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

Company Presentation

June 2018

Table of Contents

• 1. TITAN Group overview and key investment highlights
• 2. Review of key markets
• 3. Summary Financials Q1 2018
• 4. Appendix

2

June 2018

Company Presentation

TITAN Group overview and key investment highlights

3

June 2018

Company Presentation

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

4

June 2018

Company Presentation

An Established Group with Experienced Management, Strong Governance & a Long Term Vision

Titan’s Key Milestones

1902 1912 1933 1992 1998 – 2018…

Listing on the Athens Stock Exchange Acquisition of first plant outside Greece Titan Cement founded, Elefsina plant International expansion to the US, SEE, Eastern Mediterranean, Brazil First cement exports

Titan’s Core Values At a glance…

5

June 2018

Company Presentation

2 3 4 5 6 1

Continuous Self-Improvement Delivering results Integrity Value to customer Know-how Corporate Social Responsibility

• Production capacity of c.27m MT across 10 countries.
• 2017 sales volumes of 19.2m MT cement, 16.0m MT aggregates,

5.58m m3 of ready-mix concrete.

• Sales turnover of €1,506m and EBITDA of €273m in 2017.
• Market capitalization of c.€1.8bn (4 June 2018).
• S&P rating: BB+ with stable outlook.
• The shareholding core has essentially remained the same since

the Company was established (4 generations).

• Dedicated Management team with consistent strategy and

effective governance to execute the long term vision.

1

Geographically Diversified Cement and Building Materials Producer

USA Greece & Western Europe Southeastern Europe Eastern Mediterranean Group 2017 FY

• TOTAL ASSETS: €581m
• 3 cement plants
• 1 grinding plant
• 8 distribution terminals
• 26 quarries
• 27 ready mix plants
• 1 dry mortar plant
• TOTAL ASSETS: €997m
• 2 cement plants
• 14 distribution terminals
• 7 quarries
• 85 ready mix plants
• 10 concrete block plants
• 6 fly-ash processing

plants

• TOTAL ASSETS: €482m
• 5 cement plants
• 1 distribution terminal
• 20 quarries
• 8 ready mix plants
• 1 processed engineered fuel

facility

• TOTAL ASSETS: €382m
• 2 cement plants
• 2 distribution terminals
• 12 quarries
• 2 ready mix plants
• 1 processed engineered

fuel facility

• TOTAL ASSETS: €2,595m
• 14 cement plants c.27m MT
• 4 grinding plants
• 25 distribution terminals
• 71 quarries
• 128 ready-mix plants
• 10 concrete block plants
• 6 fly-ash processing plants
• 1 dry mortar plant
• 2 processed engineered

fuel facility

USA UK France Italy Greece Bulgaria Albania Kosovo Serbia F.Y.R.O.M. Egypt €645m €263m €30m €60m €212m €219m €35m €102m €1,340m/ €227m Turnover EBITDA Turnover EBITDA Turnover EBITDA Turnover EBITDA

48% 45% 20% 13% 16% 26% 16% 16%

Brazil

6

June 2018

Company Presentation

€185m €18m €226m €13m €158m €873m €57m €249m €1,506m/ €273m

58% 68% 17%

19%

21% 15% 5% 11% 7%

5 year average (2013-2017) 2017 Turnover/EBITDA

JVs

Turkey

• TOTAL ASSETS: €153m
• 2 cement plants c.2.5m MT
• 3 grinding plants
• 6 quarries
• 6 ready mix plants

10 Year EBITDA 12Month-Rolling Quarterly Analysis by Region (2007-2017)

June 2018

Company Presentation

7

106 70 43 39 26 4 4

• 3
• 6

3 6 12 32 40 47 70 101 111 145 186 185

• 10

40 90 140 190 240

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 97 105 105 87 74 84 87 87 86 74 64 56 63 70 67 62 56 57 56 54 57 50 100 150 200 250

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 31 41 64 88 103 119 138 150 128 100 94 95 87 62 31 16 15 26 41 32 13

0.0 50.0 100.0 150.0 200.0 250.0

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

194 183 169 135 128 123 87 61 35 36 32 13 14 21 37 49 45 36 36 31 18

50 100 150 200 250

Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 20072008 2009 2010 2011 2012 2013 2014 2015 2016 2017

1

USA EASTERN MEDITERRANEAN SOUTH EASTERN EUROPE GREECE & WE (Inc. Corporate)

