Junta General de Accionistas AnnualShareholder’ Meeting

JuntaGenerald’AccionistesJuntaGeneraldeAccionistasAnnual Shareholder’Meeting

2017

FranciscoReynésChairman

Aligninggoalsandresults

CorporateGovernanceMilestones

Valuecreation&responsiblemanagement

ProposedagreementstoputtotheShareholders'Meeting

Aligning goals andresults



Proposedagreements





Keyfigures§ Revenues+15%

§ EBITDA +23%§ RLFCF+29%§ Netresult:+38%

ImproveriskprofileDiversification§ bymarkets(5countries)

§ bybusiness(55%voiceanddatainfrastructures)

§ bycustomers(+customersandpresenceinthemarketsinwhichCellnexoperates)

ConsolidationinEurope§M&AStrategy€ 670M

§ 4th operatorworldwide(1st outsidetheUS)

Shareholdervalue:

§ +14%vs.IBEX35 (FY2016)§ CLNXshare:+14%sinceIPO

§ Dividend:

§ 16Dec.on account €0.040

§ 17May. compl.€ 0.0437

§ +10%FY2017

Recognition§ June:Ibex35

§ October:CDPBestNewcomer2016§ January2017:FTSE4GoodIndex

Soliddebt structure

§ Average maturity7 years§ Averagecost2.1% (debtdrawn down &notdrawndown)

§ Debt/EBITDA4.6x

§ Cash +creditlines:€ 2Bn(AsofApril2017)

Improvingexpectations2016inonepage

Aligning goals andresults Corporate Governance Milestones Value creation &responsible management Proposed agreements




Proposedagreements





ActionsoftheBoardin2016linkedtoCorporateGovernance

Formalisingpolicies

§ InternalCodeofConduct(ICC),adaptingcontenttothenewMarketAbuseRegulation

§ BylawstofacilitateattendanceofshareholdersattheGeneralMeeting.From1,000sharesto100shares

§ TheEthicsandCrimePreventionCommitteenowoperatesasthe"EthicsandComplianceCommittee",expandingitsfunctionstocontrolandsupervisionofregulatorycompliance

§ Communicationandcontactwithshareholders

§ SelectionandappointmentofDirectors

§ Boardremuneration

§ CorporateResponsibilityandapprovaloftheCSRMasterPlan(2016-2020)

Changestotheinternal

rules

Actionsrelatedtothecodeof

ethics


Interaction&alignment

management

Compact

§ Asmaller,compactBoardspeedsupdecisionmaking;Reinforcesownershipandinvolvement;Moreflexible,moreeffective,lesscomplex

§ ABoardwithitsownprofileintermsofbusinessexperience,seniorityandknowledgeofthesector

§ Committed toqualitative anddecisive weight oftheindependents (committees andboard);tointernationalityreflecting the ambition oftheproject

§ Appointment oftheVicepresident (appointed fromamongst independentdirectors)

§ Sharing-aligningvision,objectives,strategy,execution,review

§ Strategyretreats(management&Board)

Know-how

Independence&

international

Corporate Governance vision


ImprovingCorporateGovernance

ProposaltotheBoardto

increasefrom9to10directors

§ 50%independent directors40%proprietary directors1executive director

§ First step instrengtheninggender diversity inthe Board

We reinforce theshareof

independentdirectors


MarietadelRivero

§ 25years'experience inTMT(telecom,media&technology)

§ Executive responsibilities inlarge-scale consumer andB2Bcompanies within the sector

§ Advisor for technological incubators andindigitaltransformation processes

ImprovingCorporateGovernanceAppointment ofanewIndependentDirector


Proprietarydirectors

Executive Independient Non-Executive SecretaryandVice-Secretary

1 2 5 7 93 6 10 114 8 1. JavierMartídeVesesNon-Executive Secretary

2. Giampaolo ZambelettiChairman ARC

3. LluísDeulofeu4. TobíasMartínez

CEO5. BertrandBoudewijn Kan

Vicepresident &president ACC6. FranciscoReynés

Chairman7. PierreBlayau8. MaryGatehouse

Non-Executive Vice-Secretary9. LeonardPeterShore10. JosepMªCoronas11. FranciscoJoséAljaro

ImprovingCorporateGovernanceAppointment ofanewIndependentDirector

12


§ Degreeofalignmentwithsomerecommendations:

