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Group Presentation

June 2010

Key Investment highlights

Strong track record in delivering operating

performance and creating value for its shareholders

Well-balanced diversified portfolio of mature and

growth promising assets and activities

Strong banking relationships

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Leading position in domestic construction

sector, focused on public works, with a backlog

of c.€2.9bn

Strong dividend stream from concession projects

in the medium to long-term

Significant growth expected from regulatory changes and investments

in Waste Management and RES

Strong balance sheet with a healthy capital structure

Table of contents

1. Group overview

2. Undisputed leader in the Greek construction sect or

3. Leading player in Greek concessions

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4. Market leader in Waste Management Services

5. Significant growth prospects in the Energy secto r

6. Real Estate & Other Investments

7. Group financials

8. Shareholder information

Key milestones in the Ellaktor Group history

Concession for Attiki Odos and Rion-Antirrion Bridge signed1996

Merger of TEB, Elliniki Technodomiki and Aktor1999

Establishment of TEB, Elliniki Technodomiki and Aktor1950’s

and 1960’s

Entry in the Renewable Energy sector (Eltech Anemos)2000

Construction activities spun-off under AktorSet up of the Real Estate arm of the Group: REDSAcquisition of a stake in Mont Parnes Casino

2002

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Entry in the Waste Management sector (Helector)2003

Acquisition of a stake in Hellas GoldFirst construction contracts awarded in Romania and the Middle East (Kuwait)

2004

Establishment of Aktor, subsidiary in the Middle East areaAcquisition of Herhof by Helector

2005

Participation in 3 out of 5 concession projects awarded in GreeceAcquisition of Pantechniki, leading to controlling stake in Attiki Odos (59.2%)Concession activities spun off as Aktor ConcessionsSwapped a 30% stake in Hellas Gold with a 20% stake in European Goldfields

2007

Change of name from Elliniki Technodomiki TEB SA to Ellaktor SACommencement of Moreas, Olympia Odos and Aegean Motorway concessions2008

Ellaktor Group organisational structure

Other holdings

ConcessionsConstruction Real estateWaste

managementEnergy

100% 100% 80% 84% 55.4% 23.4%(2)

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100%(1)

No 1 in GreeceLeader in Greece

& CyprusSignificant

growth prospects

Additionalsignificant realestate portfolio

No 1 in Greece Hidden values

4,848 full time employees with activities in 10 countriesMarket capitalization: 489 €m(3)

(1) Indirect participation via AKTOR(2) Direct and indirect participation (via AKTOR)(3) As of 30 June 2010

Ellaktor is a dominant and highly diversified regio nal infrastructure player

14.7% Hellenic Casino of Parnitha100%

22.74%

Revenues EBIT

Ellaktor Group key financials 2005-2009 &1Q2010

Profit Before Tax Net profit after Minorities

(Amounts in €m)

581 718 9151.913 2.269

483 455

0

5.000

2005 2006 2007 2008 2009 1Q09 1Q10

79 52 81218 233

62 47

0100200300

2005 2006 2007 2008 2009 1Q09 1Q10

Profit Before Tax Net profit after Minorities

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Notes : 2008 and 2009 results include the full impact of the Pantechniki acquisition and thesubsequent full consolidation of Attiki Odos and as such are not comparable to the 2005, 2006and 2007 results

106 80 104166 172

51 32

629

0

100

200

300

2005 2006 2007 2008 2009 1Q09 1Q10

166 175

61 48 68 86 6527 13

62 9

0

40

80

120

160

2005 2006 2007 2008 2009 1Q09 1Q10

13095

Total assets Total equity

Ellaktor Group key financials 2005-2009 &1Q2010 (continued)(Amounts in €m)

1.324 1.4503.044 3.880 4.096 4.334

02.0004.0006.000

2005 2006 2007 2008 2009 1Q10

748 7741.153 1.182 1.259 1.274

0

500

1000

1500

2005 2006 2007 2008 2009 1Q10

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Net debt (1) Corporate net debt (2)

-97 -139

338492

742870

-500

0

500

1000

2005 2006 2007 2008 2009 1Q10

-97 -139-8

175372

485

-500

0

500

1000

2005 2006 2007 2008 2009 1Q10Notes : (1) 1Q10 cash/cash equivalents include bonds held to maturity, which mature in 2010(2) Excluding debt and cash / cash equivalents of non recourse BOT related projects

Contribution by line of business

Net profit after tax/minoritiesEBITRevenues

2009

1%5%1%

14%

10%2%

28%

47%

36%

15%

2%

Total: €2,268m Total: €233m Total: €65m

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2008

1%

15%

6%1%

77%

Total: €1,913m Total: €218m Total: €95m

2%

60%

29%7%

2%

51%

39%

8%2%

Note: Environment includes the activities of Helector SA (predominantly waste management and renewable energy)

Construction Concessions Environment Wind farms Real estate Other

79% 60%47%

Table of contents

1. Group overview



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7. Group financials


Overview of Ellaktor’s construction segment (‘Aktor ’)

� Aktor SA , Ellaktor’s 100%-controlled subsidiary, is the leader in the Greek construction sector

