Investor Presentaiton

Stable Group EBITDA Margin Despite Competition, FX-Adjustments in Belarus and Regulation (in EUR mn) Revenues FY 2011 FY 2010 % change 4.454,6 4.650,8 -4,2% EBITDA comparable* EBITDA comparable margin* 1.527,3 1.645,9 -7,2% 34,3% 35,4% Restructuring Impairment and reversam of impairment -233,7 -124,1 -248,9 -18,3 88,4% n.a. EBITDA (incl. Effects from Restructuring and Impairment tests) EBITDA (incl. Effects from Restructuring and Impairment tests) margin 1.044,7 1.503,5 -30,5% 23,5% 32,3% Depreciation & Amortization -1.052,4 -1.065,6 -1,2% Operating income Financial result -7,6 437,9 -101,7% -246,8 -196,3 25,8% Income before income taxes -254,5 241,6 -205,3% Income tax expense 1,7 -46,5 n.a Net income / Net loss -252,8 195,2 -229,5% > On a clean basis revenues increased by 0,5% and EBITDA comparable decreased by 1,6% Margins profit from cost savings in all operations > Restructuring for civil servants amounts to EUR 233.7 mn in 1-12 M 2011 > Impairment consists of goodwill impairment in Belarus, brand name impairment in Bulgaria and reversal of impairment of Serbian license > Financial result increased due to devaluation of the Belarusian ruble Income taxes turned to an income tax benefit mainly as a result if write- downs of investments * Excluding effects from restructuring and impairment tests 11

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