FIRST-HALF 2011 RESULTS

Paris, September 1, 2011

• Commercial success of the Freebox Revolution with record net adds for

Free: 36% market share in the first half of 2011

• Profitable growth model confirmed: 40% EBITDA margin and 8%

increase in profit before non-recurring items

• Sound financial position: stable Free Cash Flow and successful

€500 million bond issue

• Continued growth investment in mobile telephony and FTTH

SIGNIFICANT EVENTS IN FIRST-HALF 2011

Commercial success of the Freebox Revolution offer

The first half of 2011 saw (i) the commercial success of the Freebox Revolution offer and (ii) a tighter VAT regime applicable to triple play offers. During the first half of 2011, Free reported 231,000 net adds, giving the Group a 36%* market share – a record high in its history.

Profitable growth model: record 40% EBITDA margin in the first half of 2011

Against the backdrop of a change in tax treatment and the launch of a new product offering, the Group proved its capacity to keep up its profitable growth trajectory. During the first half of 2011, the Group enhanced its profitability, despite the dilutive impact of (i) calls to mobile numbers being included in the Freebox Revolution offer and (ii) the change in VAT regime. Thanks to the pursuit of the Group’s virtuous business model focused on unbundling, as well as cost optimization measures implemented during the period, consolidated EBITDA represented a record 40% of revenues, up 1.4 points on the same period of 2010.

Stable consolidated Free Cash Flow (a positive €15 million) against the backdrop of substantial capital expenditure

In first-half 2011 the Group strengthened its financial structure despite its proactive capital expenditure plan.

Free Cash Flow from ADSL operations came to almost €200 million in the first half of 2011. In line with the Group’s expectations, Free Cash Flow from ADSL operations was down slightly compared to the first half of 2010, due to the commercial success of the Freebox Revolution offer and the fact that the unit cost of the Freebox Revolution is higher than that of the Freebox HD.

*Based on a market estimated of 640,000 net adds during first-half 2011

1/8

At June 30, 2011, the Group boasted a sound financial position, owing to (i) its stable Free Cash Flow of €15 million, (ii) being one of the European telecom operators with the lowest debt levels (leverage ratio of 0.8x at June 30, 2011) and (iii) its improved liquidity further to the successful €500 million bond issue.

Continued growth investment in mobile telephony and FTTH