Analyst Conference Call

Athens – 24th February 2009

Titan Group

Financial Results – Full Year 2008

•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.

• Performance Highlights

• Market Overviews

• Group Financial Results

• Outlook

Agenda

4

Performance Highlights Full 2008

• Q4 turnover +11.8%; +8% excl. FX; -2% excl. FX and acquisitions

• Q4 EBITDA grew by +8.0%; +6% excl. FX; -10% excl. FX and acquisitions

• Full year turnover + 5.4% to €1.578m; +8% excl. FX

• Full year like-for like turnover (excl. FX & acquisitions) flat; organic growth in SE Europe & East Med.,

offset the decline in the US and Greece

• Full year EBITDA down by -11.2% to €380m ; -10% excl. FX; -17% excl. FX and acquisitions

• Reported income tax close to zero due to extraordinary positive items

• Net Profit after tax and minority interests down by -13% to €208m

• Annual 2008 EPS at €2.53 (-11%)

• Recommended dividend at €0.42 per share (-44% vs. last year), reflecting cash preservation

• Management focus emphasizes cash management; working capital needs reduced by €57m in Q4

• Performance Highlights

• Market Overviews

• Group Financial Results

• Outlook

Agenda

6

Turnover & EBITDA by Region

Q4 2008

TURNOVER (€m)

18,0

47,1

186,5

125,6

162,3

64,0

68,6

153,4

117,4

144,9

0 50 100 150 200

E.MED.

SEE

USA $

USA €

GREECE

2007 2008

EBITDA (€m)

8,1

20,9

24,2

15,7

39,4

25,7

22,7

9,5

7,7

34,7

0 10 20 30 40 50

E.MED.

SEE

USA $

USA €

GREECE

2007 2008

37%46%

30%36%

38%47%

9%19%

• Egypt presented on a proportionate basis

-11%

-7%

-18%

+46%

+256%

-12%

-51%

-61%

+8%

+218%

Operating profitability in Q4 more than doubled in East Med., grew in SE Europe and

declined in the US and Greece

17%

13%

16%

5%

25%25%

28%

9%

7

Market Overview, Greece & W. Europe

Financial Results Full Year 2008

(1) Percentage change: 08 vs 07

633,06,3(4,2)

630,9

400

500

600

700

Turnover

2007 Organic

Growth

Turnover

2008 EBITDA

2007

Organic

Growth

EBITDA

2008

Scope

Impact

168,5

(0,7)

(24,3)193,5

100

120

140

160

180

200

220

Turnover (€m) EBITDA (€m)

1.0%(0.7)%

(12.6)%

Scope

Impact

(0,4)%

● Moderate decline of domestic cement volumes continues

● Aggregates & ready mix volumes supported by minor acquisitions

● Excess housing inventory weighs on demand

● Record increases in energy costs partially offset by better prices

● Final allocation of CO2 emission rights for 2008-12 will not affect production in current conditions

PCA Cement & Construction Market,

USA 2008

Cement consumption continues to deteriorate in the US and particularly in Florida

Cement Market Volumes(1)

Cement Consumption (PCA) YTD December '08 vs '07

Cement Consumption (PCA) YTD December '07 vs 06

(1) Source: PCA Consumption Trends report, data to end December '08

N.B.: PCA data are not necessarily representative of trends prevailing for Titan's operations

-21% -15%

FLORIDA VIRGINIA N. CAROLINA USA

-29% -10% -4% -10%

-26% -15%

9

483,919,7

(97,3)(31)

592,5

300

400

500

600

700

800

42,83,1

(64,0)(2,7)106,4

0

20

40

60

80

100

120

140

160

Market Overview, USA

Financial Results Full Year 2008

Turnover

2007

Organic

Growth

(16.4)%

Turnover

2008

Translation

Impact

3,3%

EBITDA

2007

Organic

Growth

(60,2)%

EBITDA

2008

Translation

Impact

2,9%

(5.2)%

Scope

Impact

(2,6)%

Scope

Impact

(1) Percentage change: 08 vs 07

● Cement volumes decline continued

● Deepening of the crisis of housing market affects volumes across all products

● Uncertain time of recovery – no signs of stabilization in key markets

● Moderate price erosion in $ terms

● Positive contribution from Ready Mix and aggregates acquisitions

Turnover (€m) EBITDA (€m)

1010

Lake Belt - Update

● In 2007, the US District Court for the Southern District of Florida invalidated permits for

mining Lake Belt

● In May 2008, the Court of Appeals in Atlanta reversed that order and remanded the case

back to the District Court for reconsideration

● In January 2009, the same District Court still found basis to cancel all 2002 permits

● Decision affects all competitors in the area; Titan plans to appeal again

● Impact on Titan’s 2009 results mitigated by inventory position and sluggish demand

● Cost effective contingency plans to maintain Pennsuco production

● The US Army Corps of Engineers is continuing to develop its Environmental Impact Study

