SUPPLEMENT DATED 18 SEPTEMBER 2020 TO THE BASE LISTING PARTICULARS DATED 9 MARCH 2020

PPF Telecom Group B.V. (formerly known as PPF Arena 1 B.V.) (a private company with limited liability incorporated in the Netherlands)

EUR 3,000,000,000 Euro Medium Term Note Programme

unconditionally and irrevocably guaranteed by certain subsidiaries of PPF Telecom Group B.V.

This supplement (this “Supplement”) to the base listing particulars dated 9 March 2020 (the “Base Listing Particulars”) relating to the EUR 3,000,000,000 Euro Medium Term Note Programme (the “Programme”) established by PPF Telecom Group B.V. (formerly known as PPF Arena 1 B.V.) (the “Issuer”), which constitutes listing particulars for the purposes of the admission of the Notes to listing on the Official List and trading on the Global Exchange Market (the “Global Exchange Market”) of the Irish Stock Exchange plc trading as Euronext Dublin (“Euronext Dublin”), constitutes supplementary listing particulars (pursuant to rule 3.10 of the Global Exchange Market Listing and Admission to Trading Rules). The Global Exchange Market is not a regulated market for the purposes of the Markets in Financial Instruments Directive (Directive 2014/65/EU). This Supplement does not constitute a prospectus for the purposes of Article 6 of Regulation (EU) 2017/1129.

Unless otherwise defined in this Supplement, capitalised terms defined in the Base Listing Particulars have the same meaning when used in this Supplement.

This Supplement is supplemental to, and should be read in conjunction with, the Base Listing Particulars and any other supplements to the Base Listing Particulars prepared from time to time by the Issuer in relation to the Programme.

This Supplement has been approved by Euronext Dublin as a supplement to the Base Listing Particulars for the purposes of giving information with regard to the matters outlined below.

The Issuer accepts responsibility for the information and each Original Guarantor accepts responsibility for the information in relation to itself contained in this Supplement. To the best of the knowledge and belief of the Issuer and each Original Guarantor, having taken all reasonable care to ensure that such is the case, the information contained in this Supplement is in accordance with the facts and does not omit anything likely to affect the import of such information.

To the extent that there is any inconsistency between any statement in, or incorporated by reference in, this Supplement and any other statement in, or incorporated by reference in, the Base Listing Particulars prior to the date of this Supplement, the statement in, or incorporated by reference in, this Supplement will prevail.

Save as disclosed in this Supplement, there has been no significant change, and no significant new matter has arisen, relating to information included in the Base Listing Particulars since the publication of the Base Listing Particulars.

Unless otherwise indicated, the financial information in this Supplement relating to the Group has been derived from the unaudited condensed consolidated interim financial statements of the Issuer as of and for the six months ended 30 June 2020 with comparatives as of and for the six months ended 30 June 2019 (the “Interim Financial Statements”) and audited consolidated financial statements of the Issuer for the financial year ended 31 December 2019 with comparatives as of and for the year ended 31 December 2018 (the “Annual Financial Statements” and together with the Interim Financial Statements the “Financial Statements”).

The purpose of this Supplement is to: (i) incorporate by reference the Interim Financial Statements; (ii) disclose that after the date of the Base Listing Particulars, PPF Infrastructure B.V. has changed its registered name to CETIN Group B.V.; (iii) update sections ‘Risk Factors’, ‘Description of the Group’, ‘PPF Infrastructure Management’, ‘Industry’ and ‘General Information’ in the Base Listing Particulars; (iv) disclose that on 1 July 2020, the Group completed a voluntary structural separation of its retail and infrastructure businesses in Hungary, Bulgaria and Serbia and is considering the possibility of conducting certain related internal restructuring, as described in Annex 1 (Infrastructure Separation and Internal Restructuring) to this Supplement; (v) disclose that on 1 July 2020, Jan Kadaník and Juraj Šedivý were appointed as the new Managing Directors of CETIN Group B.V. whereas Lubomír Král ceased to be the Managing Director of CETIN Group B.V.

DOCUMENTS INCORPORATED BY REFERENCE

On 26 August 2020, the Issuer published the Interim Financial Statements. By virtue of this Supplement, the Interim Financial Statements are incorporated in, and form a part of, the Base Listing Particulars.

The Interim Financial Statements incorporated by reference herein can be viewed online at: https://www.ppftelecom.eu/files/fr09-ppftelecomgroup-conso-2q2020-public.pdf

A copy of the Interim Financial Statements has been filed with Euronext Dublin and can be obtained from the registered office of the Issuer and from the specified office of the Paying Agent for the time being in London and will be available for viewing on the website of the Issuer as specified above.

