Company Presentation Table of contents 2

2

Who we are …………………………………………….…………………………………………..…………P 3

Governance……………………………………………….………………………………………..….………P 10

Markets we operate ……………….…………………………………………..…………P 15

Our strategy………………………………………….…………………………………………….…………P 20

Key figures 2020 & outlook…………………………………..………P 45

Contact information……………………………………………………..…………..……P 52 3

Who we are The investment case in a nutshell Who we are 4

Assets Customer base Strategy Sustainability Sound financial • Nationwide high-quality • Strong nation-wide market • Clear multi-year strategy • Playing a key role in position Mobile and Fixed networks positions in Consumer and set to bring the company to enabling the digital further upgraded, building Enterprise. growth: society. • Attractive 3-year dividend the best gigabit network for • Well-positioned to benefit • Sustainability and circularity commitment over the . from customer 1. Build best gigabit network for overall embedded. result of 2020-2022. • Strong brands, meeting the convergence trends. Belgium • Proximus taken a leading • Dividend yield of xx% end 2.Operate like Digital native needs of a wide range of • Open network architecture role in reducing its CO2 2020. company • Strong track record of customers. provides strong growth 3.Grow Profitability emissions. cash generation. • Highly developed, multi- potential in the Wholesale 4.Act for a green and digital • Internationally recognized channel sales network segment. society for its sustainability efforts. • Sound balance sheet allows best-in-class access • Exposure to international • Sustainable finance thanks to disciplined for customers. markets. • Fast execution leading to framework. capital allocation, with • Committed and talented significant steps forward over the ability to invest in employees. 1st year. growth and long-term business development. Proximus is a provider of digital Who we are 5 services and communication solutions operating in the Belgian and international markets.

We open up a world of digital opportunities, so people live better and work smarter.

We do this by building the best open gigabit networks,

offering products and services tailored to the needs of every customer,

by being the trusted partner of companies and Belgian society in their digital evolution,

and by contributing to a green and digital society. Through a multi-brand strategy, we meet Who we are 6 the demands of a wide range of customers

In Belgium, our core products and services are offered under the Proximus and brands.

Best quality and service The Specialist in smart and Fast growing leader in Global leader in digital No frills offering for with a full choice of telecom operator in secure IT platforms. digital identity communications, cloud customers features. With the brand , From on-premises services to internet communication, Mobility, looking for the best promise “Think possible”, offers fixed and mobile solutions to hybrid cloud properties, digital Roaming and IoT, prices. the brand empowers , Internet and environments and IT as a champions and cloud targeting the business- everybody television service, native businesses critical needs of telco to thrive in a digital services to residential Telindus ensures that and with a growth path in operators, xVNOs, world. customers and small businesses excel and programmable enterprise software businesses with fewer accelerate. Telindus communications. providers and global than 10 employees. operates in Luxembourg enterprises. and the . A long history… Who we are 7

2011 ….and ready for the future Who we are 8

Announced Fiber Joint Ventures

Brand change to Proximus, Mobile Network Full shares listed Sharing First 5G cities ownership under “PROX” st 1 5G test Acquired by Agreement with with provisional in Belgium BICS Orange spectrum license

2015 2016 2017 2018 2019 2020 2021 2022

Launch of Fiber for Acquisition New CEO Mobile Vikings #inspire 2022 “Fit for growth Belgium of small-sized, highly Guillaume Boutin In the process of Back to Revenue strategy” specialized IT #inspire 2022 being acquired by & EBITDA growth companies strategy Proximus 9

Governance & shareholder structure Governance structure Governance 10

Shareholders As a limited liability company under public law, governance is imposed by the Law of 21 March 1991 on the reform of certain autonomous Board of Directors economic public companies (“the 1991 Law”). General policy, strategy, supervises operational management. For matters not explicitly regulated by the

