Hellas Group 2nd Quarter 2008 ResultsAugust 28, 2008

1

Forward looking statement

This presentation includes forward-looking statements. These forward-looking statements include all matters that are not historical facts, statements regarding WIND Hellas’ intentions,

beliefs or current expectations concerning, among other things, WIND Hellas’ results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in

which WIND Hellas operates. By their nature, forward-looking statements involve risks and uncertainties, including, without limitation, the risks and uncertainties set forth in WIND Hellas’Offering Memorandums, because they relate to events and depend on circumstances that

may or may not occur in the future. WIND Hellas cautions you that forward-looking statements are not guarantees of future performance and that its actual results of

operations, financial condition and liquidity and the development of the industry in which WIND Hellas operates may differ materially from those made in or suggested by the

forward-looking statements contained in this presentation. In addition, even if WIND Hellas’results of operations, financial condition and liquidity and the development of the industry in which WIND Hellas operates are consistent with the forward-looking statements contained in

this presentation, those results or developments may not be indicative of results or developments in future periods. WIND Hellas does not undertake any obligation to review

or confirm analyst expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise after the

date of this presentation.

The Senior Secured Notes, the Senior Notes, the Subordinated Notes and the PIK Senior Notes have not been registered under US Securities Act of 1933, as amended (the “US

Securities Act”), or any state securities laws, and were offered and sold only outside the United States pursuant to Regulation S under the US Securities Act and to “qualified

institutional buyers” in the United States in reliance on Rule 144A under the US Securities Act.

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Agenda

2Q08 Performance Highlights

Consistent Strategy Geared towards Maximizing Returns

2Q08 Operating and Financial Performance Review

Q & A

3

2Q08 Group performance highlights Existing fundamentals resulting in ongoing profitability growth

• Group yet again secures key operating results• 10% y-o-y increase in the group’s reported mobile customer base in 2Q08• WIND Hellas’ contract ARPU is diluted marginally despite the steep interconnection tariff decline on the back

of solid and continuous usage upside, with blended ARPU declining mainly due to prepaid uptake• Steady decrease in WIND Hellas’ postpaid churn to 21.6% in 2Q08 from 25.5% in 2Q07• Tellas gains momentum in LLU site rollout (113 in July 08 vs 49 in July 07 and 79 in Dec07) while double-play net

additions started to pick up (19k in Q208 vs 10k in Q207)

• Group1 financial profile continues to show progress • €1,297.9 mn LTM 2Q08 Group total revenues, up 3% y-o-y• €449.3 mn LTM 2Q08 Group adjusted EBITDA with margin continuing its upward trend (+2.1 p.p. to 34.6%)

• Organic EBITDA growth and focus on CAPEX efficiency reinforce strong and increasing cash-flow generation • LTM 2Q08 EBITDA2-Capex of €286.5 mn

• The combination of the fixed-line operations of Tellas and mobile operations of WIND Hellas enhances the profile of the Group as an Integrated Operator• Merger process between Tellas and WIND Hellas, approved by WIND Hellas’ BoD on August 08, will further

amplify synergies between the two companies and will enable Wind Hellas/Tellas to benefit from additional funding of its growth plans while preserving value for its debt holders

• Merger will be anticipated by increase in share capital of Tellas by its shareholders• The merger confirms Weather Investments’ strong commitment to the Greek market

¹ Group financials fully consolidate Tellas’ financials2 Adjusted EBITDA for certain non-recurring or non-cash items

Sustainable profitable growth outlook

Pro forma unaudited Group financials for in accordance with IFRS

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Agenda

2Q08 Performance Highlights

Consistent Strategy Geared towards Maximizing Returns

2Q08 Operating and Financial Performance Review

Q & A

5

Consistent strategy geared towards maximizing returnsPillars of strategic growth

AspirationIncrease market share in prepaid and

sustain profitable growth in postpaid segment

Accelerateacquisition

and increaseretention

Stimulateusage and

ARPU

Exploitpotential in

nextgeneration

services

FoundationClear brand positioning and strong value propositions

Expand into Fixed &

Broadband sector

6

Focused strategyAccelerate acquisition and increase retention

Accelerate acquisition and increase retention

Strategy

Achievementsto date

• Differentiate with innovative tariffs and promotions in postpaid and prepaid, and counter-attack our competitors’ major launches

• Accelerate WIND shop expansion and renovate stores to improve customer experience

• Focus retention investment on proactive upgrades on high value customers and increase penetration in loyalty schemes

• EoP customer base increased by 10% y-o-y in 2Q08• Launched Automatic plans in postpaid, that select customers’ tariff plan based on actual

usage, every month, and Hybrid plans combining prepaid & postpaid features.• Targeted prepaid initiatives: WIND F2G enhanced its position as the most integrated prepaid

proposition by offering an all-inclusive promotional bundle (1,200 min to F2G & fixed, and 1,200 SMS to F2G). Q continued offering 2¢/SMS towards on-net & international. All brands executed large sampling activities to drive acquisition.

