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2013 2013 2013 2013 Analyst & Investor Analyst & Investor Analyst & Investor Analyst & Investor PresentationPresentationPresentationPresentation

Cautionary Statement

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This presentation contains forward-looking statements about Mobistar, inparticular for 2014. Although Mobistar believes these statements are based onreasonable assumptions, these forward-looking statements are subject tonumerous risks and uncertainties, including matters not yet known to us or notcurrently considered material by us, and there can be no assurance thatanticipated events will occur or that the objectives set out will actually beachieved. Important factors that could cause actual results to differ materiallyfrom the results anticipated in the forward-looking statements include, amongothers, the impact of the price adjustments on the customer base resulting fromthe competitive pressure, the evolution of the customer base, the economicsituation in Belgium, the realization of the net savings of the cost base of Mobistarof 50 million euro net in 2014, the effectiveness of Mobistar convergent strategyincluding the success and market acceptance of the voice and data abundanceplans, the Mobistar TV and broadband offers, the Mobistar brand and otherstrategic, operating and financial initiatives, Mobistar’s ability to adapt to the on-going transformation of the telecommunications industry, regulatorydevelopments and constraints and the outcome of legal proceedings, risks anduncertainties related to business activity.

Agenda

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• Key Highlights

• Operational Update

• Financial Review

• Financial Outlook 2014 Jean Marc HarionJean Marc HarionJean Marc HarionJean Marc HarionChief Executive Officer

Siddy JobeSiddy JobeSiddy JobeSiddy JobeDirector Investor Relations

& Corporate Finance

Ludovic PechLudovic PechLudovic PechLudovic PechChief Financial Officer

Gabriel FlichyGabriel FlichyGabriel FlichyGabriel FlichyChief Technology Officer

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KEY HIGHLIGHTSJean-Marc Harion, CEO

network – customers - innovation

5

Apr May JunJan Feb Mar

New ‘Animals’ plans

Segmented subsidized offers

New high end Animals

Animals boostedwith more data

IP VPN for B2B market

Go Europe launch

B2C fixed suspended

Pruning of 40 plans & upgrade benefiting to

350k customers

New creative agency

Website revamp: one of most visited in Be.

100,000th cust. to benefit from tariff

check-up

MyMobistar n°1 on Be app store

Feedback 4G pilot network in

Antwerp

Jul Aug Sept

Network swap concluded

Phasing out TV Service

upgraded customer zone

Operator billing Google Play

Oct Nov Dec

Launch of 4G Discovery

Launch of Mobile Cloud

Opening of first concept store

Launch of OpenTV in Luxembourg

New Years eve: +220% mobile

data

market intensity is stabilizing in 2H13……but market portability is structurally higher than before the telecom law

6

MNP: mobile number portability allows mobile customers to keep their mobile numbers when they change operators. The donor operator deactivates the mobile number in its information system; the recipient operator actives the same mobile number in its own

Jan-13

Jul-13

Jun-13

May-13

Apr-13

Feb-13

+111%+111%+111%+111%

----30%30%30%30%

Mar-13

Dec-11

Nov-11

Oct-13

Nov-13

Dec-13

Sep-13

Aug-13

Dec-12

Nov-12

Oct-12

Sep-12

Aug-12

Jul-12

Jun-12

May-12

Apr-12

Mar-12

Feb-12

Jan-12

On average 60k MNP/Month

On average 100k MNP/Month

Mobistar undisputed 1st challenger in Belgium with 5.2 million connected SIM cards to its network

7

70,1%70,1%70,1%70,1%

Q4 2013Q4 2013Q4 2013Q4 2013

69,6%

Q1 2013 Q3 2013Q2 2013

69,1%68,1% 68,6%

Q4 2012

68,2%

Q3 2012

67.5%

Q2 2012Q1 2012

67,0%

Postpaid % retail cust basePostpaid MATMAPrepaidLaptop cardsMVNO

3.950 3.979 3.989 3.950 3.926 3.8863.917

4,6194,523

4,6994,599

4,7934,690

49464,840

5,0064,900

5,0954,990

5,1305,028

5,1775,1775,1775,1775,0755,0755,0755,075

Group Belgium, incl. MVNO

3.8663.8663.8663.866Belgium, excl. MVNO

Mobistar was able to defend its network sharebut reports negative net adds in a very active mobile market

