Group Presentation LONDON ROADSHOW 6 - 7 September 2012 Recent Developments / 6M2012 Financial Highlights 6M2012 financial highlights Group revenues reached € 596.5 ml, decreased by 14.1% mainly as a result of lower revenues in Construction and Concessions Operating profit (EBIT) increased by 108% and reached € 65.7 ml - EBIT includes profit of € 11 ml from the sale of Eldorado shares (0.9% stake) Profit before tax reached € 33.8 ml and net profit after tax reached € 20.1 ml Corporate related Net Debt as of 30/6/2012 reached € 599.9 ml (down from € 653 ml as of 31/3/2012) Current construction backlog amounts to € 3 bn The effort to strengthen the group’s international presence continues in the 1H2012 the group has been awarded ~ € 540 ml of international construction projects (recently signed a € 210 ml road construction project in FYROM) Discussions to re-initiate the suspended BOT projects have been delayed due to the recent political developments (two elections, change of government) we expect the process to accelerate the government seems committed and there are positive signs with the appointment of the state’s negotiator The key financing priorities of the group are : securing credit facilities (mainly Letters of Guarantee) from acceptable banks for international projects refinancing maturing corporate loans on a medium term basis (i.e. AKTOR, ELLAKTOR and AKTOR Concessions) gradual de-leveraging of the group’s balance sheet The group remains very positive on the prospects of the waste management sector. Recently increased its participation in Helector from 80% to 95%, and in Herhof from 50% to 100% 9eld0029 2 Key Investment highlights Leading infrastructure player in Greece with an increasing international footprint Significant values from participation in Eldorado Well-balanced diversified Gold / Hellas Gold portfolio of activities Growth prospects in Waste Management and Unrivalled construction Renewable Energy knowhow (backlog c.€3bn) Strong expected dividend stream from mature concessions (i.e. Attiki Odos) 9eld0029 3 Table of contents 1. Group overview Pages 5~7 2. Undisputed leader in the Greek construction sector Pages 8~10 3. Leading player in Greek concessions Pages 11~14 4. Market leader in Waste Management Services Pages 15~17 5. Significant growth prospects in the Energy sector Pages 18~20 6. Real Estate & Other Investments Pages 21~22 7. Group financials & Shareholder information Pages 23~31 9eld0029 4 Key milestones in the ELLAKTOR Group history 1950’s & 1960’s Establishment of TEB, ELLINIKI TECHNODOMIKI and AKTOR 1996 Concession for ATTIKI ODOS and RION-ANTIRION Bridge signed 1999 Merger of TEB, ELLINIKI TECHNODOMIKI and AKTOR 2003 Entry in the Waste Management sector (HELECTOR) Acquisition of a stake in HELLAS GOLD 2004 First international construction contracts awarded in Romania and the Middle East (Kuwait) Participation in 3 out of 5 concession projects awarded in Greece 2007 Acquisition of PANTECHNIKI, leading to controlling stake in ATTIKI ODOS (59.2%) Concession activities spun off as AKTOR CONCESSIONS Swapped a 30% stake in HELLAS GOLD with a 20% stake in EUROREAN GOLDFIELDS Change of name from ELLINIKI TECHNODOMIKI TEB SA to ELLAKTOR SA 2008 Commencement of MOREAS, OLYMPIA ODOS and AEGEAN MOTORWAY concessions HELECTOR SA - AKTOR SA - AKTOR CONCESSIONS SA has signed contract for the project ‘Construction and Operation