1 March 2013

Investor & Analyst Meeting

Belgacom Group Results FY 2012

Cautionary Statement

“This communication might include some forward-looking statements, without limitation, regarding Belgacom’s financial or operational results, certain strategic plans or objectives, macro-economic trends, regulation, future market conditions and other risk factors. These forward-looking statements rely on a number of assumptions concerning future events and are subject to uncertainties and other factors, many of which are outside Belgacom’s control. Therefore the actual future results may differ materially from those expressed in or implied by the statements.

Readers are cautioned not to put undue reliance on forward-looking statements, which speak only of the date of this communication.

Belgacom disclaims any intention or obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise.“

Agenda

Introduction Didier Bellens - CEO Group financial results Ray Stewart – CFO

Network & IT Geert Standaert – EVP SDE&W

Consumer Business Unit Dominique Leroy - EVP CBU

Enterprise Business Unit Bart Van Den Meersche - EVP EBU

Q&A All

Introduction

Didier Bellens CEO

Executive summary on FY 2012

Belgacom delivered on its 2012 financial expectations

- Group revenue grew versus 2011

- EBITDA as expected under pressure

- Belgacom financially sound company

Competitive dynamics changed

Belgacom well placed to face

the change

– Convergence strategy giving key support

– Solid growth of Fixed products

– PACKS increasingly with mobile

– Mobile market became more volatile in 2012

– New Telecom law accelerated customer rotation in Q4

– Belgacom responded to the new market conditions

+ 175,000 TV + 46,000 BB + 148,000 PACKS + 153,000 cards - 196,000 cards

FY 2012 guidance achieved

Metrics Revised Guidance FY’12

(excl. Telco Law)

Full-year 2012

(excl. Telco Law)

Group revenue

Up to +1%

+1.1%

Group EBITDA Between “-4% to -5% “

-4.9%

Capex/Revenue Upper end of “10% to 12%” 11.6%

• The outlook did not take into

account the one-off accounting

adjustment on revenue (EUR -12

million) and EBITDA (EUR -34

million) recorded in the second

quarter 2012 following the new

Telecom Law that was passed on

28 June 2012.

Revenue 6,462 12 6,474

EBITDA 1,784 34 1,819

FY 2012

reported

Acc impact new

telco law

FY 2012 after

adjustment for

guidance

Belgacom intends to ensure its shareholders an attractive return

Slide 7

A total gross normal dividend of EUR 1.68 per share will be proposed to

the Annual Shareholders Meeting of 17 April 2013 . As a result, Belgacom

exceptionally increased its dividend to a total of EUR 2.49 gross per

share for the 2012 full-year results. Key dates for the normal dividend:

– Ex-dividend date: 23/04/2013

– Record date: 25/04/2013

– Payment date: 26/04/2013

on Result

2012

on Result

2013

With the current limited visibility on the Belgian market due to

competitive pressure and the unfavourable economy, the Board of

Directors agreed to address shareholder return at a later stage, and

consider returning a EUR 0.50 interim dividend per share in December

2013 if Belgacom’s financial performance for the year 2013 at that time

proves to be in line with its full-year outlook.