1. Recommendation16onproportionalityof"proprietary"representation(abertis)

HighcompliancewiththerecommendationsoftheCodeofGoodGovernance

§ Extension ofthe Board from 9to10members

2. Recommendation48onsplittingtheARCintotwocommittees- AppointmentsandRemuneration

§ Appointment ofnewindependent director§ ShareofproprietarydirectorsonBoardfrom50-40%





Proposedagreements





SignificantstakesinCellnex Telecom

Stakes by geographicalorigin

Mainshareholders

USA

23% Spain

41%

Rest of the world

14%

UK

22%

Totalshareholders 2017: 5,200vs.2,000inJune2016

OtherShareholders

40%

MFS

5%

AbertisInfraestructuras

34%

ThreadneedleAsset Management

5%

Blackrock

6%

Criteria

5%

Cantillon Capital

3%

Fidelity International Limited

2%


7.000

9.000

11.000

13.000

15.000

8

9

10

11

12

13

14

15

16

17

18

19

20

21

CLNX TP IBEX

Startofcoveragebyanalysts EuroStoxx 600 IBEX35

Closingexercise2016

Source:Bloomberg

IBEX35

€/Share

7/05/15Startofquotation:14.00€

7/10/15 20/06/16 31/12/16 26/04/17

CLNXsharesonthemarket

Targetprice:17.9€

CLNX:16.00€+12%

+18%

IBEX:10,763


Actionlinesunderway

76%Attainmentofthevariousactions

34%

ResponsiblemanagementRolloutofCSRMasterPlan2016-2020

Ethical management andgood governance

People development

Sustainable development ofthe business

Adding value tosociety

Communication andreporting

Governance ofCR

71%

22%

10%

0%

54%

46%

100%

67%

78%

40%

70%

100%


Responsiblemanagement

§ InternationalframeworkforIntegratedAnnualReport

§ CELLNEX"Bestnewcomer"Spain2016according toCDP

§ Secondbestcompanyininformationpolicyandtransparencyinthemarket(Studyof35mainlistedcompaniesinSpain)

§ January2017,theFTSE4GOODInternationalEnvironmentandSocialGovernance(ESG)IndexincorporatesCellnexinJanuary2017

§ 4.5outof5forCorporateGovernance§ 4outof5forCorporateResponsibility

§ IAI2016verifiedbyexternalauditor





Proposedagreements





Financial Statements andManagementReport 2016§ Distribution ofthe profit forthe period

Re-electionAuditorsfortheCompanyanditsconsolidatedgroup.FY2017,2018and2019 Directors'Remuneration

Policy

AnnualReportonremuneration,consultative

MembersoftheBoardofDirectors

§Determiningnumberofmembers

§ProposedappointmentIndependentDirector


1 2

3

45


TobiasMartinezChief Executive Officer

2016infigures:dataandindicators

Creating theEuropeanplatform

Densification,sharing:keys to“Ubiquitous connectivity”

Long-termview

2016infigures

Europeanplatform

Densification,sharing

Long-termview




Long-termview

2016infiguresKeyfinancialindicators at double-digitgrowth

436

613707

2014 2015 2016

+15%

+31%CAGR

Income (€M)

178235

290

2014 2015 2016

+23%

+31.5%CAGR

EBITDA(€M)

EBITDAgrowthishigherthanthatofrevenuesduetooperatingleverage

151194

251

2014 2015 2016

+29%

+33%CAGR

RLFCF(€M)

RecurrentcashflowgrowthisevenhigherthanEBITDAduetohighrateofcashconversion:87%

2016infigures Europeanplatform Long-termviewDensification,sharing

2016infiguresBusinessindicators:Solidgrowth

PointsofPresence(PoPs)

Customerratiopersite

20,740

21,665

24,698

+925

+3,033

Sept2015 OrganicGrowth Dec2015 OrganicGrowth Sept2016

+4,5%

+19%

Dec2016WithoutCoP

Organicgrowth

Dec2016IncludingtheCoP

Changeofperimeter(CoP)

Dec2015

1.53x

1.60x

1.62x

0.07x

0.02x

Dec2015 OrganicGrowth Dec2015 M&A Dec2016

MainlySherei Protelindo

+6%

+4,5%

A75% ofgrowthisorganic

Dec 2016withoutCdP

Organicgrowth

Dec2016IncludingtheCoP

Changeofperimeter(CoP)

