Q3 2017 Databook KPI

Orange 3Q
investors data book 2017
table of contents
Definitions sheet 1 glossary 2
Group sheet 2 consolidated profit & loss and capital evolution statements 4
sheet 3 statement of cash flows (telecoms activities) 7
sheet 4 comparable basis data 8
sheet 5 segment reporting: profit & loss statement by segment 10
Telecoms activities sheet 6 financial KPIs: revenues, adjusted EBITDA and CAPEX split by segment 16
sheet 7 operational KPIs 22
Orange - Market France sheet 8 operational KPIs 24
France sheet 9 financial figures 25

Europe sheet 11 financial figures 30

Spain sheet 13 financial figures 34

Poland sheet 15 financial figures 39

Belgium & Luxembourg sheet 17 financial figures 44

Central European countries sheet 19 financial figures 48

Africa & Middle East sheet 21 financial figures 52

Enterprise sheet 23 financial figures 57

IC&SS (International Carrier & Shared Services) sheet 25 financial figures 61

A METTRE A JOUR (IMPORTANT !) - TRIMESTRE DE PUBLICATION : 3
Nombre d'erreurs de calcul : 4

Nombre d'erreurs de formules : 0
Erreurs de
Onglet Type de contrôle calcul
Group - conso accounts (1) Nb d'écarts en colonne > 2 M€ 0

Nb d'écarts en ligne > 2 M€ 0
Nb d'écarts entre onglets > 1 M€ ou 0,1 % 0
Présence de données non attendues 0
Absence / présence d'erreurs de formules OK
Group - conso accounts (2) Nb d'écarts en colonne > 2 M€ 0

Group - comparable basis Présence de données non attendues 0
Group - segment reporting Nb d'écarts en colonne > 2 M€ 0

Nb d'écarts entre onglets > 2 k 0
Telecoms - financial KPIs Nb d'écarts en colonne > 2 M€ 0

Telecoms - operational KPIs Nb d'écarts en colonne > 2 k 0

France - Geographical scope KPIs Nb d'écarts en colonne > 2 k 0

France financials Nb d'écarts en colonne > 2 M€ 0

France KPIs Nb d'écarts en colonne > 2 k 0

Europe financials Nb d'écarts en colonne > 2 M€ 0

Nb d'écarts entre onglets > 2 M€ 0
Europe KPIs Nb d'écarts en colonne > 2 k 0

Spain financials Nb d'écarts en colonne > 2 M€ 0

Spain KPIs Nb d'écarts en colonne > 2 k 0

Poland financials Nb d'écarts en colonne > 2 M€ 0

Poland KPIs Nb d'écarts en colonne > 2 k 0

Belgium & Luxembourg financials Nb d'écarts en colonne > 2 M€ 0

Belgium & Luxembourg KPIs Nb d'écarts en colonne > 2 k 0

Central Europe financials Nb d'écarts en colonne > 2 M€ 0

Central Europe KPIs Nb d'écarts en colonne > 2 k 0

A&ME financials Nb d'écarts en colonne > 2 M€ 1

A&ME KPIs Nb d'écarts en colonne > 2 k 3

Enterprise financials Nb d'écarts en colonne > 2 M€ 0

Enterprise KPIs Nb d'écarts en colonne > 2 k 0

IC&SS Nb d'écarts en colonne > 2 M€ 0

EE Nb d'écarts en ligne > 2 M€ 0

Nb d'écarts en colonne > 2 k 0
GROUP
glossary
1. operational KPIs
group
1.01 group customers Number of customers in both mobile and fixed activities including broadband and fixed line activities.
mobile
1.02 mobile customer base (excl. MVNOs) Number of customers with active simcard, including business and internet everywhere and M2M (excluding MVNOs).
1.03 contract Customer with whom Orange has a formal contractual agreement with the customer billed on a monthly basis for access fees and any additional voice or data use.
1.04 prepaid Customer with whom Orange has written contract with the customer paying in advance any data or voice use by purchasing vouchers in retail outlets for example.
1.05 M2M (Machine-to-Machine) Exchange of information between machines that is established between the central control system (server) and any type of equipment, through one or several commmunication networks.
1.06 MVNO customers Hosted MVNO customers on Orange networks.
1.07 mobile volume market share (in %) Number of mobile customer divided by the population of the country at the end of the period multiplied by the penetration subscription rate. Most recent quarter published correponds to company estimates.
Average quarterly Revenues Per User (ARPU) are calculated by dividing the revenues from mobile (outgoing and incoming) voice and non voice services and visitor roaming, generated over the past three
months, excluding “machine to machine”, by the weighted average number of customers over the same period, excluding "machine to machine" customers. The weighted average number of customers is the
1.08 mobile ARPU (quarterly)
average of the monthly averages during the period in question. The monthly average is the arithmetic mean of the number of customers at the start and end of the month. Mobile ARPU is expressed as monthly
revenues per customer.
Total number of customers who disconnect or are considered to have disconnected from the network, voluntarily or involuntarily (excluding money-back return and fraudulent connections) over the previous three
1.09 churn (quarterly)
months, divided by the weighted average number of customers over the same period.
Average annual revenues per user (ARPU) are calculated by dividing the revenues from mobile (outgoing and incoming) voice and non voice services and visitor roaming, generated over the past twelve
months, excluding “machine to machine”, by the weighted average number of customers over the same period, excluding "machine to machine" customers. The weighted average number of customers is the
1.10 mobile ARPU (annual rolling)
average of the monthly averages during the period in question. The monthly average is the arithmetic mean of the number of customers at the start and end of the month. Mobile ARPU is expressed as monthly
revenues per customer.
Total number of customers who disconnect or are considered to have disconnected from the network, voluntarily or involuntarily (excluding money-back return and fraudulent connections) over the previous
1.11 churn (annual rolling)
twelve months, divided by the weighted average number of customers over the same period.
fixed
1.12 number of lines (copper + FTTH) Number of fixed lines operated by Orange.
Average quarterly Revenues Per User (ARPU) of broadband services (xDSL, FTTH, Fixed-4G (fLTE), satellite and Wimax) are calculated by dividing the revenues from consumer broadband services over the
1.13 fixed broadband ARPU (quarterly) past three months, by the weighted average number of accesses over the same period. The weighted average number of accesses is the average of the monthly averages during the period in question. The
monthly average is the arithmetic mean of the number of accesses at the start and end of the month. ARPU is expressed as monthly revenues per access.
Average annual revenues per user of broadband services (xDSL, FTTH, Fixed-4G (fLTE), satellite and Wimax) are calculated by dividing the revenues from consumer broadband services over the past twelve
1.14 fixed broadband ARPU (annual rolling) months, by the weighted average number of accesses over the same period. The weighted average number of accesses is the average of the monthly averages during the period in question. The monthly
average is the arithmetic mean of the number of accesses at the start and end of the month. ARPU is expressed as monthly revenues per access.
1.15 broadband market share (in %) Number of Orange DSL Internet customers divided by the number of DSL Internet customers in the market.
1.16 net adds broadband market share (in %) Quarterly Orange DSL net adds divided by the quarterly DSL net adds in the market.
1.17 homes connectable (vertical) Homes in FTTH connected buildings.
1.18 FTTH customers Number of FTTH customers signed and in billing system.
1.19 consumer lines End of period, including analog lines, optimales offers, retail naked ADSL lines, FTTH accesses and satellite and others.
1.20 other group fixed lines Includes payphones.
The naked xDSL access offer is aimed at subscribers who do not wish to keep a standard and separate telephone contract. In France and Poland, Orange also offers wholesale naked ADSL to other operators,
1.21 naked xDSL customers
allowing their customers, especially the ones residing in areas where full unbundling is unavailable, to dispense with the traditional telephone subscription.
1.22 PSTN consumer lines Number of consumer lines minus the sum of the number of naked xDSL lines, FTTH customers and satellite and other.
convergent
1.30 B2C convergent billed services revenues Revenues from convergent offers billed to the B2C customers (excluding equipment sales).
1.31 B2C convergent customer base Number of B2C customers holding an offer combining at least a broadband access (xDSL, FTTx, cable or Fixed-4G (fLTE) with cell-lock) and a mobile voice contract (excluding MVNOs).
Average quarterly Revenues Per Convergent Offer (ARPCO) of convergent billed revenues are calculated by dividing the revenues from convergent offers billed to the B2C customers (excluding equipment
1.32 B2C billed services ARPCO sales) over the past three months, by the weighted average number of convergent offers over the same period. The weighted average number of convergent offers is the average of the monthly averages during
the period in question. The monthly average is the arithmetic mean of the number of convergent offers at the start and end of the month. ARPU is expressed as monthly revenues per convergent offer.
others
1.40 enterprise - XoIP Number of XoIP connections that consists in BIV (Business Internet Voix) + BIC (Business Internet Centrex) + BTIP (Business Talk IP) + BTC (Business Talk Centrex).
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GROUP
glossary
2. financial KPIs
P&L elements
2.01 labour expenses Includes wages and employee benefits expenses, employees profit sharing and share-based compensation costs.
Includes commercial expenses, service fees, inter-operator costs, other network expenses and IT expenses (including outsourcing fees relating to technical operation and maintenance) and other external
2.02 external purchases
purchases (including overheads, real estate fees, equipment purchases and call center outsourcing fees, net of capitalized costs of goods and services).
2.03 interconnection costs Costs incurred by Orange in the interconnection process.
2.04 other IT&N External purchases including service fees, outsourcing fees relating to technical operation, and maintenance and IT expenses.
2.05 commercial expenses & content costs External purchases including the purchase of handsets and other products sold, retail fees and commissions, and advertising, sponsoring, brand costs and content costs.
Reported EBITDA corresponds to the operating income before depreciation and amortization, before effects resulting from business combinations, before reclassification of cumulative translation adjustment
from liquidated entities, before impairment of goodwill and fixed assets, and before share of profits (losses) of associates.
2.06 reported EBITDA / adjusted EBITDA
Adjusted EBITDA (previously Restated EBITDA) corresponds to the reported EBITDA adjusted for the effects of significant litigation, specific labor expenses, review of the investments and business portfolio,
restructuring costs and, where appropriate, other specific items.
cash flow elements

2.08 CAPEX Capital expenditures on tangible and intangible assets excluding telecommunication licenses and excluding investments through financial leases.
2.09 licences & spectrum Cash out related to acquisitions of licences and spectrum.
2.10 change in WCR Change in net inventories, plus change in gross trade receivables, plus change in trade payables, plus change in other elements of WCR.
2.11 other operational items Mainly offset of non cash items included in adjusted EBITDA, items not included in adjusted EBITDA but included in net cash provided by operating activities, and change in fixed asset payables.
2.12 net debt variation Variation of net debt level (see 2.13).
balance sheet elements
Net financial debt as defined and used by Orange does not include Orange Bank activities, for which this concept is not relevant. It consists of (a) financial liabilities excluding operating payables (translated at
the year-end closing rate) including derivative instruments (assets and liabilities), less (b) cash collateral paid, cash, cash equivalents and financial assets at fair value. Financial instruments designated as cash
2.13 net financial debt
flow hedges and net investment hedges included in net financial debt are set up to hedge, among other, items that are not (future cash flows, net investment in foreign currencies). Effects on the hedge of these
items are carried in equity. As a consequence, the “equity components related to unmatured hedging instruments” are added to gross financial debt to offset this temporary difference.
revenues
2.20 revenues by activity Provide Group revenues split in mobile services, mobile equipment sales, fixed services, enterprise (excluding mobile services and equipment) and international carrier & shared services, and other revenues.
2.21 mobile services Customer billed revenues, incoming revenues, visitor roaming, domestic mobile interconnection (i.e. network sharing and domestic roaming agreement), machine-to-machine and MVNO.
2.22 mobile equipment sales Include subsidized and non subsidized equipment sales. It excludes accessories sales, according to future IFRS standards that will imply to display only equipment revenue directly linked to service.
2.23 fixed services Include (i) fixed narrowband, except equipment sales and rentals, (ii) fixed broadband, (iii) data infrastructure & managed networks, and global services, and (iv) fixed carriers services.
2.24 other revenues Include (i) fixed equipment sales and rentals, (ii) mobile accessories sales, and (iii) other revenues.
2.25 enterprise - voice Include offers for legacy telephony, Voice over IP, audio-conferencing and the incoming telephone calls of customer relations services
Include legacy data services such as standard leased lines, more recent solutions such as IP-VPN, broadband and high-speed broadband, satellite access, Wi-Fi and fibre optics. It also includes broadcasting
2.26 enterprise - data
and Business Everywhere mobility offers.
Include collaborative services (consulting, integration, messaging, project management), application services (customer relationship management and infrastructure applications), hosting, cloud computing
2.27 enterprise - IT & integration services
services, security services, video-conferencing and machine-to-machine. It also includes equipment sales associated with the supply of these services.
enterprise - mobile services and
2.28 Include mobile services (see above) and mobile equipment sales (see above) including accessories.
equipment
The international carrier activity operates an international network infrastructure and sells international traffic capacity. More specifically, it supplies network capacity to Enterprise & France, sells traffic capacity to
2.29 IC&SS - international carrier
internal Orange Group entities and also externally and finally it also includes Orange Marine's international cable activity.
The Shares Services activity includes corporate General Secretariat functions as well as other mutualised functions (finance, IS, HR, R&D, ...). Shared Services also includes transversal "business-line" activities
2.30 IC&SS - shared services
such as the new growth activities like content and health, which contribute in a transversal manner to the Group's strategy and which help coordinate the Group's roadmap in our footprint.
others
2.40 data on a comparable basis Data presented with comparable perimeter and foreign exchange for the preceding period.
3. other KPIs
headcount
3.01 headcount (end of period) Number of employees working on the last day of the period, including permanent contracts and fixed-term contracts.
headcount (average cumulated full time
3.02 Average number of active employees over the period, pro-rata to their working time, including permanent contracts and fixed-term contracts.
equivalent)
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GROUP
consolidated accounts
2015
(in millions of euros) glossary
1Q14cb 1Q15 2Q14cb 2Q15 1H14cb 1H15 3Q14cb 3Q15 4Q14cb 4Q15 2H14cb 2H15 FY14cb FY15
profit & loss statement

revenues 9,761 9,672 9,907 9,885 19,668 19,557 10,230 10,284 10,384 10,395 20,614 20,679 40,283 40,236
external purchases 2.02 (4,182) (4,175) (4,189) (4,211) (8,371) (8,386) (4,449) (4,452) (4,920) (4,858) (9,369) (9,310) (17,740) (17,697)
- commercial expenses & content costs 2.05 (1,515) (1,476) (1,511) (1,513) (3,027) (2,989) (1,598) (1,600) (1,990) (1,959) (3,588) (3,560) (6,614) (6,549)
- interconnection costs 2.03 (1,174) (1,219) (1,198) (1,257) (2,372) (2,476) (1,348) (1,371) (1,348) (1,382) (2,696) (2,752) (5,068) (5,228)
- other IT&N 2.04 (703) (695) (680) (698) (1,383) (1,393) (700) (723) (753) (755) (1,454) (1,478) (2,837) (2,871)
- property & general expenses, other and capitalized costs (790) (785) (800) (743) (1,590) (1,528) (803) (758) (828) (762) (1,631) (1,521) (3,221) (3,049)
labour expenses 2.01 (2,219) (2,170) (2,179) (2,193) (4,398) (4,363) (2,024) (1,987) (2,184) (2,137) (4,208) (4,123) (8,606) (8,486)
operating taxes and levies (877) (829) (311) (314) (1,188) (1,144) (316) (313) (292) (327) (607) (640) (1,795) (1,783)
other operating income & expenses 92 24 81 102 173 126 65 29 28 (7) 92 22 265 149
adjusted EBITDA 2.06 2,575 2,521 3,310 3,269 5,885 5,790 3,506 3,561 3,016 3,067 6,522 6,628 12,407 12,418
- telecoms activities 2,575 2,521 3,310 3,269 5,885 5,790 3,506 3,561 3,016 3,067 6,522 6,628 12,407 12,418
% of revenues 26.4% 26.1% 33.4% 33.1% 29.9% 29.6% 34.3% 34.6% 29.0% 29.5% 31.6% 32.1% 30.8% 30.9%
- bank activities 0 0 0 0 0 0 0 0 0 0 0 0 0 0
adjustments (334) (114) (210) (368) (544) (481) (58) (90) (789) (570) (848) (660) (1,392) (1,142)
reported EBITDA 2.06 2,241 2,408 3,099 2,901 5,340 5,309 3,448 3,471 2,226 2,497 5,674 5,968 11,014 11,277
- bank activities 0 0 0 0 0 0 0 0 0 0 0 0 0 0
depreciation & amortisation (3,041) (3,424) (6,465)
effects resulting from business combinations 6 0 6
reclassification of cumulative translation adjustment from liquidated entities 0 0 0
impairment of goodwill and fixed assets (25) (13) (38)
share of profit/loss of associates 14 (52) (38)
EBIT 2,264 2,478 4,742
- telecoms activities 2,264 2,478 4,742
- bank activities 0 0 0
financial result (839) (744) (1,583)
income tax (594) (55) (649)
consolidated net income after tax of continuing operations 831 1,679 2,510
consolidated net income after tax of discontinued operations (EE) 442 6 448
consolidated net income after tax 1,273 1,685 2,958
non controlling interests 174 132 306
consolidated net income, Group share 1,099 1,553 2,652
CAPEX
CAPEX 2.08 1,156 1,190 1,353 1,482 2,508 2,672 1,453 1,563 1,973 2,252 3,427 3,815 5,935 6,486
% of revenues 11.8% 12.3% 13.7% 15.0% 12.8% 13.7% 14.2% 15.2% 19.0% 21.7% 16.6% 18.4% 14.7% 16.1%
- bank activities 0 0 0 0 0 0 0 0 0 0 0 0 0 0
capital evolution
number of ordinary shares at the end of the period 2,648,885,383 2,648,885,383
weighted average number of ordinary shares outstanding - basic 2,648,162,496 2,648,620,953
weighted average number of ordinary shares outstanding - diluted 2,700,241,846 2,700,700,303
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GROUP
2016

