Group Presentation

October 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 9Metallurgy & Mining 9Energy 9Engineering Procurement Construction (EPC)

‰ Stock Data

‰ Summary

3 Group Overview

4 GROUP HISTORY

1908: Company 1998: Hostile acquisition of 2005: Acquisition of 2007: Merger by absorption founded by Metka S.A. the leading Aluminium of Greece S.A. of Aluminium of Greece and Mytilineos family electromechanical and metallic one of the largest vertical Delta Project by Mytilineos members in Athens, construction company in Greece. integrated alumina and Holdings. Delisting of both Greece. aluminium producers in subsidiaries. 2000: Participation in state – Europe. owned ELVO S.A., major supplier 2007: Strategic Partnership of the Hellenic Armed Forces of with Endesa. Endesa (Hellas) trucks, armoured vehicles and is created – a reference other appropriately modified player in the Greek Energy military vehicles. Market seeking to expand into S.E. Europe.

1908-1994 1995-1997 1998-2000 2002 2005 2006 2007 -2008

1995: Company 1998: Acquisition of 2002: Establishment of 2006: Acquisition of 2008: Motor Oil and listed on the Athens Romania - based Mytilineos Power Delta Project S.A. a Mytilineos Group sign Stock Exchange. Sometra S.A. the Generation and company engaging in major deal in the Energy largest South Eastern Supplies S.A. (MPGS). the development, Sector to construct and 1996: Signing of Europe’s Lead (Pb) and Mytilineos Hellenic construction and operate a 437 MW CCGT. strategic and Zinc (Zn) Wind Power S.A. operation of agreements with producer. (MHWP). hydroelectric power 2008: COGEN metal, mining & stations and wind successfully dispatched. mineral companies 1999: Acquisition of parks. The first thermal power in Southeast Cyprus-based Hellenic plant of Mytilineos Group Europe. Copper Mines. has started its commissioning period.

Source: Company Information. 5 GROUP OVERVIEW

• Largest Aluminium (Al) and Alumina (Ox) producer in South Eastern Europe with Metallurgy international presence through Aluminium of Greece S.A. & Mining • Second largest Bauxite producer in Greece through Delphes-Distomon S.A.

• Mytilineos Group either on its own or through JV agreements with strong partners holds today a significant portfolio of Energy Assets in place & under construction. Current Portfolio includes: – 334 MW CHP – Combined Heat & Power Plant in Viotia Region (in operation). – 444 MW CCGT – Merchant Power Plant in Viotia Region (under construction – commercial operation by November 10). – 437 MW CCGT – Merchant Power Plant in Korinthos Region (under construction - commercial operation by August 11). Energy – 437 MW CCGT – Merchant Power Plant in Volos region (licensing phase - to be completed by January 13). – 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 & Middle East.

6 Source: Company Information. GROUP’S CORPORATE STRUCTURE

MYTILINEOS HOLDINGS

Mkt Cap*: € 714 mn

METALLURGY VEHICLE ENERGY EPC & MINING MANUFACTURING54.0%

ALUMINA & ALUMINIUM ENDESA (HELLAS) METKA ELVO (100%) (49.99%) (57.0*) (43%)

Mkt Cap*: € 496 mn

DELPHI DISTOMON KORINTHOS POWER (100%) (65%) Non Core Sector

Source: Company Information. Note: Market data 16 October 2009. 7 METKA is the only remaining listed subsidiary. Financial Review

8 FINANCIAL REVIEW

Balance Sheet ¾ Solid Balance Sheet. ¾ Financial Stability. Fixed Assets ¾ Healthy Debt to Equity Ratio. 902 ¾ Substantial Growth of Equity.

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 Net Debt Liabilities 501 Source: Company Information. 9 * Net Debt = Debt – Cash Position. Long Term To note that Net Debt does not include the share % of the Group in Endesa. Liabilities 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% 800 800 13.5% 25.0% 15.0% 23.1% 600 12.1% 600 20.0% 18.8% 976 976 913 10.0% 913 837 837 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% 300 542 509 200 10.0% 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 10 2004 2005 2006 2007 2008 Source: Company Information. Areas of Activity Metallurgy & Mining

11 M & M – BUSINESS OUTLOOK

Alumina & Aluminum

Business Overview Operational & Financial Overview

tn 9 Facilities established in 1960’s. Leading industrial OX AL producer of alumina and aluminium in South 900,000 Eastern Europe. 9 Production facilities occupy an area of 7,035,700m2 800,000 and constitute a vertically integrated production unit. 700,000 9 Owner of port facilities for large tonnage ships. 600,000