1991 Law, Proximus is governed by the Audit & Nomination & Transformation Compliance Remuneration & Innovation Belgian Code of Companies and Associations Committee Committee Committee of 29 March 2019 ("the Belgian Code of Companies and Associations") and the Belgian CEO & Executive Committee Corporate Governance Code of 2020 ("the Operational management including, but not limited to, day-to-day management. 2020 Corporate Governance Code"). Organisation Board of Directors Governance 11

Board of directors

~40% Female representation

Martin De Prycker (2) Pierre Demuelenaere (2) Karel De Gucht (1) Martine Durez (1) Catherine Rutten (2) Stefaan De Clerck (1) Guillaume Boutin (1) Director Director Director Director Director Chairman Chief Executive Officer until AGM 2023 until AGM 2021 until 25/09/2021 until AGM 2022 until AGM 2023 until AGM 2022

• Max. of 14 members, incl. CEO • Candidates proposed by the Nomination and Remuneration Committee • Members appointed at the AGM

• Any shareholder holding ≥25% has the right to Joachim Sonne (2) Isabelle Santens (1) Agnès Touraine (2) Paul Van de Perre (1) Catherine Vandenborre Luc Van den hove (2) Director Director Director Director (2) Director nominate directors for appointment pro rata to his until AGM 2024 until AGM 2022 until AGM 2022 until AGM 2022 Director until AGM 2024 shareholding, hence Belgian state has the right to until AGM 2022 appoint 7 members (1) • Directors appointed for renewable term of up to 4yrs, (1) Appointed by the State (2) Independent max term for independent directors limited to 12yrs. AGM: Annual General Meeting of shareholders New executive committee composition Governance 12

Guillaume Boutin CEO (renewable 6-yr contract started 1/12/’19)

Servicing Network & IT Support units units units

Consumer Enterprise Customer Digital & IT Network Finance Human Corporate Business Unit Business Unit Operations Business Unit Resources Affairs

Smart City

Jim Casteele Anne-Sophie Lotgering Renaud Tilmans Antonietta Mastroianni Geert Standaert Mark Reid Jan Van Acoleyen Dirk Lybaert Chief Consumer Chief Enterprise Chief Customer Chief Digital & IT Officer Chief Technology Officer Chief Financial Officer 1 Chief Human Resources Chief Corporate Market Officer Market Officer Operations Officer Officer Affairs Officer

Wholesale 1 Mark Reid, appointed Chief Financial Officer starting 1 May 2021. Until that date, Katleen Vandeweyer is taking up the role of CFO a.i. Shareholder structure Governance 13 Situation 31/12/2020

Total number of shares Free-float Belgian Government 338,025,135 42% 54%

Number of shares Number of shares Number of shares % shares % Voting rights % Dividend rights with voting rights with dividend rights

Belgian state 180,887,569 53.51% 56.06% 55.94% 180,887,569 180,887,569

Proximus own shares 15,335,109 4.54% 0.21% 693,702

Free-float 141,802,457 41.95% 43.94% 43.85% 141,802,457 141,802,457

Total 338,025,135 100.00% 100.00% 100.00% 322,690,026 323,383,728

The voting rights of all treasury shares are suspended by law. Proximus has 14,641,407 treasury shares that are not entitled to dividend rights and 693,702 treasury shares that are entitled to dividend rights.

Transparency declarations: According to Proximus’ bylaws, the thresholds as from which a shareholding needs to be disclosed have been set at 3% and 7.5%, in addition to the legal thresholds of 5% and each multiple of 5%. Committing to an attractive shareholder Governance 14 remuneration policy

Proximus anticipates a substantial increase in network investments over the coming years, replacing a significant part of its historical copper network with future proof fiber. The elevated investment level is considered as being of exceptional nature and will for a large part be funded by means of an optimized capital structure and by selected asset sales. Committing to an attractive Remuneration Policy for its shareholders, while creating a path towards a return to dividend coverage by FCF, Proximus rebased its annual dividend to a sustainable level. Therefore, Proximus intends to return over the result of €1.2 2021 and 2022 an annual gross dividend of € 1.2 per share, to be considered as a floor. gross dividend/share payable in 2 tranches (April, December) On an annual basis, the proposed dividend will be reviewed and submitted to the Board of Directors, in order to keep strategic financial flexibility for future growth, organically or via selective M&A, with a clear focus on value creation. This also includes confirming appropriate levels of distributable reserves.