(EIS) – expected to be issued in 2009, as a basis for a longer term permit in Lake Belt

11

105,30,2

8,5

(0,4)97,0

80

90

100

110287,33,675,2

(1,2)

209,7

100

120

140

160

180

200

220

240

260

280

300

Market Overview, SE Europe

Financial Results Full Year 2008

(0.6)%

1.7%

(0,5)%

0,2%

Turnover

2007

Organic

Growth

Turnover

2008 Translation

Impact

EBITDA

2007

Organic

GrowthEBITDA

2008

Scope

Impact

8,8%

Translation

Impact

35.8%

Scope

Impact(1) Percentage change: 08 vs 07

• Demand grew in major markets

• Continued expansion in Albania in preparation for completing new cement plant in early 2010

• Prices increases followed energy costs surge

• Draft CO2 emission rights allocation in Bulgaria likely to have no impact in production

EBITDA (€m)Turnover (€m)

12

Market Overview, Eastern Med.

Financial Results Full Year 2008

174,288,8

24,4

(2,7)63,7

50

70

90

110

130

150

170

(4,2)%

63,628,4

5,3

(1,2)

31,1

10

20

30

40

50

60

70

(3,8)%

91,4%

Turnover

2007

Organic

Growth

Turnover

2008 Translation

Impact

EBITDA

2007

Organic

Growth

EBITDA

2008

Translation

Impact

139.4%

(1) Percentage change: 08 vs 07

Scope

impact

38,2%

Scope

impact

17%

• Scope expansion boosts turnover and profitability

• Volume growth maintained in Egypt

• In Egypt prices covered increased costs of energy and raw material

• Exports slowdown from Turkey challenges surplus absorption and applies downward pressure on

export prices and potentially on domestic prices

Turnover (€m) EBITDA (€m)

• Performance Highlights

• Market Overviews

• Group Financial Results

• Outlook

Agenda

14

15,6

19,9

5,9

17,218,6

5,4

Cement (tn m) (1) Aggregates (tn m) Ready-mix (m3 m)

3,9

4,8

1,5

4,2 4,5

1,2

Cement (tn m) (1) Aggregates (tn m) Ready-mix (m3 m)

Key Sales Volume

Full Year 2008

+10% (3)

-7%

-8%

Full Year4th Quarter

+8% (2)

-5%

-17%

20072008

(1) Cement sales include clinker and cementitious materials

(2) % in boxes represents performance versus last year

(3) Includes Egypt and Turkey at 100%, even when accounted for on a proportionate basis

Cement volume growth is driven by SE Europe (organic) & East Med (organic +

acquisitions). Volumes decline in other segments reflects downturn in the USA & Greece

15

380,0

31,0

(74,6)(4,4)

428

200

250

300

350

400

450

500

550

Group Turnover and EBITDA –

Full Year & Q4 2008

Full Year

1578,4(1,9)(35)1496,9 118,4

800

900

1000

1100

1200

1300

1400

1500

1600

1700

1800

Turnover

2007

Scope

ImpactTurnover

2008Organic

Growth

Translation

Impact

-0.1% 7,9%

EBITDA

2007 Scope

Impact

Organic

Growth

-17.4%

Translation

Impact

7,3%

28.6% 24.1%EBITDA Margin %

-1,0%

394,936,1

(8,3)14353,1

100

200

300

400

4% -2.4%

Turnover

Q4 07Organic

Growth

Turnover

Q4 08

Translation

Impact

90,813,3

(8,2)1,6

84,1

50

70

90

110

130

EBITDA

Q4 07

Translation

Impact

Organic

Growth

EBITDA

2008

16%1,8%

23.8% 23.0%EBITDA Margin %

Scope

ImpactScope

ImpactEBITDA

Q4 08

Q4

-9,7%Turnover €m

EBITDA €m10,2%

7,8%

7.8%

-10.1%

6.3%

-2.3%

Group Turnover and EBITDA benefited by organic growth in S.E. Europe/Egypt and by acquisitions

in East Med., despite the negative organic growth in the US and Greece

16

Financial Highlights

Full Year & Q4 2008

Net profit after tax for full year has been impacted negatively by the increased D&A

and financing costs, offset by the zeroed income tax due to one-off items (reversal of

provision in Greece, tax credits in Bulgaria, lower tax expense from the US and lower

deferred taxes in Greece because of new lower tax rates in 2010-14)

394,9 11,8% Turnover 1.578,5 5,4%

90,8 8,0% EBITDA 380,0 -11,2%

23,0 -0,8pts EBITDA Margin (%) 24,1 -4,5pts

30,6 -41,3% Earnings Before Tax and minorities 210,0 -30,1%

45,0 -3,1% Net Profit after Taxes and Minorities 208,2 -13,2%

Share Price(1)

13,9 -55,4%

ASE Index(2)

1.786,51 -65,5%

Dividend per share 0,42 -44,0%Notes:

(1)+(2) Share Prices and Index Value on 31/12/08

Q4 2008 Full Year 2008

2008

Var 08 vs

07 2008

Var 08

vs 07

17

Group Net Profit after Tax

Full Year 2008

NPAT

2007Depn. Minority

Interests

NPAT

2008

InterestOrganic

EBITDA

Growth

Taxes FX Diff.

