Enterprise briefing with focus on Services & Orange Cyberdefense

J U L Y 2 0 2 1 Q2 2021 Enterprise IT&IS drives top line growth and quasi stability for EBITDAaL Double digit growth in €m Q2 21 yoy cb H1 21 yoy cb Revenues 1,932 +2.3% 3,840 +1.3% +14% yoy in H1 21 Fixed only services 916 -5.3% 1,834 -4.5% IT & integration services 796 +10.8% 1,565 +8.6% Mobile 220 +8.7% 440 +3.4% EBITDAaL 484 -0.5% +9.8% yoy in H1 21 eCAPEX 157 -8.0%

Revenue evolution +10% yoy in H1 21

+2.3% -1.2% +0.4% -1.7% IT&IS share in total OBS revenues -3.3% +2.7 pts 40.8% Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 38.1%

Total fixed only mobile IT&IS

H1 20 cb H1 21

H1 21 Results 2 Enterprise briefing with focus on Orange Business Services & Orange Cyberdefense

J U L Y 2 0 2 1 OBS is positioned in a market with A high-growth opportunities Agenda

OBS & OCD 4 Sizeable $930B market with attractive growth opportunities

C A G R [ 2 0 - 25] WORLDWIDE

CONNECTIVITY SERVICES D I G I T A L SERVICES

~€365B SD-WAN 2020 Market size IoT Cloud services Cloud-based Comm. & +10% Collab. Cybersecurity Digital & Data

+5% IP voice Integration ~€480B WAN (incl. Fiber) Services 2020 Market size Mobile Voice & Data1 0% Contact centers, ~€85B Telecom Tel. & collab. 2020 Market size Integration Services PSTN Voice -5% Digital

Note: (1) Excluding mobile devices Source: Gartner Forecast reports 1Q21, IDC Worldwide Spending Guide - Forecast 2020, Technology Global Cloud Market - March 2021 OBS & OCD 5 Orange is one of few players present across all segments

CONNECTIVITY SERVICES D I G I T A L SERVICES

Telecom IoT Cybersecurity Cloud Digital & Data

Major Telecom operators with global reach

Telecom centric operators

System Integrators

Network equipment suppliers

Hyper-scalers

Cyber specialists

OBS & OCD 6 5 major trends will shape the customers needs

Telecom Talent New Digital Trust Society Green Imperative Cloudification Scarcity

• Digital workspace • Cloud-based • Fragmented geo- • Social scrutiny • Leverage of global collaboration political ecosystems talent pools • Hyper-connectivity • Regulation (Fiber & 5G) • Software Defined • Trusted open • Rare niche expertise networks acceleration ecosystems • Digital as a driver for • Business agility with green transformation • From hardware to cloud-native and data • As-a-Service model • Trusted data & software skills infrastructure • User Experience (sovereignty) • Smart Industries (IT-OT) • E2E Cybersecurity

Clients are transforming and demanding integrated value propositions

OBS & OCD 7 Agenda OBS is a unique network-native digital B services company...

OBS & OCD 8 Orange Business Services

…and significant digital business A €7.8B European leader Connectivity with global presence… 41% Digital* & & other 34% of OBS 2020 revenue Integration Services 39% from Digital, * Cybersecurity, Cloud, Global vision, local care Integration Services Digital & Data, IoT €7.8 bn and New Connectivity Services 11% 92 8 in OBS mix 16% Including New Connectivity Mobile Countries Major Service Centers Services** ~1-2% Voice & located on all Unified Comms continents available 40k+ 24/7 9,000+ Clients, with 28.5k digital experts ~100 clients Employees >€10M revenue 50% in 50% International 43% 25% 24% 7% AI, Data and Cloud experts Cyber IoT experts Digital experts experts & consultants

** New Connectivity Services includes SD-WAN/SASE, IoT connectivity, New mobile services (e.g. private networks, mobile business applications) OBS & OCD 9 85% of portfolio ready for transformative growth

