Mobile business: with 400,000 net adds in first-half 2016, the Group has been France's leading recruiter of mobile subscribers for over four years.

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1 FIRST-HALF 2016 RESULTS Paris, August 31, 2016 Ladlie busiess: with the umber of subscribers up to early 6.3 millio, Free takes back the positio of Frace's leadig alterative Broadbad ad Ultra-Fast Broadbad operator. Mobile busiess: with 400,000 et adds i first-half 2016, the Group has bee Frace's leadig recruiter of mobile subscribers for over four years. Cotiued success for 4G: the 4G subscriber base has doubled i the space of oe year, the Group has the sector's highest average mothly data usage per 4G subscriber at 3.9 GB, ad the pace of 4G rollouts has bee stepped up with 1800 MHz ad 700 MHz frequecies comig o stream. Profitable growth cofirmed, with year-o-year icreases of 6.3% for reveues, 11.5% for EBITDA ad 17% for profit for the period. The Group has a opportuity to become Italy's fourth mobile operator. 1/13

2 SIGNIFICANT EVENTS IN FIRST-HALF 2016 I the first half of 2016, the Group saw cotiued growth, with reveues from services climbig 7.3% (ad overall reveues icludig hadsets up 6.3%). The performace delivered for the period was drive by (i) higher growth for the Ladlie busiess, which posted a 3.4% reveue rise (compared with 0.5% i first-half 2015), (ii) a solid showig from the Mobile busiess, which oce agai reported double-digit reveue growth (mobile services reveues rose by 13.6%), ad (iii) good sales mometum, with over 500,000 et ew subscribers sigig up for the Group's ladlie ad mobile offerigs, eablig Free to take back the positio of Frace's leadig alterative Broadbad ad Ultra- Fast Broadbad operator. I lie with its objectives, the Group cotiued its mobile etwork rollout process, which eabled it to icrease its coverage rate ad, as a result, its profitability. Cosequetly, cosolidated EBITDA was up 11.5% o the same period of The most sigificat evets of first-half 2016 were as follows: Ladlie busiess: the Group is ow the leadig alterative Broadbad ad Ultra- Fast Broadbad operator i Frace o the back of 123,000 et adds for ladlie Broadbad ad Ultra-Fast Broadbad offerigs, represetig a et add market share of 37% 1. Free cotiued its robust sales mometum durig the period, sigig up as may subscribers as i the first half of This good subscriber recruitmet level was achieved despite a fiercely competitive eviromet characterized by aggressive marketig ad pricig strategies from the Group's competitors, otably oe-off targeted marketig campaigs. Agaist this backdrop, ARPU edged dow to just uder 34, but the Ladlie busiess still maaged to step up its pace of growth with reveues up by more tha 3% to over 1.3 billio. Mobile busiess: early 400,000 et adds i first-half Thaks to its ogoig strategy of erichig its mobile offerigs, the Group was oce agai Frace's leadig recruiter of mobile subscribers i the first half of 2016 a positio it has held for over four years. The Group's et adds for mobile subscribers came to early 400,000 durig the period, whereas the overall market saw a et reductio of 105,000 subscribers. At Jue 30, 2016, the Group had over 12 millio mobile subscribers, givig it a market share of 17.4% 2. Services reveues geerated by the Mobile busiess advaced by 13.6% year o year to just uder 1 billio. I additio, the weightig of the 19.99/moth pla (or 15.99/moth for Freebox subscribers) withi et adds rose oce agai, reachig a record level durig first-half Cotiued success for 4G, with the umber of 4G subscribers risig sharply oce agai durig the period ad totalig 4.7 millio at Jue 30, This meas that the 4G subscriber base has doubled i the space of oe year. Average mothly data usage per 4G subscriber which was already amog the highest i Europe also cotiued to rise, reachig 3.9 GB ad represetig a 77% year-o-year icrease. Ogoig brisk pace of ultra-fast ladlie ad mobile etwork rollouts. Durig the first half of 2016, the Group icreased its 4G coverage rate to 69% of the Frech populatio, otably thaks to (i) the deploymet of over 900 ew 4G sites, (ii) aroud 1,100 sites beig equipped to use frequecies i the 1800 MHz bad (which have bee 1 Compay estimate. 2 Metropolita Frace excludig M2M. 2/13

