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Name Deutsche Telekom AG Industry Telecommunication Suitability Ticker DTEGY ADR Exchange Germany OTCQX Financial Unit Million EUR except for per share Fiscal Year December Reporting Currency EUR Founding Year CEO Rene Obermann Shareholder Structure: CFO Timotheus Hottges 68.01% Germany Niek Jan Van Damme 14.96% Europe and Technology Claudia Nemat 17.02% T-System Reinhard Clemens Deutsche Telekom AG Ticker DTEGY Suitability Exchange ADR Sector Fiscal Year December Market Cap. Date 14-Mar-22 52-Week Price Range Price $ - # Shares Outstanding (M) Opinion Institutional Own EPS PE 2011 Actual $ - CEO 2012 Estimate $ - CFO 2013 Estimate $ - Germany Europe and Technology T-System Dawisee Lam, CFA CPA Address Tel Historical Events Deutsche Telekom AG 212-242-2959 Date Friedrich-Ebert-Allee 140 October-12 53113 Bonn, Germany Bonn District Court HRB 6794 September-12 Supervisory Board 20 members in total with 10 employee representatives and 10 shareholder representatives Chairman of the Supervisory Board Prof. Dr. ulrich Lehner Employees 232,342 Germany 68,653 Europe 57,955 US 30,184 Systems Solutions 52,742 Group Headquarters and Shared Ser 22,808 Of which: Civil servants 22,920 [email protected]

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DTNameDeutsche Telekom AGIndustryTelecommunicationSuitabilityTickerDTEGYADREURExchangeGermanyOTCQX58.23BMarket Cap.Financial UnitMillion EUR except for per share10.34-13.2052-Week Price RangeFiscal YearDecember4,450# Shares Outstanding (M)Reporting CurrencyEUR49.10%Institutional Own18.90%Retail InvestorsFounding YearDE0005557508ISINCEORene ObermannShareholder Structure:Rating AgenciesAs of December 2012Short-TermOutlookCFOTimotheus Hottges68.01%Free FloatS&PBBB+A-2StableGermanyNiek Jan Van Damme14.96%The Federal Republic of GermanyMoody'sBaa1P-2StableEurope and TechnologyClaudia Nemat17.02%KfW Banking GroupFitchBBB+F2StableT-SystemReinhard ClemensPrincipal SubsidiariesWorkforce StatisticsCountry% of ownershipNet ReveneEBITEBIT MarginBook ValueEmployees20082009201020112012201320142015Telekom Deutsche GmbHGermany10022,3884,68320.9%5,50113,814Total227,747259,920246,777235,132229,686Deutsche Telekom AGT-MobileUSA10015,371(7,547)-49.1%6,18230,184Deutsche Telekom44,64549,12235,85533,33530,637T-System InternationalGermany1007,073(424)-6.0%1,16222,937Germany85,63781,33670,90269,57467,497TickerDTEGYSuitability0Hellenic TelecommunicationGreece404,6852966.3%3,67326,951Europe39,14071,16363,33858,01056,468ExchangeADRSectorTelecommunicationMagyar TelekomHungary59.232,01830114.9%2,33611,291USA38,03140,69737,76032,86830,288Fiscal YearDecemberMarket Cap.58.23BT-Mobile NetherlandsNetherlands1001,66424614.8%2,1501,720System Solutions45,86246,02151,74252,17052,847Date13-Nov-1352-Week Price Range10.34-13.20PTC, Polska Telefonica CyfrowaPoland1001,67824114.4%2,1604,760Group Headquarters19,07720,70323,03522,51022,586Price0.0# Shares Outstanding (M)4,450T-Mobile Czech RepublicCzech Republic60.771,04434433.0%1,7492,850OpinionInstitutional Own49%Hrvatski Teleko,Croatia5199225826.0%1,9915,767Geographic AreaT-Mobile AustriaAustria100878(234)-26.7%1,5161,235Germany131,713127,487123,174121,564118,840EPSPESlovak TelekomSlovakia5183710913.0%1,9283,906International96,034132,433123,603113,568110,8462011 Actual0.0CEORene ObermannTotal58,628(1,727)-2.9%30,348125,415EU Members45,11576,19668,94164,25763,2442012 Estimate0.0CFOTimotheus HottgesEurope7,90810,0619,9919,7369,4222013 Estimate0.0GermanyNiek Jan Van DammeNorth America38,62141,23538,46733,51131,037Europe and TechnologyClaudia NematROW4,3904,9416,2046,0647,143T-SystemReinhard ClemensDawisee Lam, CFA CPAProductivity Trend (Thousands EUR)Net Revenue per employee263251247244250AddressTelHistorical Events20082009201020112012Deutsche Telekom AG212-242-2959DateTotal Employees227,747259,920246,777235,132229,686Friedrich-Ebert-Allee 140October-12Deutsche Telekom and Metro PCS Communications agreed to combine their business acitivities in the USNet Revenue per employee26325124724425053113 Bonn, GermanyDeusche Telekom contributed T-Mobile USA into the listed company MetroPCS and in return receive a 74% stake in the capital stock of the combined company through capital increaseBonn District Court HRB 6794The remaining share of 26% will be held by the previous shareholders of MetroPCS which will also receive a one-time cash payment of USD 1.5B from [email protected] USA agreed with Crown Castle International Group for sale lease back transaction which T-Mobile received a payment of approx. EUR 1.9B (USD 2.5B)T-Mobile leases back the required infrastructure from Crown Castle through operating leases. Crown Castle may lease out any infrastructure not required by T-Mobile USA to third parites.Supervisory Board20 members in totalwith 10 employee representativesand 10 shareholder representativesChairman of the Supervisory BoardProf. Dr. ulrich LehnerEmployees232,342Germany68,653Europe57,955US30,184Systems Solutions52,742Group Headquarters and Shared Services22,808Of which: Civil servants22,920

DT

Total Employees

Sellside coverage

Net Revenue per employee

CFROIDTE GY EquityConsensusEURConsensus Rating3.4Buys40.50%17Holds35.70%15Sells23.80%1012M Tgt Px33/42 11.21Last Price 11.34Return Potential-1.14%1 Year Return43.74%Firm NameAnalystActionRecommendationTgt PxPeriod(Months)Date1 Yr RtnBARRRankGrupo SantanderJOHN DAVIESMunderweight81211/07/13BofAMLEMMET KELLYMneutral121211/07/1348.74%1st2ndSociete GeneraleOTTAVIO ADORISIOMbuy131211/07/13Commerzbank Corporates & MarketsHEIKE PAULSMhold9.5611/07/135thDeutsche BankDAVID A WRIGHTMbuy11.31211/07/13Morgan StanleyRYAN FOXMUnderwt/In-Line8.81211/07/13JefferiesULRICH RATHEMbuy131211/07/13Sanford C. Bernstein & CoROBIN BIENENSTOCKMoutperform12.51211/07/1343.40%3rdCitiSIMON H WEEDENMneutral10.711/07/137thRaymond JamesSTEPHANE BEYAZIANMoutperform11.411/07/13Landesbank Baden-WuerttembergSTEFAN BORSCHEIDMbuy12.511/07/133rdIndependent Research GmbHMARKUS FRIEBELMhold121211/07/13Bankhaus LampeWOLFGANG SPECHTMhold10.51211/07/13National Bank AGMARKUS GLOCKENMEIERMhold11.311/07/13Oddo & CieALEXANDRE IATRIDESMbuy1111/07/1343.40%3rdNomuraFREDERIC BOULANMbuy10.51211/07/1343.40%3rdEquinet Institutional Services(ESN)ADRIAN PEHLMhold12.251211/07/1347.71%2nd8thS&P Capital IQALEXANDER WISCHMhold12.51211/07/13New Street ResearchCHARLES GAYNORMreduce911/07/13Bankhaus MetzlerULRICH TRABERTMbuy131211/06/13NatixisJACQUES DE GRELINGMreduce7.2611/05/13Exane BNP ParibasMATHIEU ROBILLIARDMneutral10.510/30/13AlphaValueHEINZ STEFFENMreduce10/24/13Berenberg BankPAUL ANDREW MARSCHMhold1110/23/13Goldman SachsTIMOTHY BODDYMneutral/neutral111210/16/13Credit SuisseJUSTIN FUNNELLMoutperform10.510/16/13JPMorganHANNES C WITTIGMneutral10.51210/16/13BarclaysJONATHAN DANNMequalweight10.510/15/13HSBCDOMINIK KLARMANNUoverweight1310/11/134thMacquarieGUY R PEDDYMunderperform91210/09/136thNord/LBWOLFGANG DONIEMbuy131210/08/13M.M. Warburg Investment ResearchJOCHEN REICHERTMbuy13.51210/08/13UBSPOLO TANGUbuy12.71210/03/13Steubing AGTEAM COVERAGEMbuy1010/02/1343.40%3rd1stHamburger SparkasseTINA HECKING-VELTMANUbuy09/10/13Day by DayVALERIE GASTALDYMhold09/03/139thKepler CheuvreuxPETER KURT NIELSENMbuy1108/15/13Makor CapitalALBERT SAPORTANsell08/12/13DZ Bank AGCHRISTOPH BASTMsell8.508/09/13Espirito Santo Investment Bank ResearchANDREW HOGLEYMneutral8.2504/05/13Banco SabadellANDRES BOLUMBURUMsell9.91202/15/13EVA DimensionsANDREW S ZAMFOTISMsell01/15/13

Forward MultDTEGYCFROI CalculationMillion EUR except for per shareLiquidation Value based on asset-based method ($ Mil)Asset LifeGross Value of Fixed Assets122,327Property Plant & Equipment20112012D&A20112012Current Value of Fixed Assets167,418Land and equivalent rights and buildings including buildings on land owned by third parties19,45919,134Accumulated Depreciation(94,372)9,7309,567D&A11,09911,150Net Fixed Assets73,046Technical equipment and machinery101,483102,129Amortization3,3453,472Other equipment, operating and office equipment7,5817,65975% of Net Fixed Assets54,784Advanced payments and contruction in progress2,5972,972Cash and Cash Equivalents4,026100%4,026Trade and other receivables6,417100%6,417Total121,391122,327Depreciation7,7547,678Current recoverable income taxes9580%76Inventories1,10680%885Asset Life Based on 2011121,8597,71616YearsCurrent and Non-Current assets and disposal group held for sale9080%72Other assets1,26580%1,012C$ Depreciating AssetsFVDeflator FactorTrade and other payables6,445100%6,44520112012Income tax liabilities440100%440Buildings13,31613,093Other provisions2,899100%2,899Technical equipment and machinery138,890139,77416 year ago85.05Liabilities directly associated with non-current assets and disposal groups helf for sale9100%9Other equipment, operating and office equipment10,37510,482116.4Other liabilities3,955100%3,955Advanced payments and contruction in progress3,5544,067Net Current Assets(2,014)(2,272)Net Intangibles41,92737,522Net non-current AssetsTotal Gross Depreciating Assets208,063204,940Investments accounted for using the equity method6,726$C Non-Depreciating AssetsOther financial assets1,90120112012Deferred tax assets4,714Cash and Cash Equivalents3,7494,026Other assets328Trade and other receivables6,5576,417Current recoverable income taxes12995Provisions for pensions and other employee benefits7,280Inventories1,0841,106Other provisions1,862Current and Non-Current assets and disposal group held for sale43690Deferred tax liabilities5,990Other assets1,5371,265Other liabilities3,90513,49212,999Net Non-Current Assets(5,368)Trade and other payables6,4366,445Income tax liabilities577440Bond and other securitized liabilities33,674Other provisions3,2172,899Liabilities to banks3,912Liabilities directly associated with non-current assets and disposal groups helf for sale0.09Lease Liabilities1,780Other liabilities3,8893,955Liabilities to non-banks from promissory notes1,16714,11913,748Other interest bearing liabilities1,551Other non-interest bearing liabilities1,611Net Monetary Assets(627)(749)Derivative financial liabilities919$C Land & Improvement13,31613,093Other LT Assets(7,607)(7,269)Net Liquidation Assets2,529.96$C Non-Depreciating Assets5,0825,075No. Shares4,352Net Liquidation Assets per share 0.58This does not include LTE licenses, UMTS lincenses, GSM licenses, FCC licensesIntangibles$C Non-Gross Cash FlowLTE Licenses1,19720112012UMTS Licenses4,852NOPAT5,2594,920GSM Licenses566Depreciation & Amortization11,09911,150FCC Licenses14,35116,35816,07020,966Total 4.82 5.40CFROI CalculationSensitivityAsset Life Based on 201116N14151718Total Gross Depreciating Assets206,501$C Non-Depreciating Assets5,079FV5,0795,0795,0795,079Total Operating Assets211,580PV211,580211,580211,580211,580C$ Gross Cash Flow16,214PMT16,21416,21416,21416,214CFROI2.58%1.23%2.03%3.29%3.78%

DCFDTEGY11/13/13AssumptionsExpensive on PE, Cheap on EV/EBITDAInitial Growth Rate0.0%Cost of equity inputSector Core EV/EBITDA5.64xInitial growth period ROE9.5%10-year bond1.89%Depreciation adjustment factor2.94xhigh depreciation to EBITDA ratio causes the higher adjustement factorInitial growth period COE6.5%+ Country risk premium0.25%Amortization adjustment factor1.22xhigh amortization to EBITDA ratio causes the higher adjustment factorDuration of initial growth period5.00+ Equity risk premium6.0%Non-core asset adjustment factor1.00xSet to 1x because it minor adjustmentLT Growth Rate0.0%x Beta0.72xGearing adjustment factor0.00xSee belowLT ROE8.0%Cost of equity6.5%Taxation adjustment factor1.52xhigher the tax rate, the higher adjustment factorLT COE5.7%Minority interest adjustement factor0.00xSome adjustmentROIC6.5%Price Earning Ratio0.00xWACC5.5%(1-T)72.0%(1-D)34.0%Interest (payable)/received2,063Single-stage Target Valuation MultiplesPre-exceptional profit before tax0.00.0PER17.0x16.5xTotal EBIT multiple13.5xPB1.4x1.5xPre-tax interest rate5.20%19.23PEGGear Adjustment Factor0.00x0.00xWhen the debt multiple is greater than the total EBITT multiple, a higher gearing tends to reduce the price earnings ratio. Removing the higher debt multipleEV/EBIT13.1x13.5xfrom a given EV to EBIT multiple gives a lower PE.EV/EBITDA4.5x5.6xMinorities profit share/Earnings0.17EV/NOPAT18.2x18.7xTotal Equity multiple0.0xROE-g0.1ROE x (COE-g)0.0(1+g)^n1.0(1+COE)^n1.4LT ROE-G0.1LT ROE x (COE-g)0.0ROIC-g0.1ROIC x (WACC-g)0.0(1+g)^n1.0(1+WACC)^n1.31/WACC18.2

