Group Presentation

April 2012

Key Investment highlights

Leading infrastructure player in Greece with an increasing international

footprint

Well-balanced diversified portfolio of activities

Healthy capital

structure

Unrivalled construction knowhow (backlog c.€3bn)

Strong expected dividend stream from mature

concessions (Attiki Odos, Rio Antirio bridge)

Growth prospects in Waste Management and

Renewable Energy

Significant growth prospects from

participation in Eldorado Gold / Hellas Gold

Recent developments

New developments regarding GOLD

ELLAKTOR sold a stake 7.07 to Qatar Holding (October 2011)

ELLAKTOR indirectly controls 2.7% in Eldorado Gold (“ELD”)

Working towards resolving the issues of the suspend ed BOT projects of Olympia Odos and Aegean Motorway

Arranging the financing of the awarded PPP waste ma nagement project at St Petersburg

9eld0029 3

1. Group overview

2. Undisputed leader in the Greek construction sect or

3. Leading player in Greek concessions

Table of contents

Pages 5~8

Pages 9~11

Pages 12~15

9eld0029 4

4. Market leader in Waste Management Services

5. Significant growth prospects in the Energy secto r

6. Real Estate & Other Investments

7. Group financials & Shareholder information

Pages 22~23

Pages 24~29

Pages 16~18

Pages 19~21

Key milestones in the ELLAKTOR Group history

Establishment of TEB, ELLINIKI TECHNODOMIKI and AKTOR

Concession for ATTIKI ODOS and RION-ANTIRION Bridge signed

Merger of TEB, ELLINIKI TECHNODOMIKI and AKTOR

Entry in the Renewable Energy sector (ELTECH ANEMOS)

Construction activities spun-off under AKTOR

Set up of the Real Estate arm of the Group: REDS

Acquisition of a stake in MONT PARNES CASINO

Entry in the Waste Management sector (HELECTOR)

Acquisition of a stake in HELLAS GOLD

First construction contracts awarded in Romania and the Middle East (Kuwait)

Establishment of AKTOR, subsidiary in the Middle East area

1950’s & 1960’s1996

1999

2000

2002

2003

2004

9eld0029 5

Establishment of AKTOR, subsidiary in the Middle East area

Acquisition of HERHOF by HELECTOR

Participation in 3 out of 5 concession projects awarded in Greece

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

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‘

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)

2005

2007

2008

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)

Ellaktor Group organisational structure

Construction

100%

AKTOR SA

Concessions

100%

AKTOR CONCESSIONS

Waste management

80%

HELECTOR SA

Energy

86%ELLINIKI

TECHNODOMIKI ANEMOS

21.95%

ELPEDISON POWER

Real estate

55.46%

REDS

Other holdings

15.3%HELLENIC CASINO

OF PARNITHA

9eld0029 6

No 1 in GreeceLeader in Greece

& CyprusSignificant

growth prospects

Additionalsignificant realestate portfolio

No 1 in Greece Hidden values

4,054 full time employees with activities in more than 14 countries

Listed on the ASE with a market capitalization of ~ € 225 m (3)

(1) Indirect participation via AKTOR(2) Direct and indirect participation (via AKTOR)(3) As of 28th of March 2012

Ellaktor is the leading, diversified, regional i nfrastructure player

100% (1)

HELLENIC QUARRIES

100%

BIOSAR2.7 % ELDORADO5% HEL. GOLD (2)

Revenues EBIT

Ellaktor Group key financials 2008-2011(Amounts in €m)

218233

151 151

0

50

100

150

200

250

2008 2009 2010 2011

1.913

2.269

1.753

1.204

0

500

1.000

1.500

2.000

2.500

2008 2009 2010 2011

(1)

Profit Before Tax Net profit after Minorities

9eld0029 7

95

175172

89 90

020406080

100120140160180200

2008 2009 2010 2011

95

65

1

73

0

20

40

60

80

100

2008 2009 2010 2011

Notes :

(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 mln and adjustments for revised profitability of construction

backlog

Total assets Total equity

Ellaktor Group key financials 2008-2011 (continued)(Amounts in €m)

3.880 4.096 4.307 4.359

0

2.000

4.000

6.000

2008 2009 2010 2011

1.182

1.2591.240

1.315

1.100

1.150

1.200

1.250

1.300

1.350

2008 2009 2010 2011

9eld0029 8

Net debt Corporate net debt (1)