� 60 years in the construction business

� Critical size provides economies of scale

� Key challenges

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scale

� Initiated latest sector consolidationdelivering on backlog ~ €2.9 bn

stabilizing operating margins

establishing Aktor in international markets (~ 32% of our backlog is in the Middle East and South East Europe)

� Construction revenues are €1.78bn for FY 2009 and for the Q1 2010 €353.2 ml

53%

22%

18%

Ellaktor’s key strengths in the Construction segmen t

… further growth… leadership allowing for …

Skills and vision led to …

� Project experience & know-how

Road constructionBridge constructionDamsTunnelsWater-treatmentPorts

� Strong balance sheet and cash flows

3%

3%

1%

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PortsBuildingsIndustrial plantsElectromechanical installationsAthletic installationsGas and fuel networks

� Management skills� Vision� Strong balance sheet

flows� Leading share in

construction in Greece

� Strong international expansion

Revenues include all Groups’ activities

Source: Published consolidated financial statements at 31 December 2009

Ellaktor’s skills and vision allow for the explorat ion of new opportunities

Ellaktor’s project backlog

1,129302

2.933932

68%

32%

Backlog by geography

InternationalGreece

Ellaktor’s backlog (€m, 31 March 2010)

... the contracts backlog as of 31/03/2010 stands at €2.9 bn with another ~€75 ml of projectsthat remain to be signed

570

Infrastructureprojects

Concessionsrelatedprojects

Private International Total backlog

Backlog Evolution (€m)

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660

2.100

3.900

5.050

4.300

3.172 2.933

0

1.000

2.000

3.000

4.000

5.000

6.000

2004 2005 2006 2007 2008 2009 1Q2010

Backlog Evolution(1)

Notes: (1) Includes € 647 ml of the Blue City project in Oman (Aktor’s share)

Key current Greek projects Key current International projects

Ellaktor’s project backlog (continued)

ERGOSE Project – Lianokladi-Domokos 100% 133

METRO Project – Ag. Dimitrios – Elliniko 70% 53

Aposelemi Dam 100% 29

Psittaleia STP: Operation and Maintenance 48% 51

ISAP (Upgrade of Athens Electric Railway) 70% 31

Turnkey Engineering, Procurement & 35% 13Construction services for THISVI

Project Participation Amount (%) (€m)

Infr

astr

uctu

re P

roje

cts

Lukoil refinery in Burgas (BG) 100% 3

Palace of Civilization and Culture 100% 4

Bucharest Waste Treatment (RO) 50% 6

Bucharest Ring Object ‘7’ (RO) 100% 17

Pantechniki (RO) 100% 8

38

Project Participation Amount(%) (€m)

SE

Eur

ope

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North Road section in Crete 70% 22

332

Infr

astr

uctu

re P

roje

cts

Navarino Resorts – Messinia 100% 45

Panathinaikos Stadium 100% 90

Chalkida General Hospital 75% 36

Commercial Buildings – McArthurglen 100% 29

Elefsina Refinery – Civil works 100% 22

222

Bui

ldin

g P

roje

cts

Korinthos – Tripoli – Kalamata 87% 493

Elefsina – Patra – Tsakona 18% 534

Maliakos – Kleidi 19,3% 102

1, 129

BO

T

Blue City (Oman) 50% 647

New Doha Airport (Qatar) ~40% 134

Fujairah Freeway (UAE) 100% 69

ADNEC Exh. Hall (UAE) 40% 3

1st Ring Roads (Kuwait) 50% 13

American School of Dubai 100% 28

894

Gul

f Reg

ion

Project Participation Amount(%) (€m)

Prospects in the Greek market Prospects in the inter national market

Ellaktor’s prospects in the Construction market

South East Europe

� Significant EU support funds for the upgrading of infrastructures in States which joined the EU during the last round of expansion:

Romania: circa €19bn,

Bulgaria: circa €7bn

Middle East

� The EU co-funded National Strategic Reference Framework

(NSRF) for the 2007-2013 period had a budget of €20.4bn for

investment programmes in Greece

� Out of the latter, a total of appox. €11bn were allocated to the so-

called “Accessibility Improvement” programme, aiming at the

modernisation of infrastructure facilities and related services of the

transportation system: Middle East

� Remains an attractive and sizeable market

� Has shown focus on large infrastructure projects, despite lower visibility due to the economic crisis

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transportation system:

Ellaktor is well positioned to target this construction-related

budget of €7.4bn remaining for the period 2008-2013

� Tenders for projects funded from the latter have be en

launched or are in preparation:

Railway and Metro expansions in Athens and Thessaloniki

Attica Ring Road expansion

Kastelli Airport in Crete (€1.0bn budget)

Potential extensions of Egnatia highway with junctions in

Albania, FYROM and Bulgaria

Table of contents

1. Group overview



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7. Group financials


Overview of Ellaktor’s Concessions segment (‘Aktor Concessions’)

� Concession activities of the group were spun off in 2007 to Aktor Concessions SA , a 100% subsidiary of Ellaktor, enhancing visibility of the segment

� Aktor Concessions is the leader in concessions in Greece managing a portfolio of concession and operation companies of equity book value of ~€300m valued at ~€1bn

