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You Must Read the Following Before Continuing NOT FOR DISTRIBUTION TO ANY PERSON OR ADDRESS IN THE UNITED STATES OF AMERICA IMPORTANT: YOU MUST READ THE FOLLOWING BEFORE CONTINUING You are required to read this notice carefully before reading, accessing or making any other use of the information memorandum that follows this notice. By accepting and consulting this information memorandum, you agree to be bound by the following terms and conditions, including any modifications thereto. This information memorandum may not be forwarded or distributed to any other person and may not be reproduced, in whole or in part, in any manner whatsoever. In particular, it may not be forwarded to any person or address in the U.S. Failure to comply with this directive may result in a violation of the Securities Act of 1933 or the applicable laws of other jurisdictions. Nothing in this information memorandum constitutes a solicitation of votes for the general meeting of shareholders of Altice S.A. described in this information memorandum. Holders of Altice shares wishing to vote (i) are required to ensure that any such voting is compliant with the laws of their jurisdiction and that the solicitation of votes does not require any regulatory approval or registration in such jurisdiction, and (ii) will be required to certify as to such compliance and may be liable for any false certification. U.S. holders in particular are cautioned that neither the vote nor the resulting issuance of shares have been or will be registered under the U.S. Securities Act of 1933, as amended (the U.S. Securities Act) or any state securities laws and any representation to the contrary is a violation of law. No regulatory approval or registration of the vote has been sought or will be sought in any jurisdiction. Nothing in this information memorandum constitutes an offer of shares for sale in the United States or any other jurisdiction where it is or may be unlawful to do so. The shares referred to in this information memorandum have not been, and are not presently intended to be, registered under the U.S. Securities Act and the shares may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons, both as defined in Regulation S under the Securities Act (the Regulation S). This information memorandum has been sent to you at your request and by accepting and consulting this information memorandum, you shall be deemed to have: 1. represented that you are not located in the U.S., its territories and possessions (including Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands), any State of the United States or the District of Columbia; 2. represented that you are a person into whose possession this information memorandum may be lawfully delivered in accordance with the laws of the jurisdiction in which you are located; and 3. represented that you will not forward or distribute this information memorandum to any other person or reproduce it, in whole or in part, in any manner whatsoever. Not for distribution in the United States of America INFORMATION MEMORANDUM dated 26 June 2015 REGARDING THE PROPOSED MERGER BETWEEN ALTICE N.V. (as acquiring company) and ALTICE S.A. (as company ceasing to exist) 1 18836978 Table of Contents Contents Page 1 INTRODUCTION.................................................................................................................................3 2 SUMMARY OF PROSPECTUS EQUIVALENT INFORMATION........................................................5 3 RISK FACTORS................................................................................................................................17 4 RESTRICTIONS ...............................................................................................................................27 5 IMPORTANT INFORMATION...........................................................................................................30 6 DEFINITIONS ...................................................................................................................................34 7 EXPLANATION AND BACKGROUND OF THE MERGER ..............................................................43 8 INFORMATION REGARDING ALTICE S.A......................................................................................46 9 INFORMATION REGARDING ALTICE N.V. ....................................................................................82 10 MATERIAL TAX ASPECTS OF THE MERGER .............................................................................106 11 SELECTED FINANCIAL INFORMATION OF THE COMPANY .....................................................123 12 NO FINANCIAL INFORMATION OF ALTICE N.V..........................................................................129 Schedules SCHEDULE 1 Articles of Association Altice n.v. 2 18836978 1 Introduction This information memorandum (the Information Memorandum) contains prospectus equivalent information as meant in section 5:3, paragraph 2 under c and section 5:4, paragraph d, of the Dutch Financial Supervision Act (Wet op het financieel toezicht, the Wft) and is published in connection with the proposed cross-border merger between Altice N.V. as the acquiring company and Altice S.A. as the company ceasing to exist (the Merger). Altice N.V. is currently registered as New Athena B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) under Dutch law, having its official seat in Amsterdam, the Netherlands, registered with the Dutch trade register under number 63329743. New Athena B.V. will be converted into Altice N.V. pursuant to the Merger. In this Information Memorandum New Athena B.V. is referred to as Altice N.V. Altice S.A. is a public limited liability company (société anonyme) governed by Luxembourg law, having its official seat in Luxembourg, Grand Duchy of Luxembourg, having its registered office at 3, Boulevard Royal, L-2449 Luxembourg, Grand Duchy of Luxembourg, registered with the Luxembourg register of commerce and companies under number B 183.391. In this Information Memorandum Altice S.A. is also referred to as the Company. The share capital of Altice S.A. consists of ordinary shares and class B shares. At the date hereof Altice S.A. has only issued ordinary shares (Shares) and currently it is not foreseen that class B shares will be issued prior to the Merger Effective Date. Altice S.A. has incorporated a wholly-owned subsidiary, Altice Luxembourg S.A., a public limited liability company (société anonyme) having its official seat in Luxembourg, Grand Duchy of Luxembourg, having its registered office at 3, Boulevard Royal, L-2449 Luxembourg, Grand Duchy of Luxembourg, registered with the Luxembourg register of commerce and companies under number B 197.134 (New LuxCo). It is envisaged that prior to the Merger Effective Date, Altice S.A. will transfer substantially all of its assets and liabilities to New LuxCo under a universal title of succession (the Transfer). Reference is made to the merger proposal (the Merger Proposal) which was filed today with the competent trade registers in the Netherlands and Luxembourg and will be made publicly available at the corporate website of the respective companies (https://www.altice.net) and at their respective registered offices and in the Luxembourg official gazette, Mémorial C, Recueil des Sociétés et Associations (the Memorial C). 1.1 Merger Consideration Pursuant to the Merger, shareholders of Altice S.A. (Shareholders) will acquire three (3) ordinary shares A, with a nominal value of €0.01 each (Common Shares A), and one (1) ordinary share B, with a nominal value of €0.25 (Common Share B), (together, the Consideration Shares) in exchange for each issued and outstanding share in the capital of Altice S.A. on the Merger Effective Date (the Merger Consideration). The Common Shares A and the Common Shares B will be equally entitled to dividends. One Common Share B will carry 25 voting rights and one Common Share will carry one voting right. The Shares are currently traded under the symbol “ATC” (ISIN LU1014539529) on the regulated market of Euronext Amsterdam N.V. (Euronext Amsterdam). Application will be made to list and admit all Consideration Shares to trading on Euronext Amsterdam (the Listing). It is expected that trading of the Consideration Shares on an ‘as if and when issued’ basis will commence on or about 10 August 2015. Delivery of the Consideration Shares (the Settlement) is expected to take place on or about 12 August 2015. 3 18836978 1.2 Approval of the resolution to effect the Merger The general meeting of shareholders of Altice S.A. (the General Meeting) will have to approve the Merger on the basis of the Merger Proposal by a majority of at least two thirds of the votes cast in a meeting in which at least one half of the share capital of Altice S.A. is present or represented. Shareholders wishing to be represented at the General Meeting in respect of the Merger will be requested to make certifications as to compliance with applicable laws and regulations, as set forth in Section 1.3 (Restrictions) below. The resolution of Altice N.V. to effect the Merger will be adopted by Stichting New Athena, the sole shareholder of Altice N.V., a foundation under Dutch law, having its official seat in Amsterdam, the Netherlands, registered with the Dutch trade register under number 63307723 (the Foundation). The resolution to effect the Merger is not subject to any further approval of a company body of either Altice
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