2005 FINANCIAL RESULTS PRESENTED BY: CEO – Mr

2005 FINANCIAL RESULTS PRESENTED BY: CEO – Mr. E. MYTILINEOS CFO – Mr. I. DIMOU

23/02/2006 1 Disclaimer

This presentation contains an announcement of expected results (guidance) for 2006. The Company’s Administration wishes to point out that this announcement of expected results is based on current data and parameters of the market which may or may not prove to be correct.

Forecasts obviously contain uncertainties since they concern future events. The company follows all developments and, if needed, a new announcement shall be made concerning the above estimates.

2 Agenda

A. Group Financial & Operating Highlights Appendices

B. Key Performance Indicators i. Group History

C. Summary Financial Results ii. Group Overview

iii. Group Structure D. Key Figures by Quarter iv. Group Organisational E. Segments Performance Structure

F. Variance Analysis – Group v. Share Price Performance G. Group Leverage vi. Strategic Objectives H. Guidance 2006 vii. Group Synergies

3 Agenda

A. Group Financial & Operating Highlights

B. Key Performance Indicators

C. Summary Financial Results

D. Key Figures by Quarter

E. Segments Performance

F. Variance Analysis – Group

G. Group Leverage

H. Guidance 2006

4 Group Financial & Operating Highlights

AOG Acquisition

Alumina Contract

METKA Strong Performance

5 Agenda

A. Group Financial & Operating Highlights

B. Key Performance Indicators

C. Summary Financial Results

D. Key Figures by Quarter

E. Segments Performance

F. Variance Analysis – Group

G. Group Leverage

H. Guidance 2006

6 Key Performance Indicators

31/12/2005 31/12/2004 ROCE 15% 9%

ROE 17% 8%

Debt/Equity ratio 18% 48%

Net Debt/Equity ratio 9% 43%

Adjusted Net Debt/Equity ratio * 2% 34%

Net Debt / EBITDA 0,4 2,4

Trade Working Capital /Sales 31% 41%

EBITDA Margin 18% 11%

* Adjusted Net Debt: Total Debt – Cash – Marketable Securities

7 Agenda

A. Group Financial & Operating Highlights

B. Key Performance Indicators

C. Summary Financial Results

D. Key Figures by Quarter

E. Segments Performance

F. Variance Analysis – Group

G. Group Leverage

H. Guidance 2006

8 MYTILINEOS Group – Summary Financial Results

MYTILINEOS - GROUP 31.12.2005 31.12.2004 CHANGE (%) amounts in mil €

Turnover 747 311 139,9% Key Drivers: Earnings Before Financial Results, Taxes and Depreciation (EBITDA) 158 42 275,1%

AoG acquisition Earnings Before Financial Results and boosted Turnover & Taxes (EBIT) 138 35 292,4% EBITDA Earnings Before Taxes and before the profit of acquiring A.O.G 157 29 436,6%

METKA’s Strong Earnings Before Taxes (EBT) Performance 295 29 905,7% benefit margins Earnings After Tax and after minorities (EATam) 212 12 1656,9%

Earnings After Tax & minorities Significantly (EATam) and before the profit of 74 12 515,2% improved Cash Cash Flows flows in operating amounts in mil € level supported mainly by Alumina Cash Flow from Operations 61 -8 -884,2% contract, AoG and Cash Flow from Investment activities 40 -18 -325,8% METKA Cash Flow form Financial Activities -60 -17 241,8%

Net Cash Flow for the period 42 -43 -197,5% 9 MYTILINEOS Group – Summary Financial Results

31.12.2005 MYTILINEOS GROUP 31.12.2004

800 747

700

600

500

400

311 295 300 212

200 158 157 138

100 42 35 29 29 12 0 Turnover EBITDA EBIT EBT (before the EBT EAT (after Profit of AOG minorities) acquisition) 10 METKA Group – Summary Financial Results

