At the end of its financial year, which closed on 31 December 2004, Mobistar had
2,845,762 active customers 1 , 245,581 more customers than the previous year,
representing a growth rate of 9.4%. More than 80% of new customers in 2004 are
postpaid customers, and the network now consists of over one million postpaid users, 35% of its customer base.

• Mobistar forecasts indicate that the mobile phone (active SIM cards) has now achieved penetration of almost 82% in Belgium, while the operator’s market share has reached 33.5%.

• Consolidated turnover has increased by 16.2% to EUR 1.347 billion and the turnover in relation to mobile activity has reached EUR 1.248 billion, representing an increase of 16.5% compared with the preceding financial year. Fixed voice/data activity generates a turnover of EUR 103.8 million, an increase of 10.2%.

• On a yearly basis, the ARPU (Average Revenue Per User) has grown by 5% and reached an average of EUR 36.64 per month.

• EBITDA (Earnings Before Interest, Taxation, Depreciation and Amortisation) has
reached EUR 558.4 million, an increase of 28.5%. The consolidated EBITDA margin is now 43.6% of service revenues (EUR 1.281 billion; excluding terminal sales) versus 39.6% one year ago. The EBITDA margin in mobile activity has risen to 44.1% of service revenues, as against 41.9% at the end of 2003. Fixed voice/data activity shows an EBITDA margin of 36%.

• Although Mobistar, for the first time in its history, has had to pay corporate taxes at an effective rate of 29.4% (influenced by accumulated fiscal losses deductible from taxable profits), the annual net consolidated profit of the group continues to grow, with an increase in profits after tax of 11.2% to EUR 252.8 million, a net profit per share of EUR 4.01.

• Mobistar has accelerated the process, started in 2003, of optimising its network. The operator has invested a total of EUR 173.3 million, 27% more than the EUR 136 million invested in the course of the previous financial year.

• The continued rise in Mobistar profits has enabled the generation of free consolidated cash flow of EUR 262.6 million for the 2004 financial year and appreciably to reduce its indebtedness, which amounted to EUR 144.1 million on 31 December 2004, almost 65% less than at the end of 2003.

• Taking the 2004 results into account, together with the favourable movements in the Mobistar balance-sheet, the Board of Directors will recommend payment of a dividend of EUR 2 per share during the General Meeting of shareholders on 4 May 2005.