Financial results

Ray Stewart CFO

FY 2012 Group revenue grew, underlying revenue up 1.9% YoY

Success of TV, growth in Fixed and Mobile data, solid

revenue Tango

ICT & mobile data

Voice volumes,

destination mix, data growth, dollar

-46 MTR

-40 Roaming

-4 other

+0.9% reported

+1.9% Under-

lying Revenue evolution – in million €

FY 2012 CBU revenue supported by convergence strategy

Solid growth of Fixed & Mobile

Data, Belgacom TV and TANGO

+1.4% reported

+1.5% Under-

lying

Revenue evolution – in million €

MTR and Roaming

2,349

2,294

-46 -2 -17

10

2012 EBU revenue, limited erosion in challenging economic & competitive context

Organic revenue growth of mobile data and growth ICT offsetting

pressure on voice, ex-regulation

-2.3% reported

+0.4% Under-

lying

Revenue evolution – in million €

MTR and Roaming

FY 2012 Group ebitda under pressure, underlying 1.1% lower

-40m Roaming -12m MTR -3m other

-1.1% Under-

lying

-6.7% reported

Ebitda evolution – in million €

2012 Free Cash Flow of € 691 million

FCF evolution – in million €

* Excluding non-recurring and non-cash related items

Sound financial position

- Net financial debt at EUR 1,601 m

- The outstanding long term financial gross debt amounted to € 1.9Bio

- Credit ratings: Standard & Poor’s A; Moody’s A1 – both stable outlook

Debt maturing

2013 € 129m

2015 € 145m

2016 € 950m

2018 € 500m

2026 € 73m

Outlook for 2013

- Current operating environment with lower visibility due to a more volatile competitive landscape and an unfavourable economy.

- The guidance takes into account an estimated negative impact from regulatory measures of about € -93m on revenue and about € -53m on EBITDA.

- Accelerated network investments to maintain network superiority

Metrics Reported FY 2012

Restated FY 2012

(incl IAS19 revision)

Outlook FY 2013

(vs restated 2012)

Group revenue

6,462

6,462

between -1% and -2%

Group EBITDA 1,784 1,801

Between -4% and -6%

Capex/Revenue Between 13% and 14%

Invest in high-quality fixed & mobile network to maintain leadership in convergence

Accelerated network

investments - maintain network

superiority on mobile speed and coverage,

- substantially increase the bandwidth on fixed network via vectoring technology

- make operations leaner through a simplified network

734 777 753

11.1%12.1% 11.7%

0

100

200

300

400

500

600

700

800

900

0%

2%

4%

6%

8%

10%

12%

14%

2010 2011 2012 Outlook 2013

Group Capex in € million / % of revenue

13%-14%*

*This does not include capex for a potential bidding in the 800 Mhz spectrum auction that might occur before

year-end

Network & IT and wholesale

Geert Standaert Executive Vice President SDE&W

18

Global network strategy Introduction

Mobile network

innovation driving

leadership superiority

Network simplification

driving efficiency

Fixed network

innovation driving

customer value

Mobile network Fixed network Network simplification

Global network strategy with important value enablers for a convergent interconnected world

50% 55% 60% 65% 70% 75% 80% 85% 90%

Mobistar

Base

Belgacom

Mobile network 3G+ upgrade for superior mobile data experience

Fastest down- and upload speed available in the market

Significantly better 3G indoor coverage vs competitors

% 3G indoor coverage 1

1 Source: Information provided during Analyst Presentation and/or Press Conference by KPN Group and Mobistar upon Full Year 2012 results announcement 2 Figure mentioned is 3G indoor coverage announced by Mobistar for EO 2013

70% increase of overall network capacity for data

30% average speed increase & top speed increase with HSPA+

2

Mobile data usage still in early stages with 35% of devices on

our network being 3G compatible

Important market value with customers having devices not

supporting 4G yet, both now and in future

Ambition is to remain the best mobile operator for all type of customers on the Belgian market. 3G+ upgrade will bring 8 Mbps download and up-to-21 Mbps top speeds, 42 Mbps for dual carrier devices

Best mobile 3G network Further boost experience for 3G customers

1

2

1

2

Belgacom is determined to maintain its mobile leadership through investment in 4G roll-out

Mobile network 4G as an important enabler of our convergence strategy

First Belgian operator to deploy 4G in 8 large cities in

November 2012

High speed backhauling deployed for fast data transmission

4G further improves mobile speed experience to average 20-

30Mbps speed with peak speeds up to 50-60Mbps

4G is deployed in existing 1800Mhz spectrum

First to launch 4G Further roll-out of 4G

1

2

1

2

New 2600Mhz spectrum will be used for targeted

capacity & performance Only 4G deployment in Brussels if regulatory framework is changed

Fixed network Speed technology roadmap in coming years

30

up-to-50

up-to-70

up-to-100

up-to-200

up-to-1000

up-to-200 download

dynamic line management

vdsl2

vectoring

vectoring + dynamic line management for vectoring

fiber-to-the-home in new residential zonings

pair bonding on two vdsl pairs

g.fast & fiber evolution

Copper has a promising evolutionary path allowing a stepwise increase of bit rate.