revenues 9,950 10,009 10,068 10,070 20,018 20,079 10,240 10,323 10,411 10,516 20,651 20,839 40,669 40,918
external purchases 2.02 (4,341) (4,366) (4,328) (4,451) (8,669) (8,818) (4,440) (4,497) (4,890) (4,966) (9,330) (9,463) (17,999) (18,281)
- commercial expenses & content costs 2.05 (1,516) (1,545) (1,535) (1,587) (3,052) (3,132) (1,585) (1,642) (1,985) (2,025) (3,570) (3,668) (6,622) (6,800)
- interconnection costs 2.03 (1,324) (1,339) (1,339) (1,349) (2,664) (2,688) (1,363) (1,364) (1,370) (1,408) (2,733) (2,772) (5,397) (5,459)
- other IT&N 2.04 (698) (737) (702) (733) (1,401) (1,470) (722) (720) (794) (809) (1,516) (1,530) (2,916) (2,999)
- property & general expenses, other and capitalized costs (802) (746) (751) (783) (1,553) (1,529) (770) (770) (741) (724) (1,511) (1,494) (3,064) (3,022)
labour expenses 2.01 (2,181) (2,217) (2,176) (2,103) (4,356) (4,319) (1,973) (1,920) (2,135) (2,100) (4,108) (4,020) (8,464) (8,340)
operating taxes and levies (830) (926) (315) (293) (1,145) (1,218) (321) (350) (344) (325) (665) (674) (1,810) (1,893)
other operating income & expenses 13 69 91 121 104 190 33 42 (9) 46 24 88 128 277
adjusted EBITDA 2.06 2,611 2,569 3,340 3,344 5,952 5,913 3,540 3,597 3,032 3,172 6,572 6,769 12,524 12,682
% of revenues 26.2% 25.7% 33.2% 33.2% 29.7% 29.4% 34.6% 34.9% 29.2% 30.3% 31.9% 32.5% 30.8% 31.0%
- bank activities 0 0 0 0 0 0 0 0 (6) (12) (6) (12) (6) (12)
adjustments (108) (119) (457) (201) (566) (321) (89) (46) (550) (595) (639) (642) (1,205) (963)
reported EBITDA 2.06 2,503 2,449 2,883 3,143 5,386 5,592 3,451 3,551 2,482 2,576 5,933 6,127 11,319 11,719
- bank activities 0 0 0 0 0 0 0 0 (6) (12) (6) (12) (6) (12)
depreciation & amortisation (3,279) (3,449) (6,728)
effects resulting from business combinations 0 97 97
reclassification of cumulative translation adjustment from liquidated entities 0 14 14
impairment of goodwill and fixed assets (172) (806) (979)
share of profit/loss of associates 0 (46) (46)
EBIT 2,141 1,936 4,077
- telecoms activities 2,141 1,851 3,992
- bank activities 0 85 85
financial result (830) (1,267) (2,097)
income tax (237) (733) (970)
consolidated net income after tax of continuing operations 1,074 (64) 1,010
consolidated net income after tax of discontinued operations (EE) 2,249 4 2,253
consolidated net income after tax 3,323 (60) 3,263
non controlling interests 155 173 328
consolidated net income, Group share 3,168 (233) 2,935
CAPEX
CAPEX 2.08 1,320 1,457 1,617 1,710 2,937 3,167 1,559 1,566 2,273 2,238 3,832 3,804 6,769 6,971
% of revenues 13.3% 14.6% 16.1% 17.0% 14.7% 15.8% 15.2% 15.2% 21.8% 21.1% 18.6% 18.2% 16.6% 17.0%
- bank activities 0 0 0 0 0 0 0 0 0 15 0 15 0 15
capital evolution
number of ordinary shares at the end of the period 2,660,056,599 2,660,056,599
weighted average number of ordinary shares outstanding - basic 2,648,879,063 2,654,045,007
weighted average number of ordinary shares outstanding - diluted 2,700,958,413 2,654,045,007

GROUP
2017

revenues 9,986 10,070 10,068 10,206 20,054 20,276 10,179 10,274
external purchases 2.02 (4,380) (4,458) (4,463) (4,509) (8,842) (8,967) (4,432) (4,504)
- commercial expenses & content costs 2.05 (1,545) (1,596) (1,587) (1,654) (3,131) (3,250) (1,625) (1,719)
- interconnection costs 2.03 (1,330) (1,314) (1,345) (1,327) (2,675) (2,641) (1,333) (1,323)
- other IT&N 2.04 (755) (773) (750) (770) (1,505) (1,543) (730) (722)
- property & general expenses, other and capitalized costs (751) (775) (781) (758) (1,532) (1,533) (744) (741)
labour expenses 2.01 (2,221) (2,106) (2,118) (2,065) (4,338) (4,171) (1,918) (1,915)
operating taxes and levies (927) (926) (296) (318) (1,222) (1,244) (339) (300)
other operating income & expenses 89 18 108 65 198 84 58 67
adjusted EBITDA 2.06 2,548 2,598 3,300 3,380 5,848 5,978 3,548 3,622
- telecoms activities 2,555 2,611 3,310 3,393 5,865 6,005 3,556 3,638
% of revenues 25.6% 25.9% 32.9% 33.2% 29.2% 29.6% 34.9% 35.4%
- bank activities (7) (13) (10) (13) (16) (27) (8) (17)
adjustments (110) (20) (278) (179) (387) (200) (47) (29)
reported EBITDA 2.06 2,439 2,578 3,023 3,201 5,461 5,778 3,501 3,593
- bank activities (7) (13) (10) (14) (16) (27) (8) (17)
depreciation & amortisation (3,351)
effects resulting from business combinations 0
reclassification of cumulative translation adjustment from liquidated entities 0
impairment of goodwill and fixed assets 4
share of profit/loss of associates 3
EBIT 2,434
- telecoms activities 2,462
- bank activities (28)
financial result (1,028)
income tax (576)
consolidated net income after tax of continuing operations 830
consolidated net income after tax of discontinued operations (EE) 0
consolidated net income after tax 830
non controlling interests 148
consolidated net income, Group share 682
CAPEX
CAPEX 2.08 1,463 1,493 1,718 1,783 3,181 3,276 1,558 1,597
% of revenues 14.6% 14.7% 17.1% 17.3% 15.9% 16.0% 15.3% 15.4%
- bank activities 0 9 0 16 0 25 0 12
capital evolution
number of ordinary shares at the end of the period 2,660,056,599
weighted average number of ordinary shares outstanding - basic 2,659,338,388
weighted average number of ordinary shares outstanding - diluted 2,659,338,388

GROUP
2015 2016 2017
1H15 2H15 FY15 1H16 2H16 FY16 1H17 2H17 FY17
statement of cash flows (telecoms activities)

adjusted EBITDA (telecoms activities) 2.06 5,790 6,628 12,418 5,913 6,781 12,694 6,005
CAPEX (telecoms activities) 2.08 (2,672) (3,814) (6,486) (3,167) (3,789) (6,956) (3,251)
spectrum and licences paid 2.09 (306) (104) (410) (1,040) (760) (1,800) (161)
change in CAPEX payables (245) 610 365 (202) 507 305 (218)
net interest paid (661) (490) (1,151) (628) (481) (1,109) (732)
income tax paid (412) (315) (727) (406) (500) (906) (391)
change in working capital requirement 2.10 (383) 658 275 (576) 148 (428) (299)
other operational items 2.11 (181) (1,014) (1,195) (360) (786) (1,146) 4
dividends to Orange shareholders (1,059) (530) (1,589) (1,064) (532) (1,596) (1,064)
minority shareholders remuneration in group subsidiaries (205) (101) (306) (195) (64) (259) (203)
purchase of own shares 46 (15) 31 6 0 6 (18)
net of acquisitions and disposals 233 (4,447) (4,214) 3,672 (382) 3,290 409
subordinated notes issuances & coupons (169) (103) (272) (188) (103) (291) (179)
escrow in the context of the acquisition of Jazztel 0 2,901 2,901 0 0 0 0
other financial items (70) (32) (102) 325 (21) 304 (13)
net debt variation ( (+) decrease / (-) increase) 2.12 (294) (168) (462) 2,090 18 2,108 (111)
net financial debt 2.13 26,384 26,552 24,462 24,444 24,555

GROUP
comparable basis
revenues (1) adjusted EBITDA (1) CAPEX (1) B/S (2)
(in millions of euros) currency
egyptian egyptian egyptian egyptian
Total euros zloty other Total euros zloty other Total euros zloty other zloty
pound pound pound pound
1Q16
actual per currency EUR 10,009 7,734 635 322 1,318 2,569 1,952 201 91 325 1,457 1,208 85 48 116
euro exchange rate applied in 1Q16 1.00 4.37 8.88 1.00 4.37 8.88 1.00 4.37 8.88 4.26 10.10
forex impact EUR (128) 0 7 (162) 27 (50) 0 2 (57) 5 (12) 0 1 (15) 2
perimeter impact (3) EUR 105 (2) 0 0 107 29 5 0 0 24 17 (1) 0 0 18
1Q16 comparable basis EUR 9,986 7,732 642 160 1,452 2,548 1,957 203 34 354 1,463 1,207 86 33 137
2Q16
forex impact EUR (90) 0 24 (135) 21 (29) 0 7 (38) 3 0 0 4 (5) 2
perimeter impact (3) EUR 88 (14) 0 0 103 (15) (21) 0 0 6 8 (0) 0 0 8
1H16
actual per currency EUR 20,079 15,522 1,290 613 2,653 5,913 4,672 390 155 696 3,167 2,569 194 86 317
euro exchange rate applied in 1H16 1.00 4.37 9.45 1.00 4.37 9.45 1.00 4.37 9.45 4.44 9.80
euro exchange rate applied in 1H17 1.00 4.27 19.45 1.00 4.27 19.45 1.00 4.27 19.45 4.23 20.68
forex impact EUR (218) 0 30 (297) 48 (78) 0 8 (94) 7 (11) 0 5 (20) 4
perimeter impact (3) EUR 194 (16) 0 0 210 14 (16) 0 0 31 25 (1) 0 0 27
1H16 comparable basis EUR 20,054 15,506 1,321 316 2,911 5,848 4,655 398 61 734 3,181 2,568 198 66 348
3Q16
forex impact EUR (169) 0 13 (155) (26) (55) 0 3 (55) (3) (6) 0 2 (5) (2)
perimeter impact (3) EUR 25 (1) 0 0 26 5 (7) 0 0 12 (2) (0) 0 0 (2)
Orange - investor relations department 565278286.xlsx - Group - comparable basis 10 / 66

GROUP
comparable basis
revenues (1) adjusted EBITDA (1) CAPEX (1) B/S (2)
(in millions of euros) currency
egyptian egyptian egyptian egyptian
Total euros zloty other Total euros zloty other Total euros zloty other zloty
pound pound pound pound
9m16
actual per currency EUR 30,401 23,442 1,940 922 4,097 9,510 7,625 583 244 1,058 4,733 3,829 278 139 486
euro exchange rate applied in 9m16 1.00 4.36 9.60 1.00 4.36 9.60 1.00 4.36 9.60 4.36 9.60
forex impact EUR (387) 0 43 (452) 22 (133) 0 12 (149) 4 (17) 0 6 (25) 2
9m16 comparable basis EUR 30,233 23,425 1,983 470 4,355 9,397 7,602 595 95 1,105 4,739 3,828 284 114 514
4Q16
forex impact EUR (135) 0 14 (69) (80) (30) 0 4 (17) (17) (8) 0 4 (2) (9)
perimeter impact (3) EUR (62) (1) 0 0 (61) (8) 1 0 0 (8) (1) (0) 0 0 (0)
2H16
actual per currency EUR 20,839 15,986 1,322 521 3,010 6,770 5,543 341 108 777 3,804 2,890 261 138 515
forex impact EUR (304) 0 27 (225) (106) (85) 0 8 (72) (20) (14) 0 5 (7) (12)
perimeter impact (3) EUR (36) (2) 0 0 (35) (3) (7) 0 0 4 (2) (0) 0 0 (2)
2H16 comparable basis EUR 20,499 15,984 1,349 296 2,869 6,682 5,536 349 36 761 3,788 2,890 266 131 501
FY16
actual per currency EUR 40,918 31,508 2,613 1,134 5,663 12,682 10,215 731 263 1,473 6,971 5,459 455 225 832
euro exchange rate applied in FY16 1.00 4.36 10.39 1.00 4.36 10.39 1.00 4.36 10.39 4.41 19.14
euro exchange rate applied in FY17 1.00 4.35 20.00 1.00 4.35 20.00 1.00 4.35 20.00 4.35 20.00
forex impact EUR (522) 0 57 (521) (58) (163) 0 16 (166) (13) (25) 0 10 (27) (8)
FY16 comparable basis EUR 40,553 31,490 2,670 612 5,780 12,531 10,192 747 97 1,495 6,969 5,458 465 198 849
(1) Average exchange rates over the period used to convert the P&L accounts of the group foreign subsidiaries from local currency to euros.
(2) End of period exchange rates used to convert the balance sheet accounts of the group foreign subsidiaries from local currency to euros.
(3) Comparable basis: unaudited figures, subject to adjustments. Main impacts on perimeter concern acquisitions in DRC, Liberia, Burkina Faso and Sierra Leone and acquisition of Orange Bank which are included on a FY basis in 2016 comparable basis.
Orange - investor relations department 565278286.xlsx - Group - comparable basis 11 / 66

GROUP
segment reporting
1H15
Africa Telecoms Group
(in millions of euros) glossary France Europe Enterprise IC & SS eliminations Bank activities eliminations
& Middle East activities Total Total
1H14cb 1H15 1H14cb 1H15 1H14cb 1H15 1H14cb 1H15 1H14cb 1H15 1H14cb 1H15 1H14cb 1H15 1H14cb 1H15 1H14cb 1H15 1H14cb 1H15
Group - profit & loss statement

revenues na 8,960 4,819 4,694 2,162 2,283 na 3,660 894 956 na (996) 19,668 19,557 0 0 0 0 19,668 19,557
external purchases 2.02 na (3,328) (2,772) (2,777) (1,017) (1,071) na (2,024) (1,451) (1,522) na 2,336 (8,371) (8,386) 0 0 0 0 (8,371) (8,386)
labour expenses 2.01 na (2,232) (479) (453) (188) (196) na (822) (647) (660) na 0 (4,398) (4,363) 0 0 0 0 (4,398) (4,363)
operating taxes and levies na (706) (157) (145) (169) (169) na (71) (56) (53) na 0 (1,188) (1,144) 0 0 0 0 (1,188) (1,144)
other operating income & expenses na 446 (33) (7) (57) (71) na (129) 1,225 1,228 na (1,341) 173 126 0 0 0 0 173 126
adjusted EBITDA 2.06 na 3,139 1,378 1,311 732 777 na 614 (36) (52) na 0 5,885 5,790 0 0 0 0 5,885 5,790
% of revenues na 35.0% 28.6% 27.9% 33.9% 34.0% na 16.8% -4.0% -5.4% 29.9% 29.6%
adjustments na (118) (4) (2) 0 (116) na 8 (356) (253) na 0 (544) (481) 0 0 0 0 (544) (481)
reported EBITDA 2.06 na 3,021 1,374 1,309 732 661 na 623 (392) (305) na 0 5,340 5,309 0 0 0 0 5,340 5,309
depreciation & amortisation (1,305) (925) (455) (176) (180) 0 (3,041) 0 0 (3,041)
effects resulting from business combinations 0 0 0 6 0 0 6 0 0 6
reclassification of cumulative translation adjustment from
0 0 0 0 0 0 0 0 0 0
liquidated entities
impairment of goodwill and fixed assets 1 (26) 0 0 0 0 (25) 0 0 (25)
share of profit/loss of associates 0 (1) 19 (4) (1) 0 14 0 0 14
EBIT 1,717 358 225 449 (486) 0 2,264 0 0 2,264
1H15
Belgium Europe
(in millions of euros) glossary Spain Poland Central European eliminations
& Luxembourg Total
1H14 cb 1H15 1H14 cb 1H15 1H14 cb 1H15 1H14 cb 1H15 1H14 cb 1H15 1H14 cb 1H15
Europe - profit & loss statement (sub-segment)

revenues 1,920 1,847 1,465 1,436 629 607 807 805 (2) (2) 4,819 4,694
external purchases 2.02 (1,253) (1,229) (711) (734) (401) (385) (409) (435) 3 6 (2,772) (2,777)
labour expenses 2.01 (104) (104) (234) (214) (70) (67) (70) (68) 0 0 (479) (453)
operating taxes and levies (74) (76) (49) (38) (23) (23) (11) (8) 0 0 (157) (145)
other operating income & expenses (28) (19) (2) 14 7 11 (9) (9) (1) (4) (33) (7)
adjusted EBITDA 2.06 461 420 469 464 140 142 307 286 0 0 1,378 1,311
% of revenues 24.0% 22.7% 32.0% 32.3% 22.3% 23.4% 38.1% 35.5% 0.0% 0.0% 28.6% 27.9%
adjustments 0 0 0 0 (3) (2) 0 0 0 0 (4) (2)
reported EBITDA 2.06 461 420 469 463 137 140 307 286 0 0 1,374 1,309
depreciation & amortisation (310) (349) (99) (167) 0 (925)
effects resulting from business combinations 0 0 0 0 0 0
0 0 0 0 0 0
liquidated entities
impairment of goodwill and fixed assets 0 1 0 (27) 0 (26)
share of profit/loss of associates 0 0 (1) 0 0 (1)
EBIT 110 115 40 93 0 358
Orange - investor relations department 565278286.xlsx - Group - Segment reporting 12 / 66

