Cost based approach (mil.

CZK) Cash and equivalents Preferred equity and minority interest Total debt Estimated equity value (historical cost of net assets = book value of equity) Estimated enterprise value

12,469 0 2,966 63,813 54,310

Simple approach The rule of Cihak's hand (mil. CZK) EBITDA (multiple) EBITDA Total debt Estimated equity value Estimated enterprise value

5 19,653 2,966 95,299 98,265

Revenue based approach Dividend growth model (mil. CZK) Dividend paid in 2011 Cash and equivalents Preferred equity and minority interest Total debt Yield of LT Czech government bonds Equity risk premium Estimated dividend growth sustainable in a very long run (%) Dividend paid in 2013 Levered beta coefficient (decimal) Simplified equity discount rate (%) Estimated equity value Estimated enterprise value Revenue based approach Discounted cash flow to the firm (mil. CZK) Cash and equivalents Preferred equity and minority interest Total debt EBITDA EBIT Yield of LT Czech government bonds Equity risk premium Unlevered beta coefficient (decimal) Levered beta coefficient (decimal) Country + size premiums (%) Yield of LT EUR corporate bonds with the same rating (%) EUR to CZK yield adjustment (%) Statutory tax rate Median capital structure (% of common equity) Effective tax rate (%) Net operating profit after taxes (+) Depreciation and amortization (-) Capital expenditure (-) Increase in working capital Free cash flow to the firm Equity discount rate (%) After-tax cost of debt (%) Weighted average cost of capital (%) Discount factor (decimal) Discounted free cash flow Estimated free cash flow growth sustainable in a very long run (%) Discounted free cash flow of the perpetuity Estimated equity value Estimated enterprise value

12,878 12,469 0 2,966 3.0% 6.0% 0.0% 12,878 1.0 9.0% 143,089 133,586 2012 12,469 0 2,966 2013 2014 2015

19,197 8,395 3.0% 6.0% 0.8 1.3 1.5% 3.0% -0.2% 19.0% 55.0% 19.0% 6,800 10,802 -10,802 0 6,800 12.3% 2.2% 7.8% 0.928 6,309 0.0% 75,971 103,666 94,163

18,925 8,568

18,517 9,132

19.0% 6,940 10,357 -10,357 0 6,940 12.3% 2.2% 7.8% 0.861 5,975

19.0% 7,397 9,385 -9,385 0 7,397 12.3% 2.2% 7.8% 0.799 5,908

Comparable based approach trading multiples (mil. CZK) Cash and equivalents Preferred equity and minority interest Total debt Median EV / EBITDA multiple of peer companies (multiple) EBITDA Estimated equity value Estimated enterprise value Median M / B multiple of peer companies (multiple) Book value of equity Estimated equity value Estimated enterprise value Median P/E multiple of peer companies (multiple) Net income Estimated equity value Estimated enterprise value

Comparable based approach Market price (mil. CZK) Cash and equivalents Preferred equity and minority interest Total debt Shares outstanding (mil. pieces) Share price (CZK) Estimated equity value Estimated enterprise value

12,469 0 2,966 4.2 19,653 92,046 82,543 1.8 63,813 111,673 102,170 13.4 5,018 67,241 57,738

12,469 0 2,966 322.09 323.6 104,228 94,725

Overview of results (mil. CZK) Cost based approach Revenue based approach Comparable based approach

Simple approach

Historical cost method Dividend growth method Discounted cash flow to the firm EV / EBITDA trading multiple M / B trading multiple P / E trading multiple Market price The rule of Cihak's hand

Equity value Enterprise value Devation (%) Devation (%) 63,813 54,310 -39% -43% 143,089 133,586 37% 41% 103,666 94,163 -1% -1% 92,046 82,543 -12% -13% 111,673 102,170 7% 8% 67,241 57,738 -35% -39% 104,228 94,725 0% 0% 95,299 98,265 -9% 4%

