4Q 2008 Belgium Mobile Operator Forecast, 2008 - 2010 Shows How The Wireless Penetration Level of Belgium Is Gradually Increasing

Business Wire, Oct 21, 2008

DUBLIN, Ireland -- Research and Markets (http://www.researchandmarkets.com/research/8c1ca1/4q_2008_belgium_mo) has announced the addition of IE Market Research Corp.'s new report "4Q 2008 Belgium Mobile Operator Forecast, 2008 - 2010" to their offering.

This Mobile Operator Forecast on Belgium provides over 65 operational and financial metrics for the Belgium wireless market. We cover quarterly historical data starting in 2Q2004 and ending in 2Q2008. We also provide four-year forecasts at the operator level going out to 2010. Operators covered for Belgium include: Proximus, Mobistar (Orange), and Base. Our Mobile Forecasts are updated quarterly and are available for one-time delivery or through regular updates.

Notable highlights of the 4Q08 Belgium Mobile Forecast include:

- The wireless penetration level of Belgium is gradually increasing, and it will reach 105.0% in 2010. The number of total subscribers will increase from our projected 10.65 million in 2008 to 10.96 million in 2010.

- We are now forecasting a significant drop in the market share for Proximus. We expect that Proximus' current projected mobile market share (by subscribers) of 43.1% will drop to 40.1% in 2010. We believe that most of the drop in market share will be taken up by Base.

- We forecast that Proximus and Mobistar will continue to receive similar ARPUs over the next three years. Our model suggests that it will be US$47.26 per month for Proximus and US$46.63 per month for Mobistar in 2010.

- We expect that Proximus will continue to enjoy the highest EBITDA margins in the Belgium operator space in 2010 at 46.7%.

Executive Summary:

Subscriber growth increasing at decreasing rate

8.5% moving average subscriber growth in Belgium from 2Q.2007 to 2Q.2008

SUBSCRIBER GROWTH RATES IN BELGIUM INCREASING AT DECREASING RATE (Chart 72)

ARPU levels are decreasing

-11.7% operator-wide moving average from 2Q.2007 to 2Q.2008

ARPUs ARE DECREASING OVERALL (Chart 89)

Minutes of Use per Subscriber increasing at decreasing rate

1.6% industry-wide moving average last four quarters

MINUTES OF USE PER SUBSCRIBER ARE INCREASING AT DECREASING RATE (Chart 98)

Operators seeing their EBITDA growth stabilizing

Industry moving average EBITDA growth was -8% over last four quarters

STABILIZATION OF EBITDA GROWTH IN BELGIUM (Chart 115)

So what is IEMR's Forecast?

Total subscribers to reach 11 million in 2010

PROXIMUS WILL CONTINUE TO SERVE THE HIGHEST NUMBER OF SUBSCRIBERS IN BELGIUM (Chart 3)

Proximus to lose market shares to Base in Belgium's mobile operator space

PROXIMUS' DECLINE IN MARKET SHARES TO CONTINUE FOR THE NEXT THREE YEARS (Chart 33)

ARPUs expected to decline

ARPU LEVELS WILL DECLINE OVER THE NEXT THREE YEARS (Chart 56)

EBITDA margins will remain constant

EBITDA MARGINS EXPECTED TO REMAIN CONSTANT (Chart 48)

Key Topics Covered:

Companies Covered in this Country Mobile Forecast

Proximus

Mobistar (Orange)

Base

Charts 1-68 Results & Forecasts for: CY04-CY10

- Available only for CY04 - CY07 (Proximus and Base)

-- Available only for CY04 - CY07 (All of the three operators)

--- Available only for Proximus and Base

Companies Mentioned:

Proximus

Mobistar (Orange)

Base

For more information visit http://www.researchandmarkets.com/research/8c1ca1/4q_2008_belgium_mo