68 81 146 191 35 37 18 11 78 184 47 185 17 73 86 67 57 21 33 128 31 13 1991 1996 2001 2006 2011 2014 2017 Greece USA Southeastern Europe Eastern Mediterranean

• 6

Geographic Diversification Helps Mitigate Demand Cycles

68 92 262 481 273

TITAN Group EBITDA (€million)

Within this period TITAN’s capacity has increased five-fold with no capital increase

1

8

243

June 2018

Company Presentation

182

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 USA USA

 Significant presence in the East Coast with 2 integrated cement plants in Florida and Virginia  Import Terminals in New Jersey, Norfolk (VA), Tampa (FL)  Extensive vertical integration in RMC, Aggregates etc

Cement plant Market presence through vertically integrated activities Import terminals

Greece

#1=

 Plants are near: the 3 major cities and ports, facilitating exports  Largest operator in aggregates and RMC

South Eastern ern Europ

• pe

#1 #1 #3 #2 #1

 Largest producer in the region  Synergies among the countries  Coverage of the whole region

East stern ern Mediterra rranean an

#5 #3

in Black Sea Region

Cement plant Grinding plant

 Beni –Suef close to Cairo  APCC plant in Alexandria

Note: Market position: Company estimates 3- year average

2

9

#1 #3

June 2018

Company Presentation Cement plant Grinding plant

Vertically Integrated Business Model, Strengthening Market Positions for Maximum Value

June 2018

Titan Group has been selectively increasing its vertical integration since 1992

Cement 79% Other B.M. 21% Cement 56% Other B.M. 44%

211 845 56 661

267 1,506

200 400 600 800 1,000 1,200 1,400 1,600 1992 2017 Cement Other Building materials: Ready mix, aggregates, blocks

3

Company Presentation

10

• Vertical integration:

− Secures access to market − Helps reduce earnings volatility − Increases proximity to end users

• Strong market presence in vertically

integrated

• perations

in Eastern USA and Greece.

• Growing presence in Southeastern

Europe and Eastern Mediterranean.

• 2017 annual sales of cement and

cementitious materials of 19.2m MT, ready mix concrete 5.58 m3m, aggregates 16.0m MT.

• In

2017 Titan Group

• perations

comprised of: 14 cement plants, 4 grinding plants, 25 distribution terminals, 128 ready mix plants, 71 quarries

Turnover Turnover

50 97 134 224 155 146 160 252 209 180 87 58 51 49 82 173 151 123 449 17 95 7 123 2 76 243 402 14 25 19 8 3 11 99 50

100 200 300 400 500 600 700 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Capex Acquistions

Well-invested, Low-cost Modern Asset Base Titan Growth CAPEX Program of €324m in 2015-2016

Kosovo acquisition USA Ready Mix acquisition Acquisition of Lafarge’s 50% stake in Egypt Acquisition of 50% Adocim Turkey Construction of new plant in Albania & new line in Egypt Tarmac acquisition Zlatna, BG acquisition Acquisition of EBRD’s 20% stake in Albania

€4bn invested since 2000 split between capex of €2.4bn and acquisitions of €1.6bn

Highlights

• The Group owns new plants, or plants upgraded within the

last decade. This provides flexibility on capex management during the down cycle.

• Demonstrated

ability to cut capex during challenging economic periods.

• In 2015-2016, the Group implemented a €324m capex

program, focusing on technological competitiveness, revenue growth, cost efficiencies and protection of the environment.

4

Acquisition of 50%

• Cim. Apodi Brazil

(c. 2m MT capacity and cost €106m) Thessaloniki and Pennsuco modernisation

11

June 2018

Company Presentation

• Beyond 2017 CAPEX reverts to lower levels with focus on

continuous improvement.

• Titan has several projects in progress to improve operational

performance by implementing group new SAP & IT systems, centralizing procurement,

• ptimizing

the supply chain, leveraging digital technology, and automating maintenance process.

Strong Cash Flow Generation Facilitates Deleveraging

June 2018

2,229 362 64 15 43 (961) ([9]) (1,019)

• 100

100 300 500 700 900 1,100 1,300 1,500 1,700 1,900 2,100 2,300

EBITDA 2009-2017 Non-Cash Items CapEx Operating Working Capital Acquisitions Net of Disposals Interest, Tax, Dividends FX Impact

• n Net Debt

Net Debt Reduction (31/12/17) Operating Free Cash Flow

€1,323m

Sources and Uses of Cash in 2009-2017

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.

