SoLocal : Key figures of the first semester 2020

Press Release

Boulogne-Billancourt, July 10th2020

First semester 2020: a business activity in line with the post covid-19 forecasts

Recurring EBITDA growth for the first semester 2020 ambitions confirmed

Reminder

Solocal executed an agreement on 3rdJuly 2020 with its debtholders. This agreement which remains subject to the approval of all resolutions presented at the Combined General Meeting"CGM" on 24thJuly 2020 (all resolutions related to the transaction being interdependent), will enable the Company to secure a €117 million liquidity injection. The €347 million capital increase, fully backstopped by Bondholders, will enable (i) a €244 to€262 milliondebt reduction4and (ii) an €85 million cash injection. This injection will becompleted by a €32 million additional financingfully underwritten by Bondholders, in case the Company is not able to sign a PGE before the Combined General Meeting on 24thJuly 2020.

This agreement, which terms are described in the press release dated July 3rd2020, aims at safeguarding the Group, securing jobs and pursuing its development strategy (fully digital, in subscription mode).

Should the plan be rejectedby the Combined General Meeting, Solocal Group will have to request the terminationof the "plan de sauvegarde" (safeguard plan) and the closing of the conciliation proceedings.

In order to provide Solocal shareholders with as much information as possible in the

perspective of the CGM, the Group decidedto publish preliminary key figures for H1 2020 results. Full semestrial financial statements will be released after the CGM, on July the 28th.

Quarterly figures are unaudited and half year figures have not yet been subject to the limited review by the statutory auditors.

Key figures of the first semester 2020

Solocal order intake3for Q2 2020 and for H1 2020 are as follows :

In million euros	Q2 2019	Q2 2020	Change	H1 2019	H1 2020	Change
Digital order intake (excluding QdQ)	125.4	96.0	-23.4%	259.3	203.7	-21.4%
Print order intake	12.8	1.8	-86.1%	28.9	6.1	-78.8%
Total order intake	138.2	97.8	-29.2%	288.1	209.8	-27.2%

As a reminder and as announced in the 18thMay 2020, Solocal recorded a -55% order intake decrease over the lockdown period2,3. Since the lifting of the lockdown measures as from May 11th 2020 and the re-opening of most of French businesses, Solocal's activity showsearly signs of a gradual upturn.

May & June 2020 Digital order intake1decreased by -24% and by-1%respectively compared to last year3, but were superior by €11 million1compared to the post-covid reforecast (as indicated in the 18th May 2020 press release). This gradual improvement is in line with the expected recovery pace and is consistent with the fact that most of the salesforce is back on the field and that our customers and prospects are available.

Total order intake3amount to€98 million for Q2 2020. Digital order intake3recorded a -23% decrease, while Print order intake decreased by -86% for Q2 2020 compared to Q2 20191- as they were strongly impacted in April and May by the lockdown measures described earlier this year.

Total order intake3for H1 2020 amount to€210 million, i.e. a -27% decrease compared to total order intake1for H1 2019. Digital order intake3recorded a -21% decrease, while Print order intake decreased by -79% for H1 2020.

Solocal revenuesfor Q2 2020 and for H1 2020 are as follows :

In million euros	Q2 2019	Q2 2020	Change	H1 2019	H1 2020	Change
Digital revenues (excluding QdQ)	128.3	107.4	-16.3%	255.6	225.3	-11.9%
Print revenues	20.9	11.3	-46.0%	36.0	19.5	-45.9%
Total revenues	149.2	118.6	-20.5%	291.6	244.7	-16.1%

Digital revenues reached €107 million for Q2 2020, decreasing by-16% compared to Q2 20191due to a volume effect, coupled to an improvement in the average maturity of sold products, which therefore converts into revenues at a slower pace. The Q2 2020 revenues3was not much impacted by the order intake decrease caused by the health crisis.

Consolidated revenues3for Q1 2020 reach€245 million, decreasing by -16% compared to H1 20191revenues3. It breaks down into€225 million Digital revenues3and €19 million Printrevenues3. The Print business accounts for 7.8% of total revenues.

The Group's recurringEBITDAis expected to be in a€82 million to €87 millionrange for the first semester 2020, i.e. a +2% to +9% increase vs. recurring EBITDA for the first semester 20193. More details and analysis concerning the recurring EBITDA will be given on July 28th 2020 for the presentation of 2020 half year results.

