Mytilineos

Greece/ Basic Resources Company update

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Investment Research Reason: Estimates Revision 6 December 2012

Adverse macro environment and pending regulatory decisions retain uncertainty

Following a revision of our SOTP valuation model, our target price for Mytilineos

Holdings is retained at EUR 4.00 as our more conservative valuation for

Aluminium of Greece (AoG) has been offset by an improved valuation for Metka.

Given that the share price has increased by c.50% since July, we have

downgraded our recommendation to Accumulate from Buy. Despite the negative

domestic economic environment, we expect the group to begin a significant

deleveraging process next year on low capex requirements and solid operating

cash flow generation. In addition, Mytilineos group remains well positioned to

benefit substantially from an improved economic environment and pending

regulatory decisions. The main short-term risks, in our view, are the continuation

of the debt crisis and the high energy costs that AoG is currently facing.

We reiterate our Buy recommendation on Metka lifting the target price to EUR 12.70

from EUR 11.90 previously. Despite the delays witnessed in Syria, Metka’s strategy to

penetrate new markets in Africa and Middle East bears fruits as demonstrated by the

signing of new energy contracts. In addition, the company enjoys a strong balance sheet

with an estimated net cash position of more than EUR 200m by the end of 2013. As we

assume that the plant construction in Syria will resume in 2014, we have revised

downwards our estimates for 2012, expecting sales, EBITDA and net income of EUR

568m, EUR 98m and EUR 71m respectively. On the other hand, we have upgraded our

2013 estimates on two new energy projects in Jordan and the extension of a defense

contract, forecasting sales, EBITDA and net income of EUR 523m, EUR 87m and EUR

60m respectively.

On the flip side, we have lowered AoG’s EV by 28% to EUR 172m previously on high

energy costs, aggravated by the recently imposed natural gas levy, and mediocre

aluminium spot prices, mitigated by strong premiums. Against this background, we

forecast for 2012 EBITDA of EUR 9.5m (-57% YoY) from EUR 11.3m estimated

previously. For 2013 we assume that EBITDA will recover to EUR 29m (vs. our previous

estimate of EUR 48m) on improved margins, however, we note that material risks still

exist due to a combination of global macro headwinds and increasing smelter capacity in

China. A positive decision on electricity tariff arising from the arbitration procedure which

is in progress, the long awaited approval of commercial terms for the operation of the

cogeneration unit and the potential reduction of the natural gas levy would significantly

improve AOG’s position on the industry cost curve.

Weak electricity demand has prompted us to lower energy division’s 2012 EBITDA by

25% to EUR 53m and 2013 EBITDA by 16% to EUR 66m. In addition, the whole energy

value chain faces liquidity pressures caused by electricity market’s structural problems,

which however are expected to gradually be eliminated following recently announced

measures. We retain a conservative stance for the division’s valuation estimating an EV

of EUR 696m.

For 2012 we forecast group sales, EBITDA and net income of EUR 1,456m, EUR 158m

and EUR 17.7m compared to our previous estimates of EUR 1,550m, EUR 189m and

EUR 48m respectively, reflecting our lower estimates for Metka and energy division.

Regarding 2013, despite our higher estimates for Metka, we also reduce group EBITDA

by c.10% to EUR 183m due to our more conservative estimates for AoG and energy. In

addition, given the challenging financing environment, we have increased group’s interest

expenses, resulting in a c.63% decline of our 2013 net income estimate to EUR 26m. On

a positive note, group net debt is seen declining substantially next year to EUR 542m

from EUR 672m in 2012.

Analyst(s): Vassilis Roumantzis +30 210 8173 394 vroumantzis@ibg.gr

Accumulate

3.59

closing price as of 05/12/2012

4.00

Target Price unchanged

from Buy

Target price: EUR

Share price: EUR

Reuters/Bloomberg MYTr.AT/MYTIL GA

Daily avg. no. trad. sh. 12 mth 300,024

Daily avg. trad. vol. 12 mth (m) 0.82

Price high 12 mth (EUR) 4.00

Price low 12 mth (EUR) 1.34

Abs. perf. 1 mth -0.3%

Abs. perf. 3 mth 43.6%

Abs. perf. 12 mth 11.1%

Market capitalisation (EURm) 420

Current N° of shares (m) 117

Free float 70%

Key financials (EUR) 12/11 12/12e 12/13e

Sales (m) 1,571 1,456 1,556

EBITDA (m) 192 158 183

EBITDA margin 12.2% 10.8% 11.8%

EBIT (m) 161 118 141

EBIT margin 10.3% 8.1% 9.0%

Net Profit (adj.)(m) 47 18 26

ROCE 9.2% 5.4% 6.8%

Net debt/(cash) (m) 575 672 542

Net Debt Equity 0.6 0.7 0.6

Net Debt/EBITDA 3.0 4.3 3.0

Int. cover(EBITDA/Fin.int) 4.5 3.6 3.1

EV/Sales 0.6 0.7 0.6

EV/EBITDA 4.7 6.7 5.1

EV/EBITDA (adj.) 4.2 6.7 5.1

EV/EBIT 5.6 9.0 6.6

P/E (adj.) 7.9 23.8 16.4

P/BV 0.5 0.5 0.5

OpFCF yield -13.3% -23.6% 33.5%

Dividend yield 0.0% 0.0% 0.0%

EPS (adj.) 0.40 0.15 0.22

BVPS 6.40 6.55 6.68

DPS 0.00 0.00 0.00

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MYTILINEOS Athex Composite (Rebased)Source: Factset

Shareholders: Mytilineos family 30%;

For company description please see summary table footnote

Mytilineos

Page 2

Mytilineos group

Valuation

Our revised SOTP valuation for Mytilineos group retains the target price at EUR 4.00/share,

yielding an Accumulate stock recommendation.

Table 1: Mytilineos sum-of-parts valuation

Asset Total Equity Value Val. Method Stake Final Value

Metka 659.0 DCF 57.4% 378.2

AoG 77.2 DCF 100% 77.2

Electricity division 271.4 DCF/multiples 100% 271.4

Management fees by subsidiaries

minus corporate expenses -33

Net debt (parent) -250

Total Equity Value 444

No shares* 112.0

Target price per share 4.00

Source: IBG *deducting treasury shares

Group revised forecasts

Below we show our headline forecast changes for Mytilineos holdings in the period 2012-

2014. Specifically, for 2012 we forecast group sales, EBITDA and net income of EUR

1,456m, EUR 158m and EUR 17.7m compared to our previous estimates of EUR 1,550m,

EUR 189m and EUR 48m respectively, reflecting our lower estimates for Metka and energy

division. Regarding 2013, despite our higher estimates for Metka, we also reduce group

EBITDA by c.10% to EUR 183m due to our more conservative estimates for AoG and

energy. In addition, given the challenging financing environment, we have increased group’s

interest expenses by c.50%, resulting in a c.63% decline of our 2013 net income estimate to

EUR 26m. As we expect conditions to start normalizing in 2014, we have revised upwards

our EBITDA estimate to EUR 210m, however high interest expenses should continue to

take its toll on bottom line despite the projected balance sheet deleveraging.

Table 2: Mytilineos holdings forecast changes for 2012-2014

EUR m 2012E 2013E 2014E

Sales New 1,456 1,556 1,657

Sales Old 1,550 1,449 1,424

Change -6% 7.4% 16.4%

EBITDA New 157.8 182.9 210.3

EBITDA Old 189 203 206

Change -16.4% -9.8% 1.9%

Net income New 17.7 25.7 51.8

Net earnings Old 47.9 68.8 79.1

Change -63% -63% -34.4%

Source: IBG

Mytilineos

Page 3

Aluminium S.A. (AoG)

The operating environment remains challenging

Amid an adverse domestic macroeconomic environment, the global environment is also challenging for AoG which faces a significant squeeze in its margins due to a combination of high energy costs, aggravated by the recently imposed natural gas levy, and depressed metal prices, mitigated by strong premiums. According to our estimates, under current market conditions and prevailing regulation in the Greek electricity market, AoG’s smelter is not competitive enough (we estimate a current aluminium cash cost of USD 2,240/ton placing AoG’s smelter between the third and fourth quartile on the industry curve). In this framework, a positive decision on electricity tariff from the arbitration procedure which is in progress and the approval of the commercial terms for the operation of the cogeneration unit will be crucial as they would significantly improve smelter’s position on the industry curve. Furthermore, a potential reduction of the natural gas levy (this measure is included in energy regulator’s proposals for the restructuring of the electricity market operation ) would also helpful in reducing the energy cost. In the meantime, synergies with the Mytilineos group and an aggressive cost cutting programme launched by management proactively should provide enough support to the company to continue to operate in the current adverse environment.

Below we show our new forecasts and main assumptions:

Table 3: Aluminium of Greece key assumptions for the period 2012-2015

2012e 2013e 2014e 2015e

Key assumptions

Oil price (USD/bbl) 110 110 110 110

EUR/USD exchange rate 1.29 1.29 1.29 1.29

Average electricity cost (EUR/MWh) 46.0 49.0 57.0** 58.0

Aluminium spot price (USD/ton) 2,050 2,240 2,446 2,650

Alumina

Sales volume (000 tons) 485 485 485 485

Average realized price (EUR/ton) 236.8 258.7 282.4 295.5

Cash cost (EUR/ton) 251.2 254.6 257.3 258.0

Aluminium

Sales volume (000 tons) 165 165 165 165

Average realized price (EUR/ton)* 1,887 2,026 2,135 2,264

Cash cost (EUR /ton) 1,728 1,800 1,916 1,935

Source: IBG estimates *realized price includes hedging and premium **CO2 emission cost effect

Mytilineos

Page 4

Below we show our changes in headline estimates for the period 2012-2015:

Table 4: Forecast changes for 2012-2015

EUR m 2012E 2013E 2014E 2015E

Sales New 426.4 459.9 489.4 517.0

Sales Old 425.4 452.3 477.2 492.7

Change 0.2% 1.8% 2.5% 4.9%

EBITDA New 9.47 29.4 38.5 62.8

EBITDA Old 11.3 47.6 51.5 63.1

Change -16.1% -38.2% 25.2% -0.5%

Net income New -10.8 0.53 6.98 26.3

Net earnings Old -10.8 18.6 21.1 31.0

Change 0% -97% -67% -15%

Source: IBG

Valuation

Our revised DCF valuation on AoG yields a total EV value of EUR 172m from EUR 239m

previously or an equity value of EUR 77m from EUR 123m previously. The DCF exercise is

based on a WACC of 13.5%, using a beta of 1.70, a risk premium of 4% plus 3% for country

risk premium, a risk free rate of 4.5%, an after tax cost of borrowing of 6.8% and a target

capital gearing ratio of 30%.

