Hellenic for Telecommunications and Telematic Applications S A : ANNOUNCEMENT

2020 Annual Financial Results

29 April 2021

HIGHLIGHTS

• United Group became the sole shareholder of the Company, after recently exercising its squeeze-out rights, to acquire all remaining Company shares. It is the beginning of a new era for Forthnet, as a member of a multinational group, the leader in Pay TV and telecommunication services in Southeast Europe.
• EBITDA increased in 2020, reaching €55.6M compared to €37.1M in 2019. Results were positively affected by exceptional profits of €25.3M, resulting from the settlement of liabilities from previous years for the subsidiary company Forthnet Media SA.
• Income of €42M was secured for the next 3.5 years, after the Company concluded the implementing agreement for the SYZEFXIS II network with the Greek State.
• Nova now counts 869K fixed and Pay TV subscriptions, equal to 1.4M Broadband, Telephony and Pay TV RGUs1.
• Fixed telephony subscriptions were maintained at the same levels, while subscriptions for next generation network broadband services increased significantly.
• The Pay TV revenues continue to be affected by the plethora of services from local and international companies, as well as by the ensuing content fragmentation.

The CEO of Forthnet, Panayotis Georgiopoulos, noted:

"2020 it was a landmark year for Forthnet. Through the purchase of the banks' exposures, United Group, the leading Pay-TV and Telco operator in S.E. Europe, acquired control of Forthnet. The process is expected to be completed within May, as a result of the Company restructuring.

Nonetheless, 2020 was a challenging year, as the Covid-19pandemic-related lockdowns affected the activities of the Company customers, partners and suppliers. Forthnet, with the support of its shareholders, and, most importantly, of its employees, managed to overcome these obstacles, mitigating the impact of the pandemic on its performance.

Personally, I am honoured to join the United Group team and drive Forthnet into this new era. We are confident that our sole focus on improving customer experience, centred around innovative

1Subscriptions counted in the methodology of the parent company UG

services and technologies, will deliver great value to Greek consumers and businesses."

OPERATING PERFORMANCE

At the end of December 2020, total subscriptions were at 869K, unique households at 653K, and fixed telephony subscriptions at 550K, with 109K being NGA subscribers. The Pay TV customer base reached 463K, including retail and wholesale subscribers in Greece and Cyprus.

FINANCIAL HIGHLIGHTS

Consolidated total revenues in 2020 stood at €276,4M, up by 5.2% compared to 2019, mainly due to the positive impact of profits (reported as "Other revenue") from agreements with suppliers to settle liabilities from previous years.

2Retail customers and SMEs

3Active and under activation household and business broadband internet/telephony subscribers

2020 EBITDA stood at €55.6M compared to €37.1 in 2019. The increase is mostly due to profits from agreements with suppliers to settle liabilities from previous years, which had a total positive impact of €25.3M.

Total lending to related parties on 31 December 2020 stood at €299.1M

Recent Business Developments

• On 17 November 2020, the Company announced that United Group exercised its right to convert their securities into new stock. Once the relevant procedures are complete, its share will reach 84.60%. On the same day, the CEO, Panos Papadopoulos, resigned and Dimitris Tzelepis, the Company Finance Executive Director took over as interim CEO.
• On 9 April 2021, the Company announced that following the approval on the part of the Capital Market Commission of the request to exercise its squeeze-out right and acquire all remaining Company shares, 23 April 2021 was set as the last day of trading of Company shares.
• On 8 March 2020, United Group, the leading provider of telecommunication and media services in Southeast Europe, announced the appointment of Panayotis Georgiopoulos as the new CEO of the subsidiary company, the telecommunications and pay-tv provider, Forthnet SA, as of 1 April 2021.
• Forthnet was awarded two important islets of the SYZEFXIS II project, in Thessaloniki and Athens, further strengthening its market position and improving its results, and once more leaving its mark by actively participating in the country's digital transformation. The recent signing of the project implementing agreements, for a total of €42M, means that the Company will contribute to a large-scale investment aiming to provide advanced telecommunication services at 3,170 points of presence of the Greek State in the next 3.5 years, confirming and further developing the continuing partnership with the Greek State, which started in 2003 with the SYZEFXIS I project.
• Nova also further enhanced its premium sports content, by securing the rights to the Dutch, French and Turkish Football Cups and the Italian Basketball League. At the same time, the children's programme was also enhanced, since as of February 2021, Nova subscribers now enjoy the 24h, dubbed children's channel Smile TV at number 506 of the electronic program guide.

• The Company continues to successfully face the crisis of the COVID-19 pandemic with a strong sense of responsibility, to safeguard the health and productivity of all its employees and partners, and, at the same time, to ensure uninterrupted service to all of its subscribers.

For more information, please contact:

Τel. +30 211 9552868, email: ir@forthnet.gr

Τel. +30 211 9559104, email: pressoffice@forthnet.gr

IMPORTANT NOTE

This document may contain forward looking statements, which are based on estimates and assumptions pertaining to expected developments and other factors affecting the Company. These forward looking statements constitute neither historical events nor warranty for the future performance of the Company. These forward looking statements contain risks and uncertainties, due to the existence of factors that may lead to considerable deviation of the Company's future results from these estimates.

Forward looking statements speak only as at the date of this document, and we undertake no obligation to publicly update or revise any forward looking statements in this document to reflect any change in expectations or any change in the events, conditions or circumstances these forward looking statements are based on.