1

Q1 2014Roadshow Presentation

Cautionary Statement

2

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

3

• Key Highlights

• Operational Update

• Financial Review

• Financial Outlook 2014 Jean Marc Jean Marc Jean Marc Jean Marc HarionHarionHarionHarionChief Executive Officer

Siddy JobeSiddy JobeSiddy JobeSiddy JobeDirector Investor Relations

& Corporate Finance

Ludovic PechLudovic PechLudovic PechLudovic PechChief Financial Officer

4

KEY HIGHLIGHTSJean-Marc Harion, CEO

Strategic

Progress

Network

Leadership

Financial

performance

� Mobistar’s results Mobistar’s results Mobistar’s results Mobistar’s results of the first quarter of 2014 of the first quarter of 2014 of the first quarter of 2014 of the first quarter of 2014

� Mobistar reached a total turnover of 317.0 million euro

� Mobistar reached a restated EBITDA of 66.1 million euro

� Mobistar reached an operational cash-flow of 27.1 million euro

� Mobistar keeps its outlook unchanged for full year 2014.Mobistar keeps its outlook unchanged for full year 2014.Mobistar keeps its outlook unchanged for full year 2014.Mobistar keeps its outlook unchanged for full year 2014.

� Mobistar is delivering on its transformation Mobistar is delivering on its transformation Mobistar is delivering on its transformation Mobistar is delivering on its transformation strategystrategystrategystrategy

� Transformation 2G/3G network completed, 4G rollout ongoing

� Transformation of distribution network in full execution mode

� Transformation of its IT & organizational structure

� Commercial launch of cable regulation confirmed for the end of the year

� Mobistar reclaimed its leadership position in terms of network qualityMobistar reclaimed its leadership position in terms of network qualityMobistar reclaimed its leadership position in terms of network qualityMobistar reclaimed its leadership position in terms of network quality....

� Mobistar has superior voice audio quality

� 2G Mobistar coverage at par with Proximus ; Base behind mainly in towns

� Mobistar 3G indoor coverage ahead of competition

� Mobistar 4G is the fastest of the market

Executive summary on Q1 2014

5

economic indicators – Belgium

6

GDP growth, quarter-on-quarter Unemployment rate, monthly data

Inflation, monthly data Sectorial Surveys, Confidence Ind.

