1H2016 IFRS FINANCIAL RESULTS

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 Companys 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.

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 AGENDA

1H2016 Results Highlights

Summary Financial Results

Business Units Performance

Q&A

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 9M 2012 RESULTS HIGHLIGHTS
9M 2012 RESULTS HIGHLIGHTS 1H2016 RESULTS HIGHLIGHTS

MYTILINEOS GROUP
Turnover: 635.8 m. Vs 636.5 m. Last Year.

EBITDA: 101.4 m. Vs 118.7 m Last Year.

Earnings after Tax & Minorities: 12.4 m Vs 32.8 m Last Year.

Net Debt: 536 m. as of 30/06/2016.

Equity: 1,238 m.

METKA
Turnover: 262.6 m Vs 257.6 m Last Year.

EBITDA: 38.7 m Vs 46.2 m Last Year.

Earnings after Tax & Minorities: 19.4 m Vs 29.2 m Last Year.

Backlog as of 30/06/2016: 1.1 bn.

Net Cash Position: 163.4 m. as of 30/06/2016.

Source: Company Information.

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 FY2015 RESULTS HIGHLIGHTS

Solid overall 1H2016 performance despite adverse domestic and market conditions.
Group Increased performance of Energy Sector, successful implementation of Excellence cost cutting
program of AoG and execution of the existing backlog by METKA.

Soft 1H performance attributed mainly to particularly low All in Aluminium prices and
strong comparables expected to be reversed in the 2nd Half of the year.
Metallurgy & LME Prices rebounded from their low levels recorded in 1Q2016 breaking above the 1,650
Mining
$/tn mark in the 2nd Quarter.
Healthy global demand for primary Aluminium. Market in highest H1 deficit since 2000.

Resilient performance in 1H2016 supported by the successful execution of current backlog.

METKA Focus on expanding business in Sub-Sahara region.
(EPC) Strengthening of companys portfolio of activities . First significant contribution from
METKA EGN.

Strong overall performance exceeded already 2015 annual results.

Declining Natural Gas prices boost the Groups power plants load factors.
Energy
Significant increase of the Groups Market Share both in wholesale and retail electricity
market.

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Source: Company Information.
 AGENDA

1H2016 Results Highlights

Summary Financial Results

Business Units Performance

Q&A

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 MYTILINEOS GROUP 1H2016 RESULTS HIGHLIGHTS

Source: Company Information.

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 MYTILINEOS GROUP BALANCE SHEET

(amounts in mil )
Liquidity
Balance Sheet H1 2016 2015

Non Current Assets 1,845 1,838

Current Assets 1,072 1,061

Total Assets 2,917 2,899

Debt 809 690

Cash & Cash Equivalents 273 201

Equity 1,238 1,230

Adj. Equity 1,275 1,340

Net Debt 536 489

Key Ratios H1 2016 2015

NET DEBT / EBITDA 2.6 2.1

EV / EBITDA 4.8 4.9
EBITDA / NET FIN. EXP. 3.0 3.8
ROCE 14.0% 17.1%
ROE 2.0% 4.0%

Adj. Equity = Equity + Market Value Adjustment for the Groups Listed Subsidiaries.
Key Ratios refer to annualized figures.
Net Debt = Debt Cash Position.
Source: Company Information.
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 MYTILINEOS GROUP SUMMARY FINANCIAL RESULTS

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 2.6
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Source: Company Information.

 GROUP - BUSINESS UNIT PERFORMANCE

TURNOVER - EBITDA PER ACTIVITY

EBITDA 1H2016: 101.4 m.

EBITDA 1H2015: 118.7 m.

*Corporate Center includes all other activities that are not directly linked to M&M, EPC & Energy.
*EPC does not include intercompany transactions.
Source: Company Information.

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 MYTILINEOS GROUP GAP ANALYSIS

(amounts in mil )
(amounts in mil )
TURNOVER

Source: Company Information.

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 MYTILINEOS GROUP GAP ANALYSIS

(amounts in mil )
EBITDA
(amounts in mil )

Source: Company Information

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 MYTILINEOS GROUP GAP ANALYSIS

NET PROFIT
(amounts in mil )

Source: Company Information 13

 METKA GROUP 1H2016 RESULTS HIGHLIGHTS

Source: Company Information.

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 METKA GROUP BALANCE SHEET

(amounts in mil ) Liquidity

Balance Sheet 1H2016 2015

Non Current Assets 261 271

Current Assets 801 830
Total Assets 1,062 1,101

Bank Debt 4 4
Cash Position 167 155
Equity 567 551

Current Liabilities 410 461

Total Liabilities 495 550
Net Debt -163 -150

Key Ratios 1H2016 2015

EV / EBITDA 2.7 3.3

ROCE 12.9% 13.3%
ROE 6.9% 7.9%

Source:
Source: Company
Company Information.
Information.

