October 2016: Annual Briefing of Analysts and Institutional Investors Disclaimer

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

MYTILINEOS GROUP OVERVIEW • Group Structure • Subsidiaries • International Presence • Vision and Strategy

AREAS OF ACTIVITY • Metallurgy & Mining • Power & Gas • EPC- turn key energy projects

FINANCIAL REVIEW • Consolidated Figures • Segments Performance

APPENDIX • Stock Data - Performance • ESG

3 Mytilineos Group Overview

• Mytilineos Holdings SA (“Mytilineos” or the “Group”), founded in 1908, is one of the leading industrial groups in SE Europe active in Metallurgy and Mining, Power and Gas, and EPC sectors • Mytilineos is listed on the Athens Stock Exchange (ASE) and is 32.0% owned by the Mytilineos family

Main Activities

. Largest vertically integrated producer of refined alumina and primary aluminium in South-East Europe Metallurgy – Own bauxite mines, an alumina refinery and an aluminium smelter with annual Sector production capacity of 815k MT and 185k MT respectively

. Leading independent power producer (IPP) in Greece, with a long term strategy of becoming an integrated energy player. Sole private Gas importer after the local Energy Sector incumbent DEPA. . Total Power capacity of 1.2GW . On track to become the largest private electricity supplier

EPC Sector . EPC contractor in the EMEA region . Currently c. €1.1bn backlog, of which 70% stems from projects outside Greece

Source: Company Information. 4 Diversified Industrial Portfolio

Mkt Cap: €566mn

METALLURGY POWER METKA (EPC) & MINING & GAS 50.0%

Listed with Mkt Cap*: €400mn

BAUXITE ALUMINA POWER NATURAL EPC ENERGY ALUMINIUM GENERATION GAS SUPPLY PROJECTS ASSETS

Source: Company Information. Note: Market data 14 October 2016. 5 METKA is the only remaining listed subsidiary. Extracting significant Synergies within the Group

Fully vertically integrated aluminium International EPC contractor active complex. across Europe, M. East, Africa & Americas. On site steam production through the operation of self owned CHP Specialized in Gas fired power plant. projects.

Consumes more than 2.5 TWh per annum.

Natural Gas operations support all three Largest IPP in Greece with 1.2 GW of Largest private gas supplier in thermal capacity. core activities : Greece

Targeting to become also the largest • Offering competitive advantage for Sourcing and Trading Natural Gas private supplier of electricity in Protergia’s electricity plants both LNG and through pipeline. Greece. • Boosting AoG’s competitiveness

• Supporting METKA’s expansion abroad

Source: Company Information 6 A Leader in all it’s Areas of Activity

GROUP STRATEGY . Pursue regional leader position in all three main sectors . Maximise operating synergies . Create value for stakeholders

Power & Gas . Become the largest private power producer/supplier in Greece . Enhance its portfolio of assets and become a fully integrated power producer / supplier . Optimize Natural Gas sourcing and extract synergies

Metallurgy & Mining . Vertical integration . Focus on exports . Lowest cost aluminium producer in Europe

EPC . Expand in regional growth markets with strong fundamentals . Full EPC scope . Explore new opportunities in local infrastructure projects

Source: Company Information 7 Diversification offers protection against the economic cycle

EPC Sector 1H 2016 EBITDA €38.7 mn. Metallurgy Sector 1H 2016 EBITDA €37.0 mn. 1H 2016EBITDA €27.2 mn. Energy Sector 1H 2016: EBITDA €101.4mn

GROUP

EBITDA Contribution – Evolution since 2008

2008 2011 1H2016

Source: Company Information. 8 Export Oriented – Intensifying activities abroad

Key Highlights • Non-Greek revenues and exports Exports of represent 75% of the consolidated Metallurgy turnover. & Mining Sector • MYTILINEOS Group exports account to > 2% of Total Greek exports. • Gradually expanding to high growth potential markets • Recently established in Sub-Sahara Africa. • In 2016 the Group expanded it’s presence in Americas. Group’s • Diversified sources of revenues in Puerto Rico production Projects units in terms of activities, geographies and Greece currencies. • Revenues almost equally split Ghana between USD and EURO. Projects