Segment SalesDTDiscounted cash flow valuationMillion EUR except for per shareNov-13-2013The Target Price is very sensitive to the Long Tern Growth Rate & Cost of EquityCost of capitalTerminal valueDCF AssuptionsHard-coded WACC input, orDiscount Factor9.13WACC5.42%Cost of equity input, orLong Term Growth Rate0.0%Long Term Growth Rate0.00%German 10-year bond1.89%Free Cash Flow 20227,232Terminal Multiple7.0X+ Country risk premium0.25%Terminal Value133,493+ Equity risk premium6.00%PV Terminal Value82,472x Beta0.72Cost of equity6.46%Terminal EBITDA Multiple7.0XEBITDA 202214,768After-tax cost of debt input, orTerminal Value from EBITDA mul103,373Pre Tax Cost of debt5.20%PV Terminal Value63,864Tax rate28.00%Conversion TableAfter-tax cost of debt3.74%Valuation1 ADR = 1 Ordinary ShareGordon GrowthEBITDA MultipleShare Price 11.13NPV of FCF37,386NPV of FCF37,386USD/1 EURImplied US priceUSD Avg.EUR Avg.No. of Share outstanding4,352NPV of Terminal Value82,472NPV of Terminal Value63,864$1.34$22.19$16.44$19.31 14.37Equity (MN)48,438Total NPV or EV119,858Total NPV or EV101,250Debt (MN)63,702Add Cash & MKT securities*15,680Add Cash & MKT securities*15,680Current USD Price$15.01Upside $28.7%Net debt to market capital ratio56.81%EV + Cash135,538EV + Cash116,930Current EUR Price 11.13Upside 29.1%Firm Debt Today*63,702Firm Debt Today*63,702Current Implied Price 1.35Weighted average cost of capital4.92%Equity Value71,836Equity Value53,228Add to WACC for Terminal Value0.50%Share Outstanding*4,352Share Outstanding*4,352Terminal WACC for terminal value5.42%EUR/Share 16.51EUR/Share 12.23* Latest Quarter* Latest QuarterDiscount Cash Flow12345678910Proj 1Proj 2Proj 3Proj 4Proj 5Proj 6Proj 7Proj 8Proj 9Proj 10Dec-13Dec-14Dec-15Dec-16Dec-17Dec-18Dec-19Dec-20Dec-21Dec-22FCF2253,4552,7813,4026,6256,5726,6176,6616,7047,232Discount Period0.131.132.133.134.135.136.137.138.139.13Discount Factor0.990.940.890.850.800.760.720.690.650.62Present value of Cash Flows2233,2552,4852,8845,3285,0144,7894,5734,3664,468Valuation as of13-Nov-13Year1234567Proj 1Proj 2Proj 3Proj 4Proj 5Proj 6Proj 7Proj 8Proj 9Proj 10Free cash flowDateDec-05Dec-06Dec-07Dec-08Dec-09Dec-10Dec-11Dec-12Dec-13Dec-14Dec-15Dec-16Dec-17Dec-18Dec-19Dec-20Dec-21Dec-22Total net revenues 62,421 58,653 58,038 57,136 56,073 55,044 54,048 53,085 52,153 51,252 50,379 49,535 48,717-1.7%Adjusted EBIT 8,367 7,304 6,834 6,160 6,044 5,931 5,822 5,716 5,613 5,514 5,417 5,324 5,233-2.6%EBIT Margin13.4%12.5%11.8%10.8%10.8%10.8%10.8%10.8%10.8%10.8%10.8%10.7%10.7%10.8%Tax on EBIT & non-deductible intangibles1,7251,6921,6611,6301,6011,5721,5441,5171,4911,465Marginal tax rate28.0%28.0%28.0%28.0%28.0%28.0%28.0%28.0%28.0%28.0%EBIAT7,3046,8344,4354,3524,2714,1924,1164,0423,9703,9003,8333,768-5.8%Depreciation & Amortization11,00011,00011,00011,00011,00011,00011,00011,00011,00011,000Net increase in deferred tax liabilityProvisions(Increase) in NWI(590)(590)(590)(590)(590)(590)(590)(590)(590)(590)(Capital expenditures)(10,900)(9,107)(9,700)(9,700)(6,901)(6,780)(6,663)(6,549)(6,439)(5,846)(Business Acquisitions)(2,200)(2,200)(2,200)(1,500)(1,000)(1,100)(1,100)(1,100)(1,100)(1,100)Free cash flows (FCFs)1,7453,4552,7813,4026,6256,5726,6176,6616,7047,232Less: YTD FCF before valuation datePortion of year after the valuation date0.13(1,521)FCFs for discounting2253,4552,7813,4026,6256,5726,6176,6616,7047,232% of Capex to Total Revenue-19.1%-16.2%-17.6%-17.9%-13.0%-13.0%-13.0%-13.0%-13.0%-12.0%-13.0%-13.0%-13.0%-13.0%-13.0%-12.0%EBITDA17,16017,04416,93116,82216,71616,61316,51416,41716,32416,233D0.640.650.650.650.660.660.670.670.670.681-D0.360.350.350.350.340.340.330.330.330.320.34.