AMENDMENTS TO THE BASE LISTING PARTICULARS

Change of Registered Name of PPF Infrastructure B.V. to CETIN Group B.V.

After the date of the Base Listing Particulars, PPF Infrastructure B.V. has changed its registered name to CETIN Group B.V. Consequently, all references in the Base Listing Particulars to “PPF Infrastructure B.V.” shall be construed as references to “CETIN Group B.V.” and all references to “PPF Infrastructure” shall be construed as references to “CETIN Group B.V.”.

Changes to the ‘Risk Factors’ Section

1. In the risk factor entitled “Most of the Group’s revenues are generated from operations in the Czech Republic, Slovakia, Hungary, Bulgaria, Serbia and Montenegro, and any significant downturn in the economies of any of these countries or other social or political developments could have a material adverse effect on the Group’s business, financial condition, results of operations, cash flows and prospects.” on pages 10 and 11 of the Base Listing Particulars, the following paragraphs are being added before the last sentence “The materialisation of any of the above-mentioned risks could have a material adverse effect on the Group’s business, financial condition, results of operations, cash flows and prospects.”:

“On 11 March 2020, the World Health Organization declared the outbreak of strain of a novel coronavirus disease (“COVID-19”), a global pandemic. Governments in affected areas have imposed a number of stringent measures designed to control the outbreaks including, but not limited to, quarantines, lockdowns, closure of public services, closure of retail operations, restrictions on or closure of leisure and hospitality operations, travel restrictions, border controls and other measures to discourage or prohibit the movement of people. The response to the pandemic has had, and is expected to continue to have, an adverse impact on tourism, volatility in, or disruption to the credit markets and the global economy in general. As such, COVID-19 may have a negative impact on the Group, due to, among other things, changes in consumption and usage patterns, lower roaming volumes, decreases in subscriber growth, potentially lower customer purchasing power, COVID-19’s negative impact on the solvency of the Group’s clients and the associated collection of receivables, potential disruptions in the supply chain of hardware and handsets, and increased difficulties in maintenance of infrastructure and access to resources, as well as an impact on the availability of employees to carry out key functions.

The Group plays a critical role in terms of providing essential services to customers in the different markets in which it operates. Even though up to 18 September 2020 the impact of COVID-19 on the telecommunications sector has not been as severe as the impact of COVID-19 on other sectors, the sector is far from immune to the ongoing situation, and it is still too early to assess the full consequences of COVID-19. If the situation continues, the possibility of secondary effects from permanent changes in consumer behaviour cannot be excluded. A major risk is the duration of COVID-19’s impact in the different markets in which the Group operates. The extent of the global impact of the COVID-19 response in the future is unclear, and it is not possible for the Group to determine the full impact of this pandemic outbreak and the potential for any future outbreaks.”

2. In the risk factor entitled “The Group’s licences and assigned frequency usage rights have finite terms, and any inability to renew or obtain new licences and frequency usage rights necessary for the Group’s business could adversely affect its operations” on page 35 and 36 of the Base Listing Particulars, the third paragraph through to and including the seventh paragraph are being deleted in their entirety and replaced with the following:

“In 2018, the Czech Telecommunication Office (the “Czech NRA”) announced its plan to auction two abstract blocks of frequencies in the size of 2x5 MHz and two abstract blocks of frequencies in the size of 2x10 MHz in 703- 733 MHz and 758-788 MHz (“700 MHz”) frequency band, which is considered to be key for developing a 5G mobile network. In January 2020, the Czech government tasked the Czech NRA to take into account two objectives when designing the auction: 1) decreasing prices of mobile data to the EU average by setting attractive conditions for a larger number of operators and 2) fast, efficient and safe development of 5G mobile networks. On 7 August 2 2020, the Czech NRA published an invitation to the tender for granting of the rights to use radio frequencies to provide electronic communications networks in the 700 MHz and 3400–3600 MHz frequency bands. As of 18 September 2020, the deadline for submitting applications is 30 September 2020 and the auction is therefore expected to take place in the autumn. O2 Czech Republic has filed an administrative action against the conditions of the auction and a complaint with the European Commission claiming that the conditions of the auction are unfair.

In Slovakia, an auction for 700 MHz, a small part of 900 MHz and the rest of the 1,800 MHz spectrum was originally expected in the second quarter of 2020 but, as of 18 September 2020, has been postponed indefinitely.

In Hungary, an auction of several frequencies, such as 2x25 MHz in 700 MHz frequency band, 310 MHz in 3.6 GHz frequency band, and the remaining 2x15 MHz in the 2100 MHz frequency band, commenced on 18 July 2019. Four companies applied (Telekom Hungary, Telenor Hungary, Vodafone Hungary and DIGI Hungary) but the registration of DIGI Hungary was refused. DIGI Hungary appealed against the decision but its appeal was denied by the regulator. In the auction held on 26 March 2020, the frequency usage rights in the three frequency bands were awarded for 15 years to Telekom Hungary, Telenor Hungary and Vodafone Hungary. DIGI Hungary has contested the result of the auction in court and, as of 18 September 2020, the court is yet to decide the matter. As of 18 September 2020, a process leading to the auction of the 900/1800 MHz frequency band is scheduled to start in September 2020 and finish in the first quarter of 2021.

In Bulgaria, only 2x20 MHz from the total 2x30 MHz in the 700 MHz frequency band are freed and 2x10 MHz from the total 2x30 MHz in the 800 MHz frequency band may potentially be freed as well. If and when the additional spectrum is freed, the general lack of free spectrum in Bulgaria could potentially result in excessive bidding by the competing operators and may result in a competitive disadvantage for the Telenor CEE Group in case it fails to secure the spectrum allocation. This may be particularly the case with respect to a potential auction in the 3.6 GHz frequency band, as several mobile operators have indicated their interest in acquiring the same part of the spectrum.

In Serbia, the auction of the 700 MHz frequency band is expected to take place in 2021. There is a risk, however, that the Serbian government may decide to auction the 3.5 GHz and potentially also 2600 MHz frequency band for the 5G mobile network as early as the first quarter of 2021. If this were the case, the Telenor CEE Group would have to consider acquiring the 3.5 GHz and potentially also the 2600 MHz frequency band prematurely, before its network infrastructure is fully ready for a successful deployment of 5G.”

Changes to the ‘Description of the Group’ Section

1. The following sentences are added after the third sentence of subsection “Description of the Group—Overview” on page 176 of the Base Listing Particulars:

“As of 30 June 2020, the Group had 17 million mobile customers. As of the same date, contract customers constituted 66 per cent. of the customer base (excluding M2M subscribers), an increase of 2 percentage points on a year-to-year basis.”

2. The following sentences are added after the third sentence in subsection “Description of the Group—Segments— 1. Czech Republic (O2) Segment” on page 177 of the Base Listing Particulars:

“As of 30 June 2020, the O2 CZ Group had 5.9 million subscribers. It was the second largest mobile telecommunications provider in the Czech Republic by mobile revenue market share (35 per cent.) for the three months ended 31 March 2020, the largest fixed voice and broadband provider in the Czech Republic by subscriber market share (45 per cent. and 26 per cent., respectively) as of 31 March 2020, and the largest combined fixed and mobile telecommunications provider by revenue market share for the three months ended 31 March 2020 (source: Analysys Mason).”

3. The following sentences are added at the end of subsection “Description of the Group—Segments—3. Slovakia Segment” on page 178 of the Base Listing Particulars:

“As of 30 June 2020, O2 Slovakia had 2.2 million subscribers. O2 Slovakia is the third largest mobile telecommunications provider in Slovakia by revenue market share (27 per cent.) for the three months ended 31 March 2020 (source: Analysys Mason).

4. The following sentences are added after the fourth sentence in subsection “Description of the Group—Segments— 4. Hungary Segment” on page 178 of the Base Listing Particulars:

“As of 30 June 2020, Telenor Hungary had 3.0 million subscribers. Telenor Hungary is the second largest mobile telecommunications provider in Hungary by revenue market share (29 per cent.) for the three months ended 31 March 2020 (source: Analysys Mason), with particular focus on mobile broadband technology, delivering one of the widest and fastest 4G networks in Hungary.”

5. The following sentences are added at the end of subsection “Description of the Group—Segments—5. Bulgaria Segment” on page 178 of the Base Listing Particulars: 3 “As of 30 June 2020, Telenor Bulgaria had 2.9 million subscribers. For the three months ended 31 March 2020, Telenor Bulgaria was the largest mobile telecommunications provider in Bulgaria by revenue market share (35 per cent.) (source: Analysys Mason).”

6. The following sentences are added after the third sentence in subsection “Description of the Group—Segments—6. Serbia and Montenegro Segment” on page 179 of the Base Listing Particulars:

“For the three months ended 31 March 2020, Telenor Serbia was the largest mobile telecommunications provider in Serbia by revenue market share (35 per cent.) and Telenor Montenegro was the joint largest mobile telecommunications provider in Montenegro by revenue market share (33 per cent., the revenue market shares of T- Mobile and M:Tel were materially identical) (source: Analysys Mason) with limited presence in the fixed telecommunications market as well. As of 30 June 2020, Telenor Serbia and Telenor Montenegro had 2.7 million and 315 thousand subscribers, respectively.”

7. The following sentences are added at the end of the first paragraph in subsection “Description of the Group—Czech Republic (O2)” on page 186 of the Base Listing Particulars:

“As of 30 June 2020 and 2019, the O2 CZ Group had 5.9 million subscribers (of which 3.3 million were contract subscribers, 1.9 million were prepaid subscribers and 0.7 million were M2M subscribers) and 5.6 million subscribers (of which 3.2 million were contract subscribers, 2.0 million were prepaid subscribers and 0.4 million, were M2M subscribers), respectively. The O2 CZ Group was the second largest mobile telecommunications provider in the Czech Republic by mobile revenue market share (35 per cent.) for the three months ended 31 March 2020, the largest fixed voice and broadband provider in the Czech Republic by subscriber market share (45 per cent. and 26 per cent., respectively) as of 31 March 2020, and the largest combined fixed and mobile telecommunications provider by revenue market share for the three months ended 31 March 2020 (source: Analysys Mason).”

8. The following sentence is added after the third sentence of subsection “Description of the Group—Czech Republic (O2)—Products and Services—Fixed line Services” section on page 187 of the Base Listing Particulars:

“As of 30 June 2020 and 2019, the O2 CZ Group had 434 thousand and 490 thousand fixed voice line subscribers, respectively.”

9. The following sentence is added at the end of subsection “Description of the Group—Czech Republic (O2)— Products and Services—Broadband Services” on page 188 of the Base Listing Particulars:

“As of 30 June 2020 and 2019, the O2 CZ Group had 845 thousand and 822 thousand xFBB customers, respectively.”

10. The following sentences are added at the end of subsection “Description of the Group—Czech Republic (O2)— Products and Services—IPTV” on page 188 of the Base Listing Particulars:

“As of 30 June 2020 and 30 June 2019, the O2 CZ Group had 476 thousand and 383 thousand subscribers of paid tariffs of O2 TV, respectively.

11. The table and the related lead-in sentence in subsection “Description of the Group—Czech Republic (CETIN)— Products and Services—Domestic Network Services—Fixed Line Services” on page 193 of the Base Listing Particulars are deleted in their entirety and replaced with the following:

“The table below sets out the connection speed of CETIN’s network for the years 2019, 2018 and 2015.

Year ended 31 December

2019 2018 2015

(in per cent.) 100+ Mbps 60 36 0 50 Mbps 22 29 30 20 Mbps 9 20 38 2-6 Mbps 9 15 32 Total 100 100 100 ”

12. The second sentence of subsection “Description of the Group—Czech Republic (CETIN) —Products and Services— Domestic Network Services—Fixed Line Services—Metallic Network” on page 193 of the Base Listing Particulars is deleted in its entirety and replaced with the following:

“As of 30 June 2020 and 2019, CETIN’s network reached 4.5 million households, representing 84 per cent. of all households in the Czech Republic, of which approximately 1.2 million and 1.1 million households, respectively, 4 actively used fixed services via CETIN’s metallic network, and 958 thousand and 918 thousand households, respectively, used fixed broadband services.”

13. The following sentences are added after the first paragraph of subsection “Description of the Group—Slovakia” on page 195 of the Base Listing Particulars:

“As of 30 June 2020 and 2019, O2 Slovakia had 2.2 million subscribers (of which 1.1 million were contract subscribers, 0.7 million were prepaid subscribers and 0.4 million were M2M subscribers) and 2.1 million subscribers (of which 1.0 million were contract subscribers, 0.8 million were prepaid subscribers and 0.3 million were M2M subscribers), respectively. O2 Slovakia is the third largest mobile telecommunications provider in Slovakia by revenue market share (27 per cent.) for the three months ended 31 March 2020 (source: Analysys Mason). In the three months ended 30 June 2020 and 2019, O2 Slovakia’s subscribers generated a total blended ARPU of EUR 10.0 and EUR 10.4, respectively.”

14. The following paragraph is added after the fourth paragraph in subsection “Description of the Group—Hungary” on page 197 of the Base Listing Particulars:

“As of 30 June in each of 2020 and 2019, Telenor Hungary had 3.0 million mobile subscribers (of which 2.0 million were contract subscribers and 1.0 million were prepaid subscribers in each case). In the three months ended 30 June 2020 and 2019, the subscribers generated a total blended ARPU of EUR 11.7 and 12.3, respectively (with a business- to-consumer voice contract ARPU of EUR 22.5 and 23.8 and a prepaid ARPU of EUR 3.3 and 4.0, respectively).”

15. The following paragraph is added after the third paragraph in subsection “Description of the Group—Bulgaria” on pages 198 and 199 of the Base Listing Particulars:

“As of 30 June 2020 and 2019, Telenor Bulgaria had 2.9 million mobile subscribers (of which 2.4 million were contract subscribers and 0.6 million were prepaid subscribers) and 3.0 million mobile subscribers (of which 2.4 million were contract subscribers and 0.6 million were prepaid subscribers), respectively. In the three months ended 30 June 2020 and 2019, the subscribers generated a total blended ARPU of EUR 8.7 and 8.3, respectively (with a business-to-consumer voice contract ARPU of EUR 11.6 and 11.1 and a prepaid ARPU of EUR 2.9 and 3.1, respectively).”

16. The following paragraphs are added after the fourth paragraph in subsection “Description of the Group—Serbia and Montenegro” on page 200 of the Base Listing Particulars:

“As of 30 June 2020 and 2019, Telenor Serbia had 2.7 million mobile subscribers (of which 1.7 million were contract subscribers and 1.0 million were prepaid subscribers) and 2.8 million mobile subscribers (of which 1.7 million were contract subscribers and 1.2 million were prepaid subscribers). In the three months ended 30 June 2020 and 2019, the subscribers generated a total blended ARPU of EUR 9.0 and 8.6, respectively (with a business-to-consumer voice contract ARPU of EUR 13.7 and 13.4 and a prepaid ARPU of EUR 3.0 and 3.1, respectively).

As of 30 June 2020 and 2019, Telenor Montenegro had 0.32 million mobile subscribers (of which 0.16 million were contract subscribers and 0.15 million were prepaid subscribers) and 0.36 million mobile subscribers (of which 0.16 million were contract subscribers and 0.2 million were prepaid subscribers), respectively. In the three months ended 30 June 2020 and 2019, the subscribers generated a total blended ARPU of EUR 8.9 and 10.1, respectively (with a business-to-consumer voice contract ARPU of EUR 13.8 and 15.1 and a prepaid ARPU of EUR 4.2 and 5.5, respectively).”

17. The following sentences are added after the first paragraph below the first table in subsection “Financial Indebtedness of the Group – Overview” on page 204 of the Base Listing Particulars:

“In May 2020, the Issuer issued EUR 500 million 3.500 per cent. senior secured and guaranteed notes due 2024 under the Programme, followed by an EUR 100 million tap issued by the Issuer in June 2020.”

18. Subsection “O2 Czech Republic Facilities Agreement” in section “Material Financing Arrangements” on page 222 of the Base Listing Particulars is deleted in its entirety and replaced with the following:

“O2 Czech Republic Facilities Agreement

O2 Czech Republic is a party to a term and revolving facilities agreement dated 20 May 2020 with Česká spořitelna, a.s., Československá obchodní banka, a.s., Československá obchodná banka, a.s., Komerční banka, a.s., Raiffeisenbank a.s., UniCredit Bank Czech Republic and Slovakia, a.s. and Všeobecná úverová banka, a.s., pursuant to which O2 Czech Republic has been provided with term and revolving facilities in the aggregate amount of CZK 9.2 billion with final maturity date in May 2025. As of 30 June 2020, O2 Czech Republic utilised CZK 7.0 billion for the prepayment of its existing indebtedness. The obligations of O2 Czech Republic under the agreement are general, senior unsecured obligations of O2 Czech Republic and rank equally in right of payment with O2 Czech Republic’s existing and future indebtedness that is not subordinated in right of payment. 5 CETIN Facility Agreement

CETIN is a party to a to a term and revolving facilities agreement dated 31 July 2020 with BNP Paribas Fortis SA/NV, Crédit Agricole Corporate and Investment Bank, COMMERZBANK Aktiengesellschaft, pobočka Praha, HSBC France S.A., ING Bank N.V., Prague Branch, Intesa Sanpaolo S.P.A., London Branch, Komerční banka, a.s., Société Générale, SMBC Bank EU AG, PKO Bank Polski S.A., Raiffeisen Bank International AG and UniCredit Bank Czech Republic and Slovakia a.s., pursuant to which CETIN has been provided with term and revolving facilities in the amount of EUR 625 million with final maturity date on 6 December 2023, which CETIN intends to use as a liquidity backup for the repayment of its EUR 625 million Eurobonds due in December 2021. As of 18 September 2020, the entire committed facility remains undrawn.

