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Group Presentation Group Presentation February 2012 Key Investment highlights Leading infrastructure player in Greece with an increasing international footprint Healthy capital Well-balanced diversified structure portfolio of activities Significant growth Unrivalled construction prospects from knowhow (backlog participation in European c.€2.5bn) Goldfields / Hellas Gold Strong expected dividend Growth prospects in Waste stream from mature Management and concessions (Attiki Odos, Renewable Energy Rio Antirio bridge) Recent developments New developments regarding European Goldfields (“EGU”) ELLAKTOR sold a stake 7.07 to Qatar Holding (October 2011) European Goldfields (“EGU”) agreed to proceed to a transaction with Eldorado Gold (“ELD”) (December 2011) The exchange ratio is 0.85 shares of ELD for each EGU share The transaction values EGU at appr . C$2.5 billion, based on the closing price of ELD on TSX on 16 th December 2011 The transaction requires the approval of EGU‘s and ELD’s Extraordinary General Meetings (February 2012) Working towards resolving the issues of the suspended BOT projects of Olympia Odos and Aegean Motorway Arranging the financing of the awarded PPP waste management project at St Petersburg 9eld0029 3 Table of contents 1. Group overview Pages 5~8 2. Undisputed leader in the Greek construction sector Pages 9~11 3. Leading player in Greek concessions Pages 12~15 4. Market leader in Waste Management Services Pages 16~18 5. Significant growth prospects in the Energy sector Pages 19~21 6. Real Estate & Other Investments Pages 22~23 7. Group financials & Shareholder information Pages 24~29 9eld0029 4 Key milestones in the ELLAKTOR Group history 1950’s & Establishment of TEB, ELLINIKI TECHNODOMIKI and AKTOR 1960’s 1996 Concession for ATTIKI ODOS and RION-ANTIRION Bridge signed 1999 Merger of TEB, ELLINIKI TECHNODOMIKI and AKTOR 2000 Entry in the Renewable Energy sector (ELTECH ANEMOS) Construction activities spun-off under AKTOR 2002 Set up of the Real Estate arm of the Group: REDS Acquisition of a stake in MONT PARNES CASINO 2003 Entry in the Waste Management sector (HELECTOR) Acquisition of a stake in HELLAS GOLD 2004 First construction contracts awarded in Romania and the Middle East (Kuwait) Establishment of AKTOR, subsidiary in the Middle East area 2005 Acquisition of HERHOF by HELECTOR Participation in 3 out of 5 concession projects awarded in Greece 2007 Acquisition of PANTECHNIKI, leading to controlling stake in ATTIKI ODOS (59.2%) Concession activities spun off as AKTOR CONCESSIONS Swapped a 30% stake in HELLAS GOLD with a 20% stake in EUROREAN GOLDFIELDS Change of name from ELLINIKI TECHNODOMIKI TEB SA to ELLAKTOR SA 2008 Commencement of MOREAS, OLYMPIA ODOS and AEGEAN MOTORWAY concessions HELECTOR SA - AKTOR SA - AKTOR CONCESSIONS SA has signed contract for the project ‘Construction and Operation of the Household Waste Management System in Saint Petersburg‘ 2011 Final EIS (Environmental Impact Study, which concerns HELLAS GOLD mining) has been approved by the Ministry of Environment & Climate Change, on 26th of July 2011, sale of a 7.07% stake in EGU to Qatar Holding (Oct.2011) European Goldfields (“EGU”) agreed to proceed to a transaction with Eldorado Gold (“ELD”) (Dec. 2011) 9eld0029 5 Ellaktor Group organisational structure Waste Construction Concessions Energy Real estate Other holdings management 100% 86% 21.95% (2) 15.3% 100% 80% ELLINIKI 55.46% 16.6% HELLENIC AKTOR ELPEDISON AKTOR SA HELECTOR SA TECHNODOMIKI REDS HELLAS GOLD CASINO OF CONCESSIONS ANEMOS POWER PARNITHA (1) 100% 100% HELLENIC QUARRIES BIOSAR Additional Leader in Greece Significant No 1 in Greece No 1 in Greece significant real Hidden values & Cyprus growth prospects estate portfolio 3,916 full time employees with activities in more than 14 countries Listed on the ASE with a market capitalization of ~ € 255 ml (3) (1) Indirect participation via AKTOR (2) Direct and indirect participation (via AKTOR) (3) As of 8th of February 2012 Ellaktor is the leading, diversified, regional infrastructure player 9eld0029 6 Ellaktor Group key financials 2008-2010 & 9M 2011 (Amounts in €m) Revenues EBIT 233 2.500 2.269 250 218 1.913 2.000 1.753 200 151 1.500 1.302 150 119 968 1.000 100 36 500 50 0 0 2008 2009 2010 9Μ10 9M11 2008 2009 2010 9Μ10 9M11 Profit Before Tax Net profit after Minorities 200 175 120 9 95 150 172 100 9 80 100 60 166 89 40 86 50 72 65 20 8 0 0 1 -20 -11 -50 -40 -36 2008 2009 2010 9Μ10 9M11 -60 2008 2009 2010 9Μ10 9M11 9eld0029 7 Ellaktor Group key financials 2008-2010 & 9M 2011 (continued) (Amounts in €m) Total assets Total equity 6.000 1.300 1.259 4.307 4.259 1.240 3.880 4.096 1.250 4.000 1.200 1.182 1.176 2.000 1.150 0 1.100 2008 2009 2010 30/9/2011 2008 2009 2010 30/9/2011 Net debt Corporate net debt (1) 700 665 