ISDTEGY2009-20122012-2023Million EUR except for per share2009Mar-10Jun-10Sep-10Dec-102010Mar-11Jun-11Sep-11Dec-112011Mar-12Jun-12Sep-12Dec-122012Mar-13Jun-13Sep-13Dec-132013Mar-14Jun-14Sep-14Dec-142014201520162017201820192020202120222023CAGRCAGRGermanyCustomer Development '000Fixed-network lines26,20024,65023,39923,39923,14022,90422,62022,38422,38422,11321,88021,625Retail broadband lines11,50011,95412,26512,26512,36712,41412,42412,42712,42712,44312,43012,383TV (including satellite)8001,1561,5531,5531,7251,8301,9061,9661,9662,0362,0782,121Mobile Customers39,20034,69435,40335,40335,10035,47035,99436,56836,56837,00537,49237,9360.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0Contract customers17,20017,17318,2210.00.019,13319,57119,57120,01120,44520,9140.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0Prepay customers22,00017,52117,1820.00.016,86116,99716,99716,99417,04817,0210.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0Unbunbled local loop lines (ULLs)9,1009,4989,5989,4539,4369,4369,4229,3599,299Wholesale unbundled lines6001,0371,2221,2831,3031,3031,3621,4181,495Wholesale bundled lines1,600984704562518518483455419Of which: ConsumerFixed-network lines21,40019,88918,76318,00417,78917,78917,53617,33117,109Retail broadband lines9,4009,7059,95910,03710,03910,03910,03510,0249,983TV (including satellite)8001,0701,4341,7481,8041,8041,8661,9061,948Mobile Customers33,90029,15329,3330.00.028,51428,81128,81129,06429,34329,6220.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0Contract customers12,50012,11112,87413,65013,99013,99014,39614,76215,159Prepay customers21,40017,04216,45914,86414,82114,82114,66814,58114,463Of which: Business CustomersFixed-network lines3,6003,6243,5053,5273,5103,5103,5153,4903,465Retail broadband lines1,7001,9201,9732,0582,0622,0622,0832,0802,074TV (including satellite)0.086117157161161168170172Mobile Customers5,3005,5416,0700.00.07,4807,7577,7577,9418,1508,3130.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0Contract customers4,7005,0625,3475,4835,5815,5815,6155,6835,755Prepay customers6004797231,9972,1762,1762,3262,4672,558ASS.Total Revenue 25,163 24,208 23,2060.00.0 5,736 5,731 22,736 5,566 5,565 5,6700.0 22,4920.00.00.00.0 22,253 22,019 21,789 21,564 21,344 21,128 20,916 20,708 20,505 20,306-1.12%Customers13,44613,01812,4973,0933,11712,1972,9823,0313,08611,95311,71411,48011,25011,02510,80510,58910,37710,1699,9669,767-2.0%Business Customers5,4805,6625,6151,4201,4295,6801,3911,4141,4315,6805,6805,6805,6805,6805,6805,6805,6805,6805,6805,6800.0%Wholesale4,5694,5564,2091,0219754,0359599229594,0354,0354,0354,0354,0354,0354,0354,0354,0354,0354,0350.0%Value-added Services57851242587903678073713673673673673673673673673673673670.0%Others1,0904604601151204571541251234574574574574574574574574574574570.0%Adjusted Profit from operation (EBIT)5,0625,1004,5201,3189674,7731,2891,3011,3864,0494,0063,9633,9223,8823,8423,8033,7653,7273,6913,65518.0%EBIT Margin20.12%21.07%19.48%0.00%0.00%22.98%16.87%20.99%23.16%23.38%24.44%0.00%18.00%0.00%0.00%0.00%0.00%18.00%18.00%18.00%18.00%18.00%18.00%18.00%18.00%18.00%18.00%Depreciation and Amortization and Impairment losses(4,196)(4,097)(4,344)(1,083)(1,107)(4,393)(966)(978)(989)(4,049)(4,006)(3,963)(3,922)(3,882)(3,842)(3,803)(3,765)(3,727)(3,691)(3,655)-18.0%EBITDA9,2589,1978,8642,4012,0749,1662,2552,2792,3750.08,0970.00.00.00.08,0117,9277,8447,7637,6847,6067,5307,4557,3827,310Special factors affecting EBITDA(349)(501)(689)0.00.00.00.00.00.0EBITDA adjusted for special factors9,6079,6989,5530.00.02,4012,0749,1662,2552,2792,3750.08,0970.00.00.00.08,0117,9277,8447,7637,6847,6067,5307,4557,3827,310EBITDA margin38.2%40.1%41.2%0.0%0.0%41.9%36.2%40.3%40.5%41.0%41.9%0.0%36.0%0.0%0.0%0.0%0.0%36.0%36.0%36.0%36.0%36.0%36.0%36.0%36.0%36.0%36.0%Cash CAPEX(3,158)(4,781)(3,506)(677)(1,019)(3,418)(594)(644)(892)(3,374)(3,338)(2,642)(2,615)(2,588)(2,561)(2,535)(2,510)(2,485)(2,461)(2,437)-15.0%-12.0%Capex/Sales-12.6%0.0%0.0%0.0%0.0%-19.7%-15.1%0.0%0.0%-11.8%-17.8%-15.0%-10.7%-11.6%-15.7%0.0%-15.0%-15.0%-12.0%-12.0%-12.0%-12.0%-12.0%-12.0%-12.0%-12.0%-12.0%Growth (%)Fixed-network lines0.0%0.0%0.0%0.0%-5.9%-5.1%-4.3%-4.4%-4.5%-4.4%-100.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Retail broadband lines0.0%0.0%0.0%0.0%3.9%2.6%1.3%0.6%0.1%-0.3%-100.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%TV (including satellite)0.0%0.0%0.0%0.0%44.5%34.3%26.6%18.0%13.6%11.3%-100.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Mobile Customers0.0%0.0%0.0%0.0%-11.5%2.0%3.3%5.4%5.7%5.4%-100.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Contract customers0.0%0.0%0.0%0.0%-0.2%6.1%7.4%0.0%0.0%9.3%-100.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Prepay customers0.0%0.0%0.0%0.0%-20.4%-1.9%-1.1%0.0%0.0%0.9%-100.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Unbunbled local loop lines (ULLs)0.0%0.0%0.0%0.0%4.4%1.1%-1.7%0.0%0.0%-1.6%-100.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Wholesale unbundled lines0.0%0.0%0.0%0.0%72.8%17.8%6.6%0.0%0.0%16.5%-100.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Wholesale bundled lines0.0%0.0%0.0%0.0%-38.5%-28.5%-26.4%0.0%0.0%-25.4%-100.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Total Revenue0.0%0.0%0.0%0.0%-3.8%-4.1%-2.0%0.0%0.0%-1.2%-1.1%-1.1%-1.1%-1.0%-1.0%-1.0%-1.0%-1.0%-1.0%-1.0%-1.0%-100.0%Customers0.0%0.0%0.0%0.0%-3.2%-4.0%-2.4%0.0%0.0%-0.2%-2.0%-2.0%-2.0%-2.0%-2.0%-2.0%-2.0%-2.0%-2.0%-2.0%-2.0%-100.0%Business Customers0.0%0.0%0.0%0.0%3.3%-0.8%1.2%0.0%0.0%0.8%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Wholesale0.0%0.0%0.0%0.0%-0.3%-7.6%-4.1%0.0%0.0%-6.1%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Value-added Services0.0%0.0%0.0%0.0%-11.4%-17.0%-13.6%0.0%0.0%-18.4%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Others0.0%0.0%0.0%0.0%-57.8%0.0%-0.7%0.0%0.0%7.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Adjusted Profit from operation (EBIT)0.0%0.0%0.0%0.0%0.8%-11.4%5.6%0.0%0.0%5.2%-15.2%-1.1%-1.1%-1.0%-1.0%-1.0%-1.0%-1.0%-1.0%-1.0%-1.0%-100.0%EBIT Margin0.0%0.0%0.0%0.0%4.7%-7.5%7.8%0.0%0.0%6.4%-14.3%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Depreciation and Amortization and Impairment losses0.0%0.0%0.0%0.0%-2.4%6.0%1.1%0.0%0.0%-8.7%-7.8%-1.1%-1.1%-1.0%-1.0%-1.0%-1.0%-1.0%-1.0%-1.0%-1.0%-100.0%EBITDA0.0%0.0%0.0%0.0%-0.7%-3.6%3.4%0.0%0.0%-1.1%-11.7%-1.1%-1.1%-1.0%-1.0%-1.0%-1.0%-1.0%-1.0%-1.0%-1.0%0.0%Special factors affecting EBITDA0.0%0.0%0.0%0.0%43.6%37.5%-100.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%EBITDA adjusted for special factors0.0%0.0%0.0%0.0%0.9%-1.5%-4.1%0.0%0.0%-1.1%-11.7%-1.1%-1.1%-1.0%-1.0%-1.0%-1.0%-1.0%-1.0%-1.0%-1.0%0.0%EBITDA margin0.0%0.0%0.0%0.0%4.9%2.8%-2.1%0.0%0.0%0.1%-10.7%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Cash CAPEX0.0%0.0%0.0%0.0%51.4%-26.7%-2.5%0.0%0.0%31.8%-1.3%-1.1%-20.8%-1.0%-1.0%-1.0%-1.0%-1.0%-1.0%-1.0%-1.0%-20.0%Common Ratio (%)Fixed-network linesRetail broadband lines43.9%0.0%0.0%0.0%0.0%48.5%52.4%55.5%56.3%56.8%57.3%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%TV (including satellite)3.1%0.0%0.0%0.0%0.0%4.7%6.6%8.8%9.2%9.5%9.8%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Mobile Customers100%-300%-200%-100%0%100%100%100%200%300%400%100%100%100%100%100%100%100%100%100%100%100%Contract customers43.9%0.0%0.0%0.0%0.0%49.5%51.5%53.5%54.1%54.5%55.1%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Prepay customers56.1%0.0%0.0%0.0%0.0%50.5%48.5%46.5%45.9%45.5%44.9%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Fixed-network linesConsumers81.7%0.0%0.0%0.0%0.0%80.7%80.2%79.5%79.3%79.2%79.1%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Business13.7%0.0%0.0%0.0%0.0%14.7%15.0%15.7%15.9%16.0%16.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Mobile Business0%Consumers86.5%0.0%0.0%0.0%0.0%84.0%82.9%78.8%78.5%78.3%78.1%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Business13.5%0.0%0.0%0.0%0.0%16.0%17.1%21.2%21.5%21.7%21.9%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Total Revenue-400%-300%-200%-100%0%100%100%100%200%300%400%100%100%100%100%100%100%100%100%100%100%100%Customers53.4%0.0%0.0%0.0%0.0%53.8%53.9%53.6%53.6%54.5%54.4%53.1%52.6%52.1%51.6%51.1%50.6%50.1%49.6%49.1%48.6%48.1%0.0%Business Customers21.8%0.0%0.0%0.0%0.0%23.4%24.2%25.0%25.0%25.4%25.2%25.3%25.5%25.8%26.1%26.3%26.6%26.9%27.2%27.4%27.7%28.0%0.0%Wholesale18.2%0.0%0.0%0.0%0.0%18.8%18.1%17.7%17.2%16.6%16.9%17.9%18.1%18.3%18.5%18.7%18.9%19.1%19.3%19.5%19.7%19.9%0.0%Value-added Services2.3%0.0%0.0%0.0%0.0%2.1%1.8%1.6%1.4%1.3%1.3%1.6%1.6%1.7%1.7%1.7%1.7%1.7%1.8%1.8%1.8%1.8%0.0%Others4.3%0.0%0.0%0.0%0.0%1.9%2.0%2.0%2.8%2.2%2.2%2.0%2.1%2.1%2.1%2.1%2.1%2.2%2.2%2.2%2.2%2.3%0.0%D&A /Sales-16.7%0.0%0.0%0.0%0.0%-16.9%-18.7%0.0%0.0%-18.9%-19.3%-19.3%-17.4%-17.6%-17.4%0.0%-18.0%-18.0%-18.0%-18.0%-18.0%-18.0%-18.0%-18.0%-18.0%-18.0%-18.0%EuropeCustomer Development '000ASS.Total European customers79,1000.00.00.00.077,5180.00.00.075,44477,49175,16175,70471,87372,09774,26771,63571,58971,3830.074,2670.00.00.00.074,26774,26774,26774,26774,26774,26774,26774,26774,26774,2670.0%Fixed network lines12,30011,33710,56310,56310,33910,24810,0899,9749,9549,8699,7339,623Retail broadband lines3,9004,3534,5884,5884,6144,6424,6884,7664,7664,8174,8714,935Wholesale bundled lines200180153153Wholesale unbundled lines445074Unbundled local loop lines (ULLs)1,1001,5041,8441,963Mobile customers61,60060,10060,29360,29360,20860,81457,09657,35757,35756,94956,98556,825Greece '00014,50012,87612,3280.00.011,93711,82711,91411,74011,68311,5880.011,6760.00.00.00.011,44211,21310,98910,76910,55410,34310,1369,9339,7359,540-2.0%Fixed network lines4,2003,7393,3173,0142,9523,0162,9002,8492,794Broadband lines1,1001,1471,1261,1451,1781,2031,2081,2321,244Mobile customers9,2007,9907,8857,7787,6977,6957,6327,6027,550Romania10,90010,40710,0640.00.03,5603,5569,9203,5513,5573,5600.09,7220.00.00.00.09,5279,3379,1508,9678,7888,6128,4408,2718,1057,943-2.0%Fixed network lines2,8002,5972,4872,4462,4222,4182,4092,4012,385Broadband lines8009611,0781,1141,1341,1341,1421,1561,175Mobile customers7,3006,8496,4996,368Hungary7,7007,6847,1510.00.07,2137,2337,1137,2727,2477,2820.06,9710.00.00.00.06,8316,6956,5616,4306,3016,1756,0515,9305,8125,696-2.0%Fixed network lines1,8001,6521,4861,6201,6111,4011,6261,5971,597Broadband lines800824848773785875801812832Mobile customers5,1005,2084,8174,8204,8374,8374,8454,8384,853Poland13,50013,25914,1610.00.015,57516,04016,04015,91915,96915,6670.016,0400.00.00.00.016,04016,04016,04016,04016,04016,04016,04016,04016,04016,0400.0%Mobile customers13,50013,25914,16115,57516,04016,04015,91915,96915,667Czech Republic0.05,6135,5810.00.05,6255,7205,7205,7985,9015,9710.05,6060.00.00.00.05,4935,3845,2765,1705,0674,9664,8664,7694,6744,580-2.0%Fixed network lines0.069100105111111114117119Broadband lines0.069100105111111114117119Mobile customers0.05,4755,3815,4155,4985,4985,5705,6675,733Croatia5,0004,9614,4560.00.01,8351,8414,2961,8261,8051,7870.04,2960.00.00.00.04,2964,2964,2964,2964,2964,2964,2964,2964,2964,2960.0%Fixed network lines1,5001,4311,3871,2061,2081,3121,1921,1741,156Broadband lines600629651629633658634631631Mobile customers2,9002,9012,4182,326Netherlands5,2005,1045,4870.00.05,3295,2785,2785,1715,0975,0650.05,1720.00.00.00.05,0694,9684,8684,7714,6754,5824,4904,4014,3134,226-2.0%Fixed network lines300289294288283283283272270Broadband lines300289284280275275266264261Mobile customers4,6004,5264,9094,7614,7204,7204,6224,5614,534Slovakia3,9003,9083,8110.00.03,7103,6913,7513,6553,6273,6130.03,7510.00.00.00.03,7513,7513,7513,7513,7513,7513,7513,7513,7513,7510.0%Fixed network lines1,1001,0611,021977960960945932919Broadband lines400436464420420480421422431Mobile customers2,4002,4112,3262,3132,3112,3112,2892,2732,263Austria3,4003,7784,0600.00.04,0764,1044,1044,0904,0734,0440.04,1040.00.00.00.04,1044,1044,1044,1044,1044,1044,1044,1044,1044,1040.0%Mobile customers3,4003,7784,0604,0764,1044,1044,0904,0734,044Other8,4008,4208,5480.00.06556578,6866316296270.08,6860.00.00.00.08,6868,6868,6868,6868,6868,6868,6868,6868,6868,6860.0%Fixed network lines500498471433427453400392385Broadband lines200220239222230258231237242Mobile customers7,7007,7027,8387,975GrowthEuropeFixed network lines-7.8%-6.8%-5.8%-4.5%-5.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Retail broadband lines11.6%5.4%3.9%4.4%4.9%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Wholesale bundled lines-10.0%-15.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Wholesale unbundled lines0.0%13.6%48.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Unbundled local loop lines (ULLs)36.7%22.6%6.5%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Mobile customers-2.4%0.3%-4.9%-5.4%-6.3%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Greece '000Fixed network lines-11.0%-11.3%-9.1%0.0%0.0%-7.3%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Broadband lines4.3%-1.8%6.8%0.0%0.0%8.6%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Mobile customers-13.2%-1.3%-2.4%0.0%0.0%-2.9%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%RomaniaFixed network lines-7.3%-4.2%-2.8%0.0%0.0%-2.5%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Broadband lines20.1%12.2%5.2%0.0%0.0%5.5%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Mobile customers-6.2%-5.1%-2.