Hellenic Telecommunications Organization Q4 2020 Results February 2021 Disclaimer

OTE Hellenic Telecommunications Organization Q4 2020 Results February 2021 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.

In addition to figures prepared in accordance with IFRS, OTE also presents alternative performance measures, including, among others, EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted free cash flow, net debt, adjusted net debt, Capex and adjusted Capex. These alternative performance measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with IFRS. Alternative performance measures are not subject to IFRS or any other generally accepted accounting principles. The purpose and calculations of all ‘Adjusted’ data and the Alternative Performance Measures presented are detailed in the Alternative Performance Measures Section in the Quarterly Press Releases.

All figures (apart from Balance Sheet of 2019) adjusted to reflect only continuing operations; Albanian operations treated as discontinued operations in 2019. Telekom Romania (TKR) operations along with certain significant commercial transactions (MVNO agreement and handset sales) between TKR and Telekom Romania Mobile (TKRM) have been classified as held for sale and have been treated as discontinued operations in 2019 and 2020.

https://www.cosmote.gr/fixed/en/corporate/ir/financial-results/financial-statements-of-ote-group-and-ote-sa

OTE | Q4 2020 RESULTS 2 Key Developments

The announced OTE has entered OTE continues to COSMOTE became OTE renewed for spin-off of Greek into an agreement invest in its the first mobile The voluntary exit the 2021 to 2024 frontline to sell its 54% network operator in schemes (VES) seasons rights to operations into stake in Telekom superiority and is Greece to launch implemented in broadcast UEFA specialized rolling out FTTH 5G services Romania 2020 adopted by  Champions standalone entities Communications infrastructure in following new areas as the successful  >1,300 people League  Customer S.A. (Fixed) to demand for high spectrum auction bolstering the  Europa Service Orange Romania. The agreed speed services is in December 2020. agility and League  Shops consideration is constantly COSMOTE renewed responsiveness of  Europa increasing and was granted our whole  Technical €497m for Conference  blocks in: organization. Field 100%  >300k League Operations households  700 MHz The annual savings was completed  €268mn for are estimated to by 2020 year  2 GHz raising the OTE’s stake end reach effectiveness,  3400-3800 The transaction is  c.500k  c. €60mn efficiency and MHz expected to be households agility of the completed within by the end of  26 GHz Group H2 of 2021 2021 Frequency bands for a total of €123mn

OTE | Q4 2020 RESULTS 3 Q4/FY 2020 Highlights

Solid FY performance in an unprecedented environment; Numerous initiatives to bolster +2.9% -0.1% -2.3% -1.3% future performance Group revenue Total revenues

Mobile service revenues down 2.5% in Q4;improving trends Fixed retail positive on sharp broadband growth, fueled by fiber FY 2020 Group Adj. EBITDA (AL) down just 0.5% -5.8% -0.5% offsetting drastic travel and mobility Group Adj. EBITDA (AL) restrictions -0.8% -1.0% Adj. EBITDA (AL) €255mn €656mn Down 1.0% in FY at 1,199mn despite the hit to roaming Adj. FCF in Q4’20, up nearly €100mn from Adj. FCF Q4’19

FY 2020 reported Free Cash Flow ahead of €413mn guidance at €413mn -29.8% -9.2% FY FCF Total revenues Revenues were down 29.8% in Q4 primarily reflecting one- off elements and 9.2% in FY 2020 20% increase in shareholder return for 2021 €480mn (+20%)  Proposed Dividend: €0.68 per share Shareholders Remuneration  €167mn estimated share buyback -4.8mn +24.5mn

A significant decrease in visitors roaming of Adj. EBITDA (AL) COVID-19 €28mn as well as a pressure in mobile service Significant increase in Adjusted EBITDA (AL), up 33.9% in revenues and TV segment the FY 2020 despite special items recorded in Q4

