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PLAY COMMUNICATIONS Q4 2019 and FY 2019 Results Investor Presentation

26 February 2020

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Disclaimer

This presentation has been prepared by PLAY Communications S.A.’s and its subsidiaries

(together the “PLAY Group”). The information contained in this presentation is for information

purposes only. This presentation does not constitute or form part of and should not be construed

as an offer to sell or issue or the solicitation of an offer to buy or acquire interests or securities of

PLAY Group companies or affiliates in any jurisdiction or an inducement to enter into investment

activity. No part of this presentation, nor the fact of its distribution, should form the basis of, or

be relied on in connection with, any contract or commitment or investment decision whatsoever.

Certain financial data included in the presentation are “non-IFRS financial measures.” These non-

IFRS financial measures may not be comparable to similarly titled measures presented by other

entities, nor should they be construed as an alternative to other financial measures determined in

accordance with International Financial Reporting Standards. Although PLAY Group believes

these non-IFRS financial measures provide useful information to users in measuring the financial

performance and condition of its business, users are cautioned not to place undue reliance on

any non-IFRS financial measures and ratios included in this presentation. Financial data are

presented in zloty rounded to the nearest thousand. Therefore, discrepancies in the tables

between totals and the sums of the amounts listed may occur due to such rounding. The figures

included in this press release are unaudited.

Forward Looking Statements

This presentation contains forward looking statements. Examples of these forward

looking statements include, but are not limited to statements of plans, objectives or goals

and statements of assumptions underlying those statements. Words such as “may”,

“will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe”, “continue”, “probability”,

“risk” and other similar words are intended to identify forward looking statements but are

not the exclusive means of identifying those statements. By their very nature, forward

looking statements involve inherent risks and uncertainties, both general and specific,

and risks exist that such predictions, forecasts, projections and other forward looking

statements will not be achieved. A number of important factors could cause our actual

results to differ materially from the plans, objectives, expectations, estimates and

intentions expressed in such forward looking statements. Past performance of PLAY

Group cannot be relied on as a guide to future performance. Forward looking statements

speak only as at the date of this presentation. PLAY Group expressly disclaims any

obligations or undertaking to release any update of, or revisions to, any forward looking

statements in this presentation, except as required by applicable law or regulation. No

statement in this presentation is intended to be a profit forecast. As such, undue reliance

should not be placed on any forward looking statement.

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Agenda

Q&A SESSION

FINANCIAL PERFORMANCE

CONCLUSIONS

BUSINESS PERFORMANCE

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BUSINESS PERFORMANCE

Jean-Marc HarionCEO of Play (P4 Sp. z o.o.)

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2019: a record year for PLAY

▪ Operating revenue increase by 3% YoY

▪ All time highest adj. EBITDA with 2.436m PLN up 13% YoY

▪ Record FCFE of nearly 929m PLN despiteincreased cash capex and taxes

▪ 15.3 million reported customers

▪ Blended ARPU up 1.5% YoY

▪ Churn decreased to 0.75%

▪ 5G Ready population coverage up 5pp to 48%- and 1st 5G city in Poland

▪ Leverage decreased to 2.7x LTM adj. EBITDA

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PLAY 2022 strategy

#1DIGITAL

OPERATOR

Best digital experience

Company 100% digitized

#1MOBILE-CENTRIC

CONVERGENCE

Home Internet and TV

Mobile Devices

#1LEAN AND 5G-READY

NETWORK

Network independence

Most cost-effective network

Profitable growth:EBITDA growth every year

CAN DO Challenger attitude

CLOSE Customer obsessed

CLEAR Cost-conscious

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Enrichment of mobile-centric products and services portfolio

BIZNES BOX PRO

Solution for SME reflectingupon more-for-more strategy:

richer data transmission packagescombined with optional smartphones / routers

and virtual SIM cards management option

PLAY NOW TV BOX

32k active users with averageviewing time of 2 hours per day

HOMEBOX TV: Mobile-centric package combining mobile plan with Wireless to the

Home (WTTH) with Play NOW TV BOX option

PLAY360 & PLAY360 MAX

Phone repair and Value-Added Services package expanded with all-in offer for high-end

smartphone users

1m customers have subscribed for Screen Protection Insurance

MORE-FOR-MORE

New post-paid, pre-paid and mix mobile plans presented in Q2 2019 reflecting upon

more-for-more strategy:significantly higher data transmission at

reasonably increased prices

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37% of PLAY network sites upgraded to5G READY, providing