The shareholder remuneration policy is based on a number of assumptions regarding future business and market evolutions and may be subject to change in case of unforeseen risks or events outside the company's control. 15

The markets we operate in The Belgian Consumer Market Markets 16

PROXIMUS multi-brand strategy Belgium

• National player Flanders • Cable competitor North & 2/3 of • Challenger for Fixed in North • Leader in North for Fixed • Leader for Fixed in South except for dTV • Acquired BASE mobile network • National leader for Mobile Brussels c.11.4 M inhabitants c. 4.9 M households • Full Mvno on Wallonia Orange • National Mobile player • In the process of • Challenger for Mobile • No-frills provider being acquired by • No fixed offer • National challenger Proximus • Owned by for Fixed & Mobile

• Cable Competitor in South & 1/3 of Brussels • National player • +30 MVNOs • Challenger for Fixed voice, Fixed broadband & Mobile • Mobile network operator • Challengers for Mobile • Leader in South for dTV • Offering Fixed services via Cable Wholesale • In process of being sold The Enterprise Market Markets 17

Belgium

• Maintains solid position in Telco market • Telenet high focus on Flanders, but national • Market leader for fixed as well as mobile coverage via multiple access technology and • Strong ICT offer supported by Niche players International players partnerships partnerships & acquisitions • Reinforced its position through take-over of IT (e.g. Telindus, Codit…) integrator Nextel and cable operator SFR • Challenger on fragmented IT market • Mainly operating in the SME market • N°1 M2M player

Main IT competitors (fragmented market)

Main telecom competitors: • Main challenger on the mobile • WIN is sister of VOO ; the ICT B2B branch of enterprise market Group Nethys. Focus on Wallonia & Brussels. • International M2M Competence • VOO is mainly focusing on smaller Center of the Group is hosted by enterprises, WIN on higher segment • Own network and Wallonia Data Center Regional coverage (and national coverage via partners) The Wholesale Market Markets 18

Fixed B2B competitors:

• National player, building the open fibre • Main challenger on the wholesale and 5G network of Belgium fixed B2B market • Maintains solid position in wholesale Telco • Mainly focusing on domestic & B2B market, mobile backhauling market, Domestic operators International operators local operators active in Belgium traditional voice interconnect (fix + mobile) and transit market • Challenger for MVNO & Fixed B2C market • Recently signed WS contracts with One Bill Global, Youfone, Citymesh and Sewan

MVNO players MVNO competitors: • Focus limited to Wallonia • Offers Fixed WS services to Orange

Backhauling operators

• National MVNO player Fixed B2C • Offers Fixed WS services to Orange competitors: • High focus on Flanders, but national coverage via multiple access technology and partnerships

• Active on the MVNO market The International Market Markets 19 We operate internationally through TeleSign and bics

Key • Fast growing leader in digital identity competitors: services to internet properties, digital champions and cloud native businesses and with a growth path in programmable communications.

MTN & to remain important Key commercial partners of BICS going forward. competitors:

• Global leader in digital communications, cloud communication, Mobility, Roaming and IoT, targeting the business-critical needs of telco operators, xVNOs, enterprise software providers and global enterprises.