3 fully available to the Group sice May 2016), ad (iii) the opeig of the first 700 MHz sites. The Group also stepped up the pace of its FTTH etwork rollout durig the period, with the umber of coectible sockets icreasig by more tha 600,000 to almost 3.1 millio at Jue 30, A rise i the Group's profitability. Cosolidated EBITDA advaced by 11.5% to 809 millio i first-half 2016, fueled by a icrease i the volume of mobile traffic carried directly o the Group's ow etwork, ad the EBITDA margi wideed by 1.6 poits to over 35%. Cosolidated profit for the period came to 190 millio, up 17% o first-half 2015 despite a icrease i depreciatio charges (otably due to the faster pace of etwork rollouts). A solid fiacial structure, eablig the Group to pursue its ivestmets i ultra-fast etworks ad cosider growth opportuities. The Group's pro-active capital expediture strategy for both its ladlie ad mobile ifrastructure will eable it to become more idepedet ad to further icrease its profitability for the comig years, while at the same time ehacig its subscriber service. Capital spedig i first-half 2016 totaled 622 millio ad otably related to (i) the rollout of the Group's mobile etwork, with over 750 ew sites opeed ad aroud 1,100 sites migrated to be able to use frequecies i the 1800 MHz bad, ad (ii) the acceleratio i rollouts for Ultra-Fast Broadbad i the Group's Ladlie busiess, particularly outside very desely populated areas. Also durig first-half 2016, the Group paid the first istallmet of the purchase price for the acquisitio of its frequecies i the 700 MHz bad, which amouted to 237 millio. Despite this outlay, the Group's fiacial structure remaied strog, ad with a leverage ratio of 0.89x at Jue 30, 2016, it was oce agai oe of the Europea telecom operators with the least amout of debt. A uique opportuity for the Group to become Italy's fourth mobile operator. At the begiig of July 2016, the Group siged a agreemet with the Hutchiso ad VimpelCom groups i coectio with the pla to merge their respective H3G ad Wid subsidiaries. This agreemet which is still subject to the Europea Commissio's approval provides for Iliad to acquire assets which would eable it to become Italy's fourth mobile operator. 3/13

4 KEY INDICATORS Operatig performace idicators Subscriber umbers Jue 30, 2016 Jue 30, 2015 Jue 30, 2014 Total mobile subscribers 12,080,000 10,925,000 9,095,000 - Of which 4G 4,700,000 2,400,000 - Total Broadbad ad Ultra-Fast Broadbad subscribers 6,261,000 5,991,000 5,735,000 Total umber of subscribers 18,341,000 16,916,000 14,830,000 Other idicators Six moths to Jue 30, 2016 Six moths to Jue 30, 2015 Six moths to Jue 30, 2014 Broadbad ad Ultra-Fast Broadbad ARPU (i ) Freebox Revolutio ARPU* (i ) >38.00 >38.00 >38.00 Number of coectible FTTH sockets 3.1m - - Average 4G data usage (i GB per moth per subscriber) 3.9 GB 2.2 GB - * Excludig promotios. Fiacial performace idicators I millios Six moths to Jue 30, 2016 Six moths to Jue 30, 2015 % chage Cosolidated reveues 2, , % - Ladlie 1, , % - Mobile % - Itra-group sales (5.6) (5.7) -1.8% Cosolidated EBITDA % Profit from ordiary activities % Profit for the period % Leverage ratio 0.89x 0.84x +6.0% 4/13

5 GROUP OBJECTIVES Ladlie busiess: Achieve a 25% share of the Broadbad ad Ultra-Fast Broadbad market i the log term. 4 millio coectible FTTH sockets by ed millio coectible FTTH sockets by ed millio coectible FTTH sockets by ed Mobile busiess: Deploy more tha 1,500 sites i G coverage rate of aroud 75% of the Frech populatio by ed Achieve a 25% share of the mobile market i the log term. Group: Slight icrease i the level of capital expediture (excludig frequecy purchases) i 2016 compared with Achieve cosolidated EBITDA margi of over 40% by the ed of the decade. 5/13