� Holds 59.2% in Attiki Odos and 22.0% in Rion-Antirion bridge

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bridge

Expected IRR of ~13%

� Participates in three major concession projects in Greece� Participates in a number of smaller PPP projects (marinas,

underground car park lots)

� Participates in concessions of 5,000 underground parking spaces already in operation and 1,800 spaces under construction and issue of necessary permits

� Planning to bid for the Kastelli Airport in Crete Athens and for the Attica Ring Road Expansion

� Explores prospects of concession projects internationally, usually in cooperation with international partners

Overview of Ellaktor’s Concession portfolio

Ioannina

IgoumenitsaTrikala

KarditsaLamia

Larissa

Aegean Motorway(Maliakos – Klidi highway)

• Under construction• €1,200m budget

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Successful in 3 out of 5 concession projects awarde d, with 2 controlling stakes and one minority stake

KorinthosAthens

Tripoli

Sparta

Kalamata

AegioPatraGefyra

(Rion – Antirion Bridge)

Olympia Odos(Athens – Patra – Tsakona highway)

Moreas(Korinthos – Tripoli – Kalamata highway)

Attiki Odos

• In operation since 2000• €1,244m budget• 59% stake

• In operation since 2004• €839m budget• 22% stake

• €1,200m budget• 20% stake

• Under construction• €2,900m budget• 17% stake

• Under construction• €1,100m budget• 87% stake

Overview of Ellaktor’s operating Concessions

Type of concession

AKTOR concessions (%)

Total length

Commencement of operation

End of concession

Toll ring road in Athens (1)

59.2%

65.2Km

March 2001

September 2024

€1,244m (431 state contr, 174 equity,

Toll bridge

22.0%

2.3Km (2)

August 2004

December 2039

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Total investment

IRR on equity

Average daily traffic

2009 revenue

2009 net profit

Dividend payout starts in

Operator

€1,244m (431 state contr, 174 equity,639 loan)

13.1%

~ 300,000 vehicles

€249m

€60m

2011

ATTIKES DIADROMES: 47.4%

€839m (400 state contr, 65 equity, 370 loan)

13%

~ 13,000 vehicles

€51m

€10m

2007 (2009 Dividend : 9 m)

GEFYRA LEITOURGIA: 23.1%

Low risk investments with high returnsNote: (1) Managed by the operators ATTIKES DIADROMES & GEFYRA LEITOURGIA respectively

(2) 8.2 Km total length, which includes access bridges, toll plaza and the connections with the national road network

Overview of Concessions under construction

Concessions

Partners

MOREAS AEGEAN MOTORWAY OLYMPIA ODOS

AKTOR concessions stake (%) 86.67% 20.0% 17.0%

� Intracom 13.33% � Hochtief 35.00 %� Vinci 13.75%� J&P – Avax 21.25%� AEGEK 10.00%

� Vinci 29.9%� Hochtief 17.0%� J&P – Avax 17.0%� Athena 2.1%� GEKTERNA 17.0%Total uses of funds (1)

during construction €1.1bn €1.2bn €2.9bn

Total capital employed (2)€1.0bn €1.0bn €1.9bn

Total construction budget €844m €836m €2,220m

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Note: (1) Uses of funds during construction defined as Construction + Financing costs + SPV costs(2) Capital Employed defined as Equity + Sub Debt + Bank Loans + State Contribution

Total construction budget €844m €836m €2,220m

Equity inv (incl sub-debt) €105m €136m €201m

Project length 205Km 230Km 365Km

Concession period 30 years 30 years 30 years

Construction period 4.5 years 4.5 years 6 years

Commencement date 3 March 2008 5 March 2008 4 August 2008

Operation of existing tolls Yes Yes Yes

Dividend pay out starts in 2022 2013 2018

IRR on equity 13.1% 9.0% 17.9%

Overview of the Concessions market

The Greek Concessions market The International Conce ssions market

� The Greek market remains the Company’s main focus

� Prospects are strong as the Greek State is increasingly using concessions and Public-Private Partnerships (PPP) for infrastructure projects

� Two significant concession projects:

Kastelli Airport in Crete (€1.0bn) for which the tender process has been launched

Attica Ring Road Expansion

� Ellaktor monitors international markets and selectively participates in Concession/PPP type tender processes

targets projects in countries where the Group is already present

option to join forces with international players on a case by case basis

� A flow of relatively small PPP projects (based on PPP law 3389/2005) also started in 2008:

approved budgets of circa €4bn

PPP projects have in their majority smaller budgets than BOT projects but contribute to the Company’s concession portfolio, visibility and long-term cash-flow stability

Preferred bidder for the Police Directorate building in Piraeus . We are in process of documents finalization (€40 m construction)

� Selectively pursuing opportunities in other infrastructure sectors (waste, marinas)

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Greece

Overview of concession/PPP pipeline

Kastelli Airport 1,000 Tender launchedPrisons in Attica, Central Macedonia, Thessaly 240 Pre-selectedHeraclion Port Zone 70 Preferred bidderUniversity of Peloponnese 90 Pre-selectedPolice Directorate Building in Piraeus 75 Preferred bidderZakynthos Marina 16 Sole bidderArgostoli Marina 9 Preferred bidderPaediatric Hospital in Thessaloniki 390 EoI submitted12 School Buildings in Attika 75 Tender in Progress

