Financial results Q Numericable-SFR returns to growth, EBITDA up by 21%

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1 Press release Saint-Denis, May 12 th 2015 Financial results Q Numericable-SFR returns to growth, EBITDA up by 21% Clear market leader in Fiber with investment plan to accelerate the Fiber and 4G deployments Marketing now focused on high end customers and Quadruple Play convergence Growing Fixed ARPU and Stabilization of Mobile Postpaid ARPU Synergies achieved larger than announced Strong growth in EBITDA (+21%) and Operating Free Cash Flow (+17%) EBITDA margin mid-term target 45% Significant 20% deleveraging from EBITDA growth A massive investment plan to accelerate the Fiber and 4G deployments in 2015 With the largest optical Fiber network in France today and its 6.7 million Fiber connections (100Mbit/s up to 1Gbit/s), Numericable-SFR is the clear market leader and convinced that 2015 will be a year of strong momentum in Fiber take-up. According to the nperf barometer on fixed Internet connections in France for Q1 2015, Numericable and SFR are ranked number one for high speed and very high speed broadband connections. With a massive investment plan, which will allow to connect 7.7 million Fiber homes by the end of 2015, 12 million by end 2017 and 15 million by end 2020, Numericable-SFR intends to remain the market leader in Fiber and to contribute to the success of the French Government s very high speed broadband plan. Numericable- SFR will continue to drive the market and promote the migration of both residential and business customers from DSL to Fiber. Concerning the 4G network, Numericable-SFR will cover 70% of the population by the end of 2015, 90% by end 2017 and 99% by end Improving service quality on the mobile network remains a priority for the Group. Our customers global satisfaction in renovated areas (4G and 3G in 900MHz) has improved since the end of according to the Group s surveys. In Paris, the mobile network, renovated since March 2015 brings again the best performances on voice services. Marketing now focused on high end customers and 4P convergence In Q1 2015, Numericable-SFR Group has focused on ARPU growth and value generation rather than volume growth in order to be in the best possible position to refocus its sales dynamics in the coming months. Fixed ARPU has remained high and was up 0.9% over the last twelve months. But more importantly, the gross adds ARPU is now significantly above the customer base ARPU. Also, and for the first time, mobile ARPU is on path towards stabilization, reversing the trend of previous years. Mobile postpaid customer ARPU is almost flat in Q compared to Q4. A clear strategic priority has been given on ARPU and value generation. Fixed Customer Base up in very high speed broadband and ARPU up on Fixed On March 31st 2015, the Group s Fixed-line subscriber pool amounted to 6,520,000 customers. The very high speed broadband subscriber pool (30Mbit/s or more) grew by 6.7% reaching 1,595,000 customers. The ADSL subscriber base decreased by 4% reaching 4,925,000 customers on March 31st The ADSL customer base will continue to recede in 2015, as customers migrate to the Group s THD network. Fixed-line ARPU amounted to 34.3, up by 0.9% as compared to the Q1.

2 Mobile customer base and ARPU down slightly in mobile, but stabilization in mobile postpaid ARPU On March 31 st 2015, the Group s mobile base amounted to 22,494,000 customers, down slightly by 2.5% compared to Q1. In a highly competitive mobile market, the residential mobile base amounted to 15,816,000 down by 5.7%. This decrease can mainly be attributed to the prepaid segment, down by 19%. The postpaid mobile base amounted to 12,860,000 customers, down by 2.1%. On a sequential basis, mobile postpaid ARPU has now stabilized with an ARPU of 25.5 in Q1-15 versus 25.9 in Q4-14 if you adjust for the traditionally weaker level of consumption and services in Q1. Besides, the gross adds mobile ARPU is now at par with the mobile ARPU of the customer base. Synergies larger than previously announced The Group s expected synergies have been implemented quickly during the first quarter With a strong contribution from non-industrial synergies, the implementation of this program is ahead of initial targets. The objective to achieve 1.1 billion annual gross synergies by the end of 2017 should be exceeded. Strong growth in EBITDA and Operating Free Cash Flow After four years of decline at SFR, and thanks to a strong start in the synergies realization plan, EBITDA is up by 21% compared to Q1 and Operating Free Cash Flow (or EBITDA-CAPEX) is up 17%. Commercial performance on Fiber confirmed Since December, Fiber net adds have been four times higher than in the same period of the previous year with 58,000 Fiber. During the first quarter of 2015, we have gained 48,000 fiber net adds, which compares positively to the 68,000 fiber customers added during the whole of. After having launched Fiber for all its brands and customers (Box TV Fibre by SFR at the end of, SFR Access Max for small businesses in January 2015, RED Fibre in April 2015), the Group has experienced a good start in migrations from DSL to Fiber. Q key figures Revenue and adjusted EBITDA For Q1 2015, Numericable-SFR posted revenue of 2.74 billion, down by 4.6% compared to Q1. This decrease was due in large part to the erosion in mobile revenue, in both the residential and B2B segments. Adjusted EBITDA, which amounted to 930 million, up by 21%, compared to Q1. The Group s EBITDA margin amounted to 34%, up by 7.2% basis points compared to Q1. CAPEX Total CAPEX spent by the Group on Q amounted to 400 million, up by 27% compared to Q1. This investment campaign in Fixed and Mobile networks will be continued in As a % of Sales, our CAPEX has gone up from 11.0% to 14.6%. Net income Net income amounted to 816 million, due to two non-recurring positive effects, a financial income of million and a tax income of 40.5 million, as a result of the recent agreement signed with Vivendi. Excluding these non-recurring elements, the Group s net income amounted to 132 million. Net debt Group s net debt amounted to billion at the end of Q Thanks to EBITDA s strong growth, the Group s net leverage has decreased by 20% from 3.6x by the end of December to 3.3x by the end of March 2015 and below 3.0x using last quarter EBITDA annualized and before taking into account payment to Vivendi which will take place in Q