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%HungaryFixed network lines-8.2%-10.0%-5.7%0.0%0.0%-1.4%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Broadband lines3.0%2.9%3.2%0.0%0.0%7.6%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Mobile customers2.1%-7.5%0.4%0.0%0.0%0.7%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%PolandMobile customers-1.8%6.8%13.3%0.0%0.0%0.6%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Czech RepublicFixed network lines0.0%44.9%11.0%0.0%0.0%13.3%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Broadband lines0.0%44.9%11.0%0.0%0.0%13.3%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Mobile customers0.0%-1.7%2.2%0.0%0.0%5.9%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%CroatiaFixed network lines-4.6%-3.1%-5.4%0.0%0.0%-4.1%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Broadband lines4.8%3.5%1.1%0.0%0.0%0.3%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Mobile customers0.0%-16.6%-3.8%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%NetherlandsFixed network lines-3.7%1.7%-3.7%0.0%0.0%-6.3%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Broadband lines-3.7%-1.7%-3.2%0.0%0.0%-6.8%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Mobile customers-1.6%8.5%-3.9%0.0%0.0%-4.8%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%SlovakiaFixed network lines-3.5%-3.8%-6.0%0.0%0.0%-5.9%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Broadband lines9.0%6.4%3.4%0.0%0.0%2.6%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Mobile customers0.5%-3.5%-0.6%0.0%0.0%-2.2%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%AustriaMobile customers11.1%7.5%1.1%0.0%0.0%-0.8%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%OtherFixed network lines-0.4%-5.4%-3.8%0.0%0.0%-11.1%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Broadband lines10.0%8.6%7.9%0.0%0.0%9.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Mobile customers0.0%1.8%1.7%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Common Ratio (%)Europe100%100%100%100%200%300%400%100%100%100%100%100%100%100%100%100%100%100%Fixed network lines15.5%14.6%13.6%13.4%13.8%13.6%13.5%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Retail broadband lines4.9%5.6%5.9%6.4%6.7%6.8%6.9%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Wholesale bundled lines0.3%0.2%0.2%0.2%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Wholesale unbundled lines0.0%0.1%0.1%0.1%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Unbundled local loop lines (ULLs)1.4%1.9%2.4%2.6%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Mobile customers77.9%77.5%77.8%77.2%79.5%79.6%79.6%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Greece '000100%100%100%100%200%300%400%100%100%100%100%100%100%100%100%100%100%100%Fixed network lines29.0%29.0%26.9%25.3%24.7%24.4%24.1%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Broadband lines7.6%8.9%9.1%10.1%10.3%10.5%10.7%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Mobile customers63.4%62.1%64.0%64.6%65.0%65.1%65.2%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Romania100%100%100%100%200%300%400%100%100%100%100%100%100%100%100%100%100%100%Fixed network lines25.7%25.0%24.7%24.4%67.8%67.5%67.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Broadband lines7.3%9.2%10.7%11.4%32.2%32.5%33.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Mobile customers67.0%65.8%64.6%64.2%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Hungary100%100%100%100%200%300%400%100%100%100%100%100%100%100%100%100%100%100%Fixed network lines23.4%21.5%20.8%19.7%22.4%22.0%21.9%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Broadband lines10.4%10.7%11.9%12.3%11.0%11.2%11.4%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Mobile customers66.2%67.8%67.4%68.0%66.6%66.8%66.6%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Poland100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%Czech Republic100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%Fixed network lines0.0%1.2%1.8%1.9%2.0%2.0%2.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Broadband lines0.0%1.2%1.8%1.9%2.0%2.0%2.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Mobile customers0.0%97.5%96.4%96.1%96.1%96.0%96.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Croatia100%100%100%100%200%300%400%100%100%100%100%100%100%100%100%100%100%100%Fixed network lines30.0%28.8%31.1%30.5%65.3%65.0%64.7%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Broadband lines12.0%12.7%14.6%15.3%34.7%35.0%35.3%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Mobile customers58.0%58.5%54.3%54.1%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Netherlands100%100%100%100%200%300%400%100%100%100%100%100%100%100%100%100%100%100%Fixed network lines5.8%5.7%5.4%5.4%5.5%5.3%5.3%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Broadband lines5.8%5.7%5.2%5.2%5.1%5.2%5.2%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Mobile customers88.5%88.7%89.5%89.4%89.4%89.5%89.5%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Slovakia100%100%100%100%200%300%400%100%100%100%100%100%100%100%100%100%100%100%Fixed network lines28.2%27.1%26.8%25.6%25.9%25.7%25.4%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Broadband lines10.3%11.2%12.2%12.8%11.5%11.6%11.9%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Mobile customers61.5%61.7%61.0%61.6%62.6%62.7%62.6%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Austria100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%Other100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%Fixed network lines6.0%5.9%5.5%5.2%63.4%62.3%61.4%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Broadband lines2.4%2.6%2.8%3.0%36.6%37.7%38.6%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Mobile customers91.7%91.5%91.7%91.8%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Total Revenue 19,888 16,840 15,124 3,654 3,594 14,406 3,327 3,420 3,4360.0 14,2380.00.00.00.0 13,864 13,501 13,149 12,808 12,477 12,155 11,843 11,540 11,247 10,961-2.70%Greece3,8993,8763,5468257813,2537137447713,1403,0312,9262,8242,7262,6322,5412,4522,3672,2852,206Romania1,1041,1651,0722602531,0372432482541,001966933900869839810782755728703Hungary1,6821,5171,4383633981,4293933863771,3791,3321,2851,2411,1981,1561,1161,0771,0401,004969Poland1,7571,8391,7404224251,6783854073921,6531,6281,6041,5801,5561,5331,5101,4871,4651,4431,421Czech Republic1,1911,1571,0922732571,0442262352291,008973939906875845815787760733708Croatia1,1611,1481,084269239992224234237977962948934920906892879866853840Netherlands1,8071,7671,7474134111,6643934064121,6061,5511,4971,4451,3951,3461,3001,2541,2111,1691,128Slovakia974934886205224837192200200824812800788776764753742731720709Austria1,038983924219215878203197225865852839826814802790778766755744United Kingdom3,3907830.00.00.00.00.00.00.0Other1,8851,9371,8270.00.04053911,8113553633391,7841,7571,7311,7051,6791,6541,6291,6051,5811,5571,534ASS.Adjusted Profit from operation (EBIT)1409857806224432,008393425515783763743723704686669651635619603EBIT Margin0.7%5.8%5.2%0.0%0.0%17.0%12.3%13.9%11.8%12.4%15.0%0.0%5.5%0.0%0.0%0.0%0.0%5.5%5.5%5.5%5.5%5.5%5.5%5.5%5.5%5.5%5.5%5.5%Depreciation and Amortization and Impairment losses(6,157)(4,157)(4,215)(723)(1,121)(3,291)(696)(682)(647)(3,578)(3,484)(3,393)(3,305)(3,219)(3,136)(3,055)(2,977)(2,900)(2,827)(2,755)-25.1%EBITDA6,2975,1424,9950.00.01,3451,5645,2991,0891,1071,1620.04,3610.00.00.00.04,2474,1364,0283,9233,8223,7243,6283,5353,4453,358Special factors affecting EBITDA(93)(606)(246)EBITDA adjusted for special factors6,3905,7485,2410.00.01,3451,2045,2991,0891,1071,1620.04,7000.00.00.00.04,5744,4524,3344,2194,1084,0003,8953,7933,6953,599Greece1,4471,4331,3003142721,2052822823011,1581,1181,0791,0421,00697193790587384381436.9%Romania293281274787328963656925925024123322521720920219518818225.8%Hungary6755675421311064749311912445543942440939538236835634333132033.0%Poland61669162914615158714014714556255454553752952151350649849048334.0%Czech Republic6145515091361114861041049947345744142541139638336935734433246.9%Croatia525507508133121469889910545044443743142441841140539939338746.1%Netherlands43046150514313452511410811646344743241740238837536234933732628.8%Slovakia439403388899435455605835535034533933432932431931531030543.1%Austria283283253655623455406222922622221921621220920620320019726.5%United Kingdom6111670.00.00.00.00.00.00.0Other4464263391108629995838329429028628127727326926526125725316.5%EBITDA margin32.1%34.1%34.7%36.8%33.5%36.8%32.7%32.4%33.8%0.0%33.0%0.0%0.0%0.0%0.0%33.0%33.0%33.0%32.9%32.9%32.9%32.9%32.9%32.9%32.8%Cash CAPEX(2,489)(2,012)(1,870)(333)(594)(1,698)(1,382)(518)(496)(2,136)(2,080)(1,553)(1,512)(1,473)(1,435)(1,398)(1,362)(1,327)(1,293)(1,261)-15.0%-11.5%Common RatioTotal Revenue100%100%100%100%0%0%0%100%100%100%100%100%100%100%100%100%100%100%Greece19.6%23.0%23.4%22.6%21.4%21.8%22.4%22.1%21.9%21.7%21.5%21.3%21.1%20.9%20.7%20.5%20.3%20.1%Romania5.6%6.9%7.1%7.2%7.3%7.3%7.4%7.0%7.0%6.9%6.8%6.8%6.7%6.7%6.6%6.5%6.5%6.4%Hungary8.5%9.0%9.5%9.9%11.8%11.3%11.0%9.7%9.6%9.5%9.4%9.4%9.3%9.2%9.1%9.0%8.9%8.8%Poland8.8%10.9%11.5%11.6%11.6%11.9%11.4%11.6%11.7%11.9%12.0%12.1%12.3%12.4%12.6%12.7%12.8%13.0%Czech Republic6.0%6.9%7.2%7.2%6.8%6.9%6.7%7.1%7.0%7.0%6.9%6.8%6.8%6.7%6.6%6.6%6.5%6.5%Croatia5.8%6.8%7.2%6.9%6.7%6.8%6.9%6.9%6.9%7.0%7.1%7.2%7.3%7.3%7.4%7.5%7.6%7.7%Netherlands9.1%10.5%11.6%11.6%11.8%11.9%12.0%11.3%11.2%11.1%11.0%10.9%10.8%10.7%10.6%10.5%10.4%10.3%Slovakia4.9%5.5%5.9%5.8%5.8%5.8%5.8%5.8%5.9%5.9%6.0%6.1%6.1%6.2%6.3%6.3%6.4%6.5%Austria5.2%5.8%6.1%6.1%6.1%5.8%6.5%6.1%6.1%6.2%6.3%6.4%6.4%6.5%6.6%6.6%6.7%6.8%Other9.5%11.5%12.1%12.6%10.7%10.6%9.9%12.5%12.7%12.8%13.0%13.1%13.3%13.4%13.5%13.7%13.8%14.0%Depreciation and Amortization and Impairment losses-31.0%-24.7%-27.9%-22.8%-20.9%-19.9%-18.8%-25.1%-25.1%-25.1%-25.1%-25.1%-25.1%-25.1%-25.1%-25.1%-25.1%-25.1%EBITDA adjusted for special factors32.1%34.1%34.7%36.8%32.7%32.4%33.8%33.0%33.0%33.0%33.0%32.9%32.9%32.9%32.9%32.9%32.9%32.8%Greece37.1%37.0%36.7%37.0%39.6%37.9%39.0%36.9%36.9%36.9%36.9%36.9%36.9%36.9%36.9%36.9%36.9%36.9%Romania26.5%24.1%25.6%27.9%25.9%26.2%27.2%25.8%25.8%25.8%25.8%25.8%25.8%25.8%25.8%25.8%25.8%25.8%Hungary40.1%37.4%37.7%33.2%23.7%30.8%32.9%33.0%33.0%33.0%33.0%33.0%33.0%33.0%33.0%33.0%33.0%33.0%Poland35.1%37.6%36.1%35.0%36.4%36.1%37.0%34.0%34.0%34.0%34.0%34.0%34.0%34.0%34.0%34.0%34.0%34.0%Czech Republic51.6%47.6%46.6%46.6%46.0%44.3%43.2%46.9%46.9%46.9%46.9%46.9%46.9%46.9%46.9%46.9%46.9%46.9%Croatia45.2%44.2%46.9%47.3%39.3%42.3%44.3%46.1%46.1%46.1%46.1%46.1%46.1%46.1%46.1%46.1%46.1%46.1%Netherlands23.8%26.1%28.9%31.6%29.0%26.6%28.2%28.8%28.8%28.8%28.8%28.8%28.8%28.8%28.8%28.8%28.8%28.8%Slovakia45.1%43.1%43.8%42.3%28.6%30.0%29.0%43.1%43.1%43.1%43.1%43.1%43.1%43.1%43.1%43.1%43.1%43.1%Austria27.3%28.8%27.4%26.7%27.1%20.3%27.6%26.5%26.5%26.5%26.5%26.5%26.5%26.5%26.5%26.5%26.5%26.5%Other23.7%22.0%18.6%16.5%26.8%22.9%24.5%16.5%16.5%16.5%16.5%16.5%16.5%16.5%16.5%16.5%16.5%16.5%Cash CAPEX-12.5%-11.9%-12.4%-11.8%-41.5%-15.1%-14.4%-15.0%-15.0%-11.5%-11.5%-11.5%-11.5%-11.5%-11.5%-11.5%-11.5%-11.5%USACustomer Development '000ASS.Mobile Customers33,80033,73433,18624,54924,08733,76933,38933,38933,96844,01645,0390.032,8880.00.00.00.032,39531,90931,43030,95930,49430,03729,58629,14328,70628,275-1.5%Contract Customers26,44724,79724,79724,54924,08723,76323,38323,38323,38424,20624,8600.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0Branded24,57422,36720,29320,29320,29320,09420,78321,430Machine to Machine (M2M)1,8732,4303,0903,0903,0903,2903,4233,430Prepay Customer7,2878,3898,3890.00.010,00610,00610,00610,58419,81020,1790.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0Branded4,4974,8195,8265,8265,8266,02814,93514,960MVNOs2,7903,5704,1804,1804,1804,5564,8755,219Total Revenue 15,471 16,087 14,811 3,915 3,793 15,371 3,541 4,825 5,108 14,762 14,177 13,615 13,076 12,558 12,060 11,582 11,123 10,682 10,259 9,853-4.35%Adjusted Profit from operation (EBIT)2,2332,092(710)(10,108)1,821(7,547)4583554121,3291,2761,2251,1771,1301,0851,0421,001961923887Special factors affecting EBIT0.00.0(2,413)(10,450)1,440(9,110)(34)(46)(63)Adjusted EBIT2,2332,0920.00.00.00.01,7030.00.03423811,5634924014750.01,3290.00.00.00.01,2761,2251,1771,1301,0851,0421,001961923887EBIT Margin14.4%0.0%0.0%0.0%0.0%13.0%0.0%0.0%0.0%0.0%11.5%0.0%0.0%8.7%10.0%10.2%13.9%8.3%9.3%0.0%9.0%0.0%0.0%0.0%0.0%9.0%9.0%9.0%9.0%9.0%9.0%9.0%9.0%9.0%9.0%9.0%Depreciation and Amortization and Impairment losses(2,028)(2,064)(4,407)(652)(424)(2,277)(396)(529)(607)(1,919)(1,843)(1,770)(1,700)(1,632)(1,568)(1,506)(1,446)(1,389)(1,334)(1,281)EBITDA4,2610.00.00.00.04,1563,6979948053,8408889301,0820.03,2480.00.00.00.03,1192,9952,8772,7632,6532,5482,4472,3502,2572,168Special factors affecting EBITDA0.00.0(134)0.00.00.00.00.00.0EBITDA adjusted for special factors4,2610.00.00.00.04,1563,8319948053,8408889301,0820.03,2480.00.00.00.03,1192,9952,8772,7632,6532,5482,4472,3502,2572,168EBITDA margin27.5%0.0%0.0%0.0%0.0%25.8%25.9%25.4%21.2%25.0%25.1%19.3%21.2%0.0%22.0%0.0%0.0%0.0%0.0%22.0%22.0%22.0%22.0%22.0%22.0%22.0%22.0%22.0%22.0%25.6%Cash Capex(2,666)(2,121)(1,963)(865)(699)(2,560)(852)(804)(767)(2,214)(2,127)(1,634)(1,569)(1,507)(1,447)(1,390)(1,335)(1,282)(1,231)(1,182)Capex to Revenue-17.2%0.0%0.0%0.0%0.0%-13.2%0.0%0.0%0.0%0.0%-13.3%0.0%0.0%-22.1%-18.4%-16.7%-24.1%-16.7%-15.0%0.0%-15.0%0.0%0.0%0.0%0.0%-15.0%-12.0%-12.0%-12.0%-12.0%-12.0%-12.0%-12.0%-12.0%-12.0%-15.0%-12.0%Depreciation and Amortization and impairment losses-13.1%0.0%0.0%0.0%0.0%-12.8%-14.2%-16.7%-11.2%-14.8%-11.2%-11.0%-11.9%-13.0%0.0%0.0%0.0%0.0%-13.0%-13.0%-13.0%-13.0%-13.0%-13.0%-13.0%-13.0%-13.0%-13.0%-13.0%GrowthMobile Customers-0.2%-1.6%0.6%-1.5%-1.5%-1.5%-1.5%-1.5%-1.5%-1.5%-1.5%-1.5%-1.5%-1.5%Contract Customers-6.2%-5.7%-100.