OTE Hellenic Telecommunications Organization. Q Results

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1 OTE Hellenic Telecommunications Organization Q Results

2 OTE Group Overview 2

3 The Group today OTE is the leading integrated telecommunications operator in southeast Europe, providing voice, mobile, TV and broadband services. OTE s strategy aims at further strengthening its market positions through successful leveraging of new technologies, active customer service and innovative marketing. OTE Group Key figures (Trailing 12M) Revenues: 3.9bn Employees: 21,064 EBITDA*: 1.3bn Market Cap: 4bn Albania (2% of Group Revenues) Mobile Business: Challenger Mobile subscribers: 1.9mn Romania (24% of Group Revenues) Fixed Business: Incumbent/Leader Greece (74% of Group Revenues) Fixed Business: Incumbent/Leader Total access lines: 2.7mn Broadband subscribers 1.6mn OTE TV subscribers: 478 k Mobile Business: Leader Mobile subscribers : 7.7mn Total access lines: Broadband subscribers OTE TV subscribers: Mobile Business: Challenger Mobile subscribers : 2.2mn 1.2mn 1.5mn 5.5mn Note: Data as of September 30, 2016 OTE OTE Group Corporate Presentation Q * Excluding voluntary retirement programs & restructuring charges

4 At a Glance Shareholder Structure (Sep 30, 2016) Group Structure Own Shares 0.3% Deutsche Telekom 40.0% Private Investors 7.0% Hellenic State* 10.0% Institutional Investors 42.8% Fixed-line telephony Mobile telephony Other operations 100% Cosmote Greece OTE SA Greece 54% Telekom Romania 100% 100% 94% OTE Globe Greece OTEestate Greece OTESat-Maritel Greece Listed on the Athens Stock Exchange Telekom Albania 99.97% 30% Other (Symbol: HTO GA) Share price: 8.0 (Nov 9, 2016) Zapp Romania 100% 70% Telekom Romania Mobile Outstanding shares: 490,150, % Germanos S.E.Europe OTE OTE Group Corporate Presentation Q3 16 * Including voting rights attached to 4% of shares owned by State Pension Fund 4

5 Growing demand for converged networks with increased data capacity Our Strategy Key industry trends crafting the focus of our Strategy Competition focus moving from Pricing to Quality Slowdown of traditional revenue streams High competition Increased demand for bundled offerings Invest wisely Think Quality Drive Innovation Increase Loyalty The 6 Pillars of our strategic plan Technological Superiority Best Customer Experience New Revenue Streams Lead in Traditional Services Integrated Network Strategy - VDSL & 4G Expansion - Launch Hybrid Access, Vectoring Core Network Transformation (all-ip) Rural Networks Explore DT Group synergies Optimize experience of the FMC customer Digital - e-sales, e-care, e-bill, B2B Go Digital etc.) Customer Service Excellence Data Revenues increase Reinforce OTE TV growth Product Innovation & partnerships Accelerate growth in B2B developmental areas (ICT SyS, Cloud & M2M marketplaces, etc) COSMOTE brand superiority & human profile Pricing & segmentation Optimize omni-channel strategy Defend OTE Wholesale revenues Operational and Cost Optimization Boost operating efficiency: - Digital - Cost Efficiency Programs Human Resources -Operating model enhancements - Operational efficiency & organizational clarity - Leadership empowerment & People development OTE OTE Group Corporate Presentation Q3 16 5

6 Full Year ( mn) CAGR: Revenues -3.4% Pro Forma EBITDA -4.0% -11.6% -8.6% -5.1% Group - Key Financials Quarterly 0.1% -0.3% ( mn) Revenue trends yoy % q -5.2% -5.0% -2.8% -2.4% Revenue* Breakdown (12M ending Sep 30, 2016) EBITDA* * Breakdown (12M ending Sep 30, 2016) Greece: 74% Greece: ~ 85% * Gross figures (excl. eliminations) OTE OTE Group Corporate Presentation Q3 16 ** Excluding voluntary retirement programs & restructuring charges 6

7 Business Review 7

8 Fixed Line Operations - Greece Market Overview Evolution of Greek Broadband Market ( 000) TV Penetration in Greece 22% 23% 23% 24% 24% 23% 24% 14% 14% 15% 17% 17% 17% 18% OTE s retail broadband market share: 44.8% Q1'15 Q2'15 Q3'15 Q4 '15 Q1'16 Q2'16 Q3'16 TV Penetration in Greece (%) OTE TV on OTE's Fixed line customer base (%) * OTE is the Greek leading operator with approximately 2.7 million retail lines Broadband market growth at +6.8%, with Greece lagging behind EU Broadband penetration Fast-growing Pay - TV segment Increased competition in providing bundled services *Based on internal market estimates OTE OTE Group Corporate Presentation Q3 16 8

