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Investor Presentation FY 2018 Table of Contents 2

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Investor Presentation FY 2018 Table of Contents 2 Investor Presentation FY 2018 Table of Contents 2 Page Section 1: Group overview 3 Section 2: Portfolio companies 11 Attica Group 12 Vivartia Group 20 SingularLogic 26 RKB 30 Section 3: Financial Statement information 34 Section 1 Group Overview MIG at a snapshot: 31/12/2018 4 High-quality portfolio of leading companies across key defensive sectors Transportation-ferries Dairy Food services Frozen Property Portfolio IT Solutions Highly diversified operations across attractive sectors 5 Revenue breakdown (FY 2018) EBITDA from business (FY 2018) 5% 4% 35% €996m 60% 47% €121m 49% Food & Dairy Transportation Other (IT, Real Estate) Group (in €m) 2018 2017 Group (in €m) 2018 2017 Group Sales (€m) (1) 996.2 879.6 EBITDA from business (1) 121 114 Sales y-o-y chg (%) 13.3% Group reported EBITDA (1) 110 90 Greek GDP (2) y-o-y % +2.1% +1.5% % margin 11.0% 10.2% (1) 2018 and 2017 figures do not include group HYGEIA & CTDC (Hilton Cyprus) results as they have been classified as discontinued operations. Furthermore, in 2018 the relative figures of HSW have been incorporated since 1.6.2018 (1st day of consolidation). (2) Source: IMF - World Economic Outlook (April 2019) Core subsidiaries footprint in the Greek Economy 6 #1 producer of dairy, Leading passenger ferry frozen vegetables and operator in East dough products Mediterranean 30 ferries covering the Key Highlights #1 dairy distributor busiest routes #1 branded QSR & coffee Vessels net book value chain (565 POS in Greece €687m & Abroad) Employees 5,497 1,586 Revenue €607m €365m Assets €774m €864m Core subsidiaries profitability 7 Revenue (€m) EBITDA (€m) & EBITDA margin (%) 8% 10% 10% 583 607 572 56 59 46 2016 2017 2018 2016 2017 2018 26% 22% 16% 365 70 269 272 60 57 2016 2017 2018 2016 2017 2018 Note: Attica figures include HSW results from 1.6.2018 (1st day of consolidation) Debt capital structure overview 31.12.2018 8 HoldCo Debt Overview OpCo Debt Overview . Bond Loans (secured): €229m . Vivartia . Attica Group1 • Maturity: October 2019 • Gross debt: €432m • Gross debt: €346m • Coupon: 5.25% • ST: €39m / LT: €393m • ST: €72m / LT: €274m • Amortising • 2018 average cost: 3.5% • 2018 average cost: 6.1% . Current accounts (secured): €20m . SingularLogic . Real Estate • Maturity: December 2019 • Gross debt: €63m • Gross debt: €75m • Coupon: 3M Euribor + 4.00% spread • ST: €63m / LT: €0.01m • ST: €75m / LT: - • Amortising • 2018 average cost: 3.8% • 2018 average cost: 5.0% . Convertible Bond Loan (secured): €297m • Maturity: July 2021 • Coupon: 12M Euribor + 4% spread (2% cash + 2% PIK) • Strike price: stock price at ATHEX HoldCo average cost of debt OpCo average cost of debt2 5.7% 5.4% 5.3% 4.7% 5.0% 4.6% 2016 2017 2018 2016 2017 2018 (1) HSW fully consolidated from 01/06/2018, 2) Year 2018 doesn’t include Hygeia’ s debt due to disposal and CTDC’s (Hilton Cyprus) and MIG Leisure’s debt due to their classification in “Held for Sale” , while it includes HSW’s debt which was fully consolidated within year 2018. Experienced management team across all levels 9 Panagiotis Throuvalas, Executive Chairman of the BoD , Chairman of the Executive Committee Athanasios Papanikolaou, CEO, Member of the Executive Committee Kyriakos Magiras, Member of the Executive Committee Christophe Vivien, CFO, Member of the Executive Committee P. Throuvalas (CEO) M. Fytas N. Pothoulakis A.Tsoukalis S. Paschalis G. Constantopoulos K. Sandic (CEO) (CEO) (CEO) (CEO) (CEO) (CEO) Shareholder structure 29.03.2019 10 Number of investors Piraeus Bank Number of % total 31.2% Number of shares % total shares shareholders shareholders 1 - 100k 32,074 98.0% 17.4% Other Investors 101k - 1,000k 596 1.8% 16.4% 51.5% > 1,001k 70 0.2% 66.2% Management 0.1% Total shareholders 32,740 100.0% 100.0% Foreign Institutional Greek 15.5% Institutional 1.7% Section 2 Portfolio companies Transportation – Attica Group A leading ferry operator in the Eastern Mediterranean Attica Group at a snapshot 13 . Date of Investment: October 2007 . MIG Ownership: 79.4% A leading ferry operator in the Eastern Mediterranean Diversified geographical presence One of the youngest owned fleets in the Eastern Mediterranean . BLUE STAR FERRIES/HELLENIC SEAWAYS . Ranks in the top-10 list of Passenger RoRos World Gross Tonnage list of • leading brands in the Greek domestic waters 1,624 vessels (Lloyd’s List Intelligence) • routes: Cyclades, Dodecanese, North Aegean, Sporades, Saronic . Modern fleet of 30 top-class Vessels and Crete • 29 owned ferries (€687m net book value as of 31.12.2018) . SUPERFAST FERRIES • 1 ferry under a long-term bareboat charter agreement • more than 20-year presence, with leading market shares in Adriatic Sea . World leader in newbuild construction