500,000

400,000 782,000 780,000 788,900 771,769 Key Strengths 300,000

200,000 9 Low cost production base in Europe both for Alumina and Aluminium - production in half of cost 100,000 curve in Europe. 165,300 164,500 168,000 162,339 9 Enough alumina to cover own aluminium 0 production needs and to export 460,000 tn per 2005 2006 2007 2008 annum. Turnover EBITDA EAT % EBITDA € mil 9 10-year contract with Glencore AG regarding the 23.4% majority of excess alumina production. 500 25.0% 9 Steam is produced by the 334 MW CHP Plant, 100% 450 20.7% owned by Mytilineos Group. 400 20.0%

9 Exploitation of bauxite reserves by the 100% 350 owned subsidiary Delphes – Distomon S.A. covering 15.5% half of its Bauxite requirements. Long term 300 15.0% contracts with other suppliers (Alcan, S&B, Glencore AG). 250 471 471 10.4% 469 9 Efficient risk management strategy. The Group 200 10.0% acting proactively secured Aluminum sales in prices 382 well above current market levels for 2009 and 150 2010. Hedging book currently valued over $150m. 100 5.0% 110 50 79 52 7773 3749 20 12 Source: Company Information. 0 0.0% 2005 2006 2007 2008 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%

% of Total Cost Structure- AL Cost Electricity Rates 60% 55% ¾ AoG and PPC agreed the pending issue on the 50% Electricity tariff regime to be resolved by the 45% Greek Supreme Court. 40% 35% 30% 25% 20% 15% 10% 5% 0% 2008 2007 2006 2005 2004

Raw M.% Energy% Fabrication% 13 Source: Company Information, CRU ANALYSIS. M & M – INDUSTRY OUTLOOK

Alumina & Aluminum

Alumina Supply (2008) Aluminium Supply (2008)

Total Market 79 MT Total Market 40 MT

No r t h A m e r ic a CIS 8% C&S America C&S America 7% Australia 6% 7% No r t h A m e r ic a 20% Europe 7% 14% Africa 4%

Asia 33% Europe 25% Australia 25%

Africa 1% Asia 44%

Alumina Demand (2008) Aluminium Demand (2008)

Total Market 78 MT Total Market 38 MT

C&S America Australia CIS 4% C&S America 1% North America Australia 12% 7% Africa 16% 6% North America 1% Africa 15% 4%

Europe Europe Asia 24% Asia 14% 54% 42%

14 Source: CRU ANALYSIS. M&M - INDUSTRY & MACRO ENVIRONMENT

ALUMINIUM ¾ The average Aluminum price for 1st Half of 2009 has settled at $1,423 down 49.8% y-o-y and well below the Group’s hedged price level. ¾ During the 2nd & 3rd Quarter AL prices recorded a significant recovery and the premiums benefited on the back of low availability of scrap and a lot of LME stocks being tied up in financial agreements. ¾ Inventory Level: Production cuts seem still not enough to prevent total reported stocks from rising at 4.4 Mt at the end of the 1st Half. Stocks most probably reached their peak in August 2009. ¾ Supply: Global surplus at the 2nd Quarter of 2009 has narrowed at 0.7 Mt. Total world supply is down 10.6% y-o-y however cutback announcements from producers have slowed considerably after March 2009 and some capacity restarting has already taken place. ¾ Demand: Consumption outside China remains weak with leading indicators pointing towards stabilization in Europe and the USA.

AL Consumption Analysis 1H09 Total World Production - Total Stocks 15.7Mt, down 19.5% y-o-y

Mt 25.00 Europe 21% 20.00 Asia 20.01 North America 59% 17.88 14% 15.00

10.00 C&S America Africa 4.40 4% Australia 1% 5.00 1% 1.09 0.00 1H2008 1H2009 15 Source: Company Information, CRU ANALYSIS. Total World Production Total Stocks Areas of Activity Energy

