Company Presentation August 2018 Table of Contents 1. TITAN Group - PowerPoint PPT Presentation

Company Presentation August 2018

Table of Contents 1. TITAN Group overview and key investment highlights 2. Review of key markets 3. Summary Financials H1 2018 4. Appendix Company Presentation 2 August 2018

TITAN Group overview and key investment highlights Company Presentation 3 August 2018

Key Investment Highlights 1. International diversification mitigates impact of economic cycle 2. Leading local market positions 3. Vertically-integrated business model 4. Well-invested, low cost modern asset base 5. Strong cash flow generation and proven ability to manage leverage 6. Positioned for future growth Company Presentation 4 August 2018

An Established Group with Experienced Management, 1 Strong Governance & a Long Term Vision Titan’s Key Milestones 1998 – 2018… 1902 1912 1933 1992 Titan Cement founded, Listing on the Athens First cement exports Acquisition of first International expansion to Elefsina plant the US, SEE, Eastern Stock Exchange plant outside Greece Mediterranean, Brazil Titan’s Core Values At a glance… • Production capacity of c.27m MT across 10 countries. Integrity Know-how • 2017 sales volumes of 19.2m MT cement, 16.0m MT aggregates, 5.58m m 3 of ready-mix concrete. 1 2 • Sales turnover of €1,506m and EBITDA of €273m in 2017. Corporate Social • Market capitalization of c .€1.6bn (August 17 th , 2018). Delivering results 6 3 Responsibility • S&P rating: BB+ with stable outlook. 5 4 • The shareholding core has essentially remained the same since the Company was established (4 generations). Continuous • Dedicated Management team with consistent strategy and Value to customer Self-Improvement effective governance to execute the long term vision. Company Presentation 5 August 2018

Geographically Diversified Cement and Building Materials Producer Greece & Western Europe Southeastern Europe Group 2017 FY USA Eastern Mediterranean • TOTAL ASSETS: € 482m • TOTAL ASSETS: € 382m • TOTAL ASSETS: € 2,595m • TOTAL ASSETS: € 581m • TOTAL ASSETS: € 997m • • • 14 cement plants c.27m MT • 5 cement plants 2 cement plants • 3 cement plants 2 cement plants • • • 4 grinding plants • 1 distribution terminal 2 distribution terminals • 1 grinding plant 14 distribution terminals • • • 25 distribution terminals • 20 quarries 12 quarries • 8 distribution terminals 7 quarries • • • 71 quarries • 8 ready mix plants 2 ready mix plants • 26 quarries 85 ready mix plants • • • 128 ready-mix plants • 1 processed engineered fuel 1 processed engineered • 27 ready mix plants 10 concrete block plants • 10 concrete block plants • facility fuel facility • 1 dry mortar plant 6 fly-ash processing • 6 fly-ash processing plants plants • 1 dry mortar plant • 2 processed engineered fuel facility Greece JVs Bulgaria Serbia Albania USA • TOTAL ASSETS: € 153m Egypt • 2 cement plants c.2.5m MT UK France Italy • 3 grinding plants Kosovo F.Y.R.O.M. • 6 quarries • 6 ready mix plants Turkey Brazil 3 year average (2015-2017) Turnover EBITDA Turnover EBITDA Turnover EBITDA Turnover EBITDA Turnover / EBITDA 53% 56% 18% 13% 14% 22% 15% 9% € 1,471m / € 256m €782m € 144m € 260m € 33m € 213m €56m € 216m €23m 2017 17% 21% 11% 7% 5% 68% 15% 58% €1,506m / €273m 19% €873m €185m €249m €226m €57m €158m €13m €18m Company Presentation 6 August 2018

10 Year EBITDA 12Month-Rolling Quarterly Analysis 1 by Region (2007-2017) GREECE & WE USA 240 250 186 185 194 183 190 200 169 145 150 135 128 123 140 101 111 106 87 100 90 70 70 61 32 40 47 49 43 39 45 37 36 50 35 36 36 32 40 31 26 21 18 12 14 13 4 4 0 -10 6 3 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 -3 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 -6 20072008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 SOUTH EASTERN EUROPE EASTERN MEDITERRANEAN 250.0 250 200 200.0 138 150 150 150.0 128 119 97 105 105 103 100 94 95 87 74 84 87 87 86 74 64 56 63 70 67 62 56 57 56 54 57 88 87 100 100.0 64 62 41 41 50 50.0 32 31 31 26 16 15 13 0 0.0 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Company Presentation 7 August 2018