Legacy Transforming Growth Cyberdefense, Cloud services (incl. Edge Digital - - orchestration), Digital & Data, IoT E.g.: Consulting, Multi-sourcing Service Integration Services - - Integration, integ. of Cloud-based solutions Voice & Unified PSTN Voice, Contact center traffic, Business IP Voice - Segments Comms Tel. & Collab New mobile services (incl. 5G use cases, Mobile - Voice & Data (incl. 5G), Roaming private networks, mobile business apps)

Connectivity & other Legacy access (leased lines), Broadcast WAN (incl. Fiber) SD-WAN/SASE

% of revenue 15% 44% 41% Revenue growth1 Gross margin2 >50% 40-50% ~ 20% Gross margin trend3

Capital intensity

MANAGED FOR VALUE MANAGED FOR GROWTH

Notes: (1) 18-20 revenue trend; (2) 2020 gross margin; 10 (3) 18-20 gross margin trend OBS & OCD OBS portfolio is rebalancing towards ‘Growth’ segment1

2006 2015 2018 2020

. Network-related services . Trusted player in digital . Network-native digital transformation . services company . Services related first to connectivity, hosting, . Acquisition of Atheos and . Acquisition of Enovacom, Business security and apps Lexsi & Decision, Basefarm, SecureData, . Cyberdefense, Cloud and SecureLink Application business units . Creation of Smart Mobility Services business unit (Mobile + IoT)

Share of “Growth” Segment1 in OBS 14% 29% 32% 41% revenue (growth revenue YoY)

11 Note: (1) “Growth” segment includes Digital, Integration Services and New Connectivity Services OBS & OCD Agenda

… Leveraging differentiated assets and C recognized as a leader in strategic market segments

OBS & OCD 12 OBS is a network-native digital services company Creating positive impact

Supporting digital transformation of clients across all global digital ecosystems

Digital Augmented Smart Workspace Customer Experience Industries

Trusted data Analytics & AI transformation

Secured digital infrastructure transformation

Cloud Security

Networks

OBS & OCD 13 OBS builds on a set of strong differentiators

Global Network Broad & Focused Global &

One of the few operators with true Commercial Coverage Industrialized Delivery global software defined network Global commercial coverage and Global vision, Offshore MSCs and assets and a presence in all digital unique commercial capillarity in France local care automation capabilities ecosystems combined with local delivery presence PoP* o/w. 40 SDN PoP Sales & presales in ‘21 and 100 by ‘24 & consultants 30% 270 2,500 of delivery staff located offshore

Recognized Expertise Trusted Global Partner Partnership Ecosystem

Leader of Magic Quadrant for Trusted global player with EU passport Focused partnership with hyper-scalers/ Global Network Services equipment vendors and downstream with industrial players (e.g. Siemens) Leadership position in Strong customer First Cybersecurity in Europe advocacy in 2020: Sovereign cloud outside the US Selected investment in #1 in EU for offering & market promising start-ups presence in private cloud 11 with a technology 50 Strategic partners In multiple rankings advantage NPS global MNC 50+ partners Leader across Telecom/Digital (+8 pts vs. ‘19)

Note: (1) Points of Presence of global network OBS & OCD 14 Case study | Industrial global client Cross-selling new services to capture transformative growth

Client revenue profile (Base 100 in 2017) Combining Telco & Digital enables value creation opportunities 120 +5 100 +10 +15 Thanks to -40 unified go-to- Connectivity & Unified Comms partner +30 market and (WAN / MPLS, Mobile, Unified Comms) end-to-end orchestration Preferred partner for next gen connectivity (SD-WAN transition & MSI)

2017 MPLS MSI/ SD- Cloud Cyberdefense IoT 2020 WAN Trusted partner for digital transformation (Cloud, Cyberdefense, IoT / Industry 4.0) Transition to New Connectivity Services Connectivity Mobile Voice & Unified Comms Cloud Cyberdefense IoT

OBS & OCD 15 Agenda

… with a solid value strategy and on track to D achieve scale as a digital services company

