March 13, 2018

Disclaimer

• This document has been prepared by Iliad S.A. (the "Company”) and is being furnished to you solely for your

information and personal use.

• This presentation includes only summary information and does not purport to be comprehensive.

• The information contained in this presentation has not been subject to independent verification.

No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on,

the fairness, accuracy, completeness or correctness of the information or opinions contained herein.

• None of Iliad S.A., its affiliates or its advisors, nor any representatives of such persons, shall have any liability

whatsoever (in negligence or otherwise) for any loss arising from any use of this document or its contents or

otherwise arising in connection with this document or any other information or material discussed.

• This presentation contains forward-looking statements relating to the business, financial performance and results

of Iliad S.A. These statements are based on current beliefs, expectations or assumptions and involve unknown risks

and uncertainties that could cause actual results, performance or events to differ materially from those described

in such statements. Factors that could cause such differences in actual results, performance or events include

changes in demand and technology, as well as the ability of Iliad S.A. to effectively implement its strategy.

• Any forward-looking statements contained in this presentation speak only as of the date of this presentation. Iliad

S.A. expressly disclaims any obligation or undertaking to update or revise any forward-looking statements

contained in this presentation to reflect any change in events, conditions, assumptions or circumstances on which

any such statements are based unless so required by applicable law

2

2017 Highlights

3

FY 2017 in a Nutshell

Maintaining profitable growth

Revenues +5.6%

EBIT +16%

Profit from recurring operations(1): €480m

Leader in Mobile net adds

+1m subscribers

Net adds leader for 6 years in a row

Network: >12k sites

Leading alternative operator in Broadband

6.5m subscribers

6.2m FTTH connectible sockets

556k FTTH subscribers

250k FTTH net adds

Strong brand recognition

Best Telecom brand (Yougov)

Best score for 4G (nPerf)

4(1) Excluding the €76m exceptional income tax contribution levied by the French government in 2017

Group KPIs

Subscriber KPIs Dec. 2016 Dec. 2017

- Broadband 6.4m 6.5m

FTTH subscribers 310k 556k

- Mobile 12.7m 13.7m

4G subscribers 5.9m 8.2m

Average monthly 4G data usage 4.9 GB 8.4 GB

Total number of subscribers 19.1m 20.2m

Other Broadband KPIs (end of period) Dec. 2016 Dec. 2017

Broadband ARPU (incl. promos) €34.70 €33.90

Freebox Revolution ARPU (excl. promos) > €38.00 > €38.00

FTTH connectible sockets 4.4m 6.2m

5

Broadband

6

Leading Alternative Operator

• Leading alternative operator with c.600k(1) more subscribers than the 2nd

operator

• A mature market with aggressive promotions

• +135k subscribers in 2017

• Stabilization of ARPU vs 3Q, at €33.90

7(1) Company estimate

The Widest Pay-TV Offer in the Market

• Nearly 600 channels

• 240 HD channels

• More than 100 catch-up TV channels

• TV by CANAL Panorama, adding 50 channels (of which 30 are exclusive) and giving FreeboxRevolution subscribers access to over 100 live channels and 8,000 items of on-demand contents

8

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

FTTH Driving Market Share Gains

• 6.2 million connectible sockets as of end-2017, +40% YoY

• Target to achieve 9m by end-2018 and 20m by end-2022

• Ongoing discussions with various partners to extend co-financing in other RIP areas

Free’s market

share

ZTD(1) ZMD(1) RIP(1)

7m

sockets

14m

sockets

Rest of

France

Systematic joint investment

Sole investment

1st agreements signed with Axione & Orange

Agreements with other players in the coming months

Strong

potential

Shared investment

9(1) ZTD: Densely-populated areas / ZMD: co-financing areas / RIP: co-financing areas + public subsidies

