CompanyPresentationMay 2020

2

“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.

The information contained herein should 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.”

Cautionary statement

3

Content

Who we are, what we do

The markets we operate in

2019 achievements &

key figures

Strategy#inspire2022

1 2 3 4

4

Who we are, what we do

1

5

✓ Customer centric and digital company

• Aiming to deliver the best customer experience and to simplify the customer journey.

• Partner of citizens, businesses, and Belgian society in their digital evolution, offering adapted products.

✓ Future proof Networks

• Fixed and mobile networks offering access anywhere and anytime to digital services and data, as well as to a broad offering of multimedia content.

• Investing in future-proof networks and innovative solutions, creating the foundations for sustainable growth and becoming a truly customer-centric digital company.

✓ Contributing to society & respecting our planet

• Create an inclusive, safe, sustainable and prosperous digital Belgium.

• Climate-neutral for our own operations since 2016 and we are rapidly shifting towards a more circular economy, requiring fewer resources and producing less waste.

Who we are,what we doProximus is a provider of digital services andcommunication solutions operating in the Belgianand international markets.

✓ Valuable employees

• Our employees are a valuable asset.

• Creating a culture where employees can develop, make a difference, contribute to our results and be our best ambassadors.

5

6

Our sense of purpose

“Opening up a world of digital opportunities so people live better and work smarter.”

We have a long history…7

New CEO:#Inspire 2022 strategyGuillaume Boutinappointedas CEO for asix-year term.

….and prepare for the future.8

2013

Launch 5G

2020

’17-’18: Acquisitionof small-sized, highly specializedIT companies

9Clear governance model

As a limited liability company under public law, governance is imposed by the Law of 21 March 1991 on the reform of certain autonomous economic public companies (“the 1991 Law”). For matters not explicitly regulated by the 1991 Law, Proximus is governed by the Belgian Code of Companies and Associations of 29 March 2019 ("the Belgian Code of Companies and Associations") and the Belgian Corporate Governance Code of 2020 ("the 2020 Corporate Governance Code").

Shareholders

Board of DirectorsGeneral policy, strategy, supervises operational management.

Governance structure

Audit & Compliance Committee

Nomination & Remuneration

Committee

Transformation & Innovation Committee

CEO & Executive CommitteeOperational management including, but not limited to, day-to-day management.

Organisation

10

Number of shares % shares % Voting rights % Dividend rightsNumber of shareswith voting rights

Number of shareswith dividend rights

Belgian state 180,887,569 53.51% 56.04% 55.92% 180,887,569 180,887,569

Proximus own shares 15,257,928 4.51% 0.22% 700,775

Free-float 141,879,638 41.97% 43.96% 43.86% 141,879,638 141,879,638

Total 338,025,135 100.00% 100.00% 100.00% 322,767,207 323,467,982

*31/03/2020

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%.

The voting rights of all treasury shares are suspended by law. Proximus has 700,775 treasury shares that are entitled to dividend rights (to cover the dividends linked to the outstanding stock options granted to key management and senior management of the Group).

We are listed on Euronext Brussels & are part of the BEL20Proximus' main shareholder is the Belgian state, owning ~54% of the company’s shares(status end March 2020)

Board of Directors

Stefaan De Clerck (1)Chairmanuntil AGM 2022

Guillaume Boutin (1)Chief Executive Officer

(1) Appointed by the State(2) IndependentAGM: Annual General Meeting of shareholders