8

76 8986

148

54

-93

-184

38

48

61

15091

18

112%112%111%112%114%117%

115%

Q4 13Q3 13

56

Q2 13

143

Q1 13

-32

Q4 12

-34

Q3 12

-342

-433

Q2 12

224

Q1 12

86

0

Active Penetration**

Mobistar Net adds*

Competition Net adds**

-50 -45 -35-17

-31

-30-34

-42-40

42 32 3556 54

189

8499 69 68

-26-26-18-18

222116

8147

25

20

Q4 13Q3 13Q2 13

-11

Q1 13Q4 12Q3 12

13

Q2 12Q1 12

M2M net adds

Postpaid net adds MVNO net adds

Prepaid net adds

(*) incl. MVNO customers, incl. IEW, incl. MATMA excl.: OLU customers(**) Source: Mobistar estimates based on Cy announcements and Plan Bureau

(*) incl . IEW, incl. MaTMa but excl. Orange Luxembourg customers

Network market net adds split(k users) and mobile penetration

Mobistar network net adds split(k users)

Mobistar is the only operator in Belgium to adapt systematically its Postpaid customers’ tariff plans

9

Q4 2012 (EOP)

86%

AnimalsAnimals

57%

43%

Old plans

Animals

Old plans

89%

11%

Q4 2013 (EOP)

Full compliance with the covenant signed with the governmentin anticipation of September 2014 deadline

Mobistar’s Animals tariff plans based on clear principles and especially attractive for mobile data users

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Keep clear segmentation

No discrimination

No engagement

Competitive mobile prices

Cloud

Operator Billing on Android, Windows 8

International on Unlimited

Unlimited Mobistar to Mobistar calls

Multi data

Source: BIPT, 2014

NEW

MBB = Mobile Broadband MMM = Mobile MultimediaMb = Data usage (per unique MBB/MMM user) * Number of unique MBB/MMM user/active ending base total market (MVNO excl.) mobile offers

usage significantly increased YoY with mobile data usage on smartphones more than tripling

AUPU/month ( in & out traffic)

159162155147

342

314

343338

302

287307

207

4940

12

0

50

100

150

200

250

300

350

400

+257%+257%+257%+257%

Q1 14Q4 13

66

330

170

Q3 13Q2 13

166

Q1 13

18

268

335

Q4 12

18

276

Q3 12

+1%+1%+1%+1%

+20%+20%+20%+20%

+9%+9%+9%+9%

Mb per MMM userSMS Mb per MBB userVoice

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Exclusive:transformed

.be

Direct: reinforced

Multibrand: refocused

reinforcing controlled channelsto adapt to the new market conditions and improve profitability

Mobistar is

rebalancing

distribution

channels to

address different

segments

12

new Mobistar Centers and concept storesfirst in Liège, with a focus on services and mobile data coaching

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mobile innovation at Mobistaras a way to improve customer experience and develop new usage

Mobile Operator BillingMobile Cloud for Consumers

Consumer

EM 3.0 Building BlocksEnterprise Mobility 3.0

Enterprise

• 1st in Belgium• Growing user

base

• On Android• On Windows 8

• MDM• M2M • MEAP• BYOD• Cloud

computing

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Network quality

&

Customer perception

Footprint

& Indoor coverage

Future & 4G

� End to end performance optim.

� Highways/railways

� Dual carrier deployment

� Capacity management

� 600+ parameters changes for quality

� Top voice performance

� X2 download speeds

� Catch-up 3G leveraging on U900

� Transmission upgrades

� Core data network swapcapacity increase

� 4G licence acquisition

� 4G initiation and optimization

� 4G readiness

� 10x core data capacity

� Scalability

� 50% more deep indoor coverage

Paving the way to best network qualityMobistar invested 265M€ in its network in 2013completing the full renewal and the optimization of its mobile network

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Data NW

New featuresNew featuresNew featuresNew features

Capacity upgradesCapacity upgradesCapacity upgradesCapacity upgrades

Simplification of Simplification of Simplification of Simplification of architecturearchitecturearchitecturearchitecture

Capacity upgradesCapacity upgradesCapacity upgradesCapacity upgrades

Full swapFull swapFull swapFull swap

RAN renewalRAN renewalRAN renewalRAN renewal

MW refreshMW refreshMW refreshMW refresh

Capacity upgradeCapacity upgradeCapacity upgradeCapacity upgrade

Simplification of Simplification of Simplification of Simplification of backbonebackbonebackbonebackbone

3G refresh3G refresh3G refresh3G refresh

Voice

Data

2G Radio Access

Core PS

Core CS

VAS

Bac

khau

l

3G Radio Access

Bac

kbo

ne

Completed by Completed by Completed by Completed by EoYEoYEoYEoY 2013201320132013