16 ENERGY - INDUSTRY & MACRO ENVIRONMENT

Overview Geographical Distribution of Generation Capacity Dominated by the Public Power • The Greek electricity market has been progressively Corporation (“PPC”) liberalized since 1999, nonetheless it is still dominated by the Greek electricity PPC market is – Total thermal generation capacity amounts to characterized by: c.13GW, while PPC controls c.95% of the wholesale • Reliance on market. thermal – One 390MW CCGT, one 147MW OCGT Independent sources. Power Plants (“IPP”) and one 334MW CHP plant • Electricity (Mytilineos Holdings) in operation. imports. • c.68% of the total generation capacity is located in • Limited Northern Greece, while c.33% of total consumption occurs penetration of in the North. RES in the – Most of the IPPs to be developed are to be situated generation mix. in Central and Southern Greece thus rebalancing power distribution. • Significant investments have been planned for the Recently, the PPC and transmission system upgrade and the addition of new independent power capacity aiming to meet the demand limit dependency on producers aiming to imports, reduce the country’s CO2 production and increase rationalize their average efficiency. generation mix have made plans to – PPC’s business plan assumes EUR4bn of capex introduce coal as a focused mainly in refurbishing existing units. fuel, which however – IPPs of a total capacity amounting to c.1,600MW has not received are under construction (c. 7GW of total licenses adequate political issued). IPP licenses (CCGT only) support. Hydroelectric Plants >10MW – Plans to develop new system interconnections in Thermal Power Plants – mainland grid only order to connect the autonomous islands to the mainland Grid – islands are mainly powered through oil fired plants.

Source: Hellenic Transmission System Operation, HSBC Analysis, 17 Ministry of Development (Long term Energy Planning Report) ENERGY - INDUSTRY & MACRO ENVIRONMENT

Key Characteristics and Trends Future Outlook

¾ Consumption has grown with a yearly average of 3,7% in the ¾ The base scenario of the National Energy Strategy Demand decade 1998-2008, peaking during the summer (strong air Council (NESC) assumes a demand CAGR of 1.1% cooling penetration in the commercial and residential sectors). over the period 2005 - 2010, thus leading in 2010 to c.59TWh consumption.

¾ The percentage of domestic lignite in generation, in the ¾ Lignite will remain a cornerstone, though its share Supply interconnected System, is around 56-60%, and Greece has will decrease. reserves for another 50 years. ¾ All the new conventional capacity up to 2012, at ¾ Gas’s share is rising, 25,4% in 2007 and 26% in 2008, as least, will be in CCGTs and perhaps some hundreds most planned recent investments have been in CCGTs. Greece MW of OCGTs. is importing gas (DEPA), mainly from Russia and Turkey via ¾ Renewable generation is also set to rise as a very pipeline and LNG from Algeria and occasionally from the spot favorable framework has been put into place. Feed- market. in tariff for the energy and up to 40% subsidy for ¾ Wind only accounts for 3 percent of the mix, but Greece relies construction of wind and solar parks. on important wind and solar potential and strong incentives ¾ New nuclear capacity in Romania, high prices in estimated at more than 6 GW. Greece and new interconnection lines are expected ¾ Greece is not self-sufficient as it relies on imports between 7 to drive imports higher. and 11 percent of its consumption.

¾ PPC is the incumbent with >99% market share in retail and ¾ PPC is looking for strategic partners to finance new Competitive around 95% in the wholesale market. Currently, there are 3 commissioning plan. Dynamics independent units in the market but PPC has overtaken the ¾ Private players might concentrate. operation of Heron’s 147 MW OCGT. PPC experiences difficulties in implementing its investment plan.

¾ Foreign players have entered the market since 2006, teaming up with local (non-operator) investors (Endesa-Mytilineos, Edison-ELPE, …). Mytilineos has replaced Iberdrola in the joint venture with Motor-Oil. GDF-Suez will cooperate with the Greek company Terna.

Source: Company Information. 18 ENERGY - INDUSTRY & MACRO ENVIRONMENT

The Greek Electricity Market

Demand Peak Capacity per Technology GW 60,000 13,000 2,7% p.a. 55,000 16 4,0% 15.3 11,000 14.6 50,000 p.a. 13.8 13.9 14.1 14 12.4 12.7 45,000 9,000 11.6 12.1 12 10.9 10.9 h

40,000 P 7,000 eak MW 10 35,000 8 5,000 30,000 6 Demand GW 25,000 3,000 4 20,000 1,000 2 15,000 0 10,000 -1,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2000 2002 2004 2006 2008 2010 Coal Oil Natural Gas Hydro Renewables

Merit Order, September 2009 Energy Market – Developments in 2009 100 85 ¾ Total Power production during 1H 2009: 23.3 m MWh (down 5.1% y-o-y). 70 ¾ Imports – Exports balance amounted 2.5 m MWh (down 11.05% y-o-y). 55 ¾ Hydro production was up 53.44% when on the contrary Natural Gas 40 production decreased by 46.23% y-o-y. 25 ¾ Total demand is decreased by 5.71% mainly due to lower demand from the high voltage customers (-20%). 10 Marginal cost (€/MWh) Marginal cost