48% population coverage withInternet speeds of up to 900 Mbps

Accelerated preparation for 5G

NETWORK SYNCHRONISATION

5G prerequisite real-time network synchronisation implemented in

100% of PLAY network sites

5G READY 5G IS HERE

5G in Gdynia deployed on 2100 MHz Bandwith the dynamic frequency sharing system

100+ base stations were upgraded to 5G technology in Tricity (Gdansk, Sopot, Gdynia)

NETWORK ROLL-OUT

865 new sites in total added to PLAYfootprint in 2019, providing LTE population

coverage on own network of 98.7%

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Network roll-out and upgrades

NETWORK ROLL-OUT…

▪ Number of sites (EoP):

▪ 4G LTE population coverage (EoP):

5,1375,746

7,003

7,868

2016 2017 2018 2019

+1,257

92.1%93.4%

96.7%

98.7%

2016 2017 2018 2019

+3.3pp

+609

+1.3pp

+2.0pp

...AND IMPLEMENTATION OF 5G READY

1,2511,708

2,310

2,900

Q1 2019 Q2 2019 Q3 2019 Q4 2019

+602

+590

▪ Number of 5G Ready sites (EoP):

▪ 5G Ready population coverage (EoP):

11.7% 13.4%

43.3%48.3%

Q1 2019 Q2 2019 Q3 2019 Q4 2019

+5.0pp

+457

+1.7pp

+865

+29.9pp

1010

Progress of National Roaming switch off

28 cities with one National Roaming network switched off

▪ 20% of population

▪ 66% of total traffic transferred to PLAY

4 cities with full National Roaming switched off in

▪ 3% of population

▪ All customers transferred to PLAY network

National Roaming with Polkomtel terminated in December 2019without visible customer experience impact

▪ 100% of population

▪ 55% of Data on Device transferred to PLAY

Overall National Roaming traffic decreased YoY by 34%for Data on Device and 41% for voice

ON TRACK TO FULL SWITCH OFF EoY 2021

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Further progress in digital

PoS DIGITALISATION

80% fully digitalized transactions(vs. 76% EoP Q3 2019)

PLAY24

4.9 million active accounts(vs 4.3mln EoP Q3 2019)

Recently enriched with native payments (BLIK, GPay, Apple Pay), support for WOŚP and Shake-to-Play loyalty feature

ONLINE RETENTION

5% digital B2C retention(vs. 2.7% in Q4 2018)

E-INVOICE

66% of e-invoice with B2B partners(vs. 48% EoP Q4 2018).

17% of all invoices booked automatically using robot.

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Customer base reflecting continuous focus on contract subscribers

15.3m

Total customers

12.9m

Stable YoY

Active customers

10m

Contractcustomers

▪Contract customer base up to 10 million (+1.3% YoY), including 9.3 million active contract subs (+3.8% YoY)

▪Active pre-paid customer base reduced by 1.8% YoY, partly due to migration to post-paid+125k YoY

65.5% of total customers

85% of total customers

The largest mobile network in Poland

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Spotlight on increasing existing customer base value

40.4%

-1.6pp YoY

Bundledshare

0.75%2

-0.03pp YoY

Contract churn

+1.5% YoY

Blended ARPU

PLN 32.81

1 Presented for active subscribers on average monthly basis over the period of 12 months of 2019; for detailed definition please refer to the Report;2 Presented for reported subscribers on an average monthly basis; for detailed definition please refer to the Report

▪Contract ARPU in 2019 up by 0.3% YoYto PLN 37.7

▪Contract churn improving YoY to 0.75%

▪Slight decrease in bundled share dueto change in reporting of mobile internet bundles

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Full Year: All time best performance across all financial metrics

