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Corporate Presentation Group Presentation June 2009 DISCLAIMER These preliminary materials and any accompanying oral presentation (together, the “Materials”) have been prepared by Mytilineos Holdings 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 • Financial Review • Areas of Activity • Metallurgy & Mining • Energy • Engineering Procurement Construction (EPC) • Stock Data • Summary 3 Group Overview 4 GROUP HISTORY 1908: Company 1998: Hostile acquisition of Metka 2005: Acquisition of 2007: Merger by absorption founded by S.A. the leading electromechanical and Aluminium of Greece S.A. one of Aluminium of Greece and Mytilineos family metallic construction company in of the largest vertical Delta Project by Mytilineos members in Greece. integrated alumina and Holdings. Delisting of both Athens, Greece. aluminium producers in Europe. subsidiaries. 2000: Participation in state – owned ELVO S.A., major supplier of the 2007: Strategic Partnership Hellenic Armed Forces of trucks, with Endesa. Endesa (Hellas) armoured vehicles and other is created – a reference player appropriately modified military in the Greek Energy Market vehicles. seeking to expand into S.E. Europe. 1908-1994 1995-1997 1998-2000 2002 2005 2006 2007 -2008 1995: Company listed 1998: Acquisition of 2002: Establishment of 2006: Acquisition of 2008: Motor Oil and on the Athens Stock Romania - based Sometra Mytilineos Power Delta Project S.A. a Mytilineos Group sign Exchange. S.A. the largest South Generation and Supplies company engaging in major deal in the Energy Eastern Europe’s Lead S.A. (MPGS). and the development, Sector to construct and 1996: Signing of (Pb) and Zinc (Zn) Mytilineos Hellenic Wind construction and operate a 437 MW CCGT. strategic agreements producer. Power S.A. (MHWP). operation of with metal, mining & hydroelectric power 2008: COGEN successfully mineral companies in 1999: Acquisition of stations and wind dispatched. The first thermal Southeast Europe. Cyprus-based Hellenic parks. power plant of Mytilineos Copper Mines. Group has started its commissioning period. Source: Company Information. 5 GROUP OVERVIEW • Largest Aluminium (Al) and Alumina (Ox) producer in South Eastern Europe with international Metallurgy presence through Aluminium of Greece S.A. & Mining • Second largest Bauxite producer in Greece through Delphes-Distomon S.A. • Endesa Hellas: JV with Endesa, with a significant portfolio in the pipeline and under construction and a well balanced mix between thermal and RES soon to become the largest independent power operator in Greece. Current Portfolio includes: – 334 MW CHP – Combined Heat & Power Plant in Viotia Region (in operation). – 444 MW CCGT – Merchant Power Plant in Viotia Region (to be completed by March 10). – 437 MW CCGT – Merchant Power Plant in Korinthos Region (to be completed by April 11). Energy – 437 MW CCGT – Merchant Power Plant in Volos Region (to be completed by January 12). – Portfolio of Renewable Energy Generation Assets (RES) (Wind parks, Hydroelectric Power Stations and Photovoltaic Parks) of total capacity of 1,000 MW. 45MW RES in full commercial operation. – Electricity Trading Licence of 310 MW. – CO2 Emission Trading Platform. – Production Licence for a 600 MW Coal – Fired Power Plant in Viotia Region. • Leading Greek EPC company through METKA S.A. and Subsidiaries and one of the most EPC reliable EPC Contractors throughout Europe. Source: Company Information. 6 GROUP’S CORPORATE STRUCTURE Mytilineos Holdings Mkt Cap: € 660 mn METALLURGY & MINING ENERGY EPC VEHICLE54.0% MANUFACTURING ALUMINA & ALUMINUM ENDESA (HELLAS) METKA ELVO (Ox & Al Activity) (49.99%) (56,6%) (43%) (100%) Mkt Cap: € 423 mn DELPHI DISTOMON (Bauxite Activity) (100%) Non Core Sector Source: Company Information. Note: Market data 20 May 2009. METKA is the only remaining listed subsidiary. 