PDF: Proximus acquires full ownership of bics 20

Our strategy #inspire2022

For more information, visit Capital Markets Day Strategy 21

We raise the bar and commit to

Build the best Operate like a GROW PROFITABLY Act for a GIGABIT NETWORK “DIGITAL native” through partners GREEN and for Belgium company & ecosystems digital society Strategy 22

We raise the bar and commit to

Build the best GIGABIT NETWORK for Belgium We ambition to Strategy 23 cover at least 4.2M

70% of Belgium 3.2M 2M HP with Fiber, JV rollout in medium together with our dense areas partners. Homes & Businesses 460 Passed (in K) 2.2MHP 4.2M Proximus Homes and businesses passed by 270 rollout in 2028 most dense 150 areas

YE2018 YE2019 YE2020 2025 2028

Infrastructure ✓ First mover advantage thanks to a rapid rollout, with a run-rate of around 10% coverage per year ✓ Open access and non-discriminatory fiber network ✓ Retail and wholesale monetization, cost efficiency For more information, and copper phase out visit Fiber Update Strengthen our mobile leadership by leading in Strategy 24 5G, the mobile network of the future For more information, visit 5G, the new generation mobile network

Nokia and Ericsson Network partnership Proximus, 1st operator in selected as partners with Orange Belgium to launch public 5G

to modernize 2G/3G/4G RAN network by 2023. & key partner in 5G network deployment.

✓ Using existing 2.1 GHz band, 5G available ✓ Active sharing of Radio Access Network at 138 sites in 69 cities and municipalities, equipment, across all technologies mainly in Flanders.(End 2020)

✓ Better coverage & quality, especially in ✓ Using the provisional spectrum license for dual-mode 5G Core solution rural areas the 3.6-3.8 GHz band on a selection of sites.

✓ Enable faster and broader 5G coverage ✓ Awaiting the definitive spectrum auction (likely early 2022) Building the best gigabit network to the Strategy 25 benefit of everyone.

Our gigabit network is an open network on which all other operators are welcome to offer services to their customers. Recently announced By onboarding a maximum number of wholesale customers to agreements with: our networks, we increase the usage rate of our network.

✓ Closed 28 Fiber deals, of which 8 new in 2020

✓ 5G network open to wholesale customers as from launch The value delivered by the gigabit network Strategy 26

A unique open Cornerstone of Proximus For long-lasting benefits infrastructure long term returns for Proximus & Belgium

Most future-proof To offer the 10 Gbps infrastructure for long lasting best speed… Ready Network leading position in Belgium 100% high speed Internet target

…and the 45% better Open to strategic Catalyst for local economy lowest latency Latency vs. coax partnerships to optimize roll- and innovation out costs Thousands of jobs created through partners …enabling Network-as- Compelling economics a-service, with 5G and edge ✓ Retail market share gains computing ✓ ARPC uplift ✓ Wholesale market share opportunity ✓ Decrease of operational costs ✓ Future-proof CAPEX and copper CAPEX avoidance Strategy 27

We raise the bar and commit to

Operate like a “DIGITAL native” company Global Covid-19 crisis Strategy 2328 accelerating our digital journey

360,000 customers opted for e-billing, an Launch of our 20,000 avoided 360,000extra customers85 tons of new chatbot: Customer interventions opted forpaper e- savedbilling, 85 Proximus Assistant thanks to machine tons of paper extra saved learning

360,000 customers 360,000 customers New digital customer MyProximusopted for e-billing,and anPickx 21%opted e-sales for e-billing, an extra 85 tons of extra 85 tons of interaction tools: app ratingspaper in saved in 2020paper saved digital kiosks and and App Store: 4/5 video appointments Our Enterprise segment undergoing a Strategy 29 massive multi-year transformation

Future-proof Next gen portfolio go-to-market

Modular & templated solutions Segment-specific: from 6 to 12 segments Convergence telco & ICT Opti-channel with x2 indirect channel reach and strong digital presence Pro-active move to next gen connectivity (e.g. 60% top fixed data customers migrated to SD-x) Increased focus on mid-market Top-tier in public and hybrid cloud Strong partnerships Top-tier in Cybersecurity Co-creation with customers

Proximus Enterprise as a smart integrator a broad, segmented and modular next gen portfolio End-to-end simplification to drive Strategy 30 strong reduction of IT costs