Project Budget (€m) Status

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12 School Buildings in Attika 75 Tender in Progress 16 School Buildings in Central Macedonia 80 Pre-selected10 School Buildings in Attika 60 Tender in ProgressCourts of Justice in Patras & Heraclion 120 Pre-selectedDemokritus University of Thrace 90 EoI submitted 13 Police Stations 110 Pre-selectedDomboli Building in Epirus 19 EoI submitted Administrative Building in Alexandrupoli 26 EoI submitted

International

Bulgaria/E85 Gabrovo – Shipka Tunnel 250 EoI submitted

Note: EoI stands for ‘Expression of Interest’

Table of contents

1. Group overview



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7. Group financials


Overview of the Waste Management market

EU Municipal Waste Treatment, 2007(% of total waste)

Source: Eurostat News release, 9 March 2009

0%20%40%60%80%

100%

Rom

ania

Lith

uani

a

Mal

ta

Pol

and

Cyp

rus

Latv

ia

Cze

ch R

ep

Slo

vaki

a

Hun

gary

Est

onia

Irel

and

Por

tuga

l

Spa

in UK

Fin

land

Italy

Fra

nce

Luxe

mbu

rg

Aus

tria

Den

mar

k

Bel

gium

Sw

eden

Net

herla

nds

Ger

man

y

Landfilled Incinerated Recycled Composted

Gre

ece

% of BMW (1) land -filled in 2007 vs 1995

� Trends driving waste treatment (vs. landfill

disposal) and power generation from biogas are

indicating promising potential for Greece

� On a regional basis, market prospects are also

promising given low market penetration in South

As Greece lags behind its Western European peers in environmental-friendly waste management, the Greek market offers better growth opportunities than the rest of the European countries

0.0%

25.0%

50.0%

75.0%

100.0%

125.0%

150.0%

175.0%

200.0%

Malt

aSlov

akia

Latv

iaPor

tuga

lRom

ania

Spain

Irelan

dCyp

rus

Greec

eFi

nland

Hunga

ryLit

huan

iaFr

ance

Bulgar

ia Pola

nd

Luxe

mbo

urg

Czech

Rep

ublic Italy UK

Sloven

iaEsto

niaDen

mar

kAus

tria

Sweden

Belgium

Nethe

rland

sGer

man

y

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(1) Biodegradable Municipal WasteSource: Eurostat 2009

% of BMW (1) land -filled in 2007 vs 1995 Eastern Europe and the Balkans, where Helector

is already making inroads (Bulgaria, Romania)

through:

Ellaktor’s presence in the neighbouring countries in

construction / real estate…

…as well as Helector’s unique technological know-

how

Environment: overview of Ellaktor’s Waste Manageme nt Services (‘Helector’)

� Helector is the undisputed market leader in Greece and Cyprus in the Waste Management and Waste-to-Energy sectors

� Extensive know-how in designing, developing, operating and maintaining landfills, Mechanical Biological Treatment (MBT) plants, incinerators and recycling plants

� Own worldwide-known patented technologies

� Ellaktor is active in the Waste Management sector through its 80% owned subsidiary Helector SA

� Helector has extensive know-how and experience in landfill biogas fired power plants and is the only biogas power producer in Greece

23.5MW power plant in Athens

5MW power plant in Thessaloniki

� Under development additional ~10MW landfill biogas power plant in Athens

� In licensing stage for two biomass fired power plants of total installed capacity of ~60MW

� Own worldwide-known patented technologies through German subsidiary Herhof

� Expanding regional footprint by establishing a subsidiary in Bulgaria

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Helector’s activities are focused on the most value adding segments of the chain

RECYCLING TREATMENT DISPOSAL

� Hand sorting � Sanitary Landfills including biological treatment of

COLLECTION & TRANSPORT

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� Mechanical sorting

biological treatment of leachate

� Biogas recovery & renewable energy cogeneration

Thermal Treatment

Mechanical

Biological

Treatment

� Mechanical separation

� Aerobic digestion

� Anaerobic digestion

� Incineration

� Gasification*

� Pyrolisis*

One-stop shop in the most valuable pieces of the wa ste mgmt value chain

* Not yet applicable on a commercial scale

17-year concession since 2006Operating100%90 kt/yGermanyOsnabrueckHerhof Recycling Osnabrueck Turnkey for third partyOperatingn/a180 kt/y" "BerlinBerlin MBT

Project type Description Location Country Capacity Ownership Status Comments

Construction of landfill Ano Liossia, Attica Greece 2,000 kt/y n/a Restoration -

" " Fyli, Attica " " 2,500 kt/y n/a Under construction -

" " Tagarades, Salonica " " 720 kt/y n/a Restoration -

" " Mavrorachi, Salonica " " 540 kt/y n/a Operation -" " Livadia " " 50 kt/y " " Under construction -" " Thiva " " 70 kt/y " " Under construction -" " Limnos " " 40 kt/y " " Operation -