AoG’s valuation is highly sensitive to aluminium price, EUR/USD exchange rate and

electricity price. For each USD 100/ton change in the aluminium price, our valuation would

change by c.115%, other things equal. For each 1.0 US cent change, our valuation would

change by c.20%, other things equal. For each EUR 1.0/MWh change in the electricity cost,

our valuation would change by c.16%, other things equal.

Table 5: DCF valuation

(EUR m) 2013e 2014e 2015e

NOPLAT 15.6 24.1 43.9

Depreciation 13.8 13.8 14.01

Gross cash flow 29.2 37.9 57.9

Change in OWC (8.6) (2.94) 14.3

Capex (15.5) (15.5) (15.5)

FCFF 5.0 19.5 56.7

Discounted FCFF 3.9 15.1 38.8

Sum of PV (2013E-2015E) 57.8

Terminal value 113.8

Net debt (end 2012) 94.5

Total Shareholder value 77.2

Source: IBG

Mytilineos

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METKA

New contracts offset Syria delays

In our updated estimates for Metka’s turnover, we have proceeded to the following changes:

a) we have incorporated two new energy contracts in Jordan with a total budget of EUR

202m to be implemented in the period 2013-2015, b) we have assumed that the

construction of the power plant project in Syria, which has been suspended due to the

conditions prevailing in the country, will restart in 2014 assigning zero contribution in the

period from 2H12 to the end of 2013, c) we have incorporated a new defence contract with

a total value of USD 36.5m to be implemented by July 2014, d) we have fine-tuned our

estimates with respect to the timeframe of the implementation of two power plants in

Turkey. The suspension of the construction in Syria in combination with a small delay in one

of the projects in Turkey has resulted in lowering our 2012 sales estimate to EUR 568m

from EUR 701m previously. Specifically, in our revised estimates, Syria is expected to

contribute to 2012 sales EUR 136m, which is about half from our previous estimate. Given

that about 75% of the project has been completed (the remaining work mainly relates to

assembly and start up), we believe that there is low risk that it will not be completed despite

the current uncertain environment. On the other hand, we continue to adopt a conservative

stance with respect to the second awarded 724 MW plant in Syria, with a budget of EUR

678m, excluding it from our estimates as this project is in an early phase. Overall, as the

new projects in Jordan and the new defense contract have more than offset the delay in

Syria, we have increased our 2013 sales estimates to EUR 523m from EUR 505m

previously.

Below we provide details of Metka’s current backlog:

a) PEEGT (Syria): 700 MW CCGT power plant in Syria assigned by the Syrian government to Metka/Ansaldo partnership. We currently assume that the construction will restart in 2014 with the remaining amount estimated at EUR 150m.

b) RWE-Turcas (Turkey): 775 MW CCGT power plant in Turkey with RWE & Turcas Guney Elektrik Uretim, a JV of German utility RWE and locally-based energy company Turcas Petrol. We note that in the above JV, RWE holds 70% share and Turcas 30%. The total investment sum amounts to approximately EUR 500m. This project is well on track and is expected to be completed within 2013.

c) OMV (Turkey): 870 MW CCGT plant in Samsun in Turkey. Metka and Power Projects (Metka’s 100% local subsidiary) have been awarded a contract by BORASCO (100% subsidiary of OMV Power International GmbH) for the construction and supply of equipment for a total budget of the project about EUR 475m. This project is also expected to be completed within 2013.

d Republic of Iraq: 1,250 MW power plant in Shat-Al-Basra for a budget of USD 349m and

with delivery time of two years. The key equipment will be supplied by GE. The project was

expected to begin in 2012 and completed next year.

e) Algeria: This project concerns the engineering, procurement, installation and

commissioning of 6 sets of Balance of Plant equipment trailer mounted, which will be

installed at 3 sites in Algeria. The project will be materialized on a fast-track schedule, and

has contract value of USD 43.95m and Dinars 10.9m. Although this is a small-scale project,

management believes that it has entered a promising market. It was expected to be

completed this year.

f) SEPCO (Jordan): This project concerns a USD 155m contract to increase the capacity of Samra Electric Power Co.’s plant in Jordan by 143 MW. The upgrade will be carried out within 28 months.

g) SEPCO (Jordan): A second energy project was awarded by Samra Electric Power Co. (SEPCO) with a contract value of USD 104m. The new project will be carried out on a fast-

Mytilineos

Page 6

track basis, with commercial operation expected at the end of June 2013 in order to provide electricity to the network during next summer.

h) Defence contract: Metka has signed a new defense contract with a total value of about USD 36.5m, extending a previous contract for manufacture of Patriot defense systems. The project is expected to be concluded by July 2014. Keep in mind that defense projects carry a higher operating margin compared to the margin of energy projects.

Below we show the breakdown of Metka’s estimated revenues in the period 2012-2014:

Table 6: Our turnover forecasts for 2012-14

EUR m 2012e y-o-y 2013e y-o-y 2014e y-o-y

Signed contracts

Total large-scale energy projects 498 384 241

SEPCO (Jordan ) Plant 1 0 40 60

SEPCO (Jordan ) Plant 2 0 82 0

PEEGT (Syria) Plant 1 136 0 151 Korinthos Power (Mytilineos - Motor Oil)

(Greece) 23 0 0

OMV (Turkey) 75 88 0

RWE-Turcas (Turkey) 140 34 0

Republic of Iraq 90 140 30

Algeria 34 0 0

Other projects 25 20 20

Defence projects 20 14 14

Total signed projects 543 418 275

% of total revenues 95.6% 79.9% 55.0%

New projects 0 80 200

15.3% 40.0%

Subsidiaries 25 25 25

Source: IBG estimates

2012 EPS lowered by 16%, but 2013 EPS lifted by 21%

The delays in Syria resulted in a downwards revision of our 2013 EPS estimate by 16%. On

the other hand, our modest increase in our 2012 sales estimates combined with a higher

EBITDA margin (16.7% vs. 14% previously) led to a 21% increase of 2013 EPS estimate.

Below we show our changes in headline estimates for the period 2012-2014:

Table 7: Forecast changes for 2012-2014

EUR m 2012E 2013E 2014E

Sales New 568 523 500

Sales Old 701 505 450

Change -19% 4.6% 11%

EBITDA New 97.6 87.3 77.6

EBITDA Old 113.6 71.2 66.0

Change -14% 22.6% 17.5%

Net income New 70.8 59.6 56.0

Net earnings Old 84.6 49.2 48.2

Change -16.3% 21.1% 16.1%

Mytilineos

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Valuation

Following our new estimates and the rollover of the DCF model by one year, we have lifted

our target price to EUR 12.70 from EUR 11.90 previously, reiterating our Buy

recommendation. The DCF model is based on a WACC of 12.9%, using a beta of 1.20, a

risk premium of 4% plus 3% for country’s significant exposure to emerging markets, a risk

free rate of 4.5% and an after tax cost of borrowing of 5.3%. The terminal value is based on

an average turnover level of EUR 425m and EBITDA margin of 14.5%. The completion of

major energy projects in the period 2013-2014 together with our assumption for a lower

average turnover in the following years, leading to positive working capital, is expected to

lead to a significant cash accumulation. Specifically, we estimate that the company’s net

cash position will be enhanced at about EUR 220m at the end of 2013 and at EUR 280m at

the end of 2014 from an estimated net cash of EUR 126m at the end of 2012.

Table 8: Metka DCF valuation

(EUR m 2013e 2014e 2015e

NOPLAT 62.5 56.3 47.2

Depreciation 5.3 5.3 5.4

Gross cash flow 68.0 61.4 52.6

Change in working capital 54.3 39.1 26.8

Capex (2.6) (2.6) (2.6)

FCF 119.7 97.9 76.8

DCF 106.0 76.8 53.4

Sum of PV (2013E-2015E) 236.2

Terminal Value 314.1

Net cash (end 2012) 126.0

Minorities 17.7

Total Shareholders’ value 659.0

Target Price 12.70

Source: IBG estimates

Mytilineos

Page 8

Energy division

Revised forecasts

The short-term outlook remains uncertain due to the negative macro environment, structural problems in the operation of the electricity market and pending regulatory decisions. The adverse macro environment has taken its toll on electricity demand which in combination with higher energy costs has pressed spark spreads. Given the projections for an at least 4.5% decline in real GDP in 2013, demand is likely to remain at mediocre levels next year, although the impact is likely to be mitigated by a higher expected use of air-conditioning during winter as a result of higher taxation imposed on heating gasoil. Despite the weak demand level, IPP’s profitability was supported in 2012 by the variable cost plus 10% scheme and capacity payments (EUR 45,000/MW) which were given by the government as compensation for not having adequately liberalized the market. Our understanding is that the new regulatory framework for the operation of the electricity market (the energy regulator recently submitted its proposals for the restructuring of the operation of the electricity market to Energy Ministry) will gradually abolish the cost plus scheme by 2014 (RAE’s proposal calls for cost 5% plus in 2013 and abolishment in 2014 provided that other measures for the enhancement of competion in the wholesale market have shown progress) and review of the capacity payments mechanism (the same amount will be allocated in fewer units), with the latter favouring Mytilineos’ more efficient power plants. Against this background, we expect a neutral impact for Mytilineos in 2013 (EBITDA is estimated to increase by 25% YoY due to the full operation of the second CCGT plant that started its operation last April). Another pending regualtory issue is the commercial operation of the cogeneration unit which is pending for some time now as the commercial terms have not been approved yet by th Ministry. In our estimates, we assume that the commercial operation will become effective from 2014 onwards having a signIficant positive impact on division’s EBITDA, though there could be material upside to our estimates. Finally, the Energy Ministry has recently announced measures to address market operator’s (LAGIE) rising deficit which has had a negative impact on division’s working capital needs during 2012. We expect conditions to start normalizing in 2013, having a positive impact on division’s working capital.

Table 9: Forecast changes for 2012-2014

EUR m 2012E 2013E 2014E

Sales New 468 566 661

Sales Old 437 472 477

Change 7.1% 20% 38.6%

EBITDA New 52.7 65.6 87.3

EBITDA Old 70.7 78.3 82.0

Change -25.5% -16.2% 6.5%

Source: IBG estimates

Mytilineos

Page 9

Valuation

Below we show our revised valuation for the group’s energy portfolio, producing an EV of

EUR 696m or an equity value of EUR 271m. Keep in mind that we have allocated part of

the debt currently shown on parent level to Agios Nikolaos’ power plant to better reflect the

value of group’s activities. In our revised valuation, we deducted from division’s liabilities

the remaining EUR 40m installment for the acquisition of Enel’s 50% stake which was paid

recently. On the other hand, we have included an estimated EUR 3.5m tax charge on

group’s renewables portfolio, following Energy Ministry’s announcment to impose a one-off

levy on renewables’ revenues for two years, as part of the measures to eliminate LAGIE’s

deficit.

