2017 Registration document Annual financial report Table of contents 1. Overview of the Group 5. Corporate, social and and of its business environmental responsibility 1.1 Overview 4 5.1 Social commitments 311 1.2 Market and strategy 7 5.2 Employee information 316 1.3 Operating activities 12 5.3 Environmental information 328 1.4 Networks and real- estate 38 5.4 Duty of care 337 1.5 Innovation at Orange 40 5.5 Report by one of the Statutory Auditors 338 1.6 Regulation of telecom activities 43 6. Shareholder Base 2. Risk factors and activity and Shareholders’ Meeting management framework 6.1 Share capital 342 2.1 Risk factors 64 6.2 Major shareholders 343 2.2 Activity and risk management framework 69 6.3 Draft resolutions to be submitted to the Combined Ordinary and Extraordinary Shareholders’ Meeting of May 4, 2018 345 3. Financial report 6.4 Report of the Board of Directors on the resolutions submitted to the Combined Ordinary and 3.1 Analysis of the Group’s financial position and earnings 78 Extraordinary Shareholders’ Meeting of May 4, 2018 350 3.2 Recent events and Outlook 131 6.5 Statutory Auditors’ report on resolutions 3.3 Consolidated financial statements 133 and related party agreements 357 3.4 Annual financial statements Orange SA 240 3.5 Dividend distribution policy 278 7. Additional information 4. Corporate Governance 7.1 Person responsible 362 7.2 Statutory Auditors 362 4.1 Composition of management and supervisory bodies 280 7.3 Statutory information 363 4.2 Functioning of the management 7.4 Factors that may have an impact in the event and supervisory bodies 290 of a public offer 365 4.3 Reference to a Code of Corporate Governance 298 7.5 Regulated agreements and related party transactions 366 4.4 Compensation and benefits paid to Directors, 7.6 Material contracts 366 Officers and Senior Management 298 8. Appendices 8.1 Glossary of technical terms 368 8.2 Financial glossary 372 8.3 Correspondence tables 374 [© Agence Marc Praquin] 0_VA_V5 16/04/2018 18:01 Page1 Orange French Public Limited Company (Société anonyme) with a share capital of 10,640,226,396 euros Registered office: 78-84, rue Olivier de Serres, Paris (15th arrondissement) Paris Trade Register 380 129 866 2017 Registration Document Annual Financial Report This Registration Document contains all the items of the Annual Financial Report AMF This Registration Document was filed with the French Financial Markets Authority (Autorité des marchés financiers – AMF) on April 4, 2018 pursuant to article 212-13 of the AMF general regulations. It may be used in support of a financial transaction if supplemented by a transaction note that has been approved by the AMF. This document was prepared by the issuer and is binding on its signatories. The present version replaces and supersedes the version of the 2017 Registration Document filed with the AMF on April 4, 2018. The changes are reflected on pages 175 and 256 of the document (Note 6.3 to the Consolidated Financial Statements and Note 4.3.2 to the Orange SA Annual Financial Statements, respectively) where it shall be read (for the LTIP part only) “organic cash flow (50%)” instead of “the Group’s adjusted EBITDA (50%)”. Copies of the Registration Document are available from Orange at its registered office. This document is also available on the Orange website: www.orange.com, on the AMF website: http://www.amf-france.org/ and on the official site dedicated to regulated information: www.info-financiere.fr [© Agence Marc Praquin] 2017 Registration Document / Orange 1 Nota This Registration Document includes: such as “should”, “could”, “would”, “will”, “expect”, “consider”, “believe”, “anticipate”, “pursue”, “foresee”, “plan”, “predict”, “intend”, – the Annual Financial Report, prepared pursuant to Article “be aimed at”, “strategy”, “objective”, “prospects”, “outlook”, “trends”, L. 451- 1- 2 of the French Monetary and Financial Code; “aim”, “change”, “intention”, “ambition”, “risk”, “potential”, – the Report of the Board of Directors to the Shareholders’ Meeting, “commitment” or similar expressions or the negative thereof or other prepared pursuant to Articles L. 225- 100 et seq. of the French variations thereof or comparable terminology, or by the Commercial Code; forward- looking nature of discussions of strategy, plans or intentions. – the Board of Directors’ Report on Corporate Governance, prepared pursuant to Article L. 225- 37 of the French Commercial Code. Although Orange believes these statements are based on reasonable assumptions, these forward- looking statements are subject to Correspondence tables between the information legally required in numerous risks and uncertainties, including matters not yet known to these reports and this Registration Document are displayed on pages us or not