9 Fixed Line Operations - Greece Key Operational Trends Fixed-Line Access Line Evolution ( 000) Fixed-Line Net Additions ( 000) YoY Change: -0.1% 4,758 4,747 4,731 4,741 4,742 4,733 4, % 43.3% 43.4% 43.4% 43.5% 43.6% 43.6% 56.7% 56.7% 56.6% 56.6% 56.5% 56.4% 56.4% Q1'15 Q2'15 Q3'15 Q4 '15 Q1'16 Q2'16 Q3'16 OTE Retail Lines Market Shares Competitors' Lines Market Shares Broadband Market Evolution ( 000) Broadband Net Additions ( 000) 3,249 3,310 3,353 3,417 3,481 3,533 3, % 56.8% 56.5% 55.9% 55.6% 55.4% 55.2% 42.9% 43.2% 43.5% 44.1% 44.4% 44.6% 44.8% Q1'15 Q2'15 Q3'15 Q4 '15 Q1'16 Q2'16 Q3'16 OTE Retail Broadband Market Share Competitors' Broadband Market Share OTE s market share on Broadband net additions OTE OTE Group Corporate Presentation Q3 16 9

10 NGN Expansion in Greece OTE pursues the rapid expansion of its New Generation Networks with VDSL and 4G high speed gradually covering the whole Greek territory VDSL Current coverage ~43% Mobile (Q3 15 Q3 16) 50% increase in mobile broadband network capacity 56% increase in mobile internet speeds 4G expansion Nationwide coverage, ahead of competition ~90% population coverage LTE advanced (4G+) Nationwide coverage, ahead of competition ~72% population coverage VDSL OTE 4G COSMOTE OTE OTE Group Corporate Presentation Q

11 VDSL subscribers in Greece ( 000) Fixed Line Operations - Greece Leader in VDSL take up OTE is the main telecom operator in Greece that is developing an NGA network with FTTC (Fiber To The Cabinet), and thus has the greatest availability of VDSL services in the country OTE s high-speed VDSL broadband service had been adopted by more than 200k subscribers, or 12.5% of its retail broadband base, by the end of the quarter Customers likely to focus more on quality as speed and content requirements grow OTE s wholesale VDSL offering also gains traction OTE OTE Group Corporate Presentation Q

12 Fixed Line Operations - Greece Pay-TV offering by OTE OTE TV Subscribers ( 000) The Market Free-to-air channels content has deteriorated drastically in recent years, widening the quality differential versus Pay-TV competition Pay-TV is an affordable form of entertainment, with premium content, still at low penetration levels (<25% of households, compared to ~40% of EU benchmark) OTE Solid growth in TV offering; subscribers up 16% yoy, amounted to 478k The service s growth is fueled by extensive, exclusive and diverse content OTE entered the field of TV production with the launch of its own History Channel Broadcasting of Champions League & Europa League as of August 2015 and for the next 3 years OTE OTE Group Corporate Presentation Q

13 Full Year ( mn) Fixed Line Operations - Greece Financial Overview -11.6% -8.6% -5.1% CAGR: Revenues -5.3% Pro Forma EBITDA 2.5% Quarterly 0.1% -0.3% ( mn) Revenue trends yoy % -5.2% -5.0% -2.8% -2.4% Revenues up 5.4% yoy for eighth consecutive quarter Growth supported by continuing strong performances in broadband & TV revenues and softer decline in voice revenues Broadband revenues boosted by strong VDSL take-up in the quarter 4.2% Continuous improvement of Retail revenues OTE OTE Group Corporate Presentation Q

14 OTE S.A Headcount & Employee Cost Evolution Headcount Evolution Personnel Cost Evolution mn Since the beginning of 2015, more than 2,000 employees were transferred from OTE subsidiaries to OTE 19.2% Significant Personnel Cost Reduction achieved through: Voluntary Exit Plans resulting in significant annual cost savings for OTE SA Signing of new labor agreement at the end of 2014, maintaining salary levels, and establishing new salary grades for new recruits New Voluntary Scheme completed on July Expected annual savings of approximately 13mn at Group level OTE OTE Group Corporate Presentation Q

