OTE Hellenic Telecommunications Organization. Q Results

Transcription

1 OTE Hellenic Telecommunications Organization Q Results

2 OTE Group Overview Note: The purpose and calculations of all Adjusted data and the Alternative Performance Measures presented are detailed in the Alternative Performance Measures Section of the 2016 Annual Report of the Board of Directors & in the Quarterly Press Releases ( 2

3 The Group today OTE Group is the largest telecommunications provider in the Greek market and one of the leading telecom groups in Southeast Europe with presence in Greece, Romania and Albania. OTE is among the largest listed companies in the Athens Stock Exchange. OTE Group Key figures (Trailing 12M) Revenues: 3.9bn Adj.EBITDA: 1.3bn Employees: 20,627 Market Cap: 5.3bn Albania Mobile Business Romania Mobile subscribers: 1.9mn Fixed Business Total access lines*: 2.1mn Broadband subscribers*: 1.2mn TV subscribers: 1.5mn Greece Fixed Business OTE Retail lines: 2.6mn FMC Customers: Mobile Business Mobile subscribers: 456k 4.8mn Broadband Retail subscribers: 1.7mn COSMOTE TV subscribers: 517k Mobile Business Mobile subscribers: 7.9mn OTE OTE Group Corporate Presentation Q3 17 * Including FMC 3

4 At a Glance Shareholder Structure (Sep 30, 2017) Group Structure Deutsche Telekom 40.0% OTE SA Greece Own Shares 0.3% Private Investors 6.3% Hellenic State 10.0% Institutional Investors 43.4% 100% Cosmote Greece 54% Telekom Romania 100% 100% 94% OTE Globe Greece OTEestate Greece OTESat-Maritel Greece Telekom Albania 99.97% 30% Other 70% Telekom Romania Mobile Listed on the Athens Stock Exchange (Symbol: HTO GA) Outstanding shares: 490,150,389 Fixed-line telephony Mobile telephony Other operations OTE OTE Group Corporate Presentation Q3 17 4

5 Key industry trends crafting the focus of our Strategy Our Strategy Growing demand for converged networks with increased data capacity Digital Economy creates opportunities and mandates Digital Transformation Slowdown of traditional revenue streams High competition Increased demand for bundled offerings Invest wisely Promote Digitalization Drive Innovation Increase Loyalty The 6 Pillars of our strategic plan Technology & IT leadership Best Customer Experience Innovation & Revenue Transformation Lead in Core Business - INS / NGA: FTTC; Vectoring Roll out; - Enhancements on FMC and Cloud propositions - Data services monetization - Innovative services launch - COSMOTE brand superiority & human profile - 4G/4G+ roll out continued - Rural Network Completion - IP Transformation - VoLTE/ VoWiFi full deployment - Digital - Customer Service Excellence: Optimization & digitization of processes: 24/48, e-care, etc. - COSMOTE TV Growth - M2M and Cloud Solutions - Vertical ICT solutions, health Smart Cities, etc) - Value based pricing strategy - Optimize sales strategy - Defend Wholesale Revenues Operational and Cost Optimization Boost operating efficiency: Digital & Cost Efficiency Programs People Strategy -Digital working environment - Improve employees experience OTE OTE Group Corporate Presentation Q3 17 5

6 Full Year ( mn) Revenues 4-year CAGR: -2.5% --- Revenue trends YoY% OTE Group - Quarterly Performance -0.4% 0.1% -3.3% -7.1% -6.4% 4,330 4,054 3,918 3,903 3, % 35.9% 36.3% 34.4% 33.8% Group - Key Financials Quarterly ( mn) q --- Revenue trends YoY% -1.3% 0.1% 2.7% 0.1% -1.0% OTE Group - Quarterly Performance -1.7% -0.7% , % 32.6% 35.8% 33.5% 32.7% 33.4% 35.2% 1,516 1,456 1,422 1,343 1, FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 Revenues Adjusted EBITDA Adjusted EBITDA margin Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Revenues Adjusted EBITDA Adjusted EBITDA margin Revenue Breakdown (Trailing 12Months) Adj. EBITDA Breakdown (Trailing 12Months) Mobile Albania, 2% Mobile Romania, 10% Other, 9% Fixed Greece, 37% Mobile Albania, 1% Mobile Romania, 5% Fixed Romania, 8% Other, 5% Fixed Romania, 15% Fixed Greece, 51% Mobile Greece, 27% Greece: 73% Mobile Greece, 31% Greece: 87% OTE OTE Group Corporate Presentation Q3 17 6

