ELLAKTOR Group: Positioned for Growth

GROWTH4ELLAKTOR

Investor Presentation 10th December 2020 1. ELLAKTOR Group at a Glance Contents

1 ELLAKTOR Group at a Glance

2 Business Overview and Growth Prospects

3 Share Capital Increase: Framework and Timeline

2 ELLAKTOR’s has evolved over the years 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 concessions Acquired additional 6.5% stake AKTOR construction project signed awarded in in (increasing total business stake to 65.75%)

1950s 1996 2008 2018

2001 2003 2019 2019 2020 2020 Entry into Entry into Acquired Expansion Signed the Signed strategic Renewable environment remaining stake in of Smart 40+10 year agreement with Energy segment previously listed Park Alimos EDPR for the joint Segment RES business Marina development of a (‘RES’) (achieving 100% concession 900MW wind park ownership) portfolio

3 Further diversification into high growth verticals

Concessions Renewables Environment Real Estate

3 ELLAKTOR Group at a glance – A leading player in all segments

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

Concessions Renewables Environment Construction Real Estate

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

• Pioneered first concessions • 491MW, 24 wind parks, 1 • 70 years of expertise with • Market leader in Greece • Operator of the largest Key in Greece small hydro and 1 solar PV unique experience and • 36 total reference facilities/ Retail Park in Greece highlights • Concessionaire in 5 out of 7 • Total planned capacity of know how projects • Significant land portfolio key toll roads in Greece 579MW by 2021E • €1.6bn of backlog (30/9/20)

Largest Second largest Largest Largest One of the largest Position Concessionaire in Greece RES producer in Greece player in Greece player in Greece developers in Greece

Ownership 100% 100% 94.4% 100% 55.5%

4 A fully developed portfolio of critical infrastructure assets in Greece

Significant investment over the last 2 decades, establishing a high quality asset base with c. €3bn total assets 1

x4

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

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

76.8 Thessaloniki

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

1As at 30.09.2020 5 Since the onset of COVID-19 pandemic, ELLAKTOR’s key priority is to ensure the safety of its employees and the broader community, while ensuring business continuity

COVID-19 Pandemic Response COVID-19 Pandemic Impact to date

The Group has introduced and implemented a new • Slight delays in the execution and certification of project works, as well as in the operational framework, with the below indicative measures: collection of expected claims • The contracting process of new projects has taken slightly longer than anticipated • Set up a dedicated task force with team members Construction from Health and Safety, HR, Administration and IT • No major impact on financial results • Enhancement of “smart” working through adoption of • Following the gradual lifting of the lockdown on May 4th 2020, traffic volumes in Attiki enabling IT solutions (e.g. remote working, flexible Odos show clear signs of recovery until August (yoy: Apr.’20 -72%, May’20 -37%, Jun.’20 - workforce planning procedures, virtual meetings and 16%, Jul.’20 -9%, Aug.’20 -7%). Additional measures followed in September causing new travel policies) to minimize face to face further downward pressure on traffic volumes (-12% and -13% in Sept and Oct) interactions • Revenue was decreased by ~18% compared to 9m 2019 Concessions • No impact on liquidity and debt servicing obligations • Have conducted more than 6,000 tests so far for Group employees for the new COVID-19 virus • No operational or financial impact recorder so far • Special provisions for employees in high risk groups • Potential risk associated with delays in collections • Enhance health and hygiene in the workplace through RES a new ventilation system, regular disinfections alongside providing health and safety equipment to all • Limited impact recorded so far employees (e.g. facemasks, sanitary disposal bins and • Potential risks associated with delays in the implementation design & planning of future alcohol based hand sanitizers) Environment waste management infrastructure projects in Greece • Contingency planning in the eventuality of a confirmed case in the workplace • The imposed reduction on rents by 40% remains • Despite the significant impact of COVID-19 and the lockdown measures on the economy, • Regular communication with all employees to update Real Estate footfall at Smart Park grew by 10% in Q3 ’20 compared to Q3 ‘19, while Revenue and them on latest developments, including national and EBITDA also grew significantly European legislation Adjusted (1) EBITDA improvement for all segments in Q3 2020 yoy, despite impact from COVID-19

(1) Adjusted EBITDA for restructuring costs in Construction 6 2. Business Overview & Growth Prospects In September 2018, ELLAKTOR started a transformation journey, aiming to unleash its potential and generate long-term value for its shareholders

ELLAKTOR’s Transformation has been based on a solid 3-phase plan with clear objectives, driven by a set of critical implementation enablers

C Positioned for growth

B Improve the business

Exit legacy loss-making A Long-term activities shareholder Sept. 2018 – H2 2020 value creation By H2 2021 By Η2 2022

