# EDGAR Filing Document

**Accession Number:** 0001038143
**File Stem:** 0001634621-23-000008
**Filing Date:** 2023-3
**Character Count:** 1566712
**Document Hash:** 5db995d0d8a4b9427c9a4abcaa4ed420
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001634621-23-000008.hdr.sgml**: 20230330

**ACCESSION NUMBER**: 0001634621-23-000008

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 388

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230330

**DATE AS OF CHANGE**: 20230330

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ORANGE
- **CENTRAL INDEX KEY:** 0001038143
- **STANDARD INDUSTRIAL CLASSIFICATION:** TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
- **IRS NUMBER:** 999999999
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14712
- **FILM NUMBER:** 23779479

**BUSINESS ADDRESS:**
- **STREET 1:** 78 RUE OLIVIER DE SERRES
- **CITY:** PARIS
- **STATE:** I0
- **ZIP:** 75015
- **BUSINESS PHONE:** 33144442222

**MAIL ADDRESS:**
- **STREET 1:** 78 RUE OLIVIER DE SERRES
- **CITY:** PARIS
- **STATE:** I0
- **ZIP:** 75015

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANCE TELECOM /
- **DATE OF NAME CHANGE:** 19970422

?xml version='1.0' encoding='UTF-8'?

[**Table of Contents**](#Toc)

**As filed with the Securities and Exchange Commission on March 30, 2023**

UNITED STATES SECURITIES

AND EXCHANGE COMMISSION

**WASHINGTON, D.C. 20549**

FORM 20-F

**☐** REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR

**☒** ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

**For the fiscal year ended** **December 31** **, 2022**

OR

**☐** TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

**☐** SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report _____________

For the transition period from _____________ to _______________

**Commission File Number: 001-14712**

ORANGE

(Exact name of Registrant as specified in its charter)

<u>Not applicable(Translation of Registrant's name into English)</u> <u>111 quai du Président Roosevelt 92130 Issy-les-MoulineauxFrance</u> <u>French Republic(Jurisdiction of incorporation or organization)</u>

**(Address of principal executive offices)**

**Contact person:** Cédric Testut, tel +33 1 44 44 21 05, orange.regulatedinfo@orange.com

111 quai du Président Roosevelt, 92130 Issy-les-Moulineaux, France

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

**Title of each class:**

------

---

| | | |
|:---|:---|:---|
| Title of each class<br>| Trading <br>Symbol(s) | Name of each exchange on which registered<br>|
| American Depositary Shares, each representing one Ordinary Share, nominal value €4.00 per share | ORAN | New York Stock Exchange |
| Ordinary Shares, nominal value €4.00 per share\* |  | New York Stock Exchange\* |
|  |  | *\* Listed, no t for trading or quotation purposes, but only in connection with the registration of the American Depositary Shares pursuant to the requirements of the Securities and Exchange Commission.* |

---

**Securities registered or to be registered pursuant to Section 12(g) of the Act:**

None

**Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:**

None

**Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report:**

Ordinary Shares, nominal value €4.00 per share 2,658,791,500 as of December 31, 2022

**Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.**

---

| | |
|:---|:---|
| Yes ☒ | No ☐ |

---

**If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.**

---

| | |
|:---|:---|
| Yes ☐ | No ☒ |

---

**Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:**

---

| | |
|:---|:---|
| Yes ☒ | No ☐ |

---

**Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).**

---

| | |
|:---|:---|
| Yes ☒ | No ☐ |

---

**Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer, or an emerging growth company.**

**See definition of "large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.**

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Emerging growth company ☐

**If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards\* provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** ☐

**\***The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

**Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report ☒**

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive- based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). o

**Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:**

U.S. GAAP ☐

International Financial Reporting Standards as issued by the International Accounting Standards Board ☒

Other ☐

**If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.**

Item 17 ☐ Item 18 ☐

**If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).**

---

| | |
|:---|:---|
| Yes ☐ | No ☒ |

---

[**Table of Contents**](#Toc)

Presentation of information

The consolidated financial statements contained in this annual report of Orange on Form 20-F for the year ended December 31, 2022 (the "Annual Report on Form 20-F") have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"), as of December 31, 2022.

This Form 20-F contains certain financial information presented on a "comparable basis". The basis for the presentation of this financial information is set out in Item 5 *Operating and Financial Review and Prospects*. The unaudited financial information presented on a comparable basis is not intended to be a substitute for, and should be read in conjunction with, the *Consolidated Financial Statements*, including the Notes thereto.

In this Form 20-F, references to the "EU" are to the European Union, references to the "euro" or "€" are to the euro currency of the EU, references to the "United States" or "U.S." are to the United States of America and references to "U.S. dollars" or "$" are to United States dollars.

References to the "2022 Universal Registration Document" are references only to those pages and sections of Orange's Universal Registration Document for the year ended December 31, 2022 that are attached in Exhibit 15.1 to this Form 20-F and form a part hereof. For the avoidance of doubt, all references to EBITDAaL, organic cash flow and related terms, which are non-IFRS financial indicators, are explicitly excluded from this Form 20-F and the 2022 Universal Registration Document attached in Exhibit 15.1 except as otherwise required including for segment reporting. The 2022 Universal Registration Document in its entirety was furnished to the SEC in a Report on Form 6-K on March 29, 2023. Other than as expressly provided herein, the 2022 Universal Registration Document is not incorporated herein by reference.

The references to websites contained in this Form 20-F are provided for reference only; the information contained on the referenced websites is not incorporated by reference in this Form 20-F.

As used in this Form 20-F, the terms "Orange", "Orange group" and "the Group", unless the context otherwise requires, refer to Orange together with its consolidated subsidiaries, and "Orange SA", as well as "the Company", refer only to the parent company, a French *société anonyme* (corporation), without its subsidiaries.

References to "the Shares" are references to Orange's Ordinary Shares, nominal value €4.00 per share, and references to "the ADSs" are to Orange's American Depositary Shares (each representing one Ordinary Share), which are evidenced by American Depositary Receipts ("ADRs").

References to the Consolidated Financial Statements are references to the consolidated financial statements included in Item 18.

2022 Form 20-F / **ORANGE – 2**

[**Table of Contents**](#Toc)

Cautionary statement regarding forward-looking statements

This Annual Report on Form 20-F contains forward-looking statements - within the meaning of Section 27A of the U.S. Securities Act of 1933 ("the Securities Act") or Section 21E of the U.S. Securities Exchange Act of 1934 ("the Exchange Act"), including, without limitation, certain statements made in Item 4.B *Business overview* as well as in Item 5 *Operating and Financial Review and Prospects*. Forward-looking statements can be identified by the use of forward-looking terminology such as "should", "could", "can", "contemplate", "would", "will", "expect", "consider", "believe", "anticipate", "pursue", "foresee", "plan", "project", "forecast", "guideline", "predict", "intend", "is designed to", "be aimed at", "strategy", "objective", "prospects", "outlook", "trends", "may", "might", "target", "aim", "change", "intention", "ambition", "risk", "potential", "commitment" or similar expressions or the negative thereof or other variations thereof or comparable terminology, or by the forward-looking nature of discussions of strategy, plans or intentions.

Although Orange believes these statements are based on reasonable assumptions, these forward-looking statements are subject to numerous risks and uncertainties, including matters not yet known to Orange or not currently considered material by Orange, and there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved.

Important factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements include the following:

- Orange's broad geographic footprint and the scope of its activities expose it to geopolitical, macroeconomic, security and operational risks;

- The shift of Orange's ecosystem toward a more open and fragmented model enables global non-telco players to take an increasing share of the service and network value chain;

- The high concentration of Orange's critical suppliers, the growing use of outsourcing, as well as global supply tensions represent a risk for the Group's activities;

- Orange is exposed to risks of disclosure or inappropriate modification of stakeholder data, particularly in the event of cyberattacks;

- A large part of Orange's revenues is generated in both highly competitive and regulated markets, where pressure on prices remains strong in an inflationary context;

- Orange is exposed to the risk of interruption to its services, particularly in the event of cyberattacks, conflicts or a shortage of strategic resources;

- Orange's technical infrastructure is vulnerable to intentional or accidental damage, but also to natural disasters, the occurrence of which has increased due to climate change;

- Faced with the high connectivity needs linked to changing uses, Orange must accelerate the roll-out of its networks while improving the quality of service, but such investments are constrained by the availability of its resources;

- The development of mobile financial services activities in an increasing number of countries poses risks to Orange that are specific to this sector in each of its host countries;

- The execution of Orange's new strategy may not yield the expected results;

- The Group's brand policy represents a risk for the Orange brand image;

- The scope of Orange's business activities and the interconnection of its networks expose it to various acts of technical fraud, specific to the telecommunications sector;

- Orange operates in highly regulated markets, and its business activities and earnings could be materially affected by changes in laws or regulations, including those that are extraterritorial in nature, or by changes in government policy;

- Orange is exposed, particularly as a result of cyberattacks, to risks of disclosure or inappropriate modification of personal data, especially those of its customers;

- Orange faces a variety of internal and external risks relating to human health and safety.

Forward-looking statements speak only as of the date they are made. Other than as required by law, Orange does not undertake any obligation to update them in light of new information or future developments.

The material risks are described in Item 3 *Key Information –* 3.D *Risk factors*.

This Annual Report on Form 20-F should be read completely and with the documents that are referenced herein and filed as exhibits and with the understanding that Orange's actual future results may be materially different from what is expected. Orange qualifies all forward-looking statements by these cautionary statements.

2022 Form 20-F / **ORANGE – 3**

[**Table of Contents**](#Toc)

Table of contents

---

| | | | |
|:---|:---|:---|:---|
| [**PRESENTATION OF INFORMATION**](#Presentationofinformation_676723) | [**PRESENTATION OF INFORMATION**](#Presentationofinformation_676723) | [**PRESENTATION OF INFORMATION**](#Presentationofinformation_676723) | **2** |
| [**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**](#Cautionarystatementregardingforwardlooki) | [**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**](#Cautionarystatementregardingforwardlooki) | [**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**](#Cautionarystatementregardingforwardlooki) | **3** |
| [**PART I**](#PARTI_894508) |  |  | **6** |
| [**ITEM 1**](#Item1Identityofdirectorsseniormanagement) | [**IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS**](#Item1Identityofdirectorsseniormanagement) | [**IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS**](#Item1Identityofdirectorsseniormanagement) | **6** |
| [**ITEM 2**](#Item2Offerstatisticsandexpectedtimetable) | [**OFFER STATISTICS AND EXPECTED TIMETABLE**](#Item2Offerstatisticsandexpectedtimetable) | [**OFFER STATISTICS AND EXPECTED TIMETABLE**](#Item2Offerstatisticsandexpectedtimetable) | **6** |
| [**ITEM 3**](#Item3Keyinformation_659847) | [**KEY INFORMATION**](#Item3Keyinformation_659847) | [**KEY INFORMATION**](#Item3Keyinformation_659847) | **6** |
|  | [3.A](#a3ASELECTEDFINANCIALDATA_781577) | [\[Reserved\]](#a3ASELECTEDFINANCIALDATA_781577) | 6 |
|  | [3.B](#a3BCAPITALIZATIONANDINDEBTEDNESS_461873) | [Capitalization and indebtedness](#a3BCAPITALIZATIONANDINDEBTEDNESS_461873) | 6 |
|  | [3.C](#a3CREASONSFORTHEOFFERANDUSEOFPROCEEDS_42) | [Reasons for the offer and use of proceeds](#a3CREASONSFORTHEOFFERANDUSEOFPROCEEDS_42) | 6 |
|  | [3.D](#a3DRISKFACTORS_49358) | [Risk factors](#a3DRISKFACTORS_49358) | 6 |
| [**ITEM 4**](#Item4InformationonOrange_896480) | [**INFORMATION ON ORANGE**](#Item4InformationonOrange_896480) | [**INFORMATION ON ORANGE**](#Item4InformationonOrange_896480) | **17** |
|  | [4.A](#a4AHISTORYANDDEVELOPMENTOFORANGE_253395) | [History and development of Orange](#a4AHISTORYANDDEVELOPMENTOFORANGE_253395) | 17 |
|  | [4.B](#a4BBUSINESSOVERVIEW_732318) | [Business overview](#a4BBUSINESSOVERVIEW_732318) | 18 |
|  | [4.C](#a4CORGANIZATIONALSTRUCTURE_744873) | [Organizational structure](#a4CORGANIZATIONALSTRUCTURE_744873) | 18 |
|  | [4.D](#a4DPROPERTYPLANTSANDEQUIPMENT_689477) | [Property, plants and equipment](#a4DPROPERTYPLANTSANDEQUIPMENT_689477) | 18 |
| [**ITEM 4A**](#Item4AUnresolvedstaffcomments_799589) | [**UNRESOLVED STAFF COMMENTS**](#Item4AUnresolvedstaffcomments_799589) | [**UNRESOLVED STAFF COMMENTS**](#Item4AUnresolvedstaffcomments_799589) | **19** |
| [**ITEM 5**](#Item5Operatingandfinancialreviewandprosp) | [**OPERATING AND FINANCIAL REVIEW AND PROSPECTS**](#Item5Operatingandfinancialreviewandprosp) | [**OPERATING AND FINANCIAL REVIEW AND PROSPECTS**](#Item5Operatingandfinancialreviewandprosp) | **19** |
|  | [5.A](#a5AOPERATINGRESULTS_379830) | [Operating results](#a5AOPERATINGRESULTS_379830) | 19 |
|  | [5.B](#a5BLIQUIDITYANDCAPITALRESOURCES_113496) | [Liquidity and capital resources](#a5BLIQUIDITYANDCAPITALRESOURCES_113496) | 22 |
|  | [5.C](#a5CRESEARCHANDDEVELOPMENTPATENTSANDLICEN) | [Research and development, patents and licenses, etc.](#a5CRESEARCHANDDEVELOPMENTPATENTSANDLICEN)  | 23 |
|  | [5.D](#a5DTRENDINFORMATION_827013) | [Trend information](#a5DTRENDINFORMATION_827013) | 23 |
|  | [5.E](#a5EOFFBALANCESHEETARRANGEMENTS_366017) | [Critical Accounting Estimates](#a5EOFFBALANCESHEETARRANGEMENTS_366017) | 23 |
| [**ITEM 6**](#Item6Directorsseniormanagementandemploye) | [**DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES**](#Item6Directorsseniormanagementandemploye) | [**DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES**](#Item6Directorsseniormanagementandemploye) | **23** |
|  | [6.A](#a6ADIRECTORSANDSENIORMANAGEMENT_225896) | [Directors and senior management](#a6ADIRECTORSANDSENIORMANAGEMENT_225896) | 23 |
|  | [6.B](#a6BCOMPENSATION_624980) | [Compensation](#a6BCOMPENSATION_624980) | 23 |
|  | [6.C](#a6CBOARDPRACTICES_803032) | [Board practices](#a6CBOARDPRACTICES_803032) | 24 |
|  | [6.D](#a6DEMPLOYEES_682862) | [Employees](#a6DEMPLOYEES_682862) | 24 |
|  | [6.E](#a6ESHAREOWNERSHIP_250451) | [Share ownership](#a6ESHAREOWNERSHIP_250451) | 27 |
|  | [6.F](#a6FDISCLOSUREOFACTIONSTORECOVERERRONEOUS)  | [Disclosure of actions to recover erroneously awarded compensation.](#a6FDISCLOSUREOFACTIONSTORECOVERERRONEOUS) | 27 |
| [**ITEM 7**](#Item7Majorshareholdersandrelatedpartytra) | [**MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS**](#Item7Majorshareholdersandrelatedpartytra) | [**MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS**](#Item7Majorshareholdersandrelatedpartytra) | **27** |
|  | [7.A](#a7AMAJORSHAREHOLDERS_300917) | [Major shareholders](#a7AMAJORSHAREHOLDERS_300917) | 27 |
|  | [7.B](#a7BRELATEDPARTYTRANSACTIONS_310163) | [Related party transactions](#a7BRELATEDPARTYTRANSACTIONS_310163) | 28 |
|  | [7.C](#a7CINTERESTSOFEXPERTSANDCOUNSELS_345689) | [Interests of experts and counsels](#a7CINTERESTSOFEXPERTSANDCOUNSELS_345689) | 28 |
| [**ITEM 8**](#Item8Financialinformation_616048) | [**FINANCIAL INFORMATION**](#Item8Financialinformation_616048) | [**FINANCIAL INFORMATION**](#Item8Financialinformation_616048) | **28** |
|  | [8.A](#a8ACONSOLIDATEDSTATEMENTSANDOTHERFINANCI) | [Consolidated statements and other financial information](#a8ACONSOLIDATEDSTATEMENTSANDOTHERFINANCI) | 28 |
|  | [8.B](#a8BSIGNIFICANTCHANGES_170058) | [Significant changes](#a8BSIGNIFICANTCHANGES_170058) | 28 |
| [**ITEM 9**](#Item9Theofferandlisting_827253) | [**THE OFFER AND LISTING**](#Item9Theofferandlisting_827253) | [**THE OFFER AND LISTING**](#Item9Theofferandlisting_827253) | **28** |
|  | [9.A](#a9AOFFERANDLISTINGDETAILS_684101) | [Offer and listing details](#a9AOFFERANDLISTINGDETAILS_684101) | 28 |
|  | [9.B](#a9BPLANOFDISTRIBUTION_21034) | [Plan of distribution](#a9BPLANOFDISTRIBUTION_21034) | 29 |
|  | [9.C](#a9CMARKETS_575990) | [Markets](#a9CMARKETS_575990) | 29 |
|  | [9.D](#a9DSELLINGSHAREHOLDERS_531614) | [Selling shareholders](#a9DSELLINGSHAREHOLDERS_531614) | 29 |
|  | [9.E](#a9EDILUTION_10620) | [Dilution](#a9EDILUTION_10620) | 29 |
|  | [9.F](#a9FEXPENSESOFTHEISSUE_172296) | [Expenses of the issue](#a9FEXPENSESOFTHEISSUE_172296) | 29 |
| [**ITEM 10**](#m10Additionalinformation_698987) | [**ADDITIONAL INFORMATION**](#m10Additionalinformation_698987) | [**ADDITIONAL INFORMATION**](#m10Additionalinformation_698987) | **29** |
|  | [10.A](#a10ASHARECAPITAL_459398) | [Share capital](#a10ASHARECAPITAL_459398) | 29 |
|  | [10.B](#a10BMEMORANDUMOFASSOCIATIONANDBYLAWS_449) | [Memorandum of association and bylaws](#a10BMEMORANDUMOFASSOCIATIONANDBYLAWS_449) | 29 |
|  | [10.C](#a10CMATERIALCONTRACTS_412720) | [Material contracts](#a10CMATERIALCONTRACTS_412720) | 31 |
|  | [10.D](#a10DEXCHANGECONTROLS_693995) | [Exchange controls](#a10DEXCHANGECONTROLS_693995) | 31 |
|  | [10.E](#a10ETAXATION_639964) | [Taxation](#a10ETAXATION_639964) | 32 |
|  | [10.F](#a10FDIVIDENDSANDPAYINGAGENTS_535823) | [Dividends and paying agents](#a10FDIVIDENDSANDPAYINGAGENTS_535823) | 36 |
|  | [10.G](#a10GSTATEMENTBYEXPERTS_676645) | [Statement by experts](#a10GSTATEMENTBYEXPERTS_676645) | 36 |
|  | [10.H](#a10HDOCUMENTSONDISPLAY_878490) | [Documents on display](#a10HDOCUMENTSONDISPLAY_878490) | 36 |
|  | [10.I](#a10ISUBSIDIARYINFORMATION_574134) | [Subsidiary information](#a10ISUBSIDIARYINFORMATION_574134) | 36 |
|  | [10.J](#a10JDISCLOSUREPURSUANTTOSECTION13rOFTHEU) | [Disclosure Pursuant to Section 13 (r) of the United States Exchange Act of 1934](#a10JDISCLOSUREPURSUANTTOSECTION13rOFTHEU) | 36 |
| [**ITEM 11**](#Item11Quantitativeandqualitativedisclosu) | [**QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**](#Item11Quantitativeandqualitativedisclosu) | [**QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**](#Item11Quantitativeandqualitativedisclosu) | **37** |
| [**ITEM 12**](#Item12Descriptionofsecuritiesotherthaneq) | [**DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES**](#Item12Descriptionofsecuritiesotherthaneq) | [**DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES**](#Item12Descriptionofsecuritiesotherthaneq) | **37** |
|  | [12.A](#a12ADEBTSECURITIES_404595) | [Debt Securities](#a12ADEBTSECURITIES_404595) | 37 |

---

2022 Form 20-F / **ORANGE – 4**

[**Table of Contents**](#Toc)

---

| | | | |
|:---|:---|:---|:---|
|  | [12.B](#a12BWARRANTSANDRIGHTS_386342) | [Warrants and Rights](#a12BWARRANTSANDRIGHTS_386342) | 37 |
|  | [12.C](#a12COTHERSECURITIES_551203) | [Other Securities](#a12COTHERSECURITIES_551203) | 38 |
|  | [12.D](#a12DAMERICANDEPOSITARYSHARES_122126) | [American Depositary Shares](#a12DAMERICANDEPOSITARYSHARES_122126) | 38 |
| [**PART II**](#PARTII_422145) |  |  | 39 |
| [**ITEM 13**](#Item13Defaultsdividendarrearagesanddelin) | [**DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES**](#Item13Defaultsdividendarrearagesanddelin) | [**DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES**](#Item13Defaultsdividendarrearagesanddelin) | **39** |
| [**ITEM 14**](#Item14Materialmodificationstotherightsof) | [**MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS**](#Item14Materialmodificationstotherightsof) | [**MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS**](#Item14Materialmodificationstotherightsof) | **39** |
| [**ITEM 15**](#Item15Controlsandprocedures_598625) | [**CONTROLS AND PROCEDURES**](#Item15Controlsandprocedures_598625) | [**CONTROLS AND PROCEDURES**](#Item15Controlsandprocedures_598625) | **39** |
|  | [15.A](#a15ADISCLOSURECONTROLSANDPROCEDURES_8491) | [Disclosure controls and procedures](#a15ADISCLOSURECONTROLSANDPROCEDURES_8491) | 39 |
|  | [15.B](#a15BMANAGEMENTSANNUALREPORTONINTERNALCON) | [Management's annual report on internal control over financial reporting](#a15BMANAGEMENTSANNUALREPORTONINTERNALCON) | 40 |
|  | [15.C](#a15CREPORTOFINDEPENDENTREGISTEREDPUBLICA) | [Report of independent registered public accounting firms](#a15CREPORTOFINDEPENDENTREGISTEREDPUBLICA) | 40 |
|  | [15.D](#a15DCHANGESININTERNALCONTROLOVERFINANCIA) | [Changes in internal control over financial reporting](#a15DCHANGESININTERNALCONTROLOVERFINANCIA) | 41 |
| [**ITEM 16**](#Item16Reserved_721278) | [**\[RESERVED\]**](#Item16Reserved_721278) | [**\[RESERVED\]**](#Item16Reserved_721278) | **41** |
| [**ITEM 16A**](#Item16AAuditcommitteefinancialexpert_343) | [**AUDIT COMMITTEE FINANCIAL EXPERT**](#Item16AAuditcommitteefinancialexpert_343) | [**AUDIT COMMITTEE FINANCIAL EXPERT**](#Item16AAuditcommitteefinancialexpert_343) | **41** |
| [**ITEM 16B**](#Item16BCodeofethics_657728) | [**CODE OF ETHICS**](#Item16BCodeofethics_657728) | [**CODE OF ETHICS**](#Item16BCodeofethics_657728) | **42** |
| [**ITEM 16C**](#Item16CPrincipalaccountantfeesandservice) | [**PRINCIPAL ACCOUNTANT FEES AND SERVICES**](#Item16CPrincipalaccountantfeesandservice) | [**PRINCIPAL ACCOUNTANT FEES AND SERVICES**](#Item16CPrincipalaccountantfeesandservice) | **42** |
| [**ITEM 16D**](#Item16DExemptionsfromlistingstandardsfor) | [**EXEMPTIONS FROM LISTING STANDARDS FOR AUDIT COMMITTEES**](#Item16DExemptionsfromlistingstandardsfor) | [**EXEMPTIONS FROM LISTING STANDARDS FOR AUDIT COMMITTEES**](#Item16DExemptionsfromlistingstandardsfor) | **42** |
| [**ITEM 16E**](#Item16EPurchaseofequitysecuritiesbytheis) | [**PURCHASE OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS**](#Item16EPurchaseofequitysecuritiesbytheis) | [**PURCHASE OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS**](#Item16EPurchaseofequitysecuritiesbytheis) | **42** |
| [**ITEM 16F**](#Item16FChangeinRegistrantsCertifyingAcco) | [**CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT**](#Item16FChangeinRegistrantsCertifyingAcco) | [**CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT**](#Item16FChangeinRegistrantsCertifyingAcco) | **43** |
| [**ITEM 16G**](#Item16GCorporategovernance_287266) | [**CORPORATE GOVERNANCE**](#Item16GCorporategovernance_287266) | [**CORPORATE GOVERNANCE**](#Item16GCorporategovernance_287266) | **43** |
| [**ITEM 16H**](#Item16HMineSafetyDisclosure_990491) | [**MINE SAFETY DISCLOSURE**](#Item16HMineSafetyDisclosure_990491) | [**MINE SAFETY DISCLOSURE**](#Item16HMineSafetyDisclosure_990491) | **44** |
| [**ITEM 16I**](#Item16I_690624) | [**DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**](#Item16I_690624) | [**DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**](#Item16I_690624) | **44** |
| [**PART III**](#PARTIII_344850) |  |  | **45** |
| [**ITEM 17**](#ITEM17Financialstatements_568745) | [**FINANCIAL STATEMENTS**](#ITEM17Financialstatements_568745) | [**FINANCIAL STATEMENTS**](#ITEM17Financialstatements_568745) | **45** |
| [**ITEM 18**](#ITEM18Financialstatements_983548) | [**FINANCIAL STATEMENTS**](#ITEM18Financialstatements_983548) | [**FINANCIAL STATEMENTS**](#ITEM18Financialstatements_983548) | **45** |
| [**ITEM 19**](#ITEM19Listofexhibits_589574) | [**LIST OF EXHIBITS**](#ITEM19Listofexhibits_589574) | [**LIST OF EXHIBITS**](#ITEM19Listofexhibits_589574) | **45** |
| [**SIGNATURE**](#Signature_328533) | [**SIGNATURE**](#Signature_328533) | [**SIGNATURE**](#Signature_328533) | **46** |
| [**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS**](#report) | [**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS**](#report) | [**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS**](#report) | **F-3** |
| [**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS**](#Reportofindependentregisteredpublicaccou) | [**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS**](#Reportofindependentregisteredpublicaccou) | [**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS**](#Reportofindependentregisteredpublicaccou) | **F-6** |
| [**CONSOLIDATED FINANCIAL STATEMENTS**](#a2019consolidatedfinancialstatements_254) | [**CONSOLIDATED FINANCIAL STATEMENTS**](#a2019consolidatedfinancialstatements_254) | [**CONSOLIDATED FINANCIAL STATEMENTS**](#a2019consolidatedfinancialstatements_254) | **F-7** |

---

2022 Form 20-F / **ORANGE – 5**

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PART I

Item 1 Identity of directors, senior management and advisers

Not applicable.

Item 2 Offer statistics and expected timetable

Not applicable.

Item 3 Key information

3. A [RESERVED]

3. B CAPITALIZATION AND INDEBTEDNESS

Not applicable.

3. C REASONS FOR THE OFFER AND USE OF PROCEEDS

Not applicable.

3. D RISK FACTORS

In addition to the information contained in this Annual Report on Form 20-F, investors should also carefully consider the risks outlined below before deciding whether to invest in Orange's securities. Orange's view as of the date of this Annual Report on Form 20-F is that these risks could have a material negative effect (i) on its business, financial position, profits, reputation or outlook or (ii) on its stakeholders. In addition, other risks and uncertainties, as yet unidentified or, as of the date of this Annual Report on Form 20-F, not currently considered to be material by Orange, could have similar negative effects. Investors could lose all or part of their investment if these risks materialize.

The risks are presented in this section under five categories, which are not presented in order of importance. However, within each category, risk factors are presented in descending order of importance, as determined by Orange at the date of filing this Annual Report on Form 20-F. Orange may change its view of their relative importance at any time, particularly if new external or internal facts come to light.

Although not incorporated by reference into this Item 3.D, several other sections of this document also discuss risks in some detail:

with respect to risks relating to regulations and regulatory pressure, see Section 1.7 *Regulation of telecommunication activities* on pages 38 *et seq.* of the 2022 Universal Registration Document filed as Exhibit 15.1 of this document and Note 18 *Litigation* to the Consolidated Financial Statements included in Item 18;<br>

with respect to risks relating to litigation involving the Group, see also Note 10 *Taxes* and Note 18 *Litigation* to the Consolidated Financial Statements, as well as Section 3.2.1 *Recent events* on page 130 of the 2022 Universal Registration Document filed as Exhibit 15.1 of this document, where applicable;<br>

- with respect to financial risks, see:

- Note 2.5.4 to the Consolidated Financial Statements included in Item 18 for macroeconomic context,

- Note 7 to the Consolidated Financial Statements included in Item 18 for the key assumptions used to determine the recoverable amount of the main activities and specific risk factors that might affect this amount,

- Notes 7 and 8 to the Consolidated Financial Statements included in Item 18 for asset impairments,

2022 Form 20-F / **ORANGE – 6**

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- Note 13.8 to the Consolidated Financial Statements included in Item 18 for derivatives,

Note 14 to the Consolidated Financial Statements included in Item 18 for the management of interest rate risk, foreign exchange risk, liquidity risk, covenants, credit risk and counterparty risk, and equity market risk. The policies for managing interest rate, foreign exchange and liquidity risks are set by the Treasury and Financing Committee. See Section 5.2.2.3 *Executive Committee and Group governance committees* on pages 415 *et seq.* of the 2022 Universal Registration Document filed as Exhibit 15.1 of this document;<br>

**Operational risks**

Operational risks mainly include risks related to the telecommunications sector, and risks related to Orange's strategy and business. In addition, risks with potentially significant employee-related, social and environmental consequences are presented in the section "*-Non-financial risks" below*.

**Orange's broad geographic footprint and the scope of its activities expose it to geopolitical, macroeconomic, security and operational risks.**

The proliferation of national and international crises and conflicts affects the general business climate and the conduct of the Group's activities. In that sense, the population movements following the conflict in Ukraine put pressure on the operations of Orange's subsidiaries bordering the conflict area by saturating the networks and requiring reinforcement of infrastructure sites in certain areas.

In addition, Orange has a large presence in countries and geographical areas marked by political or economic instability. This instability exposes Orange to decisions by governmental or judicial authorities contrary to its interests, sometimes combined with heightened tax or regulatory pressure. While certain additional taxes or fines can be disputed, the authorities can also decide to suspend services.

In some countries where the Group is present, its contribution to local economic activity is significant. However, its image is sometimes linked to that of the French government, exposing the Group to potential abuse or reprisals.

Lastly, current or future international economic sanctions against certain countries could affect the value or sustainability of investments made in those countries.

Such situations could call into question the profitability outlook used when making investment decisions and could adversely impact the Group's financial position and earnings.

**The shift of Orange's ecosystem toward a more open and fragmented model enables global non-telecommunications actors to take an increasing share of the service and network value chain.**

Competition with numerous actors, such as Over-The-Top (OTT) service providers and Internet market leaders, is spreading to the majority of the value-added services that use existing networks offered by Orange. In that sense, new players (SD-WAN, etc.) and other solution and service providers, particularly Cloud solutions and service providers, are positioning themselves as aggregators of such services, a role traditionally filled by integrated operators such as Orange. At the same time, disruptive technologies, such as the development of voice traffic via videoconferencing apps, allow new non- telecommunications players to capture revenue streams historically going to telecommunications operators.

Furthermore, the evolution of the ecosystem is marked by the massive investments made by new actors in infrastructure, specifically in that based on new technologies such as the Cloud and network virtualization, but also in submarine cables in which Orange is no longer necessarily a partner.

Lastly, the opening up and fragmentation of networks enable existing actors (such as infrastructure managers, network businesses not in the telecommunications sector such as railways and local authorities) to offer network services.

Operators such as Orange, for which the direct relationship with customers is a source of value, could therefore be marginalized. Likewise, the massive investment by new actors in infrastructure could, over time, make the Group increasingly dependent on them; some already control, for example, 80% of submarine cables or their capacity.

These developments could adversely affect Orange's revenues and margins.

**The high concentration of Orange's critical suppliers, the growing use of outsourcing, as well as global supply tensions represent a risk for the Group's activities.**

Orange depends, particularly in the areas of network infrastructure, information systems and mobile handsets, on a number of critical suppliers operating in highly concentrated markets.

Despite Orange's secure purchasing policies, this dependence poses a risk to the Group's current or future business in the event that one of these suppliers defaults or decides to change its business practices; and, regardless of the cause, including in the event of international economic sanctions against such critical supplier or its country of origin.

2022 Form 20-F / **ORANGE – 7**

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The risk of supply disruption, including in the energy sector, is heightened by shortages linked to specific conditions in some markets, such as the market for electronic components or the supply of essential resources, and by the intensity of the global economic recovery which has caused tension in the supply of many products and raw materials, including minerals and rare resources needed for the production of electronic equipment.

If one of its critical suppliers failed to deliver on Orange's purchasing requirements, Orange's business, earnings and reputation could be adversely affected on a long-term basis.

**Orange is exposed to risks of disclosure or inappropriate modification of data, particularly in the event of cyber-attacks.**

Orange's business activities require the transmission through its networks and storage on its infrastructure of data, including that belonging to its B2B or government customers, suppliers, partners and all stakeholders other than natural persons (see Section *"-Non-financial risks"* below for information relating to risks regarding personal data).

Despite its infrastructure protection systems, Orange's business activities expose it to risks of loss, disclosure, unauthorized communication to third parties or inappropriate modification of data, in particular when setting up new services or applications or their updates. These risks are heightened by the roll-out of new technologies, the growing use of Cloud services, as well as the outsourcing of digital services and the development of new activities (for example in the field of connected devices).

The occurrence of these risks could, in particular, result from malicious acts (such as cyber-attacks) aimed in particular at the data in Orange's possession, but also inadvertently by Orange or by Group partners to which certain business activities are outsourced.

The Group could be held liable if these risks were to materialize. In addition, its reputation could be seriously harmed because Orange's positioning as a trusted operator comes with high expectations from its stakeholders in terms of security, which could have a significant adverse effect on future earnings.

**A large part of Orange's revenues is generated in both highly competitive and regulated markets where pressure on prices remains strong in an inflationary context.**

In the current period of inflation, the service price increases by Orange may not be enough to maintain its margins in the highly competitive environment in which the Group operates, and given the disruptive technologies that affect its markets. In addition, the decisions of sector regulators and competition authorities that regulate some of these prices or markets do not always allow a fair valuation of Orange's services, similarly affecting its revenues and margins.

Furthermore, the difficult economic environment, marked by inflation and rising energy costs, is weighing on Orange's operating margins and, considering its pricing model, it is not certain that it will be able to pass on to customers all the cost increases that it may incur.

Against this backdrop, Orange is pursuing its policy of transformation toward a model that enhances its infrastructure (particularly through its subsidiary Totem), the quality of its services and offers, and its development in high-growth industries and regions such as cybersecurity and Africa & Middle East. If Orange were unable to implement this strategy, its revenues or margin growth prospects could be adversely affected.

For further information about competition, see Section 1.4 Operating activities on pages 18 *et seq.* of the 2022 Universal Registration Document filed as Exhibit 15.1 of this document.

**Orange is exposed to the risk of interruption to its services, particularly in the event of cyberattacks, conflicts or a shortage of strategic resources.**

Due to the essential nature of telecommunications, compounded by the widespread take-up of teleworking and the digitization of businesses, the networks of telecommunications operators are particularly exposed to risks of service disruption due to deliberate malicious and sometimes criminal acts, such as cyber-attacks. Increasingly sophisticated, these currently constitute a permanent threat to individuals and businesses alike. Moreover, in the event of conflict, telecommunications networks and associated infrastructure are also the preferred target of sabotage or pressure from governmental or judicial authorities.

Interruptions to the service provided to customers may also be unintentional. They may occur as a result of extreme weather events, a shortage of essential resources such as energy or water, human error, particularly when subcontractors work on shared infrastructure, in the event of the failure of a critical supplier, or when new applications or software are rolled out or updated. They could also occur following capacity saturation linked to exceptional events such as population displacements in a context of war.

Despite the business continuity and crisis management measures taken by Orange to protect its networks, resize them and maintain control of its outsourced infrastructure, the ever-increasing occurrence of cyber-attacks, the implementation of all-IP technologies, the increase in the size of service platforms as well as the consolidation of equipment in a reduced number of locations mean that service interruptions could in the future affect a larger number of customers simultaneously or even several countries at the same time.

2022 Form 20-F / **ORANGE – 8**

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Such events may disrupt the activity, not only of Orange customers but – more widely – of all citizens, and may even affect their health and safety. They could thus cause Orange to be held liable, lead to a reduction in traffic and revenues, and therefore in earnings and outlook, and cause serious damage to its reputation. If they were to occur at the level of one or several countries, they could also trigger crisis situations, potentially affecting the security of the countries concerned.

**Orange's technical infrastructure is vulnerable to intentional or accidental damage, but also to natural disasters, the occurrence of which has increased due to climate change.**

In the context of wars, terrorism, social or activist movements, or any other situation of internal or external conflict, Orange's infrastructure is vulnerable and may be the target of sabotage or other intentional damage. In addition, accidental events such as fires or errors or negligence during civil engineering work on infrastructure could also lead to significant destruction of Orange's facilities.

Lastly, Orange's infrastructure can also be damaged by natural disasters (earthquakes, floods, storms) whether or not related to weather phenomena, the occurrence and intensity of which are increasing with ongoing climate change. Thus, in the medium term, rising sea levels could affect sites and facilities located near the coast more often.

Whether such damage is intentional or not, it can lead to service interruptions in a context where the expectations of Orange's customers and other stakeholders remain very high regarding Orange's capacity to provide service continuity, including in the case of extreme weather events.

Furthermore, while large-scale disasters are likely to aggravate losses and associated damage, the coverage of such losses by insurers could further decrease, leaving Orange to bear significant costs that could significantly affect its financial position and outlook.

**Faced with the high connectivity needs linked to changing uses, Orange must accelerate the roll-out of its networks while improving the quality of service, but such investments are constrained by the availability of its resources.**

Orange must accelerate the roll-out of its fixed and mobile broadband and very high-speed broadband networks in the regions and improve the quality of service of its networks to meet the high demand for connectivity linked in particular to changing uses. Moreover, Orange has made commitments regarding geographic coverage and quality of service to central government and local authorities in France. However, Orange's investment capacity is constrained by the availability of human, industrial and financial resources, both its own and those of its subcontractors. Against that backdrop, Orange has ramped up its strategy of co-financing investments and sharing its network infrastructure.

Failure to meet these expectations in a balanced manner could have an adverse effect on Orange's earnings and reputation.

**The development of Mobile Financial Services activities in an increasing number of countries poses risks to Orange that are specific to this sector in each of its host countries.**

Mobile Financial Services, including banking services, expose Orange to industry-specific risks such as money laundering, terrorist financing and non-compliance with economic sanctions programs, as well as common risks that are particularly sensitive in Mobile Financial Services, such as fraud, cyber-attacks and service interruption.

If they were to materialize, these risks could have a material adverse effect on the Group's reputation and financial position.

**The execution of Orange's new strategy may not yield the expected results.**

Orange's new strategy aims to refocus on its core business as a profitable convergent operator while consolidating its value creation momentum in Europe, developing its infrastructure operator business and continuing to grow in Africa and the Middle East. The new strategy also aims to accelerate the Group's transformation with the overhaul of its B2B positioning and the role that Orange aims to play in challenges facing society, in particular in matters of data integrity and as an actor in the environmental transition and a promoter of responsible and inclusive digital technology.

Despite the relevance of this new strategy with regard to changes in the Orange ecosystem (see above "The shift of Orange's ecosystem toward a more open and fragmented model enables global non-telco players to take an increasing share of the service and network value chain."), its success could depend on the accomplishment of the transformation projects which require, in particular, the support of its employees and customers. It could also depend on changes in the legal and regulatory framework and a fairer application of the existing legal and regulatory framework to telecommunication operators. The implementation of this new strategy also involves the continuation of operational efficiency programs such as the digitization of processes and cost management and capital allocation policies centered on the creation of value, which may not bring the expected results.

2022 Form 20-F / **ORANGE – 9**

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Should Orange only be able to partially implement its new strategy under the proposed plan, the Group may not be able to achieve all of the objectives it has set for itself, which would adversely affect its growth and profitability outlook.

**The Group's brand policy represents a risk for the Orange brand image.**

The vast majority of the Group's business activities are operated under the single Orange brand. Although the Group takes great care to preserve the value of the major asset that is the Orange brand, the execution risks inherent in each of its business activities could, if they materialize, affect the image of the Orange brand and thus damage the reputation of the entire Group.

In the event of significant damage to the Orange brand image, the Group's earnings and outlook could be adversely affected.

**The scope of Orange's business activities and the interconnection of its networks expose it to numerous acts of technical fraud, specific to the telecommunication sector.**

Orange has to deal with various types of fraud on its telecommunication services activities, which may target it directly or its customers. In a context of increasing technological complexity, network virtualization, and acceleration of the implementation of new services or new applications, types of fraud that are more difficult to detect or control may also appear, favored for instance by the development of mass data processing and artificial intelligence, which increases the scope for possible attacks, particularly cyber-attacks.

If a material fraud were to occur, Orange's revenues, margins, service quality and reputation could be adversely affected.

**Legal risks**

**Orange operates in highly regulated markets, and its business activities and earnings could be materially affected by changes in laws or regulations, including those that are extraterritorial in nature, or by changes in government policy.** 

In most of the countries where it operates, Orange has little flexibility to manage its business activities because it must comply with numerous restrictive requirements relating to the provision of its products and services, primarily relating to obtaining and renewing licenses to conduct its activities. Orange also has to comply with its own regulatory obligations and oversight by authorities seeking to maintain effective market competition, as well as, in some countries, additional constraints owing to its historically dominant position in the fixed telecommunication market.

Orange's business and earnings could be materially affected by changes in laws or regulations, some of which may be extraterritorial in nature, or by changes in government policy, including decisions made by regulatory or competition authorities regarding:

- the modification or renewal under unfavorable conditions, or even the withdrawal, of fixed or mobile operator's licenses;

- conditions for accessing networks (primarily in connection with roaming or infrastructure sharing) or rolling-out new networks such as Fiber;

- service rates;

- the introduction of new taxes or increases in existing taxes on telecommunication companies, including the introduction of taxes aimed at facilitating the achievement of countries' carbon neutrality targets (such as taxes on use or handset purchases);

- banking and financial supervision, and any related compliance regulations such as laws and regulations on economic sanctions;

- non-financial corporate obligations;

- data security;

- merger and acquisition policy;

- regulations affecting operators in competing sectors, such as cable;

- consumer legislation.

Such changes, developments or decisions could materially adversely affect the Group's revenues and earnings.

For further information on regulatory risks, see Section 1.7 *Regulation of telecommunication activities* on pages 38 *et seq.* of the 2022 Universal Registration Document filed as Exhibit 15.1 of this document.

2022 Form 20-F / **ORANGE – 10**

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**Orange is regularly involved in litigation, the outcome of which could have a material adverse effect on its earnings, financial position or reputation.**

Orange believes that, in general and in all the countries where it operates, it complies in all material respects with the regulations in force relating to its activities and its relations with its partners, suppliers, subcontractors and customers, as well as with the conditions governing its operator's licenses. However, it is not able to predict the decisions of supervisory or judicial authorities, which are regularly asked to rule on such issues. If Orange were to be ordered by the competent authorities of a country in which it operates to pay an indemnity or a fine, or to suspend certain of its business activities, based on a breach of applicable regulations, its financial position and earnings could be significantly adversely affected.

In addition, Orange (particularly in France and Poland) is frequently involved in proceedings with its competitors and the Regulatory Authorities due to its pre-eminent position in some of the markets where it operates, and the claims made against Orange can be very substantial. In the past, the Group has been fined several tens of millions of euros or even several hundreds of millions of euros for cartel practices or for abuse of dominant position. The Group is also involved in commercial disputes where the stakes can be very high. The outcome of lawsuits is inherently unpredictable.

For proceedings before the European competition authorities, the maximum amount of fines provided for by law is 10% of the consolidated revenues of the offending company (or the Group to which it belongs, as the case may be).

Lastly, due in particular to its relationships with numerous partners, suppliers and subcontractors, Orange is exposed to a growing risk of legal action by various stakeholders from civil society alleging shortcomings on environmental, employee-related or social matters. This could be the case, for instance, if Orange were to distribute products found to contain rare minerals extracted under non-compliant conditions. These legal actions could also aim to compel Orange to finance measures intended to limit the effects of climate change. Such actions could cause significant damage to Orange's reputation and adversely affect its financial position.

The main proceedings involving Orange are described in Note 10 *Taxes* and Note 18 *Litigation* to the Consolidated Financial Statements included in Item 18. Developments in, or the outcome of, some or all of these ongoing proceedings could have a material adverse effect on Orange's earnings or financial position.

**Financial risks**

**Risk of asset impairment**

**Changes affecting the economic, political or regulatory environment may result in asset impairment, particularly of goodwill.**

At December 31, 2022, the gross value of goodwill recognized by Orange following acquisitions was 33.1 billion euros.

The carrying values of long-term assets, including goodwill, fixed assets and interests in associates and joint ventures, are sensitive to any change in the environment that is different from the assumptions used. Orange recognizes impairment on those assets if events or circumstances occur that entail material adverse changes of a lasting nature, affecting the economic environment or the assumptions or objectives adopted at the time of the acquisition.

Over the past five years, Orange has recognized material impairment of its investments in Romania, Spain, the Democratic Republic of Congo and Jordan. At December 31, 2022, the cumulative amount of goodwill impairment was 10 billion euros, excluding impairment of interests in associates and joint ventures which, in certain cases, include goodwill in their carrying value.

New events or unfavorable circumstances could prompt Orange to review the current value of its assets and to recognize further material impairment with an adverse effect on its earnings. Sensitivity analyses carried out at December 31, 2022 with respect to Romania in particular revealed additional impairment risks of up to 240 million euros.

In addition, in the event of a disposal or IPO, the value of certain subsidiaries may be affected by changes in the equity and bond markets.

For further information on goodwill and recoverable amounts (particularly key assumptions and sensitivity), see Note 7 *Impairment losses and goodwill* and Note 8.3 *Impairment of fixed assets* to the Consolidated Financial Statements included in Item 18.

**Credit-rating risk**

**A change in Orange's credit rating could increase the cost of debt and in some cases limit access to the financing it needs.**

Orange's credit rating from rating agencies is based partly on factors beyond its control, namely conditions affecting the telecommunication industry in general or conditions affecting certain countries or regions in which it operates. It may be changed at any time by the rating agencies, in particular as a result of changing economic conditions, a downturn in the Group's earnings or performance, or changes to its shareholding structure. A prolonged multi-notch downgrade in Orange's credit rating would have a material adverse effect on its financing terms.

2022 Form 20-F / **ORANGE – 11**

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**Liquidity risk**

**Orange's earnings and outlook could be affected if conditions of access to capital markets were to become difficult.**

Orange mainly finances itself through the bond markets. Very unfavorable changes in the macroeconomic environment could restrict Orange's access to its usual sources of funds or significantly increase its financing costs due to an increase in market interest rates and/or the spreads applied to its borrowings.

Any inability to access the financial markets for a lasting period and/or obtain financing on reasonable terms would have a material adverse effect on Orange. In particular, the Group may not be able to carry out certain projects or could be forced to allocate a significant portion of its available cash to servicing or repaying its debt, to the detriment of investment or shareholder returns. In any event, Orange's earnings, cash flows and, more generally, its financial position and flexibility could be adversely affected.

See Note 14.3 *Liquidity risk management* to the Consolidated Financial Statements included in Item 18, which sets out the various sources of funding available to Orange, the maturity of its debt and changes in its credit rating, as well as Note 14.4 *Financial ratios*, which contains information on the limited commitments of the Orange group in relation to financial ratios and in the event of default or material adverse change.

**Interest rate risk**

**Orange's business activities could be affected by the changes in interest rates.**

In the normal course of business, Orange obtains most of its funding from capital markets (particularly the bond market) and makes little use of bank credit.

Since most of its current debt is at a fixed rate, Orange has limited exposure to a short-term rise in interest rates. The Group remains exposed to a sustained and continuous increase in interest rates for its future financing.

To limit exposure to interest rate fluctuations, Orange uses financial instruments (derivatives), but the Company cannot guarantee that transactions carried out with such financial instruments will completely limit its exposure, or that suitable financial instruments will be available at reasonable prices. In the event that Orange cannot use financial instruments or if its financial instruments strategy proves ineffective, its cash flows and earnings may be adversely affected.

In addition, the costs of hedging against interest rate fluctuations could increase in line with market liquidity, banks' positions, and, more broadly, the macroeconomic situation (or how it is perceived by investors).

The management of interest rate risk and an analysis of the sensitivity of the Group's position to changes in interest rates are set out in Note 14.1 *Interest rate risk management* to the Consolidated Financial Statements included in Item 18.

**Foreign exchange risk**

**Orange's income and cash flows are exposed to foreign exchange fluctuations.**

Currency markets can be volatile due to economic and geopolitical conditions.

The main currencies in which Orange is exposed to a major foreign exchange risk are the Polish zloty, the Egyptian pound, the Moroccan dirham and the US dollar. Intra-period variations in the average exchange rate of a particular currency could materially affect revenues and expenses denominated in that currency, which could materially affect Orange's results, such as for example the near 50% devaluation of the Egyptian pound in November 2016. In addition, Orange operates in other monetary zones, in particular in Africa and the Middle East. Depreciation of the currencies of the countries in this region would negatively affect the Group's consolidated revenues and earnings.

When preparing the Consolidated Financial Statements, the assets and liabilities of foreign subsidiaries are translated into euros at the fiscal year closing rate. This translation could have a negative impact on the consolidated balance sheet, assets and liabilities and equity, for potentially significant amounts, as well as on net income in the event of disposal of these subsidiaries.

The management of foreign exchange risk and an analysis of the sensitivity of the Group's position to changes in exchange rates are set out in Note 14.2 *Foreign exchange risk management* to the Consolidated Financial Statements included in Item 18.

Orange manages the foreign exchange risk on commercial transactions (stemming from operations) and financial transactions (stemming from financial debt) in the manner set out in Note 14.2 *Foreign exchange risk management* to the Consolidated Financial Statements.

Orange notably makes use financial instruments (derivatives) to hedge its exposure to foreign exchange risk, but the Company cannot guarantee that the suitable hedging instruments will be available at reasonable prices. In the event that Orange may cannot use financial instruments to mitigate its exposure to exchange rate fluctuations or financial instrument strategy proves ineffective, Orange's cash flows and earnings may be adversely affected.

See Note 13.8 *Derivatives* to the Consolidated Financial Statements included in Item 18.

2022 Form 20-F / **ORANGE – 12**

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**Credit risk and/or counterparty risk on financial transactions**

**The insolvency or deterioration in the financial position of a bank or other institution with which Orange has a significant financial agreement may have a material adverse effect on Orange's financial position.**

The investment of its available cash exposes Orange to counterparty risk if the financial institutions where it has invested should commence bankruptcy proceedings.

In addition, in the normal course of its business, Orange uses derivatives to manage exchange rate and interest rate risks, with financial institutions as counterparties. Cash collateral is paid or received on a daily basis to or from all bank counterparties with which the derivatives are contracted. Nevertheless, a residual credit risk may remain if one or more of these counterparties default on their commitments.

See Note 14.5 *Credit risk and counterparty risk management* to the Consolidated Financial Statements included in Item 18.

Moreover, Orange may in the future have difficulties using its 6 billion euro undrawn multi-currency revolving credit facility, which has a maturity date in 2027, if several of the banks with which the Company has agreements were to face liquidity problems or could no longer meet their obligations.

The international banking system is such that financial institutions are interdependent. As a result, the collapse of a single financial institution (or even rumors regarding the financial position of one of them) may increase the risk for the other institutions, which would increase exposure to counterparty risk for Orange.

For customer-related credit and counterparty risk, see Notes 4.3 *Trade receivables* and 14.5 *Credit risk and counterparty risk management* to the Consolidated Financial Statements.

**Non-financial risks**

**Orange is exposed, particularly as a result of cyber-attacks, to risks of disclosure or inappropriate modification of personal data, especially those of its customers.**

Orange's business activities require the transmission via its networks and the storage on its infrastructure of the personal data of its customers, employees or the general public.

Despite its infrastructure protection systems, Orange's business activities expose it – in terms of infringement of human rights and fundamental freedoms – to risks of loss, disclosure, unauthorized communication to third parties or inappropriate modification of such personal data, in particular when setting up new services or apps or their updates. These risks are heightened by the roll-out of new technologies, the growing use of Cloud services, as well as the outsourcing of digital services and the development of new activities (for example in the field of connected devices). The occurrence of these risks could result in particular from (i) malicious acts (such as cyber-attacks) targeting personal data, (ii) negligence or errors committed within Orange or within the Group's partners to whom certain operations are outsourced, or (iii) government requests that are not compliant with legal or regulatory requirements (see also the risk factor "The scope of Orange's business activities, its numerous locations around the world, and its business dealings with a variety of partners may expose the Group to a risk of violating human rights and fundamental freedoms").

Orange may be held liable in various countries, under personal data protection laws (such as the General Data Protection Regulation (EU) 2016/679 of April 27, 2016, GDPR), which strengthen the rights of individuals and increase the obligations of companies involved in data processing, such as telecommunication operators and financial services providers. If these risks were to materialize, the owners of the data disclosed or modified could suffer damage, and the Group could be held liable, compliance with its purpose could be called into question and its reputation could be materially affected.

**Orange faces various internal and external risks relating to human health and safety.**

Owing to the specific nature of Orange's business as an operator and its geographical scope, international conflicts and a context where social tensions and industrial unrest are increasing expose Orange employees and subcontractors to risks to their safety while performing their professional activities.

In addition, in a context of more regular teleworking, Orange's employees and its subcontractors are exposed to the risks associated with these new working conditions, which are sometimes sources of social isolation, which can also have direct or indirect repercussions on their health or even their safety.

2022 Form 20-F / **ORANGE – 13**

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In addition, the Group's transformation program, the rapid acceleration of the virtualization of interactions and the development of digital tools could generate psychosocial risks, potential sources of physical or psychological disability for individuals. Such risks could also slow the Group's strategy roll-out and have a material impact on its reputation and operation.

**Orange may find it difficult to obtain and retain the skills needed for its business on a long-term basis due to numerous employee departures and ever-faster developments in its activities.**

Every year, a significant number of employees leave the Group or, in France, benefit from end-of-career part-time work arrangements. This trend accelerated in 2022, particularly within the central functions of the various operational head offices, as part of the implementation of the new intergenerational agreement in December 2021 (see Section 1.3 *Significant events* on pages 13 et seq. of the 2022 Universal Registration Document filed as Exhibit 15.1 of this document).

At the same time, the need for new skills is growing, whether related to technological developments or the Group's line of development specifically in terms of rare skills or occupations experiencing shortages in the job market. If Orange's attractiveness as an employer or its training programs were to prove insufficient, this could reduce its ability to effectively pursue its activities and successfully implement its strategy; its earnings and outlook could be adversely affected by it, and some of the human risks described in the risk factor "Orange faces various internal and external risks relating to human health and safety" could increase.

In addition, without the necessary skills, the Group's commitment to provide digital support to stakeholders could prove harder to keep.

**The commitments made by Orange in terms of reducing its environmental impacts may not be met because they are largely based on its value chain and depend on the rapid development of new uses and technologies.**

Orange has made a commitment to be Net Zero Carbon by 2040 and has set itself intermediate objectives to achieve this. The plan initiated by Orange should enable it to limit its environmental footprint and that of its value chain. The implementation of the principles of the circular economy, the many actions aimed at strengthening the control of its energy consumption, and the use of renewable energies or investments in carbon sinks fully contribute to this approach.

A predominant part of Orange's environmental footprint is, however, linked to its value chain. As such, Orange's efforts to achieve its commitment to be Net Zero Carbon in 2040 could be jeopardized both by the difficulties that its suppliers and subcontractors could encounter to reduce the footprint of the products and equipment supplied to Orange and by the sharp increase in digital traffic linked in particular to the development of uses.

If Orange's environmental action plans, particularly during the period of technological transition on fixed and mobile networks, prove insufficient or require the mobilization of unavailable resources, the Group could fail to meet its commitment. This situation could have a significant negative effect on its image and could consequently lead to a loss of confidence among its stakeholders. This could lead, among other things, to a reduction in the number of customers, a loss of attractiveness as an employer, or an increase in the cost of financing. Should they materialize, these risks could, in addition, render Orange liable since these factors as a whole could affect the earnings and outlook of the Group. Beyond potential adverse effects on Orange, this could curb the development of the digital society.

**Orange and some of its stakeholders are exposed to physical and transition risks related to climate change.**

In addition to the impacts on Orange's infrastructure (see above "*Operational risks - Orange's technical infrastructure is vulnerable to intentional or accidental damage, but also to natural disasters, the occurrence of which has increased due to climate change*"), climate change could also worsen the health or economic situation of Orange's customers and employees, and more generally of populations, potentially generating significant migration flows, particularly in the Africa & Middle East region on which part of the Group's growth outlook depends.

Despite the climate change mitigation and adaptation measures implemented by Orange, if such events were to occur, Orange could find it more difficult to fulfill its purpose, particularly in terms of its commitment to digital inclusion.

In addition, climate change could have other material impacts on Orange's business activities; for example, the availability and price of certain raw materials that are in the composition of the products sold or used by Orange as part of its telecommunication services (see Section above "*Operational risks - A large part of Orange's revenue is achieved in markets that are both highly competitive and regulated where pressure on price remains strong*"); or changes in the regulations applicable to Orange (such as, for example, the introduction of a carbon tax or the ban on the sale of certain products (see Section above "*Legal risks - Orange operates in highly regulated markets and its business activities and earnings could be materially affected by changes in laws or regulations, including those that are extraterritorial in nature, or by changes in government policy*"). These transition risks could have direct and indirect financial impacts for the telecommunication industry and specifically for Orange.

2022 Form 20-F / **ORANGE – 14**

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**Orange is exposed to risks of corruption or individual or collective behavior that is not in line with its business ethics.**

As the Group's activities and those of its suppliers, subcontractors and partners cover all regions of the world, Orange could, despite its efforts to continually improve its anti-corruption system in accordance with applicable laws, be exposed to or implicated in cases related to corrupt practices or influence peddling. Similarly, despite its fraud prevention and detection program, Orange could also be the victim of fraudulent behavior or behavior that does not comply with international conventions, its Code of Ethics or its supplier code of conduct. Such behavior may originate from persons or companies with which a direct or indirect link can be established, and may directly or indirectly target Orange, its customers, its business relationships or its employees.

In any event, the Group could be held liable, and Orange's earnings, service quality and reputation could be adversely affected.

**The scope of Orange's business activities, its numerous locations around the world, and its business dealings with a variety of partners may expose the Group to a risk of violating human rights and fundamental freedoms.** 

As the Group's activities and those of its suppliers and subcontractors are carried out in all parts of the world, Orange could, in spite of the implementation of its Vigilance Plan, be exposed to violations of human rights and fundamental freedoms involving third parties with which a direct or indirect link may be established. Such violations may relate to forced labor, modern slavery or human trafficking, the rights of children, non-decent, discriminatory or dangerous working conditions, interference with freedom of association or expression, or privacy. In particular, they could occur in regions where minerals are mined, processed and traded in conflict zones, or areas where human rights are not respected.

If they were to materialize, these risks could have a material adverse impact on Orange, or the relevant suppliers and subcontractors, in terms of image and reputation, and could result in liability for the Group.

In addition, Orange could be forced to comply with injunctions from local authorities other than what is formally required by law and regulations in the sense of having to suspend the operation of certain networks for which Orange is responsible or intercept communications, or even disclose personal data to third parties. Orange may also be compelled by local authorities to suspend or intercept communications that are routed by it.

Such situations could tarnish Orange's reputation and result in the infringement of the freedom of expression and respect for privacy of the populations of the offending countries.

**Exposure to electromagnetic fields from telecommunication equipment could have harmful effects on health and the perception of such a risk could hinder the development of services. Excessive and inappropriate use of telecommunication services and equipment could also have harmful consequences on health.** 

The concerns raised in many countries regarding the possible human health risks of exposure to electromagnetic fields from telecommunication equipment have generally led public authorities to adopt binding regulations and health authorities to issue various precautions on usage.

There is a consensus among expert groups and health authorities, including the World Health Organization (WHO), that no health risk has been established to date from exposure to electromagnetic fields below the limits recommended by the International Commission on Non-Ionizing Radiation Protection (ICNIRP). The complementary scientific studies conducted to date on some of the spectrums used for 5G have come up with similar findings. However, Orange cannot prejudge the conclusions of future scientific research or future assessments by international organizations and scientific committees mandated to examine these issues. If an adverse health effect were to be scientifically established, it would have a material adverse effect on Orange's business and brand image and on the Group's earnings and financial position. Beyond potential adverse effects on Orange, this could significantly curb the development of the digital society.

Any public perception of a risk to human health or biodiversity could lead to a reduction in the number of customers and their level of use, as well as an increase in litigation, particularly against the installation of mobile antennas. This could lead to difficulties in creating new sites, in a context where certain stakeholders question the usefulness of rolling out 5G networks. There could also be a tightening of regulations, resulting in reduced coverage, failure to meet Orange's coverage commitments to the authorities, deteriorating quality of service and an increase in network roll-out costs.

The ubiquity of connected digital equipment may lead to inappropriate use due to overuse or exposure to inappropriate content and online harassment. Negative consequences on users could be both physical and psychological, particularly on young adults and children. If this ubiquity were perceived as a risk for the most vulnerable groups, it could undermine confidence in digital technology and act as a brake on innovation, and, for Orange, result in a decrease in the use of its services and a deterioration of its image.

In any event, the Group could be held liable, and Orange's revenues, earnings, service quality and reputation could be adversely affected.

2022 Form 20-F / **ORANGE – 15**

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**Risks related to Orange's U.S. listing**

**The price of Orange's ADSs and the U.S. dollar value of any dividend will be affected by fluctuations in the U.S. dollar/euro exchange rate.**

The ADSs are quoted in U.S. dollars. Fluctuations in the exchange rate between the euro and the U.S. dollar are likely to affect the market price of the ADSs. For example, because Orange's financial statements are reported in euro, a decline in the value of the euro against the U.S. dollar would reduce Orange's earnings as reported in U.S. dollars. This could adversely affect the price at which the ADSs trade on the U.S. securities markets. Any dividend that Orange might pay in the future would be denominated in euro. A decline in the value of the euro against the U.S. dollar would reduce the U.S. dollar equivalent of any such dividend.

**Holders of ADSs may face disadvantages compared to holders of Orange's Shares when attempting to exercise certain rights as shareholders.**

Holders of ADSs are not treated as shareholders and do not have ordinary shareholder rights, which are governed by French law. Indeed, the depositary, through the custodian or the custodian's nominee, is the holder of the Shares underlying all ADSs and ADS holders have only ADS holder rights, as set forth in the deposit agreement. Among other things, ADS holder rights do not provide for double voting rights, which otherwise would be available to holders of Shares held in a shareholder's' name for a period of at least two years. Holders of ADSs may also face more difficulties in exercising their rights than they would if they held Shares directly. For example, to exercise their voting rights, holders of ADSs must instruct the depositary how to vote the underlying Shares. Because of this extra procedural step involving the depositary, the process for exercising voting rights will take longer for holders of ADSs than for holders of Shares. ADSs for which the depositary does not receive timely voting instructions will not be voted at any meeting.

**ADSs holders may not be entitled to a jury trial with respect to claims arising under the deposit agreement, which could result in less favorable outcomes to the plaintiffs in any such action.**

The deposit agreement governing the ADSs representing Shares provides that, to the fullest extent permitted by law, ADS holders waive the right to a jury trial of any claim they may have against Orange or the depositary arising out of or relating to the Shares, the ADSs or the deposit agreement, including any claim under the U.S. federal securities laws. Consequently, if Orange or the depositary opposed a jury trial demand based on the waiver, the court would determine whether the waiver was enforceable based on the facts and circumstances of that case in accordance with applicable law and ADS holders may not be entitled to a jury trial. If the waiver of jury trial is enforced, a lawsuit brought against either or both of Orange and the depositary under the deposit agreement would be heard only by a judge or justice of the applicable trial court, which would be conducted according to different civil procedures and may result in different outcomes than a trial by jury would have, including results that could be less favorable to the plaintiffs in any such action.

**Holders of our ADSs may be subject to limitations on the transfer of such ADSs and the withdrawal of the underlying Shares.**

ADSs, which may be evidenced by American Depositary Receipts, or ADRs, are transferable on the books of the depositary. However, the depositary may close its books at any time or from time to time when it deems expedient in connection with the performance of its duties. The depositary may refuse to deliver, transfer or register transfers of ADSs generally when our books or the books of the depositary are closed, or at any time if we or the depositary think it is advisable to do so because of any requirement of law, government or governmental body, or under any provision of the deposit agreement, or for any other reason subject to an ADS holders' right to cancel such ADSs and withdraw the underlying ordinary Shares. Temporary delays in the cancellation of such ADSs and withdrawal of the underlying ordinary Shares may arise because the depositary has closed its transfer books or we have closed our transfer books, the transfer of Shares is blocked to permit voting at a shareholders' meeting or we are paying a dividend on our Shares. In addition, holders of our ADSs may not be able to cancel such ADSs and withdraw the underlying Shares when such holders owe money for fees, taxes and similar charges and when it is necessary to prohibit withdrawals in order to comply with any laws or governmental regulations that apply to ADSs or to the withdrawal of Shares or other deposited securities.

**U.S. investors may have difficulty enforcing civil liabilities against Orange and its directors and senior management.**

The members of the board of directors and senior management at Orange are non-residents of the United States, and all or a substantial portion of assets of Orange and the assets of such persons are located outside the United States. As a result, it may not be possible to serve process on such persons or Orange in the United States or to enforce judgments obtained in U.S. courts against them or Orange based on civil liability provisions of the securities laws of the United States, or obtain evidence in France or from any French citizen or any individual being resident in France or any officer, representative, agent or employee of a legal person having its registered office or an establishment in a territory of France. Additionally, it may be difficult to assert U.S. securities law claims in actions originally instituted outside of the United States. In particular, there is some doubt as to whether French courts would recognize and enforce certain civil liabilities under U.S. securities laws in original actions or judgments of U.S. courts based upon these civil liability provisions. In addition, awards of punitive damages in actions brought in the United States or elsewhere may be unenforceable in France. The United States and France do not currently have a treaty providing for recognition and enforcement of judgments, other than arbitration awards, in civil and commercial matters.

2022 Form 20-F / **ORANGE – 16**

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**Preemptive rights may be unavailable to holders of Orange's ADSs.**

Holders of Orange's ADSs or U.S. resident shareholders may be unable to exercise preemptive rights granted to Orange's shareholders, in which case holders of Orange's ADSs could be substantially diluted. Under French law, whenever Orange issues new shares for payment in cash or in kind, Orange is usually required to grant preemptive rights to its shareholders. However, holders of Orange's ADSs or U.S. resident shareholders may not be able to exercise these preemptive rights to acquire Shares unless both the rights and the Shares are registered under the Securities Act or an exemption from registration is available.

In addition, the deposit agreement for our ADSs provides that the depositary will not make rights available to holders of our ADSs unless the distribution to ADS holders of both the rights and any related securities are either registered under the Securities Act or exempted from registration under the Securities Act. Further, if we offer holders of our Shares the option to receive dividends in either cash or Shares, the depositary may require satisfactory assurances from us that extending the offer to holders of ADSs does not require registration of any securities under the Securities Act before making the option available to holders of ADSs. We are under no obligation to file a registration statement with respect to any such rights or securities or to endeavor to cause such a registration statement to be declared effective. Moreover, we may not be able to establish an exemption from registration under the Securities Act.

Accordingly, if the depositary (or a U.S. resident shareholder) is unable to sell rights that are not exercised or not distributed or if the sale is not lawful or reasonably practicable, the rights will lapse or be allowed to lapse, in which case ADS holders may be unable to participate in our rights offerings or to elect to receive dividends in Shares and may experience dilution in their holdings, and no value will be given for these rights, and the ADS holder (or U.S. resident shareholder) will lose value.

**Investments in the Company's securities may be subject to prior governmental authorization under the French foreign investment control regime**

Pursuant to the provisions of the French Monetary and Financial Code, any investment by any non-French citizen, any French citizen not residing in France, any non-French entity or any French entity controlled by one of the aforementioned persons or entities that will result in the relevant investor (a) acquiring control of an entity registered in France, (b) acquiring all or part of a business line of an entity registered in France, or (c) for non-EU or non-EEA investors crossing, directly or indirectly, alone or in concert, a 25% threshold of voting rights in an entity registered in France, in each case, conducting activities in certain strategic industries, such as the industry in which the Company operates, is subject to the prior authorization of the French Ministry of Economy, which authorization may be conditioned on certain undertakings.

In the context of the Covid-19 pandemic, a governmental decree, as modified, has created, until December 31, 2023, a 10% threshold of the voting rights for the non-European investments in listed companies, in addition to the 25% abovementioned threshold. This 10% threshold is expected to be permanently integrated into the French Monetary and Financial Code.

Therefore, any investor meeting the above criteria willing to acquire all or part of the Company's business with the effect of crossing the applicable share capital thresholds set forth by the French Monetary and Financial Code will have to request this prior governmental authorization before acquiring the Company's Shares or ADSs. Orange cannot guarantee that such investor will obtain the necessary authorization in due time. The authorization may also be granted subject to conditions that deter a potential purchaser. The existence of such conditions to an investment in the Company's securities could have a negative impact on its ability to raise the funds necessary to its development. In addition, failure to comply with such measures could result in significant consequences for the investor (including the investment to be deemed null and void). Such measures could also delay or discourage a takeover attempt, and the Company cannot predict whether these measures will result in a lower or more volatile market price of its ADSs or Shares.

Item 4 Information on Orange

4. A HISTORY AND DEVELOPMENT OF ORANGE

The information required by this section is set forth as follows in the 2022 Universal Registration Document filed as Exhibit 15.1 of this document:

- the introduction to Section 1.1 *Overview* on page 4,

- Section 7.1 *Company identification* on page 466,

- Section 1.1.3 *History* on page 6,

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- Section 3.1.2.5 *Group capital expenditure* on pages 99 *et seq.*,

and is incorporated in this section by reference.

For a discussion on significant divestitures, see also Note 3 *Gains and losses on disposal and main changes in scope of consolidation* to the Consolidated Financial Statements.

A discussion of the Company's principal capital expenditures and divestitures for the year ended December 31, 2020 are included in Section 3.1.2.5 *Group capital expenditure* on pages 99 *et seq.* of the Universal Registration Document filed as Exhibit 15.1 of the Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 1, 2022 and incorporated in Part I, Item 4.A (*History and Development of Orange*) thereof.

Agent in the United States: Orange Participations U.S. Inc., 13865 Sunrise Valley Drive, Coppermine Commons Bldg. 2, Suite 425, Herndon, VA 20171-6190.

The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC (http://www.sec.gov).

Orange also maintains a website at www.orange.com. For the avoidance of doubt, the information available on our website is not incorporated by reference in this Form 20-F.

4. B BUSINESS OVERVIEW

The information required by this section is set forth as follows in the 2022 Universal Registration Document filed as Exhibit 15.1 of this document:

- Section 1.3 *Significant events* on pages 13 *et seq.,*

- Section 1.4 *Operating activities* on pages 18 *et seq.,*

- Section 1.6.2 *Intellectual Property and Licensing* on page 37*,*

- Section 1.7 *Regulation of telecommunication activities* on pages 38 *et seq.,*

- Section 3.1.2.1 *Group revenue* on pages 93 *et seq.,*

- Section 7.2.2 *Glossary of technical terms* on pages 468 *et seq,*

and is incorporated in this section by reference.

**Seasonality**

In general, Orange's business operations are not affected by any major seasonal variations. However, the telephone traffic generated from fixed line telephony over the Northern Hemisphere during the summer months in the third quarter (ended September 30) is generally lower than in the other quarters.

Furthermore, in the retail markets, the number of new mobile customers for telecommunications services is generally higher in the second half of the calendar year than in the first half, primarily because of the increase in sales during the Christmas season. Consequently, revenues generated from the sale of equipment and packages, as well as the costs incurred in ordering equipment for customers and sales commissions, are generally higher in the second half of the calendar year than in the first half.

4. C ORGANIZATIONAL STRUCTURE

The information required by this section is set forth as follows in the 2022 Universal Registration Document filed as Exhibit 15.1 of this document: Section 1.1 *Overview* on page 4 and the introduction of Section 3.1.3 *Review by business segment* on page 102, and is incorporated in this section by reference.

For a listing of significant subsidiaries, see Note 20 *Main consolidated entities* to the Consolidated Financial Statements.

4. D PROPERTY, PLANTS AND EQUIPMENT

The information required by this section is set forth as follows in the 2022 Universal Registration Document filed as Exhibit 15.1 of this document: Section 1.5 *Orange's networks,* on pages 32 *et seq.*, and Section 3.1.2.5 *Group capital expenditure* on pages 99 *et seq*., and is incorporated in this section by reference. For information on material tangible fixed assets, see Note 8.5 *Property, plant and equipment* to the Consolidated Financial Statements.

For certain environmental issues that may affect the Company's utilization of assets, see Note 2.5.3 *Consideration of climate change risks* to the Consolidated Financial Statements.

2022 Form 20-F / **ORANGE – 18**

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Item 4A Unresolved staff comments

None.

Item 5 Operating and financial review and prospects

There are no differences between IFRS as adopted in the European Union and IFRS as issued by the IASB, as applied by Orange.

References in this Item to the Notes to the consolidated financial statements are references to the Consolidated Financial Statements included in Item 18 *Financial Statements* of this document.

5. A OPERATING RESULTS

This section sets forth:

an overview of the operating results of the Group, set forth in the 2022 Universal Registration Document filed as Exhibit 15.1 of this document, found in (i) the introduction to Section 3.1 *Review of the Group's financial position and results* and Section 3.1.1 *Overview*, on pages 91 *et seq*., and (ii) Section 1.3 *Significant events* on pages 13 *et seq.* and incorporated in this section by reference;

a comparative analysis of the Group income statement and capital expenditures (and related financial information) and a comparative analysis by business segment for 2022 and 2021, set forth in the 2022 Universal Registration Document filed as Exhibit 15.1 of this document in Sections 3.1.2.1 *Group revenue on pages 93 et seq.*, and 3.1.2.3 *Group net income,* 3.1.2.4 *Group comprehensive income,* 3.1.2.5 *Group capital expenditure* and 3.1.3 *Review by business segment* on pages 102 *et seq.*;

- a comparative analysis of the Group operating income for 2022 and 2021, set forth below;

a comparative analysis of the Group operating results and a comparative analysis by business segment for the years ended December 31, 2021 and December 31, 2020, are included in Part I, Item 5.A (Analysis of Group operating income) of the Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 1, 2022.

In this Annual Report on Form 20-F, including in the foregoing sections that are included in Exhibit 15.1 and incorporated by reference in this section, Orange sets forth certain financial aggregates or indicators that are not defined under IFRS, in addition to the financial aggregates or indicators that are presented in accordance with IFRS. Accordingly, the information set forth in Section 3.1.5 *Financial indicators not defined by IFRS* (excluding Sections 3.1.5.2, 3.1.5.4, 3.1.5.5 and 3.1.5.7, which are explicitly excluded from this Annual Report on Form 20-F), on pages 124 *et seq.* of the 2022 Universal Registration Document is incorporated in this section by reference. The financial aggregates or indicators not defined under IFRS are provided as additional information and should not be substituted for or confused with the financial aggregates or indicators that are defined under IFRS, and they may not be directly comparable with the non-IFRS financial measures of other companies using the same or similar non-IFRS financial measures.

In addition, the information set forth in the 2022 Universal Registration Document filed as Exhibit 15.1 of this document in Section 7.2.1 *Financial glossary,* on pages 466 *et seq.*, is incorporated by reference in this section.

See also Note 2 *Description of business and basis of preparation of the consolidated financial statements* to the Consolidated Financial Statements.

**Analysis of Group operating income**

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| | | | |
|:---|:---|:---|:---|
|  | **2022** | **2021** | **2021** |
| (at December 31, in millions of euros) |  | data on a comparable basis | data on a historical basis |
| **Operating income** | **4801** | **122** | **2521** |
| &nbsp;&nbsp;Telecom activities | 5000 | 303 | 2702 |
| &nbsp;&nbsp;Mobile Financial Services | (200) | (182) | (182) |

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2022 Form 20-F / **ORANGE – 19**

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This section discusses Group operating income by type of expense as presented in Note 1 to the Consolidated Financial Statements.

→ 2022 vs. 2021

In 2022, Orange group operating income amounted to 4,801 million euros (of which 5,000 million euros from telecom activities and a loss of 200 million euros from Mobile Financial Services activities), up 2,280 million euros on a historical basis and 4,679 million euros on a comparable basis with respect to 2021.

**On a historical basis**, the increase of 90.4%, i.e. 2,280 million euros, in Group operating income between 2021 and 2022 includes:

- the unfavorable impact of changes in the scope of consolidation and other changes of 2,481 million euros, mainly corresponding to the loss of exclusive control over:

Orange Concessions for 2,177 million euros, following the disposal of 50% of the capital and the application of equity accounting on November 3, 2021 (with, primarily, the gain of 2,124 million euros recognized in gains (losses) on disposal of fixed assets, investments and activities in 2021, see Note 3.2 to the Consolidated Financial Statements), and

Światłowód Inwestycje (FiberCo in Poland), through the disposal of 50% of the capital and the application of equity accounting on August 31, 2021 (with, primarily, the gain of 340 million euros recognized in gains (losses) on disposal of fixed assets, investments and activities in 2021, see Note 3.2 to the Consolidated Financial Statements);

- the positive effect of foreign exchange fluctuations of 81 million euros, mainly resulting from the performance of the US dollar and the Guinean franc against the euro; and

- the organic change on a comparable basis, i.e. an increase of 4,679 million euros in operating income.

**On a comparable basis**, the increase of 4,679 million euros in Group operating income between 2021 and 2022 was mainly due to:

the decrease of 77.9%, i.e. 2,885 million euros in the impairment of goodwill (see Note 7 to the Consolidated Financial Statements), essentially as a result of:

the counter-effect of the recognition in 2021 of goodwill impairment of 3,702 million euros for activities in Spain. At December 31, 2021, Spain's business plan had been significantly revised downward compared with the one used at December 31, 2020, in view of (i) a deteriorating competitive environment despite market consolidation operations (affected by the erosion of average revenues per user) and (ii) uncertainty surrounding the continuation of the Covid-19 health crisis (delay in the forecasts for economic recovery), and

the recognition in 2022 of goodwill impairment of 789 million euros for Romania. This impairment mainly reflects (i) a significant increase in the discount rate due to changes in the business market assumptions, (ii) increased competitive pressure, and (iii) the downward revision of the business plan compared with the one used at December 31, 2021, particularly in the next few years;

the decrease of 10.6%, i.e. 1,059 million euros, in labor expenses (see Section 7.2.1 *Financial glossary* and Note 6 to the Consolidated Financial Statements), mainly due to:

the decrease of 895 million euros in the expense recognized for the French part-time for seniors plans (relating to agreements for the employment of older workers in France) and related premiums, mainly due to (i) the counter-effect of the recognition in 2021 of an expense of 1,225 million euros for the renewal of the part-time for seniors plan under the inter-generational agreement for the period 2022–2024 (see Note 6.2 to the Consolidated Financial Statements), (ii) partially offset by the expense of 367 million euros recognized in 2022, largely because of how successful these plans have been with employees; and

- the counter-effect of the recognition in 2021 of the expense related to the Together 2021 Employee Shareholding Plan of 172 million euros (see Note 6.3 to the Consolidated Financial Statements).

Other labor expenses were virtually stable between the two periods, with the decrease in the average number of employees (full-time equivalent) of entities in France offsetting in particular the effect of policies relating to employee wages in France and abroad. Between the two periods, the average number of employees (full-time equivalent, see Section 7.2.1 *Financial glossary*) decreased by 3.0%, i.e. by 3,980 full-time equivalent employees (mainly in France, Poland and Spain);

the decrease of 44.1%, i.e. 326 million euros, in other operating expenses (see Section 7.2.1 *Financial glossary* and Note 5.2 to the Consolidated Financial Statements). This decrease is mainly due to (i) developments in various disputes over the year, and (ii) lower allowances and losses on trade receivables – telecom activities (see Notes 4.3 and 5.2 to the Consolidated Financial Statements), especially in Europe (Romania, Spain);

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the increase of 0.6%, i.e. 276 million euros, in revenues;

the decrease of 5.9%, i.e. 267 million euros, in service fees and inter-operator costs (included in external purchases, see Section 7.2.1 Financial glossary), primarily as a result of (i) the general decrease in interconnection costs (particularly in France, Poland, Romania and Spain), linked on the one hand to the regulatory cuts in call termination rates in several countries (mainly in Europe and in France) and, on the other hand, to the general contraction in the legacy activities of fixed and mobile wholesale and enterprise services, (ii) partially offset by the increase in network expenses in France and in Europe, notably due to customer migration to third-party very high-speed broadband networks;

the decrease of 62.3%, i.e. 206 million euros, in restructuring costs, mainly due to the counter-effect of the recognition in 2021 of restructuring costs in Spain (employee departure plans and closure of points of sale, see Note 5.3 to the Consolidated Financial Statements);

the increase of 162 million euros in gains (losses) on disposal of fixed assets, investments and activities (see Note 3.1 to the Consolidated Financial Statements) mainly due to (i) the higher gain on disposal of fixed assets (see Note 8.1 to the Consolidated Financial Statements) in Africa & Middle East countries (principally in connection with the disposal of assets in the Democratic Republic of the Congo (DRC) and Côte d'Ivoire), as well as for Shared Services and Poland (under programs for the optimization of real estate assets), and (ii) the gain on disposal of 77 million euros related to the remeasurement at fair value of Deezer assets following the merger of Deezer with the special purpose acquisition vehicle, or SPAC, I2PO and the IPO of the new entity (see Section 1.3 *Significant events* and Note 3.2 to the Consolidated Financial Statements); and

additionally, (i) the decrease of 1.0%, i.e. 69 million euros of depreciation and amortization of fixed assets (see Note 8.2 to the Consolidated Financial Statements), mainly due to the effect of extending the depreciation period for the copper network in France, and (ii) the decrease of 3.1%, i.e. 60 million euros, in operating taxes and levies (see Section 7.2.1 *Financial glossary* and Note 10.1 to the Consolidated Financial Statements), mainly in Spain.

These positive changes are partially offset by:

- the increase in external purchases (see Section 7.2.1 *Financial glossary* and Note 5.1 to the Consolidated Financial Statements), which reflects:

the increase of 9.1%, i.e. 259 million euros, in other external purchases (see Section 7.2.1 *Financial Glossary*), related to the resumption of travel and consulting and support missions (with the end of Covid-19 restrictions) and to higher vehicle energy costs (see Section 1.3 *Significant events*), and (ii) the increase in purchase for resale costs (growth of energy purchases in Poland, development of integration services and information technology for Enterprise services and roll-out of build-to-suit mobile sites in France);

the increase of 3.1%, i.e. 234 million euros, in commercial expenses, equipment costs and content rights (see Section 7.2.1 *Financial glossary*), mainly due to (i) the rise in commercial expenses and equipment costs for Enterprise services (resulting from the major NEO contract signed with the National Gendarmerie and National Police in France), as well as in Africa & Middle East countries (with the expansion of Orange Money and general business growth) and Europe (linked to strong equipment sales momentum), particularly in Poland, and (ii) to a lesser extent, higher content costs;

the increase of 2.7%, i.e. 96 million euros, in other network expenses and IT expenses (see Section 7.2.1 *Financial glossary*), largely due to (i) higher energy access costs for fixed and mobile networks, mainly in Europe, Africa & Middle East countries and for Totem (see Section 1.3 *Significant events*), and (ii) increased IT expenses for Enterprise services, (iii) partially offset by lower operating and maintenance expenses for the copper network in France;

- partially offset by the decrease in service fees and inter-operator costs (see above); and

to a lesser extent, by the increase of 40 million euros in impairment of fixed assets (see Note 8.3 to the Consolidated Financial Statements), mainly due to the recognition, in 2022, of impairment of fixed assets of 56 million euros, mainly for Mobile Financial Services, due to the deterioration in the business plan (see Note 7 to the Consolidated Financial Statements).

→ 2021 vs. 2020

The discussion of the Group's operating and financial review and prospects for the years ended December 31, 2021 and December 31, 2020 is included in Part I, Item 5.A (Analysis of Group operating income) on page 18 *et seq*. of the Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 1, 2022.