Speed evolution in Mbps 2013 to >2018

Fixed network Dynamic Line Management & Vectoring

A speed profile is applied to a VDSL2 line in function of the

line distance

Line characteristics however often allow higher speeds

Crosstalk is interference between copper pairs in same cable

Crosstalk limits the achievable speed on VDSL

To substantially increase bandwidth, Dynamic Line Management (DLM) & Vectoring will be deployed

Fast-track Dynamic Line Management Powerful vectoring technology

1

2

1

2

DLM is an in-house developed technology and will improve

the average speed experience with 30%

DLM monitors stability of lines and dynamically applies

maximum possible speed when a line is sufficiently stable

Vectoring brings up-to-70 Mbps speeds and 15 Mbps upstream

Vectoring cancels crosstalk in the copper cables resulting in a

significant bit rate increase of copper lines

Fixed network Vectoring pioneer with even higher speeds in pipeline

Belgacom is the first operator in the world to deploy

vectoring on this scale

Only operator with an in-house developed technology to bring

speed at maximum line capabilities

Belgacom is in better position to increase speed then other EU peers thanks to our access strategy over past years with a strong Fiber-The-The-Curb network topology and a dense 85% VDSL2 coverage

How we are ahead of other EU operators How we will further increase speed soon after

1 2

Strong Regulatory Framework was negotiated, disentangling

all blocking points required for full-fledged vectoring

DLM will be applied on top of our Vectored lines to further

increase speeds up-to-100 Mbps

up-to-100 Mbps full-fledged vectoring

Fixed network Speed acceleration with FTTH, Pair Bonding & G.Fast

Belgacom will start with Fiber-To-The-Home (FTTH) deployment in new residential zonings in 2013. Future evolutions of speed acceleration is currently described by Pair Bonding and G.fast & Fiber evolution.

FTTH will be deployed in new

residential zonings as of S2 2013

Fiber costs are comparable to

copper for new residential zonings

FTTH in new zonings Pair Bonding of VDSL lines G.Fast & Fiber evolution

Pair bonding increases bit rate by

combining speed of 2 VDSL lines

Both lines will be vectored and

controlled by DLM

G.fast technology is currently

analysed by standardization

bodies

Both evolutions aim at bringing

fiber distribution close to the

customer

1

2

1

2

1

2

FTTH offers speeds

up-to-200 Mbps

Evolution brings speeds

up-to-1000 Mbps

Pair Bonding brings speeds

up-to-200 Mbps

Network simplification Leaner operations through a simplified all-IP-network

Lower cost to maintain – Lower maintenance, utility,

powering and building cost of building facilities

Higher efficiency to operate – Substantial cost savings in

operating the network through efficiency increase of field

force

Better customer experience with instant servicing –

Significant simplification & agility gain with one network for

all services

Program aims at simplifying our network and decreasing operational costs. In its ambition to be an agile company, Belgacom will also focus on substantially simplifying its IT and product portfolios

Approach in simplifying our networks Operational benefits from network simplification

1

2

Transformation – Physical removal of legacy technologies,

PSTN switches and technical buildings

Consolidation – Migration of products & services to the new IP

based network

Automation – Optimization of network architecture towards

fully automated customer activation

3

Outphasing of legacy equipment

Full fiber to the street cabinet

Eliminate technical buildings

Fully automated customer activation

CORE NETWORK

copper

fiber

Network Simplification+ Vision for a lean future

First wave includes outphasing of 30 buildings and outphasing of our legacy ATM and PSTN switching

Combined with product & process simplification

Thorough simplification towards a lean network Simplification+ goals

1

2

3

4

Outphasing of legacy equipment

Full fiber to the street cabinet

Eliminate technical buildings

Fully automated customer activation

CORE NETWORK

copper

fiber

Network Simplification+ Vision for a lean future

First wave includes outphasing of 30 buildings and outphasing of our legacy ATM and PSTN switching

Combined with product & process simplification

Thorough simplification towards a lean network Simplification+ goals

1

2

3

4 Outphasing

legacy equipment

Outphasing of legacy equipment

Full fiber to the street cabinet

Eliminate technical buildings

Fully automated customer activation

CORE NETWORK

copper

fiber

Network Simplification+ Vision for a lean future

First wave includes outphasing of 30 buildings and outphasing of our legacy ATM and PSTN switching