7 Greece Overview 7

8 Fixed Line Operations - Greece Market Overview Evolution of Greek Broadband Market* ( 000) 3,739 3,706 3,675 3,641 3,581 3,533 3,481 73% 75% 76% 77% 77% 78% 79% 58% 59% 60% 62% 63% 64% 65% TV Penetration in Greece* 24% 23% 24% 24% 24% 24% 24% 17% 17% 18% 19% 19% 19% 20% Total Greek Broadband Market Broadband Penetration in Greece (%) TV Penetration in Greece (%) COSMOTE TV on OTE's Fixed line customer base (%) * OTE Broadband/OTE Total Fixed lines FTTC uptake driving strong Broadband performance Significant upside potential, through enhancing broadband penetration Broadband market growth at +4%, despite 5% tax imposed on Fixed - Broadband in Jan 17 OTE achieved strong net additions of 34k retail Broadband customers *Based on internal market estimates OTE OTE Group Corporate Presentation Q3 17 8

9 Fixed Line Operations - Greece Key Operational Trends Fixed-Line Access Line Evolution ( 000) 4,796 4,770 4,741 4,749 4,724 4, % 42.8% 43.4% 44.0% 43.6% 44.5% 59.5% 57.2% 56.6% 56.0% 56.4% 55.5% FY 2013 FY 2014 FY 2015 FY 2016 Q3'16 Q3'17 OTE Retail Lines Market Shares Competitors' Lines Market Share Fixed-Line Net Additions ( 000) (2) 3 1 (1) (2) (5) (1) 1 (5) (4) (7) (3) (9) (5) (1) (5) (3) (4) (4) (9) (10) (7) (9) (18) (8) (4) (10) (9) (18) (8) Competitors' Lines Net additions Competitors' OTE Retail Lines Net Net additions/(disconnections) OTE Total Retail Fixed Lines Market Net Lines additions/(disconnections) Net additions/(disconnections) Total Fixed Market Lines Net additions/(disconnections) Broadband Market Evolution ( 000) 3,641 3,739 3,581 3,417 3,166 2, % 56.8% 55.9% 55.1% 55.2% 54.1% 43.7% 43.2% 44.1% 44.9% 44.8% 45.9% FY 2013 FY 2014 FY 2015 FY 2016 Q3'16 Q3'17 OTE Retail Broadband Market Share Competitors' Broadband Market Share Broadband Net Additions ( 000) Q1'16 Q2'16 Q3'16 Q4'16 19 Q1' Q2'17 Q3' % 101.9% 58.0% 60.5% 62.3% 88.6% 101.9% 51.1% 55.4% 58.0% 60.5% 62.3% 51.1% 55.4% Competitors' Broadband Net adds (disconnections) Competitors' Broadband Net adds (disconnections) OTE Retail OTE Broadband Retail Broadband Net additions Net additions OTE s market share Greek Broadband Greek Broadband market Net market additions Net additions on Broadband net OTE Broadband OTE Broadband net additions net Market additions sharemarket share additions OTE OTE Group Corporate Presentation Q3 17 9