Source: Company Information. 9 Metallurgy and Mining Sector

10 Lowest cost Aluminium & Alumina producers in E.U.

Bauxite Mines Alumina Refinery Aluminium Smelter 334 MW CHP Port Facilities

 Second largest  Producer of 17% of  ~185ktpa of  On-site power and  On-site port bauxite producer in total European production steam production facilities for Europe with Alumina output - capacity offering purchasing incoming raw ~700ktpa of ~834ktpa  Established flexibility – Secured materials outgoing production  Sufficient capacity customer base Electricity Supply finished products, capacity to cover internal  Long-term export  Internal Steam minimising  Long life of mine needs for the sales with production using logistical costs. underpinned by smelter and to European Natural Gas  On-site casthouse 11mt of resources export ~500ktpa customers provide providing value -  Long-term off-take  Long-term off-take security of sales add products agreement with agreement with  Long term third parties in global and regional electricity supply Greece and abroad. players agreement with PPC  Primary Aluminium Capacity 185Ktn

 Refined Alumina Capacity 834ktn Source: Company Information. 11 Alumina Market Overview

Global Alumina Market Balance (kmt) Market Highlights

• Total world consumption is expected to remain robust in the medium term. • Alumina prices rebounded strongly in2Q2016. • Alumina market is expected to remain into deficit FY2016.

Global Demand (kmt)

Alumina ($/tn)

+2.3% +2.9%

+12.3% +3.5%

Source: Bloomberg, Harbor Intelligence.. 12 Aluminium Market Overview Global AL consumption trend Market Highlights • Total world consumption is expected to remain robust for Mt yet another year in 2016. • LME prices bounced back in late 2Q2016 driven by production curtailments in China. After the record-high levels attained at the end of 2014 and their rapid decline during 2015, Premia are now stabilised at levels compatible with the current LME prices for Aluminium. • Strong performance of the US Dollar against most other currencies is particularly favourable for vertically integrated producers that operate in a non-USD environment. LME & Premium prices (USD/TN) AL Demand Evolution per Region

Source: Bloomberg, Harbor Intelligence. HSBC, Morgan Stanley brokers reports. 13 Continuous “Cost Cutting” efforts & recently signed Electricity Supply Contract reposition AoG within the 1st Quartile of the global cost curve Global Primary Aluminium Cash Cost Production Curve ($/MT) 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile

AoG 2011

AoG EOF 2016

Target at the EOF 2018

Actions + Investments  Competitive Electricity Tariff  CHP Commercial Operation 1. “MELLON” Cost Cutting Program (2012 -2014)  Labor Cost - Productivity 2. “EXCELLENCE” Cost Cutting Program (2015 - 2016)  Logistics – Freight Costs  Raw Materials 3. New Cost Cutting Program to run over 2017 – 2018  Replacement of HFO with NG  Source: Company Information, HARBOR Intelligence, CRU ANALYSIS, MBR. Investments in new Technology 14 Safeguarding profitability through the cycle

Metallurgy & Mining EBITDA Semi Annual Performance - All in Aluminium Prices

“MELLON” Implementation “EXCELLENCE” Underway

• 1H 2016 EBITDA at € 37.0 up 13.4% vs 2H2015. • Solid Financial Performance despite “All-In “Prices settled at low levels (EBITDA up 13% while “All-In “Prices down 5% vs 2H2015). • Cost cutting program with code name “EXCELLENCE” underway. • A 3rd cost cutting program announced for the period 2017 - 18

Source: Company Information. Bloomberg, Harbour Intelligence. 15 Energy Sector

16 Largest domestic IPP focusing on Gas fired capacity

CCGT Viotia Renewable Energy Sources (RES) • The most efficient CCGT in Greece. • Combined cycle natural gas fired unit. Wind • Gross capacity 444.48MW. Operational: • Net efficiency 58% (LHV) 52MW • MH Stake: 100% Under construction: 120 MW CCGT KORINTHOS • Combined cycle natural gas fired unit. • Site located in Korinthos, within the Solar MOH refinery complex. • Gross capacity 436.6MW Operational: • Net efficiency 57.7% (LHV) 12MW • MH Stake: 65%

CHP Viotia Hydro • Among the largest CHP plants in South Europe Operational: • Gross Capacity 334 MW. 6MW • Priority dispatch & Feed in Tariff - Operating as Base Load RES. • MH Stake: 100%

Source: HTSO, Company Information. 17 Fuel Mix changing in favour of NG fired capacity

Fuel Mix 1H 2016 Domestic Market Highlights

• Total H1 2016 Power demand: 24.6 TWh (down 2.6%). • NG power production up 108% in 1H2016 vs 1H2015. • Falling NG prices boost CCGT’s competitiveness against Lignite capacity leading to higher load factors. • Mytilineos Units Production up 63% in 1H2016 vs 1H2015. • The Greek electricity market is under liberalisation. Most of the existing capacity is old and inefficient, underlying the need for new capacity and replacements.