Combined with product & process simplification

Thorough simplification towards a lean network Simplification+ goals

1

2

3

4

Full fiber to the street cabinet

Outphasing of legacy equipment

Full fiber to the street cabinet

Eliminate technical buildings

Fully automated customer activation

CORE NETWORK

copper

fiber

Network Simplification+ Vision for a lean future

First wave includes outphasing of 30 buildings and outphasing of our legacy ATM and PSTN switching

Combined with product & process simplification

Thorough simplification towards a lean network Simplification+ goals

1

2

3

4

Eliminate technical buildings

•

Outphasing of legacy equipment

Full fiber to the street cabinet

Eliminate technical buildings

Fully automated customer activation

CORE NETWORK

copper

fiber

Network Simplification+ Vision for a lean future

First wave includes outphasing of 30 buildings and outphasing of our legacy ATM and PSTN switching

Combined with product & process simplification

Thorough simplification towards a lean network Simplification+ goals

1

2

3

4

Fully automated customer activation

Global network strategy Value enablers for a convergent interconnected world

Belgacom has all assets in hands to cope with a changing telecom ecosystem

Mobile network innovation

driving leadership superiority

Fixed network innovation

driving customer value

Network simplification driving

efficiency > > >

Mobile network Fixed network Network simplification

Fiber speeds on copper with

vectoring and dynamic line

management

Leaner operations through

network simplification

3G+ upgrade for superior mobile

data experience

Speed acceleration with FTTH in

new zonings

4G roll out as important enabler of

our convergence strategy

Combined with strong product &

process simplification

Consumer Business Unit

Dominique Leroy Executive Vice President CBU

Optimize investments via value based management approach

CBU vision Deploy convergence & defend mobile leadership

Retain Develop Acquire

• Mobile and fixed

customers with

focus on high

value customers

• Convergence

as leverage for

churn reduction

• Cross-sell on

existing customers

(fixed or mobile)

• ARPU stimulation

via monetization

& product tiering

• Multiple plays

with focus on

families

• High-value mobile

& high potential

segments (youth

& nest leavers)

Convergence

mobile

CBU prepaid evolution in 2012 Prepaid park declining following market trends

Relatively flat prepaid

ARPU in 2012 vs. 2011

Decrease of prepaid

park with acceleration

as from Q3-12

Prepaid market

decreased to 5.4 Mio

cards in Q4-12

-48 -21

+15 +5

0 -44

-80 -68

2.116

1.923

Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12

CBU prepaid growth & EOP (000)

net-adds park

14.1 15.3

14.4 14.9 14.0 14.2 13.6

14.4

Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12

CBU net prepaid ARPU (€)

5.938 5.910 5.969 6.005 6.015 6.078

5.606 5.410

Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12

prepaid market EOP (000)

Focus on value creation

• stimulate acquisition & reloads

via low-costs channels (Web)

• limit tactical recruitment prepaid

actions

Push valuable conversions

• proactive conversions

to postpaid

Declining prepaid market

less tactical recruitment

prepaid actions

focus on high-value prepaid

customers

CBU answer to prepaid market evolution Focus on high-value prepaid customers & conversions

1

Prepaid market trends Evolution of Belgacom approach for prepaid

Higher conversions to

postpaid

more attractive postpaid

tariffs driving migrations

new telecom law removing

barrier to postpaid as no more

contract

2

*

w1 w11 w21 w31 w41 w51

Weekly port-in + port-out* CBU postpaid in 2012

CBU postpaid evolution in 2012 Mobile postpaid market volatility amplified as from Q4-12

new FTC law

Change in customers’

behaviour triggered

by new law (fixed

term contract) and

new low price offers

as from October

*Sum of port-in and port-out in absolute numbers

+1 +24 +33 +27 +10

+50 +17

-37

1.690 1.720

Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12

postpaid growth & EOP (000)

net-adds park

CBU postpaid evolution in 2012 Impacts on net-adds & ARPU mainly as from October

CBU postpaid ARPU decreasing

YoY in Q4

Growth of CBU postpaid park in

2012 but negative impacts on net-

adds in Q4-12

29.2 30.0 30.0 28.6 27.9 27.3

28.9 26.6

Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12

net CBU postpaid ARPU (€)