OTE | Q4 2020 RESULTS 4 Financial Review

OTE | Q2 2020 RESULTS 5 KPIs and Group Overview

Revenues €849mn €3,259mn Romania Revenues Revenues (yoy -2.3%) (yoy -1.3%) Greece, 90% Romania, 10% €295mn €1,224mn Adj. EBITDA (AL) Adj. EBITDA (AL) (yoy -5.8%) (yoy -0.5%) Adj. EBITDA (AL) Greece €162mn €544mn Greece, 98% Adj. Capex Adj. Capex Romania, 2% (yoy +13.2%) (yoy -0.4%) €255mn €656mn OTE Group is the largest telecommunications Shareholders* Adj. FCF Adj. FCF provider in the Greek market and one of the (yoy +64.2%) +99.7mn (yoy +38.5%) leading telecom groups in Southeast Europe with presence in Greece and Romania. OTE is among DT, 46.9% the largest listed companies in the Athens Stock Hellenic €6.2bn Exchange. State, 5.5% Freefloat, 45.3% Market Cap As at 31 December 2020 Own Shares, 2.3%

*Hellenic State includes the direct participation of EFKA (4.5%) in OTE. OTE | Q4 2020 RESULTS 6 Capex

Adjusted Capex (€mn) FY’20: -€3mn or -0.4%

180 25.0%

600 20.0% 162 547 544 550 160 151 550 19.0% 143 131 20.0% 140 500 18.0%

120 450 17.0% 19.0% 99 19.1% 15.0% 400 16.0% 100 16.5% 17.2% 16.6% 16.7% 350 15.0% 80

10.0% 300 14.0%

60 11.7%

250 13.0%

40 5.0% 200 12.0%

20 150 11.0%

100 10.0% 0 0.0% FY 2019 FY2020 FY 2021 Guidance Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 as % of sales as % of sales Per Country (€mn)

• Focus on technological superiority • FTTH footprint by end of December >300k households and Q4’20 businesses with plans to reach c.500k by the end of 2021 • Fiber connections upgraded to offer speeds of 100 Mbps or Greece: €145mn more to the majority of our network Romania: €17mn • 5G: The Company plans to reach population coverage of approximately 50% by the end of 2021 and coverage of the Greece, 89% nationwide highway system by 2023 Romania, 11%

OTE | Q4 2020 RESULTS 7 Cashflow

Adjusted FCF (€mn) QQ4’194’20: :+64.2%+64.2%yoy yoy

1,200 1,125 418 1,020 299 656 255 474 575 155

(547) (544) (550)

(143) (162) FY 2019 FY2020 FY 2021 Guidance Q4'19 Q4'20

Adjusted Capex Adj. Net operating CF Adj.FCF Adjusted Capex Adj. Net operating CF Adj.FCF

Reported FCF (€mn) +16.4%

151 480

413 413

FY 2019 FY2020 FY 2021 Guidance Q4'19 Q4'20

OTE | Q4 2020 RESULTS 8 Shareholder Remuneration Policy

Dividend per Share (€) Shareholder Remuneration Policy 0.68 100% 0.55 FCF Distribution through a combination of dividends and 0.46 share buybacks +24% 65%/35% Targeted split between dividends and share buybacks FY 2018 FY 2019 FY 2020 €0.68 The Board of Directors of OTE will propose to the Company’s Annual Total Payout (€mn) General Meeting of the Shareholders the distribution of a dividend of Euro 0.68

480 10,826,389 (2.3% of share capital) 400 shares were acquired during the period March 4, 2020 and 342 Total: €480mn December 31, 2020 under the 2020-2022 share buy back +20% program Dividend: €313mn

SBB: €167mn 9,965,956 shares were canceled and delisted from the ATHEX on January 15, 2021 FY 2018 FY 2019 FY 2020

OTE | Q4 2020 RESULTS 9 Debt and Liquidity Profile

Leverage (€mn) (IFRS amounts)

0.9x 0.8x 0.9x 0.7x 0.7x 0.6x 0.8x 0.8x Adjusted Net Debt/EBITDA

2,478 2,382 2,149 2,142 2,110 2,039 1,731 1,556 1,148 1,182 1,012 1,046 930 848 1,032 1,034 • Adj. Net Debt stood at €1,034mn

(700) (522) • Adj. Net Debt/EBITDA (AL) (1,001) (1,129) (1,297) (1,064) (1,109) stood at 0.8x (1,534) Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20

Gross Debt Cash and other financial assets Adj Net Debt

Debt Maturity Profile (€mn) (Nominal amounts)

Bonds €200mn €400mn €500mn 2021 200 29 229 2021 Bond (Jun) 2022 Bond (Jul) 2026 Bond (Sep) 1.047% 2.455% 0.905%

