Sept 2007

1 Disclaimer

These preliminary materials and any accompanying oral presentation (together, the “Materials”) have been prepared by 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

Areas of Activity • Energy Projects (EPC) • Infrastructure Projects • Defence Projects

Group Strategy

Consolidated Financial Review

3 Group Overview

4 Group History

1962: Founded as a 1980: Absorption of 1999: Company 2005: Acquisition of joint stock company. the technical acquired by Mytilineos 83.5% of ELEMKA S.A. contracting firm Holdings S.A. TECHNOM S.A. 1999: Increase in Company’s Share Capital.

1960-1972 1973-1998 1999-2005 2006-2007

2002: Acquisition of TCB SA and RODAX S.A.

2002: Partial 1973: Company listed 1989: Acquisition of Acquisition of stake in on the Stock 99.98% of SERVISTEEL EKME S.A. (40%), 3KP Exchange. S.A. S.A. (40%).

5 Group Overview

EPC Contractor with Industrial • Primarily active in Infrastructure Projects, Energy - EPC and Defence sectors. Background • Quoted on Athens Stock Exchange since 1973 with current market cap of € 915 mn (1)

• Long experience and specialized know-how, particularly Thermoelectric Power Plants (TPP) and Energy Projects Hydroelectric Power Plants (HPP). (EPC) • Main EPC Contractor or as equivalent partner in consortia with other international firms such as Alstom, Siemens and General Electric.

Infrastructure • Plays a significant role in the execution of large scale infrastructure projects in and abroad. Projects • Ability to carry out very demanding projects, demonstrated by successful completion of landmark projects such as the steel structures for the Rion - Antirrion bridge, Olympic Velodrome, etc.

• Major supplier of the Hellenic Armed Forces of armoured vehicles and other demanding military Defence applications such as submarine pressure hulls etc. Projects

• Successful track record in implementing its growth strategy and delivering shareholder value. Proven Management

(1) As of 24 September 2007. 6 Mytilineos Group – Corporate Structure

Mytilineos Holdings

Mkt Cap: € 1.880 mn

METALLURGY & MINING ENERGY EPC VEHICLE54.0% MANUFACTURING

ALUMINA & ALUMINIUM ENDESA (HELLAS) ELVO (100%) (49.99%) (51.63%) (43%)

Not Listed Not Listed MktCap: €915mn Not Listed

DELPHI DISTOMON (100%)

Not Listed

SOMETRA (93%)

Not Listed

Source: Company Information. Note: Market data as of 24 September 2007. 7 Financial Snapshot

Group Turnover Turnover by Activity

( m; % on column indicates annual growth rate. Infrastructure Infrastructure 12% 14%

1,7% - 8,5% Defence Defence 31.1% 320 7% 30.1% 14% 295 300 173 225 2006 2007E(1) Energy Energy 81% 2004 2005 2006 2007E (1) 72%

(1) Management Estimates (1) Management Estimates.

EBITDA EBITDA by Activity (1) 2006 2007 Ε

( m; % on column indicates annual growth rate. Infrastructure Infrastructure 2% 6% 6,6% - 18% Defence Defence 15,1% 72 14% 55,9% 26%

61 65 53 2006 (1) Energy 34 2007E Energy 80% (1) 72% 2004 2005 2006 2007E (1) Management Estimates . (1)(1) Management ηη Estimates . 8 Share Information

Share Price Information Stock Symbols

Market Cap: 915 mn ASE: METK Avg. Trading Value: 3.2 mn Reuters: MTKr.AT Total No of shares: 51,950,600 Bloomberg: METTK GA Free Float: 48% Listing FTSE/ASE Mid-40, FTSE Med 100, MSCI Small Cap and HSBC Small Cap

Dividend Per Share ( €)* Shareholder Structure

0,4 Greek Institutional

0,3 Investors 9.17%

Retail 0,2 15.63% Mytilineos 0,16 0,16 Holdings 51.63%

Foreign Institutional Investors 23.57%

2002 2003 2004 2005 2006 Note: Market data as of 24 September 2007 Dividend 9 Human Resources

