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Investor Presentation Investor presentation August 2019 1 DISCLAIMER This document and its contents are confidential and may not be reproduced, redistributed, published or passed on to any other person, directly or indirectly, in whole or in part, for any purpose. If this presentation has been received in error it must be returned immediately to Česká telekomunikační infrastruktura a.s. (the “Company"). This document and any question and answer session that follows the oral presentation do not contain all of the information that is material to an investor. By attending the meeting where this presentation is made, or by receiving and using this presentation and/or accepting a copy of this document, you agree to be bound by the following limitations and conditions and, in particular, will be taken to have represented, warranted and undertaken that you have read and agree to comply with the contents of this disclaimer including, without limitation, the obligation to keep this document and its contents confidential. This presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of, or located in, any locality, state, country or other jurisdiction where such distribution or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. THIS PRESENTATION IS NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, INTO THE UNITED STATES. This presentation and the information contained herein are not an offer of securities for sale in the United States. The Company’s securities and any guarantee thereof may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”). The Company does not intend to register any portion of the offering of its securities, or any guarantee thereof, in the United States or to conduct a public offering of any securities in the United States. This presentation is not for publication, release or distribution in Australia, Canada or Japan. This communication is directed solely at (a) persons who have professional experience in matters relating to investments falling within article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the ‘‘Order’’) or (b) high net worth entities falling within article 49(2)(a) to (d) of the Order, and other persons to whom it may be lawfully communicated, falling within article 49(1) of the Order (all such persons together being referred to as ‘‘relevant persons’’). Any person who is not a relevant person should not act or rely on this document or any of its contents. Any investment activity to which this communication relates will only be available to and will only be engaged with relevant persons. Any person who is not a relevant person should not act or rely on this communication. This presentation does not constitute or form part of, and should not be construed as, an offer or invitation to sell securities of the Company, or the solicitation of an offer to subscribe for or purchase securities of the Company and nothing contained herein shall form the basis of or be relied on in connection with any contract or commitment whatsoever. Any decision to purchase any securities of the Company should be made solely on the basis of the final terms and conditions of the securities and the information to be contained in the prospectus or equivalent disclosure document produced in connection with the offering of such securities. Prospective investors are required to make their own independent investigations and appraisals of the business and financial condition of the Company and the nature of the securities before taking any investment decision with respect to securities of the Company. The prospectus (or equivalent disclosure document) may contain information different from the information contained herein. The information in this presentation has not been independently verified. This presentation contains forward-looking statements, which include all statements other than statements of historical facts, including, without limitation, any statements preceded by, followed by or including the words “targets”, “believes”, “expects”, “aims”, “intends”, “may”, “anticipates”, “would”, “could” or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause the Company’s actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which it will operate in the future. These forward-looking statements speak only as at the date of this presentation. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any of such statements are based. 2 Contents 1. Introduction to CETIN and PPF Group 2. 