October 2016: Annual Briefing of Analysts and Institutional Investors

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 Metallurgy Sector Largest vertically integrated producer of refined alumina and primary aluminium in South-East Europe Own bauxite mines, an alumina refinery and an aluminium smelter with annual production capacity of 815k MT and 185k MT respectively Energy Sector 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 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 & MINING POWER & GAS METKA (EPC) 50.0% Listed with Mkt Cap*: 400mn BAUXITE ALUMINA ALUMINIUM POWER GENERATION ASSETS NATURAL GAS SUPPLY EPC ENERGY PROJECTS Source: Company Information. Note: Market data 14 October 2016. METKA is the only remaining listed subsidiary. 5

Extracting significant Synergies within the Group Fully vertically integrated aluminium complex. On site steam production through the operation of self owned CHP plant. International EPC contractor active across Europe, M. East, Africa & Americas. Specialized in Gas fired power projects. Consumes more than 2.5 TWh per annum. Largest IPP in Greece with 1.2 GW of thermal capacity. Targeting to become also the largest private supplier of electricity in Greece. Natural Gas operations support all three core activities : Offering competitive advantage for Protergia s electricity plants Boosting AoG s competitiveness Supporting METKA s expansion abroad Largest private gas supplier in Greece Sourcing and Trading Natural Gas both LNG and through pipeline. 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 Metallurgy Sector Energy Sector 1H 2016 EBITDA 38.7 mn. 1H 2016 EBITDA 37.0 mn. 1H 2016EBITDA 27.2 mn. 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 Exports of Metallurgy & Mining Sector Non-Greek revenues and exports represent 75% of the consolidated turnover. MYTILINEOS Group exports account to > 2% of Total Greek exports. Gradually expanding to high growth potential markets Recently established in Sub-Sahara Africa. Puerto Rico Projects Ghana Projects Group s production units in Greece In 2016 the Group expanded it s presence in Americas. Diversified sources of revenues in terms of activities, geographies and currencies. Revenues almost equally split between USD and EURO. 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 bauxite producer in Europe with ~700ktpa of production capacity Long life of mine underpinned by 11mt of resources Long-term off-take agreement with third parties in Greece and abroad. Producer of 17% of total European Alumina output - ~834ktpa Sufficient capacity to cover internal needs for the smelter and to export ~500ktpa Long-term off-take agreement with global and regional players ~185ktpa of production capacity Established customer base Long-term export sales with European customers provide security of sales Long term electricity supply agreement with PPC On-site power and steam production offering purchasing flexibility Secured Electricity Supply Internal Steam production using Natural Gas On-site port facilities for incoming raw materials outgoing finished products, minimising logistical costs. On-site casthouse providing value - add products 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 Mt Global AL consumption trend LME & Premium prices (USD/TN) Market Highlights Total world consumption is expected to remain robust for 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. 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 1 st Quartile of the global cost curve Global Primary Aluminium Cash Cost Production Curve ($/MT) 1 st Quartile 2 nd Quartile 3 rd Quartile 4 th Quartile AoG 2011 Target at the EOF 2018 AoG EOF 2016 Actions + Investments 1. MELLON Cost Cutting Program (2012-2014) 2. EXCELLENCE Cost Cutting Program (2015-2016) 3. New Cost Cutting Program to run over 2017 2018 Source: Company Information, HARBOR Intelligence, CRU ANALYSIS, MBR. Competitive Electricity Tariff CHP Commercial Operation Labor Cost - Productivity Logistics Freight Costs Raw Materials Replacement of HFO with NG 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 3 rd 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 CCGT KORINTHOS The most efficient CCGT in Greece. Combined cycle natural gas fired unit. Gross capacity 444.48MW. Net efficiency 58% (LHV) MH Stake: 100% Combined cycle natural gas fired unit. Site located in Korinthos, within the MOH refinery complex. Gross capacity 436.6MW Net efficiency 57.7% (LHV) MH Stake: 65% Renewable Energy Sources (RES) Wind Operational: 52MW Under construction: 120 MW Solar Operational: 12MW CHP Viotia Among the largest CHP plants in South Europe Gross Capacity 334 MW. Priority dispatch & Feed in Tariff - Operating as Base Load RES. MH Stake: 100% Hydro Operational: 6MW 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 Source: IPTO, Company Information. 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

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 Mytilineos Holdings with its significant thermal capacity (1.2GW) is a major gas consumer. In addition, the industrial activity of the AoG complex and Motor Oil refinery are key gas consumers. M&M was the first private company to import LNG in Greece and get TPA rights in the Revythousa LNG terminal, effectively leading to the liberalization of the NG market Greece. M&M s existing portfolio of customers represents, volume wise, over 1.6 BCM of annual consumption, ca 35% of the Greek NG market. M&M is the 2nd largest gas supplier in Greece and helps the Group secure Natural Gas at competitive rates. MYTILINEOS Group with total natural gas consumption representing 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 Industrial Profile A leading international player in turn-key energy projects World-class manufacturing of high value-added, complex fabrications Activity Sensors Energy Complete power plants: engineering, procurement, construction ( EPC ) Solutions approach emphasis on identifying the right technology and approach for each project, ranging from small up to very large 1000MW+ power plants Balance Sheet strength enables METKA to participate in BOOT type of projects. EPC and O&M for utility scale solar power projects Infrastructure Complex steel constructions / Civil engineering applications (bridges, sports facilities, railway projects, roads, etc.) Oil & gas / refinery market Industrial Manufacturing Several decades of experience in complex, high value-added manufacturing Equipment and components used in energy 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 Ghana 250MW Boot Project $350 m. Iraq 1,250MW OCGT Project 386 m. Algeria 368MW OCGT 93 m. 591MW OCGT 175 m. Greece Infrastructure 225 m. Source: Company Information. The Syria Project has been Suspended Puerto Rico 57MW Solar PV $89.6 m. 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 Investors Notes: Data as of 14 October 2016. 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: dimitrios.katralis@mytilineos.gr 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 38