Completed in Completed in Completed in Completed in 2014201420142014

U 900 U 900 U 900 U 900

DCDCDCDC

4G roll 4G roll 4G roll 4G roll outoutoutout

4G Radio Access

Interco

Full IPFull IPFull IPFull IP

Carrier Ethernet solutionsCarrier Ethernet solutionsCarrier Ethernet solutionsCarrier Ethernet solutions

Fiber solutionsFiber solutionsFiber solutionsFiber solutions

Paving the way to network qualityMobistar’s fully renewed network…

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17

18

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The only source of knowledge is experience Albert Einstein… results in a drastic improvement of 2G & 3Gnow very close or matching incumbent’s quality

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Source: Commsquare, September 2013

Market share 3G Web Access leadership Coverage improvement and voice quality

93% customers are satisfied or very satisfied of our network.

The Fast Forward Mobile TripLet our customers see for

themselves

… clearly perceived by Mobistar’s customers

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Customers survey, February 2014

Mobistar has opened 4G for its customersin Q4 2013 and is preparing its commercial launch

Mobistar, only operator to commit on a 4G

coverage equivalent to 2G by end 2015

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Mobistar is offering the best 4G in Belgiummatching customers’ expectations in speed and instantaneity

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Mobistar 4G discovery customers have a

better surf experience :

• 85% vs. 3G

• 35% vs. their fixed internet connection

63% say they couldn’t give up 4G anymore

“Mobistar 4G is one of the best performing LTE Networks in Europe”

(Samsung)

Ookla speed test database - Oct, Nov, Dec / 4G

6 month implementation period by cablecos

Mobistar is on track to be 1st to launch cable regulated offers in Belgium before the end of the year

09/2013CRC decisionTechnical

07/2014 solution 07/2014 solution 07/2014 solution 07/2014 solution due by cable due by cable due by cable due by cable operatorsoperatorsoperatorsoperators

12/2013CRC decision

Tariffs LOI to Telenet,

Tecteo & Brutéle

Q4/2014Q4/2014Q4/2014Q4/2014

Mobistar Mobistar Mobistar Mobistar commercial commercial commercial commercial

launchlaunchlaunchlaunch

12/2013Mobistar Projectteam in place

2/2014Solution related choices

made by Mobistar:

Encryption: Viaccess (25/2)

Boxes (31/3)

01/2014Payment of 1.2 M€

regulation activation

fee

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cable regulation is an opportunity for consumers considering triple play very high prices

Source: BIPT; January 2014 – Mobile and 3-play medium offers

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Mobile prices amongst cheapestin Europe

Fixed triple prices amongst most expensive in Europe

pylon tax will cost up to 24 M€ extra to Mobistar in 2014

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Financial review

Ludovic Pech, CFO

in in in in €€€€mmmm FY13FY13FY13FY13 FY12FY12FY12FY12 Var.Var.Var.Var. insightinsightinsightinsight

Consolidated turnover 1,461.31,461.31,461.31,461.3 1,650.5 -11.5 %• consistent with full year guidance• -8.0% excluding regulatory

Service revenues 1,252.91,252.91,252.91,252.9 1,450.0 -13.6 %• €57.8m regulatory impact• -10.0% excluding regulatory

Restated EBITDA (a)

(in % of service revenues)

335.7335.7335.7335.7(26.8%)

471.7(32.5%)

-28.8 %• €31.8m regulatory impact• -5.7pp EBITDA margin (-3.2pp excl. regul.)• consistent with full year guidance

CAPEX(in % of revenues)

199.0199.0199.0199.0(13.6%)

188.5(11.4%)

+5.6 %• acceleration of network investment• excluding 800MHz license acquisition

Operating cash flow(restated EBITDA (a) - CAPEX)

136.7136.7136.7136.7 283.1 -51.7 %• consistent with full year guidance• excluding 800MHz license acquisition

(a) see appendix for EBITDA restatements and 2012 one-offs

key financialsconsistent with our full year guidance

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----139,3139,3139,3139,3((((----10,0%10,0%10,0%10,0%))))

2013 actuals

1.252,9

MVNO

23,4

Non Mobile

-29,0

Mobileexcl. MNVO

-133,7

2012 with reg.

1.392,2

regulatory impact

-57,8

2012 actuals

1.450,0

service revenues-10.0% underlying service revenue erosion in 2013

service revenuesin million euros

29

blended ARPU evolution (Belgium)decreases in line with market repricing

12-month rolling ARPU(a) evolutionin euro per user

30

25.126.527.428.228.728.828.929.3

----12.4%12.4%12.4%12.4%----8.0%8.0%8.0%8.0%

----3.8%3.8%3.8%3.8%

Q2 2013 Q4 2013

----5.2%5.2%5.2%5.2%

Q3 2012Q2 2012 Q3 2013Q1 2012 Q4 2012 Q1 2013

(a) excluding Average Revenue Per User, excluding MVNOs and M2M cards.

