TITAN GROUP PRESS RELEASE

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD VIOLATE THE LAWS OF THAT JURISDICTION

Share Exchange Tender Offer made by TITAN Cement International aiming to facilitate the listing of TITAN Group in Euronext Brussels with a parallel listing in Athens Exchange and Euronext Paris

 One further milestone in a century of growth and development, reflecting TITAN Group’s international orientation

TITAN Group’s commitment to Greece remains solid and its operations continue unaffected.

TITAN Cement Company S.A. announces that on 18 October 2018 a voluntary tender offer (the "Offer") was submitted by TITAN Cement International S.A. for the exchange of all the ordinary shares and preference shares issued by TITAN Cement Company S.A. with new shares of TITAN Cement International S.A. The purpose of the Offer is to facilitate the listing of TITAN Group on Euronext Brussels, one of the largest European Union stock exchanges, thereby aiming to support its independent, international growth trajectory. (The full announcement of TITAN Cement International S.A. with regard to the submission of the Offer follows).

In addition to the listing on Euronext Brussels, the Offer proposes the secondary listing and admission to trading of all TITAN Cement International S.A. shares on the Athens Exchange and Euronext Paris.

This Offer fully reflects the international outlook and footprint of TITAN Group. Its proposed implementation is expected to become one further milestone in the Group’s historic development and to contribute significantly to the international competitiveness and its future growth.

ΤThe Board of Directors of TITAN Cement Company S.A. is positive and in principle supportive of the Offer submitted by TITAN Cement International S.A., as:

• it better reflects and enhances the international nature of TITAN Group’s business activities;
• it links the Group with a large international stock exchange, offering a broader and deeper investor base and enhances liquidity of its traded shares; and
• it broadens the Group’s funding sources, improving its access to both the international debt capital markets and international banking institutions, to achieve more competitive financing costs.

With a history of 116 years, TITAN Group is currently a multinational company, which operates in 14 countries across five continents and is globally established as a vertically integrated producer of cement and other building materials. TITAN Group operates in an international environment of intensifying competition, increasing uncertainties and multiple challenges, in a capital-intensive sector where access to funding is crucial for the continuity of its growth. The Offer of TITAN Cement International S.A. aims to facilitate TITAN Group’s access to funding under terms similar to those offered to its main competitors.

Upon completion of the Offer, subject to the necessary regulatory approvals and the acceptance of the shareholders of TITAN Cement Company S.A. it is further intended that TITAN Cement International S.A. will become the direct parent of TITAN Cement Company S.A. and the ultimate parent company of TITAN Group.

TITAN Cement International S.A. is a Belgian société anonyme with statutory seat in Brussels, in a country at the center of the European Union, while its management function will be exercised from Cyprus, where TITAN Group has a long-standing presence and experience. The founders and sole shareholders of TITAN Cement International S.A. are core shareholders of TITAN Cement Company S.A.

The successful completion of the Offer of TITAN Cement International S.A. will not cause any change to the range of operations, business activities, strategy and priorities of TITAN Group. The current TITAN Group management will continue to lead its business operations and its long-term strategy. The presence of TITAN in Greece will remain unchanged given the continuation of its local production, investments in its activities and human capital, its continued contribution to the local economy and society and the proposed secondary listing on the ATHEX. There will be no impact on local jobs.

The Board of Directors of TITAN Cement Company S.A. will form and publish its definitive and reasoned opinion on the Offer of TITAN Cement International S.A., in accordance with Article 15 of Law 3461/2006.

Commenting on the announcement of TITAN Cement International S.A., Mr. Takis Arapoglou, Chairman of the Board of Directors of TITAN Cement Company S.A, said:

“The tender offer of TITAN Cement International S.A. has in principle the support of our Board of Directors, as it is expected to significantly benefit the TITAN Group, our shareholders and employees and is fully aligned with our growth strategy. Our immediate priorities remain our geographical diversification and the enhancement of the Group’s business position, as well as the continuous improvement of its competitiveness. The proposed listing on Euronext Brussels with a parallel listing on the Athens Exchange and Euronext Paris is one further milestone signifying our Group’s international reach. A strategic move that further reinforces TITAN Group’s international momentum and is expected to contribute significantly to its competitiveness and its future growth.”

