REGISTRATION DOCUMENT AND FINANCIAL REPORT - Iliad

GENERAL COMMENTS
In this registration document, unless stated otherwise, the terms “Company” and “Iliad” refer to Iliad S.A. and
the term “Group” refers to the Company and its subsidiaries and associates.
Investors are urged to pay careful attention to the risk factors described in Section 4 “Risk Factors” of this
registration document before making their investment decision. One or more of these risks could have an adverse
effect on the Group’s activities, financial position, results of operations or on its objectives and targets.
Furthermore, other risks not yet identified or not considered significant by the Group could have the same
adverse effects, and investors could lose all or part of their investment.
This registration document contains statements about the Group’s objectives. Such statements may in certain
cases be identified by the use of the future or conditional tense, or by forward-looking words, including but not
limited to “believes”, “targets”, “expects”, “intends”, “should”, “aims”, “estimates”, “considers”, “wishes”,
“may”, etc. These statements are based on data, assumptions and estimates that the Company considers to be
reasonable. They may change or be amended due to uncertainties related to the economic, financial, competitive
and regulatory environment. In addition, the Group’s business activities and its ability to meet its targets may be
affected if certain of the risks described in Section 4 of this registration document were to materialize. In
addition, meeting targets implies the success of the strategy presented in Section 6.1.1 “Strategy” of this
registration document. The Company does not undertake to meet and does not give any guarantee that it will
meet the objectives and targets presented in this registration document.
This registration document also contains details of the markets in which the Group operates. This information is
notably taken from research carried out by external organizations. Given the very rapid pace of change in the
Internet and telecommunication sectors in France and the rest of the world, this information may prove to be
erroneous or out of date. Accordingly, trends in the Group’s business activities may differ from those set out in
this registration document.