of the Household Waste Management System in Saint Petersburg‘ 2011 Final EIS (Environmental Impact Study, which concerns HELLAS GOLD mining) has been approved by the Ministry of Environment & Climate Change, on 26th of July 2011, sale of a 7.07% stake in EGU to Qatar Holding (Oct.2011) European Goldfields (“EGU”) agreed to proceed to a transaction with Eldorado Gold (“ELD”) (Dec. 2011) and the transaction was approved by EGU‘s and ELD’s Extraordinary General Meetings (21st February 2012) 9eld0029 5 Ellaktor Group organisational structure Waste Construction Concessions Energy Real estate Other holdings management 100% 86% 21.95% 100% 95% ELLINIKI 55.46% 15.3% AKTOR ELPEDISON HELLENIC CASINO AKTOR SA HELECTOR SA TECHNODOMIKI REDS CONCESSIONS ANEMOS POWER OF PARNITHA 100% (1) 1.4 % ELDORADO 100% HELLENIC (2) QUARRIES 5% HEL. GOLD BIOSAR Leader in Greece Significant No 1 in Greece No 1 in Greece & Cyprus growth prospects 3,942 full time employees with activities in more than 15 countries Listed on the ASE with a market capitalization of ~ 223 € m (3) (1) Indirect participation via AKTOR (2) Direct and indirect participation (via AKTOR) (3) As of 29 th of August 2012 Ellaktor is the leading, diversified, regional infrastructure player 9eld0029 6 Ellaktor Group key financials 2008 - 2011 & 1 st H2012 (Amounts in €m) Revenues EBIT (1) (2) 2.500 2.269 233 1.913 250 218 2.000 1.753 200 1.500 151 151 1.204 150 1.000 100 694 596 66 500 50 32 0 0 2008 2009 2010 2011 1H 2011 1H 2012 2008 2009 2010 2011 1H 2011 1H 2012 Profit Before Tax Net profit after Minorities 200 120 100 95 180 175 172 73 160 80 65 140 60 120 40 20 1 10 100 89 90 80 0 -20 60 -40 -24 40 34 20 1 2008 2009 2010 2011 1H 2011 1H 2012 0 Notes : 2008 2009 2010 2011 1H 2011 1H 2012 (1) Operating profit (EBIT) of 2011 includes € 261 ml profit from the sale of a 7.07% stake in EGU to Qatar Holdings and from reclassifying the remaining participation in EGU and Hellas Gold as financial assets available for sale, provisions for doubtful receivables of € 77 ml and adjustments for revised profitability of construction backlog (2) Operating Profit (EBIT) of 1Η2012 includes profit from the sale of Eldorado shares of € 10.97 ml. 9eld0029 7 Ellaktor Group key financials 2008-2011 & 1 st H2012 (continued) (Amounts in €m) Total assets Total equity 6.000 1.350 4.307 4.359 4.378 1.315 4.500 4.096 3.880 1.300 1.259 1.253 1.240 3.000 1.250 1.200 1.182 1.500 1.150 0 1.100 2008 2009 2010 2011 30/6/2012 2008 2009 2010 2011 30/6/2012 Net debt Corporate net debt (1) 700 1.000 915 596 600 855 844 600 564 800 742 500 372 600 492 400 400 300 175 200 200 100 0 0 2008 2009 2010 2011 30/6/2012 2008 2009 2010 2011 30/6/2012 Notes : (1) Excluding debt and cash / cash equivalents of non recourse BOT related projects 9eld0029 8 Construction segment overview 41% 60 years in construction 29% AKTOR SA , (a 100% subsidiary), is the undisputed market leader in Greece with 23% unmatched technical know-how Emphasis on building our international backlog 4% also due to the current Greek sovereign debt crisis 1% ~ 48% of backlog is international (mostly Middle East and the Balkans) 1% Key priorities 1% Stabilizing operating margins Revenues include all Re-initiating the suspended BOT projects Groups’ activities (Olympia Odos and Aegean Motorway) Significant prospects from ELDORADO GOLD development of the Kassandra goldmines Construction