Ap

r-1

0

Ap

r-1

1

Oc

t-1

1

Ap

r-1

2

Oc

t-1

2

Ap

r-1

3

Oc

t-1

3

Jan

-14

Ap

r-1

4

9,0%

8,5%

8,0%

7,5%

7,0%

6,5%

Jul-

13

Oc

t-1

0

Jul-

12

Jan

-12

Jul-

11

Jan

-13

Jul-

10

Jan

-10

Jan

-11

7,1%7,3%

8,5%1,0%

0,5%

0,0%

-0,5%

3Q

13

0,3%

2Q

13

0,2%

1Q

13

0,0%

4Q

12

-0,1%

3Q

12

0,0%

2Q

12

0,5%

-0,5%1

Q1

2

0,2%

4Q

11

-0,1%3

Q1

10,0%

2Q

11

0,2%

1Q

11

0,8%

4Q

10

0,5%

3Q

10

0,5%

2Q

10

1,0%

1Q

10

0,1%

4Q

13

4,0%

3,0%

1,0%

0,0%

Jan

-14

Oc

t-1

3

Jul-

13

2,0%

Jan

-13

Oc

t-1

2

Jul-

12

Ap

r-1

2

Jan

-12

Ap

r-1

3

Oc

t-1

1

Jul-

11

Ap

r-1

1

Jan

-11

Oc

t-1

0

Jul-

10

2,5

Jan

-10

2,0

1,5

1,0

Ap

r-1

0

0,5

0,0

5,0%

Ap

r-1

4

1,60%

1,00%

2,1

0%

Core inflation

Headline inflation

-30

-20

-10

0

10

20

30

40

De

c-1

3

Se

p-1

3

Jun

-13

Ma

r-1

3

De

c-1

2

Se

p-1

2

Jun

-12

Ma

r-1

2

De

c-1

1

Se

p-1

1

Jun

-11

Ma

r-1

1

De

c-1

0

Se

p-1

0

Jun

-10

Ma

r-1

0

Ma

r-1

4

Services

Retail trade

Consumers

Construction

Industry

network – customers - innovation

7

Apr May Jun

New ‘Animals’ plans

Segmented subsidized offers

New high end Animals

Go Europe launch

B2C fixed suspended

Pruning of 40 plans & upgrade

benefiting to 350k customers

100,000th cust. to benefit from tariff

check-up

MyMobistarn°1 on Be app store

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 Open TV in

Luxembourg

New Years eve: +220% mobile data

Jan Feb Mar

Cable activation fee paid

Sourcing Cable

Tablet subsidy

4G launchin 270 cities

4G smart-Phone

subsidy

Mobistar’s Network

Leadershiprecognized

Mobistar TP Best in class

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

8

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

----44%44%44%44%

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

Dec-13

Sep-13

Jun-13

Mar-13

Dec-12

Jun-12

Mar-12

Dec-11

Sep-12

Mar-14

On average 60k MNP/Month

On average 90k MNP/Month

9

551 586 642 696 749

974

500

6.500

1.500

2.500

4.500

3.500

5.500

7.000

6.000

5.000

4.000

3.000

2.000

1.000

0

127

Q1 2013

68,6%

141

124

121 116

1.210

134

Q3 2013

69,6%

1.142

126

Q2 2013

69,1%

134

1.073

Q1 2014

70,5%

111

1.311

130

Q4 2013

70,1%

3,926 3,916

5,024 5,117 5,154

3,886

MVNO Mobistar Postpaid % retail cust basePrepaidLaptop cards MatmaOLU incl. MATMA Postpaid

5,210

3,866

5,2805,2805,2805,280

3,840

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

9

•Mobistar Group

•Belgium, incl. MVNO 4,900 4,990 5,028 5,075 5,1505,1505,1505,150

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

10

54

75

4738

8961

90

18

112%112%112%112%111%

Q1 14Q4 13

137

Q3 13

56

143

Q2 13

-93

Q1 13

-32

Competition Net adds**

Mobistar Net adds*

Active Penetration**

-35

-30-40 -37

54 53

68101

-42-45-26

-42

-34

3256

35

9984

69

Q4 13 Q1 14

-11

Q1 13 Q2 13 Q3 13

Prepaid net adds

MVNO net adds

M2M net addsPostpaid 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

11

Q1 2013 (EOP)

86%

Animals

Animals

60%

40%

Old plans

Animals

Old plans

90%

10%

Q1 2014 (EOP)

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

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

12

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

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

13

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

14

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

15

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

16

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…

17

18

• Commercialization as from 31st

March

• 270 covered cities with homogeneous coverage (indoor & outdoor)

• 800 cities with good outdoor coverage

• 50% of Belgian population

• 265 Millions € invested in 2013

• 4G at no extra costs

Mobistar launched 4G in Belgium

2 independent sources

• Engineering organization specialized in network optimization

• 6th Feb – 5th March

• Driving tests - +- 5,000 km

• Representative and certified.

• Commsquare contact and study available upon request

• Independent network performance measuring tool

• Based on individuals test

• Sample : 10.000 tests / month

• Results until end February

• www.ookla.com

SPEEDTEST

19

CommSquare drive test route

Covered cities:• 2G-3G: Antwerpen, Gent, Oostende, Brussels, Mechelen, Hasselt, Brugge, Mons, Liège,

Leuven, Vilvoorde, Roeselare• 4G: Brussels, Oostende, Kortrijk, Antwerp, Gent, Mechelen, Leuven

20

Call setup FailureCall setup FailureCall setup FailureCall setup Failure

0.38%

1.14%

0.54%

99.39%

Overall Call Success RateOverall Call Success RateOverall Call Success RateOverall Call Success Rate

98.60%

99.34%*

Good call performance for Mobistar

* all calls exclusively in 2G

Drop call rateDrop call rateDrop call rateDrop call rate

0.22%

0.26%

0.12%

Establish the call:Establish the call:Establish the call:Establish the call:The lower the The lower the The lower the The lower the

failures the betterfailures the betterfailures the betterfailures the better

Maintain the call:Maintain the call:Maintain the call:Maintain the call:The lower the The lower the The lower the The lower the

drops the betterdrops the betterdrops the betterdrops the better

Establish and Establish and Establish and Establish and maintain the callmaintain the callmaintain the callmaintain the call

Confidence interval= Estimation of error is around 0.4% for 8000 calls at 90% confidence. Note Proximus is below due to issues to establish calls.

