1

2

3

4

v

(1) Total subscribers excl. overseas and M2M

5

June 2016 June 2017

- Broadband 6.3m 6.5m

FTTH subscribers 250k 419k

- Mobile 12.1m 13.1m

4G subscribers 4.7m 6.8m

Average monthly 4G data usage 3.9 GB 6.6 GB

18.3m 19.6m

Broadband ARPU (incl. promos) €33.90 €34.00

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

FTTH connectible sockets 3.1m 5.3m

6

7

6,1386,261

6,3856,468

Dec-15 Jun-16 Dec-16 Jun-17

200

250

310

419

Dec-15 Jun-16 Dec-16 Jun-17

(1) Company estimate (1H 2017)

8

(1) Incl. TV by CANAL Panorama

c.110k

>90k>100k

>200k

300-500k/year

FY2016 2017E Mid-term

2.5m

3.1m

4.4m

5.3m

Dec-15 Jun-16 Dec-16 Jun-17

9

•

•

1H 2017

10

11

10,92511,685 12,080

12,700 13,140

16.0%16.8% 17.4% 18.0% 18.5%

Jun-15 Dec-15 Jun-16 Dec-16 Jun-17

12(1) Total subscribers excl. overseas and M2M

Source: Operators & ARCEP

35.0%

63.0%

76.4%81.8%

2014 2015 2016 1H 2017

13

14(1) nPerf barometer of mobile internet connections in Metropolitan France – 2Q 2017

238

109

80

50

15(1) Company estimate(2) Total contract subscribers for Orange / Sum of BtoC postpaid and BtoB excl. M2M for SFR

1,060

597555

0

(1)

16

12.112.5

2Q 2016 2Q 2017

14.015.0

2Q 2016 2Q 2017

11.2 11.2

2Q 2016 2Q 2017

17

+3%

+7%

€32bn

18

900 MHz 1,800 MHz 2,100 MHz 2,600 MHz Total

35 MHz

10 MHz

3G frequencies 4G frequencies

10 MHz10 MHz

5 MHz

19

20

21(€ millions)

‒

‒

22

586 624725

809875

32.0%30.9%

33.6%

35.2% 35.5%

1H 2013 1H 2014 1H 2015 1H 2016 1H 2017

23(€ millions)*Excl. other operating income and expenses

3.1m

5.3m

Jun-16 Jun-17

613 622

723

1H 2015 1H 2016 1H 2017

5,266

6,811

10,259

>12k

1H 2015 1H 2016 1H 2017 Target 2017

24

25(1) Multi-Operator Core Network(2) Net Present Value

1.0x

1.9x2.2x

5.3x

EU average

865818

(82)

(47) (723)

(58)

(103) (16)

OpFCFbeforeWCR

WCR OpFCF CapexFrance

CapexItaly

Taxes Other FCF

26

(1) Including €50m for the 1st payment for purchased frequencies(2) MSCI Europe Telecommunication Services Index

(1)

(2)

Group

27

•

•

•

28

29Figures derived from Plan France Très Haut Débit excl. rural areas not covered by FTTH

30

ON: Optical NodeSP: Sharing Point

31(1) Based on Iliad’s FTTH current target market share in co-financing areasON: Optical NodeSP: Sharing Point

Equity & Liabilities Actif

in €m 2016 1H 2017

Total equity 3,002 3,198

o/w minority interests 4 9

Long-term financial liabilities 1,391 1,355

Other non-current liabilities 1,491 1,378

Non-current liabilities 2,882 2,733

Short term provisions 49 49

Short-term financial liabilities 490 568

Trade & other payables 1,805 1,718

Other current liabilities 3 23

Current liabilities 2,348 2,357

Total equity & liabilities 8,232 8,289

Assets Equity & Liabilities

in €m 2016 1H 2017

Goodw ill 215 215

Intangible assets 3,242 3,108

Property, plant & equipment 3,761 4,062

Other non-current assets 44 46

Non-current assets 7,262 7,430

Inventories 14 21

Trade & other receivables 674 664

Other current assets 21 0

Cash & cash equivalents 239 154

Current assets 948 839

Assets held for sale 21 19

Total assets 8,232 8,289

32