2022 Form 20-F / **ORANGE – 21**

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5. B LIQUIDITY AND CAPITAL RESOURCES

This section presents, for the Orange group:

i) a comparative analysis of liquidity and cash flows, with a presentation of the net cash provided by operating activities, of the net cash used in investing activities and of the net cash used in financing activities,

ii) a presentation of the Group's shareholders' equity, and

iii) a discussion on the Group's financial debt and financial resources,

which are set forth in the 2022 Universal Registration Document filed as Exhibit 15.1 of this document and incorporated in this section by reference as follows:

- Section 3.1.4 *Cash flow, financial debt and equity*, on pages 119 *et seq.*,

- Section 3.1.2.5.1 *Capital expenditure*, on pages 99 and 100,

- Section 3.2.1 *Recent events,* on page 130,

as well as in Notes 13 *Financial assets, liabilities and financial results (telecom activities),* 14 *Information on market risks and fair value of financial assets and liabilities (excluding Orange Bank)* and 16 *Unrecognized contractual obligations and commitments (excluding Orange Bank)* to the consolidated financial statements.

Orange expects that its existing working capital and foreseeable cash from operations will be sufficient to finance its foreseeable working capital requirements. As at December 31, 2022, the liquidity position of Orange's telecom activities exceeded the repayment obligations of its gross financial debt in 2022.

Orange cash and cash equivalents are held mainly in France and other countries of the European Union that are not subject to restrictions on convertibility or exchange control. A portion of the cash and cash equivalents held by certain subsidiaries in Africa and the Middle East could be subject to transfer restrictions; however, such restrictions have not had and are not expected to have a significant impact on the Group's ability to meet its cash obligations.

For further information on the risks relating to Orange's financial debt and to the financial markets and a history of the Company's credit ratings, see item 3.D *Risk factors – Financial risks*.

The following table summarizes payments due under Orange's significant contractual commitments as of December 31, 2022:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| At December 31, 2022 | Note to the | **Contractual** | **Total** | **Less than** | **1-3 years** | **3-5 years** | **More than** |
| (in millions of euros) | consolidated | **obligations** | **payments** | **1 year** |  |  | **5 years** |
|  | financial | **reflected in the** | **due** |  |  |  |  |
|  | statements | **balance sheet** |  |  |  |  |  |
| Gross financial debt after derivatives of telecom activities (incl. derivatives assets) <sup>(1)</sup> | 14.3 | 35563 | 35838 | 5852 | 5549 | 4537 | 19900 |
| Financial liabilities of Orange Bank <sup>(2)</sup> | 17.2.6 | 2948 | 2948 | 2682 | 266 |  |  |
| Trade payables of telecom activities | 14.3 | 11551 | 11551 | 10071 | 409 | 576 | 495 |
| Trade payables of Orange Bank | 5.6 | 122 | 122 | 122 |  |  |  |
| Future interests on financial liabilities | 14.3 |  | 9263 | 1388 | 1953 | 1483 | 4439 |
| **Total Financial liabilities** |  | **50184**<br><sup>(3)</sup> | **59722** | **20115** | **8177** | **6596** | **24834** |
| Lease liabilities | 9.2 | 8410 | 9580 | 1646 | 2585 | 1972 | 3377 |
| Employee Benefits | 6.2 | 4985 | 7434 | 2466 | 1164 | 760 | 3043 |
| Provisions for dismantling | 8.7 | 696 | 1221 | 21 | 38 | 41 | 1122 |
| Restructuring provisions | 5.3 | 162 | 162 | 119 | 43 |  |  |
| Other liabilities | 5.7 | 2801 | 2801 | 2526 | 276 |  |  |
| Operating taxes and levies payables | 10.1.2 | 1405 | 1405 | 1405 |  |  |  |
| Current tax payables | 10.2.3 | 538 | 538 | 538 |  |  |  |
| **Total other liabilities** <sup>(4)</sup> |  | **18998** | **23141** | **8720** | **4106** | **2773** | **7542** |
| Lease commitments |  |  | 148 | 45 | 49 | 27 | 26 |
| Other operational and purchase obligations |  |  | 11426 | 4468 | 2982 | 1299 | 2676 |
| **Unrecognized operational contractual commitments** | 16.1 & 17.3 |  | **11573** | **4513** | **3031** | **1327** | **2703** |
| **TOTAL** |  |  | **94437** | **33348** | **15314** | **10696** | **35079** |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) excluding equity components related to unmatured hedging instruments and loan from Orange Bank to Orange Group.

&nbsp;&nbsp;&nbsp;&nbsp;(2) excluding unmatured derivatives liabilities and loan from Orange Group to Orange Bank.

&nbsp;&nbsp;&nbsp;&nbsp;(3) of which long-term debt obligations amounting to 30 573 million of euros (including TDIRA, bonds and bank and lending institutions).

&nbsp;&nbsp;&nbsp;&nbsp;(4) excluding deferred tax liabilities and deferred income.

2022 Form 20-F / **ORANGE – 22**

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5. C RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC.

The information required by this section is set forth in the 2022 Universal Registration Document filed as Exhibit 15.1 of this document in Section 1.6 *Research and innovation* on pages 35 *et seq.*, which is incorporated in this section by reference.

The discussion of the Group's research and development activities for the years ended December 31, 2021 and December 31, 2020 is included in Part I, Item 5.C of the Annual Report on page 21 of Form 20-F filed with the Securities and Exchange Commission on April 1, 2022.

5. D TREND INFORMATION

The information required by this section is set forth in the 2022 Universal Registration Document filed as Exhibit 15.1 of this document as follows:

- Section 3.2.1 *Recent Events,* on page 130,

- Sections 1.2.2 *Key changes in the telecoms services market* and 1.2.3 *The Orange group strategy*, on pages 9 *et seq*.,

and is incorporated in this section by reference.

For a discussion on uncertainties that could have a material effect on the Group's financial situation, see also Item 3.D *Risk factors*.

5. E CRITICAL ACCOUNTING ESTIMATES

Not applicable.

Item 6 Directors, senior management and employees

6. A DIRECTORS AND SENIOR MANAGEMENT

The information required by this section is set forth in the 2022 Universal Registration Document filed as Exhibit 15.1 of this document in the introduction to Chapter 5 *Corporate Governance* and in Section 5.1 *Composition of management and supervisory bodies* on pages 390 *et seq.* and is incorporated in this section by reference.

6. BCOMPENSATION

The information required by this section is set forth in the 2022 Universal Registration Document filed as Exhibit 15.1 of this document in Section 5.4 *Compensation and benefits paid to Directors, Corporate Officers and Senior Management* on pages 418 *et seq.* and incorporated in this section by reference. For the definition of certain of the financial indicators used therein, see Note 1.9 *Definition of operating segments and performance indicators* to the Consolidated Financial Statements included in Item 18.

On November 28, 2022, the SEC adopted rules, pursuant to Section 10D-1 of the Exchange Act, requiring national securities exchanges and national securities associations, such as the NYSE, to amend their relevant listing standards no later than November 28, 2023 to require companies with listed securities to put in place a policy whereby listed companies will recover erroneously-awarded variable compensation from the Chief Executive Officer and certain other "executive officers" as defined in Rule 10D-1(d) under the Exchange Act. On February 22, 2023, the NYSE published a proposal to amend its listing rules, pending public comment and SEC approval. However, as of the date of publication of this Annual Report on Form 20-F, the NYSE listing standards have not yet been amended pursuant to Section 10D-1 of the Exchange Act.

In anticipation of the NYSE's adoption of its final rules to amend its listing standards for recovery of erroneously awarded compensation, the Board of Directors has recommended that the shareholders include in the compensation policy for the Chief Executive Officer a clause requiring the recovery in full or in part of the components of the Chief Executive Officer's compensation that are wholly or partially contingent on the attainment of financial performance criteria based on financial information that has been determined to be erroneous and has required restatement of the financial statements for accounting purposes. Orange has included this principle in the compensation policy of the Chief Executive Officer to be presented to its shareholders for approval at its Annual General Meeting to be held on May 23, 2023. If approved, it will enter into force no later than 60 days following the effective date of the final amended rules adopted by NYSE. The same policy shall apply to other executive officers, subject to compliance with applicable local laws and the amended rules adopted by NYSE, within the same timeframe.

2022 Form 20-F / **ORANGE – 23**

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6. C BOARD PRACTICES

The information required by this section is set forth in the 2022 Universal Registration Document filed as Exhibit 15.1 of this document as indicated below:

- Section 5.1.1 *Board of Directors,* on pages 390 *et seq.*,

- Section 5.1.3 *Executive Committee,* on pages 396 to 398,

Sections 5.2 *Operation of the management and supervisory bodies,* on pages 406 *et seq.* including a description of the Audit Committee and the Governance and Corporate Social and Environmental Responsibility Committee, which oversees the remuneration of directors and corporate officers, and 5.3 *Reference to a Code of Corporate Governance,* on page 382,

subsection *Other benefits granted to Corporate Officers (Table 11 of the Afep-Medef Code)* of Section 5.4.1.2 *Amount of compensation paid or allocated to Corporate officers for* 2022, on page 420 *et seq* and Section 5.4.1.3 *Compensation policy for executive and non-executive Corporate Officers for 2023* on pages 428 *et seq*.

and incorporated in this section by reference.

6. D EMPLOYEES

**Employment**

**General changes in the number of Group employees**

In 2022, the Orange group experienced several changes in terms of scope. The main changes occurred within the Orange Business Services division, with the acquisition of Exelus (14 permanent contracts) by the Enovacom subsidiary in France, and the integration of three Swiss companies – SCRT (66 permanent contracts), Telsys (36 permanent contracts) and Swiss Cyber SA (3 permanent contracts) – into the Orange Cyberdefense subsidiary internationally. Three companies left the Group during the year: NOWCP (-7 permanent contracts) and ID2S (-8 permanent contracts) in France in the Corporate Division, and Business & Decision CIS LLC Russia internationally (OBS division: -54 permanent contracts). The Group also underwent some internal changes, with the integration of Business & Decision France and Business & Decision Eolas Interactive France into Orange Business Services SA, and of TP Teltech into Orange Poland.

At the end of 2022, the Group had 136,430 active employees, of whom 133,856 were on permanent contracts and 2,574 on fixed-term contracts. The number of permanent contracts was down 2.2% (i.e. -3,018) on a comparable basis, with fixed-term contracts down 7% (i.e. -193). These trends vary depending on the different scopes.

They were driven mainly by France, where the Group had 74,905 employees (i.e. 54.8% of the Group's workforce) at the end of December: 73,824 on permanent contracts and 1,081 on fixed-term contracts. The decline in the active workforce (-4.5%) was driven solely by permanent contracts, which fell by 3,553 (-4.6%), while fixed-term contracts increased by 2.2% (i.e. +23) over the period. The decrease was attributable to Orange SA (-3,953 permanent contracts, i.e. -6.0%), with the permanent contracts of the French subsidiaries increasing by 3.5% (+394).

At end-2022, 60,032 employees on permanent contracts worked outside of France; their numbers rose by a slight 0.7% (i.e. +442 permanent contracts) on a comparable basis. Despite overall stability in employment numbers at the international level, there were a number of regional or sectorial changes year-on-year:

- growth in the permanent workforce (on a comparable basis) within:

OBS International (+748 permanent contracts, i.e. +4.8%), in emerging markets (Egypt, India, Morocco and Mauritius) within Equant, as well as in Orange Cyberdefense's Scandinavian companies,

Orange Innovation (+195 permanent contracts, i.e. +10.2%), mainly in Morocco,

the Africa & Middle East division (+194 permanent contracts, i.e. +1.4%);

conversely, there was a decrease in the Europe division (-707 permanent contracts, i.e. -2.5% on a comparable basis), driven by the workforce reduction at Orange Poland (-582 permanent contracts, i.e. -5.7%).

2022 Form 20-F / **ORANGE – 24**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Number of employees – active employees at end of period** | **2022** | **2021** | **2021** | **2020** |
|  |  |  | **(comparable basis)** |  |
| Orange SA | 62765 | 66599 | 66475 | 71297 |
| French subsidiaries | 12140 | 11836 | 11862 | 11125 |
| **Total France** <sup>(1)</sup> | **74905** | **78435** | **78337** | **82422** |
| International subsidiaries <sup>(1)</sup>  | 61525 | 61263 | 61303 | 59728 |
| **Group total** | **136430** | **139698** | **139640** | **142150** |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Scope of financial consolidation: a company is assigned to the scope in which its revenues are consolidated.

In terms of average full-time equivalent employees (FTEs) (monthly average over the year), the Group's internal workforce included 130,307 FTEs at the end of 2022. This represents a decrease of 3,980 FTEs (-3.0%) on a comparable basis, a trend mainly driven by France (Orange SA).

At the end of 2022, the Group had 2,574 employees on fixed-term contracts, nearly 58% of whom were outside France. Between 2022 and 2021 on a comparable basis, this headcount was down by 7% (i.e. -193 employees with fixed-term contracts), a trend driven by countries outside France (-221 employees, i.e. -12.9%).

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| | | | | |
|:---|:---|:---|:---|:---|
| **Employees by contract type** | **2022** | **2021** | **2021** | **2020** |
|  |  |  | **(comparabley basis)** |  |
| Permanent contracts | 133856 | 136928 | 136874 | 139269 |
| Fixed-term contracts | 2574 | 2770 | 2767 | 2881 |
| **Group total** | **136430** | **139698** | **139640** | **142150** |

---

This additional workforce, which represented 1.9% of the workforce at the end of 2022 (-0.1 point compared with 2021), is marginal. At the end of 2022, 44% of employees on fixed-term contracts were working in customer-facing activities (primarily sales and services for B2C customers). The innovation and technology businesses (information systems and networks) are their second business segment (26%).

---

| | | | |
|:---|:---|:---|:---|
| **Employees by type of activity** | **2022** | **2021** | **2020** |
| Support | 19.9% | 19.7% | 19.5% |
| Customer | 31.8% | 31.8% | 32.8% |
| Support functions | 11.0% | 11.1% | 11.1% |
| Innovation and technology | 35.4% | 35.0% | 33.3% |
| Other | 1.9%  | 2.4%  | 3.3%  |
| **Group total** <sup>(1)</sup> | **100.0%**  | **100.0%**  | **100.0%**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) the Group reporting scope comprises all entities consolidated in the Group's financial statements.

New business guidelines were implemented in France in 2019, and internationally in 2020. These new guidelines include a business category named "Support." It includes the management, project management and process management businesses. The "Innovation and Technology" category includes, *inter alia*, businesses relating to network roll-out and operation.

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| | | | |
|:---|:---|:---|:---|
| **Employees by geographical region** <sup>(1)</sup> | **2022** | **2021** | **2020** |
| France | 54.8% | 56.0% | 57.9% |
| Spain | 4.0% | 4.1% | 4.3% |
| Poland | 7.2% | 7.5% | 8.0% |
| other European countries | 12.5% | 12.2% | 9.6% |
| Africa | 14.9% | 13.8% | 13.3% |
| Asia-Pacific | 4.8% | 4.6% | 4.5% |
| North and South America | 1.8%  | 1.8%  | 2.4% |
| **Group total** <sup>(2)</sup> | **100.0%**  | **100.0%**  | **100.0%** |

---

(1)the Group reporting scope comprises all entities consolidated in the Group's financial statements.

**External workforce in France**

**Temporary staffing**

Temporary labor is mainly used to cope with temporary increases in activity, particularly the launch of new products and services, as well as sales campaigns and promotional offers.

It is presented in full-time equivalents (FTEs) and as a monthly average over the year. In 2022, as in the previous year, it mainly concerned the sales and marketing area and especially sales activities to B2C customers (65%), and to a lesser extent enterprise sales and services. Less significant in network activities, the use of temporary labor represents a small volume in information systems activities. Temporary staffing saw an increase of 25.2% compared to 2021, which was a return to pre-public health crisis levels. This increase was driven mainly by B2C Customer Relations.

The Group recommends using temporary employees rather than employees on fixed-term contracts for assignments of less than two months. External labor represented 0.8% of the Group's total workforce in France in 2022.

2022 Form 20-F / **ORANGE – 25**

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| | | | |
|:---|:---|:---|:---|
| **Temporary employees – Group France** <sup>(1)</sup> | **2022** <sup>(3)</sup> | **2021** | **2020** |
| Amount of payments made to external companies for employee placement (in millions of euros) | 37.8 | 30.1 | 25.2 |
| Monthly average number of temporary workers <sup>(2)</sup> | 791 | 632 | 542 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Scope of financial consolidation excludes companies with employees in France whose revenues are consolidated under the "international" scope.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Calculation of temporary employee expenses recorded in the Group France results.

(3)The 2022 figures are provisional.

**Subcontracting**

The use of employees belonging to external companies takes the form of service contracts. In France, they are mainly used in the field of networks, in the areas of technical intervention (on the networks and on the customer's premises), research, engineering and architecture, as well as in B2B and B2C Customer Relations and customer service. They are also used in the field of information systems on design, development and integration activities.

The use of subcontracting concerned 29,065 full-time equivalent employees (monthly average over the year) at end-December 2022, compared with 32,221 FTEs in 2021, a decrease of 9.8% (-3,157 FTEs). This external labor represented 29.2% of the total Group workforce in France (Orange SA and Group subsidiaries operating in France). The reduction recorded mainly relates to the construction of the very high-speed broadband network, with certain regions seeing the completion of their roll-out program in 2022.

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| | | | |
|:---|:---|:---|:---|
| **Subcontracting – Group France** <sup>(1)</sup> | **2022** | **2021** | **2020** |
| Amount of subcontracting (in millions of euros) | 2008.4 | 3030.5 | 2820.9 |
| Full-time equivalent workforce (monthly average) <sup>(2)</sup> | 29065 | 32221 | 35721 |

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(1)Scope of financial consolidation: excludes companies with employees in France whose revenues are consolidated under the "international" scope.

(2)Calculation based on the subcontracting expenses recorded in the statutory financial statements of the companies in the Group France scope.

**Social dialog**

**Organization of social dialog**

**Worldwide**

Orange's Worldwide Works Council (Comité Groupe Monde – CGM) was created in 2010 to provide a common platform for social dialog at the Group level. It comprises 32 members representing 23 countries across the world, each with more than 400 employees. The Worldwide Works Council met once in 2022. It should be noted that the meeting was held face-to-face, after two years of meetings taking place remotely due to the Covid-19 pandemic and related travel restrictions. The Worldwide Works Council addresses economic, financial and employee-related matters of a global or transnational nature, such as the Group's general business and its probable developments, its financial position, its Corporate Social Responsibility, and its industrial, commercial and innovation strategy.

The employee representatives are either trade union representatives appointed by their trade union to sit on the committee, representatives appointed by elected forums of employees, or employee representatives appointed by a democratic process according to locally defined rules.

**In Europe**

Orange's European Works Council comprises 24 employee representatives from 18 countries. It met nine times in 2022. The large number of meetings was due to the increase in the number of projects falling within the scope of the Committee. The matters presented relate to the company's economic and financial position, employment trends, and changes in the activities and structure of the Group. These include, for example, the project to combine the activities of Orange and MásMóvil in Spain, the acquisition of companies operating in the field of cybersecurity by Orange Cyberdéfense Holding, the development of the European network – with the European Network Optimization project relating to the monitoring and maintenance of core mobile networks in seven European countries: Belgium, Spain, Luxembourg, Moldova, Poland, Romania, Slovakia – and the planned evolution of OBS International.

**In France**

In 2022, the Corporate Social and Economic Committee (CSEC) of UES Orange met 25 times, mainly for recurring information-consultation meetings (strategy, the company's economic and financial position, social policy, employment and working conditions), for discussions on health and safety, and for *ad hoc* information-consultation meetings, mainly concerning changes in the activities and structure of the Group (e.g., change in the Finance and Performance organizational model, shift from the retail store model to retail branches, creation of a 50/50 joint venture between Orange and MásMóvil with the aim of combining their activities in Spain).

The French Works Council is the collective body covering all the Group subsidiaries in France. It met five times during the 2022 fiscal year, dealing with information relating to the Group's financial position, business and employment trends.

2022 Form 20-F / **ORANGE – 26**

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***Collective bargaining outcomes in France***

In 2022, labor negotiations in France focused on the following themes:

- employee profit-sharing in the Company's results;

- employee savings plans within the Orange group in France;

- the health insurance system set up within the Orange group in France; and

- internal mobility at the initiative of employees within the Orange group in France.

6. E SHARE OWNERSHIP

The information required by this section is set forth in the 2022 Universal Registration Document filed as Exhibit 15.1 of this document in:

- Section 5.1.4.2 *Information on Company shares held by Directors and Officers*, on page 404,

- Section 5.1.4.4 *Shares and stock options held by members of the Executive Committee*, on page 405,

subsections *Stock options granted during the fiscal year to each Corporate Officer (Table No 4 of the Afep-Medef Code) to History of performance share grants (Table No 9 of the Afep-Medef Code) of Section 5.4.1.2 Amount of compensation paid or allocated to Corporate Officers for 2022*, on pages 420 to 427,

- Section 5.4.3 *Compensation of members of the Executive Committee*, on page 433,

Section 6.2 *Major shareholders*, on page 437 and 438, for information regarding the percentage of the Company's Shares held by BPI Participations,

and incorporated in this section by reference.

In addition, the Board of Directors approved several free share award plans (*Long Term Incentive Plans* or LTIP) reserved for Corporate Officers and Senior Management. See note 6.3 *Share-based compensation* to the Consolidated Financial Statements.

6. F DISCLOSURE OF ACTIONS TO RECOVER ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

Item 7 Major shareholders and related party transactions

7. A MAJOR SHAREHOLDERS

The information required by this section is set forth in the 2022 Universal Registration Document filed as Exhibit 15.1 of this document in Section 6.2 *Major shareholders*, on pages 437 and 438 and incorporated this section by reference.

**Securities held and number of record holders in the United States**

As of March 15, 2023, there were 54,610,580 ADRs of Orange outstanding and 225 holders of record were registered with Bank of New York Mellon, depositary for the ADS program.

As of March 22, 2022, 559 United States residents were owners of Orange's Shares in fully registered form (*au nominatif pur*). Those U.S. residents held 119,698 Orange Shares.

Based on a Euroclear Identifiable-Bearer Securities (*Titres au porteur identifiable*) service report conducted by a specialized information provider, Orange estimates that corporate and institutional investors in the U.S. held a total of approximately 18.96% of its share capital as at December 31, 2022.

2022 Form 20-F / **ORANGE – 27**

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7. B RELATED PARTY TRANSACTIONS

Orange SA has entered into agreements with some of its subsidiaries, including framework agreements, support and brand licensing agreements, as well as service-related agreements. In addition, cash management agreements exist between Orange SA and most of its subsidiaries. These agreements were entered into on an arm's-length basis.

Except for potential agreements concluded in the normal course of business and on an arm's-length basis, no agreement was entered into in 2022, directly or indirectly, between a Director or Corporate Officer or a shareholder holding more than 10% of Orange SA's voting rights or close family members thereof, and a company in which Orange SA owns, directly or indirectly, more than 50% of the capital.

Regarding agreements made in previous years, the two amendments to ongoing agreements with Novalis executed on January 11, 2010, which extend to Corporate Officers and concern Orange group's policies covering (i) healthcare cost and (ii) death, incapacity and invalidity remained in force during 2022. However, they are no longer considered Related Party Transactions pursuant to French Law, since they relate to remuneration issues that are submitted separately to the approval of the shareholders within the say-on-pay shareholder resolutions. Other agreements made in previous years have now lapsed.

See also Note 12 *Related party transactions* and Note 6.4 *Executive compensation* to the Consolidated Financial Statements.

7. C INTERESTS OF EXPERTS AND COUNSELS

Not applicable.

Item 8 Financial information

8. A CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION

See Item 18 *Financial Statements*.

The other information required by this section is set forth in the 2022 Universal Registration Document filed as Exhibit 15.1 of this document in Sections 3.2.1 *Recent events* and 6.3 *Dividend distribution policy*, respectively on pages 130 and 438 and incorporated this section by reference.

8. B SIGNIFICANT CHANGES

The information required by this section is set forth in the 2022 Universal Registration Document filed as Exhibit 15.1 of this document in Section 3.2.1 *Recent events*, on page 130, and is incorporated in this section by reference.

See also Note 19 *Subsequent events* to the Consolidated Financial Statements.

Item 9 The offer and listing

9. A OFFER AND LISTING DETAILS

For information regarding risks related to Orange's Shares and ADSs, see Item 3.D *Risk factors*: "The price of Orange's ADSs and the U.S. dollar value of any dividend will be affected by fluctuations in the U.S. dollar / euro exchange rate"; "Holders of ADSs may face disadvantages compared to holders of Orange's Shares when attempting to exercise certain rights as shareholders"; "Preemptive rights may be unavailable to holders of Orange's ADSs".

Orange's Share is traded on compartment A (large capitalizations) of Euronext Paris (ticker: ORA and International Security Identification Number: FR0000133308) and in the form of ADS on the NYSE (ticker: ORAN and CUSIP: 684060106).

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9. B PLAN OF DISTRIBUTION

Not applicable.

9. C MARKETS

The principal trading market for the Shares is Euronext Paris, where the Shares have been traded since October 20, 1997. Prior to that date, there was no public trading market for the Shares. The Shares are included in the "CAC 40 Index" (a main benchmark index of 40 major stocks listed on Euronext Paris). The Shares in the form of American Depositary Shares ("ADSs") are also listed on the New York Stock Exchange. BNP Paribas Securities Services holds the share registry for Orange and Bank of New York Mellon acts as depositary for the ADSs.

9. D SELLING SHAREHOLDERS

Not applicable.

9. E DILUTION

Not applicable.

9. F EXPENSES OF THE ISSUE

Not applicable.

Item 10 Additional information

10. A SHARE CAPITAL

Not applicable.

10. B MEMORANDUM OF ASSOCIATION AND BYLAWS

The information required by this section is set forth in the 2022 Universal Registration Document filed as Exhibit 15.1 of this document under:

- subsection *Corporate scope* of Section 7.1 *Company identification* on page 466,

- subsection *Restrictions regarding the disposal of Shares by Directors and Officers* of Section 5.1.4.2 *Information on Company shares held by Directors and Officers*, on page 404,

Section 5.2.1.2 *Independent Directors* on pages 406 and 407, section 5.2.1.5 *Chairman of the Board of Directors*, on page 408 and 409, and section 5.2.1.8 *Board and committee activities during the fiscal year*, on pages 410 *et seq.,* 

Section 6.1.3 Authorizations to carry out capital increases, on page 436, section 6.3 *Dividend distribution policy,* on page 438*,* section 6.2.1.2 *Information on shareholders' agreements*, on page 437, and Section 6.4.1 *Rights, preferences and restrictions attached to shares*, on page 439,

- Section 6.4.2 *Actions necessary to modify shareholders' rights*, on page 439,

- Section 6.4.3 *Rules for participation in and notice of Shareholders' Meetings*, on pages 439 and 440,

- Section 6.4.4 *Declarations of threshold crossing*, on page 440,

- Section 5.2.1.1 *Legal and statutory rules relating to the composition of the Board of Directors* on page 406 and section 6.2 *Major shareholders* on pages 437 and 438,

and incorporated in this section by reference.

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**Ownership of Shares by non-French persons**

Under the French Commercial Code and our bylaws, there are no limitations of general application to the right of non-residents or non-French shareholders to own or, where applicable, to exercise the voting rights attached to securities of a French company.

Under French Law, a person is not required to obtain a prior authorization before acquiring a controlling interest. Under existing administrative rulings, ownership of 33 1/3% or more of the Company's share capital or voting rights is regarded as a controlling interest, but a lower percentage might be held to be a controlling interest in certain circumstances depending upon factors such as:

- the acquiring party's intentions;

- the acquiring party's ability to elect directors; or

- financial reliance by the company on the acquiring party.

However, non-residents of France (and certain French residents, depending on their ownership), must file an administrative notice (*déclaration administrative*) with French authorities in connection with the acquisition of a controlling interest in the Company, as defined above.

As an exception, a prior authorization may be required in case of investments by certain persons in certain sensitive economic areas, such as defense and public health, and, activities touching upon public order and public security contained in an expanded list of such sensitive areas, and which includes the integrity, security and continuity of operations of electronic communications networks and services. In addition, pursuant to the provisions of the French Monetary and Financial Code (CMF), any investment by any non-French citizen, any French citizen not residing in France, any non-French entity or any French entity controlled such persons or entities that will result in the relevant investor (a) acquiring control of an entity registered in France, (b) acquiring all or part of a business line of an entity registered in France, or (c) for non-EU or non-EEA investors crossing, directly or indirectly, alone or in concert, a 25% threshold of voting rights in an entity registered in France, in each case, conducting activities in certain strategic industries (such as Orange), including (a) activities likely to prejudice national defense interests, participating in the exercise of official authority or likely to prejudice public order and public security (including activities related to weapons, dual-use goods and technologies, IT systems, cryptology, data capturing devices, gambling, toxic agents or data storage), (b) activities relating to essential infrastructure, goods or services (including energy, water, transportation, space, telecom, public health, farm products or media), (c) research and development activities related to critical technologies (including cybersecurity, artificial intelligence, robotics, additive manufacturing, semiconductors, quantum technologies, energy storage or biotechnology) or dual-use goods and technologies (Articles R. 151-1 et seq. of the French Monetary and Financial Code), is subject to the prior authorization of the French Ministry of Economy, which authorization may be conditioned on certain undertakings. In the context of the ongoing Covid-19 pandemic, a decree, as modified added a new 10% threshold for companies incorporated in France and listed on a regulated market (such as Orange), in addition to the abovementioned 25% threshold, in force through December 31, 2023 (Decree number 2022-1622 of 23 December 2022 relating to the temporary lowering of the threshold for control of foreign investments in French companies whose shares are admitted to trading on a regulated market).

The CMF also imposes statistical reporting requirements. Transactions by which non-French residents acquire at least 10% of the share capital or voting rights, or cross the 10% threshold, of a French resident company, are considered as foreign direct investments in France and are subject to statistical reporting requirements (Articles R. 152-1; R. 152-3 and R. 152-11 of the CMF). When the investment exceeds €15,000,000, companies must declare foreign transactions directly to the Banque de France within 20 business days following the date of certain direct foreign investments in the Company, including any purchase of ADSs. Failure to comply with such statistical reporting requirement may be sanctioned by five years' imprisonment and a fine of a maximum amount equal to twice the amount which should have been reported, in accordance with Article L. 165-1 of the CMF. This amount may be increased fivefold if the violation is made by a legal entity.

The foregoing is a general description of certain regulations only, and are in addition to the various French legal and regulatory requirements (as well as provisions under our bylaws – see above reference to Section 6.4.1 *Rights, preferences and restrictions attached to shares*, on page 439) regarding disclosure of shareholdings and other matters which are applicable to all shareholders.

**Enforceability of Civil Liabilities**

Orange SA is a limited liability company (*société anonyme*) organized under the laws of France, and most of its officers and directors reside outside the United States. In addition, a substantial portion of its assets is located in France.

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As a result, it may be difficult for investors:

to effect service of process upon or obtain jurisdiction over the Company or its non-U.S. resident officers and directors in U.S. courts, or obtain evidence in France or from French citizen or any individual being resident in France or any officer, representative, agent or employee of a legal person having its registered office or an establishment in a territory of France, in connection with those actions in actions predicated on the civil liability provisions of the U.S. federal securities laws;

- to enforce either inside or outside the United States judgments obtained in U.S. or non-U.S. courts in actions predicated upon the civil liability provisions of the U.S. federal securities laws against the Company or its non-U.S. resident officers and directors;

- to bring an original action in a French court to enforce liabilities based upon the U.S. federal securities laws against the Company or its non-U.S. resident officers or directors; and

- to enforce against the Company or its directors in non-U.S. courts, including French courts, judgments of U.S. courts predicated upon the civil liability provisions of the U.S. federal securities laws.

Nevertheless, a final judgment for the payment of money rendered by any federal or state court in the United States based on civil liability, whether or not predicated solely upon the U.S. federal securities laws, would be recognized and enforced in France provided that a French judge considers that this judgment meets the French legal requirement concerning the recognition and the enforcement of foreign judgments and is capable of being immediately enforced in the United States. A French court is therefore likely to grant the enforcement of a foreign judgment without a review of the merits of the underlying claim, only if (1) the judgment was rendered by a court having jurisdiction over the matter as the dispute is clearly connected to the jurisdiction of such court, the choice of the U.S. court was not fraudulent and the French courts did not have exclusive jurisdiction over the matter, (2) the judgment does not contravene international public policy rule applied by French courts, whether such rule pertains to the merits or pertains to the procedure of the case, including any defense right(s), (3) the U.S. judgment is not tainted with fraud, and (4) the judgment does not conflict with a French judgment or a foreign judgment (or an arbitral award) which has become effective in France.

In addition, French law guarantees full compensation for the harm suffered but is limited to the actual damages, so the victim does not suffer or benefit from the situation, it being specified that under French law, the principle of awarding punitive damages is not, per se, contrary to public order, provided the amount awarded is not disproportionate to the harm suffered and the defendant's breach.

As a result, the enforcement, by U.S. investors, of any judgments obtained in U.S. courts in civil and commercial matters, including judgments under the U.S. federal securities law against the Company or members of its Board of Directors, officers or certain experts named herein who are residents of France or countries other than the United States would be subject to the above conditions. In addition, the enforcement of any such judgments obtained in U.S. courts (or in any other court) against the Company would be subject to limitations arising from applicable bankruptcy, insolvency, liquidation, reorganization, moratorium or similar laws affecting the rights of creditors generally.

Finally, there may be doubt as to whether a French court would impose civil liability on the Company, the members of its Board of Directors, its officers or certain experts named herein in an original action predicated solely upon the U.S. federal securities laws brought in a court of competent jurisdiction in France against the Company or such members, officers or experts, respectively.

**Provisions having the effect of delaying, deferring or preventing a change of control of the Company**

None.

10. C MATERIAL CONTRACTS

See Notes 3.2 *Main changes in the scope of consolidation* and 14.3 *Liquidity Risk Management* to the Consolidated Financial Statements included in Item 18.

10. D EXCHANGE CONTROLS

Under current French exchange control regulations, there are no limitations on the amount of payments that may be remitted by Orange to non-residents of France. Laws and regulations concerning foreign exchange controls do require, however, that all payments or transfers of funds made by a French resident to a non-resident, such as dividends payments, be handled by an authorized intermediary. In France, all registered banks and substantially all credit establishments are accredited intermediaries.

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10. E TAXATION

The discussions set forth in this section are based on French tax law and U.S. federal income tax law, including applicable treaties and conventions, as in effect on the date of this Annual Report on Form 20-F. These tax laws, and related interpretations, are subject to change, possibly with retroactive effect. This section is further based in part on representations of the depositary and assumes that each obligation in the deposit agreement and any related agreement will be performed in accordance with its terms.

**10. E.1 French Taxation**

The following is a general summary of the material French tax consequences of owning and disposing of the Shares or ADSs of Orange. This summary may only be relevant to you if you are not a resident of France (as defined in Article 4 B of the French General Tax Code), no double tax treaty between France and your country contains a provision under which dividends or capital gains are expressly liable to French tax (see Article 4 bis of the French General Tax Code) and you do not hold your Shares or ADSs in connection with a permanent establishment or a fixed base in France through which you carry on a business or perform personal services.

This discussion is intended only as a descriptive summary. It does not address all aspects of French tax laws that may be relevant to you in light of your particular circumstances.

If you are considering buying Shares or ADSs of Orange, you should consult your own tax advisor about the potential tax effects of owning or disposing of Shares or ADSs in your particular situation.

A comprehensive set of tax rules is specifically applicable to French assets (such as the Shares/ADSs) that are held by or in foreign trusts. These rules provide notably for the inclusion of trust real estate assets in the settlor's net assets for purpose of applying the French real estate wealth tax or trust assets in general for the application of French gift and death duties to French assets held in trust, for a specific tax on capital on the French assets of foreign trusts not already subject to the French real estate wealth tax and for a number of French tax reporting and disclosure obligations. The following discussion does not address the French tax consequences applicable to Shares and ADSs held in trusts. If the Shares or ADSs are held in trust, the grantor, trustee and beneficiary are urged to consult their own tax adviser regarding the specific tax consequences of acquiring, owning and disposing of the Shares or ADSs.

**Taxation on sale or disposal of Shares and ADSs**

Generally, you will not be subject to any French income tax or capital gains tax when you sell or dispose of Shares or ADSs of Orange if all of the following apply to you:

- you are not a French resident for French tax purposes; and

you have not held more than 25% of Orange's dividend rights, known as "*droits aux bénéfices sociaux*", at any time during the preceding five years, either directly or indirectly, and, as relates to individuals, alone or with relatives,

unless you are established or domiciled in a jurisdiction listed as a non-cooperative state or territory (*Etat ou territoire non coopératif*) within the meaning of Article 238-0 A of the French General Tax Code (a "Non-Cooperative State"), in which case you will be subject to a 75% tax on capital gain. The list of Non-Cooperative States is published by ministerial executive order and is updated from time to time.

If an applicable double tax treaty between France and your country contains more favorable provisions, you may not be subject to any French income tax or capital gains tax when you sell or dispose of any Shares or ADSs of Orange even if one or more of the above statements do not apply to you.

If you are a resident of the United States who is eligible for the benefits of the income tax treaty between the United States of America and France dated August 31, 1994 (as further amended) (the "U.S. France Treaty") and either you hold the Shares or the ADSs directly or hold them through a partnership which is fiscally transparent under U.S. law and is formed or organized in France, in the United States of America or in a state that has concluded with France an agreement containing a provision for the exchange of information with a view to the prevention of tax evasion, to the extent that the gain is treated for purposes of U.S. taxation as your income, you will not be subject to French tax on any capital gain if you sell or exchange your Shares or ADSs unless you have a permanent establishment or fixed base in France and the Shares or ADSs sold or exchanged were part of the business property of that permanent establishment or fixed base.

Special rules apply to individuals who are residents of more than one country.

Subject to specific conditions, foreign states, international organizations and a number of foreign public bodies are not considered French residents for these purposes.

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Pursuant to Article 235 ter ZD of the French General Tax Code, purchases of certain securities are subject to a 0.3% French tax on financial transactions provided that the market capitalization of the issuer exceeds 1 billion euros as of December 1 of the year preceding the taxation year. A list of companies whose market capitalization exceeds 1 billion euros as at December 1, 2022, has been published in the official guidelines of the French tax authorities on December 21, 2022 (BOI-ANNX-000467-21/12/2022), and Orange has been included on such list as a company whose market capitalization exceeded 1 billion euros as at December 1, 2022. Therefore, purchases of Orange's Shares or ADSs are subject to such French tax on financial transactions. Please note that such list may be amended in the future.

**Taxation of dividends**

Under French domestic law, French companies must generally deduct a 25% French withholding tax from dividends (including distributions from share capital premium, insofar as the company has distributable reserves) paid to non-residents (12.8% for distributions made to individuals and 15% for distributions made to not-for-profit organizations with a head office in a Member State of the European Economic Area which would be subject to the tax regime set forth under Article 206-5 of the French General Tax Code if its head office were located in France and which meet the criteria set forth in the administrative guidelines BOI-RPPM-RCM-30-30-10-70-24/12/2019, n°130 *et seq.*). Under most tax treaties between France and other countries, the rate of this withholding tax may be reduced in specific circumstances. Generally, a holder who is a non-French resident is subsequently entitled to a tax credit in his or her country of residence for the amount of tax actually withheld at the appropriate treaty rate.

However, dividends paid or deemed to be paid by a French corporation, such as Orange, towards a Non-Cooperative State, will generally be subject to French withholding tax at a rate of 75%, irrespective of the tax residence of the beneficiary of the dividends if the dividends are received or deemed to be received in such States or territories (subject to the more favorable provisions of an applicable double tax treaty).

Under some tax treaties, a shareholder who fulfills specific conditions may generally apply to the French tax authorities for a lower rate of withholding tax, generally 15%. Under some tax treaties, the withholding tax is eliminated altogether.

If the arrangements provided for by any of such treaties apply to a shareholder, Orange or the authorized intermediary will withhold tax from the dividend at the lower rate, provided that the shareholder complies, before the date of payment of the dividend, with the applicable filing formalities. Otherwise, Orange or the authorized intermediary must withhold tax at the full rate of 15%, 12.8%, 25% or 75% as applicable, and the shareholder may subsequently claim the refund of excess tax paid.

If you are a resident of the United States who is eligible for the benefits of the U.S. France Treaty (in particular, entitled to Treaty benefits under the ''Limitation on Benefits'' provision) and either you hold the Shares or the ADSs directly or hold them through a partnership which is fiscally transparent under U.S. law and is formed or organized in France, or in the United States of America or in a state that has concluded with France an agreement containing a provision for the exchange of information with a view to the prevention of tax evasion, to the extent that the dividend is treated for purposes of the U.S. taxation as your income, French dividend withholding tax is reduced to 15% provided your ownership of the Shares or ADSs is not effectively connected with a permanent establishment or a fixed base that you have in France. A U.S. partnership generally can claim benefits under the U.S. France Treaty only to the extent its income is taxable in the United States as the income of a resident, either in the hands of such partnership or in the hands of its partners. Although not expressly stated in their current guidelines, the French tax authorities conceded that the benefits of the U.S. France Treaty may still be claimed if one or several members of the U.S. partnership are themselves U.S. partnerships to the extent of the income taxable in the United States as the income of a resident in the hands of the ultimate partner or partners. Certain other requirements must be satisfied. In particular, you will have to comply with the formalities set out in Item 10.E.3 "Procedure for Reduced Withholding Rate". If you fail to comply with such formalities before the date of payment of the dividend, Orange or the authorized intermediary shall deduct French withholding tax at the rate of 15%, 12.8%, 25% or 75% as applicable. In that case, you may claim a refund from the French tax authorities of the excess withholding tax.

Certain tax exempt U.S. entities (such as tax-exempt U.S. pension funds, which include the exempt pension funds established and managed in order to pay retirement benefits subject to the provisions of Section 401(a) of the Internal Revenue Code (qualified retirement plans), Section 403(b) of the Internal Revenue Code (tax deferred annuity contracts) or Section 457 of the Internal Revenue Code (deferred compensation plans), and various other tax-exempt entities, including certain state-owned institutions, not-for-profit organizations and individuals with respect to dividends which they beneficially own and which are derived from an investment retirement account) may be eligible for the reduced withholding tax rate of 15% on dividends. Specific rules apply to them as further described below in Item 10.E.3 "Procedure for Reduced Withholding Rate".

**Estate and Gift Tax**

France imposes estate and gift tax where an individual or entity acquires shares of a French company from a non-resident of France by way of inheritance or gift. France has entered into estate and gift tax treaties with a number of countries. Under these treaties, the transfer by residents of those countries of shares of a French company by way of inheritance or gift may be exempt from French inheritance or gift tax or give rise to a tax credit in such countries, assuming specific conditions are met.

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Under the "Convention Between the United States of America and the French Republic for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Estates, Inheritance and Gifts of November 24, 1978" (as further amended), French estate and gift tax generally will not apply to the individual or entity acquiring your Shares or ADSs if that individual or entity as well as you are residents of the United States and if you transfer your Shares or ADSs by gift, or they are transferred by reason of your death, unless you are a citizen of France or domiciled in France at the time of making the gift of the Shares or ADSs or at the time of your death, or you used the Shares or ADSs in conducting a business through a permanent establishment or fixed base in France, or you held the Shares or ADSs for that use.

You should consult your own tax advisor about whether French estate and gift tax will apply and whether an exemption or tax credit can be claimed.

**Real Estate Wealth Tax**

The French real estate wealth tax known as *impôt sur la fortune immobilière* replaced the French wealth tax, known as *impôt de solidarité sur la fortune*, with effect from January 1, 2018.

Company Shares are included in the basis of calculation of the French real estate wealth tax for the fraction of their value representing property or real estate rights held directly or indirectly by the company. However, buildings and real estate rights allocated to the industrial or commercial activity of the company that holds them directly are excluded from the calculation of the taxable fraction (article 965, 2°-a of the French General Tax Code).

In any case, you will not be subject to French real estate wealth tax, on your Shares or ADSs of Orange if both of the following apply to you:

- you are not a French resident for the purpose of French taxation; and

you own, either directly or indirectly, less than 10% of Orange capital stock, provided your Shares or ADSs do not enable you to exercise influence on Orange.

If a double tax treaty between France and your country contains more favorable provisions, you may not be subject to French real estate wealth tax even if one or both of the above statements do not apply to you.

The French real estate wealth tax generally does not apply to Shares or ADSs if you are a resident of the United States for purposes of the U.S. France Treaty provided that you do not own directly or indirectly Shares or ADSs exceeding 25% of the financial rights of Orange.

**10. E.2 U.S. Taxation of U.S. Holders**

The following discussion is a general summary of certain U.S. federal income tax considerations relevant to the ownership and disposition of Orange Shares and ADSs. The discussion is not a complete description of all income tax considerations that may be relevant to you. It does not deal with federal estate or gift taxation or taxation by U.S. states. It does not consider your particular circumstances. It applies to you only if you are a U.S. Holder, you hold the Shares or ADSs as capital assets, you use the U.S. dollar as your functional currency and you are eligible for the benefits of the U.S. France Treaty. It does not address the tax treatment of investors subject to special rules, such as banks, tax-exempt entities, insurance companies, dealers, traders in securities that elect to mark to market, U.S. expatriates or persons who directly, indirectly or constructively own 10% or more of the Shares or ADSs, have a permanent establishment in France, acquire ADSs in a "pre-release" transaction or hold Shares or ADSs as part of a straddle, hedging, conversion or other integrated transaction. For certain additional information regarding U.S. partnerships, see also the discussion presented under the caption "Taxation of Dividends" in Item 10.E.1 (French Taxation).

As used here, a "U.S. Holder" means a beneficial owner of the Shares or ADSs, that is, for U.S. federal income tax purposes (i) an individual citizen or resident of the United States, (ii) a corporation or other business entity taxed as a corporation that is created or organized under the laws of the United States or its political subdivisions, (iii) an estate the income of which is subject to U.S. federal income tax without regard to its source or (iv) a trust subject to the primary supervision of a U.S. court and the control of one or more U.S. persons or that has elected to be treated as a domestic trust.

The U.S. federal income tax treatment of a partner in a partnership that holds Shares or ADSs will depend on the status of the partner and the activities of the partnership. Partnerships should consult their tax advisors concerning the U.S. federal income tax consequences of the acquisition, ownership and disposition of the Shares or ADSs.

U.S. Holders of ADSs generally will be treated for U.S. federal income tax purposes as owners of the Shares underlying the ADSs.

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Orange believes, and this discussion assumes, that Orange is not and will not become a passive foreign investment company ("PFIC") for U.S. federal income tax purposes.

**Dividends**

Distributions on Orange Shares and ADSs, including French tax withheld and the gross amount of any payment on account of a French tax credit, will be includable in income as dividends from foreign sources when actually or constructively received. The dividends will not be eligible for the dividends received deduction generally allowed to U.S. corporations. The dividends received by non-corporate U.S. Holders, however, should be taxed as qualified dividends, currently at the same preferential rate allowed for long-term capital gains, because the ADSs are readily tradable on the NYSE.

The U.S. dollar amount of a euro dividend received on the Shares or ADSs will be based on the exchange rate for the euros received on the date you recognize the dividend for U.S. federal income tax purposes, whether or not you convert the euros into U.S. dollars. You will have a basis in the euros received equal to the U.S. dollar amount of the dividend you realized. Any gain or loss on a subsequent conversion or other disposition of the euros generally will be ordinary income or loss from U.S. sources.

Subject to generally applicable limitations, you may claim a deduction or a foreign tax credit for tax withheld at the applicable withholding rate. In computing foreign tax credit limitations, non-corporate U.S. Holders eligible for the preferential tax rate applicable to qualified dividend income may take into account only the portion of the dividend effectively taxed at the highest applicable marginal rate. You should consult your own tax adviser about your eligibility for benefits under the U.S. France Treaty including a reduced rate of French withholding tax and for applicable limitations on claiming a deduction or foreign tax credit for any French tax withheld.

**Dispositions**

You will recognize gain or loss on a disposition of Orange Shares or ADSs in an amount equal to the difference between the amount you realize and your adjusted tax basis in the Shares or ADSs. Your adjusted tax basis in a Share or ADS will generally be the amount you paid for it measured in U.S. dollars. The U.S-dollar cost of a Share or ADS purchased with foreign currency will generally be the U.S-dollar value of the purchase price. The gain or loss generally will be from sources within the United States. The gain or loss will be long-term capital gain or loss if you held the Shares or ADSs for at least one year. Long term capital gains realized by non-corporate U.S. Holders currently qualify for preferential tax rates. Deductions for capital losses are subject to limitations.

If you receive a currency other than U.S. dollars upon disposition of the Shares or ADSs, you will realize an amount equal to the U.S. dollar value of the currency received on the date of disposition (or, if you are a cash-basis or an accrual basis taxpayer that files an election with the IRS, the settlement date). You will have a tax basis in the currency received equal to the U.S. dollar amount you realized. Any gain or loss on a subsequent conversion or disposition of the currency received generally will be U.S. source ordinary income or loss.

Deposits or withdrawals of Shares in exchange for ADSs will not be taxable transactions subject to U.S. federal income tax.

**U.S. Information Reporting and Backup Withholding for U.S. Holders**

Your dividends on the Shares or ADSs and proceeds from the sale or other disposition of the Shares or ADSs may be reported to the U.S. Internal Revenue Service unless you are a corporation or you otherwise establish a basis for exemption. Backup withholding tax may apply to amounts subject to reporting if you fail to provide an accurate taxpayer identification number or otherwise establish a basis for exemption. You can claim a credit against your U.S. federal income tax liability for amounts withheld under the backup withholding rules and a refund for any excess.

Certain U.S. Holders will be required to report information with respect to Shares and ADSs that are held through foreign accounts. U.S. Holders who fail to report information required under these rules could become subject to substantial penalties. You are urged to consult your U.S. tax advisor regarding these and other reporting requirements that may apply with respect to your Shares or ADSs, as well as the application of all of the above rules to your particular tax situation.

**10. E.3 Procedure for reduced withholding rate**

If you are eligible for benefits under the U.S. France Treaty, you will be entitled to reduce the rate of French withholding tax on dividends by filing the applicable form(s) with the depositary or other financial institution managing your securities account in the United States, or failing that, the French paying agent, if the financial institution managing your securities account or the French paying agent receives the form(s) before the date of payment of the dividend. If you fail to submit the applicable form(s) in time to avoid withholding, you may claim a refund for the amount withheld in excess of the U.S. France Treaty rate.

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In order to have taxes on dividends withheld at the reduced amount, you generally must provide the depositary, or other financial institution managing your securities account in the United States, with a certificate of residence before the dividend is paid. If this certificate is not stamped by the U.S. Internal Revenue Service, the depositary or other financial institution managing your securities account in the U.S. must provide the French paying agent with a document listing certain information about the U.S. Holder and its Shares or ADSs and a certificate whereby the financial institution managing your securities account in the United States takes full responsibility for the accuracy of the information provided in the document.

Tax exempt U.S. pension funds, charities or other tax exempt organizations must also provide a certificate from the U.S. Internal Revenue Service setting out that they have been created and operate in compliance with the Internal Revenue Code of 1986, as amended. Tax exempt organizations may obtain this certification by filing a U.S. Internal Revenue Service Form 8802. Similar requirements apply to REITs, RICs and REMICs.

Collective trusts of pension funds may apply for the withholding tax reduction on behalf of their members if they provide a complete list of their members, the required certificate from the IRS for each member which is a tax exempt U.S. pension fund and a certificate setting out the dividend to which each tax exempt U.S. pension fund which is a member is entitled.

The relevant French forms will be provided by the depositary to all U.S. Holders of ADSs registered with the depositary and all U.S. Internal Revenue Service Forms are also available from the U.S. Internal Revenue Service. The depositary will arrange for the filing with the French paying agent and the French tax authorities of all forms completed by U.S. Holders of ADSs that are returned to the depositary in sufficient time.

You should consult your own independent tax advisors about the availability and applicability of the reduced rate of French withholding tax.

10. F DIVIDENDS AND PAYING AGENTS

Not applicable.

10. G STATEMENT BY EXPERTS

Not applicable.

10. H DOCUMENTS ON DISPLAY

Orange is subject to the reporting requirements of the Exchange Act applicable to foreign private issuers. In connection with the Exchange Act, Orange files reports, including this Annual Report on Form 20-F, and other information with the U.S. Securities and Exchange Commission. Such reports and other information are available on the SEC's website at www.sec.gov, and may also be inspected and copied at prescribed rates at the public reference facilities maintained by the SEC at its Public Reference Room, 100 F Street, N.E., Washington, D.C. 20549.

All documents provided to shareholders as required by law may be consulted at Orange's registered offices at 111, quai du Président Roosevelt, 92130 Issy-les-Moulineaux, France.

In addition, the bylaws of Orange are available on Orange's website at www.orange.com. For the avoidance of doubt, the information available on our website is not incorporated by reference in this Form 20-F.

10. I SUBSIDIARY INFORMATION

For information relating to the Company's subsidiaries, see Note 20 *Main consolidated entities* to the Consolidated Financial Statements.

10. J DISCLOSURE PURSUANT TO SECTION 13 (r) OF THE UNITED STATES EXCHANGE ACT OF 1934

Section 13(r) of the Exchange Securities Act requires an issuer to disclose in its annual or quarterly reports, as applicable, certain activities, including certain transactions or dealings relating to the "Government of Iran" as defined under § 560.304 of the Iranian Transactions and Sanctions Regulations (31 C.F.R. Part 560) and certain persons that are the subject of U.S. sanctions. Disclosure may be required even where the activities, transactions or dealings are conducted outside the United States by non-U.S. affiliates in compliance with applicable law and regardless of whether the activities are sanctionable under U.S. law.

Orange conducts limited business in Iran, all of which relates to telecommunications. The total revenue from these activities constitutes much less than 1% of the Group's consolidated revenue in the year ended December 31, 2022. Orange maintains roaming agreements and interconnection agreements with certain Iranian telecommunications companies. Orange also maintains a connectivity agreement with the Telecommunications Infrastructure Company (TIC). Separately, Orange's Enterprise operating segment provides (through indirect, wholly-owned subsidiaries of Orange) telecommunications services to certain international public organizations and multinationals in Iran. In 2022, these telecommunication services represented gross revenues of approximately 4 million euros and a net profit of approximately 0.36 million euros.

2022 Form 20-F / **ORANGE – 36**

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In addition, Orange provides standard commercial telecommunications services to certain Iranian companies present in France and the branches of several Iranian banks in France. In 2022, these telecommunication services represented gross revenues of approximately 40,000 euros and a net profit of approximately 8,000 euros.

Orange intends to continue carrying out these activities.

Item 11 Quantitative and qualitative disclosures about market risk

See Note 14 *Information on market risk and fair value of financial assets and liabilities (telecom activities)* to the Consolidated Financial Statements. The Group uses hedging instruments in order to limit its exposure to operational and financial foreign exchange and interest rate risks, while maintaining a diversified financing policy.

Item 12 Description of securities other than equity securities

12. A DEBT SECURITIES

Not applicable.

12. B WARRANTS AND RIGHTS

Not applicable.

2022 Form 20-F / **ORANGE – 37**

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12. C OTHER SECURITIES

Not applicable.

12. D AMERICAN DEPOSITARY SHARES

Orange's ADR facility is maintained by Bank of New York Mellon, which principal executive office is located at 240 Greenwich Street, New York, New York 10286 ("the Depositary").

One American Depositary Share represents one Share of Orange. A copy of our form of Amended and Restated Deposit Agreement ("the Deposit Agreement") among the Depositary, owners and holders of ADSs evidenced by ADRs issued under the Deposit Agreement and Orange was filed with the SEC as an exhibit to the Form F-6 filed on July 27, 2017. Société Générale ("the Custodian") acts as agent of the Depositary for the purposes of this Deposit Agreement. For more complete information, including on holders' rights and obligations, holders should read the entire deposit agreement, as amended, and the ADR itself.

**Fees and charges payable by a holder of ADSs**

Under the Deposit Agreement, the Depositary collects fees for delivery and surrender of ADSs directly from investors depositing Shares or surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them. The Depositary collects fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of the distributable property to pay the fees.

The fees payable to the Depositary by investors are as follows:

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| | |
|:---|:---|
| Depositary actions: | Fee: |
| -<br>Issuance of ADSs, including issuances resulting from a distribution of Shares or rights or other property<br>| $5.00 (or less) per 100 ADSs (or portion of 100 ADSs)  |
| -<br>Cancellation of ADSs for the purpose of withdrawal, including if the Deposit Agreement terminates<br>| $5.00 (or less) per 100 ADSs (or portion of 100 ADSs)  |
| -<br>Any cash distribution to ADS registered holders<br>| $0.05 (or less) per ADS  |
| -<br>Distribution of securities distributed to holders of deposited securities which are distributed by the Depositary to ADS registered holders<br>| A fee equivalent to the fee that would be payable if securities distributed to holders of deposited securities had been Shares and the Shares had been deposited for issuance of ADSs |
| -<br>Transfer and registration of Shares on the Depositary's share register to or from the name of the Depositary or its agent when depositing or withdrawing Shares<br>| Registration or transfer fees |

---

In addition, investors must, as necessary, reimburse the Depositary for:

-Taxes and other governmental charges the Depositary or the Custodian have to pay on any ADS or Share underlying an ADS, for example, stock transfer taxes, stamp duty or withholding taxes

-Any charges incurred by the depositary or its agents for servicing the deposited securities

-Expenses of the Depositary for cable, telex and facsimile transmissions (when expressly provided in the Deposit Agreement)

-Expenses of the Depositary for converting foreign currency to U.S. dollars

**Fees and payments made by the Depositary to the Issuer**

The Depositary has agreed to reimburse the Company for expenses the Company incurs that are related to establishment and maintenance expenses of the ADR facility. The Depositary has agreed to reimburse the Company for its continuing annual stock exchange listing fees. The Depositary has also agreed to pay the standard out-of-pocket maintenance costs for the ADRs, which consist of the expenses of postage and envelopes for mailing annual and interim financial reports, printing and distributing dividend checks, electronic filing of U.S. Federal tax information, mailing required tax forms, stationery, postage, facsimile, and telephone calls. It has also agreed to reimburse the Company annually for certain investor relationship programs or special investor relations promotional activities. The Depositary has agreed to provide additional payments to the Company based on activity indicators relating to the outstanding ADRs.

2022 Form 20-F / **ORANGE – 38**

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During the fiscal year ended December 31, 2022, payments of 2.9 million U.S. dollars were made to Orange in relation thereto.

**Voting the Shares at shareholders' meetings**

Pursuant to a deposit agreement signed with the Company, the Company shall timely notify the Depositary in writing prior to any meeting of holders of Shares or other Deposited Securities of such meeting. Upon receipt of such notice, and upon consultation with the Company, the Depositary shall, in a timely manner, mail to owners of ADSs (the Owners):

- a notice of impending meetings,

- a statement that the Owners will be entitled, subject to any applicable provision of French law and the bylaws of the Company, to instruct the Depositary as to the exercise of the voting rights pertaining to the Shares represented by the ADSs,

- copy or summary of any material provided by the Company,

a voting instruction card,

and a statement as to the manner in which such instructions may be given, including an express indication that if no instruction is received, such instructions may be given or deemed given, to the Depositary to give the Custodian instructions to vote or cause to vote the Deposited Securities underlying the ADSs for which voting instructions are specifically given or deemed given, in accordance with the recommendations of the Board of Directors of the Company.

The Depositary will not charge any fee in connection with enabling the Owners to exercise their voting rights.

The Depositary and the Company may amend the voting procedures from time to time as they determine appropriate to comply with French or United States law or the bylaws of the Company.

**Reports, notices and other communications**

On or before the first date on which the Company gives notice of any meeting of holders of Shares or of the taking of any action in respect of any cash or other distribution or the offering of any rights, the Company shall transmit to the Depositary a copy of the notice thereof. The Company will also arrange for the prompt transmittal to the Depositary of any other report and communication which is made generally available by the Company to holders of its Shares. The Company may arrange for the Depositary to mail copies of such notices, reports and communications to all Owners.

PART II

Item 13 Defaults, dividend arrearages and delinquencies

Not applicable.

Item 14 Material modifications to the rights of security holders and use of proceeds

None.

Item 15 Controls and procedures

15. A DISCLOSURE CONTROLS AND PROCEDURES

Since 2003, Orange has had a Disclosure Committee whose mission is to ensure the accuracy, the compliance with applicable laws, regulations and recognized practices, the consistency and the quality of the financial information disclosed by Orange. The Disclosure Committee, operating under the authority of the Deputy Chief Executive Officer Finance, Performance and Development, reviews all financial information distributed by the Group, as well as related documents such as press releases announcing financial results, presentations to financial analysts and management reports. The Disclosure Committee is chaired, by delegation, by the Group Accounting Director and brings together the heads of the Legal, Internal Audit, Controlling, Investor Relations and Communication Departments.

2022 Form 20-F / **ORANGE – 39**

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Orange's Chief Executive Officer and Deputy Chief Executive Officer Finance, Performance and Development (in his capacity as Chief Financial Officer), after evaluating the effectiveness of the Group's disclosure controls and procedures (as defined by Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of December 31, 2022, have concluded that, as of such date, Orange's disclosure controls and procedures were effective. Orange's disclosure controls and procedures are designed to provide reasonable assurance that the information required to be disclosed in the reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the specified time periods, and that such information is made known to the Chief Executive Officer and Deputy Chief Executive Officer Finance, Performance and Development (in his capacity as Chief Financial Officer), as appropriate to allow timely decisions regarding required disclosure.

15. B MANAGEMENT'S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Orange's management is responsible for establishing and maintaining adequate internal control over financial reporting of Orange (as defined by Rules 13a-15(f) and 15d-15(f) under the Exchange Act).

Orange's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

The Group's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Group; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Group are being made only in accordance with authorizations of management and directors; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Group's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal controls over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The Group management conducted an evaluation of the effectiveness of internal control over financial reporting based on the framework presented in the Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework).

Based on this evaluation, management concluded that the Group's internal control over financial reporting was effective as of December 31, 2022. The effectiveness of the Group's internal control over financial reporting as of December 31, 2022 has been audited by KPMG S.A. and Deloitte & Associés, independent registered public accounting firms, as stated in their report which is included herein.

15. C REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS

To the Shareholders and the Board of Directors of Orange S.A.,

**Opinion on Internal Control over Financial Reporting**

We have audited the internal control over financial reporting of Orange S.A. and its subsidiaries (the "Group") as of December 31, 2022, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). In our opinion, the Group maintained, in all material respects, effective internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control — Integrated Framework (2013) issued by the COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), the consolidated statements of financial position of the Group as of December 31, 2022 and 2021 and the related consolidated statements of income, comprehensive income, changes in shareholders' equity and cash flows, for each of the years in the two-year period ended December 31, 2022, and the related notes (collectively referred to as the "consolidated financial statements") and our report dated March 3, 2023, expressed an unqualified opinion on those consolidated financial statements.

2022 Form 20-F / **ORANGE – 40**

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**Basis for Opinion**

The Group's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Annual Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Group's internal control over financial reporting based on our audit. We are public accounting firms registered with the PCAOB and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

**Definition and Limitations of Internal Control over Financial Reporting**

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Paris-La Défense, France March 3, 2023

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| | |
|:---|:---|
| /s/ KPMG S.A.<br>Represented by Jacques Yves PIERRE | /s/ Deloitte & Associés |

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15. D CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

None.

Item 16 [Reserved]

Item 16A Audit committee financial expert

Jean-Michel Severino is the Audit Committee's financial expert as defined in Item 16A(b) and (c) of the SEC General Instructions on Form 20-F. Jean-Michel Severino is "independent" as defined by Rule 10A-3(b)(1)(ii) of the Exchange Act, as amended (see Item 6 *Directors, Senior Management and Employees*). Mr. Severino's term as director will expire at the next Annual General Meeting of shareholders in May 2023. After that meeting, the Board of Directors will meet to designate new committee members and the financial expert for the Audit Committee will be designated thereafter.

2022 Form 20-F / **ORANGE – 41**

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Item 16B Code of ethics

Orange's Board of Directors has adopted a Code of Ethics that applies to all Orange employees, including the Chief Executive Officer, the Deputy Chief Executive Officer Finance, Performance and Development (in his capacity as Chief Financial Officer), the principal accounting officer and the persons performing similar functions. A copy of Orange's Code of Ethics is filed as Exhibit 11 to this document and is publicly accessible free of charge on Orange's website at www.orange.com.

Item 16C Principal accountant fees and services

Information about fees billed to Orange by our current statutory auditors KPMG SA, Paris La Défense, France (PCAOB ID No. 1253) and Deloitte & Associés, Paris La Défense, France (PCAOB ID No. 1756) and our former statutory auditor Ernst & Young Audit, Paris La Défense, France (PCAOB ID No. 1692) is presented in Note 22 *Auditor's fees* to the Consolidated Financial Statements.

The Audit Committee has adopted an Audit and Non-Audit Services Pre-Approval Policy that sets forth the procedures and the conditions pursuant to which services proposed to be performed by the statutory auditors may be pre-approved and that are not prohibited by regulatory or other professional requirements. This policy provides pre-approval in principles for certain types of services notably through the use of an annual budget approved by the Audit Committee and special pre-approval of other services by the Audit Committee on a case-by-case basis. The Audit Committee reviews at interim and annual closing the services provided by the statutory auditors.

Item 16D Exemptions from listing standards for audit committees

Orange's Audit Committee consists of five directors including three directors who meet the independence requirements under Rule 10A-3 of the Exchange Act, as amended, and two who are exempt from such requirements pursuant to Rule 10A-3(b)(1)(iv) of the Exchange Act. The Audit Committee members exempt from the independence requirements are Ms. Céline Fornaro who meets the exemption requirements under Rule 10A-3(b)(1)(iv)(E) of the Exchange Act relating to foreign government representatives, and Mr. Sébastien Crozier who meets the exemption requirements under Rule 10A-3(b)(1)(iv)(C) of the Exchange Act relating to non-executive employees. Orange's reliance on such exemptions does not materially adversely affect the ability of the Audit Committee to act independently.

Item 16E Purchase of equity securities by the issuer and affiliated purchasers

The information required by this section is set forth in the 2022 Universal Registration Document filed as Exhibit 15.1 of this document in Section 6.1.4 *Treasury shares – Share Buyback program*, on pages 436 and 437, and is incorporated this section by reference.

The table below presents additional information on the purchases of treasury Shares in 2022:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Settlement month** | **Total number ofShares purchased** <sup>(1)</sup> | **Weighted averagegross price perShare (€)** | **Total number ofShares purchased aspart of publiclyannounced programs** | **Maximum number ofShares that may yet bepurchased under theprograms** <sup>(2)</sup> |
| January 2022 | 1449977 | 9.7585 | 1449977 | 226870023 |
| February 2022 | 2291915 | 10.6440 | 2291915 | 224578108 |
| March 2022 | 2345677 | 10.5479 | 2345677 | 222232431 |
| April 2022 | 2091939 | 10.9145 | 2091939 | 220140492 |
| May 2022 | 3232542 | 11.5804 | 3232542 | 262773118 |
| June 2022 | 2189588 | 11.2325 | 2189588 | 260583530 |
| July 2022 | 1446919 | 10.7297 | 1446919 | 259136611 |
| August 2022 | 1468774 | 10.1510 | 1468774 | 257667837 |
| September 2022 | 844004 | 10.0811 | 844004 | 256823833 |
| October 2022 | 430500 | 9.3186 | 430500 | 256393333 |
| November 2022 | 1493467 | 9.7998 | 1493467 | 254899866 |
| December 2022 | 1458717 | 9.5201 | 1458717 | 253441149 |
| **Total** | **20744019** |  | **20744019** |  |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Until May 19, 2022, under the 2021 Share buyback program approved by the Annual Shareholders' Meeting of May 18, 2021 for up to 10% of Orange's share capital; from May 20, 2022, under the 2022 Share buyback program approved by the Annual Shareholders' Meeting of May 19, 2022 for up to 10% of Orange's share capital for a period of 18 months.

&nbsp;&nbsp;&nbsp;&nbsp;(2) At month end.

2022 Form 20-F / **ORANGE – 42**

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Item 16F Change in Registrant's Certifying Accountant

Not applicable

Item 16G Corporate governance

Orange has endeavored to take into account the NYSE corporate governance standards as codified in section 303A of the NYSE Listed Company Manual. However, because Orange SA is not a U.S. company, most of those standards do not apply to Orange, which may choose to follow rules applicable in France.

The table below discloses the significant ways in which Orange's corporate governance practices differ from those required for U.S. companies listed on the NYSE.

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| | |
|:---|:---|
| **NYSE Standards** | **Corporate Governance Practices of Orange** |
| Board Independence | Orange's Board of Directors has chosen to determine the independence of its members against the criteria set out in France in the Afep-Medef Report (defined in Item 16G as "the Report"), which provides that one-third of board members should be independent. According to the criteria the Report sets out, seven members (out of the total of 15 current board members) are independent.<br>Orange has not tested the independence of its board members under the NYSE standards; a majority of the board may not be independent under those criteria.<br>The criteria against which the directors' independence must be tested, as provided in the Report, are set forth in Section 5.2.1.2 *Independent Directors* on pages 406 and 407 of the 2022 Universal Registration Document, *filed as Exhibit 15.1 of* this document and is incorporated this section by reference. |
| Executive Sessions/ Communications with the Presiding Director or Non-Management Directors<br>| French law does not require non-management directors to meet regularly without management. However, in accordance with the recommendation of the Report, the newly appointed Chairman of the Board supported a modification of the Board's Internal Guidelines in 2022 resulting in the introduction of a new requirement that meetings reserved to non-management directors be organized regularly. French law does not mandate (and Orange does not provide for) a method for interested parties to communicate with the presiding director or non-management directors. |
| Compensation/Nominating/ Corporate Governance Committee<br>| Orange has a combined Governance and Corporate Environmental and Social Responsibility Committee. The Committee consists of three directors, including one independent director (according to the criteria set out in the Report). The NYSE standards provide for the implementation of two separate committees (a Nominating Committee and a Compensation Committee) composed exclusively of independent directors. In terms of internal mechanics, while the Committee has a written charter, it does not comply with all the requirements of the NYSE. <br>In addition, in accordance with law, the Governance and Corporate Environmental and Social Responsibility Committee is not vested with the same scope of authority and responsibilities as that available to U.S. domestic companies. Under French law, the committees of our Board of Directors are advisory only; our Board of Directors is, pursuant to French law, the only competent body to take decisions, albeit taking into account the recommendations of the relevant committees. |
| Audit Committee<br>| Orange's Audit Committee consists of five directors including three independent directors (according to the criteria set out in the Report) and two non-independent directors.<br>Of those, one is a representative of the French Government and one is an employee who is not an executive officer of the Issuer. While not meeting the definition of independence set forth in Rules 10A-3 (b) (1) of the Exchange Act, as amended, they fall within the exceptions under Rule 10A-3(b)(1)(iv) (C) relating to non-executive employees and Rule 10A-3(b)(1)(iv) (E) relating to foreign government representatives. For its part, the Report recommends that two-thirds of an audit committee's members should be independent.<br>The Committee is responsible for organizing the procedure for selecting the statutory auditors. It makes a recommendation to the Board of Directors regarding their choice and terms of compensation. As required by French law, the actual appointment of the statutory auditors is made by the Shareholders' Meeting.<br>According to its charter, the Committee has the authority to engage advisors and determine appropriate funding for payment of compensation to an accounting firm for an audit or other service.<br>French corporate law provides that the Board of Directors must vote to approve a broadly defined range of related-party transactions (*conventions règlementées*) between the Company on the one hand and its directors and officers on the other hand, which are then presented to shareholders for approval at the next annual meeting. This legal safeguard operates in place of certain provisions of the NYSE rules. |
| Equity Compensation Plans<br>| The NYSE requires a listed U.S. company to obtain prior shareholder approval for certain issuances of authorized stock and equity compensation plans when such plans are established or materially amended. Under French law, Orange must obtain shareholder approval at a Shareholders' Meeting in order to adopt an equity compensation plan. Generally, the shareholders then delegate to the Board of Directors the authority to decide on the specific terms and conditions of the granting of equity compensation, within the limits of the shareholders' authorization. While the Company may, from time to time, obtain shareholder approval of an issuance of authorized stock or an equity compensation plans in order to obtain advantageous tax treatment or otherwise, as a general matter, we intend to follow our French home country practice, which does not require such shareholder approvals, rather than complying with these NYSE rules. |
| Adoption and disclosure of corporate governance guidelines<br>| Orange has adopted corporate governance guidelines (the "Internal Guidelines", available on its website at www.orange.com under Group/Governance/Documentation links to Governance) as required by French law. For the avoidance of doubt, the information available on our website is not incorporated by reference in this Form 20-F. |

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2022 Form 20-F / **ORANGE – 43**

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| | |
|:---|:---|
| **NYSE Standards** | **Corporate Governance Practices of Orange** |
|  | These corporate governance guidelines do not cover all items required by NYSE guidelines for U.S. companies. |
| Code of Ethics<br>| Orange has adopted a Code of Ethics to be observed by all its directors, officers and other employees that generally meets the requirements of the NYSE. |
| Annual certifications | Because Orange is a "foreign private issuer" as described above, its Chief Executive Officer and its Chief Financial Officer issue the certifications required by Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002 on an annual basis (with the filing of its Annual Report on Form 20-F)) rather than on a quarterly basis as would be the case of a US corporation filing quarterly reports on Form 10-Q. |

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Item 16H Mine Safety Disclosure

Not applicable.

Item 16I Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not applicable.

2022 Form 20-F / **ORANGE – 44**

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PART III

ITEM 17 Financial statements

Not applicable.

ITEM 18 Financial statements

The information required in this item is included in pages F-1 to F-137 attached hereto.

ITEM 19 List of exhibits

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| | |
|:---|:---|
| 1. | [Bylaws (*statuts*) of Orange, as amended on May 19, 2022.](ex1.htm) |
| 2.(a)\* | [Form of Amended and Restated Deposit Agreement among the Depositary, owners and holders of American Depositary Shares.](https://www.sec.gov/Archives/edgar/data/1201935/000120193517000005/orangedepnrec.htm) |
| 2.(c)\*\* | Indenture dated March 14, 2001 between Orange (formerly France Telecom) and, inter alia, Citibank, NA as Trustee. |
| 8. | List of Orange's subsidiaries: see Note 20 *Main consolidated entities* to the Consolidated Financial Statements at page F-134. |
| 11. | [Code of Ethics of Orange](ex11.htm) |
| 12.1 | [Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex121.htm) |
| 12.2 | [Certification of Deputy Chief Executive Officer acting in his capacity as Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex122.htm) |
| 13.1 | [Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002.](ex131.htm) |
| 13.2 | [Certification of Deputy Chief Executive Officer acting in his capacity as Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002.](ex132.htm) |
| 15.1 | [Excerpt of the pages and sections of the 2022 Universal Registration Document that form a part of this document and are incorporated by reference in certain sections of this document as specified.](ex151.htm) |
| 15.2 | [Consent of Ernst & Young Audit and KPMG S.A. as auditors of Orange with respect to the financial year ended December 31, 2020](ex152.htm) |
| 15.3 | [Consent of KPMG S.A. as auditor of Orange with respect to the financial years ended December 31, 2021 and 2022](ex153.htm) |
| 15.4 | [Consent of Deloitte as auditor of Orange with respect to the financial years ended December 31, 2021 and 2022](ex154.htm) |
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema |
| 101.CAL | Inline XBRL Taxonomy Extension Schema Calculation Linkbase |
| 101.DEF | Inline XBRL Taxonomy Extension Schema Definition Linkbase |
| 101.LAB | Inline XBRL Taxonomy Extension Schema Label Linkbase |
| 101.PRE | Inline XBRL Taxonomy Extension Schema Presentation Linkbase |
| 104 | Cover Page Interactive Date File (formatted as Inline XBRL and contained in Exhibit 101) |

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\* Incorporated by reference to Exhibit 1 to the Registration Statement on Form F-6 filed with the Securities and Exchange Commission on July 27, 2017. ***(https://www.sec.gov/Archives/edgar/data/1201935/000120193517000005/orangedepnrec.htm)***

\*\* Incorporated by reference to Orange's Annual Report on Form 20-F for the year ended December 31, 2000, as filed with the Securities and Exchange Commission on May 29, 2001.

2022 Form 20-F / **ORANGE – 45**

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Signature

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

ORANGE

/s/ Ramon Fernandez

Name: Ramon Fernandez

Title:&nbsp;&nbsp;&nbsp;&nbsp; Deputy Chief Executive Officer, Finance, Performance and Development

Issy-les-Moulineaux, France

March 30, 2023

2022 Form 20-F / **ORANGE – 46**

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**Table of contents**

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| | | |
|:---|:---|:---|
| **Financial statements** | **Financial statements** |  |
| [Consolidated income statement](#Consolidatedincomestatement_814739) | [Consolidated income statement](#Consolidatedincomestatement_814739) | F-9 |
| [Consolidated statement of comprehensive income](#Consolidatedstatementofcomprehensiveinco) | [Consolidated statement of comprehensive income](#Consolidatedstatementofcomprehensiveinco) | F-10 |
| [Consolidated statement of financial position](#Consolidatedstatementoffinancialposition) | [Consolidated statement of financial position](#Consolidatedstatementoffinancialposition) | F-11 |
| [Consolidated statement of changes in shareholders' equity](#Consolidatedstatementsofchangesinshareho) | [Consolidated statement of changes in shareholders' equity](#Consolidatedstatementsofchangesinshareho) | F-12 |
| [Analysis of changes in shareholders' equity related to components of the other comprehensive income](#Analysisofchangesinshareho_820473) | [Analysis of changes in shareholders' equity related to components of the other comprehensive income](#Analysisofchangesinshareho_820473) | F-13 |
| [Consolidated statement of cash flows](#Consolidatedstatementofcashflows_547388) | [Consolidated statement of cash flows](#Consolidatedstatementofcashflows_547388) | F-14 |
| [**Notes to the consolidated financial statements**](#Note1Segmentinformation_160229) | [**Notes to the consolidated financial statements**](#Note1Segmentinformation_160229) | F-16 |
| [Note 1](#Note1Segmentinformation_160229) | [Segment information](#Note1Segmentinformation_160229) | F-16 |
| [1.1](#segmentinformation_280339) | [Changes in segment information](#segmentinformation_280339) | F-16 |
| [1.2](#Segmentrevenue_164287) | [Segment revenue](#Segmentrevenue_164287) | F-17 |
| [1.3](#Segmentrevenuetoconsolidatednetincomein2) | [Segment revenue to consolidated net income in 2022](#Segmentrevenuetoconsolidatednetincomein2) | F-19 |
| [1.4](#netincomein2021_194433) | [Segment revenue to consolidated net income in 2021](#netincomein2021_194433) | F-21 |
| [1.5](#_1.5__) | [Segment revenue to consolidated net income in 2020](#_1.5__) | F-23 |
| [1.6](#a15Segmentinvestments_181721) | [Segment investments](#a15Segmentinvestments_181721) | F-25 |
| [1.7](#a16Segmentassets_132961) | [Segment assets](#a16Segmentassets_132961) | F-27 |
| [1.8](#a17Segmentequityandliabilities_551581) | [Segment equity and liabilities](#a17Segmentequityandliabilities_551581) | F-29 |
| [1.9](#a18Simplifiedstatementofcashflowsontelec) | [Simplified statement of cash flows on telecommunication and Mobile Financial Services activities](#a18Simplifiedstatementofcashflowsontelec) | F-31 |
| [1.10](#a19Definitionofoperatingsegmentsandperfo) | [Definition of operating segments and performance indicators](#a19Definitionofoperatingsegmentsandperfo) | F-34 |
| [Note 2](#Note2Descriptionofbusine_212765) | [Description of business and basis of preparation of the consolidated financial statements](#Note2Descriptionofbusine_212765) | F-35 |
| [2.1](#a21Descriptionofbusiness_912375) | [Description of business](#a21Descriptionofbusiness_912375) | F-35 |
| [2.2](#a22Basisofpreparationofthefinancialstate) | [Basis of preparation of the financial statements](#a22Basisofpreparationofthefinancialstate) | F-36 |
| [2.3](#a23Newstandardsandinterpretationsapplied) | [New standards and interpretations applied from January 1, 2022](#a23Newstandardsandinterpretationsapplied) | F-36 |
| [2.4](#withnoearlyadoption_651285) | [Standards and interpretations compulsory after December 31, 2022 with no early adoption](#withnoearlyadoption_651285) | F-37 |
| [2.5](#a25Accountingpoliciesuseofjudgmentandest) | [Accounting policies, use of judgment and estimates](#a25Accountingpoliciesuseofjudgmentandest) | F-38 |
| [Note 3](#Note3Gainsandlosses_806000) | [Gains and losses on disposal and main changes in scope of consolidation](#Note3Gainsandlosses_806000) | F-40 |
| [3.1](#a31Gainslossesondisposaloffixedassetsinv) | [Gains (losses) on disposal of fixed assets, investments and activities](#a31Gainslossesondisposaloffixedassetsinv) | F-40 |
| [3.2](#a32Mainchangesinthescopeofconsolidation_) | [Main changes in the scope of consolidation](#a32Mainchangesinthescopeofconsolidation_) | F-40 |
| [Note 4](#Note4Sales_112084) | [Sales](#Note4Sales_112084) | F-46 |
| [4.1](#a41Revenue_849007) | [Revenue](#a41Revenue_849007) | F-46 |
| [4.2](#a42Otheroperatingincome_96711) | [Other operating income](#a42Otheroperatingincome_96711) | F-48 |
| [4.3](#a43Tradereceivables_63439) | [Trade receivables](#a43Tradereceivables_63439) | F-48 |
| [4.4](#a44Customercontractnetassetsandliabiliti) | [Customer contract net assets and liabilities](#a44Customercontractnetassetsandliabiliti) | F-50 |
| [4.5](#a46Otherassets_886303) | [Other assets](#a46Otherassets_886303) | F-52 |
| [Note 5](#Note5Purchasesandotherexpenses_648980) | [Purchases and other expenses](#Note5Purchasesandotherexpenses_648980) | F-53 |
| [5.1](#a51Externalpurchases_878287) | [External purchases](#a51Externalpurchases_878287) | F-53 |
| [5.2](#a52Otheroperatingexpenses_139211) | [Other operating expenses](#a52Otheroperatingexpenses_139211) | F-54 |
| [5.3](#a53Restructuringandintegrationcosts_6807) | [Restructuring and integration costs](#a53Restructuringandintegrationcosts_6807) | F-55 |
| [5.4](#a54Broadcastingrightsandequipmentinvento) | [Equipment inventories and Broadcasting rights](#a54Broadcastingrightsandequipmentinvento) | F-56 |
| [5.5](#a55Prepaidexpenses_685746) | [Prepaid expenses](#a55Prepaidexpenses_685746) | F-56 |
| [5.6](#a56Tradepayables_272012) | [Trade payables](#a56Tradepayables_272012) | F-57 |
| [5.7](#a57Otherliabilities_802626) | [Other liabilities](#a57Otherliabilities_802626) | F-57 |
| [Note 6](#Note7Employeebenefits_187069) | [Employee benefits](#Note7Employeebenefits_187069) | F-58 |
| [6.1](#a61Laborexpenses_29050) | [Labor expenses](#a61Laborexpenses_29050) | F-58 |
| [6.2](#a62Employeebenefits_385835) | [Employee benefits](#a62Employeebenefits_385835) | F-58 |
| [6.3](#a63Sharebasedpayment_881017) | [Share-based compensation](#a63Sharebasedpayment_881017) | F-62 |
| [6.4](#a64Executivecompensation_755365) | [Executive compensation](#a64Executivecompensation_755365) | F-65 |
| [Note 7](#Note7Impairmentlossesandgoodwill_504423) | [Impairment losses and goodwill](#Note7Impairmentlossesandgoodwill_504423) | F-65 |
| [7.1](#a71Impairmentlosses_865218) | [Impairment losses](#a71Impairmentlosses_865218) | F-65 |
| [7.2](#a72Goodwill_664381) | [Goodwill](#a72Goodwill_664381) | F-67 |
| [7.3](#a73Keyassumptionsusedtodeterminerecovera) | [Key assumptions used to determine recoverable amounts](#a73Keyassumptionsusedtodeterminerecovera) | F-68 |
| [7.4](#a74Sensitivityofrecoverableamounts_95519) | [Sensitivity of recoverable amounts](#a74Sensitivityofrecoverableamounts_95519) | F-69 |

---

**F-1**<br>

[**Table of Contents**](#Toc)

---

| | | |
|:---|:---|:---|
| [Note 8](#Note8Fixedassets_749423) | [Fixed assets](#Note8Fixedassets_749423) | F-72 |
| [8.1](#a81Gainslossesondisposaloffixedassets_78) | [Gains (losses) on disposal of fixed assets](#a81Gainslossesondisposaloffixedassets_78) | F-72 |
| [8.2](#a82Depreciationandamortization_330626) | [Depreciation and amortization](#a82Depreciationandamortization_330626) | F-72 |
| [8.3](#a83Impairmentoffixedassets_381287) | [Impairment of fixed assets](#a83Impairmentoffixedassets_381287) | F-73 |
| [8.4](#a84Otherintangibleassets_226221) | [Other intangible assets](#a84Otherintangibleassets_226221) | F-74 |
| [8.5](#a85Propertyplantandequipment_346021) | [Property, plant and equipment](#a85Propertyplantandequipment_346021) | F-76 |
| [8.6](#a86Fixedassetspayables_202364) | [Fixed assets payables](#a86Fixedassetspayables_202364) | F-77 |
| [8.7](#a87Dismantlingprovision_386890) | [Dismantling provisions](#a87Dismantlingprovision_386890) | F-78 |
| [Note 9](#Note9Leaseagreements_836996) | [Lease agreements](#Note9Leaseagreements_836996) | F-78 |
| [9.1](#a91Rightofuseassets_761745) | [Right-of-use assets](#a91Rightofuseassets_761745) | F-79 |
| [9.2](#a92Leaseliabilities_438926) | [Lease liabilities](#a92Leaseliabilities_438926) | F-80 |
| [Note 10](#Note10_250617) | [Taxes](#Note10_250617) | F-81 |
| [10.1](#a101Operatingtaxesandlevies_821772) | [Operating taxes and levies](#a101Operatingtaxesandlevies_821772) | F-81 |
| [10.2](#a102Incometax_430720) | [Income taxes](#a102Incometax_430720) | F-83 |
| [10.3](#a103Developmentsintaxdisputesandaudits_5) | [Developments in tax disputes and audits](#a103Developmentsintaxdisputesandaudits_5) | F-87 |
| [Note 11](#Note11Interests_844996) | [Interests in associates and joint ventures](#Note11Interests_844996) | F-89 |
| [11.1](#a111Changeinassociatesandjointventures_9) | [Change in interests in associates and joint ventures](#a111Changeinassociatesandjointventures_9) | F-89 |
| [11.2](#a112Mainfiguresofassociatesandjointventu) | [Key figures from associates and joint ventures](#a112Mainfiguresofassociatesandjointventu) | F-90 |
| [11.3](#a113Contractualcommitmentsoninterestsina) | [Contractual commitments on interests in associates and joint ventures](#a113Contractualcommitmentsoninterestsina) | F-90 |
| [Note 12](#Note12Relatedpartytransactions_790308) | [Related party transactions](#Note12Relatedpartytransactions_790308) | F-90 |
| [Note 13](#Note12Financialassetsliabilities_299312) | [Financial assets, liabilities and financial results (telecom activities)](#Note12Financialassetsliabilities_299312) | F-91 |
| [13.1](#a121Financialassetsandliabilitiesoftelec) | [Financial assets and liabilities of telecom activities](#a121Financialassetsandliabilitiesoftelec) | F-91 |
| [13.2](#a122Profitsandlossesrelatedtofinancialas) | [Profits and losses related to financial assets and liabilities](#a122Profitsandlossesrelatedtofinancialas) | F-92 |
| [13.3](#a123Netfinancialdebt_135276) | [Net financial debt](#a123Netfinancialdebt_135276) | F-93 |
| [13.4](#a124TDIRA_123358) | [TDIRA](#a124TDIRA_123358) | F-96 |
| [13.5](#a125Bonds_652352) | [Bonds](#a125Bonds_652352) | F-97 |
| [13.6](#a126Loansfromdevelopmentorganizationsand) | [Loans from development organizations and multilateral lending institutions](#a126Loansfromdevelopmentorganizationsand) | F-99 |
| [13.7](#a127Financialassets_910712) | [Financial assets](#a127Financialassets_910712) | F-100 |
| [13.8](#a128Derivativesinstruments_539586) | [Derivatives](#a128Derivativesinstruments_539586) | F-101 |
| [Note 14](#Note13Informationonmark_369548) | [Information on market risk and fair value of financial assets and liabilities (telecom activities)](#Note13Informationonmark_369548) | F-104 |
| [14.1](#a131Interestrateriskmanagement_331385) | [Interest rate risk management](#a131Interestrateriskmanagement_331385) | F-104 |
| [14.2](#a132Foreignexchangeriskmanagement_964548) | [Foreign exchange risk management](#a132Foreignexchangeriskmanagement_964548) | F-105 |
| [14.3](#a133Liquidityriskmanagement_272212) | [Liquidity risk management](#a133Liquidityriskmanagement_272212) | F-106 |
| [14.4](#a134Financialratios_173958) | [Financial ratios](#a134Financialratios_173958) | F-108 |
| [14.5](#a135Creditriskandcounterpartyriskmanagem) | [Credit risk and counterparty risk management](#a135Creditriskandcounterpartyriskmanagem) | F-108 |
| [14.6](#Commodity_Risk) | [Commodity risk management (energy contracts)](#Commodity_Risk) | F-109 |
| [14.7](#a136Equitymarketrisk_338783) | [Equity market risk](#a136Equitymarketrisk_338783) | F-109 |
| [14.8](#a137Capitalmanagement_551731) | [Capital management](#a137Capitalmanagement_551731)  | F-110 |
| [14.9](#a138Fairvalueoffinancialassetsandliabili) | [Fair value of financial assets and liabilities](#a138Fairvalueoffinancialassetsandliabili) | F-110 |
| [Note 15](#Note14Shareholdersequity_500017) | [Equity](#Note14Shareholdersequity_500017) | F-112 |
| [15.1](#a151Changesinsharecapital_92632) | [Changes in share capital](#a151Changesinsharecapital_92632) | F-112 |
| [15.2](#a142Treasuryshares_681832) | [Treasury shares](#a142Treasuryshares_681832) | F-113 |
| [15.3](#a143Dividends_114578) | [Dividends](#a143Dividends_114578) | F-113 |
| [15.4](#a144Subordinatednotes_754039) | [Subordinated notes](#a144Subordinatednotes_754039) | F-114 |
| [15.5](#a145Translationadjustment_762781) | [Translation adjustments](#a145Translationadjustment_762781) | F-116 |
| [15.6](#a146Noncontrollinginterests_882933) | [Non-controlling interests](#a146Noncontrollinginterests_882933) | F-117 |
| [15.7](#a147Earningspershare_821640) | [Earnings per share](#a147Earningspershare_821640) | F-118 |
| [Note 16](#Note16Unrecognizedcontractualcommitments) | [Unrecognized contractual commitments (telecom activities)](#Note16Unrecognizedcontractualcommitments) | F-119 |
| [16.1](#a151Operatingactivitiescommitments_63305) | [Operating activities commitments](#a151Operatingactivitiescommitments_63305) | F-119 |
| [16.2](#a152Consolidationscopecommitments_309368) | [Consolidation scope commitments](#a152Consolidationscopecommitments_309368) | F-122 |
| [16.3](#a153Financingcommitments_992515) | [Financing commitments](#a153Financingcommitments_992515) | F-123 |
| [Note 17](#Note17MobileFinancialServicesactivities_) | [Mobile Financial Services activities](#Note17MobileFinancialServicesactivities_) | F-123 |
| [17.1](#a171Financialassetsandliabilities_976811) | [Financial assets and liabilities of Mobile Financial Services](#a171Financialassetsandliabilities_976811) | F-123 |
| [17.2](#a162Informationonmarketriskmanagementwit) | [Information on market risk management with respect to Orange Bank activities](#a162Informationonmarketriskmanagementwit) | F-127 |
| [17.3](#a163OrangeBanksunrecognizedcontractualco) | [Orange Bank's unrecognized contractual commitments](#a163OrangeBanksunrecognizedcontractualco) | F-131 |
| [Note 18](#Note17Litigation_153277) | [Litigation](#Note17Litigation_153277) | F-131 |
| [Note 19](#Note18Subsequentevents_878221) | [Subsequent events](#Note18Subsequentevents_878221) | F-134 |
| [Note 20](#Note19Mainconsolidatedentities_624105) | [Main consolidated entities](#Note19Mainconsolidatedentities_624105) | F-134 |
| [Note 21](#DecisionoftheIFRSICconcerningIAS19Employ) | [Decision of the IFRS IC concerning IAS 19 "Employee Benefits" on the calculation of obligations relating to certain defined benefit pension plans](#DecisionoftheIFRSICconcerningIAS19Employ) | F-136 |
| [Note 22](#Auditorsfees_371359) | [Auditors' fees](#Auditorsfees_371359) | F-137 |

---

The accompanying notes form an integral part of the consolidated financial statements. The accounting policies are set out in the shaded areas of each note.

