Corporate Presentation

Apr 2018 Disclaimer

This presentation (“Presentation”) has been prepared by Forthnet S.A. (the Company”) for informational purposes only.

The information in this Presentation includes forward-looking statements, which are based on current expectations and projections about future events. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur. Many of these risks and uncertainties relate to factors that are beyond the Company’s ability to control or estimate precisely. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as the date of this Presentation. The Company does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of these materials.

Neither the Company, its affiliates nor their respective directors, officers, employees or agents (the “Group”) gives any representation or warranty, express or implied, as to (i) the achievement or reasonableness of future projections, management targets, estimates, prospects, returns, business data or property described in this Presentation, if any or (ii) the accuracy or completeness of any information contained in this Presentation, any other written information or oral information provided in connection therewith or any data that any of them generates. Furthermore, and without prejudice to liability for fraud, no member of the Group accepts or will accept any liability, responsibility or obligation (whether in contract, tort or otherwise) in relation to these matters. Any prospective investor should make its own investigation on the Group and all information provided.

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Forthnet S.A. is a public company with shares listed on the Athens Stock Exchange since 2000. This Presentation should be read with, and in light of, all of the information made publicly available by the Company (including the Company's interim and annual financial statements) in the English language through its ordinary course communications on the Athens Stock Exchange, and all such information is expressly incorporated by reference in this Presentation.

(2/35) Agenda

• Company Overview

• Market dynamics

• Key business drivers

• KPIs and Financials

• Summary

(3/35) Our history

Forthnet is a market pioneer and the company that brought

Internet and Pay TV in Greece Who we we are Who

1st ULL 1st Telco successful Successful Successful Listing launch / & Pay TV example of Capital Convertible on ASE 1st 2Play bundled ‘’spin off’’ increase bond €70M company Service services €30M

1999 2006 2008 2012 2014 2017

1995 2000 2007 2009 2013 2016 Key Milestones Key

Novasports st Successful 1 satellite Forthnet 1st OTT TV Capital 1st 3Play channels digital TV acquired Everywhere increase service Wholesale to platform Nova service €120Μ MNOs via IPTV

(4/35) Leading position in Greek Market

Broadband and 979k Pay TV subscriptions

689k unique households

households with 290k 3Play services Serving 17% 297m (€) total revenues of households 40m (€) adjusted EBITDA in Greece 119 shops all over Greece

40k SMEs and Corporate subs

5.9k km of fibre optic network Number of HHs: 4.2M, Hellenic Statistical Authority Company Key figures 2017YE

(5/35) Macroeconomic outlook

250.000

200.000 2,0 1,8 0,7 1,4 150.000 -0,3 -0,2

100.000 -3,2 -25% -5,5 50.000 GDP evolution -7,3 2008-2017 (€Μ) -9,1 0

8.000 7.000 6.000 27,5 26,5 24,4 24,9 23,6 5.000 21,5 19,8 4.000 17,9 18,0 3.000 -41% 12,7 2.000 Telco market turnover* 1.000 2008-2017 (€Μ) 0

Actual Forecasts * Fixed Telco, Pay TV and Mobile estimated revenues Source: IMF (Apr 18), NRA, Financial Results of operators

(6/35) Market overview

Operators' Revenue 2017 vs 2008 (‘000) 5.000 0% 4.450 4.500 -10% 4.000 -37% 3.500 -20% 3.000 2.786 -30% 2.500 -40% 2.000 1.600 -46% 1.500 1.260 -61% -50% 1.000 865 ** -16% 494 ** -60% 500 350 * 294 0 -70% OTE+CosmoteOTE Vodafone WindWind Hellas Forthnet 2008 2017 % 2017 vs. 2008

* Revenue in 2008 includes full year Nova results Source: Companies’ Financial Statements ** Estimated revenues Outperformed the market during the recession

(7/35) Agenda

• Company Overview

• Market dynamics

• Key business drivers

• KPIs and Financials

• Summary

(8/35) High speed BB penetration far below EU average

Fixed Broadband HH penetration Fixed broadband subscriptions >= 30 Mbps 76% -7pp 69% 44%