Karel De Gucht (1)Directoruntil 25/09/2021

Martin De Prycker (2)Directoruntil AGM 2023

Martine Durez (1)Directoruntil AGM 2022

Pierre Demuelenaere (2)Directoruntil AGM 2021

Catherine Rutten (2)Director until AGM 2023

Agnès Touraine (2)Directoruntil AGM 2022

Catherine Vandenborre (2)Director until AGM 2022

Isabelle Santens (1)Directoruntil AGM 2022

Luc Van den hove (2)Director until AGM 2024

Paul Van de Perre (1)Directoruntil AGM 2022

Joachim Sonne (2)Directoruntil AGM 2024

Board of directors

11

• 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

nominate directors for appointment pro rata to his shareholding

Wholesale

Smart City

Proximus PLC under Belgian Public Law

Enterprise Business Unit

Consumer Business Unit

Customer Operations

Corporate Affairs

Finance HRStrategy & Transformation

Support units

Servicing units

Network Business Unit

Guillaume BoutinCEO

Jan Van AcoleyenChief Human Resources Officer

Geert StandaertChief Technology Officer

Sandrine Dufour* Chief Financial Officer

Dirk LybaertChief CorporateAffairs Officer

Bart Van Den Meersche*Chief EnterpriseMarket Officer

Renaud TilmansChief CustomerOperations Officer

Executive Committee

Jim CasteeleChief ConsumerMarket Officer

Executive committee12

Network unitNew

* Sandrine Dufour and Bart Van Den Meersche are leaving the company respectively on 1 June and 1 July 2020. Replacement selection process ongoing.

13

The Markets we operate in

2

14

The Consumer Market

Flanders (north)

Wallonia (south)

Brussels

• National player• Challenger for Fixed in North• Leader for Fixed in South except for dTV• National leader for Mobile

• No-frills provider owned by Proximus• National challenger for Fixed & Mobile

• Cable Competitor in South & 1/3 of Brussels• Challenger for Fixed voice, Fixed broadband & Mobile• Leader in South for dTV• In process of being sold by Nethys & Brutélé

• Cable competitor North & 2/3 of Brussels• Leader in North for Fixed• Acquired BASE mobile network

• National Mobile player• Challenger for Mobile• No fixed offer• Owned by Telenet

• +30 MVNOs• Challengers for Mobile

• National player• Mobile network operator• Offering Fixed services via Cable Wholesale

c.11.4 Minhabitants

c. 4.9 Mhouseholds

BelgiumPROXIMUS dual-brand strategy

15The Enterprise Market

• Maintains solid position in Telco market.• Market leader for fixed as well as mobile • Strong ICT offer supported by

partnerships & acquisitions(e.g. Telindus, Codit…)

• Challenger on fragmented IT market• N°1 M2M player

• Telenet high focus on Flanders, but national coverage via multiple access technology and partnerships

• Reinforced its position through take-over of IT integrator Nextel and cable operator SFR

• Mainly operating in the SME market

• Main challenger on the mobile enterprise market

• International M2M Competence Center of the Group is hosted by Orange Belgium

• WIN is sister of VOO ; the ICT B2B branch of Group Nethys. Focus on Wallonia & Brussels.

• VOO is mainly focusing on smaller enterprises, WIN on higher segment

• Own network and Wallonia Data Center Regional coverage (and national coverage via partners)

International playersNiche players

Main IT competitors (fragmented market)

Main telecom competitors:

Belgium

16

The Wholesale Market

• National player• Maintains solid position in wholesale Telco

B2B market, mobile backhauling market, traditional voice interconnect (fix + mobile) and transit market

• Challenger for MVNO & Fixed B2C market

MVNOcompetitors:

Fixed B2C competitors:

Fixed B2B competitors:

• National MVNO player supported by take-over of BASE in 2015.

• Offers Fixed WS services to Orange• High focus on Flanders, but national coverage

via multiple access technology and partnerships

• Active on the MVNO market

• Main challenger on the wholesale fixed B2B market

• Mainly focusing on domestic & local operators active in Belgium

International operatorsDomestic operators

MVNO players

Backhauling operators

• Focus limited to Wallonia• Offers Fixed WS services to Orange

The InternationalCarrier Market

17

One of the key global voice carriers and the leading provider of mobile data services worldwide.

BICS connects the world by creating reliable and secure mobile experiences anytime, anywhere.

Their solutions range from global mobile connectivity, to seamless roaming experiences, fraud prevention and security, and to global messaging and the Internet of Things.

Acquired TeleSign in 2017, and became world’s 1st end-to-end Communication Platform as a Service (CPaaS) provider.

Main competitors:

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Notes• The financials results of Proximus Group are reported under the accounting

standards IFRS 15 and IFRS 16 (replacing IAS 17 as of 2019).

• All figures included in this presentation are on ‘Underlying’ basis, allowing for a meaningful YOY comparison. See the published quarterly results for a comprehensive view on the company’s financials.