21

Mobistar has superior voice audio quality

3.82

3.52

3.55

(POLQA scale from 1 to 5)

Superior audio quality thanks to

HD VoiceHD VoiceHD VoiceHD Voice

22

> Mobistar coverage at par with Proximus> Base behind mainly in towns

2G coverage

23

3G Download & Upload speed:Similar customer experience for all operators receiving a file. Mobistar and Base ahead in sending a file.

7.74 Mbps

8.22 Mbps3G

7.95 Mbps3G

3G 2.58 Mbps

1.42 Mbps3G

2.53 Mbps3G

3G

Receiving a file Sending a file

24

Mobistar 3G speed catching up and leading

Receiving a file

Sending a file

25

Mobistar 3G indoor coverage ahead of competition

OutdoorSoftIndoor

DeepIndoor

3G Coverage

26

3G Outdoor Coverage:Mobistar 3G outdoor coverage = 99,95 % of Belgium population

99.95 %

99.97%3G

3G 99.93%

3G

All operators offer similar

coverage

Signal: -101.5 dBm

27

3G Indoor Coverage:Mobistar outperforming Proximus and Base thanks to UMTS900 strategy

98.48 %98.48 %98.48 %98.48 %

97.28 %3G

3G 95.24 %

3G

Signal: -87 dBm

28

3G Deep Indoor Coverage:Mobistar outperforming Proximus and Base thanks to UMTS900 strategy

89.77 %89.77 %89.77 %89.77 %

82.36 %3G

3G 74.03 %

3G

Signal: -77 dBm

29

4G benchmark results: 1st in all KPIs

30

4G Download speed:Mobistar is the fastest of the market

31.3 Mbps

20.3 Mbps4G

15.5 Mbps4G

45 Mbps

29 Mbps

27 Mbps

31

Mobistar 4G Download speed remains higher than competition over time

Download speed faster than fixed

internet

1 GB Movie download time:

• M*: 3 min 06 s.• Px: 4 min 42 s.• Base: 5 min 15 s.’’

0.

5.

10.

15.

20.

25.

30.

35.

40.

45.

50.

Dec-13 Jan-14 Feb-14

4G

Av

era

ge

DL

Sp

ee

d (

Mb

ps)

4G Average DL Speed Evolution

Mobistar

Proximus

Base

45

29

27

32

4G Upload speed:Mobistar is the fastest of the market and up to 44% faster than Proximus

21.6 Mbps

14.9 Mbps4G

13.3 Mbps4G

19 Mbps

14 Mbps

13 Mbps

33

Mobistar 4G Upload speed remains higher than competition over time

0.

5.

10.

15.

20.

25.

Dec-13 Jan-14 Feb-14

4G

Av

era

ge

UL

Sp

ee

d (

Mb

ps)

4G Average UL Speed Evolution

Mobistar

Proximus

Base

19

14

13

34

4G Best Voice performance

35

4G outdoor population coverage

50%

53%*4G

4G 38%*

*Proximus figures based on public data*Base % based on 4.2 million people covered (web)

36

Q1 2014 4G coverage – 50% population coverage

37

Q4 2014 4G coverage – 84% population coverage

38

Full 4G coverage in 2015

39

Commitment on a 4G coverage

equivalent to 2G by end 2015

Population Coverage Evolution

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

100.00%

End 2012 End 2013 End 2014 End 2015

So

ft I

nd

oo

r p

op

ula

tio

n c

ov

era

ge

Soft Indoor population coverage per technology

2G

3G

4G

40

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

The Fast Forward Mobile TripLet our customers see for

themselves

Network improvements clearly perceived by Mobistar’s customers

41

Customers survey, February 2014

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 decision

Technical

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

MobistarMobistarMobistarMobistarcommercial commercial commercial commercial

launchlaunchlaunchlaunch

12/2013Mobistar Project

team 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

42

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

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

43

Mobile prices amongst cheapestin Europe

Fixed triple prices amongst most expensive in Europe

Financial review

Ludovic Pech, CFO

key financialsin in in in €€€€mmmm Q1’14Q1’14Q1’14Q1’14 Q1’13Q1’13Q1’13Q1’13 Var.Var.Var.Var. insightinsightinsightinsight