10 NGN Expansion in Greece OTE is achieving the rapid expansion of New Generation Networks with FTTC and 4G/4G+ gradually covering the whole Greek territory VDSL Coverage at 54% Mobile (Q3 17 Q3 16) 33% increase in mobile broadband network capacity 150% increase in mobile broadband traffic 4G Expansion Nationwide coverage, ahead of competition ~97% population coverage LTE advanced (4G+) Nationwide coverage, ahead of competition ~90% population coverage LTE Advanced Pro 4G++ with 3 Carrier Aggregation & 256 QAM technology with speeds up to 500Mbps Rollout actions on-going in big cities, smaller towns & popular destinations VDSL OTE 4G COSMOTE e VoLTE/ VoWiFi (1st operator in Greece) Cosmote customers can use cellphones moving from LTE coverage to indoor areas with low coverage using their WiFi hotspot connection and the reverse (from WiFi to outdoor) OTE OTE Group Corporate Presentation Q

11 Fixed Line Operations - Greece Leader in VDSL take up VDSL subscribers ( 000) VDSL Coverage (%) % 47% 25% Q OTE Retail VDSL OTE VDSL net additions VDSL Vectoring Current phase of FTTC development completed ahead of schedule; 13k cabinets and 43,000 km fiber network; new phase of about 4k cabinets planned for 2018 Continuing expansion of FTTC network, to meet strong customer demand, with strong VDSL net additions of 32k in Q3 17 OTE is well positioned to convert a significant portion of its base to higher broadband speeds & premium service High-speed VDSL broadband service had been adopted by 311k subscribers, or 18.1% of OTE s total retail broadband base, up sharply from 16.6% at the end of the second quarter of 2017 OTE OTE Group Corporate Presentation Q

12 Fixed Line Operations - Greece Pay-TV offering by OTE COSMOTE TV Subscribers ( 000) (1) The Market Free-to-air channels content has deteriorated drastically in recent years, widening the quality differential versus competition Exclusive premium content at PayTV offerings Still at low penetration levels (<25% of households, behind EU benchmark) New 10% tax imposed on Pay TV services since June 16, affecting demand Signs of maturity of TV market segment COSMOTE TV Subscribers COSMOTE TV net additions COSMOTE TV Subscribers ( 000) OTE Modest growth of 8% on TV subscribers base mainly reflecting pressure on consumer spending & market maturity The service s growth is fueled by extensive, exclusive and diverse content 120 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 COSMOTE TV Subscribers (IPTV & Satellite) COSMOTE TV net additions OTE OTE Group Corporate Presentation Q

13 Fixed Line Operations - Greece Financial Overview Full Year ( mn) Revenues 4-year CAGR: -2.1% -8.6% -10.9% -2.9% OTE SA Quarterly ( mn) --- Revenue trends YoY% --- Revenue trends YoY% 1.6% 2.1% 4.1% 5.4% 3.5% 1.7% 0.3% -2.4% -1.6% OTE SA 1,704 1,557 1,512 1,536 1, % % 39.6% 40.2% 42.3% % 41.5% 43.0% 42.1% 42.9% 41.7% 42.4% FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 Revenues Adjusted EBITDA Adjusted EBITDA margin Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Revenues Adjusted EBITDA Adjusted EBITDA margin Continuing dynamic performances in broadband and pay- TV Broadband benefited from healthy VDSL take-up Wholesale revenues were impacted by the retroactive application of lower regulated unbundling prices Adjusted EBITDA margin is supported by cost reduction initiatives 7.7% 6.6% 3.1% 3.5% 4.2% 3.3% 2.9% 0.1% 1.1% 1.5% 0.7% -0.4% -2.2% -4.5% Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Retail Revenue yoy change (%) Wholesale Revenue yoy change (%) OTE OTE Group Corporate Presentation Q

14 14,000 12,000 10,000 8,000 6,000 4,000 2, OTE S.A Headcount & Employee Cost Evolution Headcount Evolution Personnel Cost Evolution m ,369 10,925 10,569 8,750 2,010 2,040 2,097 6,878 6,924 6,486 6,365 6, % 32.9% 34.4% 31.8% % % 21.6% 19.7% 19.8% 19.1% 18.3% Sep Q1 '17 Q2 '17 Q3 '17 * Excl. employees transferred from OTE subsidiaries to OTE S.A Personnel Expenses ( mn) Personnel Expenses/Revenues Significant Personnel Cost Reduction achieved through constant efficiency gains, implemented by voluntary leave schemes New Voluntary Scheme will be complete within 2017 OTE OTE Group Corporate Presentation Q

