#1altice November 12, 2013 Investor Call Presentation 3rd Quarter 2013 Results 1 %#2Agenda 1 Key Highlights 2 Group Financials 3 Q&A 2 altice#3An International Cable Operator in Attractive Markets 7 Territories 3.6m Homes Passed 1.5m Cable Customer Rel. Portugal / Belgium & Luxembourg 3.2m Cable RGUS Recently signed acquisition in DR Dominican Republic¹ Guadeloupe & Martinique Portugal altice Overseas Territories French Guiana Mayotte Belgium Luxembourg Switzerland HOT HOT mobile Madagascar La Réunion coditel cabovisão green.ch 1 Following the acquisition of Tricom, which is subject to regulatory approval 3 oni le cable, NUMERICABLE outremertelecom Israel tricom#4Altice Group Key KPIs In '000 Israel 30 September 2013 Cable Homes Cable Passed Customers Customers Pay TV 3P Cable-based RGUS Broadband Telephony Total Service ARPU Mobile Subs 2,272 1,145 448 881 755 680 2,316 € 47.6 773 Belgium & Luxembourg 233 115 51 130 56 53 239 € 41.1 3 Portugal 906 240 136 227 156 226 609 € 35.1 Overseas Territories 1,2 154 38 15 38 15 15 69 € 50.8 367 Total 3,565 1,538 650 1,276 982 974 3,233 1,143 The Altice Restricted Group has 3.6m Homes Passed and 1.5m Cable Customers as of 30 September 2013² In addition the Altice Restricted Group has mobile operations in 3 geographies, Israel, the Overseas Territories and Belgium totalling 1.1m subscribers pro forma as of 30 September 2013 1 Only relates to the cable-based services (PayTV, Broadband internet and fixed-line telephony) we provide in Guadeloupe and Martinique and excludes the xDSL based broadband Internet (including IPTV) and fixed-line telephony services we provide in Guadeloupe, Martinique, French Guiana, La Reunion and Mayotte following our acquisition of a controlling interest in Outremer Telecom on July 5, 2013. In the nine months ended September 30, 2013 our xDSL services accounted for 55,000 broadband Internet RGUS and 80,000 fixed-line telephony RGUS 2 Excludes Tricom 4#5Altice Group 9M 2013 Overview Operations PF Revenue growth of 2.4% vs. 9M 2012 (0.4% at constant exchange rate) to €1,102m driven by HOT and HOT UMTS, partially offset by Portugal and the decline of IDEN revenues in Israel PF EBITDA growth of 14.5% vs. 9M 2012 (12.2% at constant exchange rate) to €430m thanks to a significant decline in the Israel cable cost base and the ongoing cost restructuring programme in Portugal Continued 3P conversion across the footprint; currently 42% 3P penetration Launch of "La Box" across the portfolio leveraging best practices Integration of OMT and ONI ongoing, with synergies to come Strategic Initiatives OMT and ONI acquisitions closed in Q3 Smaller bolt on acquisitions signed MCS and SporTV (Content) and Mobius (La Reunion) in October Acquisition of Tricom signed, pending regulatory approval (November) New network and site sharing agreement signed for HOT Mobile with Partner (November) < > 940 Liquidity & Capital All cable assets consolidated into the Restricted Group in Q2 and Q3 as planned PF leverage is in target range 3.0-4.0x Altice revolver USD80m + €60m remains undrawn Coditel minority (40%) buyout will be funded by drawing remaining TLB (November) 5#6Altice Group 9M 2013 Key Operational Highlights Israel Reorganization program finished ✡ Growth in cable revenues driven by focus on multiple-play offerings and increase in ARPUS Growth in mobile UMTS revenues more than offset the decrease in IDEN Strong decrease in Capex as 9M 2012 Capex