Consolidated turnover 317.0 393.0 -19.3 % • -18.1% excluding regulatory

Service revenues 278.1 332.0 -16.2 %• €6.2m regulatory impact• -14.6% excluding regulatory

Restated EBITDA (a)

(in % of service revenues)

66.1(23.8%)

99.0(29.8%)

-33.2 %• €4.2m regulatory impact• -30.2% excluding regulatory

EBITDA (in % of service revenues)

64.5(23.2%)

98.7(29.7%)

-34.7% • In line with outlook

Net income 9.2 35.1 -73.8%• earning per share decrease from €0.58

to €0.15

CAPEX(in % of revenues)

37.4(13.4%)

31.2(9.4%)

+19.9 %• Acceleration of 4G network investment

as planned

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

27.1 67.5 -59.9 %• Reflecting EBITDA erosion and

intensified effort on capex

45

(a) see appendix for EBITDA restatements

Q1 2014 actuals

----47,747,747,747,7((((----14,6%14,6%14,6%14,6%))))

278.1

MVNO

2,8

Non Mobile

-10,7

Mobileexcl. MNVO

-39,9

Q1 2013 with reg.

325,8

regulatory impact

-6,2

Q1 2013 actuals

332,0

service revenues-14.6% underlying service revenue erosion in Q1 2014

service revenuesin million euros

46

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

ARPU(a) evolutionin euro per user

47

23.424.024.925.726.0

29.428.429.0

Q4 2013Q3 2013 Q1 2014Q2 2013Q1 2013Q4 2012

----9.9%9.9%9.9%9.9%

Q3 2012Q2 2012

----11.6%11.6%11.6%11.6%

----18.2%18.2%18.2%18.2%----12.5%12.5%12.5%12.5%

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

----28,628,628,628,6((((----30,2%30,2%30,2%30,2%))))

1Q 2014 Actual

66,1

net OPEX reduction

22,3

revenues impact

50,9

2012A with reg.

94,8

regulatory impact

4,2

1Q 2013Actual

99,0

restated EBITDA evolutionEBITDA erosion mostly driven by revenues loss

(a) see appendix for EBITDA restatements

restated EBITDA excluding on-offs (a)

in million euros

48

1.552

----148148148148((((----8,7%8,7%8,7%8,7%))))

Q1’13

1.700

Q1’14

headcount(Active Team Member, Belgium)

labor costs (a)

(in million euros, Belgium)

redundancy costs(in million euros, Belgium)

0,3

Q1’14

1,6

Q1’13

+1,3+1,3+1,3+1,3

Transforming our operating modelSimplifying our organization and processes

(a) excluding redundancy

31

37

----6666((((----16%16%16%16%))))

Q1’14Q1’13

49

49

+19,9%+19,9%+19,9%+19,9%

Q1’14

37,4

Q1’13

31,2

total CAPEX (a)

(in million euros)

network CAPEX (a)

(in million euros)

+24,0%+24,0%+24,0%+24,0%

28,9

Q1’14Q1’13

23,3

Capital expensesSustained investment in network to accelerate our 4G deployment

• from 75% to 77% of total group CAPEX allocated to network

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

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

% as of Service Revenues 9.4% 13.5% 7.0% 10.4%

50

Cash flow statementNet debt variation explained by operating cash flow and working capital

in in in in €€€€mmmm Q1’14Q1’14Q1’14Q1’14 Q1’13Q1’13Q1’13Q1’13 Var.Var.Var.Var. insightinsightinsightinsight