1H2019 operating and financial results 3. Debt overview and financial policy 4. Summary: key credit highlights Appendix 1. CETIN vs. telecom and infrastructure players 3 CETIN Highlights Largest Czech provider of mobile and fixed telco infrastructure CETIN AT A GLANCE KEY FIGURES . Domestic market champion with unparalleled fixed, mobile and transit . 4.5m households (90% of all Czech households) infrastructure networks . 20m km metallic cables . Key partners - O2 Czech Republic, the Czech incumbent operator, FBB . 42,000 km fibre optic cables and T-Mobile Czech Republic . Unique resilient business model as a telecom infrastructure-only operator . More than 6,000 sites underpinned by solid commercial agreements . 99.6% population coverage (4G/LTE) Mobile . 98.2% country coverage . Stable profitability, robust balance sheet and strong free cash flows with efficient cost base and stable capex . Biggest B2B data service provider in Czech Republic . More than half of EBITDA secured by long-term take-or-pay contracts for Data mobile, fixed and data centres services 1H 20191 1H 2018 y-o-y . 100% owned by PPF Group (one of the largest well diversified investment Revenue2 CZK 8,869m CZK 9,924m -11% Group in CEE with strong focus on telecom) Gross margin CZK 5,816m CZK 5,759m +1% EBITDA CZK 4,219m CZK 3,763m +12% COMPANY HISTORY EBITDA margin 48% 38% +10p.p. From state telecom to a modern independent operator Cash conversion rate3 40% 46% -6 p.p. GROSS MARGIN BREAKDOWN BY SEGMENTS as of 1H2019 . SPT Telecom established from former state telco company, 1 1989 operating fixed networks; later becomes ČESKÝ TELECOM Fixed 38% B2B fixed data services 1991 . EuroTel, the first Czech mobile operator has been established 16,0% . Telefónica acquires a majority stake in ČESKÝ TELECOM from the Financials 2005 Czech state Key Key International . Rebranded to Telefónica O2 Czech Republic, EuroTel merged with transit 2006 Other ČESKÝ TELECOM 3,0% Mobile 2,0% 2014 . PPF acquired 65.9% of Telefónica O2 Czech Republic and 41% increases its shareholding to 84.1% . Moody’s Baa2 (negative) 2015 . A first ever voluntary separation – spin off from O2 . FitchRatings BBB (stable) 2.61x . Eurobond EUR 625m, due 2021, 1.423% p.a. Net 2016 . PPF became the sole shareholder . Eurobond EUR 191m, due 2023, 1.25% p.a. Leverage4 Source: Cetin's Interim Consolidated Financial Statements for period ended 30 June 2019 [1] 2019 figures include impact of IFRS 16 [3] Cash conversion rate = Free Cash Flow / EBITDA [2] 30-40% of total revenue is International voice transit revenue of CZK 3.0bn/4.2bn (1H2019/1H2018) with [4] Using LTM EBITDA, excluding IFRS 16 impacts 4 gross margin around 5%, contributing only CZK 171m/159m of gross margin PPF Group is an international investment group founded in 1991 in Czechia 47.337,9 billionbillion EUR EUR 7,38.3 billion billion EUR EUR 0,6 billion1.1 EUR billion EUR 16022 ths. totaltotal assets assets*1 equity*equity1 net income* net income1 employeescountries1 PPF GROUP OPERATES IN 23 COUNTRIES EQUITY BY SEGMENT1,2 Other 18% Financial Machinery Services 5% 46% Real Estate 12% Diverse business activities encompassing banking and financial services, Telecommunications telecommunications, biotechnology, insurance, real estate, and agriculture 19% SHAREHOLDERS Petr Kellner Ladislav Bartoníček Jean-Pascal Duvieusart Founder and majority shareholder CEO of PPF Arena 1 Member of Board of Directors of Home Credit and PPF Real Estate 98.93 % 0.535 % 0.535 % [1] Assets as of 30 June 2019, equity attributable to owners of the parent as of 30 June 2019, net income attributable to owners of the parent for the period of 12 months up to 30 June 2019, number of employees as of 30 June 2019 [2] Excluding Unallocated segment 5 Source: PPF Group Financial Statements for 1H2019 1H2019: sustainable growth Stable earnings, driven by high profitability of domestic network services REVENUE BY SEGMENTS EBITDA in CZKbn in CZKbn -10.6% total +12% total 9,92 YoY YoY 8,87 4,2 3,8 IFRS 16 4,16 0,4 3,03 International transit 0,1 0,1 International transit - - Domestic services Domestic services 3,7 +2% 3,7 5,76 +1.3% 5,84 YoY YoY 1H 1H 1H 1H 2019 2019 2019 2019 DOMESTIC REVENUES EBITDA MARGIN +1.3% total +7 pp in CZKbn in % +7 pp YoY 5,84 YoY 5,76 YoY 80% 71% incl. IFRS 16 incl. IFRS 16 Domestic services 2,33 +4.2% 2,43 60% 64% +0.0+0.0 pp pp 64% Domestic services YoY YoY - - Mobile services YoY Total incl. 40% Total incl.
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