2022 400 23 423 Loans €104mn €6mn 2023-2026 500 58 558 EIB BANCA TRANSILVANIA COSMOTE TELEKOM ROMANIA MOBILE Bonds Loans

EIB: European Investment Bank OTE | Q4 2020 RESULTS 10 Greece

OTE | Q2 2020 RESULTS 11 Greece – Financial Overview

Total Revenues (€mn) Adj. EBITDA (AL) (€mn)

41.2% 2,943 2,940 840 30.0% 40.8% 771 778 43.7% 41.2% 42.7% 790 25.0% 40.5% 40.3% 40.0% 40.8% 763 450 38.6% 756 1,212 1,199

720 35.0% 740 20.0% 697 707 692 400 337 690 15.0% 350 326

302 300 25.0% 283 290 288 285 640 10.0% 300 2.2% 2.6% 2.9% 590 5.0% 250 1.7% 1.2% 1.4% 15.0% -1.1% 540 -3.8% 0.0% 200 5.1% 3.9% 2.0% 0.8% 0.6% 5.0% 150 -0.8% 490 -5.0% -1.7% -3.3%

100 440 -10.0%

-5.0%

50 390 -15.0%

0 -15.0% 340 -20.0% FY 2019 FY 2020 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 FY 2019 FY 2020 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20

yoy change % Adj. EBITDA (AL) yoy change % Margin % Adjusted Capex (€mn)

500 488 490 30.0% • Total revenue up 2.9% supported by:

200 50.0%

25.0% 480

180 45.0%

20.0%  Strong increase in ICT revenues by 14%

460 160 148 145 40.0% 15.0% 139

140 129 35.0%  Increase in wholesale revenues by 4.7% 440 16.6% 16.7% 10.0% 116 118

120 30.0% 420 5.0% 95  Growth in Fixed retail services by 0.6% 100 88 25.0%

0.0% 400 80 20.0% offsetting the decline in mobile service revenues -5.0%

380 60 20.6% 15.0% 19.7% 18.7% -10.0% 16.7% 17.0% 17.0% 40 10.0% • Adjusted EBITDA (AL) down 0.8%, yielding a margin of 38.6%,

360 -15.0% 12.3% 11.5% 20 5.0% due to special COVID-19 initiatives affecting personnel costs

340 -20.0%

0 0.0% FY 2019 FY 2020 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 as % of sales

OTE | Q4 2020 RESULTS 12 Greece – Financial Overview

Retail Fixed Revenues (€mn)

20.0%

936 938 15.0% 261 231 233 237 234 234 231 237 236 10.0%

211 5.0% • Retail fixed service revenues were up by 0.6% on sharp broadband growth, fueled by fiber offsetting 2.8% 2.8% 0.0% 1.8% 1.4% 1.3% 161 0.0% 0.6% pressure on the TV segment resulting from Covid- -0.9% -5.0% related shut-down of cafés and restaurants

-10.0%

111

-15.0%

61 -20.0% FY 2019 FY 2020 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20

yoy change % Mobile Service Revenues (€mn)

20.0% 311 • Mobile Service revenues were down 2.5%, a significant 955 15.0% improvement in trends driven by: 914 265

261 239 244 10.0% 236 230 o lower visitors and outbound roaming 222 215 218 5.0% 211 5.9% o cuts in termination rates of over 30% 3.0% 3.3% 0.0% (implemented early in 2020) 1.2% 2.0%

161 -5.0% -2.5% • On a retail basis and excluding visitor roaming, mobile

-10.0% -8.1% service revenues would have been down by less than 111 -8.8% -15.0% 1.0%

61 -20.0% FY 2019 FY 2020 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 yoy change %

OTE | Q4 2020 RESULTS 13 Greece – Fixed KPIs

Fixed Voice Market Evolution (000) OTE Fixed Lines at 2,684k

4,785 4,783 4,772 4,797 4,806 4,836 4,829 4,852 45% 44% 44% 45% 45% 45% 45% 45% 45% 45%

45% 45% 44% 45% 44% 45%45% 45% 45% 45% 45% 45% 45%45% 45%45% 45% 45% 45%

55% 56% 56% 55% 55% 55% 55% 55% 55% 55%

55% 55% 55% 56% 56% 55%55% 55% 55% 55% 55% 55% 55%55% 55%55% 55% 55% 55%

Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 OTE Market Share Competitors Market Share

