THEMELIODOMI GROUP OF COMPANIES Canada, January 2005 Development, Quality, Perspective, Reliability THEMELIODOMI GROUP OF COMPANIES Canada, January 2005 Development, Quality, Perspective, Reliability

THEMELIODOMI  Established Headquarters in Thessaloniki, Greece  Activities in constructions, real estate, energy, tourism and parking lots  Active in Balkan market since 1997  Highest-class certificate for construction of public works since 1980  Member of the European Federation of Foundation Contractors (E.F.F.C.)  Listed in the A.S.E. since 1993  ISO TUV  Corporate Governance  Internal Audit procedures  Investor Relations Office  IAS as of January 2005  Established Headquarters in Thessaloniki, Greece  Activities in constructions, real estate, energy, tourism and parking lots  Active in Balkan market since 1997  Highest-class certificate for construction of public works since 1980  Member of the European Federation of Foundation Contractors (E.F.F.C.)  Listed in the A.S.E. since 1993  ISO TUV  Corporate Governance  Internal Audit procedures  Investor Relations Office  IAS as of January 2005

THEMELIODOMI DEVELOPMENT Real Estate INTERNATIONAL Balkans Turkey Germany BUSINESS SECTORS CONSTRUCTION General Projects Geoconstructions– Special Foundation Work ENERGY Industry Production Tourism Parking Lots Εnvironmental Protection Projects Marine and Port Engineering Work

THEMELIODOMI  Smaller annual sector growth, however rate 5.9% until 2012 *  From 17,5 bEuros in 2003 to 31 bEuros in 2012 of construction market *  3th Community Support Framework: 80% (appr 6,5 bEuros)  4th Community Support Framework: not started yet (appr 20 bEuros)  Indicative important projects to come - Six (6) Motorway concession projects (4 bEuros) - Thessaloniki Immersed Tunnel Concession (400 mEuros) - Thessaloniki Metro (800 mEuros) - Thessaloniki International Airport (250 mEuros) - Ministry of Public Works announced new projects for the year bEuros  Hudge needs of infrastructure projects outside Athens  Geographical Expansion (Balkans, Middle East)  Strong construction groups, experience, know-how, modern equipment * source (2004) : Global insight  Smaller annual sector growth, however rate 5.9% until 2012 *  From 17,5 bEuros in 2003 to 31 bEuros in 2012 of construction market *  3th Community Support Framework: 80% (appr 6,5 bEuros)  4th Community Support Framework: not started yet (appr 20 bEuros)  Indicative important projects to come - Six (6) Motorway concession projects (4 bEuros) - Thessaloniki Immersed Tunnel Concession (400 mEuros) - Thessaloniki Metro (800 mEuros) - Thessaloniki International Airport (250 mEuros) - Ministry of Public Works announced new projects for the year bEuros  Hudge needs of infrastructure projects outside Athens  Geographical Expansion (Balkans, Middle East)  Strong construction groups, experience, know-how, modern equipment * source (2004) : Global insight Constructions in Greece

THEMELIODOMI Constructions sector  7 th, 6 th, 4 th class contractors degree (participation in all types)  Specialized in Geoconstructions - Environmental - Marine and Port projects  Today’s Backlog exceeds 240 mEuros  Already prequalified for - 3 Motorway concession projects (2,3 bEuros) - Thessaloniki Immersed Tunnel Concession (400 mEuros)  Participating in - Thessaloniki Metro (800 mEuros)  Important projects executed - NATO projects - Calatrava Olympic Stadium Cover - Olympic Village & Media Village - Athens Metro & TRAM - Athens International Airport main building - Wastewater treatment plants in Athens, Thessaloniki  7 th, 6 th, 4 th class contractors degree (participation in all types)  Specialized in Geoconstructions - Environmental - Marine and Port projects  Today’s Backlog exceeds 240 mEuros  Already prequalified for - 3 Motorway concession projects (2,3 bEuros) - Thessaloniki Immersed Tunnel Concession (400 mEuros)  Participating in - Thessaloniki Metro (800 mEuros)  Important projects executed - NATO projects - Calatrava Olympic Stadium Cover - Olympic Village & Media Village - Athens Metro & TRAM - Athens International Airport main building - Wastewater treatment plants in Athens, Thessaloniki