Key financial figures for FY 2019

PLN 2,436m

+12.8% YoY

Adjusted EBITDA

PLN 929m

+13.8% YoY

FCFE

PLN 7,041m

+3% YoY

Operating Revenue

PLN 867m

+16.4% YoY

Net profit

Margin 34.6%Usage revenue

+5.4% YoY

▪Revenue up by 3% YoY driven mostly by 5.4%

increase in usage revenue

▪Adjusted EBITDA increased 12.8% YoY on the

backdrop of reduced national and international

roaming costs, lower acquisition costs, partly

offset by higher network maintenance, payroll

and marketing costs

▪Net profit up by 16.4% YoY, driven by higher

adj. EBITDA

▪ FCFE up 13.8% YoY fueled by adj. EBITDA

increase despite higher cash capex and taxesMargin 12.3%

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Q4 2019 Stable quarterly results

Key financial figures for Q4 2019

PLN 570m

+6.5% YoY

Adjusted EBITDA

PLN 169m

FCFE

PLN 1,800m

Stable YoY

Operating Revenue

PLN 166m

-17.7% YoY

Net profit

Margin 31.7%Usage revenue

+5.6% YoY

▪Revenue stable YoY, increased usage revenue offset by sales of goods and other revenue

▪Adjusted EBITDA increase mainly thanks to reduced national roaming costs

▪Net profit down 17.7% YoY due to higher income tax charge

▪FCFE down 20.4% mainly due to decrease in payables

Margin 9.2%

-20.4% YoY

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2019 Guidance overachieved despite two upward revisions

Adj. EBITDA

Revenue

FCFE2

Cash CAPEX1

Continuous EBITDA annual growth until 2022

11-13% until 2021,down to 10% after rollout

High cash conversion rate compared to European

telecoms

PLAY 2019-2022 ambition

1 Play defines Cash Capex without frequency reservation cash outlays2 Post-lease payments, excluding cash out for purchase of 3S, which we exclude from FCFE calculation as exceptional item

PLN 2,436m

PLN 848m

PLN 929m

+2.9%

FY 2019 Results

> PLN 2.4bn

~ PLN 850m

> PLN 900m

Close to +2.5%

FY 2019 Guidance (Q3’19)

Distribution to Shareholders

40-50% of FCFE ConfirmedConfirmed

PLN 2.2-2.3bn

Up to PLN 800m

PLN 670-750m

Growth below2018 result

40-50% of FCFE

FY 2019 Guidance (Q1’19)

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FINANCIAL PERFORMANCE

Holger PüchertCFO of Play (P4 Sp. z o.o.)

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1818

6,839

7,041

+202

+11 -11

2018 Usage revenue IC revenue Sales of goodsand other revenue

2019

Revenue increase of 2.9% driven by usage

948 990 1,020 1,012

3,969

320 333 331 342

1,327

418 436 445 446

1,745

Q1 2019 Q2 2019 Q3 2019 Q4 2019 FY 2019

Usage Interconnection Sales of goods

7,041

1,686 1,759 1,796 1,800

OPERATING REVENUE (PLNm)

+2.9% YoY

KEY REVENUE DRIVERS (PLNm)

+ 5.4% + 0.8% - 0.7%

1919

2,159

2,436

+213

+148-84

2018 Service revenueimpact

Roaming costsimpact

Other impacts 2019

31.6%

Adjusted EBITDA driven by improving service margin

576 644 645 570

2,436

Q1 2019 Q2 2019 Q3 2019 Q4 2019 FY 2019

ADJUSTED EBITDA (PLNm)

% Margin 34.6%

31.7%35.9%36.6%34.2%

34.6%

+12.8%YoY

KEY ADJ. EBITDA DRIVERS (PLNm)

% Margin

2020

Cash capex reflects network roll-out and accelerated 5G Ready upgrade

1 Excl. cash outflows in relation to frequency reservation acquisition

122211 181

23896

150126

197129

167202

200

139

123241

214

2016 2017 2018 2019

Q1 Q2 Q3 Q4

NETWORK EXPANSION REDUCES NATIONAL ROAMING

176.3 192.3

272.1

182.9

5,137

5,746

7,003

7,868

9,500

2016 2017 2018 2019 End of 2021

National Roaming Cost (PLNm) Base stations

848

751

651

486

7.9% 9.7% 11.0% 12.0% % 4G LTE PopulationCoverage

92.1%

93.4%

96.7%

98.7%

99.9%

CASH CAPEX1 (PLNm)% CAPEX/Sales

Indicative target level

NR with Polkomtel ended

in December 2019

NR with Orange and T-Mobile to be switched off by mid and end

of 2021, respectively

2121

Consolidation of 3S Group

▪ Established in 2002, built its own optical fiber

network of around 4 thousand km and the Data

Centre Cluster with 6 objects of ~2.7 thousand

sqm net floor space in total,

▪ Main business is fiber network based data

transmission and IT services based on its

own data centres in Warsaw, Katowice, Kraków

and Bytom,

▪ The company serves ca. 2.8 thousand business

clients,

▪ Acquired for cash consideration of PLN 330.5m

on 19 August 2019.

