Press release - Telenet purchases BelCompany Belgium

Mechelen/Maastricht, 25 June  2009 -  Macintosh Retail  Group NV  has
reached agreement with Telenet on  the sale of its BelCompany  stores
and points  of  sale  in Belgium,  as  well  as its  head  office  in
Mechelen. The transfer  will take effect  as from 30  June 2009.  The
staff in the  relevant stores  and in  head office  will transfer  to
Telenet under the same terms and conditions of employment.
 
BelCompany is  the  second  largest independent  supplier  of  mobile
telecom and  related products  in Belgium.  Its range  comprises  the
latest products  and the  widest possible  choice of  mobile  phones,
subscriptions, accessories and  pre-paid products of  all brands,  as
well as Internet  products. BelCompany stores  are situated at  prime
locations in all medium-sized and  large cities, thus operating  near
the customer. The 15 Discovery Stores which BelCompany operates  will
not be included in the transaction.
 
Duco Sickinghe,  CEO  of  Telenet:  "The  acquisition  of  BelCompany
Belgium brings  Telenet  literally  even  closer  to  its  customers.
BelCompany offers Telenet the possibility on the one hand to make its
mobile offering  more widely  available   and on  the other  hand  to
develop an improved service offering  for its existing products.  The
BelCompany network is very well positioned and complementary with our
existing dealer  network.  This  transaction will  have  no  material
impact on the consolidated result of Telenet, and we also expect  the
additional synergy will allow us  to realize a number of  advantages.
The management  of  BelCompany  Belgium remains  unchanged  and  will
develop the  existing strategy  based on  multi brand  offering  with
great endeavour."
 
Frank De Moor, CEO of Macintosh Retail Group: "We have concluded that
Telenet  offers   substantially  better   growth  opportunities   for
BelCompany  Belgium.  Another  significant  factor  is  that  it   is
virtually impossible  to  support  the Belgian  operations  from  the
profitable BelCompany Netherlands operations, which will remain  part
of Macintosh Retail Group. The sale of BelCompany Belgium to  Telenet
and Telenet's high brand awareness will undoubtedly reinvigorate  the
stores. Furthermore, the sale  will have a  small positive impact  on
Macintosh Retail Group's net result for the whole of 2009  (excluding
non-recurring items),  partly  due  to  the  selling  price  of  ¤  6
million."
 
Leonardo & Co and Cleary Gottlieb  Steen & Hamilton LLP acted as  the
principal advisors to Macintosh Retail Group.
 
KBC Securities and Laga Advocaten acted as the principal advisors  to
Telenet.
 
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