EQUITY INFO Bloomberg ticker NAME HISTORICAL_MARKET_CAP CASH_AND_MARKETABLE_SECURITIES PREFERRED_EQUITY_&_MINORITY_INT SHORT_AND_LONG_TERM_DEBT Historical enterprise value CUR_MKT_CAP BS_SH_OUT CURR_ENTP_VAL P&L: reference financials (Q) SALES_REV_TURN EBITDA EBIT NET_INCOME TRAIL_12M_NET_SALES EBITDA (LTM) EBIT (LTM) Net income (LTM) Balance sheet items TOTAL_EQUITY Cash flow items CF_DVD_PAID Analysts estimates BEST_EBITDA_MEDIAN BEST_EBITDA_MEDIAN BEST_EBITDA_MEDIAN BEST_EBIT_MEDIAN BEST_EBIT_MEDIAN BEST_EBIT_MEDIAN DEBT INFO LT Czech government bonds CZGB 4.2 12/04/36 CORP YLD_YTM_MID

March 31, 2011 June 30, 2011 SPTT CP EQUITY TELEFONICA CZECH REPUBLIC AS 130,451 7,062 0 3,061 126,450 130,446 322.100 126,445 140,592 10,820 0 3,111 132,883 140,592 322.090 132,883

12,889 5,063 2,189 1,740 54,622

13,085 5,189 2,271 1,871 53,647

69,097

63,880

-12,876

BEST_FPERIOD_OVERRIDE BEST_DATA_SOURCE_OVERRIDE BEST_CONSOLIDATED_OVERRIDE BEST_FPERIOD_OVERRIDE BEST_DATA_SOURCE_OVERRIDE BEST_CONSOLIDATED_OVERRIDE March 31, 2011 June 30, 2011

4.7%

4.3%

Cost of debt Issuer rating Yield of 10Y EUR bonds (BBB) PEERS INFO NAME CRNCY CUR_MKT_CAP CURR_ENTP_VAL EBITDA EBITDA (LTM) NET_INCOME NET_INCOME (LTM) TOTAL_EQUITY EV / EBITDA P/E M/B Capital structure (% of common equity) NAME CRNCY CUR_MKT_CAP CURR_ENTP_VAL EBITDA EBITDA (LTM) NET_INCOME NET_INCOME (LTM) TOTAL_EQUITY EV / EBITDA P/E M/B Capital structure (% of common equity)

RTG_SP_LT_LC_ISSUER_CREDIT C67310Y Index PX_LAST March 31, 2011 TPS PW EQUITY PLN June 30, 2011 TELEKOMUNIKACJA POLSKA SA

KPN NA EQUITY EUR

KONINKLIJKE KPN NV

September 30, 2011

December 31, 2011

March 31, 2012

126,259 15,109 0 2,969 114,119 126,259 322.090 114,119

123,393 6,955 0 3,061 119,499 123,393 322.090 119,499

125,619 9,257 0 3,082 119,444 125,615 322.100 119,440

13,064 5,499 2,589 2,205 52,859

13,350 5,499 16,932 2,868 52,388 21,250 23,981 8,684

12,468 4,560 1,688 1,622 51,967 20,747 23,480 8,566

66,104

69,097

70,611

-12,878

13Y 14Y 15Y 13Y 14Y 15Y September 30, 2011

BST BST BST BST BST BST December 31, 2011

C C C C C C March 31, 2012

3.8%

4.3%

4.1%

September 30, 2011

December 31, 2011

March 31, 2012

OMUNIKACJA POLSKA SA

1,216 242

1,104 288

June 30, 2012

September 30, 2012

December 31, 2012

124,005 10,886 0 3,146 116,265 124,005 322.090 116,265

127,387 12,469 0 2,966 117,884 127,387 322.090 117,884

127,387 12,469 0 2,966 117,884 104,228 322.090 94,725

12,697 5,139 2,323 1,632 51,579 20,697 23,532 8,327

12,605 4,977 2,177 1,764 51,120 20,175 23,120 7,886

12,605 4,977 2,177

51,120 19,653 8,365 5,018

63,255

63,813

63,813

Number of analysts 13 12 7 Number of analysts 10 9 6 June 30, 2012 September 30, 2012 8,395 8,568 9,132 December 31, 2012 19,197 18,925 18,517

3.5%

3.3%

3.0%

BBB 3.0% June 30, 2012 September 30, 2012 December 31, 2012

1,283 255

1,320 307

16,335 21,120 991 4,810 51 855 12,958 4.4 19.1 1.3 80%

1,139 315

1,164 250

5,320 17,981 1,121 4,528 -162 691 2,461 4.0 7.7 2.2 30%

Remark 3Q12 filled for 4Q12 3Q12 filled for 4Q12 3Q12 filled for 4Q12 3Q12 filled for 4Q12 3Q12 filled for 4Q12

