ELLAKTOR Group: Positioned for Growth GROWTH4ELLAKTOR Investor Presentation 10th December 2020 1. ELLAKTOR Group at a Glance Contents 1 ELLAKTOR Group at a Glance 2 Business Overview and Growth Prospects 3 Share Capital Increase: Framework and Timeline 2 ELLAKTOR’s has evolved over the years into a leading diversified infrastructure player 1 Origins of ELLAKTOR 2 Repositioning towards a stable, cash generative toll road concession focused business Establishment of First concession Signed 3 of 5 major concessions Acquired additional 6.5% stake AKTOR construction project signed awarded in Greece in Attiki Odos (increasing total business stake to 65.75%) 1950s 1996 2008 2018 2001 2003 2019 2019 2020 2020 Entry into Entry into Acquired Expansion Signed the Signed strategic Renewable environment remaining stake in of Smart 40+10 year agreement with Energy segment previously listed Park Alimos EDPR for the joint Segment RES business Marina development of a (‘RES’) (achieving 100% concession 900MW wind park ownership) portfolio 3 Further diversification into high growth verticals Concessions Renewables Environment Real Estate 3 ELLAKTOR Group at a glance – A leading player in all segments Visible, predictable, long term cash flows from well invested portfolio of critical infrastructure Concessions Renewables Environment Construction Real Estate Developer and operator, Operation of concession Construction of Operation of renewable Environmental services and focussing on shopping projects in Greece from infrastructure, public and Activity wind farms throughout waste management across 7 centres, residential design through to private projects Greece countries in Europe development and energy maintenance internationally efficient offices • Pioneered first concessions • 491MW, 24 wind parks, 1 • 70 years of expertise with • Market leader in Greece • Operator of the largest Key in Greece small hydro and 1 solar PV unique experience and • 36 total reference facilities/ Retail Park in Greece highlights • Concessionaire in 5 out of 7 • Total planned capacity of know how projects • Significant land portfolio key toll roads in Greece 579MW by 2021E • €1.6bn of backlog (30/9/20) Largest Second largest Largest Largest One of the largest Position Concessionaire in Greece RES producer in Greece player in Greece player in Greece developers in Greece Ownership 100% 100% 94.4% 100% 55.5% 4 A fully developed portfolio of critical infrastructure assets in Greece Significant investment over the last 2 decades, establishing a high quality asset base with c. €3bn total assets 1 x4 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 “Construction and operation of first waste “Kassidiaris I & II – 90MW management PPP in 39.1 capacity wind farms outfitted Greece” 28.8 with high quality equipment” Alexandroupoli 76.8 Thessaloniki 5.0 “Backbone of the Greek Larissa motorway system, linking 90.0 Athens with Thessaloniki” “Modern high-speed highway 88.2 connecting Athens and the Lamia 9.0 key western port of Patra” Rion- Legend 48.2 Antirion 1.2 Attiki Odos ring road Aegio Rion-Antirrion bridge 6.4 9.9 Korinthos Athens Moreas motorway Aegean motorway Tripoli Olympia Odos “One of the worlds longest 2.0 “State of the art ring road, Alimos Marina multi-span cable bridges 174.8 forming an integral part of Car park (min 20% stake) connecting Peloponnese - one Sparta everyday life in the greater Wind (Operating) of Greece's most important Kalamata Athens area” Wind (Under Construction) regions, to mainland Greece” Small-hydro (operating) Solar PV (operating) 1As at 30.09.2020 5 Since the onset of COVID-19 pandemic, ELLAKTOR’s key priority is to ensure the safety of its employees and the broader community, while ensuring business continuity COVID-19 Pandemic Response COVID-19 Pandemic Impact to date The Group has introduced and implemented a new • Slight delays in the execution and certification of project works, as well as in the operational framework, with the below indicative measures: collection of expected claims • The contracting process of new projects has taken slightly longer than anticipated • Set up a dedicated task force with team members Construction from Health and Safety, HR, Administration and IT • No major impact on financial results • Enhancement of “smart” working through adoption of • Following the gradual lifting of the lockdown on May 4th 2020, traffic volumes in Attiki enabling IT solutions (e.g. remote working, flexible Odos show clear signs of recovery until August (yoy: Apr.’20 -72%, May’20 -37%, Jun.’20 - workforce planning procedures, virtual meetings and 16%, Jul.’20 -9%, Aug.’20 -7%). Additional measures followed in September causing new travel policies) to minimize face to face further downward pressure