Table 10: Energy division valuation

Stake Equity Value (EUR m)

334 MW cogen (operational, commercial operation pending) 100% 72

444 MW CCGT Agios Nikolaos (commercial operation) 100% 60

437 MW CCGT Korinthos Power (commercial operation) 65% 39

Renewables portfolio (operational) 100% 90

Other assets (licences) 10

Total value 271

Source: IBG estimates

Mytilineos

Page 10

Mytilineos: Summary tables

PROFIT & LOSS (EURm) 12/2009 12/2010 12/2011 12/2012e 12/2013e 12/2014e

Sales 662 948 1,571 1,456 1,556 1,657

Cost of Sales & Operating Costs 0.0 0.0 0.0 0.0 0.0 0.0

Non Recurrent Expenses/Income 0.0 19.6 -23.7 0.0 0.0 0.0

EBITDA 89.3 171 192 158 183 210

EBITDA (adj.)* 89.3 152 216 158 183 210

Depreciation -19.5 -20.3 -30.8 -40.0 -42.2 -42.4

EBITA 69.8 151 161 118 141 168

EBITA (adj)* 69.8 131 185 118 141 168

Amortisations and Write Downs 0.0 0.0 0.0 0.0 0.0 0.0

EBIT 69.8 151 161 118 141 168

EBIT (adj.)* 69.8 131 185 118 141 168

Net Financial Interest -19.9 -19.2 -42.7 -44.3 -59.0 -55.3

Other Financials 0.0 0.0 0.0 0.0 0.0 0.0

Associates -12.4 -7.2 0.0 0.0 0.0 0.0

Other Non Recurrent Items -1.0 -0.7 -7.7 0.8 0.2 0.0

Earnings Before Tax (EBT) 36.5 124 111 74.3 82.0 113

Tax -16.7 -33.2 -24.9 -23.3 -27.5 -33.2

Tax rate 45.7% 26.8% 22.5% 31.4% 33.5% 29.5%

Discontinued Operations 0.4 0.0 0.0 0.0 0.0 0.0

Minorities -6.4 -29.8 -43.3 -33.4 -28.9 -27.6

Net Profit (reported) 13.7 60.9 42.6 17.7 25.7 51.8

Net Profit (adj.) 20.9 43.3 46.6 17.7 25.7 51.8

CASH FLOW (EURm) 12/2009 12/2010 12/2011 12/2012e 12/2013e 12/2014e

Cash Flow from Operations before change in NWC 69.6 165 98.2 125 115 134

Change in Net Working Capital 143 173 2.1 -159 55.5 48.6

Cash Flow from Operations 213 338 100 -34.2 171 182

Capex -155 -148 -149 -65.0 -30.0 -28.0

Net Financial Investments 0.0 -20.0 -50.0 0.0 0.0 0.0

Free Cash Flow 58.2 170 -98.7 -99.2 141 154

Dividends 0.0 0.0 0.0 0.0 0.0 0.0

Other (incl. Capital Increase & share buy backs) -78.2 -225 10.4 1.7 -10.9 -8.6

Change in Net Debt -20.0 -55.6 -88.3 -97.4 130 146

NOPLAT 52.3 99.8 148 94.3 113 134

BALANCE SHEET & OTHER ITEMS (EURm) 12/2009 12/2010 12/2011 12/2012e 12/2013e 12/2014e

Net Tangible Assets 655 1,224 1,324 1,347 1,330 1,313

Net Intangible Assets (incl.Goodwill) 201 209 209 209 209 209

Net Financial Assets & Other 188 13.2 12.9 12.9 12.9 12.9

Total Fixed Assets 1,044 1,447 1,547 1,569 1,552 1,535

Inventories 89.4 111 175 179 171 167

Trade receivables 309 574 449 714 526 409

Other current assets 137 151 167 126 113 98.8

Cash (-) -219 -209 -268 -110 -110 -110

Total Current Assets 754 1,045 1,059 1,129 920 785

Total Assets 1,798 2,492 2,606 2,699 2,473 2,320

Shareholders Equity 694 724 749 767 781 823

Minority 71.6 121 152 160 179 197

Total Equity 766 844 901 927 960 1,020

Long term interest bearing debt 522 562 335 290 290 290

Provisions 54.2 47.6 37.8 35.0 35.0 35.0

Other long term liabilities -88.2 174 220 174 179 184

Total Long Term Liabilities 488 783 592 499 504 509

Short term interest bearing debt 128 133 508 492 362 216

Trade payables 355 617 541 720 577 502

Other current liabilities 61.5 114 63.3 61.0 68.9 71.6

Total Current Liabilities 544 864 1,113 1,273 1,008 790

Total Liabilities and Shareholders' Equity 1,798 2,492 2,606 2,699 2,473 2,320

Net Capital Employed 1,163 1,552 1,733 1,808 1,716 1,636

Net Working Capital 43.0 67.8 82.3 174 120 73.4

GROWTH & MARGINS 12/2009 12/2010 12/2011 12/2012e 12/2013e 12/2014e

Sales growth -28.7% 43.2% 65.7% -7.3% 6.8% 6.5%

EBITDA (adj.)* growth -18.7% 69.8% 42.3% -26.9% 15.9% 14.9%

EBITA (adj.)* growth -21.5% 88.2% 40.8% -36.3% 19.5% 19.3%

EBIT (adj)*growth -21.5% 88.2% 40.8% -36.3% 19.5% 19.3%

Mytilineos

Page 11

Mytilineos: Summary tables

GROWTH & MARGINS 12/2009 12/2010 12/2011 12/2012e 12/2013e 12/2014e

Net Profit growth 20.1% 107.0% 7.7% -62.1% 45.3% 102.0%

EPS adj. growth 20.1% 107.0% 7.7% -62.1% 45.3% 102.0%

DPS adj. growth -chg

EBITDA (adj)* margin 13.5% 16.0% 13.7% 10.8% 11.8% 12.7%

EBITA (adj)* margin 10.5% 13.8% 11.8% 8.1% 9.0% 10.1%

EBIT (adj)* margin 10.5% 13.8% 11.8% 8.1% 9.0% 10.1%

RATIOS 12/2009 12/2010 12/2011 12/2012e 12/2013e 12/2014e

Net Debt/Equity 0.6 0.6 0.6 0.7 0.6 0.4

Net Debt/EBITDA 4.8 2.8 3.0 4.3 3.0 1.9

Interest cover (EBITDA/Fin.interest) 4.5 8.9 4.5 3.6 3.1 3.8

Capex/D&A 792.3% 730.5% 483.3% 162.6% 71.1% 66.0%

Capex/Sales 23.3% 15.6% 9.5% 4.5% 1.9% 1.7%

NWC/Sales 6.5% 7.1% 5.2% 11.9% 7.7% 4.4%

ROE (average) 2.7% 6.1% 6.3% 2.3% 3.3% 6.5%

ROCE (adj.) 5.8% 6.6% 9.2% 5.4% 6.8% 8.4%

WACC 13.0% 13.0% 13.0% 13.0% 9.5% 9.5%

ROCE (adj.)/WACC 0.4 0.5 0.7 0.4 0.7 0.9

PER SHARE DATA (EUR)*** 12/2009 12/2010 12/2011 12/2012e 12/2013e 12/2014e

Average diluted number of shares 117.0 117.0 117.0 117.0 117.0 117.0

EPS (reported) 0.12 0.52 0.36 0.15 0.22 0.44

EPS (adj.) 0.18 0.37 0.40 0.15 0.22 0.44

BVPS 5.94 6.19 6.40 6.55 6.68 7.04

DPS 0.00 0.00 0.00 0.00 0.00 0.00

VALUATION 12/2009 12/2010 12/2011 12/2012e 12/2013e 12/2014e

EV/Sales 1.4 1.0 0.6 0.7 0.6 0.5

EV/EBITDA 10.8 5.5 4.7 6.7 5.1 3.7

EV/EBITDA (adj.)* 10.8 6.3 4.2 6.7 5.1 3.7

EV/EBITA 13.8 6.3 5.6 9.0 6.6 4.7

EV/EBITA (adj.)* 13.8 7.2 4.9 9.0 6.6 4.7

EV/EBIT 13.8 6.3 5.6 9.0 6.6 4.7

EV/EBIT (adj.)* 13.8 7.2 4.9 9.0 6.6 4.7

P/E (adj.) 26.8 11.4 7.9 23.8 16.4 8.1

P/BV 0.8 0.7 0.5 0.5 0.5 0.5

Total Yield Ratio 0.0% 0.0% 0.0% 0.0% 0.0%

EV/CE 1.1 0.6 0.6 0.6 0.6 0.5

OpFCF yield 10.4% 38.5% -13.3% -23.6% 33.5% 36.8%

OpFCF/EV 6.1% 20.0% -5.4% -9.3% 15.1% 19.6%

Payout ratio 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Dividend yield (gross) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

EV AND MKT CAP (EURm) 12/2009 12/2010 12/2011 12/2012e 12/2013e 12/2014e

Price** (EUR) 4.78 4.21 3.13 3.59 3.59 3.59

Outstanding number of shares for main stock 117.0 117.0 117.0 117.0 117.0 117.0

Total Market Cap 559 492 366 420 420 420

Net Debt 431 486 575 672 542 396

o/w Cash & Marketable Securities (-) -219 -209 -268 -110 -110 -110

o/w Gross Debt (+) 650 695 843 782 652 506

Other EV components -30 -30 -30 -30 -30 -30

Enterprise Value (EV adj.) 960 948 911 1,062 932 786

Source: Company, Investment Bank of Greece estimates.

Notes* Where EBITDA (adj.) or EBITA (adj)= EBITDA (or EBITA) -/+ Non Recurrent Expenses/Income and where EBIT (adj)= EBIT-/+ Non Recurrent Expenses/Income - PPA amortisation

**Price (in local currency): Fiscal year end price for Historical Years and Current Price for current and forecasted years

Sector: Basic Resources/Industrial Metals

Company Description: Mytilineos is a diversified industrial group, active in mining metal trading, EPC and electricity generation. In the

mining business it is active mainly through Aluminium of Greece, the largest vertically integrated aluminium company in SE Europe.

Metka (57% owned, listed on ATHEX) is emerging as an important regional engineering company with a focus on turn-key thermal

power plants. Mytilineos is also one of the most important players in the domestic electricity market operating three thermal power

plants with total capacity of 1,200 MW.

