1

February 2007

2

ProfileProfile

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

HistoryHistory

▲ 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 CapabilityProduction 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 KombinatMermeren Kombinat

Acquisition 100% of Mermeren 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: 90.000 tons in 2004

80.000 tons 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 IntentStrategic 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

SWOT Analysis 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

Strengths

Threats Opportunities

Weaknesses

10

Financials

11

FHL Group: Income Statement (ml FHL Group: Income Statement (ml €)€)

2004 2005 2006e 2007F

Revenues 39.4 45.90 44.07 47.25

EBITDA 11.5 11.4 11.7 14.1

Margin 29,3% 24.8% 26.2% 29.9%

EBT 4.8 5.6 5.5 6.6

Margin 12,4% 12.2% 12.5% 13,9%

12

FHL Group: Balance Sheet (ml FHL Group: Balance Sheet (ml €)€)2004 2005 2006F 2007F

Assets 62.02 62.6 77.7 77.7

Inventories 27.1 33.5 31.0 31.4

Other current assets

40.2 50.9 50.3 48.2

Total Assets 129.3 146.9 159.1 157.3

Total shareholders’ equity

43.2 46.2 60.0 64.0

Long term debt 52.6 53.2 61.4 56.4

Short term debt 33.5 47.5 37.7 36.9

13

Athens Stock Exchange FHL

Athens Stock Exchange: KYPMReuters: KRKr.ATBloomberg: KYRM GAShare Price (20/3/07): € 2.20Average Trading Daily Volume: 67,424Capitalization Feb 2007: € 54,5 ml Shares Outstanding: 24.772.000

Shareholders’ Structure

Kyriakidis family 53.0%Institutional Investors 8.3%Retail Investors 38.7%Total 100%

Shareholders’ Structure

FHL Kyriakidis Group 88%Employees 2%Investors 10%Total 100%

FHLMAthens Stock Exchange: MEPKOReuters: FHLr.ATBloomberg: MERKO GA Share Price (20/2/07): € 7.60 Average Trading Daily Volume: 2,155Capitalization Feb 2007: € 35.6 ml Shares Outstanding: 4,687,000

14

Investment CaseInvestment Case

▲ FHL Kiriakidis Group:

► is a 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