Dec2015

(1)Onlysitesforvoiceanddataequipmentconsideredforcalculationoftheconsumerratio


27

949

1,072

AcquisitionCommsCon 2016

+13%

June2016

ProgressionofDASnodes(CommsCon)

Salesundercontract(backlog)billion€

8.0

12.1

2014 2015 2016

1.8

+350%

+51%

Backlogof12billionrepresents14yearsofincome

2016infiguresBusinessindicators:Solidgrowth


2016infiguresSitesforvoiceanddata

13,578

15,290

+38

+1,674

Dec.2015 Buildingandrationalisingsites Acquisitionstelcoinfrast. Des.2016

+13%


TIS

Broadcast

ONS

20142016PF

19%

57%

11%

27%

OPV

24% 62%

x3

20142016PFOPV

5% 48%

x10

2016infiguresAnnualisedcontributionofassetacquisitionsannouncedin2016and2017

Contributiontorevenuebybusinessline

ContributiontoEBITDAbycountry


Telecommunications infrastructures and services

385€Mn (+27%)

Network Services

87€Mn (+2,4%)

Broadcasting

235€Mn (+4,5%)+23%

+38%

Operatingcosts

EBITDA

Non-recurrentimpacts

Amortization

OperatingIncome(EBIT)

Netinterest

Corporatebondissuancecosts

Contributiontominorityshareholders

Taxes

Comparablenetresult

(417)

290

(25)

(177)

88

(41)

(5)

(1)

(1)

40

(€Mn)

707

2016

Income

2016infiguresIncomestatement

%2016-2015

+15%


2016infiguresOrganicgrowthsupportsEBITDAgrowth

235

+16

+10

278+17 290+11

AdjustedEBITDASept2015 RecurrentnewChannels Rorganiggrowth&Efficiencies Galata Jan-DecwithoutM&A OrganicGrowth AdjustedEBITDADec2016

Galata(onequartermore

thanin2015)

+18%+23%

Jan-Dec2016 Jan-Dec2016Withperimeter

expansion

(+)NewRecurrentTVchannels(-)One-offsimulcast

Organicgrowthandefficiencies

gen-des2015

Perimeterexpansion

2016


25%73%

Contracted

Objetives

2016 2021

∆PoPs 2016-19

+3%/+4%annual

Sites2.000Objetive

Sites2.200Objetive

2016infiguresExecutionoforganicgrowth:PointsofPresence;rationalisation;Rolloutondemand

Decommissionings2016-19

Build-to-suit2016-21(1)

(1) Including agreement with Bouygues Telecomannounced inFebruary 2017


Decommissioningphases

AB

B

A

Redundantsites

Onetowerwithseveralcustomers

Decommissioning

PhotostakeninnorthernItaly

2016infiguresExecutionoforganicgrowth:PointsofPresence;rationalisation;Rolloutondemand


ExpansionCapex MaintenanceCapexInvestmentinM&A

57€M670M€ 21€M

748€M

12€M

39€M

6€MInfrastructureservices

Efficiencies

Broadcastandotherinfrastructures

19€MCommsCon (Italy)

109€MProtelindo (Netherlands)

147€M“Sites”Bouygues (France)

393€MShere Group (Netherlands &UK)

2016infiguresApplicationofinvestmentsfortheyear


§ Averagematurity:c.7anys§ Averagecost: 2,1%(debt drawn andnot drawn)

Availableliquidity:2€Bn(Cash687€M +debtnotdrawned 1.362€Bn )

Netdebt(april 2017)1.500M€

2016infiguresBalanceandfinancialposition

1.88€BnIssued Bonds

1.362€Bn 687€MCredit lines not drawned Cash

Maturitiesbetween2019and2023

262€M

Credit linesdrawned

2023202020182017

1502021

6002022

7502024

3352025

802026

552027

6520322019

112Debtmaturities(€M)


0

1

2

3

4

5

6

0 0 0

2016infiguresBalanceandfinancialposition:Howfastisdebtreduced?

