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Shareholder remuneration -

Shareholder return policy
Dividend
Share buyback

Shareholder Return policy

Belgacom’s shareholder policy as approved by the Belgacom Board of Directors on 25 February 2010:

Belgacom commits to an attractive shareholder remuneration policy by returning, in principle, most of its annual free cash flow, to its shareholders.

The return of free cash flow either through dividends or share buybacks, will be reviewed on an annual basis, 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.

Further to the company's commitment to an attractive shareholder return, Belgacom's Board of Directors approved on 24 February 2011 the following shareholder return:

a share buyback for a maximum amount of EUR 200 million, to be carried out during 2011-2012;
and to return from the result 2011 a total dividend of EUR 2.18 gross per share.

Dividend

Return over the result 2010

Ordinary dividend 2010: EUR 1.68 per share (EUR 1.26 net)

Ex-dividend date: 26 April 2011
Record date: 28 April 2011
Payment date: 29 April 2011

Interim dividend 2010: EUR 0.50 per share (EUR 0.375 net)

Ex-dividend date: 7 December 2010
Record date: 9 December 2010
Payment date: 10 December 2010

Historical overview of dividends

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Share buyback

Progress of share buyback program 2011-2012

Progress on the second tranche of EUR 50 million started on September 5^th 2011; which is part of the EUR 200 million share buyback program as announced during the full year 2010 results on 25 February 2011.

Date	Period	Number of shares	Press release
September 12, 2011	from 05/09/2011 to 09/09/2011	635,500	link
September 19, 2011	from 12/09/2011 to 16/09/2011	608,263	link
September 26, 2011	from 19/09/2011 to 23/09/2011	496,750	link
October 3, 2011	from 26/09/2011 to 30/09/2011	479,447	link

Progress on the first tranche of EUR 50 million started on June 6 2011; which is part of the EUR 200 million share buyback program as announced during the full year 2010 results on 25 February 2011.

Date	Period	Number of shares	Press release
June 14, 2011	from 06/06/2011 to 10/06/2011	370,000	link
June 20, 2011	from 13/06/2011 to 17/06/2011	354,000	link
June 27, 2011	from 20/06/2011 to 24/06/2011	402,000	link
July 1, 2011	from 27/06/2011 to 01/07/2011	397,000	link