of Photovoltaics (through BIOSAR ENERGY SA); current backlog of € 134 m (30.06.2012) FY2011 Construction revenues : € 830 m 1stH2012 Construction revenues : € 423 m 9eld0029 9 Construction backlog at € 3 bn as of 30.08.2012 (1) Backlog Analysis by sector (m€) Backlog by geography 3500 2,988 3000 Greece International Oman Project 642 52% 2500 currently on hold 1,168 48% 1,428 2000 1,480 Backlog Evolution (€m) Concessions currently on hold 6.000 5.050 5.000 4.300 3.900 4.000 3.172 3.005 2.988 3.000 2.471 2.100 2.000 (2) 1.000 660 0 Notes: 2004 2005 2006 2007 2008 2009 2010 2011 1stH 2012 (1) HELECTOR has backlog of ~ € 215 m not included in the backlog of € 3 bn (~ € 150 m from St Petersburg Project and ~ € 65 m from other projects) (2) Includes concession projects under execution; also includes BIOSAR ENERGY (€ 134 m) 9eld0029 10 Construction Backlog : Selective projects Key current Greek projects Key current International projects Project Participation Amount Project Participation Amount (%) (€m) (%) (€m) ERGOSE Project – Lianokladi - Domokos 100% 81 Tunnel in the road section Tirane – Elbasan (ALB) 100% 32 Distribution networks PPC 100% 34 Road Section Tirane-Elbasan SEGI & SEGIII (ALB) 49% 127 Aposelemi Dam 100% 8 Railway line Micasasa- Coslariu Simeria (RO) section Brasov -Simeria 51% 84 Psittaleia STP: Operation and Maintenance 48% 22 Design & Build of National Road 18 Baia (RO) 100% 39 North Road section in Crete 70% 13 Highway Section Crvena Reca-Ciflic (SR) 100% 34 Waste pipe east & west sector in Thriasio 100% 10 1st Phase of the 2nd Landfill in Fyli (Attiki) 78% 7 Highway Srpska Kuca-Donji Neradovac (SR) 100% 13 SE Europe SE Fuel pipe in Suda (Crete) 100% 9 Highway E80, Section Prosec -Crvena Reka (SR) 50% 34 InfrastructureInfrastructureProjects Projects Egnatia Highway: Siatista Kozani 60% 50 Waste processing plant in Saint Petersburg (RU) 30% 65 30% 13 Expansion of Macedonia Airport Highway Struma Lot 4 (BG) 100% 28 “Skouries” Gold Mine, Chalkidiki 100% 140 Highway Demir Kapija–Smokvica (FYROM) 100% 210 Chalkida General Hospital 75% 34 Project Participation Amount (%) (€m) Three level Building Complex in Paiania -Attiki 100% 12 Wastewater Treatment Plan IZMIR (TUR) 51% 12 National Museum of modern art 50% 11 Projects Building Airport Expansion Building in Ioannina 48% 15 Blue City (Oman) 50% 642 Korinthos – Tripoli – Kalamata (Moreas) 71.67% 127 New Doha Airport (Qatar) 40% 18 countries Elefsina – Patra – Tsakona (Olympia) 17% 455 BOT Upgrading of Main Pumping Stations- Phase 1 Gulf RegionGulf&Other 100% 5 Maliakos – Kleidi (Aegean) 19.3% 71 (Dubai) 9eld0029 11 Concessions segment overview AKTOR CONCESSIONS S.A. , a 100% subsidiary of ELLAKTOR, is the largest concession holder in Greece Holds mature assets (59.2% in Attiki Odos and 22.0% in Rion-Antirrion Bridge) Participates in three major concession projects under construction in Greece (Moreas, Olympia Odos and Aegean Motorway) Participates in concessions of 6,800 parking Aiming to internationalise our concession portfolio spaces (5,000 already in operation) Reinitiation of the BOT projects of Olympia Odos and mostly in partnership with international Aegean Motorway (currently suspended) is a key priority, players but negotiations have been delayed due to recent awarded (with HELECTOR) a PPP mandate political developments (elections, new government) for a waste management plant in St.