6 CONSOLIDATED INCOME STATEMENT Reveues For first-half 2016, the Group reported strog year-o-year growth, with cosolidated reveues up by almost 140 millio or 6.3% to 2.3 billio, backed by a 7.3% rise i services reveues. The Group delivered further excellet performaces durig the period despite a still highly competitive market. Reveue growth i the Ladlie busiess accelerated to 3.4%, reflectig the strog subscriber recruitmet level, ad the Mobile busiess saw a sustaied pace of expasio, reportig double-digit reveue growth. The table below shows the breakdow of reveues by category for first-half 2016 ad first-half 2015 as well as the percetage chage betwee the two periods. I millios Six moths to Jue 30, 2016 Six moths to Jue 30, 2015 % chage Ladlie 1, , % Mobile % Itra-group sales (5.6) (5.7) -1.8% Total cosolidated reveues 2, , % Ladlie reveues Agaist a fiercely competitive backdrop, growth for the Ladlie busiess picked up pace, with reveues climbig 3.4% year o year to 1,329 millio. The mai factors that drove this performace were as follows: 123,000 ew Broadbad ad Ultra-Fast Broadbad subscribers, represetig a et add market share of 37% 3. I a highly competitive eviromet ad despite umerous promotioal offers by other operators, the Group maaged to grow its market share durig the period, thaks to (i) the strog reputatio of the Free brad, (ii) the major efforts udertake i recet years to improve the quality of subscriber service, (iii) oe-off promotioal offers, ad (iv) the successful replacemet of the etry-level offerig with the Freebox mii 4K. At Jue 30, 2016, the Group had a total of almost 6.3 millio Broadbad ad Ultra-Fast Broadbad subscribers, makig it Frace's leadig alterative Broadbad ad Ultra-Fast Broadbad operator. 3 Compay estimate. 6/13

7 Broadbad ad Ultra-Fast Broadbad ARPU edged dow to just uder 34 due to the promotioal offers carried out durig the period which had a automatic adverse impact o ARPU. However, the Freebox Revolutio offerig cotiued to prove very popular ad its ARPU oce agai came i at over Mobile reveues The success of the Group s mobile offerigs was clearly reflected i its fiacial performace ad first-half 2016 was aother period of strog growth for the Mobile busiess, with reveues icreasig to 973 millio. This rise stemmed primarily from a excellet showig from services, whose reveues advaced 13.6%. Just four years after it was first lauched, the Mobile busiess ow accouts for 42% of the Group's total reveues. The umber of et adds came to early 400,000 i first-half 2016, brigig the total umber of mobile subscribers to more tha 12 millio. The mai factors that drove the Mobile busiess's first-half 2016 performace were as follows: A commercial strategy focused o iovatio ad costatly eriched offers. Durig the first six moths of 2016, the Group cotiued to erich its offers by icreasig the umber of roamig destiatios icluded i the Free Mobile Pla, which ow covers Australia, Norway ad Icelad i additio to all Europea Uio coutries, the Uited States ad Caada. Free Mobile is still the oly operator to offer 50 GB of mobile Iteret i a pla costig less tha 20 per moth. Although these ew offers may weigh o short- ad medium-term profitability, they eable the Group to keep up its excellet sales mometum by makig the Free Mobile Pla uique i the market. 17.4% 5 market share. With some 400,000 et adds, i first-half 2016 the Group was oce agai Frace's leadig recruiter of mobile subscribers a positio it has held sice it lauched its Mobile busiess. By the period-ed, the total umber of mobile subscribers had topped the 12 millio mark ad i the space of just four years after its mobile lauch, the Group had far exceeded its iitial target of achievig 15% market share. Cotiued success for 4G. I the first half of 2016, the Group pursued its itesive rollouts of 4G sites ad icreased its 4G coverage rate to 69% of the Frech populatio at the period-ed. This 4G rollout drive has traslated ito commercial success, with the 4G mobile subscriber base doublig i the space of 12 moths to reach 4.7 millio at Jue 30, I additio, the average data usage rate of 4G subscribers was 1.7 GB higher i first-half 2016 tha i the same period of 2015, amoutig to 3.9 GB per moth ad per subscriber. Ogoig improved subscriber mix withi et adds ad further migratio of subscribers from the 2/moth pla (or 0 for Freebox subscribers) to the 19.99/moth pla (or 15.99/moth for Freebox subscribers). I first-half 2016, the Group recorded more ew subscribers for its 19.99/ offerig tha for its 2/ 0 offerig. The umber of ew subscribers for the 19.99/moth offerig represeted a record proportio of the umber of et adds durig the period. A 13.6% rise i mobile services reveues, ad a decrease i hadset reveues, otably due to the icreasig success of other distributio chaels. This egative impact weighed o overall reveue growth for the Mobile busiess, which came to 10.6%. 4 Excludig promotios. 5 Metropolita Frace excludig M2M. 7/13

