Mobistar Group optimizes its financing structure

Brussels,  22 December 2010 - Mobistar has decided to conditionally waive a debt
of  30 million euro owed  by his subsidiary  Orange S.A. in Luxembourg. Mobistar
has also reversed certain provisions on the investment deduction for sustainable
investments.  The two  decisions result  in a  decrease in  tax costs  and a 14
million  euro  improvement  of  the  consolidated  net result for 2010. The most
recent guidance for the consolidated net result do not take this positive impact
into  account.  Finally,  Mobistar's  Board  of  Directors  has approved the re-
financing of the long-term credit facility for an amount of 450 million euro.


In  order to optimise the balance sheet  structure of his subsidiary Orange S.A.
in  Luxembourg,  Mobistar  has  decided  to  conditionally waive the debt of 30
million euro owed by Orange S.A. This decision follows a positive opinion of the
"Dienst Voorafgaande Beslissingen in fiscale zaken /

Service des Décisions Anticipées en matière fiscale

".  This debt waiver results in an extraordinary write-off for Mobistar S.A. and
an   extraordinary   result   for  Orange  S.A.  (Luxembourg).  Thanks  to  this
rearrangement, Mobistar's subsidiary in Luxembourg strengthens its balance sheet
structure and can move ahead with its growth strategy.



Mobistar  also  reversed  certain  provisions  on  the  investment deduction for
sustainable  investments, since it  obtained the necessary  tax certificates for
the financial years 2007, 2008 and 2009.



Both  elements increase the  consolidated net profit  by 14 million euro for the
financial  year 2010 by lowering the consolidated tax cost. This positive impact
was  not  taken  into  consideration  in  the  consolidated  net result guidance
(between  225 and 245 million euro)  as presented with  the half-year results in
July 2010.



Mobistar's  Board of Directors has also approved  the re-financing of one of its
credit facilities, with expiry date of 31/12/2010. The new credit facility, with
expiry  date of 31/12/2015, amounts to 450 million euro with an interest rate of
EURIBOR   +  65 Bps.  The  agreement  strengthens  the  long-term  financing  of
Mobistar's growth activities.


Mobistar  (EURONEXT BRUSSELS: MOBB), one of the  main players on the Belgian and
Luxembourg   telecommunications   market,  is  active  in  mobile  and  landline
telecommunications,  ADSL  and  other  markets  with  high growth potential. The
company  develops  innovative  products  and  services  for  the residential and
professional  markets. Mobistar is quoted on  the Brussels Stock Exchange and is
part of the France Télécom group.





For more information, please contact:

Press service:



[e-mail] - 

http://corporate.mobistar.be/press

Patti Verdoodt

[phone]

Mathieu Van Overstraeten [phone]


Investor relations - Christophe Lemaitre: [phone] - e-
mail:[e-mail]



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