1. Ordinary General Shareholders’ Meeting Brussels, 8 April 2009

2. Simultaneous translation English : channel 3

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4. Voting procedure

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12. Test question Stijn Devolder will win Paris-Roubaix next Sunday. 1.FOR 2.AGAINST 3.ABSTAIN

13. Theo Dilissen Chairman of the Board

14. Dirk Lybaert Secretary General

15. Theo Dilissen Chairman of the Board

16. Introduction Chairman A strategy of convergence and innovation Social dialogue and motivated employees Multiple challenges for 2009

17. Didier Bellens President & CEO

18. Belgacom strategy

19. Belgacom continues to execute on a consistent strategy Focus on:  Organic growth through a high-quality network  Convergence as key to long-term success  Continued disciplined stance on M&A

20. Organic growth through high-quality network  Continuous investments in future-proof network  Meet growing technological needs of customers  Supporting innovation Best in class broadband coverage  Belgium ranks high in terms of Broadband penetration: 99.85% of households covered  Since its launch in 2004, VDSL covers 66.2% of population, with capacity of up to 20 Mbps  Investments kept at reasonable level: € 470 mio spent to date, including € 91 mio in 2008  Belgacom aims to increase the VDSL2 coverage to 80%  ADSL & VDSL network creates footprint for Belgacom TV, with population coverage of 86.6% Over 90% 3G coverage  Belgacom 1st operator in Belgium to invest in 3G and to upgrade to HSDPA  Population coverage of 90.2% end 2008  To date, € 446 mio capex invested, including € 30 mio in 2008 ‘Move to all IP’ project launched in 2008  Business transformation project incl full re-engineering of network, IT systems & processes  Estimated investment of € 400 million over 2008-2012

21. Convergence as key for long term success  Leveraging nation-wide fixed & mobile network through new offers combining fixed and mobile calling or Internet use  “Together” for consumers ~ 1 million customers  “Fusion” for SME – 66,000 customers  Happy Time One  Mobile Internet Free Weekend  Belgacom in unique position to offer flexible end-to-end telecom and IT solutions  Move consumers from single to multi-play offers through converged packages  By end of December 2008, a total of 302,000 packs were sold.  Belgacom intends to further increase the number of multi-play customers through enhanced, simplified and innovative product packs.  Belgacom already has customer relationships with 80% of the households in Belgium.  In the future we will offer unique bundles, leveraging our unique assets.  One billing and One customer management.

22. Continued disciplined stance on M&A Growth through in-market acquisitions  Belgacom also aims to grow through attractive in-market deals Mobile-for, Tunz: Belgacom takes part in growing Mobile payment business Launch of new brand together with our partners: The brand PingPing and its related logo will indicate where customers can make mobile payments, with all its advantages. Fast, user-friendly, interactive, requiring no small change, etc., The system can be accessed by all mobile phone users, regardless of their operator. Via Scarlet, a no-frills provider of fixed and mobile services, Belgacom will penetrate a new market segment and reinforce its multiplay offering in Belgium. Disciplined stance on international M&A  Monitor growth opportunities outside Belgium in a disciplined way  Tango as strategic fit: Via Tango, the second mobile market player in Luxembourg, Belgacom will on the one hand maintain the residential mobile offer and on the other hand further penetrate the corporate segment by leveraging Telindus’s presence.

23. Annual results 2008

24. Group financial highlights FY guidance met on all key metrics:  Group revenue -1.4% YoY  EBITDA margin of 33.3%  Capex excl. football broadcasting rights at 11% of Group revenue Group result includes:  Regulatory impact: revenue impact of -€138 mio and EBITDA impact of -€81mio  Contribution of Scarlet and Tango  Revenue loss due to divestments of Telindus ‘non-core’ international branches Strong financial position:  Net debt of 0.9 times EBITDA  Limited debt maturing in 2009 (300 mio in Q409)

25. Consolidated income statement Financial result influenced by:  2007: gains realized on disposal Mobistar & Eutelsat interests  2008: additional interest payments due to increased debt level Non-recurring expenses:  € 53 mio restructuring programs  € 34 mio for ICT divestment project  € 6 mio for disposal of WIN

26. Group operational highlights  Successful year for Belgacom TV  +201,000 customers, exceeding customer growth of last year.  Strong Q408 +63,000 net adds, brings TV customer base end 2008 to 506,000  296,000 Mobile customers added in 2008  Including 237,000 postpaid customers  Strong Q408 with +96,000 mobile customers  Broadband customer growth: +108,000  Total customer base end 2008 at 1,345,000  Voice access line loss stabilized due to VoIP offer  Continued success of converged product packs  149,000 sold in 2008  Total of 302,000 end 2008  Strong volume growth in International Carrier Services  Full-year revenue growth of 8.9% with margin at 7.9%