**F-2**<br>

[**Table of Contents**](#Toc)

Report of independent registered public accounting firms

To the Shareholders and the Board of Directors of Orange S.A.

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated statements of financial position of Orange S.A. and its subsidiaries (the "Group") as of December 31, 2022 and 2021, and the related consolidated statements of income, comprehensive income, changes in shareholders' equity and cash flows for each of the years in the two-year period ended December 31, 2022, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2022, in conformity with International Financial Reporting Standards ("IFRS") as adopted by the European Union and in conformity with IFRS as issued by the International Accounting Standards Board.

We also have audited the adjustments to the 2020 consolidated financial statements to retrospectively apply the change in accounting with respect to the IFRS IC agenda decision concerning IAS 19 "Employee Benefits" described in Note 21. In our opinion, such adjustments are appropriate and have been properly applied. We were not engaged to audit, review, or apply any procedures to the 2020 consolidated financial statements of the Group other than with respect to the adjustments and, accordingly, we do not express an opinion or any other form of assurance on the 2020 consolidated financial statements taken as a whole.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), the Group's internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework), and our report dated March 3, 2023 expressed an unqualified opinion on the effectiveness of the Group's internal control over financial reporting.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Group's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are public accounting firms registered with the PCAOB and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matters**

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the Audit Committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

**Evaluation of goodwill impairment for certain cash generating units**

**Description of the matter**

As discussed in Note 7 to the consolidated financial statements, the Group has goodwill for a net value of € 23,113 million as of December 31, 2022. The Group performs impairment analyses with respect to its goodwill at least annually and more frequently when there is an indication of impairment. These tests are performed at the level of each cash generating unit (CGU) or group of CGUs, which generally correspond to the operating segment, or to each country in the Africa and Middle East region and Europe. An impairment loss is recognized if the recoverable amount of the assets and liabilities of the CGU is lower than the carrying value. The recoverable amount is determined mostly based upon retaining the value in use. The estimate of value in use is the present value of future expected cash flows.

The assessment of the value in use requires certain management estimates and judgments as described in Notes 2.5.2 and 7 to the consolidated financial statements, including the assessment of the competitive, political, economic and financial environment of the countries where the Group operates, the ability to achieve the operating cash flows from the business plans, the level of investments to be made and the discount rates and perpetuity growth rates used in the calculation of recoverable amounts. As discussed in Note 7.3 to the consolidated financial statements, in 2022, new business plans were prepared by management following the Group's update, during the second half of the year, of its strategic plan for the period 2023-2025.

**F-3**<br>

[**Table of Contents**](#Toc)

The determination of the recoverable amounts of the Belgium, Enterprise, Spain and Romania CGUs is more sensitive, as is the margin between recoverable amount and carrying value tested, to the following management assumptions:

- future expected cash flows used for the business plans. Specifically, the revenue growth rates, the EBITDAaL margin rates and the level of investments

- discount rates and perpetuity growth rates applied to future expected cash flows.

We identified the evaluation of the goodwill impairment analyses for those CGUs as a critical audit matter due to the especially subjective auditor judgments necessary to audit these management assumptions.

**How we addressed the matter in our audit**

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls over the Group's impairment assessment process for the above-mentioned CGUs, including controls related to the determination of the recoverable amount of the CGUs or groups of CGUs, and the development of the expected cash flows, discount rate and perpetuity growth rate assumptions.

To assess the Group's ability to forecast cash flows used to determine the recoverable amounts of these CGUs, with the assistance of our valuation professionals, we compared the Group's previous forecasts to actual results. We also compared business plans used in 2022 impairment tests with previous forecasts. We inquired of financial and operational management of the Group to gain an understanding of the significant assumptions used in the business plans. We assessed the reasonableness of the revenue growth rates, the EBITDAaL margin rates and the investments underlying the forecasted cash flows, by comparing them against the Group's peer companies' analyst reports and market research reports. We compared the data included in the models used by the Group in the determination of recoverable amounts to the business plans submitted to the Board of Directors.

We involved valuation professionals with specialized skills and knowledge, who assisted in evaluating the methodologies used to determine the discount and perpetuity growth rates used in the valuations and by comparing those rates against rate ranges that were independently developed using publicly available market data for comparable entities. We assessed the consistency of the discount rate assumptions, based on the weighted average cost of capital per CGU, and the reasonableness of the risk-free rates and risk premiums used by management by comparing them to underlying market data. In addition, we tested the sensitivity analyses carried out by the Group and performed our own sensitivity analyses over forecasted cash flows and the discount and perpetuity growth rates to assess (1) the impact of changes in those assumptions on the impairment analyses and (2) the adequacy of the information on sensitivity disclosed in Note 7.4 to the consolidated financial statements.

**Evaluation of provisions related to the main legal disputes and tax audits in France**

**Description of the matter**

As discussed in Notes 5.2, 5.7, 10.3 and 18 to the consolidated financial statements, the Group is involved in a number of legal proceedings and administrative actions, relating to competition, regulatory and commercial matters in the telecom industry, as well as tax audits, notably with respect to value added tax and operating taxes and levies.

The Group recognizes provisions when it has a present obligation towards a third party arising from a past event, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, which can be quantified or estimated on a reasonable basis.

As discussed in Note 18 to the consolidated financial statements, the Group recognized provisions for risk in respect of its disputes (excluding those presented in Notes 6.2 and 10.3 concerning disputes with social security and tax administrations) for € 387 million as of December 31, 2022. The provisions are primarily related to legal disputes in which the Group is involved in France, of which the most significant disputes are presented individually in Note 18 to the consolidated financial statements under the paragraph headings Mobile Services, Fixed Services and Other proceedings in France ("main legal disputes").

**F-4**<br>

[**Table of Contents**](#Toc)

As discussed in Note 10.3 to the consolidated financial statements, Orange SA is subject to tax audits in France for the years 2017-2018 and 2019-2020 (tax audits), for which the tax adjustments notified to date total approximately € 520 million, including default penalties and interest. Note 10.3 further indicates that the Group makes a best estimate of the risks related to these adjustments, the effects of which are not significant, as assessed by the Group's management.

We identified the evaluation of the provisions relating to the main legal disputes and tax audits in France as a critical audit matter. Evaluating this matter required a higher degree of auditor judgment due to the nature of the estimates and assumptions, including judgments about future events and outcomes of the matters considering the inherent uncertainties as to how they may be resolved.

**How we addressed the matter in our audit**

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the Group's process to identify financial risks, and, where appropriate, recognize provisions and prepare the related financial statement disclosures, including on risk exposure. This included controls related to the evaluation of provisions based on information provided by the legal, and tax departments and the Group's external legal counsel. We inquired of the Group's legal and tax departments and the Secretary General of the Group and analyzed available information, including the minutes of court hearings, to evaluate the assumptions used for determining the provisions for the main legal disputes and tax audits. We analyzed the responses received from the Group's external counsel setting forth their views relating to these disputes, including their likely financial consequences. We assessed whether relevant events were considered in the recognition of the provisions, as well as in the financial statement disclosures. We compared historical provision estimates to actual settlements. We involved tax professionals with specialized skills and knowledge who assisted in evaluating management's assessment of the risk related to the tax audits in France. In addition, we assessed the adequacy of the information disclosed in the consolidated financial statements related to the main legal disputes and tax audits in France.

Paris-La Défense, France

March 3, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;/s/ KPMG S.A.<br>Represented by Jacques Yves PIERRE<br>We have served as the Group's auditor since 2015 | /s/ Deloitte & Associés <br>We have served as the Group's auditor since 2021 |

---

**F-5**<br>

[**Table of Contents**](#Toc)

Report of independent registered public accounting firms

To the Shareholders and Board of Directors of Orange S.A.

**Opinion on the Consolidated Financial Statements**

We have audited, before the effects of the adjustments to retrospectively apply the change in accounting described in Note 21, the accompanying consolidated statement of financial position of Orange S.A. and its subsidiaries (the "Group") as of December 31, 2020 , and the related consolidated statements of income, comprehensive income, changes in shareholders' equity and cash flows for the year then ended, and the related notes (collectively referred to as the "consolidated financial statements"). The 2020 consolidated financial statements before the effects of the adjustments described in Note 21 are not presented herein. In our opinion, the consolidated financial statements, before the effects of the adjustments to retrospectively apply the change in accounting described in Note 21, present fairly, in all material respects, the financial position of the Group as of December 31, 2020 , and the results of its operations and its cash flows for the year then ended, in conformity with International Financial Reporting Standards ("IFRS") as adopted by the European Union and in conformity with IFRS as issued by the International Accounting Standards Board.

We were not engaged to audit, review, or apply any procedures to the adjustments to retrospectively apply the change in accounting described in Note 21 and, accordingly, we do not express an opinion or any other form of assurance about whether such adjustments are appropriate and have been properly applied. Those adjustments were audited by other auditors.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Group's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We are public accounting firms registered with the PCAOB and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.

---

| | |
|:---|:---|
| &nbsp;&nbsp;/s/ KPMG S.A.<br>Represented by Jacques Yves PIERRE | /s/ERNST & YOUNG Audit  |
| &nbsp;&nbsp;We have served as the Group's auditor since 2015 | We served as the Group's auditor from 1991 to 2021 |

---

Paris-La Défense, France

February 18, 2021

**F-6**<br>

[**Table of Contents**](#Toc)

<sup>Consolidated financial</sup>

<sup>statements</sup>

Year ended December 31, 2022

![Graphic](oran-20211231x20f002.jpg)

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| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-7** |

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[**Table of Contents**](#Toc)

**Significant events 2022**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Creation of the new Totem business segment** | **Creation of the new Totem business segment** | **Impairment of goodwill in Romania** | **Impairment of goodwill in Romania** | **Signing of an agreement with MásMóvil** | **Signing of an agreement with MásMóvil** |
| &nbsp;&nbsp;Since January 1, 2022, Totem, the Orange group's European TowerCo, has owned and managed the passive infrastructure portfolio of mobile telecommunication towers in France and Spain. The Group has decided to present Totem as a separate business segment. | &nbsp;&nbsp;Since January 1, 2022, Totem, the Orange group's European TowerCo, has owned and managed the passive infrastructure portfolio of mobile telecommunication towers in France and Spain. The Group has decided to present Totem as a separate business segment. | &nbsp;&nbsp;At December 31, 2022, the increase in the discount rate coupled with the downward revision of the business plan for the Romania cash-generating unit, led to the recognition of an impairment loss of (789) million euros in goodwill. | &nbsp;&nbsp;At December 31, 2022, the increase in the discount rate coupled with the downward revision of the business plan for the Romania cash-generating unit, led to the recognition of an impairment loss of (789) million euros in goodwill. | &nbsp;&nbsp;Following exclusive negotiations that began on March 8, 2022, Orange and MásMóvil signed an agreement on July 23 to combine their activities in Spain. <br>This combination will take the form of a 50-50 joint venture, co-controlled by each party. The Orange group would then lose exclusive control over its activities in Spain, and the joint venture would be consolidated using the equity method in the Orange group's financial statements.<br>At December 31, 2022, the Group considers that the IFRS 5 criteria relating to discontinued operations are not met. | &nbsp;&nbsp;Following exclusive negotiations that began on March 8, 2022, Orange and MásMóvil signed an agreement on July 23 to combine their activities in Spain. <br>This combination will take the form of a 50-50 joint venture, co-controlled by each party. The Orange group would then lose exclusive control over its activities in Spain, and the joint venture would be consolidated using the equity method in the Orange group's financial statements.<br>At December 31, 2022, the Group considers that the IFRS 5 criteria relating to discontinued operations are not met. |
| ![Graphic](oran-20211231x20f003.jpg) | ***Note 1.1*** | ![Graphic](oran-20211231x20f003.jpg) | ***Note 7.1*** | ![Graphic](oran-20211231x20f003.jpg) | ***Note 3.2*** |

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| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-8** |

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[**Table of Contents**](#Toc)

#### Consolidated income statement

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| | | | | |
|:---|:---|:---|:---|:---|
| (in millions of euros, except for per share data) | Note | **2022** | **2021** | **2020** |
| **Revenue** | 4.1 | **43471** | **42522** | **42270** |
| External purchases | 5.1 | (18732) | (17973) | (17691) |
| Other operating income | 4.2 | 747 | 783 | 604 |
| Other operating expenses | 5.2 | (413) | (700) | (789) |
| Labor expenses | 6.1 | (8920) | (9917) | (8490) |
| Operating taxes and levies | 10.1.1 | (1882) | (1926) | (1924) |
| Gains (losses) on disposal of fixed assets, investments and activities | 3.1 | 233 | 2507 | 228 |
| Restructuring costs | 5.3 | (125) | (331) | (25) |
| Depreciation and amortization of fixed assets | 8.2 | (7035) | (7074) | (7134) |
| Depreciation and amortization of financed assets  | 8.5 | (107) | (84) | (55) |
| Depreciation and amortization of right-of-use assets  | 9.1 | (1507) | (1481) | (1384) |
| Impairment of goodwill | 7.1 | (817) | (3702) |  |
| Impairment of fixed assets | 8.3 | (56) | (17) | (30) |
| Impairment of right-of-use assets | 9.1 | (54) | (91) | (57) |
| Share of profits (losses) of associates and joint ventures | 11 | (2) | 3 | (2) |
| **Operating income** |  | **4801** | **2521** | **5521** |
| Cost of gross financial debt excluding financed assets |  | (775) | (829) | (1099) |
| Interests on debts related to financed assets |  | (3) | (1) | (1) |
| Gains (losses) on assets contributing to net financial debt |  | 48 | (3) | (1) |
| Foreign exchange gain (loss) |  | (97) | 65 | (103) |
| Interests on lease liabilities |  | (145) | (120) | (120) |
| Other net financial expenses |  | 52 | 106 | 11 |
| **Finance costs, net** | 13.2 | **(920)** | **(782)** | **(1314)** |
| Income taxes | 10.2.1 | (1265) | (962) | 848 |
| **Consolidated net income** |  | **2617** | **778** | **5055** |
| Net income attributable to owners of the parent company |  | 2146 | 233 | 4822 |
| Non-controlling interests | 15.6 | 471 | 545 | 233 |
| **Earnings per share (in euros) attributable to parent company** | 15.7 |  |  |  |
| Net income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– basic |  | 0.73 |  | 1.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;– diluted |  | 0.73 |  | 1.71 |

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| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-9** |

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[**Table of Contents**](#Toc)

#### Consolidated statement of comprehensive income

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| | | | | |
|:---|:---|:---|:---|:---|
| (in millions of euros) | Note | **2022** | **2021** | **2020** |
| **Consolidated net income** |  | **2617** | **778** | **5055** |
| Remeasurements of the net defined benefit liability | 6.2 | 176 | 59 | (13) |
| Assets at fair value  | 13.7-17.1 | (116) | 9 | 94 |
| Income tax relating to items that will not be reclassified  | 10.2.2 | (47) | (14) | 1 |
| Share of other comprehensive income in associates and joint ventures that will not be reclassified |  |  | (4) |  |
| **Items that will not be reclassified to profit or loss (a)**  |  | **13** | **51** | **82** |
| Assets at fair value  | 13.7-17.1 | 4 | 1 | 1 |
| Cash flow hedges | 13.8.2 | 295 | 317 | 22 |
| Translation adjustment gains and losses  | 15.5 | (374) | 200 | (414) |
| Income tax relating to items that are or may be reclassified  | 10.2.2 | (70) | (84) | (10) |
| Share of other comprehensive income in associates and joint ventures that are or may be reclassified |  | 51 | 5 |  |
| **Items that are or may be reclassified subsequently to profit or loss (b)**  |  | **(93)** | **439** | **(401)** |
| **Other consolidated comprehensive income (a) + (b)** |  | **(80)** | **490** | **(319)** |
| **Consolidated comprehensive income** |  | **2537** | **1267** | **4736** |
| Comprehensive income attributable to the owners of the parent company |  | 2050 | 687 | 4578 |
| Comprehensive income attributable to non-controlling interests |  | 487 | 580 | 158 |

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| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-10** |

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[**Table of Contents**](#Toc)

#### Consolidated statement of financial position

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| | | | | |
|:---|:---|:---|:---|:---|
| (in millions of euros) | Note | **December 31,**  | **December 31,**  | **December 31,**  |
|  |  | **2022** | **2021** | **2020** |
| **Assets** |  |  |  |  |
| Goodwill | 7.2 | 23113 | 24192 | 27596 |
| Other intangible assets | 8.4 | 14946 | 14940 | 15135 |
| Property, plant and equipment | 8.5 | 31640 | 30484 | 29075 |
| Right-of-use assets  | 9.1 | 7936 | 7702 | 7009 |
| Interests in associates and joint ventures | 11 | 1486 | 1440 | 98 |
| Non-current financial assets related to Mobile Financial Services activities  | 17.1 | 656 | 900 | 1210 |
| Non-current financial assets | 13.1 | 977 | 950 | 1516 |
| Non-current derivatives assets | 13.1 | 1458 | 683 | 132 |
| Other non-current assets | 4.5 | 216 | 254 | 136 |
| Deferred tax assets | 10.2.3 | 421 | 692 | 674 |
| **Total non-current assets** |  | **82847** | **82236** | **82582** |
| Inventories  | 5.4 | 1048 | 952 | 814 |
| Trade receivables  | 4.3 | 6305 | 6029 | 5620 |
| Other customer contract assets  | 4.4 | 1570 | 1460 | 1236 |
| Current financial assets related to Mobile Financial Services activities  | 17.1 | 2742 | 2381 | 2075 |
| Current financial assets  | 13.1 | 4541 | 2313 | 3259 |
| Current derivatives assets  | 13.1 | 112 | 7 | 162 |
| Other current assets  | 4.5 | 2217 | 1875 | 1701 |
| Operating taxes and levies receivables  | 10.1.2 | 1265 | 1163 | 1104 |
| Current taxes assets  | 10.2.3 | 149 | 181 | 128 |
| Prepaid expenses  | 5.5 | 851 | 851 | 850 |
| Cash and cash equivalents | 13.1 | 6004 | 8621 | 8145 |
| **Total current assets**  |  | **26803** | **25834** | **25094** |
| **Total assets** |  | **109650** | **108071** | **107676** |
| **Equity and liabilities** |  |  |  |  |
| Share capital |  | 10640 | 10640 | 10640 |
| Share premiums and statutory reserve |  | 16859 | 16859 | 16859 |
| Subordinated notes |  | 4950 | 5497 | 5803 |
| Retained earnings |  | (666) | (656) | 1255 |
| **Equity attributable to the owners of the parent company** |  | **31784** | **32341** | **34557** |
| Non-controlling interests |  | 3172 | 3020 | 2643 |
| **Total equity** | 15 | **34956** | **35361** | **37200** |
| Non-current financial liabilities | 13.1 | 31930 | 31922 | 30089 |
| Non-current derivatives liabilities | 13.1 | 397 | 220 | 844 |
| Non-current lease liabilities  | 9.2 | 6901 | 6696 | 5875 |
| Non-current fixed assets payables | 8.6 | 1480 | 1370 | 1291 |
| Non-current financial liabilities related to Mobile Financial Services activities | 17.1 | 82 |  |  |
| Non-current employee benefits | 6.2 | 2567 | 2798 | 1984 |
| Non-current dismantling provisions | 8.7 | 670 | 876 | 885 |
| Non-current restructuring provisions | 5.3 | 43 | 61 | 53 |
| Other non-current liabilities | 5.7 | 276 | 306 | 307 |
| Deferred tax liabilities | 10.2.3 | 1124 | 1185 | 855 |
| **Total non-current liabilities** |  | **45471** | **45434** | **42182** |
| Current financial liabilities | 13.1 | 4702 | 3421 | 5170 |
| Current derivatives liabilities | 13.1 | 51 | 124 | 35 |
| Current lease liabilities  | 9.2 | 1509 | 1369 | 1496 |
| Current fixed assets payables | 8.6 | 3101 | 3111 | 3349 |
| Trade payables | 5.6 | 7067 | 6738 | 6475 |
| Customer contract liabilities | 4.4 | 2579 | 2512 | 1984 |
| Current financial liabilities related to Mobile Financial Services activities | 17.1 | 3034 | 3161 | 3128 |
| Current employee benefits | 6.2 | 2418 | 2316 | 2192 |
| Current dismantling provisions | 8.7 | 26 | 21 | 16 |
| Current restructuring provisions | 5.3 | 119 | 124 | 64 |
| Other current liabilities | 5.7 | 2526 | 2338 | 2267 |
| Operating taxes and levies payables | 10.1.2 | 1405 | 1436 | 1279 |
| Current taxes payables | 10.2.3 | 538 | 425 | 673 |
| Deferred income |  | 149 | 180 | 165 |
| **Total current liabilities** |  | **29223** | **27276** | **28294** |
| **Total equity and liabilities** |  | **109650** | **108071** | **107676** |

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| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-11** |

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[**Table of Contents**](#Toc)

#### Consolidated statement of changes in shareholders' equity

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) |  | **Attributable to owners of the parent company** | **Attributable to owners of the parent company** | **Attributable to owners of the parent company** | **Attributable to owners of the parent company** | **Attributable to owners of the parent company** | **Attributable to owners of the parent company** | **Attributable to owners of the parent company** | **Attributable to non-controlling interests** | **Attributable to non-controlling interests** | **Attributable to non-controlling interests** | **Total** |
|  |  | Number of | Share | Share | Subor- | Reserves | Other | **Total** | Reserves | Other | **Total** | **equity** |
|  |  | issued shares | capital | premiums | dinated |  | compre- |  |  | compre- |  |  |
|  |  |  |  | and | notes |  | hensive |  |  | hensive |  |  |
|  |  |  |  | statutory |  |  | income |  |  | income |  |  |
|  |  |  |  | reserve |  |  |  |  |  |  |  |  |
| **Balance as of January 1, 2020** |  | **2660056599** | **10640** | **16859** | **5803** | **(961)** | **(467)** | **31875** | **2452** | **234** | **2687** | **34561** |
| **Consolidated comprehensive income** |  | **—** | **—** | **—** | **—** | **4822** | **(244)** | **4578** | **233** | **(75)** | **158** | **4736** |
| Share-based compensation | 6.3 |  |  |  |  | 16 |  | 16 | 7 |  | 7 | 23 |
| Purchase of treasury shares | 15.2 |  |  |  |  | 7 |  | 7 |  |  |  | 7 |
| Dividends | 15.3 |  |  |  |  | (1595) |  | (1595) | (225) |  | (225) | (1820) |
| Issues and purchases of subordinated notes | 15.4 |  |  |  |  | (12) |  | (12) |  |  |  | (12) |
| Subordinated notes remuneration | 15.4 |  |  |  |  | (258) |  | (258) |  |  |  | (258) |
| Changes in ownership interests with no gain/loss of control | 3.2 |  |  |  |  | (21) |  | (21) | 19 |  | 19 | (2) |
| Other movements |  |  |  |  |  | (33) |  | (33) | (2) |  | (2) | (35) |
| **Balance as of December 31, 2020** |  | **2660056599** | **10640** | **16859** | **5803** | **1966** | **(711)** | **34557** | **2484** | **159** | **2643** | **37200** |
| **Consolidated comprehensive income** |  | **—** | **—** | **—** | **—** | **233** | **454** | **687** | **545** | **36** | **580** | **1267** |
| Share-based compensation | 6.3 |  |  |  |  | 165 |  | 165 | 6 |  | 6 | 171 |
| Purchase of treasury shares | 15.2 |  |  |  |  | (179) |  | (179) |  |  |  | (179) |
| Dividends | 15.3 |  |  |  |  | (2127) |  | (2127) | (218) |  | (218) | (2345) |
| Issues and purchases of subordinated notes | 15.4 |  |  |  | (306) | (6) |  | (311) |  |  |  | (311) |
| Subordinated notes remuneration | 15.4 |  |  |  |  | (238) |  | (238) |  |  |  | (238) |
| Changes in ownership interests with no gain/loss of control<sup>(1)</sup> | 3.2 |  |  |  |  | (185) |  | (185) | (213) |  | (213) | (398) |
| Changes in ownership interests with gain/loss of control<sup>(2)</sup> | 3.2 |  |  |  |  |  |  |  | 249 |  | 249 | 249 |
| Other movements |  |  |  |  |  | (28) |  | (28) | (28) |  | (28) | (55) |
| **Balance as of December 31, 2021** |  | **2660056599** | **10640** | **16859** | **5497** | **(399)** | **(257)** | **32341** | **2825** | **195** | **3020** | **35361** |
| **Consolidated comprehensive income** |  | **—** | **—** | **—** | **—** | **2146** | **(96)** | **2050** | **471** | **16** | **487** | **2537** |
| Share-based compensation | 6.3 |  |  |  |  | 11 |  | 11 | 3 |  | 3 | 14 |
| Purchase of treasury shares | 15.2 |  |  |  |  | (7) |  | (7) |  |  |  | (7) |
| Dividends | 15.3 |  |  |  |  | (1861) |  | (1861) | (328) |  | (328) | (2189) |
| Issues and purchases of subordinated notes | 15.4 |  |  |  | (547) | 51 |  | (496) |  |  |  | (496) |
| Subordinated notes remuneration | 15.4 |  |  |  |  | (215) |  | (215) |  |  |  | (215) |
| Changes in ownership interests with no gain/loss of control | 3.2 |  |  |  |  | (10) |  | (10) |  |  |  | (10) |
| Changes in ownership interests with gain/loss of control | 3.2 |  |  |  |  |  |  |  |  |  |  |  |
| Other movements |  |  |  |  |  | (29) |  | (29) | (10) |  | (10) | (39) |
| **Balance as of December 31, 2022** |  | **2660056599** | **10640** | **16859** | **4950** | **(313)** | **(353)** | **31784** | **2960** | **211** | **3172** | **34956** |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Including the partial buy-out of minority interests in Orange Belgium and the buy-out of minority interests in Orange Bank (see Note 3.2).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Related to the takeover of Telekom Romania Communications (see Note 3.2).

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| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-12** |

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[**Table of Contents**](#Toc)

#### Analysis of changes in shareholders' equity related to components of the other comprehensive income

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) | **Attributable to owners of the parent company** | **Attributable to owners of the parent company** | **Attributable to owners of the parent company** | **Attributable to owners of the parent company** | **Attributable to owners of the parent company** | **Attributable to owners of the parent company** | **Attributable to owners of the parent company** | **Attributable to non-controlling interests** | **Attributable to non-controlling interests** | **Attributable to non-controlling interests** | **Attributable to non-controlling interests** | **Attributable to non-controlling interests** | **Attributable to non-controlling interests** | **Attributable to non-controlling interests** | **Total** |
|  | Assets at | Hedging | Translation | Actuarial | Deferred | Other | **Total** | Assets at | Hedging | Translation | Actuarial | Deferred | Other | **Total** | **other** |
|  | fair value | instruments | adjustment | gains | tax | compre- |  | fair value | instruments | adjustment | gains | tax | compre- |  | **compre-** |
|  |  |  |  | and |  | hensive |  |  |  |  | and |  | hensive |  | **hensive** |
|  |  |  |  | losses |  | income |  |  |  |  | losses |  | income |  | **income** |
|  |  |  |  |  |  | of associates |  |  |  |  |  |  | of associates |  |  |
|  |  |  |  |  |  | and joint |  |  |  |  |  |  | and joint |  |  |
|  |  |  |  |  |  | ventures |  |  |  |  |  |  | ventures |  |  |
| **Balance as of January 1st, 2020** | **(28)** | **(117)** | **78** | **(563)** | **203** | **(40)** | **(467)** | **(2)** | **(6)** | **251** | **(10)** | **1** | **—** | **234** | **(233)** |
| Variation<sup>(1)</sup> | 95 | 18 | (334) | (15) | (8) |  | (244) | (1) | 4 | (80) | 2 |  |  | (75) | (319) |
| **Balance as of December 31, 2020** | **68** | **(98)** | **(256)** | **(579)** | **195** | **(40)** | **(711)** | **(3)** | **(2)** | **171** | **(8)** | **—** | **—** | **159** | **(552)** |
| Variation<sup>(1)</sup> | 11 | 318 | 160 | 63 | (98) | 1 | 454 |  | (1) | 40 | (4) |  |  | 36 | 490 |
| **Balance as of December 31, 2021** | **78** | **220** | **(96)** | **(516)** | **97** | **(39)** | **(257)** | **(3)** | **(3)** | **212** | **(11)** | **1** | **—** | **195** | **(62)** |
| Variation<sup>(1)</sup> | (111) | 267 | (360) | 179 | (112) | 42 | (96) |  | 28 | (14) | (3) | (4) | 9 | 16 | (80) |
| **Balance as of December 31, 2022** | **(33)** | **487** | **(455)** | **(337)** | **(16)** | **3** | **(353)** | **(4)** | **25** | **198** | **(14)** | **(4)** | **9** | **211** | **(142)** |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Including in 2022 a variation of 363 million euros related to hedging instruments (of which 187 million euros of hedging in American dollar and pound sterling held by Orange SA), an actuarial gain of 176 million euros mainly related to the increase in discount rates and a foreign exchange loss of (374) million euros mainly due to the depreciation of the Egyptian pound.

Including in 2021 a variation of 317 million euros related to hedging instruments (of which 319 million euros of hedging in American dollar and pound sterling held by Orange SA) and a variation of 200 million euros related to translation adjustments (impact spread on multiple currencies).

Including in 2020 a variation of (414) million euros of translation adjustments and a variation of 94 million euros related to assets at fair value.

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| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-13** |

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[**Table of Contents**](#Toc)

#### Consolidated statement of cash flows

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) |  | Note |  | **2022** |  | **2021** |  | **2020** |
| **Operating activities** |  |  |  |  |  |  |  |  |
| Consolidated net income |  |  |  | 2617 |  | 778 |  | 5055 |
| Non-monetary items and reclassified items for presentation  |  |  |  | 13298 |  | 14592 |  | 10310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating taxes and levies |  | 10.1.1 |  | 1882 |  | 1926 |  | 1924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains (losses) on disposal of fixed assets, investments and activities |  | 3.1 |  | (233) |  | (2507) |  | (228) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other gains and losses |  |  |  | (22) |  | (28) |  | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of fixed assets |  | 8.2 |  | 7035 |  | 7074 |  | 7134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of financed assets |  | 8.5 |  | 107 |  | 84 |  | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of right-of-use assets |  | 9.1 |  | 1507 |  | 1481 |  | 1384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in provisions |  | 4-5-6-8 |  | (133) |  | 803 |  | (504) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of goodwill |  | 7.1 |  | 817 |  | 3702 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of fixed assets  |  | 8.3 |  | 56 |  | 17 |  | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of right-of-use assets |  | 9.1 |  | 54 |  | 91 |  | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share of profits (losses) of associates and joint ventures |  | 11 |  | 2 |  | (3) |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operational net foreign exchange and derivatives |  |  |  | 28 |  | 30 |  | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance costs, net |  | 13.2 |  | 920 |  | 782 |  | 1314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax |  | 10.2.1 |  | 1265 |  | 962 |  | (848) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation |  |  |  | 14 |  | 179 |  | 23 |
| Changes in working capital and operating banking activities<sup>(1)</sup> |  |  |  | (792) |  | (177) |  | (640) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease (increase) in inventories, gross |  |  |  | (108) |  | (126) |  | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease (increase) in trade receivables, gross |  |  |  | (289) |  | 64 |  | (488) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in trade payables |  |  |  | 297 |  | 36 |  | (122) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in other customer contract assets and liabilities |  |  |  | (26) |  | 140 |  | (41) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in other assets and liabilities <sup>(2)</sup> |  |  |  | (666) |  | (292) |  | (62) |
| Other net cash out |  |  |  | (3888) |  | (3956) |  | (2028) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating taxes and levies paid |  |  |  | (1906) |  | (1880) |  | (1929) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends received |  |  |  | 13 |  | 12 |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid and interest rates effects on derivatives, net <sup>(3)</sup> |  |  |  | (963) |  | (1134) |  | (1264) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax dispute for fiscal years 2005-2006 |  |  |  |  |  |  |  | 2246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax paid excluding the effect of the tax litigation for years 2005 - 2006 |  |  |  | (1033) |  | (954) |  | (1086) |
| **Net cash provided by operating activities (a)** |  |  |  | **11235** |  | **11236** |  | **12697** |
| **Investing activities** |  |  |  |  |  |  |  |  |
| Purchases and sales of property, plant and equipment and intangible assets |  |  |  | (8282) |  | (8580) |  | (7176) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property, plant and equipment and intangible assets <sup>(4)</sup> |  | 8.4-8.5 |  | (8777) |  | (8749) |  | (8546) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in fixed assets payables  |  |  |  | 170 |  | (72) |  | 958 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investing donations received in advance  |  |  |  | 1 |  | 24 |  | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of property, plant and equipment and intangible assets <sup>(5)</sup> |  |  |  | 324 |  | 217 |  | 374 |
| Cash paid for investment securities, net of cash acquired |  | 3.2 |  | (58) |  | (211) |  | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp;Telekom Romania Communications  |  |  |  | 11 |  | (206) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  |  |  | (68) |  | (5) |  | (49) |
| Investments in associates and joint ventures |  |  |  | (10) |  | (3) |  | (7) |
| Purchases of investment securities measured at fair value |  |  |  | (34) |  | (76) |  | (67) |
| Proceeds from sales of investment securities, net of cash transferred |  | 3.2 |  | 12 |  | 891 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swiatłowod Inwestycje Sp. z o.o (FiberCo in Poland)  |  |  |  | 18 |  | 132 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Orange Concessions  |  |  |  | (8) |  | 758 |  |  |
| Other |  |  |  | 2 |  |  |  |  |
| Other proceeds from sales of investment securities at fair value |  |  |  | 5 |  | 95 |  | 18 |
| Decrease (increase) in securities and other financial assets |  |  |  | (2081) |  | 1908 |  | 1716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value, excluding cash equivalents |  |  |  | (2256) |  | 936 |  | 1568 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other<sup>(6)</sup> |  |  |  | 175 |  | 972 |  | 148 |
| **Net cash used in investing activities (b)** |  |  |  | **(10448)** |  | **(5976)** |  | **(5564)** |

---

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-14** |

---

[**Table of Contents**](#Toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) | Note |  | **2022** | **2021** |  | **2020** |
| **Financing activities** |  |  |  |  |  |  |
| Medium and long-term debt issuances  | 13.5-13.6 |  | 1809 | 2523 |  | 2694 |
| Medium and long-term debt redemptions and repayments<sup>(7)</sup> | 13.5-13.6 |  | (1088) | (4572) |  | (3476) |
| Repayments of lease liabilities | 9.2 |  | (1519) | (1625) |  | (1398) |
| Increase (decrease) of bank overdrafts and short-term borrowings  |  |  | (400) | 1143 |  | (413) |
| &nbsp;&nbsp;o/w redemption of subordinated notes reclassified in 2019 as short-term borrowings | 15.4 |  |  |  |  | (500) |
| Decrease (increase) of cash collateral deposits  |  |  | 771 | 988 |  | (747) |
| Exchange rates effects on derivatives, net  |  |  | (91) | 201 |  | 37 |
| Subordinated notes issuances (purchases) and other related fees | 15.4 |  | (451) | (311) |  | (12) |
| Coupon on subordinated notes  | 15.4 |  | (213) | (238) |  | (280) |
| Proceeds (purchases) treasury shares  | 15.2 |  | 14 | (199) |  | 7 |
| &nbsp;&nbsp;o/w employee share offering (Orange Together 2021) | 6.3 |  | 20 | (188) |  |  |
| Capital increase (decrease) - non-controlling interests |  |  |  | 5 |  | 2 |
| Changes in ownership interests with no gain / loss of control |  |  | (11) | (403) |  | (3) |
| Dividends paid to owners of the parent company  | 15.3 |  | (1861) | (2127) |  | (1595) |
| Dividends paid to non-controlling interests | 15.6 |  | (304) | (218) |  | (226) |
| **Net cash used in financing activities (c)**  |  |  | **(3343)** | **(4834)** |  | **(5410)** |
| **Net change in cash and cash equivalents (a) + (b) + (c)**  |  |  | **(2556)** | **427** |  | **1724** |
| **Net change in cash and cash equivalents**  |  |  |  |  |  |  |
| **Cash and cash equivalents in the opening balance**  |  |  | **8621** | **8145** |  | **6481** |
| **Cash change in cash and cash equivalents**  |  |  | **(2556)** | **427** |  | **1724** |
| **Non-cash change in cash and cash equivalents** |  |  | **(61)** | **50** |  | **(59)** |
| &nbsp;&nbsp;o/w effect of exchange rates changes and other non-monetary effects |  |  | (61) | 50 |  | (59) |
| **Cash and cash equivalents in the closing balance** |  |  | **6004** | **8621** |  | **8145** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Operating banking activities mainly include transactions with customers and credit institutions. They are presented in changes in other assets and liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Excluding operating tax receivables and payables .

&nbsp;&nbsp;&nbsp;&nbsp;(3) Including interests paid on lease liabilities for (141) million euros in 2022, (120) million euros in 2021 and (131) million euros in 2020 and interests paid on financed asset liabilities for (3) million euros in 2022 and (1) million euros in 2021 and 2020.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Acquisitions of financed assets for 229 million euros in 2022, 40 million euros in 2021 and 241 million euros in 2020 have no effect on the net cash used in investing activities.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Including proceeds from sale and lease-back transactions for 14 million euros in 2022, 10 million euros in 2021 and 227 million euros in 2020.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Includes the reimbursement in 2021 of loans granted to Orange Concessions and its subsidiaries for approximately 663 million euros, of which 620 million euros reimbursed by Orange Concessions and 43 million euros by the HIN consortium (see Note 3.2), the reimbursement in 2020 of 97 million euros received by Orange in the context of the dispute with Digicel (see Note 18).

&nbsp;&nbsp;&nbsp;&nbsp;(7) Including TDIRA buy-backs in 2020 (see Note 13.4).

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-15** |

---

[**Table of Contents**](#Toc)

**Note 1&nbsp;&nbsp;&nbsp;&nbsp;Segment information**

**1.1** **Changes in segment information**

In February 2021, Orange announced the creation of Totem, a European TowerCo that operates a tower portfolio consisting of approximately 27,000 sites in France and Spain at December 31, 2022. The TowerCo's entry into the operational phase resulted in a change in internal reporting by management, and the segment information now presented reflects the Group's decision to present Totem as a separate segment. This change has also modified the composition of the France and Spain cash-generating units (CGUs). The goodwill initially assigned to the France and Spain CGUs was thus partially reassigned to the Totem CGU, i.e. 1,624 million euros, based on the expected future cash flows of the transferred activity.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-16** |

---

[**Table of Contents**](#Toc)

1.2&nbsp;&nbsp;&nbsp;&nbsp;Segment revenue

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) |  | **France**<sup>(1)</sup> |  | ***Europe*** | ***Europe*** | ***Europe*** | ***Europe*** |
|  |  |  |  | ***Spain***<sup>(1)</sup> | ***Other*** |  | ***Eliminations*** |
|  |  |  |  |  | ***European*** |  | ***Europe*** |
|  |  |  |  |  | ***countries***<sup>(3)</sup> |  |  |
| **December 31, 2022** |  |  |  |  |  |  |  |
| **Revenue**<sup>(4)</sup> |  | **17983** |  |  ***4647*** |  ***6329*** |  |  ***(14)*** |
| Convergence services |  | 4857 |  | *1870* | *959* |  | *—* |
| Mobile-only services  |  | 2332 |  | *790* | *2079* |  | *—* |
| Fixed-only services |  | 3787 | <sup>(7)</sup> | *436* | *783* |  | *—* |
| IT & integration services  |  |  |  | *41* | *430* |  | *—* |
| Wholesale  |  | 4938 |  | *878* | *964* |  | *(14)* |
| Equipment sales  |  | 1323 |  | *632* | *927* |  | *—* |
| Other revenue |  | 746 |  | *1* | *185* |  | *—* |
| *External*  |  | *17238* |  | *4586* | *6219* |  | *—* |
| *Inter-operating segments*  |  | *745* |  | *61* | *109* |  | *(14)* |
| **December 31, 2021** |  |  |  |  |  |  |  |
| **Revenue**<sup>(4)</sup> |  | **18092** |  |  ***4720*** |  ***5870*** |  |  ***(11)*** |
| Convergence services |  | 4697 |  | *1870* | *850* |  | *—* |
| Mobile-only services  |  | 2276 |  | *880* | *2007* |  | *—* |
| Fixed-only services |  | 3872 | <sup>(7)</sup> | *435* | *652* |  | *—* |
| IT & integration services  |  |  |  | *14* | *338* |  | *—* |
| Wholesale  |  | 5313 |  | *900* | *998* |  | *(11)* |
| Equipment sales  |  | 1226 |  | *621* | *869* |  | *—* |
| Other revenue |  | 708 |  | *1* | *155* |  | *—* |
| *External*  |  | *17489* |  | *4672* | *5776* |  | *—* |
| *Inter-operating segments*  |  | *603* |  | *48* | *94* |  | *(11)* |
| **December 31, 2020** |  |  |  |  |  |  |  |
| **Revenue**<sup>(4)</sup> |  | **18461** |  |  ***4951*** |  ***5638*** |  |  ***(9)*** |
| Convergence services |  | 4559 |  | *1984* | *733* |  | *—* |
| Mobile services only |  | 2245 |  | *1012* | *2026* |  | *—* |
| Fixed services only |  | 3959 | <sup>(7)</sup> | *471* | *611* |  | *—* |
| IT & integration services  |  |  |  | *8* | *301* |  | *—* |
| Wholesale  |  | 5866 |  | *916* | *1017* |  | *(9)* |
| Equipment sales  |  | 1187 |  | *547* | *828* |  | *—* |
| Other revenue |  | 644 |  | *12* | *122* |  | *—* |
| *External*  |  | *17794* |  | *4908* | *5559* |  | *—* |
| *Inter-operating segments*  |  | *667* |  | *43* | *79* |  | *(9)* |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Since January 1, 2022, Totem's figures are presented in a distinct operating segment. In 2021 and 2020, Totem's figures are included in France, Spain and International Carriers & Shared Services segments (see Note 1.1).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Including in 2022, revenue of 473 million euros in France and 212 million euros in Spain.

&nbsp;&nbsp;&nbsp;&nbsp;(3) In 2021, the segment includes the contribution of Telekom Romania Communications since September 30, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The description of different sources of revenue is presented in Note 4.1.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Including, in 2022, revenue of 5,126 million euros in France, 19 million euros in Spain, 1,413 million euros in other European countries and 1,023 million euros in other countries.

Including, in 2021, revenue of 5,118 million euros in France, 13 million euros in Spain, 1,294 million euros in other European countries and 1,331 million euros in other countries.

Including, in 2020, revenue of 5,071 million euros in France, 13 million euros in Spain, 1,287 million euros in other European countries and 1,436 million euros in other countries.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Including revenue of 1,361 million euros in France, 1,353 million euros in 2021 and 1,305 million euros in 2020.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Including, in 2022, fixed only broadband revenue of 2,955 million euros and fixed only narrowband revenue of 831 million euros.

Including, in 2021, fixed only broadband revenue of 2,862 million euros and fixed only narrowband revenue of 1,010 million euros.

Including, in 2020, fixed only broadband revenue of 2,748 million euros and fixed only narrowband revenue of 1,212 million euros.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Including, in 2022, revenue of 1,018 million euros from voice services and revenue of 2,448 million euros from data services.

Including, in 2021, revenue of 1,106 million euros from voice services and revenue of 2,527 million euros from data services.

Including, in 2020, revenue of 1,237 million euros from voice services and revenue of 2,614 million euros from data services.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-17** |

---

[**Table of Contents**](#Toc)

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) |  | ***Europe*** | **Africa &**  | **Enterpri-se**<sup>(5)</sup> | **Totem**<sup>(1)(2)</sup> |  | **International** |  | **Eliminations** |  | **Total** |  | **Mobile** |  | **Eliminations** | **Orange** |
|  |  | **Total** | **Middle- East** |  |  |  | **Carriers &** |  |  |  | **telecom** |  | **Financial** |  | **telecom** | **consolidated** |
|  |  |  |  |  |  |  | **Shared** |  |  |  | **activities** |  | **Services** |  | **activities /**  | **financial** |
|  |  |  |  |  |  |  | **Services** <sup>(1)(6)</sup> |  |  |  |  |  |  |  | **mobile** | **statements** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **financial services** |  |
| **December 31, 2022** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Revenue**<sup>(4)</sup> |  | **10962** | **6918** | **7930** | **685** |  | **1540** |  | **(2538)** |  | **43480** |  | **—** |  | **(9)** | **43471** |
| Convergence services |  | 2830 |  |  |  |  |  |  |  |  | 7687 |  |  |  |  | 7687 |
| Mobile-only services  |  | 2869 | 5272 | 659 |  |  |  |  | (38) |  | 11093 |  |  |  |  | 11093 |
| Fixed-only services |  | 1219 | 800 | 3466<br><sup>(8)</sup> |  |  |  |  | (150) |  | 9121 |  |  |  | (1) | 9120 |
| IT & integration services  |  | 471 | 40 | 3489 |  |  |  |  | (184) |  | 3817 |  |  |  | (6) | 3811 |
| Wholesale  |  | 1828 | 663 | 41 | 685 |  | 1060 |  | (1859) |  | 7356 |  |  |  |  | 7356 |
| Equipment sales  |  | 1559 | 104 | 275 |  |  |  |  | (7) |  | 3255 |  |  |  |  | 3254 |
| Other revenue |  | 187 | 39 |  |  |  | 480 |  | (299) |  | 1152 |  |  |  | (2) | 1150 |
| *External*  |  | *10805* | *6750* | *7548* | *113* |  | *1017* |  | *—* |  | *43471* |  | *—* |  | *—* | *43471* |
| *Inter-operating segments*  |  | *157* | *168* | *383* | *572* |  | *523* |  | *(2538)* |  | *9* |  | *—* |  | *(9)* | *—* |
| **December 31, 2021** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Revenue**<sup>(4)</sup> |  | **10579** | **6381** | **7757** | **n/a** |  | **1515** |  | **(1795)** |  | **42530** |  | **—** |  | **(7)** | **42522** |
| Convergence services |  | 2720 |  |  | n/a |  |  |  |  |  | 7417 |  |  |  |  | 7417 |
| Mobile-only services  |  | 2887 | 4884 | 636 | n/a |  |  |  | (31) |  | 10652 |  |  |  |  | 10652 |
| Fixed-only services |  | 1087 | 664 | 3633<br><sup>(8)</sup> | n/a |  |  |  | (168) |  | 9089 |  |  |  | (1) | 9088 |
| IT & integration services  |  | 352 | 31 | 3195 | n/a |  |  |  | (167) |  | 3411 |  |  |  | (4) | 3407 |
| Wholesale  |  | 1886 | 654 | 42 | n/a |  | 1056 |  | (1249) |  | 7702 |  |  |  |  | 7702 |
| Equipment sales  |  | 1490 | 112 | 250 | n/a |  |  |  | (8) |  | 3070 |  |  |  |  | 3070 |
| Other revenue |  | 157 | 36 |  | n/a |  | 460 |  | (172) |  | 1188 |  |  |  | (2) | 1186 |
| *External*  |  | *10449* | *6216* | *7371* | n/a |  | 998 |  | *—* |  | *42522* |  | *—* |  | *—* | *42522* |
| *Inter-operating segments*  |  | *131* | *165* | *386* | n/a |  | 517 |  | *(1795)* |  | *7* |  | *—* |  | *(7)* | *—* |
| **December 31, 2020** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Revenue**<sup>(4)</sup> |  | **10580** | **5834** | **7807** | **n/a** |  | **1450** |  | **(1855)** |  | **42277** |  | **—** |  | **(7)** | **42270** |
| Convergence services |  | 2717 |  |  | n/a |  |  |  |  |  | 7276 |  |  |  |  | 7276 |
| Mobile services only |  | 3038 | 4420 | 649 | n/a |  |  |  | (35) |  | 10317 |  |  |  |  | 10317 |
| Fixed services only |  | 1083 | 562 | 3851<br><sup>(8)</sup> | n/a |  |  |  | (177) |  | 9278 |  |  |  |  | 9277 |
| IT & integration services  |  | 310 | 25 | 3086 | n/a |  |  |  | (164) |  | 3256 |  |  |  | (4) | 3252 |
| Wholesale  |  | 1924 | 695 | 45 | n/a |  | 1038 |  | (1313) |  | 8255 |  |  |  |  | 8255 |
| Equipment sales  |  | 1375 | 89 | 175 | n/a |  |  |  | (5) |  | 2821 |  |  |  |  | 2821 |
| Other revenue |  | 134 | 43 |  | n/a |  | 412 |  | (160) |  | 1073 |  |  |  | (2) | 1072 |
| *External*  |  | *10467* | *5660* | *7405* | n/a |  | 944 |  | *—* |  | *42270* |  | *—* |  | *—* | *42270* |
| *Inter-operating segments*  |  | *113* | *175* | *402* | n/a |  | 506 |  | *(1855)* |  | *7* |  | *—* |  | *(7)* | *—* |

---

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-18** |

---

[**Table of Contents**](#Toc)

**1.3&nbsp;&nbsp;&nbsp;&nbsp;Segment revenue to consolidated net income in 2022**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) |  | **France** |  | **Europe** | **Europe** | **Europe** | **Europe** | **Europe** | **Europe** |
|  |  |  |  |  |  | ***Other*** |  | ***Elimina-*** |  |
|  |  |  |  | ***Spain*** |  | ***European*** |  | ***tions*** | **Total** |
|  |  |  |  |  |  | ***countries***<sup>(2)</sup> |  | ***Europe*** |  |
| **Revenue** |  | **17983** |  |  ***4647*** |  |  ***6329*** |  |  ***(14)*** | **10962** |
| External purchases |  | (7429) |  | *(2879)* |  | *(3684)* |  | *14* | (6550) |
| Other operating income |  | 1229 |  | *97* |  | *270* |  | *—* | 367 |
| Other operating expenses |  | (486) |  | *(162)* |  | *(187)* |  | *—* | (350) |
| Labor expenses |  | (3435) |  | *(266)* |  | *(736)* |  | *—* | (1002) |
| Operating taxes and levies |  | (834) |  | *(140)* |  | *(101)* |  | *—* | (241) |
| Gains (losses) on disposal of fixed assets, investments and activities |  |  |  | *—* |  | *—* |  | *—* |  |
| Restructuring costs |  |  |  | *—* |  | *—* |  | *—* |  |
| Depreciation and amortization of financed assets |  | (107) |  | *—* |  | *—* |  | *—* |  |
| Depreciation and amortization of right-of-use assets |  | (254) |  | *(169)* |  | *(201)* |  | *—* | (371) |
| Impairment of right-of-use assets |  |  |  | *—* |  | *—* |  | *—* |  |
| Interests on debts related to financed assets<sup>(5)</sup> |  | (3) |  | *—* |  | *—* |  | *—* |  |
| Interests on lease liabilities<sup>(5)</sup> |  | (18) |  | *(17)* |  | *(27)* |  | *—* | (44) |
| **EBITDAaL**<sup>(3)</sup> |  | **6645** |  |  ***1111*** |  |  ***1662*** |  |  ***—*** | **2772** |
| Significant litigations<sup>(3)</sup> |  | (3) |  | *—* |  | *—* |  | *—* |  |
| Specific labour expenses<sup>(3)</sup> |  | (330) |  | *—* |  | *—* |  | *—* |  |
| Fixed assets, investments and businesses portfolio review<sup>(3)</sup> |  |  |  | *—* |  | *29* |  | *—* | 29 |
| Restructuring programs costs<sup>(3)</sup> |  | (18) |  | *(8)* |  | *(14)* |  | *—* | (22) |
| Acquisition and integration costs<sup>(3)</sup> |  |  |  | *—* |  | *(41)* |  | *—* | (41) |
| Depreciation and amortization of fixed assets |  | (2922) |  | *(1107)* |  | *(1057)* |  | *—* | (2164) |
| Impairment of goodwill |  |  |  | *—* |  | *(789)* |  | *—* | (789) |
| Impairment of fixed assets |  | (15) |  | *—* |  | *(3)* |  | *—* | (3) |
| Share of profits (losses) of associates and joint ventures |  | (18) |  | *—* |  | *(3)* |  | *—* | (3) |
| *Elimination of interests on debts related to financed assets*<sup>(5)</sup> |  | *3* |  | *—* |  | *—* |  | *—* | *—* |
| *Elimination of interests on lease liabilities*<sup>(5)</sup> |  | *18* |  | *17* |  | *27* |  | *—* | *44* |
| **Operating Income** |  | **3361** |  |  ***12*** |  |  ***(190)*** |  |  ***—*** | **(177)** |
| Cost of gross financial debt except financed assets |  |  |  |  |  |  |  |  |  |
| Interests on debts related to financed assets<sup>(5)</sup> |  |  |  |  |  |  |  |  |  |
| Gains (losses) on assets contributing to net financial debt |  |  |  |  |  |  |  |  |  |
| Foreign exchange gain (loss) |  |  |  |  |  |  |  |  |  |
| Interests on lease liabilities<sup>(5)</sup> |  |  |  |  |  |  |  |  |  |
| Other net financial expenses |  |  |  |  |  |  |  |  |  |
| **Finance costs, net** |  |  |  |  |  |  |  |  |  |
| **Income Tax** |  |  |  |  |  |  |  |  |  |
| **Consolidated net income** |  |  |  |  |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Since January 1, 2022, Totem's figures are presented in a distinct operating segment (see Note 1.1).

&nbsp;&nbsp;&nbsp;&nbsp;(2) In 2021, the segment includes the contribution of Telekom Romania Communications since September 30, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(3) See Note 1.10. for EBITDAaL adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Mobile Financial Services' net banking income is recognized in other operating income and amounts to 116 million euros in 2022. The cost of risk is included in other operating expenses and amounts to (45) million euros in 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Presentation adjustments allow the reallocation of the lines of specific items identified in the segment information to the operating revenue and expense lines presented in the consolidated income statement. Interests on debts related to financed assets and interests on lease liabilities are included in segment EBITDAaL. They are excluded from segment operating income and included in net finance costs presented in the consolidated income statement.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-19** |

---

[**Table of Contents**](#Toc)

---

| | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) |  | **Africa &** |  | **Enterprise** |  | **Totem**<sup>(1)</sup> |  | **Interna-** |  | **Elimination** |  | **Total** |  | **Mobile** |  | **Elimina-** |  | **Total** |  | **Presenta-** |  | **Orange** |
|  |  | **Middle-** |  |  |  |  |  | **tional** |  | **telecom** |  | **telecom** |  | **Financial** |  | **tions** |  |  |  | **tion adjust-**  |  | **consoli-** |
|  |  | **East** |  |  |  |  |  | **Carriers &** |  | **activities** |  | **activities** |  | **Services**<sup>(4)</sup> |  | **telecom** |  |  |  | **ments**<sup>(5)</sup> |  | **dated** |
|  |  |  |  |  |  |  |  | **Shared** |  |  |  |  |  |  |  | **activites /** |  |  |  |  |  | **financial** |
|  |  |  |  |  |  |  |  | **Services** |  |  |  |  |  |  |  | **mobile** |  |  |  |  |  | **statements** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **financial** |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **services** |  |  |  |  |  |  |
| **Revenue** |  | **6918** |  | **7930** |  | **685** |  | **1540** |  | **(2538)** |  | **43480** |  | **—** |  | **(9)** |  | **43471** |  | **—** |  | **43471** |
| External purchases |  | (2740) |  | (4240) |  | (131) |  | (1997) |  | 4491 |  | (18594) |  | (129) |  | 15 |  | (18707) |  | (24) |  | (18732) |
| Other operating income |  | 69 |  | 191 |  |  |  | 2101 |  | (3331) |  | 627 |  | 128 |  | (10) |  | 745 |  | 2 |  | 747 |
| Other operating expenses |  | (171) |  | (657) |  |  |  | (49) |  | 1377 |  | (335) |  | (36) |  | 4 |  | (367) |  | (47) |  | (413) |
| Labor expenses |  | (575) |  | (2179) |  | (14) |  | (1255) |  |  |  | (8461) |  | (76) |  |  |  | (8537) |  | (383) |  | (8920) |
| Operating taxes and levies |  | (660) |  | (82) |  | (5) |  | (55) |  |  |  | (1877) |  | (2) |  |  |  | (1879) |  | (3) |  | (1882) |
| Gains (losses) on disposal of fixed assets, investments and activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 233 |  | 233 |
| Restructuring costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (125) |  | (125) |
| Depreciation and amortization of financed assets |  |  |  |  |  |  |  |  |  |  |  | (107) |  |  |  |  |  | (107) |  |  |  | (107) |
| Depreciation and amortization of right-of-use assets |  | (194) |  | (154) |  | (159) |  | (372) |  |  |  | (1504) |  | (3) |  |  |  | (1507) |  |  |  | (1507) |
| Impairment of right-of-use assets |  |  |  | (1) |  |  |  |  |  |  |  | (1) |  |  |  |  |  | (1) |  | (52) |  | (54) |
| Interests on debts related to financed assets<sup>(5)</sup> |  |  |  |  |  |  |  |  |  |  |  | (3) |  |  |  |  |  | (3) |  | 3 |  | n/a |
| Interests on lease liabilities<sup>(5)</sup> |  | (64) |  | (6) |  | (4) |  | (10) |  |  |  | (144) |  |  |  |  |  | (145) |  | 145 |  | n/a |
| **EBITDAaL**<sup>(3)</sup> |  | **2584** |  | **804** |  | **371** |  | **(96)** |  | **—** |  | **13080** |  | **(118)** |  | **1** |  | **12963** |  | **(251)** |  | **n/a** |
| Significant litigations<sup>(3)</sup> |  |  |  |  |  |  |  | (6) |  |  |  | (9) |  |  |  |  |  | (9) |  | 9 |  | n/a |
| Specific labour expenses<sup>(3)</sup> |  |  |  | (35) |  |  |  | (9) |  |  |  | (373) |  | 1 |  |  |  | (372) |  | 372 |  | n/a |
| Fixed assets, investments and businesses portfolio review<sup>(3)</sup> |  | 76 |  | 8 |  |  |  | 120 |  |  |  | 233 |  |  |  |  |  | 233 |  | (233) |  | n/a |
| Restructuring programs costs<sup>(3)</sup> |  | (8) |  | (47) |  |  |  | (89) |  |  |  | (184) |  | 7 |  |  |  | (177) |  | 177 |  | n/a |
| Acquisition and integration costs<sup>(3)</sup> |  |  |  | (1) |  | (1) |  | (33) |  |  |  | (76) |  | 2 |  |  |  | (74) |  | 74 |  | n/a |
| Depreciation and amortization of fixed assets |  | (1075) |  | (398) |  | (122) |  | (311) |  |  |  | (6992) |  | (44) |  |  |  | (7035) |  |  |  | (7035) |
| Impairment of goodwill |  |  |  |  |  |  |  |  |  |  |  | (789) |  | (28) |  |  |  | (817) |  |  |  | (817) |
| Impairment of fixed assets |  | 2 |  | (20) |  |  |  |  |  |  |  | (36) |  | (21) |  |  |  | (56) |  |  |  | (56) |
| Share of profits (losses) of associates and joint ventures |  | 22 |  | 1 |  |  |  | (3) |  |  |  | (2) |  |  |  |  |  | (2) |  |  |  | (2) |
| *Elimination of interests on debts related to financed assets*<sup>(5)</sup> |  | *—* |  | *—* |  | *—* |  | *—* |  | *—* |  | *3* |  | *—* |  | *—* |  | *3* |  | *(3)* |  | *n/a* |
| *Elimination of interests on lease liabilities*<sup>(5)</sup> |  | *64* |  | *6* |  | *4* |  | *10* |  | *—* |  | *144* |  | *—* |  | *—* |  | *145* |  | *(145)* |  | *n/a* |
| **Operating Income** |  | **1665** |  | **317** |  | **252** |  | **(417)** |  | **—** |  | **5000** |  | **(200)** |  | **1** |  | **4801** |  | **—** |  | **4801** |
| Cost of gross financial debt except financed assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (775) |
| Interests on debts related to financed assets<sup>(5)</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3) |
| Gains (losses) on assets contributing to net financial debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 48 |
| Foreign exchange gain (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (97) |
| Interests on lease liabilities<sup>(5)</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (145) |
| Other net financial expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 52 |
| **Finance costs, net** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **(920)** |
| **Income Tax** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **(1265)** |
| **Consolidated net income** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **2617** |

---

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-20** |

---

[**Table of Contents**](#Toc)

**1.4&nbsp;&nbsp;&nbsp;&nbsp;Segment revenue to consolidated net income in 2021**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) | **France**  | **Europe**  | **Europe**  | **Europe**  | **Europe**  | **Europe**  | **Europe**  |
|  |  | ***Spain***  |  | ***Other*** |  | ***Elimina-*** | **Total** |
|  |  |  |  | ***European*** |  | ***tions*** |  |
|  |  |  |  | ***countries*** |  | ***Europe***  |  |
| **Revenue** | **18092** |  ***4720*** |  |  ***5870*** |  |  ***(11)*** | **10579** |
| External purchases  | (7081) | *(2768)* |  | *(3330)* |  | *11* | (6087) |
| Other operating income  | 1274 | *161* |  | *192* |  | *—* | 353 |
| Other operating expenses  | (526) | *(171)* |  | *(179)* |  | *—* | (350) |
| Labor expenses  | (3657) | *(268)* |  | *(665)* |  | *—* | (932) |
| Operating taxes and levies  | (838) | *(163)* |  | *(96)* |  | *—* | (259) |
| Gains (losses) on disposal of fixed assets, investments and activities |  |  |  |  |  |  |  |
| Restructuring costs |  |  |  |  |  |  |  |
| Depreciation and amortization of financed assets | (84) | *—* |  | *—* |  | *—* |  |
| Depreciation and amortization of right-of-use assets | (304) | *(248)* |  | *(198)* |  | *—* | (446) |
| Impairment of right-of-use assets |  | *—* |  | *—* |  | *—* |  |
| Interests on debts related to financed assets<sup>(3)</sup> | (1) | *—* |  | *—* |  | *—* |  |
| Interests on lease liabilities<sup>(3)</sup> | (8) | *(14)* |  | *(15)* |  | *—* | (29) |
| **EBITDAaL** <sup>(1)</sup> | **6867** |  ***1251*** |  |  ***1579*** |  |  ***—*** | **2830** |
| Significant litigations<sup>(1)</sup> | (128) | *—* |  | *—* |  | *—* |  |
| Specific labour expenses<sup>(1)</sup> | (959) | *—* |  | *(2)* |  | *—* | (2) |
| Fixed assets, investments and businesses portfolio review<sup>(1)</sup> | (2) | *—* |  | *359* |  | *—* | 359 |
| Restructuring programs costs<sup>(1)</sup> | (10) | *(180)* |  | *(31)* |  | *—* | (211) |
| Acquisition and integration costs<sup>(1)</sup> | (7) | *—* |  | *(25)* |  | *—* | (25) |
| Depreciation and amortization of fixed assets | (3108) | *(1107)* |  | *(1097)* |  | *—* | (2204) |
| Impairment of goodwill |  | *(3702)* |  | *—* |  | *—* | (3702) |
| Impairment of fixed assets | (1) | *—* |  | *(13)* |  | *—* | (13) |
| Share of profits (losses) of associates and joint ventures | (8) | *—* |  | *5* |  | *—* | 5 |
| *Elimination of interests on debts related to financed assets*<sup>(3)</sup> | *1* | *—* |  | *—* |  | *—* | *—* |
| *Elimination of interests on lease liabilities*<sup>(3)</sup> | *8* | *14* |  | *15* |  | *—* | *29* |
| **Operating Income** | **2653** |  ***(3724)*** |  |  ***791*** |  |  ***—*** | **(2933)** |
| Cost of gross financial debt except financed assets |  |  |  |  |  |  |  |
| Interests on debts related to financed assets<sup>(3)</sup> |  |  |  |  |  |  |  |
| Gains (losses) on assets contributing to net financial debt |  |  |  |  |  |  |  |
| Foreign exchange gain (loss) |  |  |  |  |  |  |  |
| Interests on lease liabilities<sup>(3)</sup> |  |  |  |  |  |  |  |
| Other net financial expenses |  |  |  |  |  |  |  |
| **Finance costs, net** | **—** | **—** |  | **—** |  | **—** | **—** |
| **Income Taxes** |  |  |  |  |  |  |  |
| **Consolidated net income**  | **—** | **—** |  | **—** |  | **—** | **—** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) See Note 1.10. for EBITDAaL adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Mobile Financial Services's net banking income is recognized in other operating income and amounts to 109 million euros in 2021. The cost of risk is included in other operating expenses and amounts to (46) million euros in 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Presentation adjustments allow the reallocation of the lines of specific items identified in the segment information to the operating revenue and expense lines presented in the consolidated income statement. Interests on debts related to financed assets and interests on lease liabilities are included in segment EBITDAaL. They are excluded from segment operating income and included in net finance costs presented in the consolidated income statement.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-21** |

---

[**Table of Contents**](#Toc)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) | **Africa &** | **Entreprise** | **Interna-tional** | **Elimina-tion** | **Total** | **Mobile** | **Elimina-tions** | **Total** | **Presenta-** | **Orange** |
|  | **Middle-East** |  | **Carriers &** | **telecom** | **telecom** | **Financial** | **telecom** |  | **tion** | **consoli-** |
|  |  |  | **Shared** | **activities**  | **activities**  | **Services**<sup>(2)</sup> | **activities/mobile** |  | **adjust-** | **dated financial** |
|  |  |  | **Services**  |  |  |  | **financial services** |  | **ments**<sup>(3)</sup> | **statements** |
| **Revenue** | **6381** | **7757** | **1515** | **(1795)** | **42530** | **—** | **(7)** | **42522** | **—** | **42522** |
| External purchases  | (2502) | (3967) | (2000) | 3786 | (17849) | (112) | 10 | (17950) | (23) | (17973) |
| Other operating income  | 52 | 173 | 2096 | (3328) | 620 | 114 | (4) | 730 | 53 | 783 |
| Other operating expenses  | (243) | (640) | (71) | 1336 | (493) | (44) | 2 | (535) | (165) | (700) |
| Labor expenses  | (535) | (2119) | (1298) |  | (8542) | (84) |  | (8626) | (1291) | (9917) |
| Operating taxes and levies  | (644) | (80) | (66) |  | (1887) | (3) |  | (1890) | (36) | (1926) |
| Gains (losses) on disposal of fixed assets, investments and activities |  |  |  |  |  |  |  |  | 2507 | 2507 |
| Restructuring costs |  |  |  |  |  |  |  |  | (331) | (331) |
| Depreciation and amortization of financed assets |  |  |  |  | (84) |  |  | (84) |  | (84) |
| Depreciation and amortization of right-of-use assets | (176) | (147) | (407) |  | (1478) | (3) |  | (1481) |  | (1481) |
| Impairment of right-of-use assets |  |  |  |  |  |  |  |  | (91) | (91) |
| Interests on debts related to financed assets<sup>(3)</sup> |  |  |  |  | (1) |  |  | (1) | 1 | n/a |
| Interests on lease liabilities<sup>(3)</sup> | (67) | (7) | (8) |  | (119) |  |  | (120) | 120 | n/a |
| **EBITDAaL** <sup>(1)</sup> | **2265** | **970** | **(237)** | **—** | **12696** | **(131)** | **1** | **12566** | **744** | **n/a** |
| Significant litigations<sup>(1)</sup> |  |  | (6) |  | (134) |  |  | (134) | 134 | n/a |
| Specific labour expenses<sup>(1)</sup> |  | (123) | (190) |  | (1274) | (3) |  | (1276) | 1276 | n/a |
| Fixed assets, investments and businesses portfolio review<sup>(1)</sup> | 2 | 3 | 2146 |  | 2507 |  |  | 2507 | (2507) | n/a |
| Restructuring programs costs<sup>(1)</sup> | (41) | (5) | (145) |  | (412) | (11) |  | (422) | 422 | n/a |
| Acquisition and integration costs<sup>(1)</sup> |  | (1) | (16) |  | (49) | (2) |  | (51) | 51 | n/a |
| Depreciation and amortization of fixed assets | (1012) | (378) | (335) |  | (7038) | (36) |  | (7074) |  | (7074) |
| Impairment of goodwill |  |  |  |  | (3702) |  |  | (3702) |  | (3702) |
| Impairment of fixed assets | (1) |  | (2) |  | (17) |  |  | (17) |  | (17) |
| Share of profits (losses) of associates and joint ventures | 10 | 1 | (5) |  | 3 |  |  | 3 |  | 3 |
| *Elimination of interests on debts related to financed assets*<sup>(3)</sup> | *—* | *—* | *—* | *—* | *1* | *—* | *—* | *1* | *(1)* | *n/a* |
| *Elimination of interests on lease liabilities*<sup>(3)</sup> | *67* | *7* | *8* | *—* | *119* | *—* | *—* | *120* | *(120)* | *n/a* |
| **Operating Income** | **1291** | **474** | **1217** | **—** | **2702** | **(182)** | **1** | **2521** | **—** | **2521** |
| Cost of gross financial debt except financed assets |  |  |  |  |  |  |  |  |  | (829) |
| Interests on debts related to financed assets<sup>(3)</sup> |  |  |  |  |  |  |  |  |  | (1) |
| Gains (losses) on assets contributing to net financial debt |  |  |  |  |  |  |  |  |  | (3) |
| Foreign exchange gain (loss) |  |  |  |  |  |  |  |  |  | 65 |
| Interests on lease liabilities<sup>(3)</sup> |  |  |  |  |  |  |  |  |  | (120) |
| Other net financial expenses |  |  |  |  |  |  |  |  |  | 106 |
| **Finance costs, net** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **(782)** |
| Income Taxes |  |  |  |  |  |  |  |  |  | **(962)** |
| **Consolidated net income**  | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **778** |

---

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-22** |

---

[**Table of Contents**](#Toc)

1.5&nbsp;&nbsp;&nbsp;&nbsp;Segment revenue to consolidated net income in 2020

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) | **France** | **Europe** | **Europe** | **Europe** | **Europe** | **Europe** | **Europe** |
|  |  | ***Spain***  |  | ***Other*** |  | ***Elimina-*** | **Total** |
|  |  |  |  | ***European*** |  | ***tions*** |  |
|  |  |  |  | ***countries*** |  | ***Europe***  |  |
| **Revenue** | **18461** |  ***4951*** |  |  ***5638*** |  |  ***(9)*** | **10580** |
| External purchases | (7101) | *(2774)* |  | *(3194)* |  | *9* | (5959) |
| Other operating income | 1303 | *141* |  | *153* |  | *—* | 293 |
| Other operating expenses | (592) | *(185)* |  | *(173)* |  | *—* | (358) |
| Labor expenses | (3663) | *(280)* |  | *(632)* |  | *—* | (912) |
| Operating taxes and levies | (955) | *(148)* |  | *(90)* |  | *—* | (238) |
| Gains (losses) on disposal of fixed assets, investments and activities  |  |  |  |  |  | *—* |  |
| Restructuring costs |  |  |  |  |  | *—* |  |
| Depreciation and amortization of financed assets | (55) |  |  |  |  | *—* |  |
| Depreciation and amortization of right-of-use assets | (225) | *(260)* |  | *(183)* |  | *—* | (443) |
| Impairment of right-of-use assets |  | *—* |  | *—* |  | *—* | *—* |
| Interests on debts related to financed assets<sup>(3)</sup> | (1) | *—* |  | *—* |  | *—* | *—* |
| Interests on lease liabilities<sup>(3)</sup> | (8) | *(12)* |  | *(19)* |  | *—* | (30) |
| **EBITDAaL**<sup>(1)</sup> | **7163** |  ***1433*** |  |  ***1499*** |  |  ***—*** | **2932** |
| Significant litigations<sup>(1)</sup> | (199) | *—* |  | *—* |  | *—* |  |
| Specific labour expenses<sup>(1)</sup> | (7) | *—* |  | *2* |  | *—* | 2 |
| Fixed assets, investments and businesses portfolio review<sup>(1)</sup> | 21 | *22* |  | *14* |  | *—* | 36 |
| Restructuring programs costs<sup>(1)</sup> | (5) | *—* |  | *(2)* |  | *—* | (2) |
| Acquisition and integration costs<sup>(1)</sup> | (1) | *—* |  | *(7)* |  | *—* | (7) |
| Depreciation and amortization of fixed assets | (3157) | *(1059)* |  | *(1129)* |  | *—* | (2187) |
| Impairment of goodwill |  | *—* |  | *—* |  | *—* |  |
| Impairment of fixed assets | (15) | *—* |  | *(8)* |  | *—* | (8) |
| Share of profits (losses) of associates and joint ventures | (1) | *—* |  | *—* |  | *—* |  |
| *Elimination of interests on debts related to financed assets*<sup>(3)</sup> | *1* | *—* |  | *—* |  | *—* | *—* |
| *Elimination of interests on lease liabilities*<sup>(3)</sup> | *8* | *12* |  | *19* |  | *—* | *30* |
| **Operating Income** | **3809** |  ***407*** |  |  ***389*** |  |  ***—*** | **796** |
| Cost of gross financial debt except financed assets | *—* | *—* |  | *—* |  | *—* | *—* |
| Interests on debts related to financed assets<sup>(3)</sup> | *—* | *—* |  | *—* |  | *—* | *—* |
| Gains (losses) on assets contributing to net financial debt | *—* | *—* |  | *—* |  | *—* | *—* |
| Foreign exchange gain (loss) | *—* | *—* |  | *—* |  | *—* | *—* |
| Interests on lease liabilities<sup>(3)</sup> | *—* | *—* |  | *—* |  | *—* | *—* |
| Other net financial expenses | *—* | *—* |  | *—* |  | *—* | *—* |
| **Finance costs, net** | *—* | *—* |  | *—* |  | *—* | *—* |
| **Income Taxes** | *—* | *—* |  | *—* |  | *—* | *—* |
| **Consolidated net income** | *—* | *—* |  | *—* |  | *—* | *—* |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) See Note 1.10. for EBITDAaL adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Mobile Financial Services's net banking income is recognized in other operating income and amounts to 69 million euros in 2020. The cost of risk is included in other operating expenses and amounts to (31) million euros in 2020.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Presentation adjustments allow the reallocation of the lines of specific items identified in the segment information to the operating revenue and expense lines presented in the consolidated income statement. Interests on debts related to financed assets and interests on lease liabilities are included in segment EBITDAaL. They are excluded from segment operating income and included in net finance costs presented in the consolidated income statement.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-23** |

---

[**Table of Contents**](#Toc)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) | **Africa &** | **Enterprise** | **Interna-** | **Elimina-** | **Total** |  | **Mobile** | **Elimina-tions**  | **Total** | **Presenta-tion** | **Orange** |
|  | **Middle-East** |  | **tional** | **tion telecom** | **telecom** |  | **Financial** | **telecom** |  | **adjust-** | **consoli-dated** |
|  |  |  | **Carriers &** | **activities** | **activities** |  | **Services**<sup>(2)</sup> | **activities/**  |  | **ments**<sup>(3)</sup> | **financial** |
|  |  |  | **Shared** |  |  |  |  | **mobile** |  |  | **statements** |
|  |  |  | **Services** |  |  |  |  | **financial** |  |  |  |
|  |  |  |  |  |  |  |  | **services** |  |  |  |
| **Revenue** | **5834** | **7807** | **1450** | **(1855)** | **42277** |  | **—** | **(7)** | **42270** | **—** | **42270** |
| External purchases | (2443) | (4019) | (1951) | 3891 | (17582) |  | (108) | 6 | (17684) | (6) | (17691) |
| Other operating income | 76 | 161 | 2076 | (3371) | 539 |  | 75 | (9) | 604 |  | 604 |
| Other operating expenses | (212) | (646) | (51) | 1335 | (524) |  | (47) | 11 | (560) | (229) | (789) |
| Labor expenses | (514) | (2027) | (1274) |  | (8390) |  | (75) |  | (8465) | (25) | (8490) |
| Operating taxes and levies | (552) | (102) | (75) |  | (1923) |  | (1) |  | (1924) |  | (1924) |
| Gains (losses) on disposal of fixed assets, investments and activities  |  |  |  |  |  |  |  |  |  | 228 | 228 |
| Restructuring costs |  |  |  |  |  |  |  |  |  | (25) | (25) |
| Depreciation and amortization of financed assets |  |  |  |  | (55) |  |  |  | (55) |  | (55) |
| Depreciation and amortization of right-of-use assets | (158) | (145) | (410) |  | (1380) |  | (3) |  | (1384) |  | (1384) |
| Impairment of right-of-use assets |  |  |  |  |  |  |  |  |  | (57) | (57) |
| Interests on debts related to financed assets<sup>(3)</sup> |  |  |  |  | (1) |  |  |  | (1) | 1 | n/a |
| Interests on lease liabilities<sup>(3)</sup> | (67) | (5) | (9) |  | (120) |  |  |  | (120) | 120 | n/a |
| **EBITDAaL**<sup>(1)</sup> | **1964** | **1023** | **(244)** | **—** | **12839** |  | **(160)** | **1** | **12680** | **6** | **n/a** |
| Significant litigations<sup>(1)</sup> |  |  | (13) |  | (211) |  |  |  | (211) | 211 | n/a |
| Specific labour expenses<sup>(1)</sup> |  | 2 | (9) |  | (12) |  |  |  | (12) | 12 | n/a |
| Fixed assets, investments and businesses portfolio review<sup>(1)</sup> | 6 | 14 | 151 |  | 228 |  |  |  | 228 | (228) | n/a |
| Restructuring programs costs<sup>(1)</sup> | (5) | (9) | (59) |  | (80) |  | (3) |  | (83) | 83 | n/a |
| Acquisition and integration costs<sup>(1)</sup> | (2) | (6) | (15) |  | (32) |  | (5) |  | (37) | 37 | n/a |
| Depreciation and amortization of fixed assets | (1011) | (410) | (342) |  | (7106) |  | (28) |  | (7134) |  | (7134) |
| Impairment of goodwill |  |  |  |  |  |  |  |  |  |  |  |
| Impairment of fixed assets |  |  | (7) |  | (30) |  |  |  | (30) |  | (30) |
| Share of profits (losses) of associates and joint ventures | 8 | 1 | (9) |  | (2) |  |  |  | (2) |  | (2) |
| *Elimination of interests on debts related to financed assets*<sup>(3)</sup> | *—* | *—* | *—* | *—* | *1* |  | *—* | *—* | *1* | *(1)* | *n/a* |
| *Elimination of interests on lease liabilities*<sup>(3)</sup> | *67* | *5* | *9* | *—* | *120* |  | *—* | *—* | *120* | *(120)* | *n/a* |
| **Operating Income** | **1027** | **621** | **(538)** | **—** | **5715** |  | **(195)** | **1** | **5521** | **—** | **5521** |
| Cost of gross financial debt except financed assets |  |  |  |  |  |  |  |  |  |  | (1099) |
| Interests on debts related to financed assets<sup>(3)</sup> |  |  |  |  |  |  |  |  |  |  | (1) |
| Gains (losses) on assets contributing to net financial debt |  |  |  |  |  |  |  |  |  |  | (1) |
| Foreign exchange gain (loss) |  |  |  |  |  |  |  |  |  |  | (103) |
| Interests on lease liabilities<sup>(3)</sup> |  |  |  |  |  |  |  |  |  |  | (120) |
| Other net financial expenses |  |  |  |  |  |  |  |  |  |  | 11 |
| **Finance costs, net** | **—** | **—** | **—** |  |  |  |  | **—** |  | **—** | **(1314)** |
| **Income Taxes** | **—** | **—** | **—** |  |  |  |  | **—** |  | **—** | **848** |
| **Consolidated net income** | **—** | **—** | **—** | **—** | **—** |  | **—** | **—** | **—** | **—** | **5055** |

---

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-24** |

---

[**Table of Contents**](#Toc)

1.6&nbsp;&nbsp;&nbsp;&nbsp;Segment investments

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in millions of euros) | **France**<sup>(1)</sup> | **Europe** | **Europe** | **Europe** |
|  |  | ***Spain***<sup>(1)</sup> | ***Other*** | ***Elimina-*** |
|  |  |  | ***European*** | ***tions*** |
|  |  |  | ***countries***<sup>(3)</sup> | ***Europe***  |
| **December 31, 2022** |  |  |  |  |
| eCAPEX<sup>(4)</sup> | 3429 | *863* | *1020* |  |
| Elimination of proceeds from sales of property, plant and equipment and intangible assets | 126 | *—* | *56* | *—* |
| Telecommunications licenses | 9 | *10* | *664* | *—* |
| Financed assets | 229 | *—* | *—* | *—* |
| **Total investments**<sup>(7)</sup> | **3793** |  ***873*** |  ***1739*** |  ***—*** |
| **December 31, 2021** |  |  |  |  |
| eCAPEX<sup>(4)</sup> | 4117 | *980* | *913* | *—* |
| Elimination of proceeds from sales of property, plant and equipment and intangible assets | 49 | *1* | *65* | *—* |
| Telecommunications licenses | 264 | *618* | *32* | *—* |
| Financed assets | 40 | *—* | *—* | *—* |
| **Total investments** <sup>(7)</sup> | **4471** |  ***1598*** |  ***1010*** |  ***—*** |
| **December 31, 2020** |  |  |  |  |
| eCAPEX<sup>(4)</sup> | 3748 | *969* | *878* | *—* |
| Elimination of proceeds from sales of property, plant and equipment and intangible assets | 136 | *75* | *22* | *—* |
| Telecommunications licenses | *876* | *6* | *67* | *—* |
| Financed assets | 241 | *—* | *—* | *—* |
| **Total investments** <sup>(7)</sup> | **5001** |  ***1050*** |  ***967*** |  ***—*** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) In 2021 and 2020, Totem's figures are included in France, Spain and International Carriers & Shared Services segments (see Note 1.1).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Including investments in intangible assets and property, plant and equipment in France for 110 million euros in 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Other European countries segment includes the contribution of Telekom Romania Communications acquired on September 30, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(4) See Note 1.10 for eCAPEX definition.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Including investments in intangible assets and property, plant and equipment in France for 209 million euros in 2022, 206 million euros in 2021 and 218 million euros in 2020.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Including investments in intangible assets and property, plant and equipment in France for 325 million euros in 2022, 271 million euros in 2021 and 303 million euros in 2020.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Including 2,678 million euros for other intangible assets and 6,329 million euros for tangible assets in 2022.