Net Additions (000) OTE additions +20k 30 24 23 11 3 16 9 6 19 20 5 9 8 5 -02 -4 -6 -10 -2 -1 -1 -7 -11

Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20

OTE Competition Total Fixed Line Market

OTE | Q4 2020 RESULTS 14 Greece – Broadband KPIs

Broadband Market Evolution (000) OTE Broadband Lines Market Penetration at 2,145k

4,191 4,216 4,263 120% 3,987 4,017 4,042 4,095 4,134

100% 88% 83% 84% 85% 85% 86% 87% 87%

80% 52% 51% 51% 51% 51% 50% 50% 50% 77% 78% 79% 80% 60% 73% 74% 75% 76%

40%

48% 49% 49% 49% 49% 50% 50% 50% 20%

0% Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20

OTE Market Share Competitors Market Share OTE Penetration Market Penetration

Broadband Net Additions (000) FMC B2C* Penetration (000)

57 53 54% 55% 50% 46 49% 13 44% 46% 41% 17 39 5 37% 32 30 8 25 25 8 1 6 44 37 41 30 30 24 24 18

Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20

OTE Competition Total Broadband Market

*B2C Broadband lines OTE | Q4 2020 RESULTS 15 Greece – Fiber Services

Fiber Subscribers (000) Fiber Subscribers additions (000)

70 945 60 59

950 886 100.0% 60 840 54 53 787 850 742 90.0% 49 47 695 50 45 46 750 646 80.0%

650 586 70.0% 40

550 60.0%

30 450 50.0%

350 40.0% 20

250 44.5% 30.0% 43.9% 44.0% 39.6% 10 150 34.5% 20.0% 30.2% 27.5% 27.4% 50 10.0% 0

-50 0.0% Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20

yoy change %

Fiber Penetration • Penetration of high-speed Fiber Broadband service at 44% of 44% 42% retail broadband base 40% 39% 37% 35% • At December 31, over 300k households and businesses had 33% 30% access to OTE’s FTTH network with plans to reach c.500k by the end of 2021 • Fiber Net additions at 59k • 14% of OTE fiber broadband customers enjoy speeds of 100 Mbps or more comparing to 7% one year ago • Fiber coverage >71%

Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20

OTE | Q4 2020 RESULTS 16 Greece – COSMOTE TV

TV Subscribers (000)

700 100 575 600 563 563 540 544 549 555 557 80

500 60 • +3.7% yoy increase in Customer base 400 40 • UEFA Champions League and Europa League TV rights 300 20 renewed for 2021-2024

200 12 0 3 5 6 7 • OTE continues to leverage its new OTT platform to -2 2 0 100 -20 strengthen its consumer offering

0 -40 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20

TV net additions

TV Market

• Exclusive premium content through PayTV offerings PAY-TV PENETRATION % • Despite low penetration levels – TV market segment shows signs of maturity

• OTT players gain traction Q4’20 c.26.5%

OTE | Q4 2020 RESULTS 17 Greece – Mobile KPIs

Data Revenues (€mn) 47% of Mobile Service Avg.Data usage* (GB) Q4'20: +40% yoy Revenues

108 109 110 101 45% 5.0 4.5 96 97 100 4.4 4.5 86 40% 3.8 90 4.0 3.6 76 35% 3.5 3.1 3.2

70 30% 3.0 32% 32% 2.4 25% 2.5 2.1 50

20% 2.0

22% 1.5 30 21% 15% 19% 18% 1.0 10%

0.5 10 13% 11% 5% 0.0 -10 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 0% Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20

yoy change %

Total Subscribers (000) Q4'20: -5.9% yoy

• +46% in Data Traffic of Handset Internet

7,703 7,630 7,533 7,395 7,343 7,208 7,112 6,959 • 4G, 4G+ coverage: 99%, 96%

5,131 5,012 4,895 4,742 4,672 4,504 4,390 4,245 • +3% in Data Handset Internet users

• Penetration in HI Data Users at 71% 2,571 2,617 2,638 2,654 2,672 2,705 2,723 2,714 • Average data usage up +40 % at 4.5 GB per subscriber Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20

Postpaid Prepaid

*Handsets Internet Data Usage/GB of use per HI subscriber OTE | Q4 2020 RESULTS 18 Greece – Digitalization

Smartphone penetration (%)