• Proactive upgrade program towards high value customers along with loyalty programs already yield tangible results

• WIND Hellas’ contract churn further drops to 21.6% in 2Q08

Healthy customer growth and steady reduction in churn

Reinforced own network of WIND stores• New and existing WIND stores as

well as other channels continue to outperform expectations

• Own channel reached 400 shops, completely redesigned to improve image and customer experience, celebrating with a promo offering 400 free minutes & SMS to all new activations

1627 35 42 44

5577 79

33

44 8

8

13 8

63 51 4041

3929

18 19 21 13 9 8 10 13

2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 'June-0 8

WIND Hellas postpaid gross additions mix (%)

WIND Stores

Otherdealers

Germanos

Direct

7

Focused strategyStimulate usage and ARPU

Stimulate usage and ARPU

Strategy

Achievementsto date

• Drive F2M substitution via tariffs and add-ons with embedded minutes towards fixed destinations

• Increase ARPU via new postpaid pricing schemes (New Flexy & Bundle Minute tariffs & Hybrid plans)

• Accelerate migrations to higher ARPU-yielding tariffs via targeted campaigns

Solid traffic uptake

Outgoing Traffic (mil, mins)

4,002.04,563.8

LTM 2Q07 LTM 2Q08

+14.0%

• Targeted campaigns to migrate postpaid customers to higher ARPU tariffs, and prepaid customers to Hybrid plans

• Fixed add-on promo offering 2 free months on all new postpaid activations

• Introduced “Smart pricing” initiatives in non-core areas (VAS, Roaming)

• Accelerated F2G Non Stop activations via targeted campaigns

• Further increase of total outgoing traffic (+14% vs LTM 2Q07 & +8& vs 2Q07)

• Inflation in consumer goods & overall market slowdown have put pressure on blended ARPU

1,107.0 1,199.0

2Q07 2Q08

+8.3%

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Focused strategy, delivery on track Exploit potential in next generation services (VAS)

5.4%6.7%

2Q07 2Q08

Strategy

Achievementsto date

Extracting value from high-return VAS and Mobile Broadband uptake

Exploit potential in next generation VAS

• Sustained growth with +24% increase YoY in quarterly revenues. Enriched ADSM with time-based tariffs and laptop offers. Engaged in Mobile Advertising

• WAP browsing revenues of Q2 grew by 41% YoY, while unique monthly users averaged 400k

• Over 1.5mn WIND customized multimedia handsets in customer base, with 350K active 3G terminals stimulating revenue growth

VAS ARPU / Blended ARPU (outgoing, excl. p2p SMS)

• Focus on increasing penetration of Data Services within the subscriber base and maximize Data revenues & ARPU by supporting customized 3G multimedia terminals, advancing Wind Plus offer, and promoting ADSM as innovative proposition for mobile broadband

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Focused strategy, delivery on track Expand into Fixed & Broadband sector to accelerate company growth

Expand into Fixed & Broadband sector

Strategy

Achievementsto date

• Accelerate growth by entering the high potential Greek broadband market through Tellas & capitalize on synergies

• Enhance loyalty of Wind postpaid customer base

• Build an integrated telecom operator profile

• Recent product launches (starting with double play unlimited in Mar 2008 until the latest ADSL double play) played a vital role in the product mix change towards LLU and from “voice only” to becoming a broadband operator

• Level of customer service is improving as trends indicate a reduction in average waiting minutes per call and a lower abandon rate percentage

• Tellas re-launch as a member of WIND Group on May 12 2008, was successful and managed to reinforce the brand by focusing on the following areas:

– Aggressive pursuit of the double play market with competitive offers and nationwide coverage

– Synergies with WIND mobile providing extra benefits to Tellas and Wind customers

– WIND stores key role as the main distribution channel of Tellas further assisting in acquiring market share in the booming Greek broadband market

