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Investor Presentation June 2017 Table of Contents 2

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Investor Presentation June 2017 Table of Contents 2 Investor Presentation June 2017 Table of Contents 2 Page Section 1: Group overview 3 Section 2: Portfolio companies 18 Attica Group 26 Vivartia 36 Hygeia Group 48 SingularLogic 59 Hilton Cyprus 66 RKB 68 Section 3: Financial Statement information 71 Appendix: Management biographies 84 Section 1 Group Overview MIG at a snapshot 4 High-quality portfolio of leading companies across key defensive sectors Net Asset Value (NAV) (2016) €666m Group Assets (2016) €2,715m NAV per share (2016) €0.71 Group Net Fixed Assets (2016) €1,134m Group Revenues (2016) €1,104 EBITDA Business Operations (1) (2016) €172m Group Gross Debt (€m) (2016) €1,674m EBITDA Consolidated (2016) €134m Tourism & Transportation Food & Dairy Healthcare Real Estate IT (32% of GAV) (32% of GAV) (15% of GAV) (15% of GAV) Leisure (2% of GAV) (4% of GAV) March 2017: MIG announced the sale of its entire stake in Sunce Koncern d.d. (1) EBITDA Business Operations = Group EBITDA excl. holding companies, provisions beyond normal course of business (€15m impairment of trade receivables from Marinopoulos group), gains/losses from the sale of investment property, fixed & intangible assets & revaluation of investment property Highly diversified operations across attractive sectors 5 Revenue breakdown (2016 data) EBITDA breakdown (2016 data) Gross Asset Value breakdown (2016 data) 4% 11% 19% 3% 27% 21% 32% 2% 18% 51% 15% 24% 41% 32% Food & Dairy Transportation Healthcare IT Other (Real Estate, Leisure) 2014 2015 2016 (in €m) 2014 2015 2016 2014 2015 2016 Group Sales (€m) 1,117 1,143 1,104 EBITDA Business Ops 1 89 163 172 Gross Asset Value (€m) 1,534 1,480 1,381 % margin 8.0% 14.2% 15.6% y-o-y chg (%) +4% +2% -3% GroupGross Debt (€m) 1,752 1,693 1,674 EBITDA Consolidated 66 125 134 3 NAV (€m) 923 783 666 Greek GDP 2 0.4% -0.3% -0.1% y-o-y chg (%) % margin 5.9% 10.9% 12.1% NAV pershare (€) 0.98 0.83 0.71 (1) EBITDA Business Operations = Group EBITDA excl. holding companies, provisions beyond normal course of business (e.g. impairment of trade receivables from Marinopoulos group), gains/losses from the sale of investment property, fixed & intangible assets & revaluation of investment property (2) Seasonally-adjusted GDP (ELSTAT) (3) Includes €15m impairment of receivables from Marinopoulos group (provisions beyond normal course of business) An important pillar of the Greek economy 6 Note: 2016 data Top-10 Greek listed companies by Sales (€bn) (2016) #1 producer of Leading dairy, frozen #1 hospital passenger 6.7 vegetables and group with ferry operator 6.4 dough 1,219 beds in East products Mediterranean 5.0 485,000 15 ferries 3.9 Key Highlights #1 dairy outpatients covering the distributor per annum busiest routes 1.9 1.5 #1 branded 1.4 1.3 1.2 Vessels net 1.1 QSR & coffee 4 state-of-the- book value chain (518 POS art hospitals €546m in Greece) Top-10 Greek listed companies by Employees (‘000) (2016) Employees 5,133 3,213 1,058 21.1 18.9 Revenue €572m €228m €269m 10.3 Assets €813m €429m €694m 5.9 5.5 5.1 5.0 2.7 2.3 2.0 A proxy for the Greek macro recovery 7 Group Sales vs Greek GDP evolution MIG €1.19bn €1.14bn €1.07bn €1.12bn €1.14bn €1.10bn Sales 102 100 1.8% 98 GDP (Δ y-o-y) 2.0% 95 2.2% 92 100 91 2.7% 96 96 94 88 87 93 2.2% 90 86 85 85 2011 2012 2013 2014 2015 2016 2017e 2018e 2019e 2020e 2021e MIG Sales GDP Base year 2011 (=100) | MIG Sales: like-for-like for the investment portfolio composition as of 31.12.2016 (i.e. excluding sold companies) Greek GDP forecasts based on IMF World Economic Outlook April 2017 Significant EBITDA turnaround, despite adverse trading conditions 8 Rolling 12M Sales (€m) 1,189 1,143 1,141 1,139 1,136 1,130 1,117 1,100 1,104 1,082 1,072 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 176 172 (€m) Rolling 12M EBITDA* 162 131 89 51 32 28 24 13 12 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Figures presented above are like-for-like for the investment portfolio composition as of 31.12.2016 * EBITDA Business Operations = Group EBITDA excl. holding companies, provisions beyond normal course of business (e.g. impairment of trade receivables from Marinopoulos group), gains/losses from the sale of investment property, fixed & intangible assets & revaluation of investment property Ongoing cost rationalisation supports EBITDA turnaround 9 Rolling 12M Sales Rolling 12M COGS & OPEX (€m) 1,189 1,176 1,143 1,141 1,139 