Mytilineos

Page 12

Metka: Summary tables

PROFIT & LOSS (EURm) 12/2009 12/2010 12/2011 12/2012e 12/2013e 01/2014e

Sales 339 614 1,006 568 523 500

Cost of Sales & Operating Costs 0.0 0.0 0.0 0.0 0.0 0.0

Non Recurrent Expenses/Income 0.0 36.9 0.0 0.0 0.0 0.0

EBITDA 60.6 134 162 97.6 87.3 77.6

EBITDA (adj.)* 60.6 96.8 162 97.6 87.3 77.6

Depreciation -4.8 -4.7 -5.1 -5.2 -5.3 -5.3

EBITA 55.8 129 156 92.5 82.0 72.3

EBITA (adj)* 55.8 92.1 156 92.5 82.0 72.3

Amortisations and Write Downs 0.0 0.0 0.0 0.0 0.0 0.0

EBIT 55.8 129 156 92.5 82.0 72.3

EBIT (adj.)* 55.8 92.1 156 92.5 82.0 72.3

Net Financial Interest -1.6 1.7 1.2 5.9 7.1 10.0

Other Financials 0.4 -7.5 -11.9 -10.0 -8.0 -6.0

Associates 0.0 0.0 0.0 0.0 0.0 0.0

Other Non Recurrent Items 0.0 2.2 2.9 0.8 0.2 0.0

Earnings Before Tax (EBT) 54.6 125 149 89.1 81.3 76.3

Tax -17.6 -36.2 -32.4 -17.8 -21.1 -19.8

Tax rate 32.2% 28.9% 21.8% 20.0% 26.0% 26.0%

Discontinued Operations 0.0 0.0 0.0 0.0 0.0 0.0

Minorities -1.8 -2.1 -1.3 -0.5 -0.5 -0.5

Net Profit (reported) 35.2 87.0 115 70.8 59.6 56.0

Net Profit (adj.) 35.2 61.7 97.5 70.8 59.6 56.0

CASH FLOW (EURm) 12/2009 12/2010 12/2011 12/2012e 12/2013e 01/2014e

Cash Flow from Operations before change in NWC 59.7 113 93.0 101 76.5 66.5

Change in Net Working Capital -14.3 -56.4 47.3 -78.0 54.3 39.1

Cash Flow from Operations 45.4 56.6 140 22.6 131 106

Capex -2.6 -4.2 -6.7 -2.1 -2.6 -2.6

Net Financial Investments 0.0 0.0 0.0 0.0 0.0 0.0

Free Cash Flow 42.8 52.4 134 20.5 128 103

Dividends -10.4 -24.9 -39.0 -28.3 -32.8 -36.4

Other (incl. Capital Increase & share buy backs) -18.8 17.6 -7.4 -19.8 -3.3 -2.4

Change in Net Debt 13.6 45.1 87.2 -27.6 92.1 64.2

NOPLAT 41.9 70.0 120 72.1 64.0 56.4

BALANCE SHEET & OTHER ITEMS (EURm) 12/2009 12/2010 12/2011 12/2012e 12/2013e 01/2014e

Net Tangible Assets 62.5 58.7 59.4 56.4 53.7 51.0

Net Intangible Assets (incl.Goodwill) 8.0 1.8 1.8 1.8 1.8 1.8

Net Financial Assets & Other 8.2 6.7 12.0 12.0 12.0 12.0

Total Fixed Assets 78.6 67.2 73.2 70.2 67.5 64.8

Inventories 12.8 11.3 45.5 31.3 24.6 19.9

Trade receivables 333 604 457 454 366 300

Other current assets 26.3 56.0 43.5 39.8 36.6 32.5

Cash (-) -32.1 -68.9 -168 -168 -218 -283

Total Current Assets 404 740 714 694 646 635

Total Assets 483 808 787 764 713 700

Shareholders Equity 157 233 322 354 385 408

Minority 16.3 17.1 17.2 17.7 18.2 18.7

Total Equity 173 250 339 371 403 427

Long term interest bearing debt 0.0 0.0 0.0 0.0 0.0 0.0

Provisions 2.5 2.3 2.7 2.7 2.7 2.7

Other long term liabilities 15.8 79.7 91.7 77.1 74.1 72.6

Total Long Term Liabilities 18.4 82.0 94.5 79.8 76.9 75.4

Short term interest bearing debt 10.4 2.2 14.2 41.8 0.0 0.0

Trade payables 248 418 331 250 209 175

Other current liabilities 32.7 55.0 8.2 20.8 23.9 22.5

Total Current Liabilities 291 475 353 313 233 197

Total Liabilities and Shareholders' Equity 483 808 787 764 713 700

Net Capital Employed 170 266 280 325 262 220

Net Working Capital 97.9 197 171 236 181 145

GROWTH & MARGINS 12/2009 12/2010 12/2011 12/2012e 12/2013e 01/2014e

Sales growth -10.9% 80.8% 63.9% -43.5% -7.9% -4.4%

EBITDA (adj.)* growth -9.2% 59.6% 66.9% -39.6% -10.6% -11.1%

EBITA (adj.)* growth -9.3% 65.0% 70.0% -40.9% -11.3% -11.8%

EBIT (adj)*growth -9.3% 65.0% 70.0% -40.9% -11.3% -11.8%

Mytilineos

Page 13

Metka: Summary tables

GROWTH & MARGINS 12/2009 12/2010 12/2011 12/2012e 12/2013e 01/2014e

Net Profit growth -14.9% 75.1% 58.0% -27.4% -15.8% -6.1%

EPS adj. growth -14.9% 75.1% 58.0% -27.4% -15.8% -6.1%

DPS adj. growth -52.3% 140.0% 56.2% -27.3% 15.8% 10.9%

EBITDA (adj)* margin 17.9% 15.8% 16.1% 17.2% 16.7% 15.5%

EBITA (adj)* margin 16.4% 15.0% 15.6% 16.3% 15.7% 14.5%

EBIT (adj)* margin 16.4% 15.0% 15.6% 16.3% 15.7% 14.5%

RATIOS 12/2009 12/2010 12/2011 12/2012e 12/2013e 01/2014e

Net Debt/Equity -0.1 -0.3 -0.5 -0.3 -0.5 -0.7

Net Debt/EBITDA -0.4 -0.5 -1.0 -1.3 -2.5 -3.6

Interest cover (EBITDA/Fin.interest) 38.5 nm nm nm nm nm

Capex/D&A 53.2% 89.3% 131.8% 40.7% 49.3% 49.1%

Capex/Sales 0.8% 0.7% 0.7% 0.4% 0.5% 0.5%

NWC/Sales 28.8% 32.2% 17.0% 41.5% 34.7% 29.0%

ROE (average) 23.5% 31.6% 35.1% 21.0% 16.1% 14.1%

ROCE (adj.) 24.9% 27.1% 51.9% 24.5% 27.0% 28.5%

WACC 12.9% 12.9% 12.9% 12.9% 12.9% 12.9%

ROCE (adj.)/WACC 1.9 2.1 4.0 1.9 2.1 2.2

PER SHARE DATA (EUR)*** 12/2009 12/2010 12/2011 12/2012e 12/2013e 01/2014e

Average diluted number of shares 52.0 52.0 52.0 52.0 52.0 52.0

EPS (reported) 0.68 1.68 2.21 1.36 1.15 1.08

EPS (adj.) 0.68 1.19 1.88 1.36 1.15 1.08

BVPS 3.02 4.49 6.20 6.81 7.41 7.86

DPS 0.20 0.48 0.75 0.55 0.63 0.70

VALUATION 12/2009 12/2010 12/2011 12/2012e 12/2013e 01/2014e

EV/Sales 1.4 0.7 0.1 0.5 0.4 0.3

EV/EBITDA 7.9 3.1 0.9 3.1 2.4 1.8

EV/EBITDA (adj.)* 7.9 4.3 0.9 3.1 2.4 1.8

EV/EBITA 8.6 3.2 0.9 3.2 2.5 2.0

EV/EBITA (adj.)* 8.6 4.5 0.9 3.2 2.5 2.0

EV/EBIT 8.6 3.2 0.9 3.2 2.5 2.0

EV/EBIT (adj.)* 8.6 4.5 0.9 3.2 2.5 2.0

P/E (adj.) 14.4 7.9 3.2 6.2 7.3 7.8

P/BV 3.2 2.1 1.0 1.2 1.1 1.1

Total Yield Ratio 4.9% 8.0% 6.5% 7.5% 8.3%

EV/CE 2.8 1.6 0.6 1.0 0.9 0.7

OpFCF yield 8.4% 10.7% 43.2% 4.7% 29.3% 23.6%

OpFCF/EV 9.0% 12.6% 93.0% 6.9% 62.1% 72.4%

Payout ratio 29.5% 28.7% 33.9% 40.0% 55.0% 65.0%

Dividend yield (gross) 2.0% 5.1% 8.9% 6.5% 7.5% 8.3%

EV AND MKT CAP (EURm) 12/2009 12/2010 12/2011 12/2012e 12/2013e 01/2014e

Price** (EUR) 9.76 9.42 5.96 8.41 8.41 8.41

Outstanding number of shares for main stock 52.0 52.0 52.0 52.0 52.0 52.0

Total Market Cap 507 489 310 437 437 437

Net Debt -22 -67 -154 -126 -218 -283

o/w Cash & Marketable Securities (-) -32 -69 -168 -168 -218 -283

o/w Gross Debt (+) 10 2 14 42 0 0

Other EV components -8 -7 -12 -12 -12 -12

Enterprise Value (EV adj.) 477 416 144 299 207 142

Source: Company, Investment Bank of Greece estimates.

Notes* Where EBITDA (adj.) or EBITA (adj)= EBITDA (or EBITA) -/+ Non Recurrent Expenses/Income and where EBIT (adj)= EBIT-/+ Non Recurrent Expenses/Income - PPA amortisation

**Price (in local currency): Fiscal year end price for Historical Years and Current Price for current and forecasted years

Sector: Basic Resources/Industrial Metals

Company Description: Metka, 57.4% owned by industrial group Mytilineos, is the leading electromechanical and metallic construction

company in Greece. Over the last few years Metka has specialized in the construction and delivery of turn key thermal power plants

undertaking a number of projects in Greece and SE Europe. Metka’s official backlog currently stands at c.EUR1.5bn of which more than

90% is in foreign countries.