Including 2,842 million euros for other intangible assets and 5,947 million euros for tangible assets in 2021.

Including 2,940 million euros for other intangible assets and 5,848 million euros for tangible assets in 2020.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-25** |

---

[**Table of Contents**](#Toc)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) | **Europe** | **Africa &** | **Enterprise**<sup>(5)</sup> | **Totem**<sup>(1)(2)</sup> | **International** | **Eliminations** | **Total** | **Mobile** | **Eliminations** | **Orange** |
|  | **Total** | **Middle-East** |  |  | **Carriers** | **telecom** | **telecom** | **Financial** | **telecom** | **consolidated** |
|  |  |  |  |  | **& Shared** | **activities** | **activities** | **Services** | **activities/** | **financial** |
|  |  |  |  |  | **Services**<sup>(1)(6)</sup> | **and** |  |  | **mobile** | **statements** |
|  |  |  |  |  |  | **unallocated** |  |  | **financial** |  |
|  |  |  |  |  |  | **items** |  |  | **services** |  |
| **December 31, 2022** |  |  |  |  |  |  |  |  |  |  |
| eCAPEX<sup>(4)</sup> | 1883 | 1271 | 332 | 142 | 278 |  | 7335 | 35 |  | 7371 |
| Elimination of proceeds from sales of property, plant and equipment and intangible assets | 56 | 99 | 11 |  | 55 |  | 347 |  |  | 347 |
| Telecommunications licenses | 674 | 377 |  |  |  |  | 1060 |  |  | 1060 |
| Financed assets |  |  |  |  |  |  | 229 |  |  | 229 |
| **Total investments** <sup>(7)</sup> | **2612** | **1747** | **344** | **142** | **333** | **—** | **8971** | **35** | **—** | **9007** |
| **December 31, 2021** |  |  |  |  |  |  |  |  |  |  |
| eCAPEX<sup>(4)</sup> | 1893 | 1064 | 318 | n/a | 243 |  | 7636 | 24 |  | 7660 |
| Elimination of proceeds from sales of property, plant and equipment and intangible assets | 66 | 5 | 7 | n/a | 36 |  | 163 |  |  | 163 |
| Telecommunications licenses | 650 | 12 |  | n/a |  |  | 926 |  |  | 926 |
| Financed assets |  |  |  | n/a |  |  | 40 |  |  | 40 |
| **Total investments** <sup>(7)</sup> | **2609** | **1082** | **325** | **n/a** | **279** | **—** | **8766** | **24** | **—** | **8789** |
| **December 31, 2020** |  |  |  |  |  |  |  |  |  |  |
| eCAPEX<sup>(4)</sup> | 1847 | 1036 | 339 | n/a | 133 |  | 7102 | 30 |  | 7132 |
| Elimination of proceeds from sales of property, plant and equipment and intangible assets | 97 | 9 | 23 | n/a | 180 |  | 444 |  |  | 444 |
| Telecommunications licenses | 73 | 20 |  | n/a |  |  | 969 |  |  | 969 |
| Financed assets |  |  |  | n/a |  |  | 241 |  |  | 241 |
| **Total investments** <sup>(7)</sup> | **2017** | **1065** | **362** | **n/a** | **313** | **—** | **8757** | **30** | **—** | **8787** |

---

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-26** |

---

[**Table of Contents**](#Toc)

1.7&nbsp;&nbsp;&nbsp;&nbsp;Segment assets

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (in millions of euros) | **France**<sup>(1)</sup> | **Europe** | **Europe** | **Europe** | **Europe** |
|  |  | ***Spain***<sup>(1)</sup> | ***Other*** |  | ***Elimina-*** |
|  |  |  | ***European*** |  | ***tions*** |
|  |  |  | ***countries*** |  | ***Europe***  |
| **December 31, 2022** |  |  |  |  |  |
| Goodwill | 13176 | *2734* | *1852* |  | *—* |
| Other intangible assets | 4331 | *1994* | *2287* |  | *—* |
| Property, plant and equipment | 16906 | *3640* | *4239* |  | *—* |
| Right-of-use assets | 1946 | *1035* | *1023* |  | *—* |
| Interests in associates and joint ventures | 1070 | *—* | *313* |  | *—* |
| Non-current assets included in the calculation of net financial debt |  | *—* | *—* |  | *—* |
| Other | 9 | *12* | *43* |  | *—* |
| **Total non-current assets** | **37438** |  ***9415*** |  ***9755*** |  |  ***—*** |
| Inventories | 429 | *73* | *187* |  | *—* |
| Trade receivables | 2055 | *601* | *1176* |  | *(1)* |
| Other customer contract assets | 371 | *174* | *425* |  | *—* |
| Prepaid expenses | 41 | *373* | *61* |  | *—* |
| Current assets included in the calculation of net financial debt |  | *—* | *—* |  | *—* |
| Other | 789 | *77* | *215* |  | *—* |
| **Total current assets** | **3685** |  ***1298*** |  ***2064*** |  |  ***(1)*** |
| **Total assets** | **41123** |  ***10714*** |  ***11819*** |  |  ***(1)*** |
| **December 31, 2021** |  |  |  |  |  |
| Goodwill | 14364 | *3170* | *2910* |  | *—* |
| Other intangible assets | 4543 | *2259* | *1727* |  | *—* |
| Property, plant and equipment | 16975 | *3834* | *3967* |  | *—* |
| Right-of-use assets | 2014 | *1093* | *1104* |  | *—* |
| Interests in associates and joint ventures | 1061 | *—* | *303* |  | *—* |
| Non-current assets included in the calculation of net financial debt |  | *—* | *—* |  | *—* |
| Other | 9 | *16* | *15* |  | *—* |
| **Total non-current assets** | **38966** |  ***10372*** |  ***10025*** |  |  ***—*** |
| Inventories | 438 | *61* | *176* |  | *—* |
| Trade receivables | 2125 | *643* | *1147* |  | *1* |
| Other customer contract assets | 379 | *176* | *407* |  | *—* |
| Prepaid expenses | 35 | *417* | *69* |  | *—* |
| Current assets included in the calculation of net financial debt |  | *—* | *—* |  | *—* |
| Other | 737 | *72* | *183* |  | *—* |
| **Total current assets** | **3713** |  ***1368*** |  ***1982*** |  |  ***1*** |
| **Total assets** | **42679** |  ***11740*** |  ***12007*** |  |  ***1*** |
| **December 31, 2020** |  |  |  |  |  |
| Goodwill | 14364 | *6872* | *2640* |  | *—* |
| Other intangible assets | 4957 | *1852* | *1795* |  | *—* |
| Property, plant and equipment | 16038 | *3750* | *3903* |  | *—* |
| Right-of-use assets | 1523 | *1129* | *1052* |  | *—* |
| Interests in associates and joint ventures | 9 | *—* | *5* |  | *—* |
| Non-current assets included in the calculation of net financial debt |  | *—* | *—* |  | *—* |
| Other | 9 | *17* | *25* |  | *—* |
| **Total non-current assets** | **36900** |  ***13619*** |  ***9421*** |  |  ***—*** |
| Inventories | 361 | *57* | *162* |  | *—* |
| Trade receivables | 1975 | *645* | *1046* |  | *—* |
| Other customer contract assets | 386 | *154* | *367* |  | *—* |
| Prepaid expenses | 53 | *492* | *51* |  | *—* |
| Current assets included in the calculation of net financial debt |  | *—* | *—* |  | *—* |
| Other | 803 | *117* | *79* |  | *—* |
| **Total current assets** | **3578** |  ***1465*** |  ***1705*** |  |  ***—*** |
| **Total assets** | **40477** |  ***15085*** |  ***11126*** |  |  ***—*** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) In 2021 and 2020, Totem's figures are included in France, Spain and International Carriers & Shared Services segments (see Note 1.1).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Including intangible and tangible assets for 748 million euros in France in 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Including intangible and tangible assets in France for 526 million euros in 2022, 564 million euros in 2021 and 573 million euros in 2020.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-27** |

---

[**Table of Contents**](#Toc)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) | **Europe** | **Africa &** | **Enterprise** | **Totem**<sup>(1)(2)</sup> | **International** | **Eliminations** | **Total** | **Mobile** | **Eliminations** | **Orange** |
|  | **Total** | **Middle East** |  |  | **Carriers** | **telecom** | **telecom** | **Financial** | **telecom** | **consolidated** |
|  |  |  |  |  | **& Shared** | **activities** | **activities** | **Services** | **activities /**  | **financial** |
|  |  |  |  |  | **Services**<sup>(1)</sup> | **and** |  |  | **mobile** | **statements** |
|  |  |  |  |  |  | **unallocated** |  |  | **financial** |  |
|  |  |  |  |  |  | **items** |  |  | **services** |  |
| **December 31, 2022** |  |  |  |  |  |  |  |  |  |  |
| Goodwill | 4586 | 1420 | 2289 | 1624 | 18 |  | 23113 |  |  | 23113 |
| Other intangible assets | 4280 | 1956 | 577<br><sup>(3)</sup> | 6 | 3741<br><sup>(4)</sup> |  | 14892 | 54 |  | 14946 |
| Property, plant and equipment | 7879 | 4315 | 417<br><sup>(3)</sup> | 943 | 1169<br><sup>(4)</sup> |  | 31630 | 10 |  | 31640 |
| Right-of-use assets | 2058 | 819 | 438 | 649 | 2002 |  | 7912 | 23 |  | 7936 |
| Interests in associates and joint ventures | 313 | 89 | 3 |  | 12 |  | 1486 |  |  | 1486 |
| Non-current assets included in the calculation of net financial debt |  |  |  |  |  | 1390 | 1390 |  |  | 1390 |
| Other | 55 | 27 | 36 | 4 | 21 | 1430 | 1583 | 781<br><sup>(5)</sup> | (27) | 2337 |
| **Total non-current assets** | **19171** | **8626** | **3761** | **3226** | **6964** | **2820** | **82005** | **869** | **(27)** | **82847** |
| Inventories | 260 | 127 | 91 |  | 141 |  | 1048 |  |  | 1048 |
| Trade receivables | 1776 | 954 | 1339 | 272 | 1042 | (1200) | 6237 | 130 | (62) | 6305 |
| Other customer contract assets | 600 | 11 | 588 |  |  |  | 1570 |  |  | 1570 |
| Prepaid expenses | 434 | 178 | 125 | 19 | 61 | (28) | 830 | 22 |  | 851 |
| Current assets included in the calculation of net financial debt |  |  |  |  |  | 10451 | 10451 |  |  | 10451 |
| Other | 292 | 1720 | 278 | 13 | 424 | 150 | 3666 | 2931<br><sup>(6)</sup> | (18) | 6579 |
| **Total current assets** | **3361** | **2991** | **2421** | **304** | **1668** | **9373** | **23801** | **3083** | **(81)** | **26803** |
| **Total assets** | **22532** | **11616** | **6182** | **3530** | **8631** | **12192** | **105807** | **3951** | **(108)** | **109650** |
| **December 31, 2021** |  |  |  |  |  |  |  |  |  |  |
| Goodwill | 6079 | 1465 | 2237 | n/a | 18 |  | 24163 | 28 |  | 24192 |
| Other intangible assets | 3985 | 1974 | 622<br><sup>(3)</sup> | n/a | 3728<br><sup>(4)</sup> |  | 14852 | 88 |  | 14940 |
| Property, plant and equipment | 7801 | 4113 | 466<br><sup>(3)</sup> | n/a | 1125<br><sup>(4)</sup> |  | 30479 | 5 |  | 30484 |
| Right-of-use assets | 2197 | 918 | 478 | n/a | 2074 |  | 7681 | 21 |  | 7702 |
| Interests in associates and joint ventures | 303 | 67 | 2 | n/a | 6 |  | 1440 |  |  | 1440 |
| Non-current assets included in the calculation of net financial debt |  |  |  | n/a |  | 709 | 709 |  |  | 709 |
| Other | 31 | 32 | 43 | n/a | 39 | 1725 | 1878 | 919<br><sup>(5)</sup> | (27) | 2769 |
| **Total non-current assets** | **20396** | **8569** | **3848** | **n/a** | **6990** | **2433** | **81202** | **1062** | **(27)** | **82236** |
| Inventories | 237 | 93 | 70 | n/a | 114 |  | 951 |  |  | 952 |
| Trade receivables | 1791 | 833 | 1162 | n/a | 904 | (774) | 6040 | 91 | (103) | 6029 |
| Other customer contract assets | 583 | 13 | 485 | n/a |  |  | 1460 |  |  | 1460 |
| Prepaid expenses | 486 | 200 | 95 | n/a | 53 | (30) | 839 | 14 | (1) | 851 |
| Current assets included in the calculation of net financial debt |  |  |  | n/a |  | 10462 | 10462 |  |  | 10462 |
| Other | 255 | 1484 | 214 | n/a | 389 | 163 | 3241 | 2848<br><sup>(6)</sup> | (9) | 6080 |
| **Total current assets** | **3351** | **2623** | **2026** | **n/a** | **1460** | **9821** | **22994** | **2953** | **(113)** | **25834** |
| **Total assets** | **23747** | **11192** | **5873** | **n/a** | **8450** | **12255** | **104196** | **4015** | **(140)** | **108071** |
| **December 31, 2020** |  |  |  |  |  |  |  |  |  |  |
| Goodwill | 9512 | 1443 | 2225 | n/a | 18 |  | 27561 | 35 |  | 27596 |
| Other intangible assets | 3647 | 2046 | 640<br><sup>(3)</sup> | n/a | 3753<br><sup>(4)</sup> |  | 15042 | 93 |  | 15135 |
| Property, plant and equipment | 7653 | 3751 | 488<br><sup>(3)</sup> | n/a | 1139<br><sup>(4)</sup> |  | 29069 | 6 |  | 29075 |
| Right-of-use assets | 2181 | 921 | 456 | n/a | 1898 |  | 6979 | 30 |  | 7009 |
| Interests in associates and joint ventures | 5 | 70 | 2 | n/a | 12 |  | 98 |  |  | 98 |
| Non-current assets included in the calculation of net financial debt |  |  |  | n/a |  | 774 | 774 |  |  | 774 |
| Other | 42 | 26 | 31 | n/a | 20 | 1576 | 1704 | 1219<br><sup>(5)</sup> | (27) | 2896 |
| **Total non-current assets** | **23040** | **8257** | **3840** | **n/a** | **6840** | **2350** | **81226** | **1383** | **(27)** | **82582** |
| Inventories | 219 | 77 | 57 | n/a | 100 |  | 814 |  |  | 814 |
| Trade receivables | 1691 | 769 | 1081 | n/a | 890 | (761) | 5645 | 30 | (55) | 5620 |
| Other customer contract assets | 521 | 13 | 317 | n/a |  |  | 1236 |  |  | 1236 |
| Prepaid expenses | 542 | 131 | 77 | n/a | 66 | (28) | 841 | 9 | (1) | 850 |
| Current assets included in the calculation of net financial debt |  |  |  | n/a |  | 11260 | 11260 |  |  | 11260 |
| Other | 197 | 1196 | 200 | n/a | 386 | 155 | 2937 | 2381<br><sup>(6)</sup> | (4) | 5313 |
| **Total current assets** | **3170** | **2185** | **1733** | **n/a** | **1442** | **10627** | **22734** | **2421** | **(61)** | **25094** |
| **Total assets** | **26210** | **10442** | **5573** | **n/a** | **8282** | **12977** | **103961** | **3804** | **(88)** | **107676** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(4) Including intangible and tangible assets in France for 1,746 million euros in 2022, 1,687 million euros in 2021 and 1,731 million euros in 2020. Intangible assets also include the Orange brand for 3,133 million euros.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Including 772 million euros of non-current financial assets related to Mobile Financial Services in 2022, 900 million euros in 2021 and 1,210 million euros in 2020 (see Note 17.1.1).

&nbsp;&nbsp;&nbsp;&nbsp;(6) Including 2,747 million euros of current financial assets related to Mobile Financial Services in 2022 (of which 519 million euros related to trade receivables sold by Orange Spain), 2,385 million euros in 2021 and 2,077 million euros in 2020.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-28** |

---

[**Table of Contents**](#Toc)

1.8&nbsp;&nbsp;&nbsp;&nbsp;Segment equity and liabilities

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (in millions of euros) | **France**<sup>(1)</sup> | **Europe** | **Europe** | **Europe** | **Europe** |
|  |  | ***Spain(1)*** | ***Other*** |  | ***Elimina-*** |
|  |  |  | ***European*** |  | ***tions*** |
|  |  |  | ***countries*** |  | ***Europe***  |
| **December 31, 2022** |  |  |  |  |  |
| **Equity** | **—** |  ***—*** |  ***—*** |  |  ***—*** |
| Non-current lease liabilities | 1740 | *961* | *870* |  | *—* |
| Non-current fixed assets payables | 468 | *429* | *396* |  | *—* |
| Non-current employee benefits | 1522 | *5* | *18* |  | *—* |
| Non-current liabilities included in the calculation of net financial debt |  | *—* | *—* |  | *—* |
| Other | 347 | *13* | *247* |  | *—* |
| **Total non-current liabilities** | **4076** |  ***1408*** |  ***1531*** |  |  ***—*** |
| Current lease liabilities | 214 | *178* | *194* |  | *—* |
| Current fixed assets payables | 1383 | *451* | *460* |  | *—* |
| Trade payables | 2924 | *868* | *971* |  | *(1)* |
| Customer contracts liabilities | 830 | *228* | *513* |  | *—* |
| Current employee benefits | 1243 | *56* | *125* |  | *—* |
| Deferred income |  | *67* | *20* |  | *—* |
| Current liabilities included in the calculation of net financial debt |  | *—* | *—* |  | *—* |
| Other | 763 | *143* | *269* |  | *—* |
| **Total current liabilities** | **7357** |  ***1992*** |  ***2552*** |  |  ***(1)*** |
| **Total equity and liabilities** | **11433** |  ***3399*** |  ***4083*** |  |  ***(1)*** |
| **December 31, 2021** |  |  |  |  |  |
| **Equity** | **—** |  ***—*** |  ***—*** |  |  ***—*** |
| Non-current lease liabilities | 1668 | *1015* | *941* |  | *—* |
| Non-current fixed assets payables | 639 | *462* | *165* |  | *—* |
| Non-current employee benefits | 1643 | *5* | *21* |  | *—* |
| Non-current liabilities included in the calculation of net financial debt |  | *—* | *—* |  | *—* |
| Other | 578 | *57* | *327* |  | *—* |
| **Total non-current liabilities** | **4528** |  ***1539*** |  ***1454*** |  |  ***—*** |
| Current lease liabilities | 312 | *193* | *198* |  | *—* |
| Current fixed assets payables | 1402 | *551* | *450* |  | *—* |
| Trade payables | 2804 | *782* | *992* |  | *1* |
| Customer contracts liabilities | 942 | *182* | *518* |  | *—* |
| Current employee benefits | 1210 | *43* | *111* |  | *—* |
| Deferred income |  | *84* | *20* |  | *—* |
| Current liabilities included in the calculation of net financial debt |  | *—* | *—* |  | *—* |
| Other | 795 | *218* | *266* |  | *—* |
| **Total current liabilities** | **7465** |  ***2053*** |  ***2555*** |  |  ***1*** |
| **Total equity and liabilities** | **11993** |  ***3592*** |  ***4009*** |  |  ***1*** |
| **December 31, 2020** |  |  |  |  |  |
| **Equity** | **—** |  ***—*** |  ***—*** |  |  ***—*** |
| Non-current lease liabilities | 1238 | *977* | *904* |  | *—* |
| Non-current fixed assets payables | 613 | *339* | *186* |  | *—* |
| Non-current employee benefits | 1007 | *9* | *15* |  | *—* |
| Non-current liabilities included in the calculation of net financial debt |  | *—* | *—* |  | *—* |
| Other | 583 | *65* | *302* |  | *—* |
| **Total non-current liabilities** | **3442** |  ***1389*** |  ***1407*** |  |  ***—*** |
| Current lease liabilities | 240 | *277* | *186* |  | *—* |
| Current fixed assets payables | 1564 | *655* | *413* |  | *—* |
| Trade payables | 2646 | *987* | *880* |  | *—* |
| Customer contracts liabilities | 940 | *103* | *303* |  | *—* |
| Current employee benefits | 1166 | *38* | *101* |  | *—* |
| Deferred income | 2 | *114* | *5* |  | *—* |
| Current liabilities included in the calculation of net financial debt |  | *—* | *—* |  | *—* |
| Other | 670 | *131* | *242* |  | *—* |
| **Total current liabilities** | **7229** |  ***2304*** |  ***2129*** |  | *—* |
| **Total equity and liabilities** | **10670** |  ***3692*** |  ***3536*** |  | *—* |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) In 2021 and 2020, Totem's figures are included in France, Spain and International Carriers & Shared Services segments (see Note 1.1).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Including in 2022, 171 million of euros of non-current financial liabilities, 86 million euros in 2021 and 102 million euros in 2020.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Including in 2022, 3,034 million euros of current financial liabilities related to Mobile Financial Services activities, 3,161 million euros in 2021 and 3,128 million euros in 2020 (see Note 17.1.2).

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-29** |

---

[**Table of Contents**](#Toc)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) | **Europe** | **Africa &** | **Enterprise** | **Totem**<sup>(1)</sup> | **International** | **Eliminations** | **Total** | **Mobile** | **Eliminations** | **Orange** |
|  | **Total** | **Middle-East** |  |  | **Carriers** | **telecom** | **telecom** | **Financial** | **telecom** | **consolidated** |
|  |  |  |  |  | **& Shared** | **activities** | **activities** | **Services** | **activities /**  | **financial** |
|  |  |  |  |  | **Services**<sup>(1)</sup> | **and** |  |  | **mobile** | **statements** |
|  |  |  |  |  |  | **unallocated** |  |  | **financial** |  |
|  |  |  |  |  |  | **items** |  |  | **services** |  |
| **December 31, 2022** |  |  |  |  |  |  |  |  |  |  |
| **Equity** | **—** | **—** | **—** | **—** | **—** | **35589** | **35589** | **(633)** | **—** | **34956** |
| Non-current lease liabilities | 1831 | 691 | 320 | 476 | 1820 |  | 6879 | 23 |  | 6901 |
| Non-current fixed assets payables | 825 | 188 | **—** | **—** | **—** |  | 1480 |  |  | 1480 |
| Non-current employee benefits | 23 | 89 | 242 | 2 | 682 |  | 2560 | 7 |  | 2567 |
| Non-current liabilities included in the calculation of net financial debt |  |  |  |  |  | 32265 | 32265 |  |  | 32265 |
| Other | 259 | 96 | 16 | 115 | 43 | 1235 | 2112 | 172<br><sup>(2)</sup> | (27) | 2257 |
| **Total non-current liabilities** | **2939** | **1064** | **579** | **593** | **2545** | **33500** | **45296** | **202** | **(27)** | **45471** |
| Current lease liabilities | 373 | 209 | 134 | 142 | 433 |  | 1504 | 4 |  | 1509 |
| Current fixed assets payables | 911 | 589 | 68 | 9 | 134 |  | 3094 | 6 |  | 3101 |
| Trade payables | 1839 | 1307 | 909 | 256 | 942 | (1200) | 6976 | 153 | (62) | 7067 |
| Customer contracts liabilities | 740 | 93 | 750 | 9 | 184 | (27) | 2580 |  |  | 2579 |
| Current employee benefits | 181 | 88 | 455 | 6 | 421 |  | 2394 | 24 |  | 2418 |
| Deferred income | 86 | 40 | 8 |  | 10 |  | 145 | 5 |  | 149 |
| Current liabilities included in the calculation of net financial debt |  |  |  |  |  | 4759 | 4759 |  | (6) | 4753 |
| Other | 412 | 2031 | 311 | 11 | 572 | (630) | 3470 | 4190<br><sup>(3)</sup> | (12) | 7647 |
| **Total current liabilities** | **4542** | **4358** | **2636** | **432** | **2696** | **2901** | **24922** | **4382** | **(81)** | **29223** |
| **Total equity and liabilities** | **7481** | **5422** | **3215** | **1026** | **5240** | **71989** | **105807** | **3951** | **(108)** | **109650** |
| **December 31, 2021** |  |  |  |  |  |  |  |  |  |  |
| **Equity** | **—** | **—** | **—** | **n/a** | **—** | **35806** | **35806** | **(445)** | **—** | **35361** |
| Non-current lease liabilities | 1956 | 805 | 378 | n/a | 1863 |  | 6669 | 27 |  | 6696 |
| Non-current fixed assets payables | 627 | 104 |  | n/a |  |  | 1370 |  |  | 1370 |
| Non-current employee benefits | 26 | 80 | 277 | n/a | 760 |  | 2787 | 11 |  | 2798 |
| Non-current liabilities included in the calculation of net financial debt |  |  |  | n/a |  | 32083 | 32083 |  |  | 32083 |
| Other | 385 | 74 | 20 | n/a | 52 | 1312 | 2421 | 93<br><sup>(2)</sup> | (27) | 2487 |
| **Total non-current liabilities** | **2993** | **1063** | **676** | **n/a** | **2675** | **33395** | **45330** | **131** | **(27)** | **45434** |
| Current lease liabilities | 391 | 181 | 106 | n/a | 375 |  | 1364 | 4 |  | 1369 |
| Current fixed assets payables | 1001 | 543 | 58 | n/a | 107 |  | 3110 | 1 |  | 3111 |
| Trade payables | 1774 | 1139 | 771 | n/a | 969 | (774) | 6684 | 157 | (103) | 6738 |
| Customer contracts liabilities | 700 | 130 | 599 | n/a | 170 | (28) | 2513 |  | (1) | 2512 |
| Current employee benefits | 154 | 82 | 446 | n/a | 395 |  | 2289 | 27 |  | 2316 |
| Deferred income | 104 | 31 | 35 | n/a | 9 | (2) | 176 | 3 |  | 180 |
| Current liabilities included in the calculation of net financial debt |  |  |  | n/a |  | 3549 | 3549 |  | (4) | 3545 |
| Other | 485 | 1833 | 278 | n/a | 570 | (587) | 3374 | 4136<br><sup>(3)</sup> | (5) | 7505 |
| **Total current liabilities** | **4609** | **3939** | **2294** | **n/a** | **2595** | **2158** | **23060** | **4329** | **(113)** | **27276** |
| **Total equity and liabilities** | **7602** | **5002** | **2970** | **n/a** | **5270** | **71360** | **104196** | **4015** | **(140)** | **108071** |
| **December 31, 2020** |  |  |  |  |  |  |  |  |  |  |
| **Equity** | **—** | **—** | **—** | **n/a** | **—** | **37413** | **37413** | **(213)** | **—** | **37200** |
| Non-current lease liabilities | 1881 | 825 | 346 | n/a | 1553 |  | 5843 | 31 |  | 5875 |
| Non-current fixed assets payables | 525 | 153 |  | n/a |  |  | 1291 |  |  | 1291 |
| Non-current employee benefits | 23 | 72 | 216 | n/a | 656 |  | 1975 | 8 |  | 1984 |
| Non-current liabilities included in the calculation of net financial debt |  |  |  | n/a |  | 30858 | 30858 |  |  | 30858 |
| Other | 367 | 69 | 39 | n/a | 44 | 990 | 2092 | 110<br><sup>(2)</sup> | (27) | 2175 |
| **Total non-current liabilities** | **2796** | **1119** | **602** | **n/a** | **2253** | **31847** | **42059** | **150** | **(27)** | **42182** |
| Current lease liabilities | 463 | 141 | 118 | n/a | 529 |  | 1491 | 5 |  | 1496 |
| Current fixed assets payables | 1068 | 523 | 60 | n/a | 135 | (1) | 3349 |  |  | 3349 |
| Trade payables | 1867 | 1066 | 745 | n/a | 848 | (761) | 6411 | 120 | (55) | 6475 |
| Customer contracts liabilities | 405 | 126 | 422 | n/a | 119 | (27) | 1985 |  | (1) | 1984 |
| Current employee benefits | 138 | 72 | 415 | n/a | 374 |  | 2166 | 27 |  | 2192 |
| Deferred income | 119 | 36 | 1 | n/a | 6 |  | 165 |  |  | 165 |
| Current liabilities included in the calculation of net financial debt |  |  |  | n/a |  | 5207 | 5207 |  | (2) | 5205 |
| Other | 373 | 1435 | 257 | n/a | 900 | 80 | 3714 | 3715<br><sup>(3)</sup> | (2) | 7427 |
| **Total current liabilities** | **4432** | **3398** | **2019** | **n/a** | **2911** | **4498** | **24488** | **3867** | **(61)** | **28294** |
| **Total equity and liabilities** | **7229** | **4517** | **2622** | **n/a** | **5165** | **73757** | **103960** | **3804** | **(88)** | **107676** |

---

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-30** |

---

[**Table of Contents**](#Toc)

**1.9&nbsp;&nbsp;&nbsp;&nbsp;Simplified statement of cash flows on telecommunication and Mobile Financial Services activities**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** |
|  | **Telecom**  | **Mobile**  | **Eliminations**  | **Orange**  |
|  | **activities** | **Financial** | **telecom**  | **consoli-** |
|  |  | **Services** | **activities /**  | **dated financial**  |
|  |  |  | **mobile financial** | **statement** |
| (in millions of euros) |  |  | **services** |  |
| **Operating activities** |  |  |  |  |
| Consolidated net income | 2810 | (194) |  | 2617 |
| Non-monetary items and reclassified items for presentation | 13283 | 14 | 1 | 13298 |
| *Changes in working capital and operating banking activities* |  |  |  |  |
| &nbsp;&nbsp;Decrease (increase) in inventories, gross | (108) | (0) |  | (108) |
| &nbsp;&nbsp;Decrease (increase) in trade receivables, gross | (209) | (39) | (41) | (289) |
| &nbsp;&nbsp;Increase (decrease) in trade payables | 260 | (4) | 41 | 297 |
| &nbsp;&nbsp;Changes in other customer contract assets and liabilities | (26) | - | 1 | (26) |
| &nbsp;&nbsp;Changes in other assets and liabilities  | (201) | (465) |  | (666) |
| *Other net cash out* |  |  |  |  |
| &nbsp;&nbsp;Operating taxes and levies paid | (1907) | 1 |  | (1906) |
| &nbsp;&nbsp;Dividends received | 13 |  |  | 13 |
| &nbsp;&nbsp;Interest paid and interest rates effects on derivatives, net | (962)<br><sup>(1)</sup>  |  | (1) | (963) |
| &nbsp;&nbsp;Income tax paid | (1033) |  |  | (1033) |
| **Net cash provided by operating activities (a)** | **11921**<br><sup>(2)</sup> | **(686)** | **—** | **11235** |
| **Investing activities** |  |  |  |  |
| Purchases (sales) of property, plant and equipment and intangible assets <sup>(3)</sup> | (8251) | (31) |  | (8282) |
| &nbsp;&nbsp;Purchases of property, plant and equipment and intangible assets | (8742) | (35) |  | (8777) |
| &nbsp;&nbsp;Increase (decrease) in fixed assets payables | 165 | 5 |  | 170 |
| &nbsp;&nbsp;Investing donations received in advance | 1 |  |  | 1 |
| &nbsp;&nbsp;Sales of property, plant and equipment and intangible assets | 324 |  |  | 324 |
| Cash paid for investment securities, net of cash acquired | (57) |  |  | (58) |
| Investments in associates and joint ventures | (10) |  |  | (10) |
| Purchases of equity securities measured at fair value | (34) |  |  | (34) |
| Proceeds from sales of investment securities, net of cash transferred | 12 |  |  | 12 |
| Other proceeds from sales of investment securities at fair value | 5 |  |  | 5 |
| Other decrease (increase) in securities and other financial assets | (2289) | 206 | 2 | (2081) |
| **Net cash used in investing activities (b)** | **(10625)** | **175** | **2** | **(10448)** |
| **Financing activities** |  |  |  |  |
| *Cash flows from financing activities* |  |  |  |  |
| Medium and long-term debt issuances | 1809 |  |  | 1809 |
| Medium and long-term debt redemptions and repayments | (1088)<br><sup>(4)</sup> |  |  | (1088) |
| Increase (decrease) of bank overdrafts and short-term borrowings  | (367) | (32) | (2) | (400) |
| Decrease (increase) of cash collateral deposits | 673 | 99 |  | 771 |
| Exchange rates effects on derivatives, net | (91) |  |  | (91) |
| *Other cash flows* |  |  |  |  |
| Repayments of lease liabilities | (1514) | (4) |  | (1519) |
| Subordinated notes issuances (purchases) and other related fees | (451) |  |  | (451) |
| Coupon on subordinated notes  | (213) |  |  | (213) |
| Proceeds (purchases) from treasury shares | 14 |  |  | 14 |
| Capital increase (decrease) - non-controlling interests |  |  |  |  |
| Capital increase (decrease) - telecom activities / mobile financial services <sup>(6)</sup> | (173) | 173 |  |  |
| Changes in ownership interests with no gain / loss of control | (11) |  |  | (11) |
| Dividends paid to owners of the parent company | (1861) |  |  | (1861) |
| Dividends paid to non-controlling interests | (304) |  |  | (304) |
| **Net cash used in financing activities (c)** | **(3577)** | **236** | **(2)** | **(3343)** |
| **Cash and cash equivalents in the opening balance** | **8188** | **433** | **—** | **8621** |
| Cash change in cash and cash equivalents (a) + (b) + (c) | (2281) | (275) |  | (2556) |
| Effect of exchange rates changes on cash and cash equivalents and other non-monetary effects | (61) |  |  | (61) |
| **Cash and cash equivalents in the closing balance** | **5846** | **158** | **—** | **6004** |

---

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-31** |

---

[**Table of Contents**](#Toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2021** | **2021** | **2021** | **2021** |
|  | **Telecom** | **Mobile**  | **Eliminations** | **Orange** |
|  | **activities** | **Financial** | **telecom** | **consoli-** |
|  |  | **Services** | **activities /** | **dated financial** |
|  |  |  | **mobile financial** | **statement** |
| (in millions of euros) |  |  | **services** |  |
| **Operating activities** |  |  |  |  |
| Consolidated net income | 958 | (181) |  | 778 |
| Non-monetary items and reclassified items for presentation | 14504 | 86 | 1 | 14592 |
| *Changes in working capital and operating banking activities* |  |  |  |  |
| &nbsp;&nbsp;Decrease (increase) in inventories, gross | (126) |  |  | (126) |
| &nbsp;&nbsp;Decrease (increase) in trade receivables, gross | 37 | (21) | 47 | 64 |
| &nbsp;&nbsp;Increase (decrease) in trade payables | 47 | 37 | (47) | 36 |
| &nbsp;&nbsp;Changes in other customer contract assets and liabilities | 140 |  |  | 140 |
| &nbsp;&nbsp;Changes in other assets and liabilities  | 21 | (313) |  | (292) |
| *Other net cash out* |  |  |  |  |
| &nbsp;&nbsp;Operating taxes and levies paid | (1874) | (6) |  | (1880) |
| &nbsp;&nbsp;Dividends received | 12 | - |  | 12 |
| &nbsp;&nbsp;Interest paid and interest rates effects on derivatives, net | (1130)<br><sup>(1)</sup> | (3) | (1) | (1134) |
| &nbsp;&nbsp;Income tax paid  | (955) | 1 |  | (954) |
| **Net cash provided by operating activities (a)** | **11636**<br><sup>(2)</sup> | **(399)** | **—** | **11236** |
| **Investing activities** |  |  |  |  |
| Purchases (sales) of property, plant and equipment and intangible assets<sup>(3)</sup> | (8557) | (23) |  | (8580) |
| &nbsp;&nbsp;Purchases of property, plant and equipment and intangible assets | (8725) | (24) |  | (8749) |
| &nbsp;&nbsp;Increase (decrease) in fixed assets payables | (73) | 1 |  | (72) |
| &nbsp;&nbsp;Investing donations received in advance | 24 |  |  | 24 |
| &nbsp;&nbsp;Sales of property, plant and equipment and intangible assets | 217 |  |  | 217 |
| Cash paid for investment securities, net of cash acquired | (210) | (1) |  | (211) |
| Investments in associates and joint ventures | (3) |  |  | (3) |
| Purchases of equity securities measured at fair value | (75) |  |  | (76) |
| Proceeds from sales of investment securities, net of cash transferred | 891 |  |  | 891 |
| Other proceeds from sales of investment securities at fair value | 95 |  |  | 95 |
| Other decrease (increase) in securities and other financial assets | 1632 | 274 | 2 | 1908 |
| **Net cash used in investing activities (b)** | **(6227)** | **249** | **2** | **(5976)** |
| **Financing activities** |  |  |  |  |
| *Cash flows from financing activities* |  |  |  |  |
| Medium and long-term debt issuances | 2523 | 27 | (27) | 2523 |
| Medium and long-term debt redemptions and repayments | (4572)<br><sup>(4)</sup> | (27) | 27 | (4572) |
| Increase (decrease) of bank overdrafts and short-term borrowings | 1148 | (3) | (2) | 1143 |
| Decrease (increase) of cash collateral deposits | 973 | 15 |  | 988 |
| Exchange rates effects on derivatives, net | 201 |  |  | 201 |
| *Other cash flows* |  |  |  |  |
| Repayments of lease liabilities | (1621) | (4) |  | (1625) |
| Subordinated notes issuances (purchases) and other related fees | (311) |  |  | (311) |
| Coupon on subordinated notes | (238) |  |  | (238) |
| Proceeds (purchases) from treasury shares | (199) |  |  | (199) |
| Capital increase (decrease) – non-controlling interests | 1 | 4 |  | 5 |
| Capital increase (decrease) - telecom activities / mobile financial services <sup>(6)</sup> | (317) | 317 |  |  |
| Changes in ownership interests with no gain / loss of control | (403) |  |  | (403) |
| Dividends paid to owners of the parent company | (2127) |  |  | (2127) |
| Dividends paid to non-controlling interests | (218) |  |  | (218) |
| **Net cash used in financing activities (c)** | **(5160)** | **328** | **(2)** | **(4834)** |
| **Cash and cash equivalents in the opening balance** | **7891** | **254** | **—** | **8145** |
| Cash change in cash and cash equivalents (a) + (b) + (c) | 249 | 177 |  | 427 |
| Effect of exchange rates changes on cash and cash equivalents and other non-monetary effects | 48 | 2 |  | 50 |
| **Cash and cash equivalents in the closing balance** | **8188** | **433** | **—** | **8621** |

---

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-32** |

---

[**Table of Contents**](#Toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2020** | **2020** | **2020** | **2020** |
|  | **Telecom**  | **Mobile**  | **Eliminations** | **Orange**  |
|  | **activities** | **Financial** | **telecom** | **consoli-** |
|  |  | **Services** | &nbsp;&nbsp;&nbsp;&nbsp;**activities /**  | **dated** |
|  |  |  | **mobile financial** | **financial** |
| (in millions of euros) |  |  | **services** | &nbsp;&nbsp;&nbsp;&nbsp;**statement** |
| **Operating activities** |  |  |  |  |
| Consolidated net income  | 5252 | (196) |  | 5055 |
| Non-monetary items and reclassified items for presentation | 10238 | 70 | 1 | 10309 |
| *Changes in working capital and operating banking activities* |  |  |  |  |
| &nbsp;&nbsp;Decrease (increase) in inventories, gross | 72 |  |  | 72 |
| &nbsp;&nbsp;Decrease (increase) in trade receivables, gross | (483) | (28) | 23 | (488) |
| &nbsp;&nbsp;Increase (decrease) in trade payables | (85) | (14) | (22) | (122) |
| &nbsp;&nbsp;Changes in other customer contract assets and liabilities | (40) |  | (1) | (41) |
| &nbsp;&nbsp;Changes in other assets and liabilities  | 36 | (98) |  | (62) |
| *Other net cash out* |  |  |  |  |
| &nbsp;&nbsp;Operating taxes and levies paid | (1931) | 2 |  | (1929) |
| &nbsp;&nbsp;Dividends received | 6 |  |  | 6 |
| &nbsp;&nbsp;Interest paid and interest rates effects on derivatives, net | (1265)<br><sup>(1)</sup> | 2 | (1) | (1264) |
| &nbsp;&nbsp;Tax dispute for fiscal years 2005-2006 | 2246 |  |  | 2246 |
| &nbsp;&nbsp;Income tax paid excluding the effect of the fiscal litigation for years 2005-2006 | (1085) | (1) |  | (1086) |
| **Net cash provided by operating activities (a)** | **12961**<br><sup>(2)</sup> | **(263)** | **(1)** | **12697** |
| **Investing activities** |  |  |  |  |
| Purchases (sales) of property, plant and equipment and intangible assets<sup>(3)</sup> | (7146) | (30) |  | (7176) |
| &nbsp;&nbsp;Purchases of property, plant and equipment and intangible assets | (8516) | (30) |  | (8546) |
| &nbsp;&nbsp;Increase (decrease) in fixed assets payables | 958 |  |  | 958 |
| &nbsp;&nbsp;Investing donations received in advance | 39 |  |  | 39 |
| &nbsp;&nbsp;Sales of property, plant and equipment and intangible assets | 374 |  |  | 374 |
| Cash paid for investment securities, net of cash acquired | (16) | (32) |  | (49) |
| Investments in associates and joint ventures | (7) |  |  | (7) |
| Purchases of equity securities measured at fair value | (65) | (1) |  | (67) |
| Sales of investment securities, net of cash transferred | 5 | 14 |  | 19 |
| Decrease (increase) in securities and other financial assets | 1596 | 121 | (2) | 1716 |
| **Net cash used in investing activities (b)** | **(5634)** | **72** | **(2)** | **(5564)** |
| **Financing activities** |  |  |  |  |
| *Cash flows from financing activities* |  |  |  |  |
| Medium and long-term debt issuances | 2694 |  |  | 2694 |
| Medium and long-term debt redemptions and repayments | (3476)<br><sup>(4)</sup> |  |  | (3476) |
| Increase (decrease) of bank overdrafts and short-term borrowings  | (299)<br><sup>(5)</sup> | (116) | 2 | (413) |
| Decrease (increase) of cash collateral deposits | (749) | 1 |  | (747) |
| Exchange rates effects on derivatives, net | 37 |  |  | 37 |
| *Other cash flows* |  |  |  |  |
| Repayments of lease liabilities | (1394) | (4) |  | (1398) |
| Subordinated notes issuances (purchases) and other related fees | (12) |  |  | (12) |
| Coupon on subordinated notes  | (280) |  |  | (280) |
| Proceeds (purchases) from treasury shares | 7 |  |  | 7 |
| Capital increase (decrease) - non-controlling interests | 2 |  |  | 2 |
| Capital increase (decrease) - telecom activities / mobile financial services <sup>(6)</sup> | (197) | 197 |  |  |
| Changes in ownership interests with no gain / loss of control | (3) |  |  | (3) |
| Dividends paid to owners of the parent company | (1595) |  |  | (1595) |
| Dividends paid to non-controlling interests | (225) | (1) |  | (226) |
| **Net cash used in financing activities (c)** | **(5490)** | **78** | **2** | **(5410)** |
| **Cash and cash equivalents in the opening balance** | **6112** | **369** | **—** | **6481** |
| Cash change in cash and cash equivalents (a) + (b) + (c) | 1839 | (115) |  | 1724 |
| Effect of exchange rates changes on cash and cash equivalents and other non-monetary effects | (59) |  |  | (59) |
| **Cash and cash equivalents in the closing balance** | **7891** | **254** | **—** | **8145** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Including interests paid on lease liabilities for (141) million euros in 2022, (119) million euros in 2021 and (131) million euros in 2020 and interests paid on financed asset liabilities for (3) million euros in 2022 and (1) million euros in 2021 and 2020.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Including significant litigations paid and received for (20) million euros in 2022, (306) million euros in 2021 and 2,217 million euros in 2020.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Including telecommunication licenses paid for (981) million euros in 2022, (717) million euros in 2021 and (351) million euros in 2020.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Including repayments of debts relating to financed assets for (97) million euros in 2022, (80) million euros in 2021 and (60) million euros in 2020.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Including redemption of subordinated notes reclassified in 2019 as short-term borrowings of (500) million euros in 2020.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Including Orange Bank's share capital invested by Orange group for 150 million euros in 2022, 300 million euros in 2021 and 197 million euros in 2020.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-33** |

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The table below shows the reconciliation between net cash provided by operating activities (telecom activities), as shown in the simplified statement of cash flows, and organic cash flow from telecom activities.

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** |
| **Net cash provided by operating activities (telecom activities)** | **11921** | **11636** | **12961** |
| Purchases (sales) of property, plant and equipment and intangible assets | (8251) | (8557) | (7146) |
| Repayments of lease liabilities | (1514) | (1621) | (1394) |
| Repayments of debts relating to financed assets | (97) | (80) | (60) |
| Elimination of telecommunication licenses paid | 981 | 717 | 351 |
| Elimination of significant litigation paid (and received) <sup>(1)</sup> | 20 | 306 | (2217) |
| **Organic cash flow from telecom activities** | **3058** | **2401** | **2494** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) In 2020, including the tax proceeds of 2,246 million euros relating to the tax dispute for fiscal years 2005-2006.

1.10&nbsp;&nbsp;&nbsp;&nbsp;Definition of operating segments and performance indicators

#### Accounting policies

#### Segment information
**Decisions regarding the allocation of resources and the assessment of the performance of Orange (hereinafter referred to as "the Group") are made by the Chief Executive Officer (main operational decision-maker) at business segment level, mainly consisting of the geographical establishments.**

#### The business segments are:

#### – France (excluding Enterprise);
**–** Spain and each of the Other European countries (including the Poland, Belgium and Luxembourg business segments and each of the Central European countries). The Europe aggregate thus includes all the business segments in this region;

**–** the Sonatel sub-group (grouping together Sonatel in Senegal, Orange Mali, Orange Bissau, Orange in Guinea and Orange in Sierra Leone), the Côte d'Ivoire sub-group (including the Orange Côte d'Ivoire entities, Orange in Burkina Faso and Orange in Liberia) and each of the other countries in Africa & Middle-East. The Africa & Middle-East aggregate thus presents all the business segments in this region;

**–** Enterprise, which combines communication solutions and services as well as integration and information technology services for businesses in France and around the world (including the cybersecurity activity);

**–** Totem, which combines the activities of the European TowerCo and operates a portfolio of some 27,000 tower sites in France and Spain;

**–** International Carriers & Shared Services (IC&SS) activities, which includes certain resources, mainly in the areas of networks, information systems, Research and Development and other shared Group activities, as well as the Orange brand;

**–** Mobile Financial Services, which includes Orange Bank.

The use of shared resources, mainly provided by International Carriers & Shared Services, is taken into account in segment results based either on the terms of contractual agreements between legal entities, external benchmarks or by reallocating costs among the segments. The supply of shared resources is included in the other income of the service provider, and the use of these resources is included in the expenses of the service user. The cost of shared resources may be affected by changes in contractual relationships or organization and may therefore impact the segment results presented from one fiscal year to another.

**Operating performance indicators**

EBITDAaL and eCAPEX are the key operating performance indicators used by the Group to:

◾ manage and assess its operating and segment results; and

◾ implement its investment and resource allocation strategy.

The Group's management believes that the presentation of these indicators is relevant as it provides readers with the same management indicators as those used internally.

EBITDAaL relates to operating income before depreciation and amortization of fixed assets, effects resulting from takeovers, impairment of goodwill and fixed assets, share of profits (losses) of associates and joint ventures, and after interest on lease liabilities and on debt relating to financed assets, adjusted for:

**–** significant litigation effects;

**–** specific labor expenses;

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| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-34** |

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**–** review of fixed assets, investments and business portfolio;

**–** restructuring program costs;

**–** acquisition and integration costs;

**–** where appropriate, other specific items.

This measurement indicator allows for the effects of certain specific factors to be isolated, irrespective of their recurrence and the type of income and expense, when they are linked to:

**–** significant litigation: significant litigation expenses relate to risk reassessments regarding various disputes. The associated procedures are based on third-party decisions (regulatory authority, court, etc.) and occur over a different period from the activities at the source of the litigation. Costs are by nature difficult to predict in terms of their source, amount and period;

**–** specific labor expenses: irrespective of any departure plans included in restructuring program costs, certain employee working time adjustment programs have a negative impact on the period in which they are signed and implemented. Specific labor expenses also relate to changes in assumptions and experience effects for the various part-time for seniors plans in France;

**–** review of fixed assets, investments and business portfolio: the Group conducts an ongoing review of its fixed assets, investments and business portfolio. In this context, exit or disposal decisions are implemented and, by their nature, have an impact on the period in which they take place;

**–** restructuring program costs: the adaptation of the Group's activities to changes in the environment may generate costs related to the shutdown or major transformation of an activity. These costs, linked to the cessation or major transformation of an activity, mainly consist of employee departure plans, contract terminations and costs in respect of contracts that have become onerous;

**–** acquisition and integration costs: the Group incurs costs directly related to the acquisition of entities and their integration in the months following their acquisition. These are primarily fees, registration costs and earn-outs;

**–** where appropriate, other specific items that are systematically specified in relation to income and/or expenses.

EBITDAaL is a financial indicator not defined by IFRS and may not be comparable to similarly titled indicators used by other groups. It is provided as additional information only and should not be considered a substitute for operating income or cash flows provided by operating activities.

eCAPEX relates to acquisitions of property, plant and equipment and intangible assets excluding telecommunication licenses and financed assets, minus the price of disposal of fixed assets. It is used internally as an indicator to allocate resources. eCAPEX is not a financial indicator defined by IFRS and may not be comparable to similarly titled indicators used by other companies.

The Group uses organic cash flow from telecom activities as an operating performance measure for telecom activities as a whole. Organic cash flow from telecom activities relates to net cash flows provided by telecom activities minus (i) repayment of lease liabilities and debt related to financed assets, (ii) purchases and sales of property, plant and equipment and intangible assets, net of the change in fixed asset payables, (iii) excluding the effect of telecommunication licenses paid and significant litigation paid (and received). Organic cash flow is a financial indicator not defined by IFRS and may not be comparable to similarly titled indicators used by other groups.

**Assets and liabilities**

Inter-segment assets and liabilities are reported in each business segment.

Non-allocated assets and liabilities of telecom activities mainly include external financial debt, external cash and cash equivalents, current and deferred tax assets and liabilities and equity. Financial debt and investments between these segments are presented as unallocated items.

For Mobile Financial Services, the line "Other" includes the assets and liabilities listed above as well as loans and receivables and payables related to Mobile Financial Services transactions.

The other accounting policies are presented within each note to which they refer.

**Note 2&nbsp;&nbsp;&nbsp;&nbsp;Description of business and basis of preparation of the consolidated financial statements**

2.1&nbsp;&nbsp;&nbsp;&nbsp;Description of business

Orange provides B2C and B2B customers and other telecommunication operators with a wide range of connectivity services, including fixed telephony, mobile telecommunication, data transmission and other value-added services, including Mobile Financial Services. In addition to its role as a supplier of connectivity, the Group provides enterprise services, primarily solutions in the fields of digital work, security and improving business line processes.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-35** |

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Telecommunication operator activities are regulated and dependent upon the granting of licenses, just as Mobile Financial Services activities have their own regulations.

2.2&nbsp;&nbsp;&nbsp;&nbsp;Basis of preparation of the financial statements

The consolidated financial statements were approved by the Board of Directors at its meeting of February 15, 2023 and will be submitted for approval by the Shareholders' Meeting on May 23, 2023.

The 2022 consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as endorsed by the European Union. Comparative figures are presented for 2021 and 2020 using the same basis of preparation.

The data are presented in millions of euros, without a decimal. Rounding to the nearest million may in some cases lead to non-significant discrepancies in the totals and subtotals shown in the tables.

For the reported periods, the accounting standards and interpretations endorsed by the European Union are similar to the compulsory standards and interpretations published by the International Accounting Standards Board (IASB) with the exception of the texts currently being endorsed, that have no effect on the Group's financial statements. Consequently, the Group's financial statements are prepared in accordance with the IFRS standards and interpretations, as published by the IASB.

The principles applied to prepare the 2022 financial data are based on:

**–** all the standards and interpretations endorsed by the European Union that were compulsory at December 31, 2022;

**–** the options taken relating to the date and methods of first-time adoption (see 2.3 below);

**–** the recognition and measurement options allowed under IFRS:

---

| | | |
|:---|:---|:---|
| **Standard** |  | **Alternative used** |
| IAS 1 | Accretion expense on operating liabilities (employee benefits, environmental liabilities and licenses) | Classification as financial expenses |
| IAS 2 | Inventories | Measurement of inventories according to the weighted average unit cost method |
| IAS 7 | Interest paid and dividends received | Classification as net operating cash flows |
| IAS 16 | Property, plant and equipment  | Measurement at amortized historical cost |
| IAS 38 | Intangible assets | Measurement at amortized historical cost |
| IFRS 3 | Non-controlling interests | At the acquisition date, measurement either at fair value or according to the portion of the identifiable net assets of the acquired entity |

---

**–**&nbsp;&nbsp;&nbsp;&nbsp; accounting positions adopted by the Group in accordance with paragraphs 10 to 12 of IAS 8:

---

| | |
|:---|:---|
| **Topic** | **Note** |
| Presentation of consolidated financial statements | Financial statements and segment information |
| Operating taxes and levies payables | 10.1 |
| Income taxes | 10.2 |
| Non-controlling interests: |  |
| change in ownership interest in a subsidiary and transactions with owners | 3 and 15.6 |

---

In the absence of any accounting standard or interpretation applicable to a specific transaction or event, the Group's management uses its judgment to define and apply an accounting policy that will result in relevant and reliable information, such that the financial statements:

**–** present a true and fair view of the Group's financial position, financial performance and cash flows;

**–** reflect the economic substance of transactions;

**–** are neutral;

**–** are prepared on a prudent basis; and

**–** are complete in all material respects.

2.3&nbsp;&nbsp;&nbsp;&nbsp;New standards and interpretations applied from January 1, 2022

Only the amendments of the standards applicable to the Group whose effective date is January 1, 2022 are described below.

**2.3.1&nbsp;&nbsp;&nbsp;&nbsp; Amendment to IAS 16: Proceeds before intended use**

The amendment clarifies that an entity is not permitted to recognize any revenue from the sale of items produced as a deduction from the cost of the fixed asset while preparing the asset for its intended use. The proceeds from selling such items are recognized in the income statement. This amendment was adopted by the Group on January 1, 2022 and has had no material effect on Orange's consolidated financial statements.

**2.3.2&nbsp;&nbsp;&nbsp;&nbsp; Amendment to IAS 37: Onerous contracts – cost of fulfilling a contract**

The clarifications provided by the amendment concern the incremental costs of fulfilling an onerous contract to be taken into account in the amount of the provision, namely the costs of direct labor and materials and the allocation of other costs directly related to the contract, for example the

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| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-36** |

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[**Table of Contents**](#Toc)

depreciation expense relating to a fixed asset used in fulfilling the contract. The Group adopted this amendment on January 1, 2022 and did not identify any material impacts during implementation of this amendment.

**2.3.3&nbsp;&nbsp;&nbsp;&nbsp; IFRS IC decision on implementation costs of a cloud computing agreement – IAS 38**

The IFRS IC has specified the cases in which configuration and adaptation costs for software acquired as part of SaaS ("Software as a Service") may be capitalized as intangible assets. In accordance with this decision, only services that result in the creation of an additional code controlled by the customer may be capitalized. Other services would be recognized as expenses for the period or as prepaid expenses. The method used to expense the implementation costs of the Group's SaaS contracts complies with the accounting provisions set out by the IFRS IC in its decision.

**2.3.4&nbsp;&nbsp;&nbsp;&nbsp; Annual Improvements to IFRSs 2018–2020 Cycle**

The 2018–2020 cycle of annual improvements to IFRSs resulted in the IASB making minor amendments or clarifications to the standards:

**–** IFRS 1 "First-time Adoption of International Financial Reporting Standards"

**–** IFRS 9 "Financial Instruments"

**–** IFRS 16 "Leases"

**–** IAS 41 "Agriculture."

The changes to the above standards have no impact on the consolidated financial statements of the Orange group, either because they do not apply to the Group or because they clarify accounting treatments already adopted by the Group.

2.4&nbsp;&nbsp;&nbsp;&nbsp;Standards and interpretations compulsory after December 31, 2022 with no early adoption

**2.4.1&nbsp;&nbsp;&nbsp;&nbsp; Amendment to IAS 1: Classification of liabilities as current or non-current**

The amendment to the standard clarifies the current requirements of IAS 1 on the classification of liabilities in an entity's balance sheet. This amendment is not expected to have a significant impact on the Group's statement of financial position. However, the implementation of this amendment could lead to the reclassification of certain liabilities from current to non-current, and vice versa. The date of entry into force of this amendment is January 1, 2024.

**2.4.2&nbsp;&nbsp;&nbsp;&nbsp; Amendment to IAS 1: Disclosure of accounting policies**

The amendment to the standard indicates that an entity must now disclose their material accounting policies rather than their significant accounting policies. This amendment should only marginally change the information provided by the Group in its notes to the consolidated financial statements. The date of entry into force of this amendment is January 1, 2023.

**2.4.3&nbsp;&nbsp;&nbsp;&nbsp; Amendment to IAS 8: Definition of accounting estimates**

The amendment to the standard revised the definition of accounting estimates without changing the concept. This amendment is not expected to have any impact on the Group's consolidated financial statements and will only marginally change the information provided by the Group in its notes to the consolidated financial statements. The date of entry into force of this amendment is January 1, 2023.

**2.4.4&nbsp;&nbsp;&nbsp;&nbsp; Amendment to IAS 12: Taxes — Deferred tax related to assets and liabilities acquired through a single transaction**

The amendment introduces a new exception to the exemption from the initial recognition of deferred taxes. As a result of this amendment, an entity does not apply the initial recognition exemption for transactions that give rise to deductible temporary differences.

Under applicable tax law, equal taxable and deductible temporary differences may arise on initial recognition of an asset and a liability in a transaction that is not a business combination and that affects neither accounting profit nor taxable profit. For example, this may occur when the lease liability and the corresponding right-of-use asset are recognized under IFRS 16 at the inception of a lease. The Group's accounting policies are already aligned with the proposals of the amendment. The provisions of this amendment will apply as of January 1, 2023.

**2.4.5&nbsp;&nbsp;&nbsp;&nbsp; IFRS 17 and amendments to IFRS 9 "Insurance Contracts"**

The Group is not subject to the provisions of the new IFRS 17 on the recognition and measurement of insurance contracts. The amendment to IFRS 9 proposes provisions enabling the disclosure of comparative information to companies adopting IFRS 17 for the first time. The date of entry into force of this standard and the IFRS amendment is January 1, 2023.

**2.4.6&nbsp;&nbsp;&nbsp;&nbsp; Amendment to IFRS 16 "Leases" – Lease liability in a sale and leaseback**

The amendment introduces a new concept requiring variable rents to be taken into account when calculating the lease liability arising in a sale and leaseback transaction. Subsequent changes in variable rents will not result in the recognition of a gain or loss on the right-of-use, as the changes only impact the lease liability and the income statement for the difference between the reduction of the lease liability and the actual rents to be paid. The number of transactions resulting in a sale and leaseback remains limited in the Group and generally does not include a significant proportion of variable rent. The Group is completing its analysis before confirming that the implementation of this amendment should not have a material impact on its financial position. The provisions of this amendment will apply as of January 1, 2024.

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| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-37** |

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2.5&nbsp;&nbsp;&nbsp;&nbsp;Accounting policies, use of judgment and estimates

The accounting policies are presented within each note to which they refer. In summary:

---

| | | | |
|:---|:---|:---|:---|
| **Note** | **Topic** | **Accounting policies** | **Judgments andestimates** <sup>(1)</sup> |
| 1 | Segment information | X |  |
| 3 | Changes in the scope of consolidation, takeovers (business combinations), internal transfer of consolidated shares, assets held for sale | X | X |
| 4.1 | Revenue | X | X |
| 4.3 | Trade receivables | X | X |
| 4.4 | Customer contract net assets and liabilities, costs of obtaining a contract and costs to fulfill a contract, unfulfilled performance obligations | X | X |
| 4.5 | Submarine cable consortiums, Orange Money | X |  |
| 5.1 | Advertising, promotion, sponsoring, communication and brand marketing costs | X |  |
| 5.2 | Litigation, acquisition and integration costs | X | X |
| 5.3 | Restructuring costs | X | X |
| 5.4 | Broadcasting rights and equipment inventories | X |  |
| 5.6 | Trade payables (goods and services) | X | X |
| 6.2 | Employee benefits | X | X |
| 6.3 | Employee share-based compensation | X |  |
| 7 | Goodwill, impairment of goodwill | X | X |
| 8.2 | Depreciation and amortization | X |  |
| 8.3 | Impairment of fixed assets | X | X |
| 8.4 | Other intangible assets | X | X |
| 8.5 | Property,plant and equipment | X | X |
| 8.6 | Fixed assets payables | X | X |
| 8.7 | Dismantling provisions | X | X |
| 9 | Leases | X | X |
| 9.1 | Right-of-use assets | X |  |
| 9.2 | Lease liabilities | X | X |
| 10.1 | Operating taxes and levies  | X | X |
| 10.2 | Income taxes | X | X |
| 11 | Interests in associates and joint ventures | X | X |
| 12 | Related-party transactions | X |  |
| 13.3 | Net financial debt | X | X |
| 13.3 | Cash and cash equivalents, bonds, bank loans and loans from multilateral lending institutions | X |  |
| 13.4 | Perpetual bonds redeemable for shares (*TDIRA*) | X | X |
| 13.7 | Financial assets (telecom activities) | X | X |
| 13.8 | Derivatives (telecom activities) | X |  |
| 14.8 | Fair value of financial assets and liabilities (telecom activities) | X | X |
| 15.2 | Treasury shares | X |  |
| 15.4 | Subordinated notes, equity component of perpetual bonds redeemable for shares (*TDIRA*) | X | X |
| 15.5 | Translation adjustments | X |  |
| 15.6 | Non-controlling interests | X |  |
| 15.7 | Earnings per share | X |  |
| 17.1 | Financial assets and liabilities of Mobile Financial Services | X |  |
| 17.1.1 | Financial assets related to Orange Bank activities | X | X |
| 17.2.7 | Fair value of financial assets and liabilities of Orange Bank |  | X |
| 18 | Litigation |  | X |
| 20 | Scope |  | X |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) See Notes 2.5.1 and 2.5.2

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| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-38** |

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[**Table of Contents**](#Toc)

**2.5.1&nbsp;&nbsp;&nbsp;&nbsp; Use of judgment**

In addition to the alternatives or accounting positions mentioned above in 2.2, Management exercises judgment in order to define the accounting policies for certain transactions:

---

| | | |
|:---|:---|:---|
| **Topic** |  | **Nature of accounting judgment** |
| Notes 3 and 20 | Control | Exercise of judgment in certain circumstances with respect to the existence or not of control<br>Continuous control assessment which can affect the scope of consolidation, as for instance when a shareholders' agreement is revised or terminated, or when protective rights turn into substantive rights |
| Note 4 | Sales | Splitting transaction price between mobile and service<br>Identification of distinct or non-distinct performance obligations |
| Notes 5, 10 and 18 | Purchases and other expenses, tax and litigation | Litigation (including tax disputes and audits): measurement of technical merits of the interpretations and legislative positions and qualification of the facts and circumstances <br>Onerous supplier contracts: trigger event, nature of unavoidable costs |
| Note 5 | Purchases and other expenses | Reverse factoring: distinguishing operating debt and financial debt |
| Note 8 | Fixed assets | Qualifying network, sites or equipment sharing among operators as joint operations<br>|
| Note 9 | Leases | Determination of the non-cancellable lease term and assessment of the exercise or not of termination, extension and purchase option<br>Separation of service and lease components of leases<br>"TowerCos" arrangements: electing the unit of account (tower or used space) and analyzing the arrangements in order to determine whether they contain a lease |
| Notes 13 and 15 | Financial assets, liabilities and financial results (telecom activities)<br>Equity | Distinguishing equity and debt: assessing specific contractual clauses |

---

**2.5.2&nbsp;&nbsp;&nbsp;&nbsp; Use of estimates**

In preparing the Group's financial statements, Orange's management makes estimates, insofar as many elements included in the financial statements cannot be measured precisely. Management revises these estimates if the underlying circumstances evolve or in light of new information or more experience. Consequently, the estimates made at December 31, 2022 may subsequently be changed.

---

| | | |
|:---|:---|:---|
| **Topic** |  | **Key sources of estimates on future income and/or cash flows** |
| Notes 4, 14 and 17 | Sales | Deciding duration of legally binding rights and obligations |
| Notes 5, 10 and 18 | Risk of resources outflow linked to litigation (including tax disputes and audits)<br>Onerous contracts | Underlying assumptions of the assessment of legal and tax positions Identifying and releasing of uncertain legal and tax positions<br>Underlying assumptions of the assessment<br>|
| Notes 7.3, 7.4, 8.3, 8.4, 8.5 and 11 | Measurement of the recoverable values for the impairment tests (goodwill, property, plant and equipment and intangible assets interests in associates and joint ventures) | Sensitivity to the discount rate, perpetual growth rate and business plan assumptions affecting expected cash flows (revenue, EBITDAaL and investments)<br>Assessing the competitive, economic and financial environment of the countries where the Group operates |
| Note 10.2 | Measurement of the recoverable value of deferred tax assets | Assessing the time frame for recovering deferred tax assets when a tax entity returns to profit or when tax legislation limits the use of tax loss carryforwards |
| Note 8 | Fixed assets | Assessing the useful life of assets based on changes in the technological, regulatory or economic environment (notably the migration from the copper local loop into fiber and other greater bandwidth technologies, radio technology migration)<br>Site dismantling and restoration provisions: dismantling time frame, discount rate, expected cost |
| Note 9 | Leases | Determination of the incremental borrowing rate of the lease when the implied interest rate is not identifiable in the lease<br>Determination of the term of certain leases |
| Note 6.2 | Employee benefits | Sensitivity to discount rates <br>Sensitivity to sign-up rate senior plans |
| Notes 14 and 17 | Fair value of financial assets and liabilities | Models, selection of parameters, fair value hierarchy, assessment of non-performance risks |

---

Furthermore, aside from the elements linked to the level of activity, income and future cash flows are sensitive to changes in financial market risks, notably interest rate and foreign exchange risks (see Note 14).

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-39** |

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**2.5.3&nbsp;&nbsp;&nbsp;&nbsp; Consideration of climate change risks**

Natural disasters and other accidental events related to climate change, such as fires, could lead to significant destruction of the Orange group's facilities, resulting in both service interruptions and high repair costs. The frequency and intensity of weather events related to climate change (e.g. floods, storms and heat waves) continue to increase, which could aggravate claims and increase the related damage. In the medium term, rising sea levels could affect sites and facilities located near the coast more often. While coverage of claims by insurers could decrease further, the damage caused by major disasters could result in significant costs to Orange, some of which could be at the expense of the Orange group and thus affect its financial position and outlook.

The Group is therefore integrating climate change risks more systematically into its activities. This can be seen in the assessment of these risks on the value of some of its assets through their depreciation schedule or as an event that could lead to the identification of an impairment loss indicator or on the future prospects of obtaining financing. Consideration of climate risks is also reflected in the Group's commitment to Net Zero Carbon by 2040. This commitment has led to changes in certain investment choices related to its activity.

Numerous projects have been initiated within the Group in order to understand the impacts of climate change on its operations. The implementation of actions to limit the effects of the Group's activities on climate change is also underway. The outcome of these projects could lead the Group to review certain accounting treatments, judgments or estimates of financial risks, the impact of which is still difficult to assess reliably. Climate resilience and adaptation are fast-growing topics and will requires the Group to better assess the risks to which it is exposed. The Group has begun a process of analysis in order to diagnose the exposure to climate risks of its various geographic locations based on the study of various impact scenarios related to climate change. At December 31, 2022, the Group had not identified any reliably estimated material impact on its financial statements at the stage of completion of the projects in progress.

**2.5.4&nbsp;&nbsp;&nbsp;&nbsp; Changes in the macroeconomic environment**

The judgment and the estimates made by the Group also take specific events into account. In the context of the war in Ukraine, the Group has paid particular attention to:

**–** possible impacts on impairment testing, whether on changes in market data (discount rates, changes in inflation) or on the flows used;

**–** consequences of changes in market data on the valuation of certain Group assets and liabilities;

**–** price volatility or the risk of supply difficulties in certain countries, particularly for electricity.

Provided that the conflict does not spread to other geographical areas, and given the Group's limited presence in Ukraine as well as in Russia and Belarus, the direct impacts on the Group's financial statements remain limited.

**Note 3&nbsp;&nbsp;&nbsp;&nbsp;Gains and losses on disposal and main changes in scope of consolidation**

3.1&nbsp;&nbsp;&nbsp;&nbsp;Gains (losses) on disposal of fixed assets, investments and activities

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in millions of euros) | Note | **2022** | **2021** | **2020** |
| Gains (losses) on disposal of fixed assets | 8.1 | 159 | 52 | 221 |
| Gains (losses) on disposal of investments and activities  | 3.2 | 74 | 2455 | 7 |
| **Gain (losses) on disposal of fixed assets, investments and activities** |  | **233** | **2507** | **228** |

---

3.2&nbsp;&nbsp;&nbsp;&nbsp;Main changes in the scope of consolidation

**Changes in the scope of consolidation during 2022**

**Merger by incorporation of Deezer by the SPAC I2PO and initial public offering of the global music streaming platform**

On April 19, 2022, I2PO, a SPAC (special purpose acquisition company) publicly traded since July 2021, and Deezer (the global music and audio streaming platform) announced that they had reached a definitive agreement for a business combination.

On July 4, 2022, Deezer's shareholders contributed their shares to the SPAC in exchange for newly issued shares of the latter. A capital increase was carried out at the same time.

The merged entity, renamed Deezer, was floated on the stock exchange on July 5, 2022, and is now listed on the professional compartment of the Euronext Paris regulated market. Before the initial public offering, the transaction valued Deezer's shares at 1.05 billion euros.

Prior to the transaction, the Group held an equity interest of 10.42% in Deezer and exercised a significant influence over the entity due to its presence on the Board of Directors.

After the transaction, Orange holds 8.13% of the new entity and no longer exercises a significant influence. Pursuant to IAS 28 and IFRS 9, the transaction entailed the disposal of all of Deezer's interests in associates and joint ventures and the purchase at fair value of 9,061,723 shares in the new entity. Orange also purchased 500,000 additional shares by participating in the capital increase that followed the merger.

The Deezer shares had been fully impaired in the Group's financial statements and the fair value of the I2PO shares was calculated on the basis of the price proposed for the initial public offering of July 5, 2022, i.e. 8.50 euros per share.

This transaction thus resulted in the Orange group recognizing a gain on disposal of 77 million euros in the income statement for the second half-year.

The shares of the new entity are presented in the balance sheet as investment securities at fair value through other comprehensive income. The fair value at the closing date corresponds to the stock market price at December 31, 2022 (2.92 euros). This led to a decrease in fair value of (54) million euros recognized in other comprehensive income.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-40** |

---

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**Ongoing transactions at December 31, 2022**

**Signing of an agreement between Orange and MásMóvil to combine their activities in Spain**

Following exclusive negotiations that began on March 8, 2022, Orange and MásMóvil signed an agreement on July 23 relating to the combination of their activities in Spain (excluding Totem Espagne and MásMóvil Portugal). This business combination will take the form of a 50-50 joint venture, co-controlled by Orange and Lorca JVCo, with equal governance rights in the new company.

The transaction is based on an enterprise value of 18.6 billion euros, of which 7.8 billion euros for Orange Espagne and 10.9 billion euros for MásMóvil. The transaction is supported by a 6.6 billion euros of non-recourse debt package that will finance among other things, an upfront payment of 5.85 billion euros to Orange and to the shareholders of MásMóvil (Lorca JVCo). This distribution to the shareholders will be asymmetric as it also embeds an equalization payment in favor of Orange. MásMóvil's existing debt will remain in place.

The agreement includes the right of both parties to trigger an initial public offering (IPO) after a pre-defined period and under certain conditions, with an option for the Orange group to take control and thus fully consolidate the new entity created in the event of an IPO. The Group cannot either be forced to sell its stake or to exercise this option.

This joint venture between MásMóvil and Orange will create a sustainable player with the financial capacity and scale to continue investing to foster the future of infrastructure competition in Spain for the benefit of consumers and businesses.

This joint venture between two complementary businesses will lead to significant efficiency gains, allowing the combined company to accelerate investments in FTTH and 5G that will benefit Spanish consumers and businesses.

On completion of the transaction, the joint venture would then be consolidated using the equity method in the Orange group's financial statements (due to Orange's loss of exclusive control over the activities concerned).

This transaction is subject to the approval of the European Commission and other competent administrative, regulatory and competition authorities and to the relevant and/or contractual conditions precedent. It is expected to complete in the second half of 2023.

In view of the progress of the transaction and the need to obtain the green light from the relevant competition and administrative authorities, the Group considers that the IFRS 5 criteria relating to the classification of the assets concerned as "discontinued operations" are not met at December 31, 2022

**Signing of an agreement with Nethys for the acquisition of a majority block of approximately 75% of the capital of VOO in Belgium**

On December 24, 2021, Orange Belgium announced the signing of an agreement to acquire 75% of the capital minus one share of VOO SA. This transaction is intended to support Orange Belgium's national convergent strategy and is expected to generate significant synergies, mainly related to the transfer of VOO's MVNO business to the Orange Belgium network.

Completion of the transaction is subject to customary conditions precedent, including the approval of the European Commission, expected in the first quarter of 2023. The transaction values VOO SA at an enterprise value of 1.8 billion euros for 100% of the capital.

At the end of the transaction, Nethys will retain a minority interest in VOO and governance rights to ensure the completion of the industrial and social project. The transaction also includes the option for Nethys to convert its stake in VOO into Orange Belgium shares.

**Changes in the scope of consolidation during 2021**

**Disposal of 50% of the capital of Orange Concessions**

On November 3, 2021, after receiving final approvals from the antitrust and local authorities, the Orange group sold a 50% stake in Orange Concessions to the HIN consortium (bringing together La Banque des Territoires, CNP Assurances and EDF Invest) for an amount of 1,053 million euros, resulting in the loss of Orange's exclusive control over this entity and its subsidiaries. In accordance with standard practice in this type of transaction, the amount received by Orange is subject to price adjustments in the months following the transaction.

The transaction also includes a call option for the acquisition of an additional 1%, exercisable by Orange during the second quarter of the years 2025 to 2027. Guarantees, which are customary in this type of transaction, have also been granted (see Note 16 "Contractual obligations and off-balance sheet commitments").

As part of the transaction, 43 million euros was also received as compensation for a shareholder loan between Orange and Orange Concessions that existed prior to the disposal date. In addition, in November 2021, Orange Concessions repaid approximately 620 million euros of loans contracted, before the transaction date, with Orange SA following the issuance of bank loans by Orange Concessions.

Following this transaction, Orange Concessions is 50% owned by Orange and 50% owned by the consortium, which have joint control over this entity, which combines 24 subsidiaries that hold Public Initiative Networks (PIN) contracts with local authorities in mainland France and the French overseas territories.

This investment has been accounted for using the equity method since November 3, 2021. The fair value of the remaining stake retained by the Orange group (corresponding to 50% of the capital of Orange Concessions) amounted to 1,053 million euros at the transaction date (see Note 11 "Interests in associates and joint ventures").

This transaction was reflected in the Group's consolidated income statement as follows:

---

| | |
|:---|:---|
| (in millions of euros) | **At disposal date** |
| Sale price of 50% of Orange Concessions' shares to the Consortium | 1053 |
| Reameasurement at fair value of remaining interests held by Orange | 1053 |
| **Fair value of Orange Concessions at the disposal date (a)** | **2107** |
| **Net book value and transaction costs related to sale of Orange Concessions (b)** | **17** |
| **Gain resulting from the loss of exclusive control on Orange Concessions (a)+(b)** | **2124** |
| Tax cost related to sale of the shares | (47) |
| **Net gain resulting from the loss of exclusive control on Orange Concessions** | **2077** |

---

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-41** |

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The effects of the disposal of Orange Concessions shares presented in the cash flow statement are as follows:

---

| | |
|:---|:---|
| (in millions of euros) | **At disposal date** |
| Sale price of sold shares, net of transaction costs | 1046 |
| Tax costs related to sale of Orange Concessions' shares | (47) |
| Transferred cash of Orange Concessions | (242) |
| **Sales of investment securities, net of cash transferred** | **758** |

---

The following assets and liabilities of Orange Concessions and its subsidiaries were derecognized on the date of disposal:

---

| | |
|:---|:---|
| (in millions of euros) | **At disposal date** |
| **Assets** | **1374** |
| Intangible and tangible assets | 925 |
| Financial assets | 76 |
| Trade receivables | 71 |
| Other assets | 60 |
| Cash and cash equivalents | 242 |
| **Liabilities** | **1374** |
| Net equity | (62) |
| Trade payables | 632 |
| Financial liabilities | 710 |
| Other liabilities | 94 |
| **Income statement** |  |
| Revenues | 471 |
| Operating Income | (23) |
| Finance cost, net | (21) |
| Income taxes | (11) |
| **Net income** | **(55)** |

---

**Disposal of 50% of a subsidiary of Orange Polska in the context of the creation of a FiberCo in Poland**

On August 31, 2021, Orange Polska and the APG Group finalized a share sale agreement under which the Group sold a 50% stake in Światłowód Inwestycje Sp. z o.o., Orange Polska's wholly owned "FiberCo" entity, whose scope of activity includes building fiber infrastructure and offering wholesale access services to other operators.

The net tax gain associated with the loss of control in the FiberCo, recognized in the consolidated income statement, amounted to 310 million euros and breaks down as follows:

---

| | |
|:---|:---|
| (in millions of euros) | **At disposal date** |
| Sale price of 50% of FiberCo's shares sold to APG Group | 292 |
| Reameasurement at fair value of remaining interests hold by Orange Polska | 292 |
| **Fair value of the FiberCo shares at the disposal date (a)** | **584** |
| **Net book value and transaction costs related to sale of the FiberCo (b)** | **(244)** |
| **Gain resulting from the loss of control on the FiberCo (a)+(b)** | **340** |
| Tax cost related to sale of the shares | (30) |
| **Net gain resulting from the loss of exclusive control on FiberCo** | **310** |

---

The sale price of the shares sold amounts to 292 million euros, of which 202 million euros was received in cash and 90 million euros to be received during the fiscal years 2022 through 2026, subject to compliance with the Fiberco entity's network deployment schedule.

Below are the effects of the disposal of FiberCo's shares in the cash flow statement (cash-flows related to investment activities):

---

| | |
|:---|:---|
| (in millions of euros) | **At disposal date** |
| Sale price of sold shares, net of transaction costs | 288 |
| Tax costs related to the transaction (VAT and income tax) | (61) |
| Transferred cash of the sold entity | (5) |
| Receivables on sale of shares | (90) |
| **Sales of investment securities, net of cash transferred** | **132** |

---

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-42** |

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The following assets and liabilities of FiberCo were derecognized on the date of disposal:

---

| | |
|:---|:---|
| (in millions of euros) | **At disposal date** |
| **Assets** | **297** |
| Tangible assets | 87 |
| Operating taxes assets | 46 |
| Prepaid expenses | 154 |
| Other assets | 5 |
| Cash and cash equivalents | 5 |
| **Liabilities** | **297** |
| Equity | 240 |
| Non current financial liabilities | 36 |
| Other liabilities | 21 |

---

Guarantees, customary in this kind of transaction, were granted. The transaction also includes:

● an obligation on each party to refinance the entity for around 66 million euros between 2023 and 2026,

● a call option for an additional stake of approximately 1 % in Światłowód Inwestycje exercisable by Orange Polska over the fiscal years 2027 through 2029.

As of August 31, 2021, Światłowód Inwestycje became a jointly controlled entity with the APG Group accounted for using the equity method (see Note 11 "Interests in associates and joint ventures").

**Completion of the purchase price allocation for Telekom Romania Communications**

On September 30, 2021, Orange Romania completed the acquisition of a 54% majority block in Telekom Romania Communications and the takeover of an MVNO contract previously concluded between Telekom Romania Communications and Telekom Romania Mobile, for an amount of 296 million euros. This transaction aims to accelerate Orange Romania's ambitions to become a major convergent operator for customers in the Romanian market.

In accordance with standard practice in this type of transaction, the amount paid by Orange Romania was subject to price adjustments in the months following the transaction.

---

| | |
|:---|:---|
| (in millions of euros) | **At acquisition date** |
| Acquisition cost | 296 |
| Acquisition cost adjustment | (11) |
| Cash acquired | (90) |
| **Cash paid for investment securities, net of cash acquired** | **195** |

---

In accordance with IFRS 3 – Business Combinations the fair value measurement of the identifiable assets acquired and liabilities assumed was finalized in the 2022 fiscal year. The final purchase price allocation is as follows:

---

| | |
|:---|:---|
| (in millions of euros) | **At acquisition date** |
| Purchase price related to the acquisition of the 54% share<sup>(1)</sup> | 285 |
| Fair value of the non-controlling interests | 245 |
| **Acquisition price (a)** | **530** |
| Net book value acquired | 261 |
| Effects of fair value measurement: |  |
| &nbsp;&nbsp;Tangible assets<sup>(2)</sup>  | 261 |
| &nbsp;&nbsp;Customer relationship | 29 |
| &nbsp;&nbsp;Other intangibles | 2 |
| &nbsp;&nbsp;Others | (3) |
| &nbsp;&nbsp;Net deferred tax | **(20)** |
| **Net asset remeasured at fair value (b)** | **530** |
| **Goodwill (a)-(b)** | **—** |

---

(1) The amount paid by Orange Romania as of September 30, 2021 had been subject to price adjustments in the months following the transaction.