1 Geographic Diversification Helps Mitigate Demand Cycles Within this period TITAN’s capacity has increased five -fold with no capital increase TITAN Group EBITDA (€ million) 481 33 73 273 262 243 13 184 21 57 17 182 78 128 31 92 67 68 185 191 11 86 146 47 81 68 -6 37 35 18 1991 1996 2001 2006 2011 2014 2017 Greece USA Southeastern Europe Eastern Mediterranean Company Presentation 8 August 2018

2 Leading Local Market Positions Titan’s operations are close to its end markets and in most cases it ranks in top 3 in terms of market share Greece USA  Significant presence in the East Coast with 2 integrated #1= cement plants in Florida and Virginia  Import Terminals in New Jersey, Norfolk (VA), Tampa (FL)  Extensive vertical integration in RMC, Aggregates etc #1  Plants are near: Cement plant the 3 major cities and ports, facilitating exports Market presence through  Largest operator in aggregates and vertically integrated activities RMC Cement plant #2 Import terminals Grinding plant East stern ern Mediterra rranean an South Eastern ern Europ ope  Largest producer in the region  Beni – Suef close to Cairo  Synergies among the countries #3 in Black Sea  APCC plant in Alexandria  Coverage of the whole region Region #3 #1 #2 Cement plant #5 #1 #1 Grinding plant Note: Market position: Company estimates 3- year average Company Presentation 9 August 2018

Vertically Integrated Business Model, Strengthening Market 3 Positions for Maximum Value Titan Group has been selectively increasing its vertical integration since 1992 • Vertical integration: Other B.M. − Secures access to market 21% Other B.M. − Helps reduce earnings volatility 44% Cement − Increases proximity to end users 56% • Cement Strong market presence in vertically 79% integrated operations in Eastern USA and Greece. Turnover Turnover • Growing presence in Southeastern Europe and Eastern Mediterranean. 1,506 1,600 • 2017 annual sales of cement and 1,400 cementitious materials of 19.2m MT, 1,200 661 ready mix concrete 5.58 m 3 m, 1,000 aggregates 16.0m MT. 800 • In 2017 Titan Group operations 600 comprised of: 14 cement plants, 4 267 845 400 grinding plants, 25 distribution 56 200 211 terminals, 128 ready mix plants, 71 0 quarries 1992 2017 Cement Other Building materials: Ready mix, aggregates, blocks Company Presentation 10 August 2018

Well-invested, Low-cost Modern Asset Base 4 Titan Growth CAPEX Program of € 324m in 2015-2016 €4bn invested since 2000 split between capex of €2.4bn and acquisitions of €1.6bn Acquisition of Lafarge’s 50% stake in Egypt USA Ready Mix Acquisition of 50% Adocim Turkey Tarmac acquisition 700 acquisition Acquisition of 50% Cim. Apodi Brazil 600 Acquisition of Construction of new plant in (c. 2m MT capacity Thessaloniki Zlatna, BG EBRD’s 20% Albania & new line in Egypt and cost €106m) 500 and Pennsuco acquisition stake in Albania modernisation 243 402 400 449 300 Kosovo 7 76 123 14 11 acquisition 200 99 2 95 17 50 25 252 224 19 3 13 209 100 180 8 173 160 155 151 146 134 123 97 87 82 58 51 55 50 49 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 H1 2018 Capex Acquistions Highlights • • The Group owns new plants, or plants upgraded within the Beyond 2017 CAPEX reverts to lower levels with focus on last decade. This provides flexibility on capex management continuous improvement. during the down cycle. • Titan has several projects in progress to improve operational • Demonstrated ability to cut capex during challenging performance by implementing group new SAP & IT systems, economic periods . centralizing procurement, optimizing the supply chain, leveraging digital technology, and automating maintenance • In 2015-2016, the Group implemented a € 324m capex process. program, focusing on technological competitiveness, revenue growth, cost efficiencies and protection of the environment. Company Presentation 11 August 2018

5 Strong Cash Flow Generation Facilitates Deleveraging Sources and Uses of Cash in 2009-2017 Operating Free Cash Flow 2,229 64 (961) 2,300 2,100 1,900 1,700 1,500 ([9]) 15 (1,019) 1,300 1,100 900 € 1,323m 700 500 43 362 300 100 -100 EBITDA Non-Cash CapEx Operating Acquisitions Interest, FX Impact Net Debt 2009-2017 Items Working Net of Tax, on Net Debt Reduction Capital Disposals Dividends (31/12/17) Note: Operating Free Cash Flow = EBITDA – Capital Expenditure + Δ( Operating Working Capital) – Non-Cash Items Note: Turkey is fully consolidated up to 2012. Turkey’s net debt has been excluded from the € 459 million net debt reduction as at 31 December 2015. Company Presentation 12 August 2018