3 Guidance Adjusted EBITDA and Operating Free Cash Flow For 2015, Numericable-SFR aims to achieve above 20% growth in adjusted EBITDA (1) and generate and EBITDA- CAPEX between 1.9bn and 2.0bn. Numericable-SFR also raises its medium-term EBITDA margin target to above 45%. (1) Based on Proforma reported Adjusted EBITDA of 3.1bn Post Balance Sheet Events Acquisition of 20% stake in Numericable-SFR from Vivendi On May 6, Altice S.A and Numericable-SFR S.A. each acquired a 10% stake in Numericable-SFR. Upon this transaction, Altice's stake in the share capital and voting rights of Numericable-SFR Group will increase from 60% to 78%. Key financial indicators for Q1 and 2015 In millions of euros Change (in %) Revenue 2,740 2,872 (4.6%) - B2C 1,854 1,974 (6.1%) - B2B (3.3%) - Wholesale % adjusted EBITDA % CAPEX % EBITDA - CAPEX % Leverage ratio 3.3x -

4 Appendix 1: Consolidated P&L Three months ended (in millions of euros) March 31, 2015 March 31, Revenue 2, Purchases and subcontracting services (1,489) (151) Staff costs and employee benefits expense (281) (38) Taxes and duties (136) (7) Provisions (9) (2) Other operating income Other operating expense (14) - Operating income before depreciation and amortization (EBITDA) Depreciation and amortization (499) (75) Operating income Financial income Interest relative to gross financial debt (150) (37) Other financial expense (20) (3) Finance costs, net 495 (40) Income tax expense (income) (54) - Share in net income (loss) of associates 1 - Net income (loss) from continuing operations Net income (loss) from discontinued operations - - Net income (loss) Attributable to owners of the entity Attributable to non-controlling interests 2 -

5 Appendix 2: Consolidated balance sheet (in millions of euros) March 31, 2015 December 31, restated 1 ASSETS Goodwill 12,815 12,815 Other intangible assets 4,181 4,196 Property, plant and equipment 5,767 5,897 Investments in associates Other non-current financial assets 2,267 1,049 Deferred tax assets Non-current assets 25,641 24,720 Inventories Trade receivables and other receivables 2,597 2,812 Other current financial assets Income tax receivable Cash and cash equivalents 1, Assets classified as held for sale - - Current assets 4,297 3,994 TOTAL ASSETS 29,939 28,714 (in millions of euros) March 31, 2015 December 31, Restated 1 EQUITY AND LIABILITIES Share capital Additional paid-in capital 9,748 9,748 Reserves (3,304) (2,270) Net invested equity attributable to owners of the parent 6,930 7,965 Non-controlling interests Total invested equity 6,944 7,975 Non-current financial liabilities 13, Non-current provisions Deferred tax liabilities 2 43 Other non-current liabilities Non-current liabilities 14,656 14,302 Current financial liabilities 2, Current provisions Trade payables and other current liabilities 5,656 5,621 Current income tax liabilities Liabilities classified as held for sale - - Current liabilities 8,338 6,438 TOTAL EQUITY AND LIABILITIES 29,939 28,714 1 The statement of financial position as at December 31, has been restated to reflect the price adjustement on the acquisition of SFR as described in Note 1.1 (decrease of the caption «Goodwill» and increase of the caption «Other current financial assets» of 120 million euros).