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 AGENDA

1H2016 Results Highlights

Summary Financial Results

Business Units Performance

Outlook

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 M&M - INDUSTRY & MACRO ENVIRONMENT

Global Demand Evolution per Region ALUMINIUM MARKET

Demand: Total world consumption remains
robust for yet another year. 1H2016 demand
grew at 5.6% , surpassing 29 MMT. The
transportation sector continues to fuel global
demand growth which becomes more evenly
distributed across core geographies.
Supply: Production grew +1.4% yoy in
1H2016 (against 7.0% in 1H2015 yoy) mainly
affected by low LME Prices.
Curtailments: Production in ROW affected by
the massive announced curtailments in the US.
Curtailments in late 2015 in China have resulted
in Chinese production growth slowing to 0.5% y-
Market Balance o-y in H1 2016.

mmton
Market Balance: In 1H2016, the global
market recorded a deficit of 0.45mmt, the
largest deficit for the first six months of the year
in fifteen years. China generated a 0.03 million
mton deficit. Furthermore ROW generated a
0.42 million mton deficit.

Source: Company Information, CRU ANALYSIS, Harbour Intelligence. 17

 M&M - INDUSTRY & MACRO ENVIRONMENT
ALUMINIUM - ALUMINA
Aluminium LME Prices Premiums ($/TN)
Pricing: The average Aluminum all-In price during
1H2015 settled at $1,869 down 25.8% yoy as market
AVG LME 1H2016: $1,549 sentiment was adversely affected by the downward
adjustments to Chinas demand growth prospects and
lower production costs. 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.
The average Alumina price during 2Q2016 rebounded
from their low levels reaching $253 pt. in June as
percentage of LME price, Alumina price decreased to
15.8%.
Brent: The average price for Brent during 1H2016
Eurodollar - Brent dipped below $42 a barrel against $59.35 in 1H2015
(down 31% yoy).
$ pb Gas: Market operates under oversupply conditions.
Demand is expected to weaken after the nuclear
restarts in Japan. In addition to that, the
interconnectedness between markets is clearly
growing due to LNG plants which make gas capable to
be shipped overseas. In the Greek market, following
the recently signed reverse flow agreement between
DESFA/Bulgartransgaz, M&M conducted the first ever
pipeline Gas export from Greece.
Eurodollar: The average FX rate in 1H2016
remained practically unchanged at 1.12. The Group is
well positioned to benefit out of the structural
strengthening of the USD.
Source: Company Information, CRU ANALYSIS, Harbour Intelligence. 18
 METALLURGY - MINING

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

Solid Performance
1H 2016 EBITDA at 37.0 up 13.4% vs 2H2015.
All-In Prices settled at multi year low levels.
Declining Oil and Natural Gas prices.
New cost cutting program with code name EXCELLENCE underway.

Source: Company Information. Bloomberg, Harbour Intelligence.

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 EPC METKA: INDUSTRY & MACRO ENVIRONMENT

Fundamentals Prospects

Very weak project market due to adverse macro environment.

Fuel mix changing with increasing penetration of Natural Gas & RES. Energy: potential upgrading of inefficient lignite fired plants.
A large portion of existing power generation capacity is old and Infrastructure: activity in selected areas, e.g. transportation
Greece inefficient.

EU membership and convergence impose obligations for plant upgrades SEE: some niche gas-fired activity, e.g. co-gen for district
and/or closures. heating.
Years of under-investment and slow progress to upgrade capacity.
South-East Turkey remaining a large market for gas power generation.
Government support and relatively high level of acceptance for nuclear.
Central Europe-
Turkey

Generally strong demand, but with significant regional variations due to Good potential in several markets driven by underlying
political instability. growth in power consumption.
Gas in high demand as fuel source , with increasing emphasis on fuel Possibilities for conversion of open cycle plants to combined
Middle East /
efficiency. cycle across the Middle East.
N.Africa

Strong fundamental power demand growth with widespread power Smaller distributed power projects with fast-track profile.
shortages. Emerging private sector investments in medium / large scale
Massive need for new energy infrastructure across the continent, but gas-fired projects driven by strong investment appetite.
Sub-Saharan
significant challenges for investors.
Africa

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Source:
Source: Company
Company Information.
Information.
 EPC - BACKLOG
Backlog
Main EPC Projects under Execution in 2016:
Ghana
Ministry of Electricity: 250 MW mobile unit with GE supplying the main equipment.
BOOT project with total contract value of $350 m.

Iraq
1.1 bn Republic of Iraq: 1,250 MW OCGT in Basra. GE sub supplier for the main equipment.
Contract value of 260 m.

Republic of Iraq: engineering, procurement and construction as required to enable

operation of the Shat-Al-Basra Power Plant on heavy fuel oil. Contract value of 125 m.