----104,1104,1104,1104,1((((----23,7%23,7%23,7%23,7%))))

2013A

335,7

net OPEX reduction

27,3

revenues impact

131,4

2012A with reg.

439,8

regulatory impact

31,8

2012A

471.7

restated EBITDA evolutionEBITDA erosion mostly driven by revenues loss

(a) see appendix for EBITDA restatements and one-offs

restated EBITDA excluding on-offs (a)

in million euros

31

1.587

----130130130130((((----7,6%7,6%7,6%7,6%))))

2012A

1.717

2013A

headcount(Full Time Equivalent, Belgium)

labour costs (a)(in million euros, Belgium)

redundancy costs(in million euros, Belgium)

4,8

2013A

9,8

2012A

+5,0+5,0+5,0+5,0

transforming our operating modelsimplifying our organization and processes

(a) excluding redundancy

137142

----4444((((----3%3%3%3%))))

2013A2012A

32

199188

+5,9%+5,9%+5,9%+5,9%

2013A2012A

total CAPEX (a)(in million euros)

network CAPEX (a)(in million euros)

145

118

2013A

+22,8%+22,8%+22,8%+22,8%

2012A

capital expensessustained investment in network to consolidate our first challenger position

• from 63% to 73% of total group CAPEX allocated to network

• fully refreshed radio network since 13Q3

• 4G ready network (radio, core and transmission)

• ambitious 4G roll-out plan in 2014/15

(a) excluding licenses

33

net incomenet income impacted primarily by EBITDA decline

in in in in €€€€mmmm FY13FY13FY13FY13 FY12FY12FY12FY12 Var.Var.Var.Var. insightinsightinsightinsight

Reported EBITDAReported EBITDAReported EBITDAReported EBITDA 317.1317.1317.1317.1 494.1 -35.8%

Dep. & Amort. ----188.4188.4188.4188.4 -217.2 -13.3%• 2012 figures included additional and

accelerated IT depreciations for €29m

Operating incomeOperating incomeOperating incomeOperating income 128.7128.7128.7128.7 276.9 -53.5%

Financial results ----7.97.97.97.9 -10.7 -26.2%• 2013 figures influenced by favorable

interest rate evolution

Tax ----33.433.433.433.4 -80.5 -58.5%• reflecting the decrease of the taxable

income and tax deduction for investment

Net incomeNet incomeNet incomeNet income 87.487.487.487.4 185.7 -52.9%• net profit per share decreased from 3.09

euro per share to 1.46 euro per share

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cash flow statementnet debt variation explained by operating cash flow and license payment

in in in in €€€€mmmm FY13FY13FY13FY13 FY12FY12FY12FY12 Var.Var.Var.Var. insightinsightinsightinsight

Operating cash flow(reported EBITDA (a) - CAPEX)

136.7136.7136.7136.7 283.1 -51.5%• reflecting the EBITDA erosion and sustained

level of network investments

License acquisition ----120.0120.0120.0120.0 0.0 +100.0% • 800MHz license acquired and paid in 2013

Income tax cash out ----56.556.556.556.5 -154.9 -63.5% • 2010 and 2011 tax payments in 2012

Net interests cash out ----4.74.74.74.7 -6.2 -24.1% • influenced by interest rate evolution

Change in working capital ----12.212.212.212.2 -5.6 +117.7%

Other operational items 1.91.91.91.9 21.3 -91.1%

Acquisition of subsidiaries 0.00.00.00.0 -3.4 -100% • IRISnet acquisition in 2012 (28.6%)

Dividend paid ----108.0108.0108.0108.0 -222.5 -51.5% • remaining part of 2012 dividends (€108m)

Variation in net debt 162.9162.9162.9162.9 -89.4 +282.2%• including the full payment of the 800MHz

license for €120m in Q4 2013

net debt(net debt / EBITDA)

556.9556.9556.9556.9(1.76x)(1.76x)(1.76x)(1.76x)

394.0(0.81x)

+41.4%• healthy ratio compared with peers and to

industry and standards

35

(a) see appendix for EBITDA restatements and 2012 one-offs

Financial outlook

Ludovic Pech, CFO

Revenuesimpact

EBITDAimpact

29 24 23

60 30 3413

15

2014E

36

2013A

58

2012A

59

2011A

74

38

20 17 16

13 157

23

323338

MTR

EU Roaming

outlook: regulatory impactregulatory impact progressively fading out but still important