1 4.1 9.4 11.712.2 13.1 Installed capacity (in GW)

Hydro, RES Lignite Gas CCGT Gas OCGT Fuel oil 19 Source: Company Information, HTSO. ENERGY - INDUSTRY & MACRO ENVIRONMENT

Monthly SMP data 2007 – YTD 2009 (EUR) Average wholesale price 120 for January to August 2007 2008 2009 2009 period was 47.9€/MWh, due to: • Lower gas and oil 100 rises. • Decrease of demand because 80 of the economic crisis. • Surplus of water in reservoirs 60 (increased rainfalls during the year). 40 • Dominant position in the market by PPC (uses the water 20 quantities. without control by RAE) and no equal size 0 competitor. January February March April May June July August September October November December

Source: Company Information. 20 ENERGY - BUSINESS OUTLOOK

Thermal Asset Summary Total installed capacity Remaining Installed Commercial Total capex attributable to thermal Location capex (Eur Comments capacity operation (Eur mn) generation assets is mn)

expected to reach c. Commercial operation CHP 334MW October 20091 Viotia 191 0 1.6GW by 2013 to start

November Mytilineos, expects to Viotia CCGT 444.4MW Viotia 242 82 Under construction commission 3 thermal 2010 power plant until 2013 EPC contract signed, Korinthos Power 436.6MW August 2011 Korinthos 290 261 works at site commenced Sep. 2009 The CHP plant’s commercial operations is imminent and only Volos CCGT 436.6MW January 2013 Volos 285 285 Licensing Phase subject to the completion of the new electricity codes RES Asset Summary

Installation Production Operational Applications Total The Viotia CCGT is under Licenses Licenses construction, with the Gross Attr. Gross Attr. Gross Attr. Gross Attr. Gross Attr. EPC c. 80% completed MW MW MW MW MW MW MW MW MW MW while construction for the Korinthos Power Wind 35.60 32.23 17.50 11.04 165.60 122.13 836.50 764.76 1,055.20 930.20 CCGT started in September 2009 Hydro 9.31 6.72 9.80 8.05 50.04 44.98 11.29 2.16 80.44 61.91

PV 0 0 0 0 0 0 30.60 27.72 30.60 27.72

Source: Company Information (1) The CHP is under commissioning and commercial operations is expected to commence October 2009 21 ENERGY - BUSINESS OUTLOOK

Mytilineos Group: 100%

CHP 334 MW ¾ The only Combined Heat & Power Plant constructed in Greece located inside AoG facilities in Viotia region, provides steam to the smelter and power to the grid. In operation since April, it is expected to enter full commercial operation in October 2009.

RES ¾ Acquired in 2008 by DONG ENERGY AS. 18 MW

Endesa Hellas JV: ENEL 50.01%– MG 49.99%

CCGT 444 MW ¾ The 1st CCGT plant is currently erected in Viotia region – Commercial Operation November 2010 .

RES ¾ 27 MW in full commercial operation and a number of (Wind parks, Hydroelectric Power Stations and 27 MW Photovoltaic Parks) of total capacity of over 1,000 MW.

¾ The 3rd CCGT power plant of the Group is scheduled to be constructed in Volos region and is expected to be CCGT 437 MW completed by January 2013.

Korinthos Power JV: MG 65% - MOTOR OIL (35%)

CCGT ¾The 2rd CCGT power plant of the Group. The construction started in September by METKA and is expected to 437 MW be fully operational by August 2011.

In Operation Under Constuction 1.6 GW Thermal by 2013. Pending EPC Contract 22 Largest IPP in Greece – Target market share c. 14% Source: Company Information. Areas of Activity EPC

23 EPC - INDUSTRY & MACRO ENVIRONMENT

Fundamentals Prospects

Greece • Tight supply – demand balance expected to • PPC Megalopolis 811MW CCGT – (contract continue despite new CCGT projects. awarded). • Majority of existing capacity is old and • EPC for continuation of the Group’s investment inefficient. program: 400MW IPP plant.

South-East • EU membership and convergence impose • SEE: 11,000 MW new capacity needed up to obligations for plant upgrades and/or closures. 2020. Rehabilitation of 11,500 MW of existing & Central • Years of under-investment. generation - €4.8bn** Europe, • Government support and relatively high level • Turkey: major investments in gas and indigenous Turkey of acceptance for nuclear. coal plants.

