Athens, March 1, 2012

Financial Results – Full Year 2011

Analysts’ conference call

Disclaimer

2

•This document contains forward-looking statements relating to the Group’s future business,

development and economic performance. It also includes statements from sources that have

not been independently verified by the Company.

•Such statements may be subject to a number of risks, uncertainties and other important

factors, such as but not limited to:

– Competitive pressures

– Legislative and regulatory developments

– Global, macroeconomic and political trends

– Fluctuations in currency exchange rates and general financial market conditions

– Delay or inability in obtaining approvals from authorities

– Technical development

– Litigation

– Adverse publicity and news coverage, which would cause actual development and

results to differ materially from the statements made in this document

•TITAN assumes no obligation to update or alter such statements whether as a result of new

information, future events or otherwise.

Agenda

Group Financial Results

Market Overviews

Outlook

3

4

Greek Recession, Unstable Egypt and Stronger Euro

Take a Toll on 2011 Results

In Million Euro, unless

otherwise stated 12M 2011 12M 2010 Variance Q4 2011 Q4 2010 Variance

Net Sales 1,091.4 1,350.5 -19.2% 252.5 322.0 -21.6%

EBITDA 242.7 315.1 -23.0% 22.8 54.8 -58.3%

FX Gains/Losses -11.9 -8.2 5.7 -2.6

Impairment Charges -18.7 -0.2 -18.7 -0.2

Profit Before Taxes 37.7 130.0 -36.7 11.4

Net Profit after Taxes &

Minorities 11.0 103.1 -41.9 4.8

Earnings per Share

(€/share) – basic 0.1351 1.2658

31 Dec' 11 31 Dec' 10 Variance

Share Price 11.59 16.42 -29.4%

ASE Index 680.42 1,413.94 -51.9%

5

2011-2012 Restructuring Plan Results in more than 26

MM€ in Annualized Recurring EBITDA Savings

Cumulative Cash Flow Impact

-18 +3 +29

Scope: Albania and Kosovo

260218 220 201

145

128 123115

1817

2008 2009 2010 2011

Scope

SG&A

Fixed Cost

17.4

13.0

3.98

15.3

10.9

3.66

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

Cement (tn m)

Aggregates (tn m)

Ready-mix (m3 m)

2010A

2011A

6

Full Year

-12%(3)

(1) (2)

(1) Cement sales include clinker and cementitious materials

(2) Includes Turkey at 100%

(3) % represents performance versus last year

-16%(3)

-8%(3)

4.2

3.2

1.04

3.7

2.7

0.94

0.0

1.0

2.0

3.0

4.0

5.0

Cement (tn m)

Aggregates (tn m)

Ready-mix (m3 m)

2010A

2011A

4th Quarter

-12%(3)

-18%(3)

-10%(3)

(1) (2)

Group Volume Declines Due Almost Exclusively to Greece

54.8

22.8

(0.1) (31.9)

0

10

20

30

40

50

60

EBITDA2010

Translation Impact

OrganicGrowth

EBITDA2011

-0.2%

-58.1%

9.0%17.0%

-58.3%

EBITDA Margin

(€ in millions)

1,350.5

1,091.4

(47.6)(211.5)

200

400

600

800

1,000

1,200

1,400

1,600

Turnover2010

Translation Impact

OrganicGrowth

Turnover2011

-3.5%

-15.7%

-19.2%(€ in millions)

Turnover Reconciliation

7

315.1

242.7

(13.0) (59.4)

60

110

160

210

260

310

360

EBITDA2010

Translation Impact

OrganicGrowth

EBITDA2011

-4.1%

-18.9%

22.2%23.3%

-23.0%

EBITDA Margin

(€ in millions)

12

mo

nth

s4

thQ

ua

rter

EBITDA Reconciliation

Turnover Reconciliation

322.0

252.5

(2.3) (67.2)

0

100

200

300

400

Turnover2010

Translation Impact

OrganicGrowth

Turnover2011

-0.7%-20.9%

-21.6%(€ in millions)

EBITDA Reconciliation

2011 Results Affected by Sharp Decline in Greece Sales and Exacerbated by Strong Euro

103.1

11.0

(18.5)

(59.4)

(13.0)

2.5 (6.9) 1.9 6.7 (1.7) (3.7)

0

20

40

60

80

100

120

NPAT 2010

EBITDAExcluding

FX

EBITDATranslation

Impact

ImpairmentCharges

Depn. Interest Taxes Other Minority Interest

FX Gains/Losses

NPAT 2011

NPAT Impacted by Lower Operating Profitability

2011 Group Net Profit After Taxes and Minorities(Reconciliation vs. 2010)

8

(€ in millions)

