYTILINEOS RES Delphi Distomon (100%) 100% Co Gen

SOMETRA MPGS (93.00%) (100%)

Not Listed

Source: Company Information. Note: Market data as of 29 June 2007. 7 Mytilineos Group - Post-Restructuring

Mytilineos Holdings

Mkt Cap: € 1.500 mn Net Debt: € 175 mn (31/03/07) BV: € 779 mn

METALLURGY & MINING ENERGY EPC VEHICLE54.0% MANUFACTURING

ALUMINA & ALUMINIUM ENDESA (HELLAS) METKA ELVO (100%) (49.99%) (53%) (43%)

Not Listed Not Listed Mkt Cap: € 775 mn Not Listed MPGS DELPHI DISTOMON (100%) CONTRIBUTION OF ENERGY ASSETS TO ENDESA HELLAS - DELTA PROJECT ACTIONPLAN

Not Listed MYTILINEOS RES Phase I: Following the establishment, and in advance of the completion of the triple merger, MYTILINEOS RES and MPGS will be merged by absorption with Endesa (Hellas). SOMETRA Co Gen (93%) Phase II: Post completion of the triple merger and the spin-offs process CoGen and DELTA PROGECT will be merged by absorption with Endesa Hellas. Not Listed

Source: Company Information. Note: Market data as of 29 June 2007. 8 Share Price Performance - Ownership

Share Price Performance Shareholders

200

180 Retail 18.08% MYTILINEOS HOLDINGS 53.00% 160

140 Greek

120 Institutional Investors 9.80%

100

80 Foreign Institutional Investors 19.12% 60 Jul Jan Apr Jun Oct Jan Apr Feb Mar Sep Dec Feb Mar Aug Nov May May

Metka Athens General index FTSE40

Capitalization : € 755 m (1) Daily trading volume : € 2,89 m Number of shares: 51,950,600 (1) As of 29/06/2007

9 Financial Snapshot

Group Turnover Turnover by Activity

(€ m; % on column indicates annual growth rate. 2006 2007E(1) Infrastructure Infrastructure 12% 14%

1,7% - 8,5% Defense Defense 31.1% 320 7% 30.1% 14% 295 300 173 225

2004 2005 2006 2007E (1) Energy Energy 72% 81% (1) Management Estimates (1) Management Estimates

EBITDA EBITDA by Activity (1 2006 2007Ε) (1) (€ m; % on column indicates annual growth rate. 2006 2007E Infrastructure Infrastructure 2% 6% 6,6% - 18% Defense Defense 15,1% 72 55,9% 26% 14%

65 53 61 34 Energy (1) Energy 2004 2005 2006 2007E 72% 80% (1)(1) ManagementΕκτιµήσεις ∆ιοίκησης Estimates (1) Management Estimates

10 Human Resources

Personnel Profile

• Change of emphasis – existing engineering staff supplemented by additional highly qualified engineering recruits. • Cost competitive with EPC competition. • 500 employees, of which 200 are degree qualified, and 50 with post-graduate degrees. • Approx. 40% of the company’s employees hold engineering / scientific degrees.

Employees with Higher Education Degrees % of Total Employees with Technical / Scientific Degree Qualifications

205 187 176

39% 92 35% 86 30% 80 65 18% 60 15% 16% 57 13% 14% 14%

1998 1999 2000 2001 2002 2003 2004 2005 2006 1998 1999 2000 2001 2002 2003 2004 2005 2006 11 Areas of Activity

12 Energy Projects (EPC)

Broad Range of Experience

• Thermal power projects - broad experience in / lignite, combined cycle, co-generation. • Hydro projects - substantial expertise, including manufacturing of main equipment. • Environmental - significant experience in environmental projects (Electrostatic Precipitators, etc.). • Coal mining and materials handling - long-standing activity and expertise, including manufacturing of main equipment. Historical Evolution

1980: 1991: 2001: 2005: PPC Ag. Dimitrios First of 3 major PPC Linoperamata EPC contract for Units I/II, 2x300MW contracts for PPC 43MW gas turbine. Cogeneration Project Lignite fired. First Thissavros First energy project of Aluminium of major energy project 3x100MW hydro. as EPC contractor. Greece Plant. as equal member of consortium.