Notes : (1) Excluding debt and cash / cash equivalents of non recourse BOT related projects

492

742

915855

0

200

400

600

800

1.000

2008 2009 2010 2011

175

372

564596

0

100

200

300

400

500

600

700

2008 2009 2010 2011

Construction segment overview

41%

29%

23%

4%

1%

60 years in constructionAKTOR SA , (a 100% subsidiary), is theundisputed market leader in Greece withunmatched technical know-howEmphasis on building our international backlogalso due to the current Greek sovereign debtcrisis

~ 45% of backlog is in the Middle East and

9eld0029 9

FY2011 revenues : € 830 m

1%

1%

Revenues include all Groups’ activities

other countries (mostly in Europe)Key priorities

Improving operating marginsRe-starting the BOT projects (Olympia Odosand Aegean Motorway)

ELDORADO GOLD development of the Kassandra goldminesConstruction of Photovoltaics (through BIOSAR ENERGY SA); current backlog of € 184m (€169m in Greece & €15m abroad)

Significant prospects from

Construction backlog at € 3 bn as of 28.03.2012(1)

55%

45%

Backlog by geography

InternationalGreece

Backlog Analysis by sector (m€)

Oman Project currently on hold

1,35

9

3,005

1,202

6692500

3000

3500

Backlog Evolution (€m)

9eld0029 10

660

2.100

3.900

5.050

4.300

3.172

2.471

3.005

0

1.000

2.000

3.000

4.000

5.000

6.000

2004 2005 2006 2007 2008 2009 2010 2011

1,538

Notes: (1) HELECTOR has backlog of ~ € 220 m not included in the backlog of € 3 bn (~ € 150 m

from St Petersburg Project and ~ € 70 m from other projects)(2) Includes BIOSAR ENERGY backlog of ~ € 169 m (in Greece)

Concessionscurrently on hold

1,35

9

1,005

1,802

108

690

533

0

500

1000

1500

2000

Infrastructure Projects Greece

Private International Total Backlog 31.12.2011

(2)

Key current Greek projects Key current International projects

Construction Backlog : Selective projects

ERGOSE Project – Lianokladi - Domokos

Distribution networks PPC

Aposelemi Dam

Psittaleia STP: Operation and Maintenance

Expansion of Macedonia airport

North Road section in Crete

Waste pipe east & west sector in Thriasio

1st Pfase of the 2nd Landfill in Fyli (Attiki)

Project Participation Amount (%) (€m)

Infr

astr

uctu

re P

roje

cts

Project Participation Amount(%) (€m)

SE

Eur

ope

100% 74

100% 43

100% 6

48% 26

30% 14

100% 15

100% 11

78% 9

Tunnel in the road section Tirane – Elbasan (ALB)

Road Section Tirane-Elbasan (ALB)

Design & Build of National Road 18 BAIA (RO)

Thrakia Ring Road Nova Zagora-Yambol (BG)

Highway Section Crvena Reca-Ciflic (SR)

Highway Srpska Kuca-Donji Neradovac (SR)

Waste processing plant in Saint Petersburg (RU)

AES Solar Bulgaria Labrinovo Biosar (BG)

100% 50

49% 64

100% 43

100% 19

100% 44

100% 19

30% 65

100% 155

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Fuel pipe in Suda (Crete)

Egnatia Highway: Prefectures of Florina

Tunnel in Kiato –Aigio (Peloponnese)

New generation access networks OTE

Infr

astr

uctu

re P

roje

cts

Bui

ldin

g P

roje

cts

BO

T

Gul

f Reg

ion

& O

ther

co

untr

ies

Project Participation Amount(%) (€m)

100% 11

33,33% 28

100% 6

50% 13

Chalkida General Hospital

Three level Building Complex in Paiania (Attiki )

National Museum of modern art

Airport Expansion Building in Ioannina

Korinthos – Tripoli – Kalamata (Moreas)

Elefsina – Patra – Tsakona (Olympia)

Maliakos – Kleidi (Aegean)

AES Solar Bulgaria Labrinovo Biosar (BG)

Highway E80, Section Prosec-Crvena Reka (SR)

Highway Struma Lot 4 (BG)