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Branded-9.0%-9.3%-100.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Machine to Machine (M2M)29.7%27.2%-100.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Prepay Customer15.1%19.3%-100.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Branded7.2%20.9%-100.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%MVNOs28.0%17.1%-100.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Total Revenue4.0%-7.9%3.8%-4.0%-4.0%-4.0%-4.0%-4.0%-4.0%-4.0%-4.0%-4.0%-4.0%-4.0%Adjusted Profit from operation (EBIT)-6.3%-133.9%963.0%-117.6%-4.0%-4.0%-4.0%-4.0%-4.0%-4.0%-4.0%-4.0%-4.0%-4.0%Depreciation and Amortization and Impairment losses1.8%113.5%-48.3%-15.7%-4.0%-4.0%-4.0%-4.0%-4.0%-4.0%-4.0%-4.0%-4.0%-4.0%EBITDA-2.5%-11.0%3.9%-15.4%-4.0%-4.0%-4.0%-4.0%-4.0%-4.0%-4.0%-4.0%-4.0%-4.0%Special factors affecting EBITDA0.0%0.0%-100.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%EBITDA adjusted for special factors-2.5%-7.8%0.2%-15.4%-4.0%-4.0%-4.0%-4.0%-4.0%-4.0%-4.0%-4.0%-4.0%-4.0%Cash Capex-20.4%-7.4%30.4%-13.5%-4.0%-23.2%-4.0%-4.0%-4.0%-4.0%-4.0%-4.0%-4.0%-4.0%System SolutionsOrder Entry (Million EUR) 9,364 9,281 7,396 8,737Computing & Desktop ServicesASS.Units Number of Servers Managed and Serviced47,09258,07358,05357,12157,12157,12157,12157,12157,12157,12157,12157,12157,12157,12157,1210.0%Millions number of workstations Managed and Serviced1.861.952.001.93Systems Integration910.00.00.00.09394910.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0Hours billed (Millions)9.609.209.706.30Utilization Rate (%)81.3084.0084.1085.10Total Revenue 8,798 9,937 9,953 2,245 2,829 10,016 2,319 2,273 2,286 10,016 10,016 10,016 10,016 10,016 10,016 10,016 10,016 10,016 10,016 10,016Loss from operation (EBIT)(11)(193)(290)286711085852Special factors affecting EBIT(240)(297)(313)EBIT (adjusting for special factors)2290.00.00.00.0104232867110858520.02500.00.00.00.0250250250250250250250250250250EBIT Margin (adjusted for special factors)2.6%0.0%0.0%0.0%0.0%1.0%0.2%0.0%0.0%1.2%2.4%1.1%0.3%2.6%2.3%0.0%2.5%0.0%0.0%0.0%0.0%2.5%2.5%2.5%2.5%2.5%2.5%2.5%2.5%2.5%2.5%2.5%Depreciation and Amortization and Impairment losses(721)(656)(669)(158)(185)(649)(181)(162)(152)(651)(651)(651)(651)(651)(651)(651)(651)(651)(651)(651)EBITDA7100.00.00.00.04633791862527591892202040.06510.00.00.00.0651651651651651651651651651651Special factors affecting EBITDA(213)(289)(293)EBITDA adjusted for special factors9230.00.00.00.07526720.00.01862407471752212030.06510.00.00.00.0651651651651651651651651651651EBITDA margin10.49%0.00%0.00%0.00%0.00%7.57%6.75%0.00%0.00%8.29%8.48%7.46%7.55%9.72%8.88%0.00%6.50%0.00%0.00%0.00%0.00%6.50%6.50%6.50%6.50%6.50%6.50%6.50%6.50%6.50%6.50%Cash Capex(681)(1,501)(1,413)(289)(393)(1,187)(212)(215)(275)(1,502)(1,502)(1,152)(1,152)(1,152)(1,152)(1,152)(1,152)(1,152)(1,152)(1,152)Capex to Revenue-7.7%0.0%0.0%0.0%0.0%-15.1%0.0%0.0%0.0%0.0%-14.2%-12.9%-13.9%-11.9%-9.1%-9.5%-12.0%-15.0%-15.0%-11.5%-11.5%-11.5%-11.5%-11.5%-11.5%-11.5%-11.5%-11.5%-15.0%-11.5%Depreciation and Amortization and impairment losses-8.2%0.0%0.0%0.0%0.0%-6.6%0.0%0.0%0.0%0.0%-6.7%0.0%0.0%-7.0%-6.5%-6.5%-7.8%-7.1%-6.6%-6.5%-6.5%-6.5%-6.5%-6.5%-6.5%-6.5%-6.5%-6.5%-6.5%-6.5%-6.5%GrowthTotal Revenue12.9%0.2%0.6%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Loss from operation (EBIT)1654.5%50.3%-137.9%-100.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Special factors affecting EBIT23.8%5.4%-100.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%EBIT (adjusting for special factors)-54.6%-77.9%378.3%127.6%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Depreciation and Amortization and Impairment losses-9.0%2.0%-3.0%0.3%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%EBITDA-34.8%-18.1%100.3%-14.2%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Special factors affecting EBITDA35.7%1.4%-100.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%EBITDA adjusted for special factors-18.5%-10.6%11.2%-12.8%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Group Headquarters & Shared ServicesDevelopment of OperationsASS.Total Revenue 2,410 3,119 2,977 691 775 2,835 691 761 635 2,835 2,835 2,835 2,835 2,835 2,835 2,835 2,835 2,835 2,835 2,835Of Which Digital Business Unit0.0961843205265868213234224Profit (Loss) from operation (EBIT)(1,249)(2,476)1,274(410)(706)(1,750)(284)(327)(393)Special factors affecting EBIT0.0(769)2,698EBIT (adjusting for special factors)(1,249)0.00.00.00.0(1,707)0.00.00.00.0(1,424)0.00.0(410)(706)(1,750)(284)(327)(393)0.0(1,553)0.00.00.00.0(1,553)(1,553)(1,553)(1,553)(1,553)(1,553)(1,553)(1,553)(1,553)(1,553)EBIT Margin (adjusted for special factors)-51.8%0.0%0.0%0.0%0.0%-54.7%0.0%0.0%0.0%0.0%-47.8%0.0%0.0%-59.3%-91.1%-61.7%-41.1%-43.0%-61.9%0.0%-54.8%0.0%0.0%0.0%0.0%-54.8%-54.8%-54.8%-54.8%-54.8%-54.8%-54.8%-54.8%-54.8%-54.8%-54.8%Depreciation and Amortization and Impairment losses(833)(835)(807)(193)(185)(753)(164)(166)(183)(780)(780)(780)(780)(780)(780)(780)(780)(780)(780)(780)EBITDA(416)0.00.00.00.0(1,641)0.00.00.00.02,0810.00.0(154)(320)(715)(99)(111)(155)0.0(773)0.00.00.00.0(773)(773)(773)(773)(773)(773)(773)(773)(773)(773)Special factors affecting EBITDA(101)(769)2,698EBITDA adjusted for special factors(315)0.00.00.00.0(872)0.00.00.00.0(617)0.00.0(154)(320)(715)(99)(111)(155)0.0(773)0.00.00.00.0(773)(773)(773)(773)(773)(773)(773)(773)(773)(773)EBITDA margin-13.07%0.00%0.00%0.00%0.00%-27.96%0.00%0.00%0.00%0.00%-20.73%0.00%0.00%-22.29%-41.29%-25.22%-14.33%-14.59%-24.41%0.00%-27.26%0.00%0.00%0.00%0.00%-27.26%-27.26%-27.26%-27.26%-27.26%-27.26%-27.26%-27.26%-27.26%-27.26%Of which: Digital Business Unit401682710137302544Cash Capex(449)(258)(352)(50)(133)(379)(77)(94)(97)(340)(340)(284)(284)(284)(284)(284)(284)(284)(284)(284)Capex to Revenue-18.6%0.0%0.0%0.0%0.0%-8.3%0.0%0.0%0.0%0.0%-11.8%0.0%0.0%-7.2%-17.2%-13.4%-11.1%-12.4%-15.3%0.0%-12.0%-12.0%-10.0%-10.0%-10.0%-10.0%-10.0%-10.0%-10.0%-10.0%-10.0%-12.0%-10.0%Loss from operation (EBIT)-34.6%0.0%0.0%0.0%0.0%-26.8%0.0%0.0%0.0%0.0%-27.1%0.0%0.0%37.6%45.3%-26.6%-23.7%-21.8%-28.8%0.0%-27.5%-27.5%-27.5%-27.5%-27.5%-27.5%-27.5%-27.5%-27.5%-27.5%-27.5%-27.5%Total Revenue 71,7300.00.00.00.0 70,1910.00.00.00.0 66,0710.00.0 16,241 16,722 65,364 15,444 16,844 17,1350.0 64,3430.00.00.00.0 63,145 61,986 60,865 59,781 58,731 57,716 56,733 55,782 54,862 53,970Germany25,1630.00.00.00.024,2080.00.00.00.023,2060.00.05,7365,73122,7365,5665,5655,6700.022,4920.00.00.00.022,25322,01921,78921,56421,34421,12820,91620,70820,50520,306Europe19,8880.00.00.00.016,8400.00.00.00.015,1240.00.03,6543,59414,4063,3273,4203,4360.014,2380.00.00.00.013,86413,50113,14912,80812,47712,15511,84311,54011,24710,961USA15,4710.00.00.00.016,0870.00.00.00.014,8110.00.03,9153,79315,3713,5414,8255,1080.014,7620.00.00.00.014,17713,61513,07612,55812,06011,58211,12310,68210,2599,853System Solutions8,7980.00.00.00.09,9370.00.00.00.09,9530.00.02,2452,82910,0162,3192,2732,2860.010,0160.00.00.00.010,01610,01610,01610,01610,01610,01610,01610,01610,01610,016Group Headquarters & Shared Services2,4100.00.00.00.03,1190.00.00.00.02,9770.00.06917752,8356917616350.02,8350.00.00.00.02,8352,8352,8352,8352,8352,8352,8352,8352,8352,835Adjusted EBIT 6,4150.00.00.00.0 5,8050.00.00.00.0 5,8870.00.0 (8,550) 2,592 (2,406) 1,864 1,812 1,9720.0 6,4110.00.00.00.0 6,294 6,182 6,072 5,967 5,864 5,764 5,668 5,574 5,483 5,395Germany5,0620.00.00.00.05,1000.00.00.00.04,5200.00.01,3189674,7731,2891,3011,3860.04,0490.00.00.00.04,0063,9633,9223,8823,8423,8033,7653,7273,6913,655Europe1400.00.00.00.09850.00.00.00.07800.00.06224432,0083934255150.07830.00.00.00.0763743723704686669651635619603USA2,2330.00.00.00.02,0920.00.00.00.0(710)0.00.0(10,108)1,821(7,547)4583554120.01,3290.00.00.00.01,2761,2251,1771,1301,0851,0421,001961923887System Solutions2290.00.00.00.01040.00.00.00.0230.00.02867110858520.02500.00.00.00.0250250250250250250250250250250Group Headquarters & Shared Services(1,249)0.00.00.00.0(2,476)0.00.00.00.01,2740.00.0(410)(706)(1,750)(284)(327)(393)0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0Adjusted EBITDA 25,4420.00.00.00.0 24,5100.00.00.00.0 23,1280.00.0 5,920 5,128 22,892 5,295 5,467 5,9040.0 19,9430.00.00.00.0 19,474 19,020 18,582 18,158 17,749 17,353 16,970 16,599 16,241 15,895Germany9,6070.00.00.00.09,6980.00.00.00.09,5530.00.02,4012,0749,1662,2552,2792,3750.08,0970.00.00.00.08,0117,9277,8447,7637,6847,6067,5307,4557,3827,310Europe6,3900.00.00.00.05,7480.00.00.00.05,2410.00.01,3451,2045,2991,0891,1071,1620.04,7000.00.00.00.04,5744,4524,3344,2194,1084,0003,8953,7933,6953,599USA4,2610.00.00.00.04,1560.00.00.00.03,8310.00.09948053,8408889301,0820.03,2480.00.00.00.03,1192,9952,8772,7632,6532,5482,4472,3502,2572,168System Solutions4,2610.00.00.00.04,1560.00.00.00.03,8310.00.09948053,8408889301,0820.03,2480.00.00.00.03,1192,9952,8772,7632,6532,5482,4472,3502,2572,168Group Headquarters & Shared Services9230.00.00.00.07520.00.00.00.06720.00.01862407471752212030.06510.00.00.00.0651651651651651651651651651651Total Revenue100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%Germany35.1%0.0%0.0%0.0%0.0%34.5%0.0%0.0%0.0%0.0%35.1%0.0%0.0%35.3%34.3%34.8%35.0%0.0%0.0%0.0%0.0%35.2%35.5%35.8%36.1%36.3%36.6%36.9%37.1%37.4%37.6%Europe27.7%0.0%0.0%0.0%0.0%24.0%0.0%0.0%0.0%0.0%22.9%0.0%0.0%22.5%21.5%22.0%22.1%0.0%0.0%0.0%0.0%22.0%21.8%21.6%21.4%21.2%21.1%20.9%20.7%20.5%20.3%USA21.6%0.0%0.0%0.0%0.0%22.9%0.0%0.0%0.0%0.0%22.4%0.0%0.0%24.1%22.7%23.5%22.9%0.0%0.0%0.0%0.0%22.5%22.0%21.5%21.0%20.5%20.1%19.6%19.2%18.7%18.3%System Solutions12.3%0.0%0.0%0.0%0.0%14.2%0.0%0.0%0.0%0.0%15.1%0.0%0.0%13.8%16.9%15.3%15.6%0.0%0.0%0.0%0.0%15.9%16.2%16.5%16.8%17.1%17.4%17.7%18.0%18.3%18.6%Group Headquarters & Shared Services3.4%0.0%0.0%0.0%0.0%4.4%0.0%0.0%0.0%0.0%4.5%0.0%0.0%4.3%4.6%4.3%4.4%0.0%0.0%0.0%0.0%4.5%4.6%4.7%4.7%4.8%4.9%5.0%5.1%5.2%5.3%Adjusted EBIT100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%Germany78.9%0.0%0.0%0.0%0.0%87.9%0.0%0.0%0.0%0.0%76.8%0.0%0.0%-15.4%37.3%-198.4%63.2%0.0%0.0%0.0%0.0%63.6%64.1%64.6%65.1%65.5%66.0%66.4%66.9%67.3%67.7%Europe2.2%0.0%0.0%0.0%0.0%17.0%0.0%0.0%0.0%0.0%13.2%0.0%0.0%-7.3%17.1%-83.5%12.2%0.0%0.0%0.0%0.0%12.1%12.0%11.9%11.8%11.7%11.6%11.5%11.4%11.3%11.2%USA34.8%0.0%0.0%0.0%0.0%36.0%0.0%0.0%0.0%0.0%-12.1%0.0%0.0%118.2%70.3%313.7%20.7%0.0%0.0%0.0%0.0%20.3%19.8%19.4%18.9%18.5%18.1%17.7%17.2%16.8%16.4%System Solutions3.6%0.0%0.0%0.0%0.0%1.8%0.0%0.0%0.0%0.0%0.4%0.0%0.0%-0.3%2.6%-4.6%3.9%0.0%0.0%0.0%0.0%4.0%4.1%4.1%4.2%4.3%4.3%4.4%4.5%4.6%4.6%Group Headquarters & Shared Services-19.5%0.0%0.0%0.0%0.0%-42.7%0.0%0.0%0.0%0.0%21.6%0.0%0.0%4.8%-27.2%72.7%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Adjusted EBITDA100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%Germany37.8%0.0%0.0%0.0%0.0%39.6%0.0%0.0%0.0%0.0%41.3%0.0%0.0%40.6%40.4%40.0%40.6%0.0%0.0%0.0%0.0%41.1%41.7%42.2%42.8%43.3%43.8%44.4%44.9%45.5%46.0%Europe25.1%0.0%0.0%0.0%0.0%23.5%0.0%0.0%0.0%0.0%22.7%0.0%0.0%22.7%23.5%23.1%23.6%0.0%0.0%0.0%0.0%23.5%23.4%23.3%23.2%23.1%23.0%23.0%22.9%22.7%22.6%USA16.7%0.0%0.0%0.0%0.0%17.0%0.0%0.0%0.0%0.0%16.6%0.0%0.0%16.8%15.7%16.8%16.3%0.0%0.0%0.0%0.0%16.0%15.7%15.5%15.2%14.9%14.7%14.4%14.2%13.9%13.6%System Solutions16.7%0.0%0.0%0.0%0.0%17.0%0.0%0.0%0.0%0.0%16.6%0.0%0.0%16.8%15.7%16.8%16.3%0.0%0.0%0.0%0.0%16.0%15.7%15.5%15.2%14.9%14.7%14.4%14.2%13.9%13.6%Group Headquarters & Shared Services3.6%0.0%0.0%0.0%0.0%3.1%0.0%0.0%0.0%0.0%2.9%0.0%0.0%3.1%4.7%3.3%3.3%0.0%0.0%0.0%0.0%3.3%3.4%3.5%3.6%3.7%3.8%3.8%3.9%4.0%4.1%Revenue per customers in EURASS.Greece301.03287.6469.1166.04273.0460.7363.6866.53268.94264.91260.94257.02253.17249.37245.63241.94238.32234.74231.22-1.5%Romania111.94106.5273.0371.15104.5468.4369.7271.35102.97101.4299.9098.4096.9395.4794.0492.6391.2489.8788.52-1.5%Hungary197.42201.0950.3355.03200.9054.0453.2651.77197.89194.92191.99189.11186.28183.48180.73178.02175.35172.72170.13-1.5%Poland138.70122.8727.0926.50104.6124.1825.4925.02103.04101.5099.9898.4897.0095.5494.1192.7091.3189.9488.59-1.5%Czech Republic206.13195.6648.5344.93182.5238.9839.8238.35179.78177.08174.43171.81169.23166.69164.19161.73159.31156.92154.56-1.5%Croatia231.40243.27146.59129.82230.91122.67129.64132.62227.45224.04220.68217.37214.11210.89207.73204.61201.55198.52195.54-1.5%Netherlands346.20318.3977.5077.87315.2776.0079.6581.34310.54305.88301.30296.78292.32287.94283.62279.37275.18271.05266.98-1.5%Slovakia239.00232.4855.2660.69223.1452.5355.1455.36219.79216.50213.25210.05206.90203.80200.74197.73194.76191.84188.96-1.5%Austria260.19227.5953.7352.39213.9449.6348.3755.64210.73207.57204.45201.39198.37195.39192.46189.57186.73183.93181.17-1.5%United Kingdom0.00.00.00.00.00.00.00.00.00.00.0Other230.05213.73618.32595.13208.50562.60577.11540.67205.37202.29199.25196.27193.32190.42187.57184.75181.98179.25176.56-1.5%USA476.880.00.00.00.0446.300.00.0115.93113.60460.36104.25109.62113.41448.85437.63426.69416.02405.62395.48385.59375.95366.56357.39348.46-2.5%Revenue per server171,112171,4470.00.0175,3470.00.00.0175,347175,347175,347175,347175,347175,347175,347175,347175,347175,347175,3470.0%