(2) The fair value measurement of property, plant and equipment mainly relates to land and buildings.

Liability guarantees, which are customary in this type of transaction, were also granted to Orange.

**Conditional voluntary public tender offer on shares of Orange Belgium** 

On April 8, 2021, Orange SA launched a conditional voluntary public tender offer for 46.97% of the capital of Orange Belgium, corresponding to the balance of remaining shares not held directly and indirectly, at a price of 22 euros per share. The offer was opened from April 8 to April 23, 2021 and then voluntarily reopened from April 28 to May 4, under the same conditions. Following this offer, Orange SA directly and indirectly held 76.97% of the share capital of Orange Belgium.

The total acquisition cost of these shares amounted to 316 million euros. This share offer did not change the Orange group's pre-existing control over Orange Belgium, its subsidiaries and non-consolidated shares. Thus, in the Consolidated Financial Statements, this transaction resulted in an effect of (316) million euros on equity (including (172) million euros relating to the portion attributable to owners of the parent company and (144) million euros relating to the portion attributable to minority shareholders).

The cash paid out to acquire these minority interests in Orange has been presented in the financing flows in the statement of cash flows.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-43** |

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**Changes in the scope of consolidation during 2020**

**Squeeze-out offer on Business & Decision shares** 

On May 28, 2020, Orange Business Services launched a mandatory public buyout offer for all the shares of Business & Decision not yet held by the Group, representing 6.38% of the capital.

This offer closed on July 8 and was followed by the effective delisting of Business & Decision shares on July 13, 2020.

Following this public buyout offer and the acquisition of the remaining share capital over the second half of the year for an amount of (4) million euros, Orange now holds 100% of the shares of Business & Decision.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-44** |

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#### Accounting policies

#### Changes in the scope of consolidation
Entities are fully consolidated if the Group has the following:

**–** power over the investee; and

**–** exposure, or rights, to variable returns from its involvement with the investee; and

**–** the ability to use its power over the investee to affect the amount of its returns.

IFRS 10 requires the exercise of judgment and continuous assessment of the control situation.

Clarifications of when the ownership interest does not imply a de facto presumption are provided in Note 20, which lists the main consolidated entities.

Joint ventures and companies over which the Group exercises significant influence (generally corresponding to an ownership interest of 20% to 50%) are accounted for using the equity method.

When assessing the level of control or significant influence exercised over a subsidiary or associate, the existence and effect of any exercisable or convertible potential voting rights at the closing date are taken into account.

#### Takeovers (business combinations)
Business combinations are accounted for using the acquisition method:

**–** the acquisition cost is measured at the fair value of the consideration transferred, including all contingent consideration, at the acquisition date. Subsequent changes in the fair value of a contingent consideration are accounted for either through profit or loss or in equity, in accordance with the applicable standards, facts and circumstances;

**–** goodwill is the difference between the consideration transferred, plus the non-controlling interests and the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date, and is recognized as an asset in the statement of financial position. Considering the Group's activity, the fair value measurements of the identifiable assets mainly relate to licenses, customer bases and brands (which cannot be capitalized when developed in-house), generating associated deferred tax. The fair value of these assets, which cannot be observed, is established using commonly adopted methods, such as those based on revenues or costs (e.g.: the "Greenfield" method for the valuation of licenses, the "relief from royalty" method for the valuation of brands and the "excess earnings" method for customer bases).

For each takeover involving an equity investment below 100%, the fraction of the interest not acquired (non-controlling interests) is measured:

**–** either at its fair value, in which case goodwill is recognized for the portion relating to non-controlling interests;

**–** or proportionate to its share of the acquiree's identifiable net assets: in which case, goodwill is only recognized for the portion acquired.

Costs directly attributable to the acquisition are recognized directly in operating expenses in the period in which they are incurred.

When a takeover is achieved in stages, the previously held equity interest is re-measured at fair value at the acquisition date through operating income. The related other comprehensive income, if any, is fully reclassified to profit or loss.

**Loss of exclusive control resulting from the partial disposal of consolidated shares**

A loss of exclusive control by the Group over one of its subsidiaries results in the recognition in profit or loss of a capital gain or loss on the disposal, and in the remeasurement at fair value of the residual interest retained in accordance with the requirements of IFRS 10 applicable in the event of a loss of control.

#### Loss of significant influence or joint control leading to the discontinuation of the equity method while retaining a residual interest
A loss of significant influence or joint control by the Group over one of its associates or joint ventures while retaining a residual interest results in the recognition in profit or loss of a capital gain or loss on the disposal of the shares sold, and, in accordance with the provisions of IAS 28, the remeasurement at fair value of the residual interest retained. The fair value of the retained interest constitutes the entry value of the financial asset within the scope of IFRS 9.

#### Internal transfer of consolidated shares
The IFRS do not address the accounting treatment of a transfer of consolidated shares within the Group resulting in changes in ownership interest. The Group applies the following accounting policy:

**–** the transferred shares are carried at historical cost and the gain or loss on disposal is fully eliminated in the acquirer's accounts;

**–** the non-controlling interests are adjusted to reflect the change in their share in equity against Group retained earnings, with no impact on profit and loss and equity.

#### Assets held for sale
The Group qualifies an asset or group of assets as "held for sale" when:

**–** the management is committed to a plan to sell;

**–** the asset is available for immediate sale in its current state (subject to any conditions precedent that are usual in such disposals); and

**–** the disposal is highly likely to take place within 12 months.

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| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-45** |

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Thus, when the Group is committed to a plan to sell involving the loss of control or significant influence over one of its assets, it classifies all assets and liabilities of the entity concerned on a separate line in the statement of financial position: "Assets/Liabilities held for sale," at a value equal to the lower of the net carrying value and the fair value net of disposal costs.

In addition, when the asset or group of assets held for sale is a major component of a business segment, its contribution to the income statement is presented separately below "net income from continuing operations" and its cash flow contribution is presented in the statement of cash flows.

**Note 4 Sales**

4.1&nbsp;&nbsp;&nbsp;&nbsp;Revenue

Revenue is presented by category and segment in Note 1. The breakdown of revenue by type is as follows:

**–** Convergent services: these include revenue from convergent services in the B2C market (combined Internet + Mobile offers);

**–** Mobile-only services: mobile-only services revenue includes call revenues (voice, SMS and data), mainly outgoing, excluding convergent services (see below);

**–** Fixed-only services: revenue from fixed-only services includes revenue from retail sales of fixed broadband and narrowband services, excluding convergent services (see below) and B2B fixed solutions and networks services, including voice and data services;

– IT & Integration Services: these services include unified communication and collaboration services (LAN and telephony, consultancy, integration, project management), hosting and infrastructure services (including cloud computing), application services (customer relations management and other application services), security services, video conferencing offers and equipment sales related to the above products and services;

**–** Services to carriers (wholesale): wholesale revenue includes roaming revenue from customers of other networks (national and international roaming), from Mobile Virtual Network Operators (MVNO) and from network sharing;

– Equipment sales: equipment sales include all sales of equipment (mobile devices, broadband equipment, connected devices and accessories) with the exception of equipment sales related to IT & Integration Services (presented on the "IT & Integration Services" line), sales of network equipment related to the operation of voice and data services in the Enterprise segment (presented on the "Fixed-only services" line) and equipment sales to external distributors or brokers (presented on the "Other revenue" line);

**–** Other revenues: these revenues include, in particular, equipment sales to external distributors and brokers, revenue from portals, online advertising and the Group's cross-functional activities and miscellaneous other revenues.

#### Accounting policies
Most revenue falls within the application scope of IFRS 15 "Revenue from Contracts with Customers." Orange's products and services are offered to customers under services-only contracts and contracts combining the equipment used to access services and/or other service offers. Revenue is recognized net of VAT and other taxes collected on behalf of governments.

**– Standalone service offers** (mobile-only services, fixed-only services, convergent services)

Orange offers its B2C and B2B customers a range of fixed and mobile telephony services, fixed and mobile Internet access offers and content offers (TV, video, media, value-added audio service, etc.). Some contracts are for a fixed term (generally 12 or 24 months), while others may be terminated at short notice (i.e. monthly arrangements or portions of services).

Service revenue is recognized when the service is provided, based on use (e.g. minutes of traffic or bytes of data processed) or the period (e.g. monthly service costs).

For some content services, Orange may act solely as an agent enabling the supply by a third-party of goods or services to the customer and not as a principal in the supply of the content. In such cases, revenue is recognized net of amounts transferred to the third party.

Contracts with customers generally do not include a material right, as the price invoiced for subscriptions and the services purchased and consumed by the customer beyond the specific scope (e.g. additional consumption, options, etc.) generally reflect their standalone selling prices. There is no significant impact from contract modification for this type of service contract. Service obligations transferred to the customer at the same pace are treated as a single obligation.

When contracts include contractual clauses relating to commercial discounts (initial discount on signing the contract or conditional on reaching a consumption threshold) or items provided free of charge (for example: a free three-month subscription), the Group spreads these discounts or free items over the term of the contract (the period during which the Group and the customer have firm commitments). Where applicable, the consideration payable to the customer is recognized as a deduction from revenue in accordance with the specific terms and conditions of each contract.

If the performance obligations are not classified as distinct, the offer revenue is recognized on a straight-line basis over the contract term. One of the main applications of this method is the initial service connection in the context of a subscription and communication offer. It is not generally separable from the subscription and communication offer and its invoicing is therefore recognized in income over the average term of the expected contractual relationship.

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| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-46** |

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**– Separate equipment sales**

Orange offers its B2C and B2B customers several ways to buy their equipment (primarily mobile devices): equipment sales may be separate from or bundled with a service offer. When separate from a service offer, the amount invoiced is recognized in revenue on delivery and receivable immediately or in installments over a period of up to 24 months. Where payment is received in installments, the offer comprises a financial component and gives rise to the calculation of interest deducted from the amount invoiced and recognized over the payment period in finance costs, net.

Where Orange purchases and sells equipment to indirect channels, the Group generally considers that Orange maintains control until resale to the end-customer (the distributor acts as an agent), even where ownership is transferred to the distributor. Sale proceeds are therefore recognized when the end-customer takes possession of the equipment (on activation).

**– Bundled equipment and service offers**

Orange proposes numerous offers to its B2C and B2B customers comprising equipment (e.g. a mobile device) and services (e.g. a talk & text plan).

Equipment revenue is recognized separately from service revenue if the two components are distinct (i.e. if the customer can receive one or other of the services separately). Where one of the components in the offer is not at its separate selling price, revenue is allocated to each component in proportion to their individual selling prices. This is notably the case in offers combining the sale of a mobile phone at a reduced price, where the individual selling price of the mobile phone is considered equal to its purchase cost and logistics expenses plus a commercial margin based on market practice. The amount allocated to equipment sales is recognized under revenue on delivery in exchange for a contract asset, spread over the term of the service contract.

The provision of a Livebox® (proprietary Internet box) is neither a separate component of the Internet access service offer nor a lease, as Orange maintains control of the box.

**– Services including both a build and run phase**

For B2B customers, some contracts have two phases: build and then management (operation and maintenance) of assets built and delivered to customers. Revenue recognition requires an analysis of the facts and circumstances of each contract in order to determine whether distinct performance obligations exist. Under these contracts, if the build phase is classified as separate, the Group recognizes the revenue of this phase according to the percentage of completion. However, if the Group does not have a certain right to payment and/or if there is no continuous transfer of control of the asset being built, then revenues for this phase are recognized upon completion. These contracts are generally multi-year, with scalable offers. On each contract modification, we assess the scope of the modification and its impact on the contract price in order to determine whether the modification should be treated as a separate contract, as though the existing contract were terminated and a new contract signed, or whether the modification should be considered as a change to the existing contract.

**– Service offers to carriers (wholesale)**

Three types of commercial agreements are entered into with wholesale customers for domestic wholesale activities or international carrier offers:

**–** "pay-as-you-go" model: contract generally applied to "legacy" regulated activities (bitstream call termination, local loop access, roaming and certain data solution contracts), where contract services are not covered by a firm volume commitment. Revenue is recognized as the services are provided (which relates to transfer of control) over the contractual term;

**–** "send-or-pay" model: contract where the price, volume and term are defined. The customer has a commitment to pay the amount indicated in the contract irrespective of actual traffic consumed over the commitment period. This contract category notably includes certain MVNO (mobile virtual network operator), IDD (international direct dialing) or hubbing (call free floating) contracts. The relevant revenue is recognized progressively based on actual traffic during the period, to reflect transfer of control to the customer;

**–** mix model: hybrid contract combining the "pay-as-you-go" and "send-or-pay" models, comprising a fixed entry fee paid by the customer providing access to preferential pricing conditions for a given volume ("send-or-pay" component). In addition to this entry fee, an amount is invoiced based on traffic consumption ("pay-as-you-go" component). The amount invoiced for the entry fee included in this type of commercial agreement is recognized progressively in revenue based on actual traffic over the period.

Current agreements between major transit carriers are not invoiced or cross-invoiced ("free peering") and are therefore not recognized in revenue.

**– Quality of service commitment clause**

The contracts entered into by the Group and its customers include service level commitments regarding the processing of orders, delivery and after-sales support (delivery time, performance, recovery time). If the Group fails to comply with one of these commitments, it then compensates the customer, usually in the form of a price reduction. The projected amount of these penalties is recognized as a deduction from revenue whenever it is expected that the commitment will not be fulfilled.

**– Public-private service concession arrangements**

The Group rolls out and/or operates certain networks under service concessions, such as the Public Initiative Networks implemented in France to roll out fiber optic networks in less populated areas. Some contracts are analyzed in accordance with IFRIC 12 "Service Concession Arrangements." When the Group builds a network, construction revenue is recognized in consideration of a right to receive compensation from either a public entity or users of the public service. This right is accounted for as:

**–** an intangible asset for the right to receive payments from public service users amounting to the fair value of the corresponding infrastructure and is amortized over the term of the contract; and/or

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-47** |

---

[**Table of Contents**](#Toc)

**–** a financial receivable for the unconditional right to receive royalties from the public entity, for the fair value of the consideration expected from the public entity. This receivable is recognized at amortized cost.

**– Leases**

Orange's lease revenue is related either to its regulatory obligations to lease technical sites to its competitors, to the supply of equipment in certain contracts with B2B customers, or to the granting of rights of use meeting the criteria for leasing network equipment, i.e. occasional leases of surplus space in certain buildings to third parties.

Lease revenue is recognized on a straight-line basis over the contract term, except for certain equipment leases to B2B customers, which are classified as finance leases; in such cases the equipment is considered sold on credit.

4.2&nbsp;&nbsp;&nbsp;&nbsp;Other operating income

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** |
| Net banking income (NBI) | 124 | 119 | 79 |
| Income from customer collection | 91 | 89 | 101 |
| Site rentals and franchises income | 34 | 87 | 54 |
| Tax credits and subsidies  | 48 | 44 | 31 |
| Income from universal service | 3 | 4 | 4 |
| Other income | 447 | 441 | 336 |
| **Total** | **747** | **783** | **604** |

---

Net banking income (NBI) represents the net balance between income from banking operations (fees charged to customers, interest from loans, banking activities retail commissions and other income from banking operations) and expenses from banking operations (interest paid on loans, commissions paid and other bank operating expenses). It is prepared in accordance with accounting practices that are commonly used in France in the banking sector.

Income from customer collection mainly includes interest charged to customers for late payments and recovery of trade receivables previously recognized as losses.

Other income is predominantly comprises re-invoicing of network sharing costs, income received from litigation and income relating to line damage.

4.3&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** |
| **Net book value of trade receivables - in the opening balance** | **6029** | **5620** | **5320** |
| Business related variations | 299 | (53) | 379 |
| Changes in the scope of consolidation<sup>(1)</sup> | (3) | 389 | 4 |
| Translation adjustment | (76) | 36 | (90) |
| Reclassifications and other items | 56 | 36 | 7 |
| **Net book value of trade receivables - in the closing balance** | **6305** | **6029** | **5620** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Changes in the scope of consolidation in 2021 included the externalization of Orange SA's trade receivables from concession contracts resulting from the loss of sole control over Orange Concessions for 288 million euros and the integration of Telekom Romania Communications for 100 million euros.

**Sales of receivables program**

Orange has set up non-recourse programs for the sales of its receivables due in installments in several countries. These are no longer recorded on the balance sheet. The amount received for the receivables disposed of was around 640 million euros in 2022, 740 million euros in 2021, 640 million euros in 2020 and mainly related to Spain, Poland, Romania and France.

Since 2020, Orange Spain has had in place a non-recourse program with Orange Bank for the disposal of receivables due in installments, replacing an existing program with a third-party bank. This program led to these receivables being derecognized from the balance sheet of Orange Spain (within telecom activities) and presented as customer loans and receivables within Mobile Financial Services activities (see Note 17.1.1).

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-48** |

---

[**Table of Contents**](#Toc)

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **2022** | **2021** | **2020** |
| Net trade receivables, depreciated according to their age | 1191 | 1204 | 1145 |
| Net trade receivables, depreciated according to other criteria | 324 | 422 | 400 |
| **Net trade receivables past due** | **1515** | **1627** | **1544** |
| **Net trade receivables not past due**<sup>(1)</sup>  | **4790** | **4402** | **4076** |
| **Net trade receivables** | **6305** | **6029** | **5620** |
| o/w short-term trade receivables | 6022 | 5793 | 5382 |
| o/w long-term trade receivables  | 283 | 236 | 238 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Not past due receivables are presented net of the balance of expected losses on trade receivables, which amounted to (46) million euros at December 31, 2022, (54) million euros at December 31, 2021 and (56) million euros at December 31, 2020.

Shown below is the ageing table of the net trade receivables which are past due and impaired according to their maturity:

(in millions of euros)

![Graphic](oran-20211231x20f006.jpg)

The Group assessed the risk of non-recovery of trade receivables at December 31, 2022 and recognized impairment and losses on trade receivables in the income statement for an amount of (208) million euros over the period.

For Mobile Financial Services, the bank credit risk is described in Note 17.2.1.

The table below provides an analysis of the change in impairment for trade receivables in the statement of financial position:

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** |
| **Allowances on trade receivables - in the opening balance** | **(1012)** | **(983)** | **(888)** |
| Net addition with impact on income statement <sup>(1)</sup> | (208) | (212) | (383) |
| Losses on trade receivables | 218 | 283 | 275 |
| Changes in the scope of consolidation<sup>(2)</sup> | (6) | (91) |  |
| Translation adjustment | 16 | (7) | 13 |
| Reclassifications and other items | (4) | (1) |  |
| **Allowances on trade receivables - in the closing balance** | **(996)** | **(1012)** | **(983)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) In 2020, the change in impairment of trade receivables included an effect of (129) million euros on the telecoms business in connection with the impact of the health crisis.

&nbsp;&nbsp;&nbsp;&nbsp;(2) In 2021, the change in scope of consolidation is mainly related to the integration of Telekom Romania Communications.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-49** |

---

[**Table of Contents**](#Toc)

Trade receivables are mainly short-term with no stated interest rate and are measured in the statement of financial position at the par value of the receivable, in accordance with IFRS 15. Those trade receivables which include deferred payment terms over 12 or 24 months for customers buying a mobile phone are discounted and classified as current items in the statement of financial position. Receivables from B2B equipment finance leases are recognized as current operating receivables because they are acquired in the normal course of business.

In order to meet the requirements of IFRS 9, the impairment of trade receivables is based on three methods:

**–** a collective statistical method: this is based on historical losses and leads to a separate impairment rate for each aging balance category. This analysis is performed over a homogeneous group of receivables with similar credit characteristics because they belong to a customer category (B2C, professionals);

**–** a stand-alone method: the assessment of impairment probability and its amount are based on a set of relevant qualitative factors (aging of late payment, other balances with the counterparty, rating from independent agencies, geographical area). This method is mainly used for carrier customers (national and international), administrations and public authorities, as well as for businesses services key accounts;

**–** a provisioning method based on expected loss: IFRS 9 requires recognition of expected losses on receivables immediately upon recognition of the financial instruments. In addition to the pre-existing provisioning system, the Group applies a simplified approach of early impairment at the time the asset is recognized. The rate applied depends on the maximum revenue non-recoverability rate.

Recognition of impairment losses for a group of receivables is the step preceding identification of impairment losses on individual receivables. As soon as information is available (customers in bankruptcy or subject to court-ordered liquidation), these receivables are then excluded from the statistical impairment database and individually impaired.

The trade receivables may be part of non-recourse programs. When they are assigned to consolidated securitization mutual funds, they remain on the statement of financial position. Other disposals to financial institutions may lead to their de-recognition in the event that legal ownership and almost all the risks and benefits of the receivables are transferred as described by IFRS 9.

**4.4 Customer contract net assets and liabilities**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) |  | **December 31, 2022** |  | **December 31, 2021** |  | **December 31, 2020** |
| Customer contract net assets <sup>(1)</sup> |  | 733 |  | 740 |  | 709 |
| Costs of obtaining a contract  |  | 298 |  | 294 |  | 262 |
| Costs to fulfill a contract |  | 539 |  | 426 |  | 265 |
| **Total customer contract net assets** |  | **1570** |  | **1460** |  | **1236** |
| Prepaid telephone cards |  | (175) |  | (186) |  | (197) |
| Connection fees |  | (507) |  | (563) |  | (589) |
| Loyalty programs |  | (31) |  | (29) |  | (25) |
| Other deferred revenue <sup>(2)</sup> |  | (1847) |  | (1717) |  | (1158) |
| Other customer contract liabilities |  | (19) |  | (17) |  | (15) |
| **Total deferred revenue related to customer contracts** |  | **(2579)** |  | **(2512)** |  | **(1984)** |
| **Total customer contract net assets and liabilities** |  | **(1009)** |  | **(1052)** |  | **(748)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Assets net of performance obligations.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Includes in particular subscriptions. The change in Other deferred revenue is detailed below.

The following tables give an analysis of the balances of customer contract net assets and the costs of acquiring and fulfilling contracts in the statement of financial position.

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** |
| **Customer contract net assets - in the opening balance**  | **740** | **709** | **771** |
| Business related variations<sup>(1)</sup> | (1) | 30 | (60) |
| Changes in the scope of consolidation |  | 4 |  |
| Translation adjustment | (1) |  | (3) |
| Reclassifications and other items | (6) | (3) |  |
| **Customer contract net assets - in the closing balance** | **733** | **740** | **709** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Mainly includes new contract assets net of related liabilities, transfer of net contract assets directly to trade receivables and impairment in the period.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-50** |

---

[**Table of Contents**](#Toc)

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** |
| **Costs of obtaining a contract - in the opening balance** | **294** | **262** | **258** |
| Business related variations | 6 | 20 | 11 |
| Changes in the scope of consolidation |  | 12 |  |
| Translation adjustment | (2) | (1) | (7) |
| Reclassifications and other items |  |  |  |
| **Costs of obtaining a contract - in the closing balance** | **298** | **294** | **262** |

---

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** |
| **Costs to fulfill a contract - in the opening balance** | **426** | **265** | **181** |
| Business related variations | 122 | 31 | 21 |
| Changes in the scope of consolidation |  |  |  |
| Translation adjustment | (5) | 11 | (12) |
| Reclassifications and other items | (4) | 118 | 75 |
| **Costs to fulfill a contract - in the closing balance** | **539** | **426** | **265** |

---

Below is presented the change in deferred income related to customer contracts (prepaid telephone cards, connection fees, loyalty programs and other unearned income) in the statement of financial position:

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** |
| **Deferred revenue related to customer contracts - in the opening balance** | **2512** | **1984** | **2093** |
| Business related variations<sup>(1)</sup> | 101 | 220 | (73) |
| Changes in the scope of consolidation<sup>(2)</sup> | 1 | 183 |  |
| Translation adjustment | (23) | 13 | (31) |
| Reclassifications and other items | (13) | 112 | (6) |
| **Deferred revenue related to customer contracts - in the closing balance** | **2579** | **2512** | **1984** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) In 2022, business-related changes mainly concern contracts for the provision of the Orange network in Spain.

&nbsp;&nbsp;&nbsp;&nbsp;(2) In 2021, changes in the scope of consolidation mainly concerned prepayment of services for the construction of the network of FiberCo in Poland to Orange Polska and the integration of Telekom Romania Communications.

**Customer contract net assets and liabilities**

The timing of income recognition may differ from the timing of customer invoicing.

Trade receivables presented in the consolidated statement of financial position represent an unconditional right to receive consideration (primarily cash), i.e. the services and goods promised to the customer have been provided.

In contrast, contract assets mainly refer to amounts allocated under IFRS 15 as consideration for goods or services provided to customers, but for which the right to collect payment is contingent on the provision of other services or goods under the same contract (or group of contracts). This is the case in a bundled offer combining the sale of a mobile phone and mobile telecommunication services for a fixed period, where the mobile phone is invoiced at a reduced price leading to the reallocation of a portion of amounts invoiced for the telecommunication service to the supply of the mobile phone. The excess amount allocated to the mobile phone over the price invoiced is recognized as a contract asset and transferred to trade receivables as the service is invoiced.

Contract assets, like trade receivables, are subject to impairment for credit risk. The recoverability of contract assets is also verified, including to cover the risk of impairment loss should the contract be interrupted. Recoverability may also be impacted by a change in the legal environment governing offers.

Contract liabilities represent amounts paid by customers to Orange before receiving the goods and/or services promised in the contract. This is typically the case for advances received from customers or amounts invoiced and received for goods or services not yet provided, for example for subscriptions payable in advance or prepaid contracts (previously recognized in deferred income).

Customer contract assets and liabilities are presented, respectively, in current assets and current liabilities since they are a normal part of the Group's operations.

**Costs of obtaining a contract**

Where a telecommunication service contract is signed via a third-party distributor, this distributor may receive business provider remuneration, generally paid in the form of a commission for each subscription or invoice-indexed commission. Where the Group considers that these commissions are incremental and would not have been paid in the absence of the customer contract, the commission cost is estimated and capitalized in the balance sheet. It should be noted that the Group has adopted the simplification measure authorized by IFRS 15 to recognize the costs of obtaining a contract as an expense at the time they are incurred, if the amortization period of the asset that the Group would recognize for them does not exceed one year.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-51** |

---

[**Table of Contents**](#Toc)

The costs of obtaining fixed-period mobile services contracts are capitalized and expensed on a pro rata basis over the enforceable period of the contract, as these costs are generally incurred each time a customer renews the fixed period. The costs of obtaining fixed services contracts for a pre-determined term for B2C market customers are expensed on a pro rata basis over the estimated period of the customer relationship. The costs of obtaining B2B and operator solution contracts are not material.

**Costs to fulfill a contract**

Costs to fulfill a contract consist of all the initial contractual costs necessary to fulfill one or more performance obligations of a contract. These costs, when they are directly related to a contract, are capitalized and expensed on a pro rata basis over the enforceable period of the contract.

At Group level, these costs mainly concern contracts for B2B customers, with, for example, design, installation, connection and migration costs that relate to a future performance obligation of the contract.

The assumptions underlying the period over which the costs of fulfilling a contract are expensed are periodically reviewed and adjusted in line with observations; termination of the contractual relationship with the customer results in the immediate expensing of the remaining deferred costs. Where the carrying value of deferred costs exceeds the remaining consideration expected to be received for the transfer of the related goods and services, less expected costs relating directly to the transfer of these goods and services yet to be incurred, the excess amount is similarly immediately expensed.

The following table presents the transaction price assigned to unfulfilled performance obligations at December 31, 2022. Unfulfilled performance obligations are the services that the Group is obliged to provide to customers during the remaining fixed term of the contract. As allowed by the simplification procedure under IFRS 15, these disclosures are only related to performance obligations with an initial term greater than one year.

---

| | |
|:---|:---|
| (in millions of euros) | **December 31, 2022** |
| Less than one year | 6589 |
| Between 1 and 2 years | 2739 |
| Between 2 and 3 years | 943 |
| Between 3 and 4 years | 433 |
| Between 4 and 5 years | 216 |
| More than 5 years | 184 |
| **Total remaining performance obligations** | **11104** |

---

**Unfulfilled performance obligations**

During allocation of the total contract transaction price to identified performance obligations, a portion of the total transaction price can be allocated to performance obligations that are unsatisfied or partially satisfied at the end of the reporting period. We have elected to apply certain available practical expedients when disclosing unfulfilled performance obligations, including the option to exclude expected revenues from unsatisfied obligations of contracts with an original expected duration of one year or less. These contracts are primarily monthly service contracts.

In addition, certain contracts offer customers the ability to purchase additional services. These additional services are not included in the transaction price and are recognized when the customer exercises the option (generally on a monthly basis). They are not therefore included in unfulfilled performance obligations.

Some multi-year service contracts with B2B and operator customers include fixed monthly costs and variable user fees. These variable user fees are excluded from the table of unfulfilled performance obligations.

4.5&nbsp;&nbsp;&nbsp;&nbsp;Other assets

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,**  | **December 31,**  | **December 31,**  |
| (in millions of euros) | **2022** | **2021** | **2020** |
| Advances and downpayments | 177 | 147 | 116 |
| Submarine cable consortiums <sup>(1)</sup> | 230 | 194 | 258 |
| Security deposits paid | 96 | 105 | 93 |
| Orange Money - isolation of electronic money <sup>(1)</sup> | 1242 | 1030 | 825 |
| Other<sup>(2)</sup> | 688 | 654 | 545 |
| **Total** | **2433** | **2130** | **1837** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) These receivables are offset by the liabilities of the same amount (see accounting policies below and Note 5.7).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Includes a receivable due under a transmission capacity agreement for an FTTH network in Spain in 2020.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-52** |

---

[**Table of Contents**](#Toc)

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** |
| **Other assets - in the opening balance** | **2130** | **1837** | **1383** |
| Business related variations<sup>(1)</sup> | 304 | 236 | 495 |
| Changes in the scope of consolidation | 5 | 24 | 0 |
| Translation adjustment | (17) | 28 | (32) |
| Reclassifications and other items | 11 | 5 | (9) |
| **Other assets - in the closing balance** | **2433** | **2130** | **1837** |
| o/w other non-current assets | 216 | 254 | 136 |
| o/w other current assets | 2217 | 1875 | 1701 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes a receivable due under a transmission capacity agreement for an FTTH network in Spain in 2020.

Other assets relating to **"Submarine cable consortiums"** are receivables from submarine cable consortium members when Orange is in charge of centralizing the payments to the equipment suppliers that build and manage these cables. These receivables are offset by the liabilities of the same amount (see Note 5.7).

**Orange Money** is a money transfer, payment and financial services solution provided via an electronic money ("e-money") account linked to an Orange mobile number.

Since 2016, the Orange group has become an Electronic Money Issuer ("EMI") in some of the countries in which it operates, via dedicated, approved, internal subsidiaries. Regulations state that EMIs, as last-resort guarantors for the reimbursement of e-money holders, are obliged to restrict the funds collected in exchange for the issue of e-money (obligation to protect holders). The e-money distribution model relies on Orange's subsidiaries and third-party distributors. EMIs issue e-money (or units of value "UV") at the request of these distributors in exchange for funds collected therefrom. The distributors then transfer the e-money to end holders.

Within the Orange group, this restriction includes the protection of third-party holders (distributors and customers).

These transactions have no impact on the Group's net financial debt and are listed under the following headings:

**–** assets restricted to an amount equal to the e-money in circulation outside of the Orange group (or UV in circulation);

**–** UV in circulation under liabilities, representing the obligation to reimburse the third-party holders (customers and third-party distributors).

These two headings are presented under "other assets" and "other liabilities" and under operating activities as "change in working capital requirement".

**Note 5&nbsp;&nbsp;&nbsp;&nbsp;Purchases and other expenses**

5.1&nbsp;&nbsp;&nbsp;&nbsp;External purchases

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) |  | **2022** |  | **2021** |  | **2020** |  |
| Commercial, equipment expenses and content rights |  | (7772) |  | (7385) |  | (6868) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*o/w costs of terminals and other equipment sold* <sup>(1)</sup> |  | *(4459)* |  | *(4234)* |  | *(3841)* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*o/w advertising, promotional, sponsoring and rebranding costs* |  | *(804)* |  | *(783)* |  | *(736)* |  |
| Service fees and inter-operator costs |  | (4251) |  | (4349) |  | (4529) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*o/w interconnexion costs*  |  | *(2703)* |  | *(2956)* |  | *(3186)* |  |
| Other network expenses, IT expenses |  | (3590) |  | (3530) |  | (3503) |  |
| Other external purchases |  | (3119) |  | (2709) |  | (2791) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*o/w building cost for resale* |  | *(1236)* |  | *(1047)* |  | *(883)* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*o/w overhead* |  | *(1172)* |  | *(1044)* |  | *(1099)* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*o/w rental expenses* |  | *(134)* |  | *(147)* |  | *(151)* |  |
| **Total external purchases** |  | **(18732)** |  | **(17973)** |  | **(17691)** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Reclassification of presentation, in 2022 and comparative years, to include in this line item the costs of other goods sold amounting to 434 million euros in 2022, 292 million euros in 2021 and 265 million euros in 2020.

Firm purchase commitments are disclosed as unrecognized contractual commitments (see Note 16).

Advertising, promotion, sponsoring, communication and brand development costs are recorded as expenses during the period in which they are incurred.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-53** |

---

[**Table of Contents**](#Toc)

At January 1, 2019, lease expenses include rental payments on leases with an enforceable period, with no option to extend, of 12 months or less, leases where the value, when new, of the underlying asset is less than approximately 5,000 euros, and variable lease payments which were not included in the measurement of the lease liability (see Note 9).

5.2&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** |
| Litigation | (50) | (218) | (238) |
| Allowances and losses on trade receivables – telecom activities | (206) | (213) | (382) |
| Cost of bank credit risk  | (49) | (48) | (31) |
| Expenses from universal service | (28) | (22) | (19) |
| Operating foreign exchange gains (losses)  | (23) | (20) | 19 |
| Acquisition and integration costs | (40) | (14) | (18) |
| Other expenses | (17) | (165) | (119) |
| **Total other operating expenses** | **(413)** | **(700)** | **(789)** |

---

Impairment and losses on trade receivables from telecom activities are detailed in Note 4.3.

The cost of credit risk applies only to Mobile Financial Services and includes impairment charges and reversals on fixed-income securities, loans and receivables to customers as well as impairment charges and reversals relating to guarantee commitments given, losses on receivables and recovery of amortized debts (see Note 17.2.1).

Certain expenses related to litigation are directly recorded in operating income and are not included in the following movements of provisions:

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** |
| **Provisions for litigation - in the opening balance** | **405** | **525** | **643** |
| Additions with impact on income statement | 26 | 162 | 119 |
| Reversals with impact on income statement | (12) | (10) | (29) |
| Discounting with impact on income statement | 1 |  |  |
| Utilizations without impact on income statement <sup>(1)</sup> | (34) | (317) | (205) |
| Changes in consolidation scope | 2 |  |  |
| Translation adjustment | 0 | 1 | (2) |
| Reclassifications and other items |  | 44 |  |
| **Provisions for litigation - in the closing balance** | **387** | **405** | **525** |
| o/w non-current provisions | 47 | 51 | 46 |
| o/w current provisions | 340 | 353 | 479 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Corresponded mainly to the conviction linked to anti-competitive practices in the "enterprise" market segment in 2021 and to the conviction in the Digicel litigation in 2020 (see Note 18).

The Group's significant litigations are described in Note 18.

#### Litigation
In the ordinary course of business, the Group is involved in a number of legal and arbitration proceedings and administrative actions described in Note 18.

The costs which may result from these proceedings are accrued at the reporting date if the Group has a present obligation toward a third party resulting from a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and the amount of that liability can be quantified or estimated within a reasonable range. The amount of provision recorded is based on a case-by-case assessment of the risk level, and events arising during the course of legal proceedings may require a reassessment of this risk at any time. Where appropriate, litigation cases may be analyzed as contingent liabilities, which correspond to:

**–** probable obligations arising from past events that are not recognized because their existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the Company's control; or

**–** present obligations arising from past events that are not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or because the amount of the obligation cannot be measured with sufficient reliability.

**Acquisition and integration costs**

Acquisition and integration costs are incurred at the time of acquisition of legal entities (costs linked to the acquisition of the entity, consultancy fees, training costs for new employees, migration costs associated with customer offers, labor expenses associated with the transition). They are incurred over a maximum period of 12 months following the acquisition date.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-54** |

---

[**Table of Contents**](#Toc)

5.3&nbsp;&nbsp;&nbsp;&nbsp;Restructuring and integration costs

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** |
| Departure plans<sup>(1)</sup> | (54) | (241) | (15) |
| Lease property restructuring <sup>(2)</sup> | (21) | (6) | 2 |
| Distribution channels<sup>(3)</sup> | (12) | (22) | (5) |
| Other  | (38) | (63) | (8) |
| **Total restructuring costs** | **(125)** | **(331)** | **(25)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Mainly departure plans for Equant (around 300 people) in 2022, Orange Spain (around 400 people) and Orange Polska (around 1,400 people) in 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Essentially related to onerous contracts due to vacant leases in France.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Essentially concerns the closure of sales outlets in Spain in 2022 and 2021.

Some restructuring costs are directly recorded in operating income and are not included in the following movements of provisions:

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** |
| **Restructuring provisions - in the opening balance**  | **185** | **117** | **216** |
| Additions with impact on income statement<sup>(1)</sup> | 98 | 277 | 12 |
| Reversals with impact on income statement | (26) | (17) | (17) |
| Discounting with impact on income statement | (5) | (1) | 4 |
| Utilizations without impact on income statement | (90) | (191) | (95) |
| Translation adjustment | (1) |  | (3) |
| Reclassifications and other items  |  | (1) |  |
| **Restructuring provisions - in the closing balance**  | **162** | **185** | **117** |
| o/w non-current provisions | 43 | 61 | 53 |
| o/w current provisions | 119 | 124 | 64 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Mainly corresponds to costs relating to Equant departure plans amounting to (30) million euros in 2022, (155) million euros in Spain and (29) million euros in Poland in 2021.

#### Accounting policies

#### Restructuring costs
The adaptation of the Group's activities to changes in the environment may generate costs related to the discontinuation or major transformation of an activity. These actions may have a negative effect on the period during which they are announced or implemented; for instance but not limited to, some of the transformation plans approved by the internal governance bodies.

Provisions are recognized only when the restructuring has been announced and the Group has drawn up or started to implement a detailed formal plan prior to the end of the reporting period.

The types of costs approved by the Group as restructuring costs primarily consist of:

**–** employee departure plans;

**–** termination of contracts linked to a fundamental reorganization of the activity (compensation paid to suppliers to terminate contracts, etc.);

**–** cost of vacant buildings (outside the scope of IFRS 16);

**–** fundamental transformation plans for communication network infrastructures;

**–** onerous contracts related to the termination or fundamental reorganization of business: during the course of a contract, when the economic circumstances that prevailed at inception change, some commitments toward the suppliers may become onerous, i.e. the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-55** |

---

[**Table of Contents**](#Toc)

5.4&nbsp;&nbsp;&nbsp;&nbsp;Equipment inventories and Broadcasting rights

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **2022** | **2021** | **2020** |
| Device inventories <sup>(1)</sup> | 629 | 593 | 485 |
| Other products/services sold  | 125 | 77 | 75 |
| Available broadcasting rights | 102 | 102 | 93 |
| Other supplies | 258 | 242 | 223 |
| **Gross value** | **1114** | **1015** | **874** |
| **Depreciation** | **(67)** | **(64)** | **(60)** |
| **Net book value of equipment inventories and broadcasting rights** | **1048** | **952** | **814** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Of which inventories treated as consignment with distributors amounting to 42 million euros as at December 31, 2022, 68 million euros as at December 31, 2021 and 40 million euros as at December 31, 2020.

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** |
| **Net balance of inventories - in the opening balance** | **952** | **814** | **906** |
| Business related variations | 104 | 125 | (70) |
| Changes in the scope of consolidation | 3 | 9 | - |
| Translation adjustment | (4) | 3 | (8) |
| Reclassifications and other items | (6) | (1) | (14) |
| **Net balance of inventories - in the closing balance**  | **1048** | **952** | **814** |

---

#### Accounting policies
Network maintenance equipment and equipment intended for sale to customers are measured at the lower of cost or likely realizable net book value. The cost corresponds to the purchase or production cost determined by the weighted average cost method.

Handset inventories include inventories treated as consignment with distributors when these are qualified, for accounting purposes, as agents in the sales of handsets bought from the Group.

Film or sports broadcasting rights are recognized in the statement of financial position when they are available for exhibition and expensed when broadcast.

5.5&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,**  | **December 31,**  | **December 31,**  |
| (in millions of euros) | **2022** | **2021** | **2020** |
| Prepaid external purchases | 780 | 611 | 651 |
| Other prepaid operating expenses | 72 | 240 | 199 |
| **Total prepaid expenses** | **851** | **851** | **850** |

---

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** |
| **Prepaid expenses - in the opening balance** | **851** | **850** | **730** |
| Business related variations <sup>(1)</sup> | 57 | 5 | 171 |
| Changes in the scope of consolidation | 0 |  | - |
| Translation adjustment | (49) | 10 | (12) |
| Reclassifications and other items<sup>(2)</sup> | (8) | (13) | (40) |
| **Prepaid expenses - in the closing balance** | **851** | **851** | **850** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) In 2020, the change included a prepaid expense recognized in respect of an agreement for the provision of FTTH capacity in Spain.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Including the effect of the reclassification of prepaid expenses as costs to fulfill contract (see Note 4.4).

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-56** |

---

[**Table of Contents**](#Toc)

5.6&nbsp;&nbsp;&nbsp;&nbsp;Trade payables

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** |
| **Trade payables - in the opening balance** | **6738** | **6475** | **6682** |
| Business related variations | 297 | 41 | (122) |
| Changes in the scope of consolidation<sup>(1)</sup> | 9 | 125 | 1 |
| Translation adjustment | (71) | 47 | (80) |
| Reclassifications and other items | 95 | 49 | (6) |
| **Trade payables - in the closing balance** | **7067** | **6738** | **6475** |
| o/w trade payables from telecoms activities | 6951 | 6652 | 6395 |
| o/w trade payables from Mobile Financial Services | 116 | 86 | 80 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Of which 108 million euros related to the integration of Telekom Romania Communications in 2021.

Supplier payment terms are mutually agreed between the suppliers and Orange in accordance with the regulations in force. Certain key suppliers and Orange have agreed to a flexible payment schedule which, for certain invoices, can be extended up to six months.

Trade payables for goods and services and fixed assets that were subject to a payment extension, and which had an impact on the change in working capital requirement at the end of the period, amounted to approximately 377 million euros at December 31, 2022, 460 million euros at December 31, 2021, and 435 million euros at the end of 2020.

Trade payables resulting from commercial transactions and settled in the normal operating cycle are classified as current items. They include payables that the supplier may have assigned, with or without notification, to financial institutions as part of direct or reverse factoring, and those for which the supplier proposed an extended payment period to Orange and for which Orange confirmed the payment arrangement under the agreed terms. Orange considers these financial liabilities to have the characteristics of trade payables, in particular due to the ongoing commercial relationship, the payment schedules ultimately consistent with the operating cycle of a telecommunication operator, in particular for the purchase of primary infrastructure, the supplier's autonomy in the anticipated relationship and a financial cost borne by Orange that corresponds to the compensation of the supplier for the extended payment schedule agreed.

Trade payables without specified interest rates are measured at par value if the interest component is negligible. Interest-bearing trade payables are recognized at amortized cost.

5.7&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **2022** | **2021** | **2020** |
| Provisions for litigations <sup>(1)</sup> | 387 | 405 | 525 |
| Cable network access fees (URI) | 25 | 38 | 59 |
| Submarine cable consortium <sup>(2)</sup> | 230 | 191 | 258 |
| Security deposits received | 111 | 128 | 134 |
| Orange Money – units in circulation <sup>(2)</sup> | 1244 | 1030 | 823 |
| Other | 804 | 852 | 775 |
| **Total** | **2802** | **2644** | **2574** |
| o/w other non-current liabilities | 276 | 306 | 307 |
| o/w other current liabilities | 2526 | 2338 | 2267 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) See Note 5.2.

&nbsp;&nbsp;&nbsp;&nbsp;(2) These liabilities are offset by the receivables of the same amount (see accounting policies in Note 4.5).

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-57** |

---

[**Table of Contents**](#Toc)

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** |
| **Other liabilities - in the opening balance** | **2644** | **2574** | **2448** |
| Business related variations | 129 | 54 | 176 |
| Changes in the scope of consolidation | 6 | 9 |  |
| Translation adjustment |  | 29 | (35) |
| Reclassifications and other items | 23 | (22) | (15) |
| **Other liabilities - in the closing balance** | **2802** | **2644** | **2574** |

---

**Note 6&nbsp;&nbsp;&nbsp;&nbsp;Employee benefits**

6.1&nbsp;&nbsp;&nbsp;&nbsp;Labor expenses

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) | Note |  | **2022** |  | **2021** |  | **2020** |
| Average number of employees (full-time equivalents)<sup>(1)</sup> |  |  | 130307 |  | 132002 |  | 133787 |
| **Wages and employee benefit expenses** |  |  | **(8754)** |  | **(9587)** |  | **(8331)** |
| &nbsp;&nbsp;*o/w wages and salaries* |  |  | *(6328)* |  | *(6232)* |  | *(6224)* |
| &nbsp;&nbsp;*o/w social security charges* |  |  | *(2132)* |  | *(2148)* |  | *(2118)* |
| &nbsp;&nbsp;*o/w French part-time for seniors plans* | 6.2 |  | *(313)* |  | *(1209)* |  | *23* |
| &nbsp;&nbsp;*o/w capitalized costs* <sup>(2)</sup> |  |  | *818* |  | *849* |  | *866* |
| &nbsp;&nbsp;*o/w other labor expenses* <sup>(3)</sup> |  |  | *(799)* |  | *(847)* |  | *(879)* |
| **Employee profit sharing** |  |  | **(149)** |  | **(145)** |  | **(142)** |
| **Share-based compensation** <sup>(4)</sup> | 6.3 |  | **(16)** |  | **(185)** |  | **(18)** |
| &nbsp;&nbsp;*o/w free share award plans* |  |  | *(16)* |  | *(13)* |  | *(18)* |
| &nbsp;&nbsp;*o/w employee shareholding plan Together 2021* |  |  | *—* |  | *(172)* |  | *—* |
| **Total in operating income** |  |  | **(8920)** |  | **(9917)** |  | **(8490)** |
| Net interest on the net defined liability in finance costs |  |  | (13) |  | (10) |  | (12) |
| Actuarial (gains)/losses in other comprehensive income |  |  | 176 |  | 59 |  | (13) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Of whom 28% were Orange SA's civil servants at December 31, 2022 (compared with 31% at December 31, 2021 and 34% at December 31, 2020).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Capitalized costs correspond to labor expenses included in the cost of assets produced by the Group (see Notes 8.4 and 8.5).

&nbsp;&nbsp;&nbsp;&nbsp;(3) Other labor expenses comprise other short-term allowances and benefits, payroll taxes, post-employment benefits and other long-term benefits (except French part-time for seniors plans).

&nbsp;&nbsp;&nbsp;&nbsp;(4) Includes social security contributions of (1) million euros in 2022, (13) million euros in 2021 and 5 million euros in 2020, whose corresponding entry in the balance sheet is not presented in equity.

6.2&nbsp;&nbsp;&nbsp;&nbsp;Employee benefits

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) |  | **December 31,**  |  | **December 31,**  |  | **December 31,**  |
|  |  | **2022** |  | **2021** |  | **2020** |
| Post-employment benefits <sup>(1)</sup> |  | 739 |  | 881 |  | 930 |
| Other long-term benefits |  | 2358 |  | 2318 |  | 1407 |
| &nbsp;&nbsp;*o/w French part-time for seniors plans* |  | *1753* |  | *1720* |  | *802* |
| Provisions for employment termination benefits |  | 1 |  | 2 |  | 1 |
| Other employee-related payables and payroll taxes due |  | 1857 |  | 1862 |  | 1779 |
| Provisions for social risks and litigation |  | 29 |  | 50 |  | 58 |
| **Total** |  | **4985** |  | **5113** |  | **4176** |
| o/w non-current employee benefits |  | 2567 |  | 2798 |  | 1984 |
| o/w current employee benefits |  | 2418 |  | 2316 |  | 2192 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Does not include defined contribution plans.

The accrued post-employment and other long-term benefits are presented below. These are estimated based on Group headcounts at December 31, 2022, including vested and unvested rights at December 31, 2022, but which the Group estimates will be vested by approximately 2050:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) |  | **Schedule of benefits to be paid, undiscounted** | **Schedule of benefits to be paid, undiscounted** | **Schedule of benefits to be paid, undiscounted** | **Schedule of benefits to be paid, undiscounted** | **Schedule of benefits to be paid, undiscounted** | **Schedule of benefits to be paid, undiscounted** | **Schedule of benefits to be paid, undiscounted** | **Schedule of benefits to be paid, undiscounted** | **Schedule of benefits to be paid, undiscounted** | **Schedule of benefits to be paid, undiscounted** | **Schedule of benefits to be paid, undiscounted** |
|  |  | **2023** |  | **2024** |  | **2025** |  | **2026** |  | **2027** |  | **2028 and beyond** |
| Post-employment benefits |  | 73 |  | 56 |  | 49 |  | 63 |  | 79 |  | 2586 |
| Other long-term benefits <sup>(1)</sup> |  | 508 |  | 571 |  | 482 |  | 392 |  | 226 |  | 45 |
| &nbsp;&nbsp;*o/w French part-time for seniors plans* |  | *434* |  | *487* |  | *427* |  | *337* |  | *197* |  | *24* |
| **Total** |  | **581** |  | **627** |  | **532** |  | **455** |  | **305** |  | **2631** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Provisions for Time Savings Account (Compte Épargne Temps (CET)) and long-term sick leave and long-term leave not included.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-58** |

---

[**Table of Contents**](#Toc)

6.2.1 Types of post-employment benefits and other long-term benefits

In accordance with the laws and practices in force in the countries where it operates, the Group has obligations in terms of employee benefits:

**–** with regard to retirement, the majority of employees are covered by **defined contribution plans** required by law or under national agreements. In France, civil servants employed by Orange SA are covered by the French government sponsored civil and military pension plan. Orange SA's obligation under the plan is limited to the payment of annual contributions (French law No. 96-660 dated July 26, 1996). Consequently, Orange SA has no obligation to fund future deficits of the pension plans covering its own civil servant employees or any other civil service plans. Expenses recognized under the terms of defined contribution pension plans amounted to (691) million euros in 2022 (compared with (727) million euros in 2021 and (729) million euros in 2020);

**–** the Group is committed to a limited number **of annuity-based defined-benefit plans**: notably the Equant plans in the United Kingdom for 204 million euros in 2022 and a plan for senior managers in France for 190 million euros in 2022. Plan assets were transferred to these plans in the United Kingdom and in France. A few years ago, these plans were closed to new subscribers and also closed in the United Kingdom with regard to vesting;

**–** the Group is also committed to **capital-based defined-benefit plans** where, in accordance with the law or contractual agreements, employees are entitled to bonuses on retirement, depending on their years of service and end of career salary; this essentially relates to bonuses due upon retirement in France, particularly for employees under private-law contracts (553 million euros for Orange SA, i.e. 78% of the capital-based plans) and for civil servants (16 million euros, i.e. 2% of capital-based plans);

**– other post-employment benefits** are also granted to retired employees: these are benefits other than defined-benefit and defined-contribution plans;

**– other long-term benefits** may also be granted such as seniority awards, long-term compensated absences and French part-time for seniors plans (*Temps Partiel Senior (TPS)*) detailed below.

#### French part-time for seniors plans
As part of the renegotiations of the intergenerational agreement, a French part-time for seniors (TPS) plan was signed on December 17, 2021, resulting in the recognition of an employee benefit liability of 1,225 million euros at December 31, 2021.

The French part-time for seniors plans are accessible to civil servants and employees under private contract with French entities who are eligible for full retirement benefits from January 1, 2028 and who have at least 15 years of service at the Group.

These plans give employees the opportunity to work 50% or 60% of a full-time job whilst receiving:

**–** base compensation of between 65% and 80% of a full-time job;

**–** the retirement entitlement benefits of full-time employment during the period in question (both the Company's and the employee's contributions); and

**–** a minimum compensation level.

These plans last for a period of at least 18 months and no longer than 5 years.

The beneficiaries may decide to invest part of their base compensation (5%, 10% or 15%) in a Time Savings Account (*Compte Épargne Temps (CET)*) with an additional Group contribution. The *CET* allows for a reduction in the amount of time worked.

At December 31, 2022, the number of employees who are or will be participating in the French part-time for seniors plans, and thus included in the provision, is estimated at approximately 10,400 employees.

6.2.2 Key assumptions used to calculate obligations

The assessment of post-employment benefits and other long-term benefits is based on retirement age calculated in accordance with the provisions applicable to each plan and the necessary conditions to ensure entitlement to a full pension, both of which are often subject to legislative changes.

The valuation of the obligation of the French part-time for seniors plans is sensitive to estimates of the potentially eligible population and to the sign-up rate for the plans (estimated at 70% on average), and the trade-offs that the beneficiaries will ultimately make between the different plans proposed.

Unlike previous years, sensitivity to the sign-up rate for the French part-time for seniors plans is not presented as the deadline for requesting to sign up for the French part-time for seniors plan signed at the end of 2021 was set at December 31, 2022.

The discount rates used for the French entities (which accounts for 91% of Orange's pension and other long-term employee benefit obligations at December 31, 2022) are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **2022** | **2021** | **2020** |
| More than 10 years | 3.75% to 3.85 | 0.80% to 1.05 | 0.55% to 0.90 |
| Less than 10 years | 3.20% to 3.75%<sup>(1)</sup>  | -0.15% to 0.40%  | -0.35% to 0.70% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Rates of 3.40% and 3.55% , respectively, were used to value commitments relating to the 2018 and 2021 French part-time for seniors plans (compared with -0.15% at December 31, 2021 and -0.25% at December 31, 2020).

The discount rates used for the euro zone are based on corporate bonds rated AA with a duration equivalent to the duration of the obligations.

The increase in annuities of the Equant plans in the United Kingdom is based on inflation (3.05% used) up to 5%.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-59** |

---

[**Table of Contents**](#Toc)

The main capital-based defined-benefit plan (retirement bonuses for employees under private-law contracts in France) is principally sensitive to employment policy assumptions (Orange has historically had high numbers of employees of retirement age), salary revaluation and long-term inflation of 2%.

The impacts on pension benefit obligations of a change in the key assumption would be as follows:

---

| | | |
|:---|:---|:---|
| (in millions of euros) | Rate increase by 100 points | Rate decrease by 100 points |
| Discount rates<sup>(1)</sup> | (128) | 145 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Including (31) million euros and 32 million euros for the French part-time for seniors plans *(TPS)* (short-term duration).

6.2.3 Commitments and plan assets

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) |  | **Post-employment benefits** | **Post-employment benefits** | **Post-employment benefits** | **Post-employment benefits** | **Post-employment benefits** |  | **Long-term benefits** | **Long-term benefits** | **Long-term benefits** |  | **2022** | **2021** |  | **2020** |
|  |  | Annuity- |  | Capital- |  | Other |  | French part- |  | Other |  |  |  |  |  |
|  |  | based |  | based |  |  |  | time for |  |  |  |  |  |  |  |
|  |  | plans |  | plans |  |  |  | seniors plans |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | (TPS) |  |  |  |  |  |  |  |
| **Total benefit obligations in the opening balance** |  | **550** |  | **856** |  | **16** |  | **1720** |  | **598** |  | **3740** | **2812** |  | **3229** |
| Service cost |  |  |  | 67 |  | (6) |  | 10 |  | 61 |  | 131 | 1379 | <sup>(3)</sup> | 150 |
| Net interest on the defined benefit liability |  | 6 |  | 14 |  | 0 |  | (2) |  | 0 |  | 19 | 15 |  | 17 |
| Actuarial losses/(gains) arising from changes of assumptions |  | (144) |  | (230) |  | (6) |  | (110) |  | (1) |  | (490) | (5) |  | 102 |
| &nbsp;&nbsp;*o/w arising from change in discount rate* |  | *(132)* |  | *(234)* |  | *(4)* |  | *(124)* |  | *(1)* |  | *(495)*<br><sup>(1)</sup> | *(76)* |  | *63* |
| Actuarial losses/(gains) arising from experience |  | 20 |  | 31 |  | (2) |  | 410 |  | (1) |  | 459<br><sup>(2)</sup> | (47) |  | (121)<br><sup>(4)</sup> |
| Benefits paid |  | (20) |  | (30) |  | (1) |  | (276) |  | (49) |  | (374) | (439) |  | (555) |
| Translation adjustment and other |  | (13) |  | 2 |  | (0) |  | (0) |  | (3) |  | (14) | 25 |  | (11) |
| **Total benefit obligations in the closing balance (a)** |  | **401** |  | **710** |  | **2** |  | **1753** |  | **605** |  | **3471** | **3740** |  | **2811** |
| o/w benefit obligations in respect of employee benefit plans that are wholly or partly funded |  | 401 |  | 18 |  |  |  |  |  |  |  | 419 | 571 |  | 549 |
| o/w benefit obligations in respect of employee benefit plans that are wholly unfunded |  |  |  | 691 |  | 2 |  | 1753 |  | 605 |  | 3052 | 3169 |  | 2262 |
| Weighted average duration of the plans (in years) |  | 8 |  | 11 |  | 14 |  | 2 |  | 3 |  | 4 | 6 |  | 8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Including (352) million euros in France and (130) million euros in the United Kingdom related to the increase in discount rates in 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Actuarial gains related to experience effects mainly take into account an increase in the number of sign-ups for the French part-time for seniors plans, and particularly the plan signed in 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Including 1,225 million euros related to the French part-time for seniors plan signed in December 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Actuarial gains related to experience effects take into account a slowdown in the number of sign-ups for the French part-time for seniors plans.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) | **Post-employment benefits** | **Post-employment benefits** | **Post-employment benefits** | **Long-term benefits** | **Long-term benefits** | **2022** | **2021** | **2020** |
|  | Annuity- | Capital- | Other | French part- | Other |  |  |  |
|  | based | based |  | time for |  |  |  |  |
|  | plans | plans |  | seniors plans |  |  |  |  |
|  |  |  |  | (TPS) |  |  |  |  |
| **Fair value of plan assets in the opening balance** | **540** | **1** | **—** | **—** | **—** | **541** | **474** | **458** |
| Net interest on the defined benefit liability | 7 |  |  |  |  | 7 | 4 | 6 |
| (Gains)/Losses arising from experience | (154) | (0) |  |  |  | (154) | 40 | 25 |
| Employer contributions | 11 |  |  |  |  | 11 | 20 | 18 |
| Benefits paid by the fund | (18) |  |  |  |  | (18) | (20) | (18) |
| Translation adjustment and other | (13) |  |  |  |  | (13) | 23 | (16) |
| **Fair value of plan assets in the closing balance (b)** | **373** | **1** | **—** | **—** | **—** | **373** | **541** | **474** |

---

Funded annuity-based plans represent 12 % of Group social commitments.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-60** |

---

[**Table of Contents**](#Toc)

The funded annuity-based plans are primarily located in the United Kingdom (54%) and France (45%) and their assets are broken down as follows:

![Graphic](oran-20211231x20f007.jpg)

Employee benefits in the statement of financial position correspond to commitments less plan assets. These have not been subject to any asset capping adjustment for the periods presented.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) | **Post-employment benefits** | **Post-employment benefits** | **Post-employment benefits** | **Long-term benefits** | **Long-term benefits** | **2022** | **2021** | **2020** |
|  | Annuity- | Capital- | Other | French part- | Other |  |  |  |
|  | based | based |  | time for |  |  |  |  |
|  | plans | plans |  | seniors plans |  |  |  |  |
|  |  |  |  | (TPS) |  |  |  |  |
| **Employee benefits in the opening balance**  | **10** | **855** | **16** | **1720** | **598** | **3199** | **2337** | **2771** |
| Net expense for the period  |  | 81 | (6) | 308 | 59 | 443 | 1356 | 105 |
| Employer contributions  | (11) |  |  |  |  | (11) | (20) | (18) |
| Benefits directly paid by the employer  | (1) | (30) | (1) | (276) | (49) | (355) | (419) | (538) |
| Actuarial (gains)/losses generated during the year through other comprehensive income | 31 | (199) | (8) |  |  | (176) | (59) | 13 |
| Translation adjustment and other |  | 2 |  |  | (3) | (2) | 3 | 4 |
| **Employee benefits in the closing balance - Net position (a) - (b)**  | **28** | **709** | **2** | **1753** | **605** | **3097** | **3199** | **2337** |
| o/w non-current  | 26 | 658 | 2 | 1319 | 600 | 2605 | 2799 | 1955 |
| o/w current  | 2 | 52 |  | 434 | 5 | 492 | 400 | 382 |

---

The following table details the net expense:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Post-employment benefits** | **Post-employment benefits** | **Post-employment benefits** | **Long-term benefits** | **Long-term benefits** | **2022** | **2021** | **2020** |
|  | Annuity- | Capital- | Other | French part- | Other |  |  |  |
|  | based | based |  | time for |  |  |  |  |
|  | plans | plans |  | seniors plans |  |  |  |  |
| (in millions of euros) |  |  |  | (TPS) |  |  |  |  |
| Service cost |  | (67) | 6 | (10) | (61) | (131) | (1379)<br><sup>(1)</sup>  | (151) |
| Net interest on the net defined benefit liability |  | (14) |  | 2 |  | (12) | (10) | (11) |
| Actuarial gains/(losses) |  |  |  | (301) | 2 | (299) | 33 | 57 |
| **Total** | **—** | **(81)** | **6** | **(308)** | **(59)** | **(443)** | **(1356)** | **(105)** |
| o/w expenses in operating income |  | (67) | 6 | (311) | (59) | (430) | (1346) | (94) |
| o/w net interest on the net defined liability in finance cost |  | (14) |  | 2 |  | (12) | (10) | (11) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Including (1,225) million euros related to the French part-time for seniors plan signed on December 17, 2021.

#### Accounting policies
**Post-employment benefits** are granted through:

**–** defined-contribution plans: the contributions, paid to independent institutions which are in charge of the administrative and financial management thereof, are recognized in the fiscal year during which the services are rendered;

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-61** |

---

[**Table of Contents**](#Toc)

**–** defined-benefit plans: the sum of future obligations under these plans are based on actuarial assumptions using the projected unit credit method:

**–** their calculation is based on demographic (employee turnover, mortality, gender parity, etc.) and financial assumptions (salary increases, inflation, etc.) defined at the level of each entity concerned;

**–** the discount rate is defined by country or geographical area and by reference to market yields on high quality corporate bonds (or government bonds where no active market exists). It is calculated on the basis of external indices commonly used as a reference for the eurozone;

**–** actuarial gains and losses on post-employment benefits are fully recorded in other comprehensive income;

**–** the Group's defined-benefit plans are not generally funded. In the rare cases where they are, the plan assets are set up by employer and employee contributions which are managed by separate legal entities whose investments are subject to fluctuations in the financial markets. These entities are generally administered by joint committees comprising representatives of the Group and of the beneficiaries. Each committee adopts its own investment strategy which is designed to strike the optimum strategies to match assets and liabilities, based on specific studies performed by external experts. It is generally carried out by fund managers selected by the committees and depends on market opportunities. Assets are measured at fair value, determined by reference to quoted prices, since they are mostly invested in listed securities (mainly equities and bonds) and the use of other asset classes is limited.

Other **long-term employee benefits** may be granted, such as seniority awards, long-term compensated absences and the French part-time for seniors plan agreements. The calculation of the related commitments is based on actuarial assumptions (including demographic, financial and discounting assumptions) similar to those relating to post-employment benefits. The relevant actuarial gains and losses are recognized in net income for the period when they arise.

**Termination benefits** are subject to provisions (up to the related obligation). For all commitments entailing the payment of termination benefits, actuarial gains and losses are recognized in net income for the period when modifications take place.

6.3&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation

#### Free share award plans in force at December 31, 2022
The Board of Directors approved the implementation of free share award plans (Long-Term Incentive Plans – LTIP) reserved for the Executive Committee, Corporate Officers and senior executives designated as "Executives" or "Leaders."

#### Main characteristics

---

| | | | |
|:---|:---|:---|:---|
|  | **LTIP 2022 - 2024** | **LTIP 2021 - 2023** | **LTIP 2020 - 2022** |
| Implementation date by the Board of Directors | July 27, 2022 | July 28, 2021 | July 29, 2020 |
| Maximum number of free share units <sup>(1)</sup> | 1.8 million | 1.8 million | 1.7 million |
| Estimated number of beneficiaries | 1300 | 1300 | 1300 |
| Acquisition date of the rights by the beneficiaries | December 31, 2024 | December 31, 2023 | December 31, 2022 |
| Delivery date of the shares to the beneficiaries | March 31, 2025 | March 31, 2024 | March 31, 2023 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) In countries where the regulations, tax codes or labor laws do not permit awards of stock, the beneficiaries of the plan will receive a cash value based on the market price of Orange stock at the delivery date of the shares.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-62** |

---

[**Table of Contents**](#Toc)

**Continued employment condition**

The allocation of rights to beneficiaries is subject to a continued employment condition:

---

| | | | |
|:---|:---|:---|:---|
|  | **LTIP 2021 - 2023** | **LTIP 2021 - 2023** | **LTIP 2020 - 2022** |
| Assessment of the employment continuation | From July 27, 2022 | From July 28, 2021 | From July 29, 2020 |
|  | to December 31, 2024 | to December 31, 2023 | to December 31, 2022 |

---

**Performance conditions**

Depending on the plans, the allocation of rights to beneficiaries is subject to the achievement of internal and external performance conditions, i.e.:

**–** the organic cash flow from telecom activities internal performance condition, as defined in the plan regulations, assessed at the end of the three years of the plan against the objective set by the Board of Directors for the LTIP 2020–2022, 2021–2023 and 2022–2024;

**–** the Corporate Social Responsibility (CSR) internal performance condition, half of which relates to the change in the level of CO2 per customer use and (i) half to the Group's renewable electricity rate for the 2020–2022 plan, and (ii) half to the proportion of women in the Group's management networks for the LTIP 2021–2023 and 2022–2024 plans, assessed at the end of the three years of the plan in relation to the targets set by the Board of Directors;

**–** the Total Shareholder Return (TSR) external performance condition. The TSR performance is assessed by comparing the change in the Orange TSR based on the relative performance of the total return for Orange shareholders over the three fiscal years and the change in the TSR calculated on the average values of the benchmark index, Stoxx Europe 600 Telecommunications, or any other index having the same purpose and replacing it during the term of the plan.

**Rights subject to the achievement of performance conditions (as a % of the total entitlement):**

---

| | | | |
|:---|:---|:---|:---|
|  | **LTIP 2022 - 2024** | **LTIP 2021 - 2023** | **LTIP 2020 - 2022** |
| Organic cash-flow from telecom activities | 50% | 50% | 40% |
| Total Shareholder Return (TSR) | 30% | 30% | 40% |
| Corporate Social Responsability (CSR) | 20%  | 20% | 20% |

---

All performance conditions are estimated to be met at the end of the three years of the plan, with the exception of the condition relating to the TSR of the 2020–2022 plan.

#### Valuation assumptions

---

| | | | |
|:---|:---|:---|:---|
|  | **LTIP 2022 - 2024** | **LTIP 2021 - 2023** | **LTIP 2020 - 2022** |
| Measurement date | July 27, 2022 | July 28, 2021 | July 29, 2020 |
| Vesting date | December 31, 2024 | December 31, 2023 | December 31, 2022 |
| Price of underlying instrument at measurement date | 10.16 euros | 9.63 euros | 10.47 euros |
| Price of underlying instrument at closing date | 9.28 euros | 9.28 euros | 9.28 euros |
| Expected dividends (% of the share price) | 6.9% | 7.3% | 6.7% |
| Risk free yield | -0.59% | -0.68% | -0.61% |
| Fair value per share of benefit granted to employees | 7.53 euros | 6.33 euros | 6.06 euros |
| o/w fair value of internal performance condition  | 8.30 euros | 7.74 euros | 8.58 euros |
| o/w fair value of external performance condition  | 5.74 euros | 3.04 euros | 2.27 euros |

---

For the portion of the plan issued in the form of shares, fair value was determined based on the market price of Orange shares on the date of allocation and the expected dividends discounted to December 31, 2022. The fair value also takes into account the likelihood of achievement of the market performance conditions, determined on the basis of a model constructed using the Monte Carlo method. For the portion of the plan issued in cash, the fair value was determined based on the market price of Orange shares.

#### Accounting effect
In 2022, an expense of (11) million euros (including social security contributions) was recognized with corresponding entries in equity (10 million euros) and employee benefits (1 million euros).

In 2021, an expense of (11) million euros (including social security contributions) was recognized with corresponding entries in equity (10 million euros) and employee benefits (1 million euros).

In 2020, an expense of (15) million euros (including social security contributions) was recognized with corresponding entries in equity (13 million euros) and employee benefits (2 million euros).

**Closure of the free share award plan LTIP 2019–2021**

In 2019, the Board of Directors approved the implementation of a free share award plan (LTIP) reserved for the Executive Committee, Corporate Officers and Senior Management.

The shares were delivered to the beneficiaries on March 31, 2022.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-63** |

---

[**Table of Contents**](#Toc)

**Main characteristics**

---

| | |
|:---|:---|
|  | **LTIP 2019 - 2021** |
| Implementation date by the Board of Directors | July 24, 2019 |
| Maximum number of free share units <sup>(1)</sup> | 1.7 million |
| Estimated number of beneficiaries at the beginning | 1200 |
| Number of free share units delivered at delivery date <sup>(1)</sup> | 0.7 million |
| Number of beneficiaries | 1094 |
| Acquisition date of the rights by the beneficiaries | December 31, 2021 |
| Delivery date of the shares to the beneficiaries | March 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) In countries where the regulatory conditions, tax codes or labor laws do not permit awards of stock, the beneficiaries of the plan received a cash amount value based on the market price of Orange stock at the delivery date of the shares, on March 31, 2022.

**Continued employment condition**

The allocation of rights to beneficiaries was subject to a continued employment condition:

---

| | | |
|:---|:---|:---|
|  |  | **LTIP 2019 - 2021** |
|  |  | From July 24, 2019 |
| Assessment of the employment continuation |  | to December 31, 2021 |

---

**Performance conditions**

Depending on the plans, the allocation of rights to beneficiaries was subject to the achievement of internal and external performance conditions, i.e.:

**–** the organic cash flow from telecom activities internal performance condition, as defined in the plan regulations;

**–** the Total Shareholder Return (TSR) external performance condition. The TSR performance is assessed by comparing the change in the Orange TSR based on the relative performance of the total return for Orange shareholders over the three fiscal years and the change in the TSR calculated on the average values of the benchmark index, Stoxx Europe 600 Telecommunications, or any other index having the same purpose and replacing it during the term of the plan.

#### Rights subject to the achievement of performance conditions (as a % of the total entitlement):

---

| | |
|:---|:---|
|  | **LTIP 2019 - 2021** |
| Organic cash-flow from telecom activities | 50% |
| Total Shareholder Return (TSR) | 50% |

---

Performance was assessed for the years 2019, 2020 and 2021 in relation to the budget for each of these three years, as approved in advance by the Board of Directors. The condition relating to organic cash flow from telecom activities was met for 2019, 2020 and 2021. In addition, the condition relating to TSR was not met for the period 2019–2021.

**Valuation assumptions**

---

| | |
|:---|:---|
|  | **LTIP 2019 - 2021** |
| Measurement date | July 24, 2019 |
| Vesting date | December 31, 2021 |
| Price of underlying instrument at measurement date | 13.16 euros |
| Price of underlying instrument at vesting date | 9.41 euros |
| Price of underlying instrument at delivery date | 10.70 euros |
| Expected dividends (% of the share price) | 5.3% |
| Risk free yield | -0.7% |
| Fair value per share of benefit granted to employees | 7.80 euros |
| o/w fair value of internal performance condition  | 11.10 euros |
| o/w fair value of external performance condition  | 4.50 euros |

---

For the portion of the free share award plan issued in the form of shares, fair value was determined based on the market price of Orange shares on the award date and the expected dividends discounted to December 31, 2021. The fair value also took into account the likelihood of achieving the market performance condition, determined on the basis of a model constructed using the Monte Carlo method. For the portion of the plans remitted in the form of cash, the fair value was determined on the basis of the Orange share price.

#### Accounting effect
The cost of the plan including social security contributions is presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** | **2019** |
| LTIP 2019 - 2021 <sup>(1)</sup> | 1 | (6) | (6) | (3) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) With corresponding entries in equity for 12 million euros and in employee-related payables for 2 million euros settled on delivery of the shares in 2022.

#### Together 2021 Employee Shareholding Plan
On April 21, 2021, the Board of Directors approved the implementation of the Together 2021 Employee Shareholding Plan, designed to strengthen the Group's employee shareholding. The offer covered a maximum of 260 million euros of subscriptions including matching contributions, expressed as the reference price before discount, and was carried out by buying back existing shares of Orange SA.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-64** |

---

[**Table of Contents**](#Toc)

The number of shares subscribed at the price of 6.64 euros (taking into account a discount of 30% on the reference market price) amounted to 12 million shares, to which were added 14 million shares allocated free of charge in the form of a matching contribution, i.e. a total of 26 million shares.

The average fair value of the benefit granted to employees and former employees of the Group was at 6.47 euros per share allocated (including free shares), i.e. an expense of (172) million euros (including social security contributions) recognized though equity for 169 million euros and through employee benefits for 3 million euros at December 31, 2021.

#### Other plans
The other share-based compensation and similar plans implemented in the Orange group are not material at Group level.

#### Accounting policies
**Employee share-based compensation**: the fair value of stock options and free shares is determined by reference to the exercise price, the life of the option, the current price of the underlying shares at the grant date, the expected share price volatility, expected dividends, and the risk-free interest rate over the option's life. Vesting conditions other than market conditions are not part of the fair value assessment, but are part of the grant assumptions (employee turnover, probability of achieving performance criteria).

The determined amount is recognized in labor expenses on a straight-line basis over the vesting period, with corresponding entries for:

**–** employee benefit liabilities for cash-settled plans, r remeasured in profit or loss at each year-end; and

**–** equity for equity-settled plans.

6.4&nbsp;&nbsp;&nbsp;&nbsp;Executive compensation

The following table shows the compensation booked by Orange SA and its controlled companies to persons who were members of Orange SA's Board of Directors or Executive Committee at any time during the year or at the end of the year.

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **2022** | **2021** | **2020** <sup>(4)</sup> |
| Short-term benefits excluding employer social security contributions <sup>(1)</sup> | (12) | (14) | (16) |
| Short-term benefits: employer's social security contributions | (4) | (5) | (5) |
| Post-employment benefits <sup>(2)</sup> |  |  |  |
| Share-based compensation <sup>(3)</sup> | (1) | (2) | (2) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes all compensation: gross salaries, the variable component, bonuses and benefits (excluding termination benefits), benefits in kind, incentives and profit-sharing, attendance compensation and the share-based Long Term Incentive Plan (LTIP) which matured at December 31, 2021 and was paid out in 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Service cost.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Includes employee shareholding plans and share-based Long-Term Incentive Plans (LTIP) in force.

&nbsp;&nbsp;&nbsp;&nbsp;(4) In 2020, (2) million euros relating to termination benefits had been paid. These termination benefits are not presented in the compensation table above.

The total amount of retirement benefits (contractual retirement bonuses and supplementary defined-benefit pension plan) provided in respect of persons who were members of the Board of Directors or Executive Committee at the end of the fiscal year was 2 million euros in 2022 (compared with 4 million euros in 2021 and 4 million euros in 2020).

The Chief Executive Officer, appointed on April 4, 2022, does not have an employment contract.

In the event of dismissal or non-renewal of the corporate office not motivated by serious misconduct or gross negligence, Orange will pay the Chief Executive Officer gross severance pay equal to 12 months of fixed compensation and annual variable compensation paid, with the latter being calculated based on the average annual variable compensation paid for the last 24 months prior to departure from the Company. This severance pay will only be due if the performance conditions for annual variable compensation for the two years prior to departure from the Company were achieved at an average of at least 90%.

In accordance with the Afep-Medef Code, the total amount of severance pay and non-compete compensation that would be paid to the Chief Executive Officer may not exceed 24 months of fixed compensation and annual variable compensation.

The employment contract of the Delegate Chief Executive Officer was suspended at the date of his appointment as a Corporate Officer. His employment contract may be reinstated at the end of his term of office, with recovery of rights.

Executive Committee members' contracts include a clause providing for a contractual termination settlement not exceeding 15 months of their total gross annual compensation (including the contractual termination benefit).

Orange has not acquired any other goods or services from persons who are, at the end of the fiscal year, members of the Board of Directors or Executive Committee of Orange SA (or any parties related thereto).

**Note 7&nbsp;&nbsp;&nbsp;&nbsp;Impairment losses and goodwill**

7.1&nbsp;&nbsp;&nbsp;&nbsp;Impairment losses

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** |
| Romania | (789) |  |  |
| Mobile Financial Services | (28) |  |  |
| Spain |  | (3702) |  |
| **Total of impairment of goodwill** | **(817)** | **(3702)** | **—** |

---

Impairment tests on Cash-Generating Units (CGUs) may result in impairment losses on goodwill (see Note 7.2) and on fixed assets (see Note 8.3).

At December 31, 2022

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-65** |

---

[**Table of Contents**](#Toc)

**Romania**

In Romania, the goodwill impairment of (789) million euros mainly reflects:

-a material increase in the discount rate due to changes in market assumptions;

-greater competitive pressure; and

-the downward revision of the business plan compared with the plan used at December 31, 2021, particularly in the early years.

Following the impairment of goodwill in Romania, the net carrying value of the assets of the CGU has been reduced to the value in use of current and long-term assets at 100% at December 31, 2022, i.e. 1.7 billion euros.

**Mobile Financial Services**

Impairment of (49) million euros was recorded on Mobile Financial Services (including (28) million euros on goodwill and (21) million euros on fixed assets) due to deterioration of the business plan.

At December 31, 2022, the net carrying value of goodwill was reduced to zero and the value in use of the CGU amounted to 0.4 billion euros.

#### At December 31, 2021
In Spain, the business plan has been significantly revised downward since December 31, 2020, in view of:

- a deteriorating competitive environment despite market consolidation operations (affected by the erosion of average revenue per user); and

- uncertainties surrounding the continuation of the health crisis (delay in the forecasts for economic recovery).

The revision of the business plan in Spain has led to the recognition during the first semester of (3,702) million euros impairment of goodwill, bringing the net book value of tested assets down to the value in use of current and long-term assets, i.e. 7.7 billion euros.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-66** |

---

[**Table of Contents**](#Toc)

#### At December 31, 2020
At December 31, 2020, impairment tests did not result in the Group recognizing any impairment losses.

7.2&nbsp;&nbsp;&nbsp;&nbsp;Goodwill

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (in millions of euros) | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2020** |
|  | **Gross value** | **Accumulated** | **Net book value** | **Net book value** | **Net book value** |
|  |  | **impairment** |  |  |  |
|  |  | **losses** |  |  |  |
| **France** | **13189** | **(13)** | **13176** | **14364** | **14364** |
| **Europe** | **12962** | **(8377)** | **4586** | **6079** | **9512** |
| &nbsp;&nbsp;Spain | 6550 | (3816) | 2734 | 3170 | 6872 |
| &nbsp;&nbsp;Slovakia | 806 |  | 806 | 806 | 806 |
| &nbsp;&nbsp;Romania | 1806 | (1359) | 447 | 1504 | 1236 |
| &nbsp;&nbsp;Belgium | 1049 | (713) | 336 | 336 | 336 |
| &nbsp;&nbsp;Poland | 2605 | (2470) | 135 | 135 | 136 |
| &nbsp;&nbsp;Moldova | 78 |  | 78 | 80 | 76 |
| &nbsp;&nbsp;Luxembourg | 68 | (19) | 50 | 50 | 50 |
| **Africa & Middle-East** | **2379** | **(958)** | **1420** | **1465** | **1443** |
| &nbsp;&nbsp;Burkina Faso | 428 |  | 428 | 428 | 428 |
| &nbsp;&nbsp;Côte d'Ivoire | 417 | (42) | 375 | 375 | 375 |
| &nbsp;&nbsp;Morocco | 249 |  | 249 | 265 | 253 |
| &nbsp;&nbsp;Jordan | 293 | (175) | 118 | 111 | 103 |
| &nbsp;&nbsp;Sierra Leone | 73 |  | 73 | 114 | 118 |
| &nbsp;&nbsp;Cameroon | 134 | (90) | 44 | 44 | 44 |
| &nbsp;&nbsp;Other | 784 | (651) | 133 | 128 | 122 |
| **Enterprise** | **2941** | **(651)** | **2289** | **2237** | **2225** |
| **Totem(1)** | **1624** | **—** | **1624** | **N/A** | **N/A** |
| **International Carriers and Shared Services** | **18** | **—** | **18** | **18** | **18** |
| **Mobile Financial Services** | **28** | **(28)** | **—** | **28** | **35** |
| **Goodwill** | **33140** | **(10028)** | **23113** | **24192** | **27596** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)In 2021 and 2020, Totem's figures were included in France and Spain segments (see Note 1.1).

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in millions of euros) |  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | Note | **2022** | **2021** | **2020** |
| **Gross Value in the opening balance**  |  | **33626** | **33273** | **33579** |
| Acquisitions<sup>(1)</sup> |  | (206) | 266 | 26 |
| Disposals |  |  | (4) |  |
| Translation adjustment  |  | (280) | 91 | (331) |
| Reclassifications and other items  |  |  |  |  |
| **Gross Value in the closing balance** |  | **33140** | **33626** | **33273** |
| **Accumulated impairment losses in the opening balance** |  | **(9435)** | **(5678)** | **(5935)** |
| Impairment | 7.1 | (817) | (3702) |  |
| Disposals |  |  |  |  |
| Translation adjustment |  | 225 | (55) | 257 |
| **Accumulated impairment losses in the closing balance** |  | **(10028)** | **(9435)** | **(5678)** |
| **Net book value of goodwill** |  | **23113** | **24192** | **27596** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) In 2022, mainly includes the finalization of the purchase price allocation for Telekom Romania Communications, resulting in the revision of the amount of preliminary goodwill recognized in 2021 for (272) million euros. In 2021, mainly included preliminary goodwill of 272 million euros related to the acquisition of Telekom Romania Communications.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-67** |

---

[**Table of Contents**](#Toc)

7.3&nbsp;&nbsp;&nbsp;&nbsp;Key assumptions used to determine recoverable amounts

The key operational assumptions reflect past experience and expected trends: unforeseen changes have in the past affected and could continue to significantly affect these expectations. In this respect, the review of expectations could affect the margin of recoverable amounts over the carrying value tested (see Note 7.4) and result in impairment of goodwill and fixed assets.

In 2022, the Group updated its strategic plan during the second half (for the period 2023-2025). Accordingly, new business plans were prepared for all CGUs.

The **discount rates and perpetual growth rates** used to determine the values in use were revised as follows at the end of December 2022:

**–** discount rates have risen sharply as a result of the deteriorating macro-economic environment (higher interest rates), and may include a specific premium reflecting an assessment of the risks of achieving certain business plans, or of country risks, particularly in Romania;

**–** perpetual growth rates were maintained for most geographical areas.

At December 31, 2022, the business plans and key operating assumptions were sensitive to the following:

**–** inflation, in particular rising energy prices, and the ability to preserve margins by adjusting rates and optimizing costs and investments;

**–** the fiercely competitive nature of the markets in which the Group operates, where price pressure is strong;

**–** the decisions by regulatory and competition authorities in terms of stimulating business investment, and rules for awarding 5G operating licenses and market concentration; and

**–** specifically in the Middle-East and the Maghreb (Jordan, Egypt and Tunisia) as well as in some African countries (Mali, Democratic Republic of the Congo, Central African Republic, Sierra Leone and Burkina Faso): changes in the political situation and security with their resulting negative economic impacts on the overall business climate.