1 2 Transformation of Operating 3 Best in Class Model and Alignment of New Strategic Plan Corporate Governance Stakeholders’ Interests

8 Significant structural changes were implemented in Phase A towards enhancing corporate governance, revamping risk management culture, as well as synergies’ exploitation and stopping value leakage

A Exit legacy loss-making activities Sept 2018 – H2 2020

1 2 3 Transformation of Operating Model and Best in Class Corporate Governance New Strategic Plan Alignment of Stakeholders’ Interests • Corporate Governance Reforms • New Corporate Structure • Concessions: Stake in Attiki Odos increased to - Update of Internal Regulation Code and of • Entire C-suite set up (CFO, CRO, CHR, CIO, CLO) 65.8%; Alimos Marina 40 year concession won Corporate Governance Code • Renewables: Installed capacity grew by 35% to • New Delegation of Authorities framework - Action Plan for strengthening the 491MW New organizational structure in Construction and Compliance Framework approved by BoD • • Environment: acquisition of 75% stake in ASA effective release of personnel - Nomination & Remuneration Committee as Recycle (60k tons annual capacity) well as Compliance & Sustainability • Redesign of critical processes at Group & BU level, • Real Estate: Increase total commercial tenancy Committee established in Feb 2019 with special focus on Construction (tendering/ area of Smart Park by 40% to 53k sqm bidding, planning & control contract management, Construction: cash flow management) • ISS Scoring 09/2019 06/2017 - New strategy focussing on Greece & Romania • Redesign and implementation of critical HR and selectively in Qatar (FM) Corporate policies - 5 8 - Disengaging from international PVs and loss- Governance • Enhancement of IT governance & security, launch Environment 4 n/a making projects - of digital transformation and new applications 1 10 Best Worse

Strategic alignment, avoidance of potential Significant improvement rating on Corporate Accountability and operational efficiency, reliable processes/ systems and tools, extra losses, improved performance of RES Governance by ISS promotion of performance based culture & Concession segments

9 Special focus was given to Construction - the new organizational structure, along with the redesign of critical processes significantly improved the effectiveness of AKTOR’s operating model

A Exit legacy loss-making activities Sept 2018 – H2 2020

Re-organization of Construction segment Critical processes Re-Design

• New organisational structure put in place • Bidding process overhaul - Unified • Set-up of Contract Management Department based on current and future business procedure for tenders’ analysis and Contract needs, as well as critical capabilities facilitation of decision making process (Go Management • Continuous and systematic monitoring of /No Go, Bid/ No Bid and KPIs setting) company’s claims status on a monthly basis • Establishment of missing core Functions Tendering/ • Unified system for participation (such as Project Planning, Cost Control, Bidding assessment, contractual and risk analysis in • Set-up of Projects’ Time Management & Contract Management and Procurement) tender phase and bid development Budgeting, as well as Cost Control teams and staffing of new Functions with highly • Set-up of Committee for bids review/ • New budgeting process in place, focussing skilled personnel on cash flow management decision making Project Control • Improved span of control and • Establishment of monthly reporting on a accountability • Establishment of procedures for: project basis, e.g. Monitoring of Cost and Time deviations, updated Cash flow, Claim ‒ Monitoring of project‘s designs/ • Enhanced communication and cooperation & Variation management across Functions, as well as at Group level studies ‒ Quantity surveying and invoicing • E&M business model restructuring: Cost • Effective release of personnel linked with Project Management ‒ Human resource management Centre set-up , aiming at improving projects’ completion rate and optimization based on project financial performance, synergies & service needs Equipment & level ‒ Equipment management Maintenance • Centralized management of equipment (E&M) utilising SAP • New Project Planning Department that • Centralisation of spare parts’ procurement Project Planning is cooperating with Cost Control team & • Monitoring & evaluation of drivers & new processes in place machinery operators