-34pp

>= 100Mbps 0.02%

10%

Europe average Greece Europe average Greece Source: Digital Agenda scoreboard - 2017 Greece is the only European country with a single access network (only DSL, no cable, no fiber)

(9/35) Pay TV penetration lags behind other European countries

Pay TV HH penetration Pay TV evolution (‘000) 1200 30% 1000 25% 57% 800 20% 600 15% 400 10% -32pp 200 5% 0 0%

Pay TV subs Pay TV penetration

25% Pay TV net adds (‘000) 300 3Play offering launch 200 Effect on demand after new pay tv taxes 100 Europe average* Greece 0

Source: Digital TV *Western Europe Forecasts – Digital TV Research - 2016

(10/35) Mobile market

Mobile subs evolution (‘000) The mobile landscape in Greece : 25.000 200% 20.000 150% 15.000 100% 10.000 • 3 MNOs (Cosmote, Vodafone and 5.000 50% 0 0% Wind Hellas)

Mobile subs Mobile penetration • 1 MVNO (Cyta) MVNOs market share Acquired by Vodafone (Dec 2017) in selected countries in the EU* • ~1/3 of total subs subscribe to a 50% 41% 40% 40% 25% 30% 24% postpaid contract 20% 13% 12% 11% 10% 0,3% 0% • >50% smartphone penetration

Source: Piran Partners, National Regulators I * in 2014, Greek data as 2017ΥΕ

(11/35) 3Play is the growth catalyst

Market demand affected by BB subs per service (in ,000) (‘000) new tax imposition (10% and 3Play subs evolution 5% on revenue for Pay TV and 4.000 900 fixed telecom respectively) 3.000 800 2.000 1.000 700 0 2009 2010 2011 2012 2013 2014 2015 2016 2017

Standalone Broadband 3Play Total Broadband 600 Pay TV subs evolution (in ,000) 1.500 500 1.000

400 500

0 300 2009 2010 2011 2012 2013 2014 2015 2016 2017

Standalone Pay TV 3Play Total Pay TV 200 Mobile subs evolution (in ,000) 25000,0 100 20000,0 0 15000,0 2009 2010 2011 2012 2013 2014 2015 2016 2017 10000,0 5000,0

OTE Forthnet Other ,0 2009 2010 2011 2012 2013 2014 2015 2016 2017

Source: Financial Results of operators and management estimates as of 2017YE Source: Financial Results of operators, EEKT, NRA

(12/35) Agenda

• Company Overview

• Market dynamics

• Key business drivers

• KPIs and Financials

• Summary

(13/35) Leading customer proposition

Unique product …exceed competition

On line prices of basic entry package 2677€ 3202€ 3777€ 4302€ 4852€ 5952€ 30 €

25 € δ ~8€ 20 €

Unlimited Fixed Unlimited Fixed Unlimited Fixed Unlimited Fixed Unlimited F2M Unlimited F2M Unlimited F2M Unlimited F2M 15 € Nova Family Nova Cinema Nova Sports Nova Full pack pack pack pack 10 €

A Competitive Product Portfolio across all markets: 5 € • With Content –oriented Branding • With No Setup Barriers 0 € • Which favors Bundling of Telecom/ Pay TV Services Competition (2Play) • Telecom (VDSL up to 50Mbps, Unlimited Int’l) & Pay TV Flavors/ Add-Ons not depicted) • Nova3play Family & Nova3play Cinema do not include unlimited F2M Nova 3Play has higher ARPUs, higher Contribution profit and lower churn

(14/35) Most popular exclusive Other Other local International Basket Football Events events Greek Greek Top ball & o o o o o Exclusive participation of 3 Greek teams Basketball teams. Greek two topthe of participation the with Euroleague Major Gulf tournaments, Powerboat, extreme sports Polo, Tennis, Swimming, Beach Volleyand other Qualifier games of OSFP and AEK Wimbledon, French championship, FA CUP, top top Greek Champions League ( ATP agreements with agreements with until 2020. Top2020. until organization basketball European 250 clubs live Coppa ) sports in Greece Fiba’s d’Italia acclaimed organization with the , , German Cup, Copa del ReyFinal ( 15 /35