Important Notices

"These materials are not for release, distribution or publication, whether directly or indirectly and whether in whole or in part, into or in the United States, Canada, Australia or Japan or any (other) jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction.

These materials are for information purposes only and are not intended to constitute, and should not be construed as, an offer to sell or a solicitation of any offer to buy the securities of TITAN Cement International SA (the Company, and such securities, the Securities) in the United States, Canada, Australia or Japan or in any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of such jurisdiction.της χώρας.

The Securities are not and will not be registered under the U.S. Securities Act of 1933, as amended (the Securities Act) and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act. The Company has no intention to register any part of the offering in the United States or make a public offering of Securities in the United States. Any securities sold in the United States will be sold only to “qualified institutional buyers” (as defined in Rule 144A under the Securities Act) in reliance on Rule 144A.

In the United Kingdom, this document and any other materials in relation to the Securities is only being distributed to, and is only directed at, and any investment or investment activity to which this document relates is available only to, and will be engaged in only with, "qualified investors" (as defined in section 86(7) of the Financial Services and Markets Act 2000) and who are (i) persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the Order); or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). Persons who are not relevant persons should not take any action on the basis of this document and should not act or rely on it.

The Company has not authorised any offer to the public of Securities in any Member State of the European Economic Area other than Greece. With respect to any Member State of the European Economic Area, other than Greece, which has implemented the Prospectus Directive (each a Relevant Member State), no action has been undertaken or will be undertaken to make an offer to the public of Securities requiring publication of a prospectus in any Relevant Member State. As a result, the Securities may only be offered in Relevant Member States (i) to any legal entity which is a qualified investor as defined in the Prospectus Directive; or (ii) in any other circumstances falling within Article 3(2) of the Prospectus Directive. For the purpose of this paragraph, the expression "offer of securities to the public" means the communication in any form and by any means of sufficient information on the terms of the offer and the Securities to be offered so as to enable the investor to decide to exercise, purchase or subscribe for the Securities, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State and the expression "Prospectus Directive" means Directive 2003/71/EC (and amendments thereto), and includes any relevant implementing measure in the Relevant Member State.χετικό Κράτος Μέλος.

No action has been taken by the Company that would permit an offer of Securities or the possession or distribution of these materials or any other offering or publicity material relating to such Securities in any jurisdiction where action for that purpose is required.

The release, publication or distribution of these materials in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which they are released, published or distributed, should inform themselves about, and observe, such restrictions.

This announcement does not constitute a prospectus. An offer to acquire Securities pursuant to the proposed offering will be made, and any investor should make his investment, solely on the basis of information that will be contained in (i) the prospectus which is expected to be published by the Company in connection with the contemplated admission of its Securities to trading on the regulated market of Euronext Brussels with a secondary listing and admission to trading on the Athens Exchange and Euronext Paris, following formal approval by the Belgian Financial Services and Markets and notification to the Hellenic Capital Market Commission pursuant to article 18 of the Prospectus Directive, and (ii) an information circular to be made generally available in Greece in accordance with Greek Law 3461/2006, in each case in connection with such offering.

Information to Distributors Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended (MiFID II); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the MiFID II Product Governance Requirements), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any “manufacturer” (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the Securities have been subject to a product approval process, which has determined that such Securities are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the Target Market Assessment). Notwithstanding the Target Market Assessment, Distributors should note that: the price of the Securities may decline and investors could lose all or part of their investment; the Securities offer no guaranteed income and no capital protection; and an investment in the Securities is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the transaction. την προσφορά των Κινητών Αξιών.

For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Securities. Each distributor is responsible for undertaking its own target market assessment in respect of the Securities and determining appropriate distribution channels. HSBC acts exclusively for the Company and no-one else in connection with any offering of Securities and will not be responsible to anyone other than the Company for providing the protections afforded to their respective customers or for providing advice in relation to any offering or any transaction or arrangement referred to herein."

 (The full announcement of TITAN Cement International S.A. with regard to the submission of the Offer follows).

TITAN CEMENT INTERNATIONAL S.A.