1,136 1,130 1,117 1,129 1,100 1,104 1,112 1,082 1,072 1,077 1,040 Widening operating “jaws” 1,031 1,028 (operating leverage) 1,006 980 954 931 Jun-16 Jun-15 Jun-14 Jun-13 Jun-12 Sep-16 Sep-15 Sep-14 Sep-13 Sep-12 Dec-15 Dec-14 Dec-13 Dec-12 Dec-11 Dec-16 Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 COGS & OPEX figures: (i) excluding depreciation charges (non-cash item) and (ii) like-for-like for the investment portfolio composition as of 31.12.2016 Cost rationalisation has generated €246m savings since 2011 10 Group Consolidated COGS & OPEX* Attica Group COGS & OPEX* €246m savings (-5% CAGR) €57m savings (-5% CAGR) (€m) (€m) 1,177 256 247 1,112 233 1,040 1,028 223 981 314 931 68 55 197 199 290 59 285 281 54 123 284 130 266 64 73 117 115 75 66 122 129 364 347 116 114 328 331 319 306 74 65 376 344 310 301 303 293 65 63 58 55 59 61 2011 2012 2013 2014 2015 2016 2011 2012 2013 2014 2015 2016 Personnel Inventory Fuel Other Personnel Fuel Other Vivartia COGS & OPEX* Hygeia Group COGS & OPEX* €124m savings (-4% CAGR) €32m savings (-3% CAGR) 636 (€m) (€m) 593 552 561 551 228 223 210 151 512 206 198 144 196 143 151 151 77 75 130 74 73 68 69 312 53 53 300 48 276 281 268 254 46 48 50 98 95 88 86 82 77 173 148 133 130 132 128 2011 2012 2013 2014 2015 2016 2011 2012 2013 2014 2015 2016 Personnel Inventory Other Personnel Inventory Other * COGS & OPEX: (i) excluding depreciation charges (non-cash item) and (ii) like-for-like for the investment portfolio composition as of 31.12.2016 Significant EBITDA (1) turnaround, despite macro headwinds 11 EBITDA Business Operations (€m) (1) & EBITDA margin EBITDA Consolidated (€m) & EBITDA margin 1% 2% 3% 8% 14% 16% neg neg 1% 6% 11% 12% €159m improvement 15 €181m improvement 134 125 172 162 66 89 7 €15m impairment of Marinopoulos group -47 -51 trade receivables 28 32 13 2011 2012 2013 2014 2015 2016 2011 2012 2013 2014 2015 2016 (1) EBITDA from Business Operations=Consolidated EBITDA excl. holding companies & provisions beyond normal course of business (impairment of Marinopoulos group receivables) | Pre-2014 figures are like-for-like for the current investment portfolio composition (i.e. excluding disposed companies) NAV breakdown 12 Current Sector 2014 2015 2016 stake (€m) (€/MIG share) (€m) (€/MIG share) (€m) (€/MIG share) Vivartia Food & Dairy 92.1% 477 0.51 444 0.47 442 0.47 Attica Transportation 89.4% 493 0.53 472 0.50 438 0.47 Hygeia Healthcare 70.4% 212 0.23 212 0.23 212 0.26 SingularLogic IT 85.7% 37 0.04 29 0.03 29 0.03 SUB-TOTAL CORE ASSETS 1,219 1.30 1,156 1.23 1,122 1.19 Associates & other subsidiaries (1) 93 0.10 68 0.07 50 0.05 Other financial assets (2) 248 0.26 256 0.27 209 0.22 Net cash/(debt) & Working Capital (637) (0.68) (697) (0.74) (715) (0.76) NAV (€m) 923 783 666 NAV per share (€) 0.98 0.83 0.71 Based on internal valuations as per IFRS (1) Associates & other subsidiaries include: Hilton Cyprus, RKB and Sunce Bluesun (2) Other financial assets include, among others: receivable from asset sales (Olympic Air, FAI Aviation Group, Skyserv Handling) and HoldCo loans to OpCos Debt capital structure overview 13 HoldCo Debt Overview OpCo Debt Overview Bond Loans (secured): €265m Vivartia Attica Group • Maturity: October 2019 • Gross debt: €400m • Gross debt: €255m • Coupon: 4.40% – 5.25% (step-up) • % of OpCo total: 41% • % of OpCo total: 26% • Amortising Term Loans & Interest Facilities (secured): €35m & €29m Hygeia Group Real Estate • Maturity: March 2018 & September 2017 • Gross debt: €158m • Gross debt: €75m • Coupon: 3M Euribor + 5% spread • % of OpCo total: 16% • % of OpCo total: 8% • Amortising Convertible Bond Loan (CBL) Convertible Bond Loan (CBL) Tranche A (unsecured): €162m Tranche B (unsecured): €210m SingularLogic Other (excl. intragroup) • Maturity: July 2019 • Maturity: July 2020 • Gross debt: €56m • Gross debt: €28m • Coupon: 7% (paid quarterly) • Coupon: 6.3% (paid quarterly) • % of OpCo total: 6% • % of OpCo total: 3% • Strike price: €0.54 • Strike price: €0.99 HoldCo average cost of debt (blended) Group average cost of debt (blended) 6.5% 5.6% 5.7% 6.2% 5.2% 5.7% 5.1% 5.6% 2013 2014 2015 2016 2013 2014 2015 2016 Experienced management team across all levels 14 Stavros Lekkakos, Non-Executive Chairman of the BoD Panagiotis Throuvalas, Executive Vice-Chairman of the BoD, Chairman of the Executive Committee Thanasis Papanikolaou, CEO, Member of the Executive Committee Kyriakos Magiras, Member of the Executive Committee Christophe Vivien, CFO, Member of the Executive Committee P.
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