currently considered material by us, and there can be no 374 et seq. assurance that anticipated events will occur or that the objectives set Information incorporated by reference out will actually be achieved. Important factors that could cause actual results to differ from the Pursuant to Article 28 of European Commission Regulation (EC) No. results anticipated by Orange in the forward- looking statements include, 809 / 2004, the following information is incorporated by reference into among others: this document: – the disclosure or inappropriate modification of the personal data of – the consolidated financial statements and the corresponding Audit its customers; Report on pages 85 to 187 of Registration Document D. 17-0339 as well as the analysis of the Group’s financial position and earnings – risks relating to the development of its banking activities and of on pages 188 to 240 of the same document; mobile financial services; – the consolidated financial statements and the Audit Report on – its exposure to geopolitical, macroeconomic, regulatory and pages 87 to 177 of Registration Document D. 16- 0266 as well as corruption risks; the analysis of the Group’s financial position and earnings on pages – the risk of not being able to maintain control over customer relations 179 to 234 of the same document; when facing competition with the OTT players; – the annual financial statements and the corresponding Audit Report – the success of its strategy of diversification to find new sources of on pages 241 to 270 and 273 of Registration Document D. growth; 17- 0339, as well as other information on the Company’s financial statements on pages 271 and 272 of the same document; – network or software failures as a result of cyber- attacks; – the annual financial statements and the Audit Report on pages 235 – various frauds that may target the Company or its customers; to 263 and 266 of Registration Document D. 16- 0266 as well as – its dependence on a limited number of critical suppliers; other information on the Company’s financial statements on pages 264 and 265 of the same document. – damage caused to its installations and infrastructures, due to natural disasters or intentional damage; The references to websites contained in this document are provided for reference purposes only; the information contained on these – risks relating to its brand strategy; websites is not incorporated by reference in this document. – its ability to have the necessary skills due to numerous employee Definition retirements and changes in its businesses; – the possible adverse health effects from exposure to electro- In this Registration Document, unless otherwise indicated, the terms magnetic fields from telecommunications equipment; “the Company” and “Orange SA” refer to Orange, Société anonyme (formerly France Télécom), and the terms “Orange”, “the Group” and – various human factors related to psycho-social risks and to “the Orange group” refer to the Orange company together with its personal safety; consolidated subsidiaries. – fiscal and regulatory constraints and changes; Documents on display – the results of litigation regarding in particular regulations and competition; All documents made available to shareholders under legal conditions can be viewed at Orange’s registered office, 78 rue Olivier de Serres – the terms of access to capital markets; in Paris (15th arrondissement), in France. – interest rate or exchange rate fluctuations; In addition, Orange’s Bylaws are available on the website – Orange’s credit ratings; www.orange.com, under the heading Group / Governance. – changes in assumptions underlying the carrying value of certain The consolidated financial statements of Orange for the last three assets and resulting in their impairment; and financial years are also available on the orange.com website under the heading Investors/ Results and presentations and at www.info- financiere.fr. – credit risks and / or counterparty risks on financial transactions. Forward- looking statements Other than required by law (in particular pursuant to Article 223- 1 et seq. of the AMF General Regulations), Orange does not undertake This document contains forward- looking statements, including in any obligation to update forward- looking statements. Sections 1.2 Market and strategy, 1.3 Operating activities, 3.1 The most significant risks are detailed in Section 2.1 Risk factors. Analysis of the Group’s financial position and earnings (in particular in Section 3.1.1 Overview) and 3.2.2 Outlook. Forward- looking statements can be identified by the use of forward- looking terminology 2 Orange / 2017 Registration Document [© Agence Marc Praquin] Overview of the Group 1 and of its business 1 1.1 Overview 4 1.1.1 History 4 1.1.2 Group footprint and key