Increased ~90% compared to 2011--mainly attributable to significantly lower impairment losses recognized on goodwill. Increased EBIT also caused by lower depreciation and amortization as a result of investment restraintsgari enterprises:Included EUR 578M for value-added services which were included in Corporate Headquarter section in the later yearsgari enterprises:companies in Bulgaria have no longer been included in the Europe operating segment since August 1, 2013 following the sale of the shares held in the companies. They have been eliminated from all historical customer figures to improve comparability.

BSDTEGYAdjusted2007-2122012-2023Million EUR except for per share2006200720082009Mar-10Jun-10Sep-10Dec-102010Mar-11Jun-11Sep-11Dec-112011Mar-12Jun-12Sep-12Dec-122012Mar-13Jun-13Sep-13Dec-132013Mar-14Jun-14Sep-14Dec-142014201520162017201820192020202120222023CAGRCAGRAs Reported ResultsTotal Revenue 71,730 70,191 66,071 14,651 14,724 65,364 13,785 15,204 15,525 64,343 63,145 61,986 60,865 59,781 58,731 57,716 56,733 55,782 54,862 53,9700.0%-1.7%Reconciliation(7,170)(7,770)(7,418)(7,326)(7,206)(7,072)(6,942)(6,817)(6,695)(6,578)(6,464)(6,354)(6,248)(6,144)(6,045)0.0%-1.7%% of reconciliation0.0%0.0%0.0%-10.0%0.0%0.0%0.0%0.0%-11.1%0.0%0.0%0.0%0.0%-11.2%0.0%0.0%0.0%0.0%-11.2%0.0%0.0%0.0%0.0%-11.2%-11.2%-11.2%-11.2%-11.2%-11.2%-11.2%-11.2%-11.2%-11.2%-11.2%Net Revenue0.062,51661,66664,6020.00.00.00.062,4210.00.00.00.058,6530.00.014,65114,72458,03813,78515,20415,5250.057,1360.00.00.00.056,07355,04454,04853,08552,15351,25250,37949,53548,71747,926-1.5%-1.7%COGS(35,337)(34,592)(36,259)(35,725)(33,885)(8,490)(8,856)(33,609)(7,831)(8,881)(9,243)(33,596)(32,971)(32,366)(31,780)(31,214)(30,666)(30,136)(29,623)(29,126)(28,646)(28,180)-1.0%-1.6%Gross Profit27,17927,07428,3430.00.00.00.026,6960.00.00.00.024,7680.00.06,1615,86824,4295,9546,3236,2820.023,5400.00.00.00.023,10222,67822,26821,87121,48721,11620,75620,40820,07119,745-2.1%-1.9%Selling expenses(16,644)(15,952)(15,863)(14,620)(14,060)(3,382)(3,649)(13,798)(3,078)(3,410)(3,403)(13,713)(13,457)(13,210)(12,972)(12,740)(12,517)(12,300)(12,091)(11,888)(11,692)(11,502)-3.7%-1.6%General and administrative expenses(5,133)(4,821)(4,653)(5,252)(5,284)(948)(970)(4,288)(1,102)(1,126)(831)(4,857)(4,766)(4,679)(4,594)(4,512)(4,433)(4,356)(4,282)(4,210)(4,141)(4,074)-3.5%-0.5%Other operating income1,6451,9711,5041,4984,3623584231,3082962322772,8572,8042,7522,7022,6542,6082,5632,5192,4772,4362,396-4.5%5.7%Other operating expenses(1,761)(1,232)(3,319)(2,817)(4,200)(217)(317)(817)(155)(110)(237)(3,142)(3,084)(3,027)(2,973)(2,920)(2,868)(2,819)(2,771)(2,724)(2,679)(2,636)-14.2%11.2%Profit (Loss) from Operation EBIT5,2867,0406,0120.00.00.00.05,5050.00.00.00.05,5860.00.01,9721,3556,8341,9151,9092,0880.04,6850.00.00.00.04,5984,5144,4324,3534,2774,2034,1314,0623,9953,9305.3%EBIT from Segment Information5,2867,0406,1755,5085,2846,1606,0445,9315,8225,7165,6135,5145,4175,3245,2335,145-100.0%Reconciliation(2,801)(1,780)(3,146)(2,859)(2,020)0.00.00.00.00.00.00.00.00.00.00.0-100.0%% of reconciliation-53.0%-25.3%-50.9%0.0%0.0%0.0%0.0%-51.9%0.0%0.0%0.0%0.0%-38.2%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Adjusted EBIT8,0878,8209,3210.00.00.00.08,3670.00.00.00.07,3040.00.00.00.00.00.00.00.00.06,1600.00.00.00.06,0445,9315,8225,7165,6135,5145,4175,3245,2335,145-100.0%0.0%Interest Income261408341349268306306306306306306306306306306306-100.0%Interest Expense(2,775)(2,895)(2,896)(2,849)(2,593)(513)(473)(2,063)(522)(521)(552)(2,339)(2,339)(2,339)(2,339)(2,339)(2,339)(2,339)(2,339)(2,339)(2,339)(2,339)-5.8%Share of profit (loss) of associates and joint ventures accounted for using the equity method55(388)24(57)(73)(154)(154)(154)(154)(154)(154)(154)(154)(154)(154)(154)-100.0%Other financial income (expense)(374)(713)(826)(253)(169)(99)(145)(483)(155)(133)(206)(233)(233)(233)(233)(233)(233)(233)(233)(233)(233)(233)5.2%Net Income before income tax expense2,4533,4522,6550.00.00.00.02,6950.00.00.00.03,0190.00.01,3607374,2881,2381,2551,3300.02,2650.00.00.00.02,1782,0942,0121,9331,8571,7831,7111,6421,5751,51011.8%Net Income before income tax expense5,2545,2325,9640.00.00.00.05,5570.00.00.00.04,7370.00.00.03,7400.00.00.00.03,6243,5113,4023,2963,1933,0942,9972,9042,8132,725-100.0%Taxes on Income(1,373)(1,428)(1,782)(935)(2,349)(250)(501)(1,451)(443)(328)(351)(1,047)(1,015)(983)(953)(923)(894)(866)(839)(813)(788)(763)1.1%Net Income for the year1,0802,0248730.00.00.00.01,7600.00.00.00.06700.00.01,1102362,8377959279790.01,2180.00.00.00.01,1631,1101,0591,01096291687282978774721.3%Net Income for the year3,7833,7674,2940.00.00.00.04,0010.00.00.00.03,4110.00.00.00.00.00.00.00.00.02,6930.00.00.00.02,6092,5282,4492,3732,2992,2282,1582,0912,0251,962-100.0%Attributable to Owners of the Parent5711,4833531,6955579292002,3927678108232,5582,4792,4022,3272,2552,1842,1162,0501,9861,9241,86433.2%Noncontrolling interest509541520651131813644528117156-2.7%Depreciation, amortization and impairment loss(2,810)(2,653)(10,994)(2,373)(2,508)(2,571)Adjusted NOPAT3,5615,1713,0650.00.00.00.05,4640.00.00.00.05,2590.00.01,4209764,9201,3791,3741,5030.04,4350.00.00.00.04,3524,2714,1924,1164,0423,9703,9003,8333,7683,7046.7%-2.5%EBITDA16,89718,01520,11017,31720,0164,7824,00817,8284,2884,4174,65915,58415,25514,93614,62714,32714,03713,75613,48313,21812,96212,7131.1%-3.0%Reconciliation(2,429)(1,444)(762)(2,160)1,337-100.0%% of reconciliation-14.4%-8.0%-3.8%0.0%0.0%0.0%0.0%-12.5%0.0%0.0%0.0%0.0%6.7%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%-100.0%Adjusted EBITDA19,32619,45920,8720.00.00.00.019,4770.00.00.00.018,6790.00.04,7824,00817,8284,2884,4174,6590.015,5840.00.00.00.015,25514,93614,62714,32714,03713,75613,48313,21812,96212,713-1.6%-3.0%Basic EPS0.250.470.080.390.130.00.00.220.00.560.00.00.190.00.590.00.00.00.00.580.560.540.520.510.490.480.460.450.43Diluted EPS0.250.470.080.390.130.00.00.220.00.560.00.00.190.00.590.00.00.00.00.580.560.540.520.510.490.480.460.450.43Dividend declared per common share0.700.700.70Basic Share Outstanding4,3394,3404,3404,3344,3004,3004,3004,3524,3004,3004,3004,3004,3004,3004,3004,3004,3004,3004,300Diluted Share Outstanding4,3404,3404,3404,3344,3004,3004,3004,3524,3004,3004,3004,3004,3004,3004,3004,3004,3004,3004,300Diidend Yield0.0%0.0%0.0%7.3%7.3%7.9%6.4%Common-size analysis (Adjusted)Total Revenue100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%AVGNew Ass.Reconciliation0.0%0.0%-10.0%-11.1%-11.2%0.0%0.0%0.0%0.0%-11.2%0.0%0.0%0.0%0.0%-11.2%-11.2%-11.2%-11.2%-11.2%-11.2%-11.2%-11.2%-11.2%-11.2%-11.2%-11.2%-11.2%% of reconciliation0.0%0.0%-0.0%Net Revenue0.0%0.0%90.1%88.9%88.8%0.0%0.0%100.0%100.0%88.8%100.0%100.0%100.0%0.0%88.8%88.8%88.8%88.8%88.8%88.8%88.8%88.8%88.8%88.8%88.8%88.8%88.8%COGS-56.5%-56.1%-56.1%0.0%0.0%0.0%0.0%-57.2%0.0%0.0%0.0%0.0%-57.8%0.0%0.0%-57.9%-60.1%-57.9%-56.8%-58.4%-59.5%0.0%-58.8%0.0%0.0%0.0%0.0%-58.8%-58.8%-58.8%-58.8%-58.8%-58.8%-58.8%-58.8%-58.8%-58.8%-57.6%-58.8%Gross Profit43.5%43.9%43.9%0.0%0.0%0.0%0.0%42.8%0.0%0.0%0.0%0.0%42.2%0.0%0.0%42.1%39.9%42.1%43.2%41.6%40.5%0.0%41.2%0.0%0.0%0.0%0.0%41.2%41.2%41.2%41.2%41.2%41.2%41.2%41.2%41.2%41.2%42.4%41.2%Selling expenses-26.6%-25.9%-24.6%0.0%0.0%0.0%0.0%-23.4%0.0%0.0%0.0%0.0%-24.0%0.0%0.0%-23.1%-24.8%-23.8%-22.3%-22.4%-21.9%0.0%-24.0%0.0%0.0%0.0%0.0%-24.0%-24.0%-24.0%-24.0%-24.0%-24.0%-24.0%-24.0%-24.0%-24.0%-23.7%-24.0%General and administrative expenses-8.2%-7.8%-7.2%0.0%0.0%0.0%0.0%-8.4%0.0%0.0%0.0%0.0%-9.0%0.0%0.0%-6.5%-6.6%-7.4%-8.0%-7.4%-5.4%0.0%-8.5%0.0%0.0%0.0%0.0%-8.5%-8.5%-8.5%-8.5%-8.5%-8.5%-8.5%-8.5%-8.5%-8.5%-8.3%-8.5%Other operating income2.6%3.2%2.3%0.0%0.0%0.0%0.0%2.4%0.0%0.0%0.0%0.0%7.4%0.0%0.0%2.4%2.9%2.3%2.1%1.5%1.8%0.0%5.0%0.0%0.0%0.0%0.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%4.0%5.0%Other operating expenses-2.8%-2.0%-5.1%0.0%0.0%0.0%0.0%-4.5%0.0%0.0%0.0%0.0%-7.2%0.0%0.0%-1.5%-2.2%-1.4%-1.1%-0.7%-1.5%0.0%-5.5%0.0%0.0%0.0%0.0%-5.5%-5.5%-5.5%-5.5%-5.5%-5.5%-5.5%-5.5%-5.5%-5.5%-4.4%-5.5%Profit (Loss) from Operation EBIT8.5%11.4%9.3%0.0%0.0%0.0%0.0%8.8%0.0%0.0%0.0%0.0%9.5%0.0%0.0%13.5%9.2%11.8%13.9%12.6%13.4%0.0%8.2%0.0%0.0%0.0%0.0%8.2%8.2%8.2%8.2%8.2%8.2%8.2%8.2%8.2%8.2%10.0%8.2%EBIT from Segment Information8.5%11.4%9.6%0.0%0.0%0.0%0.0%8.8%0.0%0.0%0.0%0.0%9.0%0.0%0.0%0.0%10.8%0.0%0.0%0.0%0.0%10.8%10.8%10.8%10.8%10.8%10.8%10.8%10.7%10.7%10.7%5.9%10.8%Adjusted EBIT12.9%14.3%14.4%0.0%0.0%0.0%0.0%13.4%0.0%0.0%0.0%0.0%12.5%0.0%0.0%0.0%10.8%0.0%0.0%0.0%0.0%10.8%10.8%10.8%10.8%10.8%10.8%10.8%10.7%10.7%10.7%8.6%10.8%Interest Income0.4%0.7%0.5%0.0%0.0%0.0%0.0%0.6%0.0%0.0%0.0%0.0%0.5%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.5%0.0%0.0%0.0%0.0%0.5%0.6%0.6%0.6%0.6%0.6%0.6%0.6%0.6%0.6%0.3%0.6%Interest Expense-4.4%-4.7%-4.5%0000-4.6%0.0%0.0%0.0%0.0%-4.4%0.0%0.0%-3.5%-3.2%-3.6%-3.8%-3.4%-3.6%0-4.1%0.0%0.0%0.0%0.0%-4.2%-4.2%-4.3%-4.4%-4.5%-4.6%-4.6%-4.7%-4.8%-4.9%-4.2%-4.5%Share of profit (loss) of associates and joint ventures accounted for using the equity method0.1%-0.6%0.0%0.0%0.0%0.0%0.0%-0.1%0.0%0.0%0.0%0.0%-0.1%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%-0.3%0.0%0.0%0.0%0.0%-0.3%-0.3%-0.3%-0.3%-0.3%-0.3%-0.3%-0.3%-0.3%-0.3%-0.1%-0.3%Other financial income (expense)-0.6%-1.2%-1.3%0.0%0.0%0.0%0.0%-0.4%0.0%0.0%0.0%0.0%-0.3%0.0%0.0%-0.7%-1.0%-0.8%-1.1%-0.9%-1.3%0.0%-0.4%0.0%0.0%0.0%0.0%-0.4%-0.4%-0.4%-0.4%-0.4%-0.5%-0.5%-0.5%-0.5%-0.5%-0.5%-0.4%Net Income before income tax expense3.9%5.6%4.1%0.0%0.0%0.0%0.0%4.3%0.0%0.0%0.0%0.0%5.1%0.0%0.0%9.3%5.0%7.4%9.0%8.3%8.6%0.0%4.0%0.0%0.0%0.0%0.0%3.9%3.8%3.7%3.6%3.6%3.5%3.4%3.3%3.2%3.2%5.6%3.6%Effective Tax Rate-56.0%-41.4%-67.1%0.0%0.0%0.0%0.0%-34.7%0.0%0.0%0.0%0.0%-77.8%0.0%0.0%-18.4%-68.0%-33.8%-35.8%-26.1%-26.4%0.0%-28.0%0.0%0.0%0.0%0.0%-28.0%-28.0%-28.0%-28.0%-28.0%-28.0%-28.0%-28.0%-28.0%-28.0%-48.8%-28.0%Net Income for the year1.7%3.3%1.4%0.0%0.0%0.0%0.0%2.8%0.0%0.0%0.0%0.0%1.1%0.0%0.0%7.6%1.6%4.9%5.8%6.1%6.3%0.0%2.1%0.0%0.0%0.0%0.0%2.1%2.0%2.0%1.9%1.8%1.8%1.7%1.7%1.6%1.6%3.0%1.8%Attributable to Owners of the Parent52.9%73.3%40.4%0.0%0.0%0.0%0.0%96.3%0.0%0.0%0.0%0.0%83.1%0.0%0.0%83.7%84.7%84.3%96.5%87.4%84.1%0.0%210.1%213.1%216.3%219.7%223.2%227.0%230.9%235.2%239.6%244.4%249.5%95.0%Noncontrolling interest47.1%26.7%59.6%0.0%0.0%0.0%0.0%3.7%0.0%0.0%0.0%0.0%16.9%0.0%0.0%16.3%15.3%15.7%3.5%12.6%15.9%0.0%Adjusted NOPAT5.7%8.4%4.7%0.0%0.0%0.0%0.0%8.8%0.0%0.0%0.0%0.0%9.0%0.0%0.0%9.7%6.6%8.5%10.0%9.0%9.7%0.0%7.8%0.0%0.0%0.0%0.0%7.8%7.8%7.8%7.8%7.7%7.7%7.7%7.7%7.7%7.7%7.5%7.7%EBITDA27.0%29.2%31.1%0.0%0.0%0.0%0.0%27.7%0.0%0.0%0.0%0.0%34.1%0.0%0.0%32.6%27.2%30.7%31.1%29.1%30.0%0.0%27.3%0.0%0.0%0.0%0.0%27.2%27.1%27.1%27.0%26.9%26.8%26.8%26.7%26.6%26.5%30.0%26.9%Adjusted EBITDA30.9%31.6%32.3%0.0%0.0%0.0%0.0%31.2%0.0%0.0%0.0%0.0%31.8%0.0%0.0%32.6%27.2%30.7%31.1%29.1%30.0%0.0%27.3%0.0%0.0%0.0%0.0%27.2%27.1%27.1%27.0%26.9%26.8%26.8%26.7%26.6%26.5%31.4%26.9%Xetra Closing PriceHigh 15.28 15.55 11.39 10.60 7.95 9.03 8.65 9.61 9.75 9.26 9.03 8.84 10.72Low 12.18 9.00 7.93 8.55 11.32 8.77 7.81 8.71 8.37 8.42 8.37 8.40 8.94Average 13.73 12.28 9.660.00.00.00.0 9.580.00.00.00.0 9.64 8.90 8.23 9.16 9.06 8.84 8.70 8.62 9.830.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0% Change-10.60%-21.30%-0.88%0.63%-8.28%-2.25%4.74%7.31%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Special factors have an impact on the presentation of operations, making it more difficult to compare performance indicators with corresponding figures for prior periods. The adjusted values are calculated on the basis of the unadjusted performance indicators.gari enterprises:The estimated numbers are adjusted for reconciliations.gari enterprises:The estimated numbers are adjusted for reconciliations.

CFDTEGYMillion EUR except for per share2009201020112012Mar-13Jun-13Sep-132013Mar-14Jun-14Sep-14201420152016201720182019202020212022AssetsCash and Cash Equivalents5,0222,8083,7494,0264,5405,2435,675100%4,026Trade and other receivables6,7576,8896,5576,4176,4236,7637,14680%5,134Current recoverable income taxes1442241299511310511280%76Other financial assets2,0012,3722,3732,0201,6962,1002,230100%2,020Inventories1,1741,3101,0841,1061,1111,4241,34280%885Current and Non-Current assets and disposal group held for sale6,52751436902177447880%72Other assets1,3871,5891,5371,2651,7621,8331,43780%1,012Total Current Assets23,01215,24315,86515,01915,86218,21218,0200000000000000PPE45,46844,29850,09741,73237,30038,02637,68080%33,386Intangible assets, net51,70553,80741,92737,52242,64647,24646,7930%0.0Investments accounted for using the equity method1477,2426,8736,7266,2886,2186,247100%6,726Other financial assets1,7391,6952,0961,9011,7801,3461,528100%1,901Deferred tax assets5,1625,1294,4494,7144,6304,7424,70880%3,771Other assets5413981,23532833132432580%262Total Assets127,774127,812122,542107,942108,837116,114115,3010000000000000Liabilities and shareholders' equityFinancial Liabilities9,39111,68910,2199,2608,91910,87411,169100%9,260Trade and other payables6,3046,7506,4366,4456,0916,8316,701100%6,445Income tax liabilities51154557744044134642880%352Other provisions3,3693,1933,2172,8992,9242,5752,709100%2,899Liabilities directly associated with non-current assets and disposal groups helf for sale1,423009472350100%9Other liabilities3,7964,2753,8893,9554,3614,4354,18180%3,164Total current liabilities24,79426,45224,33823,00822,78325,29625,1880000000000000Financial Liabilities41,80038,85738,09935,35435,83539,47338,154100%35,354Provisions for pensions and other employee benefits6,1796,3736,0957,2807,1137,1317,17280%5,824Other provisions2,1611,6281,6891,8621,8341,9981,957100%1,862Deferred tax liabilities7,1537,6358,4925,9906,2636,9346,84580%4,792Other liabilities3,7503,8393,8883,9053,9964,0323,97080%3,124Total Liabilities85,83784,78482,60177,39977,82484,86483,2860000000000000Shareholders' equity(13,814)Issued Capital11,16511,06311,06311,06311,06311,39511,395Treasury Shares(5)(5)(6)(6)(6)(6)(6)Capital Reserves51,53051,63551,50451,50651,50651,29751,346Retained earnings including carryforwards(20,951)(24,355)(25,498)(29,212)(34,361)(37,348)(37,333)Total Other comprehensive income(5,738)(2,017)(2,326)(2,176)(2,346)(2,215)(2,276)Net profit (loss)3531,695557(5,255)5641,0941,682Non-controlling interests5,5835,0124,6474,6234,5937,0337,207Total shareholders' equity41,93743,02839,94130,54331,01331,25032,0150000000000000Total liabilities and shareholders' equity127,774127,812122,542107,942108,837116,114115,301000000000000000000000000000000000Common-size Balance Sheets7.4%Cash and Cash Equivalents3.9%2.2%3.1%3.7%4.2%4.5%4.9%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Trade and other receivables5.3%5.4%5.4%5.9%5.9%5.8%6.2%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Current recoverable income taxes0.1%0.2%0.1%0.1%0.1%0.1%0.1%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Other financial assets1.6%1.9%1.9%1.9%1.6%1.8%1.9%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Inventories0.9%1.0%0.9%1.0%1.0%1.2%1.2%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Current and Non-Current assets and disposal group held for sale5.1%0.0%0.4%0.1%0.2%0.6%0.1%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Other assets1.1%1.2%1.3%1.2%1.6%1.6%1.2%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Total Current Assets18.0%11.9%12.9%13.9%14.6%15.7%15.6%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%PPE35.6%34.7%40.9%38.7%34.3%32.7%32.7%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Intangible assets, net40.5%42.1%34.2%34.8%39.2%40.7%40.6%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Investments accounted for using the equity method0.1%5.7%5.6%6.2%5.8%5.4%5.4%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Other financial assets1.4%1.3%1.7%1.8%1.6%1.2%1.3%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Deferred tax assets4.0%4.0%3.6%4.4%4.3%4.1%4.1%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Other assets0.4%0.3%1.0%0.3%0.3%0.3%0.3%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Total Assets100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%Liabilities and shareholders' equityFinancial Liabilities7.3%9.1%8.3%8.6%8.2%9.4%9.7%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Trade and other payables4.9%5.3%5.3%6.0%5.6%5.9%5.8%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Income tax liabilities0.4%0.4%0.5%0.4%0.4%0.3%0.4%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Other provisions2.6%2.5%2.6%2.7%2.7%2.2%2.3%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Liabilities directly associated with non-current assets and disposal groups helf for sale1.1%0.0%0.0%0.0%0.0%0.2%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Other liabilities3.0%3.3%3.2%3.7%4.0%3.8%3.6%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Total current liabilities19.4%20.7%19.9%21.3%20.9%21.8%21.8%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Financial Liabilities32.7%30.4%31.1%32.8%32.9%34.0%33.1%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Provisions for pensions and other employee benefits4.8%5.0%5.0%6.7%6.5%6.1%6.2%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Other provisions1.7%1.3%1.4%1.7%1.7%1.7%1.7%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Deferred tax liabilities5.6%6.0%6.9%5.5%5.8%6.0%5.9%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Other liabilities2.9%3.0%3.2%3.6%3.7%3.5%3.4%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Total Liabilities67.2%66.3%67.4%71.7%71.5%73.1%72.2%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Issued Capital0.3%1.3%0.5%-4.9%0.5%0.9%1.5%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Treasury Shares4.4%3.9%3.8%4.3%4.2%6.1%6.3%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Capital Reserves32.8%33.7%32.6%28.3%28.5%26.9%27.8%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Retained earnings including carryforwards1100.0%100.0%100.0%100.0%100.0%100.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Total Other comprehensive income00.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Net profit (loss)00.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Non-controlling interests00.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Total shareholders' equity32.8%33.7%32.6%28.3%28.5%26.9%27.8%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Total liabilities and shareholders' equity100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%Short-term liquidity analysisTTMTTMTTMCurrent Ratio0.930.580.650.650.700.720.720.00.00.00.00.00.00.00.00.00.0Acid Test Ratio0.480.380.430.460.490.480.510.00.00.00.00.00.00.00.00.00.0Total Revenue71,73070,19166,07165,36456,94558,36459,23864,34363,14561,98660,86559,78158,73157,71656,73355,78254,862Account Receivable Turnover10.39.810.18.98.98.720.10.00.00.00.00.00.00.00.00.0Days Sales in receivables (sales to the third parties)35.537.136.241.241.241.818.20.00.00.00.00.00.00.00.00.0(Cash+investment) to current assets22%18%24%27%29%29%31%0%0%0%0%0%0%0%0%0%0%0%0%0%(Cash+investment) to current liabilities20%11%15%17%20%21%23%0%0%0%0%0%0%0%0%0%0%0%0%0%Woring capital ($M)(1,782)(11,209)(8,473)(7,989)(6,921)(7,084)(7,168)0000000000000Capital Structure and Sovency RatiosOn Balance SheetTTMTTMTTMTotal LT Debt51,19150,54648,31844,61444,75450,34749,3230.00.00.00.00.00.00.00.00.00.00.00.00.0Total Finance Expenses(2,849)(2,593)(2,063)(2,088)(2,084)(2,208)(2,339)(2,339)(2,339)(2,339)(2,339)(2,339)(2,339)(2,339)(2,339)(2,339)Total Finance Income3492680.0306306306306306306306306306306Adjusted Pretax Income5,9645,5574,7374,2884,5734,5904,5603,7403,6243,5113,4023,2963,1933,0942,9972,9042,813Adjusted Earnings4,2944,0013,4112,8372,9363,0682,9372,6932,6092,5282,4492,3732,2992,2282,1582,0912,025Cash Flow from Operation15,79514,73116,21414,04711,50811,42411,34311,26411,18811,11411,04310,97310,90610,840Total debt to Equity122.1%117.5%121.0%146.1%144.3%161.1%154.1%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.00%Net Debt40,91142,26940,12136,86037,11941,37439,7260.00.00.00.00.00.00.00.00.00.0Net Debt to EBITDA1.96x2.17x2.15x2.07x2.14x2.36x2.29x0.00x0.00x0.00x0.00x0.00x0.00x0.00x0.00x0.00x0.00x0.00x0.00x0.00xFixed assets to equity108.4%103.0%125.4%136.6%120.3%121.7%117.7%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Asset UtilizationSales to cash and equivalents7.26.46.35.24.94.60.00.00.00.00.00.00.00.00.00.00.00.00.0Sales to receivables10.39.810.18.98.98.720.10.00.00.00.00.00.00.00.00.00.00.00.0Sales to working capital6.37.88.28.28.28.30.00.00.00.00.00.00.00.00.00.00.00.00.0Sales to fixed asset1.61.31.61.51.51.60.00.00.00.00.00.00.00.00.00.00.00.00.0Sales to intangible and goodwill1.31.61.71.31.21.30.00.00.00.00.00.00.00.00.00.00.00.00.02009201020112012Mar-13Jun-13Sep-132013Mar-14Jun-14Sep-14201420152016201720182019202020212022Retur on Net Operating AssetsOperating Assets (OA)124,034123,745118,073104,021105,361112,668111,5430.00.00.00.00.00.00.00.00.00.00.00.00.0Less operating liabilities (OL)34,64634,23834,28332,78533,07034,51733,9630.00.00.00.00.00.00.00.00.00.00.00.00.0Net operating assets (NOA)89,38889,50783,79071,23672,29178,15177,5800.00.00.00.00.00.00.00.00.00.00.00.00.0Financial liabilities51,191.050,546.048,318.044,614.044,754.050,347.049,323.00.00.00.00.00.00.00.00.00.00.00.00.00.0Less financial assets8,762.06,875.08,218.06,097.06,094.07,179.07,865.00.00.00.00.00.00.00.00.00.00.00.00.00.0Net Financial obligation42,42943,67140,10038,51738,66043,16841,4580.00.00.00.00.00.00.00.00.00.00.00.00.0Stockholders' equity41,937.043,02839,94130,54331,01331,25032,0150.00.00.00.00.00.00.00.00.00.00.00.00.0Adjusted EBIT9,3218,3677,3046,8347,1577,1517,2676,1600.00.00.06,0445,9315,8225,7165,6135,5145,4175,3245,233NOPAT3,0655,4645,2594,9205,1535,1495,2324,4354,3524,2714,1924,1164,0423,9703,9003,8333,768EBITDA20,87219,47718,67917,82817,36617,49517,37215,58415,25514,93614,62714,32714,03713,75613,48313,21812,962Return on net operating assets (RNOA)3.4%6.1%6.3%6.9%7.1%6.6%6.7%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Return on Equity (ROE)10.2%9.4%8.2%8.1%9.5%9.9%9.3%17.6%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%ROIC4.0%6.81%6.97%7.84%8.11%7.85%8.11%Disaggregating Return on Net Operating AssetsNet operating profit margin (NOPAT margin)4.3%7.8%8.0%7.5%9.0%8.8%8.8%6.9%0.0%0.0%0.0%6.9%6.9%6.9%6.9%6.9%6.9%6.9%6.9%6.9%Net operating asset turnover (NOA turnover)0.800.780.790.920.790.750.760.00.00.00.00.00.00.00.00.00.00.00.00.0Average Operating Liabilities/Average NOA (OLLEV)0.280.280.300.310.310.310.320.00.00.00.00.00.00.00.00.0Disaggregating Return on Common ShareholdersNet financial obligations (NFO) or NOA-Equity42,42943,67140,10038,51738,66043,16841,4580000000000000Financial Leverage (LEV)1.011.011.011.091.261.401.330.000.000.000.000.000.000.000.000.000.000.000.000.00Net Financial Expense (Revenue)-- (NFE)2,5002,3252,0638,3528,3368,8322,0330002,0332,0332,0332,0332,0332,0332,0332,0332,033Net Financial Rate (NFR)5.8%5.6%5.2%21.6%20.4%22.1%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Spread (RNOA-NFR)0.3%0.7%1.7%-14.5%-13.8%-15.3%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%ROCE using disaggregate values6.4%7.0%8.7%-11.1%-12.7%-13.6%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%TTMTTMTTMDiluted Share Outstanding4,340.04,334.04,300.04,300.04,352.04,352.04,352.04,300.00.00.00.04,300.04,300.04,300.04,300.04,300.04,300.04,300.04,300.04,300.0Depreciation and Amortization13,89411,80814,43621,95710,20910,34410,10511,00011,00011,00011,00011,00011,00011,00011,00011,00011,000Effective Tax Rate-67.12%-34.69%-77.81%-33.84%-35.78%-26.14%-26.39%-28.00%-28.00%-28.00%-28.00%-28.00%-28.00%-28.00%-28.00%-28.00%-28.00%Free Cash Flow to Equity6,1313,4395,9172,6274043,9165,2361,2461,3422,8832,9372,9893,0403,0883,1353,1803,2243,2660.00.0DuPont AnalysisEBIT/Sales0.130.120.110.100.130.120.120.100.100.100.100.100.100.100.100.100.10Sales/Total Assets0.560.550.540.610.520.500.510.000.000.000.000.000.000.000.000.000.00EBIT/Total Assets0.070.070.060.060.070.060.060.000.000.000.000.000.000.000.000.000.00Int Exp./Total Assets0.00-0.02-0.02-0.02-0.02-0.02-0.020.000.000.000.000.000.000.000.000.000.00Pretax Income/Total Asset0.070.040.040.040.050.040.040.000.000.000.000.000.000.000.000.000.00Total Asset/Common Equity3.052.973.073.533.513.723.600.000.000.000.000.000.000.000.000.000.00Pretax Income/Common Equity0.220.130.120.160.160.160.160.000.000.000.000.000.000.000.000.000.00Tax Retention Rate32.88%65.31%22.19%66.16%64.22%73.86%73.61%72.00%72.00%72.00%72.00%72.00%72.00%72.00%72.00%72.00%72.00%ROE7.3%8.4%2.6%10.3%10.5%12.0%11.6%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Enterprise ValueStock Price9.669.589.648.848.708.629.830.00.00.00.00.00.00.00.00.00.0Share Count4,340.04,334.04,300.04,300.04,352.04,352.04,352.04,300.00.00.00.04,300.04,300.04,300.04,300.04,300.04,300.04,300.04,300.04,300.0Mrkt. Cap.41,92441,49841,43138,00137,86237,51442,7800.00.00.00.00.00.00.00.00.00.00.00.00.0+ Short Term DEBT9,39111,68910,2199,2608,91910,87411,1690.00.00.00.00.00.00.00.00.00.00.00.00.0+ Long Term Debt41,80038,85738,09935,35435,83539,47338,1540.00.00.00.00.00.00.00.00.00.00.00.00.0+ Convertible Debt0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0+ Minority Interest5,5835,0124,6474,6234,5937,0337,2070.00.00.00.00.00.00.00.00.00.00.00.00.0+ Convertible Preferred0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0+ Leases1,4791,4791,4791,4791,4791,4791,479+ Pension Liabilities6,1796,3736,0957,2807,1137,1317,172Total Debt64,43263,41060,53957,99657,93965,99065,1810.00.00.00.00.00.00.00.00.00.00.00.00.0Cash and Cash Equivalent8,90914,11715,09114,67314,30414,90715,6800.00.00.00.00.00.00.00.00.00.00.00.00.0(43,635)Enterprise Value97,44790,79186,87981,32481,49788,59792,2810.00.00.00.00.00.00.00.00.00.00.00.00.0EV per Share22.4520.9520.2018.9118.7320.3621.200.00.00.00.00.00.00.00.00.00.00.00.00.0Revenue per Share16.5316.2015.3715.2013.0813.4113.6114.9614.6814.4214.1513.9013.6613.4213.1912.9712.76Adjusted EPS0.990.920.790.660.670.700.670.630.610.590.570.550.530.520.500.490.47EBIT per Share2.151.931.701.591.641.641.671.430.000.000.001.411.381.351.331.311.281.261.241.22EBITDA per Share4.814.494.344.153.994.023.993.620.000.000.003.553.473.403.333.263.203.143.073.01NOPAT per Share0.711.261.221.141.181.181.201.030.000.000.001.010.990.970.960.940.920.910.890.88FCF per Share1.410.791.380.610.090.901.200.290.700.710.720.730.740.750.760.000.00BV per Share9.669.939.297.107.137.187.360.000.000.000.000.000.000.000.000.000.00HISTORYPE ex Cash7.697.267.868.220.00.00.00.00.00.00.00.00.00.0Market Cap - Cash & Equiv.33,01527,38126,34023,3280.00.00.00.00.00.00.00.00.00.0Price ex Cash7.616.326.135.430.00.00.00.00.00.00.00.00.00.0EPS ex Int Income0.990.870.780.660.580.00.00.00.560.540.520.500.480.470.450.430.42LTMPE9.7610.3712.1513.3912.9012.2314.570.000.000.000.000.000.000.000.000.000.000.000.000.00PFCF6.8412.077.0014.4793.729.588.170.000.000.000.000.000.000.000.000.000.000.000.000.00PB1.000.961.041.241.221.201.340.000.000.000.000.000.000.000.000.000.000.000.000.00PS0.580.590.630.580.660.640.720.000.000.000.000.000.000.000.000.000.000.000.000.00Price/EV0.430.460.480.470.460.420.460.000.000.000.000.000.000.000.000.000.000.000.000.00EV/EBIT10.4510.8511.8911.9011.3912.3912.700.000.000.000.000.000.000.000.000.000.000.000.000.00EV/EBITDA4.674.664.654.564.695.065.310.000.000.000.000.000.000.000.000.000.000.000.000.001-T0.650.220.660.5CURRENTD0.390.410.4341.1%Stock Price 11.1311/13/131-D0.610.590.5758.9%Share Count4,352As of Latest QuarterA0.170.180.1918.2%Mrkt. Cap.48,4381-A82%+ Short Term DEBT11,169+ Long Term Debt38,154+ Convertible Debt0.0+ Minority Interest7,207+ Convertible Preferred0.0+ Leases1,4790.0+ Pension Liabilities7,172Total Debt65,181-Cash Equivalent9,433- Equity Investment6,247Enterprise Value97,939EV per Share 22.50Price ex Cash8.96Expected Growth0.00%LTM2013E2016EPER16.5xPER ex CashPEGPFCF9.3xNet CashPB1.5xPS0.8xPrice/EV0.5xEV/EBIT13.5xEV/FCF18.7xEV/EBITDA5.6x17.7%EV/NOPAT18.7x