Telenor Hungary Facility Agreement

Telenor Hungary is a party to a term facility agreement dated 20 April 2020 with UniCredit Bank Hungary, CIB Bank ZRT, Raiffeisen Bank zártkörűen működő részvénytársaság, Bank of China (Közép-Kelet-Európa) zártkörűen működő részvénytársaság and Citibank Europe plc Hungarian Branch Office, pursuant to which Telenor Hungary has been provided with a term facility in the amount of HUF 35,600,000,001 with a final maturity date on 20 April 2025, which Telenor Hungary utilised for the financing of a spectrum acquisition.

Issuance of Participation Certificates

The Group provides mobile handsets and other telecommunication equipment to its customers on instalments. In 2019 and 2020, the Group entered into a series of transactions with PPF Co3 N.V. and AB 4 B.V. (both subsidiaries of the PPF Group) with respect to the issue of participation certificates. Under these transactions, all risks and rewards related to these instalment receivables were transferred and derecognised from the Group’s consolidated statement of financial position. No recourse or other liability have resulted for the Group from these transactions. The total nominal amount of the receivables derecognised during the six months ended 30 June 2020 and 2019 amounted to EUR 84 million and EUR 60 million, respectively, and the total proceeds received by the Group amounted to EUR 81 million and EUR 57 million, respectively. The Issuance of the participation certificates has enabled the Group to obtain immediately available cash from the instalment receivables, which would otherwise be collected from the instalments only gradually over time.”

Changes to the ‘PPF Infrastructure Management’ Section

The heading of the section is replaced with “CETIN Group B.V. Management (formerly ‘PPF Infrastructure Management’)”.

On 1 July 2020, Jan Kadaník and Juraj Šedivý were appointed as the Managing Directors of CETIN Group B.V, whereas Lubomír Král ceased to be a Managing Director of CETIN Group B.V. Jan Kadaník was appointed as the Chairman of the CETIN Group B.V. Management Board and will focus on CETIN Group B.V.’s overall strategy. Juraj Šedivý assumed the role of the chief executive officer and will be responsible for the management and operation of CETIN Group B.V. As a result, Juraj Šedivý has been replaced in his position as chief executive officer of CETIN by Martin Škop as from 1 September 2020. The table in the section ‘CETIN Group B.V. Management (formerly ‘PPF Infrastructure Management’)’ on page 230 of the Base Listing Particulars is deleted in its entirety and replaced with the following:

Commencement of Current Term Name Year of Birth Position of Office

Jan Cornelis Jansen 1972 Managing Director 23 January 2016

Marcel Marinus van Managing Director 1971 23 January 2016 Santen

Jan Kadaník 1965 Managing Director 1 July 2020

Juraj Šedivý 1962 Managing Director 1 July 2020

6 Changes to the ‘Industry’ Section

1. The chart and the related lead-in sentence in subsection ”Industry—The Group’s Countries of Presence” on page 232 of the Base Listing Particulars are deleted in their entirety and replaced with the following:

“The chart below sets out the subscriber composition (in millions) by country of the five key players in the CEE region as of 31 March 2020:

______Notes: AL = Albania, BG = Bulgaria, BY = Belarus, CZ = Czech Republic, HR = Croatia, HU = Hungary, MD = Moldova, ME = Montenegro, MK = North Macedonia, RO = Romania, RS = Serbia, SI = Slovenia, SK = Slovakia Source: The Group’s published results, Analysys Mason data as of March 2020 (Orange Romania and Slovakia), published reports of Telekom Austria, Vodafone, Orange and Deutsche Telekom for the first half of 2020.”

2. The following sentences are added after the chart “Mobile market share evolution by subscribers / Mobile market share evolution by revenue” in subsection “Industry—Czech Republic—Key players” on page 234 of the Base Listing Particulars:

“For the year ended 31 December 2019, the service revenue market shares of T-Mobile, O2 and Vodafone were 36 per cent., 35 per cent. and 28 per cent., respectively. For the three months ended 31 March 2020, the service revenue market shares of T-Mobile, O2 and Vodafone were 37 per cent., 35 per cent. and 28 per cent., respectively (source: Analysys Mason).”