Personnel Profile

• Change of emphasis – existing engineering staff supplemented by additional highly qualified engineering recruits. • Cost competitive with EPC competition. • 500 employees, of which 200 are degree qualified, and 50 with post-graduate degrees. • Approx. 40% of the company’s employees hold engineering / scientific degrees. • Strong emphasis on building appropriate resources

Employees with Higher Education Degrees % of Total Employees with Technical / Scientific Degree Qualifications

205 187 176 39% 35% 92 30% 86 80 18% 65 16% 60 15% 57 13% 14% 14%

1998 1999 2000 2001 2002 2003 2004 2005 2006 1998 1999 2000 2001 2002 2003 2004 2005 2006

10 Areas of Activity

11 Energy Projects (EPC)

Broad Range of Experience

• Thermal power projects - broad experience in coal / lignite, combined cycle, co-generation. • Hydro projects - substantial expertise, including manufacturing of main equipment. • Environmental - significant experience in environmental projects (Electrostatic Precipitators, etc.). • Coal mining and materials handling - long-standing activity and expertise, including manufacturing of main equipment. Historical Evolution

1980 : 1991 : 2001 : 2005 : 2007 : PPC Ag. Dimitrios First of 3 major PPC Linoperamata EPC contract for EPC contracts for Units I/II, 2x300MW contracts for PPC 43MW gas turbine. Aluminium of KESC Pakistan & Lignite fired. First Thissavros First energy project Greece Cogen Endesa Hellas major energy project 3x100MW hydro. as EPC contractor. Plant. CCGT. as equal member of consortium.

1980-1989 1990-1999 2000-2005 2006 - 2007

2004 : EPC contract for 1996 : PPC Lavrio Unit V 2006 : PPC Lavrio Unit IV in CCGT 378MW. consortium with GEC PPC Lavrio Unit V Alsthom. First Enters commercial 2004 : operation. combined cycle project EPC contract in in Greece. consortium for PPC Megalopolis ESP’s. 12 Energy Projects – Combined Cycle

Thermoelectric Power Plants (TPP) – Combined Cycle

PPC Lavrio Unit V, Combined Cycle. Endesa Hellas, Aluminium of Greece Co-generation. • Lump-sum EPC - Contract value € 193.9 mn. • Lump-sum EPC - Contract value € 173.9 mn. • Natural Gas fired, 378 MW combined cycle • Natural gas fired cogeneration plant unit. (316MW plus 252MW th ) in 2+2+1 – Single shaft GE STAG 109FA. configuration. – HRSG Alstom. • GE gas turbines, Siemens steam turbine, Alstom HRSG’s. • Awarded in 2004, entered commercial operation early 2006. • Awarded 2005, completed mid 2007.

13 Energy Projects - Environmental

Thermoelectric Power Plants (TPP) - Environmental

PPC Agios Dimitrios – ESP’s. PPC Kardia – ESP’s. • Lump-sum EPC - Contract awarded to METKA- • Lump-sum EPC - Contract awarded to METKA- Alstom consortium by the Alstom consortium by the Public Power (PPC) of Greece. Corporation (PPC) of Greece. • Contract value € 130 mn (METKA participation • Contract value € 42 mn (METKA participation 68,5%). 63%). • Awarded in 2004, currently in progress. • Awarded in 2002, completed 2004. • Upgrading of existing electrostatic ash precipitators, and addition of new ESPs for Units I,II,III,and IV.

14 Energy Projects – Coal (Lignite) Fired

Thermoelectric Power Plants (TTP) – Coal Fired

PPC Ag. Dimitrios Units I – IV. PPC Florina, Unit I. • 4 x lignite fired units, total 1220 MW • Lignite fired unit, 330MW awarded by the Public Power Corporation of Greece. • Major consortium participant in two separate EPC contracts: Units I – II of 300MW each, • Collaboration with Alstom. Units III – IV of 310MW each. • Contract period 1998 – 2003. • Execution period 1980 – 1986.