Solid,growing,andpredictablecashflows

allowarapiddeleveraging

-0,6xper year

NetDebt/EBITDA:


2016infigures

Europeanplatform


Long-termview




Long-termview

2016,fromtwotofivecountriesDiversificationandleadershipofthesector

CurrentmarketsTargetmarketsITargetmarketsII

2015Current andtargetmarkets

SpainItaly

SPAIN

sites7,410

ITALY

sites7,709

693M€Investment



CurrentmarketsTargetmarketsITargetmarketsII

SPAIN

sites7,415

ITALY

sites7,739

19M€Investment(CommsCon)

“DASnods”1,072

2016-2017Current andtargetmarkets

NetherlandsSpainItalyFranceUnited Kingdom

FRANCE

sites3,500

+1€Bninvestment2016-2021

UNITEDKINGDOM

sites578

124€MNInvestment

NETHERLANDS

sites725

378€MNinvestment


Quantitativeandqualitativeleap

145

40

25 2116

11 7

Cellnexvs.Comparable(thousandsofsites)

Site1 Site2 Site3 Site62016 2014Site5


1st Europe


2016infigures

Europeanplatform


Long-termview




Long-termview

Around 2020we will have

50Bnconnected objectsvs.15billionin2015 (Cisco)

1Datatrafficgrowth

Globaldatatraffic

inmobilitywillgrowmorethan

600% in5anys

2 1.000

times

Until

fasterthan 3G

100

times

Latency

lowerthan 4G

3

“smallcells”

Densification

x10Eachurban“macrocell”

Willcomplement

With10

4

5Gandthechallengesofpermanentconnectivity

Anexplosionof"connectivity”

“”Weneedsharedtelecommunicationsinfrastructures(...)TowercompaniesservetheneedsofmobileaccessprovidersSunilBhartiMittal,PresidentofGSMA.Barcelona,MWC’17


Complementaryinfrastructures:“Macro","smallcells"&DASComparisonofcoverage"spokes"foreachtypeofcell

Macrocellsradius3-6km 2G,800Mhz

3G,900Mhz

“Midi”Cellsradius500m-2km 3G/4G,1.800Mhz

2.100Mhz

“Small”Cellsradius100-200m 3G/4G,1.800Mhz

2.600Mhz

IndoorDAS(hospitals,publicbuildings,malls,…)radius<30m

3G/4G, 900Mhz-2.600hz

5GandthechallengesofpermanentconnectivityAnewnetworkarchitecture

5G


Cellnex's answer:CommsConDASandsmall cells,the future today

2016en xifres Plataforma europea Visió dellarg terminiDensificació,compartició

2016infigures

Europeanplatform


Long-termview




Long-termview

§ +8%customerratiopersite

§ +21%PointsofPresence(PoPs)

MoresharingAttractingmorecustomersatthesites

RationalisationNetworkConsolidationOptimisingOPEX/CAPEXcustomers

• 25% ofthe2016-2019target

BackhaulingAccesstoexistingbackboneandbackhaulofsitesforhighcapacityconnectivity

SmallCellsDeploymentofnewantennasinoutdoorandfixtures

§ CommsCon:+1,000DASandsmallcellnodes

§ JCDecaux:Accessto35,000sitesinSpainandItaly

§ HayaRealEstate:+13,000locationsinSpain

European projectIntroduction andconsolidation innewmarkets

§ From2to5countries§ +50%revenueandEBITDAoutsideSpain(proforma)

2015- 2020

§ OngoinganalysiswithclientsinSpainandItaly

§ Startedpilotrollout

Alignedwiththeimplementationofthe"futuregrowthaxes”


Strategy

Leadership- Management

Governan

ce Ambition

Team,talent,experience§ BestpracticesinCorporateGovernance

§ Multiculturalism

Attitude- Leadership§ Internal entrepreneurship§ Focus§ Tenacity

Shareholder value§ 2016: IBEX35

§ 18% vs.IBEX§ +66%FCFpershare(2016vs.2014)

VisionDiversification:§ by markets§ by business§ by customers

Execution§ 2014- 2017:2Bningrowthprojects

§ +8%organicgrowth(2016vs.2014)

Ina“nutshell”

6 1 2

4

3

5

Responsibility:Aconnectedandinclusivesociety§ FTSE4GoodIndices§ CDPBestnewcomer2016


Forecast 2017Extract ofthe conversation with the Chairman andCEO(available atwww.cellnextelecom.com)


Junta General de Accionistas AnnualShareholder’ Meeting

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