3. The following paragraph is added after the chart “Mobile market share by subscribers / Mobile market share evolution by revenue” in subsection “Industry—Slovakia—Key Players” on page 240 of the Base Listing Particulars:

“For the year ended 31 December 2019, the service revenue market shares of Orange, O2 and Slovak Telekom (T- Mobile) were 35 per cent., 28 per cent. and 34 per cent., respectively. For the three months ended 31 March 2020, the service revenue market shares of Orange, O2 and Slovak Telekom (T-Mobile) were 34 per cent., 27 per cent. and 35 per cent., respectively (source: Analysys Mason).”

4. The following sentences are added after the chart “Mobile market share by subscribers / Mobile market share evolution by revenue” in subsection “Industry—Hungary—Key Players” on page 243 of the Base Listing Particulars:

“For the year ended 31 December 2019, the service revenue market shares of Magyar Telekom, Telenor and Vodafone were 49 per cent., 28 per cent. and 23 per cent., respectively. For the three months ended 31 March 2020, the service revenue market shares of Magyar Telekom, Telenor and Vodafone were 46 per cent., 29 per cent. and 25 per cent., respectively (source: Analysys Mason).”

5. The following sentences are added after the chart “Mobile market share by subscribers / Mobile market share evolution by revenue” in subsection “Industry—Bulgaria—Key Players” on page 248 of the Base Listing Particulars:

“For the year ended 31 December 2019, the service revenue market shares of Vivacom, A1 Bulgaria and Telenor were 30 per cent., 33 per cent. and 36 per cent., respectively. For the three months ended 31 March 2020, the revenue market shares of Vivacom, A1 Bulgaria and Telenor were 31 per cent., 32 per cent. and 35 per cent., respectively (source: Analysys Mason).”

7 6. The following paragraphs are added after the chart “Mobile market share by revenue – Serbia / Mobile market share by revenue – Montenegro” in subsection “Industry—Serbia and Montenegro—Key Players” on page 253 of the Base Listing Particulars:

“For the year ended 31 December 2019, the service revenue market shares of Vip mobile, Telenor and MTS in Serbia were 28 per cent., 38 per cent. and 35 per cent., respectively. For the three months ended 31 March 2020, the service revenue market shares of Vip mobile, Telenor and MTS in Serbia were 30 per cent., 35 per cent. and 35 per cent., respectively (source: Analysys Mason).

For the year ended 31 December 2019, the service revenue market shares of T-Mobile, Telenor and M:Tel in Montenegro were 32 per cent., 37 per cent. and 31 per cent., respectively. For the three months ended 31 March 2020, the service revenue market shares of T-Mobile, Telenor and M:Tel in Montenegro were 34 per cent., 33 per cent. and 33 per cent., respectively (source: Analysys Mason).”

Changes to the ‘General Information’ Section

Subsection ‘Significant or Material Change’ in the ‘General Information’ section on page 283 of the Base Listing Particulars is deleted in its entirety and replaced with the following:

“Significant or Material Change

There has been no significant change in the financial or trading position of the Issuer or the Group since 30 June 2020, other than a distribution of a dividend in the amount of EUR 600 million by the Issuer to its direct shareholder, PPF TMT Holdco 2 B.V., on 6 August 2020, and there has been no material adverse change in the financial position or prospects of the Issuer since 31 December 2019.

There has been no significant change in the financial or trading position of each Original Guarantor since 30 June 2020 and there has been no material adverse change in the financial position or prospects of each Original Guarantor since 31 December 2019.”

8 ANNEX 1

Infrastructure Separation and Internal Restructuring

On 1 July 2020, the Group completed the previously contemplated infrastructure separation described in “Description of the Group–Considered Infrastructure Separation” on page 185 of the Base Listing Particulars. This process involved a voluntary structural separation of its retail and infrastructure businesses in Hungary, Bulgaria and Serbia by way of a spin-off of selected telecommunications network and IT infrastructure assets of three of its formerly fully-integrated operators Telenor Hungary, Telenor Bulgaria and Telenor Serbia into newly incorporated companies CETIN Hungary Zrt. (“CETIN Hungary”), CETIN Bulgaria EAD (“CETIN Bulgaria”) and CETIN d.o.o., Belgrade (“CETIN Serbia”), respectively (the “Spin-off”). Upon the Spin-off, all the shares in CETIN Bulgaria became subject to a Bulgarian law- governed pledge and the entire quota (shares) in CETIN Serbia became subject to a Serbian law-governed pledge which form a part of the Transaction Security and secure the obligations of the Issuer and the Guarantors under, among other things, the Notes and the Guarantee. In parallel with the Spin-off, Telenor Common Operation, a provider of technology services to the Telenor CEE Group as well as to various entities of the Telenor Group, sold its local businesses to CETIN Hungary, CETIN Bulgaria and CETIN Serbia (the “TCO Business Transfer”).