3Q12 filled for 4Q12

3Q12 filled for 4Q12 3Q12 filled for 4Q12 3Q12 filled for 4Q12

3Q12 filled for 4Q12

3Q12 filled for 4Q12

4Q10 filled for 1Q11

EQUITY INFO Bloomberg ticker NAME HISTORICAL_MARKET_CAP CASH_AND_MARKETABLE_SECURITIES PREFERRED_EQUITY_&_MINORITY_INT SHORT_AND_LONG_TERM_DEBT Historical enterprise value CUR_MKT_CAP BS_SH_OUT CURR_ENTP_VAL P&L: reference financials (Q) SALES_REV_TURN EBITDA EBIT NET_INCOME TRAIL_12M_NET_SALES EBITDA (LTM) EBIT (LTM) Net income (LTM) Balance sheet items TOTAL_EQUITY Cash flow items CF_DVD_PAID Analysts estimates BEST_EBITDA_MEDIAN BEST_EBITDA_MEDIAN BEST_EBITDA_MEDIAN BEST_EBIT_MEDIAN BEST_EBIT_MEDIAN BEST_EBIT_MEDIAN DEBT INFO LT Czech government bonds CZGB 4.2 12/04/36 CORP YLD_YTM_MID

March 31, 2011 SPTT CP EQUITY #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

June 30, 2011

#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

#NAME? #NAME? #NAME? #NAME? #NAME?

#NAME? #NAME? #NAME? #NAME? #NAME?

#NAME?

#NAME?

#NAME?

BEST_FPERIOD_OVERRIDE BEST_DATA_SOURCE_OVERRIDE BEST_CONSOLIDATED_OVERRIDE BEST_FPERIOD_OVERRIDE BEST_DATA_SOURCE_OVERRIDE BEST_CONSOLIDATED_OVERRIDE March 31, 2011 June 30, 2011

#NAME?

#NAME?

Cost of debt Issuer rating Yield of 10Y EUR bonds (BBB) PEERS INFO NAME CRNCY CUR_MKT_CAP CURR_ENTP_VAL EBITDA EBITDA (LTM) NET_INCOME NET_INCOME (LTM) TOTAL_EQUITY EV / EBITDA P/E M/B Capital structure (% of common equity) NAME CRNCY CUR_MKT_CAP CURR_ENTP_VAL EBITDA EBITDA (LTM) NET_INCOME NET_INCOME (LTM) TOTAL_EQUITY EV / EBITDA P/E M/B Capital structure (% of common equity)

RTG_SP_LT_LC_ISSUER_CREDIT C67310Y Index PX_LAST March 31, 2011 TPS PW EQUITY #NAME? June 30, 2011 #NAME?

KPN NA EQUITY #NAME?

#NAME?

September 30, 2011

December 31, 2011

March 31, 2012

#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

#NAME? #NAME? #NAME? #NAME? #NAME?

#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

#NAME?

#NAME?

#NAME?

#NAME?

13Y 14Y 15Y 13Y 14Y 15Y September 30, 2011

BST BST BST BST BST BST December 31, 2011

C C C C C C March 31, 2012

#NAME?

#NAME?

#NAME?

September 30, 2011

December 31, 2011

March 31, 2012

#NAME? #NAME?

#NAME? #NAME?

June 30, 2012

September 30, 2012

December 31, 2012

#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

#NAME? #NAME? #NAME?

#NAME? #NAME? #NAME? #NAME?

#NAME?

#NAME?

#NAME?

Number of analysts 13 12 7 Number of analysts 10 9 6 June 30, 2012 September 30, 2012 #NAME? #NAME? #NAME? December 31, 2012 #NAME? #NAME? #NAME?

#NAME?

#NAME?

#NAME?

#NAME? #NAME? June 30, 2012 September 30, 2012 December 31, 2012

#NAME? #NAME?

#NAME? #NAME?

#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

#NAME? #NAME?

#NAME? #NAME?

#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

Remark 3Q12 filled for 4Q12 3Q12 filled for 4Q12 3Q12 filled for 4Q12 3Q12 filled for 4Q12 3Q12 filled for 4Q12

3Q12 filled for 4Q12

3Q12 filled for 4Q12 3Q12 filled for 4Q12 3Q12 filled for 4Q12

3Q12 filled for 4Q12

3Q12 filled for 4Q12

4Q10 filled for 1Q11