Thales : Communique AMF CP. CP23915435

CONFORMED COPY

PROHIBITION OF SALES TO EEA AND UNITED KINGDOM RETAIL INVESTORS - The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area ("EEA") or the United Kingdom ("UK"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); or (ii) a customer within the meaning of Directive 2016/97/EU (as amended or superseded), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) or MiFID II. Consequently no key information document required by Regulation (EU) No 1286/2014 (the "PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA or the UK may be unlawful under the PRIIPS Regulation.

MIFID II PRODUCT GOVERNANCE / PROFESSIONAL INVESTORS AND ECPS ONLY TARGET MARKET - Solely for the purposes of each of the manufacturers' approval process, the target market assessment in respect of the Notes, taking into account the five categories referred to in item 18 of the Guidelines on MiFID

1. product governance requirements published by ESMA dated 5 February 2018, has led to the conclusion that: (i) the target market for the Notes is eligible counterparties and professional clients only, each as defined in MiFID II; and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Notes (a "distributor") should take into consideration the manufacturers' target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturers' target market assessment) and determining appropriate distribution channels.

Final Terms dated 12 May 2020

Thales

Issue of Euro 700,000,000 1.00 per cent. Notes due 15 May 2028 (the "Notes")

under the Euro 5,000,000,000 Euro Medium Term Note Programme

PART A - CONTRACTUAL TERMS

Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Base Prospectus dated 1 July 2019, the first supplement to the Base Prospectus dated 17 December 2019, the second supplement to the Base Prospectus dated 14 April 2020 and the third supplement to the Base Prospectus dated 29 April 2020, to which together constitute a base prospectus for the purposes of Directive 2003/71/EC, as amended or superseded (the "Prospectus Directive"). This document constitutes the Final Terms of the Notes described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with such Base Prospectus as so supplemented. Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of these Final Terms and the Base Prospectus as so supplemented. The Base Prospectus, the supplement to the Base Prospectus and the Final Terms are available for viewing on the website of the Autorité des marchés financiers (www.amf-france.org) and copies may be obtained from the Issuer.

1.	Issuer		Thales
2.	(i)	Series Number:	16
	(ii)	Tranche Number:	1
	(iii)	Date on which the Notes become	Not Applicable
		fungible:
3.	Specified Currency:	Euro

4. Aggregate Nominal Amount of Notes:

	(i)	Series:	Euro 700,000,000
	(ii)	Tranche:	Euro 700,000,000
5.	Issue Price:	99.595 per cent of the Aggregate Nominal Amount

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6.	Specified Denominations:	Euro 100,000
7.	(i)	Issue Date:	14 May 2020
	(ii)	Interest Commencement Date:	Issue Date
8.	Maturity Date:	15 May 2028
9.	Interest Basis:	1.00% Fixed Rate (further particulars specified
			below)
10.	Redemption/Payment Basis:	Redemption at par
11.	Change of Interest or Redemption/Payment	Not Applicable
	Basis:
12.	Put/Call Options:	Issuer Call
			Make-Whole Redemption by the Issuer

Clean-up Call Option

(further particulars specified below)

1. Date Board approval for issuance of Notes obtained:
2. Method of distribution:

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE

24 March 2020 and decision of Pascal Bouchiat, Directeur Général, Finances et Systèmes d'Information of Thales, dated 7 May 2020.

Syndicated

15.	Fixed Rate Note Provisions	Applicable
(i)	Rate of Interest:	1.00 per cent. per annum payable in arrear on each
		Interest Payment Date.
(ii)	Interest Payment Dates:	15 May in each year
(iii)	Fixed Coupon Amount:	Euro 1,000 per Specified Denomination
(iv)	Broken Amount(s):	Long first coupon from and including the Interest
		Commencement Date to but excluding 15 May 2021
		amounting to Euro 1,002.73 per Specified
		Denomination and payable on the Interest Payment
		Date falling on 15 May 2021
(v)	Day Count Fraction:	Actual/Actual (ICMA)
(vi)	Interest Determination Dates:	15 May in each year
16.	Floating Rate Note Provisions	Not Applicable
17.	Fixed/Floating Rate Note Provisions	Not Applicable
18.	Zero Coupon Note Provisions	Not Applicable

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PROVISIONS RELATING TO REDEMPTION