OBS & OCD 16 OBS has a clear strategy to achieve its ambition relying on 3 pillars

01 02 03

Transform & Accelerate Improve Leverage Trusted data OBS core In digital OBS Telecom growth profitability business segment

OBS & OCD 17 Transform & Leverage OBS Core Telecom Business 01 Transform & In a context of technological disruption Leverage

Accelerate on New Prepare & Transform core infrastructure Connectivity Services Monetize 5G

• Transition PSTN voice to IP voice • SD-WAN / SASE: Transform migrating • Leverage accelerated 5G deployment clients and grow with a focused MNC • Continue successful transition to fiber approach • Develop in Smart Industries / Industry 4.0 (incl. partnerships) • Scale next generation softwarized • SD-LAN services at corporate Edge international network • Unified Communications: Launch new solutions and partner with collaboration players on voice Pricing Power Fixed Wireless IoT use cases Private campus on mobile Access and indoor connectivity coverage

OBS & OCD 18 Zoom on Core Infrastructure transformation 01 Transform & A next generation global network supporting our new connectivity services 01Leverage

Next Gen Hubs accelerate value creation with a cloud platform opened to partners

Stockholm Moscow London Next Gen Hubs Seattle New York City Amsterdam • 550 SDWAN gateways Atlanta Shanghai • 75 Security VNF Frankfurt San Jose Ashburn Dubai Tokyo OBS Mumbai Miami Virtualized Partners Dallas Network & Virtualized Bahrain Pop’s Roll-out Security Services Services Lagos • 2020 : 25 • 2021 : 40 OBS Telco Cloud Santiago de Chile Sao Paulo • 2024 : 100 Infrastructure Sydney Orange Johannesburg Melbourne Point Of Presence

Orange SDN International Backbone

OBS & OCD 19 Accelerate 02 In Digital growth segment Accelerate

Grow OBS expertise Leverage OBS network Build on OBS consulting and and partners ecosystem on capability to cross-sell integration capabilities to become the priority domains new digital services digital transformation partner across all digital ecosystems

Trusted Trusted Trusted data data data

OBS & OCD 20 Zoom on Cloud 02 Accelerate The trusted partner for multi-cloud migration and services 02

A European Tier 1 multi- With distinctive …and unique portfolio and cloud services provider value proposition partner ecosystem

Trusted global OBS public cloud €475M revenue in FY2020 network reach (Flexible Engine) OBS private cloud Cloud & digital from international sovereignty Global strategic 52% partnerships with hyper-scalers for multi-cloud Cybersecurity Revenue Growth & Orange partnership to create H1 ‘21 vs. H1 ‘20 10% Data intelligence an independent cloud services bundling platform meeting French State's “Cloud +2,400 Cloud experts Delivering balanced de Confiance” label approach to trust & innovation

OBS & OCD 21 Zoom on Digital & Data 02 Our data competence leveraging AI and digital capabilities Accelerate

A key player Differentiated Digital & Data services leveraging the in AI & Data Analytics complete OBS portfolio and key technological enablers

Digital Employee Customer IT Digital €370M+ solutions experience experience transformation innovation revenue in FY2020 Data Data Data Science/ Data Big Data solutions Governance IA Intelligence Revenue Growth Design Cloud Native Enablers Blockchain AR/ VR Dev-ops Open Data 10% Thinking Apps H1 ‘21 vs. H1 ‘20

+3,900 OBS AI, Data & Digital experts portfolio Connectivity Cloud Cyberdefense across the globe

OBS & OCD 22 In line with already announced B2B M&A strategy, we will pursue 02 focused acquisitions to accelerate business remix Accelerate

Selected expertise Acquisition goals Cloud areas to grow into

1 2

Cyber- Reach critical Reinforce OBS Digital scale in digital expertise in Security* services priority domains

Industry 4.0**

*Orange Cyberdefense **IT + OT

OBS & OCD 23 Improve OBS profitability 03 Improve

Drive Digital & Scale Telecom/ Maintain overall Integration Services Digital synergies cost & cash control performance