8 Itra-group sales Itra-group sales correspod to sales betwee compaies from the Group's two differet busiesses ad maily cosist of billigs of itercoectio operatios. They are elimiated i cosolidatio. Gross profit At 1,162 millio, cosolidated gross profit was 103 millio higher tha i first-half 2015, represetig a year-o-year icrease of early 10%. As a percetage of reveues it was also up, climbig 1.6 percetage poits to 50.6%. This rise was maily due to higher profitability levels for the Mobile busiess (although gross margi is still lower for the Mobile busiess tha for the Ladlie busiess), reflectig a improved subscriber mix ad a icrease i direct traffic volumes o the Group's ow etwork. EBITDA Cosolidated EBITDA advaced by 11.5% to 809 millio i first-half EBITDA margi also icreased sharply, comig i 1.6 poits higher ad toppig 35% for the first time sice the Group lauched its Mobile busiess, maily reflectig the rise i profitability reported by this busiess. The mai factors affectig EBITDA durig the period were as follows: Better mobile etwork coverage. Thaks to the Group's extesio of its mobile etwork coverage i the first half of 2016, it was able to icrease the volume of traffic carried directly o its ow etwork. Higher EBITDA margi for the Mobile busiess despite the extesio of roamig services to cover additioal coutries ad the termiatio of airtime reveue from premium umbers as from October 1, Ogoig measures to optimize the Group's ladlie etworks (ubudlig, migratio ad rollout of the FTTH etwork). Durig first-half 2016, the Group pursued its measures to (i) exted its ADSL etwork by opeig more tha 600 subscriber coectio odes, ad (ii) cotiue the rollout of its directly owed FTTH etwork ad the FTTH etworks deployed i accordace with co-fiacig arragemets with the icumbet operator. Ecoomies of scale achieved for the Mobile busiess's fixed costs. Free Mobile's subscriber base cotiued to icrease, exceedig critical mass ad eablig the Group to achieve further ecoomies of scale i terms of its fixed cost base (advertisig costs, admiistrative costs, etc.) ad to capitalize o its status as a itegrated operator (ladlie/mobile). EBITDA margi maitaied for the Ladlie busiess despite a price icrease for ubudlig services amoutig to 32 euro cets per moth ad per subscriber. 8/13

9 Profit from ordiary activities Profit from ordiary activities totaled 360 millio, up by more tha 9% o the first-half 2015 figure due to the above-described rise i EBITDA. Depreciatio/amortizatio expese icreased to 447 millio as a result of the begiig of depreciatio/amortizatio for ladlie ad mobile etwork compoets brought ito service durig the period, particularly due to (i) the migratio of sites to 4G techology for the 2600 MHz ad 1800 MHz frequecy bads, ad (ii) the preparatio of site migratios for the 700 MHz frequecy bad. Profit for the period Profit for the period climbed 17% to 190 millio from 163 millio i the first half of Cash flows ad capital expediture I millios Six moths to Jue 30, 2016 Six moths to Jue 30, 2015 % chage Cosolidated cash flows from operatios % Chage i workig capital requiremet 23.8 (46.5) - Operatig Free Cash Flow % Capital expediture (858.9) (612.9) +40.1% Icome tax paid (115.2) (79.9) +44.2% Other 6 (32.9) (48.7) -32.4% Cosolidated Free Cash Flow (excludig the purchase of the 700 MHz frequecies ad fiacig activities ad divideds) 46.1 (67.2) - Cosolidated Free Cash Flow (excludig fiacig activities ad divideds) (190.6) (67.2) - Divideds (24.1) (23.0) +4.8% Cash ad cash equivalets at period-ed Icludig iterest paid. 9/13