Key Drivers: METKA - GROUP 31.12.2005 31.12.2004 CHANGE (%) amounts in 'mil €

Turnover 225 174 29,5% Strong Performance Earnings Before Financial Results, Taxes and Depreciation (EBITDA) 54 34 57,6% Healthy Projects Earnings Before Financial Results and Taxes (EBIT) 49 29 66,1%

Project Completion Earnings Before Taxes (EBT) 53 29 79,9% on Target Earnings After Tax and after minorities (EATam) 37 20 89,3%

Backlog: 446 mil € Cash Flows amounts in '000 €

Zero Debt (METKA Cash Flow from Operations 78 -13 -716,1% S.A.) Cash Flow from Investment activities 14 -6 -321,4%

Cash Flow form Financial Activities -81 -8 860,6% Increased Cash Inflows Net Cash Flow for the period 11 -27 -139,2%

11 METKA Group – Summary Financial Results

31.12.2005 METKA GROUP 31.12.2004

250 225

200

174

150

100

54 53 49 50 37 34 29 29 20

0 Turnover EBITDA EBIT EBT EAT (after minorities) 12 ALUMINUM OF GREECE Group – Summary Financial Results

ALUMINUM OF GREECE - GROUP 31.12.2005 31.12.2004 CHANGE (%) Key Drivers: amounts in mil €

Turnover 382 356 7,2%

Higher realised Earnings Before Financial Results, Taxes and LME 2005 Vs 2004 Depreciation (EBITDA) 79 61 30,4%

Earnings Before Financial Results and Taxes (EBIT) 66 46 43,0% Stronger $ Vs € Earnings Before Taxes (EBT) 75 48 56,4%

Disposal of Earnings After Tax and after minorities Marketable (EATam) 52 33 57,6% Securities in 2005 Cash Flows amounts in mil € ______ Buyback Scheme Cash Flow from Operations (before taxes) 54 75 -27,9% Net Cash Flow from operations (after taxes) 20 65 -68,8%

Zero Debt Cash Flow from Investment activities -54 -14 282,9% Cash Flow form Financial Activities -39 -7 501,3%

CAPEX Outflows Net Cash Flow for the period -73 45 -263,5% 13 ALUMINUM OF GREECE Group – Summary Financial Results

ALUMINUM OF GREECE 31.12.2005 31.12.2004

400 382 356

350

300

250

200

150

100 79 75 61 66 52 46 48 50 33

0 Turnover EBITDA EBIT EBT EAT (after minorities) 14 Agenda

A. Group Financial & Operating Highlights

B. Key Performance Indicators

C. Summary Financial Results

D. Key Figures by Quarter

E. Segments Performance

F. Variance Analysis – Group

G. Group Leverage

H. Guidance 2006

15 MYTILINEOS Group – SALES & EBITDA by Q

250

205 188 181 200 173

150

100

58 40 43 50 18

0 1Q '05 2Q '05 3Q '05 4Q '05 Turnover EBITDA

16 METKA Group – SALES & EBITDA by Q

70 64 61

60 51 48 50

17 20 14 12 11

0 1Q '05 2Q '05 3Q '05 4Q '05

Turnover EBITDA 17 AOG Group – SALES & EBITDA by Q

120 1.650 111 1.624

1.600 100 95 91 86 1.550

80 1.500 1.473 1.467 60 1.450

1.400 40 1.381

26 1.350 20 21 20 13 1.300

0 1.250 1Q '05 2Q '05 3Q '05 4Q '05

€ Turnover EBITDA LME ( /tn) 18 Agenda

A. Group Financial & Operating Highlights

B. Key Performance Indicators

C. Summary Financial Results

D. Key Figures by Quarter

E. Segments Performance

F. Variance Analysis – Group

G. Group Leverage

H. Guidance 2006

19 Performance per Segment - Group

EBITDA TURNOVER

30% 33%

43%

54%

16% 24%

Metallurgy & Mining Alumina Contract EPC projects Metallurgy & Mining Alumina Contract EPC projects