CBU answer to postpaid evolution Defend postpaid market shares

Focus on retention of

postpaid customers

at risk (stand-alone)

New segmented

postpaid portfolio

Review go to market

proposal to support

value

Repositioning of Proximus brand

stand-alone

1

CBU answer to postpaid evolution Defend postpaid market shares & deploy convergence

Focus on retention of

postpaid customers

at risk (stand-alone)

New segmented

postpaid portfolio

Review go to market

proposal to support

value

Repositioning of Proximus brand

stand-alone

convergence

Cross-sell mobile

on existing fixed

customers

Attractive &

transparent price

positioning

Mobile data in packs

1

2 Boost convergence

Proximus = leader in mobile

Re-position Proximus as the best choice providing abundance offers and quality

materialized by superior service & mobile network

Evolution of mobile positioning Reassure customers that Proximus is the best choice

new tariffs service & network quality

• Communication campaigns

re-enforcing Proximus image of

best mobile operator

• Materialize messages by new

products portfolio and continuity

of customer experience programs

• Invest in mobile network including

4G to support network leadership

&

Q4-12

Proactive retention postpaid

Tariffs check-up

Proactive Migrations Generation MTV

Short-term retention via tariffs check-up & proactive migrations of all Generation MTV

15/25 customers to new profile (more value for same commitment)

Focus on retention of stand-alone postpaid Priority in Q4-12 set on customers at risk

> 30% customers contacted in Q4-12

Migration campaign

SMS

Emailing

Outbound calls

BTL

Tactical ATL

Multi-range offers with product tiering as answer to current decrease of mobile market

value by allowing stimulation of upward migrations

Redesign of CBU postpaid offers Propose segmented offers matching customers’ profiles

Devices & customers’

needs leveraging

category selection

• smart for smartphone

users (hero category)

• easy for voice users

• generation MTV for

youth & nest leavers

Voice Smartphone Youth

45€ 15€ 20€ 25€ 35€ 75€

High impact of postpaid market evolution in 2012 on value for money provided to the

customers (higher features for same or lower price)

Evolution to more value for same commitment Value included in offers highly increased in 2012

-15 € to -25€

Data x 5 + (4G included)

-5 €

Data x 4 + (4G option)

+40 Min

Data included

Voice :

SMS :

Data : 1 G

Unlimited

Unlimited

90€ (85€)

5G

Unlimited

Unlimited

75€ (60€)

250 Mb

120 Min

Unlimited

25€ (20€)

1 G

120 Min

Unlimited

20€ (15€)

/

60 Min

Unlimited

15€ (10€)

500 Mb

100 Min

Unlimited

15€ (10€)

Intense 90 Gen. MTV 25 Generation MTV 15

Tariffs : stand-alone (in pack)

Smart 20 Smart 75

Q4-11 Q4-12 Q4-11 Q4-12 Q4-11 Q4-12

Tactical or structural retention effect

Switch from acquisition to retention approach as from the start to ensure payback of

initial acquisition costs and long-term value creation

Evolution of go to market for mobile Volatility & ARPU pressure imply focus on value creation

Commitments in value and time Discounts

Strong acquisition promotions

Drive higher commitments

Tactical joint offers

Convergence / mobile in pack

OR

fixed

Successful launch of internet everywhere contributed to improve the positive evolution

of CBU internet park in 2012

CBU internet evolution in 2012 internet growth supported by internet everywhere

+8 +5 +1

+18 +15

+10 +13 +12

1,156 1,193

Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12

broadband growth & EOP (000)

net-adds park

• Positive evolution

of internet park

and better net-

adds results than in

2011

• Limited impacts

of new FTC law on

internet net-adds

evolution

CBU TV evolution in 2012 TV growth driven by packs approach

+54 +59 +52

+72

+43 +48 +39

+46

1,211

1,386

Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12

TV growth & EOP (000)

net-adds park

• Positive evolution of TV park driven by packs

approach and new TV features

• Limited impacts

of new FTC law on TV net-adds evolution

CBU TV everywhere TV everywhere allowing convergence

181,629

382,839

Q4-11 Q1-12 Q2-12 Q3-12 Q4-12

Downloaded TVE Apps

>51,000 paying TVE subscribers

• TV everywhere as paying service as from Q4-12

• New content available (all key Belgian channels)