GROUP
segment reporting
FY15
FY14cb FY15 FY14cb FY15 FY14cb FY15 FY14cb FY15 FY14cb FY15 FY14cb FY15 FY14cb FY15 FY14cb FY15 FY14cb FY15 FY14cb FY15

revenues na 18,104 10,139 9,963 4,659 4,899 na 7,379 1,845 1,915 na (2,025) 40,283 40,236 0 0 0 0 40,283 40,236
external purchases 2.02 na (7,063) (5,961) (5,943) (2,204) (2,335) na (4,089) (2,982) (3,022) na 4,755 (17,740) (17,697) 0 0 0 0 (17,740) (17,697)
labour expenses 2.01 na (4,274) (961) (927) (416) (418) na (1,614) (1,247) (1,253) na 0 (8,606) (8,486) 0 0 0 0 (8,606) (8,486)
operating taxes and levies na (930) (292) (282) (353) (358) na (147) (81) (66) na 0 (1,795) (1,783) 0 0 0 0 (1,795) (1,783)
other operating income & expenses na 900 (71) (71) (96) (121) na (260) 2,464 2,431 na (2,730) 265 149 0 0 0 0 265 149
adjusted EBITDA 2.06 na 6,738 2,856 2,740 1,591 1,667 na 1,270 (1) 5 na 0 12,407 12,418 0 0 0 0 12,407 12,418
% of revenues na 37.2% 28.2% 27.5% 34.1% 34.0% na 17.2% -0.1% 0.2% 30.8% 30.9%
adjustments na (593) (18) (6) 0 (138) na (34) (810) (370) na 0 (1,392) (1,142) 0 0 0 0 (1,392) (1,142)
reported EBITDA 2.06 na 6,145 2,838 2,733 1,591 1,529 na 1,235 (812) (365) na 0 11,014 11,277 0 0 0 0 11,014 11,277
depreciation & amortisation (2,705) (1,990) (1,034) (366) (370) 0 (6,465) 0 0 (6,465)
0 0 0 0 0 0 0 0 0 0
liquidated entities
impairment of goodwill and fixed assets (12) (24) 0 0 (2) 0 (38) 0 0 (38)
share of profit/loss of associates 0 (1) (32) (3) (3) 0 (38) 0 0 (38)
EBIT 3,428 719 463 872 (739) 0 4,742 0 0 4,742
FY15
Belgium Europe
& Luxembourg Total
FY14 cb FY15 FY14 cb FY15 FY14 cb FY15 FY14 cb FY15 FY14 cb FY15 FY14 cb FY15

revenues 4,355 4,253 2,914 2,831 1,249 1,235 1,625 1,648 (4) (4) 10,139 9,963
external purchases 2.02 (2,837) (2,736) (1,460) (1,501) (809) (793) (862) (925) 6 12 (5,961) (5,943)
labour expenses 2.01 (239) (235) (446) (419) (136) (134) (140) (139) 0 0 (961) (927)
other operating income & expenses (59) (56) (9) 3 16 6 (16) (17) (3) (8) (71) (71)
adjusted EBITDA 2.06 1,072 1,068 921 842 275 276 589 554 0 0 2,856 2,740
% of revenues 24.6% 25.1% 31.6% 29.7% 22.0% 22.3% 36.2% 33.6% 0.0% 0.0% 28.2% 27.5%
adjustments 0 (22) 1 (22) (19) 45 0 (7) 0 0 (18) (6)
reported EBITDA 2.06 1,072 1,046 922 820 255 321 589 546 0 0 2,838 2,733
depreciation & amortisation (770) (687) (202) (331) 0 (1,990)
effects resulting from business combinations 0
0
liquidated entities
impairment of goodwill and fixed assets 0 3 0 (27) 0 (24)
share of profit/loss of associates 0 0 (1) 0 0 (1)
EBIT 275 136 119 188 0 719

GROUP
segment reporting
1H16

revenues 8,966 8,860 5,070 5,128 2,434 2,516 3,640 3,666 907 904 (998) (996) 20,018 20,079 0 0 0 0 20,018 20,079
external purchases 2.02 (3,324) (3,326) (3,022) (3,063) (1,142) (1,231) (1,868) (1,855) (1,499) (1,490) 2,187 2,147 (8,669) (8,818) 0 0 0 0 (8,669) (8,818)
labour expenses 2.01 (2,232) (2,192) (469) (452) (214) (224) (810) (831) (631) (619) 0 0 (4,356) (4,319) 0 0 0 0 (4,356) (4,319)
operating taxes and levies (706) (754) (146) (152) (170) (181) (70) (70) (53) (61) 0 0 (1,145) (1,218) 0 0 0 0 (1,145) (1,218)
other operating income & expenses 446 482 (26) (22) (79) (52) (270) (250) 1,222 1,182 (1,188) (1,151) 104 190 0 0 0 0 104 190
adjusted EBITDA 2.06 3,150 3,070 1,407 1,438 828 828 621 660 (54) (84) 0 0 5,952 5,913 0 0 0 0 5,952 5,913
% of revenues 35.1% 34.6% 27.7% 28.1% 34.0% 32.9% 17.1% 18.0% -6.0% -9.3% 29.7% 29.4%
adjustments (118) (218) (14) (133) (4) 14 (13) 29 (416) (13) 0 0 (566) (321) 0 0 0 0 (566) (321)
reported EBITDA 2.06 3,032 2,852 1,393 1,306 824 843 608 689 (471) (97) 0 0 5,386 5,592 0 0 0 0 5,386 5,592
depreciation & amortisation (1,375) (1,031) (525) (186) (164) 0 (3,279) 0 0 (3,279)
0 0 0 0 0 0 0 0 0 0
liquidated entities
impairment of goodwill and fixed assets 3 1 (176) 0 1 0 (172) 0 0 (172)
share of profit/loss of associates 0 0 5 0 (4) 0 0 0 0 0
EBIT 1,480 275 147 503 (264) 0 2,141 0 0 2,141
1H16
Belgium Europe
& Luxembourg Total

revenues 2,325 2,418 1,358 1,306 607 609 781 798 (1) (3) 5,070 5,128
labour expenses 2.01 (136) (125) (202) (188) (67) (68) (65) (71) 0 0 (469) (452)
other operating income & expenses (38) (38) 13 5 11 16 (9) 1 (4) (4) (26) (22)
adjusted EBITDA 2.06 542 625 439 387 142 145 284 281 0 0 1,407 1,438
% of revenues 23.3% 25.9% 32.3% 29.6% 23.4% 23.8% 36.3% 35.2% 0.0% 0.0% 27.7% 28.1%
adjustments (12) (133) 0 0 (2) 1 0 0 0 0 (14) (133)
reported EBITDA 2.06 530 492 439 387 140 145 284 281 0 0 1,393 1,306
0 0 0 0 0 0
liquidated entities
impairment of goodwill and fixed assets 0 1 0 0 0 1
share of profit/loss of associates 0 0 0 0 0 0
EBIT 30 81 47 117 0 275

GROUP
segment reporting
FY16

revenues 18,117 17,945 10,289 10,540 5,110 5,245 7,325 7,353 1,853 1,812 (2,024) (1,978) 40,669 40,918 0 0 0 0 40,669 40,918
external purchases 2.02 (7,053) (7,003) (6,158) (6,358) (2,459) (2,575) (3,774) (3,748) (3,000) (2,943) 4,449 4,362 (17,995) (18,265) (4) (16) 0 0 (17,999) (18,281)
labour expenses 2.01 (4,274) (4,149) (935) (902) (448) (460) (1,586) (1,608) (1,209) (1,207) 0 0 (8,452) (8,326) (12) (14) 0 0 (8,464) (8,340)
operating taxes and levies (930) (971) (282) (281) (386) (406) (146) (140) (66) (94) 0 0 (1,810) (1,893) 0 0 0 0 (1,810) (1,893)
other operating income & expenses 900 983 (90) (55) (143) (147) (543) (514) 2,418 2,376 (2,425) (2,385) 118 260 10 18 0 0 128 277
adjusted EBITDA 2.06 6,760 6,806 2,824 2,944 1,674 1,658 1,276 1,342 (4) (56) 0 0 12,530 12,694 (6) (12) 0 0 12,524 12,682
% of revenues 37.3% 37.9% 27.4% 27.9% 32.8% 31.6% 17.4% 18.3% -0.2% -3.1% 30.8% 31.0%
adjustments (593) (601) (11) (143) (14) (20) (56) (44) (530) (154) 0 0 (1,205) (963) 0 0 0 0 (1,205) (963)
reported EBITDA 2.06 6,167 6,205 2,813 2,801 1,660 1,638 1,220 1,298 (535) (211) 0 0 11,325 11,731 (6) (12) 0 0 11,319 11,719
depreciation & amortisation (2,823) (2,115) (1,056) (375) (359) 0 (6,728) 0 0 (6,728)
0 0 0 1 13 0 14 0 0 14
liquidated entities
impairment of goodwill and fixed assets (1) (507) (469) (1) (1) 0 (979) 0 0 (979)
share of profit/loss of associates 0 6 (45) 0 (7) 0 (46) 0 0 (46)
EBIT 3,381 185 68 922 (565) 0 3,992 85 0 4,077
FY16
Belgium Europe
& Luxembourg Total

revenues 4,731 5,014 2,710 2,644 1,235 1,242 1,616 1,648 (4) (7) 10,289 10,540
external purchases 2.02 (3,036) (3,155) (1,438) (1,475) (793) (805) (902) (937) 11 15 (6,158) (6,358)
labour expenses 2.01 (267) (249) (400) (375) (134) (131) (135) (148) 0 0 (935) (902)
other operating income & expenses (75) (76) 3 0 6 28 (17) 1 (8) (7) (90) (55)
adjusted EBITDA 2.06 1,190 1,349 807 725 276 316 551 554 0 0 2,824 2,944
% of revenues 25.2% 26.9% 29.8% 27.4% 22.3% 25.4% 34.1% 33.6% 0.0% 0.0% 27.4% 27.9%
adjustments (34) (127) (22) 0 45 1 0 (17) 0 0 (11) (143)
reported EBITDA 2.06 1,156 1,222 785 725 321 317 551 537 0 0 2,813 2,801
0 0 0 0 0 0
liquidated entities
impairment of goodwill and fixed assets 0 (507) 0 0 0 (507)
share of profit/loss of associates 0 6 0 0 6
EBIT 276 (405) 113 202 0 185

GROUP
segment reporting
1H17

revenues 8,860 8,879 5,162 5,405 2,449 2,491 3,675 3,615 903 819 (995) (933) 20,054 20,276 0 0 0 0 20,054 20,276
external purchases 2.02 (3,326) (3,324) (3,080) (3,206) (1,220) (1,231) (1,865) (1,848) (1,490) (1,405) 2,146 2,079 (8,834) (8,936) (8) (32) 0 0 (8,842) (8,967)
labour expenses 2.01 (2,192) (2,055) (457) (479) (218) (202) (830) (814) (618) (591) 0 0 (4,314) (4,141) (24) (30) 0 0 (4,338) (4,171)
operating taxes and levies (754) (754) (153) (146) (183) (203) (71) (79) (61) (61) 0 0 (1,222) (1,244) 0 (1) 0 0 (1,222) (1,244)
other operating income & expenses 482.0 422.0 (22) (25) (71) (91) (249) (246) 1,192 1,134 (1,151) (1,145) 182 49 16 35 0 0 198 84
adjusted EBITDA 2.06 3,070 3,168 1,450 1,549 757 764 661 629 (74) (105) 0 0 5,865 6,005 (16) (27) 0 0 5,848 5,978
% of revenues 34.6% 35.7% 28.1% 28.7% 30.9% 30.7% 18.0% 17.4% -8.1% -12.8% 29.2% 29.6%
adjustments (218) (53) (133) (4) (1) (8) (27) (17) (8) (117) 0 0 (387) (200) 0 0 0 0 (387) (200)
reported EBITDA 2.06 2,852 3,115 1,317 1,544 756 756 634 612 (81) (223) 0 0 5,477 5,805 (16) (27) 0 0 5,461 5,778
depreciation & amortisation (1,509) (1,066) (434) (182) (160) 0 (3,351) (1) 0 (3,351)
0 0 0 0 0 0 0 0 0 0
liquidated entities
impairment of goodwill and fixed assets 4 0 0 0 0 0 4 0 0 4
share of profit/loss of associates 0 0 6 0 (3) 0 3 0 0 3
EBIT 1,610 478 329 431 (386) 0 2,462 (28) 0 2,434
1H17
Belgium Europe
& Luxembourg Total

revenues 2,418 2,628 1,337 1,325 609 617 801 843 (3) (8) 5,162 5,405
labour expenses 2.01 (125) (128) (192) (209) (68) (67) (72) (76) 0 0 (457) (479)
other operating income & expenses (38) (53) 5 12 16 1 1 17 (4) (3) (22) (25)
adjusted EBITDA 2.06 627 722 396 367 145 157 283 302 0 0 1,450 1,549
% of revenues 25.9% 27.5% 29.6% 27.7% 23.8% 25.5% 35.3% 35.9% 28.1% 28.7%
adjustments (133) (1) 0 (2) 1 (1) 0 0 0 (133) (4)
reported EBITDA 2.06 493 721 396 365 145 156 283 302 0 0 1,317 1,544
0 0 0 0 0 0
liquidated entities
impairment of goodwill and fixed assets 0 0 0 0 0 0
share of profit/loss of associates 0 0 0 0 0 0
EBIT 230 64 44 141 0 478

GROUP
segment reporting
FY17

revenues
external purchases 2.02
labour expenses 2.01
operating taxes and levies
other operating income & expenses
adjusted EBITDA 2.06
% of revenues
adjustments
reported EBITDA 2.06
depreciation & amortisation
effects resulting from business combinations
liquidated entities
impairment of goodwill and fixed assets
share of profit/loss of associates
EBIT
FY17
Belgium Europe
& Luxembourg Total

revenues
external purchases 2.02
labour expenses 2.01
operating taxes and levies
other operating income & expenses
adjusted EBITDA 2.06
% of revenues
adjustments
reported EBITDA 2.06
depreciation & amortisation
effects resulting from business combinations
liquidated entities
impairment of goodwill and fixed assets
share of profit/loss of associates
EBIT

TELECOMS ACTIVITIES
financial KPIs
2015
revenues by country
telecoms activities 9,761 9,672 9,907 9,885 19,668 19,557 10,230 10,284 10,384 10,395 20,614 20,679 40,283 40,236
yoy variance (cb) -0.9% -0.2% -0.6% 0.5% 0.1% 0.3% -0.1%
France na 4,459 na 4,501 na 8,960 na 4,540 na 4,604 na 9,144 na 18,104
yoy variance (cb) na na na na na na na
Europe 2,408 2,324 2,411 2,370 4,819 4,694 2,676 2,652 2,645 2,618 5,321 5,270 10,139 9,963
yoy variance (cb) -3.5% -1.7% -2.6% -0.9% -1.0% -1.0% -1.7%
Spain 977 928 943 920 1,920 1,847 1,238 1,216 1,198 1,189 2,435 2,406 4,355 4,253
yoy variance (cb) -5.0% -2.5% -3.8% -1.7% -0.7% -1.2% -2.3%
Poland 711 699 754 737 1,465 1,436 727 709 723 686 1,450 1,395 2,914 2,831
yoy variance (cb) -1.7% -2.3% -2.0% -2.4% -5.1% -3.8% -2.9%
Belgium & Luxembourg 317 302 312 304 629 607 304 306 315 323 620 629 1,249 1,235
yoy variance (cb) -4.6% -2.5% -3.5% 0.6% 2.3% 1.4% -1.1%
Central European countries 405 396 402 409 807 805 409 421 410 422 818 843 1,625 1,648
yoy variance (cb) -2.2% 1.8% -0.2% 3.2% 2.9% 3.0% 1.4%
eliminations (1) (1) (1) (1) (2) (2) (1) (1) (1) (1) (2) (2) (4) (4)
Africa & Middle East 1,053 1,124 1,109 1,159 2,162 2,283 1,220 1,304 1,276 1,312 2,497 2,615 4,659 4,899
yoy variance (cb) 6.8% 4.5% 5.6% 6.8% 2.8% 4.8% 5.1%
Enterprise na 1,789 na 1,871 na 3,660 na 1,817 na 1,903 na 3,719 na 7,379
International carrier & shared services 422 462 472 494 894 956 476 486 475 473 951 959 1,845 1,915
yoy variance (cb) 9.6% 4.7% 7.0% 2.0% -0.4% 0.8% 3.8%
eliminations na (486) na (509) na (996) na (515) na (514) na (1,029) na (2,025)
revenues by activity
telecoms activities 2.20 9,761 9,672 9,907 9,885 19,668 19,557 10,230 10,284 10,384 10,395 20,614 20,679 40,283 40,236
yoy variance (cb) -0.9% -0.2% -0.6% 0.5% 0.1% 0.3% -0.1%
mobile services (1) 2.21 na 4,180 na 4,254 na 8,433 na 4,488 na 4,421 na 8,909 na 17,343
mobile equipment sales 2.22 na 385 na 386 na 771 na 414 na 492 na 906 na 1,677
fixed services (1) 2.23 na 3,141 na 3,154 na 6,295 na 3,366 na 3,382 na 6,747 na 13,042
enterprise (excl. mobile) & international carrier & shared services na 1,777 na 1,883 na 3,660 na 1,817 na 1,881 na 3,699 na 7,358
other revenues 2.24 na 189 na 208 na 398 na 198 na 219 na 418 na 816
Orange - investor relations department 565278286.xlsx - Telecoms - Financial KPIs 18 / 66