on traffic volumes (-12% and -13% in Sept and Oct) interactions • Revenue was decreased by ~18% compared to 9m 2019 Concessions • No impact on liquidity and debt servicing obligations • Have conducted more than 6,000 tests so far for Group employees for the new COVID-19 virus • No operational or financial impact recorder so far • Special provisions for employees in high risk groups • Potential risk associated with delays in collections • Enhance health and hygiene in the workplace through RES a new ventilation system, regular disinfections alongside providing health and safety equipment to all • Limited impact recorded so far employees (e.g. facemasks, sanitary disposal bins and • Potential risks associated with delays in the implementation design & planning of future alcohol based hand sanitizers) Environment waste management infrastructure projects in Greece • Contingency planning in the eventuality of a confirmed case in the workplace • The imposed reduction on rents by 40% remains • Despite the significant impact of COVID-19 and the lockdown measures on the economy, • Regular communication with all employees to update Real Estate footfall at Smart Park grew by 10% in Q3 ’20 compared to Q3 ‘19, while Revenue and them on latest developments, including national and EBITDA also grew significantly European legislation Adjusted (1) EBITDA improvement for all segments in Q3 2020 yoy, despite impact from COVID-19 (1) Adjusted EBITDA for restructuring costs in Construction 6 2. Business Overview & Growth Prospects In September 2018, ELLAKTOR started a transformation journey, aiming to unleash its potential and generate long-term value for its shareholders ELLAKTOR’s Transformation has been based on a solid 3-phase plan with clear objectives, driven by a set of critical implementation enablers C Positioned for growth B Improve the business Exit legacy loss-making A Long-term activities shareholder Sept. 2018 – H2 2020 value creation By H2 2021 By Η2 2022 1 2 Transformation of Operating 3 Best in Class Model and Alignment of New Strategic Plan Corporate Governance Stakeholders’ Interests 8 Significant structural changes were implemented in Phase A towards enhancing corporate governance, revamping risk management culture, as well as synergies’ exploitation and stopping value leakage A Exit legacy loss-making activities Sept 2018 – H2 2020 1 2 3 Transformation of Operating Model and Best in Class Corporate Governance New Strategic Plan Alignment of Stakeholders’ Interests • Corporate Governance Reforms • New Corporate Structure • Concessions: Stake in Attiki Odos increased to - Update of Internal Regulation Code and of • Entire C-suite set up (CFO, CRO, CHR, CIO, CLO) 65.8%; Alimos Marina 40 year concession won Corporate Governance Code • Renewables: Installed capacity grew by 35% to • New Delegation of Authorities framework - Action Plan for strengthening the 491MW New organizational structure in Construction and Compliance Framework approved by BoD • • Environment: acquisition of 75% stake in ASA effective release of personnel - Nomination & Remuneration Committee as Recycle (60k tons annual capacity) well as Compliance & Sustainability • Redesign of critical processes at Group & BU level, • Real Estate: Increase total commercial tenancy Committee established in Feb 2019 with special focus on Construction (tendering/ area of Smart Park by 40% to 53k sqm bidding, planning & control contract management, Construction: cash flow management) • ISS Scoring 09/2019 06/2017 - New strategy focussing on Greece & Romania • Redesign and implementation of critical HR and selectively in Qatar (FM) Corporate policies - 5 8 - Disengaging from international PVs and loss- Governance • Enhancement of IT governance & security, launch Environment 4 n/a making projects - of digital transformation and new applications 1 10 Best Worse Strategic alignment, avoidance of potential Significant improvement rating on Corporate Accountability and operational efficiency, reliable processes/ systems and tools, extra losses, improved performance of RES Governance by ISS promotion of performance based culture & Concession segments 9 Special focus was given to Construction - the new organizational structure, along with the redesign of critical processes significantly improved the effectiveness of AKTOR’s operating model A Exit legacy loss-making activities Sept 2018 – H2 2020 Re-organization of Construction segment Critical processes Re-Design • New organisational structure put in place • Bidding process overhaul - Unified • Set-up of Contract Management Department based on current and future business procedure for tenders’ analysis and Contract needs, as well as critical capabilities facilitation of decision making process (Go