20 Agenda

A. Group Financial & Operating Highlights

B. Key Performance Indicators

C. Summary Financial Results

D. Key Figures by Quarter

E. Segments Performance

F. Variance Analysis – Group

G. Group Leverage

H. Guidance 2006

21 MYTILINEOS Group – Turnover Variance Analysis

1.000 120 mil € from ALUMINA (125) mil € 900 Contract Intragroup 7 mil € from 51mil € from other Group 800 METKA activities 382 mil € from AOG 700 747 mil €

600

500

400 `

300 311 mil € 200

100

0 Turnover as at AOG METKA Alumina Intragroup Other Turnover as at 31.12.2004 contribution contribution contract 31.12.2005 22 MYTILINEOS Group – EBITDA Variance Analysis

200 (21) mil € from 38 mil € from Other Group ALUMINA contract 180 activities

160 20 mil € from METKA 158 mil € 140 79 mil € from AOG

120

100

40 42 mil €

0 EBITDA as at AOG contribution METKA Alumina Contract Other EBITDA as at 31.12.2004 contribution 31.12.2005 23 Agenda

A. Group Financial & Operating Highlights

B. Key Performance Indicators

C. Summary Financial Results

D. Key Figures by Quarter

E. Segments Performance

F. Variance Analysis – Group

G. Group Leverage

H. Guidance 2006

24 Group – Debt/Equity Analysis

800 50%

43% 45% 700

40% 600 35%

500 30%

400 25%

20% 300

15%

200 11% 9% 10% 103 100 7% 6% 5% 38 73 66 46 0 0% 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005

DEBT CASH EQUITY NetD/E ratio NET DEBT 25 Group – Net Debt/EBITDA

180 3,0

160

2,5 2,4 140

120 2,0

100

1,5

80 1,2 60 1,0 0,9

0,5 0,4 20 0,4

0 0,0 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005

NET DEBT EBITDA NET DEBT/EBITDA 26 Agenda

A. Group Financial & Operating Highlights

B. Key Performance Indicators

C. Summary Financial Results

D. Key Figures by Quarter

E. Segments Performance

F. Variance Analysis – Group

G. Group Leverage

H. Guidance 2006

27 Guidance 2006

MYTILINEOS (Consolidated MYTILINEOS (Compiled AoG (group) METKA (group) IFRS Accounts) Management Accounts)

2005(act) 2006(G) ∆% 2005(act) 2006(G) ∆% 2005(act) 2006(G) ∆% 2005(act) 2006(G) ∆% Sales 382 459-488 20-28% 225 280-311 24-38% 747 773-793 4-6% 829 1.036-1.056 25-27%

EBITDA 79 101-129 27-63% 54 55-63 3-18% 158 173-200 9-26% 171 208-236 22-38% margin% 21% 22-26% 24% 20% 21% 22-25% 21% 20-22%

EBT 75 94-122 25-62% 53 50-57 (5)-8% 157 164-192 4-22% 163 191-219 17-34% margin% 20% 20-25% 23% 18% 21% 21-24% 20% 18-21%

EAT 52 65-84 25-61% 39 36-41 (7)-6% 119 119-146 0-23% 123 144-166 17-40% margin% 14% 14-17% 17% 13% 16% 15-18% 15% 14-16%

EAT after minorities 74 83-111 12-50% 76 95-123 25-62%

Note: The financial information under the Compiled Management Accounts is presented for purposes of additional analysis of the Consolidated IFRS Accounts, rather than to present the financial results of operations and is not intended to be a presentation in conformity with IFRS accounting principles. The Group presents this compiled financial information to provide a more complete portrayal of the Group's economic substance. This compiled financial information includes, the full consolidation of ELVO and METKA's "Cogeneration" Project.