ANNOUNCEMENT

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD VIOLATE THE LAWS OF THAT JURISDICTION

ANNOUNCEMENT OF SUBMISSION OF A VOLUNTARY TENDER OFFER MADE BY TITAN CEMENT INTERNATIONAL S.A. TO THE SHAREHOLDERS OF TITAN CEMENT COMPANY S.A., TO EXCHANGE ALL THE ORDINARY AND PREFERENCE SHARES ISSUED BY TITAN CEMENT COMPANY S.A. WITH SHARES OF TITAN CEMENT INTERNATIONAL S.A.

18 October 2018

Executive Summary

• In accordance with Greek Law 3461/2006, as amended (the “Law”), “Titan Cement International S.A.”, a newly formed société anonyme incorporated under the laws of Belgium (“TITAN Cement International”), announces the submission of a voluntary share exchange tender offer (the “Share Exchange Offer”) to acquire all of the ordinary registered shares (the “Ordinary Shares”) and preference shares (the “Preference Shares” and together with the Ordinary Shares, the “TITAN Shares”), each having a par value of €3.45 and issued by "Titan Cement Company S.A." (“TITAN”), in consideration for new shares issuable by TITAN Cement International (the “Consideration Shares”) at an exchange ratio of one Consideration Share for each Titan Share (the “Exchange Ratio”).

• TITAN Cement International will apply for the primary listing and admission to trading of all its shares, including the Consideration Shares, on Euronext Brussels, one of the largest European stock exchanges, as well as for the secondary listing and admission to trading of such shares on the Athens Exchange (“ATHEX”) and Euronext Paris.

• The Founders (as defined below) and current sole shareholders of TITAN Cement International are members of the family which founded TITAN in 1911.

• The purpose of the Share Exchange Offer is not to acquire control of TITAN but to facilitate the listing of TITAN and its subsidiaries (the “TITAN Group”) on Euronext Brussels, through the primary listing and admission to trading of all shares of TITAN Cement International on the securities market of Euronext Brussels. Pursuant to the Share Exchange Offer TITAN Cement International seeks to become the direct parent company of TITAN and the ultimate parent company of TITAN Group, with a shareholding structure where all TITAN shareholders will become TITAN Cement International shareholders.

• The principal objectives of the Share Exchange Offer are to:

  • better reflect and enhance the international nature of TITAN Group’s business activities;
  • link TITAN Group with a large international stock exchange, which will offer a broader and deeper investor base, thus enhancing of its traded shares; and
  • broaden TITAN Group’s funding sources, improving its access to both the international debt capital markets and international banking institutions, to achieve more competitive financing costs.

• The Share Exchange Offer does not signify any change in the strategic direction of TITAN Group; to the contrary, it is expected to be one more milestone in the dynamic growth path of TITAN Group, fully reflecting its international footprint and outlook.

• The successful completion of the Share Exchange Offer will not cause any change to the range of operations, business activities, strategy and priorities of TITAN Group. The current management of TITAN Group will continue to lead its business operations and its long-term strategy.

• TITAN's presence in Greece will remain unchanged as its local production, investments in its activities and human capital, its continued contribution to the local economy and society will be maintained, as well as through Titan's secondary listing on the ATHEX.

• TITAN Cement International believes that TITAN Group, which operates in an international environment of intensifying competition, increasing uncertainties and multiple challenges, in a capital-intensive sector where access to funding is crucial to future growth, needs to take actions that would facilitate its access to funding under terms similar to those offered to its competitors. The Share Exchange Offer aims to facilitate the continuation of TITAN Group’s international reach, by strengthening its international profile and enabling the Group to fund its growth strategy under more competitive terms.

• TITAN Cement International's statutory seat is in Belgium, a country at the center of the European Union, while its management function will be based in Cyprus, where TITAN has a long-standing presence and experience.

• Upon the listing of its shares on Euronext Brussels, TITAN Cement International will adopt the corporate governance code of Belgium pursuant to Directive 2013/34/ΕU.

• The entry into force of the Share Exchange Offer is subject to the following conditions:

  1. the approval by the Financial Services and Markets Authority (“FSMA”) of Belgium of the prospectus that TITAN Cement International has prepared and filed in connection with the public offering of the Consideration Shares and the listing of all its shares on Euronext Brussels (the “Prospectus”) and the approved Prospectus having been passported and notified to the Hellenic Capital Market Commission (“HCMC”); and
  2. the approval by HCMC of the information circular that TITAN Cement International has prepared in connection with the Share Exchange Offer in accordance with the Law (the “Information Circular”).