10 Cosolidated Free Cash Flow The Group kept up the brisk pace of its ladlie ad mobile etwork rollouts durig first-half 2016, which pushed up its capital expediture (excludig frequecy purchases) by 1.5% to 622 millio. The year-o-year chage i cosolidated Free Cash Flow maily reflects the followig: A 10% icrease i cosolidated cash flows from operatios to 793 millio. A improved chage i workig capital requiremet compared with first-half 2015, primarily due to the fact that the Group's most recet offers for mobile phoes (retal ad paymet istallmets) o loger egatively impact workig capital. A sustaied high level of capital expediture, which amouted to 622 millio (excludig the purchase of 700 MHz frequecies). Sigificat capital outlay was icurred durig the period for both the Mobile ad Ladlie busiesses, maily as a result of (i) the cotiued brisk pace of the mobile etwork rollout, (ii) site migratios, ad (iii) the acceleratio of the fiber etwork deploymet. 115 millio i icome tax paid. Paymet of the first istallmet for the Group's purchase of 700 MHz frequecies, amoutig to 237 millio. Redemptio of the 500 millio worth of bods due i Jue 2016, ad drawdow of the same amout uder a medium-term credit facility set up i early A egative 191 millio i cosolidated Free Cash Flow after paymet of the first istallmet for the purchase of the 700 MHz frequecies. This figure was a positive 46 millio excludig the purchase of the 700 MHz frequecies. BALANCE SHEET The Group is ot subject to ay liquidity risk as a result of acceleratio clauses cotaied i loa agreemets etered ito by Group compaies or as a result of ay breaches of fiacial coveats (ratios, targets, etc.). O Jue 1, 2016, the Group redeemed at face value the 500 millio worth of bods it had issued o May 26, 2011 ad which paid iterest at 4.875% per year. At Jue 30, 2016, the Group had gross debt of 1,732 millio ad et debt of 1,403 millio. The Group maitaied its solid fiacial structure durig the period ad its leverage ratio at Jue 30, 2016 was oce agai well below the 1x mark at 0.89x. At the same time, it also had a very strog liquidity positio. 10/13