Mytilineos

Page 14

European Coverage of the Members of ESN

A ero space & D efense M em(*) Bank Of Cyprus IBG Talvivaara M ining Co Plc POH Gek Terna IBG F inancial Services M em(*)

Aviation Latecoere CIC Bankinter BBO Thyssenkrupp EQB Grontmij SNS Ackermans & Van Haaren BDG

Bae Systems Plc CIC Bbva BBO Tubacex BBO Grupo San Jose BBO Azimut BAK

Dassault Aviation CIC Bcp CBI Upm-Kymmene POH Heijmans SNS Banca Generali BAK

Eads CIC Bes CBI B io techno lo gy M em(*) Hochtief EQB Banca Ifis BAK

Finmeccanica BAK Bnp Paribas CIC 4Sc Ag EQB Holcim Ltd CIC Bb Biotech EQB

Lisi CIC Boursorama CIC Bioalliance Pharma CIC Imerys CIC Binckbank SNS

M tu EQB Bper BAK Epigenomics Ag EQB Impregilo BAK Bois Sauvage BDG

Rheinmetall EQB Bpi CBI M etabolic Explorer CIC Italcementi BAK Bolsas Y M ercados Espanoles Sa BBO

Rolls Royce CIC Commerzbank EQB M orphosys EQB Lafarge CIC Capman POH

Safran CIC Credem BAK Neovacs CIC Lemminkäinen POH Cir BAK

Thales CIC Credit Agrico le Sa CIC Transgene CIC M aire Tecnimont BAK Comdirect EQB

Zodiac CIC Creval BAK Wilex EQB M aisons France Confort CIC Corp. Financiera Alba BBO

A irlines M em(*) Deutsche Bank EQB Zeltia BBO M ota Engil CBI Dab Bank EQB

Air France Klm CIC Dexia BDG C hemicals M em(*) Obrascon Huarte Lain BBO Deutsche Boerse EQB

Finnair POH Efg Eurobank Ergasias IBG Air Liquide CIC Ramirent POH Deutsche Forfait EQB

Lufthansa EQB Garanti Bank IBG Akzo Nobel SNS Royal Bam Group SNS Financiere De Tubize BDG

A uto mo biles & P arts M em(*) Halkbank IBG Basf EQB Sacyr Vallehermoso BBO Fonciere Des 6Eme Et 7Eme Arrondissements De ParisCIC

Bmw EQB Hellenic Postbank IBG Dsm SNS Saint Gobain CIC Gbl BDG

Brembo BAK Ing Group SNS Floridienne BDG Sonae Industria CBI Gimv BDG

Continental EQB Intesa Sanpaolo BAK Fuchs Petro lub EQB Srv POH Grenkeleasing Ag EQB

Daimler Ag EQB Kbc Group BDG Henkel EQB Thermador Groupe CIC Hellenic Exchanges IBG

Elringklinger EQB M ediobanca BAK Holland Colours SNS Titan Cement IBG Hypoport Ag EQB

Faurecia CIC National Bank Of Greece IBG K+S Ag EQB Trevi BAK Ifg Group Plc NCB

Fiat BAK Natixis CIC Kemira POH Uponor POH Kbc Ancora BDG

Landi Renzo BAK Nordea POH Lanxess EQB Uzin Utz EQB Luxempart BDG

Leoni EQB Piraeus Bank IBG Linde EQB Vbh Holding EQB M lp EQB

M ichelin CIC Postbank EQB Nanogate Ag EQB Vicat CIC

Nokian Tyres POH Societe Generale CIC Recticel BDG Vinci CIC

Piaggio BAK Ubi Banca BAK Solvay BDG Yit POH

Pirelli & C. BAK Unicredit BAK Symrise Ag EQB Electro nic & Electrical EquipmentM em(*)

Plastic Omnium CIC Yapi Kredi Bank IBG Tessenderlo BDG Agfa-Gevaert BDG

Plastivalo ire CIC B asic R eso urces M em(*) Tikkurila POH Areva CIC

Porsche EQB Acerinox BBO Umicore BDG Augusta Technologie EQB

Psa Peugeot Citroen CIC Altri CBI Wacker Chemie EQB Barco BDG

Renault CIC Arcelormittal BBO C o nstruct io n & M aterials M em(*) Euromicron Ag EQB

Sogefi BAK Crown Van Gelder SNS Acs BBO Evs BDG

Stern Groep SNS Dnick Holding Plc EQB Astaldi BAK Gemalto CIC

Valeo CIC Ence BBO Ballast Nedam SNS Ingenico CIC

Volkswagen EQB Europac BBO Bilfinger Berger EQB Kontron EQB

B anks M em(*) Inapa CBI Boskalis Westminster SNS Lacie CIC

Aareal Bank EQB M etka IBG Buzzi Unicem BAK Legrand CIC

Akbank IBG M etsä Board POH Capelli CIC M obotix Ag EQB

Aktia POH M ytilineos IBG Cfe BDG Neways Electronics SNS

Alpha Bank IBG Nyrstar BDG Ciments Français CIC Nexans CIC

Banca Carige BAK Outokumpu POH Cramo POH Pkc Group POH

Banca M ps BAK Portucel CBI Deceuninck BDG Rcf Group BAK

Banco Popolare BAK Rautaruukki POH Eiffage CIC Rexel CIC

Banco Popular BBO Salzgitter EQB Ellaktor IBG Schneider Electric Sa CIC

Banco Sabadell BBO Semapa CBI Fcc BBO Vacon POH

Banco Santander BBO Stora Enso POH Ferrovial BBO Vaisala POH

Banesto BBO Talvivaara M ining Co Plc POH Gek Terna IBG Xeikon Nv SNS

Mytilineos

Page 15

F o o d & B everage M em(*) Bim IBG Rapala POH Sonae Capital CBI Sogeclair CIC

Acomo SNS Carrefour CIC Stockmann POH Trigano CIC Ten Cate SNS

Anheuser-Busch Inbev BDG Casino Guichard-Perrachon CIC H ealthcare M em(*) Tui EQB Trilogiq CIC

Aryzta NCB Colruyt BDG Ab-Biotics BBO H o useho ld Go o ds M em(*) Vossloh EQB

Atria POH Delhaize BDG Almirall BBO De Longhi BAK Wärtsilä POH

Baron De Ley BBO Dia BBO Amplifon BAK Elica BAK Zardoya Otis BBO

Baywa EQB Kesko POH Arseus BDG Indesit BAK Industria l T ranspo rtat io n & M o to rwaysM em(*)

Berentzen EQB M arr BAK Bayer EQB Philips Electronics SNS Abertis BBO

Bonduelle CIC Rallye CIC Biomerieux CIC U10 CIC Adp CIC

C&C Group NCB Sligro SNS Biotest EQB Industria l Engineering M em(*) Atlantia BAK

Campari BAK Sonae CBI Cegedim CIC Accsys Technologies SN S Bollore CIC

Campofrio BBO General Industria ls M em(*) Celesio EQB Agta Record CIC Brisa CBI

Coca Cola Hellenic IBG Aalberts SNS Diasorin BAK Aixtron EQB Caf BBO

Csm SNS Accell Group SNS Drägerwerk EQB Ansaldo Sts BAK Deutsche Post EQB

Danone CIC Advanced Vision Technology EQB Faes Farma BBO Bauer Ag EQB Dockwise SNS

De M aster B lenders 1753 SNS Ahlstrom POH Fresenius EQB Biesse BAK Fraport EQB

Donegal Creameries NCB Analytik Jena EQB Fresenius M edical Care EQB Cargotec Corp POH Gemina BAK

Duvel BDG Arcadis SNS Gerresheimer Ag EQB Cfao C IC Hes Beheer SNS

Ebro Foods BBO Aspo POH Grifo ls Sa BBO Danieli BAK Hhla EQB

Enervit BAK Azkoyen BBO Korian CIC Datalogic BAK Irish Continental Group NCB

Fleury M ichon CIC Bekaert BDG Laboratorios Rovi BBO Delclima BAK Logwin EQB

Fyffes NCB Dcc NCB M edica CIC Duro Felguera BBO Norbert Dentressangle CIC

Glanbia NCB Derby Cycle EQB M ediq SNS Emak BAK Postnl SNS

Heineken SNS Evolis CIC M erck EQB Exel Composites POH Sias BAK

Hkscan POH Frigoglass IBG Nanobiotix CIC Exel Industries CIC Tnt Express SNS

Kerry Group NCB Huhtamäki POH Natraceutical Sa BBO Faiveley CIC Insurance M em(*)

Ktg Agrar EQB Kendrion SNS Novartis CIC Fiat Industrial BAK Aegon SNS

Lanson-Bcc CIC M artifer Sgps Sa CBI Orio la-Kd POH Gea Group EQB Ageas BDG

Laurent Perrier CIC M ifa EQB Orion POH Gesco EQB Allianz EQB

Ldc CIC Nedap SNS Orpea CIC Gildemeister EQB Axa CIC

Lotus Bakeries BDG Neopost CIC Recordati BAK Haulotte Group CIC Delta Lloyd SNS

Natra BBO Pöyry POH Rhoen-Klinikum EQB Heidelberger Druck EQB Fbd Holdings Plc NCB

Naturex CIC Prelios BAK Roche CIC Ima BAK Fondiaria Sai BAK

Nestle SNS Resilux BDG Sanofi-Aventis CIC Interpump BAK Generali BAK

Nutreco SNS Saf-Holland EQB Sorin BAK Khd Humboldt Wedag InternationalEQB Hannover Re EQB

Olvi POH Saft CIC Stallergènes CIC Kone POH M apfre Sa BBO

Origin Enterprises NCB Skw Stahl EQB Ucb BDG Konecranes POH M edio lanum BAK

Parmalat BAK Tessi CIC United Drug NCB Krones Ag EQB M ilano Assicurazioni BAK

Pernod-Ricard CIC Tkh Group SNS H o tels, T ravel & T o urism M em(*) Kuka EQB M unich Re EQB

Pinguinlutosa BDG Vidrala BBO Accor CIC M an EQB Sampo POH

Raisio POH Wendel CIC Autogrill BAK M anitou CIC Unipol BAK

Remy Cointreau CIC General R etailers M em(*) Beneteau CIC M ax Automation Ag EQB Zurich Financial Services BAK

Sipef BDG Beter Bed Holding SNS Compagnie Des Alpes CIC M etso POH

Ter Beke BDG D'Ieteren BDG Groupe Partouche CIC Outotec POH

Total Produce NCB Douglas Holding EQB I Grandi Viaggi BAK Pfeiffer Vacuum EQB

Unilever SNS Fielmann EQB Ibersol CBI Ponsse POH

Vilmorin CIC Folli Fo llie Group IBG Intralo t IBG Prima Industrie BAK

Viscofan BBO Fourlis Holdings IBG Lottomatica BAK Prysmian BAK

Vranken Pommery M onopole CIC Inditex BBO M elia Hotels International BBO Sabaf BAK