15 Energy Projects - Hydro

Hydroelectric Power Plants (HPP)

PPC HES Thissavros, 3x100MW, Nestos River. PPC Ilarion Hydroelectric Project . • Project execution 1991 - 1996. • Turn – key EPC - Contract signed July 2006. • Contract value € 59.0 mn. • 2 hydro-turbines of 70,7MW and 1 hydro-turbine of 4MW (Francis Type). • Supply, installation and start-up of pump turbines, auxiliary electromechanical equipment, trash • Scope of supply includes design, engineering, racks, stop logs, penstock, gates for power supply, erection and commissioning of hydro- tunnels, draft tubes and spillway. turbines, governors, generators and all electro- mechanical equipment for the project. • Consortium of METKA – Cegelec - Alstom Jeumont – Vevey.

16 Infrastructure Projects

Key Strengths • Strong track record: land-mark projects with demanding schedules. • Blend of high value added manufacturing and turn-key project capabilities • Focus: Sophisticated bridges, Port equipment, Complex Structures, • Mining and mineral processing; Refining Petrochemicals.

Major Projects

Rion – Antirion Bridge. Olympic Velodrome • Fabrication and erection of Pylon Head Structure • Fabrication and erection. •Assembly and installation of steel deck. • Execution 2002-2004. • Execution 2001-2004. • Contract value € 24.2 mn.

17 Infrastructure Sector

Heavy Industry

Mining, Minerals Processing Refining & Petrochemicals

• Strong experience in major industrial facilities • Significant presence in Refining & Petrochemical (cement, metallurgy, mining). through METKA and subsidiary, EKME. • Full turn-key / EPC capability. • State-of-the-art manufacturing at 3 facilities: 2 in • State-of-the-art manufacturing facilities for major Volos plus EKME in . mechanical equipment. • Manufacturing expertise includes reactors, • Increasing international perspective - recent projects pressure vessels, boilers, refinery towers,, etc. in South-East Europe. • Turn-key supply and erection. • Clients include , PPC, Aluminium de • Main clients: , MOH, etc. Grèce, Union Minière (Bulgaria), etc.

18 Defence Projects - Highlights

Defence – Key Strengths

• Dynamic development through co-production contracts for major defence programs.

• Based on the company’s state-of-the-art industrial facilities and manufacturing expertise. • Significant amount of high technology workload for up to year 2009. • Successful execution of projects provides solid foundation for future defence activity of any scope.

Main Battle Tank Project

Co-production of LEOPARD 2-Hel Main Battle Tank

• Co-production with KMW (Kraus Maffet Wegman) for 170 x LEOPARD armoured vehicles for the Greek Armed Forces. • Contract value of €125,36 mn. • Contract duration until 2009 assures high value added work-load for the Volos plant.

19 Defence – Key Projects

Defence Projects

Armoured Hulls for U-214 type Submarines. Patriot Missile Air Defence System.

• Project with HDW (Howaldtswerke Deutsche Werft AG) • Co-production project with Raytheon – Lockheed • Fabrication of pressure hulls Martin for the Greek Armed Forces. • Three latest generation submarines. • Complete fabrication of 42 semi-trailers and 36 • Sophisticated manufacturing requirements. launcher mechanics for Patriot Missile System. • Contract value € 21 mn. • Contract value € 20,8 mn. • Successfully delivered during 2005. • Contract duration 1999 - 2002.

20 Manufacturing Capability

Capability Overview

• METKA and SERVISTEEL in Volos, plus EKME in Thessaloniki (40% owned subsidiary). • Plant capabilities: – Metal processing – cleaning, cutting, marking, forming. – Manufacture / fabrication: machining, welding, assembly of heavy &/or large, high precision parts with difficult materials. – Assembly of electromechanical machinery, equipment, special vehicles etc. Main Facilities

METKA - VOLOS • Total area of approx. 80.000m2, of which 25.000 m2 are covered production facilities. • Strong experience in demanding applications with high quality standards. • Recent investments of €15mn for new state-of-the-art equipment. Overview • Dedicated “repairs and maintenance” department for power plant equipment. SERVISTEEL - VOLOS • Founded in 1982; acquired in 1989. • Total covered area of approx. 14.000m2, total area 110.000m2. • Strong position in the first phase of metal construction – cutting –formation (bending and rolling) – marking of metal sheets and sections.