OperatingTax

RegulatedFees

10 1188

24

2014E

37

2013A

12

2012A

9

2011A

9

6 8 9

14

15

109

7

Pylon

New Tax

Other

IBPT

Spectrum

outlook: taxes & fees (Belgium)tax pressure reaching unprecedented levels

38

x 3x 3x 3x 3

x 1.5x 1.5x 1.5x 1.5

transformation program (ACE2)€50m net operational costs savings in 2014

• reinforcing controlled channels (on-going)

• roll-out of the @Mobistar concept (on-going)

• process & organization simplification (on-going)

• IT outsourcing under 32bis procedure (2H14)

• network operating center mutualization (2Q14)

• company digitalization (on-going)

• chasing non quality costs (continuous improvement)

• TV and DSL fixed service phasing-out (FY impact)

• network build & run contract renegotiation (1Q14)

DIRECTCOSTS

LABOURCOSTS

INDIRECTCOSTS

++++

++++

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2014 outlookstill a challenging year ahead

• price pressure to continue driving down mobile ARPU

• convergent offers heavily discounting mobile while increasing fix rates

• increase in market handset subsidization

• regulatory impacts in Belgium and Luxembourg

• unprecedented regional and local tax increase in Belgium(e.g. new pylon tax in Wallonia)

• as anticipated, necessity to maintain high capex for 4G network roll-out, transmission and backhaul upgrade

• cable regulation enforcement confirmed with commercial launch expected in Q4 2014

40

2014 guidanceprice, regulatory and tax pressure will continue weighting on our results

280 250

3131

303

2014 consensus

2013 actuals

336

H2(155)

H1(181)

restated EBITDA (a)

in million euros

2014 guidance

(a) see appendix for EBITDA restatements

Our 2014 guidance include:

• Up to €24m provision for pylon tax in Wallonia (Dec. 13)• €7m additional MTR in Luxembourg (Jan. 14)• €16m regulatory impact in Belgium

€250m to €280m full yearrestated EBITDA before cable

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new elements

new elements for €31m

beyond 2014

• transformation efforts to continue and intensify to adapt the company cost structure to evolving market conditions

• sustained network investments to pave the way for mobile data growth

• LTE network extension, increasing smartphone penetration and appetite for more abundant data plans to refuel ARPU

• regulated cable offers to allow Mobistar to generate new revenues on TV and fix broadband while better protecting the mobile base

• Mobistar expertise and leadership in M2M are both an asset and an opportunity as internet of things develops fast

42

Appendix

in in in in €€€€mmmm FY13FY13FY13FY13 FY12FY12FY12FY12 remarksremarksremarksremarks

restated EBITDA(as percentage of service revenues)

335.7335.7335.7335.7(26.8%)(26.8%)(26.8%)(26.8%)

499.0(34.4%)

• consistent with our full year guidance

labour relatedor redundancy costs

----9.89.89.89.8 -4.8 • labour contracts termination

non-labour relatedor restructuring costs

----8.88.88.88.8 - • distribution contract termination

reported EBITDA(as percentage of service revenues)

317.1317.1317.1317.1(25.3%)(25.3%)(25.3%)(25.3%)

494.1(34.1%)

• consistent with our full year guidance

EBITDA restatementsfrom restated EBITDA to reported EBITDA

44

in in in in €€€€mmmm FY13FY13FY13FY13 FY12FY12FY12FY12 remarksremarksremarksremarks

restated EBITDAexcluding one-offs

(as percentage of service revenues)

335.7335.7335.7335.7(26.8%)(26.8%)(26.8%)(26.8%)

471.7(32.5%)

• provided for year-over-year comparison purposes• -5.7pp EBITDA margin (-3.5pp excl. regulatory)

universal service ---- +17.5 • reversal of universal service provision

IRISnet ---- +9.8• release of previous years accumulated provisions

for IRISnet

restated EBITDA(as percentage of service revenues)

335.7335.7335.7335.7(26.8%)(26.8%)(26.8%)(26.8%)

499.0(34.4%)

• used for EBITDA guidance

EBITDA one-offsfrom restated EBITDA excluding one-offs to reported EBITDA

45

Consolidated income statementkey financials

46

in Mio EUR Q4 2012 FY 2012 Q4 2013 Y-o-Y H2 2013 FY 2013 Y-o-Y

Total Turnover 450.4 1,650.5 356.9 -20.8% 704.3 1,461.3 -11.5%

Total Service RevenuesTotal Service RevenuesTotal Service RevenuesTotal Service Revenues 369.3369.3369.3369.3 1,450.01,450.01,450.01,450.0 290.2290.2290.2290.2 ----21.4%21.4%21.4%21.4% 598.0598.0598.0598.0 1,252.91,252.91,252.91,252.9 ----13.6%13.6%13.6%13.6%