110k

c.250k

300-500k

Dec-16 Dec-17 Dec-18

A Record-breaking Year for FTTH Subscribers

• Industrial-scale rollouts leading to impressive results

• c.250,000 FTTH net adds in 2017

• A total base of nearly 560,000 FTTH subscribers as of end-2017

• Strong upside potential thanks to the accelerationof net adds momentum

• Clear leading alternative operator in FTTH

• FTTH is a high-end market

• Strong appetite from subscribers

• Positive impact on churn

• Less price sensitivity

Number of FTTH net adds (‘000 subscribers)

2x

c.2x

10

Mobile

11

Undisputed Leadership in Mobile Recruitments for 6 Years

• No.1 for mobile net adds for 24 quarters

• 13.7m subscribers

• 19% market share

• Almost 1 million new subscribers add in 2017

• 100% of 2017 net adds signed up to the Free Mobile Unlimited 4G Plan(1)

• More than 50% of subscriber base now on the Free Mobile Unlimited 4G Plan(1)

(1) €19.99/month (€15.99/month for Freebox subscribers) 12

Free Mobile

Unlimited

4G Plan(1)

€2 Plan

Proportion of Free Mobile subscribers

Towards a Nationwide Network

• A clear focus on network rollouts…

• More than 12k mobile sites – as many as Bouygues Telecom 4 years ago

• Record year in terms of site rollouts, with nearly 3.7k new sites in 2017 – >90% of sites in urban areas are connected with fiber

• 94% 3G population coverage

• ...while continuing 4G upgrades

• 86% 4G population coverage

• Strong push for 1,800 MHz with over 4.3k newly-equipped sites

• Increased 4G coverage and network quality as 700 MHz frequencies gradually comes on stream

• Positive impact of the French Government’s coverage plan

• Opportunity to increase Free’s spectrum portfolio without an auction

• Increased number of sites through resource-pooling

Calendar of the release of 700 MHz band frequencies in France

13

3.2GB

4.9GB

8.4GB

Dec-15 Dec-16 Dec-17

3.7m

5.9m

8.2m

32%

46%

60%

Dec-15 Dec-16 Dec-17

4G – An Undeniable Success for Free

• 8.2m 4G subscribers – 60% of subscribers – with average monthly data usage of 8.4GB – One of the highest levels in Europe

• Best nPerf score for 4G for the 11th quarter in a row (39Mbps download / 9Mbps upload)

Number of 4G subscribers % of mobile subscribers base Free Mobile 4G subscribers’ monthly data usage

14

Italy

15

Almost Ready for Launch

• Infrastructure and interconnections are

ready

• Offers and marketing plan are ready

• Distribution network complying with legal

constraints fully ready

• Full team on the ground – Strong

synergies with French team

• Drive test in progress to monitor quality

of service

16

Competitive Environment but Strong Opportunities for a New Entrant

Average monthly

mobile expense per

inhabitant(1)€ €

Market size

Mobile

€16bn

Fixed

€16bn

Mobile

€19bn

Fixed

€17bn€32bn €36bn

(1) Calculated as total mobile service revenues per inhabitant

€

17

• €32bn market

• Total lack of transparency

• Limited convergence

• Opportunities in the fixed

market

Finance

18

FY 2017 Financial Results

19

Sustained Growth

20

€ €€

(1) Profit from recurring operations, i.e. excluding the €76m exceptional income tax contribution levied by the French government in 2017

2,690 2,783

2,0432,214

4,7224,987

2016 2017

• Increased competitive pressure

• Decrease in incoming revenues due to SMS/data cannibalization with no impact on margin

Mobile

+8.4%

Revenues

• Introduction of the new price tag of €39.99 for the Freebox Revolution with TV by CANAL Panorama

• Increase in Broadband & Mobile subscriber base

• Higher proportion of subscribers on the €20 Plan

Broadband

+3.5%

+5.6%

21(1) Net of intra-Group sales

1,676

1,777

2016 2017

Growth Driven by a Sharp Increase in Mobile Business Profitability

• Better subscriber mix

• Higher proportion of traffic carried on own network, with a better coverage

• Scale effect

• Increase in FTTHsubscriber base

BroadbandMobile

35.6%35.5%+6.0%

22

• Italy

• Regulatory decisions (ULL, taxes…)

• Content costs (TV by CANAL)

• Promotions

• Rise in Opex related to FTTH strategy (staff, equipment, new NRAs(1), etc.)