• Completion of the Share Exchange Offer is subject to Euronext Brussels having approved the listing and admission of all shares of TITAN Cement International to trading on the securities market of Euronext Brussels, upon terms and conditions acceptable to TITAN Cement International (the "Condition").

• The effectiveness of the Share Exchange Offer is subject to the pre-requisite that, as at the end of the acceptance period of the Share Exchange Offer (the "Acceptance Period"), at least (i) 69,357,212 Ordinary Shares, corresponding to 90% of TITAN’S ordinary share capital and voting rights, and (ii) 6,812,064 Preference Shares, corresponding to 90% of TITAN’s preference share capital will have been lawfully and validly tendered to TITAN Cement International.

The Share Exchange Offer

1. In accordance with the Law, TITAN Cement International , a newly formed société anonyme incorporated under the laws of Belgium, with corporate registration number 0699.936.657 and registered address at Rue Mareyde 43/6, 1150 Brussels, Belgium, announces the submission of the Share Exchange Offer to acquire all of the TITAN Shares, which TITAN Cement International does not hold, directly or indirectly, as at 18 October 2018 (the “Date of the Share Exchange Offer”), namely (i) 57,490,607Ordinary Shares representing approximately 74.60% of TITAN’s ordinary share capital and voting rights and (ii) 7,541,344 Preference Shares, representing approximately 99.64% of TITAN’s preference share capital as at that date.

TITAN is a Greek société anonyme registered with the General Commercial Registry with registration number 224301000 and registered seat at 22A Halkidos Street, 111 43 Athens. As at the Date of the Share Exchange Offer, TITAN’s paid-up share capital amounts to €291,982,221.60 and is divided into 77,063,568 Ordinary Shares and 7,568,960 Preference Shares. The Ordinary Shares and the Preference Shares are listed and traded on the main market of the ATHEX under the reference symbols “TITK” and “TITP”, respectively.

2. The purpose of the Share Exchange Offer is not to acquire control of TITAN but to facilitate the listing of TITAN Group on Euronext Brussels, through the primary listing and admission to trading of all shares of TITAN Cement International on the securities market of Euronext Brussels, one of the largest European stock exchanges. Pursuant to the Share Exchange Offer TITAN Cement International seeks to become the direct parent company of TITAN and the ultimate parent company of TITAN Group with a shareholding structure reflecting the current shareholding structure of TITAN. Titan Cement International will apply for the primary listing and admission to trading of all its shares, including the Consideration Shares, on Euronext Brussels, one of the largest European stock exchanges, as well as for the secondary listing and admission to trading of such shares on the ATHEX and Euronext Paris, in each case subject to necessary approvals. Upon their listing and admission to trading on Euronext Brussels, transactions in shares of TITAN Cement International executed on Euronext Brussels will be cleared and settled through Euroclear Belgium.

3. The following current shareholders of TITAN, namely Andreas Canellopoulos, Leonidas Kanellopoulos, Nellos - Panagiotis Canellopoulos, Takis - Panagiotis Canellopoulos, Pavlos Kanellopoulos, Dimitris Papalexopoulos, Alexandra Papalexopoulou and Eleni Papalexopoulou (together the “Founders”), are the founders and hold up to the date hereof 100% of the share capital in TITAN Cement International. The Founders hold in aggregate (i) 19.600.577 TITAN Shares corresponding to approximately 23.16% of TITAN’s total paid-up share capital (the “Founders’ Shares”), and (ii) 14,330,705 voting rights corresponding to approximately 18.60% of the total voting rights in TITAN.

As a result of a shareholders' agreement dated October 18, 2018, the Founders became "persons acting in concert" (as defined in article 2, paragraph (e) of the Law) among themselves and with TITAN Cement International for the purposes of the Share Exchange Offer. Consequently, as at the Date of the Share Exchange Offer, TITAN Cement International indirectly holds approximately 18.60% of the total voting rights in TITAN. The Founders have stated that they will tender their respective Founders’ Shares for Consideration Shares, on the same terms and subject to the same conditions as all other TITAN shareholders, such that all TITAN Shares are held directly by TITAN Cement International.