Domestic Fuel Mix Evolution NG production surpassed Lignite Production for the first time ever in June

Source: IEA, IPTO, Goldman Sachs, Company Information. 18 Protergia shows high growth momentum

Current Market Share IPP Share Breakdown

Retail Electricity Market – Latest Developments . PROTERGIA continues to systematically gain ground in the electricity retail market, posting the strongest market share growth (+130% since the beginning of the year) . The recently signed agreement with COSMOTE for the sale of PROTERGIA products through the extensive network of COSMOTE and GERMANOS stores changes drastically the landscape in the market offering PROTERGIA a competitive edge in its target to become the largest private electricity supplier. . Fully utilize the potential of cross-selling and develop plans and synergies in gas retail business and energy efficiency. . leverage it’s current position in the market (reduce sales exposure to SMP, corporate value gaining, lower credit exposure to LAGIE). 19 Source: IPTO, Company Information. Increasing Energy Contribution in Group’s Profitability

Group Power Production 1H 2015 –16 (MWh) 1H 2016 Financial Results Highlights • 1H 2016 performance already surpassing FY 2015 EBITDA. • Increased thermal generation (+63% yoy). • Retail Market Share Growth (+130% ytd). • New RES Units come online. Strong Prospects ahead • Growing Market share in retail electricity market. • Mytilineos – COSMOTE deal enables PROTERGIA to access a wide portfolio of customers through the extensive network of COSMOTE and GERMANOS stores. • Increasing Load Factors of Gas fired electricity plants. • Growing RES Capacity, adding 60MW of Wind Capacity in 2016. • Positive regulatory developments - reinstatement of capacity payments.

Mytilineos Group thermal power plants produced 1.9TWh during 1H2016 this being: . Sales at 153 m. (vs 86m in 1H 2015), EBITDA at 27 m. (vs 7m in 1H 2015) . 32.3% of the total gas generation production . 53.6% of the gas generation production of the IPPs and . 9.7 % market share of the domestic power production. Source: IPTO, Company Information. 20 Largest Natural Gas consumer in Greece

MYTILINEOS Group is active in the domestic gas market through the 50% - 50% JV with MOTOR OIL HELLAS, named M&M NATURAL GAS S.A

M&M was the first private company to import LNG in Greece and Mytilineos Holdings with its get TPA rights in the Revythousa LNG terminal, effectively leading to the liberalization of the NG market Greece. significant thermal capacity M&M’s existing portfolio of customers represents, volume wise, (1.2GW) is a major gas consumer. over 1.6 BCM of annual consumption, ca 35% of the Greek NG market. In addition, the industrial activity M&M is the 2nd largest gas supplier in Greece and helps the Group of the AoG complex and Motor Oil secure Natural Gas at competitive rates. MYTILINEOS Group with total natural gas consumption representing refinery are key gas consumers. c. 30% of the total market, maintains maximum flexibility to select over alternative sources of supply (ie. LNG spot) and reduce its overall energy costs.

Source: Company Information. 21 EPC Sector

22 Athens - listed Leading EPC contractor with International Profile Operations

Turn-key Projects . A leading international player in turn-key energy projects

Industrial Profile . World-class manufacturing of high value-added, complex fabrications

Activity Sensors

Energy Infrastructure . Complex steel constructions / Civil engineering . Complete power plants: engineering, procurement, applications (bridges, sports facilities, railway construction (“EPC”) projects, roads, etc.) . Solutions approach – emphasis on identifying the right . Oil & gas / refinery market technology and approach for each project, ranging from small up to very large 1000MW+ power plants Industrial Manufacturing . Balance Sheet strength enables METKA to participate in . Several decades of experience in complex, high “BOOT” type of projects. value-added manufacturing . Equipment and components used in energy . EPC and O&M for utility scale solar power projects production, heavy industry and infrastructure applications.