THEMELIODOMI Development in Greece Parking Lots Management  20,000 parking spaces program for Athens & Thessaloniki of Ministry PW  Smaller municipality programs all over Greece  Car ownership increases rapidly, immergency for new parkings  Market fragmented in Greece, necessity to finance and operate * Source (2004): Global Insight Parking Lots Management  20,000 parking spaces program for Athens & Thessaloniki of Ministry PW  Smaller municipality programs all over Greece  Car ownership increases rapidly, immergency for new parkings  Market fragmented in Greece, necessity to finance and operate * Source (2004): Global Insight Real Estate  Smaller annual growth rates, however 6.4% until 2012 *  From 5.7 bEuros in 2003 to 10.6 bEuros in 2012  Lower house loans, Greek traditional investors in land / buildings Real Estate  Smaller annual growth rates, however 6.4% until 2012 *  From 5.7 bEuros in 2003 to 10.6 bEuros in 2012  Lower house loans, Greek traditional investors in land / buildings Tourism  Tourism considered largest national industry  Tourism represents 7% of Gross National Product  Until 2010, turn over will reach 1,350 bEuros per annum  Increasing demand for alternative tourism services in Europe Tourism  Tourism considered largest national industry  Tourism represents 7% of Gross National Product  Until 2010, turn over will reach 1,350 bEuros per annum  Increasing demand for alternative tourism services in Europe

Development Sector THEMELIODOMI Real Estate  Total portfolio 170,000 m 2  Expected turnover 213 mEuros  Anticipated profit 108 mEuros Commercial buildings - Athens 94,000 m 2 - Thessaloniki 10,150 m 2 - Kavala 12,000 m 2 Mixed-use buildings - Thessaloniki 38,800 m 2 Residential buildings - Athens 85,680 m 2 - Thessaloniki 36,000 m 2 - Creta 3,400 m 2 Real Estate  Total portfolio 170,000 m 2  Expected turnover 213 mEuros  Anticipated profit 108 mEuros Commercial buildings - Athens 94,000 m 2 - Thessaloniki 10,150 m 2 - Kavala 12,000 m 2 Mixed-use buildings - Thessaloniki 38,800 m 2 Residential buildings - Athens 85,680 m 2 - Thessaloniki 36,000 m 2 - Creta 3,400 m 2

Tourism  Luxury Hotel unit in Lefkada Island, 250 beds, investment of 16 mEuros  Agro-tourism resort network, a total investment of 8 mEuros Tourism  Luxury Hotel unit in Lefkada Island, 250 beds, investment of 16 mEuros  Agro-tourism resort network, a total investment of 8 mEuros Development Sector Parking Lots Management  5 Parking Lots (1,900 parking spaces), 22 mEuros  Planning for a Parking network of 5,000 spaces  Gross revenue from – 3.6 mEuro Parking Lots Management  5 Parking Lots (1,900 parking spaces), 22 mEuros  Planning for a Parking network of 5,000 spaces  Gross revenue from – 3.6 mEuro THEMELIODOMI

Energy in Greece  EU Directive 2001/77 states that by 2010 Greece must produce: – 20.1% of total electricity needs by RES – 14% of total RES wind parks and Solar PV This means 3,000 MW of RES by 2010  National Plan for Climate Change has set a minimum target of 15 MW PV by 2010 (advantage in remote islands)  EU sees potential of supplying 1/3 of Greece’s electricity by covering roofs with PV  EU Directive 2001/77 states that by 2010 Greece must produce: – 20.1% of total electricity needs by RES – 14% of total RES wind parks and Solar PV This means 3,000 MW of RES by 2010  National Plan for Climate Change has set a minimum target of 15 MW PV by 2010 (advantage in remote islands)  EU sees potential of supplying 1/3 of Greece’s electricity by covering roofs with PV Excisting Situation: 500 MW RES kW PV Forecast in Greece