4. The Date of the Share Exchange Offer is the date on which TITAN Cement International initiated the Share Exchange Offer process by informing the HCMC and the board of directors of TITAN of the Share Exchange Offer and submitted to them a draft of the Information Circular, in accordance with article 10, paragraph 1 of the Law.

Consideration and Share Exchange Offer Structure

5. In accordance with the first sentence of paragraph 1 of article 9 of the Law, TITAN Cement International offers (i) one Consideration Share for each Ordinary Share, and (ii) one Consideration Share for each Preference Share, in each case which are lawfully and validly tendered during the acceptance period of the Share Exchange Offer (the “Tendered Shares”).

In particular, holders of TITAN Shares who lawfully and validly accept the Share Exchange Offer (the “Accepting Shareholders”) will be entitled to elect to receive, for each Tendered Share (i) one Consideration Share held in book-entry form through Euroclear Belgium, or (ii) one Consideration Share held in book-entry form at the Dematerialised Securities System (“DSS”) through the Hellenic Central Securities Depository S.A. (“HCSD”).

6. Titan Cement International will assume payment of the duties levied in favor of the HCSD on the registration of the off-exchange transfer of the Tendered Shares transferred to TITAN Cement International in accordance with article 7 of the Codified Decision 1 (session 223/28.1.2014) of the Board of Directors of the HCSD, as in force, which would otherwise be payable by the Accepting Shareholders. Such duties amount to 0.08% of the value of the Tendered Shares transferred and are calculated in accordance with the abovementioned provision.

The transfer of the Tendered Shares to TITAN Cement International in consideration for Consideration Shares will not be subject to the tax provided for by article 9 paragraph 2 of Law 2579/1998 in favour of the Greek State, which amounts to 0.20% and is imposed on sales of shares listed on the ATHEX, since such transfer will not qualify as a sale under such provision. As a result, Accepting Shareholders receiving Consideration Shares (irrespective of whether they are held through Euroclear Belgium or the HCSD) will not be required to pay such tax.

Squeeze-Out - Sell-Out - Delisting of TITAN Shares

7. If, at the end of the Acceptance Period, at least (i) 69,357,212 Ordinary Shares, corresponding to 90% of TITAN’s ordinary share capital and voting rights, and (ii) 6,812,064 Preference Shares, corresponding to 90% of TITAN’s preference share capital (together the “Minimum Number of Shares”) have been lawfully and validly tendered to TITAN Cement International:

1. Titan Cement International will exercise its right to require:

   1. the remaining holders of Ordinary Shares to transfer to TITAN Cement International all their Ordinary Shares, in exchange for, at the election of the relevant holder, either one Consideration Share for each Ordinary Share, or payment of an amount in cash per Ordinary Share equal to €20.83 being the average stock market price ("VWAP") for the Ordinary Share during the six months preceding the Date of the Share Exchange Offer(the “Ordinary Share Cash Consideration”); and

   2. the remaining holders of Preference Shares to transfer to TITAN Cement International all their Preference Shares, in exchange for, at the election of the relevant holder, either one Consideration Share for each Preference Share, or payment of an amount in cash per Consideration Share equal to €16.62 being the VWAP for the Preference Share during the six months preceding the Date of the Share Exchange Offer (the “Preference Share Cash Consideration”),

in each case in accordance with article 27 of the Law and the decision 1/644/2013 of the HCMC (the “Right of Squeeze-Out”), and

1. Titan Cement International will have the obligation to acquire all TITAN Shares that are offered to it within a period of three months from the publication of the results of the Share Exchange Offer:

   1. either through on-the-exchange transactions against payment in cash of (x) the Ordinary Share Cash Consideration in respect of the Ordinary Shares or (y) the Preference Share Cash Consideration in respect of the Preference Shares;

   2. or in either case, by delivery of the Consideration Shares at the Exchange Ratio,

in each case at the election of the relevant holders of TITAN Shares, in accordance with article 28 of the Law and the decision 1/409/2006 of the HCMC (the “Right to Sell-Out”).

Neither TITAN Cement International nor any of the Founders has acquired TITAN Shares during the period of twelve months preceding the Date of the Share Exchange Offer.