The parameters used to determine the recoverable amount of the main consolidated activities or the activities most sensitive to the assumptions of the impairment tests are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2022** | **France** | **Spain** | **Poland** | &nbsp;&nbsp;&nbsp;&nbsp;**Enterprise** | **Romania** | **Belgium** | **Mobile**  | **Côte**  |
|  |  |  |  |  |  |  | **Financial**  | **d'Ivoire/** |
|  |  |  |  |  |  |  | **Services** | **Burkina**  |
|  |  |  |  |  |  |  |  | **Faso/** |
|  |  |  |  |  |  |  |  | **Liberia** |
| Basis of recoverable amount | Value in use | Value in use | Value in use | Value in use | Value in use |  |  | Fair value |
| Source used | Internal plan | Internal plan | Internal plan | Internal plan | Internal plan |  |  | NA |
| Methodology | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow |  |  | NA |
| Cost of equity  | NA | NA | NA | NA | NA | NA | 12.3% | NA |
| Perpetuity growth rate | 0.8% | 1.5% | 2.0% | 0.5% | 2.5% | 0.8% | 2.0% | NA |
| Post-tax discount rate | 6.3% | 7.5% | 7.8% | 6.8% | 10.5% | 7.0% | NA | NA |
| Pre-tax discount rate | 8.4%  | 10.0%  | 9.1%  | 9.2%  | 11.8%  | 8.8%  | NA | NA |
| **December 31, 2021** | **France** | **Spain** | &nbsp;&nbsp;&nbsp;&nbsp;**Poland** | &nbsp;&nbsp;&nbsp;&nbsp;**Enterprise** | **Romania** | **Belgium/** |  |  |
|  |  |  |  |  |  | **Luxembourg** |  |  |
| Basis of recoverable amount | Value in use | Value in use | Value in use | Value in use | Value in use | Fair value |  |  |
| Source used | Internal plan | Internal plan | Internal plan | Internal plan | Internal plan | NA |  |  |
| Methodology | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | NA |  |  |
| Perpetuity growth rate | 0.8% | 1.5% | 1.5% | 0.3% | 2.5% | NA |  |  |
| Post-tax discount rate | 5.8%<sup>(1)</sup>  | 6.8% | 7.3% | 8.3% | 7.0% | NA |  |  |
| Pre-tax discount rate | 7.6%  | 8.4%  | 8.5%  | 11.1%  | 7.9%  | NA |  |  |
| **December 31, 2020** | **France** | **Spain** | &nbsp;&nbsp;&nbsp;&nbsp;**Poland** | &nbsp;&nbsp;&nbsp;&nbsp;**Enterprise** | **Romania** | **Morocco** | **Belgium/** |  |
|  |  |  |  |  |  |  | **Luxembourg** |  |
| Basis of recoverable amount | Value in use | Value in use | Value in use | Value in use | Value in use | Value in use | Fair value |  |
| Source used | Internal plan | Internal plan | Internal plan | Internal plan | Internal plan | Internal plan | NA |  |
| Methodology | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | NA |  |
| Perpetuity growth rate | 0.8% | 1.5% | 1.5% | 0.3% | 2.3% | 2.8% | NA |  |
| Post-tax discount rate | 5.5%<sup>(1)</sup>  | 6.5% | 7.3% | 7.5% | 7.5% | 7.3% | NA |  |
| Pre-tax discount rate | 7.4%  | 8.1%  | 8.5%  | 10.2%  | 8.5%  | 8.6%  | NA |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The after-tax discount rate for France included a corporate tax reduction of 25.83% since 2022.

At December 31, 2021, the fair value of Belgium/Luxembourg had been defined on the basis of the conditional voluntary public tender offer for the shares of Orange Belgium, which closed on May 4, 2021 (see Note 3.2).

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-68** |

---

[**Table of Contents**](#Toc)

The Group's listed subsidiaries are Orange Polska (Warsaw Stock Exchange), Orange Belgium (Brussels Stock Exchange), Jordan Telecom (Amman Stock Exchange), Sonatel (Regional Stock Exchange (BRVM)), and, since December 30, 2022, Orange Côte d'Ivoire (BRVM). The aggregated share of these subsidiaries, which publish their own regulated information, is less than or equal to 20% of consolidated revenues, operating income and net income excluding non-recurring transactions.

7.4&nbsp;&nbsp;&nbsp;&nbsp;Sensitivity of recoverable amounts

Because of the correlation between operating cash flows and investment capacity, a sensitivity of net cash flows is used. As cash flows at the terminal point represent a significant portion of the recoverable amount, a change of plus or minus 10% in these cash flows is presented as a sensitivity assumption.

The cash flows are those generated by operating activities net of acquisitions and disposals of property, plant and equipment and intangible assets (including a tax expense at a standard rate, repayment of lease liabilities and debt related to financed assets, related interest expenses and excluding other interest expenses). An additional analysis was carried out on the most sensitive CGUs for which the amount of lease liabilities was material in order to confirm the absence of impairment losses or additional impairment losses.

A sensitivity analysis was carried out on the main consolidated activities or the activities most sensitive to the assumptions of the impairment tests and is presented below to enable readers of the financial statements to estimate the effects of their own estimates. Changes in cash flows, perpetual growth rates or discount rates exceeding the sensitivity levels presented have been observed in the past.

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Increase in discount rate in** <br>**order for the recoverable** <br>**amount to be equal to the net** <br>**carrying value (in basis points)**<br>| <br>**Decrease in the perpetual** <br>**growth rate in order for the**<br>**recoverable amount to be** <br>**equal to the net carrying value** <br>**(in basis points)** | **Decrease in the discounted cash** <br>**flows of the terminal value in** <br>**order for the recoverable amount** <br>**to be equal to the net carrying** <br>**value (in %)**<br>|
| **December 31, 2022** |  |  |  |
| France | +139 bp | (120) bp | -26% |
| Spain | +44 bp | (47) bp | -8% |
| Poland | +249 bp | (272) bp | -32% |
| Enterprise | +100 bp | (115) bp | -19% |
| Belgium | +97 bp | (97) bp | -15% |
| Sierra Leone | +50 bp | (72) bp | -6% |
| **December 31, 2021** |  |  |  |
| France | +234 bp | (217) bp | -39% |
| Spain | +19 bp | (21) bp | -4% |
| Poland | +269 bp | (221) bp | -30% |
| Enterprise | +1,125 bp | (1026) bp | -83% |
| Romania | +44 bp | (45) bp | -10% |
| **December 31, 2020** |  |  |  |
| France | +141 bp | (124) bp | -28% |
| Spain | +1 bp | (1) bp | —% |
| Poland | +189 bp | (151) bp | -23% |
| Enterprise | +1,067 bp | (1691) bp | -82% |
| Romania | +49 bp | (49) bp | -9% |
| Morocco | +354 bp | (433) bp | -53% |
| Belgium | NA | NA | NA |

---

**Romania** 

In 2022, the value in use of the Romania CGU was revised based on the key valuation assumptions established by the local governance. The revision of the assumptions resulted in (789) million euros of goodwill impairment.

A sensitivity analysis was carried out at December 31, 2022 on each of the following criteria, taken individually:

**–** a 1% increase in the discount rate;

**–** a 1% decrease in the perpetual growth rate;

**–** a 10% decrease in cash flows in the terminal year.

This sensitivity analysis identified an estimated risk of additional impairment of up to 30% of the impairment loss recognized at December 31, 2022.

**Mobile Financial Services** 

In 2022, the value in use of the Mobile Financial Services CGU was revised based on the key valuation assumptions established by the local governance. The revision of the assumptions resulted in impairment of goodwill of (28) million euros and impairment of fixed assets of (21) million euros, representing all the assets that can be impaired under IAS 36. Sensitivity analyses are therefore not relevant.

**Côte d'Ivoire**

At December 31, 2022, the fair value of the Côte d'Ivoire, Burkina Faso and Liberia CGUs was defined on the basis of the public sale offer on shares of Orange Côte d'Ivoire, carried out by the state of Côte d'Ivoire over a subscription period from December 5 to December 19, 2022. This transaction was followed by the initial public offering (BRVM) of Orange Côte d'Ivoire on the financial market of the West African Economic and Monetary Union (WAEMU) on December 30, 2022. Sensitivity analyses, calculated on cash flows and financial parameters, are therefore not relevant for these three CGUs at December 31, 2022.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-69** |

---

[**Table of Contents**](#Toc)

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-70** |

---

[**Table of Contents**](#Toc)

**Sierra Leone** 

A sensitivity analysis was also carried out on Sierra Leone on each of the following criteria, taken individually:

**–** a 1% increase in the discount rate;

**–** a 1% decrease in the perpetual growth rate;

**–** a 10% decrease in cash flows in the terminal year.

This sensitivity analysis identified an estimated risk of impairment of up to 8% of the net value of goodwill.

The other entities not listed above each account for less than 3% of the recoverable amount of the consolidated entities or do not present a recoverable amount close to the net value.

#### Accounting policies
Goodwill recognized as an asset in the statement of financial position comprises the excess calculated:

**–** either on the basis of the equity interest acquired (and for business combinations after January 1, 2010, with no subsequent changes for any additional purchases of non-controlling interests); or

**–** on a 100% basis, leading to the recognition of goodwill relating to non-controlling interests.

Goodwill is not amortized. It is tested for impairment at least annually and more frequently when there is an indication that it may be impaired. Thus, changes in general economic and financial trends, the different levels of resilience of the telecommunication operators with respect to the deterioration of local economic environments, changes in the market capitalization of telecommunication operators, as well as financial performance compared to market expectations represent external impairment indicators that are analyzed by the Group, together with internal performance indicators, in order to assess whether an impairment test should be performed more than once a year.

These tests are performed at the level of each Cash-Generating Unit (CGU) (or group of CGUs). These generally correspond to business segments or to each country in the Africa and Middle-East region and Europe. This is reviewed if the Group changes the level at which it monitors return on investment for goodwill testing purposes.

To determine whether an impairment loss should be recognized, the carrying value of the assets and liabilities of the CGUs or groups of CGUs is compared to their recoverable amount, for which Orange uses mostly the value in use.

Value in use is estimated as the present value of the expected future cash flows. Cash flow projections are based on economic and regulatory assumptions, license renewal assumptions and sales activity and investment forecasts drawn up by the Group's management, as follows:

**–** cash flow projections are based on three-to-five-year business plans and include a tax cash flow calculated as EBIT (operating income) multiplied by the statutory tax rate (excluding the impact of deferred tax and unrecognized tax loss carryforwards at the date of valuation). In the case of recent acquisitions, longer-term business plans may be used;

**–** post-tax cash flow projections beyond that timeframe may be extrapolated by applying a declining or flat growth rate for the next year, and then a perpetual growth rate reflecting the expected long-term growth in the market;

**–** post-tax cash flows are subject to a post-tax discount rate, using rates which incorporate a relevant premium reflecting a risk assessment for the implementation of certain business plans or country risks. The value in use derived from these calculations is identical to the one that would result from discounting pre-tax cash flows at pre-tax discount rates.

The key operating assumptions used to determine values in use are common across all of the Group's business segments. Key assumptions for most CGUs include:

**–** key revenue assumptions, which reflect market level, penetration rate of the offers and market share, positioning of the competition's offers and their potential impact on market price levels and their transposition to the Group's offer bases, regulatory authority decisions on pricing of services to customers and on access and pricing of inter-operator services, technology migration of networks (e.g. extinction of copper local loops), decisions of competition authorities in terms of concentration or regulation of adjacent sectors such as cable;

**–** key cost assumptions, on the level of marketing expenses required to deal with the pace of product line renewals and the positioning of the competition, the ability to adjust costs to potential changes in revenues or the effects of natural attrition and employee departure plans underway;

**–** key assumptions on the level of capital expenditure, which may be affected by the rollout of new technologies, by decisions of regulatory authorities relating to licenses and spectrum allocation, deployment of fiber networks, mobile network coverage, sharing of network elements or obligations to open up networks to competitors.

The tested net carrying values include goodwill, land and assets with finite useful lives (property, plant and equipment, intangible assets and net working capital requirements including intra-group balances). The Orange brand, an asset with an indefinite useful life, is subject to a specific test, see Note 8.3.

If an entity partially owned by the Group includes goodwill attributable to non-controlling interests, the impairment loss is allocated between the shareholders of Orange SA and the non-controlling interests on the same basis as that on which profit or loss is allocated (i.e. ownership interest).

Impairment loss for goodwill is recorded definitively in operating income.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-71** |

---

[**Table of Contents**](#Toc)

**Note 8&nbsp;&nbsp;&nbsp;&nbsp;Fixed assets**

8.1&nbsp;&nbsp;&nbsp;&nbsp;Gains (losses) on disposal of fixed assets

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** |
| Transfer price | 347 | 163 | 444 |
| Net book value of assets sold | (187) | (111) | (223) |
| **Proceeds from the disposal of fixed assets** <sup>(1)</sup> | **159** | **52** | **221** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) In 2022, gains (losses) on disposal of fixed assets related to the sale and leaseback transactions amount to 14 million euros and includes property asset disposals in Poland. In 2021, included property asset disposals in France for 10 million euros.

In 2020, included property asset disposals in France and mobile site disposal in Spain for 143 million euros.

8.2&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization

(in millions of euros)

![Graphic](oran-20211231x20f008.jpg)

**Depreciation and amortization of intangible assets**

(in millions of euros)

![Graphic](oran-20211231x20f009.jpg)

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-72** |

---

[**Table of Contents**](#Toc)

**Depreciation and amortization of property, plant and equipment**

(in millions of euros)

![Graphic](oran-20211231x20f010.jpg)

Assets are amortized to expense their cost (generally with no residual value deducted) on a basis that reflects the pattern in which their future economic benefits are expected to be consumed. The straight-line basis is usually applied. The useful lives are reviewed annually and are adjusted if current estsimated useful lives differ from previous estimates. This may be the case for outlooks on the implementation of new technologies (for example, the replacement of copper local loop by optical fiber). These changes in accounting estimates are recognized prospectively.

---

| | |
|:---|:---|
| **Main assets** | **Depreciation period (average)** |
| Brands acquired | Up to 15 years, except for the Orange brand with an indefinite useful life |
| Customer bases acquired | Expected life of the commercial relationship: 3 to 16 years |
| Mobile network licenses<br>| Grant period from the date when the network is technically ready and the service can be marketed |
| Indefeasible Rights of Use of submarine and terrestrial cables | Shorter of the expected period of use and the contractual period, generally less than 20 years |
| Patents | 20 years maximum |
| Software | 5 years maximum |
| Development costs | 3 to 5 years |
| Buildings | 10 to 30 years |
| Transmission and other network equipment | 5 to 10 years |
| Copper cables, optical fiber and civil works | 10 to 30 years |
| Computer hardware | 3 to 5 years |

---

8.3&nbsp;&nbsp;&nbsp;&nbsp;Impairment of fixed assets

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** |
| Mobile Financial Services<sup>(1)</sup> | (21) |  |  |
| Enterprise | (20) |  |  |
| France  | (15) | (1) | (15) |
| Poland | (2) | (11) | (7) |
| International Carriers & Shared Services |  | (2) | (7) |
| Other | 1 | (2) | (1) |
| **Total of impairment of fixed assets** | **(56)** | **(17)** | **(30)** |

---

(1)The impairment of fixed assets resulting from impairment tests on Cash-Generating Units (CGUs) are described in Note 7.1.

#### Key assumptions and sensitivity of the recoverable amount of the Orange brand
The key assumptions and sources of sensitivity used in the assessment of the recoverable amount of the Orange brand are similar to those used for the goodwill of consolidated activities (see Note 7.3), which affect the revenue base and potentially the level of brand royalties.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-73** |

---

[**Table of Contents**](#Toc)

Other assumptions that affect the assessment of the recoverable amount are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **2022** | **2021** | **2020** |
| Basis of recoverable amount | Value in use | Value in use | Value in use |
| Source used | Internal plan | Internal plan | Internal plan |
| Methodology | Discounted net fees | Discounted net fees | Discounted net fees |
| Perpetuity growth rate | 1.4% | 1.3% | 1.2% |
| Post-tax discount rate | 8.2% | 7.7% | 6.9% |
| Pre-tax discount rate | 10.5%  | 9.8%  | 8.3%  |

---

The sensitivity analysis did not highlight any risk of impairment of the Orange brand.

#### Accounting policies
Given the nature of its assets and businesses, most of the Group's individual assets do not generate cash inflows independent of those of the Cash-Generating Units. The recoverable amount is therefore determined at the level of the CGU (or group of CGUs) to which the assets belong, according to a method similar to that described for goodwill.

The Orange brand has an indefinite useful life and is not amortized but is tested for impairment at least annually. Its recoverable amount is assessed based on the expected contractual royalties discounted in perpetuity (and included in the business plan), less costs attributable to the brand's owner.

8.4&nbsp;&nbsp;&nbsp;&nbsp;Other intangible assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | | |
|  |  |  |  |  | **December 31,** <br>**2021** | **December 31,** <br>**2020** |
|  | **Gross value** | **Accumulated** | **Accumulated** | **Net book** | **Net book** | **Net book** |
|  |  | **depreciation** | **impairment** | **value** | **value** | **value** |
|  |  | **and** |  |  |  |  |
| (in millions of euros) |  | **amortization** |  |  |  |  |
| Telecommunications licenses | 12688 | (5773) | (46) | 6869 | 6691 | 6322 |
| Software | 14235 | (9887) | (69) | 4280 | 4331 | 4288 |
| Orange brand | 3133 |  |  | 3133 | 3133 | 3133 |
| Other brands | 1085 | (136) | (889) | 60 | 69 | 78 |
| Customer bases | 5270 | (5009) | (15) | 246 | 346 | 469 |
| Other intangible assets | 2276 | (1715) | (203) | 358 | 370 | 844 |
| **Total** | **38686** | **(22519)** | **(1221)** | **14946** | **14940** | **15135** |

---

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** |
| **Net book value of other intangible assets - in the opening balance** | **14940** | **15135** | **14737** |
| Acquisitions of other intangible assets | 2678 | 2842 | 2935 |
| &nbsp;&nbsp;&nbsp;&nbsp;*o/w telecommunications licenses*<sup>(1)</sup> | *1060* | *926* | *969* |
| Impact of changes in the scope of consolidation<sup>(2)</sup> | 35 | (888) | 31 |
| Disposals | (5) | (4) | (4) |
| Depreciation and amortization | (2418) | (2363) | (2309) |
| Impairment | (33) | (40) | (24) |
| Translation adjustment | (245) | 92 | (176) |
| Reclassifications and other items<sup>(3)</sup> | (7) | 165 | (55) |
| **Net book value of other intangible assets - in the closing balance** | **14946** | **14940** | **15135** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) In 2022, mainly includes the acquisition of the 5G licenses in Romania for 319 million euros and in Belgium for 213 million euros, and for the 2600 MHz band license in Egypt for 311 million euros. In 2021, included the acquisition of the 5G license in Spain for 611 million euros and the renewals in France of the 2G licenses for 207 million euros and the 3G licenses for 57 million of euros. In 2020, included to the acquisition of the 5G license in France for 875 million euros and in Slovakia for 37 million euros.

&nbsp;&nbsp;&nbsp;&nbsp;(2) In 2021, mainly included the effects of the loss of sole control over Orange Concessions.

&nbsp;&nbsp;&nbsp;&nbsp;(3) In 2021, mainly included incentive bonus fees on penetration rates and business continuity payable by the Public Initiative Networks to the local authorities for 195 million euros.

#### Internal costs capitalized as intangible assets
Internal costs capitalized as intangible assets include to labor expenses and amount to 418 million euros in 2022, 399 million euros in 2021 and 405 million euros in 2020.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-74** |

---

[**Table of Contents**](#Toc)

#### Information on telecommunications licenses at December 31, 2022
Orange's principal commitments under licenses awarded are disclosed in Note 16.

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **Gross value** | **Net book value** | **Residual useful life**<sup>(1)</sup> |
| 5G (2 licenses) | 876 | 754 | 12.8 and 14.4 |
| LTE (5 licenses) | 2187 | 1356 | 8.8 to 14.4 |
| UMTS (3 licenses) | 342 | 155 | 7.4 to 13.9 |
| GSM (2 licenses) | 208 | 171 | 8.3 and 13.9 |
| **France** | **3613** | **2436** |  |
| 5G (4 licenses) | 1041 | 956 | 8.0 and 18.7 |
| LTE (3 licenses) | 545 | 279 | 8.0 to 8.3 |
| GSM (2 licenses) | 285 | 98 | 9.0 |
| **Spain** | **1871** | **1333** |  |
| LTE (6 licenses) | 1200 | 459 | 4.7 to 15 |
| UMTS (1 license) | 76 | 33 | 6.6 |
| **Poland** | **1276** | **492** |  |
| LTE (2 license) | 543 | 429 | 9.0 and 11.0 |
| UMTS (1 license) | 103 | 27 | 9.0 |
| GSM (2 licenses) | 291 | 67 | 9.0 |
| **Egypt** | **937** | **523** |  |
| LTE (1 license) | 59 | 40 | 13.0 |
| UMTS (1 license) | 28 | 9 | 10.0 |
| GSM (1 license) | 725 | 135 | 10.0 |
| **Morocco** | **812** | **184** |  |
| **5G (1 license)** | **319** | **319** | 25.0 |
| LTE (1 license) | 184 | 77 | 6.3 |
| UMTS (1 license) | 100 | 47 | 8.0 |
| GSM (1 license) | 292 | 91 | 6.3 |
| **Romania** | **895** | **534** |  |
| **5G (1 license)** | **66** | **66** | 25.0 |
| LTE (1 license) | 94 | 48 | 17.4 |
| UMTS (3 licenses) | 151 | 66 | 12.2 à 20.3 |
| GSM (1 license) | 203 | 78 | 16.3 |
| **Jordan** | **514** | **258** |  |
| **5G (2 licenses)** | **236** | **230** | 17.3 to 19.7 |
| LTE (2 licenses) | 140 | 74 | 4.4 and 10.9 |
| **Belgium** | **376** | **304** |  |
| 5G (3 licenses) | 54 | 51 | 2.7 to 20.3 |
| LTE (3 licenses) | 76 | 31 | 2.7 to 6 |
| UMTS (1 license) | 46 | 8 | 3.7 |
| GSM (1 license) | 66 | 9 | 3.0 |
| **Slovensko** | **242** | **99** |  |
| **Other** | **2152** | **706** |  |
| **Total** | **12688** | **6869** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) In number of years, at December 31, 2022.

#### Accounting policies
Intangible assets mainly consist of acquired brands, acquired customer bases, telecommunications licenses and software, as well as operating rights granted under certain concession agreement.

Intangible assets are initially recognized at acquisition or production cost. The payments indexed to revenue, especially for some telecommunications licenses, are expensed in the relevant periods.

The operating rights granted under certain concession arrangements are recognized in other intangible assets and correspond to the right to charge users of the public service (see Note 4.1).

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-75** |

---

[**Table of Contents**](#Toc)

8.5&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | | |
|  |  |  |  |  | **December 31,** <br>**2021** | **December 31,** <br>**2020** |
| (in millions of euros) | **Gross value** | **Accumulated** | **Accumulated** | **Net book** | **Net book**  | **Net book**  |
|  |  | **depreciation** | **impairment** | **value** | **value** | **value** |
|  |  | **and** |  |  |  |  |
|  |  | **amortization** |  |  |  |  |
| Networks and devices | 99243 | (70757) | (398) | 28088 | 27155 | 25825 |
| Land and buildings | 8156 | (5624) | (233) | 2299 | 2117 | 2018 |
| IT equipment | 3943 | (3149) | (1) | 793 | 784 | 801 |
| Other property, plant and equipment | 1731 | (1265) | (6) | 460 | 428 | 431 |
| **Total property, plant andequipment** | **113073** | **(80795)** | **(639)** | **31640** | **30484** | **29075** |

---

Networks and devices are broken down as follows:

![Graphic](oran-20211231x20f011.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) |  | **2022** |  | **2021** |  | **2020** |
| **Net book value of property, plant and equipment - in the opening balance** |  | **30484** |  | **29075** |  | **28423** |
| Acquisitions of property, plant and equipment |  | 6329 |  | 5947 |  | 5848 |
| &nbsp;&nbsp;&nbsp;&nbsp;*o/w financed assets* |  | *229* |  | *40* |  | *241* |
| Impact of changes in the scope of consolidation <sup>(1)</sup> |  | 262 |  | 130 |  | 0 |
| Disposals and retirements |  | (181) |  | (102) |  | (154) |
| Depreciation and amortization <sup>(2)</sup> |  | (4725) |  | (4796) |  | (4880) |
| &nbsp;&nbsp;&nbsp;&nbsp;*o/w fixed assets* |  | *(4618)* |  | *(4712)* |  | *(4825)* |
| &nbsp;&nbsp;&nbsp;&nbsp;*o/w financed assets* |  | *(107)* |  | *(84)* |  | *(55)* |
| Impairment |  | (23) |  | (5) |  | (6) |
| Translation adjustment |  | (291) |  | 129 |  | (319) |
| Reclassifications and other items <sup>(3)</sup> |  | (216) |  | 105 |  | 164 |
| **Net book value of property, plant and equipment - in the closing balance** |  | **31640** |  | **30484** |  | **29075** |

---

(1)In 2022, includes 261 million euros for the purchase price allocation of Telekom Romania Communications (see Note 3.2)

**Mainly related, in 2021, to the effects of the acquisition of Telekom Romania Communications and the loss of sole control over the FiberCo in Poland (see Note 3.2).** 

(2)In 2022, includes the effect of the extension of the amortization period of the copper network in France, resulting in a decrease in depreciation and amortization of 135 million euros.

(3)In 2022, mainly includes the effect of the increase in discount rates on dismantling assets (see Note 8.7).

**Financed assets**

Financed assets include at December 31, 2022 the set-up boxes in France financed by an intermediary bank: they meet the standard criterion of a tangible asset according to IAS 16. The associated payables to these financed assets are presented in financial liabilities and are included in the definition of the net financial debt (see Note 13.3)

#### Internal costs capitalized as property, plant and equipment
Internal costs capitalized as property, plant and equipment mainly include labor expenses and amount to 400 million euros in 2022, 450 million euros in 2021 and 462 million euros in 2020.

#### Accounting policies
Property, plant and equipment is made up of tangible fixed assets and financed assets. It mainly comprises network facilities and equipment.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-76** |

---

[**Table of Contents**](#Toc)

The gross value of property, plant and equipment is made up of its acquisition or production cost, which includes study and construction fees as well as enhancement costs that increase the capacity of equipment and facilities. Maintenance and repair costs are expensed as incurred, except where they serve to increase the asset's productivity or extend its useful life.

The cost of property, plant and equipment also includes the estimated cost of dismantling and removing the fixed asset and restoring the site where it was located under the obligation incurred by the Group.

The roll-out of assets by stage, particularly network assets, in the Group's assessment, does not generally require a substantial period of preparation. As a result, the Group does not generally capitalize the interest expense incurred during the construction and acquisition phase for its property, plant and equipment and intangible assets.

In France, the regulatory framework governing the fiber optic network roll-out (Fiber To The Home – FTTH) organizes the access by commercial operators to the last mile of networks rolled out by another operator on a co-funding basis (ab initio or a posteriori) or through a line access. The sharing of rights and obligations between the various operators co-financing the last mile of networks is classified as a joint operation in accordance with IFRS 11 "Partnerships": Orange only recognizes in its assets the portions (built or acquired) in networks that it has co-financed or built.

The Group has entered into network sharing arrangements with other mobile operators on a reciprocal basis, which may cover passive infrastructure sharing, active network and even spectrum equipment.

8.6&nbsp;&nbsp;&nbsp;&nbsp;Fixed assets payables

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** |
| **Fixed assets payable - in the opening balance** | **4481** | **4640** | **3665** |
| Business related variations | 124 | (206) | 1002 |
| &nbsp;&nbsp;*o/w telecommunication licences payable*<sup>(1)</sup> | 51 | 143 | 618 |
| Changes in the scope of consolidation<sup>(2)</sup> |  | (199) |  |
| Translation adjustment | (54) | 31 | (50) |
| Reclassifications and other items<sup>(3)</sup> | 30 | 216 | 23 |
| **Fixed assets payable - in the closing balance** | **4581** | **4481** | **4640** |
| o/w long-term fixed assets payable | 1480 | 1370 | 1291 |
| o/w short-term fixed assets payable | 3101 | 3111 | 3349 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) In 2022, includes 241 million euros relating to the acquisition of the 5G license in Romania, and (153) million euros paid out for 5G licenses in France. In 2021, included 192 million euros relating to the acquisition of 5G in Spain and (150) million euros paid out for the 5G license in France. Included, in 2020, 725 million euros for the acquisition of the 5G license in France.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Included (241) million euros in 2021 resulting from the loss of exclusive control of Orange Concessions (see Note 3.2).

&nbsp;&nbsp;&nbsp;&nbsp;(3) In 2021, mainly included incentive bonus fees on penetration rates and business continuity payable by the Public Initiative Networks to the local authorities for 195 million euros.

These payables are generated from trading activities. The payment terms may be over several years in the case of infrastructure roll-out and license acquisition. Payables due in more than 12 months are presented in non-current items. Trade payables without specified interest rates are measured at par value if the interest component is negligible. Interest-bearing trade payables are recognized at amortized cost.

Trade payables also include payables that the supplier may have disposed of, with or without notifying financial institutions, in a direct or reverse factoring arrangement (see Note 5.6).

Firm commitments to purchase fixed assets are presented as unrecognized contractual commitments (see Note 16), net of any down payments which are recorded as down payments on fixed assets.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-77** |

---

[**Table of Contents**](#Toc)

8.7&nbsp;&nbsp;&nbsp;&nbsp;Dismantling provisions

Asset dismantling obligations mainly relate to the restoration of mobile telephony antenna sites, the treatment of telephone poles, management of waste electrical and electronic equipment and the dismantling of telephone booths.

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** |
| **Dismantling provisions - in the opening balance** | **897** | **901** | **827** |
| Provision reversal with impact on income statement |  |  |  |
| Discounting with impact on income statement | 36 | 11 | 2 |
| Utilizations without impact on income statement | (20) | (18) | (12) |
| Changes in provision with impact on assets<sup>(1)</sup> | (221) | 3 | 79 |
| Changes in the scope of consolidation |  |  |  |
| Translation adjustment | (5) |  | (10) |
| Reclassifications and other items | 10 |  | 16 |
| **Dismantling provisions - in the closing balance** | **696** | **897** | **901** |
| o/w non-current provisions | 670 | 876 | 885 |
| o/w current provisions | 26 | 21 | 16 |

---

(1)Mainly includes the effect of the increase in discount rates in 2022.

The Group has an obligation to dismantle installed technical equipment and restore the technical sites it occupies.

When the obligation arises, a dismantling asset is recognized against a dismantling provision.

The provision is based on dismantling costs (on a per-unit basis for telephone poles, devices and telephone booths, and on a per-site basis for mobile antennas) incurred by the Group to meet its environmental commitments over the asset dismantling and site restoration planning. The provision is assessed on the basis of the identified costs for the current fiscal year, extrapolated for future years using the best estimate that will allow the obligation to be settled. This estimate is reviewed annually and the provision is adjusted where necessary against the dismantling asset recognized and the underlying assets, if any. The provision is discounted at a rate set by geographical area corresponding to the average risk-free rate of a 15-year government bond.

When the obligation is settled, the provision is reversed against the net carrying value of the dismantling asset and the net carrying value of the underlying assets if the dismantling asset is less than the financial provision reversal.

**Note 9&nbsp;&nbsp;&nbsp;&nbsp;Lease agreements**

In the course of its activities, the Group regularly enters into leases as a lessee. These leases are divided between the following asset categories:

**-** Land and buildings;

**-** Networks and devices;

**-** IT equipment;

**-** Other.

**Accounting policies**

The mandatory IFRS 16 "Leases," has been applied within the Group since January 1, 2019.

IFRS 16 defines a lease as a contract that conveys to the lessee the right to control the use of an identified asset. All leases are recognized in the balance sheet as an asset reflecting the right to use the leased assets and a corresponding liability reflecting the related lease obligations (see Notes 9.1 and 9.2). In the income statement, amortization of right-of-use assets (see Note 9.1) is presented separately from interest on lease liabilities. In the statement of cash flows, cash outflows relating to interest expenses impact cash flows provided by operating activities, while principal repayments on lease liabilities impact cash flows related to financing activities.

For the lessor, assets subject to leases must be presented in the balance sheet according to the nature of the asset and the associated lease revenues as income on a straight-line basis over the lease term.

When the Group carries out a transaction categorized as sale and leaseback in accordance with IFRS 16, a right-of-use asset is recognized in proportion to the previous carrying value of the asset corresponding to the right-of-use asset retained to offset a lease liability. Gains (losses) on disposal of fixed assets are recognized in the income statement in proportion to the rights actually transferred to the buyer-lessor. The adjustment of the gains (losses) on disposal recognized in the income statement for the share on which the Group retains its user rights via the lease corresponds to the difference between the right-of-use asset and the lease liability recognized in the balance sheet.

Finally, the Group applies the two exemptions provided for in IFRS 16, i.e. leases with a term of 12 months or less that are not automatically renewable and those where the replacement value of the underlying asset is less than approximately 5,000 euros. Leases covered by either of these two exemptions are presented in off-balance sheet commitments and an expense is recognized in "external purchases" in the income statement.

The Group classifies as a lease a contract that confers to the lessee the right to control the use of an identified asset for a given period, including a service contract if it contains a lease component.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-78** |

---

[**Table of Contents**](#Toc)

The Group has defined 4 major categories of leases:

**-** Land and buildings: these leases mainly concern commercial (point of sale) or service activity (offices and headquarters) leases, as well as leases of technical buildings not owned by the Group. Real-estate leases entered into in France generally have long terms (nine-year commercial leases with early termination options after three and six years, known as "3/6/9 leases") (see Note 9.2). However, depending on the geographical location of the leases, their legal term may vary and the Group may be required to adopt a specific enforceable period taking into account the local legal and economic environment;

**-** Networks and devices: the Group is required to lease a certain number of assets in connection with its mobile activities. This is notably the case for land for antenna installation, mobile sites leased from third-party operators and certain "TowerCos" contracts (companies operating telecom masts). Leases are also entered into as part of fixed-line network activities. These leases mainly concern access to the local loop where the Orange group is a market challenger (full or partial unbundling), as well as the lease of land transmission cables;

**-** IT equipment: this asset category primarily comprises leases for servers and hosting space in data centers;

**-** Other: this asset category primarily comprises leases for vehicles and technical equipment.

**9.1&nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2020** |
|  | **Gross value** | **Accumulated** | **Accumulated** | **Net book** | **Net book value** | **Net book value** |
|  |  | **depreciation** | **impairment** | **value** |  |  |
|  |  | **and** |  |  |  |  |
|  |  | **amortization** |  |  |  |  |
| Land and buildings | 8134 | (3090) | (377) | 4667 | 4930 | 4865 |
| Networks and devices<sup>(1)</sup> | 4241 | (1192) |  | 3049 | 2516 | 1931 |
| IT equipment | 189 | (130) | (0) | 59 | 55 | 30 |
| Other | 354 | (193) | (0) | 161 | 201 | 184 |
| **Total right-of-use assets** | **12918** | **(4605)** | **(377)** | **7936** | **7702** | **7009** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The increase in right-of-use assets includes the effect of the development of a secondary market for co-financed and leased lines.

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** |
| **Net book value of right-of-use assets - in the opening balance** | **7702** | **7009** | **6700** |
| Increase (new right-of-use assets)<sup>(1)</sup> | 1930 | 2172 | 1529 |
| Impact of changes in the scope of consolidation |  | 34 | 1 |
| Depreciation and amortization | (1507) | (1481) | (1384) |
| Impairment <sup>(2)</sup> | (54) | (91) | (57) |
| Impact of changes in the assessments | (49) | 74 | 331 |
| Translation adjustment  | (35) | 46 | (104) |
| Reclassifications and other items | (52) | (62) | (7) |
| **Net book value of right-of-use assets - in the closing balance**  | **7936** | **7702** | **7009** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) In 2021, included the right-of-use assets related to the new headquarters of the Orange group (Bridge) in France for 294 million euros.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Impairment losses on right-of-use assets mainly concern real estate leases classified as onerous contracts.

**Depreciation and amortization of right-of-use assets**

![Graphic](oran-20211231x20f012.jpg)

In 2022, the rental expense recognized in external purchases in the income statement amounts to (134) million euros, compared with (147) million euros in 2021 and (151) million euros in 2020 (see Note 5.1). It includes lease payments on contracts of 12 months or less which are not automatically renewable, contracts where the new value of the underlying asset is less than 5,000 euros, and variable lease payments which were not taken into account in the measurement of the lease liability.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-79** |

---

[**Table of Contents**](#Toc)

**Accounting policies**

A right-of-use asset is recognized in assets, with a corresponding lease liability (see Note 9.2). This right-of-use asset is equal to the amount of the lease liability, plus any direct costs incurred under certain leases, such as fees, lease negotiation expenses or administration costs, and less rent-free period liabilities and lessor financial contributions.

This right-of-use asset is depreciated in the income statement on a straight-line basis over the lease term chosen by the Group, in accordance with the lease terms defined in IFRS 16.

Work performed by the lessee and modifications to the leased asset, as well as guarantee deposits, are not components of the right-of-use asset and are recognized in accordance with other standards.

**9.2&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities**

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** |
| **Lease liabilities - in the opening balance** | **8065** | **7371** | **6932** |
| Increase with counterpart in right-of-use | 1915 | 2158 | 1582 |
| Impact of changes in the scope of consolidation | 1 | 34 | 1 |
| Decrease in lease liabilities following rental payments | (1514) | (1624) | (1400) |
| Impact of changes in the assessments | (43) | 74 | 326 |
| Translation adjustment  | (29) | 47 | (96) |
| Reclassifications and other items | 16 | 4 | 26 |
| **Lease liabilities - in the closing balance**  | **8410** | **8065** | **7371** |
| o/w non-current lease liabilities | 6901 | 6696 | 5875 |
| o/w current lease liabilities | 1509 | 1369 | 1496 |

---

The following table details the undiscounted future cash flows of lease liabilities as known at December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) | **Total** | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 and |
|  |  |  |  |  |  |  | beyond |
| Undiscounted lease liabilities | **9580** | 1646 | 1381 | 1204 | 1028 | 944 | 3377 |

---

**Accounting policies**

The Group recognizes a liability (i.e. a lease liability) at the date the underlying asset is made available. This lease liability is equal to the present value of fixed and in-substance fixed payments not paid at that date, plus any amounts that Orange is reasonably certain to pay at the end of the lease, such as the exercise price of a purchase option (where it is reasonably certain to be exercised), or penalties payable to the lessor for terminating the lease (where termination is reasonably certain).

The Group only takes the lease component of the contract into account when measuring the lease liability. For certain asset classes where leases include both service and lease components, the Group may recognize a single contract, classified as a lease (i.e. without distinguishing between the service and lease components).

Orange systematically determines the lease term as the period during which leases cannot be terminated, plus periods covered by any extension options that the lessee is reasonably certain to exercise and any termination options that the lessee is reasonably certain not to exercise. In the case of "3/6/9" leases in France, the term adopted is assessed on a contract-by-contract basis.

The term is also defined taking into account any laws and practices specific to each jurisdiction or business sector regarding firm lease commitment terms granted by lessors. The Group nonetheless assesses the enforceable term, based on the circumstances of each lease, taking into account certain indicators such as the existence of significant penalties in the event of termination by the lessee. To determine the length of this enforceable period, the Group considers the economic importance of the leased asset and the assumptions made in its strategic plan.

When non-removable leasehold improvements have been made to leased assets, the Group assesses, on a case-by-case basis, whether these improvements provide an economic benefit when determining the enforceable term of the lease.

When a lease includes a purchase option, the Group considers the enforceable term to be equal to the useful life of the underlying asset where the Group is reasonably certain to exercise the purchase option.

For each lease, the discount rate used is determined based on the yield on government bonds in the lessee country, taking into account the term and currency of the lease, plus the Group's credit spread.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-80** |

---

[**Table of Contents**](#Toc)

After the lease commencement date, the amount of the lease liability may be reassessed to reflect changes introduced by the following main cases:

**-** a change in term resulting from a contract amendment or a change in the assessment of the reasonable certainty that a renewal option will be exercised or a termination option will not be exercised;

**-** a change in the amount of lease payments, for example following the application of a new index or rate in the case of variable payments;

**-** a change in the assessment of whether a purchase option will be exercised;

**-** any other contractual change, for example a change to the scope of the lease or its underlying asset.

#### Note 10&nbsp;&nbsp;&nbsp;&nbsp;Taxes
10.1&nbsp;&nbsp;&nbsp;&nbsp;Operating taxes and levies

Although comprising a directly identifiable counterpart, the periodic spectrum fees are presented within the operating taxes and levies payables as they are set by and paid to States and local authorities.

10.1.1 Operating taxes and levies recognized in the income statement

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** |
| Territorial Economic Contribution, IFER and similar taxes<sup>(1)</sup> | (642) | (652) | (795) |
| Spectrum fees | (373) | (360) | (341) |
| Levies on telecommunication services | (333) | (329) | (319) |
| Other operating taxes and levies | (534) | (586) | (469) |
| **Total** | **(1882)** | **(1926)** | **(1924)** |

---

(1) In 2021, included a reduction in the territorial economic contribution (cotisation économique territoriale – CET) of 139 million euros. This decrease is explained by the reduction in the applicable rate of the business value added tax (cotisation sur la valeur ajoutée – CVAE), which is the main component of the CET.

The 2021 French Finance Act enacted the reduction of the applicable rate of the *CVAE* in France, effective January 1, 2021. The applicable rate for this tax was reduced from 1.5% to 0.75%.

The breakdown of operating taxes and levies per geographical area is as follows:

![Graphic](oran-20211231x20f013.jpg)

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-81** |

---

[**Table of Contents**](#Toc)

10.1.2 Operating taxes and levies in the statement of financial position

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **2022** | **2021** | **2020** |
| Value added tax (VAT) | 1114 | 1025 | 966 |
| Other operating taxes and levies | 151 | 138 | 138 |
| **Operating taxes and levies - receivables**  | **1265** | **1163** | **1104** |
| Value added tax (VAT) | (687) | (682) | (652) |
| Territorial Economic Contribution, IFER and similar taxes | (96) | (89) | (87) |
| Spectrum fees | (19) | (18) | (21) |
| Levies on telecommunication services | (107) | (143) | (128) |
| Other operating taxes and levies | (496) | (504) | (391) |
| **Operating taxes and levies - payables**  | **(1405)** | **(1436)** | **(1279)** |
| **Operating taxes and levies - net**  | **(140)** | **(273)** | **(175)** |

---

**Changes in operating taxes and levies**

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** |
| **Net tax liabilities and operating taxes and levies - in the opening balance** | **(273)** | **(175)** | **(197)** |
| Operating taxes and levies recognized in profit or loss | (1882) | (1926) | (1924) |
| Operating taxes and levies paid<sup>(1)</sup> | 1906 | 1914 | 1929 |
| Changes in the scope of consolidation |  | (67) |  |
| Translation adjustment | 42 | (19) | 20 |
| Reclassifications and other items | 68 | (1) | (3) |
| **Net tax liabilities and operating taxes and levies - in the closing balance** | **(140)** | **(273)** | **(175)** |

---

(1) In 2021, included the reclassification in the consolidated statement of cash flows of 34 million euros as investing activities corresponding to the VAT disbursement by Orange Polska in connection with the loss of exclusive control over the FiberCo in Poland (see Note 3.2).

#### Accounting policies
Value Added Tax (VAT) receivables and payables correspond to the VAT collected or deductible from various states. Collections and remittances to states have no impact on the income statement.

In the normal course of business, the Group regularly deals with differences of interpretation of tax law with the tax authorities, which can lead to tax reassessments or tax disputes.

Operating taxes and levies are measured by the Group at the amount expected to be paid or recovered from the tax authorities of each country, based on its interpretation with regard to the application of tax legislation. The Group calculates its tax assets and liabilities (including provisions) based on the technical merits of the positions it defends versus the tax authorities.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-82** |

---

[**Table of Contents**](#Toc)

10.2&nbsp;&nbsp;&nbsp;&nbsp;Income taxes

10.2.1 Income taxes

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** |
| **Orange SA tax group** | **(541)** | **3** | **1556** |
| &nbsp;&nbsp;&nbsp;&nbsp;• Current tax | (417) | (129) | 1801 |
| &nbsp;&nbsp;&nbsp;&nbsp;*o/w tax income related to the 2005-2006 tax dispute* | *—* | *—* | *2246* |
| &nbsp;&nbsp;&nbsp;&nbsp;*o/w current tax excluding the tax income related to the 2005-2006 tax dispute* | *(417)* | *(129)* | *(444)* |
| &nbsp;&nbsp;&nbsp;&nbsp;• Deferred tax | (124) | 133 | (246) |
| **Spanish tax group** | **50** | **(115)** | **(146)** |
| &nbsp;&nbsp;&nbsp;&nbsp;• Current tax | **—** |  | (40) |
| &nbsp;&nbsp;&nbsp;&nbsp;• Deferred tax | 50 | (115) | (106) |
| **Africa & Middle-East** | **(528)** | **(431)** | **(341)** |
| &nbsp;&nbsp;&nbsp;&nbsp;• Current tax | (536) | (420) | (343) |
| &nbsp;&nbsp;&nbsp;&nbsp;• Deferred tax | 8 | (11) | 2 |
| **United Kingdom** | **(74)** | **(264)** | **(137)** |
| &nbsp;&nbsp;&nbsp;&nbsp;• Current tax | (75) | (76) | (75) |
| &nbsp;&nbsp;&nbsp;&nbsp;• Deferred tax | 1 | (188) | (63) |
| **Other subsidiaries** <sup>(1)</sup> | **(172)** | **(156)** | **(83)** |
| &nbsp;&nbsp;&nbsp;&nbsp;• Current tax | (140) | (125) | (99) |
| &nbsp;&nbsp;&nbsp;&nbsp;• Deferred tax | (32) | (31) | 16 |
| **Total Income taxes** | **(1265)** | **(962)** | **848** |
| &nbsp;&nbsp;Current tax | (1168) | (750) | 1245 |
| &nbsp;&nbsp;&nbsp;&nbsp;*o/w tax income related to the 2005-2006 tax dispute*  |  | *—* | *2246* |
| &nbsp;&nbsp;&nbsp;&nbsp;*o/w current tax excluding the tax income related to the 2005-2006 tax dispute* | *(1168)* | *(750)* | *(1001)* |
| &nbsp;&nbsp;Deferred tax | (97) | (212) | (396) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) In 2021, included a tax expense of (74) million euros in Poland related notably to the gain arising from the loss of sole control over the FiberCo (see Note 3.2).

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-83** |

---

[**Table of Contents**](#Toc)

The breakdown of current tax by geographical area or by tax group (excluding tax income related to the 2005–2006 tax dispute) is as follows:

(in millions of euros)

![Graphic](oran-20211231x20f014.jpg)

#### Orange SA tax group

#### Current tax expense
The current tax expense reflects the requirement to pay income tax calculated on the basis of taxable income.

Over the last three years, the income tax rate applicable in France has gradually decreased, from 32.02% in 2020 to 28.41% in 2021, and then to 25.83% in 2022.

The reduction in the corporate tax rate in France resulted in a reduction in the current tax expense of 35 million euros in 2022, 61 million euros in 2021 and 36 million euros in 2020.

In 2021, the current tax expense included tax income recorded resulting from the reassessment of an income tax charge booked in periods prior to those presented in the amount of 376 million euros.

In 2020, the current tax expense included tax income of 2,246 million euros, as a result of the decision issued by the *Conseil d'État* on November 13, 2020 in favor of Orange SA on a dispute in respect of the years 2005-2006.

#### Deferred tax expense
Deferred taxes are recorded at the tax rate expected at the time of their reversal, i.e. 25.83%.

In 2021, the deferred tax expense included deferred tax income of 316 million euros related to the recognition of an employee benefit liability for the French part-time for seniors plans *(Temps Partiel Seniors – TPS).*

#### Spanish tax group

#### Current tax expense
The corporate tax rate applicable is 25% for all fiscal years presented. The current income tax expense mainly represents the obligation to pay a minimum level of tax calculated on the basis of 75% of taxable income due to the 25% limit on the use of available tax loss carryforwards.

In 2022, as in 2021, the Spanish tax group was in deficit, which explains the absence of current tax expense recognized for the fiscal year.

#### Deferred tax expense
In 2022, a deferred tax income of 53 million euros was recognized to reflect the effect of the change in business projections in the recoverability of deferred tax assets.

To reflect the negative impact of the unfavorable developments in business plans on the recoverable amount of deferred tax assets, a deferred tax expense was recognized for (162) million euros in 2021 and (102) million euros in 2020.

#### Africa & Middle-East

#### The main contributors to the income tax expense are Guinea, Côte d'Ivoire, Mali and Senegal:
**-** in Guinea, the corporate tax rate is 35% and the current tax expense amounts to (94) million euros in 2022, (63) million euros in 2021 and (47) million euros in 2020;**

**–** in Côte d'Ivoire, the corporate tax rate is 30% and the current tax expense amounts to (86) million euros in 2022, (91) million euros in 2021 and (77) million euros in 2020;**

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-84** |

---

[**Table of Contents**](#Toc)

**–** in Mali, the corporate tax rate is 30% and the current tax expense amounts to (64) million euros in 2022, (67) million euros in 2021 and (62) million euros in 2020;

**–** in Senegal, the corporate tax rate is 30% and the current tax expense amounts to (55) million euros in 2022, (53) million euros in 2021 and (54) million euros in 2020.**

#### United Kingdom

#### Current tax expense

#### The current income tax expense primarily reflects the taxation of activities related to Orange's brand activities at a tax rate of 19% .

#### Deferred tax expense
**In 2021, a corporate tax rate increase was passed which will rise to 25% from 2023 (it currently stands at 19%). The 2021 deferred tax expense therefore included an increase of (188) million euros in deferred tax liabilities recognized on the Orange brand.**

**In 2020, the deferred tax expense included an increase of (63) million euros in deferred tax liabilities recognized in the United Kingdom on the Orange brand. The British government canceled the tax rate reduction from 19% to 17% in 2020, provided for by the 2016 Finance Act, thus maintaining the rate at 19%. The deferred tax liabilities on the brand were recorded as of December 31, 2020 at a 19% tax rate.**

#### Group tax proof

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (in millions of euros) | Note |  | **2022** | **2021** | **2020** |
| **Profit before tax** |  |  | **3882** | **1740** | **4207** |
| Statutory tax rate in France |  |  | 25.83% | 28.41% | 32.02% |
| **Theoretical income tax** |  |  | **(1003)** | **(494)** | **(1347)** |
| *Reconciling items :* |  |  |  |  |  |
| &nbsp;&nbsp;Tax income related to the 2005-2006 tax dispute <sup>(1)</sup> |  |  |  |  | 2246 |
| &nbsp;&nbsp;Impairment of goodwill <sup>(2)</sup> | 7.1 |  | (211) | (1052) |  |
| &nbsp;&nbsp;Impact related to the loss of sole control over Orange Concessions |  |  |  | 557 |  |
| &nbsp;&nbsp;Share of profits (losses) of associates and joint ventures |  |  |  | 1 | (1) |
| &nbsp;&nbsp;Adjustment of prior-year taxes |  |  | (13) | (23) | 1 |
| &nbsp;&nbsp;Recognition / (derecognition) of deferred tax assets |  |  | 83 | (149) | (98) |
| &nbsp;&nbsp;Difference in tax rates <sup>(3)</sup> |  |  | 10 | 85 | 157 |
| &nbsp;&nbsp;Change in applicable tax rates <sup>(4)</sup> |  |  |  | (235) | (92) |
| &nbsp;&nbsp;Other reconciling items<sup>(5)</sup> |  |  | (130) | 348 | (18) |
| **Effective income tax** |  |  | **(1265)** | **(962)** | **848** |
| *Effective tax rate (ETR)* |  |  | *32.59*<br>*%*  | *55.31*<br>*%*  | *(20.17)%* |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Relates to the tax income of 2,246 million euros (including interests) recognized in 2020 following the favorable decision handed down on November 13, 2020 by the Conseil d'État on the tax dispute relating to fiscal years 2005–2006. Excluding this effect, the Group ETR was 33.2% in 2020.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Reconciliation effect calculated based on the tax rate applicable to the parent company of the Group. The difference in tax rates between the parent company and the subsidiary locally is presented below in "Difference in tax rates." In 2022, impairment losses recorded on goodwill generates a reconciliation effect at the Group tax rate of (211) million euros. Excluding this effect, the Group ETR is 26.9% in 2022. In 2021, the impairment loss of (3,702) million euros recorded on goodwill in Spain generated a reconciliation effect at the Group tax rate of (1,052) million euros. Excluding this effect, the Group ETR was 17.7% in 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The Group is present in jurisdictions in which tax rates are different from the French tax rate, mainly the United Kingdom (tax rate of 19%), Romania (tax rate of 16%), Poland (tax rate of 19%) and Guinea (tax rate of 35%).

&nbsp;&nbsp;&nbsp;&nbsp;(4) Takes into account the remeasurement of deferred tax following tax legislation introducing changes in tax rates, as well as the impact of recognizing deferred tax in the period at tax rates different from the rate applicable in the current fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;(5) In 2021, included a tax income recorded resulting from the reassessment of an income tax charge booked in periods prior to those presented.

10.2.2 Income tax on other comprehensive income

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2022** | **2021** | **2021** | **2020** | **2020** |
|  | **Gross**  | **Deferred** | **Gross**  | **Deferred** | **Gross**  | **Deferred** |
|  | **amount** | **tax** | **amount** | **tax** | **amount** | **tax** |
| Actuarial gains and losses on post-employment benefits | 176 | (47) | 59 | (14) | (13) | 1 |
| Assets at fair value | (112) |  | 11 |  | 94 |  |
| Cash flow hedges | 295 | (70) | 317 | (84) | 22 | (10) |
| Translation adjustment | (374) |  | 200 |  | (414) |  |
| Other comprehensive income of associates and joint ventures | 51 |  | 1 |  |  |  |
| **Total presented in other comprehensive income** | **37** | **(117)** | **587** | **(98)** | **(311)** | **(9)** |

---

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-85** |

---

[**Table of Contents**](#Toc)

10.2.3 Tax position in the statement of financial position

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021**  | **December 31, 2021**  | **December 31, 2021**  | **December 31, 2020**  | **December 31, 2020**  | **December 31, 2020**  |
| (in millions of euros) | **Assets** | **Liabi-lities** | **Net** | **Assets** | **Liabi-lities** | **Net** | **Assets** | **Liabi-lities** | **Net** |
| **Orange SA tax group** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;• Current tax |  | 31 | (31) | 26 |  | 26 |  | 359 | (359) |
| &nbsp;&nbsp;&nbsp;&nbsp;• Deferred tax <sup>(1)</sup> | 135 |  | 135 | 362 |  | 362 | 327 |  | 327 |
| **Spanish tax group** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;• Current tax | 1 |  | 1 | 13 |  | 13 | 12 |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;• Deferred tax <sup>(2)</sup> |  | 161 | (161) |  | 211 | (211) |  | 95 | (95) |
| **Africa & Middle-East** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;• Current tax | 68 | 395 | (327) | 62 | 328 | (266) | 45 | 228 | (183) |
| &nbsp;&nbsp;&nbsp;&nbsp;• Deferred tax | 128 | 58 | 70 | 127 | 93 | 34 | 103 | 55 | 48 |
| **United Kingdom** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;• Current tax | 2 |  | 2 |  | 5 | (5) |  | 4 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;• Deferred tax <sup>(3)</sup> |  | 786 | (786) |  | 787 | (787) |  | 600 | (600) |
| **Other subsidiaries** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;• Current tax | 77 | 112 | (34) | 80 | 92 | (12) | 70 | 82 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;• Deferred tax | 157 | 120 | 38 | 202 | 94 | 109 | 244 | 105 | 139 |
| **Total** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**• Current tax** | **149** | **538** | **(389)** | **181** | **425** | **(244)** | **128** | **673** | **(545)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**• Deferred tax** | **421** | **1124** | **(704)** | **692** | **1185** | **(493)** | **674** | **855** | **(181)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Mainly includes deferred tax assets on employee benefits.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The recognized deferred tax assets are offset by deferred tax liabilities on goodwill which is tax deductible.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Mainly deferred tax liabilities on the Orange brand.

#### Change in net current tax

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** |
| **Net current tax assets/(liabilities) in the opening balance** | **(244)** | **(545)** | **(629)** |
| Cash tax payments/(reimbursements)<sup>(1)(2)</sup> | 1022 | 1028 | (1160) |
| Change in income statement <sup>(2)</sup> | (1168) | (750) | 1245 |
| Change in other comprehensive income |  |  |  |
| Change in retained earnings <sup>(3)</sup> | (2) | 29 | (2) |
| Changes in the scope of consolidation |  | 1 |  |
| Translation adjustment | 2 | (7) | 4 |
| Reclassification and other items | 1 |  | (4) |
| **Net current tax assets/(liabilities) in the closing balance** | **(389)** | **(244)** | **(545)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) In 2022, includes a tax refund of 11 million euros related to the loss of sole control over the FiberCo in Poland, reclassified in investing activities in the consolidated statement of cash flows.

&nbsp;&nbsp;&nbsp;&nbsp;(2) In 2021, included disbursements and tax expenses on gains arising from the loss of sole control over Orange Concessions in France and FiberCo in Poland, in the amounts of 47 million euros and 27 million euros respectively, reclassified in investing activities in the consolidated statement of cash flows. In 2020, included a reimbursement and tax income of 2,246 million euros in respect of the tax dispute for 2005–2006.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Mainly corresponds to the tax effect of the remeasurement of the portion of subordinated notes denominated in foreign currency and the tax effects of transaction costs and premium paid related to the refinancing of subordinated notes.

#### Change in net deferred tax

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021**  | **2020**  |
| **Net deferred tax assets/(liabilities) in the opening balance** | **(493)** | **(181)** | **238** |
| Change in income statement | (97) | (212) | (396) |
| Change in other comprehensive income | (117) | (98) | (9) |
| Change in retained earnings |  | 5 |  |
| Change in the scope of consolidation | (21) | (1) | (2) |
| Translation adjustment | 25 | (5) | (10) |
| Reclassification and other items |  | (1) | (2) |
| **Net deferred tax assets/(liabilities) in the closing balance** | **(704)** | **(493)** | **(181)** |

---

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-86** |

---

[**Table of Contents**](#Toc)

#### Deferred tax assets and liabilities by type

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2020** | **December 31, 2020** | **December 31, 2020** |
|  |  |  | **Income** |  |  | **Income** |  |  | **Income** |
| (in millions of euros) | **Assets** | **Liabilities** | **state-ment** | **Assets** | **Liabilities** | **state-ment** | **Assets** | **Liabilities** | **state-ment** |
| Provisions for employee benefit obligations | 679 |  | 22 | 705 | **—** | 218 | 499 | **—** | (154) |
| Fixed assets | 465 | 1481 | (75) | 528 | 1476 | (218) | 552 | 1275 | (111) |
| Tax losses carryforward | 3935 |  | 20 | 3958 |  | 37 | 3887 |  | 8 |
| Other temporary differences | 2658 | 3168 | (145) | 2673 | 2960 | (76) | 2690 | 2821 | (71) |
| **Deferred tax** | **7736** | **4649** | **(178)** | **7865** | **4436** | **(38)** | **7629** | **4096** | **(327)** |
| Depreciation of deferred tax assets | (3791) |  | 80 | (3922) |  | (174) | (3714) |  | (69) |
| Netting | (3525) | (3525) |  | (3251) | (3251) |  | (3241) | (3241) |  |
| **Total** | **421** | **1124** | **(97)** | **692** | **1185** | **(212)** | **674** | **855** | **(396)** |

---

At December 31, 2022, tax loss carryforwards mainly relates to Spain and Belgium.

At December 31, 2022, the unrecognized deferred tax assets mainly relate to Spain for 2.1 billion euros and Belgium (Belgian subsidiaries other than Orange Belgium) for 0.8 billion euros, and mostly include tax losses that can be carried forward indefinitely. In Spain, tax loss carryforwards for which a deferred tax asset has been recognized are expected to be fully utilized by 2027, unless affected by changes in current tax rules and changes in business projections. The deferred tax assets recognized for Spain amounted to 0.4 billion euros at December 31, 2022.

Most of the other tax loss carryforwards for which no deferred tax assets have been recognized will expire beyond 2027.

**10.3&nbsp;&nbsp;&nbsp;&nbsp;Developments in tax disputes and audits**

**Developments in tax disputes and audits in France**

Tax audits

Orange SA was the subject of several tax audits for the years 2017–2018 and 2019–2020, for which the tax adjustments notified to date total approximately 520 million euros (including default penalties and interest). These adjustments mainly relate to the calculation of VAT on digital offerings, tax on electronic communication services on these same digital offerings, research tax credit, tax on television services, a portion of brand royalties paid by Orange SA to the UK company Orange Brand Services Ltd for reasons similar to the adjustments notified during the previous audits, as well as the non-inclusion in the tax base of income from the sale of equipment in 2019, and the reassessment of previous tax loss carryforwards used for fiscal years 2017 and 2018.

All of these adjustments are being challenged by Orange SA. In accordance with its accounting policies, the Group makes a best estimate of the risk of these adjustments based on the technical merits of the positions defended, for which the effects are non-material.

Orange SA was subject to a tax audit covering fiscal years 2015 and 2016. A tax adjustment was issued in 2019 covering the calculation of brand royalties paid by Orange SA to the UK company Orange Brand Services Ltd and deducted from its taxable income. The administration questions the inclusion of revenue from the roaming contract with Free and revenue from the fixed PSTN business. This adjustment request is being challenged by Orange SA, which has requested the opening of out-of-court proceedings and arbitration between the French and UK tax authorities. The additional tax expense would effectively result in double taxation that would fail to comply with the provisions of the Franco-British tax agreement and the European arbitration agreement.

Tax disputes

There were no major developments in other tax disputes over the period.

**Developments in tax disputes and audits in the rest of the Group**

In the same way as other telecom operators, the Group regularly deals with disagreements concerning the taxation of its network in various countries.

In the Democratic Republic of Congo, Orange was the subject of a tax audit for the years 2017–2019, for which the tax adjustments notified to date total approximately 146 million euros. These adjustments mainly relate to the recognition method for mobile prepaid revenue and the non-taxation of electronic money flows in third-party accounts to be transferred to end customers. All of these adjustments are being challenged by Orange RDC, which has appealed to the Finance Minister.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-87** |

---

[**Table of Contents**](#Toc)

There were no major developments in other tax disputes and audits in the rest of the Group over the period.

#### Accounting policies
Current income tax and deferred tax are measured by the Group at the amount expected to be paid or recovered from the tax authorities of each country, based on its interpretation with regard to the application of tax legislation. The Group calculates the tax assets and liabilities recognized in the statement of financial position based on the technical merits of the positions it defends versus that of the tax authorities.

Deferred taxes are recognized for all temporary differences between the carrying values of assets and liabilities and their tax basis, as well as for unused tax losses, using the liability method. Deferred tax assets are recognized only when their recovery is considered probable.

A deferred tax liability is recognized for all taxable temporary differences associated with investments in subsidiaries, interests in joint ventures and associates, except to the extent that both of the following conditions are satisfied:

**–** the Group is able to control the timing of the reversal of the temporary difference (e.g. the payment of dividends); and

**–** it is probable that the temporary difference will not reverse in the foreseeable future.

Accordingly, for fully consolidated companies, a deferred tax liability is only recognized in the amount of the taxes payable on planned dividend distributions by the Group.

Deferred tax assets and liabilities are not discounted.

At each period end, the Group reviews the recoverable amount of the deferred tax assets carried by certain tax entities with significant tax losses carryforwards. The recoverability of the deferred tax assets is assessed in the light of the business plans used for impairment testing. This plan may be adjusted for any tax specificities.

Deferred tax assets arising on these tax losses are not recognized under certain circumstances specific to each company/tax consolidation group concerned, and particularly where:

**–** entities cannot assess the probability of the tax loss carryforwards being set off against future taxable profits, due to the horizon for forecasts based on business plans used for impairment testing and uncertainties as to the economic environment;

**–** entities have not yet begun to use the tax loss carryforwards;

**–** entities do not expect to use the losses within the timeframe allowed by tax regulations;

**–** it is estimated that tax losses are uncertain to be used due to risks of differing interpretations with regard to the application of tax legislation.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-88** |

---

[**Table of Contents**](#Toc)

**Note 11&nbsp;&nbsp;&nbsp;&nbsp;Interests in associates and joint ventures** 

**11.1&nbsp;&nbsp;&nbsp;&nbsp;Change in interests in associates and joint ventures**

The table below shows the value of the main interests in associates and joint ventures:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) |  |  |  |  |  |  |
| **Company** | **Main activity** | **Main co-** | **%** | **December 31,** | **December 31,** | **December 31,** |
|  |  | **shareholder** | **interest** | **2022** | **2021** | **2020** |
| **Entities jointly controlled** |  |  |  |  |  |  |
| Orange Concessions and its subsidiaries | Operation / maintenance related to Public Initiative Networks | Consortium HIN (50%) | 50% | 1057 | 1049 |  |
| Swiatłowod Inwestycje Sp. z o.o. (*FiberCo* in Poland) | Construction / operation in Poland | APG Group (50%) | 50% | 306 | 298 |  |
| Mauritius Telecom | Telecommunications operator in Mauritius | Mauritius government (34%) | 40% | 72 | 65 | 70 |
| Other |  |  |  | 17 | 10 | 10 |
| **Entities under significant influence** |  |  |  |  |  |  |
| Orange Tunisie | Telecommunications operator in Tunisia | Investec (51%) | 49% | 17 | 2 |  |
| Savoie connectée | Fiber infrastructure operator | Covage (70%) | 30% | 7 | 7 | 5 |
| IRISnet | Telecommunications operator in Belgium | MRBC (54%) | 22% | 6 | 6 | 5 |
| Odyssey Music Group (Deezer)<sup>(1)</sup> | Streaming platform | AI European Holdings SARL | NA | NA |  | 5 |
| Other |  |  |  | 3 | 3 | 2 |
| **Total associates and joint ventures** |  |  |  | **1486** | **1440** | **98** |

---

(1)Following Deezer's initial public offering in 2022, the Orange group no longer has any significant influence on the entity (see Note 3.2).

The change in interests in associates and joint ventures is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) |  | **2022** |  | **2021** |  | **2020** |
| **Interests in associates and joint ventures - in the opening balance** |  | **1440** |  | **98** |  | **103** |
| Dividends |  | (5) |  | (3) |  | (4) |
| Share of profits (losses) |  | (2) |  | 3 |  | (2) |
| Impairment loss |  |  |  |  |  | (0) |
| Change in components of other comprehensive income<sup>(1)</sup> |  | 51 |  | 3 |  |  |
| Changes in the scope of consolidation<sup>(2)</sup> |  | (3) |  | 1345 |  |  |
| Change in capital |  | 11 |  | 3 |  | 19 |
| Translation adjustment |  | (2) |  | (4) |  | (12) |
| Reclassifications and other items |  | (3) |  | (6) |  | (6) |
| **Interests in associates and joint ventures - in the closing balance** |  | **1486** |  | **1440** |  | **98** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) In 2022, includes the effect of the change in fair value of cash flow hedge derivatives, net of tax, recognized in other comprehensive income for 33 million euros of Orange Concessions, and 18 million euros of the FiberCo in Poland.

&nbsp;&nbsp;&nbsp;&nbsp;(2) In 2021, changes in the scope of consolidation mainly concerned Orange Concessions and the FiberCo in Poland, as described in Note 3.2.

The main transactions between the Group and companies consolidated using the equity method are presented in Note 12.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-89** |

---

[**Table of Contents**](#Toc)

**11.2** **Key figures from associates and joint ventures**

The key figures relating to Orange Concessions and Swiatłowod Inwestycje Sp. z o.o. (FiberCo in Poland) are as follows (figures from financial statements of entities taken as a whole):

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in millions of euros) | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
|  | **Orange** | **Swiatłowod** | **Orange** | **Swiatłowod** |
|  | **Concessions** | **Inwestycje Sp. z o.o.** | **Concessions** | **Inwestycje Sp. z o.o.** |
| **Assets**<sup>(1)</sup> |  |  |  |  |
| Non-current assets | 3699 | 372 | 3029 | 168 |
| Current assets | 417 | 197 | 519 | 171 |
| **Total assets** | **4115** | **569** | **3548** | **339** |
| **Liabilities** |  |  |  |  |
| Shareholder's equity | 2117 | 281 | 1991 | 257 |
| Non-current liabilities | 1494 | 198 | 1054 | 45 |
| Current liabilities | 505 | 90 | 502 | 36 |
| **Total equity and liabilities** | **4115** | **569** | **3548** | **339** |
| **Income statement** |  |  |  |  |
| Revenue | 768 | 29 | 112 | 7 |
| Operating income | (7) | (4) | (16) | (3) |
| Finance costs, net | (35) | (5) | (5) | 16 |
| Income tax | 8 | 1 | 7 | (3) |
| **Net income** | **(35)** | **(8)** | **(14)** | **10** |

---

(1) Assets are recognized by Orange Concessions in accordance with the provisions of IFRIC 12 "Service Concession Arrangements."

**11.3** **Contractual commitments on interests in associates and joint ventures**

**Public Initiative Networks commitments**

As part of the roll-out of the high-speed and very high-speed broadbrand network in France, the Group has entered into contracts via Public Initiative Networks (mainly public service delegation contracts and public-private partnership contracts as well as public design, construction, operation and maintenance contracts). On November 3, 2021, the Orange group sold 50% of the capital in Orange Concessions to the consortium HIN, comprising La Banque des Territoires (Caisse des Dépôts), CNP Assurances and EDF resulting in the loss of Orange's sole control over this entity and its subsidiaries. The Orange Concessions group is jointly controlled with the consortium and is consolidated in the financial statements of the Orange group according the equity method. The Group continues to have obligations under network construction, concession and operation contracts in proportion to its shareholding, i.e. 1,702 million euros at December 31, 2022.

The carrying value of interests in associates or joint ventures corresponds to the initial acquisition cost plus the share of net income for the period. If an associate or joint venture incurs losses and the carrying value of the investment is reduced to zero, the Group ceases to recognize the additional share of losses since it has no commitment beyond its investment.

An impairment test is performed at least annually and whenever there is objective evidence of impairment loss, such as a decrease in the quoted price when the investee is listed, significant financial difficulty of the entity, observable data indicating a measurable decrease in the estimated future cash flows, or information about significant changes having an adverse effect on the entity.

An impairment loss is recorded when the recoverable amount is lower than the carrying value, the recoverable amount being the higher of the value in use and the fair value less transaction costs. The unit of account is the whole investment. Any impairment loss is recognized in the "share of profits (losses) of associates and joint ventures". Impairment losses can be reversed once the recoverable amount exceeds the carrying value.

**Note 12&nbsp;&nbsp;&nbsp;&nbsp;Related party transactions**

**Transactions with the French State and affiliated bodies**

The French State, either directly or through Bpifrance Participations, is one of the main shareholders of Orange SA.

The communication services provided to the French State are awarded as part of a competitive process arranged by each department according to the nature of the service. They have no material impact on consolidated revenues.

Orange does not purchase goods or services from the French State (either directly or via Bpifrance Participations), except for the use of spectrum resources. These resources are allocated after a competitive process.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-90** |

---

[**Table of Contents**](#Toc)

**Transactions with the main associates and joint ventures**

The main transactions between the Group and its associates and joint ventures are reflected as follows in Orange's consolidated financial statements:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) |  | **December 31,** |  | **December 31,** |  | **December 31,** |
|  |  | **2022** |  | **2021** |  | **2020** |
| **Assets** |  |  |  |  |  |  |
| Non-current financial assets |  | 43 |  | 43 |  | 9 |
| Trade receivables |  | 254 |  | 417 |  | 39 |
| &nbsp;&nbsp;*o/w Orange Concessions*<sup>(1)</sup> |  | *209* |  | *372* |  | *—* |
| Current financial assets |  | 12 |  | 12 |  | 5 |
| Other current assets |  | 40 |  | 52 |  |  |
| **Liabilities** |  |  |  |  |  |  |
| Current financial liabilities |  |  |  |  |  |  |
| Trade payables |  | 11 |  | 14 |  | 5 |
| Other current liabilities |  | 2 |  | 1 |  | 0 |
| Customer contract liabilities |  | 154 |  | 153 |  | 3 |
| &nbsp;&nbsp;*o/w Swiatlowod Inwestycje Sp.z o.o.*<sup>(2)</sup> |  |  *146* |  | *151* |  | *—* |
| **Income statement** |  |  |  |  |  |  |
| Revenue |  | 726 |  | 139 |  | 14 |
| &nbsp;&nbsp;*o/w Orange Concessions* |  | *705* |  | *124* |  | *—* |
| Operating income |  | 700 |  | 135 |  | (7) |
| Finance costs, net |  | 2 |  | 1 |  |  |
| Net income |  | 702 |  | 129 |  | (7) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Transactions between the Group and Orange Concessions mainly comprise Orange SA receivables from Orange Concessions in relation with fiber deployment and maintenance activities operated by the Group.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Customer contract liabilities mainly correspond to the recognition of deferred income by Orange Polska in connection with the prepayment of services provided to the FiberCo in Poland.

**Accounting policies**

Orange group's related parties are listed below:

**–** the Group's key management personnel and their families (see Note 6.4);

**–** the French State, and its departments in Bpifrance Participations and central State departments (see Notes 10 and 15);

**–** associates, joint ventures and companies in which the Group holds a significant stake (see Note 11).

**Note 13&nbsp;&nbsp;&nbsp;&nbsp;Financial assets, liabilities and financial results (telecom activities)**

13.1&nbsp;&nbsp;&nbsp;&nbsp;Financial assets and liabilities of telecom activities

In order to improve the readability of financial statements and distinguish the performance of telecom activities from the performance of the Mobile Financial Services activities, the notes related to financial assets and liabilities as well as financial income or expenses are split to respect these two business areas.

Note 13 presents the financial assets, liabilities and related gains and losses specific to telecom activities and Note 17 concerns the activities of Mobile Financial Services with regard to its assets and liabilities, with net financial income being not material.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-91** |

---

[**Table of Contents**](#Toc)

The following table reconciles the contributive balances of assets and liabilities for each of these two areas to the consolidated balance sheet (intra-group transactions between telecom activities and Mobile Financial Services activities are not eliminated) with the consolidated statement of financial position at December 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) | **Orange** | **o/w** | *Note* | **o/w Mobile** | *Note* | **o/w eliminations** |
|  | **consolidated** | **telecom** |  | **Finance** |  | **telecom** |
|  | **financial**  | **activities** |  | **Services** |  | **activities /mobile** |
|  | **statements** |  |  |  |  | **finance services** |
| Non-current financial assets related to Mobile Financial Services activities | **656** |  |  | 656 | *17.1.1* |  |
| Non-current financial assets | **977** | 1004 | *13.7* |  |  | (27)<br><sup>(1)</sup>  |
| Non-current derivatives assets | **1458** | 1342 | *13.8* | 116 | *17.1.3* |  |
| Current financial assets related to Mobile Financial Services activities | **2742** |  |  | 2747 | *17.1.1* | (6) |
| Current financial assets | **4541** | 4541 | *13.7* |  |  |  |
| Current derivatives assets | **112** | 112 | *13.8* |  | *17.1.3* |  |
| Cash and cash equivalents | **6004** | 5846 | *14.3* | 158 |  |  |
| Non-current financial liabilities related to Mobile Financial Services activities | **82** |  |  | 109 | *17.1.2* | (27)<br><sup>(1)</sup>  |
| Non-current financial liabilities | **31930** | 31930 | *13.3* |  |  |  |
| Non-current derivatives liabilities | **397** | 335 | *13.8* | 62 | *17.1.3* |  |
| Current financial liabilities related to Mobile Financial Services activities | **3034** |  |  | 3034 | *17.1.2* |  |
| Current financial liabilities | **4702** | 4708 | *13.3* |  |  | (6) |
| Current derivatives liabilities | **51** | 51 | *13.8* |  | *17.1.3* |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Loan granted by Orange SA to Orange Bank.

13.2&nbsp;&nbsp;&nbsp;&nbsp;Profits and losses related to financial assets and liabilities

The cost of net financial debt consists of gains and losses related to the components of net financial debt (described in Note 13.3) for the period.

Foreign exchange gains and losses mainly include:

-The revaluation in euros of bonds denominated in foreign currencies (Note 13.5) as well as the symmetrical revaluation of associated hedges as defined by IFRS 9 and the revaluation of bank loans.

-The effects of the revaluation of trading derivatives held as economic hedges on notional amounts of subordinated notes denominated in pounds sterling and recognized in equity at their historical value (see Note 15.4).

Other net financial expenses mainly composed of interest on lease liabilities for (145) million euros in 2022, (120) million euros in 2021 and (120) million euros in 2020 (see Note 9.2).

Finally, other comprehensive income includes the revaluation of financial assets at fair value through other comprehensive income (Note 13.7) and cash flow hedges (Note 13.8.2).

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-92** |

---

[**Table of Contents**](#Toc)

Other gains and losses related to financial assets and liabilities are recognized in operating income (foreign exchange gains and losses on trade receivables, trade payables and the associated hedge derivatives) in the amount of (31) million euros in 2022, (19) million euros in 2021 and 16 million euros in 2020.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Finance costs, net** | **Finance costs, net** | **Finance costs, net** | **Finance costs, net** | **Finance costs, net** | **Finance costs, net** | |
|  |  |  |  |  |  |  | **Other**<br>**compre-**<br>**hensive income** |
|  | **Cost of gross** | **Gains** | **Cost of net** | **Foreign** | **Other net** | **Finance** | **Reserves** |
|  | **financial debt**<sup>(1)</sup> | **(losses) on** | **financial debt** | **exchange** | **financial** | **costs, net** |  |
|  |  | **assets** |  | **gains** | **expenses** |  |  |
|  |  | **contributing** |  | **(losses)** |  |  |  |
|  |  | **to net**  |  |  |  |  |  |
|  |  | **financial** |  |  |  |  |  |
| (in millions of euros) |  | **debt** |  |  |  |  |  |
| **2022** |  |  |  |  |  |  |  |
| Financial assets  |  | 48 | 48 | (38) | 55 |  | (110) |
| Financial liabilities | (1023) |  | (1023) | (196) | 0 |  |  |
| Lease liabilities |  |  |  |  | (145) |  |  |
| Derivatives | 245 |  | 245 | 137 | (0) |  | 288 |
| Discounting expense |  |  |  |  | (3) |  |  |
| **Total** | **(779)** | **48** | **(731)** | **(97)** | **(92)** | **(920)** | **178** |
| **2021** |  |  |  |  |  |  |  |
| Financial assets  |  | (3) | (3) | 47 | 75 |  | 11 |
| Financial liabilities | (1018) |  | (1018) | (637) | (0) |  |  |
| Lease liabilities |  |  |  |  | (120) |  |  |
| Derivatives | 188 |  | 188 | 655 | 0 |  | 322 |
| Discounting expense |  |  |  |  | 31 |  |  |
| **Total** | **(830)** | **(3)** | **(833)** | **65** | **(14)** | **(782)** | **332** |
| **2020** |  |  |  |  |  |  |  |
| Financial assets  |  | (1) | (1) | (151) | 39 |  | 94 |
| Financial liabilities | (1152) |  | (1152) | 623 |  |  |  |
| Lease liabilities |  |  |  |  | (120) |  |  |
| Derivatives | 52 |  | 52 | (576) |  |  | 22 |
| Discounting expense |  |  |  |  | (29) |  |  |
| **Total** | **(1100)** | **(1)** | **(1102)** | **(103)** | **(110)** | **(1314)** | **116** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes interest on debts related to financed assets of (3) million euros in 2022 and (1) million euros in 2021 and 2020.

13.3&nbsp;&nbsp;&nbsp;&nbsp;Net financial debt

The definition of net financial debt excludes the lease liabilities included in the scope of IFRS 16 (see Note 9.2) and includes debt related to financed assets.

Net financial debt is one of the indicators of financial position used by the Group. This aggregate, not defined by IFRS, may not be comparable to similarly titled indicators used by other companies. It is provided as additional information only and should not be considered a substitute for an analysis of all the Group's assets and liabilities.

Net financial debt as defined and used by Orange does not take into account Mobile Financial Services activities, for which this concept is not relevant.

It consists of (a) financial liabilities excluding operating payables (translated into euros 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.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-93** |

---

[**Table of Contents**](#Toc)

Furthermore, financial instruments designated as cash flow hedges included in net financial debt are set up to hedge items that are not included in net financial debt, such as future cash flows. As a result, the portion relating to these unmatured hedging instruments recorded in other comprehensive income is added to gross financial debt to offset this temporary difference.

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in millions of euros) | Note | **December 31,**  | **December 31,**  | **December 31,**  |
|  |  | **2022** | **2021** | **2020** |
| *TDIRA* | 13.4 | 638 | 636 | 636 |
| Bonds | 13.5 | 29943 | 29010 | 29848 |
| Bank loans and from development organizations and multilateral lending institutions | 13.6 | 3309 | 3206 | 3671 |
| Debt relating to financed assets |  | 316 | 245 | 295 |
| Cash collateral received | 14.5 | 1072 | 389 | 31 |
| NEU Commercial Paper <sup>(1)</sup> |  | 1004 | 1457 | 555 |
| Bank overdrafts |  | 250 | 342 | 154 |
| Other financial liabilities |  | 105 | 64 | 70 |
| **Current and non-current financial liabilities (excluding derivatives) included in the calculation of net financial debt** |  | **36638** | **35348** | **35260** |
| Current and non-current Derivatives (liabilities) | 13.8 | 386 | 285 | 804 |
| Current and non-current Derivatives (assets) | 13.8 | (1455) | (689) | (294) |
| Other comprehensive income components related to unmatured hedging instruments | 13.8 | 114 | (192) | (541) |
| **Gross financial debt after derivatives (a)** |  | **35684** | **34751** | **35229** |
| Cash collateral paid <sup>(2)</sup> | 14.5 | (38) | (27) | (642) |
| Investments at fair value <sup>(3)</sup> | 14.3 | (4500) | (2266) | (3206) |
| Cash equivalents | 14.3 | (3178) | (5479) | (5140) |
| Cash |  | (2668) | (2709) | (2751) |
| Other financial assets |  | (2) |  |  |
| **Assets included in the calculation of net financial debt (b)** |  | **(10386)** | **(10481)** | **(11740)** |
| **Net financial debt (a) + (b)** |  | **25298** | **24269** | **23489** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Negotiable European Commercial Paper (formerly called "commercial paper").

&nbsp;&nbsp;&nbsp;&nbsp;(2) Only cash collateral paid, included in non-current financial assets of the consolidated statement of financial position, is deducted from gross financial debt.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Only investments at fair value, included in current financial assets of the consolidated statement of financial position, are deducted from gross financial debt (Note 14.3).

Net financial debt is mainly held by the Group's parent company, Orange SA.

The debt maturity schedules are presented in Note 14.3.

Changes in financial assets or financial liabilities whose cash flows are disclosed in financing activities in the cash flow statement are the following (see Note 1.9):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) | **December 31, 2021** | **Cashflows** | **Other changes with no impacton cash flows** | **Other changes with no impacton cash flows** | **Other changes with no impacton cash flows** | **December 31, 2022** |
|  |  |  | **Changes inthe scope ofconsolidation** | **Foreign exchange movement** | **Other** |  |
| *TDIRA* | 636 |  |  |  | 2 | 638 |
| Bonds | 29010 | 813 |  | 88 | 32<br><sup>(1)</sup>  | 29943 |
| Bank loans and from development organizations and multilateral lending institutions | 3206 | 135 | 6 | (28) | (11) | 3309 |
| Debt relating to financed assets | 245 | (97) |  |  | 168 | 316 |
| Cash collateral received | 389 | 684 |  |  |  | 1072 |
| NEU Commercial Paper | 1457 | (456) |  |  | 3 | 1004 |
| Bank overdrafts | 342 | (39) |  | (46) | (7) | 250 |
| Other financial liabilities | 64 | (1) | 4 | 4 | 35 | 105 |
| **Current and non-current financial liabilities (excluding derivatives) included in the calculation of net financial debt** | **35348** | **1038** | **10** | **18** | **222** | **36638** |
| Net derivatives | (405) | (91) |  | (213) | (360) | (1069) |
| Cash collateral paid | (27) | (12) |  |  |  | (38) |
| **Cash flows from financing activities** |  | **936** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Mainly corresponding to changes in accrued interest not yet due.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-94** |

---

[**Table of Contents**](#Toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) | **December 31,**  | **Cash** | **Other changes with no impact** | **Other changes with no impact** | **Other changes with no impact** | **December 31,**  |
|  | **2020** | **flows** | **on cash flows** | **on cash flows** | **on cash flows** | **2021** |
|  |  |  | **Changes in** | **Foreign** |  |  |
|  |  |  | **the scope of**  | **exchange** |  |  |
|  |  |  | **consolidation** | **movement** | **Other** |  |
| *TDIRA* | 636 |  |  |  |  | 636 |
| Bonds | 29848 | (1385) |  | 599 | (52)<br><sup>(1)</sup>  | 29010 |
| Bank loans and from development organizations and multilateral lending institutions | 3671 | (496) |  | 27 | 3 | 3206 |
| Debt relating to financed assets | 295 | (80) |  |  | 30 | 245 |
| Cash collateral received | 31 | 358 |  |  |  | 389 |
| NEU Commercial Paper | 555 | 903 |  |  | (1) | 1457 |
| Bank overdrafts | 154 | 173 |  | 15 |  | 342 |
| Other financial liabilities | 70 | (136) | (41) | 3 | 168 | 64 |
| **Current and non-current financial liabilities (excluding derivatives) included in the calculation of net financial debt** | **35260** | **(663)** | **(41)** | **644** | **148** | **35348** |
| Net derivatives | **510** | 201 |  | (457) | (659) | (405) |
| Cash collateral paid | (642) | 615 |  |  |  | (27) |
| **Cash flows from financing activities** |  | **153** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Mainly corresponding to changes in accrued interest not yet due.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) | **December 31,** | **Cash** | **Other changes with no impact** | **Other changes with no impact** | **Other changes with no impact** | **December 31,** |
|  | **2019** | **flows** | **on cash flows** | **on cash flows** | **on cash flows** | **2020** |
|  |  |  | **Changes in** | **Foreign** |  |  |
|  |  |  | **the scope of**  | **exchange** |  |  |
|  |  |  | **consolidation** | **movement** | **Other** |  |
| *TDIRA* | 822 | (185) |  |  | (1) | 636 |
| Bonds | 30893 | (389) |  | (624) | (31)<br><sup>(1)</sup> | 29848 |
| Bank loans and from development organizations and multilateral lending institutions | 4013 | (322) |  | (25) | 5 | 3671 |
| Debt relating to financed assets | 125 | (60) |  |  | 231 | 295 |
| Cash collateral received | 261 | (230) |  |  |  | 31 |
| NEU Commercial Paper | 158 | 397 |  |  |  | 555 |
| Bank overdrafts | 203 | (37) |  | (12) |  | 154 |
| Other financial liabilities | 602 | (484) |  | (2) | (46) | 70 |
| **Current and non-current financial liabilities (excluding derivatives) included in the calculation of net financial debt** | **37076** | **(1311)** | **—** | **(663)** | **157** | **35260** |
| Net derivatives | (138) | 37 |  | 641 | (29) | 510 |
| Cash collateral paid | (123) | (519) |  |  |  | (642) |
| **Cash flows from financing activities** |  | **(1793)** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Mainly corresponding to changes in accrued interests not yet due.

#### Net financial debt by currency
Net financial debt by currency is presented in the table below, after foreign exchange effects of hedging derivatives (excluding instruments set up to hedge operating items).

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (equivalent value in millions of euros at year-end closing rate) | **EUR** | **USD** | **GBP** | **PLN** | **EGP** | **JOD** | **MAD** | **Other** | **Total** |
| Gross financial debt after derivatives | 26013 | 4132 | 2900 | 75 | 186 | 94 | 465 | 1817 | 35683 |
| Financial assets included in the calculation of net financial debt | (8115) | (650) | (102) | (107) | (74) | (87) | (72) | (1179) | (10386) |
| **Net debt by currency before effect of foreign exchange derivatives** <sup>(1)</sup> | **17898** | **3482** | **2798** | **(32)** | **112** | **8** | **393** | **638** | **25298** |
| Effect of foreign exchange derivatives | 6280 | (3630) | (2803) | 887 |  |  |  | (735) |  |
| **Net financial debt by currency after effect of foreign exchange derivatives** | **24178** | **(147)** | **(5)** | **856** | **112** | **8** | **393** | **(96)** | **25298** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Including the market value of derivatives in local currency.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-95** |

---

[**Table of Contents**](#Toc)

#### Accounting policies

#### Cash and cash equivalents
The Group classifies investments as cash equivalents in the statement of financial position and statement of cash flows when they comply with the conditions of IAS 7 (see cash management detailed in Notes 14.3 and 14.5):

– held in order to face short-term cash commitments; and

– short-term and highly liquid assets at the acquisition date, readily convertible into known amount of cash and not exposed to any material risk of change in value.

#### Bonds, bank loans and loans from multilateral lending institutions
Among financial liabilities, only commitments to repurchase non-controlling interests are recognized at fair value through profit or loss.

Borrowings are recognized upon origination at the discounted value of the sums to be paid and subsequently measured at amortized cost using the effective interest method. Transaction costs that are directly attributable to the acquisition or issue of the financial liability are deducted from the liability's carrying value. The costs are subsequently amortized over the life of the liability, using the effective interest rate method.

Some financial liabilities at amortized cost, mainly borrowings, are subject to hedging. This mainly relates to the hedging of payables in foreign currencies against the exposure of their future cash flows to foreign exchange risk (cash flow hedging).

13.4&nbsp;&nbsp;&nbsp;&nbsp;TDIRA

Perpetual bonds redeemable for shares *(titres à durée indéterminée remboursables en actions or "TDIRAs"*) with a par value of 14,100 euros are listed on Euronext Paris. Their issuance was described in a prospectus approved by the Commission des Opérations de Bourse (now the *Autorité des Marchés* Financiers or AMF – French Financial Markets Authority) on February 24, 2003.

At December 31, 2022, taking into account redemptions since their issuance, 44,880 *TDIRAs* remain outstanding with a total par value of 633 million euros.

These TDIRAs are redeemable for new Orange SA shares at any time at the holders' request or, under certain conditions as described in the appropriate prospectus, at Orange SA's initiative based on a ratio of 615.216 shares to one TDIRA (i.e. a conversion price of 22.919 euros). The initial ratio of 300 shares to one TDIRA has been adjusted several times to protect bondholders' rights and may be further adjusted under the terms and conditions set out in the prospectus.

Since January 1, 2010, the interest rate on the *TDIRAs* has been the three-month Euribor +2.5%.

TDIRAs are subject to split accounting with one part treated as equity and another part as a liability. For the securities outstanding at December 31, 2022, the "equity" component before deferred tax stood at 152 million euros.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) |  | **December 31, 2022** |  | **December 31, 2021** |  | **December 31, 2020** |
| **Number of securities** |  | **44880** |  | **44880** |  | **44880** |
| Equity component before deferred taxes |  | 152 |  | 152 |  | 152 |
| Debt component |  | 638 |  | 636 |  | 636 |
| &nbsp;&nbsp;*o/w accrued interests not yet due* |  | *6* |  | *3* |  | *3* |
| Paid interest |  | 16 |  | 13 |  | 14 |

---

#### Accounting policies
Some Group financial instruments include both a financial debt component and an equity component. This relates to perpetual bonds redeemable for shares *(TDIRAs)*. On initial recognition, the debt component is measured at its market value, corresponding to the value of the contractually determined future cash flows discounted at the market rate applied at the date of issue to comparable instruments providing substantially the same conditions, but without the option to convert to or redeem for shares. This debt component is subsequently recognized at amortized cost.

The equity component, originally calculated as the difference between the notional value of the instrument and the fair value of the debt component, remains the same throughout the life of the instrument.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-96** |

---

[**Table of Contents**](#Toc)

13.5&nbsp;&nbsp;&nbsp;&nbsp;Bonds

In 2022, the Group carried out the following bond issues:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Notional currency**<br>| **Initial**<br>**nominal**<br>**amount**<br>**(in millions**<br>**of currency)** | **Maturity**<br>| **Interest rate**<br>**(%)**<br>| **Issuer**<br>| **Type of operations**<br>| **Amounts**<br>**in millions**<br>**of euros**<br>|
| EUR | 500 | May 18, 2032 | 2.375 | Orange SA | Issuance | 500 |
| MAD | 300 | June 3, 2026 | 2.600 | Médi Telecom | Issuance | 28 |
| MAD | 1200 | June 3, 2026 | 1Y BDT + 0.55 | Médi Telecom | Issuance | 112 |
| EUR | 750 | November 16, 2031 | 3.625 | Orange SA | Issuance | 750 |
| **Total of issuances** |  |  |  |  |  | **1390** |
| EUR | 500 | September 16, 2022 | 3.375 | Orange SA | Repayment at maturity | (500) |
| EUR | 750 | September 11, 2023 | 0.750 | Orange SA | Early repayment | (7) |
| MAD | 1090 | December 18, 2025 | 3.970 | Médi Telecom | Regular annual basis repayment | (15) |
| MAD | 720 | December 18, 2025 | 1Y BDT + 1.00<br><sup>(1)</sup> | Médi Telecom | Regular annual basis repayment | (10) |
| MAD | 1002 | December 10, 2026 | 3.400 | Médi Telecom | Regular annual basis repayment | (13) |
| MAD | 788 | December 10, 2026 | 1Y BDT + 0.85<br><sup>(1)</sup> | Médi Telecom | Regular annual basis repayment | (11) |
| MAD | 300 | June 3, 2026 | 2.600 | Médi Telecom | Regular annual basis repayment | (4) |
| MAD | 1200 | June 3, 2026 | 1Y BDT + 0.55<br><sup>(1)</sup> | Médi Telecom | Regular annual basis repayment | (14) |
| **Total of repayments** |  |  |  |  |  | **(572)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The 1Y BDT rate corresponds to the 52 weeks Moroccan treasury notes rate (recalculated once a year).

The unmatured bonds at December 31, 2022, presented below, were all issued by Orange SA, with the exception of three commitments (each with a fixed-rate tranche and a variable-rate tranche) denominated in Moroccan dirhams held by Médi Telecom and one bond in CFA francs issued by Sonatel.

With the exception of the commitments made by Médi Telecom which are redeemable on a regular annual basis, at December 31, 2022, the bonds issued by the Group are redeemable at maturity. No specific guarantee had been given in relation to their issuance. Some bonds may be redeemed in advance at the request of the issuer.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-97** |

---

[**Table of Contents**](#Toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Notional** | **Initial nominal amount** | **Maturity** | **Interest rate (%)** | **Outstanding amount** (in millions of euros) | **Outstanding amount** (in millions of euros) | **Outstanding amount** (in millions of euros) |
| **currency** | (in millions of |  |  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | currency units) |  |  | **2022** | **2021** | **2020** |
| Bonds matured before December 31, 2022 | Bonds matured before December 31, 2022 | Bonds matured before December 31, 2022 |  |  | 500 | 4282 |
| EUR | 500 | March 1, 2023 | 2.500 | 500 | 500 | 500 |
| EUR | 750 | September 11, 2023 | 0.750 | 744 | 750 | 750 |
| HKD | 700 | October 6, 2023 | 3.230 | 84 | 79 | 74 |
| HKD | 410 | December 22, 2023 | 3.550 | 49 | 46 | 43 |
| EUR | 650 | January 9, 2024 | 3.125 | 650 | 650 | 650 |
| EUR | 1250 | July 15, 2024 | 1.125 | 1250 | 1250 | 1250 |
| EUR | 750 | May 12, 2025 | 1.000 | 750 | 750 | 750 |
| EUR | 800 | September 12, 2025 | 1.000 | 800 | 800 | 800 |
| NOK | 500 | September 17, 2025 | 3.350 | 48 | 50 | 48 |
| CHF | 400 | November 24, 2025 | 0.200 | 406 | 387 | 370 |
| GBP | 350 | December 5, 2025 | 5.250 | 296 | 312 | 292 |
| MAD <sup>(1)</sup> | 1090 | December 18, 2025 | 3.970 | 42 | 59 | 72 |
| MAD <sup>(1)</sup> | 720 | December 18, 2025 | 1Y BDT + 1.000 | 28 | 39 | 47 |
| MAD | 300 | June 3, 2026 | 2.600 | 24 |  |  |
| MAD <sup>(1)</sup> | 1200 | June 3, 2026 | 1Y BDT + 0.55 | 94 |  |  |
| EUR <sup>(1)</sup> | 700 | June 29, 2026 | 0.000 | 700 | 700 |  |
| EUR | 750 | September 4, 2026 | 0.000 | 750 | 750 | 750 |
| EUR | 75 | November 30, 2026 | 4.125 | 75 | 75 | 75 |
| MAD <sup>(1)</sup> | 1002 | December 10, 2026 | 3.400 | 51 | 68 | 79 |
| MAD <sup>(1)</sup> | 788 | December 10, 2026 | 1Y BDT + 0.850 | 40 | 54 | 62 |
| EUR | 750 | February 3, 2027 | 0.875 | 750 | 750 | 750 |
| EUR | 750 | July 7, 2027 | 1.250 | 750 | 750 | 750 |
| XOF | 100000 | July 15, 2027 | 6.500 | 152 | 152 | 152 |
| EUR | 500 | September 9, 2027 | 1.500 | 500 | 500 | 500 |
| EUR | 1000 | March 20, 2028 | 1.375 | 1000 | 1000 | 1000 |
| EUR | 50 | April 11, 2028 | 3.220 | 50 | 50 | 50 |
| NOK | 800 | July 24, 2028 | 2.955 | 76 | 80 | 76 |
| GBP | 500 | November 20, 2028 | 8.125 | 564 | 595 | 556 |
| EUR | 1250 | January 15, 2029 | 2.000 | 1250 | 1250 | 1250 |
| EUR | 150 | April 11, 2029 | 3.300 | 150 | 150 | 150 |
| CHF | 100 | June 22, 2029 | 0.625 | 102 | 97 | 93 |
| EUR | 500 | September 16, 2029 | 0.125 | 500 | 500 | 500 |
| EUR | 1000 | January 16, 2030 | 1.375 | 1000 | 1000 | 1000 |
| EUR | 1200 | September 12, 2030 | 1.875 | 1200 | 1200 | 1200 |
| EUR | 105 | September 17, 2030 | 2.600 | 105 | 105 | 105 |
| EUR | 100 | November 6, 2030 | 0.000<br><sup>(2)</sup> | 100 | 100 | 100 |
| USD | 2500 | March 1, 2031 | 9.000<br><sup>(3)</sup> | 2308 | 2173 | 2006 |
| EUR | 300 | May 29, 2031 | 1.342 | 300 | 300 | 300 |
| EUR | 750 | November 16, 2031 | 3.625 | 750 |  |  |
| EUR | 50 | December 5, 2031 | 4.300 (zero coupon) | 79 | 75 | 72 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Bonds issued by Médi Telecom. The 1Y BDT rate corresponds to the 52 weeks Moroccan treasury notes rate (recalculated once a year).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Bond bearing interest at a fixed rate of 2% until 2017 and then at CMS 10 years x 166% fixed annually (0 % until November 2023), floored at 0% and capped at 4% until 2023 and at 5% thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Bond with a step-up clause (clause that triggers a change in the coupon rate if Orange's credit rating from the rating agencies changes – see Note 14.3).

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-98** |

---

[**Table of Contents**](#Toc)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional** | **Initial nominal** | **Maturity** | **Interest rate (%)** |  | **Outstanding amount** (in millions of euros) | **Outstanding amount** (in millions of euros) | **Outstanding amount** (in millions of euros) |
| **currency** | **amount** |  |  |  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | (in millions of |  |  |  | **2022** | **2021** | **2020** |
|  | currency units) |  |  |  |  |  |  |
| EUR | 50 | December 8, 2031 | 4.350 | (zero coupon) | 80 | 77 | 73 |
| EUR | 50 | January 5, 2032 | 4.450 | (zero coupon) | 77 | 74 | 71 |
| GBP | 750 | January 15, 2032 | 3.250 |  | 846 | 893 | 834 |
| EUR | 750 | April 7, 2032 | 1.625 |  | 750 | 750 | 750 |
| EUR | 500 | May 18, 2032 | 2.375 |  | 500 |  |  |
| EUR | 1000 | September 4, 2032 | 0.500 |  | 1000 | 1000 | 1000 |
| EUR | 1500 | January 28, 2033 | 8.125 |  | 1500 | 1500 | 1500 |
| EUR | 55 | September 30, 2033 | 3.750 |  | 55 | 55 | 55 |
| EUR | 1000 | December 16, 2033 | 0.625 |  | 1000 | 1000 |  |
| GBP | 500 | January 23, 2034 | 5.625 |  | 564 | 595 | 556 |
| HKD | 939 | June 12, 2034 | 3.070 |  | 113 | 106 | 99 |
| EUR | 800 | June 29, 2034 | 0.750 |  | 800 | 800 |  |
| EUR | 300 | July 11, 2034 | 1.200 |  | 300 | 300 | 300 |
| EUR | 50 | April 16, 2038 | 3.500 |  | 50 | 50 | 50 |
| USD | 900 | January 13, 2042 | 5.375 |  | 844 | 795 | 733 |
| USD | 850 | February 6, 2044 | 5.500 |  | 797 | 750 | 693 |
| EUR | 750 | September 4, 2049 | 1.375 |  | 750 | 750 | 750 |
| GBP | 500 | November 22, 2050 | 5.375 |  | 564 | 595 | 556 |
| **Outstanding amount of bonds** |  |  |  |  | **29654** | **28737** | **29524** |
| Accrued interest |  |  |  |  | 454 | 445 | 487 |
| Amortized cost |  |  |  |  | (164) | (172) | (163) |
| **Total** |  |  |  |  | **29943** | **29010** | **29848** |

---

13.6&nbsp;&nbsp;&nbsp;&nbsp;Loans from development organizations and multilateral lending institutions

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **2022** | **2021** | **2020** |
| Sonatel | 266 | 244 | 292 |
| Orange Côte d'Ivoire | 253 | 140 | 172 |
| Orange Mali | 201 | 207 | 227 |
| Médi Telecom | 183 | 167 | 220 |
| Orange Egypt | 163 | 137 | 163 |
| Orange Burkina Faso | 36 | 42 | 56 |
| Orange Cameroon | 36 | 78 | 111 |
| Orange Jordanie | 35 | 49 | 61 |
| Orange Bail | 12 | 3 | - |
| Orange Madagascar | 12 | 18 | 19 |
| Orange Polska S.A.  | **10** | **6** | **1** |
| Other | 15 | 15 | 61 |
| **Bank loans** | 1222 | 1105 | 1384 |
| Orange SA<sup>(1)</sup> | 2087 | 2101 | 2288 |
| **Loans from development organizations and multilateral lending institutions**<sup>(2)</sup> | **2087** | **2101** | **2288** |
| **Total** | **3309** | **3206** | **3671** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) In 2021, Orange SA repaid at maturity a loan of 190 million euros. In 2020, Orange SA had repaid at maturity a loan of 400 million euros and negotiated a new loan of 350 million euros, maturing in 2027.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Entirely the European Investment Bank.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-99** |

---

[**Table of Contents**](#Toc)

13.7&nbsp;&nbsp;&nbsp;&nbsp;Financial assets

Financial assets break down as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (in millions of euros) | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2020** |
|  | **Non-current** | **Current** | **Total** | **Total** | **Total** |
| **Financial assets at fair value through other comprehensive income that will not be reclassified to profit or loss** | **419** | **—** | **419** | **431** | **431** |
| Investments securities | 419 |  | 419 | 431 | 431 |
| **Financial assets at fair value through profit or loss** | **243** | **4502** | **4745** | **2496** | **3990** |
| Investments at fair value<sup>(1)</sup> |  | 4500 | 4500 | 2266 | 3206 |
| Investments securities | 206 |  | 206 | 203 | 141 |
| Cash collateral paid <sup>(2)</sup> | 38 |  | 38 | 27 | 642 |
| Other |  | 2 | 2 |  |  |
| **Financial assets at amortized cost** | **342** | **39** | **381** | **363** | **382** |
| Receivables related to investments<sup>(3)</sup> | 77 | 28 | 106 | 105 | 55 |
| Other | 264 | 11 | 275 | 258 | 327 |
| **Total financial assets** | **1004** | **4541** | **5545** | **3290** | **4803** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) NEU Commercial Paper and bonds only (see Note 14.3).

&nbsp;&nbsp;&nbsp;&nbsp;(2) See Note 14.5.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Including a loan of 27 million euros from Orange SA to Orange Bank.

#### Equity securities

#### Equity securities measured at fair value through other comprehensive income that will not be reclassified to profit or loss

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** |
| **Investment securities measured at fair value through other comprehensive income that will not be reclassified to profit or loss - in the opening balance** | **432** | 431 | 277 |
| Acquisitions<sup>(1)</sup> | 98 | 85 | 81 |
| Changes in fair value <sup>(2)</sup> | (108) | 11 | 94 |
| Sales | (7) | (95) | (20) |
| Other movements | 3 |  | (2) |
| **Investment securities measured at fair value through other comprehensive income that will not be reclassified to profit or loss - in the closing balance** | **419** | **432** | **431** |

---

(1)In 2022, includes the effect of Deezer's initial public offering for 77 million euros (see Note 3.2)

(2) Deezer's share price at December 31, 2022 led to a decrease in the fair value of (54) million euros (see Note 3.2).

Equity securities measured at fair value through other comprehensive income that will not be reclassified to profit or loss include numerous shares in companies held by investment funds.

#### Equity securities measured at fair value through profit or loss

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** |
| **Investment securities measured at fair value through profit or loss - in the opening balance** | **203** | 141 | 133 |
| Changes in fair value | 10 | 34 | 8 |
| Other movements | (8) | 27 |  |
| **Investment securities measured at fair value through profit or loss - in the closing balance** | **205** | **203** | **141** |

---

#### Accounting policies
**Financial assets**

**–** Financial assets at fair value through profit or loss (FVR)

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-100** |

---

[**Table of Contents**](#Toc)

Certain equity securities which are not consolidated or equity-accounted and cash investments such as negotiable debt securities, deposits and UCITS (Undertakings for Collective Investment in Transferable Securities), which are compliant with the Group's liquidity risk management policy, may be designated by Orange as recognized at fair value through profit or loss. These assets are recognized at fair value at initial recognition and subsequently. All changes in fair value are recorded in net financial costs, net.

**–** Financial assets at fair value through other comprehensive income that will not be reclassified to profit or loss (FVOCI)

Equity securities which are not consolidated or equity-accounted are, subject to exceptions, recognized as assets at fair value through other comprehensive income that will not be reclassified to profit or loss. They are recognized at fair value at initial recognition and subsequently. Temporary changes in value and gains (losses) on disposals are recorded as other comprehensive income that will not be reclassified to profit or loss.

**–** Financial assets at amortized cost (AC)

This category mainly includes miscellaneous loans and receivables. These instruments are recognized at fair value at initial recognition and are subsequently measured at amortized cost using the effective interest method. If there is any objective evidence of impairment of these assets, the value of the asset is reviewed at the end of each reporting period. An impairment loss is recognized in the income statement when impairment tests demonstrate that the financial asset's carrying value is higher than its recoverable amount. For these financial assets, the provisioning system also covers expected losses according to IFRS 9.

13.8&nbsp;&nbsp;&nbsp;&nbsp;Derivatives

13.8.1 Market value of derivatives

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **December 31, 2022** | **December 31, 2021** | **December 31, 2020** |
| **Hedging derivatives** | **893** | **484** | **(311)** |
| Cash flow hedge derivatives | 893 | 484 | (311) |
| Fair value hedge derivatives |  |  |  |
| **Derivatives held for trading** <sup>(1)</sup> | **176** | **(79)** | **(199)** |
| **Net derivatives**<sup>(2)</sup> | **1069** | **405** | **(510)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Mainly related to the effect of the economic hedges of subsidiaries for 140 million euros in 2022, 90 million euros in 2021 and the foreign exchange effects of the economic hedges against the revaluation of subordinated notes denominated in pounds sterling (equity instruments recognized at their historical value (see Note 15.4) for (70) million euro in 2022, (165) million euros in 2021 and (210) million euro in 2020.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Of which foreign exchange effects of the cross-currency swaps (classified as hedging or trading) hedging foreign exchange risk on the notional amount of gross debt for 694 million euros in 2022, 657 million euros in 2021 and 251 million euros in 2020. The foreign exchange effect of the cross-currency swaps is the difference between the notional converted at the closing rate and the notional converted at the opening rate (or at the trading day spot rate in the case of a new instrument).

The risks hedged by these derivatives are described in Note 14. These derivatives are associated with cash-collateral agreements, the effects of which are described in Note 14.5.

Derivatives are measured at fair value in the statement of financial position and presented according to their maturity date, regardless of whether they qualify for hedge accounting under IFRS 9 (hedging instruments versus trading derivatives).

Derivatives are classified as a separate line item in the statement of financial position.

Trading derivatives are economic hedge derivatives not classified as hedges for accounting purposes. Changes in the value of these instruments are recognized directly in profit or loss.

Hedge accounting is applicable when:

**–** at the inception of the hedge, there is a formal designation and documentation of the hedging relationship;

**–** the effectiveness of the hedge is demonstrated at inception and it is expected to continue in subsequent periods: i.e. at inception and throughout its duration, the company expects changes in the fair value of the hedged item to be almost fully offset by changes in the fair value of the hedging instrument.

There are three types of hedge accounting:

**–** a fair value hedge is a hedge of the exposure to changes in the fair value of a recognized asset or liability (or an identified portion of the asset or liability) that are attributable to a particular interest rate and/or currency risk and which could affect profit or loss. The hedged portion of these items is remeasured at fair value in the statement of financial position. Changes in this fair value are recognized in the income statement and offset by symmetrical changes in the fair value of financial hedging instruments to the extent of the hedge effectiveness.

**–** a cash flow hedge is a hedge of exposure to changes in cash flows attributable to a particular interest rate and/or currency risk associated with a recognized asset or liability or a transaction believed to be highly probable (such as a future purchase or sale) which could affect profit or loss. As the hedged item is not recognized in the statement of financial position, the effective portion of the change in the fair value of the hedging instrument is recognized in other comprehensive income. It is reclassified in profit or loss when the hedged item (financial asset or liability) affects the profit or loss or in the initial cost of the hedged item when it relates to the hedge of a non-financial asset acquisition cost.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-101** |

---

[**Table of Contents**](#Toc)

**–** a net investment hedge is a hedge of exposure to changes in value attributable to the foreign exchange risk of a net investment in a foreign operation, which could affect profit or loss on the disposal of the foreign operation. The effective portion of the net investment hedge is recorded in other comprehensive income. It is reclassified in profit or loss on disposal of the net investment.

For transactions qualified as fair value hedges and for economic hedges, the foreign exchange impact of changes in the fair value of derivatives is booked in operating income when the underlying hedged item is a commercial transaction and in finance costs, net when the underlying hedged item is a financial asset or liability.

Hedge accounting can be terminated when the hedged item is no longer recognized, i.e. when the Group revokes the designation of the hedging relationship or when the hedging instrument is terminated or exercised. The accounting consequences are as follows:

**–** fair value hedge: at the hedge accounting termination date, the adjustment of the fair value of the liability is amortized using an effective interest rate recalculated at this date . Should the item hedged disappear, the change in fair value is recognized in the income statement;

**–** cash flow hedge: amounts recorded in other comprehensive income are immediately reclassified in profit or loss when the hedged item is no longer recognized. In all other cases, amounts are reclassified in profit or loss, on a straight-line basis, throughout the remaining life of the original hedging relationship.

In both cases, subsequent changes in the value of the hedging instrument are recorded in profit or loss.

Concerning the effects of the foreign currency basis spread of cross-currency swaps designated as cash flow hedges, the Group has chosen to designate these as hedging costs. This option enables recognition of these effects in other comprehensive income and amortization of the cost of the basis spread in profit or loss over the period of the hedge.

13.8.2 Cash flow hedges

The main purpose of the Group's cash flow hedges is to neutralize foreign exchange risk on future cash flows (notional, coupons) or to switch floating-rate debt to fixed-rate debt.

The ineffective portion of cash flow hedges recognized in the income statement was not significant during the periods presented. The main hedges unmatured at December 31, 2022, as well as their effects on the financial statements, are detailed in the table below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (in millions of euros) | **Hedged risk** | **Hedged risk** | **Hedged risk** | **Hedged risk** | **Hedged risk** |
|  | **Total** | **Exchange and interest rate risk** | **Exchange risk** | **Interest rate risk** | **Commodity risk** |
| **Hedging instruments** | **893** | **Cross Currency Swap** | **Forward** | **Interest rate swap** | **Commodity swap** |
|  |  |  | **FX swap** | **Option** | **Option** |
|  |  |  | **Option** |  |  |
| Carrying amount - asset | 1065 | 1002 | 3 |  | 74 |
| Carrying amount – liability | (172) | (156) | (11) | (5) |  |
| **Change in cash flow hedge reserve** | **288** | **225** | **(6)** | **9** | **60** |
| Gain (loss) recognized in other comprehensive income  | 304 | 244 | (8) | 9 | 59 |
| Reclassification in financial result  | (19) | (19) |  |  |  |
| Reclassification in operating income  | (1) |  | (1) |  |  |
| Reclassification in initial carrying amount of hedged item  | 4 |  | 4 |  |  |
| **Cash flow hedge reserve** | **497** | **457** | **(4)** | **(5)** | **49** |
| o/w related to unmatured hedging instruments | 114 | 74 | (4) | (5) | 49 |
| o/w related to discontinued hedges | 383 | 383 |  |  |  |
| **Hedged item** |  | **Bonds and credit lines** | **Purchases of handsets and equipment** | **Bonds and Lease liabilities** | **Purchase of energy** |
| Balance sheet item |  | Current and non-current financial liabilities | Property, plant and equipment | Lease and Financial Liabilities - current and non-current | Operating result |

---

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-102** |

---

[**Table of Contents**](#Toc)

The main hedges unmatured at December 31, 2021, as well as their effects on the financial statements, are detailed in the table below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in millions of euros) | **Hedged risk** | **Hedged risk** | **Hedged risk** | **Hedged risk** |
|  | **Total** | **Exchange and interest**  |  |  |
|  |  | **rate risk** | **Exchange risk** | **Interest rate risk** |
| **Hedging instruments** | **484** | **Cross Currency Swap** | **Forward**  | **Interest rate swap** |
|  |  |  | **FX swap** | **Option** |
|  |  |  | **Option** |  |
| Carrying amount - asset | 576 | 575 | 1 |  |
| Carrying amount - liability | (91) | (76) |  | (14) |
| **Change in cash flow hedge reserve** | **317** | **311** | **(2)** | **9** |
| Gain (loss) recognized in other comprehensive income | 358 | 347 | 3 | 9 |
| Reclassification in financial result | (38) | (36) | (2) |  |
| Reclassification in operating income |  |  |  |  |
| Reclassification in initial carrying amount of hedged item | (3) |  | (3) |  |
| **Cash flow hedge reserve** | **210** | **220** | **(9)** | **(2)** |
| o/w related to unmatured hedging instruments | (192) | (181) | (9) | (2) |
| o/w related to discontinued hedges | 402 | 402 |  |  |
| **Hedged item** |  | **Bonds and credit lines** | **Purchases of handsets**  | **Bonds and Lease** |
|  |  |  | **and equipment** | **liabilities** |
|  |  | Current and non-current | Property, plant and | Lease and Financial Liabilities -  |
| Balance sheet item |  | financial liabilities | equipment | current and non-current |

---

The main hedges unmatured at December 31, 2020, as well as their effects on the financial statements, are detailed in the table below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in millions of euros) | **Hedged risk** | **Hedged risk** | **Hedged risk** | **Hedged risk** |
|  | **Total** | **Exchange and interest**  | **Exchange risk** | **Interest rate risk** |
|  |  | **rate risk** |  |  |
| **Hedging instruments** | **(311)** | **Cross Currency Swap** | **Forward**  | **Interest rate swap** |
|  |  |  | **FX swap** |  |
|  |  |  | **Option** |  |
| Carrying amount - asset | 223 | 216 | 6 | 1 |
| Carrying amount - liability | (534) | (502) | (1) | (31) |
| **Change in cash flow hedge reserve** | **22** | **6** | **5** | **11** |
| Gain (loss) recognized in other comprehensive income | 3 | (16) | 8 | 11 |
| Reclassification in financial result | 21 | 22 | (1) |  |
| Reclassification in operating income | 1 |  | 1 |  |
| Reclassification in initial carrying amount of hedged item | (3) |  | (3) |  |
| **Cash flow hedge reserve** | **(100)** | **(91)** | **2** | **(11)** |
| o/w related to unmatured hedging instruments | (541) | (532) | 2 | (11) |
| o/w related to discontinued hedges | 440 | 440 |  |  |
| **Hedged item** |  | **Bonds and credit** | **Purchases of handsets**  | **Bonds and Finance** |
|  |  | **lines** | **and equipment** | **Lease** |
|  |  | Current and non-current | Property, plant and | Current and non-current |
| Balance sheet item |  | financial liabilities | equipment | financial liabilities |

---

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-103** |

---

[**Table of Contents**](#Toc)

The nominal amounts of the main cash flow hedges as of December 31, 2022 are presented below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Notional amounts of hedging instruments per maturity** | **Notional amounts of hedging instruments per maturity** | **Notional amounts of hedging instruments per maturity** | **Notional amounts of hedging instruments per maturity** | **Notional amounts of hedging instruments per maturity** |
|  | (in millions of hedged currency units) | (in millions of hedged currency units) | (in millions of hedged currency units) | (in millions of hedged currency units) | (in millions of hedged currency units) |
|  | **2023** | **2024** | **2025** | **2026** | **2027** |
|  |  |  |  |  | **and** |
|  |  |  |  |  | **beyond** |
| **Orange SA** |  |  |  |  |  |
| **Cross currency swaps** |  |  |  |  |  |
| CHF |  |  | 400 |  | 100<br><sup>(1)</sup> |
| GBP |  |  | 262 |  | 2250<br><sup>(2)</sup> |
| HKD | 1110 |  |  |  | 939<br><sup>(3)</sup> |
| NOK |  |  | 500 |  | 800<br><sup>(4)</sup> |
| USD |  |  |  |  | 4200<br><sup>(5)</sup> |
| **Interest rate swaps** |  |  |  |  |  |
| EUR |  |  |  |  | 100<br><sup>(6)</sup> |
| **FX Forward** |  |  |  |  |  |
| USD | **130** |  |  |  |  |
| **Commodity swap** |  |  |  |  |  |
| PLN | 27.3 | 60.7 | 62.4 | 29.7 | 95.3<br><sup>(7)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) 100 million Swiss francs maturing in 2029.

&nbsp;&nbsp;&nbsp;&nbsp;(2) 500 million pounds sterling maturing in 2028, 750 million pounds sterling maturing in 2032, 500 million pounds sterling maturing in 2034 and 500 million pounds sterling maturing in 2050.

&nbsp;&nbsp;&nbsp;&nbsp;(3) 939 million Hong Kong dollars maturing in 2034.

&nbsp;&nbsp;&nbsp;&nbsp;(4) 800 million Norwegian kroner maturing in 2028.

&nbsp;&nbsp;&nbsp;&nbsp;(5) 2,450 million US dollars maturing in 2031, 900 million US dollars maturing in 2042 and 850 million US dollars maturing in 2044.

&nbsp;&nbsp;&nbsp;&nbsp;(6) 100 million euros maturing in 2030.

&nbsp;&nbsp;&nbsp;&nbsp;(7) In hedging of electricity purchases for 1.8 terawatt-hours (TWh), including 1.1 TWh for 2027 and beyond.

**Note 14&nbsp;&nbsp;&nbsp;&nbsp;Information on market risk and fair value of financial assets and liabilities (telecom activities)**

The Group uses financial position or performance indicators that are not specifically defined by IFRS, such as EBITDAaL (see Note 1.9) and net financial debt (see Note 13.3).

Market risks are monitored by Orange's Treasury and Financing Committee, which reports to the Executive Committee. The Committee is chaired by the Group's Executive Committee member in charge of Finance, Performance and Development and meets on a quarterly basis.

It sets the guidelines for managing the Group's debt, especially in respect of its interest rate, foreign exchange, liquidity and counterparty risk exposure for the coming months, and reviews past management (transactions carried out, financial results).

The armed conflict that began on February 24, 2022 and its consequences on the financial market did not call into question the risk management policy relating to financial instruments. The Group continued to set up and manage hedging instruments in order to limit its exposure to operational and financial foreign exchange and interest rate risks, while maintaining a diversified financing policy.

14.1&nbsp;&nbsp;&nbsp;&nbsp;Interest rate risk management

#### Management of fixed-rate/variable-rate debt
Orange group seeks to manage its fixed-rate/variable-rate exposure in euros in order to minimize interest costs by using firm and conditional interest rate derivatives such as swaps, futures, caps and floors.

The fixed-rate component of gross financial debt, excluding cash collateral received and agreements to buy back non-controlling interests, is estimated at 96% at December 31, 2022, 94% at December 31, 2021 and 89% at December 31, 2020.

#### Sensitivity analysis of the Group's position to changes in interest rates
The sensitivity of the Group's financial assets and liabilities to interest rate risk is only analyzed for the components of net financial debt that are interest-bearing and therefore exposed to interest rate risk.

#### Sensitivity of financial expenses
Based on a constant amount of debt and a constant management policy, a 1% rise in interest rates would increase the annual cost of gross financial debt by 13 million euros, while a decrease of 1% would lower it by 13 million euros.

#### Sensitivity of cash flow hedge reserves
A 1% rise in euro interest rates would improve the market value of derivatives designated as cash flow hedges and increase the associated cash flow hedge reserves by approximately 775 million euros. A 1% decrease in euro interest rates would reduce their market value and decrease the cash flow hedge reserve by approximately 776 million euros.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-104** |

---

[**Table of Contents**](#Toc)

14.2&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange risk management

#### Operational foreign exchange risk
The Group's foreign operations are carried out by entities that operate in their own country and mainly in their own currency. Their operational exposure to foreign exchange risk is therefore limited to certain types of flows: purchases of equipment or network capacity, purchases of devices and equipment sold or leased to customers and purchases from or sales to international carriers.

Whenever possible, the entities of the Orange group have put in place policies to hedge this exposure (see Note 13.8).

#### Financial foreign exchange risk
Financial foreign exchange risk mainly relates to:

**–** dividends paid to the parent company: in general, the Group's policy is to economically hedge this risk from the date of the relevant subsidiary's Shareholders' Meeting;

**–** financing of the subsidiaries: except in special cases, the subsidiaries are required to cover their funding needs in their functional currency;

**–** Group financing: most of the Group's bonds, after derivatives, are denominated in euros. From time to time, Orange SA issues bonds in markets other than euro markets (primarily the US dollar, pound sterling and Swiss franc). If Orange SA does not have assets in these currencies, in most cases, the issues are translated into euros through cross-currency swaps. The debt allocation by currency also depends on the level of interest rates and particularly on the interest rate differential relative to the euro.

Following the repurchase at the end of 2022 of the last subordinated notes denominated in pounds sterling (see Note 15.4), the Group is no longer exposed to the financial exchange risk resulting from these instruments.

The table below shows the main exposures to foreign exchange fluctuations of the net financial debt in foreign currencies of Orange SA and of Orange Polska and Orange Egypt, and also shows the sensitivity of the entity to a 10% change in the foreign exchange rates of the currencies to which it is exposed. Orange SA and Orange Egypt are the entities bearing the main foreign exchange risk, including internal transactions that generate a net foreign exchange gain or loss in the Consolidated Financial Statements.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Exposure in currency units** | **Exposure in currency units** | **Exposure in currency units** | **Exposure in currency units** | **Exposure in currency units** | **Exposure in currency units** | **Sensitivity analysis** | **Sensitivity analysis** |
| (in millions of currency units) | **EUR** | **USD** | **GBP** | **PLN** | **CHF** | **Total**  | **10% gain in**  | **10% loss in**  |
|  |  |  |  |  |  | **translated** | **euro** | **euro** |
| Orange SA |  | 1 | 2 |  | 1 | 3 |  |  |
| Orange Polska | (121) | (6) |  |  |  | (127) | 12 | (14) |
| Orange Egypt |  | (101) |  |  |  | (95) | 9 | (11) |
| **Total (currencies)** | **(121)** | **(106)** | **2** | **—** | **1** | **(218)** |  |  |

---

#### Foreign exchange risk to assets
Due to its international presence, the Orange group's statement of financial position is exposed to foreign exchange fluctuations, as these affect the translation of the assets of subsidiaries and shareholdings denominated in foreign currencies. The currencies concerned are mainly the pound sterling, the zloty, the Egyptian pound, the US dollar, the Jordanian dinar and the Moroccan dirham.

To hedge its largest foreign asset exposures, Orange has issued debt in the relevant currencies.

The amounts presented below take into account Mobile Financial Services activities (mainly in euros).

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Contribution to consolidated net assets** | **Contribution to consolidated net assets** | **Contribution to consolidated net assets** | **Contribution to consolidated net assets** | **Contribution to consolidated net assets** | **Contribution to consolidated net assets** | **Contribution to consolidated net assets** | **Contribution to consolidated net assets** | **Contribution to consolidated net assets** | **Sensitivity analysis** | **Sensitivity analysis** |
|  | **EUR** | **USD** | **GBP** | **PLN** | **EGP** | **JOD** | **MAD** | **Other** | **Total** | **10%** | **10%** |
| (in millions of euros) |  |  |  |  |  |  |  | **currencies** |  | **gain in** | **loss in** |
|  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**euro** | &nbsp;&nbsp;&nbsp;&nbsp;**euro** |
| Net assets excluding net debt (a)<sup>(1)</sup> | 50056 | 224 | 70 | 3388 | 781 | 541 | 925 | 4269 | 60254 | (927) | 1133 |
| Net debt by currency including derivatives (b)<sup>(2)</sup> | (24178) | 147 | 5<br><sup>(3)</sup> | (856) | (112) | (8) | (393) | 96 | (25298) | 102 | (124) |
| **Net assets by currency (a) + (b)** | **25878** | **371** | **74** | **2532**<br><sup>(4)</sup> | **669** | **533** | **533** | **4366** | **34956** | **(825)** | **1009** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Excluding components of net financial debt.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Net financial debt as defined and used by Orange does not take into account Mobile Financial Services activities, for which this concept is not relevant (see Note 13.3).

&nbsp;&nbsp;&nbsp;&nbsp;(3) Of which economic hedge of subordinated notes denominated in pounds sterling for 39 million pounds sterling (i.e. 44 million euros).

&nbsp;&nbsp;&nbsp;&nbsp;(4) Share of net assets attributable to owners of the parent company in zlotys amounts to 1,283 million euros.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-105** |

---

[**Table of Contents**](#Toc)

Due to its international presence, the Orange group income statement is also exposed to risk arising from changes in foreign exchange rates due to the conversion, in the consolidated financial statements, of its foreign subsidiaries' financial statements.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) | **Contribution to consolidated financial income statement** | **Contribution to consolidated financial income statement** | **Contribution to consolidated financial income statement** | **Contribution to consolidated financial income statement** | **Contribution to consolidated financial income statement** | **Contribution to consolidated financial income statement** | **Contribution to consolidated financial income statement** | **Contribution to consolidated financial income statement** | **Contribution to consolidated financial income statement** |  |  |
|  | **EUR** | **USD** | **GBP** | **PLN** | **EGP** | **JOD** | **MAD** | **Other**  | **Total** | **10% gain** | **10% loss** |
|  |  |  |  |  |  |  |  | **currencies** |  | **in euro** | **in euro** |
| Revenue | 31400 | 1134 | 282 | 2630 | 977 | 456 | 672 | 5919 | 43471 | (1097) | 1341 |
| EBITDAaL | 9389 | 183 | 7 | 652 | 360 | 214 | 202 | 1956 | 12963 | (325) | 397 |
| Operating income | 2798 | 192 | (14) | 255 | 178 | 114 | 61 | 1216 | 4801 | (182) | 223 |

---

14.3&nbsp;&nbsp;&nbsp;&nbsp;Liquidity risk management

#### Diversification of sources of funding
Orange has diversified sources of funding:

**–** regular issues in the bond markets;

**–** occasional financing through loans from multilateral or development lending institutions;

**–** issues in the short-term securities markets under the NEU Commercial Paper program (Negotiable European Commercial Paper, formerly called "commercial paper");

**–** On November 23, 2022, Orange signed with 27 international banks a 6 billion multi-currency revolving credit facility indexed on environmental and social indicators, to refinance its syndicated credit facility maturing in December 2023. This sustainable refinancing illustrates the Group's environmental, social and governance (ESG) commitments, with an indexation of the margin to the achievement of objectives relating to CO2 emissions (scopes 1 & 2, scope 3), in line with Orange's goal of being Net Zero Carbon by 2040, and to gender diversity within its workforce. This new facility, initially maturing in November 2027, includes two options to extend for one more year each, exercisable by Orange and subject to the banks' approval.

#### Liquidity of investments
Orange invests its cash surpluses in cash equivalents that meet IAS 7 cash equivalent criteria or at fair value investments (negotiable debt securities, bonds with a maturity of no more than two years, UCITS and term deposits). These investments prioritize minimizing the risk of capital loss over performance.

**Cash, cash equivalents and fair value investments are held mainly in France and other European Union countries, which are not subject to restrictions on convertibility or exchange controls.**

#### Smoothing debt maturities
The policy followed by Orange is to apportion debt maturities evenly over the years to come.

The following table shows undiscounted future cash flows for each financial liability shown on the statement of financial position. The key assumptions used in this schedule are:

**–** amounts in foreign currencies are translated into euros at the year-end closing rate;

**–** future variable-rate interest is based on the last fixed coupon, unless a better estimate is available;

**–** *TDIRAs* being necessarily redeemable in new shares, no redemption is taken into account in the maturity analysis. In addition, as the interest payable on the bonds is due over an undetermined period (see Note 13.4), only interest payable for the first period is included (including interest payments for other periods would not provide relevant information);

**–** the maturities of revolving credit lines are the contractual maturity dates;

**–** "Other items" (undated and non-cash items) reconcile, for financial liabilities not accounted for at fair value, the future cash flows and the balance in the statement of financial position.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-106** |

---

[**Table of Contents**](#Toc)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) | Note | **December 31,**  | **2023** | **2024** | **2025** | **2026** | **2027** | **2028** | **Other** |
|  |  | **2022** |  |  |  |  |  | **et au-delà** | **items** <sup>(1)</sup> |
| *TDIRA* | 13.4 | 638 | 6 |  |  |  |  |  | 633 |
| Bonds | 13.5 | 29943 | 1941 | 2010 | 2410 | 1595 | 2030 | 20121 | (164) |
| Bank loans and from development organizations and multilateral lending institutions | 13.6 | 3309 | 1365 | 281 | 773 | 424 | 446 | 34 | (15) |
| Debt relating to financed assets | 13.3 | 316 | 85 | 91 | 67 | 48 | 24 |  |  |
| Cash collateral received | 13.3 | 1072 | 1072 |  |  |  |  |  |  |
| NEU commercial papers<sup>(2)</sup> | 13.3 | 1004 | 1001 |  |  |  |  |  | 3 |
| Bank overdrafts | 13.3 | 250 | 250 |  |  |  |  |  |  |
| Other financial liabilities | 13.3 | 105 | 92 | 1 |  |  |  | 11 |  |
| Derivatives (liabilities) | 13.3 | 386 | 93 |  | 30 |  |  | 50 |  |
| Derivatives (assets) | 13.3 | (1455) | (53) | (46) | (69) | (24) | (9) | (773) |  |
| Other Comprehensive Income related to unmatured hedging instruments | 13.3 | 114 |  |  |  |  |  |  |  |
| **Gross financial debt after derivatives** |  | **35684** | **5852** | **2337** | **3212** | **2044** | **2493** | **19443** | **456** |
| Trade payables |  | 11552 | 10071 | 217 | 192 | 168 | 408 | 495 |  |
| **Total financial liabilities (including derivatives assets)** |  | **47236** | **15923**<br><sup>(3)</sup> | **2554** | **3404** | **2212** | **2901** | **19938** | **456** |
| Future interests on financial liabilities<sup>(4)</sup> |  |  | 1388 | 1054 | 899 | 741 | 742 | 4439 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Undated items: *TDIRA* notional. Non-cash items: amortized cost on bonds and bank loans, and discounting effect on long term trade payables.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Negotiable European Commercial Paper (formerly called "commercial paper").

&nbsp;&nbsp;&nbsp;&nbsp;(3) Amounts presented for 2022 correspond to notional and accrued interests for 470 million euros.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Mainly future interests on bonds for 8,844 million euros, on bank loans for 110 million euros and on derivatives instruments for (1,529) million euros.

The liquidity position is one of the indicators of financial position used by the Group. This aggregate, not defined by IFRS, may not be comparable to similarly titled indicators used by other groups.

At December 31, 2022, the liquidity position of Orange's telecom activities amounts to 16,741 million euros and exceeds the repayment obligations of its gross financial debt in 2023. It breaks down as follows:

**Liquidity position**

(in millions of euros)

![Graphic](oran-20211231x20f015.jpg)

At December 31, 2022, the Orange group's telecom activities had access to credit facilities in the form of bilateral credit lines and syndicated credit lines. Most of these lines bear interest at variable rates. The available undrawn amount of the credit facilities is 6,394 million euros (including 6,000 million euros for Orange SA).

Cash equivalents amount to 3,178 million euros, mainly at Orange SA, comprising 2,632 million euros of UCITS and 150 million euros of term deposits.

Investments at fair value amounted to 4,500 million euros, exclusively at Orange SA, with 4,128 million euros of NEU Commercial Paper and 357 million euros of bonds.

Any specific contingent commitments in terms of financial ratios are presented in Note 14.4.

Due to its cash level and other immediately disposable investments, the Group is not dependent on the sale of receivables organized in certain countries (see Note 4.3).

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-107** |

---

[**Table of Contents**](#Toc)

#### Change in Orange's credit rating
Orange's credit rating is an additional overall performance indicator used to assess the Group's financial policy and risk management policy and, in particular, its solvency and liquidity risk. It is not a substitute for an analysis carried out by investors. Rating agencies regularly review the ratings they award. Any change in the rating could affect the cost of future financing or access to liquidity.

In addition, a change in Orange's credit rating will, for certain outstanding financing, affect the remuneration paid to investors:

**–** one Orange SA bond (see Note 13.5) with an outstanding amount of 2.5 billion dollars maturing in 2031 (equivalent to 2.3 billion euros at December 31, 2022) is subject to a step-up clause in the event that Orange's credit rating changes. This clause was triggered in 2013 and 2014: the coupon due in March 2014 was thus calculated on the basis of an interest rate of 8.75%. And since then, the bond has been bearing interest of 9%;

**–** the margin of the 6 billion euro syndicated credit facility signed on November 23, 2022 is subject to change depending on whether Orange's credit rating is raised or lowered. At December 31, 2022, this credit facility was undrawn.

At December 31, 2022, neither Orange's credit rating nor its outlook has changed compared with December 31, 2021.

---

| | | | |
|:---|:---|:---|:---|
|  | **Standard** | **Moody's** | **Fitch** |
|  | **& Poor's** |  | **Ratings** |
| Long-term debt | BBB+ | Baa1 | BBB+ |
| Outlook | Stable | Stable | Stable |
| Short-term debt | A2 | P2 | F2 |

---

14.4&nbsp;&nbsp;&nbsp;&nbsp;Financial ratios

#### Main commitments with regard to financial ratios
Orange SA does not have any credit line or loan subject to specific covenant with regard to financial ratios.

Certain subsidiaries of Orange SA have pledged to comply with certain financial ratios related to indicators defined in the contracts with the banks. The breach of these ratios constitutes an event of default that can lead to early repayment of the line of credit or loan concerned.

The main commitments are as follows:

**–** Orange Egypt: in respect of bank financing agreements signed in 2018 and 2022, of which the total amount outstanding at December 31, 2022 is 1,750 million Egyptian pounds and 101 million US dollars (i.e. 160 million euros), Orange Egypt is required to comply with a "net senior debt to reported EBITDA" ratio;

**–** Médi Telecom: in respect of its bank financing agreements signed in 2012, 2014 and 2015, of which the total amount outstanding at December 31, 2022 is 2,043 million Moroccan dirhams (i.e. 183 million euros), Médi Telecom is required to comply with ratios relating to its "net financial debt," "net financial debt/EBITDA" and "net equity;"

**–** Orange Côte d'Ivoire: in respect of its bank financing agreements signed in 2016 and 2019, of which the total amount outstanding at December 31, 2022 is 71 billion CFA francs (i.e. 252 million euros), Orange Côte d'Ivoire is required to comply with a "net debt to reported EBITDA" ratio;

**–** Orange Cameroon: in respect of its bank financing agreements signed in 2015 and 2018, of which the total amount outstanding at December 31, 2022 is 23 billion CFA francs (i.e. 35 million euros), Orange Cameroon is required to comply with a "net debt to reported EBITDA" ratio.

These ratios ware complied with at December 31, 2022.

#### Default or material adverse change clauses
Most of Orange's financing agreements, notably including the 6 billion euro syndicated credit facility set up on November 23, 2022, as well as bonds, are not subject to early redemption obligations in the event of a material adverse change or cross default provisions. Most of these agreements include cross acceleration provisions, however. Thus, the mere occurrence of events of default in other financing agreements would not automatically trigger accelerated repayment under the aforementioned agreements.

14.5&nbsp;&nbsp;&nbsp;&nbsp;Credit risk and counterparty risk management

The Group could be exposed to a concentration of counterparty risk in respect of its trade receivables, cash and cash equivalents, investments and derivatives.

Orange considers that it has limited concentration in counterparty risk with respect to trade receivables due to its large and diverse customer base (residential, professional and large business customers) operating in numerous industries and located in many French regions and foreign countries. The maximum value of the counterparty risk on these financial assets is equal to their recognized net carrying value. An analysis of net trade receivables past due is provided in Note 4.3. For loans and other receivables, amounts past due but not provisioned are not material.

Orange SA is exposed to counterparty risk through its investments and derivatives. Therefore, it performs a strict selection of public, financial or industrial institutions in which it invests or with which it enters into derivative agreements. This selection takes particular note of the institutions' credit ratings. Therefore:

**–** for each non-banking counterparty selected for investments, limits are set, based on the ratings and maturities of the investments;

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-108** |

---

[**Table of Contents**](#Toc)

**–** for each bank counterparty selected for investments and for derivatives, limits are based on equity, rating, CDS (credit default swaps, an accurate indicator of potential default risk) as well as on periodic analyses carried out by the Treasury Department;

**–** theoretical limits and consumption limits are monitored and reported on a daily basis to the Group treasurer and the head of the trading room. These limits are adjusted regularly depending on credit events.

For derivatives, master agreements relating to financial instruments (French Banking Federation) are signed with all counterparties and provide for the netting of payables and receivables, in case of failure of one of the parties, as well as the calculation of a final balance to be received or paid. These agreements include a CSA (Credit Support Annex) cash collateral clause that can lead to either a deposit (collateral paid) or collection (collateral received), on a daily basis. These payment amounts correspond to the change in the market value of all derivatives.

As a rule, investments are negotiated with high-grade banks. Exceptionally, subsidiaries occasionally deal with counterparties with the highest ratings available locally.

#### Effect of mechanisms to offset exposure to credit risk and counterparty risk of derivatives

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **2022** | **2021** | **2020** |
| **Collateralised Derivatives (net) (a)** | **1014** | **408** | **(520)** |
| Fair value of collateralised derivatives assets | 1374 | 690 | 283 |
| Fair value of collateralised derivatives liabilities | (360) | (282) | (803) |
| **Amount of cash collateral paid/(received) (b)** | **(1034)** | **(362)** | **611** |
| Amount of cash collateral paid | 38 | 27 | 642 |
| Amount of cash collateral received | (1072) | (389) | (31) |
| **Residual exposure to counterparty risk (a) + (b)** <sup>(1)</sup> | **(20)** | **46** | **91** |
| **Non collateralised Derivatives (net)** | **55** | **(3)** | **10** |
| Fair value of non collateralised derivatives assets | 81 |  | 11 |
| Fair value of non collateralised derivatives liabilities | (26) | (3) | (1) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The residual exposure to counterparty risk is mainly due to a time difference between the valuation of derivatives at the closing date and the date on which the cash collateral exchanges were made.

The change in net cash collateral received between 2021 and 2022 mainly reflects the appreciation of the US dollar and the depreciation of the pound sterling against the euro.

#### Sensitivity analysis of cash collateral to changes in market interest rates and exchange rates
A change in market rates (mainly euros) of +/-1% would affect the fair value of derivatives hedging interest rate risk as follows:

---

| | | |
|:---|:---|:---|
| (in millions of euros) | Rate decrease of 1% | Rate increase of 1% |
| Change of fair value of derivatives | (821) | 820 |
|  | Rate decrease of 1% | Rate increase of 1% |
| Amount of cash collateral paid (received) | 821 | (820) |

---

A 10% increase or decrease in the euro exchange rate would affect the fair value of derivatives hedging foreign exchange risk as follows:

---

| | | |
|:---|:---|:---|
| (in millions of euros) | 10% loss in euro | 10% gain in euro |
| Change of fair value of derivatives  | 1302 | (1065) |
|  | 10% loss in euro | 10% gain in euro |
| Amount of cash collateral received (paid) | (1302) | 1065 |

---

**14.6** **Commodity risk management (energy contracts)**

The majority of the Group's electricity needs are met through fixed-price or indexed forward purchase contracts, depending on the situation. In accordance with IFRS 9, contracts entered into on non-financial assets (electricity) to meet the normal business needs of the company and used solely for its business, rather than for speculation or arbitrage on energy price fluctuations, are not considered derivatives. The Group's commitments under those contracts are presented as off-balance sheet commitments in Note 16.1.

To meet its commitments in terms of Net Zero Carbon by 2040, the Group enters into Power Purchase Agreements for electricity generated by renewable sources. These contracts may be physical (with physical delivery of electricity and therefore not leading to the recognition of derivative instruments), or virtual.. Energy supply is achieved through a portfolio of contracts mixing PPA, Solar/Energy As A Service, power purchase contracts with different terms (market), and supply contracts (aggregation and distribution).

The Group is considering Virtual Power Purchase Agreements (VPSAs). These contracts result in the recognition of derivatives at fair value through profit or loss since there is no physical delivery of electricity. At December 31, 2022, the Group only has one Virtual Power Purchase Agreement in Poland. This contract is the subject of a cash flow hedge, the ineffective portion of which has a direct impact on the income statement. Fluctuations in the fair value of the effective portion of the hedge are recognized in other comprehensive income (see Note 13.8.2).

14.7&nbsp;&nbsp;&nbsp;&nbsp;Equity market risk

Orange SA has no call options on its own shares and no commitments for forward purchases of shares. At December 31, 2022, it held 1,965,171 treasury shares. Orange SA owns subsidiaries listed on equity markets whose share value may be affected by general trends in these markets. In particular, the market value of these listed subsidiaries' shares is one of the measurement variables used in impairment testing.

The UCITS in which Orange invests for cash management purposes do not hold equities.

The Orange group is also exposed to equity risk through some of its retirement plan assets (see Note 6.2).

At December 31, 2022, the Group is not materially exposed to market risk on the shares of listed companies.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-109** |

---

[**Table of Contents**](#Toc)

14.8&nbsp;&nbsp;&nbsp;&nbsp;Capital management

Orange SA and its non-financial subsidiaries are not subject to regulatory requirements related to equity (other than the usual standards applicable to any commercial company).

Its financial subsidiaries (like electronic money institutions) are subject to regulatory equity requirements specific to their sector and jurisdiction.

Like any company, Orange manages its financial resources (both equity and net financial debt) as part of a balanced financial policy, aiming to ensure flexible access to capital markets, including for the purpose of selectively investing in development projects, and to provide a return to shareholders.

In terms of net financial debt (see Note 13.3), this policy translates into liquidity management as described in Note 14.3 and a specific attention to credit ratings assigned by rating agencies.

This policy is also reflected, in some markets, by the presence of minority shareholders in the capital of subsidiaries controlled by Orange. This serves to limit the Group's debt while providing a benefit from the presence of local shareholders.

14.9&nbsp;&nbsp;&nbsp;&nbsp;Fair value of financial assets and liabilities

The market value of the net financial debt carried by Orange is estimated at 23.8 billion euros at December 31, 2022, for a carrying value of 25.3 billion euros.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) |  |  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
|  | Note | **Classification** | **Book** | **Estimated** | **Level 1** | **Level 2** | **Level 3** |
|  |  | **under IFRS 9** <sup>(1)</sup> | **value** | **fair** | **and** |  |  |
|  |  |  |  | **value** | **cash** |  |  |
| **Trade receivables** |  | AC | **6237** | **6237** | **—** | **6237** | **—** |
| **Financial assets** | **13.7** |  | **5545** | **5545** | **65** | **5124** | **355** |
| Equity securities |  | FVOCI | 421 | 421 | 65 |  | 355 |
| Equity securities |  | FVR | 205 | 205 |  | 205 |  |
| Investments at fair value |  | FVR | 4500 | 4500 |  | 4500 |  |
| Cash collateral paid |  | FVR | 38 | 38 |  | 38 |  |
| Financial assets at amortized cost |  | AC | 381 | 381 |  | 381 |  |
| **Cash and Cash equivalents** | **13.3** |  | **5846** | **5846** | **5846** | **—** | **—** |
| Cash |  | AC | 2668 | 2668 | 2668 |  |  |
| Cash equivalents |  | FVR | 3178 | 3178 | 3178 |  |  |
| **Trade payables** |  | AC | **(11551)** | **(11551)** | **—** | **(11551)** | **—** |
| **Financial liabilities** | **13.3** |  | **(36638)** | **(35121)** | **(27681)** | **(7432)** | **(8)** |
| Financial debts |  | AC | (36630) | (35113) | (27681) | (7432) |  |
| Other |  | FVR | (8) | (8) |  |  | (8) |
| **Derivatives (net amount)** <sup>(2)</sup> | **13.8** |  | **1069** | **1069** | **—** | **1069** | **—** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "AC" stands for "amortized cost," "FVR " stands for "fair value through profit or loss," "FVOCI" stands for "fair value through other comprehensive income that will not be reclassified to profit or loss."

&nbsp;&nbsp;&nbsp;&nbsp;(2) The classification for derivatives depends on their hedging qualification.

The table below provides an analysis of the change in level 3 market values for financial assets and liabilities measured at fair value in the statement of financial position.

---

| | | |
|:---|:---|:---|
| (in millions of euros) | **Equity securities** | **Financial** |
|  |  | **liabilities at fair** |
|  |  | **value through** |
|  |  | **profit or loss, excluding** |
|  |  | **derivatives** |
| **Level 3 fair values at December 31, 2021** | **377** | **(9)** |
| Gains (losses) taken to profit or loss | (36) | 1 |
| Gains (losses) taken to other comprehensive income | 19 |  |
| Acquisition (sale) of securities | (7) |  |
| Other | 2 |  |
| **Level 3 fair values at December 31, 2022** | **355** | **(8)** |

---

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-110** |

---

[**Table of Contents**](#Toc)

The market value of the net financial debt carried by Orange is estimated at 31.5 billion euros at December 31, 2021, for a book value of 24.3 billion euros.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) |  |  | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  | Note | **Classification** | **Book** | **Estimated** | **Level 1** | **Level 2** | **Level 3** |
|  |  | **under IFRS 9** | **value** | **fair value** | **and cash** |  |  |
| **Trade receivables** |  | AC | **6040** | **6040** | **—** | **6040** | **—** |
| **Financial assets** | **13.7** |  | **3291** | **3291** | **55** | **2859** | **377** |
| Equity securities  |  | FVOCI | 432 | 432 | 55 |  | 377 |
| Equity securities  |  | FVR | 203 | 203 |  | 203 |  |
| Investments at fair value  |  | FVR | 2266 | 2266 |  | 2266 |  |
| Cash collateral paid |  | FVR | 27 | 27 |  | 27 |  |
| Financial assets at amortized cost |  | AC | 363 | 363 |  | 363 |  |
| **Cash and Cash equivalents** | **13.3** |  | **8188** | **8188** | **8188** | **—** | **—** |
| Cash |  | AC | 2709 | 2709 | 2709 |  |  |
| Cash equivalents |  | FVR | 5479 | 5479 | 5479 |  |  |
| **Trade payables** |  | AC | **(11163)** | **(11163)** |  | **(11163)** | **—** |
| **Financial liabilities** | **13.3** |  | **(35348)** | **(42534)** | **(33058)** | **(9466)** | **(9)** |
| Financial debts |  | AC | (35339) | (42524) | (33058) | (9466) |  |
| Other |  | FVR | (9) | (9) |  |  | (9) |
| **Derivatives (net amount)** | **13.8** |  | **405** | **405** | **—** | **405** | **—** |

---

The market value of the net financial debt carried by Orange was estimated at 30.1 billion euros at December 31, 2020, for a book value of 23.5 billion euros.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **December 31, 2020** | **December 31, 2020** | **December 31, 2020** | **December 31, 2020** | **December 31, 2020** |
| (in millions of euros) | Note | **Classification** | **Book** | **Estimated** | **Level 1** |  |  |
|  |  | **under IFRS 9** | **value** | **fair value** | **and cash** | **Level 2** | **Level 3** |
| **Trade receivables** |  | AC | **5645** | **5645** | **—** | **5645** | **—** |
| **Financial assets** | **13.7** |  | **4803** | **4803** | **185** | **4372** | **247** |
| Equity securities |  | FVOCI | 431 | 431 | 185 |  | 247 |
| Equity securities |  | FVR | 141 | 141 |  | 141 |  |
| Investments at fair value |  | FVR | 3206 | 3206 |  | 3206 |  |
| Cash collateral paid |  | FVR | 642 | 642 |  | 642 |  |
| Financial assets at amortized cost |  | AC | 382 | 382 |  | 382 |  |
| **Cash and Cash equivalents** | **13.3** |  | **7891** | **7891** | **7891** | **—** | **—** |
| Cash |  | AC | 2751 | 2751 | 2751 |  |  |
| Cash equivalents |  | FVR | 5140 | 5140 | 5140 |  |  |
| **Trade payables** |  | AC | **(11051)** | **(11051)** | **—** | **(11051)** | **—** |
| **Financial liabilities** | **13.3** |  | **(35260)** | **(41884)** | **(34708)** | **(7162)** | **(14)** |
| Financial debts |  | AC | (35247) | (41870) | (34708) | (7162) |  |
| Other |  | FVR | (14) | (14) |  |  | (14) |
| **Derivatives (net amount)** | **13.8** |  | **(510)** | **(510)** | **—** | **(510)** | **—** |

---

#### Accounting policies
The fair values of financial assets and liabilities in the statement of financial position have been classified based on three hierarchy levels:

**–** level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;

**–** level 2: inputs that are observable for the asset or liability, either directly or indirectly;

**–** level 3: unobservable inputs for the asset or liability.

The fair value of the **financial assets at fair value through other comprehensive income** ("FVOCI" and "FVOCIR") is the quoted price at year-end for listed securities and, for non-listed securities, uses a valuation technique determined according to the most appropriate financial criteria in each case (comparable transactions, multiples for comparable companies, shareholders' agreement, discounted future cash flows).

For **financial assets at amortized cost ("AC"),** the Group considers that the carrying value of cash, trade receivables and various deposits provides a reasonable approximation of fair value, due to the high liquidity of these items.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-111** |

---

[**Table of Contents**](#Toc)

Among **financial assets at fair value through profit or loss** ("FVR"), with respect to very short-term investments such as deposits, deposit certificates, commercial paper or negotiable debt securities, the Group considers that the par value of the investment and any related accrued interest represent a reasonable approximation of fair value.

The fair value of UCITS is the latest net asset value.

The fair value of equity securities is the quoted price at year-end for listed securities and, for non-listed securities, uses a valuation technique determined according to the most appropriate financial criteria in each case (comparable transactions, multiples for comparable companies, shareholders' agreement, discounted future cash flows).

For **financial liabilities at amortized cost** ("AC") the fair value of financial liabilities is determined using:

**–** the quoted price for listed instruments (a detailed analysis is performed in the case of a material decrease in liquidity to evidence whether the observed price corresponds to the fair value; otherwise the quoted price is adjusted);

**–** the present value of estimated future cash flows, discounted using rates observed by the Group at the end of the period for other instruments. The results calculated using the internal valuation model are systematically benchmarked with the values provided by Bloomberg.

The Group considers the carrying value of trade payables and deposits received from customers to be a reasonable approximation of fair value, due to the high liquidity of these items.

The fair value of long-term trade payables is the value of future cash flows discounted at the interest rates observed by the Group at the end of the period.

**Financial liabilities at fair value through profit or loss** ("FVR") mainly concern firm or contingent commitments to purchase non-controlling interests. Their fair value is measured in accordance with the provisions of the contractual agreements. When the commitment is based on a fixed price, a discounted value is retained.

The fair value of **derivatives**, mostly traded over the counter, is determined using the present value of estimated future cash flows, discounted using the interest rates observed by the Group at the end of the period. The results calculated using the internal valuation model are consistently benchmarked with the values provided by bank counterparties and Bloomberg.

When there are no reliable market data which identify the probability of default, the CVA (credit value adjustment) and the DVA (debit value adjustment) are measured based on historical default charts and CDS (credit default swap) trends. Counterparty credit risk and the Group's own specific default risk are also continuously monitored based on the monitoring of debt security credit spreads on the secondary market and other market information. Given the implementation of collateralization, and based on counterparty policies and the management of the indebtedness and liquidity risk described in Note 14, CVA and DVA estimates are not material compared with the measurement of the related financial instruments.

**Note 15&nbsp;&nbsp;&nbsp;&nbsp;Equity**

At December 31, 2022, Orange SA's share capital, based on the number of issued shares at this date, amounted to 10,640,226,396 euros, divided into 2,660,056,599 ordinary shares with a par value of 4 euros each.

At December 31, 2022, the share capital and voting rights of Orange SA broke down as follows:

![Graphic](oran-20211231x20f016.jpg)

15.1&nbsp;&nbsp;&nbsp;&nbsp;Changes in share capital

No new shares were issued during the 2022 fiscal year.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-112** |

---

[**Table of Contents**](#Toc)

15.2&nbsp;&nbsp;&nbsp;&nbsp;Treasury shares

As authorized by the Shareholders' Meeting of May 19, 2022, the Board of Directors instituted a new share buyback program (the 2022 Buyback Program) and canceled the 2021 Buyback Program, with immediate effect. This authorization is granted for a period of 18 months as from the aforementioned Shareholders' Meeting. The 2022 Buyback Program is described in the Orange Universal Registration Document (URD) filed with the French Financial Markets Authority (*Autorité des marchés financiers* – AMF) on March 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| (in number of shares)  | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2020** |
| Free share award plans<sup>(1)</sup> | 1285171 | 2009500 | 1095099 |
| Liquidity contract | 680000 |  | 170000 |
| **Total treasury shares** | **1965171** | **2009500** | **1265099** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) During the fiscal year 2021, Orange bought back and delivered treasury shares to the beneficiaries of the Together 2021 Employee Shareholding Plan. At the same time, Orange repurchased shares mainly under the Long-Term Incentive Plans (LTIP) (see Note 6.3).

Treasury shares are recorded as a deduction from equity, at acquisition cost. Gains and losses arising from the sale of treasury shares are recognized in consolidated reserves, net of tax.

15.3&nbsp;&nbsp;&nbsp;&nbsp;Dividends

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Full Year** | **Approved by** | **Description** | **Dividend** | **Payout date** | **Payment** | **Total** |
|  |  |  | **per share** |  | **method** | (in millions |
|  |  |  | (in euro) |  |  | of euros) |
| 2022 | Board of Directors Meeting on July 27, 2022  | 2022 interim dividend | 0.30 | December 7, 2022 | Cash | 797 |
|  | Shareholders' Meeting on May 19, 2022  | Balance for 2021 | 0.40 | June 9, 2022 | Cash | 1063 |
| **Total dividends paid in 2022** | **Total dividends paid in 2022** | **Total dividends paid in 2022** | **Total dividends paid in 2022** | **Total dividends paid in 2022** | **Total dividends paid in 2022** | **1861** |
| 2021 | Board of Directors Meeting on July 28, 2021  | 2021 interim dividend | 0.30 | December 15, 2021 | Cash | 797 |
|  | Shareholders' Meeting on May 18, 2021  | Balance for 2020 | 0.50 | June 17, 2021 | Cash | 1330 |
| **Total dividends paid in 2021** | **Total dividends paid in 2021** | **Total dividends paid in 2021** | **Total dividends paid in 2021** | **Total dividends paid in 2021** | **Total dividends paid in 2021** | **2127** |
| 2020 | Board of Directors Meeting on October 28, 2020  | 2020 interim dividend | 0.40 | December 9, 2020 | Cash | 1064 |
|  | Shareholders' Meeting on May 19, 2020  | Balance for 2019 | 0.20 | June 4, 2020 | Cash | 532 |
| **Total dividends paid in 2020** | **Total dividends paid in 2020** | **Total dividends paid in 2020** | **Total dividends paid in 2020** | **Total dividends paid in 2020** | **Total dividends paid in 2020** | **1595** |
| 2019 | Board of Directors Meeting on July 24, 2019  | 2019 interim dividend | 0.30 | December 4, 2019 | Cash | 796 |
|  | Shareholders' Meeting on May 21, 2019  | Balance for 2018 | 0.40 | June 6, 2019 | Cash | 1061 |
| **Total dividends paid in 2019** | **Total dividends paid in 2019** | **Total dividends paid in 2019** | **Total dividends paid in 2019** | **Total dividends paid in 2019** | **Total dividends paid in 2019** | **1857** |

---

The amount available to provide a return to shareholders in the form of dividends is calculated on the basis of the total net income and retained earnings, under French GAAP, of the entity Orange SA, the Group's parent company.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-113** |

---

[**Table of Contents**](#Toc)

15.4&nbsp;&nbsp;&nbsp;&nbsp;Subordinated notes

**Nominal value of subordinated notes**

Issues and repurchases of subordinated notes are presented below:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Initial issue date**  | **Initial** | **Initial** | **Initial** | **Rate** | **December**  | **Issue** | **December**  | **Issue** | **December**  | **Residual** |
|  | **nominal** | **nominal** | **currency** |  | **31, 2020** | **Redemp-** | **31, 2021** | **Redemp-** | **31, 2022** | **nominal**  |
|  | **value** | **value** |  |  | (in millions | **tion** | (in millions | **tion** | (in millions  | **value** |
|  | (in millions | (in millions |  |  | of euros) |  | of euros) |  | of euros) | (in millions  |
|  | of currency) | of euros) |  |  |  |  |  |  |  | of currency) |
| 2/7/2014 | 1000 | 1000 | EUR | 4.25% |  |  |  |  |  |  |
| 2/7/2014 | 1000 | 1000 | EUR | 5.25% | 1000 |  | 1000 |  | 1000 | 1000 |
| 2/7/2014 | 650 | 782 | GBP | 5.88% | 514 | (514) |  |  |  |  |
| 10/1/2014 | 1000 | 1000 | EUR | 4.00% | 118 | (118) |  |  |  |  |
| 10/1/2014 | 1250 | 1250 | EUR | 5.00% | 1250 |  | 1250 |  | 1250 | 1250 |
| 10/1/2014 | 600 | 771 | GBP | 5.75% | 721 | (174) | 547 | (547) |  |  |
| 4/15/2019 | 1000 | 1000 | EUR | 2.38% | 1000 |  | 1000 |  | 1000 | 1000 |
| 9/19/2019 | 500 | 500 | EUR | 1.75% | 500 |  | 500 |  | 500 | 500 |
| 10/15/2020 | 700 | 700 | EUR | 1.75% | 700 |  | 700 |  | 700 | 700 |
| 5/11/2021 | 500 | 500 | EUR | 1.38%  |  | 500 | 500 |  | 500 | 500 |
| **Issues and purchases of subordinated notes** | **Issues and purchases of subordinated notes** | **Issues and purchases of subordinated notes** | **Issues and purchases of subordinated notes** | **Issues and purchases of subordinated notes** | **5803** | **(306)** | **5497** | **(547)** | **4950** |  |

---

All notes, listed on Euronext Paris, are deeply subordinated notes (senior compared to ordinary shares) i.e. : the holders will only be remunerated (whether for the nominal, interest or any other amount) after all other creditors, including holders of participating loans and securities, simply subordinated or not, representing a claim on Orange.

At each interest payment date, remuneration may be either paid or deferred, at the option of the issuer. Deferred coupons are capitalized and become due and payable in full under certain circumstances defined contractually and under the control of Orange.

Gains (losses) on disposal, premiums and issuance costs related to issues/repurchases of subordinated notes are presented under "reserves" in equity.

The Group understands that some rating agencies assign an "equity" component from 0 to 50% to capital instruments.

**Issues of subordinated notes**

**–** On February 7, 2014, as part of its EMTN (Euro Medium Term Notes) program, Orange issued the equivalent of 2.8 billion euros of deeply subordinated notes in three tranches. A revision of interest rates based on market conditions is provided for contractually on each call option exercise date.

Orange has a call option on each of these tranches respectively from February 7, 2020, February 7, 2024, and February 7, 2022 and upon the occurrence of certain contractually-defined events.

Step-up clauses provide for coupon adjustments of 0.25% in 2025 and an additional 0.75% in 2040 for the first tranche, 0.25% in 2024 and an additional 0.75% in 2044 for the second tranche, and 0.25% in 2027 and an additional 0.75% in 2042 for the third tranche.

**–** On October 1, 2014, as part of its EMTN program, Orange issued the equivalent of 3 billion euros of deeply subordinated notes in three tranches. A revision of interest rates based on market conditions is provided for contractually on each call option exercise date.

Orange has a call option on each of these tranches respectively from October 1, 2021, October 1, 2026, and April 1, 2023 and upon the occurrence of certain contractually-defined events.

Step-up clauses provide for coupon adjustments of 0.25% in 2026 and an additional 0.75% in 2041 for the first tranche, 0.25% in 2026 and an additional 0.75% in 2046 for the second tranche, and 0.25% in 2028 and an additional 0.75% in 2043 for the third tranche.

Both issuances were the subject of a prospectus approved by the AMF (under visa nos. 14-036 and 14-525).

Under IFRS, these instruments are recognized at their historical value. The tranches denominated in pounds sterling were recognized at the ECB fix rate on the issue date (0.8314 pound sterling for the issue of February 7, 2014 and 0.7782 pound sterling for the issue of October 1, 2014) and will not be remeasured through the life of the note.

On November 21, 2022, Orange launched a redemption offer for the 426 million pounds sterling remaining on the tranche with an initial nominal value of 600 million pounds sterling (i.e. 547 million euros of an initial historical value of 771 million). On November 30, 2022, following this offer, the Group was able to repurchase 387 million pounds sterling of these subordinated notes (historical value of 496 million euros). The nominal amount remaining after this purchase, i.e. 39 million pounds sterling (historical value of 50 million euros), represented less than 10% of the initial nominal amount. In accordance with the agreement, this allowed Orange to announce on December 1, 2022 its intention to exercise its early redemption option on the remaining amount outstanding on January 17, 2023. Accordingly, the remaining amount outstanding of these subordinated notes in pounds sterling was reclassified to short-term financial liabilities at December 31, 2022 (the redemption having taken place on January 17, 2023).

**–** On April 15, 2019, as part of its EMTN program, Orange issued the equivalent of 1 billion euros of deeply subordinated notes. A revision of interest rates based on market conditions is provided for contractually on each call option exercise date.

Orange has a call option on this tranche from April 15, 2025 (first date for the revision of the rates of the tranche in question) and upon the occurrence of certain contractually-defined events.

Step-up clauses provide for a coupon adjustment of 0.25% in 2030 and an additional 0.75% in 2045.

**–** On September 19, 2019, as part of its EMTN program, Orange issued the equivalent of 500 million euros of deeply subordinated notes. A revision of interest rates based on market conditions is provided for contractually on each call option exercise date.

Orange has a call option on this tranche from March 19, 2027 (first date for the revision of the rates of the tranche in question), and upon the occurrence of certain contractually-defined events.

Step-up clauses provide for a coupon adjustment of 0.25% in 2032 and an additional 0.75% in 2047.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-114** |

---

[**Table of Contents**](#Toc)

These issuances were the subject of a prospectus approved by the AMF (respectively, under visa nos. 14-036, 14-525, 19-152 and 19-442).

On December 12, 2019, the Group announced its intention to exercise, on February 7, 2020, in accordance with contractual provisions, its call option concerning the remaining 500 million euros of the tranche with an initial nominal value of 1 billion euros, already partially bought back in April 2019. As a result of Orange's commitment to buy back this last tranche, it was reclassified as a debt instrument and was therefore presented as a short-term financial liability at December 31, 2019. The coupons due relating to this tranche were recognized in other current liabilities for 21 million euros at December 31, 2019 and were paid in 2020.

**–** On October 15, 2020, as part of its EMTN program, Orange issued the equivalent of 700 million euros of deeply subordinated notes. A revision of interest rates based on market conditions is provided for contractually from October 15, 2028.

Orange has a call option on this tranche from July 15, 2028 (first date for the revision of the rates of the tranche in question), and upon the occurrence of certain contractually-defined events.

Step-up clauses provide for a coupon adjustment of 0.25% in 2033 and an additional 0.75% in 2048.

This issuance of subordinated notes was the subject of a prospectus approved by the AMF (visa no. 20-509).

**–** On May 11, 2021, as part of its EMTN program, Orange issued the equivalent of 500 million euros of deeply subordinated notes with a coupon of 1.375% until the first adjustment date. A revision of interest rates based on market conditions is provided for contractually from May 11, 2029. Step-up clauses provide for a coupon adjustment of 0.25% in 2034 and an additional 1.00% in 2049.

Orange has a call option on this tranche from May 11, 2029 (first date for the revision of the rates of the tranche in question) and upon the occurrence of certain contractually defined events.

This issuance of subordinated notes was the subject of a prospectus approved by the AMF on May 7, 2021 (visa no. 21-141).

**Subordinated notes remuneration**

The remuneration of holders is recorded in equity five working days before the annual payment date, unless Orange exercises its right to defer the payment.

The tax impact relating to the remuneration of subordinated notes is recorded through profit or loss in the period.

Since their issuance, Orange has not exercised its right to defer the coupon payments related to subordinated notes.

The remuneration of subordinated notes is as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **2022** | **2022** | **2021** | **2021** | **2020** | **2020** |
|  | **Initial nominal value** | **Initial nominal value** | **Initial** |  |  |  |  |  |  |  |
| **Initial issue date**  | (in millions of currency) | (in millions of euros) | **currency** | **Rate** | (in millions of currency) | (in millions of euros) | (in millions of currency) | (in millions of euros) | (in millions of currency) | (in millions of euros) |
| 2/7/2014 | 1000 | 1000 | EUR | 4.25% |  | **—** |  |  |  |  |
| 2/7/2014 | 1000 | 1000 | EUR | 5.25% | (53) | **(53)** | (53) | (53) | (53) | (53) |
| 2/7/2014 | 650 | 782 | GBP | 5.88% |  | **—** | (32) | (36) | (47) | (55) |
| 10/1/2014 | 1000 | 1000 | EUR | 4.00% |  | **—** | (3) | (3) | (21) | (21) |
| 10/1/2014 | 1250 | 1250 | EUR | 5.00% | (63) | **(63)** | (63) | (63) | (63) | (63) |
| 10/1/2014 | 600 | 771 | GBP | 5.75% | (41) | **(49)** | (33) | (38) | (36) | (39) |
| 4/15/2019 | 1000 | 1000 | EUR | 2.38% | (24) | **(24)** | (24) | (24) | (24) | (24) |
| 9/19/2019 | 500 | 500 | EUR | 1.75% | (9) | **(9)** | (9) | (9) | (4) | (4) |
| 10/15/2020 | 700 | 700 | EUR | 1.75% | (12) | **(12)** | (12) | (12) |  |  |
| 5/11/2021 | 500 | 500 | EUR | 1.38%  | (7) | **(7)** |  |  |  |  |
| **Subordinated notes remuneration classified in equity** | **Subordinated notes remuneration classified in equity** | **Subordinated notes remuneration classified in equity** | **Subordinated notes remuneration classified in equity** | **Subordinated notes remuneration classified in equity** |  | **(215)** |  | **(238)** |  | **(258)** |
| **Coupons on subordinated notes reclassified as short-term borrowings** | **Coupons on subordinated notes reclassified as short-term borrowings** | **Coupons on subordinated notes reclassified as short-term borrowings** | **Coupons on subordinated notes reclassified as short-term borrowings** | **Coupons on subordinated notes reclassified as short-term borrowings** |  | **2** |  | **—** |  | **(21)** |
| **Subordinated notes remuneration paid** | **Subordinated notes remuneration paid** | **Subordinated notes remuneration paid** | **Subordinated notes remuneration paid** | **Subordinated notes remuneration paid** |  | **(213)** |  | **(238)** |  | **(279)** |

---

The tax effects from the conversion of subordinated notes whose par value is denominated in pounds sterling, and from the gains and losses on disposal, premiums and issuance costs on subordinated notes that have been refinanced, are presented under "other movements" in the consolidated statement of changes in shareholders' equity and amounted to (2) million euros in 2022, 29 million euros in 2021 and (2) million euros in 2020.

#### Subordinated notes
The Group issued subordinated notes in several tranches.

These instruments have no maturity and the coupon settlement may be deferred at the option of the issuer. They are booked in equity.

As equity instruments are recognized at historical value, the tranche denominated in foreign currency is never remeasured. Where appropriate, a translation adjustment impact is booked in equity when a call option is exercised.

The remuneration of holders is recorded directly in equity at the time of the decision to pay the coupons.

The tax impact related to the remuneration is accounted for through profit or loss, and that related to the remeasurement of the foreign currency portion is accounted for in equity.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-115** |

---

[**Table of Contents**](#Toc)

#### Equity component of perpetual bonds redeemable for shares (TDIRA s) (see Note 13.4)
The equity component is determined as the difference between the fair value of the instrument taken as a whole and the fair value of the debt component. The equity component thus determined and recognized at inception is not subsequently re-measured and remains in equity, even when the instrument is extinguished.

15.5&nbsp;&nbsp;&nbsp;&nbsp;Translation adjustments

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** |
| Gain (loss) recognized in other comprehensive income during the period  | (370) | 196 | (414) |
| Reclassification to net income for the period | (4) | 4 | 0 |
| **Total translation adjustments** | **(374)** | **200** | **(414)** |

---

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **December 31, 2022** | **December 31, 2021** | **December 31, 2020** |
| Polish zloty | 603 | 645 | 668 |
| Egyptian pound<sup>(1)</sup> | (730) | (444) | (503) |
| Slovak Koruna | 220 | 220 | 220 |
| Leone | (217) | (150) | (143) |
| Other | (134) | (155) | (327) |
| **Total translation adjustments** | **(258)** | **116** | **(85)** |
| o/w share attributable to the owners of the parent company | (455) | (96) | (256) |
| o/w share attributable to non-controlling interests | 198 | 211 | 171 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes the effects of the devaluation of the Egyptian pound in 2022.

#### Accounting policies
The functional currency of foreign operations located outside the euro area is generally the local currency, unless the major cash flows are made with reference to another currency (such as the Orange Romania – euros and in the Democratic Republic of the Congo – American dollars).

The financial statements of foreign operations whose functional currency is neither the euro nor the currency of a hyper-inflationary economy are translated into euros (the Group's presentation currency) as follows:

– assets and liabilities are translated at the year-end rate;

– items in the income statement are translated at the average rate for the period;

– the translation adjustment resulting from the use of these different rates is included in other comprehensive income.

Translation adjustments are reclassified to profit or loss when the entity disposes or partially disposes (loss of control, loss of joint control, loss of significant influence) of its interest in a foreign operation through the sale, liquidation, repayment of capital or discontinuation of all, or part of, that activity. The decrease in the carrying value of a foreign operation, either due to its own losses or because of the recognition of an impairment loss, does not result in a reclassification through profit or loss of the accumulated translation adjustments.

