Telekom Slovenije Group

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2 Telekom Slovenije Group Slovenia`s leading and most advanced telecommunications operator in all key segments of the well-developed and highly competitive Slovenian market. Beyond its clear number one presence in Slovenia, Telekom Slovenije Group is present in several markets in SE Europe, in Macedonia, Bosnia and Herzegovina, Kosovo and Albania. Slovenia Croatia Bosnia and Herzegovina Hungary Serbia Romania It offers a comprehensive portfolio of fixed, mobile and IP communications, multimedia content and services and state-of-the-art integrated telecommunication and business solutions via its modern proprietary network. Montenegro Kosovo Kosovo Macedonia Albania Bulgaria Listed on the Ljubljana Stock Exchange; current market capitalization of EUR million at the end of May Spain Gibraltar Greece Stable ownership structure, with the Slovenian state as the majority shareholder (the Republic of Slovenia holds a direct stake of 62.54%, indirectly, it owns 9,84 % through the state funds SOD and KAD, giving a total shareholding of 72.38%.. Rating: Moody s Baa2 Stable. Morocco Fixed and Mobile Service Provider Fixed Service Provider International Point of Presence

3 Strategic guidelines Stabilisation of revenues and maintaining the market shares of telecommunication services in Slovenia; development of ICT services; development of advertising and the monetisation of digital media and applications in Slovenia; development of international wholesale services; profitable growth in selected countries of South-Eastern Europe; systematic reduction of procurement costs and investments; development of human resources, increase in labour productivity, and restructuring from a technologically oriented company to a sales and service oriented company; quality and business excellence; and sustainable development.

4 Development is built on solid foundation Leading market share in Slovenia Strong presence in SEE markets with low penetration rates Revenue growth potencial Debt reduction Integrated solutions for customers Stable and strong operating cash flow Stable dividends Lowering the costs Restructuring of operations in Macedonia and Kosovo Cost optimization Investments to infrastructure

5 Strong and highly recognisable brands The Telekom Slovenije, SiOL and Mobitel brands are again among the most respected in Slovenia, and once again received the titles of Trusted Brand.

6 Focus on converged services

7 Leading market share on all key markets in Slovenia Telekom Slovenije fixed broadband access other operators IP TV 41.8% Market share Annual change perc. points 42% 58% 58.4 % Market share Annual change perc. points 210,291 connections Annual change % 58% 42% 124,571 connections Annual change + 4 % 61% 39.4 % Market share Annual change perc. points 48% 52% 51.8 % Market share Annual change perc. points 198,937 connections Annual change + 16 % 39% 1,123,788 connections Annual change - 3 % VoIP mobile telephony Source: PECA, 4q2011 Report, TS Relevant market player also in the markets abroad Broadband market share in Macedonia Q Mobile market share in Macedonia Q Broadband market share in Kosovo Q Mobile market share in Kosovo Q Source: own estimation Source: ART preview Q Source: AEK report Q Source: ART preview Q4 2011

8 Business operations in 1Q 2012 were characterized by: Revenue decrease from fixed and mobile telephony Due to the recession, users became more price sensitive what leads to cost optimization of their demand Lowering all types of costs Extension of business beyond the classical telecommunications (TV, digital advertising, managed services, cloud services). Tightening of price war in the mobile segment Fierce competition for each business and/or individual user Key financial indicators of TS Group in EUR thousand I - III 2012/ I - III 2011 / Operating revenues 193, , EBITDA 68,684 72, EBITDA margin 35.4% 37.0% 96 EBIT 22,774 22, Return on sales (EBIT/net sales revenue) in % 11.9% 11.8% 100 Net profit/loss 15,398 14, Assets 1,571,553 1,575, Equity 831, , Equity ratio in % 52.9% 51.8% 102 Net financial debt 353, , Investment in property, plant and equipment (CAPEX) 14,479 12, EBITDA - CAPEX 54,205 60, Ratio of (EBITDA CAPEX) to EBITDA (cash margin) in % 78.9% 83.0% 95

