Full Year 2013 Results 1 An International Cable Operator in - PowerPoint PPT Presentation

March 18, 2014 Full Year 2013 Results 1

An International Cable Operator in Attractive Markets  9 Territories Belgium Luxembourg  14m Homes Passed Western Europe Switzerland France  3m Cable Customers Portugal  6.6m Cable RGUs Israel Dominican Republic Overseas Guadeloupe & Martinique Territories Mayotte French Guiana La Réunion Note: figures above include Orange Dominicana and Tricom 2

Altice SA Full Year Results - Highlights Financials Recent Strategic Initiatives Liquidity & Capital Full-year pro forma 1 revenue up 0.7%    IPO raised c € 750m primary proceeds Successful IPO creates equity to € 3.2bn currency for future opportunities & created 26% free float • mainly driven by Israel & France,   Increased Numericable stake to 40% Altice SA consolidated net debt of partially offset by Portugal and € 6,255bn ODO  Closed Tricom acquisition in  Altice VII net debt of € 3,509bn Dominican Republic; Orange to follow  Full-year pro forma EBITDA up 6.0% to € 1.36bn  € 384m consolidated cash and • Mainly driven by Israel & Portugal undrawn revolvers of € 163m Full-year proforma OpFCF 2 up 27% to  € 667m  Triple-play penetration up 5% pts to 61% Notes: 1 These results reflect the pro forma results of the Altice S.A. group, including the planned acquisition of Orange Dominicana, but excluding Tricom and Mobius. 2 Defined here and throughout presentation as EBITDA - Capex 3

Altice S.A Key Operational Highlights Israel France  Reorganization program finished  5% cable customer growth  3.6% ARPU growth driven by strong triple-play and high  2% ARPU growth speed broadband growth  Strong shift to high-speed broadband  Customer losses due to cost restructuring  La Box selling well  Mobile revenues up 7% (constant currency basis) as  Business revenue hit by regulated termination rate cuts UMTS growth outweighs iDEN decline  Capex down 29% after investment-heavy 2012  New “HOT Fibre” box launched (same as “La Box”) Overseas Territories / Orange Dominicana Portugal / Benelux Overseas Territories Portugal  6% ARPU growth as triple-play penetration grows  Intense competition, adverse macroeconomic conditions leading to cable customer losses and B2B declines  Continued shift from prepay to postpaid mobile subs  Cable ARPU remains relatively stable  Fixed and mobile integration driving ongoing cost  Lower cost and capex base through renegotiation of optimisation supplier contracts, driving 21% EBITDA growth and Orange Dominicana doubling OpFCF  Mobile subscriber base grew by 6% Belgium  EBITDA margins remain strong at 64% 4

Strategic Initiatives Acquisition of Tricom (Cable) and Orange (Mobile) in Dominican Republic 1 2013 Financials ( € m) Leading Market  Creates leading 4P operator with #2 position Position with a  Significant up-sell opportunity Orange Quadruple Play  Revamped and expanded B2B product offering 446 Approach EBITDA 39% Margin 2 Robust High-  78% upgraded to Docsis 3.0 173 Capacity Network  HFC integrated with copper, mobile and B2B 115 Fixed 3 Revenue EBITDA OpFCF  Highest quality mobile network in Dom Rep 1 Best-in-class Tricom  #2 largest tower portfolio Mobile Network EBITDA 159 32% Margin 4  One of largest and most dynamic economies in Caribbean Attractive Sector  Strong macroeconomic fundamentals to drive telecom Fundamentals and 51 Significant demand 24 Underpenetration  Clear underpenetration of pay TV and broadband Revenue EBITDA OpFCF 5  Homogeneous store network distribution (c.680 shops) Efficient  Strong focus on customer journey Distribution 2013 KPIs  Highest mobile subscriber / PoS ratio Network  Upside from cross-selling Tricom through ODO shops Cable HHs Passed (‘000) 456 Cable Customers (‘000) 104 6  Profitable business with high cash flow conversion Unique Cost Savings Opportunity  Substantial savings from content, performance Cable RGU/Customer (x) 1.6x to Drive Cash Flow enhancement, Expansion interconnection and other areas Mobile Subscribers (‘000) 3,605 Source: Analysys Mason; WCIS 5 1 Based on Independent consultancy analysis.