) Commercial Innovation & Infrastructure Unique Positioning Experience Capabilities Content Best movies and entertainment offer Output Output Premium Movies and Series Awarded deals deals with major Hollywoodstudios simulcast simulcast with USpremier! Top specials pay TV drama series movies of the year, , tributes Entertainment Series Series / Sports Music Adult Docs Kids Plus major Plusmajor Greek E! Entertainment E! Novalif Dorcel Pinko Mezzo NovaMad Greek Disney XD Boomerang History Animal Planet National Geographic DiscoveryChannel Sports, Fox Action 24 Motors TV Novasports Novasports Top thematic channels International ε commercial in the Stories 24 HD Free ζ to to channels& hundreds air Redlight Hustler HD Live Hits MTV HD,MTV VH1 Nickelodeon Disney Channel National Geographic HD DiscoveryHD Showcase Nat Geo Wild HD Travel Channel Eurosport HD Eurosport 2 Eurosport FOXlife FOX stations market HD ( 16 /35

) Commercial Innovation & Infrastructure Unique Positioning Experience Capabilities Content Content • • • • • • • • HotBird uplinks uplinks to digitalFive Multiplexers with transponders from Leasing of Greece and Cyprus. 100 management 24/7 Irdeto IP and MPEG multiplex statistical latest MPEG, Optimized picture quality with Earth % DTH monitoring and network Station Station Services conditional technology HotBird 4 coverage in 13o Satellite HotBird - 4 infrastructure 4 infrastructure Distribution Infrastructure access Satellite. Satellite. Eutelsat . • • • • • • • VOD platform platform VOD content Mobilesfor OTT facilities to prepare technology Latest events HD live coverage sports of rooms monitoring and continuing HD multi recording editing, graphics and HD productionstudios, HD Facility Uplink Broadcast Centre broadcast broadcast generation generation tapeless - channel play facilities infrastructure - out, out, • • • • • Recommendation Engine NMSSystem, with existing Complete BSS, OTT Platform: Integration TV Bookmark List / VoD Service Cities Forthnet (sport and movies) Premium Content offering devices with Live & Present OTT platform / CatchUp features: features: Live in all Mobile CDN in all Major TV / Favorite / TV Timeshift VOD TV / TV ( 17 /35

) Commercial Innovation & Infrastructure Unique Positioning Experience Capabilities Content Fixed Infrastructure Telecom backhaul & International International backhaul & Connectivity • • • • • • • • • 1 71 180 VDSL infrastructure ~10% 100% 78% network 93% local exchanges 47 infrastructure C.5,850 63 6 Gbps Gbps Gbps physical and remote collocations to OTE’s LLU coverage of total active local loops of active customers are served from private population coverage through SATBB of of active loops can be served with own km national national connectivity CDNin Athens & Thessaloniki international connectivity. fibre fibre optic MAN, and WAN ( 18 /35

) Commercial Innovation & Infrastructure Unique Positioning Experience Capabilities Content Innovative New New services experience,buildscustomer loyaltyandgives opportunitiesfor growth Upgraded STBs o o o o 23 23 linear channels, over device anywhere/ anytime / Live base 35% 1 3 5K TV and On demand any and demand On mobile titles TV at penetrationin registeredusers : new products driving multi withconnectedfunctionalities 2.000 2.000 eligibleactive VoD titles o o o o Excellent quality through Nova big kids programs Wide active 33% 93K leadsto better customer screen nova choice choice of top Movies, series docs , and Connected STBs penetrationin base - for all for family members on the platform offering On Demand eligible VDSL ( 19 /35

) Commercial Innovation & Infrastructure Unique Positioning Experience Capabilities Content Enhanced Customer Care o o o o o o Call Centre o o o A customer care app for all customers offering CRMGrand Prix2014 Teleperformance category of over 50 representatives” “Telephone Response Silver Award in Shops (campaigns) Retention team Socialmedia, Chat) Multi 24x7 availability 400 on line support self care, e - billing, billing, front front line channel channel Support agents (calls, emails, team Hellas o o Technical Assistance Network Satellite Satellite Internet (Broadband Supported services: 100 % Nationwide – PayTV – Coverage Swappoint – ) ( 20 /35