• Figures are restated for reporting changes applicable as of Q1 2020 and differ in this view from the figures published in the Annual Report. (mobile inbound revenues moved from consumer/enterprise to the wholesale segment; changes in X-play reporting, i.e. now on customer level)

• Figures are rounded. Variances are calculated from the source data before rounding, implying that some variances may not add up.

2019 achievements

& key figures3

2019 achievements & key figures: Proximus Group

19

Proximus

Group

Domestic BICS

Consumer Enterprise Wholesale

20Domestic operations generate 77% of Group revenue, and 92% of EBITDA

92%

8%

€ 1,870M+0.3% YoY

BICS

Domestic

77%

23%

BICS

Domestic

€ 5,686M-2.1% YoY

61%

32%

9%

Consumer

Enterprise

Wholesale

Other

€ 4,386M

-1.7% YoY

All figures are on underlying basis.

FY19 Group revenue

FY19 Group EBITDA

DomesticRevenue:

21

acquisitions in the ICT domain and hirings in

business-critical functions

Group operating expenses reduced in 2019 through solid domestic cost control

13,62712,658

12,143

463727

789

2015 2018 2019

21

FTEs

>1,800 FTEs left in the Early leave plan ahead of retirement

FTEs

21

67%

Share of Workforce expenses on total (2019)

BICS

Domestic

Additional hiring at

TeleSign to support its

growth

Focus on efficient domestic cost structure

Group Operating expenses (M€) -0.8%

YoY

Voluntary early leave plan ahead of

retirement and natural outflow

FTEs

22

Investing in high-quality networksand overall customer experience

Fiber buildTITAN ProjectBest Mobile network

Copper upgrade New Digitalplatforms

4G population coverage• outdoor 100% • indoor 99.6%

Best Mobile Internet recognised by Test-Achat/Test-Aankoop

5G launched since 01/04

Proactively strengthening our transport network

Backbone of all voice,data & TV traffic:data capacity

x10

FttH/Bin 13 cities

&

Nation-wide greenfield deployment

95% FttC,90% vectoring60% @ 100 Mbps

79 Mbps

Avg. VDSL Speed

Migration to single mass market order-to-cash IT chain finalised

Automation &AI boosting efficiency & customer experience

Digital tools & integrated cockpits

1,019 1,027

FY'18 FY'19

Accrued Capex* (M€)

*Excl spectrum & football

23

2019 Net income impacted by Fit for Purpose transformation cost

Net income2018

Net income2019

Underlying EBITDA variance

Incidentals D&A* Net Finance result** Tax expense***

Others

ETR22.8% in 2019 vs.26.4% in

2018

* Excluding Lease depreciations

** Excluding Lease interests

YTD(M€)

Incl. provision Fit for Purpose transformation

plan

*** lower 2019 income tax base following the Fit for Purpose restructuring cost

24

• Early leave plan refers to voluntary early leave before retirement

• FCF includes the lease payments to stay comparable to 2018 FCF

ION-IPUmbrio

Codit

Mainly CoditEarn-out

Normalized FCF level - fairly stable YoY

€ 504M FCF normalized for acquisitions

Including lower cash from

assets disposal (buildings)

Business Working Capital

(strong 2018 comparable

base)

(M€)

25Keeping a sound financial position

* Excluding Lease liabilities

** Non controlling interests

Net financial positionDec. 2018 FCF Dividends Other

Net financial positionDec. 2019

AdjustedNet Debt*

(YTD, M€)

156

500

100

600

500

150

10011

400

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031

Investment loans

¥ private placement

Institutional Eurobonds

Commercial Paper

Debt MaturitySchedule(M€)

Liquidity end 2019:

• €332m investments,cash & cash equivalents (incl. derivatives)

• EMTN Program €3,500m (€1,950m outstanding)

• CP Program €1,000m(€156m outstanding)

• Committed credit line (bilaterals/club/syndicate): €700m

Credit ratings:

Standard & Poor’s A (negative outlook)

Moody’s A1 (stable outlook)

(status 10/04/2020)

5.1 Yr

Average debt duration

1.8 %

Weighted average coupon

Dividends to NCI**

-2,143 -2,185

2019 achievements & key figures: Domestic operations

26

Proximus

Group

Domestic BICS

Consumer Enterprise Wholesale

27Strong Domestic cost control, more than offset lower 2019 revenue.