TELECOMS ACTIVITIES
financial KPIs
2015
adjusted EBITDA
yoy variance (cb) -2.1% -1.2% -1.6% 1.6% 1.7% 1.6% 0.1%
France na 3,139 na 3,598 na 6,738
yoy variance (cb) na na na
Europe 1,378 1,311 1,478 1,428 2,856 2,740
yoy variance (cb) -4.8% -3.4% -4.1%
Spain 461 420 610 648 1,072 1,068
yoy variance (cb) -9.0% 6.2% -0.3%
Poland 469 464 452 378 921 842
yoy variance (cb) -1.2% -16.2% -8.6%
Belgium & Luxembourg 140 142 134 134 275 276
yoy variance (cb) 120.0% -0.4% 0.4%
Central European countries 307 286 281 268 589 554
yoy variance (cb) -6.9% -4.9% -5.9%
eliminations 0 0 0 0 0 0
Africa & Middle East 732 777 859 890 1,591 1,667
yoy variance (cb) 6.1% 3.6% 4.8%
Enterprise na 614 na 655 na 1,270
yoy variance (cb) na na na
International carrier & shared services (36) (52) 34 57 (1) 5
yoy variance (cb) 45.0% 65.0%
eliminations na 0 na 0 na 0
CAPEX
yoy variance (cb) 3.0% 9.5% 6.5% 7.6% 14.1% 11.3% 9.3%
France 1,290 1,400 1,509 1,697 2,799 3,097
yoy variance (cb) 8.6% 12.4% 10.6%
Europe 665 650 1,053 1,134 1,718 1,784
yoy variance (cb) -2.3% 7.7% 3.8%
Spain 281 303 539 562 821 864
Poland 185 174 233 289 418 463
yoy variance (cb) -5.9% 24.0% 10.8%
yoy variance (cb) -25.5% 1.3% -10.3%
yoy variance (cb) -2.2% 0.7% -0.5%
Africa & Middle East 302 320 548 602 850 922
Enterprise 160 154 176 170 336 325
yoy variance (cb) -3.7% -3.0% -3.3%
International carrier & shared services 91 147 141 212 232 359
yoy variance (cb) 61.5% 50.5% 54.9%

TELECOMS ACTIVITIES
financial KPIs
2016
revenues by country
telecoms activities 9,950 10,009 10,068 10,070 20,018 20,079 10,240 10,323 10,411 10,516 20,651 20,839 40,669 40,918
yoy variance (cb) 0.6% 0.0% 0.3% 0.8% 1.0% 0.9% 0.6%
France 4,462 4,431 4,504 4,430 8,966 8,860 4,544 4,519 4,607 4,566 9,151 9,085 18,117 17,945
yoy variance (cb) -0.7% -1.6% -1.2% -0.5% -0.9% -0.7% -0.9%
Europe 2,524 2,534 2,545 2,594 5,070 5,128 2,597 2,670 2,623 2,742 5,220 5,412 10,289 10,540
yoy variance (cb) 0.4% 1.9% 1.1% 2.8% 4.5% 3.7% 2.4%
Spain 1,168 1,189 1,157 1,229 2,325 2,418 1,194 1,288 1,211 1,307 2,406 2,596 4,731 5,014
yoy variance (cb) 1.8% 6.2% 4.0% 7.8% 7.9% 7.9% 6.0%
Poland 670 642 688 664 1,358 1,306 684 657 668 681 1,352 1,338 2,710 2,644
yoy variance (cb) -4.2% -3.5% -3.8% -3.9% 1.9% -1.0% -2.4%
Belgium & Luxembourg 302 309 304 299 607 609 306 311 323 322 629 633 1,235 1,242
yoy variance (cb) 2.3% -1.6% 0.3% 1.7% -0.2% 0.7% 0.5%
Central European countries 384 395 396 403 781 798 414 417 422 433 835 850 1,616 1,648
yoy variance (cb) 2.8% 1.5% 2.2% 0.8% 2.6% 1.7% 1.9%
eliminations (1) (1) (1) (2) (1) (3) (1) (3) (1) (1) (2) (4) (4) (7)
Africa & Middle East 1,218 1,271 1,216 1,245 2,434 2,516 1,338 1,371 1,338 1,359 2,676 2,729 5,110 5,245
yoy variance (cb) 4.4% 2.3% 3.3% 2.5% 1.6% 2.0% 2.6%
Enterprise 1,793 1,823 1,847 1,843 3,640 3,666 1,796 1,800 1,889 1,887 3,685 3,687 7,325 7,353
yoy variance (cb) 1.7% -0.2% 0.7% 0.2% -0.1% 0.0% 0.4%
International carrier & shared services 441 454 466 450 907 904 479 456 467 451 946 908 1,853 1,812
yoy variance (cb) 3.1% -3.5% -0.3% -4.7% -3.3% -4.0% -2.2%
eliminations (488) (504) (510) (491) (998) (996) (513) (494) (513) (488) (1,026) (982) (2,024) (1,978)
yoy variance (cb) 0.6% 0.0% 0.3% 0.8% 1.0% 0.9% 0.6%
mobile services (1) 2.21 4,261 4,298 4,294 4,289 8,555 8,586 4,505 4,520 4,448 4,457 8,953 8,977 17,508 17,563
yoy variance (cb) 0.9% -0.1% 0.4% 0.3% 0.2% 0.3% 0.3%
mobile equipment sales 2.22 396 404 391 415 786 819 403 455 502 584 905 1,039 1,692 1,858
yoy variance (cb) 2.2% 6.2% 4.2% 12.7% 16.5% 14.8% 9.9%
fixed services (1) 2.23 3,336 3,344 3,342 3,368 6,678 6,712 3,347 3,364 3,382 3,416 6,729 6,781 13,406 13,493
yoy variance (cb) 0.2% 0.8% 0.5% 0.5% 1.0% 0.8% 0.6%
enterprise (excl. mobile) & international carrier & shared services 1,760 1,785 1,831 1,813 3,591 3,598 1,790 1,781 1,862 1,846 3,652 3,626 7,243 7,224
yoy variance (cb) 1.5% -1.0% 0.2% -0.5% -0.9% -0.7% -0.3%
other revenues 2.24 197 177 211 185 408 363 195 203 218 213 412 416 821 778
yoy variance (cb) -10.2% -12.1% -11.2% 4.1% -2.1% 0.8% -5.1%

TELECOMS ACTIVITIES
financial KPIs
2016
adjusted EBITDA
yoy variance (cb) -1.6% 0.1% -0.6% 1.6% 4.8% 3.1% 1.3%
France 3,150 3,070 3,610 3,736 6,760 6,806
yoy variance (cb) -2.6% 3.5% 0.7%
Europe 1,407 1,438 1,417 1,505 2,824 2,944
Spain 542 625 648 724 1,190 1,349
yoy variance (cb) 15.4% 11.7% 13.4%
Poland 439 387 368 337 807 725
yoy variance (cb) -11.8% -8.3% -10.2%
yoy variance (cb) 2.0% 27.5% 14.4%
yoy variance (cb) -0.9% 2.3% 0.6%
Africa & Middle East 828 828 846 830 1,674 1,658
yoy variance (cb) 0.1% -2.0% -1.0%
Enterprise 621 660 655 682 1,276 1,342
International carrier & shared services (54) (84) 50 28 (4) (56)
yoy variance (cb) 55.2% -44.2% 0.0%
CAPEX
yoy variance (cb) 10.4% 5.7% 7.8% 0.5% -2.2% -1.1% 2.8%
France 1,400 1,586 1,697 1,836 3,097 3,421
yoy variance (cb) 13.2% 8.2% 10.5%
Europe 873 912 1,122 1,046 1,995 1,959
yoy variance (cb) 4.5% -6.7% -1.8%
Spain 539 547 562 539 1,100 1,086
yoy variance (cb) 1.5% -4.0% -1.3%
Poland 165 194 279 261 444 455
yoy variance (cb) 17.7% -6.6% 2.4%
yoy variance (cb) -10.3% -14.8% -13.2%
yoy variance (cb) 9.4% -10.4% -2.7%
Africa & Middle East 371 359 634 604 1,005 962
yoy variance (cb) -3.3% -4.8% -4.2%
Enterprise 153 168 168 168 320 336
yoy variance (cb) 10.2% 0.3% 5.1%
International carrier & shared services 141 142 212 136 353 278
yoy variance (cb) 0.7% -35.9% -21.3%

TELECOMS ACTIVITIES
financial KPIs
2017
revenues by country
telecoms activities 9,986 10,070 10,068 10,206 20,054 20,276 10,179 10,274
yoy variance (cb) 0.8% 1.4% 1.1% 0.9%
France 4,431 4,427 4,430 4,452 8,860 8,879 4,519 4,529
yoy variance (cb) -0.1% 0.5% 0.2% 0.2%
Europe 2,542 2,656 2,620 2,749 5,162 5,405 2,684 2,789
yoy variance (cb) 4.5% 4.9% 4.7% 3.9%
Spain 1,189 1,290 1,229 1,337 2,418 2,628 1,288 1,371
yoy variance (cb) 8.5% 8.8% 8.7% 6.4%
Poland 649 652 688 673 1,337 1,325 670 661
yoy variance (cb) 0.5% -2.2% -0.9% -1.3%
Belgium & Luxembourg 309 307 299 310 609 617 311 316
yoy variance (cb) -0.7% 3.5% 1.4% 1.7%
Central European countries 396 409 405 434 801 843 418 447
yoy variance (cb) 3.2% 7.1% 5.2% 6.9%
eliminations (1) (3) (2) (5) (3) (8) (3) (6)
Africa & Middle East 1,231 1,239 1,219 1,252 2,449 2,491 1,226 1,264
yoy variance (cb) 0.7% 2.7% 1.7% 3.1%
Enterprise 1,832 1,796 1,843 1,819 3,675 3,615 1,788 1,778
yoy variance (cb) -2% -1.3% -1.6% -0.5%
International carrier & shared services 454 407 448 412 903 819 454 415
yoy variance (cb) -10.4% -8.1% -9.3% -8.6%
eliminations (504) (455) (491) (478) (995) (933) (493) (502)
telecoms activities 2.20 9,986 10,070 10,068 10,206 20,054 20,276 10,179 10,274
yoy variance (cb) 0.8% 1.4% 1.1% 0.9%
mobile services (1) 2.21 4,263 4,256 4,276 4,325 8,539 8,582 4,391 4,427
yoy variance (cb) -0.2% 1.2% 0.5% 0.8%
mobile equipment sales 2.22 402 454 412 478 814 932 448 517
yoy variance (cb) 12.8% 16.1% 14.5% 15.4%
fixed services (1) 2.23 3,354 3,417 3,388 3,450 6,743 6,868 3,375 3,440
yoy variance (cb) 1.9% 1.8% 1.9% 1.9%
enterprise (excl. mobile) & international carrier & shared services 1,795 1,752 1,810 1,773 3,604 3,525 1,766 1,695
yoy variance (cb) -2.4% -2.0% -2.2% -4.0%
other revenues 2.24 171 191 182 179 354 370 198 195
yoy variance (cb) 11.5% -1.9% 4.6% -1.8%
(1) Since 1Q 2017 and 1Q 2016 cb, Fixed-4G (fLTE) offers are included in fixed broadband services revenues (previously included in mobile services revenues) for Spain and Poland.

TELECOMS ACTIVITIES
financial KPIs
2017
adjusted EBITDA
yoy variance (cb) 2.2% 2.5% 2.4% 2.3%
France 3,070 3,168
yoy variance (cb) 3.2%
Europe 1,450 1,549
Spain 627 722
Poland 396 367
yoy variance (cb) -7.4%
Belgium & Luxembourg 145 157
Central European countries 283 302
Africa & Middle East 757 764
Enterprise 661 629
International carrier & shared services (74) (105)
eliminations
CAPEX
yoy variance (cb) 1.4% 2.9% 2.2% 1.7%
France 1,590 1,611
Europe 917 906
Spain 547 538
Poland 198 192
Belgium & Luxembourg 62 77
Central European countries 110 99
Africa & Middle East 367 428
Enterprise 169 179
International carrier & shared services 137 127

TELECOMS ACTIVITIES
operational KPIs
2015 2016 2017
(in thousands) glossary
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
group KPIs
group customers (excl. MVNOs) (1) 1.01 246,918 248,251 263,335 262,912 252,211 249,550 255,515 262,830 265,162 268,950 268,994
mobile group KPIs

customer base
mobile customers (excl. MVNOs) (2) 1.02 188,184 189,824 201,675 201,161 190,837 188,305 194,146 201,350 203,499 207,410 207,519
- contract 1.03 65,976 67,010 70,861 72,179 65,420 66,723 68,173 69,556 70,418 71,931 73,182
- prepaid 1.04 122,208 122,814 130,814 128,982 125,418 121,582 125,973 131,794 133,081 135,479 134,337
MVNOs customers (France + Europe) (3) 1.06 6,120 6,352 3,943 4,136 4,205 4,306 4,657 5,191 5,258 5,305 4,747
fixed group KPIs

customer base
number of lines (copper + FTTH) (4) 1.12 42,491 42,113 43,613 43,534 43,286 43,044 42,959 42,798 42,710 42,410 42,145
broadband customers (2) 16,134 16,207 17,942 18,116 17,989 18,146 18,372 18,658 18,951 19,128 19,327
- xDSL (ADSL + VDSL) 15,135 15,084 16,307 16,096 15,415 15,208 15,034 14,806 14,557 14,346 14,122
- FTTH 1.18 830 966 1,487 1,882 2,226 2,550 2,898 3,291 3,653 3,961 4,290
- others 169 157 148 138 349 388 440 561 740 821 915
internet features
VoIP customers 11,510 11,649 13,300 13,537 13,936 14,102 14,329 14,576 14,765 14,892 15,088
IPTV and satellite customers 7,414 7,435 7,658 7,933 8,182 8,146 8,200 8,483 8,625 8,716 8,924
enterprise group KPIs

IP VPN accesses 344 348 348 348 348 349 350 351 353 353 352
(1) In 1Q 2016, the decrease of the group's customers is due to the sale of EE (12 560 000 customers in 4Q 2015, of which 12 094 000 mobile customers).
(1) In 3Q 2015, the increase of the group's customers is due to the full consolidation of Meditel (100% against 40% before) and the acquisition of Jazztel in Spain.
(2) Since 1Q 2016, Fixed-4G (fLTE) offers are included in broadband customer base in Spain and Poland (previously included in mobile customer base). Restated data for 2016.
(3) 1Q 2017 and 2Q 2017 corrected data.
(4) Since 1Q 2017, including voice services related to Fixed-4G (fLTE) offers.
Orange - investor relations department 565278286.xlsx - Telecoms - Operational KPIs 24 / 66

TELECOMS ACTIVITIES
operational KPIs
2015 2016 2017
(in thousands) glossary
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
headcount
headcount (end of periode - historical basis) (1)
group 3.01 154,513 153,679 156,542 156,191 154,825 153,539 153,533 155,202 153,599 152,744 152,298
bank activities 0 0 0 0 0 0 0 590 632 690 705
telecoms activities 154,513 153,679 156,542 156,191 154,825 153,539 153,533 154,612 152,967 152,054 151,593
France 76,074 75,791 75,405 75,262 74,183 73,833 73,480 73,766 72,604 71,769 70,818
Europe 29,343 28,976 31,181 30,916 30,864 30,327 30,277 30,415 30,365 29,905 29,886
Spain 4,000 4,029 7,171 7,075 7,116 6,961 7,181 7,356 7,308 7,120 7,354
Poland 18,397 17,852 17,268 16,997 16,883 16,473 16,168 15,916 15,862 15,510 15,192
Belgium & Luxembourg 1,571 1,655 1,656 1,712 1,707 1,689 1,678 1,683 1,677 1,695 1,711
Central European countries 5,375 5,441 5,087 5,132 5,159 5,205 5,250 5,461 5,519 5,581 5,629
Africa & Middle East 13,639 13,878 14,955 15,039 14,830 14,807 15,050 15,545 15,151 15,107 15,330
Enterprise 20,980 20,809 20,822 20,809 20,788 20,682 20,878 21,048 21,081 21,397 21,632
International carrier & shared services 14,477 14,225 14,179 14,165 14,160 13,890 13,848 13,838 13,766 13,876 13,927
headcount (average cumulated full time equivalent - historical basis) (1)
group 3.02 144,807 144,183 144,595 144,499 142,108 141,417 140,799 141,257 139,234 138,763 138,329
bank activities 0 0 0 0 0 0 0 142 598 632 649
telecoms activities 144,807 144,183 144,595 144,499 142,108 141,417 140,799 141,114 138,636 138,132 137,680
France 68,123 67,648 67,177 66,765 63,896 63,533 63,249 63,094 60,964 60,505 60,040
Europe 28,962 28,828 29,452 29,657 30,098 29,879 29,706 29,656 29,555 29,417 29,271
Spain 3,810 3,812 4,701 5,144 6,421 6,345 6,344 6,401 6,586 6,545 6,550
Poland 18,376 18,175 17,907 17,703 16,924 16,766 16,577 16,424 15,905 15,769 15,579
Belgium & Luxembourg 1,501 1,541 1,547 1,564 1,631 1,626 1,617 1,616 1,604 1,610 1,614
Central European countries 5,275 5,300 5,297 5,246 5,123 5,142 5,168 5,215 5,459 5,495 5,529
Africa & Middle East 13,596 13,719 14,117 14,356 14,902 14,874 14,867 15,368 15,198 15,156 15,188
Enterprise 20,526 20,458 20,454 20,415 20,260 20,299 20,267 20,316 20,475 20,582 20,688
International carrier & shared services 13,598 13,530 13,395 13,305 12,952 12,832 12,710 12,679 12,443 12,471 12,493
(1) The headcount numbers reflect the Group's current consolidated scope (all associates are excluded).
Orange - investor relations department 565278286.xlsx - Telecoms - Operational KPIs 25 / 66

ORANGE
MARKET FRANCE KPIs (1)
2015 2016 2017
(customers in thousands) glossary
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
mobile KPIs
customer base
mobile customers (excl. MVNOs) 1.02 27,280 27,507 28,226 28,424 28,612 28,966 29,508 30,033 30,489 31,150 31,624
- contract 1.03 22,412 22,826 23,706 24,141 24,581 25,069 25,759 26,486 27,090 27,842 28,433
- M2M 1.05 2,636 2,975 3,621 3,878 4,277 4,611 5,115 5,711 6,228 6,829 7,068
- excluding M2M 19,775 19,851 20,085 20,264 20,305 20,457 20,644 20,775 20,862 21,012 21,365
- prepaid 1.04 4,869 4,680 4,519 4,283 4,030 3,897 3,748 3,547 3,398 3,308 3,191
market share
mobile volume market share (in %) (2) 1.07 34.1% 34.3% 34.6% 34.4% 35.1% 35.3% 35.4% 35.5% 35.6% 35.8% 35.9%
fixed KPIs
customer base
number of lines (copper + FTTH) 1.12 33,496 33,301 33,282 33,278 33,152 33,022 33,006 32,896 32,693 32,473 32,341
- consumer lines 1.19 16,465 16,353 16,316 16,280 16,179 16,088 16,086 16,038 15,943 15,859 15,848
o/w retail PSTN customers 1.22 8,911 8,650 8,399 8,134 7,852 7,613 7,404 7,173 6,938 6,745 6,554
- business lines 3,058 3,011 2,970 2,931 2,898 2,873 2,834 2,793 2,715 2,651 2,614
- wholesale lines 13,863 13,834 13,898 13,978 13,993 13,988 14,021 14,008 13,984 13,916 13,835
o/w full unbundling 11,670 11,660 11,750 11,730 11,580 11,543 11,583 11,594 11,588 11,536 11,481
- other group fixed lines 1.20 110 103 98 90 82 73 65 57 51 46 43
broadband customers 10,421 10,497 10,613 10,734 10,830 10,923 11,056 11,151 11,220 11,290 11,402
- xDSL 9,734 9,726 9,734 9,721 9,698 9,686 9,693 9,643 9,587 9,548 9,517
o/w naked xDSL 1.21 6,877 6,944 7,051 7,147 7,211 7,255 7,338 7,377 7,397 7,398 7,432
- FTTH customers 1.18 638 720 827 960 1,075 1,181 1,308 1,452 1,579 1,690 1,835
- satellite and others 49 51 52 53 56 55 55 55 53 52 50
narrowband customers 65 62 60 58 56 54 39 25 3 3 3
market share
broadband market share (in %) (2) 1.15 39.8% 39.9% 39.9% 39.9% 40.0% 40.1% 40.3% 40.2% 40.2% 40.2% 40.3%
net adds broadband market share (in %) (2) 1.16 33.5% 72.1% 39.3% 40.7% 45.3% 64.2% 58.1% 36.8% 30.3% 49.5% 50.0%
(1) Customers of "France" and "Enterprise" operating segments.

(2) Numbers for the latest quarter are company estimates.
Orange - investor relations department 565278286.xlsx - Orange - Market France KPIs 26 / 66

FRANCE
financial KPIs
2015
revenues na 4,459 na 4,501 na 8,960 na 4,540 na 4,604 na 9,144 na 18,104

mobile services 2.21 na 1,672 na 1,697 na 3,370 na 1,728 na 1,695 na 3,422 na 6,792
mobile equipment sales 2.22 na 125 na 142 na 267 na 156 na 218 na 374 na 641
fixed services 2.23 na 2,522 na 2,526 na 5,048 na 2,516 na 2,538 na 5,054 na 10,102
fixed services retail na 1,580 na 1,584 na 3,164 na 1,571 na 1,578 na 3,149 na 6,313
fixed narrowband na 580 na 570 na 1,151 na 558 na 543 na 1,102 na 2,252
- fixed broadband na 999 na 1,014 na 2,013 na 1,013 na 1,035 na 2,048 na 4,061
fixed wholesale and others na 942 na 942 na 1,884 na 945 na 960 na 1,904 na 3,789
other revenues 2.24 na 140 na 135 na 275 na 140 na 154 na 295 na 570
adjusted EBITDA 2.06 na 3,139 na 3,598 na 6,738

% of revenues na 35.0% na 39.3% na 37.2%
CAPEX 2.08 1,290 1,400 1,509 1,697 2,799 3,097

Orange - investor relations department 565278286.xlsx - France Financials 27 / 66

FRANCE
financial KPIs
2016
revenues 4,462 4,431 4,504 4,430 8,966 8,860 4,544 4,519 4,607 4,566 9,151 9,085 18,117 17,945
yoy variance (cb) -0.7% -1.6% -1.2% -0.5% -0.9% -0.7% -0.9%
mobile services 2.21 1,672 1,629 1,697 1,607 3,370 3,236 1,728 1,661 1,695 1,609 3,422 3,270 6,792 6,506
yoy variance (cb) -2.6% -5.3% -4.0% -3.8% -5.1% -4.4% -4.2%
mobile equipment sales 2.22 125 144 142 138 267 281 156 176 218 227 374 403 641 684
yoy variance (cb) 15.2% -3.2% 5.4% 12.8% 4.2% 7.8% 6.8%
fixed services 2.23 2,522 2,523 2,526 2,546 5,048 5,069 2,516 2,534 2,538 2,575 5,054 5,109 10,102 10,178
yoy variance (cb) 0.1% 0.8% 0.4% 0.7% 1.5% 1.1% 0.8%
fixed services retail 1,580 1,568 1,584 1,562 3,164 3,131 1,571 1,569 1,578 1,564 3,149 3,133 6,313 6,264
yoy variance (cb) -0.7% -1.4% -1.0% -0.2% -0.9% -0.5% -0.8%
fixed narrowband 580 526 570 502 1,151 1,028 558 496 543 478 1,102 974 2,252 2,002
yoy variance (cb) -9.4% -12.0% -10.7% -11.2% -12.0% -11.6% -11.1%
- fixed broadband 999 1,043 1,014 1,061 2,013 2,103 1,013 1,073 1,035 1,086 2,048 2,159 4,061 4,262
yoy variance (cb) 4.3% 4.6% 4.5% 5.9% 5.0% 5.4% 5.0%
fixed wholesale and others 942 955 942 983 1,884 1,938 945 965 960 1,011 1,904 1,976 3,789 3,914
yoy variance (cb) 1.3% 4.4% 2.9% 2.2% 5.3% 3.8% 3.3%
other revenues 2.24 143 135 138 140 281 275 144 148 157 155 301 302 582 577
yoy variance (cb) -5.8% 1.0% -2.5% 3.0% -1.8% 0.5% -0.9%
adjusted EBITDA 2.06 3,150 3,070 3,610 3,736 6,760 6,806

% of revenues 35.1% 34.6% 39.4% 41.1% 37.3% 37.9%
CAPEX 2.08 1,400 1,586 1,697 1,836 3,097 3,421

% of revenues 15.6% 17.9% 18.5% 20.2% 17.1% 19.1%

FRANCE
financial KPIs
2017
revenues 4,431 4,427 4,430 4,452 8,860 8,879 4,519 4,529

yoy variance (cb) -0.1% 0.5% 0.2% 0.2%
mobile services 2.21 1,629 1,576 1,607 1,590 3,236 3,165 1,661 1,635
yoy variance (cb) -3.3% -1.1% -2.2% -1.6%
yoy variance (cb) 2.5% 13.1% 7.7% -0.8%
fixed services 2.23 2,523 2,564 2,546 2,572 5,069 5,137 2,534 2,581
yoy variance (cb) 1.6% 1.1% 1.3% 1.9%
fixed services retail 1,568 1,561 1,562 1,565 3,131 3,126 1,569 1,567
yoy variance (cb) -0.5% 0.2% -0.1% -0.1%
fixed narrowband 526 462 502 451 1,028 913 496 443
yoy variance (cb) -12.2% -10.1% -11.2% -10.7%
- fixed broadband 1,043 1,099 1,061 1,114 2,103 2,213 1,073 1,124
yoy variance (cb) 5.5% 5.0% 5.2% 4.8%
fixed wholesale and others 955 1,003 983 1,008 1,938 2,011 965 1,013
yoy variance (cb) 5.1% 2.5% 3.8% 5.0%
other revenues 2.24 135 140 140 135 275 274 148 138
yoy variance (cb) 3.5% -3.6% -0.1% -6.7%
adjusted EBITDA 2.06 3,070 3,168

% of revenues 34.6% 35.7%
CAPEX 2.08 1,590 1,611


FRANCE
operational KPIs
2015 2016 2017
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
mobile KPIs
commercial offers
Open 6,345 6,559 6,806 7,039 7,221 7,363 7,569 7,830 8,015 8,169 8,461
o/w Open multi-lignes 2,062 2,154 2,276 2,392 2,458 2,519 2,622 2,739 2,826 2,912 3,077
Sosh 2,611 2,722 2,817 2,938 3,022 3,136 3,209 3,277 3,342 3,437 3,554
customer base
- contract 1.03 17,297 17,356 17,557 17,705 17,738 17,848 18,014 18,130 18,203 18,314 18,635
- M2M 1.05 11 11 11 12 12 12 12 12 12 12 13
- excluding M2M 17,286 17,345 17,546 17,693 17,726 17,836 18,002 18,117 18,190 18,302 18,622
- prepaid 1.04 4,869 4,680 4,519 4,283 4,030 3,897 3,748 3,547 3,398 3,308 3,191
MVNOs customers 1.06 978 838 750 793 751 737 736 739 725 734 848
ARPU (per month, in euros)
blended ARPU (quarterly) 1.08 na na na 21.8 21.6 21.8 22.5 21.9 21.4 21.7 22.3
- contract ARPU na na na 25.9 25.4 25.4 26.0 25.1 24.5 24.7 25.3
- prepaid ARPU na na na 5.3 5.4 5.4 5.8 5.8 5.2 5.4 5.8
blended ARPU (annual rolling) 1.10 na na na 22.1 22.1 22.0 21.9 21.9 na na na
- contract ARPU na na na 26.6 26.3 26.0 25.7 25.5 na na na
- prepaid ARPU na na na 5.3 5.4 5.5 5.5 5.6 na na na
churn
churn (quarterly, excluding M2M) 1.09 na na na na 22.1% 25.3% 22.8% 24.2% 18.9% 18.3% 20.1%
o/w contract churn na na na na 12.8% 11.4% 11.5% 15.3% 11.5% 11.4% 11.4%
churn (annual rolling, excluding M2M) 1.11 na na na 23.5% 23.0% 22.9% 24.0% 23.6% na na na
o/w contract churn na na na 13.4% 13.1% 12.8% 12.7% 12.8% na na na
network coverage
% 4G coverage of population 76% 76.5% 77% 80% 81% 82% 84% 88% 89% 92% 94%
Orange - investor relations department 565278286.xlsx - France KPIs 30 / 66

FRANCE
operational KPIs
2015 2016 2017
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
fixed KPIs
customer base
- consumer lines 1.19 16,465 16,353 16,316 16,280 16,179 16,088 16,086 16,038 15,943 15,859 15,848
o/w retail PSTN customers 1.22 8,911 8,650 8,399 8,134 7,852 7,613 7,404 7,173 6,938 6,745 6,554
- wholesale lines 13,863 13,834 13,898 13,978 13,993 13,988 14,021 14,008 13,984 13,916 13,835
o/w full unbundling 11,670 11,660 11,750 11,730 11,580 11,543 11,583 11,594 11,588 11,536 11,481
- other group fixed lines 1.20 110 103 98 90 82 73 65 57 51 46 43
broadband customers 10,157 10,228 10,345 10,469 10,570 10,662 10,793 10,889 10,962 11,035 11,143
- xDSL 9,469 9,458 9,465 9,457 9,439 9,426 9,430 9,381 9,329 9,293 9,258
o/w naked xDSL 1.21 6,867 6,932 7,038 7,133 7,196 7,238 7,319 7,357 7,373 7,373 7,409
- FTTH customers 1.18 638 720 827 960 1,075 1,181 1,308 1,452 1,579 1,690 1,835
- satellite and others 49 51 52 53 56 55 55 55 53 52 50
narrowband customers 65 62 60 58 56 54 39 25 3 3 3
fixed broadband ARPU (quarterly) 1.13 na na na 33.2 33.1 33.4 33.4 33.5 33.6 33.8 33.9
fixed broadband ARPU (annual rolling) 1.14 na na na 33.0 33.1 33.1 33.2 33.3 na na na
internet features
VoIP customers 9,196 9,294 9,479 9,629 9,768 9,881 10,037 10,182 10,288 10,356 10,504
IPTV and satellite customers 6,163 6,150 6,270 6,423 6,579 6,510 6,512 6,609 6,687 6,740 6,841
FTTH
homes connectable (vertical) 1.17 3,932 4,314 4,604 5,061 5,464 5,933 6,312 6,879 7,351 7,934 8,373
convergent KPIs (B2C)

revenues (in millions of euros)
B2C convergent billed services revenues 1.30 na na na na 933 959 990 1,008 1,027 1,050 1,081
customer base (in thousands)
B2C convergent customer base (excl. MVNOs) 1.31 na na na na 5,119 5,222 5,356 5,512 5,618 5,707 5,851
Number of mobile lines per B2C convergent offer na na na na 1.5 1.5 1.5 1.5 1.5 1.5 1.5
ARPCO (per month, in euros)
B2C billed services ARPCO (quarterly) 1.32 na na na na 61.5 61.8 62.5 61.9 61.5 61.8 62.5
Orange - investor relations department 565278286.xlsx - France KPIs 31 / 66

EUROPE
financial KPIs
2015
(1)
revenues 2,408 2,324 2,411 2,370 4,819 4,694 2,676 2,652 2,645 2,618 5,321 5,270 10,139 9,963
yoy variance (cb) -3.5% -1.7% -2.6% -0.9% -1.0% -1.0% -1.7%
mobile services (2) 2.21 1,575 1,471 1,570 1,503 3,145 2,974 1,587 1,568 1,535 1,536 3,122 3,104 6,267 6,078
yoy variance (cb) -6.6% -4.3% -5.4% -1.2% 0.0% -0.6% -3.0%
yoy variance (cb) 13.8% 8.9% 11.4% -0.8% -12.2% -6.9% 1.2%
fixed services (2) 2.23 611 593 609 601 1,220 1,195 817 805 798 800 1,615 1,605 2,836 2,799
yoy variance (cb) -2.9% -1.3% -2.1% -1.5% 0.2% -0.7% -1.3%
o/w fixed broadband (2) 266 277 273 285 539 562 433 452 435 451 868 902 1,408 1,464
yoy variance (cb) 4.2% 4.2% 4.2% 4.2% 3.6% 3.9% 4.0%
other revenues 2.24 30 40 46 64 76 105 48 57 56 58 104 115 181 220
yoy variance (cb) 34.0% 39.0% 37.0% 17.6% 3.9% 10.2% 21.6%
adjusted EBITDA 2.06 1,378 1,311 1,478 1,428 2,856 2,740

% of revenues 28.6% 27.9% 27.8% 27.1% 28.2% 27.5%
CAPEX 2.08 665 650 1,053 1,134 1,718 1,784

% of revenues 13.8% 13.8% 19.8% 21.5% 16.9% 17.9%
(1) Since 3Q 2015 and 3Q 2014 cb, Europe financial KPIs include Jazztel (Spain).
Orange - investor relations department 565278286.xlsx - Europe Financials 32 / 66

EUROPE
financial KPIs
2016
revenues 2,524 2,534 2,545 2,594 5,070 5,128 2,597 2,670 2,623 2,742 5,220 5,412 10,289 10,540
yoy variance (cb) 0.4% 1.9% 1.1% 2.8% 4.5% 3.7% 2.4%
mobile services (2) 2.21 1,467 1,501 1,487 1,537 2,953 3,038 1,550 1,602 1,524 1,572 3,074 3,173 6,027 6,211
yoy variance (cb) 2.3% 3.4% 2.9% 3.3% 3.1% 3.2% 3.0%
mobile equipment sales 2.22 229 219 207 234 436 453 208 242 236 306 443 548 880 1,001
yoy variance (cb) -4.5% 12.9% 3.8% 16.7% 29.8% 23.6% 13.8%
fixed services (2) 2.23 783 779 787 781 1,571 1,560 789 781 801 805 1,589 1,587 3,160 3,146
yoy variance (cb) -0.6% -0.8% -0.7% -0.9% 0.6% -0.2% -0.4%
yoy variance (cb) 5.7% 5.3% 5.5% 4.8% 7.7% 6.3% 5.9%
other revenues 2.24 45 36 65 42 109 78 50 45 63 59 113 104 222 182
yoy variance (cb) -20.5% -34.9% -29.0% -10.7% -5.4% -7.7% -18.2%
adjusted EBITDA 2.06 1,407 1,438 1,417 1,505 2,824 2,944

% of revenues 27.7% 28.1% 27.2% 27.8% 27.4% 27.9%
CAPEX 2.08 873 912 1,122 1,046 1,995 1,959

% of revenues 17.2% 17.8% 21.5% 19.3% 19.4% 18.6%

EUROPE
financial KPIs
2017
revenues 2,542 2,656 2,620 2,749 5,162 5,405 2,684 2,789

yoy variance (cb) 4.5% 4.9% 4.7% 3.9%
mobile services (2) 2.21 1,492 1,523 1,535 1,577 3,027 3,100 1,592 1,629
yoy variance (cb) 2.0% 2.7% 2.4% 2.3%
yoy variance (cb) 21.2% 17.6% 19.3% 12.8%
fixed services (2) 2.23 794 819 806 845 1,600 1,664 803 832
yoy variance (cb) 3.1% 4.9% 4.0% 3.5%
o/w fixed broadband (2) 470 509 480 522 949 1,031 482 530
yoy variance (cb) 8.4% 8.9% 8.7% 10.0%
other revenues 2.24 36 49 45 51 81 99 48 57
yoy variance (cb) 35.0% 13.7% 23.3% 18.3%
adjusted EBITDA 2.06 1,450 1,549

CAPEX 2.08 917 906

(2) Since 1Q 2017 and 1Q 2016 cb, Fixed-4G (fLTE) offers are included in fixed broadband services revenues (previously included in mobile services revenues) for Spain and Poland.