• Targeting market standard • Integrated go-to-market • Scale-up program with profitability and cross-sell Orange group Trusted data • Operational excellence • Cross telco/digital • Shared service centers through IT/ IS KPIs partnerships for support functions monitoring • Cross telco/digital value • Real estate optimization • Increase of share of propositions (e.g. digital • Capex reduction in line offshore and further workspace, Industry 4.0) with portfolio remix automation of delivery • Integrated run delivery

OBS & OCD 24 Agenda

Focus on Orange Cyberdefense, E a European leader

OBS & OCD 25 Our purpose: …within a complex threat Build a safer landscape digital society…

Significant breaches reported 18 16 16 15 15 14 13 12 11 10 10 10 8 8 8 7 6 6 6 6 5 4 4 2 2 2 1 0 oct.-19 janv.-20 avr.-20 juil.-20 oct.-20 janv.-21

average cost of +255% increase in cybersecurity is the remediation after a ransomware 4th biggest short- successful attacks in France term risk ransomware attack (2019/2020) ~1 USD million

26 [source : World Economic Forum] [source : World Economic Forum] OBS & OCD 26 GLOBAL CYBER SECURITY MARKET boosted by a perennial strong service demand… 2030 €181 Billion

2019 GROWTH €113 DRIVERS Billion Companies increasingly Increase in value of digital €100 relying on managed services >> attracts more services due to skills Billion cyberattacks shortage

Diversification of IT Amplification & Stricter landscape (OT, Cloud, sophistication of regulatory Edge…) introduces cyberattacks framework 2018 2019 complexity & risks 2025

HW / SW Services Source : Gartner (June 2021) OBS & OCD 27 … in a very fragmented market, Orange Cyberdefense increased Managed Security Services by 37.4% CAGR 2018-2020 55% MSS revenue 50% CAGR (%) Capgemini 45% 40% OCD Lumen 2020 revenue 35% 30% 25% 20% Trustwave HCL Technologies 15% DXC Technology T-Systems 10% AT&T 5% IBM 0% NTT Optiv OCD in 2018 2020 -5% BT Group Secureworks MSS Verizon Business market -10% share (%) -15% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0%

Source Gartner 28 Orange Cyberdefense at a glance

. Forrester Wave: European Managed Listed vendor Security Services Providers

We are Europe's Challengers Contenders Strong performers Leaders Managed Detection and leading go-to Stronger current Response & security services offering Managed Security provider, supporting Services businesses globally

Very Strong

Over +8,000 Global Managed 2,500 customers Security Services worldwide, multi-skilled best in class in Weaker cybersecurity current all verticals experts offering Weaker Strategy Stronger Strategy

Market presence

OBS & OCD 29 European leader with global footprint, local expertise and unique capabilities to build trust Key highlights

• +25 years track record in information security

• Ability to successfully integrate acquisitions: 3 in 5 years

• A unique threat intelligence database linked to our operator status

• Recognized expertise by Governments, EU & partners

• 45K rogue sites blocked per year

• Full operational footprint in 8 European countries

• Sales and services support in 92 countries 250 18 SOCs spread 11 CyberSOCs that 4 CERTs operate 4 scrubbing centers to experts dedicated to Proprietary Certification by throughout the world bring together the best continuously mitigate DDoS attacks threat intelligence tools ANSSI monitor and respond expertise in threat to events 24/7/365 analysis 24/7/365

OBS & OCD 30 Fulfilling growing end-to-end customer needs across the whole cyber-value chain Threat intelligence Anticipate • Monitor, hunt and investigate emerging threats, fraud and data leaks Consulting & Audit Identify • Prepare your security strategy and ensure it is working

Infrastructure, access & data security Protect • Defend and monitor your critical assets and data against cyber threats

Advanced threat detection Detect • Analyse security events and detect breaches

Crisis management and remediation Respond • Qualify, contain and remediate attacks ensuring business continuity Protect