• As a first step towards synergies of the group and benefit to the consumer, WIND launched “WIND 3in1” service in cooperation with Tellas, offering 5% discount on the mobile monthly bill to all customers that combine WIND mobile with Tellas fixed telephone & ADSL

Revenue generation and market share gains

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Evolution of Positioning for Tellas

From being:“A leading Fixed Telephony alter-native operator”

An overall fading image of down-to-earth, credible choice in voice

And also Tellas was perceived as:- Weak in innovation & technology- Not established in Internet & BB- Bureaucratic, slow-moving - Non competitive offers- Unreliable, not responsive and with

lack of transparency

…To being: “The preferred

BB and fixed player”

Now aiming to: - Establish a multi-play,

Broadband image- Develop customer-centric image - Underline change & break from

past- Rediscover reliability in

Customer Care- Offer competitive and value-for-

money propositions

HOW: Adopt a fresh new look via: - Improved Tellas image

dimensions:- Technology advanced, - Retail network, - Big company- Etc.

- A new brand architecture for Tellas product portfolio and launch of new innovative offers (i.e. laptop offer)

- A broad reach & closeness with consumers via 400-strong physical PoPs (WIND stores)

-10-505

10152025303540455055

FAST SERVICE

NETWORK IN MY AREA

GOOD/ WIDE NETWORK

FAST INTERNET

GOOD AFTER SALES

TECH. ADVANCED

FLEXIBLE/ CUSTOMIZED

THE MOST ECONOMIC

KEEPS UP TO DATEPRESTIGIOUS CO.HAS RETAIL NETWORK

INNOVATIVE SERVICES

FRIENDLY CHARACTER

INNOVATIVE CO

BIG COMPANY

LEADER IN TELECOM

PREFERRED BY PEERS

PRIVATELY OWNED

CONVINCING ADS

TELLAS MARCH '08

TELLAS JUNE '08

8

9

67

9

20

78

Brand Used

BrandPreference

BrandAwareness

Jun '08Mar '08

• +2.2x in Brand Preference:

- tripled among internet users

- doubled among telephony users

• Major increase in Awareness

- +1% in Total (@ 99%)- +17% in Spontaneous- +72% in Top-of-Mind

Today Tellas is enjoying:

Improved brand attributes in key areasImproved brand preference & awareness

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Agenda

2Q08 Performance Highlights

Consistent Strategy Geared towards Maximizing Returns

2Q08 Operating and Financial Performance Review

Q & A

12

Group financial performanceContinue delivering growth

Group total revenues1 (EUR, million)

114.8 120.3

1,177.61,150.0

LTM 2Q07 LTM 2Q08W IND Hellas Tellas

+2.6%

Group adjusted EBITDA2 (EUR, million)

286.0294.6

30.431.1

2Q07 2Q08W IND Hellas Tellas

-2.9%

1,297.91,264.8

325.7 316.4

1.8

-20.4

469.7409.0

LTM 2Q07 LTM 2Q08-7.5

115.7 109.3

1.9

2Q07 2Q08

-13.4%

32.5%34.6%

36.1%32.2%

As % of total revenues

+9.4%

1. Pro forma unaudited financials for Hellas II excluding Tellas (hereafter WIND Hellas) in accordance with IFRS. Tellas Pro forma unaudited financials in accordance with IFRS. Group financials fully consolidate Tellas’ financials (intercompany transactions are eliminated)

2. Adjusted EBITDA for certain non-recurring or non-cash items.

410.8449.3

117.6101.8

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Mobile - Key revenue drivers performance Strong customer uptake puts pressure on ARPU

53.555.6

21.9 19.9

9.010.5

2Q07 2Q08

Subscriber base (EOP, 000’s)

4,384 4,836

Jun-07 Jun-08

ARPU1 (EUR)

257223

2Q07 2Q08

54.7 53.9

20.523.1

11.7 9.6

LTM 2Q07 LTM 2Q08

Net Additions ( 000’s)

+10.3%

Contract Blended PrePaid

+15.1%

1 Pro forma unaudited ARPU figures in accordance with IFRS, including revenues from foreign roamers, on reported subscriber base

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Mobile -Operating expenses performanceConstrained SAC/SRC & other opex efficiencies further supports EBITDA

Acquisition & Retention expenses (EUR, million)