YoY DOMESTIC Revenue evolution per product group

FY’18: 4,460M

FY’19: 4,386M

Domestic Revenue(M€)

Domestic EBITDA(M€)

Underlying Domestic revenuesignificantly impacted by low-margin Terminals andregulation.

4,460 4,386

2018 2019

1,711 1,718

2018 2019

27

ICT

Mobile Postpaid

Advanced Business Services

Fixed Services

Others

Tango

Wholesale

Mobile Prepaid

Terminals

39.2% EBITDA margin

+0.8pp

-1.7%

+0.4%

28

45.9%-0.5 p.p.

YoY

Supported by our dual-brand approach,we grew our Internet and TV customerbases and kept a solid market position

Broadband Park (in ‘000) TV Park (in ‘000) Fixed Voice Park (in ‘000)

2,057

2,088

End '18 End '19

1,620

1,640

End '18 End '19

2,550

2,401

End '18 End '19

Q4’19 vs. Q4’18

+ 31 K

Customers YoY

+ 1.5%

Market shareEnd ‘19

Q4’19 vs. Q4’18

+ 21K

Customers YoY

+ 1.3%

37.4%

+0.2 p.p.YoY

Q4’19 vs. Q4’18

- 149 K

Customers YoY

-5.8%

Market shareEnd ’19

29

38.7%

-0.7 p.p. YoY

Total mobile

We gained Mobilepostpaid customers ina competitive setting

Mobile Park (excl. M2M) (in ‘000)

4,011

4,103

End '18 End '19

+ 92k YoY

i.e. + 2.3 %

Postpaid

822

717

End '18 End '19

- 106k YoY

i.e. - 12.8 %

Prepaid

Market Shares %

41.6%-1.0 p.p.

YoY

Postpaid

3.2GB

+27% YoY

National MobileData usage(average/consumer/month)

29

Eroding prepaid in a shrinking market, partly driven bythe strategy to migrate customers to similarPostpaid pricing plans, at higher value.

30

+3.9% Convergent

revenue

Consumer revenue was supported bythe progressing convergence rate

+1.9%

-4.9%

+2.3 p.p. Convergence

rate

+1.6%ARPC

(€)

Convergent stands for Customers subscribing to both Fixed and Mobile services.

+0.7%CustomerRevenue

Convergencerate

31

Families:

Millennials: Price Seekers:

Bizz Online& Bizz All-infor SE customers

Small businesses:

Segmentation to meet the needs of Consumer & Small Business

31

Tuttimus

Minimus + +

+ ++

32

For our Enterprise customers, we diversified our portfolio over the past years to stay relevant & protect our Telco business.

An increasing share of the B2B revenue is generated by ICT

(ICT revenue on total Enterprise revenue)

38%

20192016

35%

33

In a competitive market, our Enterprise segment kept a strong position in Mobile, and contained the erosion of legacy services by bringing customers to future proof technologies.

• High-quality mobile network

• Provide best E2E experience

• Managed mobile services

• Simplified offers

• Developing mobile applicationintegration competences

• Dynamically guide customersin their Voice & UC journey

• Convergent voice solutions

• Migrate customers to future proofFix data solutions: VDSL and FIBER

• Improve customer experience

• Achieve network simplification

1,0281,063

END '18 END '19

Mobile voice cards (000’s)

1,327

1,778

END '18 END '19

M2M (000’s)

541

500

END '18 END '19

Fixed Voice lines (000’s)

+3.4%

+34%

33

2019 achievements & key figures: BICS

34

Proximus

Group

Domestic BICS

Consumer Enterprise Wholesale

35BICS, operating inInternational Carrier market,faces an ongoing transition withusage moving fromVoice to Data

BICS Ebitda YoY (M€)

BICS Ebitda & Ebitda margin percentage

154 153

2018 2019

TeleSign contributing since November 2017

35

11.4% 11.7%Margin %

36

Solid increase innon-Voice volumes(in M messages,

incl. )