7 Financial Review 8 FINANCIAL REVIEW Balance Sheet ¾ Solid Balance Sheet. ¾ Healthy Debt to Equity Ratio. Fixed Assets ¾ Substantial Growth of Equity. 902 773 Total Equity 2008 857 2007 634 2006 283 779 901 708 800 2005 877 Current Assets 281 868 238 2004 103 194 542 509 132 302 166 66 402 196 185 268 368 631 219 367 Short Term Liabilities Net Debt 501 Long Term Source: Company Information. Liabilities 9 * Net Debt = Debt – Cash Postion. To note that Net Debt does not include the share % of the Group in Endesa. FINANCIAL REVIEW Financial Performance Evolution of Group Turnover, EBITDA & Earnings after Taxes (in € mn) Turnover EBITDA EBITDA% Turnover EAT EAT % 1,200 25.0% 1,200 40.0% 21.2% 34.3% 22.3% 35.0% 1,000 1,000 20.0% 30.0% 16.9% 800 13.5% 800 15.0% 23.1% 25.0% 600 12.1% 600 20.0% 18.8% 976 913 10.0% 913 976 837 837 15.0% 400 747 400 747 6.4% 10.0% 5.0% 200 200 311 311 256 5.0% 187 211 3.2% 42 158 154 118 20 157 31 0 0.0% 0 0.0% 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 Equity Ne t De b t Ne t De b t / Eq u it y Current Assets Current Liabilities Current Ratio 1,000 50.0% 43.2% 1,000 2.5 900 45.0% 2.4 40.7% 900 800 40.0% 33.5% 800 1.8 2.0 700 35.0% 700 1.5 600 30.0% 600 1.4 1.5 500 25.1% 25.0% 901 500 1.3 400 779 800 20.0% 877 868 708 400 1.0 300 15.0% 631 9.3% 300 542 200 10.0% 509 367 200 402 0.5 268 368 100 238 196 5.0% 281 302 103 66 100 194 0 0.0% 0 0.0 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 10 Source: Company Information. Areas of Activity Metallurgy & Mining 11 M & M – BUSINESS OUTLOOK Alumina & Aluminum Business Overview Operational & Financial Overview • Facilities established in 1960’s. Leading industrial tn OX AL producer of alumina and aluminium in South Eastern Europe. 900,000 • Production facilities occupy an area of 7,035,700m2 800,000 and constitute a vertically integrated production 700,000 unit. 600,000 • Owner of port facilities for large tonnage ships. 500,000 400,000 782,000 780,000 788,900 771,769 300,000 Key Strengths 200,000 100,000 165,300 164,500 168,000 162,339 • Low cost production base in Europe both for Alumina and Aluminium - production in half of cost 0 curve in Europe. 2005 2006 2007 2008 • Enough alumina to cover own aluminium production Turnover EBITDA EAT % EBITDA needs and to export 460,000 tn per annum. € mil 500 23.4% 25.0% • 10-year contract with Glencore AG regarding 100% of excess alumina production. 450 20.7% • Steam is produced by the 334 MW CHP Plant of 400 20.0% Endesa Hellas, 50% owned by Mytilineos Group. 350 15.5% • Exploitation of bauxite reserves by the 100% 300 15.0% owned subsidiary Delphes – Distomon S.A. covering 250 half of its Bauxite requirements. Long term 471 471 10.4% 469 contracts with other suppliers (Alcan, S&B, Glencore 200 382 10.0% AG). 150 • Efficient risk management strategy. The Group acting proactively secured Aluminum sales in prices 100 5.0% 110 well above current market levels for 2009 and 2010. 50 79 Hedging book currently valued over $300m. 52 7773 3749 20 0 0.0% 2005 2006 2007 2008 Source: Company Information. 12 M & M – BUSINESS OUTLOOK Aluminum Cost Analysis Total Market AoG Average Total Other Average Total Other Delivered Costs 9% Delivered Costs 15% Alumina Cost Alumina Cost Labour Cost 6% 25% 40% Labour Cost 10% Other Raw Total Energy Materials Cost Cost 29% 10% Other Raw Total Energy Materials Cost Cost 40% 16% €mil AL Division – Cost Structure 140 45% 40% 120 35% 100 30% 80 25% 60 20% 15% 40 10% 20 5% 10912473100 109 6795 107 59 82 72 63 78 57 75 0 0% 2008 2007 2006 2005 2004 Raw M.
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