27. Consumer Business Unit (CBU)

28. YoY CBU revenue increased 1.0% to € 2,253 mio, EBITDA declined 0.5%  Total regulatory impact for 2008 of € 55 mio. Excl. regulation, revenue increased 3.4%  Impact of Voice roaming regulation limited as of Q4’08  Growth in TV and data revenue and the acquisition of Tango and Scarlet fully offset regulatory impact Financial performance Business performance CBU - Highlights Solid 2008 operational results:  +195k new mobile customers in 2008, including 136k postpaid customers. Strong growth in Q4 with +72k resulting from successful year-end promotion  Strong Q4’08 for Belgacom TV with +63k net adds. End 2008, total TV customer base of 506k users with an ARPU of €17.2  +26k new broadband customers in Q408 leading to a total of +85k new broadband customers for 2008, an improvement compared to the 77k net adds in 2007  As from H2’08, slowdown in fixed line loss due to the growing number of VoIP lines. End 2008, net line loss amounted to -162k versus -170k in 2007

29. CBU - Belgacom TV 2008 target exceeded: 201k new TV users added vs. 166k in 2007  Peak in Q408 of +63k net adds due to success of year-end promotion on “TV+Internet” pack  YoY net adds increased by +201k leading to a total customer base of 506k users end 2008, including 65k 2 nd stream users. TV ARPU continues to grow:  YoY +7.0% to €17.2 driven by the success of on-demand services & lower impact of promotions on increasing TV revenue base Strong Q4 2008 for Belgacom TV, with 63,000 new customers. End 2008, the total TV customer base amounted to 506,000 users.

30. Enterprise Business Unit (EBU)

31. EBU - Highlights  YoY EBU revenue decreased 2.8% to €2,696 mio, EBITDA -1.9%  -€73 mio regulatory impact on 2008 revenue. Excluding regulation, revenue -0.2%, including divestment program and sale of Satellite services  Contribution margin slightly up to 47%  Advanced mobile data + 33% revenue YoY Financial performance Business performance  Execution on Convergence strategy:  ~ 25,000 Explore sites connected end 2008  ~ 66,000 SMEs on Fusion offer  Initiatives taken to further strengthen EBU position:  New segment organization: SME – Corporate –International  ICT focus on Belgium & 5 core countries – divestment program completed  Scope narrowed to core ICT products  Data center solutions growing business.  Surface of ~15,000m².  Awarded ISO 27001 certificate  EBU takes part in growing Mobile payment business: SMS ticketing & SMS parking  Q408 shows strong pipeline, and important contract deals were closed

32. International Carrier Services (ICS)

33. ICS – Highlights  Total ICS Revenue increased 8.9% YoY  Strong growth Voice volumes (+17.3%) driven by continued growth in mobile segment (Africa & Asia) However, positive effect on voice revenue partly offset by decrease in mobile termination rates  Growth mobile data revenue (+42.2%) driven by increase in signalling and SMS  EBITDA margin increases from 7.2% in 2007 to 7.9% in 2008

34. Agenda

35. Questions & Answers

36. Proposed resolutions

37. Vote on the proposed resolutions

38. Proposed resolution Approval of the annual accounts with regard to the financial year closed on 31 December 2008, including the following allocation of the results : Profit of the period available for appropriation141,309,085 € Net transfers from the reserves available556,481,178 € Profit to be distributed697,790,263 € Remuneration of capital (gross dividends) *690,771,221 € Other beneficiaries (Personnel)7,019,042 € (*) : For 2008, the gross dividend amounts to EUR 2.18 per share, entitling shareholders to a dividend net of withholding tax of EUR 1.635 per share, from which, on 16 December 2008, an interim dividend of EUR 0.50 (0.375 EUR per share net of withholding tax) was paid; so that at present a gross dividend of EUR 1.68 EUR per share (1.26 EUR per share net of withholding tax) will be distributed : - 14 April 2009 : ex dividend date - 16 April 2009 : record date - 17 April 2009 : payment date 1.FOR 2.AGAINST 3.ABSTAIN

39. Proposed resolution Granting of a discharge to the members of the Board of Directors for the exercise of their mandate during the financial year closed on 31 December 2008. 1.FOR 2.AGAINST 3.ABSTAIN

40. Proposed resolution Granting of a discharge to Mr Didier Bellens for the exercise of his mandate during the financial year closed on 31 December 2008. 1.FOR 2.AGAINST 3.ABSTAIN

41. Proposed resolution Granting of a discharge to Mr Guido J.M. Demuynck for the exercise of his mandate during the financial year closed on 31 December 2008. 1.FOR 2.AGAINST 3.ABSTAIN

42. Proposed resolution Granting of a discharge to Mr Pierre-Alain De Smedt for the exercise of his mandate during the financial year closed on 31 December 2008. 1.FOR 2.AGAINST 3.ABSTAIN

43. Proposed resolution Granting of a discharge to Mr Theo Dilissen for the exercise of his mandate during the financial year closed on 31 December 2008. 1.FOR 2.AGAINST 3.ABSTAIN

44. Proposed resolution 1.FOR 2.AGAINST 3.ABSTAIN Granting of a discharge to Mrs Carine Doutrelepont for the exercise of her mandate during the financial year closed on 31 December 2008.