Management of landfill Paphos Cyprus 70 kt/y 100% Operating 10-year concession since 2005

Management of landfill Larnaka " " 50 kt/y 100% Operating

Current Waste Management Portfolio

LandfillConstruction &

Management

10-year concession since 2010

Hospital Waste Mgt Plants

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Turnkey for third partyOperatingn/a180 kt/y" "BerlinBerlin MBTTurnkey for third party" "n/a180 kt/y" "TrierTrier MBT

10 year concession since 2010" "100%176 kt/yCyprusLarnakaLarnaka MBT

18 months operating contract50%300 kt/yGreeceAtticaA. Liosia Recycling & Compost Plant

Apotefrotiras(Hospital Waste Incinerator)

Ano Liossia, Attica Greece 12 kt/y 70% (a) Operating 9-year concession since 2007

EPANA Fyli, Attica Greece 100 kt/y 20% Operating Private investment

Koropi recycling plant Koropi, Attica Greece 75 kt/y 20% Under construction

BEAL: landfill biogas-fired plant (b) Ano Liossia, Attica Greece 23.5MW 50%(c) Operating 20-year PPA since 2004

Tagarades: landfill biogas-fired plant Tagarades, Salonica " " 5.0MW 100% Operating 20-year PPA since 2007

Fyli: landfill biogas-fired plant Fyli, Attica " " 10 MW 100% Awarded Awarded in 2009

Aeiforiki Dodekanisou Rhodes, Kos, Patmos " " 7.8MW 99,5% Operating 20-year PPA since 2007

Note: (a) Remaining 20% controlled by Arsi SA; 10% by Polyeco (b) Largest in Europe (c) Remaining 50% controlled by EDL

Recycling Plants

MechanicalBiological Plants

Waste to Energy Plants

Wind Energy

25-year concessionContract signed100%100 kt/yGreeceKateriniImathia MBT

Contract signed

Private investment

Table of contents

1. Group overview



9eld0029 27




7. Group financials


Table of contents

1. Group overview




9eld0029 28




7. Group financials


5.a. Development prospects in the Wind energy secto r

5.b. Significant presence in the thermal energy sec tor

5.c. Significant presence in the solar energy

Overview of the Greek RES market

Favourable regulatory framework High growth prospect s

8.000CAGR 2008 – 2020: 19.8%

RES must cover 20% of total energyconsumption by 2020

Guaranteed contracts (PPAs) for 20 years with HTSO or PPC

Greek wind development until 2020 (MWs)

1.087

New RES land planning framework now in force

Investment subsidies 20% to 40%(L 3299/04)

Attractive tariffs with stable andpredictable escalation clauses

Source: Fourth report by Ministry of Development, Lalas presentation

� ~8,000MW under the assumption that all RES sources reach supposed target

The Greek RES market has an increasingly favourable framework and high expected growth with wind being the main driver for Greece to reac h its RES targets

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Overview of Ellaktor’s Renewables segment (‘ELTECH Anemos’)

� Ellaktor group entered the renewable energy sector in 2000 through its subsidiary ELTECH Anemos

� Currently operates 5 wind farms and 1 photovoltaic plant of total installed capacity 86MW

� 147 MW are currently under construction, 31 MW of which will be operational by the end of 2010

� Long-term financing secured for all projects currently operating and under construction

� Execution model� Execution model

design, development and supervision in-house

maintenance and daily operations outsourced � Greece will continue to be our base market – Our main

targets are:

capture up to 20% of domestic market share within the next

three years

become one of the two largest domestic RES producers

� Explore attractiveness of foreign markets

� Tracking of technological advances in RES is key

core focus remains on wind, including offshore wind parks

open to other RES technologies (as illustrated by our 2MW

photovoltaic plant, the first of its kind in Greece)

� Excellent relations with wind turbine suppliers

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RES assets overview and key economicsTotal pipeline in Greece stands at ~2,100MW

Wind Project Key Economics

� CAPEX/MW €1.30m

� Equity/MW (25% CAPEX) €0.32m

� Subsidy/MW €0.26 – 0.52m

� Annual revenue/MW wind €180.000 – 240.000

� Wind parks EBITDA margin 80%

� Wind parks EBIT margin 55%

Overview of ELTECH Anemos

8614756

704

1267

199

Applications Productionlicenses and

Positive Opinions

Installationlicenses

Underconstruction

Operating

Pre/Final environmental conditions

OperatingUnderconstruction

Installationlicence

Productionlicence &

Environmentalconditions

Applications

12 – 18months

6 – 12months

12 – 18months

12 – 18months

9eld0029 31

Overview of ELTECH Anemos portfolio

Operating Production license &Environmental ConditionsUnder construction

Installation license Applications

Ellaktor’s presence in thermal electricity generati on

� Ellaktor is present in the thermal electricity generation sector through Elpedison Power, the 2nd

largest electricity producer in Greece

� Following the agreement signed in July 2008, HE&D owns a 22.74% stake of Elpedison Power set up together with the Hellenic Petroleum/Edison Joint Venture (75.78%) and Halcor (1.48%)

