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11-Feb-21 Valuation report on the proposed acquisition of Obelix by Orange February 2021 STRICTLY CONFIDENTIAL 0 11-Feb-21 Disclaimer (1/2) This Document (the “Document”) has been prepared by NEXEN Corporate Finance SAS (“Ondra”) (operating under the Ondra brand under licence agreement) in relation to a possible transaction involving an investment of Polygon (the “Proposed Transaction”) and is delivered to the intended recipient subject to the following terms and conditions. This Document and its contents shall be used by the intended recipient exclusively in relation to the Proposed Transaction. This Document and its contents are strictly confidential and shall be kept as such and not be disclosed to any person by the intended recipient without Ondra express written consent. This Document has been prepared by Ondra on the basis of information and forecasts provided by the Company, its shareholders, their advisors or in the public domain. It reflects conditions and views as of this date, all of which are subject to change. None of the information on which the document is based has been independently verified nor audited by Ondra. In preparing this document Ondra has relied upon and assumed the accuracy and completeness of all of the information available. This Document does not purport to be all-inclusive or to contain all the information that a prospective acquirer may require in its decision to express an interest in entering into the Proposed Transaction. Recipient is invited to form is own opinion on the interest of the information provided in this Document and the Proposed Transaction. Neither the Company nor its shareholders nor Ondra nor any of their respective representatives make any warranty or representation, expressed or implied, concerning the relevance, accuracy or completeness of either the information or the analyses of information contained herein or any other written, oral or other information made available to any recipient or its representatives in connection therewith. Furthermore, no responsibility or liability of any kind will be accepted by the aforesaid parties, who expressly disclaim any and all liabilities which may be based on, or may derive from, this Document or such other information made available in connection therewith, or for any inaccuracies, omissions or misstatements therein. This Document may contain certain statements, estimates, targets and projections prepared on the basis of information provided by the Company with respect to its anticipated future performance. Such statements, estimates and projections reflect subjective judgement by the Company’s management concerning the business of the Company and anticipated results. These assumptions and judgements may or may not prove to be correct and there can be no assurance that any of the estimates, targets or projections will be met. Accordingly, neither Ondra, nor the Company, nor its shareholders nor any of their respective representatives shall be liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on any statement in or omission from this Document and any such liability is expressly disclaimed. In issuing this Document, neither the Company nor its shareholders nor Ondra undertake to provide the recipient with access to any additional information or to update this Document or any other information provided in connection therewith or to correct any inaccuracies therein that may become apparent. STRICTLY CONFIDENTIAL 1 11-Feb-21 Disclaimer (2/2) Recipient of this document shall conduct its own review and analysis of this Document and the Proposed Transaction and should consult its own advisers as to legal, tax and accounting issues for considering whether or not to enter into the Proposed Transaction. The Company and its shareholders shall not have any obligation to consider or to accept any indication of interest of any offer, whether or not they represent the best offer. This Document does not constitute an offer nor the solicitation for the sale of the Company or of any securities, assets or business thereof or described herein and does not constitute any form of commitment or recommendation on the part of the Company, its shareholders or Ondra or any of their respective affiliates, subsidiaries or associated companies. Neither this Document nor any other written or oral information made available to any recipient or its advisors shall form the basis of any contract. Ondra, the Company and its shareholders reserve the right to require the return or destruction of this Document (together with any copies or extracts thereof) at any time. Recipient of this Document should inform itself about and observe any legal requirements applicable in its jurisdiction. In