90% 76% 76% 80% 74% 75% 75% 70% 71% 72%

70%

60%

50% COSMOTE app was downloaded by 3.3mn users by end of

40% +2pp 30% the quarter. It was further boosted during the quarter

20%

10% and became the major digital contact point with the

0% Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 customer. It includes features like:

• Mobile data bundle subscription renewal, bill payment, and ordering functionality for additional OTE services COSMOTE Apps Active users penetration* (%) • Remote Wi-Fi router management, parental control

100% features and management of short-digit premium 90% 82% 85% 76% 79% 78% 80% 66% 67% value-added services 70% 65%

60%

50% The push towards digitalization is driving a new wave of +9pp 40% transformation and increasing operational efficiencies 30%

20%

10%

0% Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20

*Penetration as % of Smartphone users OTE | Q4 2020 RESULTS 19 Strategy

OTE, THE LEADING DIGITAL TELCO: THE 6 PILLARS OF OUR STRATEGIC PLAN

DIGITALIZATION, GROWTH TECHNOLOGY BEST CUSTOMER REVENUE LEAD IN SIMPLIFICATION AND MINDSET AND SUPERIORITY EXPERIENCE TRANSFORMATION CORE BUSINESS COST OPTIMIZATION CULTURE

• Optical Fiber • Digital Transformation • ICT projects • Leverage COSMOTE • Digital Transformation • Evaluation of new Networks (FTTH) @Customer: • Public & Private brand superiority @Company & working models • 50% population • Οmni-channel Sectors: EU Projects • Upgrade customers @Network (Agile, Work from coverage in 5G • Extended • Cloud / Microsoft to higher speeds on • Lean and agile home) • Digitilize Network functionalities in apps partnership Fixed and more data operating model (spin- • Re-skilling / Upskilling field tasks • Service enhancements • IoT Smart Cities- on Mobile offs, outsourcing) in new digital skills • Improvements in IT in O2B and F2R Verticals • Enhancements on • Cost efficiency • Culture of growth and systems • Online Sales • Develop COSMOTE FMC and FMCC programs innovation propositions • Digital predictive Insurance/BOX • Synergies with DT maintenance @Network • Launch e-Payment • COSMOTE TV growth Group services and online • Wholesale fiber betting Monetization

OTE | Q4 2020 RESULTS 20 Digital Transformation

Our goal: to be the leader for Digital Transformation in Greece and a role–model in Europe with superior Customer Experience & Operational Efficiency

Digital Interplay Digitalize Service Processes Simplify Portfolio

• One App primary touchpoint • Order2Bill: self-service • Simplify Product & Tariff for all customer ordering portfolio interactions • Faullt2Repair: self-service • Simplify customer journeys • Boost online sales fault handling • Converged & simplified IT stack • Contextual digital campaigns

Simplification Autonomous Network Operation Digitalize Field Service

• Decommissioning of legacy • Predictive Maintenance • Autonomous Field Service platforms • AI @ Network • Field technicians digitalization

Internal Interactions Digital Processes Digital Culture & Skills

• Enterprise Mobile App for • Processes simplification & • Growth mindset employees automation • Digital Skills & Learning • Tools for collaboration • Digitalized & unified • Innovation culture workflows • Digital Signatures

OTE | Q4 2020 RESULTS 21 Mobile Network Superiority in Greece

Best in Test” certification, for sixth COSMOTE Fastest Mobile Network for 8th consecutive year, for its mobile internet and consecutive time voice services in Greece

OPERATOR OPERATOR

51.39 2XSPEED 25.62 in Big Cities 3XSPEED 28.49 On main roads

AVERAGE DOWNLOAD SPEED (MBPS) AVERAGE UPLOAD SPEED (MBPS) AVERAGE LATENCY (MS)

COSMOTE 50.13 COSMOTE 14.40 OPERATOR 3 29

OPERATOR 2 30.49 OPERATOR 2 13.18 OPERATOR 2 28

OPERATOR 3 27.34 OPERATOR 3 10.64 COSMOTE 28

OTE | Q4 2020 RESULTS 22 SRI Indices and Ratings

OTE, as of December 2020, has been ranked as In 2020, OTE maintained its B- rating and OTE, since 2008, fulfills all requirements and one of the top performers in the Vigeo Eiris Best kept its status as a "Prime" company, a is a member of the FTSE4Good Index Series. Emerging Markets Performers ranking (the 100 title awarded to companies-leaders of OTE is one of the nine companies in Greece, most advanced companies in its Emerging each sector by ISS-oekom research, in included in the FTSE4Good Emerging Index. Markets universe), for the second consecutive recognition of OTE’s negotiable bonds and In 2020, OTE achieved an ESG rating of 4.2 year. In 2020, OTE achieved an ESG rating 63 shares qualify for responsible investment. (out of five) (out of 100)

