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February 2007

MARBLE. MARBLE. GRANITES. DRY MORTARS. February 2007. Profile. F.H.L. KIRIAKIDIS is a specialist in : ■ Marble quarrying ■ Marble processing ■ Distribution and sale of marble products ■ Production, sale and distribution of dry mortars

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February 2007

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  1. MARBLE MARBLE GRANITES DRY MORTARS February 2007

  2. Profile F.H.L. KIRIAKIDIS is a specialist in: ■ Marble quarrying ■ Marble processing ■ Distribution and sale of marble products ■ Production, sale and distribution of dry mortars ■ Working force 682(Greece: 226; MACEDONIA: 403; China: 53) ■ Major Distribution centres in Athens, Salonica, Italy, China F.H.L. KIRIAKIDIS is: ▲ An international player (65% of revenues in 2005 stem from abroad ▲The leading regional marble producer ▲ A global leader in the manufacture of premium quality snow- white marble

  3. History ▲FHL Kiriakidis was established in 1991 ▲ FHL was listed on the Athens Stock Exchange in 1998 ■ FHL acquired Mermeren Kombinat in 2000 ■FHL owns 88% of Mermeren Kombinat ■FHL Mermeren was listed on the ASE in 2004 ► FHL established Cosmos Building in China in 2000 ► FHL owns 49% of Cosmos and Mermeren owns 51%

  4. Production Capability ▲FHL Kiriakidis group currently has an annual marble production capacity of 22,000 m3 ▲ FHL Mermeren (FYROM) has an annual marble production capacity of 25,000 m3 ▲ FHL owns excavation sites (marble quarries) in: ■ Greece (Thassos, Granitis, Volakas, Nevrokopi) ■ Macedonia (Prilep) ▲ FHL has marble reserves of 5.3 million m3 ■ 70 years of production with current capability and speed ▲ Product line includes: ● a diverse range of high quality marbles ● marble by-products such as processed plates, floor tiles, etc. ● prefabricated mortars

  5. Strategic Business Units

  6. Mermeren Kombinat • Acquisition 100% ofMermeren Kombinat at Prilep in October 2000 • Acquisition cost: 16,3 million € • FHL acquired 12 new quarries in Prilep • Excavation of the snow–white Sivec marble • Total marble excavation: 90.000tons in 2004 80.000tons in 2003 • Turnover: 13.4 ml € in 2006 • 13.9 ml € in 2005 11,2 ml € in 2004 • The factory’s total area is 45,000 m2 • The factory’s main building, covering an area of 9,000 m2

  7. Strategy

  8. Strategic Intent ■ To utilize our know-how and production capabilities for projects like the Grand Mosque ■ To target added value, “artistic” marble projects globally ■ To increase productivity at the our quarries and factories ■ To establish the new factory at Kilkis ■ To proliferate into more dry mortars products ■ To increase sales in the Far East region through Cosmos

  9. Strengths Weaknesses SWOT Analysis • Company reputation • Near monopoly on high quality white marbles • Experience & high quality of personnel and management • High experience in the quarrying and processing of marble • Strong worldwide distribution network • Highly leveraged • Spread out facilities • Potential to expand further FHL operations in China • Acquisition of monopolistic position in beige and white marbles • Large raw materials deposits • Significant experience in the management of large quarries • Expansion of the worldwide distribution network • Significant competition from both domestic and international competitors creating pricing pressure • A significant economic downturn in one of the Company’s key markets, may significantly impact its results as marble products are considered as luxury items • Regulatory problems regarding marble quarrying in Greece Opportunities Threats

  10. Financials

  11. FHL Group: Income Statement (ml €)

  12. FHL Group: Balance Sheet (ml €)

  13. FHL Athens Stock Exchange: KYPMReuters: KRKr.ATBloomberg: KYRM GA Share Price (20/3/07): € 2.20 Average Trading Daily Volume: 67,424 Capitalization Feb 2007: € 54,5 ml Shares Outstanding: 24.772.000 FHLM Athens Stock Exchange: MEPKOReuters: FHLr.ATBloomberg: MERKO GA Share Price (20/2/07): € 7.60 Average Trading Daily Volume: 2,155 Capitalization Feb 2007: € 35.6 ml Shares Outstanding: 4,687,000 Athens Stock Exchange

  14. ▲FHL Kiriakidis Group: ► isa major force in the global marble industry ► has a worldwide reputation for delivering on time ►has the visibility as an artistic marble entity ► has prime marble stock for almost 100 years ► has expanded into the fast growing economies of the Far East ►has penetrated the Middle East markets Investment Case

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