Eliminate complexity Fully modular architecture Agile ways of Broad adoption of cloud for in portfolio with re-usable capabilities working applications, platforms and and processes through APIs at scale infrastructure

>95% -80% >80% >30% straight-through-process functional of development applications for digital orders overlap activities in agile on public cloud

-40% IT costs by 2025 (Opex and capex, c. € 260M in 2019), shorter time to market and best-in-class digital experience The value delivered by digitalization Strategy 31

Best in class digital Best in class digital customer experience processes

▪ Faster go to market ▪ Simplified customer interactions ▪ Robotics Process Automation and Machine Learning ▪ New digital customer interaction tools ▪ Simplified processes and IT landscape ▪ Increasing Digital sales

✓ Increasing customer ✓ Delivering cost satisfaction & NPS efficiencies Strategy 32

We raise the bar and commit to

GROW PROFITABLY through partners & ecosystems Strategy 2433 Strongly growing customer base supporting revenue Postpaid excl. M2M generation Net adds Net adds Group 48 36 174 31 21 (‘000) Group 92 (‘000) FY'19 FY'20 FY'19 FY'20 FY'19 FY'20

Total base +2.3% YoY Group +2.2% YoY +4.2% YoY to 2,137K (‘000) to 1,677K to 4,277K Successful customer growth driven by Strategy 34 investing in the right ingredients 34

Best content… multi-branded and networks… segmented offers. Pickx

Revamped mobile offer Flex family offer Flex, a new range of packs launched 1 July Strategy 35 2020, driving growth and convergence

TV & entertainment At home experience Mobile experience experience

• Unlmtd internet with • A unique TV experience with • Worry- surfing for optimized wifi Pickx on all your screens everyone • Family life app • My e-Press • A second, third… mobile subscription as from 9€

Grow ARPC Grow multi-mobile Drive convergence Grow NPS Exploring new ecosystems through strategic Strategy 36 partnership Belfius – Proximus

Q2 ’21 Launch of Belfius as agent with a specific telco offer

Banx H2 ’21 Launch of BANX

• Proximus to bring innovative digital solutions to its customers

• 100% asset light daily banking offer

• Sustainability at the core We further Strategy 37 complemented our multi-brand strategy with the acquisition of Mobile Vikings

Belgian mobile virtual network operator targeting the segment of

youngsters, with 335K customers end-2020.

Strong, complementary brand, with network and commercial synergies,

and value creation opportunities through convergence.

Transaction closed at enterprise value of € 130M.

Completion of the deal is subject to the approval of the Belgian Competition Authority. Proximus acquiring full ownership of BICS Strategy 38

Full strategic flexibility to execute BICS’ growth plan.

20.0% Proximus obtained a BICS and TeleSign, focused execution in respective 100% stake in BICS by markets while maximising operational synergies. acquiring Swisscom’s 22.4% and MTN’s 20.0% stake. 57.6% 22.4% MTN & Swisscom to remain important commercial partners of BICS going forward. Strategy 39

We raise the bar and commit to

Act for a GREEN and digital society Our solidarity in a difficult 2020 Strategy 40

Keeping people Supporting the Trusted digital & businesses healthcare sector connected partner for public and acting for digital authorities, cities and inclusion business

18,500 donated Wi-Fi codes Technical & financial support for Free calls to Digital training for 10,400 Covid-19 Track & Trace call center people (students, teachers, seniors) + 10Gb mobile data Offered solutions to operate safely: to healthcare workers 1,500 donated laptops to IoT sensors, cameras, Wi-Fi, connectivity and Realtime Crowd Unlimited Internet at home DigitalForYouth.be Management tools Increased upload speeds 1,200 tablets & Connectivity to vaccination centers, Support via video chat and urgent to retirement homes & hospitals and IoT sensors to monitor the repair interventions temperature of vaccines Supported video consultations Ensured business continuity by by partnering with Doctena - Member of the Data & Technology constant network monitoring doctors’ online booking national taskforce against Corona and by anticipating peaks platform We aim for a net positive contribution to Strategy 41 a net zero planet by 2030