Sources of P&L growth

Advisory Managed Security Equipment Integration Consulting Services Reselling

OBS & OCD 31 Use Case: an approach to enhance cybersecurity

● World Watch service (Security Outreach and News analysis review) Anticipate ● Cybercrime monitoring

● Security strategy definition Identify ● Vulnerability management Cosmetics ● Security solutions resell & deployment Protect ● Endpoint protection giant ● DDOS protection ● CyberSOC 24/7 Detect ● Email Phishing Detection ● Active directory monitoring

Respond ● Incident Response in France/MEA/US/ASIA Protect

Revenues break-down

Advisory Managed Security Integration Equipment Consulting Services Reselling

10% 15% 40% 35%

OBS & OCD 32 Focusing on our organic growth pillars…

Embedded in Pure player OBS Best of breed for all segments and verticals

Natively secure the Additional Growth connectivity, specialized Cloud Continue push in Grow in Advanced pillars cloud, mobile and and OT/ Industrial mid-market managed services UCC offers security

Secure the Invest in transition to the Threat Secure Access cloud intelligence Service Edge Accelerate in Extend the Focus cloud native Address every detection, ahead offers type of enterprise accelerate the response Enable sovereignty Secure the Intensify the use Industry 4.0 of AI/ Automation

OBS & OCD 33 … while seizing all opportunities to strengthen our leadership position Increasing options for inorganic growth that are value accretive while keeping synergies with Orange Business Services

Enforce brand visibility to Getting ready While leveraging Joint approach with our partners attract talents & customers to accelerate synergies with growth OBS Increase OCD’s strategic manoeuvrability & focus Full consistency on technological engineering through a carve-out Leverage Sales Reinforce Leadership channels with OBS through M&A

Common Operational procedures

OBS & OCD 34 Orange Cyberdefense Financial KPIs and Ambition

Key Indicators Rationale

1 Leading position allows OCD to outpace market growth € 768 M Revenue 2020 2 Drive transition towards Managed Security Services (MSS) 43% Services 3 Equipment reselling and integration remains a core activity +14% 57% Equipment Growth H1 2021 4 Capitalize on OBS customer relationships and strengths

Revenue CAGR 2021 to 2025 (Organic) 5 Drive growth in SME segment with targeted offerings

Outpace market 6 Expand EBITDAaL margin by change in revenue mix towards MSS, operational synergies and digital transformation

35 OBS & OCD 35 Agenda

F Financial figures and outlook

OBS & OCD 36 FY2020 Key & H1 21 financials

Revenue Gross Margin EBITDAaL EBIT eCAPEX €7.8B 35.8% €1.0B €0.6B ~€339M €3.8B in H1 2021 36.5% in H1 2021 €0.48B in H1 2021 €0.3B in H1 2021 €157M in H1 2021

FY 2020 OBS & OCD 37 OBS mid-term financial ambition

Key target Rationale

REVENUE Legacy: Manage progressive decrease of activities while Legacy: single digit maximizing cashflow generation Transforming: Manage transformation and new ~2% Transforming: single digit customers to secure new revenues CAGR for 2022 Growth: Scale Digital, Integration services and New and 2023 Growth: high single digit Connectivity Services to reach more than 55% of revenues in 2025 (vs. 41% in 2020)

E B I T D A a L Back to growth in 2022 Drive Digital and Integration Services performance Growth accelerating in 2023 Scale Telecom/Digital synergies Maintain overall cost and cash control

OBS & OCD 38 OBS ESG commitments by 2025

Improve carbon footprint Invest in people and skills

30% 94% Decrease in greenhouse gas of people very proud emissions (compared to 2015) or proud to work for OBS globally 50% Renewable energy in OBS energy mix Diverse OBS management team with > 40% females 30% Of mobile phones sold will be 6x top global employer collected for reuse or recycling

Note: (1) a learner is an employee that has followed at least one learning module during a year OBS & OCD 39 Network-native digital OBS is the trusted advisor to support the digitalCreating transformation positive impactof its clients services company across all global digital ecosystems

Trusted data

OBS & OCD 40