45. Proposed resolution Granting of a discharge to Mrs Martine Durez for the exercise of her mandate during the financial year closed on 31 December 2008. 1.FOR 2.AGAINST 3.ABSTAIN

46. Proposed resolution Granting of a discharge to Mr Philip Hampton for the exercise of his mandate during the financial year closed on 31 December 2008. 1.FOR 2.AGAINST 3.ABSTAIN

47. Proposed resolution Granting of a discharge to Mr Georges Jacobs for the exercise of his mandate during the financial year closed on 31 December 2008. 1.FOR 2.AGAINST 3.ABSTAIN

48. Proposed resolution Granting of a discharge to Mrs Mimi Lamote for the exercise of her mandate during the financial year closed on 31 December 2008. 1.FOR 2.AGAINST 3.ABSTAIN

49. Proposed resolution Granting of a discharge to Mr Michel Moll for the exercise of his mandate during the financial year closed on 31 December 2008. 1.FOR 2.AGAINST 3.ABSTAIN

50. Proposed resolution Granting of a discharge to Mr Oren G. Shaffer for the exercise of his mandate during the financial year closed on 31 December 2008. 1.FOR 2.AGAINST 3.ABSTAIN

51. Proposed resolution Granting of a discharge to Mrs Michèle Sioen for the exercise of her mandate during the financial year closed on 31 December 2008. 1.FOR 2.AGAINST 3.ABSTAIN

52. Proposed resolution Granting of a discharge to Mr Robert Tollet for the exercise of his mandate during the financial year closed on 31 December 2008. 1.FOR 2.AGAINST 3.ABSTAIN

53. Proposed resolution Granting of a discharge to Mrs Lutgart Van den Berghe for the exercise of her mandate during the financial year closed on 31 December 2008. 1.FOR 2.AGAINST 3.ABSTAIN

54. Proposed resolution Granting of a discharge to Mr Paul Van de Perre for the exercise of his mandate during the financial year closed on 31 December 2008. 1.FOR 2.AGAINST 3.ABSTAIN

55. Proposed resolution Granting of a special discharge to Mr Maurice Lippens for the exercise of his mandate until 3 October 2008. 1.FOR 2.AGAINST 3.ABSTAIN

56. Proposed resolution Granting of a discharge to the members of the Joint Auditors for the exercise of their mandate during the financial year closed on 31 December 2008. 1.FOR 2.AGAINST 3.ABSTAIN

57. Proposed resolution Granting of a discharge to ERNST & YOUNG, Réviseurs d’entreprises S.C.C./Bedrijfsrevisoren B.C.V., represented by Mr Marnix Van Dooren, for the exercise of his mandate during the financial year closed on 31 December 2008. 1.FOR 2.AGAINST 3.ABSTAIN

58. Proposed resolution Granting of a discharge to Mr Romain Lesage for the exercise of his mandate during the financial year closed on 31 December 2008. 1.FOR 2.AGAINST 3.ABSTAIN

59. Proposed resolution Granting of a discharge to Mr Pierre Rion for the exercise of his mandate during the financial year closed on 31 December 2008. 1.FOR 2.AGAINST 3.ABSTAIN

60. Proposed resolution Granting of a discharge to CALLENS, GUEVAR, VAN IMPE & Co, represented by Mr Herman Van Impe, for the exercise of his mandate during the financial year closed on 31 December 2008. 1.FOR 2.AGAINST 3.ABSTAIN

61. Proposed resolution To appoint Mr Jozef Cornu as Board member for a period which will expire at the annual general meeting of 2015. 1.FOR 2.AGAINST 3.ABSTAIN

62. Proposed resolution To set the remuneration for the mandate of Mr J. Cornu as follows, in accordance with the recommendation of the Nomination and Remuneration Committee: Fixed annual remuneration of EUR 25,000; Attendance fee of EUR 5,000 per Board meeting attended; Attendance fee of EUR 2,500 per Board advisory committee meeting attended; EUR 2,000 per year to cover communications costs. 1.FOR 2.AGAINST 3.ABSTAIN

63. Proposed resolution To renew the mandate of ERNST & YOUNG, Réviseurs d’entreprises S.C.C./Bedrijfsrevisoren B.C.V., represented by Marnix Van Dooren, in charge of certifying the consolidated accounts for the Belgacom Group, for a period of three years. The fees of the auditor are fixed at EUR 281,000 per year (indexed). 1.FOR 2.AGAINST 3.ABSTAIN

64. The annual general meeting takes note of the decision of the “Cour des Comptes” taken on 28 May 2008, regarding the nomination of Mr Romain Lesage as member of the Board of Auditors of Belgacom S.A. of public law for a new term of six years as of 1 July 2008.

65. Ordinary General Shareholders’ Meeting Brussels, 8 April 2009