ElpedisonHalcor

75,78%

HE&D

24,22%

ELLAKTOR

HE&D and Halcor jointly have the institutional minority rights

HELLENIC PETROLEUM

EDISON

50% 50%

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� Elpedison Power, being the 2nd largest electricity producer in Greece, aims at enhancing its importance in the Greek electricity market:

1 gas-fired 390MW CCGT in operation in Thessaloniki (T-Power)

1 gas-fired 420MW CCGT under construction in Thisvi (expected to commence operation within summer 2010)

Additional thermal power plants under development

Further power generation opportunities considered in Greece and the Balkans

ELPEDISON POWER

• Thessaloniki Power (390MW)• Thisvi Power (420MW)• Other Assets/Activities

Thessaloniki power plant Thisvi power plant(under construction)

the institutional minority rights

Ellaktor’s presence in solar energy

� Ellaktor is present in the solar energy (Photovoltaics) sector through the 100% subsidiary BIOSAR Energy SA

� BIOSAR core business:

Project development

Engineering, Procurement and Construction

� BIOSAR is the market leader in 2008-2009 in Greece

� Success story

EPC contracts were awarded through international bids

14MWp have been installed and grid-connected

BIOSAR has commissioned the largest PV plant so far (Iktinos 4.3MWp)

Revenues doubled (12M€ - 30Μ€) from 2008-2009, EBITDA margin 13.81% in 2009.Engineering, Procurement and Construction

Operation and Maintenance

Execution model

Frame contracts with the largest and most reputable PV suppliers

Highly qualified personnel for PV services (engineering, commissioning, operation of Plants)

Construction synergies with AKTOR in Greece and abroad

EBITDA margin 13.81% in 2009.

Targets

Maintain the market leadership in Greece - increase volumes by following the rapidly growing PV market

Explore other markets (e.g. Bulgaria where AKTOR is present) - bid for EPC contracts abroad

9eld0029 33

Table of contents

1. Group overview



9eld0029 34




7. Group financials


Overview of Ellaktor’s Real Estate segment (‘REDS’)

� Synergies of construction with real estate prompted Group’s involvement in the sector

� R.E.D.S SA is the real estate arm of Ellaktor Group

Listed on ASE

Market cap: € 50 m (at 30 June 2010)

Ellaktor controls 55.40%

� Primary focus of REDS is in Greece

emphasis on retail/mall complexesemphasis on retail/mall complexes

development of residential complexes around Athens

selective office development

concessions� REDS enjoys a high quality Property portfolio

(~ € 105m)

� Total Ellaktor Group real estate assets are ~ €127m

� Ellaktor Group assets are reported at acquisition values (historic cost)

9eld0029 35

Exhibition Centre 11.7% 50,000 GBA 3.5 (DCF)� Development and operation of the new exhibition &

congress center at Athens International Airport. Completed and operating from 01/2009

Residential 100% 3,100 GBA 10� Project completed� 28 apartments in 5 blocks� 86% sold

Asset Description Stake Area m 2 CurrentMarket Value

Status

Gre

ece

–co

mpl

eted

Athens Metropolitan Expo Athens International Airport

Overview of REDS’ assets

9eld0029 36

� 86% sold

Offices 100% 19,000 GBA 20� Building permit issued in May 2008

(Archaeological Excavations in progress)

Retail Park 100% 91,000

(Land surface)32

� Building Permit for the 1st phase (31,000 M2) issued and Construction is in progress

� 50% signed leases� Pre-sale to Henderson subject to completion

Retail – Mall 100%265.000

(Land surface)

80 (land used with

permission)

� Project budget: €300m� Planning permission in progress

Acadimia PlatonosAthens

Yialou Retail Park Spata Attica

Kantza MallKantza Attica

Gre

ece

–un

der

deve

lopm

ent

AmpeliaKantza Attica

Exhibition/Conference and Cruise Center

19.5% 60,000 GBA N/A� Development and operation of the new Exhibition

Center with complimentary commercial uses in the area of Piraeus Port Zone. Design in progress

Regional Mall 100% 15,000 GBA N/A� Land pre-purchase agreement� Planning permission in progress

Piraeus Metropolitan Center

Overview of REDS’ assetsun

der

deve

lopm

ent

Asset Description Stake Area m 2 CurrentMarket Value

Status

9eld0029 37

Residential 100% 2,300 GBA 7 � Design and planning permission in progress

Mixed use 100% 32,000 GBA 11� Site purchased in 2008� Planning permission in progress

Residential 100% 10,000 9,5� Building Permit update (First phase of construction

completed)� 78 apartments to be built

Elefsina Centre

Villa CambaKantza Attica

Splaiul Unirii(Bucharest - Romania)

Baneasa Lake(Bucharest - Romania)

Gre

ece

–un

der

deve

lopm

ent

Inte

rnat

iona

l –un

der d

evel

opm

ent

Athens Mont Parnes CasinoHellas Gold/European Goldfields

Core investments

� 14.7% stake in Hellenic Casino Parnitha

34.3% owned by Regency Entertainment (BC Partners) and 51% by the Greek State

interested to increase JV stake to 51% in the short term to maximise shareholder value potential

financial investment over the long term

� Revamping of facilities is underway

tables will increase to 110

Other investments

� 19.44% stake in European Goldfields(1) that controls 95% in Hellas Gold

� 5% direct stake in Hellas Gold Hellas Gold currently operates Stratoni mine in Chalkidiki, Greece

� PEIS (Preliminary Environmental Impact study) has been approved by the Ministry of Environment at the end of September 2009. The EIS, which is the next milestone, is being prepared for submission in 1st H of 2010. Its approval will provide the green light for the implementation of the approved business plan for the development of Kassandra Mines (Stratoni, Skouries, Olympias), in Greece.

