N0 1 N0 2 OTE GROUP FINANCIAL PERFORMANCE: OTE’S IMPROVED PERFORMANCE CONTINUES WITH SOLID CASH FLOW AND REDUCED DEBT IN 2013 Revenues (€ mn) Pro forma EBITDA* (€ mn) 4,330.3 1,515.9 4,054.1 1,456.3 35.9% 35.0% N0 4 N0 3 2012 2013 2012 2013 Pro forma EBITDA* (€ mn) Pro forma EBITDA margin % * Excluding the impact of Voluntary Retirement Programs and Restructuring Plans Earnings per Share (€) Adjusted Free Cash Flow* (€ mn) (from continuing operations) 1,205.3 € 0.90 1,171.4 € 0.59 734.1 723.6 2012 2013 (447.8) (471.2) 2012 2013 Adjusted Net Operating Cash Flow* Adjusted. Free Cash Flow* Adjusted Capex* * Cash Flow excluding discontinued operations, Voluntary Exit Programs, 14 Restructuring and/or Spectrum payments N0 5 Operating Expenses breakdown* (€ mn) 7.2% Group 2,843.7 - Group 2,640.1 914.5 -10.2% 821.5 Personel cost Personel cost 510.5 -8.3% 468.2 Interconnection Interconnection & Roaming Cost & Roaming Cost -8.6% 990.8 905.3 N0 6 Other OpEx Other OpEx (Direct & Indirect) (Direct & Indirect) -2.9% 173.7 168.7 Commission Costs Commission Costs +8.7% 254.2 276.4 Device Cost Device Cost 2012 2013 * Excluding D&A, impact of Voluntary Retirement Programs and Restructuring Plans Total Capex as % of Revenues (continuing operations) 14.9% 11.7% 3.3% E 1.4% C AN L 10.3% 11.6% G A T A 2012 2013 2. 2013 2. 2013 Spectrum Payments as % of Revenues Adjusted Capex*as % of Revenues 15 * Excluding Spectrum payments N0 7 N0 8 Underlying Net Debt (€ mn) Underlying Net Debt/Pro forma EBITDA* 2,879.3 1.7χ 1,495.6 1.0χ N0 9 2012 2013 2012 2013 * Excluding the impact of Voluntary Retirement Programs and Restructuring Plans Other countries 25.7% Geographical distribution of Revenues 2013 74.3% Greece (before eliminations) 16 N0 10 Other countries 21.4% Pro forma EBITDA 2013 geographical distribution* 78.6% Greece (before eliminations) * Excluding the impact of Voluntary Retirement Programs and Restructuring Plans N0 11 10.0% 1.9% Other Mobile Albania 34.6% 10.2% Fixed Greece Mobile Romania Revenues breakdown 2013 (before eliminations) 13.6% Fixed Romania E C AN L 29.7% G Mobile Greece A T A 2. 2013 2. 2013 17 N0 12 5.6% 2.3% Other Mobile Albania 8.2% Mobile Romania 39.0% Fixed Greece Pro forma EBITDA 10.9% breakdown 2013* Fixed Romania (before eliminations) 34.0% Mobile Greece * Excluding the impact of Voluntary Retirement Programs and Restructuring Plans 18 N0 14 OTE GROUP OPERATIONAL PERFORMANCE: SOLID GROWTH OF PAY-TV SERVICES OTE Fixed-line connections (000) N0 15 3,349 3,062 2,852 2011 2012 2013 Romtelecom Fixed-line connections (000) N0 16 2,490 2,329 2,253 2011 2012 2013 OTE retail broadband subscribers (000) 1,262 E 1,179 1,097 C AN L G A T A 2. 2013 2. 2013 2011 2012 2013 19 N0 17 N0 18 Romtelecom broadband subscribers (000) ΟΤΕ TV subscribers (000) 1,250 255.9 1,197 1,136 N0 55 119.8 59.9 2011 2012 2013 2011 2012 2013 Romtelecom TV subscribers (000) N0 19 N0 13 1,353 1,265 1,179 2011 2012 2013 Mobile telephony subscribers* (000) OTE Group employees evolution* 16,202 28,474 15,857 15,627 27,330 22,667 2011 2012 2013 2011 2012 2013 *Continuing operations * Including discontinuing operations 20 HOW THE INVESTMENT COMMUNITY SAW US IN 2013 OTE’s shares are traded on the Athens and London (GDRs) Stock ATHENS STOCK EXCHANGE Exchanges. As of September 2010, OTE’s shares ceased to be traded on the New York Stock Exchange. Following OTE’s delisting from the New York Stock Exchange, its American Depository Shares (ADSs) Ticker > OTE trade in the OTC (Over the Counter) market with the ticker symbol Bloomberg ticker > HTO GA HLTOY through the Level I ADSs program. Reuters ticker > OTEr.AT 31.12.2013 Market capitalization > € 4,739.75 Maximum annual price > € 9.70 Minimum annual price > € 4.35 Average Trading Volume > 1,506,886 Relative performance chart of OTE share price & FTASE/ASE 20 index & Eurotelcos for the period Jan. 2013 - Mar. 2014 250 200 150 100 50 0 y- 13 g - 13 v - 13 b - 13 b - 14 an - 13 an - 14 J Sep - 13 Dec - 13 Fe Jun - 13 Jul - 13 Oct - 13 J Fe Mar - 14 Mar - 13 Apr - 13 Ma Au No ΟΤΕ FTASE/ASE 20 Eurotelcos OTE share performance chart for the period Jan. 2013 - Mar. 2014 (€) 14.0 E C 12.0 AN 10.0 L G 8.0 A 6.0 T A 4.0 2.0 0.0 2. 2013 2. 