of conventional Ro-Pax ferries in • routes: Greece to Bari (Italy), Ancona (Italy) and Venice (Italy) short international and domestic routes . AFRICA MOROCCO LINKS • 25 delivered newbuild vessels • JV with BMCE Bank of Africa Group (leading Moroccan bank) • €1.8bn (US$2.3bn) total invested capital since 1995 • routes: Tangier Med (Morocco)-Algeciras (Spain) (launched in June 2016) Strategically positioned in highly attractive markets Seasoned management team exploring opportunities for new routes . Connects more than 48 destinations in the Aegean and Adriatic Sea, . June 2018: Acquisition of 98,83% of Hellenic Seaways through year-round operations • Strengthen our position in the Aegean Sea to capitalize Greek tourism & • Approx. 20,000 sailings or 2.2m Nautical Miles per annum trade growth dynamics • Traffic volumes (2018): 6.7m Passengers /953k Vehicles / 362k Trucks . Seasoned management team • approx. 30 years average experience in the ferry industry . Robust demand trajectory from Greek tourism & trade growth dynamics • approx. 15 years average employment tenor . Strong incumbent position in the attractive Aegean Sea market . First Greek company to ever sail on ferry routes beyond Greek waters: . Solid financial strength vs. competition • opened new routes in the Baltic Sea and in the North Sea • entered the Ro-Ro market (2005) in the Germany-Finland route (2 ships) Attica Group: Business overview 14 100% 100% 99% 49% MEDITERRANEAN 3 9 17 1 Vessels (owned) (1 chartered) (owned) (owned) Passengers 3,697 15,835 16,839 935 VENICE Beds 1,452 3,264 1,391 - SPAIN ALGECIRAS ANCONA NORTH AEGEAN Garage ` 6,927 9,603 8,174 700 GREECE (lane meters) ITALY SPORADES BARI PIRAEUS SARONIC DODECANESE IGOUMENITSA GREECE TANGIER MED CYCLADES 30 Vessels (29 owned -> €687m net book value) MOROCCO PATRA Passengers: 37,306 CRETE Berths: 6,107 Fleet Combined Combined Garage (lane meters): 25.4 km JV with ANEK Lines: Ancona, Bari, Venice, Heraklion (Crete; since June 2011), Chania (Crete since April 2015) Passenger shipping: A key industry for Greece 15 Attica’s modern and efficient fleet is strategically positioned across highly attractive markets . Greece has the 11th largest coastline worldwide with a total size of 13,676km (China ranks 10th with 14,500km) 12.3% of the Greek population resides in the island regions (Ionian, North Aegean, South Aegean, Crete) Islands account for almost 12% of the Greek GDP Greece ranks 2nd (after Italy) among EU-28 countries in terms of sea transportation: 17% of total sea traffic . Passenger shipping serves the needs for transportation (passenger and freight) as well as acts as a catalyst for the economy of the island regions 80% of freight by sea in Greece is carried by Ro-Pax vessels (over 70 ports connecting mainland with the islands) Passenger shipping contributes 6.5% to the Greek GDP (c€11.8bn) (direct and indirect economic effects) Passenger shipping accounts for c7% of the total employment in Greece (directly and indirectly) . Greek Islands have been traditionally one of the most popular tourist destinations for both Greek and foreign visitors 60-65% of the country’s hotel beds are located on the islands . Adriatic Sea: a substantial trading route for Greece Connects Europe, though Italy, with Greece Connects the international waterways, through Europe's southeast mainland ports (the most efficient trading route to bypass transit across the Balkan peninsula) . Strait of Gibraltar: the main corridor connecting Europe’s mainland with Africa, through Morocco and Spain One of the youngest fleets in the Eastern Mediterranean Sea 16 SUPERFAST FERRIES Built Age Length Width Speed Garage Vessel Pax Berths Year (years) (m) (m) (Knots) Lane meters Superfast I 2008 11 199 27 24,5 938 371 2,506 Superfast II 2009 10 199 27 24,5 938 371 2,506 Superfast XI 2002 17 200 25 29,0 1,821 710 1,915 12.7 3,697 1,452 6,927 BLUE STAR FERRIES Built Age Length Width Speed Garage Vessel Pax Berths Year (years) (m) (m) (Knots) Lane meters Blue Star 1 2000 19 176 26 29.0 1,890 495 1,718 Blue Star 2002 17 124 19 24.5 1,474 102 365 Paros Blue Star Patmos under construction at DSME Blue Star 2002 17 124 19 24.5 1,474 102 365 Naxos Blue Horizon 1987 32 187 27 23.5 1,488 580 1,850 Blue Star 2011 8 146 23 25.5 2,400 118 602 Delos Blue Star 2 2000 19 176 26 29.0 1,854 459 1,718 Blue Star 2012 7 146 23 25.5 2,000 326 602 Patmos Diagoras 1989 30 142 23 21.5 1,465 448 634 Blue Galaxy 1992 27 192 27 23.8 1,790 634 1,750 (chartered) 19.6 15,835 3,264 9,603 AFRICA MOROCCO LINKS Built Age Length Width Speed Garage Vessel Pax Berths Year (years) (m) (m) (Knots) Lane meters Morocco Star 1980 39 152 24 20.0 935 - 700 39.0 935 - 700 One of the youngest fleets in the Eastern Mediterranean Sea 17 HELLENIC SEAWAYS Age Length Width Speed Garage Vessel Built Year Pax Berths (years) (m) (m) (Knots) Lane
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