12.513.1

8.58.3

7.2% 7.3%

2Q07 2Q08SRC SAC

157.8 157.6

53.5% 54.7%

2Q07 2Q08Other Opex

628.3654.7

56.8% 53.0%

LTM 2Q07 LTM 2Q08Other Opex

52.349.7

34.538.6

7.7% 7.3%

LTM 2Q07 LTM 2Q08SRC SAC

Other operating expenses1 (EUR, million)

-1.8%

88.321.4 21.0

% as of total mobile revenues

86.8

% as of total mobile revenues

% as of total mobile revenues % as of total mobile revenues

-1.7%

-4.0%

-0.1%

¹ Adjusted for certain non-recurring or non-cash items

Pro forma unaudited financials for WIND Hellas in accordance with IFRS

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Fixed (Tellas) - Key revenue drivers performance

Subscriber base (EOP, 000’s) Direct Net Additions ( 000’s)

43 135

844 647

Jun-07 Jun-08

Direct Indirect

ARPU (EUR)

26.3

2Q07 2Q08

Direct

9.0 9.9

43.2

58.9

8.26.0

LTM 2Q07 LTM 2Q08

-11.8%

DirectBlended Indirect

10.610.8

50.441.2

5.07.7

2Q07 2Q08

887 782

30.3

+15.2%

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Fixed (Tellas) - Operating expenses performance

14.525.0

79.9%

46.3%

2Q07 2Q08

59.0 67.0

51.2% 54.7%

LTM 2Q07 LTM 2Q08

17.114.9

56.5%47.6%

2Q07 2Q08

76.054.5

47.3%

62.0%

LTM 2Q07 LTM 2Q08

Variable Costs (EUR, million)

Operating expenses1 (EUR, million)

+14.5%

% as of total fixed revenues

% as of total fixed revenues

+13.6%

+39.4%

+72.5%

¹ Adjusted for certain non-recurring or non-cash items

Pro forma unaudited financials for Tellas in accordance with IFRS

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Group adjusted EBITDA1 bridge Jun-07 to Jun-08

(in €mn)

37.03.5

53.6

409.0

449.3

(6.1)

(20.4)

(20.3)(7.0)

W IND LTM Jun-07EBITDA

Outgoing revenues Net Visitor Roaming Net F2M Interconnection Net M2M Interconnection

SAC & SRC Others Tellas LTM Jun-08EBITDA

Group LTM Jun-08EBITDA

2

WIND Hellas: € +60.7mn

• 2008 Group EBITDA to reach € 440 million split into € 470 million for WIND mobile and € (30) million for Tellas

• Group CAPEX estimate for FY 2008 of € 230 million is expected to be realised

¹ Adjusted EBITDA for certain non-recurring or non-cash items2 Mostly due to Vodafone roaming & OPEX savingsPro forma unaudited consolidated financials for WIND Hellas and Tellas in accordance with IFRS

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Group Cash flow generationMargin performance and CAPEX containment sustain robust cash flow generation

Capex (EUR, million) Capex as % of total revenues

14.0% 12.5%14.3% 11.3%

LTM 2Q07 LTM 2Q08Group Wind Hellas

12.328.8

165.1 133.9

LTM 2Q07 LTM 2Q08

WIND Tellas

-8.3%177.4

162.7

2

EBITDA1 – Capex (EUR, million)

-10.5 -49.3

335.8243.9

LTM 2Q07 LTM 2Q08

WIND Tellas

18.5% 22.1%

LTM 2Q07 LTM 2Q08

(EBITDA-Capex) as % of total revenues

+22.8%

¹ Adjusted EBITDA for certain non-recurring or non-cash itemsPro forma unaudited financials for WIND Hellas and Tellas in accordance with IFRS

233.4286.5

2Wind Hellas Capex over stand alone total revenues before intra-group eliminations

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Capital Increase of Tellas and Merger of Tellas with Wind Hellas

The merger process, which will be completed over the next coming 4 months, will create adequate

funding of Wind Hellas / Tellas’ growth plans while preserving value for its debt holders

• Merger• Completing the strategic process of creating a fully integrated telecommunications

operator in the Greek market and setting the ground for being the challenger to the

incumbent

• Optimizing further synergies between the companies

• Capital increase

• Merger will be preceded by an increase in the share capital of Tellas for Euro 20 million

evenly contributed by the existing shareholders

• Financial impact

• Share capital increase will enable the Company to receive governmental subsidies of

approximately Euro 25 million

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Agenda

2Q08 Performance Highlights

Consistent Strategy Geared towards Maximizing Returns

2Q08 Operating and Financial Performance Review

Q & A