15 Amounts in EURO million % 20. 0% 15. 0% 10. 0% 5.0% 0.0% -5.0% -10.0% -15.0% -20.0% -25.0% Mobile Greece - Financials Full Year ( mn) Revenues 4-year CAGR: -5.9% Quarterly ( mn) --- Revenue trends YoY% --- Revenue trends YoY% -1.8% -2.8% -7.5% Cosmote Greece - Quarterly -6.4% Performance -12.3% 1,525 1,337 1,251 1,228 1, % 277 Cosmote Greece 0.1% -3.9% - Quarterly -1.8% Performance -1.2% % 1.1% % % 36.7% 35.7% 33.7% % 33.3% % % 31.8% % % 123 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 Revenues Adjusted EBITDA Adjusted EBITDA margin Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Revenues Adjusted EBITDA Adjusted EBITDA margin Blended ARPU Evolution Blended ARPU Evolution ( /month) Market leader since 2001 Customer-centric strategy, focusing on customer experience and high quality of services Investing to maintain network superiority in terms of coverage and speeds % -5.7% % % -4.7% % % Improving Revenue trends in an environment that remains under pressure Second consecutive quarter after several years with positive trend in mobile service revenues & EBITDA Blended ARPU ( /Month) YoY Growth (%) OTE OTE Group Corporate Presentation Q

16 % 20. 0% 15. 0% 10. 0% 5.0% 0.0% 64% 62% 60% 58% 56% 54% 52% 50% 48% Mobile Greece Data Penetration Data Revenues / Service Revenues Smartphone penetration Data Revenues Cosmote Greece Smartphone Penetration Cosmote Greece 20.8% 20.2% % 21.4% % 24.7% 25.3% 25.3% % 54% 56% 57% 59% 59% 62% 62% Data Revenues Cosmote Greece as % of Service Revenues Smartphone penetration % (Cosmote base) First to roll out LTE Network - Leader with superior coverage capacity versus competition First to launch 4G+ mobile broadband network and VoLTE/ VoWiFi services Expanding 4G footprint at ~ 97% population coverage ; 4G+ at ~ 90% population coverage About 50% of COSMOTE s data traffic now originates from 4G devices. Significant growth potential fueled by growing demand for data services and smartphone penetration Data revenues up by 21% in Q3 2017; Standing at 25% of service revenues Launch of new category-based data bundles, addressing the specific needs and online habits of various users OTE OTE Group Corporate Presentation Q

17 International Overview (Romania-Albania) 17

18 2, , , , , , , , , , , , , , Fixed Line Operations - Romania Telekom Romania key Metrics Fixed Lines (000) Broadband Lines (000) 40.0% 40.0% 2,182 2,183 2,165 2,151 2,128 2,118 2, % 25.0% 1,196 1,194 1,188 1,186 1,180 1,186 1, % 10.0% 1.0% 1.0% 0.2% -1.3% -2.5% -3.0% -3.0% -5.0% -1.8% -1.2% -1.1% -1.5% -1.3% -0.7% -0.3% -5.0% Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Fixed Telephony lines Fixed Telephony lines y-o-y % -20.0% Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Broadband lines Broadband Lines y-o-y % -20.0% TV Subscribers (DTH. IPTV & Cable - 000) FMC customers (000) 40.0% 1,449 1,461 1,461 1,464 1,457 1,471 1, % 10.0% % 2.8% 2.1% 0.8% 0.6% 0.6% 0.8% -5.0% Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 TV subscribers (DTH, IPTV & Cable) TV subscribers (DTH, IPTV & Cable) y-o-y% -20.0% Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 FMC OTE OTE Group Corporate Presentation Q