PPEDTEGYMillion EUR except for per share2009201020112012Mar-13Jun-13Sep-13Dec-1320132014201520162017201820192020202120222023ASS.Net Income (loss)8731,760670(4,858)6216448372,6932,6092,5282,4492,3732,2992,2282,1582,0912,0251,962Adjustments to reconcile net income to net cash provided by operating activitiesDepreciation, amortization and impairment losses13,89411,80814,43621,9572,3872,5072,57211,00011,00011,00011,00011,00011,00011,00011,00011,00011,00011,00011,000Income tax expense (benefit)1,7829352,349(1,516)391220304Interest expense (income)2,5552,5002,3252,033522521552Other financial (income) expense82625316922578146174Share of (profit) loss of associates and joint ventures accounted for using the equity method(24)577315480(6)29(Profit) Loss on the disposal of fully consolidated subsidiaries(26)349(4)(6)(55)47(122)Other operating income from the agreement with Crown Castle concerning the leasing and use of cell towers in the US000(1,444)Non-cash transactions in connection with the compensation from AT&T00(705)0000Other non-cash transactions(230)(21)274859811129(Gain) Loss from the disposal of intangible assets and PPE519028(83)20243Change in assets carried as WC1,936(243)690(24)(348)(508)(37)Cash Flow related to interest expenseChange in provisions(891)(68)535(203)(108)(595)67Interest Expense2,3252,033Change in other liabilities carried as WC(1,818)(209)(1,578)(406)199657(424)Other financial expense169225Income taxes received (paid)(928)(819)(778)(694)(184)(173)(157)Interest Paid(3,397)(3,060)Dividend received29412515490110292Interest Income859875Net payments from entering into or canceling interest rate swaps2422650122067133(44)73Cash Generated from Operation18,27117,06918,75216,2323,8113,6644,052013,69313,60913,52813,44913,37313,29913,22813,15813,09113,02512,962Interest Paid(3,456)(3,223)(3,397)(3,060)(764)(540)(411)(3,060)(3,060)(3,060)(3,060)(3,060)(3,060)(3,060)(3,060)(3,060)(3,060)(3,060)Interest Received980885859875875875875875875875875875875875875Cash Generated from Operation15,79514,73116,21414,0473,0473,1243,641011,50811,42411,34311,26411,18811,11411,04310,97310,90610,84010,777Change in working capital118(452)(888)(430)(149)149(461)0(590)(590)(590)(590)(590)(590)(590)(590)(590)(590)(590)(590)Other cash flow line items--Pension cost, Spectrum cost, minority interest and tax credit expired1,6151,996(2,622)9523641,1040(1,100)(1,100)(1,100)(1,100)(1,100)(1,100)(1,100)(1,100)(1,100)(1,100)(1,100)330Net Cash Flow provided by operating activities18,27117,06918,75216,2323,8113,6644,052012,59312,50912,42812,34912,27312,19912,12812,05811,99111,92511,862Purchases of PPE(7,604)(6,873)(6,569)(6,312)(1,706)(1,719)(1,815)(9,566)(9,387)(7,264)(7,131)(7,003)(6,879)(6,758)(6,642)(6,529)(6,420)(6,315)(6,585)Intangible asset acquisition(1,598)(2,978)(1,837)(2,120)(1,240)(426)(517)(1,000)(1,000)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)(1,500)Non-current financial assets(176)(997)(430)(1,028)Investments in fully consolidated subsidiaries and business units(1,007)(448)(1,239)(19)Proceeds from disposal of intangible assets7262026242424242424242424242424Proceed from PPE369318336187280280280280280280280280280280280280Proceed Cell Towers from the framework agreement with Crown Castle in the US0001,769Proceed from non-current financial assets9916261549Proceed investments in fully consolidated subsidiaries and business units1164550Net change in short-term investments and marketable securities and receivables(320)491339219Other1,465(416)398937130118Net Cash Flow provided by investing activities(8,649)(10,711)(9,275)(6,671)(2,009)(2,015)(2,214)0(10,262)(10,083)(8,460)(8,327)(8,199)(8,075)(7,954)(7,838)(7,725)(7,616)(7,511)Proceeds from issue of current financial liabilities3,31830,04666,34922,6646,9554,6794,6794,6794,6792,9272,9272,9272,9272,9272,846Payment of current financial liabilities(9,314)(34,762)(71,685)(29,064)(6,955)(4,679)(4,679)(4,679)(4,679)(2,927)(2,927)(2,927)(2,927)(2,927)(2,846)Proceeds from issue of non-current financial liabilities5,3793,2193,3033,539Payment of non-current financial liabilities(93)(149)(51)(171)Dividends(4,287)(4,003)(3,521)(3,400)(3,000)(3,000)(3,400)(3,400)(3,400)(3,400)(3,400)(3,400)(3,400)(3,400)(3,400)Share buy-back2(400)(3)0Repayment of lease liabilities(128)(139)(163)(169)Other0(181)(187)0Net Cash Flow provided by financial activities(5,123)(6,369)(5,958)(6,601)0000(3,000)(3,000)(3,400)(3,400)(3,400)(3,400)(3,400)(3,400)(3,400)(3,400)(3,400)Net Foreign Exchange Differences on cash and cash equivalent5850(40)(28)Changes in cash and cash equivalents associated with non-current assets and disposal groups held for sale(85)8500Net change in cash and cash equivalents1,996(2,214)9417471,0381,1091,4270(669)(573)568622674725773820865909951Cash and cash equivalents at beginning of period3,0265,0222,8083,7494,4965,5346,6438,0704,0263,3572,7833,3513,9734,6485,3736,1466,9667,8318,740Cash and cash equivalents at end of period5,0222,8083,7494,4965,5346,6438,0708,0703,3572,7833,3513,9734,6485,3736,1466,9667,8318,7409,691Dividend Yield-10.23%-9.6%-8.5%-8.9%-6.2%-6.2%-7.0%-7.0%-7.0%-7.0%-7.0%-7.0%-7.0%-7.0%-7.0%Market CapCuurent48,43869,6324,352 11.13 16.00% Percentage of total Cash Flow InflowTotal Cash Inflow37,99353,63093,12855,149Net Cash Flow provided by operating activities15,79514,73116,21414,0473,0473,1243,641011,50811,42411,34311,26411,18811,11411,04310,97310,90610,84010,777Net Cash Flow provided by investing activities(8,649)(10,711)(9,275)(6,671)(2,009)(10,262)(10,083)(8,460)(8,327)(8,199)(8,075)(7,954)(7,838)(7,725)(7,616)(7,511)Net Cash Flow provided by financial activities(5,123)(6,369)(5,958)(6,601)0(3,000)(3,000)(3,400)(3,400)(3,400)(3,400)(3,400)(3,400)(3,400)(3,400)(3,400)Increase (decrease) in cash2,023(2,349)9817751,038(1,754)(1,658)(517)(463)(411)(360)(312)(265)(220)(176)(134)% percentage of total inflowNet Cash Flow provided by operating activities41.6%27.5%17.4%25.5%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%Net Cash Flow provided by investing activities-22.8%-20.0%-10.0%-12.1%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%Net Cash Flow provided by financial activities-13.5%-11.9%-6.4%-12.0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%Increase (decrease) in cash5.3%-4.4%1.1%1.4%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%Net Purchases of PPE(7,235)(6,555)(6,233)(6,125)(1,706)(1,719)(1,815)0(9,286)(9,107)(6,984)(6,851)(6,723)(6,599)(6,478)(6,362)(6,249)(6,140)(6,035)Net Intangible asset acquisition(1,591)(2,952)(1,817)(2,094)(1,240)(426)(517)0(976)(976)(1,476)(1,476)(1,476)(1,476)(1,476)(1,476)(1,476)(1,476)(1,476)Free Cash Flow to the firm6,9695,2248,1645,8281019791,30901,2461,3422,8832,9372,9893,0403,0883,1353,1803,2243,2662,7572.6%2.8%6.0%6.1%6.2%6.3%6.4%6.5%6.6%6.7%6.7%Free Cash Flow to the Firm ex Acquisition8,5608,1769,9817,9221,3411,4051,82602,2222,3184,3594,4134,4654,5164,5644,6114,6564,7004,742Free Cash Flow to the firm/Operating Cash Flow44.1%35.5%50.4%41.5%3.3%31.3%36.0%0.0%10.8%11.7%25.4%26.1%26.7%27.3%28.0%28.6%29.2%29.7%30.3%Proceeds from issue of current financial liabilities3,31830,04666,34922,66400006,9554,6794,6794,6794,6792,9272,9272,9272,9272,9272,846Payment of current financial liabilities(9,314)(34,762)(71,685)(29,064)0000(6,955)(4,679)(4,679)(4,679)(4,679)(2,927)(2,927)(2,927)(2,927)(2,927)(2,846)Proceeds from issue of non-current financial liabilities5,3793,2193,3033,539000000000000000Payment of non-current financial liabilities(93)(149)(51)(171)000000000000000Repayment of lease liabilities(128)(139)(163)(169)000000000000000Free Cash Flow to Equity6,1313,4395,9172,6271019791,30901,2461,3422,8832,9372,9893,04


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