2013 y - 13 g - 13 v - 13 b - 13 b - 14 an - 13 an - 14 J Sep - 13 Dec - 13 Fe Jun - 13 Jul - 13 Oct - 13 J Fe Mar - 14 Mar - 13 Apr - 13 Ma Au No 21 N0 20 40% Deutsche Telekom Hellenic State* 10% Shareholder structure (December 31, 2013) Institutional Investors 41.8% 7.9% Private Investors 0.2% Own Shares * Including 4% voting rights attached to the share capital transferred to IKA pension fund BONDS ΟΤΕ issues notes under the Global Medium Term Notes program. These are listed on the Luxemburg Stock Exchange and are traded in the secondary market. OTE Bonds chart for the period Jan. 2012 - Mar. 2013 (€) 120 110 100 90 80 y - 13 v - 13 ug - 13 ep - 13 eb - 13 eb - 14 Jan - 13 F Mar - 13 Apr - 13 Ma Jun - 13 Jul - 13 A S Oct - 13 No Dec - 13 Jan - 14 F Mar - 14 2014 OTE Bond 2015 OTE Bond 2016 OTE Bond 2018 OTE Bond 22 N0 21 OTE Group debt maturity profile as of December 31, 2013 - Nominal amounts (€ mn) 1,460.8 45 34 895 56 788 33 700 365 56 Apr΄14Aprp ΄14 FeFeb΄15b΄15 Mayy΄16΄16 FeFeb΄18b΄18 Dec ΄13 2014 2015 2016 2017 2018 Total Cash Bonds Syndicated Loans & Other Moody's rating evolution A3 Baa1 Baa2 May ‘08 Baa2 Baa3 Mar ‘11 (Investment Grade level) Baa3 Ba1 May ‘11 Ba1 Ba2 Ba3 B1 Jun ‘11 B1 B2 Oct ‘11 B2 Dec ‘13 B2 B3 May ‘12 B3 Caa1 June ‘12 Caa1 Caa2 Dec - 08 Jun - 09 Dec - 09 Jun - 10 Dec - 10 Jun - 11 Dec - 11 Jun - 12 Dec - 12 Jun - 13 Dec - 13 Moody’s Standard&Poor's rating evolution A- E C BBB+ BBB Dec '08 BBB BBB- May '10 AN (Investment Grade level) L BBB- G BB+ BB Mar ‘11 A BB T BB- May ‘11 BΒ- Dec ‘13 A BB- B+ Feb ‘13 B+ B Oct ‘11 B B- Jun ‘12 B- 2. 2013 2. 2013 CCC+ CCC Dec - 08 Jun - 09 Dec - 09 Jun - 10 Dec - 10 Jun - 11 Dec - 11 Jun - 12 Dec - 12 Jun - 13 Dec - 13 23 Standard&Poor's 2013: A YEAR OF GREAT ACHIEVEMENTS FOR OTE GROUP In 2013, major strategic goals were met in the context of OTE > Employee Voluntary Exit Schemes at COSMOTE Group’s strategy, and OTE in particular, towards making customer COSMOTE announced a Voluntary Exit Scheme for employees who experience the top priority, enhancing the company’s operational met certain criteria. The cost amounts to approximately €4.2 mn. performance, as well as reducing costs and strengthening the co- mpany’s financial position. > Employee Voluntary Exit Schemes at ΟΤΕ In late 2013, and as part of the company’s transformation process Cost REDuction AND strengthening OF THE through socially responsible solutions, OTE proceeded with the company’S FINANCIAL position implementation of Voluntary Exit Schemes, primarily for employees close to retirement. > Successful completion of Voluntary Exit Schemes at €700 mn OTE (early 2014) A total of 1,827 individuals left the company through OTE’s Vol- untary Exit Schemes. OTE estimates that the net annualized cost savings coming from the VES will amount to about €94mn. OTE for OTE Group incurs the full cost of the VES of € 73.5 million, thereby entailing no from the successful additional burden for Greek state pension funds. issue of Fixed-Rate > New hirings (early 2014) Notes As part of its strategy to improve customers’ experience and en- hance its technical and commercial customer service, the OTE Group proceeded with the hiring of approximately 500 new field technicians, engineers, salesmen and corporate sales people. Along with the rest of hirings of 2013, within one year the OTE Group will have hired over 1,000 new employees. € € € € Emphasis ON customer EXPERIENCE: proviDING best-IN-class services, BUILDING ON THE Distribution network AND THE points OF > €700 mn euros raised by OTE Group from the contact WITH customers successful completion of the book building process for the issue of 5-year Fixed Rate Notes ΟΤΕ completed the book building process for the issue of 5-year > Enhancing current services/new services Fixed Rate Notes, totaling €700 mn. The issue was oversubscribed More communication for businesses and freelancers with 2.7 times, with the demand set at an amount in excess of €1.9 bn. OTE’s new tariff plans OTE offers new communication plans at affordable prices to busi- > €225 mn euro loan concluded with the European Bank nesses and freelancers with more communication time and even of Reconstruction and Development (EBRD) for higher speed access to the Internet, up to 50Mbps. investments in COSMOTE Romania’s 4G network COSMOTE Romania, secured funding for the strategic development OTE e-bill program of its broadband infrastructure through a €225 mn loan ar- OTE customers can receive their bill at their e-mail address.