WIND Hellas 4th Quarter 2009 Results. March 2, 2010

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1 WIND Hellas 4th Quarter 2009 Results March 2, 2010

2 Forward looking statement This presentation includes forward-looking statements. These forward-looking statements include all matters that are not historical facts, statements regarding WIND Hellas intentions, beliefs or current expectations concerning, among other things, WIND Hellas results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which WIND Hellas operates. By their nature, forward-looking statements involve risks and uncertainties, including, without limitation, the risks and uncertainties set forth in WIND Hellas Offering Memorandums, because they relate to events and depend on circumstances that may or may not occur in the future. WIND Hellas caution you that forward-looking statements are not guarantees of future performance and that the actual results of operations, financial condition and liquidity and the development of the industry in which WIND Hellas operates may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if WIND Hellas results of operations, financial condition and liquidity and the development of the industry in which WIND Hellas operates are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in future periods. Wind Hellas doesn t assume any obligation to review or confirm analyst expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise after the date of this presentation. The Senior Secured Notes, the Senior Notes have not been registered under US Securities Act of 1933, as amended (the US Securities Act ), or any state securities laws, and were offered and sold only outside the United States pursuant to Regulation S under the US Securities Act and to qualified institutional buyers in the United States in reliance on Rule 144A under the US Securities Act. All financial data is preliminary (not audited or reviewed) and based on a going concern. 1

3 Agenda 4Q09 Performance Highlights 4Q09 Operating and Financial Performance Review Appendix 2

4 Note: financials presented are pro forma unaudited financials for WIND Hellas in accordance with IFRS Mobile - 4Q09 performance highlights Weakening fundamentals as a result of macroeconomic deterioration, intense regulation and market share contraction 199mn 4Q09 mobile revenues, -22% YoY Reduction in market share due to strong market competition and weak macroeconomic conditions Positive contract net additions in 4Q09 after 3 consecutive negative quarters Mobile ARPU has declined due to: decrease in total outgoing traffic in 4Q09 (-10.7% YoY) affecting outgoing revenues blended outgoing AMOU in 4Q09 decreased to 72 minutes from 78 in 4Q08 increased price pressure in prepaid steep reduction in the mobile termination (from January 2009) and roaming rates mobile tax imposed on both postpaid and prepaid customers Mobile VAS revenues as a % of total mobile revenues increased in 4Q09 to 7.8% from 6.8% in 4Q08 despite WIND s low market share in the mobile broadband market (est. <15%) 3

5 Fixed (Tellas) - 4Q09 performance highlights Improving operational performance in a growing broadband market 34mn 4Q09 fixed revenues reduced by 9% YoY due to market share contraction in voice-only segment LLU subscribers increased by 16k in 4Q09 (double-play subscribers increased by 15k) which represented c.15% of the market growth in Q4 (vs. single-digit growth share in 1Q-3Q 2009) Net additions of the 3-in-1 convergent product (mobile, fixed, internet) accelerated significantly in Q4 Improved customer experience through more efficient order processing, service provisioning, customer service & CRM Revamped product portfolio enhances competitiveness and offers convergent product options New commercial policy in place exploits telesales potential and enhances customer service in WIND stores LLU site rollout has accelerated in 4Q09 with the total number of LLU sites reaching 234 from 129 in Q408 4

6 WIND Hellas 4Q09 performance highlights Main focus is operating & cash-flow management in a challenging market environment WIND Hellas has focused on defending its market position in a difficult environment 1,073 mn FY 2009 Wind Hellas total revenues, -15% YoY 317 mn FY 2009 Wind Hellas adjusted EBITDA 1 with decreased margin as the reduced cost basis did not fully mitigate the materially reduced revenues Operating weakness is being addressed with opex savings and tight cash-flow management aggressive cost reduction initiatives completed in Q4 will accrue significant savings in 2010 organizational restructuring was completed in Q4 cash flow (EBITDA Capex) in 4Q09: 4.3mn 1 Adjusted EBITDA for certain non-recurring or non-cash items 5