EUROPE
operational KPIs
2015 2016 2017
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
(1)
mobile KPIs
customer base
- contract 1.03 28,158 28,621 30,830 31,438 31,519 32,060 32,554 33,210 33,475 33,874 34,225
- prepaid 1.04 20,026 19,615 19,344 18,961 18,842 18,809 18,554 17,418 16,168 15,145 14,971
MVNOs customers (3) 1.06 5,142 5,514 3,193 3,343 3,455 3,569 3,921 4,452 4,533 4,571 3,898
fixed KPIs
customer base
(1) Europe operational KPIs include Jazztel (Spain) since 3Q 2015.

(2) Since 1Q 2016, Fixed-4G (fLTE) offers are included in broadband customer base in Spain and Poland (previously included in mobile customer base). Restated data for 2016.
(4) Since 1Q 2017, including Spain voice services related to Fixed-4G (fLTE) offers.
Orange - investor relations department 565278286.xlsx - Europe KPIs 35 / 66

SPAIN
financial KPIs
2015
(1)
revenues 977 928 943 920 1,920 1,847 1,238 1,216 1,198 1,189 2,435 2,406 4,355 4,253
yoy variance (cb) -5.0% -2.5% -3.8% -1.7% -0.7% -1.2% -2.3%
mobile services (2) 2.21 630 569 617 576 1,246 1,145 648 631 622 626 1,271 1,258 2,517 2,403
yoy variance (cb) -9.6% -6.6% -8.1% -2.7% 0.7% -1.0% -4.5%
yoy variance (cb) 2.0% 1.0% 1.5% -10.9% -31.4% -21.5% -11.3%
fixed services (2) 2.23 220 230 215 232 435 463 438 451 428 461 865 912 1,300 1,375
yoy variance (cb) 4.6% 8.3% 6.4% 3.0% 7.8% 5.4% 5.7%
o/w fixed broadband (2) 147 161 152 164 300 326 316 337 317 338 633 675 933 1,001
yoy variance (cb) 9.4% 7.8% 8.6% 6.6% 6.6% 6.6% 7.2%
other revenues 2.24 2 1 2 1 4 1 7 6 (4) (2) 3 4 7 5
yoy variance (cb) -53.7% -74.8% -65.5% -19.8% -49.1% 22.7% -29.0%
adjusted EBITDA 2.06 461 420 610 648 1,072 1,068

% of revenues 24.0% 22.7% 25.1% 26.9% 24.6% 25.1%
CAPEX 2.08 281 303 539 562 821 864

% of revenues 14.6% 16.4% 22.1% 23.3% 18.8% 20.3%
(1) Since 3Q 2015 and 3Q 2014 cb, Spain financial KPIs include Jazztel.
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SPAIN
financial KPIs
2016
revenues 1,168 1,189 1,157 1,229 2,325 2,418 1,194 1,288 1,211 1,307 2,406 2,596 4,731 5,014
yoy variance (cb) 1.8% 6.2% 4.0% 7.8% 7.9% 7.9% 6.0%
mobile services (2) 2.21 590 616 595 647 1,184 1,263 634 696 624 671 1,258 1,367 2,442 2,630
yoy variance (cb) 4.4% 8.9% 6.7% 9.8% 7.5% 8.7% 7.7%
yoy variance (cb) -15.1% 1.6% -7.4% 9.5% 21.5% 15.5% 3.4%
fixed services (2) 2.23 433 454 439 461 872 915 444 465 467 492 912 957 1,783 1,872
yoy variance (cb) 5.0% 5.0% 5.0% 4.6% 5.4% 5.0% 5.0%
yoy variance (cb) 8.8% 9.4% 9.1% 7.8% 10.7% 9.3% 9.2%
other revenues 2.24 6 0 5 0 11 0 1 1 3 2 4 3 14 3
yoy variance (cb) -98.8% -98.7% -98.8% 36.2% -33.9% -17.9% -77.7%
adjusted EBITDA 2.06 542 625 648 724 1,190 1,349

% of revenues 23.3% 25.9% 27.0% 27.9% 25.2% 26.9%
CAPEX 2.08 539 547 562 539 1,100 1,086

% of revenues 23.2% 22.6% 23.3% 20.8% 23.3% 21.7%

SPAIN
financial KPIs
2017
revenues 1,189 1,290 1,229 1,337 2,418 2,628 1,288 1,371

yoy variance (cb) 8.5% 8.8% 8.7% 6.4%
mobile services (2) 2.21 605 654 635 683 1,240 1,336 683 734
yoy variance (cb) 8.1% 7.5% 7.8% 7.5%
yoy variance (cb) 14.1% 12.0% 13.0% 7.2%
fixed services (2) 2.23 466 500 473 518 939 1,019 478 501
yoy variance (cb) 7.5% 9.5% 8.5% 4.8%
o/w fixed broadband (2) 362 393 370 401 732 794 373 403
yoy variance (cb) 8.5% 8.3% 8.4% 8.3%
other revenues 2.24 0 1 0 1 0 2 1 0
yoy variance (cb)
adjusted EBITDA 2.06 627 722

CAPEX 2.08 547 538

(2) Since 1Q 2017 and 1Q 2016 cb, Fixed-4G (fLTE) offers are included in fixed broadband services revenues (previously included in mobile services revenues).

SPAIN
operational KPIs
2015 2016 2017
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
(2)
mobile KPIs
customer base
- contract 1.03 9,568 9,725 11,901 12,023 11,995 12,226 12,361 12,531 12,650 12,798 12,944
- prepaid 1.04 3,200 3,131 3,269 3,225 3,232 3,267 3,301 3,196 3,115 3,039 2,968
MVNOs customers (4) 1.06 3,419 3,514 1,487 1,550 1,629 1,653 1,923 2,403 2,529 2,633 2,825
mobile volume market share (in %) (1) 1.07 22.9% 22.8% 26.9% 27.0% 27.2% 27.4% 27.4% 27.5% 27.6% na na
blended ARPU (quarterly) 1.08 na na na na 13.0 13.4 14.4 13.5 13.6 14.2 15.1
- contract ARPU na na na na 15.4 16.0 17.0 15.9 16.0 16.7 17.5
- prepaid ARPU na na na na 4.6 4.7 5.4 4.9 4.7 5.1 5.8
blended ARPU (annual rolling) (3) 1.10 15.0 14.6 14.1 13.7 13.5 13.4 13.6 13.6 na na na
- contract ARPU 18.9 18.2 17.2 16.6 16.1 16.0 16.2 16.1 na na na
- prepaid ARPU 4.9 4.9 4.9 4.9 5.0 4.9 4.9 4.9 na na na
churn
churn (quarterly) 1.09 na na na na 24.5% 23.5% 25.7% 27.0% 26.7% 25.5% 31.8%
churn (annual rolling) (3) 1.11 28.9% 29.3% 28.5% 26.8% 26.0% 24.9% 24.9% 25.2% na na na
o/w contract churn 21.5% 21.1% 20.3% 18.9% 17.1% 17.1% 16.9% 17.1% na na na
network coverage
% 4G coverage of population 73% 80% 82% 85% 87% 89% 89% 90% 91% 93% 95%
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SPAIN
operational KPIs
2015 2016 2017
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
(2)
fixed KPIs
customer base
o/w LLU ( Local Loop Unbundling) 1,655 1,626 2,676 2,498 2,526 2,363 2,231 2,091 1,939 1,809 1,669
o/w FTTH customers 112 159 563 809 1,018 1,217 1,411 1,610 1,806 1,947 2,084
fixed broadband ARPU (quarterly) 1.13 na na na na 30.6 30.9 30.8 31.7 31.6 32.0 32.2
fixed broadband ARPU (annual rolling) (3) 1.14 27.6 27.4 28.5 29.2 29.9 30.5 30.6 31.0 na na na
internet features
VoIP customers 1,644 1,668 3,124 3,195 3,440 3,486 3,551 3,612 3,662 3,678 3,683
TV customers 129 137 215 306 365 381 458 507 537 541 593

revenues (in millions of euros)
B2C convergent billed services revenues 1.30 na na na na 448 470 487 493 503 533 544
B2C convergent customer base (excl. MVNOs) 1.31 na na na na 2,884 2,938 2,981 3,024 3,072 3,091 3,086
ARPCO (per month, in euros)

(2) Spain operational KPIs include Jazztel since 3Q 2015.
(3) Since 1Q 2016, Fixed-4G (fLTE) offers are included in broadband customer base (previously included in mobile customer base). Restated data for 2016.
Orange - investor relations department 565278286.xlsx - Spain KPIs 40 / 66

POLAND
financial KPIs
2015
revenues 711 699 754 737 1,465 1,436 727 709 723 686 1,450 1,395 2,914 2,831
yoy variance (cb) -1.7% -2.3% -2.0% -2.4% -5.1% -3.8% -2.9%
mobile services (1) 2.21 343 326 356 338 699 664 340 330 327 320 667 651 1,366 1,314
yoy variance (cb) -4.9% -5.2% -5.1% -2.8% -2.8% -2.8% -3.8%
yoy variance (cb) 218.6% 37.2% 87.9% 33.0% 27.1% 29.9% 50.9%
fixed services (1) 2.23 339 312 339 316 678 627 328 302 313 287 641 588 1,319 1,215
yoy variance (cb) -8.1% -7.0% -7.5% -7.9% -8.5% -8.2% -7.9%
o/w fixed narrowband (1) 124 109 124 109 248 218 117 103 109 97 226 200 474 418
yoy variance (cb) -12.0% -12.1% -12.1% -12.2% -11.4% -11.8% -12.0%
o/w fixed broadband 100 98 102 99 202 196 99 95 96 92 196 186 397 383
yoy variance (cb) -2.4% -2.9% -2.7% -4.7% -5.0% -4.9% -3.7%
other revenues 2.24 19 28 32 48 51 76 29 36 49 35 77 71 128 147
yoy variance (cb) 52.2% 48.1% 49.6% 27.1% -27.8% -7.4% 15.2%
adjusted EBITDA 2.06 469 464 452 378 921 842

% of revenues 32.0% 32.3% 31.2% 27.1% 31.6% 29.7%
CAPEX 2.08 185 174 233 289 418 463

% of revenues 12.6% 12.1% 16.1% 20.7% 14.3% 16.4%
Orange - investor relations department 565278286.xlsx - Poland Financials 41 / 66

POLAND
financial KPIs
2016
revenues 670 642 688 664 1,358 1,306 684 657 668 681 1,352 1,338 2,710 2,644
yoy variance (cb) -4.2% -3.5% -3.8% -3.9% 1.9% -1.0% -2.4%
mobile services (1) 2.21 312 306 314 309 626 614 318 308 311 300 628 608 1,255 1,222
yoy variance (cb) -2.1% -1.7% -1.9% -3.1% -3.4% -3.3% -2.6%
yoy variance (cb) 39.6% 82.0% 61.6% 51.2% 96.9% 75.0% 69.0%
fixed services (1) 2.23 299 273 295 269 594 542 292 266 281 260 573 527 1,167 1,068
yoy variance (cb) -8.7% -8.9% -8.8% -8.6% -7.4% -8.0% -8.4%
o/w fixed narrowband (1) 105 92 102 88 207 180 99 87 94 83 194 170 400 350
yoy variance (cb) -12.6% -13.0% -12.8% -13.0% -11.8% -12.4% -12.6%
yoy variance (cb) -6.9% -7.0% -7.0% -6.8% -6.8% -6.8% -6.9%
other revenues 2.24 27 19 45 24 72 44 35 23 34 37 69 61 141 104
yoy variance (cb) -28.7% -45.3% -39.0% -34.0% 9.2% -12.7% -26.1%
adjusted EBITDA 2.06 439 387 368 337 807 725

% of revenues 32.3% 29.6% 27.2% 25.2% 29.8% 27.4%
CAPEX 2.08 165 194 279 261 444 455

% of revenues 12.1% 14.8% 20.7% 19.5% 16.4% 17.2%

POLAND
financial KPIs
2017
revenues 649 652 688 673 1,337 1,325 670 661

yoy variance (cb) 0.5% -2.2% -0.9% -1.3%
mobile services (1) 2.21 307 287 317 298 625 585 310 288
yoy variance (cb) -6.6% -6.0% -6.3% -7.1%
yoy variance (cb) 65.0% 17.1% 36.9% 13.3%
fixed services (1) 2.23 277 262 281 269 559 531 275 271
yoy variance (cb) -5.4% -4.3% -4.9% -1.7%
o/w fixed narrowband (1) 93 81 92 80 185 161 88 76
yoy variance (cb) -12.6% -13.1% -12.8% -13.3%
o/w fixed broadband 90 91 92 94 181 185 91 97
yoy variance (cb) 1.3% 2.2% 1.8% 6.6%
other revenues 2.24 20 30 27 32 47 62 27 37
yoy variance (cb) 51.3% 19.8% 33.2% 39.0%

CAPEX 2.08 198 192

(1) Since 1Q 2017 and 1Q 2016 cb, Fixed-4G (fLTE) offers are included in fixed broadband services revenues (previously included in mobile services revenues).

POLAND
operational KPIs
2015 2016 2017
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
mobile KPIs
customer base
mobile customers (excl. MVNOs) (3) (4) 1.02 15,518 15,587 15,693 15,906 16,214 16,614 16,267 15,799 15,272 14,555 14,358
- contract 1.03 7,727 7,897 8,087 8,361 8,525 8,716 8,957 9,262 9,452 9,573 9,662
- prepaid 1.04 7,791 7,690 7,606 7,545 7,689 7,898 7,309 6,537 5,820 4,983 4,696
MVNOs customers 1.06 11 8 8 7 7 6 6 5 5 5 5
mobile volume market share (in %) (1) 1.07 26.8% 26.8% 26.7% 28.4% 29.0% 29.4% 29.4% 29.4% 29.9% 28.7% na
ARPU (per month, in PLN)
blended ARPU (quarterly, in PLN) 1.08 na na na na 28.8 28.0 27.9 28.3 28.1 30.1 30.5
- contract ARPU na na na na 45.4 44.2 43.5 41.8 39.8 39.7 37.9
- prepaid ARPU na na na na 12.3 11.8 11.8 12.5 12.5 15.0 17.3
blended ARPU (annual rolling, in PLN) (4) 1.10 31.1 30.7 30.5 30.3 29.9 29.3 28.6 28.3 na na na
churn
churn (quarterly) 1.09 na na na na 36.2% 34.8% 37.1% 38.0% 41.5% 43.4% 31.0%
churn (annual rolling) (4) 1.11 40.1% 40.4% 40.1% 39.4% 38.2% 37.3% 36.8% 36.5% na na na
o/w contract churn 13.9% 13.8% 13.3% 12.8% 12.1% 11.7% 11.5% 11.4% na na na
network coverage
% 4G coverage of population (2) 72% 79% 79% 84% 89% 95% 97% 99% 99% 100% 100%
fixed KPIs
customer base
- retail lines 4,435 4,347 4,271 4,194 4,120 4,058 3,988 3,933 3,860 3,809 3,744
- wholesale lines 1,137 1,075 1,023 963 905 850 809 762 719 687 660
broadband (3) (4) 2,198 2,159 2,131 2,105 2,130 2,139 2,153 2,206 2,268 2,323 2,377
o/w FTTH customers 3 5 8 17 27 39 57 88 117 145 176
ARPU (per month, in PLN)
fixed broadband ARPU (quarterly, in PLN) 1.13 na na na na 60.3 60.1 59.9 59.2 58.2 57.1 58.1
fixed broadband ARPU (annual rolling, in PLN) (4) 1.14 60.5 60.8 61.0 61.2 61.2 60.9 60.5 60.1 na na na
internet features
VoIP customers 555 567 587 614 633 644 651 664 678 728 771
IPTV and satellite customers (3) 756 761 774 787 798 803 761 766 775 792 814
broadband
broadband market share (in %) (1) 1.15 30.4% 29.9% 29.6% 29.3% 28.0% 27.8% 27.4% 27.4% 27.7% 28.0% 28.3%

(2) Coverage together with T-Mobile network bandwith co-sharing.
(3) Reflects impact of customer base revision in 3Q 2016.
(4) Since 1Q 2016, Fixed-4G (fLTE) offers are included in broadband customer base (previously included in mobile customer base). Restated data for 2016.
Orange - investor relations department 565278286.xlsx - Poland KPIs 44 / 66