Railway line Micasasa- Coslariu Simeria (RO) section Brasov -SIMERIA,

Blue City (Oman)

New Doha Airport (Qatar)

Fujairah Freeway (UAE)

1st Ring Roads (Kuwait)

75% 38

100% 24

100% 13

48% 16

71.67% 158

17% 460

19.3% 73

100% 155

50% 36

100% 29

51% 86

50% 669

40% 31

100% 9

50% 7

Wastewater Treatment Plan IZMIR (TUR) 51% 13

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

9eld0029 12

� Participates in concessions of 6,800 parking spaces (5,000 already in operation)

� Concluding underway negotiations for the reinitiation of the BOT projects of Olympia Odos and Aegean Motorway (currently suspended) is a key priority

� Aiming to internationalise our concession portfolio

� mostly in partnership with international players

� awarded (with HELECTOR) a PPP mandate for a waste management plant in St. Petersburg, Russia (currently arranging the financing)

� No significant progress is expected in new Greek BOT or PPP projects before the forthcoming elections (early next May).

� Preferred Bidder for the Police Department headquarters in Piraeus (€40m construction budget)

Overview of ELLAKTOR’s Concession portfolio

Ioannina

IgoumenitsaTrikala

KarditsaLamia

Larissa

Aegean Motorway(Maliakos – Klidi Highway)

• Under construction• €1,300m budget

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Successful in 3 out of 5 (major highway projects ) of the 2 nd generation concession projects awarded in Greece, with 1 controlling stake and 2 minority stakes

KorinthosAthens

Tripoli

Sparta

Kalamata

AegioPatraGefyra

(Rion – Antirrion Bridge)

Olympia Odos(Athens – Patra – Tsakona Highway)

Moreas(Korinthos – Tripoli – Kalamata Highway)

Attiki Odos

(Athens Ring Road) • In operation since 2000• €1,244m budget• 59% stake

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

• €1,300m budget• 20% stake

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

• Under construction• €1,100m budget• 72% stake

Operating Concessions assets

Type of concession

AKTOR Concessions (%)

Total length

Commencement of operation

End of concession

Toll ring road in Athens

59.2%

65.2Km

March 2001

September 2024

€1,244ml (431 state contr, 174 equity,

Toll bridge

22.0%

2.3Km (1)

August 2004

December 2039

…Low risk mature assets with high expected dividend streams…

9eld0029 14

Total investment

IRR on equity

Average daily traffic (2011)

2011 revenue

2011 net profit

Dividend payout starts in

Operator

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

13.1%

~250,200 vehicles

€203m

€49m

2012

ATTIKES DIADROMES: 47.4%

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

13%

~ 12,700 vehicles

€42m

€6m

2007 (2010 Dividend : € 9 m)

GEFYRA LEITOURGIA: 23.1%

Note: (1) 8.2 Km total length, which includes access bridges, toll plaza and the connections with the national roads network

Concessions under Construction

Type of concession

AKTOR Concessions (%)

Korinthos-Tripoli-Kalamata Motorway

71.67%

Other Shareholdings 15.00% J&P-Avax 13.33% Intracom

Maliakos - Kleidi Motorway

20.00%

35.00% Hochtief13.75% Vinci16.25% J&P-Avax 10.00% Aegek 5.00% Athina

Elefsina -Korinthos-Patra-Pyrgos Motorway

17.00%

29.90% Vinci17.00% Hochtief17.00% J&P-Avax 17.00% Gek Terna 2.10% Athina

... Moreas is progressing smoothly (completion to date ~ 72%) but the key priority of the group is to reinitiate the Aegean Motorway and the Olympia Odos projects

9eld0029 15

Total length

Commencement of operation

Duration of concession

Total investment

Average daily traffic (2010)

Operator

205 Km

March 2008

30 Years

€1,016m

~29,000 vehicles

The Concessionaire

230 Km

March 2008

30 Years

€1,198m

~52,000 vehicles

The Concessionaire

5.00% Athina

379 Km

August 2008

30 Years

€2,245m

~72,500 vehicles

OLYMPIA ODOS LEITOURGIA(shareholdings as in concession company)

2.10% Athina

Overview of Waste Management Services (‘HELECTOR’)

� HELECTOR SA, a 80% subsidiary of ELLAKTOR,

� Significant prospects in Greece once the sovereign debt crisis has been addressed

announced Concessionaire in the first waste management concession project in Greece (Imathia – 100k tons p.a.)a number of Concession / PPP projects in Greece are expected to come on stream

� Significant prospects internationallyis the market leader in Waste Management and Waste-to-Energy sectors in Greece and Cyprus

extensive know-how in designing, developing, operating and maintaining landfills, incinerators and recycling plantsown worldwide patented technologies for Mechanical Biological Treatment (MBT)the only landfill biogas producer in Greece with 30MW in operation and ~10MW under developmentin licensing stage for two biomass fired power plants for a ~60MW installed capacity

� Total HELECTOR backlog : € 220 m � Recurring operational revenue : ~ € 61 m p.a.

signed a Waste Management PPP contract in St. Petersburg (Russia) (capacity 350,000 t/a pa)Signed two projects in Croatia (WM plants & residual landfill) and one in Jordan (landfill biogas)Announced preferred subcontractor in St. Sebastian (Spain) PPP project (Preferred Bidder – JV FCC / Veolia / Serbitzu, Capacity – 205,000 t/a)Prospects in Nicosia (200k tons p.a.), Limassol (200k tons p.a.), etc.

9eld0029 16

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

aM

alta

Pol

and

Cyp

rus

Latv

ia

Cze

ch R

epS

lova

kia

Hun

gary

Est

onia

Irel

and

Por

tuga

lS

pain UK

Fin

land

Italy

Fra

nce

Luxe

mbu

rgA

ustr

iaD

enm

ark

Bel

gium

Sw

eden

Net

herla

nds

Ger

man

y

Landfilled Incinerated Recycled Composted

Gre

ece

� Promising potential in Greece from a move towards waste treatment (vs. landfill disposal) and power generation from biogas

� Concession / PPP pipeline in Greece includesAthens WM project - more than 1.3 million tons p.a.Serres WM project - 125k tons p.a. (Prequalified)

... the Greek market has better growth prospects compared to its EU peers …

Source: Eurostat News release, 9 March 2009

9eld0029 17

(1) Biodegradable Municipal WasteSource: Eurostat 2009

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

(Prequalified)Patras WM project – 170k tones p.a. Thessaloniki WM project – 400k tons p.a.W. Macedonia WM project - 150k tons p.a. (Submitted prequalification application)Peloponnesse WM project – 200k tons p.a.

� On a regional basis, market prospects are also promising given low market penetration in South Eastern Europe and the Balkans, where HELECTOR is already making inroads (Bulgaria, Romania, Croatia, Skopje, Russia)

0.0%

25.0%

50.0%

75.0%

100.0%

125.0%

150.0%

175.0%

200.0%

Construction of landfill

17-year concession since 2006Operating100%105 kt/yGermanyOsnabrueckHerhof Recycling Osnabrueck

Project type Description Location Country Capacity Ownership Status Comments

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

Landfill & Leachate Treatment plantsConstruction &

Management

10-year concession since 2010

Management of leachate treatment plant Fyli & A. Liossia Greece 750 m3 / day 100% Operating 6 years operation contract

Management of leachate treatment plant Pafos Cyprus 230 m3 / day 100% Operating 6 years operation contract

Mariscina & Kastijun

Hospital Waste Mgt Plants

9eld0029 18

17-year concession since 2006Operating100%105 kt/yGermanyOsnabrueckHerhof Recycling Osnabrueck

Turnkey for third partyOperatingn/a180 kt/y" "BerlinBerlin MBT

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

10 year concession since 2010" "100%220kt/yCyprusLarnakaLarnaka MBT

3+3 -years operating contract70%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

20% Operating Private investment

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

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% Production license 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/yGreeceVergina , ImathiaImathia MBT

Contract signed

Private investment

Fyli Recycling plant Fyli, Attica Greece 100 kt/y

-n/aTotal 89 kt/yGermanySchloßvippach, Kessel,

Ulzen, DorpenAnaerobic Digestion Plants 1st completed, 2nd – 3th under

constructionTurnkey for third partyn/aTotal 190 kt/yGermanyCroatia MBT Plants Contract signed

Jordan: landfill biogas-fired plant Amman Jordan Up to 6 MW 100% Signed contract Turnkey for third party + 5y operation