was impacted by exceptional investments (set top boxes, UMTS network, etc.) Belgium & Luxembourg Positive growth despite negative year-on-year one-off impact of police camera contract in 9M 2012 Launch of La Box in Q1 2013 very well received by customers Positive impact of price increases and full year impact of revenues generated from AIESH Higher Capex related to the acquisition of the AIESH concession, launch of La Box and 200 Mbps product Portugal Strong competition in B2B operations, which also suffered from adverse macroeconomic conditions and austerity measures ARPU remains stable despite macroeconomic conditions Lower cost base from renegotiation/restructuring of all supplier contracts following the acquisition of Cabovisao in 2012 Stable Capex vs. 9M 2012 Overseas Territories Strong growth in OT driven by postpaid mobile and triple play subscribers Fixed and mobile integration driving ongoing cost optimisation Higher Capex from 3G mobile network expansion, upgrade of distribution network development of a payment platform 6#7Operations Integration and Turnaround of OMT and ONI Under Way outremertelecom Cost savings by reducing duplicative cost structures + Leverage a combined distribution and customer care network + Development of international connectivity based on OMT's backbone + Cross and up-selling to cable, DSL and mobile customer bases oni® Positive mix effect from a greater weight of data services vs. voice + Certain activities to be combined with Cabovisão (IT, call centres) + Ongoing renegotiation and restructuring + Altice group scale leading to better procurement terms By converging our cable, DSL and mobile businesses, we believe we are able to grow our OT operations profitability While ONI had a c.12% EBITDA margin in 2012, we believe we are able to grow profitability towards levels achieved by peers Source: Company information 7#8Strategic Initiatives Smaller Bolt-on Content Acquisitions Completed MS MA CHAINE SPORT SPORTV MOBIUS TECHNOLOGY We acquired MCS and SporTV and announced the acquisition of Mobius in October 2013 Overview of MCS Independent sport channel established in 2007 Available in HD Mainly distributed in France but has also launched internationally Broadcasted on Cable, Satellite and ADSL networks Mainly distributes football and other sports disciplines (tennis, volleyball, handball, US sports, boxing, wrestling, poker) Produces numerous live and exclusive programs Overview of Mobius Telecommunications operator in La Reunion providing Internet access to professional clients under the "Mobius Technology" brand Double and triple play services based on xDSL technology to residential customers under the "IZI" brand Consummation of the acquisition expected to occur in Q1 2014 and subject to the satisfaction of customary closing conditions, including regulatory approval 2012A Revenue and EBITDA (in €m) 15.9 1.2 MA CHAINE MS SPORTV SPORT Revenues Source: Company information EBITDA Margin 56.7% 62.5% 9.0 0.8 MS MAL CHAINE SPORTV SPORT EBITDA 8 2012A Revenue and EBITDA (in €m) EBITDA Margin 18.4 21.8% Revenues 4.0 EBITDA#9Strategic Initiatives Acquisition of Dominican Republican Cable Operator Tricom Acquisition Rationale Dominican Republic has attractive population demographics, strong GDP growth, a growing middle class and low penetration of broadband and Pay TV Altice to acquire c. 88% of Tricom, with the existing shareholders retaining a 12% stake