• New platform with improved customer experience

• Wi-fi and 3G/4G

NEW

Packs & convergence

Packs as support to true convergence

New services as revenue stream

any content

convergence offers

Optimal network fixed-FONspot-mobile

VOD

Home view & Home control

Sport

TV everywhere

Social media Music

anywhere, anytime any device

CBU packs strategy is successful Growth of number of products per household

Revenue

generating units

per household

in Q4-12

Growth of number of 3-Play and 4-Play packs

633

743

Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12

3-play & 4-play Consumer park EOP (000)

2.55

CBU convergence strategy is successful Growth of x-plays positively impacts ARPU & churn

43 € 46 €

Q4-11 Q1-12 Q2-12 Q3-12 Q4-12

fixed ARPU per HH

Packs strategy has positive

impacts on churn

Increase of fixed ARPU

per household driven by

positive evolution of

number of products per

household

1-Play 2-Play 3-Play 4-Play

churn rates / x-play (Q4-12)

40% of 2012 net adds of

Packs included a mobile

component

40%

Deployment of CBU vision Strong distribution network & high service quality

Service chart Call centers agents 500,000 calls/month

Improved website 2.3 mio visitors/month

Strong distribution network 132 Belgacom centers & 57 The Phone House

Centered on customer experience & solutions

Materialize CBU vision New shop experience : the Belgacom shop of the future

• Convergence strategy remains successful and the main focus for CBU

• CBU Internet and TV continue to grow while erosion of fixed voice is

decreasing

• Market is under pressure on mobile due to new telco law and new offers

but strategy focused on retention and value creation delivers

• New services in 2013 (Home & Care, TV everywhere, 4G, …) will support

new revenue streams

• Focus on high quality network, distribution, servicing and branding

Consumer Business Unit Conclusions

Enterprise Business Unit

Bart Van Den Meersche Executive Vice-President

slide 58

Maintain telco leadership

Grow in adjacent IT

differentiate with convergence + servicing

build on telco assets in adjacent IT market

SOLUTION CENTRICITY solution differentiation through convergence & servicing

Building on our strengths converged national networks

tier 3 data centres in Belgium

large installed customer base

broad solution portfolio

channel richness

EBU Strategy

Our mission is helping our customers do better business in the interconnected world (any service/application/device, anytime, anywhere and on any device)…

Solution Centricity differentiation strategy Capturing value in the interconnected world

Wide variety of devices Thousands of apps Belgacom convergent networks & data centers (backbone for our cloud solutions)

… by providing them with convergent ICT solutions

Mobile market volatility amplified as of Q412,

Some spill-over effect on low-end business market from new telco law and mobile competition

Mobile disruption in Q4 2012. Driven by price competition

and new Telecom Law

Growth of EBU park in 2012. Net-adds remain

positive.

Weekly port-in + port-out * EBU in 2012

w1 w11 w21 w31 w41 w51

New Telecom law

+24 +30

+22 +29

+5

+36

+21 +16

1,408 1,486

Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12Q3-12Q4-12

Growth & EOP (000)

net-adds park

ARPU decreasing YoY.

41.8 41.9 40.6 39.5 38.7 37.2 35.5

33.9

net ARPU (€)

*Sum of port-in and port-out in absolute numbers

Standing our ground Performance versus the market

EBU maintained its Telco Leadership. 182

167 172

167

186

Q4 11 Q1 12 Q2 12 Q3 12 Q4 12

2.0%

*source SITSI

Telco revenues excluding regulation

-0.5% (full year)

+2.8% (full year)

IT revenues excluding M&A effects

In IT growing faster than the market*.