Direct Margin 219.2 892.2 172.1 -21.5% 364.6 763.8 -14.4%

In % of service revenues 59.4% 61.5% 59.3% -0.06 pt 61.0% 61.0% -0.57 pt

Restated EBITDARestated EBITDARestated EBITDARestated EBITDA 127.32127.32127.32127.32 499.0499.0499.0499.0 60.360.360.360.3 ----52.7%52.7%52.7%52.7% 151.1151.1151.1151.1 335.7335.7335.7335.7 ----32.7%32.7%32.7%32.7%

In % of service revenuesIn % of service revenuesIn % of service revenuesIn % of service revenues 34.5%34.5%34.5%34.5% 34.4%34.4%34.4%34.4% 20.8%20.8%20.8%20.8% ----13.71 pt13.71 pt13.71 pt13.71 pt 25.3%25.3%25.3%25.3% 26.8%26.8%26.8%26.8% ----7.62 pt7.62 pt7.62 pt7.62 pt

Restructuring and redundancy charges -2.6 -4.8 -13.3 404.0% -15.0 -18.6 285.8%

EBITDA EBITDA EBITDA EBITDA 124.7124.7124.7124.7 494.1494.1494.1494.1 47.047.047.047.0 ----62.3%62.3%62.3%62.3% 136.1136.1136.1136.1 317.1317.1317.1317.1 ----35.8%35.8%35.8%35.8%

In % of service revenuesIn % of service revenuesIn % of service revenuesIn % of service revenues 33.8%33.8%33.8%33.8% 34.1%34.1%34.1%34.1% 16.2%16.2%16.2%16.2% ----17.57 pt17.57 pt17.57 pt17.57 pt 22.8%22.8%22.8%22.8% 25.3%25.3%25.3%25.3% ----8.77 pt8.77 pt8.77 pt8.77 pt

Depreciations and amortizations -67.2 -217.2 -51.0 -24.1% -98.6 -188.3 -13.3%

EBITEBITEBITEBIT 57.557.557.557.5 276.9276.9276.9276.9 ----4.04.04.04.0 ----107.0%107.0%107.0%107.0% 37.537.537.537.5 128.8128.8128.8128.8 ----53.5%53.5%53.5%53.5%

In % of service revenuesIn % of service revenuesIn % of service revenuesIn % of service revenues 15.6%15.6%15.6%15.6% 19.1%19.1%19.1%19.1% ----1.4%1.4%1.4%1.4% ----16.97 pt16.97 pt16.97 pt16.97 pt 6.3%6.3%6.3%6.3% 10.3%10.3%10.3%10.3% ----8.82 pt8.82 pt8.82 pt8.82 pt

Net finance income -2.4 -10.8 -2.5 2.7% -4.6 -7.9 -26.8%

Tax expense -7.1 -80.5 10.2 -244.2% -2.9 -33.4 -58.5%

Net ProfitNet ProfitNet ProfitNet Profit 48.048.048.048.0 185.7185.7185.7185.7 3.73.73.73.7 ----92.3%92.3%92.3%92.3% 30.030.030.030.0 87.587.587.587.5 ----52.9%52.9%52.9%52.9%

Diluted earnings per share (in €) 0.81 3.09 0.06 -92.3% 0.50 1.46 -52.9%

CapexCapexCapexCapex 87.587.587.587.5 188.5188.5188.5188.5 203.3203.3203.3203.3 132.3%132.3%132.3%132.3% 250.1250.1250.1250.1 319.0319.0319.0319.0 69.2%69.2%69.2%69.2%

Operating Cash Flow 37.2 305.6 -41.3 -211.1% 6.00 118.1 -61.4%

View per segment (Belgium only)key financials

47

Mobistar Mobile income statement

Mobistar Fixed income statementin Mio EUR Q4 2012 FY 2012 Q4 2013 Y-o-Y FY 2013 Y-o-Y

Total Turnover 41.5 160.3 33.0 -20.4% 144.7 -9.7%

Total Service RevenuesTotal Service RevenuesTotal Service RevenuesTotal Service Revenues 41.541.541.541.5 160.3160.3160.3160.3 33.033.033.033.0 ----20.4%20.4%20.4%20.4% 144.7144.7144.7144.7 ----9.7%9.7%9.7%9.7%