tricom 2012 Key Financials Operating Revenues ($m) Adj. EBITDA ($m) EBITDA Margin 28.4% Leading Pay TV and broadband market position Recently re-launched mobile operations with 4G Resilient and profitable fixed telephony business Significant up-sell opportunity as single play is currently very high Superior HFC based cable network and attractive excess mobile spectrum Unique cost and Capex optimisation opportunity 3P Customers (% of Total) Source: Company Information 1 As of Aug-2013 15.5% 13.0% 9.0% 7.0% 218 Capex ($m) 62 32.5% % Op. Revenues 71 23 Capex related to 4G/LTE 48 2010 2011 2012 2013YTD1 9 upgrade#10Strategic Initiatives Network and Site Sharing Agreement at HOT Mobile HOT Mobile has signed a network and site sharing agreement with Partner with a duration of 15 years Includes sharing of antennas, sites and frequencies Maintains operating core network separately, as well as marketing and sales solely to its own customers Allows for right of use on Partner's 2G and 3G networks HOT Mobile and Partner have agreed to jointly develop and own a 4G network network Significant savings in roaming, expenses, site costs, network and maintenance Lower deployment of Capex going forward HOT mobile 10#11Agenda 1 Key Highlights 2 Group Financials 3 Q&A 11 altice#12Altice VII Historical Consolidated Financials Revenues (€m) 784 EBITDA (€m) Operating Free Cash Flow (€m)1 2011 EBITDA Margin 38.0% 39.3% 1,092 813 14.2% 928 2012 9M 2012 9M 2013 36.9% 37.5% 40.6% 35.4% 298 403 23.8% 377 305 2011 2012 9M 2012 9M 2013 Cash 32.7% Conversion² Source: Company Information 1 Defined as EBITDA - Capex. 3 Defined as (EBITDA - Capex)/EBITDA. 4.3% 11.5% (82.3)% 97 17 2012 2011 12 50.5% 442.7% 191 35 9M 2012 9M 2013#13Altice VII Pro Forma Consolidated Revenue In €m Israel 9M 2012 635 Pro Forma Consolidated Revenue 9M 2013 669 Growth 5.4 % Belgium and Luxembourg 53 53 0.5 % Portugal 175 160 (8.5)% Overseas Territories Other 163 166 1.9 % 51 53 5.7 % Total 1,076 ■ Total revenue growth of 2.4% (0.4% rebased) 1,102 2.4 % Israel pro-forma revenues have increased by 5.4% (2.0% rebased), underpinned by strengthening of the Shekel and growth in cable/mobile UMTS revenues Revenue growth excluding IDEN of 14.9% (11.2% rebased) Belgium growth rate was impacted by one-off B2B police camera contract; triple-play continues to grow Strong competition in Portugal in B2B operations, which also suffered from adverse macroeconomic conditions and austerity measures Strong growth in OT driven by postpaid mobile and triple play subscribers Note: Assumes NIS / € exchange rate of 4.730. Financials and growth rates shown are rounded 13#14Altice VII Pro Forma Consolidated EBITDA In €m Israel 9M 2012 229 Pro Forma Consolidated EBITDA 9M 2013 270 Growth 17.7 % Belgium and Luxembourg 35 35 0.3 % Portugal 32 45 41.4 % Overseas Territories 57 62 8.5 % Other Total 18 18 (2.9)% 3751 430 14.5 % Total PF EBITDA growth of 14.5% (12.2% rebased) Israel pro-forma EBITDA has increased by 17.7% in 9M 2013 vs. 9M 2012 (13.9% at constant exchange rate) All core operations are contributing to EBITDA growth Adjusted Total Pro Forma EBITDA margin is 39.0% New network and site sharing agreement signed for HOT Mobile with Partner to lead to significant savings in roaming expenses, site costs, network and maintenance Note: Assumes NIS / € exchange rate of 4.730. Financials and growth rates shown are rounded 1 includes c.€3.8m adjustment for equity based compensation. 