1980-1990 1990-2000 2000-2005 2006

1996: 2004: 2006: PPC Lavrio Unit IV in EPC contract for PPC Lavrio Unit V consortium with GEC PPC Lavrio Unit V Enters commercial Alsthom. First CCGT 378MW. operation. combined cycle project in Greece. 2004: 2006: EPC contract in Ilarion Hydroelectric consortium for PPC Project. Megalopolis ESP’s. 13 Energy Projects (EPC)

Thermoelectric Power Plants (TPP) Key Strengths

• 40 years of experience, 40 major projects. • Strong track record in on-time delivery of projects • Capability to undertake major projects as EPC with demanding schedules. contractor, either directly or in consortium with other firms. • Major supplier / subcontractor to PPC.

• Manufacture and supply of all main components • Exposure in Lignite power plants, uniquely (boilers, coal handling & feeding, ash handling positions it as key counterparty of PPC, and well systems, high & low pressure parts, mills, positioned for regional growth. precipitators, deSOx, deNOx). • Recent experience in gas fired projects (Combined Cycle – Co Generation). Operations Overview Operations • Complete erection of TPP’s.

• Strong Co-operation (incl. royalties, licences) with • Three state-of-the-art facilities with 500+ highly the majority of the leading power equipment skilled and experienced personnel with excellent suppliers eg. Alstom, Siemens, GE, Babcock, know-how. AE&E, Ansaldo, LMZ, ABB.

14 Energy Projects (EPC) (Cont’d)

Thermoelectric Power Plants (TTP)

PPC Lavrio Unit V, Combined Cycle. Aluminium de Grèce – Co-generation. • Lump-sum EPC - Contract value € 193.9 mn. • Lump-sum EPC - Contract value € 173.9 mn. • Natural Gas fired, 378 MW combined cycle • Natural gas fired cogeneration plant unit. (316MW plus 252MWth) in 2+2+1 – Single shaft GE STAG 109FA. configuration. – HRSG Alstom. – 2 x GE Frame 9E gas turbines., Siemens steam turbine. • Awarded in 2004, entered commercial operation early 2006. – Alstom HRSG’s. • Awarded in 2005, currently in progress. Recent Projects Experience

15 Energy Projects (EPC) (Cont’d)

Thermoelectric Power Plants (TTP)

PPC, SES Linoperamata, . PPC Lavrio Unit IV, 550 MW Combined Cycle. • Turn-key EPC - Contract value € 27.8 mn. • Lump-sum EPC - Contract awarded by the Public • Design, supply, erection and start-up of 1 x GE Power Corporation (PPC) of Greece to consortium LM6000 sprint (43,3MW) for permanent installation of Alstom-METKA. and 1 x GE TM2500+ (28 MW) on rental basis. • Contract value € 202 mn. • Lump-sum scope includes: • Natural gas fired, combined cycle unit. – Design and supply of all electrical equipment. • Awarded in 1996. – Liquid fuels (distillate) infrastructure. • Commercial operation 1999. – Desalination, chillers and ancillaries. – All civil works and erection. • Contract period 2001 – 2003. Recent Projects Experience

16 Energy Projects (EPC) (Cont’d)

Thermoelectric Power Plants (TTP)

PPC Agios Dimitrios – ESP’s. PPC Kardia – ESP’s. • Lump-sum EPC - Contract awarded to METKA- • Lump-sum EPC - Contract awarded to METKA- Alstom consortium by the Public Power Corporation Alstom consortium by the Public Power (PPC) of Greece. Corporation (PPC) of Greece. • Contract value € 130 mn (METKA participation • Contract value € 42 mn (METKA participation 68,5%). 63%). • Awarded in 2004, currently in progress. • Awarded in 2002, completed 2004. • Upgrading of existing electrostatic ash precipitators, and addition of new ESPs for Units I,II,III,and IV. Recent Projects Experience

17 Energy Projects (EPC) (Cont’d)

Thermoelectric Power Plants (TTP)

PPC Ag. Dimitrios Units I – IV. PPC , Unit I. • Construction of 4 x lignite fired units of total • New lignite fired unit, 330MW awarded by the capacity 1220 MW. Public Power Corporation of Greece. • Two separate EPC contracts: Units I – II of • Collaboration with Alstom. 300MW each, Units III – IV of 310MW each. • Contract period 1998 – 2003. • Major participant in both EPC contracts as consortium member. • Execution period 1980 – 1986. Recent Projects Experience

18 Energy Projects (EPC) (Cont’d)

Hydroelectric Power Plants (HPP)