Wessanen SNS Jacquet M etal Service CIC Nh Hoteles BBO Schuler Ag EQB

F o o d & D rug R etailers M em(*) Jumbo IBG Opap IBG Singulus Technologies EQB

Ahold SNS M acintosh SNS Sodexo CIC Smt Scharf Ag EQB

Mytilineos

Page 16

M edia M em(*) Total CIC Realia BBO Gameloft CIC Belgacom BDG

Ad Pepper EQB Tupras IBG Retail Estates BDG Gft Technologies EQB Bouygues CIC

Adlpartner CIC Oil Services M em(*) Sponda POH Groupe Open CIC Deutsche Telekom EQB

Alma M edia POH Bourbon CIC Technopolis POH Guillemot Corporation CIC Elisa POH

Antena 3Tv BBO Cgg Veritas CIC Unibail-Rodamco BDG I.R.I.S. BDG Eutelsat Communications Sa CIC

Brill SNS Fugro SNS Vastned Retail BDG I:Fao Ag EQB France Telecom CIC

Caltagirone Editore BAK Saipem BAK Vib Vermoegen EQB Ict Automatisering SNS Freenet EQB

Cofina CBI Technip CIC Wdp BDG Indra Sistemas BBO Gowex BBO

Editoriale L'Espresso BAK Tecnicas Reunidas BBO R enewable Energy M em(*) Integralis Ag EQB Jazztel BBO

Gl Events CIC Tenaris BAK Abengoa BBO Itelligence EQB Kpn Telecom SNS

Havas CIC Vallourec CIC Biopetro l Industries EQB Neurones CIC M obistar BDG

Hi-M edia CIC Vopak SNS Daldrup & Soehne EQB Novabase Sgps CBI Ote IBG

Impresa CBI P erso nal Go o ds M em(*) Deutsche Biogas EQB Ordina SNS Portugal Telecom CBI

Ipsos CIC Adidas EQB Enel Green Power BAK Osiatis CIC Ses CIC

Jcdecaux CIC Amer Sports POH Gamesa BBO Psi EQB Sonaecom CBI

Kinepolis BDG Basic Net BAK Phoenix Solar EQB Qurius SNS Telecom Italia BAK

Lagardere CIC Beiersdorf EQB Sma Solar Technology EQB Realdolmen BDG Telefonica BBO

Lbi International Nv SNS Geox BAK Solar-Fabrik EQB Reply BAK Telenet Group BDG

M 6-M etropole Television CIC Gerry Weber EQB Solarworld EQB Rib Software EQB Teliasonera POH

M ediaset BAK Hugo Boss EQB Solutronic EQB Seven Principles Ag EQB Tiscali BAK

M ediaset Espana BBO Loewe EQB Sunways EQB Sii CIC Turkcell IBG

M eetic CIC Luxottica BAK Semico nducto rs M em(*) Sopra Group CIC United Internet EQB

Nextradiotv CIC M arcolin BAK Asml SNS Steria CIC Vodafone BAK

Nostrum BBO M arimekko POH Besi SNS Tieto POH Ziggo SNS

Nrj Group CIC M edion EQB M elexis BDG Tomtom SNS Zon M ultimedia CBI

Pages Jaunes CIC Ppr CIC Okmetic POH Transics BDG Utilit ies M em(*)

Prisa BBO Puma EQB Roodmicrotec SNS Unit4 SNS A2A BAK

Publicis CIC Safilo BAK Stmicroelectronics BAK Wincor Nixdorf EQB Acciona BBO

Rcs M ediagroup BAK Salvatore Ferragamo BAK Suess M icrotec EQB Suppo rt Services M em(*) Acea BAK

Reed Elsevier N.V. SNS Sarantis IBG So ftware & C o mputer ServicesM em(*) Batenburg SNS E.On EQB

Roularta BDG Tod'S BAK Aedian CIC Brunel SNS Edp CBI

Rtl Group BDG Van De Velde BDG Affecto POH Bureau Veritas S.A. CIC Edp Renováveis CBI

Sanoma POH Zucchi BAK Akka Technologies CIC Cpl Resources Plc NCB Elia BDG

Seat BAK R eal Estate M em(*) Alten CIC Dpa SNS Enagas BBO

Spir Communication CIC Aedifica BDG Altran CIC Edenred CIC Endesa BBO

Talentum POH Ascencio BDG Amadeus BBO Ei Towers BAK Enel BAK

Telegraaf M edia Groep SNS Atenor BDG Atos CIC Fiera M ilano BAK Fluxys BDG

Teleperformance CIC Banimmo BDG Basware POH Imtech SNS Fortum POH

Tf1 CIC Befimmo BDG Beta Systems Software EQB Lassila & Tikanoja POH Gas Natural Fenosa BBO

Ti M edia BAK Beni Stabili BAK Bull CIC Prosegur BBO Gdf Suez CIC

Ubisoft CIC Citycon POH Capgemini CIC Randstad SNS Hera BAK

Vivendi CIC Cofinimmo BDG Cegid CIC Tmc Group SNS Iberdro la BBO

Wolters Kluwer SNS Corio BDG Cenit EQB Usg People SNS Iren BAK

Oil & Gas P ro ducers M em(*) Deutsche Euroshop EQB Comptel POH T eleco m Equipment M em(*) Public Power Corp IBG

Eni BAK Home Invest Belgium BDG Ctac SNS Alcatel-Lucent CIC Red Electrica De Espana BBO

Galp Energia CBI Igd BAK Dassault Systemes CIC Ericsson POH Ren CBI

Gas Plus BAK Intervest Offices & Warehouses BDG Digia POH Gigaset EQB Rwe EQB

Hellenic Petro leum IBG Intervest Retail BDG Docdata SNS Hf Company CIC Sechilienne Sidec CIC

M aurel Et Prom CIC Ivg Immobilien Ag EQB Engineering BAK Nokia POH Snam BAK

M otor Oil IBG Klepierre BDG Esi Group CIC Teleste POH Suez Environnement CIC

Neste Oil POH Leasinvest Real Estate BDG Exact Holding Nv SNS T eleco mmunicat io ns M em(*) Terna BAK

Repsol BBO M ontea BDG F-Secure POH Acotel BAK Veolia Environnement CIC

LEGEND: BAK: Banca Akros; BDG : Bank Degroof; BBO: Bankia Bolsa; CIC: CM CIC Securities; CBI: Caixa- Banco de Investimento; EQB: Equinet bank ;IBG: Investment Bank of Greece,

NCB: NCB Stockbrokers, POH: Pohjola Bank; SNS: SNS Securities as of 31st October 2012

Mytilineos

Page 17

List of ESN Analysts (**)

Ari Agopyan CIC +33 1 45 96 85 80 ari.agopyan@cmcics.com Jean-Christophe Lefèvre-M oulenq CIC +33 1 45 96 91 04 jeanchristophe.lefevremoulenq@cmcics.com

Edouard Aubery EQB +49 69 5899 7439 edouard.aubery@equinet-ag.de Dov Levy CIC +33 1 45 96 78 74 dov.levy@cmcics.com

Christian Auzanneau CIC +33 4 78 92 01 85 christian.auzanneau@cmcics.com Sébastien Liagre CIC +33 1 45 96 90 34 sebastien.liagre@cmcics.com

Olivier Bails, CFA CIC +33 1 45 96 78 72 olivier.bails@cmcics.com Harald Liberge-Dondoux CIC +33 1 45 96 98 12 harald.libergedondoux@cmcics.com

Helena Barbosa CBI +351 21 389 6831 helena.barbosa@caixabi.pt Konstantinos M anolopoulos IBG +30 210 817 3388 kmanolopoulos@ibg.gr

Victor Bareño, CFA SNS +312 0 5508822 victor.bareno@snssecurities.nl Sergio Ruiz M artin BBO +34 91 436 7866 sruizma@bankia.com

Javier Bernat BBO +34 91 436 7816 jbernat@bankia.com Dario M ichi BAK +39 02 4344 4237 dario .michi@bancaakros.it

Dimitris B irbos IBG +30 210 81 73 392 dbirbos@ibg.gr José M ota Freitas, CFA CBI +351 22 607 09 31 mota.freitas@caixabi.pt

Jean-Pascal Brivady CIC +33 4 78 92 02 25 jeanpascal.brivady@cmcics.com Louis Nico lopoulos IBG +30 210 81 73 377 iniko lopoulos@ibg.gr

David Cabeza Jareño BBO +34 91 4367818 dcabeza@bankia.com Henri Parkkinen POH +358 10 252 4409 henri.parkkinen@pohjo la.fi

Giada Cabrino, CIIA BAK +39 02 4344 4092 giada.cabrino@bancaakros.it Adrian Pehl, CFA EQB +49 69 58997 438 adrian.pehl@equinet-ag.de

Niclas Catani POH +358 10 252 8780 niclas.catani@pohjo la.com Victor Peiro Pérez BBO +34 91 436 7812 vpeirope@bankia.com

Jean-M arie Caucheteux BDG +32 2 287 99 20 jeanmarie.caucheteux@degroof.be Francis Prêtre CIC +33 4 78 92 02 30 francis.pretre@cmcics.com

M arco Cavalleri BAK +39 02 4344 4022 marco.cavalleri@bancaakros.it Francesco Previtera BAK +39 02 4344 4033 francesco.previtera@bancaakros.it

P ierre Chedeville CIC +33 1 45 96 78 71 pierre.chedeville@cmcics.com Jari Raisanen POH +358 10 252 4504 jari.raisanen@pohjo la.fi

Emmanuel Chevalier CIC +33 1 45 96 77 42 emmanuel.chevalier@cmcics.com Hannu Rauhala POH +358 10 252 4392 hannu.rauhala@pohjo la.fi

Florent Couvreur CIC +33 1 45 96 77 60 florent.couvreur@cmcics.com M atias Rautionmaa POH +358 10 252 4408 matias.rautionmaa@pohjo la.fi

Edwin de Jong SNS +312 0 5508569 edwin.dejong@snssecurities.nl Eric Ravary CIC +33 1 45 96 79 53 eric.ravary@cmcics.com

Nadeshda Demidova EQB +49 69 58997 434 nadeshda.demidova@equinet-ag.de Iñigo Recio Pascual BBO +34 91 436 7814 irecio@bankia.com

M artijn den Drijver SNS +312 0 5508636 martijn.dendrijver@snssecurities.nl M aria Rivas Rodriguez BBO +34 91 436 7815 mrivasro@bankia.com

Christian Devismes CIC +33 1 45 96 77 63 christian.devismes@cmcics.com André Rodrigues CBI +351 21 389 68 39 andre.rodrigues@caixabi.pt

Andrea Devita, CFA, BAK +39 02 4344 4031 andrea.devita@bancaakros.it Jean-Luc Romain CIC +33 1 45 96 77 36 jeanluc.romain@cmcics.com

Hans D'Haese BDG +32 (0) 2 287 9223 hans.dhaese@degroof.be Jochen Rothenbacher, CEFA EQB +49 69 58997 415 jochen.rothenbacher@equinet-ag.de