BICS benefitingfrom the boostingmobile data volumes at higher margins…

408

486

182 196

2018 2019

REV DM

10,174

12,992

2018 2019

13bnInternational SMS(P2P & A2P, 2019)

A2P

Growing Non-Voice revenue& Direct margin

36

40%Direct Margin

37…while managingthe declinein legacy Voice

939

815

135 129

2018 2019

REV DM

24,46324,649

2018 2019

BICS maintaininga top-10 worldposition in aVoice marketunder pressure

Voice volumes

(in M minutes)

High cashgeneratorthanks to scale& operatingleverage

37

Ongoing revenue erosion mainly from lower unit revenue following lower termination rates, competition and a less favorable destination mix, resulting in a direct margin decline. In 2019 the insourcing by MTN started, yet had only a very limited impact.

16%Direct Margin

381st end-to-end CPaaS providerthough the combination of BICS and TeleSign

Brings customers andplatforms

brings the mobile andworldwide reach

eCommerce

Social / Internet

Gaming

Communications

CloudConnectivity

Platforms& Expertise

Using BICS’ Worldwide network…

…to reach directly >700 mobile operatorsworldwide and improve sourcing of:

Direct SMS andVoice Terminations

MobileEnd-User Data

Voice APIs(e.g. Anonymous calling)

39

Strategy

#inspire20224

40

Train and attract best Belgian digital talents

2.4M gigabit homes enabled by Proximus by 2025

(iso 2030)

Undisputed mobile leadership with 5G

Top 1 or 2 telco NPS , driven by superior user

experience, by 2022

-40% in IT cost by 2025

with legacy-free IT

>2.1M internet lines(Consumer segment) by 2022

Sustainability and circularity embedded in

everything we do

Net positive CO2 impact and truly circular company

by 2030

Open networks to growwholesale revenues

>3M unique Proximus active monthly apps

users* by 2022

Support digital reskilling of 1000+ Belgian job

seekers yearly

>€ 100M additional revenues from new non-telco by 2022

*including web apps

Build the best GIGABIT NETWORK

for Belgium

Operate like a “DIGITAL native”

company

GROW PROFITABLY through partners

& ecosystems

Act for SUSTAINABILITY& digital inclusion

On 31 March 2020 we announced our new strategy: #inspire2022

Committed to bringing value for our shareholders

41

1

41

A clear plan for gigabit connectivity for Belgium, generating an attractive return

Large-scale Proximus fiber plan

Strategic partnershipsto increase efficiency

Digital transformation for a scalable

Network-as-a-service

Complementarytechnologies

(e.g. FWA, 3rd party networks)

5G CAPEX optimization through network sharing

Proximus retail market share gains

Proximus wholesalemarket share opportunity

Future-proof CAPEX and copper CAPEX

avoidance

Network CAPEX optimisation…

…yielding a solid long term return on investment

Proximus ARPC uplift

Sustainably lower OPEX with decrease of

operational costs

BrusselsFlanders Wallonia

IRR above WACC in all regions

WACC

41

42

1

42

HOME & BUSINESS PASSED

Q12020 2022 2025

We aim for 2.4M fiber Homes Passed by 2025

Scaling up to

>400k HP/Year

~7% Coverage/Year

13Cities

started

307k+

1.1M

2.4M

>2025

Solid commercial fiber results (in current fiber footprint, fiber vs VDSL)

CONSUMER MARKET ENTERPRISE MARKET

NPSvs. VDSL

> +7%

ARPC(greenfield / brownfield)

60%

Migration rate(within 2 years)

+26%

Fixed Data ARPU(mono-site)

VDSL

Fiberx2

Gross gains

-50%

Network cost to operate

( in fiber zone +5 yr)

43

1

43

1 Gbps

100 Mbps

200…250 Mbps

FTTH Cable

10 Gbps

50 Mbps

Ultra Vectoring up to 250Mbps

complemented by Mobile

Bandwidth

Coverage

Leverage cable regulatory framework

VDSL@35MHz + Mobile

A multi-technology approach to complement fiber

Expected broadband coverage by 2025

44

1

44

We can build at scale, with predictable costs…

Short & mid-term leversWe compensate for lower density

…through industrialisation and efficiency improvements

• Continuously optimize and simplify the processes

• Introduce new materials, design and deployment methods (aerial, more facade,…)