Industrial Photovoltaic Manufacturing Unit  Investment of € 22 million in Kilkis  Strategic alliances (USA, Germany, UK, Japan)  International orientation  Research – Development (4 E.U. programs)  Gross revenue 10 mEuros/p.a. Power Generation  10 wind parks, MW  3 small-scale hydroelectric projects, 9.75 MW Industrial Photovoltaic Manufacturing Unit  Investment of € 22 million in Kilkis  Strategic alliances (USA, Germany, UK, Japan)  International orientation  Research – Development (4 E.U. programs)  Gross revenue 10 mEuros/p.a. Power Generation  10 wind parks, MW  3 small-scale hydroelectric projects, 9.75 MW THEMELIODOMI Energy Sector

THEMELIODOMI International Sector Germany  Equipment for air pollution control plants Romania  Subsidiary TEROM (geo-constructions)  Wastewater treatment plant in Constanta 28.5 mEuros  Wastewater treatment plant in Eforie 14 mEuros  Real Estate in Bucharest (6 plots)  SOCED listed in RASDAQ FYROM  Wastewater treatment plant in Koumanovo 11 m Euros  Subsidiary VARDAR Construction Albania  Building projects 10 m Euros  Infrastructure projects – Real Estate Bulgaria  Wastewater treatment plant in Blagoevgrad 7.3 m Euros Turkey  EXANDAS Istanbul: Consultancy for E.U. Projects Germany  Equipment for air pollution control plants Romania  Subsidiary TEROM (geo-constructions)  Wastewater treatment plant in Constanta 28.5 mEuros  Wastewater treatment plant in Eforie 14 mEuros  Real Estate in Bucharest (6 plots)  SOCED listed in RASDAQ FYROM  Wastewater treatment plant in Koumanovo 11 m Euros  Subsidiary VARDAR Construction Albania  Building projects 10 m Euros  Infrastructure projects – Real Estate Bulgaria  Wastewater treatment plant in Blagoevgrad 7.3 m Euros Turkey  EXANDAS Istanbul: Consultancy for E.U. Projects

CORPORATE THEMELIODOMI CONSOLIDATED Financial Figures Total Investments 2000 – 2003: 121 m Euros  Stock Price = 1.20 €  Market Cap. = 41,201,612 €  Price/Earnings ps ( ) = 20.1  Price / Book Value ( ) = 0.32  Price / Sales ps ( ) = 0.37  Free Float ( ) = 44%  EBIT ( ) = -813, €  EBITDA ( ) = 1,165, €  Stock Price = 1.20 €  Market Cap. = 41,201,612 €  Price/Earnings ps ( ) = 20.1  Price / Book Value ( ) = 0.32  Price / Sales ps ( ) = 0.37  Free Float ( ) = 44%  EBIT ( ) = -813, €  EBITDA ( ) = 1,165, € Share Data

THEMELIODOMI To become an environment oriented group of companies  in land development  in solar, wind and water energy  in water, sewage and solid waste management  in agrotourism To become an environment oriented group of companies  in land development  in solar, wind and water energy  in water, sewage and solid waste management  in agrotourism Our vision Our mission  to emphasize on our specialization  to maximize our share in projects  to exploit new markets, with new alliances  to consolidate our position in the energy market  to expand our activities in development  to keep our people, personnel and shareholders satisfied  to emphasize on our specialization  to maximize our share in projects  to exploit new markets, with new alliances  to consolidate our position in the energy market  to expand our activities in development  to keep our people, personnel and shareholders satisfied