9 Operating results by companies and key markets 1/3 Operating revenues per company Operating revenues growth I III 2012 / I III 2011 in EUR thousand I - III 2012 I - III 2011 Telekom Slovenije 162, , Other companies in Slovenia 19,038 19, Ipko - Kosovo 16,272 15, Companies in Macedonia 16,374 16, Other companies in SEE 4,861 4, Total - unconsolidated 219, , Eliminations and adjustments -25,608-28,460 - Telekom Slovenije Group 193, , % 4% 2% 0% -2% -4% -6% -8% -5,7% -0,9% 4,5% -1,8% 0,7% -1,5% 0,3% 2,7% 1,9% -6,5% -1,2% Net profit per company Net profit growth I III 2012 / I III 2011 in EUR thousand I - III 2012 I - III 2011 Telekom Slovenije 17,227 25, Other companies in Slovenia Ipko - Kosovo 385-1,134 - Companies in Macedonia -2,686-8, Other companies in SEE Gibtelecom 1,195 1, Total - unconsolidated 16,568 18, Eliminations and adjustments -1,170-3,763 - Telekom Slovenije Group 15,398 14, % 10% 0% -10% -20% -30% -40% -50% -60% - -50,4% 10,4% n.a. -53,9% -3,8% 3,6% -17,9%-16,4% 3,7% 6,3%

10 Operating results per companies and key markets 2/3 EBITDA per company in EUR thousand I - III 2012 I - III 2011 Telekom Slovenije 56,653 62, Other companies in Slovenia 2,276 2, Ipko - Kosovo 6,811 5, Companies in Macedonia 1, Other companies in SEE Gibtelecom 1,195 1, Total - unconsolidated 69,190 72, Eliminations and adjustments Telekom Slovenije Group 68,684 72, EBIT per company in EUR thousand I - III 2012 I - III 2011 Telekom Slovenije 20,846 22, Other companies in Slovenia 587 1, Ipko - Kosovo 2, Companies in Macedonia -2,308-5,676 - Other companies in SEE Gibtelecom 1,195 1, Total - unconsolidated 22,632 20, Eliminations and adjustments 142 2,840 - Telekom Slovenije Group 22,774 22,922 99

11 Operating results per companies and key markets 3/3 CAPEX by companies in EUR thousand I - III 2012 I - III 2011 Telekom Slovenije 7,506 8, Other companies in Slovenia 3,403 1, Ipko - Kosovo 1, ,530 Companies in Macedonia 682 1, Other companies in SEE 1, Telekom Slovenije Group 14,479 12, Optimising the number of employees Telekom Slovenije 2,750 2, Other companies in Slovenia Ipko - Kosovo Companies in Macedonia Other companies in SEE Telekom Slovenije Group 4,707 4,819 98

12 No. of connections and users Broadband connections - retail Slovenia 209, , BiH 17,853 16, Macedonia 37,875 36, Kosovo 72,814 67, Albania 4,191 5, Total SEE 132, , TotalTelekom Slovenije Group 342, , Fixed voice and mobile telephony connections - retail Slovenia, mobile telephony 1,109,679 1,149, Slovenia, fixed voice telephony 470, ,1 92 SE Europe, mobile telephony 808, , Macedonia - One 437, , Kosovo - Ipko 371, , SE Europe, fixed voice telephony 65,231 62, Total Telekom Slovenije Group 2,453,710 2,552,002 96

13 Effectively reducing a debt in EUR million Current bank borrowings 0,0 0,0 0,5 Non-current bank borrowings 155,7 163,4 244,8 Bonds 300,0 300,0 300,0 Leasing 3,0 3,4 4,3 Debt 458,7 466,8 549,6 Cash and deposits 104,7 78,2 69,3 Net financial debt 354,0 388,6 480,3 Change -34,6-91,7 Change / ,3 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Equity Liabitities Net financial debt Repayment of principal 94,8 37,2 36,8 33,1 23,8 323,8 11,9 State of loans, bonds, leases 466,8 429,6 392,8 359,7 335,9 12,1 0,

14 Key projects in progress that will affect future operations A regional optical network Cloud Services Own television channel Redesigning of business processes WiFi wireless network in the Municipality of Ljubljana

15 Thank you for your attention!