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O2 Czech Republic O2 Czech Republic Investor Presentation February 2016 CAUTIONARY STATEMENT Any forward-looking statements concerning future economic and financial performance of O2 Czech Republic a.s. contained in this Presentation are based on assumptions and expectations of the future development of factors having material influence on the future economic and financial performance of O2 Czech Republic a.s. These factors include, but are not limited to, public regulation in the telecommunications sector, future macroeconomic situation, development of market competition and related demand for telecommunications and other services. The actual development of these factors, however, may be different. Consequently, the actual future results of economic and financial performance of O2 Czech Republic a.s. could materially differ from those expressed in the forward-looking statements contained in this Presentation. Although O2 Czech Republic a.s. makes every effort to provide accurate information, we cannot accept liability for any misprints or other errors. 2 1 Market position 2 Separation project 3 Growth opportunities 4 Commercial model 5 Operating model 6 Strong financial performance & position 3 The leading digital economy enabler in the Czech Republic… …and the fastest growing operator in Slovakia • 4,896k Mobile • 1,809k Mobile • 840k fixed voice lines • 795k xDSL • 202k IPTV • Leading fixed/mobile operator • No. 3 mobile (26% m.s.), the fastest growing • Fastest growing Pay TV provider • Voted “Operator of the Year” for the 5th • Leading fixed BB provider consecutive year by customers • Revenues +9%, EBITDA +23% Figures as of 31st December 2015 (KPIs), FY 2015 (financials) 4 O2 Czech Republic Group structure Czech Republic Slovakia Group TV Family IT Services Other [1] [1] O2 CR branch in Slovakia,Tesco Mobile CR, Internethome,, ICA 5 Fundamental rationale for separation… …transaction follows three simple goals 1. Streamlining the • Vertically integrated O2 CR incorporates two businesses business different in nature: digital economy enabler (“O2”) and infrastructure unit (“CETIN”) • Each require different management approach and goals • Different investment policy and horizon to be followed to maximize shareholder value 2. Easing of • Second strictest regulatory remedy voluntarily to be delivered by regulation CETIN in the new set-up • Freeing up the business from numerous negative consequences of current semi-regulated environment (naked TV, fixed/mobile voice bundles for corporate customers) 3. Financial • O2 and CETIN risk profiles may diverge in the future and funding consequences options correspondingly • CETIN has longer term visibility, while new O2 can accelerate execution of its strategy 6 Commercial relationship with CETIN established… …PPF will not request financial assistance from O2 . Two independent companies since 1 June, CETIN key vendor of O2 O2 CR x . Commercial relationship established… CETIN . … 12 main business contracts on commercial as well as regulated basis relationship . Fixed – based on reference price, commitment 80% of current FBB customer base . Mobile – open book principle @ CZK 4.4 bn. for 7 years . PPF Group declared that it will not intend to withdraw O2 shares from the stock market, is not interested to increase its effective ownership interest in O2, will not seek to squeeze out minority shareholders and, conversely, intends Listing on Stock to support an increase in liquidity and free-float Exchange Voluntary buy- . In November, PPF sold 0.84% stake in O2, as a one-off decision out offer . PPF will support all proposals by management of O2, which will result in long-term increase in the fundamental value of O2 shares . PPF Group declared that it considers O2 as financial investment O2 CR x PPF . O2 is not considered as part of PPF Group relationship . PPF does not interfere with daily management of O2 and O2 does not pay any management fee to PPF 8 O2 is in business with increasing demand… …while the other sectors experience the opposite trend Electricity consumption in CR[1] Electricity consumption per head in CR[1] 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 O2 data[2] consumption O2 data[2] consumption per customer 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 [1] source: ERU [2] mobile data only 9 Stabilizing traditional business… … with clear growth opportunities Mobile spend [1] Data penetration [2] EU 75% CZ Flat & Data 48% 1Q13 3Q13 1Q14 3Q14 1Q15 3Q15 Source: ITU Pay TV penetration in CZ Pay TV penetration in PL, HU Free 25% Paid Pay TV 80% [1] Mobile consumer contract spend, [2] Mobile data penetration 9 Our mobile strategy works… … two digit growth in data