7 WIND Hellas financial performance Wind Hellas Outgoing Revenues 1 Wind Hellas Gross Margin (%) YoY growth -3.1% EUR, million (%) YoY growth -9.6% EUR, million -7.6% (%) as of WIND Hellas Service Revenues -12.8% -17.0% 67.7% -17.7% -18.0% 68.9% -19.0% 70.0% 67.8% 69.8% 68.5% 69.4% 69.7% Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 Operating trends have reached the lowest point in 4Q09 due to: accumulated underinvestment in brand, commercial activities & network coverage (2G & 3G) in rapidly deteriorating macroeconomic conditions (Greek GDP contraction accelerated in 4Q09: 0.8% QoQ) intense regulatory pressure in 2009 (MTR, roaming, mobile taxes) value-destructive competition intensification in 2009 (mobile pricing, increased advertising spend) Aggressive cost savings initiatives executed in 4Q will free up resources for commercial investment in 2010 cost savings initiatives were focused on staff, suppliers & activities In 2010, we are laying the groundwork for structural changes in our cost basis that will accrue savings starting from end of 2010 Our turnaround strategy we are pursuing is based upon: brand equity enhancement value-orientation and customer-centric strategy commercial investment to reverse trends network investment to bridge coverage gap 1 Gross service revenues minus incoming revenues 6

8 Agenda 4Q09 Performance Highlights 4Q09 Operating and Financial Performance Review Appendix 7

9 WIND Hellas 4Q09 financial performance Macroeconomic contraction, competitive pressure and sharp cut in termination rates result in negative growth Wind Hellas Total Revenues (EUR, million) 1, , % -21.0% FY 2008 FY Q 08 4Q 09 Mobile Fixed Sales of handsets & Accessories Wind Hellas adjusted EBITDA 1 (EUR, million) 33.8% % 29.6% 33.9% % 24.6% 60.5 FY 2008 FY Q 08 4Q 09 1 Adjusted EBITDA for certain non-recurring or non-cash items % as of Wind Hellas total revenues 8

10 WIND Hellas 4Q09 Operating & Variable expenses performance Increased SAC & SRC supported customer base expansion while variable and fixed opex efficiencies support EBITDA Acquisition & Retention expenses (EUR, million) 7.3% 7.8% 6.2% 8.7% % % FY 2008 FY 2009 SRC Mobile SAC Mobile SAC Fixed % as of Wind Hellas total revenues 4Q 08 4Q 09 Variable & other operating expenses 1 (EUR, million) 58.9% % 62.7% % 59.9% % FY 2008 FY 2009 Other Opex Variable costs % as of Wind Hellas total revenues ¹ Adjusted for certain non-recurring or non-cash items 4Q 08 4Q 09 9

11 Mobile 4Q09 Key revenue drivers performance Customer base contraction due to economic and competitive conditions Subscriber base ( EOP, 000 s) Net Additions (000 s) -4.0% -87.5% 5,193 4, Dec-08 Dec Q 08 4Q 09 ARPU 1 (EUR) FY 2008 FY Q 08 4Q 09 Contract Blended PrePaid 1 Pro forma unaudited ARPU figures in accordance with IFRS, including revenues from foreign roamers 10

12 Fixed (Tellas) 4Q09 Key revenue drivers performance Improving subscriber mix, as double play pick up Subscriber base ( EOP, 000 s) Direct Net Additions (000 s) -3.2% % 16.0 'Dec-08 'Dec-09 4Q 08 4Q 09 Direct Indirect Direct ARPU 1 (EUR) FY 2008 FY 2009 Blended Direct 1 Pro forma unaudited ARPU figures in accordance with IFRS, ARPU does not include WIND fixed revenues 4Q 08 4Q 09 Indirect 11

13 WIND Hellas adjusted EBITDA 1 bridge Dec-08 to Dec-09 EBITDA performance affected by termination rate cut, mobile tax, mobile pricing and general negative economic slowdown (EUR, million) (92.7) (49.7) FY 2008 EBITDA Outgoing revenues Net Mobile Interconnection Net Fixed Interconnection Commissions & Discounts SAC & SRC OPEX & other FY 2009 EBITDA ¹ Adjusted EBITDA for certain non-recurring or non-cash items 12

14 Estimated FY 2010 financial performance 2010 revenues guidance provided in November 2009 of annual reduction by 7-8% is amended downwards given: the weakening macroeconomic conditions prevailing and the new austerity measures imposed by the Greek Government that will impact disposable income and consumer behaviour the increased pricing competition in prepaid Company will however resume investing for growth with capital expenditure expected to reach ~17% as of total revenues in 2010 Positive working capital change in 2010 to be approximately 2-3% of total revenues as Capex increases materially in 2010 RCF and NBG loan amortizations of 35m and 3.3m respectively are scheduled in 2010 Main focus will continue to be placed in cash-flow generation 13