) Commercial Innovation & Infrastructure Unique Positioning Experience Capabilities Content Telephony and Wide range Retail product portfolio Retail propositions Broadband, o o o o Company promotes its services through more than Distribution 3play Pay TV Α 2 retail chain stores 1 External call centres 19 widenetwork of shops ( 29 Broadband, Telephony 0.000 2play channels resellers throughout Greece + visitors per , the the large and well known retailers ( Internet VDSL 50 ADSL 24 month) includes includes Telephony 500 Telephony, SmartTalk points points of presence nationwide authorized kotsovolos A range wideretail product portfolio Full partners / nova technicians Pay TV , Start pack Start Cinema Cinema & mediamarkt / Sports Sports / / under Novabrand ) Nova Demand, On Nova Multiview Nova HD, Nova Go, VAS ( 21 /35

) Commercial Innovation & Infrastructure Unique Positioning Experience Capabilities Content o o o o o o Strong commitment in Business sector Highlights certification, ISO certification) (Cisco Cloud & Managed services master Certified for quality services provision Premium technical support line (13858) today’s demanding business needs Service advertising market 360 communication solutions for sector (tourism, commerce, Specialized service portfolio for every Business sector 20 years Level Agreement (SLA experience in Telco and Pay etc ) to meet ) TV Complete service portfolio ( 22 /35

) Commercial Innovation & Infrastructure Unique Positioning Experience Capabilities Content Universal Service Operator for fixed telephony services

Forthnet has been awarded the contract Unique Unique

to act as the Greece’s universal service Content provider from 1 January 2017 and for the

next 3 years

Capabilities Infrastructure Infrastructure

o Forthnet is using satellite broadband technology to offer fixed telephony local

Experience Innovation & network access, voice call and data services to 100% of the territory of Greece

o The potential upside, through compensation, is up to 4,93M / year

Positioning Commercial

(23/35) Agenda

• Company Overview

• Market dynamics

• Key business drivers

• KPIs and Financials

• Summary

(24/35) Customer base evolution

Nova Subs in Greece ('000) Nova 3Play as % of Nova subs 1.178 1.200 1.135 50% 1.085 42% 1.021 40% 979 1.000 962 Thousands 920 30% 863 20% 17% 800 715 10% 621 600 0% Pay TV 2011 2012 2013 2014 2015 2016 2017 subs 400 (417K*) Nova addresses ~2M mobile subs 2000 1860 200 * Not includes >40K pay tv 1500 wholesale subs in Cyprus 0 1000 689 500

Standalone Broadband subs 3Play subs 0 Standalone Pay TV subs Total subscriptions Nova Households Nova addresable Population Nova 3Play penetration doubled in the last 5 years; ~2M addressable market gives opportunity for enhancing multi-play strategy

(25/35) Total Revenue Evolution

450 409,9 415,6 408,1

Millions 400 377,0 381,3 378,4 351,5 352,0 350 324,7 297,0 300

250

200

150

100 Increased Advertising revenue and Novasports 50 Channels wholesale help to address the pressure in retail revenue 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Note: Revenue (including other income) Total Revenue Business Revenue Financial performance was affected by macro conditions, increased taxation in telco and pay tv sector and cautious commercial approach in the last 3years

(26/35) Operational Profitability

90 80,3

Millions 80 73,9

70 64,9 65,0 64,6 60,0 60 54,8 52,1 50,5 50 40,2 40

0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

* One-off and Non cash adjustments Adjusted EBITDA** Decreased EBITDA as a result of pricing pressure and the unfavorable macroeconomic environment