Dries Dury BDG +32 2 287 91 76 dries.dury@degroof.be Vassilis Roumantzis IBG +30 2108173394 vroumantzis@ibg.gr

Ingbert Faust, CEFA EQB +49 69 58997 410 ingbert.faust@equinet-ag.de Sonia Ruiz De Garibay BBO +34 91 436 7841 sruizdegaribay@bankia.com

Rafael Fernández de Heredia BBO +34 91 436 78 08 rfernandezdeheredia@bankia.com Antti Saari POH +358 10 252 4359 antti.saari@pohjo la.fi

Stefan Freudenreich, CFA EQB +49 69 58997 437 stefan.freudenreich@equinet-ag.de Paola Saglietti BAK +39 02 4344 4287 paola.saglietti@bancaakros.it

Emmet Gaffney NCB 00 353 611 5717 emmet.gaffney@ncb.ie Francesco Sala BAK +39 02 4344 4240 francesco.sala@bancaakros.it

Gabriele Gambarova BAK +39 02 43 444 289 gabriele.gambarova@bancaakros.it Lemer Salah SNS '+312 0 5508516 Lemer.salah@snssecurities.nl

Claudio Giacomiello , CFA BAK +39 02 4344 4269 claudio.giacomiello@bancaakros.it M ichael Schaefer EQB +49 69 58997 419 michael.schaefer@equinet-ag.de

Ana Isabel González García CIIA BBO +34 91 436 78 09 agonzalezga@bankia.com Holger Schmidt, CEFA EQB +49 69 58 99 74 32 holger.schmidt@equinet-ag.de

M arc Gouget CIC +33 145 96 8759 marc.gouget@cmcics.com Tim Schuldt, CFA EQB +49 69 5899 7433 tim.schuldt@equinet-ag.de

Darren Greenfield, CFA NCB +353 1611 5918 darren.greenfield@ncb.ie John Sheehan NCB +353 1 611 5794 john.sheehan@ncb.ie

Arsène Guekam CIC +33 1 45 96 78 76 arsene.guekam@cmcics.com Pekka Spolander POH +358 10 252 4351 pekka.spolander@pohjo la.fi

Bernard Hanssens BDG +32 (0) 2 287 9689 bernard.hanssens@degroof.be Gert Steens SNS +312 0 5508639 gert.steens@snssecurities.nl

Philipp Häßler, CFA EQB +49 69 58997 414 philipp.haessler@equinet-ag.de Kimmo Stenvall POH +358 10 252 4561 kimmo.stenvall@pohjo la.fi

Tom Holmes NCB +353 1 611 5876 tom.holmes@ncb.ie Annick Thévenon CIC +33 1 45 96 77 38 annick.thevenon@cmcics.com

Carlos Jesus CBI +351 21 389 6812 carlos.jesus@caixabi.pt Luigi Tramontana BAK +39 02 4344 4239 luigi.tramontana@bancaakros.it

Siddy Jobe BDG +32 (0) 2 287 9279 siddy.jobe@degroof.be Johan van den Hooven SNS +312 0 5508518 johan.vandenhooven@snssecurities.nl

Lillian Katelani IBG +30-210-8173-389 lkatelani@ibg.gr Guido Varato jo dos Santos CBI +351213896822 guido.santos@caixabi.pt

Jean-M ichel Köster CIC +33 1 45 96 77 17 jeanmichel.koster@cmcics.com Richard Withagen SNS +312 0 5508572 richard.withagen@snssecurities.nl

M arc Leemans, CFA BDG +32 (0) 2 287 9361 marc.leemans@degroof.be

(**) excluding: strategists, macroeconomists, heads of research not covering specific stocks, credit analysts, technical analysts

Mytilineos

Page 18

ESN Recommendation System The ESN Recommendation System is Absolute. It means that each stock is rated on the

basis of a total return, measured by the upside potential (including dividends and capital

reimbursement) over a 12 month time horizon.

The ESN spectrum of recommendations (or ratings) for each stock comprises 5 categories:

Buy, Accumulate (or Add), Hold, Reduce and Sell (in short: B, A, H, R, S).

Furthermore, in specific cases and for a limited period of time, the analysts are allowed to rate

the stocks as Rating Suspended (RS) or Not Rated (NR), as explained below.

Meaning of each recommendation or rating:

Buy: the stock is expected to generate total return of over 20% during the next 12 months time horizon

Accumulate: the stock is expected to generate total return of 10% to 20% during the next 12 months time horizon

Hold: the stock is expected to generate total return of 0% to 10% during the next 12 months time horizon.

Reduce: the stock is expected to generate total return of 0% to -10% during the next 12 months time horizon

Sell: the stock is expected to generate total return under -10% during the next 12 months time horizon

Rating Suspended: the rating is suspended due to a capital operation (take-over bid, SPO, …) where the issuer of the document (a partner of ESN) or a related party of the issuer is or could be involved or to a change of analyst covering the stock

Not Rated: there is no rating for a company being floated (IPO) by the issuer of the document (a partner of ESN) or a related party of the issuer

History of ESN Recommendation System

Since 18 October 2004, the Members of ESN are using an Absolute Recommendation System (before was a Relative Rec. System) to rate any single stock under coverage.

Since 4 August 2008, the ESN Rec. System has been amended as follow.

Time horizon changed to 12 months (it was 6 months)

Recommendations Total Return Range changed as below:

Disclosure Appendix The information and opinions in this report were prepared by Investment Bank of Greece, which is regulated by the Bank of Greece (License No: 52/2/17.12.99) and by the Hellenic Capital Market Commission. Investment Bank of Greece has not entered any agreement with the subject companies for the execution of this analysis.

This report is for informative purposes only. Under no circumstances is it to be used or considered as an offer to sell, or a solicitation of any offer to buy, any security. While the information contained herein has been obtained from sources believed to be reliable, we do not represent that it is accurate or complete and it should not be relied upon as such. In producing its research reports, members of Investment Bank of Greece research department may have received assistance from the subject company(ies) referred to in this report. Any such assistance may have included access to sites of the issuers, visits to certain operations of the subject company(ies), meetings with management, employees or other parties associated with the subject company(ies) and the handing by them of historical data regarding the subject company(ies) (financial statements and other financial data), as well as of all publicly available information regarding strategy and financial targets. Investment Bank of Greece research personnel are prohibited from accepting payment or reimbursement of travel expenses from site visits to subject companies. It should be presumed

BEFORE

-15% 0% 5% 15%

SELL REDUCE HOLD ACCUMULATE BUY

TODAY

-10% 0% 10% 20%

SELL REDUCE HOLD ACCUMULATE BUY

BEFORE

-15% 0% 5% 15%

SELL REDUCE HOLD ACCUMULATE BUY

BEFORE

-15% 0% 5% 15%

SELL REDUCE HOLD ACCUMULATE BUY

TODAY

-10% 0% 10% 20%

SELL REDUCE HOLD ACCUMULATE BUY

TODAY

-10% 0% 10% 20%

SELL REDUCE HOLD ACCUMULATE BUY

Mytilineos

Page 19

that the author(s) of this report, in most cases, has had discussions with the subject company(ies) to ensure factual accuracy prior to publication. All opinions, projections and estimates constitute the judgment of the author as of the date of the report and are given in good faith, but are subject to change without notice. Prices and availability of financial instruments also are subject to change without notice. Investment Bank of Greece or one of its affiliates or persons connected with it may from time to time buy and sell securities referred herein. Although Investment Bank of Greece does not set a predetermined frequency for publication, if this is a fundamental research report, it is the intention of Investment Bank of Greece to provide research coverage of the subject company(ies), including in response to news affecting this issuer, subject to applicable quiet periods and capacity constraints. Investment Bank of Greece may from time to time perform investment banking or other services for, or solicit investment banking or other business from, any company mentioned in this report. Investment Bank of Greece does and seeks to do business with companies covered in their research reports. Thus, investors should be aware that the firms may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Securities referred to in this research report are subject to investment risks, including the possible loss of the principal amount invested. This report is intended for professional investors only and it is not to be reproduced or copied or reprinted or transmitted for any purpose without permission. We certify that this report has been published in accordance with our conflict management policy and guidelines. According to Investment Bank of Greece policies, the Analysis Department of Investment Bank of Greece is bound by confidentiality, with the exception of data allowed to be published in accordance with the applicable laws. Investment Bank of Greece relies on information barriers to control the flow of information in one or more areas within Investment Bank of Greece organization. The communication between the Analysis Department of Investment Bank of Greece and the other departments of the aforementioned company is restricted by Chinese Walls set between the different departments, so that Investment Bank of Greece can abide by the provisions regarding confidential information and market abuse.

Analyst Certification

The following analysts: Vassilis Roumantzis hereby certify that the views about the companies and securities contained in this report accurately reflect their personal views and that no part of their compensation was or will be directly or indirectly related to the specific recommendations or views in this report.

The analysts mentioned above who prepared this report have the below mentioned financial interests in the companies covered in this report……none……

Important Regulatory Disclosures on Subject Company

The information and opinions in this report were prepared by INVESTMENT BANK of GREECE, which is member of the Athens Exchange S.A. and regulated by the Bank of Greece (License No: 52/2/17.12.99) and by the Hellenic Capital Market Commission.

The compensation of the research analysts, strategists, or research associates principally responsible for the preparation of this research report may depend on various factors such as quality of work, stock picking, client feedback and overall firm profitability.

Stock Ratings

You should carefully read the definitions of all ratings used in the research report. Moreover, you should carefully read the entire research report to obtain a clear view of the analyst’s opinions and not infer its contents from the rating alone.

