From the Down-Cycle to the Up-Cycle

EMEA Telecommunications Service Providers

2016 Outlook

The sector is

2016 Outlook

Transitioning

from the

Down-Cycle

Up-Cycleto the

Transitioning

from the

Down-Cycle

Up-Cycleto the

Down-Cycle

Up-Cycle

Cut Opex

-90%

Down-Cycle

Up-Cycle

Cut Dividends

-80%

Down-Cycle

Down-Cycle

Up-Cycle

Asset Sales

-70%

Down-Cycle

Down-Cycle

Up-Cycle

Hybrids

-50%

Down-Cycle

Down-Cycle

Up-Cycle

Raise Equity

-20%

Down-Cycle

Down-Cycle

Up-Cycle

Increase Capex

+20%

Down-Cycle

Up-Cycle

Increase Dividends

+60%

Up-Cycle

Down-Cycle

Up-Cycle

M & A

+70%

Up-Cycle

Down-Cycle

Up-Cycle

Buybacks

+90%

Up-Cycle