PPC HES Thissavros, 3x100MW, Nestos River. PPC Ilarion Hydroelectric Project . • Project execution 1991 - 1996. • Turn – key EPC - Contract signed July 2006. • Contract value € 59.0 mn. • 2 hydro-turbines of 70,7MW and 1 hydro-turbine of 4MW (Francis Type). • Supply, installation and start-up of: • Scope of supply includes design, engineering, – Pump turbines and other auxiliary supply, erection and commissioning of hydro- electromechanical equipment. turbines, governors, generators and all electro- – Trash racks, stop logs, power tunnel steel mechanical equipment for the project. liners,gates for power tunnels,draft tubes and spillway. • Consortium of METKA – Cegelec - Alstom Jeumont – Vevey. Recent Experience Projects

19 Infrastructure Projects

Infrastructure Projects Key Strengths

• 40 years of experience in turn-key • Strong track record in on-time delivery of projects manufacture, supply and erection. with demanding schedules.

• Bridges: steel and steel/concrete • Broad customer base / PPC, Cement Companies, construction. Port Authorities, Refineries etc.

• Port equipment: gantry cranes, ship cargo • State-of-the-art manufacturing facilities with transporters, straddle carriers. significant experience in high value added projects • Complex metal structures, including athletics facilities. • Reinforcement through acquisition of the specialised contracting companies EKME and • Mining and mineral processing facilities (belt ELEMKA. Operations Overview Operations conveyors, crushers, kilns, mills, etc.). • International exposure. • Refining, Petrochemicals.

• Railway rolling stock.

20 Infrastructure Projects (Cont’d)

Complex Steel Structures

Rion – Antirion Bridge. Olympic Velodrome

• Fabrication and erection of Pylon Head Steel • Fabrication and erection. Structure, marsupial platforms and supporting • Execution 2002-2004. frames. • Contract value € 24.2 mn. • Assembly and installation of steel deck. • Execution 2001-2004. Recent Projects Experience

21 Infrastructure Projects (Cont’d)

Heavy Industry

Mining, Minerals Processing Refining & Petrochemicals

• Strong experience in major industrial facilities • Significant presence in Refining & Petrochemical (cement, metallurgy, mining). through METKA and subsidiary, EKME. • Full turn-key / EPC capability. • State-of-the-art manufacturing at 3 facilities: 2 in • State-of-the-art manufacturing facilities for major Volos plus EKME in . mechanical equipment. • Manufacturing expertise includes reactors, • Increasing international perspective - recent projects pressure vessels, boilers, refinery towers, heat in South-East Europe. exchangers, etc. • Clients include , PPC, Aluminium de • Turn-key supply and erection. Grèce, Union Minière (Bulgaria), etc. • Clients include refineries (, ) and major chemical plants in Greece. Recent Projects Experience

22 Defence Projects

Defence Projects Key Strengths

• The industrial activity is largely based on the significant machinery equipment of METKA ’s two plants,as well as the advanced know-how of the existing workforce. • Increased strategic focus following acquisition by • METKA was recently contracted with two Mytilineos Group. important projects for the Greek armed • Dynamic development through co-production forces, in the sector of: contracts for major defence programs. • Pressurised hull construction for • Utilizes the company’s state-of-the-art submarines. manufacturing capabilities. • Fabrication of hull, turret and mechanical • Above projects ensure significant amount of high equipment for battle tanks. Operations Overview Operations technology workload for up to year 2009. • Successful delivery of first parts has set concrete foundations for future defence project of any scope.

23 Defence Projects (Cont’d)

Defence Projects

Co-production of LEOPARD 2-Hel Main Battle Tank • Patriot Missile Air Defence System.

• Co-production with KMW (Kraus Maffet Wegman) for • Co-production project with Raytheon – Lockheed 170 x LEOPARD armoured vehicles for the Greek Armed Martin for the Greek Armed Forces. Forces. • Complete fabrication of 42 semi-trailers and 36 • Contract value of €125,36 mn. launcher mechanics for Patriot Missile System. • Contract duration until 2009 assures high value added • Contract value € 20,8 mn. work-load for the Volos plant. • Contract duration 1999 - 2002. Recent Experience Projects

24 Defence Projects (Cont’d)

Defence Projects

Armoured Hulls for U-214 type Submarines.

• Technically demanding manufacturing project with HDW (Howaldtswerke Deutsche Werft AG) for the Greek Armed Forces.

• Scope includes fabrication of pressure hulls and penetrations for three latest generation submarines.

• Utilizes the company’s sophisticated manufacturing capabilities.

• Contract value € 21 mn.