€m

Scope

Changes &

Other

Other

Group benefits from significantly lower taxes reflecting lower earnings in US and one-off

tax related items with positive impact

208,2(1,5)2,716,8

(6,5)

(16,1)

(74,6)56,2

(8,5)239,7

140

160

180

200

220

240

260

280

300

18

Foreign Currency Rates

Full Year 2008

Balance Sheet and P&L impacted by USD vs Euro variance

Variance

BALANCE SHEET 31/12/2008 31/12/2007

31/12/08 vs

31/12/07

€1 = USD 1,39 1,47 5%

€1 = EGP 7,68 8,12 6%

1USD=EGP 5,51 5,52 0%

€1 = RSD 88,60 79,24 -12%

1USD=JPY 90,64 112,04 19%

€1 = TRY 2,15 1,72 -25%

P&L Ave 12M 08 Ave 12M 07Ave 12M 08 vs

12M 07

€1 = USD 1,47 1,38 -7%

€1 = EGP 8,02 7,77 -3%

1USD=EGP 5,45 5,64 3%

€1 = RSD 81,91 80,09 -2%

1USD=JPY 102,66 117,63 13%

€1 = TRY 1,91 1,78 -7%

P&L Ave Q4 08 Ave Q4 07Ave Q4 08 vs Q4

07

€1 = USD 1,32 1,45 9%

€1 = EGP 7,30 8,01 9%

1USD=EGP 5,54 5,53 0%

€1 = RSD 84,87 78,84 -8%

1USD=JPY 96,15 113,13 15%

€1 = TRY 2,03 1,73 -17%

Bulgarian Leva fixed at €1 = BGN 1,956

No change in €/MKD exchange rates

A negative variance represents a devaluation of the base currency vs. the Euro€/TRY budget rates were provided for RP1 2008

19

Consolidated Balance Sheet

Full Year 2008

CAPEX and Acquisitions were the most significant impacts on the Balance Sheet, funded through

increase in Net Debt

(€ m)

Balance Sheet 2008 2007 08 vs 07

Fixed Assets and Investments 2496 1641 855

Net Current Assets

Inventories 285 226 59

Receivables and Other Prepayments 316 288 28

Securities 3 3 (0)

Other short term liabilities (269) (194) (75)

335 323 11

Net Debt

Cash 95 167 (73)

Long Term due to Banks (945) (590) (355)

Short term bank liabilities (263) (146) (117)

(1.114) (569) (545)

Long Term Liabilities and Provisions

Provisions (64) (60) (4)

Deffered tax provision (204) (124) (80)

Other long term liabilities (14) (16) 2

(283) (200) (83)

Minorities (38) (22) (16)

Shareholders Equity 1396 1173 223

20

562

498

414 411

494

417394

363

455

392

327

524

582

529

569 565

1058

11331114

498

300

400

500

600

700

800

900

1000

1100

1200

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

Net Debt as of 31.12.08

20052004

€m

Consolidated Net Debt

2006 2007 2008

Increase of Net Debt by € 545m since the beginning of 2008 mainly due to financing

acquisitions and capex

21

Sources and Uses of Cash

Full Year 2008

€ m

Net FX

Impact

EBITDA

2008Working

Capital &

other

CAPEX

& investments

Interest, Tax,

Dividends &

Share buy backs

Increase in

Net Debt

31.12.08

(545)(57)(226)

31

(587)380,0

-600-550-500-450-400-350-300-250-200-150-100

-500

50100150200250300350400450500

Capex

209m

Debt

acquired

Acquisitions and Capex and represent the main use of cash in 2008

In Q4, working capital needs decreased by €57m

Acquisitions

378m

(86)

• Performance Highlights

• Market Overviews

• Group Financial Results

• Outlook

Agenda

23

2009 Outlook

• The unprecedented global financial crisis spills over into the real economy

• The world has changed and we are adapting to the new realities

• Focus on generating positive free cash flow and repaying debt

• Drive production costs and SG&A expenses down

• Limit new capex; complete investment in value generating sites in Egypt & Albania

• US demand outlook remains negative; PCA forecasts cement consumption -13% vs. 2008

• Greek demand expected to decline faster vs. 2008

• Volumes in Egypt likely to increase moderately; 2nd line in Egypt goes live in Q4 09

• Demand in SEE markets will slow down sharply and could decline

• Short-term market outlook in Turkey is challenging

• Fuel prices decline, if sustained, will have a positive impact