28 APPENDICES

29 Agenda

Appendices

i. Group History

ii. Group Overview

iii. Group Structure

iv. Group Organisational Structure

v. Share Price Performance

vi. Strategic Objectives

vii. Group Synergies

30 Group History

1908: Company founded 1998: Hostile acquisition of Metka 2005: Acquisition of by Mytilineos family S.A. Aluminium of Greece S.A. members in Athens, Greece. 2000: Participation in state – owned ELVO S.A.

1908-1994 1995-1997 1998-2000 2002 2005

1995: Company listed on the Athens Stock Exchange.

1996: Signing of 1998: Acquisition of Romania- 2002: Establishment of strategic agreements based Sometra S.A. Mytilineos Power Generation with metal, mining & and Supplies S.A.(MPGS). mineral companies in 1999: Acquisition of Cyprus- and Mytilineos Hellenic Wind Southeast Europe. based Hellenic Copper Mines. Power S.A. (MHWP).

31 Group Overview

Leading • Primarily active in Metallurgy & Mining, Energy, EPC and Vehicle Manufacturing Sectors. Industrial € (1) Group in Greece • Quoted on Athens Stock Exchange since1995 with current market cap of 1.060mn . • Aluminium of Greece S.A.: ASE listed aluminium and alumina producer. Group Portfolio • METKA S.A.: ASE listed metal constructions and energy projects contractor company. • A total of 33 subsidiaries with substantial know-how and specialisation in their areas of activity. • Largest Aluminium (Al) and Alumina producer in South Eastern Europe with international Metallurgy presence through Aluminium of Greece S.A. & Mining • Second largest bauxite producer in Greece through Delphes-Distomon. • Largest South Eastern Europe’s Lead (Pb) and Zinc (Zn) producer through Sometra S.A.

• Portfolio of renewable energy generation assets (wind parks) through Mytilineos Hellenic Wind Power S.A. (MHWP). Energy • Portfolio of awarded licences for the operation of two CCGT power plants of nominal capacity of 400MW each through Mytilineos Power Generation and Supplies S.A. (MPGS).

• Leading Greek electromechanical and metallic construction company through METKA S.A. , EPC expanding and strengthening its presence in the energy construction sector as an EPC Contractor.

Vehicle • Major supplier of the Hellenic Armed Forces of trucks, armoured vehicles and other Manufacturing appropriately modified military vehicles through ELVO S.A.

• Established operations since 1908 as a metals trader. Was transformed to a vertically Proven independent metals and energy producer in the last 10 years. Management • Successful track record in implementing its growth strategy and delivering shareholder value.

(1) As of 22 February 2006 32 Group Structure

Mytilineos Holdings

Mkt Cap: €1.060m * Net Debt: €66m Book Value: €708m

METALLURGY & MINING ENERGY EPC VEHICLE54.0% MANUFACTURING

ALUMINIUM OF METKA AND MPGS (100%) ELVO (43%) GREECE (46%) (1) SUBSIDIARIES (52%)

Mkt Cap: €835m* Mkt Cap: €570m* Subsidiaries: Delhpi Distomo MHWP (80%) Mining Company:99.99%

SOMETRA (88%)

Source: Company Information. *Note: Market data as of 22 February 2006. 33 (1) Mytilineos Holdings has an option to buy Alcan’s remaining 7.18% stake in AoG for €6.95 per share. Option is exercisable from March 2006. Group Organisational Structure

Description Board of • Define (mandate) strategic direction, including M&A. Directors • Appoint and develop the leadership pool. • Oversee performance. Chairman’s Office Internal Audit & Corp. Secretariat • Lead strategy and validate major operational decisions for the Group.

GroupLeadership CEO • Manage the corporate center.