Renewables segment (‘ELTECH Anemos’)

Favourable regulatory framework

... favorable framework, for a growing market that faces however limitations in securing funding …

RES must cover 20% of total energyconsumption & 40% of electricity by 2020Guaranteed contracts (PPAs) for 20 years withHTSO or PPCSubsidies 20% to 40%(L 3299/04) on CAPEX or+20% premium on electricity sale prices if noutilisation of subsidy fundsProspective target capacity of wind and solargenerated power in Greece until 2020 : 7,500

� ELLAKTOR entered the renewable energy sector in2000 through its 86% subsidiary ELTECH Anemos

� Total installed capacity: is 129 MW (10 wind farms and1 photovoltaic plant)

� 101 MW are currently under construction, 56.15 MWof which will be operational in 2012

� Execution model

design, development and supervision in-house

9eld0029 19

generated power in Greece until 2020 : 7,500MW and 2,450 MW respectively

maintenance and daily operations outsourced

� Greece will continue to be our base market :

target a 20% market share within the next 3 years

� Explore attractiveness of foreign markets

� Tracking of technological advances in RES is key

core focus remains on wind, including offshorewind parks

open to other RES technologies like photovoltaicplants, hybrid projects and solar thermal plants

� Excellent relations with wind turbine suppliers

RES assets overview and key economics

Wind Project Key Economics

� CAPEX/MW ~€1.30m� Equity/MW (25%- 40% CAPEX) €0.32m – 0.52 m� Tariffs :

Interconnected 87.85 €/MWhNon interconnected 99.45 €/ΜWh

� Subsidies :Either on CAPEX (20-40%) €0.26 m – 0.52m / MWor on tariff €/MWh + 20%

� Annual revenue/MW wind farmsw/o tariff uplift €180,000 – 240,000with +20% tariff uplift €215,000 – 290,000

Overview of ELTECH Anemos portfolio

9eld0029 20

with +20% tariff uplift €215,000 – 290,000

1.266

536

181

69101

129

Evaluation for Production Permit

Production License (RAE )

Environmental License

Installation License

Under Construction Operation

Yearly Average Wind Speed

0 - 4 m/sec

4.001 - 5 m/sec

5.001 - 6 m/sec

6.001 - 7 m/sec

7.001 - 8 m/sec

8.001 - 9 m/sec

9.001 - 10 m/sec

> 10 m/sec

Operating

Production License & Environmental Terms

Installation License

Evaluation for Production Permit

Under Construction

ELLAKTOR also has a ~ 22% stake in Elpedison Power

� 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%)

� Elpedison Power, aims at enhancing its

ElpedisonHalcor

75.78%

HE&D

24.22%

ELLAKTOR

HE&D and Halcor jointly have the institutional minority rights

HELLENIC PETROLEUM

EDISON

50% 50%96.56% 3.44%

INTRACOM

9eld0029 21

� Elpedison Power, aims at enhancing its generation portfolio and remain a key player in the Greek electricity market:

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

1 gas-fired 420MW CCGT in operation in Thisvi

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

the institutional minority rights

Significant values expected from GOLD

2.7% in ELDORADO GOLD (“ELD”)(1) thatcontrols 95% of Hellas Gold

ELD is listed on Toronto, NYSE and ASX with~US$ 9.4 bn market cap (28/3/2012)

ELLAKTOR indirectly controls

Robust Asset Base (2)

Note (1) : www.eldoradogold.com

9eld0029 22

Mine and Project Locations (2)

Robust Asset Base

Note (2): The data are from ELDORADO’s presentation“Growing the Leading Global Gold Producer BMO CapitalMarkets 2012 Global Metals & Mining Conference”February 27 - 29, 2012

Real Estate and other Assets

Non-core assetInitial investment : €33 mDividends received to date : €20mOther shareholders �Regency Entertainment : 35.7% �Greek State: 49.0%

ELLAKTOR holds an indirect 15.3% stake in Hellenic Casino Parnitha

Revamping of facilities is underway

MONT PARNES CASINO

� ELLAKTOR holds a 55.46% stake in R.E.D.S. SA

Listed on ASE with a market cap : €30.4 m (28/3/2012)

� REDS enjoys a high quality Property portfolio (~ € 133m, Book Value at 31/12/2011)