10 Phase B, is focusing on business improvement & the turnaround of the Construction Business Unit …

B Improve the business H1 2020 – H2 2021

1 2 3 Transformation of Operating Model and Best in Class Corporate Governance Alignment of Stakeholders’ Interests New Strategic Plan • Best in Class model: • Centralisation of support functions at Group level • Adjusted (1) EBITDA improvement for all segments in - ExCo (new) set-up at Group level through a “Shared Services Model”, generating Q3 2020 yoy, despite the impact from Covid-19 significant synergies - BoDs (new) set-up per segment (3members • Diversifying the Concessions portfolio, with Alimos from the Group + CEO & CFO from each • Set-up of Group Procurement aiming to reduce Marina, and participating in all major ongoing segment) costs tenders (e.g. Egnatia Odos, North Road Axis in Crete, Salamis Submarine Tunnel) - ExCo (new) set-up per segment • Enhancement of cash flow management procedures • RES signed a strategic agreement with EDP • ELLAKTOR further improved its ranking in ISS Renewables on the joint development of a 900MW governance scale to 2 versus 8 (6/2017) • Establishment of centralized insurance coverage management wind park portfolio ISS Scoring 09/2020 06/2017 • Implementation of performance management • Environment is well positioned to capitalize on system upcoming growth opportunities in relation to PPPs Corporate - 2 8 in Greece (Attica, Thes/ki and other urban areas) Governance • Progress with digitization, process automation & • Real Estate is carrying out the real estate - Environment 3 n/a integrated IT systems to improve productivity levels development for the Alimos Marina and proceeding - Society 4 n/a with the preparation needed for Cambas Park • Minimisation of COVID-19 impact to Group’s 1 10 financial performance • The restructuring of Construction and the wind- Best Worse down of branches in non-core markets are underway

(1) Adjusted EBITDA for restructuring costs in Construction

11 … following the launch & implementation of a €100m benefits generation Programme from AKTOR by 2023 The Programme is on track, expected to deliver higher benefits than originally planned

B Improve the business H1 2020 – H2 2021

Key Objectives of AKTOR Dimensions of Transformation Programme & Est. Upside Est. Benefits 2020 – 2023 & Actual Results Transformation Programme

1 Adjust cost base to current size of the ~€30m -0.9 business, while securing flexibility for potential -4.6 Procurement Excellence -6.5 till end -8.5 the future -10.3 • ‘23 • Improve operating model and Establishment of a Group Procurement function (supply 2020 2021 2022 2023 centralization, streamlining of suppliers, frame agreements) achieve cost efficiencies 2 (1) 0.5 • Gradually align compensation & ~€20m Rationalisation of payroll cost -1.4 benefits levels to market based till end ‘23 -5.7 benchmarks – while remaining -6.7 -6.5 • Salaries’ reductions and rationalization of fringe competitive, link pay with 2020 2021 2022 2023 benefits (mobile phone | cars | fuel) performance and shift towards 3 3.5 variable compensation ~€12m 0.2 Best Practice Organisational Model • Streamline organizational till end ‘23 structure, improve effectiveness -4.7 • Implementation of a “Voluntary Exit Scheme” and a -5.1 -5.3 and enhance controls through a 2020 2021 2022 2023 revised Chart of Authorities “Retirement Scheme” 4 29.0 27.3 • Re-direct investments of Disposal of non-operating assets and participations > 38m available fixed/ investment till end 9.0 assets towards core activities ‘23 • Collection of receivables, disposal of participations/ financial 2020 2021 2022 2023 assets, buildings’ and land disposal in Greece and abroad (1) Salary reductions were effective as of Sept 1st. The cost reduction was offset by one-off Estimate Actual till end of Sept. ’20 compensation costs occurred as a result of layoffs that were implemented in August & September. The benefit of layoffs will materialize in Q4 ’20. 12 The financing needs of Construction segment from ELLAKTOR Group are gradually declining, as its operating cash flow position is improving

B Improve the business H1 2020 – H2 2021

Financing from ELLAKTOR Group and Operating Cash Flow (€m) Evolution of Construction Operating Cash Flow – Greece (€m) 2020 2019 40 100 Constant 20 8.6 26.5 improvement -9.1 between 2019 0 61.9 and 2020, on a -20 -10.7 like for like 50 40.0 -45.0 basis 37.5 -40 -24.2 (taking into 17.5 15.0 -60 consideration 10.0 -60.5 the seasonality 0.0 -80 effects) 00 Q1 Q2 Q3 Q4 -2.0

-55.7 -55.9 -20.1 -22.8 -82.8 -79.0 Evolution of Construction Operating Cash Flow – International (€m) -50 0 Gradual -10.6 -13.7 recovery of -10 international -22.3 performance, -20 -100 particularly -31.6 -30 -34.1 following the Q1 ‘19 Q2 ‘19 Q3 ‘19 Q4 ‘19 Q1 ‘20 Q2 ‘20 Q3 ‘20 -45.2 financing of -40 -46.6 PVs recognized Financing from ELLAKTOR Group Operating Cash Flow of Construction segment losses in the -50 end of 2019 Q1’19 Q2’19 Q3’19 Q4’19 Q1’20 Q2’20 Q3’20

13 Key priority by Q1 ’21, is to secure the required funds – over and above AKTOR’s funding needs – which will ensure full resolution of AKTOR’s liquidity issues …