Algeria
SPE (Spa): 368 MW 0CGT in Hassi Rmel. METKA in Consortium with GE. Contract value
Backlog Sales Evolution of 93 m .
mil SPE (Spa): 591 MW 0CGT in Hassi Rmel II. METKA in Consortium with GE. Contract
value of 175 m.

Syria
PEEGT: 724 MW CCGT in Deir Azzour. METKA leader of Consortium with Ansaldo.
Contract value of 678 m.

Greece
ERGOSE: Construction of remaining infrastructure, permanent way, signalling-
telecommanding, telecommunications and electrical engineering works for the tunnel
facilities for the new railway line Kiato-Rododafni. Contract value of 225m.

Puerto Rico
57 MW of Solar PV. EPC and O&M for the photovoltaic power plant. Contract value of
$89.6m.

Source: Company Information.

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 METKA EPC SEGMENT PERFORMANCE

METKA establishes itself as a Leading European Energy EPC Contractor

47.0% of Turnover refers to energy thermal projects.
34.1% of Turnover refers to photovoltaic projects.
82.4% of Turnover derived from projects abroad.

Geographical Turnover Analysis

Source: Company Information.

Source: Company Information.
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 ENERGY - INDUSTRY & MACRO ENVIRONMENT
Key Characteristics & Trends
Demand The demand for electricity in Greece decreased by 2.6% in
1H2016 yoy, mainly due to the mild weather conditions
prevailed during the winter period.
Supply Regarding the generation mix,
Lignite Production faced a significant decrease in the
order of 27%.
Hydro production decreased by 24%.
Natural Gas participation (with AL/CHP) increased 108%.
Net electricity Imports decreased by 12%.
Competitive In an effort to enhance the competitiveness of the energy
Dynamics market but also meet the requirements of the MoU of the
country with its lenders, clear requirements for opening-up
the retail electricity market to other players have been set by
which the role and market share of PPC will be reduced from
~95% in 2015 down to 75% by end of 2017 and to 50% by
early 2020.
Future Outlook
Demand for power outlook has deteriorated during the
past years along with GDP performance expectations.
Nevertheless the construction of the interconnections
with the islands mainly Crete and Cyclades and
potential recovery of the GDP is expected to drive
electricity demand higher in the medium term.
Further increase of Gas-fired participation is
anticipated in the fuel mix given that
A significant part of old lignite capacity will be
gradually decommissioned due to new
environmental requirements.
Flexible thermal production is needed to
accommodate the increased penetration of RES,
while low oil prices boost CCGTs competitiveness.
NOME type auctions will be the key driver for the
reform in the retail market. Moreover RAE has
introduced a roadmap for the reform of the Greek
wholesale market to move from a mandatory pool
towards an economic day-ahead market (power
exchange) with separate markets running in parallel for
unit dispatch scheduling, ancillary services provision
and balancing/real time scheduling.
Source: Company Information.
 ENERGY - INDUSTRY
Fuel Mix Evolution (2013 2016)
NG production
surpassed Lignite
Production in June

Electricity Market Developments in 1H2016 Domestic Market Fuel Mix 1H2016

Total Demand raised at 24.6TWh (down 2.6%) (25.3TWh/1H2015).
Total Domestic Power Production remained stable at 19.3TWh
(19.2TWh/1H2015).
Average SMP settled at 42.5 /MWh, (down 18.1%) 51.9/MWh 2015).
Lignite production reduced significantly at 6.5TWh (down 27.3% )
(9.0TWh/1H2015).
Natural Gas production (with AL/CHP) 6.4TWh/2015 vs 3.1TWh/
1H2015. (NG production raised 108% YoY).
Hydro production settled at 2.5TWh (down 23.9% ) vs 3.2 TWh/1H2015.
Total RES production 4.0TWh/2016 vs 4.0TWh/1H2015.
Net Imports 5.3TWh/2015 vs 6.1TWh/1H2015 (down 12.1%).

Source: Company Information, HTSO, LAGIE.

 ENERGY PERFORMANCE DATA

Protergia Share Retail Market IPP Market Share Dynamics

SMP data 2014 2016 (EUR/MWh)

Protergia has seen its market share increasing by
130% in the last 6 months.
PPC market share continues to drop PPC lost
more than 4% during the 1st Half of 2016 .
The Group, being already established as the
largest IPP in Greece, targets to become also the
largest private electricity supplier, thus
contributing to the effective opening up of the
energy market.

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Source: Company Information, HTSO, LAGIE.
 ENERGY PERFORMANCE DATA

Mytilineos Group Power Production H1 2015 16 (MWh) Energy Sector Financial Results ( m.)

Mytilineos Group thermal power plants produced 1.9TWh during 1H2016 this being:
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: Company Information, HTSO.

Financial Performance refers to energy segment ( AG. NIKOLAOS CCGT, KORINTHOS POWER CCGT & RES) . 26
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.gr

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