IBG Research Rating Distribution

Data current as of 30/11/2012

Buy Accumulate Hold Reduce Sell

IBG Research Total Coverage 40% 16% 44% 0% 0%

% of companies in each rating category that are investment banking clients 4% 0% 4% 0% 0%

Note that we have suspended our rating on 5 companies

Basic materials 100% 0% 0% 0% 0%

% of companies in each rating category that are investment banking clients 0% 0% 0% 0% 0%

Regulatory Disclosures on Subject Companies

1. As of the date mentioned on the first page of this report, Investment Bank of Greece (or any of its affiliated companies) owns 5% or more of a class of common equity securities in the following companies mentioned in this report: Vivartia, Attica Group, Blue Star Ferries, Hygeia Group, SingularLogic

2. As of the date mentioned on the first page of this report, the following subject companies mentioned in this report own 5% or more of a class of common equity securities of Investment Bank of Greece (or any of its affiliated companies): Cyprus Popular Bank

3. Investment Bank of Greece acts as a market maker for the following securities of the subject companies mentioned in this report: Alpha Bank, ATEbank, Bank of Cyprus, Coca Cola Hellenic, EFG Eurobank, Ellaktor, GEK TERNA, Hellenic Exchanges, Hellenic Postbank, Intralot, Mytilineos, National Bank, OPAP, OTE, Piraeus Bank, PPC

4. Within the last 12 months, Investment Bank of Greece has provided advisory services to the following companies mention in this report: Hellenic Postbank

5. Within the last 12 months, Investment Bank of Greece had a contractual relationship or have received compensation for financial advisory services from the following subject companies mentioned in this report: Vivartia, GEK TERNA, Hellenic Postbank, Motor Oil, Euroline, Interinvest, Vivere, Hygeia Group

Mytilineos

Page 20

Rating History (Mytilineos)

1. 19/11/2012 Buy, Target Price €4.00

2. 06/08/2012 Buy, Target Price €4.00

3. 09/07/2012 Buy, Target Price €4.00

4. 15/05/2012 Buy, Target Price €4.70

5. 26/03/2012 Buy, Target Price €4.70

6. 19/12/2011 Buy, Target Price €4.70

7. 14/11/2011 Buy, Target Price €6.20

8. 28/07/2011 Buy, Target Price €6.20

9. 16/05/2011 Buy, Target Price €6.20

10. 17/03/2011 Buy, Target Price €6.20

Source: Factset & ESN, price data adjusted for stock splits. This chart shows Investment Bank of Greece continuing coverage of this stock; the current analyst may or may not have covered it over the entire period.

Rating History (Metka)

1. 19/11/2012 Buy, Target Price €11.90

2. 06/08/2012 Buy, Target Price €11.90

3. 09/07/2012 Buy, Target Price €11.90

4. 15/05/2012 Buy, Target Price €12.50

5. 26/03/2012 Buy, Target Price €12.50

6. 19/12/2011 Buy, Target Price €12.50

7. 14/11/2011 Buy, Target Price €12.00

8. 23/09/2011 Buy, Target Price €12.00

9. 28/07/2011 Buy, Target Price €15.10

10. 13/05/2011 Buy, Target Price €15.10

Source: Factset & ESN, price data adjusted for stock splits. This chart shows Investment Bank of Greece continuing coverage of this stock; the current analyst may or may not have covered it over the entire period.

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

6.5

Δεκ 11 Ιαν 12 Φεβ 12 Μαρ 12 Απρ 12 Μαϊ 12 Ιουν 12 Ιουλ 12 Αυγ 12 Σεπ 12 Οκτ 12 Νοε 12 Δεκ 12 Ιαν 13

Buy Accumulate Hold Reduce Sell Not rated

Price history Target price history

4

5

6

7

8

9

10

11

12

13

Δεκ 11 Ιαν 12 Φεβ 12 Μαρ 12 Απρ 12 Μαϊ 12 Ιουν 12 Ιουλ 12 Αυγ 12 Σεπ 12 Οκτ 12 Νοε 12 Δεκ 12 Ιαν 13

Buy Accumulate Hold Reduce Sell Not rated

Price history Target price history

Mytilineos

Page 21

Risks to our forecasts and valuation

Mytilineos

Aluminium of Greece has high exposure to metal prices, the EUR/USD exchange rate and the electricity cost.

Aluminium of Greece’s profit is highly dependent on electricity cost. The company is currently in arbitration with PPC for the level of

electricity tariffs.

The changing environment in the Greek power generation market with increased investments by competitors combined with a slowdown in

electricity demand growth could force utilization rate and prices lower for power plants.

Metka’s sales could be affected by potential delays in the execution of awarded projects (especially in Syria) or in the delay of new tenders

for the construction of power units.

Potential pressure on Metka’s margins from increasing international exposure, higher competition or potential claims from customers.

Risks to our forecasts and valuation

Metka

Postponements in the execution of existing contracts. In particular, the social unrest in Syria could result in significant delays in the

implementation of two power plant projects in this country with a total budget of EUR 1.33bn.

Delay in new tenders for power plants due to the uncertain global economic environment.

Pressure in margins due to increased competition, execution of many projects simultaneously or potential claims from customers

The expansion outside Greece imply additional risks such as political risks.

Shifts to new technologies in power plants that Metka does not have the know-how.

Additional disclosures

1. Additional note to our U.S. readers: This document may be distributed in the United States solely to “major US institutional investors” as

defined in Rule 15a-6 under the US Securities Exchange Act of 1934. Each person that receives a copy, by acceptance thereof, represents and

agrees that he/she will not distribute or otherwise make available this document to any other person.

2. All prices and valuation multiples are based on the closing of ATHEX’s last session prior to the issue of this report, unless otherwise indicated.

3. Our research reports are available upon request at www.ibg.gr, on Bloomberg’s IBGR and ESNR functions and on Thomson Reuters website.

4. Additional information is available upon request.

Disclaimer: These reports have been prepared and issued by the Members of European Securities Network LLP (‘ESN’). ESN, its Members and their affiliates (and any director, officer or employee thereof), are neither liable for the proper and complete transmission of these reports nor for any delay in their receipt. Any unauthorised use, disclosure, copying, distribution, or taking of any action in reliance on these reports is strictly prohibited. The views and expressions in the reports are expressions of opinion and are given in good faith, but are subject to change without notice. These reports may not be reproduced in whole or in part or passed to third parties without permission. The information herein was obtained from various sources. ESN, its Members and their affiliates (and any director, officer or employee thereof) do not guarantee their accuracy or completeness, and neither ESN, nor its Members, nor its Members’ affiliates (nor any director, officer or employee thereof) shall be liable in respect of any errors or omissions or for any losses or consequential losses arising from such errors or omissions. Neither the information contained in these reports nor any opinion expressed constitutes an offer, or an invitation to make an offer, to buy or sell any securities or any options, futures or other derivatives related to such securities (‘related investments’). These reports are prepared for the clients of the Members of ESN only. They do not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive any of these reports. Investors should seek financial advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in these reports and should understand that statements regarding future prospects may not be realised. Investors should note that income from such securities, if any, may fluctuate and that each security’s price or value may rise or fall. Accordingly, investors may receive back less than originally invested. Past performance is not necessarily a guide to future performance. Foreign currency rates of exchange may adversely affect the value, price or income of any security or related investment mentioned in these reports. In addition, investors in securities such as ADRs, whose value are influenced by the currency of the underlying security, effectively assume currency risk. ESN, its Members and their affiliates may submit a pre-publication draft (without mentioning neither the recommendation nor the target price/fair value) of its reports for review to the Investor Relations Department of the issuer forming the subject of the report, solely for the purpose of correcting any inadvertent material inaccuracies. Like all members employees, analysts receive compensation that is impacted by overall firm profitability For further details about the specific risks of the company and about the valuation methods used to determine the price targets included in this report/note, please refer to the latest relevant published research on single stock or contact the analyst named on the front of the report/note. Research is available through your sales representative. ESN will provide periodic updates on companies or sectors based on company-specific developments or announcements, market conditions or any other publicly available information. Unless agreed in writing with an ESN Member, this research is intended solely for internal use by the recipient. Neither this document nor any copy of it may be taken or transmitted into Australia, Canada or Japan or distributed, directly or indirectly, in Australia, Canada or Japan or to any resident thereof. This document is for distribution in the U.K. Only to persons who have professional experience in matters relating to investments and fall within article 19(5) of the financial services and markets act 2000 (financial promotion) order 2005 (the “order”) or (ii) are persons falling within article 49(2)(a) to (d) of the order, namely high net worth companies, unincorporated associations etc (all such persons together being referred to as “relevant persons”). This document must not be acted on or relied upon by persons who are not relevant persons. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons. The distribution of this document in other jurisdictions or to residents of other jurisdictions may also be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. By accepting this report you agree to be bound by the foregoing instructions. You shall indemnify ESN, its Members and their affiliates (and any director, officer or employee thereof) against any damages, claims, losses, and detriments resulting from or in connection with the unauthorized use of this document. For disclosure upon “conflicts of interest” on the companies under coverage by all the ESN Members and on each “company recommendation history”, please visit the ESN website (www.esnpartnership.eu) For additional information and individual disclaimer please refer to www.esnpartnership.eu and to each ESN Member websites:

www.bancaakros.it regulated by the CONSOB - Commissione Nazionale per le Società e la Borsa

www.bankiabolsa.es regulated by CNMV - Comisión Nacional del Mercado de Valores

www.caixabi.pt regulated by the CMVM - Comissão do Mercado de Valores Mobiliários

www.cmcics.com regulated by the AMF - Autorité des marchés financiers

www.degroof.be regulated by the FSMA - Financial Services and Markets Authority

www.equinet-ag.de regulated by the BaFin - Bundesanstalt für Finanzdienstleistungsaufsicht

www.ibg.gr regulated by the HCMC - Hellenic Capital Market Commission

www.ncb.ie regulated by the Central Bank of Ireland

www.pohjola.com regulated by the Financial Supervision Authority

www.snssecurities.nl regulated by the AFM - Autoriteit Financiële Markten

Mytilineos

Greece Basic Resources

Members of ESN (European Securities Network LLP)

Caixa-Banco de Investimento Rua Barata Salgueiro, 33-5 1269-050 Lisboa Portugal Phone: +351 21 389 68 00 Fax: +351 21 389 68 98

SNS Securities N.V. Nieuwezijds Voorburgwal 162 P.O.Box 235 1000 AE Amsterdam The Netherlands Phone: +31 20 550 8500 Fax: +31 20 626 8064

NCB Stockbrokers Ltd.

3 George Dock, Dublin 1 Ireland Phone: +353 1 611 5611 Fax: +353 1 611 5781

Bank Degroof Rue de I’Industrie 44 1040 Brussels Belgium Phone: +32 2 287 91 16 Fax: +32 2 231 09 04

Equinet Bank AG Gräfstraße 97 60487 Frankfurt am Main Germany Phone:+49 69 – 58997 – 410 Fax:+49 69 – 58997 – 299

Pohjola Bank plc

P.O.Box 308 FI- 00013 Pohjola Finland Phone: +358 10 252 011 Fax: +358 10 252 2703

CM - CIC Securities

6, avenue de Provence 75441 Paris Cedex 09 France Phone: +33 1 4596 7940 Fax: +33 1 4596 7748

Bankia Bolsa Serrano, 39 28001 Madrid Spain Phone: +34 91 436 7813 Fax: +34 91 577 3770

Banca Akros S.p.A. Viale Eginardo, 29 20149 Milano Italy Phone: +39 02 43 444 389 Fax: +39 02 43 444 302

Investment Bank of Greece

24B, Kifisias Avenue 151 25 Marousi Greece Phone: +30 210 81 73 000 Fax: +30 210 68 96 325