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In response to valuable feedback received from our stakeholders and aiming at continuous improvement, this year’s Corporate Social Responsibility & Sustainability Report (CSR & S Report or the Report) has a new structure and focus. The Managing Director’s Message presents the material issues we faced and the innovative initiatives we took, in order to meet both the real challenges and the social and environmental targets we had set.

Corporate social responsibility (CSR) is embedded in TITAN’s strategy, as explained in the first section, including the Business Case for CSR; engaging with our Stakeholders’ and distribution of our 2008 income. A detailed presentation of the TITAN Group activities and financial performance is presented in our Annual Report while our strategy is illustrated with selected case studies.

We introduced new means of dialogue and engagement with the “Stakeholders’ Forum”, the first ever to be held in Greece, a new and innovative initiative undertaken by TITAN last year following the first independent assessment and verification of its report in 2007.

TITAN’s endeavour to comply not only with the letter but also with the spirit of UN Global Compact led to new action in those geographical areas where the Group operates and can influence, spreading the message and helping set up national Global Compact networks. An outstanding example of our long-term voluntary commitment to Corporate Social Responsibility and Sustainable Development in all operations, including construction of a new cement plant, is described with the case of TITAN in Albania.

Our people and Society at large benefit from our activities that can have multiple positive effects through business practices. In the Social Footprint section we present a more detailed analysis of our performance in response to our stakeholders and particularly to our employees, suppliers, customers, shareholders and investors, communities, local authorities and other parties.

Our commitment to the environment is described in the Environmental Footprint section where we present the performance achieved the last year and new targets set to improve future performance at Group level.
Indicative examples of practice with respect to sustainability issues are also included in this section, yet a new tool, “CSR in Action” is developed on our web site providing updated information about the TITAN Group practices by country.

Recognition of our efforts encourages us to be more focused but also to be ever more open and transparent. The worldwide awards received last year by TITAN are covered in this section.

We further explain how this Report was developed by integrating feedback received from various stakeholders, in line with international reporting standards. Reports from independent auditors are also included in this section.

An overview of Targets and Achievements with respect to TITAN’s voluntary commitments is presented in line with our action plan for 2010. The TITAN Group grew again in 2008 (new investments and acquisitions). To be more specific TITAN acquired 100% of the former TITAN - LAFARGE joint venture in Egypt and 50% of the Adocim Cimento Beton Sanayi ve Ticaret A.S. in Turkey. Social and environmental impacts of Group activities are presented in the context of the current size of the Group. Wherever performance against targets is reported, this is presented in relation to the equity share held by TITAN at the time the targets were set.

The Cement Sustainability Initiative launched by the WBCSD is at the core of our efforts to meet industry challenges with respect to safety at work, climate change, reporting and assessment. Accordingly progress review in this section is presented and verified as defined by the CSI Charter and approved protocols.

A full presentation of GRI indicators relevant to TITAN business and material for its stakeholders is presented in the last section of the Report and linked to the ten Global Compact principles. In addition, a statement on TITAN’s Report achievement of level A+ according to GRI is provided in the section “Report Assessment and Verification”.

Your feedback is important for continuous improvement. Throughout this Report you will find space and margins to make your own notes and remarks. You can also e-mail your remarks and suggestions through the note pads in the electronic version of the Report to csr@titan.gr.