19 Fixed Line Operations - Romania Telekom Romania Financial Overview Full Year ( mn) Revenues 4-year CAGR: -0.7% Quarterly ( mn) --- Revenue trends YoY% --- Revenue trends YoY% -5.4% RomTelecom - Quarterly Performance -1.6% -0.1% -1.2% 0.1% -7.8% -0.7% RomTelecom 3.9% - Quarterly 4.9% Performance 4.6% 1.4% 2.2% % 26.1% 26.3% 19.7% 15.5% 15.0% 10.2% 19.8% 17.0% 14.9% 16.8% 19.0% FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 Revenues Adjusted EBITDA Adjusted EBITDA margin Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Revenues Adjusted EBITDA Adjusted EBITDA margin Positioned as a technology and media provider, breaking away from a single fixed line business model Expanding its FTTH coverage, currently reaching c.2.5 million households Revenues +2.2% in Q3 17, primarily reflecting successful FMC solutions and higher wholesale revenues OTE OTE Group Corporate Presentation Q

20 Amounts in EURO million Amounts in EURO million % 20. 0% 10. 0% 0.0% -10.0% -20.0% -30.0% Mobile Romania - Financials Full Year ( mn) Revenues 4-year CAGR: -0.3% Quarterly ( mn) --- Revenue trends YoY% --- Revenue trends YoY% -1.1% Cosmote -0.9% Romania - Quarterly Performance -0.2% -4.2% % 9.5% 4.9% 2.7% 0.7% Cosmote Romania - Quarterly Performance -4.6% -3.3% % % 25.9% % % 17.9% % 19.8% 21.3% % 14.6% 13.0% 12.6% FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 Revenues Adjusted EBITDA Adjusted EBITDA margin Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Revenues Adjusted EBITDA Adjusted EBITDA margin Blended ARPU Evolution Blended ARPU ( /month) Evolution Operating in an intensely competitive environment Growing business segment reflecting the Company s targeted offers for professional users % 1.7% 0.0% 0.3% -2.8% % % Steps to improve performance, including enhanced 4G capabilities, refocused sales efforts, and cost optimization Blended ARPU ( /Month) YoY Growth (%) OTE OTE Group Corporate Presentation Q

21 % 60. 0% 40. 0% 20. 0% 0.0% -20.0% -40.0% -60.0% Mobile Albania -Financials Full Year ( mn) Revenues 4-year CAGR: -3.4% Quarterly ( mn) --- Revenue trends YoY% --- Revenue trends YoY% -5.9% Cosmote Albania - Quarterly Performance -2.7% -5.5% 1.5% -6.7% 25.8% 16.2% Cosmote Albania - Quarterly Performance -11.8% -23.4% -36.5% -14.4% -7.2% % 33.1% 36.6% 24.9% 20.9% % 26.4% 18.6% 17.4% % % 13.9% 2 3 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 Revenues Adjusted EBITDA Adjusted EBITDA margin Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Revenues Adjusted EBITDA Adjusted EBITDA margin Blended ARPU Evolution Blended ARPU ( /month) Evolution Focused on its strategy of reducing dependency on international incoming revenues % 39.1% Ongoing decline of international incoming traffic due to retail price shifts in foreign markets Introduce a number of changes in tariff bundles to partly offset the drop in international interconnection revenues -0.8% -6.9% -17.0% -25.8% -35.8% Blended ARPU ( /Month) YoY Growth (%) OTE OTE Group Corporate Presentation Q

22 % 20. 0% 15. 0% 10. 0% 5.0% 0.0% -5.0% -10.0% -15.0% -20.0% -25.0% 25. 0% 15. 0% 5.0% -5.0% -15.0% -25.0% Mobile International Data Penetration Romania - Data / Service Revenues Data Revenues Cosmote Romania 16.8% 16.7% 17.9% 17.8% 18.1% 17.6% % 18 Smartphone-centric operator with ongoing development of 3G & 4G services portfolio New mobile applications in order to promote mobile data services 4G National Roaming Agreement in place since Q2 16 Data Revenues as % of Service Revenues Albania - Data / Service Revenues Data Revenues Cosmote Albania 19.0% 20.4% 21.6% 16.9% 13.8% 11.5% % 4 Growth rate in data revenues is accelerating quarter after quarter - 42% increase in mobile data revenues in Q3 17 Extensive 4G network rollout Data Revenues as % of Service Revenues OTE OTE Group Corporate Presentation Q