14#15Altice VII Pro Forma Consolidated Capex In €m Israel Belgium and Luxembourg Portugal Overseas Territories Other Total Total EBITDA - Capex Pro Forma Combined Adjusted Capex 9M 2012 230 9M 2013 Growth 136 (40.9)% 12 15 26.5 % 20 20 (0.5)% 22 27 25.5 % 13 13 (0.4)% 297 211 (28.8)% 78 218 178.8 % Lower Capex in Israel related to an exceptionally high level of Capex in 9M 2012 as a result of the following initiatives: (i) purchase of a building for call centre operations, (ii) purchase of new set top boxes, (iii) completion of the upgrade to 100 Mbps capacity throughout the cable network, (iv) fibre roll-out in certain areas and (v) in mobile, expansion of the UMTS network Adjusted Total Pro Forma Capex as % of Revenue is 19.2% in 9M 2013 down from 27.6% in 9M 2012 Note: Assumes NIS / € exchange rate of 4.730. Financials and growth rates shown are rounded 15#16Mobile Cable Israel HOT 9M 2013 Dashboard 9M 2012 9M 2013 9M 2013 vs. 9M 2012 Cable Customers ('000) 1,207 1,145 (5)% Cable RGUS ('000) 2,333 2,316 (1%) Cable RGUS per Customer (x) 1.93 2.02 5% Cable Revenue (Єm) 509.6 527.0 3% Cable ARPU per Customer (€) 44.2 47.6 8% iDEN Subs ('000) 371 234 (37%) UMTS Subs ('000) 316 539 71% Total Subs ('000) 687 773 13% Mobile Revenue (€m)¹ 125.3 142.4 14% Coverage UMTS Israel 32% 50% 18pp 16 ☆#17Israel Growth in Cable RGUS Driven by Triple-Play Services RGUS ('000) 2.8% RGU per Subscriber 4.8% # 2,253 2,294 2,343 2,316 1.93 1.96 1.98 2.01 2.02 39% 34% 24% 28% 183.6 184.7 187.7 182.1 2010 2011 2012 Q3 2013 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 RGU ARPU 3play % Increase in ARPU resulting from higher number of RGUS per cable customer ■ Continued triple-play customer growth since 2010 ■RGUS per cable customer grew 4.8% Q3 2013 vs. Q3 2012 Currently >50% of gross sales are "triple-play" Installation problems of new customers in July/August resolved 17#18Israel Cable KPIs Cable Subscribers ('000) 1,282 1,245 # TV RGUS ('000) Market Share: 61% 1,198 1,145 891 891 896 881 2010 2011 2012 9M 2013 2010 2011 2012 9M 2013 Telephony RGUS ('000) Internet RGUS ('000) Market Share: 20% Market Share:50%1 676 635 610 680 752 768 771 755 2010 1 Residential market share only. 2011 2012 9M 2013 2010 2011 2012 9M 2013 18#19Israel Mobile ARPUS Are Stabilising Subscribers ('000) Revenue (NISM) 233 232 228 221 223 766 758 761 773 687 92 116 539 133 514 137 482 144 441 371 141 316 326 116 95 276 84 79 247 234 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 iDEN UMTS Total ■ IDEN ■ UMTS ARPU (NIS) MOU (per month/subs.) 590 577 108 555 104 101 103 538 529 99 97 62 82 82 84 89 78 75 75 72 72 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 ⚫İDEN UMTS -Total 19#20Israel Financials # ■Cable 5.4% ■Mobile 635 669 Revenues (€m) 125 142 510 EBITDA¹ (€m) Operating Free Cash Flow (Єm) 1,2 9M 2012 527 9M 2013 EBITDA Margin 36.1% 40.3% 17.7% 270 229 9M 2012 9M 2013 Cash Conversion³ NM 49.6% NM 134 (1) 9M 2012 Source: Company Information Notes: 1 The network sharing agreement recently signed with Partner is expected to have an impact of approximately NIS 195m (c. € 41m) on 2013E EBITDA. 2 Defined as EBITDA - Capex. 3 Defined as (EBITDA - Capex) / EBITDA. 