3S HIGHLIGHTS

▪ Revenue contribution of PLN 30.5m

▪ Adjusted EBITDA contribution of PLN 10.0m

▪ Cash capex increase of PLN 6.1m

▪ Fair value of acquired assets of PLN 475m,

goodwill recognized at PLN 191m

CONSOLIDATION IMPACT ON FY 2019 RESULTS

2222

PLN millions Q4 2018 Q4 2019 Change % FY 2018 FY 2019 Change %

Operating Revenue 1,807 1,800 (0.4%) 6,839 7,041 2.9%

Service revenue 1,295 1,354 4.6% 5,083 5,296 4.2%

Sales of goods and other revenue (Handsets) 512 446 (13.0%) 1,756 1,745 (0.7%)

Expenses (1,006) (936) (6.9%) (3,785) (3,612) (4.6%)

Interconnect costs (344) (340) (1.1%) (1,361) (1,342) (1.4%)

National roaming (67) (45) (33.2%) (272) (183) (32.8%)

COGS (Handsets) (430) (388) (9.8%) (1,442) (1,437) (0.3%)

Contract costs, net (Commissions) (102) (103) 0.8% (421) (405) (3.8%)

Other services costs, incl. Int' roaming and content (63) (60) (4.0%) (289) (245) (15.2%)

Contribution margin 801 864 7.8% 3,054 3,429 12.3%

G&A and other1 (259) (308) 18.7% (894) (1,023) 14.4%

EBITDA 542 556 2.6% 2,160 2,406 11.4%

EBITDA adjustments (7) 14 n/a (1) 30 n/a

Adjusted EBITDA 535 570 6.5% 2,159 2,436 12.8%

Depreciation and amortization (205) (242) 18.1% (789) (906) 14.8%

Finance income 0 6 5,862.1% 2 1 (27.3%)

Finance costs (91) (90) (0.5%) (375) (346) (7.6%)

Profit before tax 247 230 (6.9%) 998 1,155 15.7%

Income tax charge (45) (63) 41.8% (253) (288) 13.7%

Net profit 202 166 (17.7%) 745 867 16.4%

Earnings per share (PLN) 0.8 0.7 (17.8%) 2.9 3.4 16.4%

Summary of financials

1 Other operating income less other operating costs

2323

FCFE fueled by adjusted EBITDA despite higher cash capex & taxes

1 Cash capital expenditures excluding cash outflows in relation to frequency reservation acquisitions and purchase price for acquisition of 3S Group (PLN 330.5m)2 Comprising cash interest paid on loans, and other debt

FCFE (post lease payments)for FY 2019 higher by 13.8% YoYas a combination of:

▪ Increased Adjusted EBITDA

▪ Higher cash capex related to frontloading of 5G Ready network upgrades

▪ Higher cash taxes due to higher taxable income and no IPO related costs tax benefits (compared to 2018)

The measures presented are not comparable to similarly titled measures used by other companies. Free cash flow to equity (post lease payments) does not reflect all past expenses and cash outflows as well as does not reflect the future cashrequirements necessary to pay significant interest expense, income taxes, or the future cash requirements necessary to service interest or principal payments, on our debts. We encourage you to review our financial information in its entirety and notrely on a single financial measure. See in Report “Presentation of Financial Information—Non-IFRS Measures” for an explanation of certain limitations to the use of these measures

(PLN m) Q4 2018 Q4 2019Change

(%)FY 2018 FY 2019

Change (%)

Adjusted EBITDA 535 570 7% 2,159 2,436 13%

Total cash capital expenditures1 (241) (214) -11% (751) (848) 13%

Total change in net working capital and other, change in contract assets, change in contract liabilities and change in contract costs