FX Impact in Million €

Q1 Q2 Q3 Q4 FY

EBITDA -2 -7 -4 0 -13

FX Gains/Losses -14 -6 +8 +8 -4

30th Sep

2011Δ Q4

31st Dec

2011

Net Equity -35 +32 -3

Net Debt -5 +11 +6

Working Capital -3 +3 0

9

P&

LB

S

Strengthening of the Euro in 2011 Leads to a Substantial Drop in Profitability

FX Gains/Losses

CountryLocal

Currency

Loan

Currency12M 2011

Egypt EGP EUR +5.1

Turkey TRY EUR, USD -7.3

Albania ALL EUR -1.1

Other -0.4

Total -3.7

Variance Variance

31/12/2011 31/12/2010

31/12/11 vs

31/12/10 Avg 2011 Avg 2010 Avg 2011 vs 2010

€1 = USD 1.29 1.34 3% 1.39 1.33 -5%

€1 = EGP 7.80 7.76 -1% 8.28 7.47 -11%

1USD=EGP 6.03 5.80 -4% 5.95 5.64 -5%

€1 = RSD 104.64 105.50 1% 101.99 102.98 1%

€1 = ALL 138.93 138.77 0% 140.33 137.78 -2%

€1 = TRY 2.44 2.07 -18% 2.34 2.00 -17%

Bulgarian Leva fixed at €1 = BGN 1,956

No change in €/MKD exchange rates, at €1 = 61,51

A negative variance represents a devaluation of the base currency vs. the Euro

Balance Sheet P&L

Sources and Uses of Cash

(€ in millions)

10

Operating Free Cash Flow

Group Generates €206m in Operating Free Cash Flow in 2011

€206m

€206m Operating Free Cash Flow covers €119m of finance/tax/dividends related

payments, €23m of restructuring costs and reduces Net Debt by €69m

Note: Non-cash items includes Egypt clay fee return

243

69

2915

(8)(58)

(146)

(6)

0

50

100

150

200

250

300

EBITDA 12M 2011

Non-CashItems/

Adjustments

CapEx Operating Working

Capital

Acquisitions/ Disposals

Interest, Tax, Dividends,

Accruals

Net FX Impact Change in Net Debt

31/12/11

11141154

10281029

971988

917

873

777 777

745 768

708

600

800

1,000

1,200

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Net debt

(€ in millions)

Group Net Debt

11

2008 2009 2010 2011

Net Debt/EBITDA (1) = 2.80

(1) calculation according to covenants definition in the syndicated loan of €585m

Further Improving Financial Flexibility Remains a Top Priority for the Group

226,6

815,1

97,2

391,8

ST LT

Utilized Un-utilized

Robust Liquidity ProfileFY 2011

Credit Facilities by Type Facilities by Tenor (€ m)1

Maturity Profile (€ m)

86.7

226.6

2.42.1

523.9

200

<Dec.2012 <Dec.2013 <Dec.2014 <Dec.2015 >Dec.2015

Bank Debt Bonds

Liquidity- 31 December 2011

12

1: includes capital leases

202.1

1,206.9

323.8

Greek banks: 35%

Bonds: 14%

• Titan’s liquidity ratio (long term committed un-utilized lines

plus cash over one year borrowings) is 3.2x

• Titan has utilized € 1.04bn (68%) of total € 1.53bn

facilities and has remaining € 490m (32%) in available

lines

• 51% of total credit facilities are with international banks,

14% is non bank debt and 35% with Greek banks

• Next big maturity is the July 2013 € 200m eurobond, for

which Titan has adequate un-utilized credit lines and cash

to cover

International

banks: 51%

Agenda

Group Financial Results

Market Overviews

Outlook

13

12M 2011 Turnover (€m) 12M 2011 EBITDA (€m)

29%

38%

27%

25%

14%

9%

30%

28%

15%

42%

-11

-11

30%

20%

73%

55%

2011 EBITDA of €242.7m Driven Mainly by SEE and EMED

360.0

236.3

316.9

437.2

277.8

241.2

303.7

268.7

0 100 200 300 400 500

E. MED.

SEE

USA

GREECE

2011 ACT 2010 ACT

-23%

2%

-4%

-39%25%

28%

25%

17%

22%

23%

28%

32%

137.9

86.7

3.6

86.8

127.7

85.6

-5.7

35.0

-20 0 20 40 60 80 100 120 140

E.MED.