• Successfully delivered during 2005. Recent Experience Projects

25 Manufacturing Capability

Capability Overview

• METKA and SERVISTEEL in Volos, plus EKME in Thessaloniki (40% owned subsidiary). • Plant capabilities: – Metal processing – cleaning, cutting, marking, forming. – Manufacture / fabrication: machining, welding, assembly of heavy &/or large, high precision parts with difficult materials. – Assembly of electromechanical machinery, equipment, special vehicles etc. Main Facilities

METKA - VOLOS • Total area of approx. 80.000m2, of which 25.000 m2 are covered production facilities. • Strong experience in demanding applications with high quality standards. • Recent investments of €15mn for new state-of-the-art equipment. Overview • Dedicated “repairs and maintenance” department for power plant equipment. SERVISTEEL - VOLOS • Founded in 1982; acquired in 1989. • Total covered area of approx. 14.000m2, total area 110.000m2. • Strong position in the first phase of metal construction – cutting –formation (bending and rolling) – marking of metal sheets and sections.

26 Group Strategy

27 Prospects for METKA

SOUTH-EAST GREECE EUROPE

• Imminent announcement of bid results for • 11.000 MW of new generation capacity needed 400MW Aliveri project. This is the first project in up to 2020 – total €9,5 bn** PPC’s 1600MW capacity replacement program – • This new capacity will be dominated by new New Power total est. €1 bn in 2007-2010 lignite (coal) fired plants. Plants • EPC for the investment portfolio of Endesa Hellas: • Several major projects under development. 430MW IPP plant, with coal-fired projects under development. • Additional prospects for other IPP projects

• Need for rehabilitation of PPC’s existing lignite • Rehabilitation of 11.500 MW of existing thermal fired power plants power generation - €4,8bn** Rehabilitation • Alliance with Alstom, with large installed base of • 60% of this rehabilitation is planned to be carried of Existing Alstom equipment – turbines, boilers. out by 2010. Plants

• A series of environmental upgrades under • Significant opportunity - EU environmental completion by METKA/Alstom for PPC. compliance for existing units - €2,3bn** • Relatively limited potential for additional growth. • Primary requirement, approx. 80% by value, is Environmental for sulphur removal. Projects

28 **Source: EC/World Bank, GIS for SEE report, 2004-05 Recent Developments – International Arena

Recent International Award

• Karachi Electric Supply Co. – Korangi , 220MW combined cycle power plant • Contract value €110 mn, 24 months execution • Major milestone – first major international EPC contract – significant future opportunities

New Opportunities

SOUTH-EAST EUROPE OTHER EUROPEAN DEVELOPING MARKETS

• Forthcoming environmental upgrade • Building relationships with major • Massive need for energy infrastructure projects for coal plants European utilities, e.g. qualified by E.ON investments • District heating (co-generation) for combined cycle projects in central • Building on newly established presence prospects with private investors – Europe. in Pakistan. Romania and elsewhere • Additional focus on targets where previous experience can be applied (e.g. Malta)

Transformation into major Regional EPC is well underway

The market is receptive and supportive of this development

29 Consolidated Financial Review

30 Consolidated Income Statement

(IFRS in €m) 2004 2005 2006 2007E(1)

Turnover

Infrastructure 14 27 41 37

Energy 152 165 212 242 - 262

Defence 7 33 42 21

Turnover Total 173 225 295 300 - 320

EBITDA 34 53 61 65 - 72

EBT 29 53 55 59 - 64

EAT 21 39 41 46 - 50

Margins (%)

EBITDA 19,7% 23,6% 20,7% 21,7% - 22,5%

EBT 16,8% 23,6% 18,6% 19,7% - 20%

EAT 12,1% 17,3% 13,9% 15,3% - 15,6%

(1) Management Estimates

31 Consolidated Balance Sheet

(IFRS in €m) 2004 2005 2006

Fixed Assets 98 91 80

Current Assets 156 176 146

Total Assets 254 267 226

Bank Debt – - -

Cash & Marketable Securities 9 20 5

Equity 144 86 123

Total Equity and Liabilities 254 267 226

Net Debt (9) (20) (5)

32 Contact Information

Nikos Kontos Investor Relations Officer [email protected] Tel: +30-210-6877395 Fax: +30-210-6877400

Mytilineos Holdings S.A. 5-7 Patroklou Str. 15125 Maroussi Athens Greece Tel: +30-210-6877300 Fax: +30-210-6877400 www.mytilineos.gr www.metka.gr www.alhellas.gr www.deltaproject.gr

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