� Smart Park is operational as of 20/10/2011Signed leases for 80% of GLALong term project funding in place

REDS

9eld0029 23

tables will increase to 110slot machines to 1,500

Revamping of facilities is underway

revenues: €122.4mprofit after tax: € 7.8m

2011 Key financials

ATHENS RESORT CASINO AE

ELLAKTORHELLENIC REPUBLIC

49%

30%70%

REGENCY ENTERTAINMENT

ATHENS MONT PARNES CASINO AE

51%

Second phase extension is being prepared (Village Cinemas)

� Presidential decree for the zoning permission of Kantza Mall has been issued

� Development of international assets in Romania is suspended until there is more clarity on the market prospects

Consolidated P&L 31.12.2011 (IFRS in € m)

The 31.3% decrease in Group revenues is mainly attributed to reduced revenues in Construction by ~ € 527 m

– concession revenues decreased by ~€ 21 m

– environment revenues decreased by ~€ 7 m

Group Operating Profit (ΕΒΙΤ) reached €150.8 m and includes

– € 261 m profit from the sale of a 7.07% stake in EGU to Qatar

31/12/2010 31/12/2011 Change (%)

Revenues 1,753.1 1,204.3 -31.3%

EBITDA 263.3 256.8 -2.4%

EBITDA margin (%) 15.0% 21.3%

EBIT 151.4 150.8 -0.4%

EBIT margin (%) 8.6% 12.5%

9eld0029 24

Notes :(1) Weighted average number of shares : 172,431,279 (2010 and 2011)

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 (and therefore recording the investment at fair value)

– provisions for doubtful receivables of € 77 m and adjustments for the revised profitability of construction backlog

Profit before Tax reached € 90.0 m and Net Profit after Minorities increased to €72.8 m

Profits/ (Loss) from Associates -2.9 1.1 137.3%

Profit/ (Loss) before Tax 88.8 90.0 1.4%

Profit Before Tax margin (%) 5.1% 7.5%

Profit/ (Loss) after Tax before Minorities 19.9 72.9 266.9%

Net Profit/ (loss) after Minorities 0.5 72.8 n/m

Earnings/ (Loss) per share (1) 0.0032 0.4221 n/m

Consolidated Balance Sheet 31.12.2011 (IFRS in € m)

31/12/2010 31/12/2011 Change (%)

Long Term Assets(1) 2,097.4 2,422.6 15.5%

Cash and Cash Equivalent 826.1 854.1 3.4%

Other Current Assets (2) 1,383.2 1,081.9 -21.8%

Total Assets 4,306.8 4,358.6 1.2%

Short Term Debt 540.4 478.0 -11.6%

The increase in non current assets is

mainly due to the reclassification of the

group’s remaining participation in EGU

and Hellas Gold as Financial Assets

Available for Sale (€ 284 m)

The decrease of current assets is

attributed to

– the decrease in receivables from

€ 1,146 m to € 900 m mainly as a

9eld0029 25

Other Short Term Liabilities 764.2 728.1 -4.7%

Long Term Debt 1,406.0 1,413.6 0.5%

Other Long Term Liabilities 356.5 423.8 18.9%

Total Liabilities 3,067.1 3,043.6 -0.8%

Shareholders Equity 1,239.7 1,315.0 6.1%

Shareholders Equity (excluding minorities) 957.8 1,053.4 10.0%

€ 1,146 m to € 900 m mainly as a

result of adjusting the backlog

profitability and provisions booked

in 2011 that impacted Amounts

Due from Customers for Contract

Work

– the decrease in the state’s

financial contribution receivable to

€ 56.8 m (vs € 102,5m as of

31/12/2010)

Notes:(1) Long Term Assets as of 31/12/2011 include bonds held to maturity of € 88.2 m (2) Receivables (Other Current Assets) as of 31/12/2011 and 31/12/2010 include bonds held to maturity of € 94.4 m and € 87.7 m respectively while as of 31/12/2010 time deposits over 3 months of € 117.2 m are included

Segmental analysis of 2011 Results (IFRS in € m)