4th time … and are recognized for it : in a row Surpassing 2025 Strategy 42 We strongly reduced our scope 1 & 2 emissions over CO2 footprint the last decade

target in 2020 CO2 emissions (KTon)

166 CO2 neutral since 2016 thanks to Gold Standard 39 37 27 compensations 2007 2018 2019 2020

CO2 emissions in KTon (scope 1, 2 & 3) -105 * We are actively engaging with suppliers to reduce scope 3 714 848 779 674 CO2 emissions % of annual spend covered by (KTon) circular Manifestos 2018 2019 2020 2025 *Due to exceptional conditions Ambition 50% 809 742 647 only 4% scope 1&2 thanks 19% to significant efforts in the 2018 2019 2020 past. 2020 2021 Ambition Strategy 43 Aiming to compensate residual impact by In 2020, avoided emissions at B2B customers already avoided compensated for 69% of Proximus emissions emissions at customers -465KTon 69% B2B Reduced CO2 of Proximus’ emissions by PROX = emissions in 2020

B2C On the road to becoming truly circular by 2030 Strategy 44

Devices given a 2nd life Quantity of copper Mobile phones collected after careful inspection and recycled from buildings for re-use, refurbishment testing and networks or recycling

Refurbished devices (K) Recycled Copper (Ton) Don’t miss the call (K)

489 500 994 900 150 65

2020 2021 Ambition 2020 2021 Ambition 2020 2021 Ambition

Including exceptional high Despite the covid-19 modems and 2M level from building impact on collection in decoders collected outphasing shops and at partnering and refurbished companies since 2014 45

Key figures 2020 & outlook

Results 2020 as reported end- February 2021. Restatements following new reporting available on the website. For more information, visit Quarterly results Key figures 2020 46 Snapshot 2020

€ M € 5,479M € 1,740M 1,000 Group CAPEX Underlying Underlying (excl. spectrum) FY 2020 Group revenue Group Expenses -3.6% YoY -3.5% YoY -27M YoY

€ 3,576M € 1,836M € 836M Underlying Underlying Underlying Group direct margin Group EBITDA Group EBITDA – -2.6% YoY -1.8% YoY Capex excl. Spectrum Proximus invested € 1Bn in 2020 Key figures 2020 47 (excl. spectrum & football rights)

Investing amongst others in ….

Build the best GIGABIT network for Belgium

Fiber build Mobile network Transport network IT transformation New Digital platforms FTTH/B 4G population coverage Proactively strengthening Rationalizing IT landscape Automation & AI in 16 cities • outdoor 100% our transport network (-40% IT costs by 2025) boosting efficiency & Nation-wide greenfield • indoor 99.6% customer experience deployment Backbone of all voice, Enable digital ecosystems data & TV traffic: Digital tools & integrated 460K Homes passed end- 5G launched since 01/04 data capacity Agile way of working & cockpits December 2020 (existing spectrum & EMF shorter time to market norms) Investing in Pickx & MyPxs x10 app, improving customer Fiber Capex representing experience 23% out of total Nokia & Ericson selected as Robotic Process Capex in 2020 partners to roll out mobile network of the future Automation (reducing workload) Keeping a sound financial position Key figures 2020 48

Dividends Net debt end to non-controlling Net debt end Adjusted December 2019 Free Cash Flow Dividends interests Other December 2020 5.0 Yr Net Debt* Average debt duration (YTD, M€) Excluding Lease liabilities 1.28X net debt % /ebitda 1.75 352 -485 Weighted average coupon -26 -12 -2,185 -2,356 Credit ratings: Standard & Poor’s A (negative outlook) Moody’s A1 (stable outlook) Debt Maturity Schedule Investment loan (M€) Liquidity end December 2020: Ұ private placement • €318M investments, cash & cash Institutional Eurobonds 400 equivalents (incl. derivatives) 600 Commercial paper • EMTN Program €3,500m 500 500 (€2,100m outstanding). • CP Program €1,000m 150 150 150 (€150M outstanding) 100 11 100 • Committed credit facilities: €750M 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Key figures 2020 49 We have delivered upon our FY2020 EBITDA-Capex guidance, in spite of somewhat