15 Agenda 4Q09 Performance Highlights 4Q09 Operating and Financial Performance Review Appendix 14

16 WIND Hellas Corporate Structure * * * 15

17 WIND Hellas Operational KPIs Mobile Segment Q Q Q Q Q Q Q Q Subscribers (000's) Contract 1,030 1,053 1,074 1,081 1,069 1,059 1,054 1,059 Prepaid 3,549 3,783 3,975 4,113 4,198 4,118 3,913 3,926 Total 4,579 4,836 5,048 5,193 5,267 5,177 4,967 4,986 Net Additions (000's) Contract (12) (9) (5) 5 Prepaid (81) (204) 13 Total % (90) % (209) % % ARPU ( ) Contract Prepaid Blended Fixed Segment Subscribers (000's) Indirect Direct Voice & Internet Double Play Total Net Additions (000's) 0.0% -0.8% -3.5% -3.2% Indirect (76) (33) (7) (19) (15) (19) (13) (17) Direct Voice & Internet (7) (4) (1) 1 Double Play Total (57) (3) 14 (3) (8) (10) (8) (1) ARPU ( ) Indirect Direct Blended

18 WIND Hellas Financial KPIs WIND Hellas, million Q Q Q Q Q Q Q Q Revenues Mobile Fixed Handsets & Accessories Total EBITDA % 30.6% 38.9% 33.9% Capex Mobile Fixed Total LTM Total Capex as a % on total LTM revenues 13.8% 14.0% 13.9% 13.1% 12.2% EBITDA - Capex Unbilled Revenues Restatement Revenues post adjustment Ebitda post adjustment Unbilled Revenues Adjustment (3.1) (3.1) (0.6) Total Revenues before adjustment Ebitda before adjustment

19 Mobile - Key revenue drivers performance Subscriber base (EOP, 000 s) Net Additions ( 000 s) (%) YoY growth 15.0% 7.1% -1.6% -4.0% 4,579 4,836 5,048 5,193 5,267 5,177 4,967 4,986 3,549 3,783 3,975 4,113 4,198 4,118 3,913 3, ,030 1,053 1,074 1,081 1,069 1,059 1,054 1,059 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 ARPU 1 (EUR) Q08 2Q 08 3Q08 4Q08 1Q09 2Q 09 3Q09 4Q09 1Q08 2Q 08 3Q08 4Q08 1Q09 2Q 09 3Q09 4Q09 Postpaid Prepaid Blended 1 Pro forma unaudited ARPU figures in accordance with IFRS, including revenues from foreign roamers 18

20 Fixed (Tellas) - Key revenue drivers performance Subscriber base (EOP, 000 s) Net Additions ( 000 s) (%) YoY growth 1.0% -8.5% -3.6% -3.2% Q08 2Q 08 3Q08 4Q08 1Q09 2Q 09 3Q09 4Q09 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 ARPU 1 (EUR) Q08 2Q 08 3Q08 4Q08 1Q09 2Q 09 3Q09 4Q09 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 Indirect Direct Blended 1 Pro forma unaudited ARPU figures in accordance with IFRS 19

21 WIND Hellas Balance Sheet Balance sheet (in M) Dec 08 Dec 09 Assets: Property, plant and equipment Intangible assets 1, ,691.1 Financial assets Deferred tax assets Total Non-current Assets 2, ,411.6 Inventories Trade receivables Financial assets Current tax assets Other receivables Cash and cash equivalent Total Current Assets Total Assets 2, ,743.6 Shareholders equity and Liabilities Shareholders equity: Issued capital Share premium reserve Reserves Retained earnings (1,247.9) (366.7) Total Equity (1,217.3) 38.5 Liabilities: Financial liabilities 3, ,908.2 Employee benefits Provisions Other non-current liabilities Deferred tax liabilities Total Non-current liabilities 3, ,104.0 Financial liabilities Trade payables Other payables Tax payables Total Current liabilities Total Liabilities 4, ,705.1 Total Shareholders equity and Liabilities 2, ,

22 WIND Hellas Cash Flow Statement Cash Flow Statement (in M) 1Q 09 2Q 09 3Q 09 4Q 09 FY 2009 EBITDA Change in Net Working Capital (13.1) (23.9) (20.6) 46.5 (11.1) Cashflow from Operations Capex (16.0) (31.3) (27.3) (56.2) (130.8) Unlevered pre tax cash flow Cash Interest (58.5) (66.1) (55.2) (37.5) (217.2) Taxes (1.4) (1.4) (1.4) (1.4) (5.6) Capital injection Free cash flow/ (Financial Need) (12.9) (40.6) (6.1) Increase/(Decrease) in Gross Debt (1.5) (3.3) 45.2 Change in cash (14.4) 9.4 (6.1) Cash BoP Change in cash (14.4) 9.4 (6.1) Cash EoP

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