• New mechanism to allocate our deployments lotsgeographically to our construction partners

• Conduct termination activities of customers only after completion of sale

• Leveraging innovative multi-technology portfolio to optimise gigabit coverage

%

2019 2020 2021 2022

Unit Cost Home Passed €

Home Passed Facade/MDU%

75%

€ 850 today

€ 1000

45

1

45

We were the first to launch 5G in Belgium

5G

Full5G

4G

Up to 30%better experience

than 4.5G

First to commercially launch 5G on 1 April 2020

First taste of 5G benefits for our customers

Several cities across Belgium

Usage of Sub-3GHz spectrum make it possible without new spectrum allocation & new EMF norms

Once 5G dedicated spectrum becomes available, extension of network to deliver “gigabit” experience

45

46

1

46

Leap forward in mobile network density thanks to sharing

End User Benefits

• Broad deep indoor coverage

• Higher speed

• Longer battery duration (reduced distance between mobile and antenna)

We closed a Radio Access Network Sharing partnership with clear benefits

Standalone 2020

Network Sharing as of 2024

3800sites

4600sites

+20%

Mobile sharing reduces TCO versus standalone

2020 as of 2024

35-40M€ per year savings

✓ Each operator bears 40% less sites while enjoying a greater grid.

✓ Common grid with higher radio quality and lower operating costs

✓ IRR is a multiple of WACC

47

Relentless focus on simplified customer experience & offers

1 Towards 100% first-time right customer journeys

2 Intuitive and slick digital interfaces

3 Transformed Enterprise portfolio & go-to-market

NPS

OPEX

Transformational approach on internal processes & enablers

4 Extensive automation & AI in key processes

5 End-to-end simplification for strongly reduced IT cost

6 Comprehensive skills transformation

6 main transformation levers to grow our NPS, deliver -1%/-2% net indirect OPEX reductions p.a. by 2022 and bring higher efficiency beyond 2022:

A fundamental transformation of our operating model for structural efficiency gains and a better NPS

48

2

Our Enterprise segment will undergo a massive multi-year transformation

Next gen go-to-market

Future-proof portfolio

Proximus Enterprise as a smart integrator a broad, segmented and modular next gen portfolio

Segment-specific: from 6 to 12 segments

Opti-channel with x2 indirect channel reach and strong digital presence

Increased focus on mid-market

Strong partnerships

Co-creation with customers

Modular & templated solutions

Convergence telco & ICT

Pro-active move to next gen connectivity (e.g. 60% top fixed data customers migrated to SD-x)

Top-tier in public and hybrid cloud

Top-tier in Cybersecurity

48

3

49

Best devices

Leading digital platform

Best content through partners

Staying relevant and slowing down cord cutting

thanks to a simple and immersive multi-screen content experience

curationeditorialization

recommendation

Grow through partnerships, increasing our relevance for customers and open new sources of revenues

ePress win-win partnership with local publishers

Belgian Data Alliance (under construction) with local publishers, broadcasters & telcos

3

50

Evolution of revenue mix(Belgium, Enterprise segment)

Embracing the shift to next-gen ICT in Enterprise

To be the trusted partner in digital transformation

Grow our technology consultingcapabilities

Build public cloud & edge business and scale professional services on Microsoft Azure

Lead in the cyber security market

Develop new value streams leveraging 5G

20192025

Telco ICT

Shift to next-generation ICT to adapt to market value transfer to virtualized & cloud services

One of the first operators in the world to launch Azure Edge computing

51

Doing business with a heart for sustainability

• Embedding sustainability at the core of our strategy

• An ambition, inspired by our sense of purpose:

Creating an inclusive, safe, sustainable & prosperous digital Belgium

• Commitment to the UN Sustainable Development Goals

51

52

Respectingour planet

CO2 neutral for own activities

CO2 reduction-79% vs 2007-27% vs 2015

-50% energy consumptionof decoders in past 5 years

>31k GSMs recycled in 2019Smartphone collection campaign with Umicore to recycle 100k in 2020