23 Cashflow Review 23

24 OTE Group Cash Flow Trends Full Year ( mn) Quarterly ( mn) 1,188 1,220 1,140 1,077 1,086 OTE Group - Adj. Free Cash Flow (11) 50 (28) (448) (471) (557) (570) (627) FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 (138) (165) (141) (184) (185) (176) (223) Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Adj. Net Operating Cash Flow CapEx (excluding Spectrum) Adj. Net Operating Cash Flow Capex ex-spectrum Adj. FCF (excl. Spectrum & VES & SF) Adj. Free Cash Flow (ex-spectrum) OTE is further accelerating its investments in technologies, infrastructure and content In Q3 17, the Group posted negative adjusted Free Cash Flow at 28.1mn, due to the increase in taxes paid OTE expects Capex to peak in 2017 at c. 800mn to fund accelerated NGA deployment; gradual return to normalized levels starting as of next year OTE expects Adjusted Free Cash Flow for 2017 to be approximately 100mn. OTE OTE Group Corporate Presentation Q

25 OTE Group Debt & Liquidity Profile Debt Maturity Profile Nominal Amounts ( mn) Debt & Cash Evolution ( mn) As of September 30, 2017 Net Debt/EBITDA 0.6x 0.6x 0.6x 0.4x 0.4x 0.4x 0.5x 2,190 1,779 2,166 2,125 2,062 2,042 1,951 1,303 Cash & Other Financials Total: 34m 34 Total: 749m Feb'18 Total: 480m Dec'19 Total: 700m 700 Jul' Bonds Syndicated Cosmote Romania & Other Bank Loans OTE SA (1,043) (1,337) (1,372) (1,591) (1,489) (1,303) (1,514) Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Gross Debt Cash & Other financial assets Adjusted Net Debt Existing cash balances to finance future investments and debt repayments OTE OTE Group Corporate Presentation Q

26 OTE Credit Profile OTE PLC Bonds Overview OTE PLC Bond Yield OTE PLC Bond Yield OTE PLC Bond Yield Maturity: Feb 2018 Outstanding Amount: 602m Coupon: 7.875%(paid semi-annually) Source: Bloomberg Data as of Nov 07, 2017 Maturity: Dec 2019 Outstanding Amount: 350m Coupon: 4.375% Maturity: July 2020 Outstanding Amount: 700m Coupon: 3.5% OTE s Rating Evolution OTE OTE Group Corporate Presentation Q

27 IMPORTANT NOTICE - DISCLAIMER: This presentation is provided to persons who are entitled to receive it in accordance with the laws and regulations of appropriate jurisdictions. This presentation is provided for information purposes only and does not constitute an offer or an invitation to buy or sell or subscribe to any securities or a solicitation of an offer to buy or sell or subscribe for any security or instrument or to participate in any trading strategy. No part of this presentation may be construed as constituting investment advice or recommendation to enter into any transaction or as providing the basis for any credit or other evaluation. No representation or warranty is given with respect to the accuracy or completeness of the information, estimations, provisions, future expectations or other data, contained in this presentation, and no claim can be made that any transaction of any security will conform to any terms that may be contained herein. Under no circumstance, should OTE, or any of its directors, officers or employees be held liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on any information contained in this presentation. Information contained herein may change without notice and OTE undertakes no obligation to update it. Before entering into any transaction, investors should determine any economic, trading and financial risks, restrictions and benefits, as well as any legal, tax, accounting consequences of doing so, and their ability to assume such risks, without reliance on the information contained in this presentation. You should consult a professional financial advisor before entering in any transactions in securities mentioned herein. Thank you For more information please contact OTE Investor Relations: Tel: Fax: iroffice@ote.gr or visit: OTE OTE Group Corporate Presentation Q