6 Appendix 3: Bridge between EBITDA and adjusted EBITDA (consolidated and proforma) The following table presents the change from the proforma EBITDA as published in the proforma result condensed, consolidated to the adjusted proforma EBITDA. Adjusted EBITDA is a financial indicator, not defined by IFRS, which excludes certain non-recurring or non-cash items. (in millions of euros) March 31, proforma March 31, published March 31, 2015 EBITDA Restructuring costs (a) Costs relating to stock - options plans (b) Disposal of assets 4 (7) - CVAE (Cotisation sur la Valeur Ajoutée des Entreprises) (c) Other income / expenses (d) 23 (1) - Adj usted EBITDA (a) These restructuring costs include transactional indemnities and other costs relating to workforce planning (Gestion Prévisionnelle de l Emploi et des Compétences/GPEC) (b) Expenses relating to IFRS 2. (c) The business value added contribution (Cotisation sur la Valeur Ajoutée des Entreprises/CVAE) is restated to the extent that some of the Group's competitors classify this tax, assessed on value added, as an income tax in the sense of IAS 12. (d) Mainly reflects the impact, on the peri od, of the cost savings that have already be negociated as if those savings had been implemented as at January 1, 2015.

7 Appendix 4: Consolidated cash flows table Three months ended (in millions of euros) March 31, March 31, 2015 Net income (loss) from continuing operations Non-cash items Share in net income (loss) of associates (1) - Depreciation and amortization Gains and losses on disposals 4 - Income tax expense (income) 54 - Cost of gross financial debt Foreign currency differences, net (20) - Other non-cash items* (622) 2 Change in working capital and other payments Change in working capital 212 (37) Income tax paid (51) - Net cash provided (used) by operating activities 1, Purchases of property, plant and equipment and intangible assets (400) (75) Proceeds from disposals of property, plant and equipment and intangible assets 3 - Decrease (increase) in loans and other non-current financial assets 1 3 Investments in companies included in the scope of consolidation, net of cash acquired (1) - Investment subsidies and grants received - - Net cash provided (used) by investing activities (397) (72) Capital increases of the parent company - - Issuance of debt 70 2 Repayment of debt (9) (6) Interest paid (253) (36) Net cash provided (used) by financing activities (192) (41) Net cash flow from continuing operations 448 (10) Cash and cash equivalents opening balance Cash and cash equivalents closing balance 1, The opening balance has been restated by 37 million euros in order to take into account (i) a change in the presentation of cash and cash equivalents so that the position of cash and cash equivalentsdisclosed in the above statement of cash flows is net of overdrafts and (ii) a reclassification in the opening balance of notes receivable.

8 About Numericable-SFR Group - Born from the combination of Numericable Group and SFR, Numericable-SFR Group wishes to create the nation's new leading player in the convergence between broadband and mobile, building from the existing top-tier fibre optics network and a leading mobile network. The sole owner of its infrastructures, the Group pairs two powerful networks and, thanks to its investments, Numericable-SFR aims to rapidly extend its fibre THD and 4G coverage into the farthest reaches of the nation and offer optimal service quality. A global operator, Numericable-SFR holds prime positions on all of France's telecommunications market segments, from consumer to B-to-B, local authorities and wholesale. Building from a core of well-matched brands, the Group offers a comprehensive range of Internet-access, fixed-line, mobile and audiovisual services. The Group serves nearly 23 million Mobile customers and 6.6 million households subscribing to broadband services. On the Consumer segment, the Group operates under the Numericable, SFR, Red and Virgin Mobile brands. On the B-to-B segment, it operates under the SFR Business Team, Completel and Telindus brands, serving over 190,000 companies. Numericable-SFR Group employs a total of 11,800 men and women, posting proforma turnover of 11.4 billion. Numericable-SFR Group is 78% owned by Altice and is listed on Euronext Paris (Euronext NUM). Follow the Group's latest news on Twitter Press contact: Nicolas CHATIN - nicolas.chatin@sfr.com Investor contact: Olivier GERNANDT - olivier.gernandt@altice.net