Recurring EBITDA margin is expected between33.5%and35.5%over the first semester 2020. It represents an increase of +6 to +8 points3compared to H1 20191. This increase in EBITDA margin is linked to the cost reductions over the semester, but also to the support measures for businesses implemented by the Government.

As at 30thJune 2020, the netcash positionof the Group (booked as assets on the balance sheet)amounts to €28 million.

Outlook 2020

In this context, Solocalconfirms its targetannounced on May the 18th, with a 2020 revenue1decrease by c. -20%, including a 2020 Digital revenue1decrease by c. -15% compared to last year. The 2020FY EBITDA1is expected above c.€ 130 million3.

Additional information

Nomination Eric Klipfel, Deputy CEO

As announced in the 9thJuly press release, Eric Klipfel will join Solocal as Deputy CEO in charge of sales & customer operations. He will join the Executive Commitee, and will report to Eric Boustouller, CEO of Solocal. Eric Klipfel will be responsible for the Large Accounts salesforce, the VSE/SMEs Field salesforce, Telesales, Customer Success & Support teams; as well as the Customer Operations.

Further details on the transaction put to the vote of the Combined General Meeting

The ordinary and extraordinary resolutions in the Notice of Meeting, available on Solocal website, will be suject to the approval of the 24th July Combined General Meeting. Votes can be casted while physically attending the CGM or through postal, electronical or proxy voting, The secure voting platformis opened since 8th July 2020 and will be closed on 23rd July 2020at 3.00pm Paris time accordingly to the regulation.

Concerning the transactions submitted to the approval of the shareholders, an accuratetimelineof the next steps will be put on Solocal's website in the upcoming days, in the« Investors » section. This document will specify the major dates and the sequencing of the events if the financial structure strengthening plan is approved by the CGM.

In the context of the capital increase with preferential subscription rights for all existing shareholders, it is worth noting that theimplied paritywill be 13 new shares for 1 existingshare (in the event of a reserved capital increase susbcribed at €17 million) and c. 15 newshares for 1 existing share (in the event of a reserved capital increase subscribed at €10.5million).

Fairness Opinion

Thefairness opinionof the independent expert Finexsi on the contemplated transaction will be available onFriday 10th Julyon Solocal's website in the «Investor » section.

Next major dates in the financial calendar

The next dates in the financial calendar are as follows:

• -General Meeting of Bondholders on 13thJuly 2020, 10.00 am

• -Combined General Meeting on 24th July 2020 at 10.00 am, at the "Maison de laMutualité"- Paris 5ème;

• -Publication of H1 2020 results on 28th July 2020

Notes

• 1Digital order intake, Solocal SA scope, in value

• 2Based on Solocal SA sales force, scope excluding Effilab, Leadformance, Mappy, Ooreka, SoMS and non-significant subsidiaries, i.e. 99% of consolidated revenues

3Comparable scopes. 2019 & 2020 figures are restated for the figures of QDQ subsidiary, which was disposed of on 28th February 2020.

4the 03rdpress release indicated a post-closing€252millionto €262million debt reduction but included a mistake in the allocation. The actual debt reduction should be between€244million to €262millionpost-closing.

Définitions :

Order intake:Orders booked by the salesforce, that gives rise to a service performed by the Group for its customers

PGE:"Prêt Garanti par l'Etat"(French State Guaranteed Loan)

CGM : Combined General Meeting

Solocal -www.solocal.com

We are the local digital partner for companies. Our job: advising and supporting them to boost their activity thanks to our digital services (Digital Presence, Digital Advertising, Websites, New Print Solutions). We also provide users with the best possible digital experience with PagesJaunes, Mappy and Ooreka, and our partners (Google, Facebook, Apple, Microsoft/Bing, Yahoo!, etc.). We provide professionals and the public with our high audience services, geolocalised data, scalable technology platforms, unparalleled order intake coverage across France, our privileged partnerships with digital companies and our talents in terms of data, development, digital marketing, etc. We gather 375,000 companies all over France and 2.7 billion visits on our services. Solocal moreover benefits from the "Digital Ad Trust Classique" label for its PagesJaunes and Mappydigital services. To know more about Solocal (Euronext Paris "LOCAL"): let's keep in touch@soloca

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