8. Furthermore, following completion of the Share Exchange Offer and/or the exercise of the Right of Squeeze-out or the Right to Sell-out, TITAN Cement International will convene a General Meeting of each of the ordinary and preference shareholders of TITAN to resolve upon the delisting of each class of the TITAN Shares from the ATHEX, in accordance with article 17, paragraph 5 of Law 3371/2005, at which (General Meetings) TITAN Cement International will exercise its voting rights in favour of such resolution.

10. Completion of the Share Exchange Offer is subject to the satisfaction of the Condition.

Moreover, the effectiveness of the Share Exchange Offer is subject to the pre-requisite that, as at the end of the Acceptance Period, at least the Minimum Number of Shares will have been lawfully and validly tendered to TITAN Cement International, namely at least (i) 69,357,212 Ordinary Shares, corresponding to 90% of TITAN’s ordinary share capital and voting rights, and (ii) 6,812,064 Preference Shares, corresponding to 90% of TITAN’s preference share capital.

If either (i) the above pre-requisite of the Minimum Number of Shares or (ii) the Condition is not satisfied or waived as at the end of the Acceptance Period, the Share Exchange Offer will ipso jure lapse, namely it will have no legal effect, and Tendered Shares will be returned to their holders.

11. TITAN Cement International will not acquire any TITAN Shares until the end of the Acceptance Period.

Financial Advisor/Listing Agent of TITAN Cement International

12. HSBC France, a credit institution and investment firm licensed by the Autorité de Contrôle Prudentiel et de Résolution (ACPR) regulated by the Autorité des marchés financiers and the ACPR, supervised  by the European Central Bank, and authorized under the E.U. Directive 2014/65/EU to provide in Greece the services referred to in items (6) and (7) of Annex I to Law 4514/2018, acts for TITAN Cement International as (i) its exclusive advisor in respect of the Share Exchange Offer, in accordance with article 12 of the Law (the “Advisor”), and (ii) its exclusive listing agent in connection with the secondary listing and admission to trading of all its shares on the ATHEX. In addition, HSBC Bank plc (together with the Advisor, “HSBC”) also acts as exclusive listing agent of Titan Cement International on Euronext Brussels and Paris. 

The Advisor has also certified to the HCMC that TITAN Cement International (i) has taken all appropriate measures to be able to issue and deliver the Consideration Shares to the holders of TITAN Shares who will accept the Share Exchange Offer and (ii) has the necessary wherewithal to pay the aforementioned duties in favour of the HCSD, in accordance with and subject to the terms and conditions of the Share Exchange Offer. However, the Advisor provides no guarantee, within the meaning of Articles 847 et seq. of the Greek Civil Code, for the performance of the delivery, payment and other obligations undertaken by TITAN Cement International under the Share Exchange Offer, nor does it bear any liability within the scope of Article 729 of the Greek Civil Code.

HSBC acts for TITAN Cement International exclusively and does not act for any other person in relation to the Share Exchange Offer and the proposed listings on Euronext Brussels, ATHEX and Euronext Brussels, and shall not consider any other person as its client in relation to any of the foregoing.

HSBC does not “act in concert” (according to the definition of article 2(e) of the Law) with TITAN Cement International and does not intend to act for the account, to the benefit of or in cooperation with TITAN Cement International, in relation to potential purchases of TITAN Shares until the end of the acceptance period of the Share Exchange Offer. Nonetheless, HSBC and companies related to HSBC may purchase or sell TITAN Shares as a direct or indirect result of their client facilitation activities.

Important Notices

General

• This announcement is only addressed to and directed at persons in member states of the European Economic Area ("EEA"), other than Greece, who are "qualified investors" within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC and amendments thereto, including Directive 2010/73/EU, to the extent implemented in the relevant Member State of the EEA) and any implementing measure in each relevant Member State of the EEA (the "Prospectus Directive") ("Qualified Investors"). In addition, in the United Kingdom, this announcement is being distributed only to, and is directed only at, Qualified Investors (i) who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") and Qualified Investors falling within Article 49(2)(a) to (d) of the Order, and (ii) to whom it may otherwise lawfully be communicated (all such persons together being referred to as "Relevant Persons"). The offering of Consideration Shares will only be available to, and any invitation, offer or agreement to subscribe for, purchase, or otherwise acquire Consideration Shares will be engaged in only with Relevant Persons. Any person who is not a Relevant Person should not act or rely on this announcement or any of its contents.