23 Backlog Analysis

Highlights Backlog Evolution (€mns)

. Backlog: €1.1 billion end of 1H2016

. Project portfolio with solid financial arrangements, primarily international (69%)

Backlog Composition

Source: Company Information. 24 International Presence

Geographically Diverse with Strong Partners Main Projects under Execution in 2016 250MW Boot Ghana Project – $350 m.

1,250MW OCGT Iraq Project – €386 m.

368MW OCGT – €93 m. Algeria 591MW OCGT – €175 m.

Infrastructure – Greece €225 m.

57MW Solar PV – Puerto Rico $89.6 m. Source: Company Information. The Syria Project has been Suspended 25 Maintained high profitability margins

• Strong Execution Skills - Excellent track record of complicated energy projects successfully delivered. • Extensive Presence in developing and emerging markets. • Significant expertise in fast-track projects.

Source: Company Information. 26 Financial Review

• Group financial performance • Segments financial performance Solid Financial Performance

Consolidated P&L Consolidated Balance Sheet Figures €mil 2012 2013 2014 2015 1H 2016

Fixed assets 1,666 1,674 1,693 1,838 1,845

Current assets 1,058 983 988 1,061 1,072

Total assets 2,724 2,657 2,681 2,899 2,917

Shareholders’ Equity 976 1,090 1,161 1,230 1,238

Net Debt 725 510 373 527 536

Total Liabilities 1,728 1,567 1,520 1,669 1,679

Key Ratios

Net Debt / EBITDA 4.2x 2.3x 1.5x 2.2x 2.5x

EV/EBITDA 6.4x 4.9x 4.6x 4.1x 4.8x

Key Performance Drivers • Solid overall 1H2016 performance. • Soft 1H performance of the Metallurgy Sector attributed mainly to particularly low “All – in” Aluminium prices and strong comparables expected to be reversed in the 2nd Half of the year. • Resilient performance of the EPC Sector in 1H2016 supported by the successful execution of current backlog. • Strong overall performance of the Energy Sector exceeded already 2015 annual results.

Source: Company Information. 28 Balanced Performance among the three main activities

EPC Energy Metallurgy & Mining

EBITDA Contribution Evolution

2011 1H 2016 Source: Company Information. 29 Strong operational cash flows trigger further deleveraging going forward

Cash – Debt Evolution

Cash +€136 m. Net Debt - €189 m.

• The Cash Position of the Group stands at €273m. (+36% from 31/12/2015) • Net Debt / EBITDA ratio at 2.5

Source: Company Information. 30 MYTIL outperforming the market

Share Price Information

• Market Cap: €566mn • Avg. Trading Value: €1.0 mn {12M} • Total No of shares: 116,915,862 • Free Float: 68.0% • Listing FTSE LARGE CAP 25 • Tickers: MYTIL.GA, MYTr.AT

Shareholder structure

Retail Mytilineos Family

Foreign Institutional Investors Greek Institutional Notes: Data as of 14 October 2016. Investors Source: Company Information. 31 METTK: Stock Data – Dividend payout

Share Price Information

• Market Cap: €400mn. • Avg. Trading Value: €0.6mn {12M} • Total No of shares: 51,950,600 • Free Float: 50.0% • Listing FTSE LARGE CAP 25 • Tickers: METTK.GA, MTKr.AT

Shareholder structure Over €100m. in dividends in the last 5yrs

Retail Mytilineos Holdings

Foreign Institutional Investors

Greek Institutional Investors

Notes: Data as of 17 October 2016. Source: Company Information. 32 Focused on Long Term Performance Book Value per Share

€/Share 20 Year Compound Annual Growth Rate of 14%

Outstanding Growth during severe Greek Crisis with GDP falling 25% in 6 years 6yrs: +61%

Source: Company Information. * 2005 – 06 figures adjusted for the acquisition of AoG in 2005 followed by the merger in 2007. 33 Appendix

• 1H 2016 financial results • ESG Mytilineos Group – H1 2016 Results Highlights

35 Metka Group – H1 2016 Results Highlights

36 Sustainability / ESG highlights

Source: Company Information. 37 Contact Information

Dimitris Katralis IR Officer Email: [email protected] Tel: +30-210-6877476 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.com

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