SEE

USA

GREECE

2011 ACT 2010 ACT

-7%

-1%

-60%

43%

53%

28%

35%

1%

-2%

28%

14%

15

Greece Turnover Reconciliation Greece EBITDA Reconciliation

437.2

268.7

(168.5)

0

50

100

150

200

250

300

350

400

450

500

Turnover2010

OrganicGrowth

Turnover2011

-38.5%(€ in millions)

-38.5%12

Mo

nth

s

Profitability in Greece Plummets amidst Recession

Greek recession leads building activity to a tailspin in 2011.

Dramatic decline in sales volumes across all products and market segments.

Export volume almost at 1/3 of 2010 due to collapse of North African exports.

Selling prices quarter-on-quarter decline in all products.

Reduced capacity utilization leads to higher surplus CO2 sales.

Restructuring actions will generate annualized recurring savings of €14.1m.

One-off EBITDA charge of €9.3m in 2011.

86.8

35.0

(51.8)

0

10

20

30

40

50

60

70

80

90

100

EBITDA2010

OrganicGrowth

EBITDA2011

-59.6%

-59.6%

19.9% 13.0%EBITDA Margin

(€ in millions)

16

US Turnover Reconciliation US EBITDA Reconciliation

2011 USA: Bouncing Along the Bottom

316.9303.71.8

(15.0)

100

150

200

250

300

350

Turnover2010

Translation Impact

OrganicGrowth

Turnover2011

0.6%-4.8%

-4.2%

(€ in millions)

12

Mo

nth

s

Cement consumption growth in 2011 (PCA data): South Atlantic +4%, Florida

+1.7%, Virginia +6.3%, North Carolina +6.5%.

Infrastructure spending weak in 2011.

Modest sales volume growth across all products.

Year-on-Year average price decline as selling prices for all products stabilize,

albeit at the low levels of 1H 2011.

ST profitable growth continues with sales up by 19%.

First signs of improvement in the housing market in Q4.

3.7

(5.7)

0.2 (9.6)

-8

-6

-4

-2

0

2

4

6

8

EBITDA2010

Translation Impact

OrganicGrowth

EBITDA2011

(€ in millions)

6.1%

17

SEE EBITDA ReconciliationSEE Turnover Reconciliation

12

Mo

nth

s

Modest macroeconomic improvement in the region leads to growing demand in

construction materials.

4% average cement sales growth in the region.

2011 average cement prices below last year.

Increasing fuel & energy costs clip margins.

Launched ECO Conception, a company that will spearhead alternative fuels,

energy efficiency and waste management projects in the region.

Sale of excess carbon rights ex Bulgaria supports gross margins and funds the

new alternative fuels investment in Bulgaria.

Continued Growth in SE Europe, whilst Profitability Remains Stable

236.3

241.25.5(0.6)

190

200

210

220

230

240

250

Turnover2010

Translation Impact

OrganicGrowth

Turnover2011

2.3%-0.3%

2.0%(€ in millions)

86.7 85.6(1.1)

40

50

60

70

80

90

EBITDA2010

OrganicGrowth

EBITDA2011

35.5%36.7%

-1.3%

EBITDA Margin

-1.3%(€ in millions)

18

46.4%41.4%

EMED EBITDA ReconciliationEMED Turnover Reconciliation

137.9 127.73.0(13.2)

0

20

40

60

80

100

120

140

160

EBITDA2010

Translation Impact

OrganicGrowth

EBITDA2011

-7.4%

2.2%-9.6%

EBITDA Margin 46.0%38.3%

(€ in millions)

360.0

277.8

(31.9)

(50.3)

100

140

180

220

260

300

340

380

Turnover2010

Translation Impact

OrganicGrowth

Turnover2011

-22.8%

-14.0%

-8.9%

(€ in millions)

12

Mo

nth

sPolitical Unrest in Egypt and the Strong Euro Affect

EMED Profitability

Political uncertainty and social unrest take their toll on Egypt’s economy.

Egyptian cement demand declines by 2%.

More than 5MT new market capacity in Egypt came on stream within 2011,

putting pressure on prices.

Egypt sales shrink by 9%, affected by weak July-August demand and S/D

imbalance.

EBITDA in Egypt affected by €26m positive contribution of clay fee case, partly

offset by increased profit sharing and legal settlements.

In Turkey double-digit sales growth further accelerates in 2H. Domestic prices

continue on an upward trend.

Agenda

Group Financial Results

Market Overviews

Outlook

19

• Greece: Further substantial decline in demand

• US: Optimism returns

• South Eastern Europe: Improving trends

• Eastern Med: Growth in Turkey, Transition progressing in Egypt

• Energy costs: Roughly stable (excluding Egypt)

• Pricing power: Some upside potential (excluding Greece)

• Focus remains on:

Free cash flow generation

Productivity initiatives

Reducing carbon footprint

Bolt –on growth initiatives

Outlook 2012

20