Contributingto society

New partnership with coding school and incubator MolenGeek

10,300 kids trainedon safer internet use in 2019

Sponsor of theParalympic athletes

diggit

Caringfor ourstakeholders

Parental control on TVand smartphones

Mio active users on MyProximus end Dec’19

Training days/employee on average in 2019

1.6

4.7

100%

Enablinga betterdigital life

Improving fixed and mobile connectivity in white zones

Supporting local innovation ecosystems

Building trust in digital as founding partner of the Coalition

We are committed to making a societal impact

vendors contracts containing social, ethical and environmental standards

>336k modem and decoders refurbished in 2019

Partner, connecting sick children with their class - used by 1 in 4 schools

Reverse mentoring of seniors by kids, school projects, 5000+ seniors trained

4

53Raising the bar for a greener future

• -30% carbon emissions by 2025• -10% indirect carbon emissions by 2025• Aiming for the first Belgian CO2 neutral supply chain• Towards 100% green energy and fossil fuel phase

out

Netpositive

• Become a zero waste company• Green network with 100% recycling rates• Circular data centers• Phone recycling as a new normal – ambition to

recycle min. 100,000 mobile phones in 2020

Trulycircular

Become a net positive & truly circular company by 2030

53

54

54

Financial Strategy

54

55

A path to turn the company back to growth, while ensuring a sustainable return for our shareholders

Covid-19 impacts aside, we expect over 2020-2021 some financial pressure, especially within Proximus Enterprise, which will undergo a massive transformation before returning to growth, with a strong strategic shift from Telco to ICT.

To support this, we increase IT investments in the short term, reducing strongly the full IT cost afterwards.

To extract benefits sooner, we accelerate our value-accretive network investments, with a pull-forward of fiber coverage and building the best 5G network.

At the same time we will realize strong cost reductions.

As a result, we expect to return to topline and EBITDA growth as of 2022 for our Domestic operations.

The expected significant step up in financing needs over 2020-2025, will be funded through efficient capital reallocation and exploring strategic partnerships to co-invest while securing fiber coverage.

We rebased our dividend to a sustainable level, creating a path to return to dividend coverage.

56

56

DomesticRevenues

excl. terminals

Domestic EBITDA

Rebalance CAPEX

(Accrued CAPEX)

Increase debt

Drive Domestic EBITDA growth

2020

2021-2022

2023-2025

Domestic IndirectOPEX

Further indirect OPEX

decrease

Max of€ 1.3BN/year

incl. fiber & 5G

Asset disposals

Revenue & EBITDA on underlying basisCAPEX excluding spectrum & football rightsIndirect OPEX = excluding ICT billable workforce expenses

Reduce by -1% to -2% (3YR CAGR)

Extra debt capacity of up

to € 600M

Net debt/EBITDA

ratio just below 2.0x

(S&P leverage)

Up to € 700M

Grow as of 2022

Grow as of 2022

Optimize capital allocation

Maximum of€ 1.3Bn per year

incl. fiber & 5G

Committed to bringing value for our shareholders

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Driving Domestic EBITDA growth as of 2022

Strong efforts and new savings initiatives to decrease Domestic indirect costs

B2B transformation investments to drive

long-term growth

2022 -2025Back to growth

• Erosion in Consumer Terminal revenue (low margin) & Prepaid

• Ongoing Fixed Voice decline• Arrival RCS to replace SMS (no margin)

• Pro-active migration to next gen. solutions

• Higher direct costs following ICT growth strategy

Ongoing legacy trends

• NPS improvement benefits (Consumer & Enterprise)

• B2C market share gains and ARPC uplift from enlarged fiber

footprint

• Increased new revenue streams supported by eco-systems

• B2B gradually improving on strategic shift to ICT

• Wholesale access revenue to grow

2020-2021

Fiber network benefits, increasing new revenue streams and gradual recovery in Enterprise to compensate for contracting legacy erosion.