5

Company Presentation

12

Stable Net Debt Levels

June 2018

Company Presentation

13

Group Net Debt Evolution

5

1112 986988 930 947 874 831 739 739 707 732 674 754 602 632 562 596 552 563 509 541 490 529 541 660 630 650 621 605 578 713 661

716

787758723

738

400 500 600 700 800 900 1,000 1,100 1,200 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q1 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Net debt

(€ in millions)

For comparability purposes all figures have been adjusted in order to exclude Turkey.

138 723 17 877 344 164 507 200 400 600 800 1,000 1,200 1,400 1,600 Banks' Committed Bonds Un-CommittedTotal Facilities

Facilities by Type / Utilization (€m)

Un-Utilized Utilized Total Committed Lines: 1,204/ Utilization 860 1,385 181 9% 723 481 37% 63% 29%

Debt & Liquidity Profile : Capital Markets Funding 82%

June 2018

December 2017

Note: Bonds include US IRBs and unamortized borrowing fees

64 11 26 35 14 5 154

50 100 150 200 250 300

Europe Int'l Greece US SEE EMED Brazil Group Total Cash

Liquid Assets by Location (€m)

Company Presentation

57 21 19 24 34 160 298 265 50 100 150 200 250 300 350 <Dec'18 <Dec'19 <Dec'20 <Dec'21 <Dec'22 <Dec'23 >Dec'23

Maturity Profile (€m)

Bonds Bank Debt 180 19 322 57 265 34

14

31% 76% 67% 82% 82% 69% 24% 33% 18% 18%

2013 2014 2015 2016 2017

Bonds Banks

Group Debt Breakdown (Bonds/Banks)

5

(€ in millions)

Titan Group ROACE Improving Due to Profitability Growth

15

June 2018

Company Presentation

6

8.5% 7.7% 5.5% 2.6% 3.5% 3.9% 4.4% 6.9% 7.5%

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0%

• 50.0

100.0 150.0 200.0 250.0 300.0 350.0 2009 2010 2011 2012 2013 2014 2015 2016 2017

TITAN GROUP ROACE EVOLUTION

EBITDA EBIT ROACE

Positioned for Future Growth

(1) Cement capacity includes cementitious materials (2) Figures include Turkey. Excluding Turkey in 2013 Group Net Debt is adjusted to €508.5m (3) Apodi Brazil is not included

6

16

2008 2013 2017 Cement Capacity, million tons (1) 21 25 27 % Cement Capacity in Emerging Markets 45% 53% 56% Net Debt to Total Equity 78% 35% 56% Net Debt, € million 1,071(2) 539(2) 723 Fixed Cost incl. SG&A € million 399 318 411 Employees (3) 6,505 5,455 5,432

TITAN GROUP Summary

June 2018

Company Presentation

Financial Results – Full Year 2016

Investors’ and Analysts’ Presentation

Review of key markets

17

June 2018

Company Presentation

USA – Business Overview

TITAN

• Cement:

2 plants approx. total 3.5m MT and 14 distribution terminals

• Ready-mix: 85 production plants
• 7 quarries
• 10 concrete block plants
• 6 fly-ash processing plants

US operations (2017)

• 58% of Group Turnover

(€873.2m)

• 68% of Group EBITDA

(€185.1m)

• 38% of Group Total Assets

(€996.8m)

Cement plant Market presence through vertically integrated activities Import terminals 16% TITAN Cemex CRH Heidelberg Cem.Argos

Florida

34% TITAN Heidelberg Cem.Argos Other

Virginia

Turnover & EBITDA

Source: Titan 3-year average estimates, approximations

Market Shares

TITAN America is well positioned to capture growth along the East Coast (New York - Florida)

18

June 2018

Company Presentation

469 680 794 873 47 101 145 185 10% 15% 18% 21%

• 5%

0% 5% 10% 15% 20%

200 400 600 800 2014 2015 2016 2017 Turnover EBITDA EBITDA margin

Trends & Drivers

• Population growth and healthy fiscal balances drive

demand for housing and infrastructure in Titan’s footprint States.

• PCA expects for the period 2018-2022 4.3% p.a.

increase of cement consumption in Florida* and 2.9% growth p.a. for the U.S. market.

• Demand growth and benefits from €240 capex in

the last 3 years, strengthen Titan’s position and profitability.

• Well-positioned to grow with strong presence in the

expanding metropolitan areas and further

• perating leverage.

* Based on PCA Winter 2017-18 forecasts

95%95% 92% 84% 64%62%61% 69% 69% 77%76%79%80%81%81%82%82%83%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

20,000 40,000 60,000 80,000 100,000 120,000 140,000

Portland Cement Consumption Capacity Utilization Rate

Cement consumption (000 Metric Tons)

USA – Consistent Growth and Promising Mid-Term Outlook

Source: US Census Bureau, U.S. Geological Survey, PCA State Forecasts Winter 2017-18 Note: Red bars represent recessionary periods Source: US Census Bureau

50 Year US housing starts show gains since 2010, but remain below average and well below the peak of 2005

Source: PCA, Spring Forecast, March 2018

US cement demand remains 21% below its peak at 96m tons in 2017 vs 122m in 2005

2018 = 2.8% 2019 = 2.8% 2020 = 3.9%

R² = 0.9981 R² = 0.0009

1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 3.0 5.0 5.5 6.0 6.5 7.0 7.5 8.0 8.5 9.0

1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 Cement Consumption (millions of MT) Population (millions)

Virginia - Positive market dynamics

Population (millions) Cement Consumption (Millions of ST) Linear (Population (millions)) Linear (Cement Consumption (Millions of ST))

R² = 0.9974 R² = 0.0237 3.0 5.0 7.0 9.0 11.0 13.0 15.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 Cement Consumption (millions of MT) Population (millions)

Florida - Strong demographics drive demand

Population (millions) Cement Consumption (Millions of ST) Linear (Population (millions)) Linear (Cement Consumption (Millions of ST))

500 1000 1500 2000 2500 3000 1966 1969 1972 1975 1978 1981 1984 1987 1990 1993 1996 1999 2002 2005 2008 2011 2014 2017 Thousands

19

June 2018

Company Presentation

Lead Indicators for US Cement Market

 US cement consumption remains 24% below its peak at 96.7 million tons in 2017, compared with 128 million tons in 2005. (US Geological Survey, PCA)  The share of imports to consumption which was 27.5% in 2005 stood at 14% in

• 2017. (US Census Bureau Foreign Trade, PCA)

 US cement demand is poised to outpace supply by 2020 (sector estimates)  Cement consumption forecast, CAGR 2018 – 2022 (PCA- State Winter forecasts 2017-18) Florida +4.3% p.a. Virginia + 3.6% p.a. N & S Carolina +2.6% p.a. USA* national average +2.9% p.a.

*PCA, Spring Forecast, March 2018

June 2018

Company Presentation

20

Solid fundamentals support positive prospects

USA – Housing market drives demand in Florida

Source: US Census Bureau, DBA

21

June 2018

Company Presentation

U.S. Housing Starts Annual Data 2011─2019E Number of New Private Housing Permits Issued in Florida

Source: US Census Bureau, DBA estimates

 Single family housing starts are still 51% below their peak, standing at 840 th. units in 2017 compared with 1,719 th. units in 2005. (PCA fall forecast)  Total housing starts show gains since 2010, but remain below the national 50-year average and well below the peak of 2005. (US Census Bureau)  Housing represents over 50% of construction activity in Florida  The Florida housing market was weaker than US average in the downturn

Greece and Western Europe - Business Overview

TITAN

• Cement:

3 plants approx. 6.5m MT 1 grinding plant 8 distribution terminals

• Ready-mix: 27 production

plants (largest producer)

• 26 quarries (largest producer)
• Market share 40-45%

Greek/WE operations (2017)

• 17% of Group Turnover

(€248.7m)

• 7% of Group EBITDA (€18.3m)
• 22% of Group Total Assets

(€580.9m)

Turnover & EBITDA

40-45%

Market Shares

TITAN LafargeHolcim Heidelberg Imports

Source: Company estimates 3-year average

Titan’s home market: modern assets to serve the local market and to dynamically pursue export opportunities

22

Cement plant Grinding plant

June 2018

Company Presentation

285 269 261 249 37 45 36 18 13% 17% 14% 7% 100 200 300 2014 2015 2016 2017 Turnover EBITDA EBITDA margin

Trends & Drivers

• Cement consumption at extremely low levels.
• Delays in commencement of new public works

and anaemic private construction, weaken

• utlook for 2018.
• Export

activity (lower margin contribution) absorb more than two thirds of Titan’s Greek plants’ production.

• Improving macros not yet seen in construction

activity.

Greece and Western Europe – Robust Exports Support Operating Rates

5,000 10,000 15,000 20,000 25,000 30,000 35,000 5 10 15 20 1960 1962 1964 1966 1968 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 Cement consumption GDP per capita, $

Cement consumption (million MT) GDP/capita(current US$)

Greece enters EU Greece enters Eurozone 6.5 10.5 11.6 2.3 5.8% 3.5%

• 0.4%
• 4.4%
• 5.4%
• 8.9%
• 6.6%
• 3.9%

0.7%

• 0.3% -0.2%

1.4% 2%

• 10
• 6
• 2

2 6

Source: Hellenic Cement Industry Association (1960-2016), World Bank, I.M.F., Company estimates

Cement consumption in Greece is about 80% below the 2006 peak, close to 50-year lows. GDP annual change %

23

June 2018

Company Presentation

Source: ELSTAT (March 2018), IOBE estimates (October 2017)

2017E

South Eastern Europe - Business Overview

TITAN

• Cement: 5 plants approx.

5.6m MT

• Ready-mix: 8 production

units

• 20 quarries

SEE Operations (2017)

• 15% of Group Turnover

(€225.7m)

• 221% of Group EBITDA

(€56.9m)

• 19% of Group Total Assets

(€482.0m)

TITAN Plants

~25% Bulgaria TITAN Heidelberg LH Imports ~40% Albania TITAN Seament Imports ~70% Kosovo TITAN Imports ~75% FYROM TITAN Imports

Trends & Drivers Market Shares

Source: Titan 3-year average estimates, approximations

Attractive regional cluster set to benefit from long-term infrastructure needs and EU admission

Turnover & EBITDA

24

June 2018

Company Presentation

208 209 204 226 67 56 56 57 32% 27% 28% 25% 50 100 150 200 250 2014 2015 2016 2017 Turnover EBITDA EBITDA margin

• Signs of recovery in public and private

construction, following continuing positive economic growth.

• Higher fuel prices affected profitability in

2017, while use

• f

alternative fuels progressed in most cement plants.

• Consistent

GDP growth and political stability provide strong scope for future recovery of demand.

~20% Serbia TITAN LH CRH

3.6 0.8 2.2 4.1 3.9 3.4 3.9 2.8 3.4 4.1 2.9 2.9 3.6 1.8 3.9 4.1 4.2 3.8 3.5 3.7 4 2.8 3.1 Bulgaria Serbia Albania Kosovo FYROM Montenegro 2015 2016 2017 2018E

Cement consumption

SEE Prospects for Growth Lead to Positive Outlook: Low Volatility Markets with Upside Potential as Urbanization Rises

GDP growth %

Source: IMF, World Economic Outlook, April 2018

2.2 1.8 1.4 1.1 0.7 0.4 2.2 1.8 1.4 1.3 0.8 0.4 2.3 1.9 1.5 1.2 0.8 0.5 2.3 1.9 1.5 1.2 0.8 0.5 Bulgaria Serbia Albania Kosovo FYROM Montenegro 2015 2016 2017E 2018E

Source: GCR 12th Edition (‘000 MT)

25

June 2018

Company Presentation

Eastern Mediterranean - Business Overview

TITAN

• Cement total: 7.5m MT
• Ready-mix: 5 production plants
• Aggregates: 17 quarries

EGYPT

• 2 cement plants approx. 5m MT

TURKEY (non-consolidated) 50% JV in Adocim Cimento 1 cement plant 2 grinding plants

Eastern Mediterranean (2017)

• 10% of Group Turnover (€158.2m)
• 5% of Group EBITDA (€13.2m)
• 15% of Group Total Assets

(€382.6m)

Cement plant Grinding plant

Turnover & EBITDA

>8% Egypt TITAN Egypt LH Heidelberg Cemex Arabian Cement Other ~20% Turkey* TITAN (Adocim) Votorantim Askale Other

Market Shares

Source: Titan approximations * Regional Black Sea market share

Two large markets (over 110m MT of combined cement consumption)

26

June 2018

Company Presentation

197 241 249 158 31 15 41 13 16% 6% 16% 8% 100 200 300 2014 2015 2016 2017 Turnover EBITDA EBITDA margin

Trends & Drivers

• In Egypt currency devaluation by over 50% in 2016

results in lower construction activity, price volatility and high inflation.

• Existing oversupply to be exacerbated by the launch of

substantial new capacity in 2018.

• Titan Cement Egypt is one of the most cost competitive

producers in the country, after the full conversion to solid fuels.

• IFC holds a minority stake of 17.5% in TCE (since

2010).

• In Turkey, increasing demand supported primarily by

public works. Launch of new cement plants increase further market’s overcapacity. Higher fuel prices and slide of the Turkish lira impact results.

45.1 51.6 51.9 60 65 69.3 71 71.7 64.9 57.4 53.8 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

• 11.6%
• 6.3%
• 9.5%

Evolution of Cement Consumption (m MT)

Brazil – Joint Venture investment in Cimento Apodi

 Macro indicators are positive. OECD estimates +2.2% GDP growth in

• 2018. Brazil is out of recession with GDP growth of 1.1% in 2017 and

decline of inflation to 3.6%.  A large country (pop. 205m) with strong potential due to its young population, the large scope for urbanization and lagging infrastructure.  Cement consumption declined by 9% in 2015, by 12% in 2016 and by 6% in 2017. Market expected to start recovering in 2018.  North/Northeast regions have better supply/demand balance and promising prospects.

27

Cimento Apodi operates two units in Ceará state with total capacity

• ver 2 m MT cement per year
• One integrated cement plant in Quixere (2015)
• One grinding cement plant in Pecem (2011)

 Market share estimated at 25% in Ceara and 6% in the Northeast  Joint Venture 50/50  TITAN’s acquisition cost €106 m and share capital increase €31 m

Source: SNIC

Cement plant Grinding plant

June 2018

Company Presentation

Financial Results – Full Year 2016

Investors’ and Analysts’ Presentation

Financial Results Q1 2018

28

June 2018

Company Presentation

2018 Highlights

June 2018

Company Presentation

29

 Adverse weather in the US and SEE resulted to slow start to the year while the Q1 weakness of the USD resulted to a decline in Turnover to €323m (down €39m of which €36m from FX) and EBITDA to €44m (down €7.6m of which €5.7m from FX).  In Q1 2018 the Group recorded Net Profit of €1m against Net Losses of €4m in Q1 2017.  In the US, while pricing trends continue positive, Turnover and EBITDA were stable in $ despite adverse weather and longer plant stoppages. Turnover dropped to €191m (-14%) and EBITDA declined to €29m (-15%) due to weaker $. Lost growth in volumes expected to be captured within the year.  In Greece, construction remained at low levels while export revenues were also impacted by the €/$ rate . Turnover decreased to €53m (-8%) and EBITDA was down to €2m (vs €4m in 2017).  The SEE performance was softer versus last year primarily due to weather effect. Turnover declined to €34m (-10%), while EBITDA was slightly higher (+4%) to €4m.  In Egypt, domestic prices rose significantly offsetting the FX translation impact and increased energy costs. Turnover and EBITDA almost flat at €45m and €8m respectively, much better than Q4 2017.  Net Debt stood at €738m. In January 2018 TGF issued additional notes of €100m under the same terms of the €250m November 2017 issue (coupon 2.375% p.a. expiring November 2024).

June 2018

Company Presentation

30

1st Quarter

Bad Weather and Strong € Eroded Financial Performance. Stable Turnover and EBITDA Before FX Translation.

Group Turnover Group EBITDA Group NPAT

€-35.9m translation impact; flat excl. fx impact €-5.7m translation impact; 3.8% drop excl. fx impact 361.8 322.5

• 39.3

100 200 300 400 Turnover 2017 Variance Turnover 2018

• 10.9%

€ in millions

51.1 43.5

• 7.6

25 50 75 100 EBITDA 2017 Variance EBITDA 2018

• 14.9%

EBITDA Margin 13.5% 14.1%

€ in millions

• 3.9

0.9 4.9

• 10
• 5

5 10 NPAT 2017 Variance NPAT 2018

€ in millions

• 124.4%

June 2018

Company Presentation

31

4.2 3.8 1.31 4.1 4.1 1.26

Cement (tn m) Aggregates (tn m) Ready-mix (m3 m)

2017A 2018A

1st Quarter Sales Volume

* Intragroup product sales for processing are included in sales volumes (1) Cement sales include clinker and cementitious materials (2) Includes Turkey and Brazil, does not include Associates (3) % represents performance versus last year

+10%(3)

• 3%(3)

(1), (2) (2) (2)

Mixed Sales Volume Performance Amongst Countries Affected by Weather Conditions

• 3%(3)

June 2018

Company Presentation

32

44 (15) 1 (12) (19) (27) (16) 14

• 30
• 20
• 10

10 20 30 40 50

EBITDA Q1 2018 Non-Cash Items CapEx Operating Working Capital * Acquisitions Net of Disposals Interest, Tax, Dividends FX Impact

• n Net Debt

Increase in Net Debt 31/03/18

Sources and Uses of Cash

Q1 Operating Free Cash Flow

€-1m

(€ in millions)

* Acquisitions, Interest and tax related payments are presented separately and excluded from Operating Working Capital cash movements

2017 Q1

51 2 (33) (39) (27) (18) 9 (55)

€-19m

Neutral OFCF, Lower CAPEX and Seasonal Increase in Working Capital

June 2018

Company Presentation

33

USA Turnover USA EBITDA

US Performance Affected by Adverse Weather. Demand Fundamentals and Pricing Trends Remain Positive.

1st Quarter

 US Revenues and EBITDA flat in US$ as volume growth momentum lost due to adverse weather and

longer plant stoppages for maintenance. About 30% of Ready-Mix working days lost due to weather.

 Lost volume growth expected to be recaptured throughout the year thanks to healthy residential demand

and higher public spend. Improved pricing environment.

 Indicators for residential and infrastructure activity continue positive. Housing starts +7% y-o-y, housing

permits +8% y-o-y (US Census Bureau), Highways and streets cement consumption forecasts +3.5% in Florida and +6.5% in Virginia (PCA 2018).

€-29.5m translation impact; flat in local currency €-4.5m translation impact; flat in local currency

221.2 190.6

• 30.6

50 100 150 200

Turnover 2017 Variance Turnover 2018

• 13.9%

€ in millions

34.1 29.1

• 5.0

10 20 30 40

EBITDA 2017 Variance EBITDA 2018

• 14.7%

EBITDA Margin 15.3% 15.4%

€ in millions

June 2018

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34

Greece Turnover Greece & Corporate EBITDA

Greece Further Impacted by Weak Domestic Demand and Lower Export US$ Revenues

1st Quarter

 Lower Greece Turnover (€52.9m, -8%) and EBITDA (€2.1m, -52%).  Residential construction at very low levels, delays in recently announced infrastructure projects.  Export prices and revenues affected by weak $.

57.6 52.9

• 4.7

50 100 150 200

Turnover 2017 Variance Turnover 2018

• 8.1%

€ in millions

4.4 2.1

• 2.3

10 20 30 40

EBITDA 2017 Variance EBITDA 2018

• 51.9%

EBITDA Margin 4.0% 7.6%

€ in millions

June 2018

Company Presentation

35

SEE Turnover SEE EBITDA

SEE Q1 Volatile Demand Affected by Unfavorable Weather.

1st Quarter

 In SEE Turnover declined (€34m, -10%) compared to 2017 which experienced mild weather conditions.  EBITDA was unchanged at €4m due to increased production and lower maintenance costs.  Market weaker in South/Southwest Balkans, stable pricing trends in the region.  Infrastructure projects support market demand.

37.9 34.2

• 3.7

50 100 150 200

Turnover 2017 Variance Turnover 2018

• 9.7%

€ in millions

3.8 3.9 0.1

10 20 30 40

EBITDA 2017 Variance EBITDA 2018

4.0%

EBITDA Margin 11.5% 10.0%

€ in millions

June 2018

Company Presentation

36

EMED Turnover EMED EBITDA

Egypt’s Results Recovered Due to Higher Prices

1st Quarter

€-5.9m translation impact; 12.2% growth in local currency €-1.3m translation impact; 8.9% growth in local currency

 Cement consumption in Egypt increased by around 3% in Q1.  Domestic cement prices increased by close to 20% vs Q4 2017 partially offsetting the slide of the EGP against the €. Turnover at €45m (-1%, up +12% in EGP).  EBITDA decreased to €8.4m (-6%, up +9% in EGP vs Q1 2017) due to higher energy costs. Q1 2018 EBITDA quadrupled compared to Q4 2017.  Competitive volumes from new capacity likely to impact as of Q2.  In Egypt € denominated cement prices remain at low levels, below €35/ton.

Note: Financial results of Adocim Cimento Beton AS reported under Joint Ventures

45.2 44.8

• 0.4

50 100 150 200

Turnover 2017 Variance Turnover 2018

• 0.9%

€ in millions

8.9 8.4

• 0.5

10 20 30 40

EBITDA 2017 Variance EBITDA 2018

• 5.5%

EBITDA Margin 18.8% 19.7%

€ in millions

June 2018

Company Presentation

37

Q1 2018 – Joint Ventures’ Performance

 Market in Brazil in early stages of recovery. Apodi recorded growth in sales volumes and BRL revenues.  Prices in Apodi region increased 15% y-o-y in BRL, stable in € terms.  In Turkey market demand relying on large infrastructure projects. Price increases in local currency offset €/TRY weakening rate in Q1 2018 (16.1% devaluation y-o-y).  Adocim Turnover (in €) and cement sales volumes up by 19%, recovering weather-affected Q1 2017 performance.

1st Quarter 2018 Performance

Apodi (100%) Adocim (100%) 2018 2017 2018 2017

Turnover (€m) 16.9 17.2 10.1 8.5 NPAT (€m)

• 2.9
• 8.5
• 1.1
• 0.9

Note: Joint Ventures consolidated under the Equity method.

June 2018

Company Presentation

38

Outlook 2018

Greece USA Eastern Med S.E. Europe Joint Ventures

• Short and medium term prospects for construction continue strong. Tax reform

providing boost.

• Focus on delivering high profitability, capitalizing on recent investments.
• Domestic demand at very low levels despite improving macros.
• Focus on cost competitiveness and optimization of exports profitability.
• Overall, stable to positive outlook.
• Focus on synergies and efficiencies.
• Demand projected to grow slowly. Short term supply shock expected.
• Focus on price recovery, market presence and further cost reductions.
• In Turkey, high levels of demand. Increasingly uncertain environment.
• In Brazil, economic growth creates expectations for recovery in construction activity.

Financial Results – Full Year 2016

Investors’ and Analysts’ Presentation

Appendix

June 2018

Company Presentation

39

Titan Group Income Statement

June 2018

Company Presentation

40

In Million Euros, unless otherwise stated

2018 2017 Variance Net Sales 322.5 361.8

• 10.9%

Cost of Goods Sold

• 244.8
• 275.2
• 11.1%

Gross Margin (before depreciation) 77.7 86.6

• 10.3%

SG&A

• 34.7
• 35.7
• 2.9%

Other Income / Expense 0.5 0.3 105.9% EBITDA 43.5 51.1

• 14.9%

Depreciation/Impairments

• 26.9
• 28.5

Finance Costs - Net

• 14.0
• 13.8

FX Gains/ Losses 2.0

• 5.0

Share of profit of associates & JVs

• 2.0
• 4.5

Profit Before Taxes 2.6

• 0.7

Income Tax Net

• 1.5
• 3.2

Non Controlling Interest

• 0.2

0.1 Net Profit after Taxes & Minorities 0.9

• 3.9

Earnings per Share (€/share) – basic 0.012

• 0.048

31 Mar' 18 31 Dec' 17 Variance Net Debt 738 723 2.1% Share Price 20.15 22.90 -12.0% ASE Index 780.50 802.37

• 2.7%

Titan Group Balance Sheet

June 2018

Company Presentation

41

In Million Euros, unless otherwise stated

31 Mar' 18 31 Dec' 17 Variance Property, plant & equipment 1,438.4 1,466.0

• 27.6

Intangible assets and goodwill 338.9 346.0

• 7.1

Investments/Other non-current assets 193.8 189.4 4.4 Non-current assets 1,971.1 2,001.4

• 30.3

Inventories 263.3 258.2 5.1 Receivables and prepayments 196.8 181.7 15.1 Cash and liquid assets 233.8 154.2 79.6 Current assets 693.9 594.1 99.8

Total Assets 2,665.0 2,595.5 69.5

Share capital and share premium 276.7 276.7

• Treasury shares
• 106.7
• 105.4
• 1.3

Retained earnings and reserves 1,110.4 1,135.9

• 25.5

Non-controlling interests 62.1 62.5

• 0.4

Total equity 1,342.5 1,369.7

• 27.2

Long-term borrowings 920.1 820.4 99.7 Deferred income tax liability 40.6 39.6 1.0 Other non-current liabilities 69.8 69.3 0.5 Non-current liabilities 1,030.5 929.3 101.1 Short-term borrowings 51.8 56.8

• 5.0

Trade payables and current liabilities 240.2 239.6 0.6 Current liabilities 292.0 296.4

• 4.4

Total Equity and Liabilities 2,665.0 2,595.5 69.5

Disclaimer

• 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.

42

June 2018

Company Presentation

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Thank you

June 2018

Company Presentation