(27/35) Capitalization & Shareholder structure

Forthnet issued a convertible bond Shareholding structure of Forthnet loan to reduce leverage. The offering Wind Hellas Telecommunication S.A. 22.2% was completed in October 2016 raising GO PLC 15.2% a total amount of €70.1M MASSAR INVESTMENTS LLC 15.2% Piraeus bank 13.7% In October 2017, the Banks converted National bank of Greece 11.0% a cumulative €16.1M worth of said Alpha bank 7.7% bonds, which provided them with a Vodafone S.A. 4.4% cumulative 32.8% shareholding Attica bank 0.4% Other shareholders 10.3% Converting the remaining bonds Total 100.0% banks can reach up to 68% (€Μ) Latest

Bank Debt (2017YE) 255.0 Convertible Bond 54.0

(28/35) Agenda

• Company Overview

• Market dynamics

• Key business drivers

• KPIs and Financials

• Summary

(29/35) Summary

Key points Further opportunities o Serves 17% of Greek households: 689k o Enhance service offering (quad-play)

unique households reaching approx. 2.0m o Leverage market leading proposition in people content & innovation o #1 value share in Pay TV and 3 Play o Upgrade network infrastructure o Top 3 SME market share o Subscription model with low churn o Outperformed the market during the

severe recession o New revenue streams through IPTV

Novasports wholesale to MNOs, available

to even more Greek HHs

(30/35) Appendix

(31/35) Historical Financials

Historical Financials (€mm) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Total Revenues 351,5 377,0 409,9 415,6 408,1 381,3 378,4 352,0 324,7 297,1 % Growth 7,3% 8,7% 1,4% (1,8%) (6,6%) (0,8%) (7,0%) (7,8%) (8,5%) EBITDA 52,1 64,0 45,7 (52,8) 17,6 55,9 59,4 48,2 54,8 40,2 Adjustments1 -- 0,9 19,4 133,1 56,2 8,7 0,6 2,3 -- -- Adj. EBITDA 52,1 64,9 65,0 80,3 73,9 64,6 60,0 50,5 54,8 40,2 % Margin 14,8% 17,2% 15,9% 19,3% 18,1% 17,0% 15,8% 14,3% 16,9% 13,5% CapEx 72,9 74,3 57,3 53,5 41,9 44,8 56,3 35,6 27,8 30,6 Adj. EBITDA - CapEx (20,8) (9,4) 7,7 26,8 32,0 19,8 3,7 14,9 27,0 9,6 Memo Items: Interest Expense 11,9 19,4 21,6 24,2 24,3 23,0 20,8 19,3 16,7 13,2 Cash Taxes 2,1 11,9 5,5 3,9 0,8 1,3 0,6 0,3 0,1 1,4 Capital Structure Total Cash, incl. restricted 79,5 79,5 38,4 36,0 39,6 14,7 13,5 9,8 13,9 9,6 Bank Debt 325,4 351,0 331,6 330,8 331,8 323,5 324,3 324,8 254,9 255,0 Credit Statistics Total Debt / Adj. EBITDA 6,2x 5,4x 5,1x 4,1x 4,5x 5,0x 5,4x 6,4x 4,6x 6,3x Adj. EBITDA / Interest Expense 4,4x 3,3x 3,0x 3,3x 3,0x 2,8x 2,9x 2,6x 3,3x 3,0x (Adj. EBITDA - CapEx) / Interest Expense NA NA 0,4x 1,1x 1,3x 0,9x 0,2x 0,8x 1,6x 0,7x

______(1) Includes €129mm impairment of goodwill and other non-cash adjustments in FY 2011. Includes €56mm impairment of goodwill and other non-cash adjustments in FY2012 . Note: Revenue (including other income)