Strong ambitions in Consumer

segment

Offset by …

• Segmented B2C value proposals driving growth in digital households

• New B2C revenues (Pickx, e-press, advertising and SE ICT offers…)

In spite of …

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Structural efficiencies will lead to further indirect cost optimisation

-1% to -2% CAGR

Indirect* OPEX

Indirect OPEX

TotalOPEX

2019 2019 2022Wages Other net reduction

Other benefits net of additional hiring, training and other re-investments.

1,535M1,630M

*excluding ICT billable workforce expenses

Workforce cost reduction

-1,722 gross FTE (1,347 FFP voluntary

leaves, 375 ELP)

incl. inflation-based salary indexation

(on decreasing headcount)

We target an indirect OPEX reduction of 1%-2% CAGR over the next 3 years, while reinvesting to support growth

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* Total cost of termination benefits in the FFP transformation plan

** Net termination cost, before income taxes, booked as incidental. This excludes positive impacts on o.a. complementary pensions.

Costs & CFL

288

-151

-33 -26

-79

2019

2020 2021 2022 >2022

Cash outflow impacts

253M€Net

incidental cost**

For 2020:• Voluntary leaves: 1,347 FTEs (largely March 2020) • Very limited involuntary leaves• On top of final wave of Early Leave Plan ( ~ 375 FTEs)

A more efficient companythrough the Fit for Purpose(FFP) transformation plan

FFP plan approved by Trade Unions 12/2019

Plan ambitions to improve the company’s productivity, flexibility and agility on the market:

▪ Workforce reduction in the domains impacted by digitalization, automation & changing market conditions.

▪ Simplification of HR rules▪ New working conditions for

employees hired as of 1 January 2020▪ Increase of reskilling and upskilling

efforts

FTEs

Workforce reduction in the FFP framework

*

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2019 2020 2021 2022 av. 2023-2025

€ 1Bn

2.4M HP in fiber

Including potential partnershipsAmbitioning a wider fiber footprint, in an economical way.

CAPEX*:

*accrued, excl. spectrum and football rights

€ 1.3Bn

Accelerated fiber coverage, moving CAPEX forward5G investments (2021-2023)IT Transformation (2020-2022)

Investing substantially in the best networks in Belgium, while rebalancing the annual CAPEX envelope

Growing fiber CAPEX to 40% of total envelope by 2025

20192025 2022

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We have concrete financing means, while there is no

short-term dependency on

debt capital markets.

Optimized capital structure

Dispose of assets

Strategic partnerships

€ 1.4BnExtra funding needed

2020-2025

Keep a sound financial position through disciplined capital re-allocation

✓ Up to € 600M additional debt capacity✓ Keeping Net debt/EBITDA ratio just below 2.0X (S&P financial leverage)

✓ Up to € 700M proceeds identified✓ Multi-year divestment program✓ Covering part of our investment need✓ Redeploy capital to higher return assets✓ No short term dependency on debt capital market

62We are committed to an attractive shareholder return

€ 1.2expected gross dividend

per share

Proximus intends to return over the result of 2020, 2021 and 2022

an annual gross dividend of EUR 1.2 per share, to be considered as a

floor.

• € 0.50/share paid as interim Dividend in December of the same year

• € 0.70/share in April of the following year

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.

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2020 Outlook

Guidance metricsActuals FY 2019

Guidance FY 2020

EBITDA - CAPEX € 844M €780-800M

Group underlying EBITDA € 1,870M /

CAPEX (excl. spectrum & football rights)

€ 1,027M /

Including the company’s best estimate for the Covid-19 impact on its revenue and operations, with impacts on the Group EBITDA expected to be compensated by Capex adjustments, Proximus expects to end 2020 with Group underlying EBITDA minus CAPEX in the range of €780-800M.

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Contact

Call:

+32 2 202 82 41

+32 2 202 62 17

E-mail:

investor.relations@proximus.com

Proximus Investor Relations website :

www.proximus.com/en/investors

Nancy Goossens

Investor Relations Director

Eline Bombeek

Investor Relations Manager

Investor Relations

64To get a more comprehensive overview of Proximus, we invite you to read the following documents available on the Proximus website:

• Annual Report 2019: • #Inspire2022 - Capital Markets Day:• Sustainability brochure: