Orange US$ bonds issuance roadshow materials Orange S.A. has filed - PowerPoint PPT Presentation

Orange US$ bonds issuance roadshow materials Orange S.A. has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling J.P. Morgan Securities LLC, toll free at 1-212-834-4533; Deutsche Bank Securities Inc, toll free at 1-800-503- 4611; RBS Securities Inc, toll free at 1-866-884-2071; Merrill Lynch, Pierce, Fenner & Smith Incorporated, toll free at 1-800-294-1322; Mitsubishi UFJ Securities (USA), Inc, toll free at 1-877-649-6848. 1

agenda 1. Orange at a glance 2. commercial agility and delivering on cost efficiency 4. managing a sound balance sheet 5. appendix 2

Important Information Forward looking Statements This presentation contains forward-looking statements. This information is sometimes given in the future or conditional tenses, or referring to future time periods, or using words such as “ongoing”, “delivering”, “expectations”, “confirmed”, “increasing”, “improvement”, “ramping up”, “leading”, “accelerating”, “preserve”, “guidance” and “continued”. Although we believe these forward-looking statements are based on reasonable assumptions, they are subject to numerous risks and uncertainties, including matters not yet known to us or not currently considered by us to be material, and there can be no guarantee that anticipated events will occur or that the objectives set out will actually be achieved. Important factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements include our ability to withstand intense competition within our sector and to adapt to the ongoing transformation of the telecommunications industry, in particular in France with the arrival on the market of a fourth mobile operator; fluctuations in general economic activity levels and in the level of activity in each of the markets in which we operate; the political situation in the countries where we invest; the emergence of new powerful players, such as content and service suppliers or search engines; our ability to obtain a return on our investments in our networks; fiscal and regulatory constraints and changes; conditions for accessing the capital markets, in particular risks related to financial market liquidity; exchange rate or interest rates fluctuations; asset impairments; and results of current or future litigation. More detailed information on the potential risks that could affect our financial results can be found in our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on April 12, 2013. See also below for more information regarding our registration statement on file. Orange does not undertake any obligation to update any forward-looking statements or other information contained in this presentation. Other Information This presentation is confidential and is being provided to you solely for your information and may not be reproduced, transmitted, sent or distributed to any other person or published, in whole or in part, by any medium or in any form for any purpose. Failure to comply with such limitations may result in a violation of applicable law or regulations. The opinions presented herein are based on general information gathered at the time of writing and are subject to change without notice. For the purposes of this presentation, Orange has also relied on information obtained from sources believed to be reliable but Orange does not guarantee the accuracy or completeness of such information. The information in this presentation is subject to verification, completion and change. In giving this presentation, neither Orange nor its respective advisers and/or agents undertake any obligation to provide the recipient with access to any additional information or to update this presentation or any additional information or to correct any inaccuracies in any such information which may become apparent. Registration Statement on File Orange S.A. has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling J.P. Morgan Securities LLC, toll free at 1-212-834-4533; Deutsche Bank Securities Inc, toll free at 1-800-503- 4611; RBS Securities Inc, toll free at 1-866-884-2071; Merrill Lynch, Pierce, Fenner & Smith Incorporated, toll free at 1-800-294-1322; Mitsubishi UFJ Securities (USA), Inc, toll 3 free at 1-877-649-6848.

agenda 1. Orange at a glance 2. commercial agility and delivering on cost efficiency 4. managing a sound balance sheet 5. appendix 4

Orange has a diversified portfolio of activities and a footprint with complementary dynamics FY 2012 €13.8 billion restated EBITDA* €5.8 billion CAPEX* With revenues amounting to €43.5bn in 2012, Orange is today one of the top ten worldwide telecom operators * Non-GAAP figure. See Glossary of Non-GAAP financial measures. 5

Orange has expanded globally and built a leading position over a balanced footprint the Group invests in Egyptian 1991 1997 1999 operator Mobinil Creation of France Telecom S.A. as a public sector operator on first opening-up of the company's sale of additional stake by the 1998 January 1, 1991 capital. IPO of 25% of the company French State and capital increase. State holding ~62% 2000 2002 2004 creation of Equant, in which France Telecom holds 54.2% 2001 acquisition of the mobile telephone completion of the acquisition of the French government is no longer operator Orange, a brand created 49% of Telekomunikacja Polska the majority shareholder of France in 1994 S.A. Telecom 2005 2010 2013 2011 the whole capital increase to acquire 80% of Orange UK and T-Mobile merge disposal of Orange Switzerland – Group Spanish mobile operator Amena. and become Everything expansion in AMEA Region becomes French State stake at 33% Everywhere (later rebranded as EE) (Morocco, Congo,…) Orange 6

governance framework Stéphane Richar Stéphane Richard , Chair , Chairman an and CEO and CEO Gervais Pellissier Gervais Pellissier , CEO deleg , CEO delegate and CFO and CFO shareholding structure as of Dec 31, 2013 Board of Directors 3 board committees 15 board members 7 Independent members Audit committee 3 Employees representatives Governance & CSR committee Representatives of French 3 Strategy committee State and affiliates Representative of the 1 employee shareholders Executive committee 12 executive members 7 main governance committees 7

agenda 1. Orange at a glance 2. commercial agility and delivering on cost efficiency 4. managing a sound balance sheet 5. appendix 8

2.1 commercial agility: accelerating commercial momentum 9

acceleration of commercial momentum in our major geographies* contract net adds (excl. M2M) convergent broadband base (in thousands) (in millions) 515 515 4.3 4.3 303 303 245 245 3.8 3.8 156 156 31 31 3.4 3.4 2.9 2.9 2.5 2.5 2.1 2.1 1.7 1.7 -3 -32 -396 -3 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 France Spain Poland total France Spain Poland  France  Poland – best mobile contract net adds in France over the last 3 years – strong mobile net adds in Poland (+179k) (+414k and +298k excl. M2M) – both Nju and Open customer bases > 200k • contract quarterly churn rate down -2.3pt yoy  RoW – fiber take-off confirmed in France supporting a 27% share – +47k contract customers in Romania thanks to smartphone push of broadband net adds – +452k mobile customers in Q3 in Egypt  Spain – record mobile contract net adds since Q4 10 (+179k  UK or +71% yoy) driven by new portfolio of offers – +493k 4G customers in Q3, leading to ~1.2m end of September – best ever broadband net adds (+83k) driven by convergence 1. confirmed success of convergent offers 2. efficiency of our commercial segmentation between SIMO and subsidies  +7% +7% increas increase in in Gr Group p mobile bile contr contract ct base base (excl. M2M) year-on-year (excl. M2M) year-on-year * Information presented as of end of September 2013. 10