20 9M 2013#21Portugal B2C KPIs Cable Customer Relationships ('000) Cable-based RGUS Breakdown ('000) (5.3)% CAGR (5.2)% CAGR 2.5x 2.5x 2.5x 264 255 669 240 648 609 110 108 251 243 104 226 162 159 156 154 147 136 256 245 227 2011 ■ 3P ■ Others 2012 9M 2013 2011 2012 9M 2013 RGUS per Cable Customer Relationships ■ Pay TV ■Broadband Internet Fixed-line Telephony Penetration Levels (%) ARPU (€) 28% 28% (2.8)% CAGR 27% 27% 25% 25% 18% 18% €36.9 17% €34.9 2011 ■ Pay TV 2012 ■Broadband Internet Source: Company information 9M 2013 Fixed-line Telephony 21 2011 2012 ■Cable Based Services €35.1 9M 2013#22Portugal Financials ■B2C (8.4)% B2B 175 160 Revenues (€m) 86 76 89 83 9M 2012 9M 2013 22.3% Cabovisão 40.4% EBITDA Margin 14.1% ONI 14.7% 41.4% EBITDA (€m) 45 32 Operating Free Cash Flow (€m)1 9M 2012 9M 2013 Cash 36.0% 55.0% Conversion² 115.8% 25 11 Source: Company Information Notes: 1 Defined as EBITDA - Capex. 2 Defined as (EBITDA - Capex)/EBITDA 9M 2012 22 22 9M 2013#23Belgium & Luxembourg KPIs Cable Customer Relationships¹ ('000) 0° Cable-based RGUS Breakdown ('000) 2.1x 2.0x 2.1x 241 244 240 117 120 115 52 53 53 54 55 56 68 70 64 49 50 51 135 136 130 2011 2012 9M 2013 2011 2012 ■3P ■ Others RGUS per Cable Customer Relationships ■Pay TV ■Broadband Internet 9M 2013 Fixed-line Telephony Penetration Levels² (%) ARPU³ (€) 63% 58% 56% 25% 24% 24% 24% 23% 23% 2011 ■Pay TV 2012 9M 2013 ■Broadband Internet ■Fixed-line Telephony Source: Company information €36.7 €14.7 €39.5 €40.9 €41.1 n.m. 2011 2012 9M 2013 ■Mobile ■Cable 1 Represents the number of individual end users who have subscribed for one or more of our cable based services (including Pay TV, Broadband Internet or Fixed-line Telephony), without regard to how many services to which the end user subscribed. It is calculated on a unique premises basis. Cable Customer Relationships does not include subscribers to mobile services 2 Calculated by dividing the number of Pay TV, Broadband Internet and Fixed-line Telephony subscriptions by the number of homes passed by cable network 3 Calculated by dividing the revenue for the service provided after certain deductions for non-customer related revenue for the respective period by the average number of customer relationships for that period and further by the number of months in the period 23#24Belgium & Luxembourg Financials Revenues (€m) EBITDA (€m) Operating Free Cash Flow (€m)1 53 9M 2012 EBITDA Margin 66.8% 0.5% 0.3% 35 9M 2012 Cash 67.2% Conversion³ Source: Company Information Notes: 1 Defined as EBITDA - Capex. 2 Defined as (EBITDA - Capex)/EBITDA. (12.5)% 24 9M 2012 24 5 53 9M 2013 66.7% 35 9M 2013 58.6% 21 9M 2013#25Overseas Territories KPIs Cable Customer Relationships¹ ('000) le cable 1.4x 1.6x 1.8x NUMERICABLE 206 41 39 38 32 27 27 23 RGUS Breakdown² ('000) outremertelecom le cable. 203 98 95 203 95 NUMERICABLE 67 69 70 12 15 9 41 39 38 2011 2012 9M 2013 2011 2012 9M 2013 ■ 3P Others RGUS per Cable Customer Relationships ■Pay TV ■Broadband Internet ■Fixed-Line Telephony Cable Penetration Levels 3,5 (%) Mobile and Cable ARPU4,5 (€) 27% 25% le cable 25% NUMERICABLE €43.1 €28.9 10% 10% €26.7 8% 8% 6% 6% 2011 ■Pay TV Source: Company information 2012 ■Broadband Internet 9M 2013 ■Fixed-Line Telephony outremertelecom le cable. €48.3 €26.8 NUMERICABLE €50.8 2011 2012 9M 2013 ■Mobile ■Cable 1 Represents the number of individual end users who have subscribed for one or more of our cable based services (including Pay TV, broadband Internet or fixed-line telephony), without regard to how many services to which the end user subscribed. It is calculated on a unique premises basis. Cable Customer Relationships does not include subscribers to our