Consolidated Financial Statements 2020 2

Consolidated financial statements Year ended December 31, 2020 This document is a free translation into English of the yearly financial report prepared in French and is provided solely for the convenience of English speaking readers. Significant events 2020 Tax dispute Covid-19 IFRS 16 concerning Health crisis Lease term fiscal years 2005-2006 The effect of the health crisis on the In December 2019, IFRS IC issued On November 13, 2020, the Conseil Group’s business and performance, its final decision on the determination d'État issued a favorable decision on the judgments and assumptions of the enforceable period of leases. a tax dispute in respect of the years made, as well as the main effects of 2005-2006. the crisis on the Group’s consolidated financial statements are The effects of this decision on the presented in Note 3 “Impact of the Group are presented in Note 2.3 As at December 31, 2020, the health crisis linked to the Covid-19 “New standards and interpretations current tax expense includes tax pandemic”. applied from January 1, 2020”. income of 2,246 million euros. Note 3 Note 2.3.1 Note 11.2 Consolidated financial statements 2020 2 Table of contents 7.4 Executive compensation ......................................................... 64 Financial statements Note 8 Impairment losses and goodwill ................................... 64 8.1 Impairment losses................................................................... 64 Consolidated income statement................................................... 4 8.2 Goodwill ................................................................................. 65 Consolidated statement of comprehensive income ...................... 5 8.3 Key assumptions used to determine recoverable amounts ...... 65 Consolidated statement of financial position ................................ 6 8.4 Sensitivity of recoverable amounts .......................................... 67 Note 9 Fixed assets ................................................................ 69 Consolidated statements of changes in shareholders' equity ....... 8 9.1 Gains (losses) on disposal of fixed assets ............................... 69 Analysis of changes in shareholders' equity related to 9.2 Depreciation and amortization ................................................. 69 components of the other comprehensive income ......................... 9 9.3 Impairment of fixed assets ...................................................... 70 Consolidated statement of cash flows ........................................ 10 9.4 Other intangible assets ........................................................... 71 9.5 Property, plant and equipment ................................................ 73 9.6 Fixed assets payables ............................................................ 74 Notes to the consolidated financial statements 9.7 Dismantling provisions ............................................................ 75 Note 10 Lease agreements ....................................................... 75 Note 1 Segment information.................................................... 12 10.1 Right-of-use assets ................................................................. 76 1.1 Segment revenue ................................................................... 12 10.2 Lease liabilities ....................................................................... 77 1.2 Segment revenue to consolidated net income in 2020 ............. 14 Note 11 Taxes .......................................................................... 78 1.3 Segment revenue to consolidated net income in 2019 ............. 16 11.1 Operating taxes and levies ...................................................... 78 1.4 Segment revenue to segment operating income in 2018 ......... 18 11.2 Income taxes .......................................................................... 80 1.5 Segment investments ............................................................. 20 Note 12 Interests in associates and joint ventures ..................... 86 1.6 Segment assets ...................................................................... 22 Note 13 Financial assets, liabilities and financial results 1.7 Segment equity and liabilities .................................................. 24 (telecom activities) ....................................................... 87 1.8 Simplified statement of cash flows on telecommunication and 13.1 Financial assets and liabilities of telecom activities .................. 87 Mobile Financial Services activities ......................................... 26 13.2 Profits and losses related to financial assets and liabilities ...... 87 1.9 Definition of operating segments and performance indicators .. 29 13.3 Net financial debt .................................................................... 88 Note 2 Description of business and basis of preparation of 13.4 TDIRA .................................................................................... 91 the consolidated financial statements .......................... 32 13.5 Bonds ..................................................................................... 91 2.1 Description of business ........................................................... 32 13.6 Loans from development organizations and multilateral 2.2 Basis of preparation of the financial statements ....................... 32 lending institutions .................................................................. 94 2.3 New standards and interpretations applied from January 1, 13.7 Financial assets ...................................................................... 94 2020 ....................................................................................... 33 13.8 Derivatives instruments ........................................................... 96 2.4 Main standards and interpretations compulsory after Note 14 Information on market risk and fair value of financial December 31, 2020 with no early application elected by the assets and liabilities (telecom activities) ....................... 99 Group ..................................................................................... 36 14.1 Interest rate risk management ............................................... 100 2.5 Accounting policies, use of judgment and estimates ................ 37 14.2 Foreign exchange risk management ..................................... 100 Note 3 Impact of the health crisis linked to the Covid-19 14.3 Liquidity risk management .................................................... 101 pandemic ..................................................................... 40 14.4 Financial ratios ..................................................................... 103 3.1 Effects of the Covid-19 pandemic on Orange’s business and 14.5 Credit risk and counterparty risk management ...................... 104 financial position ..................................................................... 40 14.6 Equity market risk ................................................................. 105 3.2 Main effects on the Consolidated Financial Statements at 14.7 Capital management ............................................................. 105 December 31, 2020 ................................................................ 40 14.8 Fair value of financial assets and liabilities ............................ 105 Note 4 Gains and losses on disposal and main changes in Note 15 Equity ........................................................................ 107 scope of consolidation ................................................. 41 15.1 Changes in share capital ...................................................... 108 4.1 Gains (losses) on disposal of fixed assets, investments and 15.2 Treasury shares .................................................................... 108 activities ................................................................................. 41 15.3 Dividends ............................................................................. 109 4.2 Main changes in the scope of consolidation ............................ 41 15.4 Subordinated notes ............................................................... 109 4.3 On-going transactions ............................................................. 43 15.5 Translation adjustment .......................................................... 111 Note 5 Sales ........................................................................... 44 15.6 Non-controlling interests ....................................................... 112 5.1 Revenue ................................................................................. 44 15.7 Earnings per share ............................................................... 114 5.2 Other operating income........................................................... 47 Note 16 Unrecognized contractual commitments (telecom 5.3 Trade receivables ................................................................... 47 activities) ................................................................... 115 5.4 Customer contract net assets and liabilities ............................. 49 16.1 Operating activities commitments.......................................... 115 5.5 Deferred income ..................................................................... 51 16.2 Consolidation scope commitments ........................................ 117 5.6 Other assets ........................................................................... 51 16.3 Financing commitments .......................................................

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