Q4’12 IT revenues 2% YoY growth

Standing our ground Benefits of Solution Centricity are materialising

Convergence at the heart Positive Impact on major product lines EBU

Lower Churn rates with multi-play customers

1-Play 2-Play 3-Play 4-Play

Churn Rates / x-play (Q4 ’12)

Advanced Mobile Data

revenues

+15.3%*

Stable Fixed Data revenue of

€388M

Web Grade Cloud revenues

+46%

Solid Mobile Customers

Growth

+5.5%

M2M cards

+36%

IT services revenue

+9%

Results 2012 compared to 2011

Customers in 3 Universes: +24% in H2 2012 thanks to Office & Go launch

*YoY revenue increase excluding regulation impact

EBU priorities 2013 & beyond

Digital Office

Lead in Cloud Collaboration Mobile Data

Enrich our

network with sector-specific

solutions

Maintain telco leadership

Grow in adjacent IT

Fixed •continued need for speed: FTTC (Broadway), vectoring, …

•continued core innovation: app aware networking, …

•moving broadband customers to VDSL2

• increased servicing offer on Explore and Office & Go

Cloud • roll-out of BeCloud strategy: hybrid, enterprise + web-grade

•cloud is the future backbone for all our solutions on any device

• strong reseller and partner approach (f.e.TechData)

Mobile •mobile network leadership: 4G roll-out

•continued innovation: Explore on mobile, mobile managed services, …

•pro-active Tariff check-up

Maintain telco leadership through double convergence

Our ambition is to maintain our leadership in traditional telco through convergence and servicing.

Grow in adjacent IT

IT •extremely broad IT portfolio:

•Onsite & Offsite (Tier 3 datacenters) •National & International •Covering all main IT domains: LAN, Security, UC*, datacenter,..

•supported by best in class, secure connectivity

• including recognized outsourcing skills, extended with Smart Sourcing

•allows EBU to provide truly fully convergent end-to-end solutions for their professional customers

We aim to further increase IT revenues. We will build on our international capabilities and leverage synergies across countries.

Cloud services

Secure Connectivity

Onsite IT

*Unified Communications

Digital Office

• Scalable

• Modular

• Transparent price

Business Broadband

Integrated servicing. Seamless integrated support on all connectivity & devices.

Rich unified calling. Wherever you are. Transparent price. Convergence of fixed – mobile voice in simple packs.

Business applications Horizontal & vertical applications.

Residential applications Belgacom TV. Deezer. …

•Remote 24/7 support •Guaranteed onsite repair time •Mobile Internet as backup

•Secure & smart cloud access •Online data back-up

Lead in 3 growth domains

Cloud •cloud as future backbone of EBU’s convergent strategy •be the domestic leader •29 product launches in 2012 •automated ordering & provisioning •exclusive distribution agreement with TechData

Mobile data • launch of business solutions on Mobile Data •Mobile Device Management portfolio (BYOD*** opportunities) •stimulate mobile data via partner agreements with app developers •M2M partnership with Vodafone

Collaboration • launch of FMU* as a true enabler of Telco Network convergence • launch of UCaaS** •broad onsite solutions portfolio •one stop shop for our customers •wide variety of onsite, hybrid and cloud solutions

EBU will focus on growth pools where we have a competitive advantage.

*Fix-Mobile-Unification **Unified Communications as a Service *** Bring Your Own Device

Enrich our network with sector-specific solutions

We will connect deeper into sectors that will increasingly collaborate and interact, use mobilized apps, fixed & mob networks and cloud platforms.

Enrich our network to sector-specific needs Building on our core assets we’ll adapt both • our secure and scalable networks • our private and cloud platforms

Example: • public Wifi for Finance (Belfius)

Specific ICT Projects

Work with sector-leading organizations and partners to build innovative solutions Example: • Smart Metering

• EBU’s solution centricity strategy aims to both maintain telco leadership and grow in adjacent IT

• the benefits of this strategy started materialising in 2012

• EBU maintained its telco market share

• in IT EBU grew faster than the market

• in 2013 we will continue our solution centric strategy with focus on

• full functional convergence including both telco & IT with cloud as an important backbone

•winning in cloud, collaboration and mobile data

• sector-specific solutions

Entreprise Business Unit Conclusions

Q&A Q&A