79 (34) -143% 43 46 7%

Cash interest2 (71) (62) -13% (286) (257) -10%

Cash taxes (48) (36) -25% (153) (229) 49%

Lease payments (41) (56) 35% (197) (220) 12%

Free cash flow to equity (post lease payments) 213 169 -20% 816 929 14%

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Deleveraging thanks to high cash generation and adj. EBITDA growth

1 LTM Adj, EBITDA as of December 31, 2019 of PLN 2,436m; 2 LTM Adj. EBITDA as of September 30, 2019 of PLN 2,401m; LTM Adj. EBITDA as of June 30, 2019 of PLN 2,312m; 4 LTM Adj. EBITDA as of December 31, 2018 of PLN 2,159m; 5 principal plus interest; 6 including IFRS 16 impact, capitalization of leases

As of December 31, 2018

As of June 30, 2019

As of September 30, 2019

As of December 31, 2019

PLNmxLTM Adj.

EBITDA4 PLNmxLTM Adj.

EBITDA3 PLNmxLTM Adj.

EBITDA2 PLNmxLTM Adj.

EBITDA1

Senior term loan5 6,052 2.80x 5,880 2.54x 5,772 2.40x 5,155 2.12x

Notes - - - - - - 751 0.31x

Other debt 30 0.01x 31 0.01x 63 0.03x 27 0.01x

- Cash and cash equivalents

(354) (0.16x) (127) (0.05x) (46) (0.02x) (294) (0.12x)

Total net financial debt 5,728 2.65x 5,784 2.50x 5,789 2.41x 5,639 2.31x

Leases6 985 0.46x 993 0.43x 1,011 0.42x 992 0.41x

Total net debt 6,713 3.11x 6,777 2.93x 6,800 2.83x 6,631 2.72x

3.11

2.962.93

2.83

2.72

2.65

2.51 2.50

2.41

2.31

December 2018 March 2019 June 2019 September 2019 December 2019

Total net debt / LTM Adj. EBITDA Total net financial debt / LTM Adj. EBITDA

Further deleveraging despite network rollout and acquisition of 3S group

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CONCLUSIONS

Jean-Marc HarionCEO of Play (P4 Sp. z o.o.)

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PLAY to establish „TowerCo”,a dedicated subsidiary to host existing and

future passive network infrastructure

Fixed broadband Friendly User Trial based on agreement with Vectra just started

Commercial launch in H1 with addressable target footprint of ca. 3.7m households

Our operating and forward-looking targets for 2020

TOWERCO

1st 5G IN POLAND

PLAY 1st to launch 5G commercially in Poland(16 cities in Q1)

Play will mix 5G Ready, 5G Legacy (2.1 GHz)and 5G (C-Band) to serve its customers

FIXED BROADBAND

Thanks to 5G Ready footprint we canupgrade to 5G at minimal cost

at the pace of handset penetration

Ready to purchase one block of 80MHz during the forthcoming 3.48-3.80 GHz (C-Band) tender

THOUGHTFUL CAPEX SPENDING

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FY 2020 Guidance

Adj. EBITDA

Revenue growth

FCFE2

Cash CAPEX1

Continuous EBITDA annual growth until 2022

11-13% of revenue until 2021,down to 10% afterwards

High cash conversion rate compared to European telecoms

PLAY 2019-2022 ambition

1 Play defines Cash Capex without frequency reservation cash outlays2 Post-lease payments, excluding cash out for purchase of 3S, which we exclude from FCFE calculation as exceptional item

PLN 2.5-2.6 bn

PLN 850-900m

(~12% of revenue)

> PLN 800m

+ 2-3%

FY 2020 Guidance

Distribution to Shareholders

40-50% of FCFE 40-50% of FCFE

PLN 2,436m

PLN 848m

(12% of revenue)

PLN 929m

+2.9%

FY 2019 Results

Confirmed

Driven by growing Service margin, partly offset by higher opex (network, payroll)

Network capex rebalanced from radio to fiberbackhaul (3S) and core (5G), increase in

digitalisation

Impacted YoY by temporary increased cash capex (5G, digitalisation) and significantly

higher cash taxes

Comments

Intention as per 2019-2022 ambition

Usage revenue growth partly softened by softer increase in handset sales

Q&A Session

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