21 Group Strategy

22 Prospects for METKA

SOUTH-EAST GREECE EUROPE

• Award of 400MW Aliveri project recently • 11.000 MW of new generation capacity needed confirmed by PPC BoD. First project in PPC’s up to 2020 – total €9,5 bn** 2400MW+ capacity replacement program – total • This new capacity will be dominated by new New Power est. €1.2bn in 2007-2013 lignite (coal) fired plants. Plants • EPC for the investment portfolio of Endesa Hellas: • Several major projects under development. 430MW IPP plant; additional CCGT and coal-fired projects under development.

• Need for rehabilitation of PPC’s existing lignite • Rehabilitation of 11.500 MW of existing thermal fired power plants power generation - €4,8bn** Rehabilitation • Alliance with Alstom, with large installed base of • 60% of this rehabilitation is planned to be carried of Existing Alstom equipment – turbines, boilers. out by 2010. Plants

• A series of environmental upgrades under • Significant opportunity - EU environmental completion by METKA/Alstom for PPC. compliance for existing units - €2,3bn** • Relatively limited potential for additional growth. • Primary requirement, approx. 80% by value, is Environmental for sulphur removal. Projects

**Source: EC/World Bank, GIS for SEE report, 2004-05 23 Recent Developments – International Arena

Recent International Award

• Karachi Electric Supply Co. – Korangi Power Station, 220MW combined cycle power plant • Contract value €110 mn, 24 months execution • Major milestone – first major international EPC contract – significant future opportunities

Future Prospects

SOUTH-EAST EUROPE OTHER EUROPEAN DEVELOPING MARKETS

• Engagement with largest markets: • Primarily CCGT in the near term. • Continuing to build on newly established Turkey, Romania - moving into strong • Building relationships with major presence in Pakistan. investment cycle European utilities, e.g. qualified by E.ON • Massive need for energy infrastructure • Environmental upgrades for coal plants, for combined cycle projects in central investments, often on fast-track basis. new-build projects emerging Europe. • District heating (co-generation) • Massive investment plans in Russia are prospects of interest medium-long term

Transformation into major Regional EPC is well underway

The market is receptive and supportive of this development

24 Consolidated Financial Review

25 Consolidated Income Statement

(IFRS in €m) 2004 2005 2006 2007E (1)

Turnover

Infrastructure 14 27 41 37

Energy 152 165 212 242 - 262

Defence 7 33 42 21

Turnover Total 173 225 295 300 - 320

EBITDA 34 53 61 65 - 72

EBT 29 53 55 59 - 64

EAT 21 39 41 46 - 50

Margins (%)

EBITDA 19,7% 23,6% 20,7% 21,7% - 22,5%

EBT 16,8% 23,6% 18,6% 19,7% - 20%

EAT 12,1% 17,3% 13,9% 15,3% - 15,6%

(1) Management Estimates

26 Consolidated Balance Sheet

(IFRS in €m) 2004 2005 2006

Fixed Assets 98 91 80

Current Assets 156 176 146

Total Assets 254 267 226

Bank Debt – 1 2

Cash & Marketable Securities 9 20 5

Equity 144 101 123

Total Equity and Liabilities 254 267 226

Net Debt (9) (19) (3)

27 Contact Information

Nikos Kontos Paul Smith Investor Relations Officer Strategy Director [email protected] [email protected] Tel: +30-210-6877395 Tel: +30-210-2709215 Fax: +30-210-6877400 Fax: +30-210-2759528

Mytilineos Holdings S.A. METKA S.A. 5-7 Patroklou Str. 11 Mar. Antypa Str. 15125 Maroussi 14121 N. Iraklio Athens Athens Greece Greece Tel: +30-210-6877300 Tel: +30-210-2709200 Fax: +30-210-6877400 Fax: +30-210-2759528

www.mytilineos.gr www.metka.gr

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