� Resources/Reserves:Stratoni, total reserves 14.5Moz silver, 0.2Mt lead and 0.3Mt zinc(in operation)

9eld0029 38

slot machines to 1,500

� 2009 Key financials

revenues: €181.2m

profit after tax: € 21.6m

Note (1) More information can be found on www.egoldfields.com

(in operation)

Skouries, total resources 5.0Moz gold and 1.04Mt copper (under development)

Olympias, total resources 4.3Moz gold, 60Moz silver, 0.6Mt lead and 0.8Mt zinc (under development)

� European Goldfields FY 2009 key financials:Revenues: $ 62.7m

Loss after tax: $ 11.7m

Market Cap: US$ 1,174m (as of 30 June 2010)

Table of contents

1. Group overview



9eld0029 39




7. Group financials


Consolidated P&L 1Q2010 (IFRS in € ml)(Amounts in €m)

Group revenues decreased by 5.9% mainly because of reduced revenues in ConstructionGroup Operating Profit (ΕΒΙΤ) reduced by 24.1% mainly due to decreased profitability in Construction and ConcessionsGroup EBIT margin stood at 10.3%, compared to 12.8% in

31/3/2009 31/3/2010Change

(%)

Revenues 483.0 454.6 -5.9%

EBITDA 86.4 74.0 -14.3%

EBITDA margin (%) 17.9% 16.3%

EBIT 61.8 46.9 -24.1%

EBIT margin (%) 12.8% 10.3%

9eld0029 40

10.3%, compared to 12.8% in the 1 st Quarter 2009Profit before Tax reached €31.9 ml. while Net Income after Minorities reached € 13 ml

Notes :(1) Weighted average number of shares : 173.113.088 (1st Quarter 2009) and 172.431.279 (1st Quarter 2010)

Profits from Associates 1.4 -0.4 -124.6%

Profit before Tax 51.1 31.9 -37.6%

Profit Before Tax margin (%) 10.6% 7.0%

Profit after Tax before Minorities 37.0 19.6 -47.1%

Net Profit after Minorities 26.8 13.0 -51.6%

Earnings per share (1) 0.16 0.08 -51.4%

Consolidated Balance Sheet 1 Q2010 (IFRS in € ml)(Amounts in €m)

31/12/2009 31/3/2010Change

(%)

Long Term Assets 2,002.7 2,108.9 5.3%

Cash and Cash Equivalent 743.2 827.3 11.3%

Other Current Assets (1) 1,349.7 1,397.5 3.5%

Total Assets 4,095.6 4,333.7 5.8%

Short Term Debt 311.1 563.6 81.1%

Other Short Term Liabilities 848.3 871.8 2.8%

Total Assets increased by 5.8% mainly due to– net increase in intangible assets from ~€

1,000 ml to ~€ 1,026 ml (mainly Moreasconcessions rights ~ € 36 ml)

– increase of investments in associates from ~€ 185 ml to ~€ 202 ml (mainly because of the Group’s participation -€ 13 ml- in the share capital increase of Elpedison)

– increase of the State’s Financial Contribution from ~€ 107 ml to ~€ 150 ml(~€ 85 ml were collected in May 2010)

The increase in Short Term Debt to € 563.6 ml, is

9eld0029 41

Other Short Term Liabilities 848.3 871.8 2.8%

Long Term Debt 1,383.0 1,304.5 -5.7%

Other Long Term Liabilities 294.2 320.3 8.9%

Total Liabilities 2,836.6 3,060.1 7.9%

Shareholders Equity 1,258.9 1,273.6 1.2%

Shareholders Equity (excluding minorities)

984.6 994.5 1.0%

The increase in Short Term Debt to € 563.6 ml, is mainly due to reclassification of long term bond loans to short term as they mature within one year from the current balance sheet date (31/3/2010)

– € 125 ml of ELLAKTOR– € 110 ml of AKTOR CONCESSIONS

Despite the current difficult market conditions, the Group is still able to secure adequate financing for its activities

Notes:

(1) As of 31/3/2010 € 80.9 ml of deposits longer than 3 months and € 89.7 ml of bonds held to maturity, maturing in 2010, are disclosed in Other Current Assets . The respective figures for 31/12/2009 were € 209 ml of long term deposits

Segmental analysis of 1Q2010 Results (IFRS in € ml)(Amounts in €m)