Direct Margin 19.8 73.0 21.7 9.8% 85.0 16.4%

In % of service revenues 47.6% 45.5% 65.7% 18.07 pt 58.7% 13.18 pt

EBITDA EBITDA EBITDA EBITDA 3.33.33.33.3 ----9.79.79.79.7 6.36.36.36.3 90.1%90.1%90.1%90.1% 14.314.314.314.3 ----247.8%247.8%247.8%247.8%

In % of service revenuesIn % of service revenuesIn % of service revenuesIn % of service revenues 8.0%8.0%8.0%8.0% ----6.1%6.1%6.1%6.1% 19.0%19.0%19.0%19.0% 11.04 pt11.04 pt11.04 pt11.04 pt 9.9%9.9%9.9%9.9% 15.95 pt15.95 pt15.95 pt15.95 pt

Depreciations and amortizations 2.3 -15.5 -2.9 -229.6% -14.3 -7.5%

EBITEBITEBITEBIT 5.55.55.55.5 ----25.225.225.225.2 3.43.43.43.4 ----39.5%39.5%39.5%39.5% 0.00.00.00.0 ----100.0%100.0%100.0%100.0%

In % of service revenuesIn % of service revenuesIn % of service revenuesIn % of service revenues 13.4%13.4%13.4%13.4% ----15.7%15.7%15.7%15.7% 10.2%10.2%10.2%10.2% ----3.22 pt3.22 pt3.22 pt3.22 pt 0.0%0.0%0.0%0.0% 15.72 15.72 15.72 15.72 ptptptpt

in Mio EUR Q4 2012 FY 2012 Q4 2013 Y-o-Y FY 2013 Y-o-Y

Total Turnover 399.2 1,445.0 317.3 -20.5% 1,277.3 -11.6%

Total Service RevenuesTotal Service RevenuesTotal Service RevenuesTotal Service Revenues 316.1316.1316.1316.1 1,240.01,240.01,240.01,240.0 248.7248.7248.7248.7 ----21.3%21.3%21.3%21.3% 1,067.21,067.21,067.21,067.2 ----13.9%13.9%13.9%13.9%

Direct Margin 192.7 790.5 147.8 -23.3% 659.9 -16.5%

In % of service revenues 61.0% 63.8% 59.4% -1.54 pt 61.8% -1.91 pt

EBITDA EBITDA EBITDA EBITDA 118.8118.8118.8118.8 492.3492.3492.3492.3 38.938.938.938.9 ----67.2%67.2%67.2%67.2% 289.4289.4289.4289.4 ----41.2%41.2%41.2%41.2%

In % of service revenuesIn % of service revenuesIn % of service revenuesIn % of service revenues 37.6%37.6%37.6%37.6% 39.7%39.7%39.7%39.7% 15.6%15.6%15.6%15.6% ----21.94 pt21.94 pt21.94 pt21.94 pt 27.1%27.1%27.1%27.1% ----12.58 pt12.58 pt12.58 pt12.58 pt

Depreciations and amortizations -67.3 -193.8 -46.3 -31.2% -167.2 -13.7%

EBITEBITEBITEBIT 51.551.551.551.5 298.5298.5298.5298.5 ----7.47.47.47.4 ----114.3%114.3%114.3%114.3% 122.3122.3122.3122.3 ----59.0%59.0%59.0%59.0%

In % of service revenuesIn % of service revenuesIn % of service revenuesIn % of service revenues 16.3%16.3%16.3%16.3% 24.1%24.1%24.1%24.1% ----3.0%3.0%3.0%3.0% ----19.25 pt19.25 pt19.25 pt19.25 pt 11.5%11.5%11.5%11.5% ----12.61 12.61 12.61 12.61 ptptptpt

Orange Luxembourgkey financials

48

in Mio EUR Q4 2012 FY 2012 Q4 2013 Y-o-Y FY 2013 Y-o-Y

Total Turnover 41.5 160.3 33.0 -20.4% 144.7 -9.7%

Total Service RevenuesTotal Service RevenuesTotal Service RevenuesTotal Service Revenues 41.541.541.541.5 160.3160.3160.3160.3 33.033.033.033.0 ----20.4%20.4%20.4%20.4% 144.7144.7144.7144.7 ----9.7%9.7%9.7%9.7%

Direct Margin 19.8 73.0 21.7 9.8% 85.0 16.4%

In % of service revenues 47.6% 45.5% 65.7% 18.07 pt 58.7% 13.18 pt

EBITDA EBITDA EBITDA EBITDA 3.33.33.33.3 ----9.79.79.79.7 6.36.36.36.3 90.1%90.1%90.1%90.1% 14.314.314.314.3 ----247.8%247.8%247.8%247.8%