1.000 915 931 600 564 742 800 500 372 600 492 400 300 400 175 200 200 100 0 0 2008 2009 2010 30/9/2011 2008 2009 2010 30/9/2011 Notes : (1) Excluding debt and cash / cash equivalents of non recourse BOT related projects 9eld0029 8 Construction segment overview 54% 60 years in construction AKTOR SA , (a 100% subsidiary), is the 24% undisputed market leader in Greece with unmatched technical know-how Emphasis on building our international backlog 19% also due to the current Greek sovereign debt crisis 2% ~ 40 % of backlog is in the Middle East and South East Europe 1% Key priorities Improving operating margins Revenues include all Groups’ activities Re-starting the BOT projects (Olympia Odos and Aegean Motorway) Significant prospects from EGU development of the Kassandra goldmines Construction of Photovoltaics (through BIOSAR ENERGY SA); current backlog of € 243 ml (30/09/2011) FY2010 revenues : € 1.36bn 9M2011 revenues : € 688 ml 9eld0029 9 Construction backlog at € 2.5 bn as of 30.09.2011 (1) …with another ~235 ml of projects that remain to be signed Aktor’s backlog (€ml, 30 September 2011) Backlog by geography 3.000 1,025 2,546 2.500 International 638 638 Greece 2.000 40% 60% 387 561 1.500 732 146 561 1.000 Backlog Evolution (€ml) 171 1347 500 643 6.000 5.050 5.000 4.300 0 3.900 (2) Infrastructure Concessions Private International Total Backlog 4.000 3.172 Projects related Projects 3.000 2.471 2.546 Projects currently on hold 2.100 Olympia & Aegean Motorways 2.000 Oman Project 1.000 660 Notes: (1) HELECTOR has construction backlog of ~ € 189 ml which is not included in the backlog of 0 € 2.5 bn (~ € 150 ml from St Petersburg Project and ~ € 39 ml from other projects) (2) Includes BIOSAR ENERGY backlog of ~ € 243 ml 2004 2005 2006 2007 2008 2009 2010 9M 2011 9eld0029 10 Construction Backlog : Selective projects Key current Greek projects Key current International projects Project Participation Amount Project Participation Amount (%) (€ml) (%) (€ml) ERGOSE Project – Lianokladi - Domokos 100% 79 Tunnel in the road section Tirane – Elbasan (ALB) 100% 56 Distribution networks PPC 100% 41 Design & Build of National Road 18 BAIA (RO) 100% 43 Aposelemi Dam 100% 18 Thrakia Ring Road Nova Zagora-Yambol (BG) 100% 31 Psittaleia STP: Operation and Maintenance 48% 34 Expansion of Macedonia airport 30% 14 Highway Section Crvena Reca-Ciflic (SR) 100% 44 North Road section in Crete 100% 15 Highway Srpska Kuca-Donji Neradovac (SR) 100% 21 SE Europe SE Waste pipe east & west sector in Thriasio 100% 14 Waste processing plant in Saint Petersburg (RU) 30% 65 1st Pfase of the 2nd Landfill in Fyli (Attiki) 78% 12 AES Solar Bulgaria Labrinovo Biosar (BG) 100% 136 Fuel pipe in Suda (Crete) 100% 13 InfrastructureInfrastructureProjects Projects 3 Undergraund Parking Station 100% 13 Tunnel in Kiato –Aigio (Peloponnese) 100% 8 New generation access networks OTE 50% 13 Project Participation Amount (%) (€ml) Chalkida General Hospital 75% 35 Blue City (Oman) 50% 638 Three level Building Complex in Paiania (Attiki ) 100% 26 New Doha Airport (Qatar) 40% 38 National Museum of modern art 100% 26 Projects Building Airport Expansion Building in Ioannina 48% 16 Tower (headquarters) of the IBQ (Qatar) 50% 50 Gulf Region Gulf Fujairah Freeway (UAE) 100% 12 Korinthos – Tripoli – Kalamata (Moreas) 71.67% 171 1st Ring Roads (Kuwait) 50% 7 Elefsina – Patra – Tsakona (Olympia) 17% 485 BOT Maliakos – Kleidi (Aegean) 19.3% 76 9eld0029 11 Concessions segment overview AKTOR CONCESSIONS S.A. , a 100% subsidiary of ELLAKTOR, is the largest concession holder in Greece Holds mature assets (59.2% in Attiki Odos and 22.0% in Rion-Antirrion Bridge) Participates in three major concession projects under construction in Greece (Moreas, Olympia Odos and Aegean Motorway) Participates in concessions of 6,800 parking Aiming to internationalise our concession portfolio spaces (5,000 already in operation) mostly in partnership with international Reinitiating the BOT projects of Olympia Odos and players Aegean Motorway (currently suspended) is a key priority awarded (with HELECTOR) a PPP mandate for a waste management plant in St. Petersburg, Russia (currently arranging the financing) No significant progress is expected in new Greek BOT or PPP projects before the Greek sovereign debt crisis is addressed Preferred Bidder for the Police Department headquarters in Piraeus (€40ml construction budget) 9eld0029 12 Overview of ELLAKTOR’s Concession portfolio Ioannina Larissa Trikala Aegean Motorway Igoumenitsa (Maliakos – Klidi Highway) Karditsa Lamia • Under construction • €1,300ml budget • 20% stake Gefyra Attiki Odos Patra Aegio Athens (Rion – Antirrion Bridge) Korinthos (Athens Ring Road ) • In operation since 2004 • In operation since 2000 • €839ml budget Tripoli • €1,244ml budget •
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