Construction& Quarries

Real Estate Concessions EnvironmentWindFarms

Other Total

Revenues 830.3 2.9 268.9 73.4 24.7 4.1 1,204.3

EBITDA 79.8 -1.1 144.4 26.0 17.0 -9.4 256.8

EBITDA margin (%) 9.6% -35.9% 53.7% 35.4% 68.9% -233.0% 21.3%

EBIT 49.5 -1.5 82.4 20.7 11.2 -11.5 150.8

9eld0029 26

EBIT margin (%) 6.0% -51.3% 30.7% 28.2% 45.3% -282.4% 12.5%

Profit before Tax 31.8 -2.5 56.2 20.0 4.8 -20.2 90.0

Profit before Tax margin (%) 3.8% -84.1% 20.9% 27.3% 19.2% -497.9% 7.5%

Net Profit (before minorities) 38.0 -3.9 40.9 15.2 3.5 -20.8 72.9

Net Profit margin (before minorities) (%) 4.6% -132.7% 15.2% 20.7% 14.1% -511.9% 6.1%

Net Profit (after minorities) 63.1 -2.2 19.0 11.0 2.8 -20.9 72.8

Segmental analysis of 2010 Results (IFRS in € m)

Construction& Quarries

Real Estate Concessions Environment WindFarms

Other Total

Revenues 1,357.0 2.9 289.5 80.6 21.3 1.8 1,753.1

EBITDA 64.0 -2.0 162.9 24.4 13.7 0.2 263.3

EBITDA margin (%) 4.7% -68.7% 56.3% 30.3% 64.4% 11.7% 15.0%

EBIT 23.5 -2.3 102.9 19.4 9.0 -1.2 151.4

9eld0029 27

EBIT margin (%) 1.7% -78.4% 35.6% 24.1% 42.2% -66.9% 8.6%

Profit before Tax 3.3 -2.9 67.8 18.7 6.8 -4.9 88.8

Profit before Tax margin (%) 0.2% -98.5% 23.4% 23.2% 32.0% -267.7% 5.1%

Net Profit (before minorities) -21.5 -3.9 37.6 10.7 4.2 -7.2 19.9

Net Profit margin (before minorities) (%) -1.6% -134.3% 13.0% 13.3% 19.6% -390.2% 1.1%

Net Profit (after minorities) -15.5 -2.2 14.9 7.0 3.3 -6.9 0.5

Over 5

years

44%Between 2

and 5 years

34.5%

Between 1

and 2 years

21.5%

Ellaktor’s debt profile (€m, as of 31.12.2011)

Ellaktor’s key debt statistics Debt maturity profile

Corporate related Net Debt (Cash) (1)/ Gearing ratio (2)

... the group has a healthy capital structure and despite the current turmoil can finance its activities …

+

+

=

-

=

Long-term debt: 1,413.6

Short-term debt: 478.0

Total debt: 1,891.6

Non Recourse Debt 1,023.3

Corporate related Debt 868.3

Cash & equivalent 1,036.7 Corporate related Net Debt (Cash) (1)/ Gearing ratio (2)

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

9eld0029 28

+

-

=

Cash & equivalent 1,036.7

Non recourse related Cash 764.3

Corporate related Cash 272.4

Corporate related Net debt : 596

Shareholder’s equity: 1,315

Total capital(1): 1,911

Capital leverage ratio: 31.2%174.9

372.3

563.7 596.012.9%

22.8%

31.3%31.2%

0%

10%

20%

30%

40%

50%

60%

0

100

200

300

400

500

600

700

800

31/12/2008 31/12/2009 31/12/2010 31/12/2011

Net Debt / (Cash) Gearing Ratio

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

Cash Equivalents, incl. time deposits over 3 months under receivables and bonds held to maturity but excl. cash & cash equivalents of BOT related projects)

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

Share price performance and shareholder structure

Shareholder structure (March 2012)

Share price performance LTM (28/3/2011 ~ 28/3/2012)

ATHEX

CONSTRUCTION

Management Team 38.2%

Foreign

Greek Institutional Investors

Retail 33.5%

Treasury Stock 2.6%

-40

-20

0

20

40

60

ELLAKTOR share weighting on Indices(29/3/2012)

Reuters ticker: HELr.AT

Bloomberg ticker: ELLAKTOR:GA

9eld0029 29

ELLAKTORForeign

Institutional Investors

13.8%

Investors 11.9%

0,91%

11,96%

1,24%

0%

10%

20%

ASE General Idex

ASE Construction

Idex

FTSE-20 Idex

-80

-60

-40