11 EVENTS AFTER THE REPORTING DATE I early July 2016, Iliad siged a agreemet with the Hutchiso ad VimpelCom groups i coectio with the pla to merge their respective Italy-based H3G ad Wid subsidiaries. The agreemet provides for Iliad to acquire the assets costitutig the remedy package proposed to the Europea Commissio as part of the Commissio's ivestigatio ito the plaed merger. It ivolves (i) the trasfer of a balaced portfolio of 2x35 MHz frequecies for 450 millio, which will be paid i istallmets betwee 2017 ad 2019, (ii) the trasfer of mobile sites i desely populated areas, (iii) a 2G, 3G ad 4G roamig agreemet o the merged etwork, effective for a period of five years ad reewable by Iliad for oe further five-year period, ad (iv) a udertakig either to brig ito force a RAN-sharig agreemet coverig rural areas or to acquire mobile sites i those areas. GLOSSARY Alterative operator: A operator that etered the market subsequet to the icumbet State operator losig its moopoly. Broadbad ad Ultra-Fast Broadbad ARPU (Average Reveue Per Broadbad ad Ultra-Fast Broadbad User): Icludes reveues from the flat-rate package ad value-added services but excludes oe-time reveues (e.g., fees for migratio from oe offer to aother or subscriptio ad cacellatio fees), divided by the total umber of Broadbad ad Ultra-Fast Broadbad subscribers ivoiced for the period. Broadbad ad Ultra-Fast Broadbad subscribers: Subscribers who have siged up for the Group s ADSL, VDSL or FTTH offerigs. EBITDA: Profit from ordiary activities before share-based paymet expese, depreciatio, amortizatio ad provisios for impairmet of o-curret assets. Freebox Revolutio Broadbad ad Ultra-Fast Broadbad ARPU (Average Reveue Per Freebox Revolutio Broadbad ad Ultra-Fast Broadbad User, excludig promotios): Icludes reveues from the flat-rate package ad value-added services but excludes oe-time reveues (e.g., fees for migratio from oe offer to aother or subscriptio ad cacellatio fees) ad the impact of promotios, divided by the total umber of Freebox Revolutio Broadbad ad Ultra-Fast Broadbad subscribers ivoiced at the period-ed. FTTH (fiber-to-the-home): Data delivery techology that directly coects subscribers' homes to a optical ode (ON). Gross profit: Correspods to reveues less purchases used i productio. Leverage ratio: Represets the ratio betwee et debt (short- ad log-term fiacial liabilities less cash ad cash equivalets) ad EBITDA. M2M: Machie to machie commuicatios. Mobile services reveues: Mobile reveues excludig hadset-related reveues. Net adds: Represets the differece betwee total subscribers at the ed of two differet periods. Services reveues: Total cosolidated reveues excludig hadset-related reveues. 11/13

12 Total Broadbad ad Ultra-Fast Broadbad subscribers: Represets, at the ed of a period, the total umber of subscribers, idetified by their telephoe lies, who have siged up for Free's or Alice's Broadbad or Ultra-Fast Broadbad service, excludig those recorded as havig requested the termiatio of their subscriptio. Total mobile subscribers: Represets, at the ed of a period, the total umber of subscribers, idetified by their telephoe lies, who have subscribed to a Free mobile offerig, excludig those recorded as havig requested the termiatio of their subscriptio. Ubudled subscribers: Subscribers who have siged up for the Group's ADSL, VDSL or FTTH offerigs through a telephoe exchage ubudled by Free. 12/13

13 About Iliad Iliad is the paret compay of Free, the ivetor of the Freebox, the first multiservice box o ADSL. Free is behid umerous iovatios i the Broadbad ad Ultra-Fast Broadbad access segmet (VoIP, IPTV, flat-rate callig plas to multiple destiatios, etc.) ad provides straightforward ad iovative offerigs at the best prices. For example, the Freebox Revolutio, the 6th geeratio of Freebox uits, icludes a NAS ad a Blu-Ray TM drive, ad the Freebox mii 4K was the first Adroid TV TM ad 4K box o the Frech market. Free was the first operator to iclude calls from ladlies to mobile phoes i its offerigs ad also calls to Frech overseas departmets (DOM). Sice Jauary 2012, Free has brought mobile phoe usage withi everyoe's reach with straightforward, o-commitmet offerigs at very attractive prices. Subscribers ca use their Free Mobile Pla for 35 days per year ad per destiatio (excl. 4G) whe they are travelig i all Europea Uio coutries, the Uited States, Caada, Israel, Australia, Norway ad Icelad. As at Jue 30, 2016, Free had 18.3 millio subscribers (6.2 millio Broadbad ad Ultra-Fast Broadbad subscribers ad 12.1 millio mobile subscribers). Exchage: Euroext Paris Ticker symbol: ILD Market place: Eurolist A of Euroext Paris (SRD) ISIN Code: FR FTSE classificatio: 974 Iteret Member of Euro Stoxx, SBF 120, CAC Next 20, CAC Mid /13

THIRD-QUARTER 2017 REVENUES

PRESS RELEASE Paris, November 16, 2017 THIRD-QUARTER 2017 REVENUES Reveues up 6.6% year o year for the first ie moths of 2017, comig i at 3,710 millio 250,000 ew mobile subscribers durig the quarter the