B Improve the business H1 2020 – H2 2021 Resolving AKTOR’s liquidity issues

• Based on AKTOR’s restructuring plan FY20-23, there is a funding need of Coverage of AKTOR’s financing needs (€m) The new Bank Loan will €41m to mainly implement the strategic decision to exit the non-profitable further increase AKTOR’s businesses, so that Greek and Romanian projects are self-funded and funding surplus profitable. • This funding need includes recognized losses of ~€35m(1) that need to be gradually financed by the end of H1 2021 and are related to international … PVs activity. Thereafter, AKTOR is projected to be cash flow positive during 34 the business plan period + • Since the restructuring plan FY20-23 ELLAKTOR has already supported AKTOR with a €20m (in Sept. and Oct. 2020), while additional €15m are 40 underway (total €35m) • Additional funds to become available to AKTOR through ELLAKTOR’s share capital increase & a bank loan 35 • Rigorous implementation of AKTOR’s Transformation Programme • Continuous reshaping of AKTOR’s project portfolio: emphasis on the run- -41 down of legacy unprofitable projects vs. pipeline with improved profitability • Capabilities' enhancement and strengthening of AKTOR’s Management Team AKTOR’s Injection from ELLAKTOR AKTOR’s AKTOR’s new funding need ELLAKTOR share capital Funding Bank Loan (1) Total recognised losses of international PVs activity amount to ~€139m, out of which €104m have already been financed. increase Surplus Request

14 … as well as provide the Group with the required flexibility and funding to proceed with its growth strategy and investment plan

B Improve the business H1 2020 – H2 2021 Securing additional funds for the Group

The additional funding will allow Re-leveraging of existing ELLAKTOR to pursue a set of critical RES portfolio growth opportunities in the future: • Bidding for large-scale concessions projects in Greece … • Upcoming opportunities in PPPs ELLAKTOR’s share capital in Greece increase • Expansion of RES portfolio through further wind parks’ 52 + 9 acquisitions, as well as 61 opportunities in other RES Attiki Odos cash position technologies optimisation • Development of Cambas Park Attiki Odos ELLAKTOR Share ELLAKTOR RES Top-Up from cash position Capital Increase Funding Surplus existing projects optimisation (1)

(1) €9m of additional share capital increase, on top the €40m provided to AKTOR 15 From H1 2021 onwards, ELLAKTOR will be optimizing its portfolio for sustainability and profitability achieving an improved risk-reward ratio The next 2 years ELLAKTOR will be C Positioned for growth Η1 2021 – Η2 2022 reshaping its portfolio and accelerating for growth Concessions Renewables

• Completion of Alimos Marina • Focus on timely completion of development current investment plan Adjusted EBITDA (€m) • Enhance portfolio by at least one • Scale-Up faster and formulate an more motorway attractive portfolio with EDPR as a • Prepare for new bid on Attiki Odos Strategic Partner 300 • Leverage experience to expand in • Achieve further growth through technology diversification (PVs) new sectors (e.g. toll operations) 250

Environment Construction & FM Real Estate 200

• Capitalize leading position to grow • Capitalize on superior expertise • Develop Cambas Park 150 143 136 in line with the market, as Greece and know-how on infrastructure • Develop ex-Pegassus needs to urgently proceed with projects combined with positive building 100 new infrastructure to comply with outlook of the sector due to EU • Selectively invest in new 81 EU waste management legislation Next Generation Fund 38% real estate assets 54 • Investments to be launched in the deployment 50 39 next 5-year period are expected to • Invest in processes digitalization reach €2b for the treatment of to improve productivity & approximately 4mn tons of efficiency 0 FY 2018 FY 2019 9m 2020 Q3 2019 Q3 2020 municipal waste • Expand FM service portfolio (e.g. • Enhance R&D and explore new “intelligent building, “multi- technologies service” contracts)

16 3. Share Capital Increase: Framework & Timeline

ELLAKTOR Group 2018 - 2020 Delivering on our promises Share Capital Increase (SCI) – Use of Funds Raised

The total funds of €50.4m minus the relative expenses that will be raised from the Share Capital Increase (SCI) will be used:

• An amount of €9.6m (1) will be used by ELLAKTOR to finance new investments in RES

• An amount of €40.8m (1) will be used through a capital increase, to cover the capital requirements in Construction pillar, AKTOR SA. In more details:

- An amount of €20m (1) will cover liabilities which arose from exiting international PVs and loss-making projects

- An amount of €20.8m (1) will be used to accelerate payments to the Greek market

(1) Minus the relative expenses 18 Share Capital Increase (SCI) – Indicative Key Dates

Period for exercise of New shares EGM Pre-emption & Oversubscription right trading start 07/01/21 date Ex – rights date

Mar ‘21

BoD Prospectus Trading of 10/12/20 Approval Pre-emption right start Trading of date Pre-emption right end date

Note: The timeline is subject to Regulatory approval

19 20