mobile services 2 Includes services provided over xDSL platform 3 Calculated by dividing the number of Pay TV, Broadband Internet, Fixed-Line Telephony subscriptions by the number of homes passed by cable network 4 Calculated by dividing the revenue for the service provided after certain deductions for non-customer related revenue for the respective period by the average number of customer relationships for that period and further by the number of months in the period 5 Only relates to cable based services in Guadeloupe and Martinique and excludes services provided over xDSL platform 25#26Overseas Territories Financials ■Cable 1.9% ■Mobile 163 166 Revenues (€m) 95 99 68 67 9M 2012 9M 2013 EBITDA (€m) Operating Free Cash Flow (€m)1 EBITDA Margin 34.8% 8.5% Cash Conversion³ Source: Company Information Notes: 1 Defined as EBITDA - Capex. 2 Defined as (EBITDA - Capex)/EBITDA. 57 9M 2012 62.0% 35 9M 2012 26 (1.9%) 37.1% 62 9M 2013 56.1% 35 9M 2013#27Our Capital Structure HOT Unsecured Notes Unsecured Coditel Mezzanine Green Data Center Debt Senior Secured Notes (USD) Senior Secured Notes (EUR) Term Loan² Altice Group Senior Debt Senior Notes (USD) Senior Notes (EUR) Altice Group Total Debt Cash Altice Group Altice Group Net Total Debt Existing Capitalisation (Sep-2013)1 Amount (local currency) NIS 1.3bn € 106m Amount (€m equivalent) Coupon / Margin Maturity 278 3.90 - 6.90% 2018 106 8.50% / 5.25% PIK 2017 CHF 29m 24 L+1.700% 2022 USD 460m 340 7.875% 2019 € 210m 210 8.000% 2019 USD 929m 714 L+4.500% 2020 1,672 USD 425m 314 9.875% 2020 € 250m 250 9.000% 2023 2,236 62 2,174 8g g 59 L+4.250% 2017 60 E+3.500% 2018 73 E+3.500% 2018 Undrawn Super Senior RCF (USD) USD 80m Undrawn Super Senior RCF (EUR) EUR 60m Undrawn Super Senior Guarantee Fac. (EUR) € 75m 3.0/4.0x senior/total leverage limitations under bond indentures and loans Uniform financing structure across the group permitting prudent and flexible incurrence of leverage in order to meet corporate objectives Liquidity in the form of cash and revolving facilities for use at group and operating subsidiary levels Long duration permanent capital structure comprised of a majority of bonds along with institutional term loans, with no near term maturities c.50% fixed rate debt, with (majority) of FX risk hedged on a (dynamic) basis (58% NIS Debt, 8% USD Debt and 34% EUR debt) Source: Company information 1 Assumed FX exchange rates as of September, 30 2013 (1.352 USD per EUR; 4.776 NIS per EUR) 2 Term Loan converted from USD to EUR at a rate of 1.301 USD per EUR 27#28Restricted Group Pro Forma Leverage September 30th, 2013 Pro Forma Leverage (Sep-2013) In €m Total Adjusted EBITDA Green Data Center EBITDA (Unrestricted Sub) Total EBITDA excl. Green Data Center Synergies ONI/ OMT¹ HOT Mobile Network Sharing Agreement¹ Total EBITDA including Synergies and HOT Mobile Agreement Debt as of Sep 30, 2013 (in €m) Altice VII Gross Total Debt Unrestricted Debt at Green Data Center Drawn Debt for Coditel Buyout (November) Altice VII PF Gross Financial Debt Restricted Group All cable assets consolidated into the Restricted Group in Q2 and Q3 as planned PF leverage is in target range 3.0-4.0x Altice revolver USD80m + €60m remains undrawn Source: Company information 1 Annualised 2013 EBITDA impact 28 Q2-2013 Q3-2013 L2QA 145 149 587 (3) (3) (11) 142 146 576 13 41 629 2,236 (24) 81 2,293#29Agenda 1 Key Highlights 2 Group Financials 3 Q&A altice 29 29#30Thank You 30