Group EBITDA (€m)

(1) Subscriber connection nodes

Focus on FTTH Virtuous Model

Meeting consumer needs

• Growing demand for data

• FTTH increasingly perceived as the future-proof technology

• Better independence of customer care / troubleshooting improvement

Economics

• Switching from an Opex model to a Capex model

• Opex savings on ULL and other costs paid to the incumbent

• Savings on cabling and disconnection fees

• Positive impact on churn

• ARPU upside potential

• Less price pressure

23

404

76

278

335

403

480

2014 2015 2016 2017

570

666

744

862

2014 2015 2016 2017

Strong Increase in EBIT and Profit from Recurring Operations

• Decrease in depreciation charges • Lower finance costs with an average cost of debt of 1.8%

+73%

Profit from recurring operations (€m)EBIT (€m)

+51%

24

• Negative impact of the exceptional income tax contribution levied by the French government, totalling €76m

0

314

2016 2017

1,2861,482

472257

1,758 1,739

2016 2017

Group Capex

• Strong push for FTTH with nearly 2m new connectible sockets and 250k new FTTH subscribers

• Record year in terms of mobile rollout with nearly 3.7k new mobile sites and 4.3k sites newly-equipped for 1,800MHz

• Capex for France totalling €1,482m(1)

• €257m in spectrum payments in France

Capex France (€m)

(1) Excluding spectrum payments

Capex Italy (€m)

• 1st Capex in Italy in 2017, totalling €43m(1)

• Securing 10,000km of backbone, core network, interconnection with Wind/Tre

• 1st payments for spectrum in Italy: €271m for

the 1st instalment to Wind/Tre and payments to the Italian government for the renewal of the 1,800MHz frequencies

25

1,643

2,449

1.0x

1.4x

2016 2017

1,683

(528)

(754)

(1,482)

(43)

(334) (51)

OpFCF CapexFrance

CapexItaly

SpectrumCapex

(Fr & It)

Taxes Other FCF

Free Cash Flow and Net Debt

• Nearly €1.7bn in Operating Free Cash Flow

• €1,482m(1) of capex in France and €43m(1) in

Italy

• €528m paid for spectrum in both France and

Italy

• Taxes amounted to €334m (of which €76m

for the exceptional dividend surtax)

Group FCF (€m) Net Debt (€m) Leverage (x EBITDA)

(1) Excluding spectrum payments(2) Including interest paid

• Net debt of nearly €2,5bn as of end-December

• Slight re-leveraging of the balance sheet, with net debt totalling 1.4x EBITDA, a low level for the industry

• Strong liquidity position of €1.7bn, with undrawn credit facilities

• Low average cost of debt: 1.8%

26

Strategic Investment in eir

• A 31.6% minority investment of c.€320m in eir alongside NJJ (Xavier Niel’s private holding company) and eir’s

existing shareholders (Anchorage and Davidson Kempner)

• Incumbent operator with high quality infrastructure and strong operating cash flow generation

• Attractive acquisition price – c.6.5x EV / EBITDA 18e – below recent and most relevant transactions in the

industry – with strong value creation potential

• Geographic diversification in a country with favorable market trends - ability to share expertise and know-how

• Option to take control with a call option exercisable in 6 years (2024) to acquire 80% of NJJ’s stake (i.e. 26.3%

of eir) at a 12.5% discount to fair value as determined by an independent expert

• A transaction in line with best governance practices (ad-hoc committee exclusively composed of independent

Board members and issuance of a fairness opinion by an independent expert)

• Transaction to be ratified by the shareholders based on a simple majority of the votes cast – Parties interested

in the transaction (Xavier Niel and Olivier Rosenfeld) do not vote at either Board or shareholder level

27

Guidance

• Broadband

• Achieve a 25% share of the Broadband and Ultra-Fast Broadband market in the long term

• Increase the FTTH subscriber base by 300,000 to 500,000 subscribers per year as from 2018

