Investor Presentaiton

EBITDA Development Reflects Business Transformation EBITDA walk EUR million 304.4 EBITDA margin 63.7% 7.6 312.0 (11.5) (7.1) (3.3) 290.1 EBITDA margin 63.4% Q1 2018 (reported) FX Q1 2018 (at constant FX) Revenue Operating Expenses EBITDA margin 60.4% Restructuring charge Q1 2019 SES Change in recurring OpEx (EUR 7.1 million) principally reflects investment in expanding capabilities across the Networks' business Restructuring charge of EUR 8.3 million booked in Q1 2019 related to ongoing optimisation initiatives (Q1 2018: EUR 5.0 million) EBITDA margin 62.1% excluding restructuring charges (Q1 2018: 64.8% on the same basis) Investor presentation | May 2019 23

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