Enlarged corporate centre with: Finance • Policy setting role in all decentralised functions. Strategy and • New centralised functions (mainly with a strategic role). M&A • Shared services. HR Corporate Social Responsibility &

CorporateCentre Legal Communications

Metallurgy Vehicle • Strong/empowered division heads acting as CEOs in the Energy EPC and Mining Manufacturing individual lines of business (managing both operations/technical and commercial activities). • Mining. • Trading. • Business • Business • Divisions organised around major business • Metals • Thermal Development. Development. activities/industries. Production. Generation • METKA • ELVO. Divisions • Trading, • Renewable Projects Sales, Generation. • METKA Logistics. Construction Plants. 34 Share Price Performance

Mytilineos Holding S.A. (1) METKA S.A. (2) Aluminium of Greece S.A. (3)

€ 20 € 12 € 38 +250.9% € 34 +102.5% € 10 +75.9% € 16 +60.7% € 30 € 8 € 26 +60.7% € 12 € 6 € 22 +60.7% € 18 € 8 € 4 € 14 € 4 € 2 € 10 2004 2005 2006 2004 2005 2006 2004 2005 2006 Performance Mytilineos Holdings (MH) METKA AoG 2 Year Share Price Price Share 2 Year ASE (rebased to METKA) ASE (rebased to MH) ASE (rebased to AoG)

Market Cap: €1,020mn Market Cap: €590mn Market Cap: €850mn (4) (4) (4) Avg. Trading Value: €2.4mn Avg. Trading Value: €1.7mn Avg. Trading Value: €1.5mn

Treasury Stock Institutional Retail Alcan(8) 5% 24% Investors (5) Mytilineos 7% 37% Institutional Family 37% (7) Investors Mytilineos Mytilineos 19% Holdings Holdings 45% 52%

Institutional Retail (6) Investors 25% Retail 26% 24% Shareholder Structure Shareholder Total No of shares: 40,520,340 Total No of shares: 51,950,600 Total No of shares: 21,578,040

Notes: Market data as of 10 February 2006. (1) Included in FTSE/ASE Mid-40, MSCI Small Cap and HSBC Small Cap (5) 25.5% Foreign Institutional Investors. indexes. (6) 15.4% Foreign Institutional Investors. (2) Included in FTSE/ASE Mid-40 and HSBC Small Cap indexes. (7) 11.2% Foreign Institutional Investors. (3) Included in FTSE/ASE Mid-40, MSCI Small Cap and HSBC Small Cap (8) Mytilineos Holdings has a call option to buy the Alcan stake in Aluminium of indexes. Greece at €6.95 per share (exercisable from March 2006). 35 (4) Volume weighted average since February 10, 2005. Strategic Objectives

• Maintain our dominant position in South Eastern Europe as the most powerful base metals producer. Metallurgy & • Expand our capabilities through the alignment of Aluminium of Mining Greece to the Group strategy and objectives. • Explore other investment opportunities in the region.

• Become a leading energy producer and trader, utilizing the licenses already awarded to the Group. Energy • Exploit opportunities provided by the liberalisation of the Greek energy market (trading in electricity, gas, emissions, operate the Co-generation, IPP and wind parks).

• Maintain our position as the largest Energy Procurement EPC Constructor in Greece. • Explore possible international strategic alliances.

• Further develop our activities through ELVO and METKA. Vehicle Manufacturing • Establish a dominant position in the manufacturing of defence land systems in Greece and South Eastern Europe.

36 Group Synergies

DIVIDEND

Aluminium MAINTENANCE of Greece ELECTRICITY TRADING / SUPPORT AND SUPPLIES

CO-GEN PLANT EPC CONTRACTOR

DIVIDEND ENERGY PLANT Mytilineos METKA Energy - Trading (MPGS)

DEFENSE ELECTRICITY TRADING RELATED PROJECTS ELVO AND SUPPLIES

DIVIDEND + MANAGEMENT FEE

DIVIDEND

Our main target is to increase the synergies in the three different activities, retaining the role of the management and strategic planning to Mytilineos Holdings S.A. 37 Contact Information

Nikos Kontos Investor Relations Officer [email protected] Tel: +30-210-6877395 Fax: +30-210-6877400

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