• 9m connectible FTTH sockets by end-2018 and 20m by end-2022

• Mobile

• Open around 2,000 new sites in 2018, with 4G coverage of around 90% and 3G coverage of 95%

• Achieve a 25% share of the mobile market in the long term

• Finalize the migration of 4G sites to 1,800MHz in 2018

• Group

• Achieve an increase in EBITDA margin in France in 2018

• Generate consolidated EBITDA margin in France of over 40% by 2020

• Have capital expenditure in France (excluding purchases of frequencies and the launch of a new Freebox) of between €1.4bn and €1.5bn in 2018

• Generate more than €1 billion in EBITDA less Capex in France as from 2020

• Achieve an EBITDA break-even in Italy with less than 10% market share

28

c.€300m

>€1bn

EBITDA-Capex2017

Mobile Broadband Economies ofscale

EBITDA-CapexFrance 2020

Focus on 2020 EBITDA Less Capex Guidance

• The Group is standing by its target of EBITDA-Capex in France amounting to more than €1bn as from 2020

• Mobile

• Rise in subscriber base

• Continuing migrations from the €2 plan to the €20 plan with an increasing demand for data

• Decrease in roaming fees paid to the incumbent operator

• Diminishing rollout Capex

• Broadband

• Continuing migrations from DSL to FTTH with an expanding footprint

• Pursuit of economics of scale on the fixed costs base

• The conversion of EBITDA into cash will be pushed up by the reduction in the French corporate tax rate from 33% to 28% in 2020 / 25% in 2022

Guidance of EBITDA-Capex France

29

Q&A

30

Appendices

31

Equity & Liabilit ies Actif

in €m 2016 2017

Total equity 3,002 3,374o/w minority interests 4 10

Long-term financial liabilities 1,391 2,168Other non-current liabilities 1,491 714Non-current liabilit ies 2,882 2,882

Short term provisions 49 44Short-term financial liabilities 490 497Trade & other payables 1,805 1,610Other current liabilities 3 8Current liabilit ies 2,348 2,160

Total equity & liabilit ies 8 ,232 8,416

Assets Equity & Liabilit ies

in €m 2016 2017

Goodwill 215 215Intangible assets 3,242 2,707Property, plant & equipment 3,761 4,429Other non-current assets 44 73Non-current assets 7,262 7,424

Inventories 14 31Trade & other receivables 674 725Other current assets 21 0Cash & cash equivalents 239 216Current assets 948 972

Assets held for sale 21 20

Total assets 8 ,232 8,416

Balance Sheet

• Decrease in intangible assets due to remeasurementof the amount recognized for the 1,800MHz frequencies

• Increase in PP&E related to FTTH and mobiledeployments

• Increase in equity reflecting positive profit impact

• Increase in long-term financial liabilities due to the new bond issue and EIB loan

• Decrease in other non-current liabilities as a result of the remeasurement of the 1,800MHz payments

32

Overview of Iliad’s FTTH Rollout

Horizontal rollout

• Fiber is drawn from the optical node to the foot of the buildings, through ducts

Connectible FTTH sockets

• Horizontal rollout and in-building wiring has been completed

• 6.2m connectible FTTH sockets at end-2017

• 9m sockets by end-2018 and 20m by end-2022

FTTH connected subscribers

• A connectible FTTH socket becomes a connected subscriber when the in-home installation has been made

• 556k subscribers connected at end-2017

• 300k to 500k per year from 2018

O

N

O

N

O

N

SP

SP

33

Focus on the Co-financing Scheme in Medium-Densely Populated Areas

Building Operator

ON

SP

1 2

3

3

Backhaul

costs

Co-financing of

lines

In-house

connection

€

34(1) Based on Iliad’s FTTH current target market share in co-financing areasON: Optical NodeSP: Sharing Point

eir – Transaction Highlights

€

€

A first-class asset at an attractive price

Minority stake with an option to take control in the

medium / long term

Geographic diversification in a country with positive

market trends

Retained agility for Iliad

35