In 2020, following MSCI ESG Research’s Since 2010, OTE has been participating in the As of January 2021, OTE Group has been assessment, OTE achieved an ESG rating of CDP on Climate Change by communicating the included in the 2021 Bloomberg LP BBB. required COSMOTEinformation to its platform. In the 14.40 Gender-Equality Index (GEI), one of the 2020 evaluation, OTE maintained its ‘B’ most profound business indexes, in terms (Management) rating, putting it above the of equality and initiatives promoting the average of all companies in the sector position of women in the work environment.

OTE | Q4 2020 RESULTS 23 Environmental Targets 2021

OTE Group commits to DT Climate Change Targets: • 90% Reduction for direct and indirect emissions (2017-2030) • 100% Renewable electricity (from 2021) • 25% Emission reduction per customer for value chains emissions (2017-2030)

Retain: • 0% use of plastic bottles • 0% use of plastic cups • 0% use of straws Reduce to: • 0% plastic food containers & single use cutleries

• > 75% reuse/recycle of total waste generated (2021) • Zero waste from ICT services to landfill (2021)

• FSC paper bags in Retail network (2021)

• Commit to new “4 year paper reduction target” (54% reduction 2020 Vs 2016)

OTE | Q4 2020 RESULTS 24 Romania

OTE | Q2 2020 RESULTS 25 Romania – Financial Overview

Total Revenues (€mn) Adj. EBITDA (AL) (€mn)

7.0% 9.3% 8.5% 6.7% 17.4% 386 120 30 4.7% -5.7% 120 350 25 96 25 100 91 84 16 79 20 18

80 11 15 60 8

10 40 5

0 FY 2019 FY 2020 FY 2019 FY 2020 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 -5 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Adj. EBITDA (AL) Margin % Adjusted Capex (€mn)

59 20 50.0% 60 30.0% 54 17 18 45.0% • Total revenues down by 29.8% in Q4’20, partly reflecting the high 50 25.0% 16 15 40.0% 13 comparable base in Q4’19 resulting from certain ICT projects 14 12 35.0% 40 20.0% 11 12 30.0% • For the FY 2020 revenues were down by 9.2% 10 25.0% 30 15.0% 15.3% 15.4% 8 20.0% • Adjusted EBITDA (AL) grew 33.9% in FY2020, as a result of the 20 10.0% 6 20.3% 15.0% cost-reduction initiatives implemented throughout the year, 4 16.9% 10.0% 10 5.0% 12.4% 12.8% 12.5% 2 5.0% notably in personnel, down 25.2% and other indirect costs

0 0.0% 0 0.0% FY 2019 FY 2020 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20

as % of sales

OTE | Q4 2020 RESULTS 26 Romania – Financial Overview

Mobile Service Revenues (€mn)

254 231

60 59 58 57 56

FY 2019 FY 2020 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20

• Mobile Service revenues were down 6.8%, an improvement compared to the previous two quarters • The drop largely reflects:  the negative impact of lower regulated mobile termination rates

 the impact of COVID-19 on roaming revenues • While the competitive landscape should remain intense, Telekom Romania Mobile’s situation is expected to stabilize in 2021, supported by upcoming tariff increases

OTE | Q4 2020 RESULTS 27 Romania – Mobile KPIs

Data Revenues (€mn) Data Revenues as % of Service Revenues

30 26

25 23 22 21 22 42.9% 39.8% 39.2% 37.3% 36.9% 20

0 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20

Total Subscribers (000)

4,040 3,861 3,758 3,695 3,643

2,490 2,317 2,185 2,092 1,995

1,577 1,592 1,644 1,690 1,648

Q4'19 Q1'20 Q2'20 Q3'20 Q4'20

Postpaid Prepaid

OTE | Q4 2020 RESULTS 28 Thank you

OTE | Q2 2020 RESULTS 29