revenue Contract churn Netherlands Our customers are loyal Germany . Significant improvement in blended churn… UK . … record high loyalty level O2 CR 1,0% . Best in class contract churn in EU context ARPU (y-o-y) Stable spend 0,3% Tariff upsell . -11,9% . B2B under pressure, but decline decelerating . Data monetization works FY 14 FY 15 Small screen revenue And data monetized +15% . LTE network coverage . LTE up to 2x more traffic and spend . Data package readily available 4Q 14 4Q 15 10 More rich content & tariff upsell resulting in double digit Pay TV revenue growth… …Improving fixed BB experience with continuing migration to VDSL VDSL (‘000) Fixed BB accelerating +15% . VDSL network coverage Acceleration in progress . 438 382 . Higher VDSL loyalty1) Dec 14 Dec 15 . VDSL +15 % y-o-y O2 TV revenue Growing Pay TV +67% . Tariff upsell . Unique experience . Available to all households2) 4Q14 4Q15 Unlimited fixed voice . Fixed voice revolution . Tariff upsell . Successful pilot, execution in H1 2016 1) by 40% higher compared to ADSL 2) all households in the Czech Republic with internet connection from any provider 11 O2 brings unique multidimensional customer experience… Anytime Anywhere Time shift Recording Multi-device For all O2 TV Video on demand Retail distribution since 2/2016 Multi-room Unique content Any match Any camera 12 … confirming its leading position in European IPTV market Time- Multi- Multi- OTT Exclusive Own TV Multi- Simulta- Provider Archive shift room Mosaic service content studio device neous O2 CR 4 UPC 3 A1 ∞* UPC 3 TDC 2 YouSee 2 Orange Numericable 5 Deutsche Telekom 4 Sky 2 Telecom Italia Mediaset Telenor Canal Digital MEO 3 Cabovisao 5 Movistar Ono Telia Sonera ComHem 2 Swisscom ∞ UPC Cablecom 3 BT 2 Sky 2 * Each device with monthly fee 13 Best in class loyalty… …already bringing significant value O2 churn Churn O2 x EU Pay TV -18% UK Germany O2 CR 2012 2015 Source: Enders Analysis O2 churn Churn O2 x EU Mobile -11% Netherlands contract Germany UK O2 CR 2012 2015 Source: Citigroup 14 Leadership in MVNO & B2B market… … unsustainable business model of market challenger O2 with strong brands More than 70 60% brands CZ mobile market shrank [1] EBITDA minus CAPEX -34% ? 24% 25% 2010 2014 2010 2011 2012 2013 2014 2015 [1] service revenues 15 Slovakia maintains commercial & financial growth… … on the back of value & data focused proposition Customer base (‘000) Growing mobile customers 62 36 1 809 . Solid customers’ growth maintained 1 684 18 8 in increasing competitive landscape Net adds Mix: Postpaid . Maintaining customer loyalty & value 75% 100% 83% 97% Dec 14 Q1 15 Q2 15 Q3 15 Q4 15 Dec 15 . Strengthening market position Data revenue (EURm) Growing data revenue +15% . Growing 3G and 4G network coverage . Data focused proposition driving 28 smartphone penetration… 24 . …internet base & data revenue growth FY 14 FY 15 Strong financials Revenue (EURm) EBITDA (EURm) . Solid revenues growth driven by +9% +23% data & HW 87 . EBITDA margin 35.4% in 2015 224 245 71 . Positive contribution to Group FY 14 FY 15 FY 14 FY 15 financials 16 O2 Slovakia – improving financial performance… … driven by subscribers’ growth, data & lean operation SK Mobile Market SK Mobile Market subscribers Revenues +11% -19% Strengthening market position 25% 20% 15% 9% x2 2010 2014 2010 2014 Revenue (EURm) EBITDA (EURm) . Solid revenues growth driven by data & HW +9% +23% Strong . EBITDA margin 35.4% in 2015 financials (EURm) . Positive contribution to Group financials 87 224 245 71 FY 14 FY 15 FY 14 FY 15 17 Commercial model already rationalized… … with significant cost reduction -45% Commercial Costs [1] 2011 2014 [1] includes Call centers, Commissions, Handset subsidies & Marketing 18 Bringing more valuable customers at lower cost… …care costs down due to simplification & consolidation Customer value Before [1] After [2] -20% 20% -40% Commissions 2011 2014 New Base New Base 2011 2,401 FTEs -50% Call centers HQ 2015 Call Centre Only expenses 800 FTEs Mix Use Building External CC 2011 2014 [1] October 2013, [2] March 2015 19 Radical change in handset subsidies… …co-financing marketing activities by partners -65% Hardware subsidies 2011 2014 -41% Marketing expenses 2011 2014 20 To benefit from IT consolidation & restructuring… …savings in NW on the back of joint rollout & consolidation -16% IT costs 2011 2014 -24% Network costs 2011 2014 21 Reasonable commitment for pro-growth areas… … with further potential Fixed charge & commitment (illustrative) other bb TIME tv X voice +8 years 20% 80% 7 years X bb VOLUME Mobile charge & commitment (illustrative) 7 years • Open book principle 2G & 3G • 7 years commitment & LTE • Additional savings shared
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