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

28.7 67.8 -57.6%• reflecting the EBITDA erosion and sustained

level of network investments

License acquisition - - -

Income tax cash out - - -

Net interests cash out -1.7 -1.3 30.8%

Change in working capital -13.6 -66.7 -79.6%• lower payables and lower net cash used in

investing activities

Other operational items -2.9 -0.3

Acquisition of subsidiaries - -

Dividend paid - - -

Variation in net debt 10.5 -0.5• net debt variation explained by operating

cash flow and working capital

net debt (net debt / EBITDA)

546.4(1.9)

394.5(1.2)

38.5%

(a) see appendix for EBITDA restatements

51

Financial outlook

Ludovic Pech, CFO

Revenuesimpact

EBITDAimpact

29 24 23

60 30 3413

15

58

15

74

Q1 2013A Q1 20142012A

59

2011A 2013A

36

2014E

78

4

62

20 17

13 1538

165

7

3

4

23

38

4

3233

1

9

MTR

EU Roaming

outlook: regulatory impactregulatory impact progressively fading out but still important

53

OperatingTax

RegulatedFees

10 1188

24

2012A

9

2011A

9

2014E

37

2013A

12

6 8 9

14

15

109

7

Other

Pylon

New Tax

Spectrum

IBPT

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

54

xxxx 3333

xxxx 1.51.51.51.5

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

++++

++++

55

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

56

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

280 250

303

3131

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

57

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

58

Appendix

EBITDA restatementsfrom restated EBITDA to reported EBITDA

60

in in in in €€€€mmmm Q1’14Q1’14Q1’14Q1’14 Q1’13Q1’13Q1’13Q1’13 insightsinsightsinsightsinsights

restated EBITDA(as percentage of service revenues)

66.1(23.8%)

99.0(29.8%)

labor relatedor redundancy costs

-1.6 -0.3 • labor contracts termination

non-labor relatedor restructuring costs

- -

reported EBITDA(as percentage of service revenues)

64.5(23.2%)

98.7(29.7%)

61

51%49%48%48%46%

19%18%19%18%15%

0

10

20

30

40

50

60

70

80

90

100

110

120

130

140

150

160

170

180

190

4%

30%

Q4 2013

123

63%

33%

4%

Q3 2013

127

60%

36%

4%

Q2 2013

131

63%

33%

3%

Q1 2013

129

66%

Q1 2014

122

62%

33%

4%

Mobile Data

Data as % mobile service rev

Advanced data as % mobile service rev

MATMA

SMS

� The number of smartphones connected on the Mobistar network has increased by 65 %

� Mobile Multimedia AUPU increased by a factor 3.5 in one year time on active user base

� Mobile data traffic of Mobistar customers increased by a factor 4.2 in one year

� The number of mobile data sessions doubled in one year time.

� Portion of mobile data increased within integrated postpaid bundles

� Prepaid data usage still limited

Mobile data revenues are increasing significantly due to higher smartphones sales, data usage and smartphones plans (in M€)

61

62

16% 17%

18% 16%

50% 49%

19%

2%4%3%3%

14%

5%4% 7%

48%

1%

1%

3%

2%2%

30

%

2013

1.283

Q1 2013

343

3%2%2%

1%

1%

Q1 2014

280

1%

1%

2%

3%

MTR SMS

Roaming voice

Roaming Data

MTR Voice

Roaming SMS

Handsets

MVNO Visitor Roaming

M2M

Retail billed revenues

MTR revenues voice revenues amounted to 3% of mobile service revenues, while MTR SMS revenues increase to 19% due to success of SMS abundance offers. Currently not subjected to regulation. EBITDA risk limited due to operator reciprocity in SMS

MTR and roaming revenues impacted by regulation. Roaming revenues amounted to 10 % of mobile service revenues.

Strong handsets sales continued, driven by a higher portion of (high-end) smartphones in the mix

Belgian Mobile total turnover split

(% of revenues)

62

63

Q&A

64

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

April 30 London Exane BNP 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

June 11-12 Nordics Goldman Sachs Management Roadshow

1H 2014 Roadshow Schedule

64

Visit our websites:• www.mobistar.be

• http://business.mobistar.be

• http://corporate.mobistar.be