Middle East • Emphasis on mega-projects in the Gulf, several • Further opportunity in Syria. affected by global financial crisis. • Possibilities for conversion of open cycle plants to • Gas for power generation becoming scarce – combined cycle across the Middle East. increased need for fuel efficiency. • Numerous large Integrated Water & Power Plant • Environmental issues moving higher on the (IWPP) projects in the Gulf. agenda.

Developing • Despite global economic slow-down there is • Pakistan: multiple IPP projects under continued power demand growth in developing development. Countries countries. • Power shortages common. • Massive need for energy infrastructure investments, often on fast-track basis.

24 **Source: EC/World Bank, GIS for SEE report, 2004-05. EPC – INDUSTRY OUTLOOK

Credit Suisse Global Infrastructure Survey on investment plans evolution covering over 300 Utilities globally. Investments Plans over the next 12 months

• Economic downturn impacts investment plans. Main reasons given for delaying projects are Financing 35%, Price 24% & Regulatory Issues 24%.

• Evidence that interest on coal and nuclear powered generation equipment retreats and a shift is noticed towards natural gas and clean power technologies.

• Long term drivers such as the need to reduce carbon emissions, aging installed base and the industrialization of emerging economies remain intact. 25

Source: Credit Suisse. EPC – BUSINESS OUTLOOK METKA

Business Overview Financial Overview

9 METKA S.A., 56.6% owned by Mytilineos Holdings, is a € mil leading EPC Contractor with international profile. Turnover Analysis Energy Infrustructure Defence 9 Listed in the Athens Stock Exchange (ASE) since 1973. 350 9 METKA is involved in: – Energy 300

» Complete power plants: engineering, 250 procurement, construction (EPC) scope. » EPC Contractor or consortium with 200 technology suppliers. – Infrastructure 150 297 » Focus on technically demanding 100 212 196 infrastructure applications. 165 » Complex steel structures, mining & 50 61 minerals, port equipment, refinery & 27 3341 4248 40 23 petrochemical. 0 – Defence 2005 2006 2007 2008 Turnover EBITDA EAT % EBITDA » Manufacturing co-production with defence € mil majors. 450 30.0% » Land defence systems. Major supplier of the Hellenic Armed Forces. 400 24.0% 25.0% 350 20.7% Key Strengths 20.1% 300 20.0% 17.5% • Significant international presence. World class manufacturing capability with high value-added profile. 250 15.0% • Strong demand from developing countries. 200 381

• Strong backlog currently at €1.9 bn – Earnings Visibility & 150 295 284 10.0% Stability. 225 100 • Net Cash position – High cash flow generation. 5.0% 50 • Close ties with all world-class technology providers, 67 54 3761 4157 37 45 including GE, Alstom, Siemens etc. 0 0.0% • Three state-of-the-art facilities with 600 highly skilled and 2005 2006 2007 2008 experienced personnel with excellent know-how. 26 Source: Company Information. EPC - BACKLOG

Strong Backlog – Visibility – International Profile

¾ PPC: 417 MW in Aliveri, Natural Gas Fired combined PPC 32% cycle. Alstom sub supplier for the main equipment. Contract value of €219 m. PROJECTS ABROAD €1.9 bn ¾PPC: 811 MW in Megalopolis, Natural Gas Fired combined 45% cycle. GE sub supplier for the main equipment.

Contract value of €500 m (Contract awarded). MYTILINEOS GROUP ¾ ENDESA HELLAS : 430 MW in Ag. Nikolaos, Natural Gas OTHER 18% 5% Fired combined cycle. GE sub supplier for the main

equipment. Contract value of €232 m.

¾ OMV PETROM: 860 MW in Romania, Natural Gas Fired

€ mil Backlog - Sales Evolution combined cycle. 50-50 Consortium with GE. Contract

1,600 1,460 value of €210 m. 1,400 1,200 ¾ PEEGT: 700 MW in Syria, Natural Gas Fired combined 1,000 cycle. METKA leader of Consortium with Ansaldo. Contract 800 605 value of €650 m . 600 450 381 400 295 284 225 230 ¾ KORINTHOS POWER: 437 MW in Ag. Theodoroi, Natural 200 165 212 196 297 0 Gas Fired combined cycle. GE sub supplier for the main 2005 2006 2007 2008 equipment. Contract value of €285 m . Backlog Evolution Group Sales of which EPC Sales