POLAND
operational KPIs
2015 2016 2017
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17

revenues (in millions of PLN)
B2C convergent billed services revenues 1.30 na na na na 190 203 213 223 233 256 279
B2C convergent customer base (excl. MVNOs) 1.31 na na na na 532 568 603 666 738 858 945
ARPCO (per month, in PLN)
Orange - investor relations department 565278286.xlsx - Poland KPIs 45 / 66

BELGIUM & LUXEMBOURG
financial KPIs
2015
revenues 317 302 312 304 629 607 304 306 315 323 620 629 1,249 1,235
yoy variance (cb) -4.6% -2.5% -3.5% 0.6% 2.3% 1.4% -1.1%
mobile services 2.21 252 247 257 248 509 495 255 258 255 253 510 511 1,019 1,006
yoy variance (cb) -1.9% -3.7% -2.8% 1.1% -0.6% 0.3% -1.3%
yoy variance (cb) -15.5% 6.7% -6.0% -4.8% 5.4% 1.1% -2.5%
fixed services 2.23 25 21 25 21 50 42 20 19 23 19 43 38 92 80
yoy variance (cb) -15.7% -15.9% -15.8% -4.2% -17.6% -11.3% -13.8%
yoy variance (cb) -47.1% -16.6% -31.4% -25.9% -41.7% -34.8% -33.0%
other revenues 2.24 2 2 2 5 3 7 2 3 0 11 3 14 6 22
yoy variance (cb) 16.6% 242.4% 125.1% 40.1% 400.3% 257.3%
adjusted EBITDA 2.06 140 142 134 134 275 276

% of revenues 22.3% 23.4% 21.7% 21.3% 22.0% 22.3%
CAPEX 2.08 93 69 122 124 215 193

% of revenues 14.8% 11.4% 19.7% 19.7% 17.2% 15.6%
Orange - investor relations department 565278286.xlsx - Belgium & Luxembourg Financials 46 / 66

financial KPIs
2016
revenues 302 309 304 299 607 609 306 311 323 322 629 633 1,235 1,242
yoy variance (cb) 2.3% -1.6% 0.3% 1.7% -0.2% 0.7% 0.5%
mobile services 2.21 247 254 248 250 495 504 258 258 253 259 511 516 1,006 1,021
yoy variance (cb) 2.9% 0.9% 1.9% -0.1% 2.0% 1.0% 1.4%
yoy variance (cb) -3.7% -19.3% -11.2% 9.0% -4.3% 0.9% -5.0%
fixed services 2.23 21 18 21 18 42 36 19 18 19 19 38 37 80 73
yoy variance (cb) -13.8% -15.0% -14.4% -7.2% 3.1% -2.1% -8.6%
yoy variance (cb) 12.5% -31.4% -15.0% 17.6% 49.5% 33.6% 7.5%
other revenues 2.24 2 6 5 7 7 13 3 8 11 6 14 14 22 27
yoy variance (cb) 201.5% 36.8% 81.1% 124.0% -43.3% -3.3% 24.3%
adjusted EBITDA 2.06 142 145 134 171 276 316

% of revenues 23.4% 23.8% 21.3% 27.0% 22.3% 25.4%
CAPEX 2.08 69 62 124 106 193 168

% of revenues 11.4% 10.2% 19.7% 16.7% 15.6% 13.5%

financial KPIs
2017
revenues 309 307 299 310 609 617 311 316

yoy variance (cb) -0.7% 3.5% 1.4% 1.7%
mobile services 2.21 254 253 250 259 504 512 258 259
yoy variance (cb) -0.4% 3.5% 1.6% 0.6%
yoy variance (cb) -13.1% 5.2% -5.0% 4.4%
fixed services 2.23 18 21 18 21 36 41 18 23
yoy variance (cb) 14.3% 15.7% 15.0% 27.7%
yoy variance (cb) 103.5% 125.9% 114.8% 122.4%
other revenues 2.24 6 6 7 5 13 11 8 5
yoy variance (cb) 6.7% -31.8% -14.5% -31.3%

CAPEX 2.08 62 77

operational KPIs
2015 2016 2017
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
mobile KPIs
customer base
- contract 1.03 3,019 3,078 3,112 3,194 3,088 3,132 3,164 3,225 3,239 3,299 3,353
- prepaid 1.04 872 872 861 839 821 796 761 731 685 659 618
MVNOs customers 1.06 1,712 1,992 1,699 1,787 1,819 1,909 1,992 2,043 1,999 1,933 1,069
Belgium ARPU (per month, in euros)

blended ARPU (quarterly) 1.08 na na na 23.8 24.0 24.5 24.7 24.8 24.5 25.4 25.9
- contract ARPU na na na 28.3 28.6 29.0 29.2 29.1 28.9 29.3 30.0
- prepaid ARPU na na na 12.2 11.7 12.0 11.7 11.8 11.1 11.3 11.4
blended ARPU (annual rolling) 1.10 23.7 23.6 23.9 23.9 24.0 24.2 24.3 24.5 na na na
Belgium network coverage

% 4G coverage of population 92% 95% 97% 99% 99% 99% 99% 100% 100% 100% 100%
fixed KPIs
customer base
number of lines (copper + FTTH) 1.12 204 199 196 195 171 166 159 159 158 151 143
broadband customers 36 35 32 32 34 37 43 60 76 88 103
Orange - investor relations department 565278286.xlsx - Belgium & Luxembourg KPIs 49 / 66

CENTRAL EUROPE
financial KPIs
2015
revenues 405 396 402 409 807 805 409 421 410 422 818 843 1,625 1,648
yoy variance (cb) -2.2% 1.8% -0.2% 3.2% 2.9% 3.0% 1.4%
mobile services 2.21 351 330 340 342 691 671 344 349 332 337 676 686 1,368 1,358
yoy variance (cb) -6.0% 0.4% -2.9% 1.5% 1.4% 1.5% -0.7%
yoy variance (cb) 40.2% 17.4% 28.3% 23.3% 16.5% 19.3% 23.1%
fixed services 2.23 27 30 31 33 58 63 32 34 35 34 67 67 125 130
yoy variance (cb) 12.0% 5.8% 8.7% 4.4% -2.9% 0.6% 4.4%
yoy variance (cb) 29.8% 32.8% 31.3% 30.1% 19.7% 24.5% 27.7%
other revenues 2.24 8 9 10 11 18 20 9 11 12 15 21 25 39 45
yoy variance (cb) 15.8% 7.4% 11.0% 12.2% 25.2% 19.3% 15.5%
revenues by country
revenues 405 396 402 409 807 805 409 421 410 422 818 843 1,625 1,648
Romania 230 221 219 233 448 454 227 243 233 250 460 493 909 947
Slovakia 2.22 141 138 145 137 286 275 146 142 149 143 294 286 580 561
Moldova 30 33 35 36 65 69 35 34 34 32 69 66 134 135
others 10 9 11 10 21 19 8 7 0 0 8 7 28 26
eliminations (6) (5) (7) (6) (13) (11) (7) (5) (6) (4) (13) (10) (26) (21)
adjusted EBITDA 2.06 307 286 281 268 589 554

% of revenues 38.1% 35.5% 34.4% 31.8% 36.2% 33.6%
CAPEX 2.08 106 104 158 159 264 263

% of revenues 13.2% 12.9% 19.3% 18.9% 16.3% 16.0%
Orange - investor relations department 565278286.xlsx - Central Europe Financials 50 / 66

CENTRAL EUROPE
financial KPIs
2016
revenues 384 395 396 403 781 798 414 417 422 433 835 850 1,616 1,648
yoy variance (cb) 2.8% 1.5% 2.2% 0.8% 2.6% 1.7% 1.9%
mobile services 2.21 318 326 330 332 649 658 342 343 337 343 679 686 1,328 1,344
yoy variance (cb) 2.5% 0.5% 1.5% 0.3% 1.8% 1.0% 1.3%
yoy variance (cb) -1.9% 11.9% 4.7% 4.6% 15.1% 10.7% 8.1%
fixed services 2.23 30 33 33 34 63 67 34 33 34 34 67 67 130 134
yoy variance (cb) 9.2% 3.8% 6.4% -2.8% 0.6% -1.1% 2.5%
yoy variance (cb) 17.2% 9.1% 13.0% 6.2% 13.5% 10.9% 12.2%
other revenues 2.24 10 10 10 11 20 21 11 13 15 14 25 26 45 48
yoy variance (cb) 6.5% 3.1% 4.7% 19.4% -4.4% 5.6% 5.2%
revenues by country
revenues 384 395 396 403 781 798 414 417 422 433 835 850 1,616 1,648
Romania 221 235 233 240 454 476 243 251 250 260 493 511 947 987
Slovakia 2.22 138 135 137 136 275 271 142 139 143 142 286 281 561 552
Moldova 30 28 32 30 62 58 33 32 32 34 66 67 128 125
others 0 0 0 0 0 0 0 0 0 0 0 0 0 0
eliminations (5) (4) (5) (4) (10) (8) (5) (5) (4) (3) (10) (8) (20) (16)
adjusted EBITDA 2.06 284 281 267 273 551 554

% of revenues 36.3% 35.2% 32.0% 32.1% 34.1% 33.6%
CAPEX 2.08 100 110 157 141 258 251

% of revenues 12.9% 13.8% 18.8% 16.6% 15.9% 15.2%

CENTRAL EUROPE
financial KPIs
2017
revenues 396 409 405 434 801 843 418 447
yoy variance (cb) 3.2% 7.1% 5.2% 6.9%
mobile services 2.21 327 331 334 342 662 673 345 353
yoy variance (cb) 1.2% 2.3% 1.8% 2.6%
yoy variance (cb) 20.5% 55.9% 38.5% 44.8%
fixed services 2.23 33 35 34 38 67 74 33 38
yoy variance (cb) 6.9% 13.2% 10.1% 17.1%
yoy variance (cb) 20.2% 31.6% 25.9% 34.6%
other revenues 2.24 10 12 11 12 21 24 13 14
yoy variance (cb) 12.0% 18.0% 15.0% 12.5%
revenues by country
revenues 396 409 405 434 801 843 418 447
Romania 235 246 240 267 476 513 251 277
Slovakia 2.22 135 134 136 136 271 270 139 139
Moldova 30 31 33 34 62 65 34 35
others 0 0 0 0 0 0 0 0
eliminations (4) (3) (4) (3) (8) (6) (5) (4)

CAPEX 2.08 110 99


CENTRAL EUROPE
operational KPIs
2015 2016 2017
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
mobile KPIs
customer base
Romania (1) 10,365 10,205 10,284 10,177 10,009 9,846 10,175 10,077 9,647 9,647 9,881
Slovakia 2,854 2,863 2,882 2,896 2,896 2,886 2,888 2,883 2,868 2,856 2,850
Moldova 2,163 2,136 2,172 2,139 2,107 2,103 2,192 2,187 2,168 2,167 2,223
Armenia (until 09/2015) 626 639 0 0 0 0 0 0 0 0 0
blended ARPU (per month, in euros, quarterly) 1.08

Romania (1) na na na na 6.6 6.9 7.0 7.0 7.0 7.4 7.6
Slovakia na na na na 12.6 12.6 13.0 12.9 12.5 12.6 12.8
Moldova na na na na 4.0 4.3 4.4 4.2 3.9 4.4 4.4
blended ARPU (per month, in euros, annual rolling) 1.10
Romania 6.0 6.2 6.3 6.4 6.6 6.7 6.8 6.9 na na na
Slovakia 14.1 13.9 13.6 13.3 13.2 13.0 12.9 12.8 na na na
Moldova 5.2 5.1 4.9 4.6 4.5 4.4 4.3 4.2 na na na
fixed KPIs
customer base
Romania (1) 0 0 0 0 0 0 1 6 112 124 138
Slovakia 137 141 146 152 156 158 160 162 163 168 173
Moldova 4 4 4 4 4 4 4 44 45 45 45
(1) Since 1Q 2017, Fixed-4G (fLTE) offers are included in broadband customer base in Romania (previously included in mobile customer base).
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AFRICA & MIDDLE EAST
financial KPIs
2015
revenues 1,053 1,124 1,109 1,159 2,162 2,283 1,220 1,304 1,276 1,312 2,497 2,615 4,659 4,899
yoy variance (cb) 6.8% 4.5% 5.6% 6.8% 2.8% 4.8% 5.1%
mobile services 2.21 824 899 868 926 1,692 1,825 982 1,063 1,021 1,065 2,003 2,128 3,695 3,953
yoy variance (cb) 9.2% 6.7% 7.9% 8.2% 4.3% 6.2% 7.0%
yoy variance (cb) 0.0% 7.4% 4.0% -1.4% 11.1% 5.5% 4.7%
fixed services 2.23 189 185 200 187 389 372 200 201 203 197 403 398 791 770
yoy variance (cb) -2.1% -6.3% -4.3% 0.9% -3.2% -1.2% -2.7%
yoy variance (cb) 7.7% 5.6% 6.6% 4.5% -1.3% 1.5% 3.9%
other revenues 2.24 24 24 22 25 46 49 21 22 30 26 52 48 98 97
yoy variance (cb) -1.1% 13.0% 5.7% 5.3% -14.5% -6.4% -0.7%
revenues by country
revenues 1,053 1,124 1,109 1,159 2,162 2,283 1,220 1,304 1,276 1,312 2,497 2,615 4,659 4,899
Sonatel Subgroup (1) (2) 317 347 347 363 664 710 338 364 347 355 686 719 1,350 1,429
o/w Senegal 182 182 183 185 365 367 187 194 187 184 375 379 740 746
o/w Mali 99 115 118 121 217 236 107 120 112 119 219 240 436 476
o/w Guinea 49 61 55 66 104 127 54 60 57 61 111 122 216 249
Ivory Coast Subgroup (3) 162 181 164 186 327 367 165 188 188 205 353 393 680 760
o/w Ivory Coast 162 181 164 186 327 367 165 188 188 205 353 393 680 760
Egypt (1) 316 333 328 339 644 673 316 332 325 335 642 667 1,286 1,340
o/w mobile services 2.22 273 292 285 296 558 589 276 295 283 293 559 587 1,117 1,176
Morocco (4) 0 0 0 0 0 0 128 132 128 125 256 257 256 257
o/w mobile services 2.22 0 0 0 0 0 0 121 123 118 116 239 239 239 239
Jordan (1) 106 100 114 105 220 205 109 111 109 114 218 224 439 429
o/w fixed services 2.23 60 56 65 59 125 115 60 63 61 67 120 130 245 246
Cameroon 72 67 69 68 141 135 72 74 72 75 144 149 285 284
Niger 26 26 26 27 52 53 24 25 28 25 52 50 104 103
Democratic Republic of Congo 20 33 23 38 43 71 29 40 33 39 62 78 105 149
others 43 45 47 49 89 95 45 48 53 51 98 98 188 193
eliminations (10) (9) (9) (16) (18) (25) (8) (10) (8) (12) (16) (22) (34) (47)
adjusted EBITDA 2.06 732 777 859 890 1,591 1,667

% of revenues 33.9% 34.0% 34.4% 34.0% 34.1% 34.0%
CAPEX 2.08 302 320 548 602 850 922

% of revenues 14.0% 14.0% 22.0% 23.0% 18.2% 18.8%
(1) When data is not disclosed for these countries, it is because they have not yet been released by the legal entity.
(2) Sonatel Subgroup: Senegal, Mali, Guinea, Guinea-Bissau and Sierra Leone.
(3) Ivory Coast Subgroup: Ivory Coast, Burkina Faso and Liberia.
(4) Since 3Q 2015 and 3Q 2014 cb, full consolidation of Meditel (100% - previously consolidated under equity method).
Orange - investor relations department 565278286.xlsx - A&ME Financials 54 / 66

financial KPIs
2016
revenues 1,218 1,271 1,216 1,245 2,434 2,516 1,338 1,371 1,338 1,359 2,676 2,729 5,110 5,245
yoy variance (cb) 4.4% 2.3% 3.3% 2.5% 1.6% 2.0% 2.6%
mobile services 2.21 987 1,038 984 1,017 1,971 2,055 1,097 1,135 1,102 1,141 2,199 2,276 4,170 4,331
yoy variance (cb) 5.1% 3.4% 4.2% 3.5% 3.5% 3.5% 3.9%
yoy variance (cb) 10.8% 0.2% 5.1% -17.2% 0.3% -8.2% -2.1%
fixed services 2.23 190 192 189 188 378 380 198 192 196 182 395 374 773 754
yoy variance (cb) 1.2% -0.3% 0.5% -3.2% -7.5% -5.3% -2.5%
yoy variance (cb) 5.9% 6.7% 6.3% 12.8% 4.5% 8.8% 7.5%
other revenues 2.24 24 22 24 20 48 42 22 26 17 14 39 40 86 82
yoy variance (cb) -6.9% -17.7% -12.3% 19.9% -17.6% 3.5% -5.2%
revenues by country
revenues 1,218 1,271 1,216 1,245 2,434 2,516 1,338 1,371 1,338 1,359 2,676 2,729 5,110 5,245
Sonatel Subgroup (1) (2) 338 358 356 371 694 730 354 366 371 393 724 759 1,418 1,489
o/w Senegal 182 184 185 184 367 368 194 182 184 180 379 363 746 731
o/w Mali 115 125 121 133 236 259 120 129 119 135 240 263 476 522
o/w Guinea 52 59 58 64 110 123 49 63 54 61 103 123 213 246
Ivory Coast Subgroup (3) 181 194 186 194 367 388 218 230 308 326 526 556 894 945
o/w Ivory Coast 181 194 186 194 367 388 188 200 205 210 393 410 760 798
Egypt (1) 317 322 284 291 601 614 291 309 205 213 496 522 1,097 1,135
Morocco (4) 120 125 127 123 247 247 131 134 126 128 257 262 504 509
Jordan (1) 102 109 103 104 205 214 110 113 115 111 226 225 431 439
o/w fixed services 2.23 57 64 58 60 115 124 63 65 68 62 131 127 246 250
Cameroon 67 70 68 69 135 139 74 71 75 68 149 139 284 278
Niger 26 26 27 24 53 50 25 23 25 21 50 44 103 94
Democratic Republic of Congo 33 36 38 35 71 70 96 88 73 57 169 145 240 215
others 41 44 46 46 87 90 48 48 51 52 99 99 186 189
eliminations (9) (13) (17) (14) (25) (27) (10) (11) (12) (11) (22) (22) (48) (48)
adjusted EBITDA 2.06 828 828 846 830 1,674 1,658