Revised higher than Guidance Actuals Actuals guidance FY metrics FY 2019 FY 2020 anticipated 2020 customer-driven EBITDA - At least € 844M € 836M capex end-2020. CAPEX € 830M

Group underlying € 1,870M € 1,836M / EBITDA

CAPEX Below (excl. spectrum & football € 1,027M € 1,000M rights) € 1 Bn Outlook 50 2021 a transition year, in which we will further execute upon our Domestic revenue: • Gradual roaming recovery anticipated in H2’21 • Customer growth in Consumer Internet, TV and #inspire2022 strategy. Mobile Postpaid base. • Carefully managed Enterprise transition. • Continued impact from eroding SMS inbound traffic (margin neutral on Domestic level).

Group EBITDA Actuals Guidance Guidance metrics • Including higher YoY expenditures FY 2020 FY 2021 • Additional Domestic costs of c. € 50M : ▪ Fiber migrations and IT transformation Underlying Domestic ▪ Cloudification & Roll-out of shared mobile € 4,285M Close to the 2020 level revenue network Mwingz (capex to opex) ▪ Less cost benefits from Covid-19. • Tight cost control in other areas & work on cost efficiencies through digitalization, automation & Underlying Group EBITDA € 1,836M € 1,750-1,775M simplification.

Capex CAPEX (excl. Spectrum & football € 1Bn Close to € 1.2Bn Increase driven by accelerated Fiber roll-out, aiming rights) to double roll-out speed vs. 2020. Investments in Mobile Network & IT transformation.

Net debt / EBITDA 1.28X < 1.6X Net debt/EBITDA Incl. Fiber equity injections, acquisition minority stakes in BICS and of Mobile Vikings (pending competition authorities' approval). Proximus’ #inspire2022 strategy to lead Outlook 51 to growth, and new cost efficiency program launched.

Outlook* (as stated at CMD 31/03/2020) Shaping up new company- Underlying Domestic Grow as of 2022 wide cost program to revenue excl. terminals support further cost efficiencies, targeting about Reduce by -1% to -2% CAGR Cost ambition Domestic Indirect OPEX over the 3-year period 2020-2022 largely reached in 400M€ Gross OPEX 2020 savings by 2025, of which About € 400M over 2020-2025 of which about roughly half reflected in Gross cost savings roughly half over 2020-2022 2020-2022 ambition.

Underlying Domestic Grow as of 2022 EBITDA

* 3-year outlook as announced at the CMD of 31/03/2020 for Domestic revenue, Indirect OPEX and Domestic EBITDA, with as reference 2019 underlying figures as announced on 21 February 2020 and only taking into account assumptions known at that date. No updates on potential changes to assumptions have been provided since then. 52

Contact information For further information 53 Investor Relations

Call: +32 2 202 82 41 +32 2 202 62 17

E-mail: [email protected]

Proximus Investor Relations website : www.proximus.com/en/investors

Nancy Goossens Eline Bombeek Investor Relations Director Investor Relations Manager Cautionary statement 54

“This communication may include some forward-looking statements, without limitation, regarding Proximus’ 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 Proximus’ 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. Except as required by applicable law, Proximus disclaims any intention or obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This document may contain summarized, non-audited or non-GAAP financial information. The information contained herein should therefore be considered in conjunction with all the public information regarding the Proximus Group available, including, if any, other documents released by the company that may contain more detailed information. Information related to Alternative Performance Measures (APM) used in this presentation are included in the consolidated management report.”