(32/35) Historical Revenue and Subscriptions

Historical Financials and Subs (€mm) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Telco Retail 101 130 159 173 171 164 159 143 131 116 Telco Business 47 46 44 43 49 38 35 36 36 37 Total Telco Revenue 148 177 202 216 220 201 194 178 167 153 % Growth 20% 15% 7% 2% (9%) (4%) (8%) (7%) (8%) Pay TV Retail 159 143 135 141 134 117 100 Pay TV Business 11 14 17 18 19 18 19 Total Pay TV Revenue 204 175 193 170 158 151 159 154 135 119 % Growth (14%) 10% (12%) (7%) (4%) 5% (3%) (12%) (12%) Other 0 26 15 30 30 29 26 20 23 26 Total Revenues 352 377 410 416 408 381 378 352 325 297 % Growth 7% 9% 1% (2%) (7%) (1%) (7%) (8%) (9%) Adj. EBITDA 52 65 65 80 74 65 60 50 55 40 % Growth 25% 0% 23% (8%) (12%) (7%) (16%) 9% (27%)

3Play bundled subscribers ('000) 0 25 100 135 162 285 364 346 302 290 Standalone broadband subscribers ('000) 274 339 383 394 403 347 308 294 280 272 Standalone Pay TV subscribers ('000) 346 325 280 257 235 167 144 148 138 127 Unique households ('000) 621 690 763 785 800 799 815 789 720 689 % Growth 11% 11% 3% 2% (0%) 2% (3%) (9%) (4%) Revenue / household (€) 566 546 537 529 510 477 464 446 451 431 % Growth (3%) (2%) (1%) (4%) (6%) (3%) (4%) 1% (4%) Adj. EBITDA / household (€) 84 94 85 102 92 81 74 64 76 58 % Growth 12% (9%) 20% (10%) (12%) (9%) (13%) 19% (23%)

Unique households ('000) 621 690 763 785 800 799 815 789 720 689 3Play bundled households ('000) 0 25 100 135 162 285 364 346 302 290

Total subscriptions ('000) 621 715 863 920 962 1.085 1.178 1.135 1.021 979 % Growth 15% 21% 7% 5% 13% 9% (4%) (10%) (4%) Revenue / subscription (€) 566 527 475 452 424 352 321 310 318 303 % Growth (7%) (10%) (5%) (6%) (17%) (9%) (3%) 3% (5%) Adj. EBITDA / subscription (€) 84 91 75 87 77 60 51 44 54 41 % Growth 8% (17%) 16% (12%) (22%) (15%) (13%) 21% (24%)

Note: Revenue (including other income)

(33/35) Historical Costs and Key Performance Indicators

Historical Cost & KPIs

(€mm) 2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A Total Revenues 352 377 410 416 408 381 378 352 325 297 Adj. EBITDA 52 65 65 80 74 65 60 50 55 40 % Margin 15% 17% 16% 19% 18% 17% 16% 14% 17% 14% Key Expense Metrics Telecommunication costs 73 80 101 104 105 94 97 96 90 83 % Growth 10% 27% 3% 1% (10%) 3% (2%) (6%) (8%) % Total Revenues 21% 21% 25% 25% 26% 25% 26% 27% 28% 28% Total broadband subscribers ('000) 274 364 483 528 565 632 671 641 582 562 % Growth 33% 33% 9% 7% 12% 6% (5%) (9%) (3%) Telco costs / broadband subscription (€) 265 218 208 197 185 149 145 149 155 147 % Growth (17%) (5%) (6%) (6%) (20%) (3%) 3% 4% (5%) Royalties and licenses 25 80 94 102 98 97 96 92 78 77 % Growth 222% 17% 8% (4%) (1%) (1%) (4%) (15%) (0%) % Total Revenues 7% 21% 23% 25% 24% 25% 25% 26% 24% 26% Total Pay TV subscribers ('000) 363 350 380 391 397 452 507 495 439 417 % Growth (4%) 9% 3% 2% 14% 12% (2%) (11%) (5%) Royalties costs / Pay TV subscription (€) 69 230 248 260 246 213 188 185 177 185 Personnel costs / unique household (€) 64 66 62 62 54 51 49 45 50 52 % Growth 4% (7%) (0%) (11%) (7%) (3%) (8%) 10% 5% Total other costs 162 106 103 81 88 85 85 78 66 61 % Growth (34%) (3%) (21%) 9% (3%) 0% (8%) (15%) (8%) % Total Revenues 46% 28% 25% 20% 22% 22% 23% 22% 20% 21%

(34/35) Thank You

(35/35)