Construction &Quarries

Real Estate Concessions Environment Wind Farms Other Tot al

Revenues 353.2 1.2 73.4 17.6 6.6 2.5 454.6

EBITDA 23.4 -0.3 42.7 3.8 4.7 -0.2 74.0

EBITDA margin (%) 6.6% -21.9% 58.1% 21.6% 70.2% -8.4% 16.3%

Operating profit (EBIT) 12.1 -0.3 29.1 3.0 3.6 -0.5 46.9

9eld0029 42

12.1 -0.3 29.1 3.0 3.6 -0.5 46.9

EBIT margin (%) 3.4% -26.8% 39.6% 17.0% 54.8% -21.2% 10.3%

Profit before Tax 8.9 -0.4 20.9 2.9 2.9 -3.3 31.9

Profit before Tax margin (%) 2.5% -30.2% 28.4% 16.5% 44.0% -133.3% 7.0%

Net income (after tax) 4.2 -0.4 15.1 2.1 2.0 -3.3 19.6

Net income margin (%) 1.2% -35.5% 20.5% 12.1% 29.8% -133.0% 4.3%

Net income after minorities 5.8 -0.2 8.0 1.1 1.5 -3.2 13.0

Segmental analysis of 1Q2009 Results (IFRS in € ml)(Amounts in €m)

Construction &Quarries

Real Estate Concessions Environment Wind Farms Other Tot al

Revenues 382.6 1.2 72.3 20.1 3.9 3.0 483.0

EBITDA 29.2 -1.3 52.0 3.7 2.7 0.2 86.4

EBITDA margin (%) 7.6% -110.8% 71.9% 18.6% 68.9% 6.4% 17.9%


9eld0029 43


EBIT margin (%) 5.1% -116.5% 54.3% 14.0% 51.0% -4.0% 12.8%

Profit before Tax 18.2 -1.6 30.8 2.7 1.5 -0.7 51.1

Profit before Tax margin (%) 4.8% -128.7% 42.6% 13.5% 40.2% -22.5% 10.6%

Net income (after tax) 13.1 -1.6 23.3 1.9 1.2 -0.8 37.0

Net income margin (%) 3.4% -135.2% 32.3% 9.6% 30.5% -27.4% 7.7%

Net income after minorities 12.1 -0.8 14.5 0.9 1.0 -0.8 26.8

Ellaktor’s debt profile (€m, as of 31 March 2010)

485663 4

638 1304 13

286

253 4 8 564 1868 1010

372

Bank Finance Bond Loan Total long Bank Bank Bond Loan Finance Others Total short- Total debt Non- Cash & Net debt

Ellaktor’s key credit statistics Debt distribution b y expiry Evolution of Corporate related Net Debt (Cash) (1)/Gearing ratio (2)

Long-term debt: 1,304

Short-term debt: 564

Total debt: 1,868

Net debt: 485

Shareholder’s equity: 1,274

Total capital(1): 1,759

Capital leverage ratio: 27.6%

(1) Total equity + net debtSource: Company financial statements

9eld0029 44

Over 5 years 41%

Between 2 and 5 years

21%

Between 1 and 2 years

8%

Less than a year 30%

-139,4

-7,8

174,9

372,3

485,4

-22,0%

-0,7%

12,9%22,8%

27,6%

-40,0%

-20,0%

0,0%

20,0%

40,0%

60,0%

-200,0

0,0

200,0

400,0

600,0

31/12/2006 31/12/2007 31/12/2008 31/12/2009 1Q2010

Corporate related Net Debt (Cash) Gearing Ratio

Bankborrow ings

Financeleases

Bond Loan Total longterm debt

Bankoverdrafts

Bankborrow ings

Bond Loan Financeleases

Others Total short-term debt

Total debt Non-recourse

debt

Cash &equivalents

Net debt

Notes : (1) Corporate related Net Debt = (Short and Long Term Debt excluding BOT related Debt) – (Cash & Cash

Equivalents incl. long term deposits under receivables and bonds held to maturity maturing in 2010 but excl. cash & cash equivalents , long term deposits under receivables and bonds held to maturity maturing in 2010 of BOT related projects)

(2) Gearing ratio = Corporate related Net Debt / (Equity + Corporate Related Net Debt)

Table of contents

1. Group overview



9eld0029 45




7. Group financials


Share price performance and shareholder structure

Treasury Stock2.6%

Management Team37.6%

Foreign Institutional

Retail27.7%

Greek Institutional Investors

Shareholder structure (June 2010)

Share price performance LTM (1/1/2007 ~30/6/2010)

ATHEX

CONSTRUCTION

ELLAKTOR

40

60

80

100

120

140

Foreign Institutional Investors19.9%

Investors12.2%

ELLAKTOR share weighting on Indices

� Reuters ticker: HELr.AT

� Bloomberg ticker: ELLAKTOR GA

9eld0029 46

1,17%

18,91%

1,35%

0%

10%

20%

ASE General Index

ASE Construction Index

FTSE-20 Index

0

20

Key Investment highlights

Strong track record in delivering operating

performance and creating value for its shareholders

Well-balanced diversified portfolio of mature and

growth promising assets and activities

Strong banking relationships

9eld0029 47

Leading position in domestic construction

sector, focused on public works, with a backlog

of c.€2.9bn

Strong dividend stream from concession projects

in the medium to long-term

Significant growth expected from regulatory changes and investments

in Waste Management and RES

Strong balance sheet with a healthy capital structure

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