particular, but without limitation to the generality of the foregoing, the distribution of this Document in certain jurisdictions may be restricted by law and, accordingly, recipient represents that it is able to receive this Document without contravention of any unfulfilled registration requirements or other legal restrictions in the jurisdiction in which it resides or conducts business or in which it receives this Document. Recipient of this Document should note that, in connection with the Proposed Transaction, Ondra will not be responsible to any third-party for providing the protections afforded to customers of Ondra or for providing advice in relation to the Proposed Transaction. Ondra will co-ordinate all contacts and arrangements in relation to this Document and the Proposed Transaction and Recipient undertakes accordingly to direct all inquiries or requests for information in relation to this Document and the Proposed Transaction solely to Ondra. Recipient also expressly undertakes not to contact the Company, including its management and employees, under any circumstances in relation to this Document and the Proposed Transaction. Any matter, claim or dispute arising out of or in connection with this Document, whether contractual or non-contractual, is to be governed by and determined in accordance with French law and the Commercial Court of Paris shall have exclusive jurisdiction to settle any dispute arising out of or in connection with this document. STRICTLY CONFIDENTIAL 2 11-Feb-21 Table of contents 1 Business overview and competitive environment p. 4 2 Valuation approach and methodolgy p. 9 3 Valuation analysis p. 19 4 Analysis of upside from potential towers disposal p. 28 5 Valuation summary p. 39 6 Appendix p. 43 STRICTLY CONFIDENTIAL 3 1. Business overview and competitive environment STRICTLY CONFIDENTIAL 4 11-Feb-21 Obelix business overview #3 telecom player in Belgium with strong market share in mobile Business description Long-term historical financials (€m) • Major telecommunication actor in Belgium and Luxembourg 1,298 1,341 1,315 • Present in the B2C market as a provider of prepaid and subscribtion mobile 1,235 1,251 1,242 services as well as TV and internet services via cable network in Belgium • B2B offering as an integrated communications operator: mobile & fixed 25.2% 24.3% 25.8% telephony, broadband internet, as well as connectivity and mobility services 22.3% 23.2% (incl. big data and IoT) 19.9% • 3.1m mobile customers(1) as of 31-Dec-2020, representing a c.30% market (4) share 316 (4) 339 276 302 259 311 • Owner of 3,300 towers, of which 200 in Luxembourg 193 168 188 179 180 180 • Subsidiary of Orange (53%) listed on the Brussels Stock Exchange • Tender offer on the remaining 47% stake it does not own at €22 per share FY15A FY16A FY17A FY18A FY19A FY20A announced by Orange on 03-Dec-2020, valuing the company at €1.3bn EV(2), or 4.7x / 4.5x FY20E / FY21E EBITDAaL(3) Revenues Adj. EBITDAaL Capex Adj. EBITDAaL margin Geography and segment breakdown (2020) Corporate governance By geography By segment Executive Board of Directors Committee J. Deschuyffeleer X. Pichon Other 2% Xavier Chairman CEO Luxembourg Convergent Pichon Wholesale C. Naulleau M.-N. Jégo-Laveissière CEO 5% 19% 17% Chief Governance Off. CEO Europe Since 2020 Equipment sales C. Heriard Dubreuil B. Mandine €1.3bn 10% €1.3bn Corporate development ED Communications IT & Integration Mobile Antoine R. Fernandez J.-M. Marc Vignolle 3% Chouc ED Finance COO Europe 45% CFO Belgium Fixed Retail From 2021 G. Dallemagne* W. Vertraete* 95% 5% service 69% N. Lemaitre* M. De Rouck* Source: Company, broker Notes: (1) Of which 2.6m postpaid and 0.5m prepaid, (2) Based on bridge items as of 30-Sep-2020 excluding IFRS 16 liabilities, STRICTLY CONFIDENTIAL 5 (3) Forecasts as of 02-Dec-2020 – not adjusted for brand fee, (4) EBITDAaL adjusted for brand fee – see page 20 for reference, Orange Group, Independent, ED = Executive Director 11-Feb-21 Obelix corporate timeline Growth engine has been reignited over the last 5 years Average • Creation of Mobistar in • IPO on the Brussels X.X market cap (€bn) Belgium, a JV between Stock Exchange Telinfo (Proximus) and France Telecom X.X Revenues (€bn) n.m. 1996 n.a. 2.5 1998 0.3 4.0 • Acquisition of KPN • 4G license granted to • Acquisition of a Belgium Business for Mobistar 90% stake in €65m Voxmobile • First commercial 2007 • Voxmobile rebranded in (Luxembourg) for offering launched in Orange Luxembourg €80m 2014 1.5 1.7 2011 2.8 1.6 2009 2.8 0.9 • Fixed TV and • Rebranding of internet • Provisional 5G license Mobistar in Orange services granted Belgium stopped – 2013 • Public tender offer Mobistar • New fixed offering from Orange at €22 operates as through cable network p.s. a mobile 1.5 pure player 1.2