19. Call Option

1. Optional Redemption Date(s):
2. Optional Redemption Amount(s) of each Note and method, if any, of calculation of such amount(s):

Applicable

Each Business Day from and including 15 February 2028 up to but excluding the Maturity Date

Euro 100,000 per Specified Denomination

1. 1. Notice period:
2. Put Option
3. Make-wholeRedemption
4. 1. Parties to be notified by Issuer of Make-whole Redemption Date and Make-whole Redemption Amount (if other than set out in Condition 10(f)):
   2. Make-wholeRedemption Margin:
   3. Discounting basis for purposes of calculating sum of the present values of the remaining scheduled payments of principal and interest on Redeemed Notes in the determination of the Make-whole Redemption Amount:
   4. Reference Security:
   5. Reference Dealers:
   6. Quotation Agent:
5. Acquisition Event Call Option
6. Clean-upCall Option
7. Final Redemption Amount of each Note
8. Early Redemption Amount (taxation reasons)

As per Conditions

Not Applicable

Applicable

Not Applicable

0.25 per cent. Annual

DBR 0.5% due 15 February 2028 (DE0001102440)

Banco Santander, S.A.

Deutsche Bank Aktiengesellschaft

HSBC Bank plc

Société Générale

CACEIS Corporate Trust

Not Applicable

Applicable

Euro 100,000 per Note of Specified Denomination

Early Redemption Amount(s) of each Note	As set out in the Conditions
payable on redemption for taxation reasons
on an event of default or other early
redemption and/or the method of calculating
the same (if required or if different from that
set out in the Conditions):

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GENERAL	PROVISIONS APPLICABLE TO
THE NOTES
26.	Form of Notes:	Dematerialised Notes
	(i) Form of Dematerialised Notes:	Bearer dematerialised form (au porteur)
	(ii) Registration Agent:	Not Applicable
	(iii) Temporary Global Certificate:	Not Applicable
	(iv) Applicable TEFRA exemption:	Not Applicable
27.	Additional Financial Centre(s) or other	Not Applicable
	special provisions relating to Payment
	Business Days:
28.	Talons for future Coupons to be attached to	No
	Definitive Notes (and dates on which such
	Talons mature):
29.	Redenomination, renominalisation and	Not Applicable
	reconventioning provisions:
30.	Representation of holder of Notes/Masse	Name and address of the Representative:
			MASSQUOTE S.A.S.U.
			RCS 529 065 880 Nanterre
			7bis rue de Neuilly
			F-92110 Clichy
			Mailing address :
			33, rue Anna Jacquin
			92100 Boulogne Billancourt
			France
			Represented by its Chairman
			The Representative will be entitled to a remuneration
			of €400 (VAT excluded) per year, payable on each
			Interest Payment Date with the first payment at the
			Issue date. The Representative will exercise its duty
			until its dissolution, resignation or termination of its
			duty by a general assembly of Noteholders or until it
			becomes unable to act. Its appointment shall
			automatically cease on the Maturity Date, or total
			redemption prior to the Maturity Date.
DISTRIBUTION
31.	(i)	If syndicated, names of Managers:	Active Bookrunners:
			Banco Santander, S.A.
			Crédit Agricole Corporate and Investment Bank

Deutsche Bank Aktiengesellschaft

HSBC Bank plc

Société Générale

UniCredit Bank AG

Passive Bookrunners:

BNP Paribas

Commerzbank Aktiengesellschaft

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1. 1. Stabilising Manager(s) (if any):
2. If non-syndicated, name of Dealer:
3. US Selling Restrictions (Categories of potential investors to which the Notes are offered):

PURPOSE OF FINAL TERMS

Crédit Industriel et Commercial S.A.

Natixis

Société Générale

Not Applicable

Reg. S Compliance Category 2 applies to the Notes; TEFRA not applicable to Dematerialised Notes

These Final Terms comprise the final terms required for issue and admission to trading on Euronext Paris and their admission to trading on the Regulated Market of Euronext Paris of the Notes described herein pursuant to the Euro 5,000,000,000 Euro Medium Term Note Programme of Thales.

RESPONSIBILITY

The Issuer accepts responsibility for the information contained in these Final Terms.

Signed on behalf of the Issuer: JEAN-CLAUDE CLIMEAU

By: JEAN-CLAUDE CLIMEAU

Duly authorised

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