15 Mobile Greece - Financials Full Year ( mn) CAGR: Revenues -7.1% Pro Forma EBITDA -8.6% Quarterly ( mn) -11.6% -8.6% -5.1% 0.1% -0.3% Revenue trends yoy % -5.2% 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 - Expanding 4G footprint 90% population coverage 4G+ at approximately 72% population coverage OTE OTE Group Corporate Presentation Q

16 % 20. 0% 15. 0% 10. 0% 5.0% 0.0% -5.0% -10.0% -15.0% -20.0% -25.0% Mobile Greece Data Penetration Data Revenues / Service Revenues Smartphone penetration Data Revenues Cosmote Greece 18.2% 18.8% 20.7% 20.4% 20.8% 21.4% 20.2% 56% Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Data Revenues Cosmote Greece as % of Service Revenues First to roll out LTE Network in Greece - Leader with superior coverage capacity versus competition - First to launch 4G+ mobile broadband network Significant growth potential fueled by growing demand for data services and smartphone penetration - +81% growth in handset data traffic compared to Q3 15; 56% of customer base are smartphone users Data standing at ~21% of service revenues Meet high demand through integrated offerings with MB/Data included OTE OTE Group Corporate Presentation Q

17 4,50 0 4,00 0 3,50 0 3,00 0 2,50 0 2,00 0 1,50 0 1, ,50 0 4,00 0 3,50 0 3,00 0 2,50 0 2,00 0 1,50 0 1, ,50 0 4,00 0 3,50 0 3,00 0 2,50 0 2,00 0 1,50 0 1, Fixed Line Operations - Romania Telekom Romania key Metrics Fixed Lines ( 000) DSL & Wireless Data Lines ( 000) TV Subscribers ( 000) Fixed Telephony lines Broadband lines TV subscribers (DTH, IPTV & Cable) 2,166 2,162 2,165 1,238 1,201 1,188 1,397 1,432 1,461 Q3 '14 Q3 '15 Q3 '16 Q3 '14 Q3 '15 Q3 '16 Q3 '14 Q3 '15 Q3 '16 Incumbent fixed line operator with growing TV portfolio FMC Subscribers ( 000) Focus on FMC under the T brand to defend customer base Leveraging the fully convergent offerings to raise customer appeal, reduce churn and improve positioning Responding to competitive challenge through extensive FTTB / FTTH investment plan OTE OTE Group Corporate Presentation Q

18 Fixed Line Operations - Romania Telekom Romania Financial Overview Full Year ( mn) CAGR: Revenues -2.1% Pro Forma EBITDA -5.7% Quarterly ( mn) -11.6% -8.6% -5.1% 0.1% -0.3% Revenue trends yoy % -5.2% Positioned as a technology and media provider, breaking away from a single fixed line business model Revenues up 3.9% reflecting successful FMC solutions and higher wholesale revenues Mobile Service Revenues from fixed-mobile offers nearly doubled compared to Q3 15 as customers adopt Fixed-Mobile convergence solutions Continuing FTTH rollout and ICT project revenue streams OTE OTE Group Corporate Presentation Q

19 % 20. 0% 10. 0% 0.0% -10.0% -20.0% -30.0% Mobile Romania - Financials Full Year ( mn) CAGR: Revenues -1.6% Pro Forma EBITDA -3.4% Quarterly ( mn) -11.6% -8.6% -5.1% 0.1% -0.3% Revenue trends yoy % -5.2% - Operating in an intensely competitive environment Blended ARPU Evolution Blended ARPU ( /month) Evolution Launch of fixed-mobile convergent bundles after the rebranding under the common Telekom Romania Growing business segment reflecting the Company s targeted offers for professional users and synergies created following the rebranding -14.5% 1.2% 0.9% 3.1% 2.4% 1.7% 0.0% Steps to improve its performance, including enhanced 4G capabilities, sales channels refocusing and cost improvements Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Blended ARPU ( /Month) YoY Growth (%) OTE OTE Group Corporate Presentation Q

20 Mobile Albania -Financials Full Year ( mn) CAGR: Revenues: -3.2% Pro Forma EBITDA: -14.0% Quarterly ( mn) -11.6% -8.6% -5.1% 0.1% -0.3% Revenue trends yoy % -5.2% - Blended ARPU Evolution ( /month) Maintaining position in a highly fragmented and competitive market Gradually transformation into a single - SIM market after regulation taking place in July 2015 Retail regulation further intensified competition in the Albanian market OTE OTE Group Corporate Presentation Q