In % of service revenuesIn % of service revenuesIn % of service revenuesIn % of service revenues 8.0%8.0%8.0%8.0% ----6.1%6.1%6.1%6.1% 19.0%19.0%19.0%19.0% 11.04 pt11.04 pt11.04 pt11.04 pt 9.9%9.9%9.9%9.9% 15.95 pt15.95 pt15.95 pt15.95 pt

Depreciations and amortizations 2.3 -15.5 -2.9 -229.6% -14.3 -7.5%

EBITEBITEBITEBIT 5.55.55.55.5 ----25.225.225.225.2 3.43.43.43.4 ----39.5%39.5%39.5%39.5% 0.00.00.00.0 ----100.0%100.0%100.0%100.0%

In % of service revenuesIn % of service revenuesIn % of service revenuesIn % of service revenues 13.4%13.4%13.4%13.4% ----15.7%15.7%15.7%15.7% 10.2%10.2%10.2%10.2% ----3.22 pt3.22 pt3.22 pt3.22 pt 0.0%0.0%0.0%0.0% 15.72 15.72 15.72 15.72 ptptptpt

75 76 80 81 82 80 79 81

2122262424232221

79%78%76%77%77%77%78%78%

13Q413Q212Q412Q2 13Q312Q1 12Q3 13Q1

mix Postpaid

Postpaid

Prepaid

CustomerBase

49

Q&A

50

Orange sa (France)Orange sa (France)Orange sa (France)Orange sa (France)

Orange Participations sa Orange Participations sa Orange Participations sa Orange Participations sa (France)(France)(France)(France)

Atlas Services Belgium Atlas Services Belgium Atlas Services Belgium Atlas Services Belgium NV (Belgium)NV (Belgium)NV (Belgium)NV (Belgium)

� ISIN: BE0003735496

� Share capital: EUR 131.7m

� Market Capitalization: EUR 814m

� Number of voting rights: 60,014,414

� Total turnover 2013 EUR 1,15bn

� Daily avg. turnover 2013: EUR 4,48m

� Free float: 47.09%

� Velocity 2013: 70.01%

� Free float velocity 2013: 140.01%

� Total traded # of shares in 2013 42,013,880

� Daily avg. traded volume 2013: 164k

� Notification thresholds: Notification thresholds: Notification thresholds: Notification thresholds: 3%, 5% & multiples of 5%3%, 5% & multiples of 5%3%, 5% & multiples of 5%3%, 5% & multiples of 5%

� Contact for the transparency declarations: Anske De Porre Contact for the transparency declarations: Anske De Porre Contact for the transparency declarations: Anske De Porre Contact for the transparency declarations: Anske De Porre ----adporre@mail.mobistar.beadporre@mail.mobistar.beadporre@mail.mobistar.beadporre@mail.mobistar.be

Free Float Free Float Free Float Free Float . . . .

Mobistar NV (Belgium)Mobistar NV (Belgium)Mobistar NV (Belgium)Mobistar NV (Belgium)

52.91%52.91%52.91%52.91%

47.09%47.09%47.09%47.09%

99.99%99.99%99.99%99.99%

100% 100% 100% 100% ----1 share1 share1 share1 share

1 share1 share1 share1 share

Shareholder Structure & Trading Info

50

51

DATEDATEDATEDATE LOCATIONLOCATIONLOCATIONLOCATION BROKERBROKERBROKERBROKER ROADSHOW / ROADSHOW / ROADSHOW / ROADSHOW / CONF.CONF.CONF.CONF.

March 12 Paris Raymond James Management Roadshow

March 13 Brussels Bank Degroof Management Roadshow

March 19 London Citigroup TMT Conference

March 25-27 New York / Boston Barclays Management Roadshow

April 30 London Exane BNP Management Roadshow

May 8 Brussels Petercam Management Roadshow

May 14 Luxembourg KBC Securities Management Roadshow

May 15 Paris Nomura Management Roadshow

May 20 New York KBC Securities/NYSE Belgian Conference

May 21-23 Montreal / Toronto / Chicago Macquarie Management Roadshow

May 21 Amsterdam ABN – AMRO TMT Conference

May 27 Frankfurt New Street Management Roadshow

June 3 Geneva Credit Suisse Management Roadshow

1H 2014 Roadshow Schedule

51

Visit our websites:• www.mobistar.be

• http://business.mobistar.be

• http://corporate.mobistar.be