Paris, Tuesday, March 8, 2016

Orange announces the launch of Orange Ambition 2016, an employee shareholding offer. The offer of Orange shares is extended to eligible employees of the Group’s French entities taking part in the Group Savings Plan (PEG) as well as retirees with holdings in the PEG, and to the foreign entities taking part in the recently set up International Group Savings Plan (PEGI).

A maximum of 11.5 million newly issued Orange shares, that would represent 0,43% of the capital, will be offered to Group employees. The goal is to increase the proportion of Orange's capital held by employees, which amounted to 4,99% of the capital as of 31st of December 2015. The transaction is subject to articles L.3332-18 et seq. of the French Labour Code. Eligible employees of the Group’s French entities may subscribe via allocation of all or part of their 2015 employee profit-sharing share.

The principal conditions of the offer are the following:

• Subscription price: the subscription price for Orange shares will be set on April 26th 2016 and will be equal to the average closing price of the Orange share on the Euronext Paris market for the period of March 29th (inclusive) to April 25th 2016 (inclusive), less a discount of 20%.
• Share custody: the shares will be acquired by employee investment funds (FCPE), or in registered form as the case may be, in the PEG or in the PEGI and may not be sold or transferred for five years.
• Orange share acquisition schemes: the shares may be acquired conventionally or under a guaranteed scheme. In the guaranteed scheme, the amount invested will be guaranteed and the employees will benefit from the potential increase of the share price.
• Employer contribution: employees will receive an employer's contribution in the form of shares.

As of the publication of this press release and during the entire offer period, the financial institution managing the share issue (BNP Paribas) may conduct hedging transactions in connection with the guaranteed scheme.

Share issue schedule:

• share reservation period: March 9th to 24th 2016
• subscription price announced: April 26th 2016
• subscription/renunciation period: April 28th to May 2nd 2016
• share capital increase and delivery: May 31st 2016

These dates are indicative and may be modified.