The selected telecommunications network and IT infrastructure assets that have been transferred as part of the Spin-off from Telenor Hungary, Telenor Bulgaria and Telenor Serbia to CETIN Hungary, CETIN Bulgaria and CETIN Serbia, respectively, include (i) radio access network, (ii) transmission network, (iii) passive infrastructure, (iv) IT infrastructure, and (v) security systems, but in each case exclude the relevant systems connected to product differentiation and customer handling and particularly the core network and associated network elements.

On 1 July 2020, CETIN Hungary, CETIN Bulgaria and CETIN Serbia entered into a series of agreements with each other and with Telenor Hungary, Telenor Bulgaria and Telenor Serbia, respectively. Under these agreements, CETIN Hungary, CETIN Bulgaria and CETIN Serbia provide mobile infrastructure services to Telenor Hungary, Telenor Bulgaria and Telenor Serbia, respectively, and to each other and to Telenor Hungary, Telenor Bulgaria and Telenor Serbia, respectively, certain IT, security systems and other services.

The Spin-off follows the separation of infrastructure and wholesale division of O2 Czech Republic into CETIN in 2015, which was the first voluntary separation of a fully integrated operator in the European telecommunications market. The Spin-off aims to establish CETIN Hungary, CETIN Bulgaria and CETIN Serbia as independent and autonomous wholesale providers of fixed and mobile infrastructure providing services to Telenor Hungary, Telenor Bulgaria and Telenor Serbia, respectively, as well as to other telecommunications operators on equal footing. At the same time, Telenor Hungary, Telenor Bulgaria and Telenor Serbia have become asset-light and service-oriented operators only and will continue to provide fixed, mobile and other services to its subscriber base of retail and business customers and to handle all end-user customer relations and hold all mobile radio frequencies.

The Group’s objectives pursued through this structural separation include creating a consistent and sustainable model for infrastructure separated from commercial companies across the Group. It is intended to allow for clearer management priorities of each retail and infrastructure entity, enable better infrastructure know-how sharing, provide potential for wholesaling infrastructure services and partnerships, including infrastructure sharing, combined research and development, and long-term investments, enable each company to streamline its business and pursue different management and investment objectives. In addition, the Group intends to exploit potential synergies in development of the infrastructure, similarly to Telenor Common Operation in the past, including headcount optimisation and savings in operating and capital expenses.

As of the date of this Supplement, CETIN Bulgaria and CETIN Serbia are wholly-owned subsidiaries of PPF Bidco, one of the Original Guarantors and a direct subsidiary of the Issuer. CETIN Hungary is a wholly-owned subsidiary of TMT Hungary B.V., in which PPF Bidco owns 75 per cent. of the issued share capital and Antenna, which is not a member of the Group, owns the remaining 25 per cent. As of the date of this Supplement, the Group is considering the possibility of conducting a related internal restructuring which would, subject to favourable development in various external factors and to a final decision by the Group, result in CETIN Group B.V., one of the Original Guarantors and the current main shareholder of CETIN in the Czech Republic, becoming the sole shareholder of CETIN Bulgaria and CETIN Serbia and holding an indirect 75 per cent. share in the issued share capital of CETIN Hungary (with Antenna owning the remaining 25 per cent.). In addition, as Telenor Common Operation no longer owns any material assets following the TCO Business Transfer, the Group has commenced a process leading to the liquidation of Telenor Common Operation on a solvent basis after the date of this Supplement. Upon successful completion of the liquidation process, the Hungarian law-governed pledge over all the shares in Telenor Common Operation which forms a part of the Transaction Security and secures the obligations of the Issuer and the Guarantors under, among other things, the Notes and the Guarantee, will cease to exist.

However, the Group can provide no assurance if and when it will undertake the internal restructuring, whether it will undertake the internal restructuring in the above or any other form, or whether the internal restructuring or the Spin-off will achieve the pursued objectives. A number of factors, many outside the Group’s control, may affect the plans and result in termination, delays or failure of the internal restructuring. See “Risk Factors” and “Cautionary Statement Regarding Forward Looking Statements” in the Base Listing Particulars.

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