21 Mobile International Data Penetration Romania - Data / Service Revenues 17.9% Smartphone-centric operator with ongoing development of 3G & 4G services portfolio New mobile applications in order to promote mobile data services Customized devices compatible with 4G Network Albania - Data / Service Revenues 16.9% Enriched data services & product portfolio to enhance data usage +44.5% in mobile handset data revenues in Q3 16 Significant increase in Smartphone penetration in prior years - still room for further growth OTE OTE Group Corporate Presentation Q

22 Cashflow Review 22

23 OTE Group Cash Flow Trends Full Year ( mn) Quarterly ( mn) (160) (131) (142) (137) (165) (138) (184) Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Adj. Net Operating Cash Flow * Capex ex-spectrum Adj. Free Cash Flow* (ex-spectrum) Adj. Free Cash Flow lower due to higher investments in future Revenue and Profitability growth OTE expects free cash flow for full year 2016 to amount to approximately 440mn(*) * Cash Flow includes interest received but excludes Spectrum, Voluntary Exit Programs and One-off litigation/restructuring payments OTE OTE Group Corporate Presentation Q

24 OTE Group Debt & Liquidity Profile Debt Maturity Profile Nominal Amounts ( m) Debt & Cash Evolution ( mn) 1,372 Cash & Other Financials As of Sep Total: 797mn Total: 130 Total: 700mn mn Total: Total: 186mn mn Feb'18 56 Dec'19 Jul' Bonds Syndicated Cosmote Romania & Other Bank Loans OTE SA Net Debt/EBITDA 1.0x 1.0x 0.8x 0.8x 0.6x 0.6x 0.6x 0.6x 0.6x 0.6x 0.6x 2,956 2,956 2,639 2,639 2,189 2,189 2,190 2,190 2,166 1,779 1,779 1,496 1,496 1,125 1, (1,043) (1,461) (1,461) (1,514) (1,329) (1,337) (1,514) (1,329) (1,337) (1,043) (1,372) FY 2013 FY 2014 FY 2015 Q1 '16 Q2 '16 Q3 '16 FY 2013 FY 2014 FY 2015 Q1 '16 Q2 '16 Gross Debt Cash & Other financial assets Underlying Net Debt Gross Debt Cash & Other financial assets Underlying Net Debt Existing cash balances and cashflow secure the servicing of debt payments OTE OTE Group Corporate Presentation Q

25 OTE Credit Profile OTE PLC Bonds Overview OTE PLC Bond Yield OTE PLC Bond Yield OTE PLC Bond Yield Maturity: Feb 2018 Outstanding Amount: 650m Coupon: 7.875%(paid semi-annually) Maturity: Dec 2019 Outstanding Amount: 350m Coupon: 4.375% Maturity: July 2020 Outstanding Amount: 700m Coupon: 3.5% Source: Bloomberg Data as of November 9, 2016 OTE s Rating Evolution A- 13 BBB+ 12 BBB 11 BB+ BB BBB-10 BB- B+ B B- CCC+ CCC Standard & Poor's BBB Dec '08 BBB- May '10 BB Mar '11 BB- May '11 B Oct '11 B- Jun '12 B+ Feb '13 (Investment Grade level) BB- Dec '13 BB Sep '14 BB- Feb '15 B+ B Sep'15 Jul '15 2 Dec '08 Jun '09 Dec '09 Jun '10 Dec '10 Jun '11 Dec '11 Jun '12 Dec '12 Jun '13 Dec '13 Jun '14 Dec '14 Jun '15 Baa1 Baa2 Baa3 Ba1 Ba2 Ba3 B1 B2 B3 Caa1 Caa2 Caa3 Ca Moody s Baa2 May '08 OTE - Moody's rating evolution Baa3 Mar '11 Ba1 May '11 B1 Jun '11 B2 Oct '11 B3 May '12 Caa1 June '12 0 Dec '08 Jun '09 Dec '09 Jun '10 Dec '10 Jun '11 Dec '11 Jun '12 Dec '12 Jun '13 Dec '13 Jun '14 Dec '14 Jul Jun '15 Moody's B2 Dec '13 (Investment Grade level) Ba3 Aug '14 B3 May '15 Caa2 Jul '15 OTE OTE Group Corporate Presentation Q

26 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

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