Further Opportunity to Increase Margins   Proven ability Further upside potential from operational efficiencies — Identify attractive targets — Track record of successful turnarounds Current International 1 EBITDA Margin is much Lower than Peers Margin Expansion 2013 vs. 2012 (EBITDA Margin % pts) 56.7% 7.4pts 51.3% 48.0% 46.9% 5.3pts 39.0% 3.6pts Portugal Israel FOT International¹ Numericable KDG Telenet Ziggo 1 Altice VII Group. 6

Altice SA Pro Forma Consolidated Financials (excluding Tricom and Mobius) € m 2012 2013 Growth France 1,300 1,314 1.1% Revenues International 1,900 1,907 0.4% Total 3,199 3,221 0.7% France 622 616 (1.0%) Margin (%) 47.8% 46.9% (0.9pp) International 661 744 13% EBITDA Margin (%) 34.8% 39.0% +4.2pp Total 1,283 1,360 6.0% Margin (%) 40.1% 42.2% +2.1pp France 336 296 (11.9%) As a % of Revenues 25.9% 22.5% (3.4pp) Operating International 190 371 95% Free Cash As a % of Revenues 10.0% 19.4% +9.4pp Flow Total 526 667 27% As a % of Revenues 16.4% 20.7% +4.3pp Note: Table assumes all acquisitions took place on 1/1/12 with exception of Tricom & Mobius. In addition, Tricom had revenue of € 159m, EBITDA of € 51m and Capex of € 26m, all in US GAAP. In addition, Mobius had revenue of € 19m and EBITDA of € 3m. 7

Altice SA Pro Forma Consolidated Revenue Constant Currency € m 2012 2013 Growth Growth Israel 850 882 3.7% 0.3% Dominican Republic - Orange 458 446 (2.5%) 7.3% French Overseas Territories 220 224 1.8% Portugal 235 210 (11%) Benelux 71 71 (1.3%) Other 65 75 15.5% Total International 1,900 1,907 0.4% 1.2% France 1,300 1,314 1.1% Total 3,199 3,221 0.7% 1.1%  Total International revenue including Tricom and Mobius was € 2,085m  Israel flat on constant currency basis as strong growth in UMTS mobile revenue was offset by iDEN and cable customer declines  ODO grew on constant currency basis due to strong mobile subscriber growth  Portugal decline due to intense competition and adverse macroeconomic conditions  France grew due to cable customer & ARPU growth, partially offset by Business declines due to termination rate cuts Note: Table above excludes Tricom and Mobius where revenue was € 159m and € 19m respectively . 8

Altice SA Pro Forma Consolidated EBITDA Constant Currency € m 2012 2013 Growth Growth Israel 305 363 18.9% 15.1% Dominican Republic - Orange 167 173 3.8% 14.2% French Overseas Territories 75 85 12.5% Portugal 48 58 21.3% Benelux 46 45 (1.3%) Other 20 20 (1.0%) Total International 661 744 12.5% 13.3% France 622 616 (1.0%) Total 1,283 1,360 6.0% 6.4%  Total International EBITDA including Tricom and Mobius is € 798m  Israel growth mainly due to cost restructuring  FOT growth due to cost optimisation from ongoing fixed/mobile integration  Portugal growth due to restructuring of residential cable businesses  Orange Dominicana growth due to revenue growth outweighing labour cost inflation Note: Table above excludes Tricom and Mobius where EBITDA was € 51m and € 3m respectively . 9

Altice SA Pro Forma Consolidated Capex € m 2012 2013 Growth Israel 295 209 (29%) Dominican Republic - Orange 73 59 (20%) French Overseas Territories 36 36 1% Portugal 31 24 (22%) Benelux 17 23 35% Other 19 22 18% Total International 471 373 (21%) France 286 320 12% Total 757 693 (8%)  France capex up mainly due to ongoing rollout of Docsis 3.0 and launch of La Box  Israel capex down following heavy investment in 2012 on UMTS network, STBs etc  ODO capex down due to reduced mobile network expenditure Note: Table above excludes Tricom and Mobius . 10

France KPIs 2012 2013 Growth Cable Customers (‘000) 1,228 1,264 3% Cable RGUs (‘000 ) 3,094 3,218 4% Cable RGUs per Customer (x) 2.52 2.55 1% Cable Triple-play Penetration 79% 82% 3% pts € 833m € 869m B2C Revenue 4% € 40.70 € 41.50 Cable ARPU per Customer 2%  Cable customers grew due to success of La Box and superfast broadband  Successful focus on triple-play packages including La Box and superfast broadband 11

France Financials Wholesale 1,300 1,314 201 B2B 211 B2C 313 325 Revenues ( € m) 833 869 2012 2013 EBITDA Margin 47.8% 46.9% 622 616 EBITDA ( € m) 2012 2013 Operating (12)% 336 Free Cash 296 Flow ( € m) 2012 2013 Note: Revenue chart above does not break out intercompany elimination of € 69m in both 2012 and 2013 12

Israel KPIs 2012 2013 Growth Cable Customers (‘000) 1,198 1,127 (6)% Cable RGUs (‘000 ) 2,343 2,295 (2)% Cable RGUs per Customer (x) 1.96 2.04 4% Cable Triple-play Penetration 34% 40% 6pp € 678m € 699m Cable Revenue 3% Cable ARPU per Customer ( € ) € 44.40 € 47.60 7% iDEN Subs ('000) 325 218 (33)% UMTS Subs ('000) 441 592 34% Mobile Total Subs (‘000 ) 766 810 6% € 173m € 190m Mobile Revenue 10% Coverage UMTS Israel 41% 61% 20pp 13