% of revenues 34.0% 32.9% 31.6% 30.4% 32.8% 31.6%
CAPEX 2.08 371 359 634 604 1,005 962

% of revenues 15.2% 14.3% 23.7% 22.1% 19.7% 18.3%

financial KPIs
2017
revenues 1,231 1,239 1,219 1,252 2,449 2,491 1,226 1,264
yoy variance (cb) 0.7% 2.7% 1.7% 3.1%
mobile services 2.21 1,012 1,038 1,005 1,051 2,017 2,089 1,014 1,062
yoy variance (cb) 2.6% 4.6% 3.6% 4.7%
yoy variance (cb) 1.1% 16.9% 8.9% 36.1%
fixed services 2.23 187 165 183 166 370 331 181 167
yoy variance (cb) -11.3% -9.5% -10.4% -7.4%
yoy variance (cb) 5.4% 8.4% 6.9% -1.3%
other revenues 2.24 16 19 14 16 30 35 18 17
yoy variance (cb) 23.1% 11.6% 17.7% -6.8%
revenues by country
revenues 1,231 1,239 1,219 1,252 2,449 2,491 1,226 1,264
Sonatel Subgroup (1) (2) 372 391 380 400 753 790 377
o/w Senegal 184 177 184 175 368 352 182
o/w Mali 125 138 133 145 259 283 129
o/w Guinea 59 70 59 69 118 139 62
Ivory Coast Subgroup (3) 256 269 256 272 513 541 262 271
o/w Ivory Coast 194 200 194 203 388 403 200 203
Egypt (1) 160 162 156 155 317 317 154 156
o/w mobile services 2.22 142 138 137 135 279 274 135 136
Morocco (4) 126 124 124 133 250 257 131 141
Jordan (1) 113 109 107 105 220 214 108
o/w fixed services 2.23 66 60 61 56 127 116 61 52
Cameroon 70 66 69 68 139 134 71 72
Niger 26 21 24 23 50 44 23 22
Democratic Republic of Congo 72 58 68 60 140 118 64 60
others 47 46 48 47 95 94 47 48
eliminations (13) (9) (14) (10) (27) (18) (11) (15)

CAPEX 2.08 367 428


operational KPIs
2015 2016 2017
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
mobile KPIs
customer base
Sonatel Subgroup (1) 27,938 27,478 26,532 26,146 28,659 26,538 25,554 27,318 29,061 30,243
Senegal 8,356 8,418 8,496 8,413 8,609 8,681 8,594 7,900 8,129 8,247
Mali 14,321 13,453 12,328 11,898 13,997 11,655 10,582 11,263 12,587 13,331
Guinea 4,693 5,005 5,120 5,276 5,481 5,586 5,768 6,033 6,167 6,449
Guinea Bissau 568 603 588 558 572 616 611 599 620 671
Sierra Leone 0 0 0 0 0 0 0 1,524 1,558 1,546
Ivory Coast Subgroup 9,318 9,860 10,335 10,798 11,508 12,748 14,208 19,784 20,728 21,709 22,239
Ivory Coast (2) (4) 9,318 9,860 10,335 10,798 11,508 12,748 12,691 12,407 12,688 13,200 13,531
Burkina Faso 0 0 0 0 0 0 0 5,889 6,451 6,873 7,037
Liberia 0 0 0 0 0 0 1,518 1,488 1,588 1,637 1,670
Egypt (1) 33,764 33,222 32,628 33,065 33,540 33,643 33,534 33,883 34,014 33,814 32,833
Morocco (40% until 2Q 2015 - 100% since 3Q 2015) (2) 5,545 5,711 14,760 13,761 13,276 13,282 14,244 13,877 13,807 14,692 14,510
Jordan (1) (3) (4) 2,845 2,940 3,124 3,010 2,865 2,767 2,942 3,809 3,357 3,622
Cameroon (2) 6,509 7,084 7,576 7,080 6,844 6,813 6,482 5,844 5,928 6,330 6,989
Niger 1,782 1,896 1,859 1,891 1,917 1,827 1,658 1,649 1,720 1,753 1,800
Democratic Republic of Congo (4) 4,558 5,101 5,279 5,269 4,162 3,900 7,714 7,262 7,516 7,841 8,570
Bostwana 903 908 917 947 958 895 906 906 897 900 885
Madagascar 1,983 2,005 2,044 1,982 1,790 1,711 1,834 1,848 1,813 1,846 1,884
Republic of Centrafrica 448 420 413 395 400 399 402 404 423 427 423
Mauritius (40%) & Vanuatu 366 371 374 385 382 381 389 408 410 373 371
Equatorial Guinea (40%) 184 184 184 184 184 184 184 184 184 184 184
Tunisia (49%) 1,659 1,786 1,904 1,936 1,973 2,020 2,135 2,091 2,087 2,085 2,183
Iraq (20%) 1,283 1,342 1,398 1,434 1,449 1,362 1,345 1,421 1,421 1,421 1,421
Kenya (70% until 06/2016) 1,469 1,652 1,850 1,961 1,957 0 0 0 0 0 0
blended ARPU (per month, in euros, quarterly) 1.08

Egypt (1) na na na na 2.8 2.5 2.7 1.9 1.4 1.3 1.3
Jordan (1) (2) na na na na 5.5 5.9 6.1 6.1 6.3 5.1
Cameroon (2) na na na na 3.5 3.6 3.7 3.8 3.8 3.9 3.7
Niger na na na na 3.6 3.7 3.8 3.9 3.7 3.8 3.4
blended ARPU (per month, in euros, annual rolling) 1.10
Egypt (1) 2.6 2.8 2.9 2.9 2.9 2.8 2.7 2.5 na na na
Jordan (1) (2) 4.7 5.1 5.4 5.5 5.5 5.6 5.7 5.9 na na na
Cameroon (2) 3.9 3.8 3.6 3.5 3.6 3.6 3.6 3.7 na na na
Niger 3.6 3.6 3.6 3.6 3.8 3.9 3.9 3.8 na na na
(2) Based on the definition used by the local regulator.
(3) Based on the local entity publication since 4Q 2016.
(4) Adjustment of the customer bases in 4Q 2016.
Orange - investor relations department 565278286.xlsx - A&ME KPIs 57 / 66

operational KPIs
2015 2016 2017
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
fixed KPIs
customer base
Sonatel Subgroup (1) 286 286 284 283 286 285 281 278 281 281
Ivory Coast Subgroup 259 253 259 264 269 273 273 278 280 294 279
Jordan (1) 436 436 433 430 416 412 409 404 398 386
Mauritius (40%) & Vanuatu 148 148 148 148 149 148 148 149 150 150 149
Kenya (70% until 06/2016) 76 28 28 25 23 0 0 0 0 0 0
Egypt (1) 365 352 342 339 343 346 347 357 358 359 356
Sonatel Subgroup (1) 124 124 125 121 126 125 120 119 124 127
Ivory Coast Subgroup 40 41 43 49 53 57 64 69 73 78 70
Jordan (1) 211 215 213 214 210 209 205 202 199 194
Mauritus (40%) & Vanuatu 70 71 71 74 76 76 77 80 72 81 82
Tunisia (49%) 63 63 64 64 64 64 64 64 63 63 63
Others 8 7 7 6 7 5 6 6 6 9 32
Orange - investor relations department 565278286.xlsx - A&ME KPIs 58 / 66

ENTERPRISE
financial KPIs
2015
revenues na 1,789 na 1,871 na 3,660 na 1,817 na 1,903 na 3,719 na 7,379
voice 2.25 391 392 783 383 381 764 1,547
data 2.26 686 711 1,397 704 716 1,420 2,817
IT & Integration Services 2.27 461 517 978 483 554 1,038 2,015
mobile services and equipment 2.28 251 251 502 247 252 497 1,000
adjusted EBITDA 2.06 na 614 na 655 na 1,270

CAPEX 2.08 160 154 176 170 336 325

Orange - investor relations department 565278286.xlsx - Enterprise Financials 59 / 66

ENTERPRISE
financial KPIs
2016
revenues 1,793 1,823 1,847 1,843 3,640 3,666 1,796 1,800 1,889 1,887 3,685 3,687 7,325 7,353
yoy variance (cb) 1.7% -0.2% 0.7% 0.2% -0.1% 0.0% 0.4%
voice 2.25 391 380 390 382 781 762 382 375 381 378 763 753 1,544 1,515
data 2.26 692 698 698 704 1,389 1,402 697 698 712 689 1,409 1,387 2,798 2,789
IT & Integration Services 2.27 459 498 508 513 968 1,011 471 490 544 566 1,015 1,056 1,983 2,067
mobile services and equipment 2.28 251 247 251 244 502 491 246 237 252 254 498 491 1,000 982
adjusted EBITDA 2.06 621 660 655 682 1,276 1,342

% of revenues 17.1% 18.0% 17.8% 18.5% 17.4% 18.3%
CAPEX 2.08 153 168 168 168 320 336

% of revenues 4.2% 4.6% 4.5% 4.6% 4.4% 4.6%

ENTERPRISE
financial KPIs
2017
revenues 1,832 1,796 1,843 1,819 3,675 3,615 1,788 1,778
yoy variance (cb) -2.0% -1.3% -1.6% -0.5%
voice 2.25 383 358 384 370 767 728 374 362
data 2.26 706 688 711 687 1,417 1,374 692 666
IT & Integration Services 2.27 497 510 501 517 998 1,028 483 488
mobile services and equipment 2.28 246 240 246 245 492 485 238 263

CAPEX 2.08 169 179


ENTERPRISE
operational KPIs
2015 2016 2017
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
mobile KPIs
customer base
contract mobile customers (excl. MVNOs) 1.03 5,115 5,470 6,149 6,437 6,844 7,221 7,746 8,357 8,888 9,528 9,798
- M2M 1.05 2,626 2,965 3,610 3,866 4,265 4,600 5,104 5,699 6,216 6,817 7,055
- excluding M2M 2,489 2,506 2,539 2,570 2,579 2,621 2,643 2,658 2,672 2,711 2,743
fixed KPIs
customer base - Worldwide
IP VPN accesses 344 348 348 348 348 349 350 351 353 353 352
customer base - France

PSTN lines 3,058 3,011 2,970 2,931 2,898 2,873 2,834 2,793 2,715 2,651 2,614
IP VPN accesses 292 293 293 293 293 294 294 295 297 296 296
XoIP offers 1.40 73 71 72 74 76 76 78 79 80 83 83
Orange - investor relations department 565278286.xlsx - Enterprise KPIs 62 / 66

INTERNATIONAL CARRIER
& SHARED SERVICES
2015
revenues 422 462 472 494 894 956 476 486 475 473 951 959 1,845 1,915
yoy variance (cb) 9.6% 4.7% 7.0% 2.0% -0.4% 0.8% 3.8%
international carrier services 2.29 344 375 380 394 724 769 412 406 391 380 803 786 1,528 1,555
shared services 2.30 77 88 92 100 169 188 64 80 84 93 148 173 317 360
adjusted EBITDA 2.06 (36) (52) 34 57 (1) 5

% of revenues -4.0% -5.4% 3.6% 5.9% -0.1% 0.2%
CAPEX 2.08 91 147 141 212 232 359

% of revenues 10.2% 15.4% 14.8% 22.1% 12.6% 18.7%
Orange - investor relations department 565278286.xlsx - IC&SS 63 / 66

& SHARED SERVICES
2016
revenues 441 454 466 450 907 904 479 456 467 451 946 908 1,853 1,812
yoy variance (cb) 3.1% -3.5% -0.3% -4.7% -3.3% -4.0% -2.2%
international carrier services 2.29 375 378 394 379 769 757 406 386 381 384 786 770 1,555 1,527
shared services 2.30 66 76 72 70 138 147 73 70 86 67 159 138 297 285
adjusted EBITDA 2.06 (54) (84) 50 28 (4) (56)

% of revenues -6.0% -9.3% 5.3% 3.1% -0.2% -3.1%
CAPEX 2.08 141 142 212 136 353 278

% of revenues 15.5% 15.7% 22.4% 15.0% 19.0% 15.3%

& SHARED SERVICES
2017
revenues 454 407 448 412 903 819 454 415

yoy variance (cb) -10.4% -8.1% -9.3% -8.6%
international carrier services 2.29 378 346 380 340 758 686 386 349
shared services 2.30 77 61 68 72 145 133 69 66
adjusted EBITDA 2.06 (74) (105)

% of revenues -8.1% -12.8%
CAPEX 2.08 137 127


EE
operational KPIs
2015 2016 2017
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
operational KPIs
customers (in thousands)
customers (end of period) excl. M2M 25,218 25,165 25,124 25,120 0 0 0 0 0 0 0 0
- contract 14,954 15,050 15,197 15,338 0 0 0 0 0 0 0 0
- prepay 9,380 9,196 9,001 8,849 0 0 0 0 0 0 0 0
- home 884 919 927 933 0 0 0 0 0 0 0 0
net adds (92) (53) (40) (4) 0 0 0 0 0 0 0 0
- contract 53 96 147 141 0 0 0 0 0 0 0 0
- prepay (195) (184) (195) (152) 0 0 0 0 0 0 0 0
Orange - investor relations department 565278286.xlsx - EE 66 / 66

Q3 2017 Databook KPI

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Orange 3Q

investors data book 2017

Definitions sheet 1 glossary 2

Orange - Market France sheet 8 operational KPIs 24

France sheet 9 financial figures 25

Europe sheet 11 financial figures 30

Spain sheet 13 financial figures 34

Poland sheet 15 financial figures 39

Belgium & Luxembourg sheet 17 financial figures 44

Central European countries sheet 19 financial figures 48

Africa & Middle East sheet 21 financial figures 52

Enterprise sheet 23 financial figures 57

IC&SS (International Carrier & Shared Services) sheet 25 financial figures 61

Nombre d'erreurs de calcul : 4

Group - conso accounts (1) Nb d'écarts en colonne > 2 M€ 0

Group - conso accounts (2) Nb d'écarts en colonne > 2 M€ 0

Group - comparable basis Présence de données non attendues 0

Group - segment reporting Nb d'écarts en colonne > 2 M€ 0

Telecoms - financial KPIs Nb d'écarts en colonne > 2 M€ 0

Telecoms - operational KPIs Nb d'écarts en colonne > 2 k 0

France - Geographical scope KPIs Nb d'écarts en colonne > 2 k 0

France financials Nb d'écarts en colonne > 2 M€ 0

France KPIs Nb d'écarts en colonne > 2 k 0

Europe financials Nb d'écarts en colonne > 2 M€ 0

Europe KPIs Nb d'écarts en colonne > 2 k 0

Spain financials Nb d'écarts en colonne > 2 M€ 0

Spain KPIs Nb d'écarts en colonne > 2 k 0

Poland financials Nb d'écarts en colonne > 2 M€ 0

Poland KPIs Nb d'écarts en colonne > 2 k 0

Belgium & Luxembourg financials Nb d'écarts en colonne > 2 M€ 0

Belgium & Luxembourg KPIs Nb d'écarts en colonne > 2 k 0

Central Europe financials Nb d'écarts en colonne > 2 M€ 0

Central Europe KPIs Nb d'écarts en colonne > 2 k 0

A&ME financials Nb d'écarts en colonne > 2 M€ 1

A&ME KPIs Nb d'écarts en colonne > 2 k 3

Enterprise financials Nb d'écarts en colonne > 2 M€ 0

Enterprise KPIs Nb d'écarts en colonne > 2 k 0

IC&SS Nb d'écarts en colonne > 2 M€ 0

EE Nb d'écarts en ligne > 2 M€ 0

Orange - investor relations department 565278286.xlsx - Glossary 4 / 66

cash flow elements

balance sheet elements

profit & loss statement

Orange - investor relations department 565278286.xlsx - Group - conso accounts (1) 6 / 66

profit & loss statement

Orange - investor relations department 565278286.xlsx - Group - conso accounts (1) 7 / 66

profit & loss statement

Orange - investor relations department 565278286.xlsx - Group - conso accounts (1) 8 / 66

statement of cash flows (telecoms activities)

net financial debt 2.13 26,384 26,552 24,462 24,444 24,555

Orange - investor relations department 565278286.xlsx - Group - conso accounts (2) 9 / 66

Orange - investor relations department 565278286.xlsx - Group - comparable basis 10 / 66

Orange - investor relations department 565278286.xlsx - Group - comparable basis 11 / 66

Group - profit & loss statement

Europe - profit & loss statement (sub-segment)

Orange - investor relations department 565278286.xlsx - Group - Segment reporting 12 / 66

Group - profit & loss statement

Europe - profit & loss statement (sub-segment)

Orange - investor relations department 565278286.xlsx - Group - Segment reporting 13 / 66

Group - profit & loss statement