27 Source: Company Information. Stock Data

28 STOCK DATA – MYTILINEOS HOLDINGS S.A.

Share Price Information Dividend Distribution Table

(€ mn) 2003 2004 2005 2006 2007 2008 ‰ Market Cap: € 714 mn ‰ Avg. Trading Value: € 1.9 mn Profit After Taxes 10.308 14.399 44.834 52.632 161.073 21.592 ‰ Total No of shares: 116,984,338 ‰ Free Float: 61% Total Dividend 4.052 8.104 16.208 24.312 59.662 11.698 ‰ Listing FTSE/ASE 20 FTSE INTERNATIONAL, Dividend Payout % 39.3% 56.3% 36.2% 46.2% 37.0% 54.2% MSCI Small Cap and HSBC Small Cap

Stock Symbols Dividend Per Share (€)

‰ ASE: MYTIL ‰ Reuters: MYTr.AT ‰ Bloomberg: MYTIL GA

Shareholder Structure 0.51 Greek Institutional Investors 13.2% 0.21 0.14 Mytilineos 0.10 0.03 0.07 Family 30.3% Retail 33.3% 0.02 2002 2003 2004 2005 2006 2007 2008 Dividend

Notes: Data as of 16 October 2009. Source: Company Information. Treasury Stock 8.9% Foreign Institutional 29 Investors 14.3% STOCK DATA – METKA S.A.

Share Price Information Dividend Distribution Table

(€ mn) 2003 2004 2005 2006 2007 2008 ‰ Market Cap: € 496 mn ‰ Avg. Trading Value: € 0.5 mn Profit After Taxes 11.202 16.371 34.339 40.764 37.288 44.785 ‰ Total No of shares: 51,950,600 ‰ Free Float: 43.0% Total Dividend 8.312 10.390 15.585 20.780 25.975 20.780 ‰ Listing FTSE/ASE Mid-40,FTSE INTERNATIONAL, Dividend Payout % 74.2% 63.5% 45.4% 51.0% 69.7% 46.4% MSCI Small Cap and HSBC Small Cap

Stock Symbols Dividend Per Share (€)

‰ ASE: METK ‰ Reuters: MTKr.AT ‰ Bloomberg: METTK GA Capital Return 1.35 Shareholder Structure

Retail 11.9% Mytilineos Holdings Greek 57.0% Institutional Investors 0.50 13.8% 0.40 0.40 0.30 0.20 Foreign 0.16 0.16 Institutional Investors 17.3% 2002 2003 2004 2005 2006 2007 2008 Notes: Data as of 16 October 2009. 30 Source: Company Information. Dividend Summary

31 STRATEGY Strategic Focus

• Bauxite Residue Explore investment Treatment Facility. opportunities in SE • Aluminum Wagstaf - Europe, North Africa, Enhancement of the Final Product. Middle East through Growth organic growth • CAPEX in the Energy and/or acquisitions Options Sector over € 1bn in all sectors of within the next 3 activity. years.

EBITDA margins Project • Largest vertical integrated around 14% and Pipeline Alumina and Aluminum EBITDA over € 100 producer in SE Europe. mil. • CHP Plant 334MW. • RES 45 MW. Fianancial Strength • 444 MW / 437 MW and Discipline CCGT’s (under construction). • World – class manufacturing capabilities in EPC. Awards and recognition for Significant Assets community safety and environment. Very valuable operating assets. 3,000 employees, Licence to Operate operations and project contractors.

People 32 Source: Company Information. SUMMARY

Investment Highlights

‰ With a well balanced business portfolio the Group is well placed:

ƒ To benefit from the imminent liberalization of the domestic energy market.

ƒ To benefit from the massive need for energy infrastructure investments in the wider SE Europe region.

ƒ Recovery of Commodity Prices with the establishment of the new business cycle.

‰ Good organic growth potential in all areas of activities to maintain strong cash flows and support future CAPEX.

‰ Attractive Debt/Equity ratio to support further expansion.

‰ Secured funding for executing the Group’s demanding investment plan - bond loan up to €465 mil. issued in August 2008.

‰ Effective risk management against FX and Commodities price fluctuations secures medium term profitability supporting also Cash flows.

‰ Successful management’s track record in value creation through a series of value enhancing deals.

33 Source: Company Information. CONTACT INFORMATION

Nikos Kontos Dimitris Katralis Group Investor Relations Officer Financial Analyst Email: [email protected] Email:[email protected] Tel: +30-210-6877395 Tel: +30-210-6877476 Fax: +30-210-6877400 Fax: +30-210-6877400

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

34