Reclassification of translation adjustments is presented in profit or loss within:

– net income of discontinued operations, when a line of business or major geographical area is disposed of;

– gains (losses) on disposal of fixed assets, investments and activities, when other businesses are disposed of;

– reclassification of cumulative translation adjustment from liquidated entities, in the event of the liquidation or discontinuation of an activity without disposal.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-116** |

---

[**Table of Contents**](#Toc)

15.6&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests

The data presented below concern all entities of the following groups:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) |  | **2022** |  | **2021** |  | **2020** |
| Credit part of net income attributable to non-controlling interests (a) |  | 509 |  | 577 |  | 297 |
| &nbsp;&nbsp;*o/w sub-group Sonatel* |  | *269* |  | *243* |  | *197* |
| &nbsp;&nbsp;*o/w group Orange Polska* |  | *94* |  | *222* |  | *—* |
| &nbsp;&nbsp;*o/w sub-group Orange Côte d'Ivoire* |  | *50* |  | *53* |  | *43* |
| &nbsp;&nbsp;*o/w Médi Telecom* |  | *33* |  | *19* |  | *10* |
| &nbsp;&nbsp;*o/w Jordan Telecom* |  | *29* |  | *16* |  | *11* |
| &nbsp;&nbsp;*o/w group Orange Belgium* |  | *20* |  | *12* |  | *26* |
| Debit part of net income attributable to non-controlling interests (b) |  | (38) |  | (33) |  | (63) |
| &nbsp;&nbsp;*o/w sub-group Romania* |  | (33) |  |  |  |  |
| &nbsp;&nbsp;*o/ w Orange Bank* |  | *—* |  | *(22)* |  | *(51)* |
| &nbsp;&nbsp;*o/ w group Orange Polska* |  | *—* |  | *—* |  | *(3)* |
| **Total part of net income attributable to non-controlling interests (a) + (b)** |  | **471** |  | **545** |  | **233** |
| *Credit part of comprehensive income attributable to non-controlling interests (a)* |  | *524* |  | *612* |  | *256* |
| &nbsp;&nbsp;*o/w sub-group Sonatel* |  | *263* |  | *263* |  | *176* |
| &nbsp;&nbsp;*o/w group Orange Polska* |  | *114* |  | *215* |  | *—* |
| &nbsp;&nbsp;*o/w sub-group Orange Côte d'Ivoire* |  | *52* |  | *55* |  | *39* |
| &nbsp;&nbsp;*o/w Jordan Telecom* |  | *39* |  | *27* |  | *—* |
| &nbsp;&nbsp;*o/w Médi Telecom* |  | *24* |  | *23* |  | *—* |
| &nbsp;&nbsp;*o/w group Orange Belgium* |  | *19* |  | *13* |  | *25* |
| *Debit part of comprehensive income attributable to non-controlling interests (b)* |  | *(37)* |  | *(31)* |  | *(98)* |
| &nbsp;&nbsp;*o/w sub-group Romania* |  | *(31)* |  | *—* |  | *—* |
| &nbsp;&nbsp;*o/ w Orange Bank* |  |  ***—*** |  | *(22)* |  | *(50)* |
| &nbsp;&nbsp;*o/w group Orange Polska* |  | *—* |  | *—* |  | *(35)* |
| &nbsp;&nbsp;*o/ w Jordan Telecom* |  | *—* |  | *—* |  | *(3)* |
| **Total part of comprehensive income attributable to non-controlling interests (a) + (b)** |  | **487** |  | **580** |  | **158** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) |  | **2022** |  | **2021** |  | **2020** |
| **Dividends paid to non-controlling interests**  |  | **328** |  | **218** |  | **225** |
| &nbsp;&nbsp;*o/w sub-group Sonatel* |  | *185* |  | *166* |  | *165* |
| &nbsp;&nbsp;*o/w sub-group Orange Côte d'Ivoire* |  | *51* |  | *29* |  | *9* |
| &nbsp;&nbsp;*o/w Orange Polska* |  | *35* |  | *—* |  | *—* |
| &nbsp;&nbsp;*o/w Médi Telecom* |  | *33* |  | *—* |  | *24* |
| &nbsp;&nbsp;*o/w Jordan Telecom* |  | *18* |  | *11* |  | *9* |
| &nbsp;&nbsp;*o/w group Orange Belgium*  |  | *—* |  | *7* |  | *14* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) |  | **December 31,** |  | **December 31,** |  | **December 31,** |
|  |  | **2022** |  | **2021** |  | **2020** |
| Credit part of equity attributable to non-controlling interests (a) |  | 3183 |  | 3030 |  | 2653 |
| &nbsp;&nbsp;*o/w group Orange Polska* |  | *1250* |  | *1170* |  | *953* |
| &nbsp;&nbsp;*o/w sub-group Sonatel* |  | *907* |  | *826* |  | *755* |
| &nbsp;&nbsp;*o/w sub-group Orange Côte d'Ivoire* |  | *253* |  | *257* |  | *230* |
| &nbsp;&nbsp;*o/w sub-group Romania*<sup>(1)</sup> |  | *217* |  | *267* |  | *—* |
| &nbsp;&nbsp;*o/w Jordan Telecom* |  | *193* |  | *171* |  | *154* |
| &nbsp;&nbsp;*o/w Médi Telecom* |  | *140* |  | *148* |  | *127* |
| &nbsp;&nbsp;*o/w group Orange Belgium* |  | *155* |  | *138* |  | *285* |
| Debit part of equity attributable to non-controlling interests (b) |  | *(11)* |  | *(10)* |  | *(10)* |
| **Total equity attributable to non-controlling interests (a) + (b)** |  | **3172** |  | **3020** |  | **2643** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes the effect of the integration of Telekom Romania Communications from 30 September, 2021.

In 2022, there were no significant changes in the scope of non-controlling interests.

In 2021, the main movements in non-controlling interests related to the purchase of Orange Belgium minority interests, mainly under the public tender offer launched in April 2021, as well as the purchase of the remaining minority interests in Orange Bank and the acquisition of 54% of Telekom Romania Communications by Orange Romania in September 2021 (see Note 3.2).

#### Commitments to purchase non-controlling interests (put options)
When the Group grants firm or contingent commitments to purchase holdings from non-controlling shareholders, the carrying value of the non-controlling interests is reclassified to financial debt.

When the amount of the commitment exceeds the amount of the non-controlling interests, the difference is recorded as a reduction in equity attributable to the owners of the parent company. Financial debt is remeasured at each reporting period end in accordance with the contractual arrangements (at fair value or at present value if fixed price) and, in the absence of any guidance provided by IFRS, with a counterparty in net finance costs.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-117** |

---

[**Table of Contents**](#Toc)

#### Non-controlling interests that are debtors
Total comprehensive income of a subsidiary is attributed to the owners of the parent company and to the non-controlling interests. In accordance with IFRS 10, this can result in the non-controlling interests having a deficit balance.

#### Transactions with shareholders of a controlled entity
Each transaction with minority shareholders of an entity controlled by the Group, when not resulting in a loss of control, is accounted for as an equity transaction with no effect on consolidated comprehensive income.

15.7 Earnings per share

**Net income**

The Group net income used to calculate basic and diluted earnings per share is determined according to the following method:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (in millions of euros) |  | **2022** | **2021** |  | **2020** |
| **Net income - basic** |  | **2146** | **233** |  | **4822** |
| Effect of subordinated notes |  | (200) | (225) |  | (255) |
| **Net income attributable to the owners of the parent company - basic (adjusted)** |  | **1946** | **8** |  | **4567** |
| *Impact of dilutive instruments:* |  |  |  |  |  |
| &nbsp;&nbsp;TDIRA |  | 12 |  |  | 9 |
| **Net income attributable to the owners of the parent company - diluted** |  | **1957** | **8** |  | **4577** |

---

**Number of shares**

The weighted average number of shares used to calculate the basic and diluted earnings per share is presented below:

---

| | | | |
|:---|:---|:---|:---|
| (number of shares) | **2022** | **2021** | **2020** |
| **Weighted average number of ordinary shares outstanding** | **2658328369** | **2656981542** | **2656122534** |
| *Impact of dilutive instruments on number of ordinary shares:* |  |  |  |
| &nbsp;&nbsp;TDIRA | 27269551 |  | 26945386 |
| &nbsp;&nbsp;Free share award plans (LTIP) | 1233198 | 776743 | 720936 |
| **Weighted average number of shares outstanding - diluted** | **2686831119** | **2657758285** | **2683788856** |

---

The average market price of the Orange share is higher than the fair value adopted under the free share award plans for all periods presented (see Note 6.3). The number of shares corresponding to this difference was thus dilutive at the reporting date of the periods presented.

At December 31, 2022 (as at December 31, 2020), the TDIRAs were included in the calculation of diluted net earnings per share since they are dilutive. At December 31, 2021, the TDIRAs were not included in the calculation of diluted net earnings per share (lower consolidated net income in 2021) since they were anti-dilutive.

**Earnings per share**

---

| | | | |
|:---|:---|:---|:---|
| (in euros) | **2022** | **2021** | **2020** |
| **Earning per share - basic** | **0.73** | **0.00** | **1.72** |
| **Earning per share diluted** | **0.73** | **0.00** | **1.71** |

---

#### Accounting policies

#### Earnings per share
The Group discloses both basic earnings per share and diluted earnings per share for continuing operations and discontinued operations:

**–** basic earnings per share are calculated by dividing net income for the year attributable to the shareholders of the Group, after deduction of the remuneration net of the tax to holders of subordinated notes, by the weighted average number of ordinary shares outstanding during the period;

**–** diluted earnings per share are calculated based on the same net income, adjusted for the finance cost of dilutive debt instruments, net of the related tax effect. The number of shares used to calculate diluted earnings per share takes into account the conversion into ordinary shares of potentially dilutive instruments outstanding during the period. These instruments are considered dilutive when they have the effect of reducing earnings per share of continuing operations.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-118** |

---

[**Table of Contents**](#Toc)

When basic earnings per share are negative, diluted earnings per share are identical to basic earnings per share. In the event of a capital increase at a price lower than the market price, and in order to ensure comparability of the reporting periods shown, the weighted average numbers of shares outstanding in current and previous periods are adjusted. Treasury shares owned, which are deducted from the consolidated equity, do not enter into the calculation of earnings per share.

**Note 16&nbsp;&nbsp;&nbsp;&nbsp;Unrecognized contractual commitments (telecom activities)**

Only the contractual commitments and off-balance sheet commitments of the entities controlled by the Group are presented below.

At December 31, 2022, Orange is not aware of having entered into any commitment that may have a material effect on its current or future financial position, other than the commitments mentioned in this note.

16.1&nbsp;&nbsp;&nbsp;&nbsp;Operating activities commitments

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in millions of euros) | **Total** | **Less than** | **From one** | **More than** |
|  |  | **one year** | **to five years** | **five years** |
| **Operating activities commitments** | **12462** | **5097** | **4851** | **2514** |
| Operating leases commitments | 148 | 45 | 76 | 26 |
| Handsets purchase commitments | 2573 | 1820 | 746 | 6 |
| Transmission capacity purchase commitments | 1621 | 236 | 585 | 800 |
| Other goods and services purchase commitments | 5036 | 1785 | 2270 | 981 |
| Investment commitments | 1559 | 858 | 587 | 114 |
| Public Initiative Networks commitments<sup>(1)</sup> | 63 | 13 | 20 | 30 |
| Guarantees granted to third parties in the ordinary course of business | 1462 | 338 | 567 | 556 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Including unrecognized contractual commitments carried by Orange SA in the context of the deployment of the High and Very High Speed network in France. The unrecognized contractual commitments relating to Orange Concessions' group are presented in Note 11.3.

#### Lease commitments
Lease commitments include property leases relating to contracts for which the underlying asset will be available after December°31, 2022 and leases for which the Group applies the exemptions allowed by IFRS 16 (see Note 9).

---

| | | |
|:---|:---|:---|
| (in millions of euros) |  | **Minimum future** |
|  |  | **lease payments** |
| **Property lease commitments** |  | **122** |
| *o/w technical activities* |  | *32* |
| *o/w shops/offices activities* |  | *90* |

---

Maturities are set forth below:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) | **Minimum** | **Less than** | **Between** | **Between** | **Between** | **Between** | **More than** |
|  | **future** | **one year** | **one and**  | **two and**  | **three and** | **four and**  | **five years** |
|  | **lease** |  | **two years** | **three years** | **four years** | **five years**  |  |
|  | **payments** |  |  |  |  |  |  |
| **Property lease commitments** | **122** | 35 | 24 | 16 | 19 | 6 | 22 |

---

Lease commitments correspond to the outstanding minimum future lease payments until the normal date of renewal of the leases or the earliest possible termination date.

Property lease commitments in France represent 31% of all property lease commitments.

**Handsets purchase commitments**

Handsets purchase commitments amounted to 2,573 million euros at December 31, 2022 and correspond mainly to the balance of commitments relating to contracts signed in 2021 and spread over a 3 year period.

#### Transmission capacity purchase commitments
Transmission capacity purchase commitments at December 31, 2022 represented 1,621 million euros. They include an agreement on the use of an FTTH network in Spain for 849 million euros and 364 million euros for the provision of satellite transmission capacity (the maturity of these commitments extends until 2026, depending on the contract).

#### Other purchase commitments goods and services
The Group's other purchase commitments for goods and services mainly relate to network operation and maintenance.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-119** |

---

[**Table of Contents**](#Toc)

At December 31, 2022, these commitments included:

**–** energy purchase commitments for an amount of 1,289 million euros;

**–** commitments relating to co-financed and leased lines for an amount of 652 million euros;

**–** the purchase of broadcasting rights for an amount of 486 million euros;

**–** hosting services for active equipment for mobile sites under a "built-to-suit" agreement for an amount of 466 million euros;

**–** site management service contracts ("TowerCos") signed in Africa: these commitments represent an amount of 321 million euros;

**–** the maintenance of submarine cable for which Orange has joint ownership or user rights, for an amount of 234 million euros;

**–** network maintenance for an amount of 218 million euros;

**–** commitments to partners in the field of sports for an amount of 179 million euros.

#### Investment commitments
At the end of December 2022, investment commitments amounted to 1,559 million euros.

In addition of commitments expressed in monetary terms, the Group has made commitments to national regulatory authorities, such as ensuring a certain coverage of the population by its fixed and mobile networks, particularly in connection with the assignment of licenses and in respect of quality of service. These commitments will require capital expenditure in future years to roll out and enhance the networks. They are not shown in the above statement of commitments related to operating activities if they have not been expressed in monetary terms, which is usually the case. The Group has accordingly agreed to meet the following conditions:

In France:

**-** when Arcep awarded several spectrum blocks in the 700 MHz and 3.5 GHz bands for the territories of Réunion and Mayotte in 2022:

– a network coverage obligation of 7 predefined zones by 2025;

– an obligation to provide two sites by 2024.

**–** the obligations included in the authorization to use 5G spectrum in the 3.4–3.8 GHz band issued to Orange on November 12, 2020 are as follows:

– the roll-out of sites (3,000 sites by the end of 2022, 8,000 sites by the end of 2024 and 10,500 sites by the end of 2025), 25% of which must be located in rural areas or industrial areas outside of very densely populated areas,

– widespread availability of a 5G service at all sites by the end of 2030, an obligation that may be met either with the 3.4-3.8 GHz band or another band;

– the provision of a speed of at least 240 Mbits/s per segment from 75% of sites by the end of 2022, 85% of sites by the end of 2024, 90% of sites by the end of 2025 and 100% of sites by the end of 2030,

– coverage of the main highways by the end of 2025 and major roads by the end of 2027,

– the provision of differentiated services and the activation of the IPv6 (Internet Protocol version 6) network protocol.

In addition, the commitments made by Orange to participate in the first stage of the procedure, which enabled it to obtain 50 MHz at a reserve price, became obligations in the authorization issued:

– from the end of 2023, Orange will have to provide a fixed offer from sites using the 3.5 GHz band and a fixed offer to cover premises that benefit from fixed-access radio network services,

– Orange will have to meet reasonable requests for the provision of services from private sector companies and public sector structures, provide indoor coverage, offer hosting for mobile virtual network operators (MVNOs) and be transparent about network failures and planned roll-outs.

**–** pursuant to the provisions of Article L. 33-13 of the French Postal and Electronic Communications Code regarding coverage in sparsely populated areas:

– Orange proposed to commit to ensuring that, within its FTTH roll-out scope in the AMII (Appel à manifestation d'intérêt – Call for Investment Intentions) area, and unless refused by third parties, 100% of homes and professional premises would have access to FTTH sales offers by the end of 2020 (including a maximum 8% of premises connectable on demand) and that 100% of homes and professional premises would be made connectable by the end of 2022. Subsequent to an opinion from Arcep, these proposals were accepted by the government in July 2018;

– outside of the AMII area, Orange proposed that it make roll-out commitments as part of AMEL (Appel à manifestation d'engagements locaux – Call for Local Commitments) procedures in the Vienne, Haute-Vienne, Deux-Sèvres and Lot-et-Garonne departments;

– lastly, Orange proposed to make commitments outside of the AMII and AMEL areas in the following departments: Orne, Hautes-Pyrénées, Yvelines, Territoire-de-Belfort, Guadeloupe and Martinique.

**–** on January 14, 2018, the Orange group and the other French mobile operators signed an agreement (the "New Deal") to ensure better mobile coverage of the French mainland and particularly rural areas. This agreement includes enhanced coverage obligations, which are included for the 2018–2021 period in our existing licenses in the 900 MHz, 1,800 MHz and 2,100 MHz bands, and for the post-2021 period in the new 900 MHz, 1,800 MHz and 2,100 MHz licenses awarded on November 15, 2018:

– targeted programs for the improvement of coverage, with the coverage of 5,000 areas per operator by 2029;

– the widespread roll-out of 4G by the end of 2020 on almost all existing mobile sites;

– acceleration of the coverage of transportation routes, ensuring that the main roads and railways have 4G coverage;

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-120** |

---

[**Table of Contents**](#Toc)

– the supply of a fixed 4G service and the extension of the service to 500 additional sites upon request from the government by 2020;

– the widespread provision of telephone coverage indoors, proposing voice over Wi-Fi, SMS over Wi-Fi offers and on-demand offers involving the indoor coverage of buildings;

– improved reception quality across France, particularly in rural areas, with good coverage (according to Arcep Decision No. 2016-1678 relating to publications providing information on mobile coverage) by 2024–2027.

**–** in 2015, in France, when the spectrum in the 700 MHz band was allocated:

– coverage obligations in "priority roll-out areas" (40% of the country within 5 years, 92% within 12 years and 97.7% within 15 years) and in "white areas" not yet covered by a broadband network (100% within 12 years), at the level of priority main roads (100% within 15 years) and at the level of the national rail network (60% within 7 years, 80% within 12 years and 90% within 15 years).

**–** in 2011, in France, when the spectrum in the 2.6 GHz and 800 MHz bands was allocated:

– an optional commitment to host mobile virtual network operators (MVNOs) on certain technical and pricing terms under Full MVNO schemes;

– a coverage obligation for mobile access with theoretical maximum download speeds of at least 60 Mbits/s per user (25% of the country within 4 years and 75% within 12 years for the 2.6 GHz band; 98% of the country within 12 years and 99.6% within 15 years for the 800 MHz band) which can be met by using both the allocated spectrum and other spectrum;

– for the 800 MHz band, specifically: a coverage obligation in priority areas (40% of the country within 5 years, 90% within 10 years) with no obligation to provide roaming services, a coverage obligation in each department (90% within 12 years, 95% within 15 years) and an obligation to pool resources in communities covered by the "white area" program.

In Europe:

**-** when licenses were awarded in the 700, 900, 1,800 and 2,100 MHz bands in Belgium in 2022:

– a network coverage obligation of the population with an outdoor download quality of service of 6 Mbits/s (70% within one year, 99.5% within 2 years and 99.8% within 6 years);

– a coverage obligation for 15 railway lines with a minimum speed of 10 Mbits/s for 98% of locations by the end of 2024.

**-** when a 4G license was awarded in the 2,100 MHz band in Poland in 2022, a coverage obligation of 20% of the population with a minimum speed of 144 kb/s.

**-** when two spectrum blocks were awarded in the 700 MHz band and one block in the 3.4-3.8 GHz band in Romania in 2022:

– a network coverage obligation of 95% in 80 municipalities classified as "white areas" (60 municipalities within 4 years and 80 within 6 years);

– an indoor network coverage obligation of 70% of the population with a minimum speed of 92 kb/s in rural areas and 85 kb/s in urban areas within 6 years;

– a network coverage obligation of 95% of the modern railway network and highways including new projects under construction (85% within 4 years and 95% within 6 years);

– a network coverage obligation of 85% of international airports with a minimum speed of 100 Mbits/s within 2 years;

– an obligation to develop 2,000 network stations allowing a minimum network speed of 100 Mbits/s nationwide (including 200 stations to be built in Bucharest within 2 years, 500 stations to be built outside Bucharest within 2 years, 1,200 stations to be built outside Bucharest within 4 years and 1,800 stations to be built outside Bucharest within 8 years).

**–** in 2021 in Spain, when the two license blocks in the 700 MHz band were allocated:

– a network coverage obligation of municipalities with a population of more than 50,000 (30% in one year, 70% in 3 years and 100% in 4 years);

– network coverage obligation of airports, ports, railway stations and main roads for municipalities with more than 50,000 inhabitants by the end of 2025.

**–** when a 5G license in the 700 MHz band was awarded in Slovakia in 2020:

– an obligation to provide 5G services using a new radio access network within 2 years of the award;

– a coverage obligation of 95% of the population of the regional capitals by the end of 2025, 90% of the population outside the regional capitals and 70% of the total population by the end of 2027.

In Africa & Middle-East:

**–** when a 5G license in the 3 500 MHz band was awarded in Jordan in 2022, a coverage obligation of the main interests spots within 3 years, a coverage obligation of 50% of the population within 4 years and 75% within 9 years.

**–** in 2020, in Burkina Faso, when the 4G license was granted and the 2G and 3G licenses renewed, a coverage obligation of 60 new localities over 8 years and main roads over 6 years.

**–** in 2016, in Egypt, when the 4G license was granted, a coverage obligation of 4G for 11% of the population in 1 year, 42.5% in 4 years, 69.5% in 6 years and 70% in 10 years.

Non-compliance with these obligations could result in fines and other sanctions, ultimately including the withdrawal of licenses awarded. Management believes that the Group is able to fulfill these commitments to the government authorities.

#### Guarantees granted to third parties in the ordinary course of business
Commitments made by the Group to third parties in the ordinary course of business represented 1,462 million euros at December°31, 2022. They include 739 million euros of performance guarantees granted to some of its B2B customers, in particular in the context of network security and remote access.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-121** |

---

[**Table of Contents**](#Toc)

The amount of guarantees granted by the Group to third parties (financial institutions, partners, customers and government agencies) to cover the performance of the contractual obligations of non-consolidated entities is not material. Guarantees granted by the Group to cover the performance of the contractual obligations of the consolidated subsidiaries are not considered as unrecognized contractual commitments, as they would not increase the Group's commitments by comparison with the underlying obligations of the consolidated subsidiaries.

16.2&nbsp;&nbsp;&nbsp;&nbsp;Consolidation scope commitments

#### Asset and liability warranties granted in relation to disposals
Under the terms of disposal agreements between Group companies and the acquirers of certain assets, the Group is subject to warranty clauses relating to assets and liabilities. Nearly all material disposal agreements provide for caps on these warranties.

At December 31, 2022, the main warranties in effect are as follows:

**–** a warranty given to BT as part of the EE sale, backed 50/50 by the Orange group and Deutsche Telekom as tax and fundamental warranties, except for events ascribable solely to one or the other, and capped at the contractually set price of disposal of 5.1 billion pounds sterling (5.8 billion euros converted at the exchange rate at December 31, 2022) for Orange's share, which will expire in 2023;

**–** fundamental warranties granted to the HIN consortium in connection with the disposal of Orange Concessions (50% of the capital sold in 2021), expiring 3 years after the date of the transaction, and tax warranties expiring 60 days after the end of the statutory limitation periods;

**–** warranties granted to the APG group in connection with the disposal of the FiberCo in Poland (50% of the capital sold in 2021), which will expire at the end of 18 months, with the exception of the tax and fundamental warranties, which will expire after 7 and 6 years, respectively;

– miscellaneous standard warranties granted to buyers of real estate sold by the Group.

Orange believes that the risk of all these warranties being enforced is remote or that the potential consequences of their being enforced are not material with respect to the Group's results and financial position.

#### Asset and liability warranties received in relation to acquisitions
Under the terms of acquisition agreements between Group companies and the transferors of certain assets, the Group has received warranty clauses relating to assets and liabilities. Nearly all material acquisition agreements provide for caps on these warranties.

At December 31, 2022, the main warranties in effect are as follows:

**–** standard and specific capped warranties obtained from Hellenic Telecommunications Organization S.A. in connection with the acquisition of Telekom Romania Communications, which will expire on March 31, 2023 (with respect to general representations and warranties) and September 30, 2028 (with respect to fundamental warranties). Some specific capped allowances have also been obtained, for up to 10 years.

Orange believes that the risk of all these warranties being enforced is remote or that the potential consequences of their being enforced are not material with respect to the Group's results and financial position.

#### Commitments relating to securities
Under the terms of agreements with third parties, Orange can make or receive commitments to purchase or to sell securities. The ongoing commitments at December 31, 2022 are not likely to have material impacts on the Group's financial position.

#### Orange Tunisie
Under the terms of the shareholders' agreement with Investec dated May 20, 2009, Orange has a call option giving it the right to purchase at market value 1% of the share capital of Orange Tunisie plus one share, subject to regulatory authorizations. If this option were exercised, Orange would take control of Orange Tunisie. Investec would then have the right to sell to Orange 15% of the share capital of Orange Tunisie at market value.

**Orange Concessions**

Under the terms of the shareholders' agreement signed on March 27, 2021, which became effective on November 3, 2021, with the HIN consortium (made up of La Banque des Territoires, Caisse des Dépôts, CNP Assurances and EDF), Orange has a call option that can be exercised in fiscal year 2026 enabling it to acquire at market value 1% of the voting rights of Orange Concessions, subject to the award of the authorizations.

**FiberCo in Poland**

Under the terms of the shareholders' agreement with APG Group signed on April 11, 2021, Orange has a call option that can be exercised from fiscal year 2027 giving it the right to purchase at market value 1% of the share capital of Światłowód Inwestycje Sp.z o.o., subject to the award of the authorizations.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-122** |

---

[**Table of Contents**](#Toc)

16.3&nbsp;&nbsp;&nbsp;&nbsp;Financing commitments

The Group's main commitments related to financial payables are set out in Note 14.

Orange has pledged (or given as guarantees) certain investment securities and other assets to financial lending institutions or used them as collateral to cover bank loans and credit facilities.

Guarantees granted to some lenders to finance consolidated subsidiaries are not set out below.

#### Assets covered by commitments
The items presented below do not include the impact of the regulation on the transferability of the assets or the possibility of contractual restrictions in network asset sharing agreements.

As of December 31, 2022 Orange had no material pledges on its subsidiaries' securities.

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2020** |
| Assets held under leases | 1134 | 998 | 716 |
| Non-current pledged, mortgaged or receivership assets<sup>(1)</sup> | 20 | 21 | 20 |
| Collateralized current assets | 2 | 2 | 2 |
| **Total** | **1157** | **1021** | **739** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Non-current pledged, mortgaged or receivership assets are shown excluding cash collateral deposits, which are presented in Note 13.

Non-current pledged or mortgaged assets comprise the following assets given as guarantees:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total in statement of** | **Amount of asset pledged,** | **Percentage** |
| (in millions of euros) | **financial position (a)** | **mortgaged or receivership (b)** | **(b)/(a)** |
| Intangible assets, net (excluding goodwill) | 14892 | 19 | —% |
| Property, plant and equipment, net | 31630 | 2 | —% |
| Non-current financial assets | 977 |  |  |
| Other<sup>(1)</sup> | 34480 |  |  |
| **Total** | **81978** | **20** | **—%**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) This item mainly includes net goodwill, interests in associates, net deferred tax assets, non-current derivatives assets and rights-of-use.

**Note 17&nbsp;&nbsp;&nbsp;&nbsp;Mobile Financial Services activities**

17.1&nbsp;&nbsp;&nbsp;&nbsp;Financial assets and liabilities of Mobile Financial Services

The financial statements of Mobile Financial Services activities were put into the format of the Orange group's consolidated financial statements and therefore differ from a presentation that complies with the banking format.

In order to improve the readability of financial statements and to distinguish the performance of telecom activities from Mobile Financial Services activities performance, the notes on financial assets, liabilities and results are split to reflect these two business scopes.

Thus Note 13 presents the assets, liabilities and results specific to telecom activities and Note 17 focuses on the financial assets and liabilities of Mobile Financial Services, as its financial result is not material.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-123** |

---

[**Table of Contents**](#Toc)

The following table reconciles the balances of assets and liabilities for each of these two scopes (intra-group transactions between telecom activities and Mobile Financial Services are not eliminated) with the consolidated statement of financial position at December 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) | **Orange**  | **o/w telecom** | *Note* | **o/w Mobile** | *Note* | **o/w eliminations** |
|  | **consolidated** | **activities** |  | **Financial**  |  | **telecom** |
|  | **financial** |  |  | **Services** |  | **activities / mobile** |
|  | **statements** |  |  |  |  | **financial services** |
| Non-current financial assets related to Mobile Finance Services activities | **656** |  |  | 656 | *17.1.1* |  |
| Non-current financial assets | **977** | 1004 | *13.7* |  |  | (27)<br><sup>(1)</sup> |
| Non-current derivatives assets | **1458** | 1342 | *13.8* | 116 | *17.1.3* |  |
| Current financial assets related to Mobile Financial Services activities | **2742** |  |  | 2747 | *17.1.1* | (6) |
| Current financial assets | **4541** | 4541 | *13.7* |  |  |  |
| Current derivatives assets | **112** | 112 | *13.8* |  | *17.1.3* |  |
| Cash and cash equivalents | **6004** | 5846 | *14.3* | 158 |  |  |
| Non-current financial liabilities related to Mobile Finance Services activities | **82** |  |  | 109 | *17.1.2* | (27)<br><sup>(1)</sup> |
| Non-current financial liabilities | **31930** | 31930 | *13.3* |  |  |  |
| Non-current derivatives liabilities | **397** | 335 | *13.8* | 62 | *17.1.3* |  |
| Current financial liabilities related to Mobile Financial Services activities | **3034** |  |  | 3034 | *17.1.2* |  |
| Current financial liabilities | **4702** | 4708 | *13.3* |  |  | (6) |
| Current derivatives liabilities | **51** | 51 | *13.8* |  | *17.1.3* |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Loan granted by Orange SA to Orange Bank.

The Mobile Financial Services segment includes Orange Bank and other entities. As the contribution of other entities to the statement of financial position of Mobile Financial Services and therefore of the Group is not material, only Orange Bank data is presented in detail below.

#### Accounting policies
Since the concept of current or non-current does not exist in bank accounting, financial assets and liabilities related to loans and borrowings to customers or credit institutions (the ordinary activities of a bank) are classified as current for all periods presented.

With regard to other financial assets and liabilities, classification as current and non-current has been made in light of both the original intention of management and the nature of the assets and liabilities in question. For example, with regard to Orange Bank's other financial assets, since investments are managed by portfolio, only the transaction portfolios (financial assets at fair value through profit or loss) have been recorded as current financial assets.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-124** |

---

[**Table of Contents**](#Toc)

**17.1.1 Financial assets related to Orange Bank transactions (excluding derivatives)**

The financial assets related to the transactions of Orange Bank break down as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (in millions of euros) | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2020** |
|  | **Non-current** | **Current** | **Total** | **Total** | **Total** |
| **Financial assets at fair value through other comprehensive income that will not be reclassified to profit or loss** | **3** | **—** | **3** | **3** | **2** |
| Investments securities | 3 |  | 3 | 3 | 2 |
| **Financial assets at fair value through other comprehensive income that may be reclassified to profit or loss** | **294** | **3** | **296** | **441** | **540** |
| Debt securities | 294 | 3 | 296 | 441 | 540 |
| **Financial assets at fair value through profit or loss** | **50** | **—** | **50** | **73** | **94** |
| Investments at fair value |  |  |  |  |  |
| Cash collateral paid | 42 |  | 42 | 59 | 74 |
| Other | 8 |  | 8 | 14 | 20 |
| **Financial assets at amortized cost** | **309** | **2712** | **3021** | **2752** | **2651** |
| Fixed-income securities | 309 | 1 | 310 | 387 | 579 |
| Loans and receivables to customers |  | 2517 | 2517 | 2297 | 2000 |
| Loans and receivables to credit institutions |  | 191 | 191 | 66 | 70 |
| Other |  | 2 | 2 | 1 | 2 |
| **Total financial assets related to Orange Bank activities** | **656** | **2714** | **3370** | **3268** | **3288** |

---

**Debt securities measured at fair value through other comprehensive income that will be reclassified to profit or loss**

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** |
| **Debt securities measured at fair value through other comprehensive income that will be reclassified to profit or loss - in the opening balance** | **441** | **540** | **656** |
| Acquisitions | 405 | 732 | 386 |
| Repayments and disposals | (538) | (839) | (500) |
| Changes in fair value | (12) |  | 1 |
| Other items |  | 7 | (3) |
| **Debt securities measured at fair value through other comprehensive income that will be reclassified to profit or loss - in the closing balance** | **296** | **441** | **540** |

---

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **2022** | **2021** | **2020** |
| Profit (loss) recognized in other comprehensive income during the period | (2) | 1 | 1 |
| Reclassification adjustment in net income during the period |  |  |  |
| **Other comprehensive income related to Orange Bank** | **(2)** | **1** | **1** |

---

#### Loans and receivables of Orange Bank
Loans and receivables of Orange Bank are composed of loans and receivables with customers and credit institutions.

In the context of adapting the bank's accounts into the Group's financial statements, the following have been considered as loans and advances to customers: clearing accounts and other amounts due, as well as amounts related to securities transactions on behalf of customers.

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **December 31,**  | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2020** |
| Overdrafts <sup>(1)</sup> | 900 | 828 | 802 |
| Housing loans | 956 | 914 | 869 |
| Investment loans | 72 | 86 | 129 |
| Installment receivables <sup>(2)</sup> | 519 | 422 | 183 |
| Current accounts | 28 | 5 | 10 |
| Other | 42 | 42 | 7 |
| **Total loans and receivables to customers** | **2517** | **2297** | **2000** |
| Overnight deposits and loans | 83 | 2 |  |
| Loans and receivables | 44 | 45 | 52 |
| Other | 64 | 19 | 18 |
| **Total loans and receivables to credit institutions** | **191** | **66** | **70** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Since October 2020, Orange Bank has been engaged in a self-subscribed securitization program of a portfolio of French personal loans for approximately 600 million euros.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Purchase of Orange Spain receivables.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-125** |

---

[**Table of Contents**](#Toc)

#### Accounting policies

#### Financial assets
**–** Financial assets at fair value through profit or loss (FVR)

Certain equity securities which are not consolidated or equity-accounted and cash investments such as negotiable debt securities, deposits and money market UCITS, which are compliant with the Group's liquidity risk management policy, may be designated by Orange Bank as being recognized at fair value through profit or loss. These assets are recognized at fair value at initial recognition and subsequently. All changes in value are recorded in profit or loss.

**–** Financial assets at fair value through other comprehensive income that will not be reclassified to profit or loss (FVOCI)

Equity securities which are not consolidated or equity-accounted are, subject to exceptions, recognized as assets at fair value through other comprehensive income that will not be reclassified to profit or loss. They are recognized at fair value at initial recognition and subsequently. Temporary changes in value and gains (losses) on disposals are recorded as other comprehensive income that will not be reclassified to profit or loss.

**–** Financial assets at fair value through other comprehensive income that may be reclassified to profit or loss (FVOCIR)

Assets at fair value through other comprehensive income that may be reclassified to profit or loss mainly include investments in debt securities. They are recognized at fair value at initial recognition and subsequently. Temporary changes in value are recorded in other comprehensive income that may be reclassified to profit or loss. In case of disposal, the cumulative gain (or loss) recognized in other comprehensive income that may be reclassified to profit or loss is then reclassified to profit or loss.

**–** Financial assets at amortized cost (AC)

This category primarily comprises various loans and receivables as well as fixed-income securities held for the purpose of collecting contractual flows. These instruments are recognized at fair value at initial recognition and are subsequently measured at amortized cost using the effective interest method.

**Impairment of financial assets**

In accordance with IFRS 9, debt instruments classified as financial assets at amortized cost or as financial assets at fair value through other comprehensive income, lease receivables, financing commitments and financial guarantees given are systematically subject to impairment or a provision for an expected credit loss. These impairment losses and provisions are recorded as soon as loans are granted, commitments are concluded or bonds are purchased, without waiting for the appearance of an objective indication of impairment.

To do this, the financial assets concerned are divided into three categories according to the change in credit risk observed since their initial recognition and an impairment loss is recorded on the amount outstanding of each of these categories, as follows:

**-** Performing loans: the calculation of expected losses is made on a 12-month basis, and the financial income (interest) is calculated on the basis of the gross amount of the instrument;

**-** Impaired loans: if the credit risk has significantly deteriorated since the loans were recorded in the balance sheet, the expected losses, estimated over the duration of the loan, are recognized as an impairment or a provision and the financial income (interest) is calculated on the basis of the gross amount of the instrument;

**-** Doubtful loans: impairment or a provision is recognized for the expected loss, estimated over the duration of the loan. The financial income is calculated on the basis of the amount of the instrument net of the impairment.

17.1.2 Financial liabilities related to Orange Bank transactions (excluding derivatives)

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **December 31, 2022** | **December 31, 2021** | **December 31, 2020** |
| Payables to customers | 1787 | 1796 | 1883 |
| Debts with financial institutions<sup>(1)</sup> | 837 | 1009 | 885 |
| Deposit certificate | 325 | 356 | 358 |
| Cash collateral deposit | 82 |  |  |
| Other<sup>(2)</sup> | 112 | 27 | 30 |
| **Total Financial liabilities related to Orange Bank activities**<sup>(3)</sup> | **3143** | **3188** | **3155** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Including 661 million euros related to TLTRO refinancing.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Including 85 million euro of rate hedging credit portfolios reassessment.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Including 110 million euros of non-current liabilities in 2022, 27 million euros of non-current financial liabilities in 2021 and 28 million euros in 2020.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-126** |

---

[**Table of Contents**](#Toc)

Payables related to Orange Bank transactions are composed of customer deposits and bank's payables with credit institutions.

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in millions of euros) |  | **December 31,**  | **December 31,** | **December 31,** |
|  |  | **2022** | **2021** | **2020** |
| Current accounts |  | 680 | 764 | 949 |
| Passbooks and special savings accounts<sup>(1)</sup> |  | 1010 | 995 | 908 |
| Other |  | 97 | 37 | 26 |
| **Total payables to customers** |  | **1787** | **1796** | **1883** |
| Term borrowings and advances |  | 700 | 667 | 615 |
| Securities delivered under repurchase agreements |  | 137 | 331 | 270 |
| Other |  |  | 11 |  |
| **Total debts with credit institutions** |  | **837** | **1009** | **885** |

---

(1)At the end of December 2022, 42 million euros had been centralized at Caisse des Dépôts.

**17.1.3**Derivatives of Orange Bank

#### Derivatives qualified as fair value hedges
The main unmatured fair value hedges at the end of 2022 set up by Orange Bank concern the following interest rate swaps:

**–** 1,203 million euros in notional value (of which 374 million euros maturing in 2023, 208 million euros maturing between one and five years and 622 million euros at more than five years), macro-hedging credit portfolios (lease property restructuring, consumer credit and spread payments). The fair value of these derivatives at December 31, 2022 is 85 million euros;

**–** 210 million euros in notional value hedging a portfolio of French inflation-indexed fungible Treasury bonds (Obligations Assimilables du Trésor indexées sur l'inflation française - OATi) of the same amount and maturity, i.e. 2023. The fair value of these swaps at December 31, 2022 is (57) million euros;

**–** 124 million euros in notional value (of which 24 million euros maturing in 2023 and 100 million euros at more than five years), hedging a portfolio of French fungible Treasury bonds OAT (Obligations Assimilables du Trésor - OAT) of the same amount and maturity. The fair value of these swaps at December 31, 2022 is (20) million euros;

**–** 20 million euros in notional value hedging a portfolio of French fungible Treasury bonds OATie (Obligations Assimilables du Trésor indexées sur l'inflation des prix de la zone euro – OAT) index-linked to consumer prices harmonized within the euro zone of the same amount and maturity, i.e. 2030. The fair value of these swaps at December 31, 2022 is 1.7 million euros;

**–** 5 million euros in notional value hedging a portfolio of securities maturing in 2028, whose fair value at December 31, 2022 is 2 million euros.

The ineffective portion of these hedges recognized in profit or loss in 2022 is not material.

**Cash flow hedge derivatives**

At January 1, 2020, Orange Bank had documented a micro-hedging of its issues through interest rate swaps which, at the end of 2022, represented:

**–** 219 million euros in notional value (including 33 million euros maturing in 2023, 176 million euros maturing between one and two years and 10 million euros maturing in 2027), hedging negotiable debt securities issued by the bank, the fair value of which was 8 million euros at December 31, 2022.

#### Trading derivatives
**–** Orange Bank has set up interest rate swaps as economic hedges (not designated as hedges under IFRS) of EIB securities for a total notional amount of 10 million euros maturing in 2029, the fair value of which was 0.5 million euros at December 31, 2022. The net effects of this economic hedge on profit or loss are not material;

**–** Orange Bank has a portfolio of trading swaps with a total notional value of 16 million euros (of which 6 million euros maturing within five years and 10 million euros at more than five years) and a total fair value of (0.3) million euros at December 31, 2022;

**–** Orange Bank has set up interest rate futures with a notional amount of 1 million euros. The notional amount of these derivatives only gives an indication of the volume of outstanding contracts on the financial instrument markets and does not reflect the market risks associated with such instruments or the notional value of the hedged instruments. The net effects of this economic hedge on profit or loss are not material.

17.2&nbsp;&nbsp;&nbsp;&nbsp;Information on market risk management with respect to Orange Bank activities

Orange Bank has its own risk management system in accordance with banking regulations. In terms of banking regulation, Orange Bank is under the supervision of the French Prudential Supervision and Resolution Authority (*Autorité de contrôle prudentiel et de résolution* – ACPR) and must at all times comply with a capital requirement in order to withstand the risks associated with its activities.

Orange Bank's activities expose it to most of the risks defined by the ordinance of November 3, 2014, relating to the internal control of companies in the banking, payment services and investment services sector subject to the control of the ACPR. The most significant of these risks are:

**–** credit risk and counterparty risk: the risk of loss incurred in the event of default by a counterparty or counterparties considered as the same beneficiary;

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-127** |

---

[**Table of Contents**](#Toc)

**–** liquidity risk: the risk that the company will not be able to meet its commitments or not be able to unwind or offset a position due to the market situation;

**–** operational risk: the risk resulting from an inadequacy or failure due to procedures, employees or internal systems or to outside events, including events that are unlikely to occur but that would incur a high risk of loss. Operational risk includes the risk of internal and external fraud and IT risk;

**–** interest rate risk: the risk incurred in the event of changes in interest rates impacting on-balance sheet and off-balance sheet transactions, excluding, where applicable, transactions exposed to market risk;

**–** non-compliance risk: the risk of judicial, administrative or disciplinary sanctions, material financial loss or damage to reputation, arising from non-compliance with provisions specific to banking and financial activities.

**–** concentration risk: the risk arising from excessive exposure to a counterparty, to a group of counterparties operating in the same economic sector or geographic area, or the application of credit risk reduction techniques, particularly collateral issued by a single entity;

-market risk: the risk of loss due to movements in market product prices.

The size of the bank and its moderate risk profile led to the choice of standard methods regarding the application of Regulation No. 575/2013 of the European Parliament and of the Council of June 26, 2013.

Orange Bank is not involved with complex products. For market transactions, the bank's Executive Committee sets the limits while the Risk Management Department monitors compliance with these limits and the quality of the authorized signatories.

In addition, the Bank has defined and regularly tests its business continuity system. The Bank has also undertaken, as comprehensively as possible, to identify and asset its operational risks, for which it also monitors occurrences.

In line with regulations, and in particular titles IV and V of the Ordinance of November 3, 2014, the bank's Executive Committee, on the recommendation of the Risk Management Department, establishes the institution's risk policy, which is formalized through the risk appetite framework, and ensures its proper implementation.

The Risk Management Department analyzes and monitors risk, carries out the necessary controls and produces reports for various committees: The Credit Committee (management of credit and counterparty risk), the Risk and Audit Committee (management of operational risks), the Financial Security and Compliance Committee (management of non-compliance risk), the ALM Committee (management of market, interest rate and liquidity risk) and the Executive Committee.

**17.2.1** **Credit risk and counterparty risk management**

Since July 2022, Orange Bank has began migrating its consumer credit distribution platform, previously hosted by Franfinance (Société Générale Group), to Younited Credit. The roll-out is expected to be completed in 2023. The bank will thus benefit from new technologies for credit risk management (risk-based pricing, open banking scoring, anti-fraud tools).

At the end of December 2022, the cost of risk of Orange Bank amount to 42 million euros, including 6 million euros in France and 35 million euros in Spain. Excluding exceptional adjustments (reversal of Covid provisions or review of models), the cost of risk is 14 million euros for France and 32 million euros for Spain.

In France, the cost of risk is mainly concentrated in demand deposit accounts due to the increase in outstanding debit balances and the increase in the number of accounts managed by the bank.

In Spain, the cost of risk is mainly related to the increase in Orange Spain's mobile handset financing outstandings from 469 million euros at December 31, 2021 to 594 million euros at December 31, 2022.

The bank has also continued to review provisioning models to adapt them to the new configuration of the credit portfolio and to recent crises. This led to an adjustment of provisioning levels at December 31, 2022 in order to take better account of the current macroeconomic context (war in Ukraine, rising interest rates, inflation).

The bank has thus reviewed the forward-looking impact on its provisions, which amount to 3 million euros in France and 4 million euros in Spain at the end of 2022, compared with 11 million euros in 2021 (provision related to the Covid-19 crisis), leading to an overall reversal of 4 million euros.

**17.2.2** **Market and interest rate risk management**

Orange Bank does not carry out proprietary trading operations. Its market activity mainly consists of investments to optimize liquidity management and purchases of interest rate hedges.

The value of the securities portfolio continues to decrease in line with the bank's strategy, market risk indicators remain stable and the associated risks are not material.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-128** |

---

[**Table of Contents**](#Toc)

Fixed-interest securities in investment portfolios are hedged. Orange Bank has no exposure classified as trading book. Interest rate risk, after the capital increase in November 2022, is less than 3% of CET1 (Common Equity Tier 1 capital). Finally, the basic risk is not material.

17.2.3Liquidity risk management

In 2022, Orange Bank continued to manage its liquidity in a prudent manner. At the end of December 2022, the net stable funding ratio (NSFR) is 133% and the LCR (short-term liquidity coverage ratio) reaches 373%. Nevertheless, 2022 was characterized by the increase in the liquidity deficit related to customer transactions. These increased from 640 million euros in early 2022 to 855 million euros at the end of December 31, 2022. The changes in this deficit can mainly be explained by loan production, while customer deposits are down, due to the extinctive management of certain portfolios (especially the enterprise activity).

Orange Bank stepped up the diversification of its financing sources in anticipation of the growth in loan production and the slowdown of the ECB's TLTRO programs, notably by entering into a partnership with Raisin.

**17.2.4** **Operational risk management**

At bank level, the operational risk guidance scope covers:

**–** operational risks carried by all the bank's activities (management, operating and support activities);

**–** operational risks from essential service providers.

Operational risk is managed by the permanent control and operational risk director, who reports to the Risk, Control and Compliance Director, who in turn reports directly to an effective Orange Bank staff manager.

The bank's operational risk management system is based on the collection of operational incidents and losses, risk mapping, scenario analyses and key risk indicators managed by the operational risk department and monitored within the context of the bank's risk appetite. A record is kept of all of the bank's operational incidents (proven risks), including IT, IT security and non-compliance risk. Incidents are reported as soon as they are detected by all bank employees in a dedicated IT tool.

Where non-compliance incidents are identified, the Operational Risks Department notifies the Compliance Department, which is responsible for monitoring and managing them.

The operational losses sustained by the entity in 2022 amounted to 2.3 million euros. They amounted to 1.3 million euros in 2021 and 1.4 million euros in 2020. The losses recorded in 2022 are mainly due to external fraud, as well as IT incidents, execution errors and commercial disputes. This change in the bank's operational risk profile is a result of the diversification of the business and the numerous projects launched by the entity. Action plans have been defined jointly with the business lines to strengthen operational risk management while optimizing the bank's processes to increase their resilience to the different types of risk mentioned above.

**17.2.5** **Non-compliance risk management**

Orange Bank's Compliance function is part of the Compliance, Financial Security and Investment Services Compliance Department, whose Director is a member of the Executive Committee. This function is impartial and independent from the operational business lines to safeguard its objectivity. It is also a local function responsible for ensuring that all of the bank's business lines adhere to the compliance system.

The main mission of Compliance is to oversee the management of non-compliance risk. It ensures that the level of non-compliance risk to which Orange Bank is exposed is compatible with the guidelines and policies set by the Board of Directors in this area, as well as with the overall limits for financial, non-financial and operational risk (e.g. reputational risk, regulatory sanctions, etc.).

In this context, Compliance implements all actions aimed at ensuring compliance with the requirements of external and internal standards (organization, processes, procedures). These actions take place along the entire value chain, from the execution of transactions by the various business lines to their monitoring by Compliance.

As the first level of control, employees and their superiors identify the risks arising from their activity and comply with the procedures and limits set out in the General Procedures and operating procedures. They are in particular responsible for:

-implementing operational controls and first-level controls that can be formalized, tracked and reported on;

-formalizing and verifying compliance with the procedures for processing transactions, detailing the responsibilities of those involved and the types of controls carried out;

-verifying the compliance of transactions;

-implementing the recommendations drawn up by the second-level control functions for the first-level control system;

-reporting to and alerting second-level control functions. As the second level of control, Compliance verifies in particular that the risks have been identified, assessed and managed by the first level of control in accordance with the rules and procedures in place.

In particular, Compliance is responsible for overseeing:

-the compliance of transactions executed by employees in accordance with the laws, regulations and professional standards;

-the implementation of compliance recommendations by first-level control;

-the adoption and monitoring of remedial action plans where non-compliance risks have been identified.

In addition, the compliance function within Orange Bank mainly consists of:

-producing and updating internal standards and procedures within its remit;

-advising and assisting operational business lines in their decision-making;

-raising awareness and training all employees on compliance issues, depending on the transactions they execute;

-reporting regularly to the supervisory authorities;

-regularly assessing non-compliance risk, mapping risks and fulfilling its duty to alert General Management;

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-129** |

---

[**Table of Contents**](#Toc)

-monitoring changes in the laws and regulations in coordination with the legal department in order to incorporate new standards into internal processes (general policies, charters, codes and operating procedures) and to inform employees and the various business lines of these changes;

-verifying, as a second-level control function, the implementation of administrative, legislative and regulatory provisions as well as professional or internal standards.

Compliance also covers the areas of financial security and data protection, which are, from an organizational viewpoint, managed by the Head of Financial Security, who reports to the Director of Compliance, Financial Security and Investment Services Compliance.

In relation to training and raising employee awareness, the Human Resources Department training unit, in conjunction with Compliance, establishes and monitors employee training courses, which are the foundation of the compliance system. Mandatory training programs are organized for all new arrivals. In 2022, 29 new employees participated in mandatory training provided in person (or via video conference due to the Covid crisis) by the Compliance Manager. Similarly, 69 new employees also received training in the fight against money laundering and terrorist financing. Furthermore, training programs on real estate loans, consumer credit and the claims management system are provided to the employees concerned.

**17.2.6** **Remaining term to maturity**

The following table details the remaining terms of Orange Bank's financial assets and liabilities, calculated on the basis of the contractual maturity dates:

**–** maturity-by-maturity for amortizable transactions;

**–** for roll-over loans, since renewals cannot be presumed, the renewal dates are taken to be the final maturity dates;

**–** since the derivatives are interest rate swaps and futures, they are not subject to any exchange of notional amounts. Their fair value has been broken down by maturity.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (in millions of euros) | Note | **December 31,**  | **2023** | **2024 to** | **2028** |
|  |  | **2022** |  | **2027** | **and beyond** |
| Investments securities | 17.1.1 | 3 |  | 3 |  |
| Debt securities | 17.1.1 | 296 | 272 | 19 | 5 |
| Investments at fair value | 17.1.1 |  |  |  |  |
| Fixed-income securities | 17.1.1 | 310 | 86 | 89 | 136 |
| Loans and receivables to customers | 17.1.1 | 2517 | 524 | 689 | 1304 |
| Loans and receivables to credit institutions | 17.1.1 | 191 | 191 |  |  |
| Other financial assets and derivatives |  | 168 | 59 | 18 | 91 |
| **Total financial assets** |  | **3485** | **1132** | **818** | **1536** |
| Payable to customers | 17.1.2 | 1787 | 1787 |  |  |
| Debts with financial institutions | 17.1.2 | 837 | 776 | 60 |  |
| Deposit certificate | 17.1.2 | 325 | 119 | 206 |  |
| Other financial liabilities and derivatives |  | 256 | 224 |  | 32 |
| **Total financial liabilities** |  | **3205** | **2906** | **266** | **32** |

---

**17.2.7 Fair value of financial assets and liabilities of Orange Bank**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) |  |  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
|  |  | **Classification** | **Book** | **Estimated** | **Level 1** | **Level 2** | **Level 3** |
|  |  | **under IFRS 9** <sup>(1)</sup> | **value** | **fair value** | **and cash** |  |  |
| Loans and receivables | 17.1.1 | AC | 2708 | 2708 |  | 2708 |  |
| Financial assets at amortized cost | 17.1.1 | AC | 313 | 313 | 313 |  |  |
| Financial assets at fair value through profit or loss | 17.1.1 | FVR | 50 | 50 | 50 |  |  |
| Debt securities | 17.1.1 | FVOCIR | 296 | 296 | 296 |  |  |
| Investments securities | 17.1.1 | FVOCI | 3 | 3 | 3 |  |  |
| Cash and cash equivalent<sup>(2)</sup> | 17.1 | AC | 79 | 79 | 79 |  |  |
| Financial liabilities related to Orange Bank activities | 17.1.2 | AC | (3143) | (3143) |  | (3143) |  |
| Derivatives (net amount)<sup>(3)</sup> | 17.1.3 |  | 54 | 54 |  | 54 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "AC" stands for "amortized cost", "FVR " stands for "fair value through profit or loss", "FVOCI" stands for "fair value through other comprehensive income that will not be reclassified to profit or loss", "FVOCIR" stands for "fair value through other comprehensive income that may be reclassified to profit or loss".

&nbsp;&nbsp;&nbsp;&nbsp;(2) Includes only cash.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The classification for derivatives depends on their hedging qualification.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) |  |  | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  |  | **Classification** | **Book value** | **Estimated** | **Level 1 and** | **Level 2** | **Level 3** |
|  |  | **under IFRS** |  | **fair value** | **cash** |  |  |
|  |  | **9**<sup>(1)</sup> |  |  |  |  |  |
| Loans and receivables | 17.1.1 | AC | 2363 | 2363 |  | 2363 |  |
| Financial assets at amortized cost | 17.1.1 | AC | 387 | 387 | 387 |  |  |
| Financial assets at fair value through profit or loss | 17.1.1 | FVR | 73 | 73 | 73 |  |  |
| Debt securities | 17.1.1 | FVOCIR | 441 | 441 | 441 |  |  |
| Investments securities | 17.1.1 | FVOCI | 3 | 3 | 3 |  |  |
| Cash and cash equivalent<sup>(2)</sup> |  | AC | 360 | 360 | 360 |  |  |
| Financial liabilities related to Orange Bank activities | 17.1.2 | AC | (3188) | (3188) |  | (3188) |  |
| Derivatives (net amount)<sup>(3)</sup> |  |  | (58) | (58) |  | (58) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "AC" stands for "amortized cost", "FVR " stands for "fair value through profit or loss", "FVOCI" stands for "fair value through other comprehensive income that will not be reclassified to profit or loss", "FVOCIR" stands for "fair value through other comprehensive income that may be reclassified to profit or loss".

&nbsp;&nbsp;&nbsp;&nbsp;(2) Includes only cash.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The classification for derivatives depends on their hedging qualification.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-130** |

---

[**Table of Contents**](#Toc)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) |  |  | **December 31, 2020** | **December 31, 2020** | **December 31, 2020** | **December 31, 2020** | **December 31, 2020** |
|  |  | **Classification** | **Book** | **Estimated** | **Level 1** | **Level 2** | **Level 3** |
|  |  | **under IFRS 9**<sup>(1)</sup> | **value** | **fair value** | **and cash** |  |  |
| Loans and receivables | 17.1.1 | AC | 2070 | 2070 |  | 2070 |  |
| Financial assets at amortized cost | 17.1.1 | AC | 581 | 580 | 580 |  |  |
| Financial assets at fair value through profit or loss | 17.1.1 | FVR | 94 | 94 | 94 |  |  |
| Debt securities | 17.1.1 | FVOCIR | 540 | 540 | 540 |  |  |
| Investments securities | 17.1.1 | FVOCI | 2 | 2 | 2 |  |  |
| Cash and cash equivalent<sup>(2)</sup> |  | AC | 254 | 254 | 254 |  |  |
| Financial liabilities related to Orange Bank activities | 17.1.2 | AC | (3155) | (3155) |  | (3155) |  |
| Derivatives (net amount)<sup>(3)</sup> |  |  | (75) | (75) |  | (75) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "AC" stands for "amortized cost", "FVR " stands for "fair value through profit or loss", "FVOCI" stands for "fair value through other comprehensive income that will not be reclassified to profit or loss", "FVOCIR" stands for "fair value through other comprehensive income that may be reclassified to profit or loss".

&nbsp;&nbsp;&nbsp;&nbsp;(2) Includes only cash.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The classification for derivatives depends on their hedging qualification.

17.3&nbsp;&nbsp;&nbsp;&nbsp;Orange Bank's unrecognized contractual commitments

As at December 31, 2022, Orange Bank is not aware of having entered into any commitment that may have a material effect on its current or future financial position, other than the commitments mentioned below.

#### Commitments given

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **December 31, 2022** | **December 31, 2021** | **December 31, 2020** |
| **Financing commitments** <sup>(1)</sup> | **53** | **88** | **87** |
| **Guarantee commitments** | **5** | **6** | **8** |
| On behalf of financial institutions | 3 | 4 | 4 |
| On behalf of customers | 2 | 2 | 3 |
| **Property lease commitments** |  |  |  |
| **Total**  | **59** | **94** | **94** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Corresponds to credit commitments granted to customers, credits granted but not yet released and unused portion of financing granted.

#### Commitments received

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **December 31, 2022** | **December 31, 2021** | **December 31, 2020** |
| Received from financial institutions <sup>(1)</sup> | 932 | 871 | 770 |
| Received from customers | 76 | 88 | 102 |
| **Total**  | **1008** | **959** | **872** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Corresponds to guarantees received from Crédit Logement to counter-guarantee the real estate loans distributed.

#### Assets covered by commitments

---

| | | | |
|:---|:---|:---|:---|
| (in millions of euros) | **December 31, 2022** | **December 31, 2021** | **December 31, 2020** |
| Assets pledged as security to lending financial institutions as guarantees for bank loans<sup>(1)</sup> | 726 | 848 | 1160 |
| **Total** | **726** | **848** | **1160** |

---

(1)Corresponds to securities pledged by Orange Bank to financial lending institutions as guarantees for bank loans.

**Note 18&nbsp;&nbsp;&nbsp;&nbsp;Litigation**

This note presents all of the significant disputes in which the Group is involved with the exception of litigation relating to disputes between Orange and the tax or social security administrations over tax, income taxes or social security contributions. These disputes are described, respectively, in Notes 6.2 and 10.3, as appropriate.

At December 31, 2022, the provisions for risks recorded by the Group for all its disputes (except those presented in Notes 6.2 and 10.3) amount to 387 million euros (versus 405 million euros at December 31, 2021 and 525 million euros at December 31, 2020). Orange believes that any disclosure of the amount of provisions on a case-by-case basis for ongoing disputes could seriously harm the Group's position. The balance and overall movements in provisions are presented in Note 5.2.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-131** |

---

[**Table of Contents**](#Toc)

#### France

#### Mobile services
**–** After Orange was found guilty by the French Competition Authority in December 2009 for having engaged in anti-competitive practices on the mobile and fixed-to-mobile markets in the French Caribbean and in French Guiana, Digicel and Outremer Telecom brought actions for damages before the Commercial Court of Paris. The dispute with Outremer Telecom was closed following the judgment handed down in May 2017 by the Paris Court of Appeal, which set the amount of the fine to be paid to Outremer Telecom at 3 million euros, noting, inter alia, that the damages should be discounted at the statutory rate of interest.

**–** In December 2017, the Commercial Court of Paris ordered Orange to pay Digicel the sum of 180 million euros (to discount from March 2009 until the date of payment at a higher rate of interest than the statutory rate ordered by the Paris Court of Appeal in the Outremer Telecom dispute), i.e. a total of 346 million euros. In June 2020, the Paris Court of Appeal reversed the discounting method applied to the damages set forth in the judgment rendered by the Commercial Court of Paris in December 2017 and ordered Orange to pay Digicel the sum of 249 million euros. Following this judgment, Orange was refunded 97 million euros and filed an appeal with the French Supreme Court. The proceedings are ongoing.

#### Fixed services
**–** Following the final decision of the French Competition Authority to fine Orange 350 million euros for having implemented four anti-competitive practices in the "enterprise" market segment on December 17, 2015, several players (including Céleste and Adista) filed actions for damages against Orange. Céleste withdrew its claim for damages before the Commercial Court of Paris, which duly noted this withdrawal on June 29, 2022. This dispute is now closed. Only the investigation of Adista against Orange is ongoing.

**–** In their dispute over the reimbursement of overpayments for interconnection services provided by Orange, Orange and Verizon have entered into a memorandum of understanding that, among other things, ends this dispute. Verizon withdrew its claim before the Paris Court of Appeal on April 8, 2022. This dispute is now closed.

**–** In the dispute between Orange and SFR over fixed telephony retail offers for second homes, in September 2021 the Court of Appeal ordered SFR to return the sums awarded to it (i.e. 53 million euros). SFR has filed another appeal with the French Supreme Court. The proceedings are ongoing.

**–** On April 16, 2021, Bouygues Telecom brought an action against Orange before the Paris Judicial Court concerning the quality of service of its wholesale offers for an amount of 78 million euros for alleged losses, since revalued at 81 million euros. Orange considers these claims to be unfounded

#### Other proceedings in France
**–** In June 2018, Iliad brought summary proceedings against Orange before the presiding judge of the Paris Commercial Court, aiming to ban some of its mobile telephony offers proposing mobile handsets at attractive prices accompanied by a subscription package, on the grounds that they constituted consumer credit offers. The case is currently being investigated by the judges deciding on the merits of the case, and Iliad claims amount to 790 million euros, what Orange disputes. On 9 February 2023, the Paris Commercial Court has handed down a ruling that orders Bouygues Telecom to pay Free Mobile damages in a proceeding relating to mobile telephony offers so-called "subsidized offers". With respect to its own offers, Orange considers that the particularities of its file and the arguments put forward and other elements relating to the follow-up of the legal procedure are likely to lead to a different assessment by the Court.

**–** Orange Bank is involved in a historical dispute in which the plaintiffs are claiming a total of approximately 310 million euros for the financial loss they claim to have suffered. As the Group believes these claims to be without merit and is strenuously challenging them, it has not recognized any financial liability.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-132** |

---

[**Table of Contents**](#Toc)

**–** In August 2020, ASSIA brought an action against Orange SA before the Paris Judicial Court for the alleged infringement of two patents relating to dynamic xDSL line management. ASSIA is seeking an advance payment of damages of 500 million euros as compensation for its financial loss, which it estimates at 1,418 million euros. Orange SA considers its claims to be unfounded and is challenging them. The proceedings are currently being examined by the judges deciding on the merits of the case.

**–** The Evaluation and Compensation Committee, set up during the France Télécom "social crisis" trial, has completed its analysis and processing of the claims received. It assigned the review of certain claims considered to be outside its remit to Group experts assisted by two members of the Evaluation and Compensation Committee.

#### United Kingdom
**–** In December 2018, the directors of former UK retailer Phones 4U, (which is in administration and no longer trading), filed a complaint against the three main UK mobile network operators, including EE, and their parent companies, including Orange. The Phones 4U claim (for an unquantified amount) is currently being challenged in the UK courts. Orange vigorously challenges the allegations raised by Phones 4U which include collusion between the various operators.

#### Poland
**–** In 2015, the Polish operator P4 filed two compensation claims for a total of 630 million zlotys (135 million euros) jointly against three operators (including Orange Polska and Polkomtel), seeking compensation for the loss it claimed to have suffered as a result of the retail rates that these three operators charge for calls to P4's network.

Regarding the first compensation claim of P4's opponents for 316 million zlotys (68 million euros), in January 2022 the Polish Supreme Court dismissed Polkomtel's appeal against the Court of Appeal's decision which had reversed the judgment of the court dismissing P4's claim. The proceedings are ongoing.

Regarding the second compensation claim by P4 for 314 million zlotys (67 million euros), it has been suspended pending the settlement of the first claim.

#### Romania
**–** In the dispute between Orange Romania and the Romanian Competition Council for discriminatory practices in the mobile payment and advertising markets for the amount of 65 million lei (13 million euros), the Competition Council has appealed to the Supreme Court after the Court of Appeal reversed its decision on June 24, 2021. The first hearing is scheduled for June 21, 2023.

**Africa & Middle-East**

**–** A number of shareholder disputes are ongoing between the joint venture comprising Agility and Orange, on the one hand, and its Iraqi co-shareholder in the capital of the Iraqi operator, Korek Telecom, on the other. These disputes, which concern various breaches of contractual documents, are the subject of pre-litigation proceedings and arbitral and judicial proceedings in various countries. In addition, on March 19, 2019, following an administrative decree adopted by the Iraqi Ministry of Trade and Industry, the General Management of the companies in Erbil (Iraqi Kurdistan) implemented the 2014 decision of the Iraqi regulatory authority (CMC) to cancel the partnership dated March 2011 between the operator Korek Telecom, Agility and Orange and to restore the shareholding structure of Korek Telecom as it existed before Orange and Agility had acquired a stake. As a result, the registration of Korek Telecom shares in the name of the original shareholders was imposed without any compensation or reimbursement of the amounts invested. Orange thus considers that it was thus unlawfully expropriated of its investment and, on March 24, 2019, sent a notice of dispute to the Republic of Iraq based on the Bilateral lnvestment Treaty between France and Iraq. In the absence of an amicable settlement with the Iraqi State, Orange submitted a request for arbitration with the International Center for the Settlement of Investment Disputes (ICSID) on October 2, 2020.

**–** In Jordan, the telecommunication operator, Zain, brought legal action against Jordan Telecommunications Company (Orange Jordan) for failure to open geographical numbers allocated by the Jordanian regulator in application of the interconnection agreement entered into by Zain and Orange Jordan, pursuant to which Zain considers that it has suffered an estimated loss of 250 million Jordanian dinars (329 million euros). In September 2021, the Amman Court of First Instance (judiciary order) ordered a legal expert report to establish whether the amount of the late payment interest requested by Zain had been calculated in accordance with the rules detailed in the interconnection agreement and whether the arbitration clause in the agreement was applicable. In June 2021, the Jordanian Supreme Court ruled on the petition by Orange Jordan for the judiciary courts to decline jurisdiction, considering that the arbitration clause applied to the lawsuit. In November 2021, this ruling was confirmed by the Court of Appeal which rejected Zain's petition. Zain has filed another appeal with the Supreme Court. The proceedings are ongoing.

**–** In the dispute between Orange Mali and Remacotem (unlawful billing of calls diverted to voicemail), in November 2021 the Bamako Court of Appeal ordered Orange Mali and the Mali telecoms company (Sotelma-Malitel SA) to pay Remacotem the sum of 176 million euros. Following this judgment, Remacotem carried out several seizures of receivables, which were challenged by Orange Mali before the court responsible for enforcement. In May 2022, the Bamako Court of Appeal confirmed the annulment of these seizures and granted the operators a six-month grace period which expired on November 7, 2022. In the intervening period, since the seizures of the receivables had been deemed inadmissible, in August 2022 Remacotem obtained preventive attachments, which Orange Mali again challenged. On November 7, 2022, the Court of First Instance of Bamako granted Orange Mali and Sotelma-Malitel SA an additional four-month grace period. In parallel, proceedings are ongoing before the Supreme Court.

In order to provide its telecommunication services, the Group sometimes uses the fixed assets of other parties. The terms of use of these assets are not always formalized. The Group is sometimes subject to claims and might be subject to future claims in this respect, which could result in a cash outflow in the future. The amount of the potential obligations or future commitments cannot be measured with sufficient reliability due to the legal complexities involved.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-133** |

---

[**Table of Contents**](#Toc)

Other than proceedings that may be initiated in respect of disputes between Orange and the tax or social security authorities over tax, income taxes and social security contributions (see Notes 6.2 and 10.3), there are no other administrative, legal or arbitration proceedings, including any proceedings that are pending, suspended or threatened, of which Orange is aware, which may have or have had in the last 12 months a material impact on the Company's and/or Group's financial position or profitability.

**Note 19&nbsp;&nbsp;&nbsp;&nbsp;Subsequent events**

**Acquisition of OCS and Orange Studio by Canal+ Group**

Orange and the Canal+ Group have announced on January 9, 2023 the signature of a memorandum of understanding anticipating the acquisition by the Canal+ Group of all capital held by Orange in the OCS pay TV package and in Orange Studio, the film and series co-production subsidiary. The Canal+ Group will become the sole shareholder of both companies following this transaction.

The operation will be notified to the French Competition Authority.

**Note 20&nbsp;&nbsp;&nbsp;&nbsp;Main consolidated entities**

At December 31, 2022, the scope of consolidation consisted of 384 entities.

The main changes in the scope of consolidation in 2022 are presented in Note 3.2.

Regarding subsidiaries with minority interests:

**–** the financial statements for the groups Orange Polska, Jordan Telecom, Orange Belgium, Sonatel and, since December 30, 2022, Orange Côte d'Ivoire are published, respectively, at the Warsaw Stock Exchange, the Amman Stock Exchange, the Brussels Stock Exchange and the regional stock exchange (BRVM), those companies being quoted;

**–** the other subsidiaries do not make up a material proportion of Orange's financial aggregates and their financial information is not presented in the Notes to Consolidated Financial Statements of the Orange's group.

Pursuant to Regulation No. 2016-09 of December 2, 2016 of the ANC (*Autorité des normes comptables financières* - French accounting standards authority), the full list of companies included in the scope of consolidation, companies not included in the scope of consolidation and non-consolidated equity securities is available on the Group's website *(https://gallery.orange.com/finance#lang=en&v=5c6a1b51-a537-454e-b2d3-6e4664be2c6a)*.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-134** |

---

[**Table of Contents**](#Toc)

The list of the principal operating entities shown below was determined mainly based on their contributions to the following financial indicators: revenue and EBITDAaL.

---

| | | |
|:---|:---|:---|
| **Company** |  | **Country** |
| Orange SA  | Parent company | France |
| **Main consolidated entities** |  |  |
| **France** | **% Interest** | **Country** |
| Générale de Téléphone | 100.00 | France |
| Orange SA - France Business Unit | 100.00 | France |
| Orange Caraïbe | 100.00 | France |
| Orange Concessions and its subsidiaries <sup>(1)</sup> | 50.00 | France |
| **Europe** | **% Interest** | **Country** |
| Orange Belgium | 78.32 | Belgium |
| Orange Espagne and its subsidiaries | 100.00 | Spain |
| Orange Moldova | 94.41 | Moldova |
| Orange Polska and its subsidiaries | 50.67 | Poland |
| Orange Romania | 99.20 | Romania |
| Orange Romania Communications and its subsidiary | 53.58 | Romania |
| Orange Slovensko | 100.00 | Slovakia |
| **Africa & Middle-East** | **% Interest** | **Country** |
| Jordan Telecom and its subsidiaries | 51.00 | Jordan |
| Médi Telecom and its subsidiaries <sup>(2)</sup> | 49.00 | Morocco |
| Orange Botswana | 73.68 | Botswana |
| Orange Burkina Faso  | 85.80 | Burkina Faso |
| Orange Cameroon | 94.40 | Cameroon |
| Orange Côte d'Ivoire and its subsidairies | 72.50 | Côte d'Ivoire |
| Orange Egypt for Telecommunications and its subsidiaries | 99.96 | Egypt |
| Orange Guinée <sup>(3)</sup> | 37.60 | Guinea |
| Orange Mali <sup>(3)</sup> | 29.38 | Mali |
| Orange RDC | 100.00 | Congo |
| Sonatel <sup>(3)</sup> | 42.33 | Senegal  |
| **Enterprise** | **% Interest** | **Country** |
| Orange SA - Enterprise Business Unit | 100.00 | France |
| Orange Business Services Participations and its subsidiaries | 100.00 | France |
| Orange Cyberdefense and its subsidiaries | 100.00 | France |
| Globecast Holding and its subsidiaries | 100.00 | France |
| **International Carriers & Shared Services** | **% Interest** | **Country** |
| Orange SA - IC&SS Business Unit | 100.00 | France |
| FT IMMO H  | 100.00 | France |
| OCS | 66.67 | France |
| Orange Brand Services | 100.00 | United Kingdom |
| **Mobile Financial Services** | **% Interest** | **Country** |
| Orange Bank | 100.00 | France |
| **Totem** | **% Interest** | **Country** |
| Totem France | 100.00 | France |
| Totem Spain | 100.00 | Spain |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Orange Concessions is consolidated using the equity method.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Orange SA controls and consolidates Médi Telecom and its subsidiaries through a 49% equity interest and a 1.1% usufruct.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Orange SA controls Sonatel and its subsidiaries, which are fully consolidated, under the terms of the shareholders' agreement as supplemented by the Strategic Committee Charter dated July 13, 2005 (Orange SA owns and controls 100% of Orange MEA, which owns and controls 42.33% of Sonatel Group).

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-135** |

---

[**Table of Contents**](#Toc)

**Note 21&nbsp;&nbsp;&nbsp;&nbsp;Decision of the IFRS IC concerning IAS 19 "Employee Benefits" on the calculation of obligations relating to certain defined benefit pension plans**

The IFRS Interpretations Committee (IC) was asked to comment on the calculation of defined benefit pension plans for which the granting of rights is conditional on the employee's presence in the Group at the time of retirement (with loss of all rights in the event of early retirement) and for which the rights depend on seniority, while being capped at a certain number of years of service. For plans reviewed by the IFRS IC, the cap may be reached at a date prior to retirement.

In France, the interpretation of IAS 19 had led to the practice of measuring and recognizing the commitment on a straight-line basis over the employee's career with the Group. The commitment calculated in this way corresponds to the pro rata rights acquired by the employee at the time of retirement.

The decision of the IFRS IC, published on May 24, 2021, concludes, in this case, that no rights are acquired in the event of departure before retirement age and that the rights are capped after a certain number of years of seniority ("X"), and the commitment would only be recognized for the last X years of the employee's career within the company.

This decision was implemented by the Group at December 31, 2021 for plans falling within the scope of the Interpretation Committee's decision. The effect of this implementation mainly limited to retirement benefit plans in France.

As the application of this decision constitutes a change in accounting policy, the effects of the implementation have been calculated retrospectively and have affected the opening equity. The effect of the implementation of this decision on the income statement is not material for the periods presented.

The required information on employee benefits is presented in Note 6.2.

**–** Effects on the consolidated statement of financial position:

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) |  | **January 1,** |  | Effects |  | **January 1,** |  | 2019 |  | Effects |  | **December 31,** |  | 2020 |  | Effects |  | **December 31,** |
|  |  | **2019** |  | of IFRS |  | **2019** |  | variation |  | of IFRS |  | **2019** |  | variation |  | of IFRS |  | **2020** |
|  |  |  |  | IC |  | **restated** |  |  |  | IC |  | **restated** |  |  |  | IC |  | **restated** |
|  |  |  |  | decision |  | **data** |  |  |  | decision |  | **data** |  |  |  | decision |  | **data** |
| **Assets** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Deferred tax assets |  | 2893 |  | (40) |  | 2853 |  | (1901) |  | (12) |  | 940 |  | (261) |  | (5) |  | 674 |
| **Total non-current assets** |  | **82446** |  | **(40)** |  | **82406** |  | **(693)** |  | **(12)** |  | **81701** |  | **886** |  | **(5)** |  | **82582** |
| **Total assets** |  | **104302** |  | **(40)** |  | **104262** |  | **2439** |  | **(12)** |  | **106689** |  | **992** |  | **(5)** |  | **107676** |
| **Liabilities** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Equity attributable to owners of the parent company |  | 30671 |  | 114 |  | 30785 |  | 1054 |  | 35 |  | 31875 |  | 2670 |  | 13 |  | 34557 |
| &nbsp;&nbsp;o/w reserves |  | (2060) |  | 114 |  | (1946) |  | 985 |  |  |  | (961) |  | 2927 |  |  |  | 1966 |
| &nbsp;&nbsp;o/w other comprehensive income |  | (571) |  |  |  | (571) |  | 69 |  | 35 |  | (467) |  | (257) |  | 13 |  | (711) |
| &nbsp;&nbsp;&nbsp;&nbsp;*o/w deferred tax* |  | *232* |  | *—* |  | 232 |  | *(16)* |  | *(12)* |  | 203 |  | *(4)* |  | *(5)* |  | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;*o/w actuarial gains and losses* |  | *(504)* |  | *—* |  | (504) |  | *(107)* |  | *48* |  | (563) |  | *(33)* |  | *18* |  | (579) |
| Equity attributable to non-controlling interests |  | 2580 |  |  |  | 2580 |  | 107 |  |  |  | 2687 |  | (44) |  |  |  | 2643 |
| **Total Equity** |  | **33251** |  | **114** |  | **33364** |  | **1161** |  | **35** |  | **34561** |  | **2626** |  | **13** |  | **37200** |
| Non-current employee benefits |  | 2823 |  | (153) |  | 2670 |  | (269) |  | (48) |  | 2353 |  | (351) |  | (18) |  | 1984 |
| **Total non-current liabilities** |  | **39644** |  | **(153)** |  | **39491** |  | **4917** |  | **(48)** |  | **44360** |  | **(2160)** |  | **(18)** |  | **42182** |
| **Total equity and liabilities** |  | **104302** |  | **(40)** |  | **104262** |  | **2439** |  | **(12)** |  | **106689** |  | **992** |  | **(5)** |  | **107676** |

---

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-136** |

---

[**Table of Contents**](#Toc)

**Note 22 Auditors' fees**

As required by Decree no. 2008-1487 of December 30, 2008, the following table shows the amount of fees of the auditors of the parent company and their partner firms in respect of the fully consolidated subsidiaries.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions of euros) | **Audit and related services** | **Audit and related services** | **Audit and related services** | **Audit and related services** | **Audit and related services** | **Audit and related services** | **Audit and related services** | **Other services** | **Total** |
|  | **Statutory audit fees, certification,** | **Statutory audit fees, certification,** | **Statutory audit fees, certification,** | **Services required** | **Services required** | **Services required** | **Sub-total** | **rendered by** |  |
|  | **auditing of the accounts** | **auditing of the accounts** | **auditing of the accounts** | **by the law** | **by the law** | **by the law** |  | **auditors' networks to** |  |
|  | ***o/w issuer*** | ***o/w issuer*** | ***o/w issuer*** | ***o/w issuer*** | ***o/w issuer*** | ***o/w issuer*** |  | **fully-consolidated** |  |
| **Deloitte** |  |  |  |  |  |  |  | **subsidiaries** |  |
| **2022** | **8.8** |  |  ***4.6*** | **—** |  |  ***—*** | **8.8** | **0.3** | **9.1** |
| <br>*%***  |  ***96*** | *%***  |  ***50***<br>*%***  |  ***—*** | *%***  |  ***—*** |  ***97***<br>*%***  |  ***3***<br>*%***  |  ***100***<br>*%***  |
| 2021 | *8.2* |  | *4.6* |  |  |  | **8.2** | **0.1** | **8.4** |
| <br>*%*  | *98* | *%*  | *55*%  |  | *%*  |  | 99%  | 1%  | 100<br>*%*  |
| **KPMG** |  |  |  |  |  |  |  |  |  |
| **2022** | **10.9** |  |  ***4.3*** | **0.1** |  |  ***—*** | **11.0** | **0.9** | **11.9** |
| <br>*%*** |  ***92*** | *%*** |  ***36***<br>*%*** |  ***1*** | *%*** |  ***—*** |  ***92***<br>*%*** |  ***8***<br>*%*** |  ***100***<br>*%*** |
| 2021 | 9.9 |  | *4.4* | 0.2 |  | *0.2* | **10.1** |  ***0.4*** | **10.5** |
| <br>*%* | *94* | *%* | *42%* | *2* | *%* | *2%* | *96%* | *4%* | *100%* |
| 2020 | *10.2* |  | *5.1* | 0.5 |  | 0.2 | **10.7** | **0.1** | **10.8** |
| <br>*%* | *94* | *%* | *47%* | *5* | *%* | *2%* | *99%* | *1%* | *100%* |
| **EY** |  |  |  |  |  |  |  |  |  |
| **2022** | **—** |  | **—** | **—** |  |  ***—*** | **—** | **—** | **—** |
| 2021 |  |  | *—* | *—* |  | *—* | *—* | **0.4** | **0.4** |
| <br>*%* | *—* |  | *—* | *—* |  | *—* | *—* | *100%* | *100%* |
| 2020 | 10.0 |  | *5.2* |  |  | *—* | **10.1** | **0.4** | **10.5** |
| <br>*%* | *96* | *%* | *50%* | *—* | *%* | *—%* | *96%* | *4%* | *100%* |

---

The services provided by the statutory auditors were authorized pursuant to the rules adopted by the Audit Committee and updated each year since October 2016. No fiscal services were provided by the statutory auditors.

---

| | |
|:---|:---|
| Consolidated financial statements 2022 | **F-137** |

---

## Ex-1

#### Exhibit 1
By-laws

As amended on May 19, 2022

**<u>ARTICLE 1 - FORM</u>**

Orange is a public limited company (*société anonyme*) governed by France's law on public limited companies and subject to the specific laws governing the Company, particularly Law 90-568 of July 2, 1990 (as amended) and these Bylaws.

**<u>ARTICLE 2 - CORPORATE SCOPE AND PURPOSE</u>**

The Company's corporate scope, in France and abroad, specifically in accordance with the French Postal and Electronic Communications Code, shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to provide all electronic communication services in domestic and international relations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to carry out activities related to public service and, in particular, to provide, where applicable, a universal telecommunications service and other mandatory services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to establish, develop and operate all electronic communications networks open to the public necessary for providing said services and to interconnect those networks with other French and foreign networks open to the public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to provide all other services, facilities, handset equipment, electronic communications networks, and to establish and operate all networks distributing audiovisual services, and especially radio, television and multimedia broadcasting services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to set up, acquire, rent or manage all real-estate or other assets and businesses, to lease, install and operate all structures, businesses, factories and workshops related to any of the purposes defined above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to obtain, acquire, operate or transfer all processes and patents related to any of the purposes defined above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to participate directly or indirectly in all transactions that may be related to any of the purposes defined above, through the creation of new companies or businesses contribution, tender, subscription or purchase of securities or corporate rights, acquisitions of interests, mergers, partnerships, or by any other means;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• and, more generally, all industrial, commercial and financial transactions, involving securities or fixed assets, that may be related directly or indirectly, in whole or in part, to any of the aforementioned purposes, or to any similar or related purposes, or to any and all purposes that may enhance or develop the Company's business.

The Company's corporate purpose shall be as follows:

***"As a trusted partner, Orange gives everyone the keys to a responsible digital world."***

**<u>ARTICLE 3 - COMPANY NAME</u>**

The Company's name shall be: "Orange."

**<u>ARTICLE 4 - REGISTERED OFFICE</u>** 

The registered office shall be located at 111, quai du Président Roosevelt, Issy-les-Moulineaux (92130), France.

The Board of Directors shall have the authority to transfer the Company's registered office, under the conditions prescribed by law.

**<u>ARTICLE 5 - TERM</u>**

The term of the Company shall be ninety-nine years commencing on December 31, 1996, unless the Company is dissolved earlier or its term is extended.

**<u>ARTICLE 6 - SHARE CAPITAL</u>**

The share capital shall be 10,640,226,396 euros, divided into 2,660,056,599 fully paid-up shares, with a par value of four euros per share.

**<u>ARTICLE 7 - CHANGE IN SHARE CAPITAL</u>**

The share capital may be increased, reduced or redeemed as provided by law.

**<u>ARTICLE 8 - PAYING FOR SHARES</u>**

In a share capital increase, shares issued for cash shall be paid up - at the time of subscription - in the minimum proportion required by law. Partly paid-up shares shall be in registered form until paid up in full. The remainder of the consideration shall be paid up in one or more installments as decided by the Board of Directors within a period not exceeding five years from the date on which the capital increase was completed.

Subscribers shall be informed of all calls for payment by registered letter with return receipt sent at least fifteen days prior to each installment due date. Installments may be made at the registered office or at any other location indicated for that purpose.

A shareholder's failure to make payments as called during the periods set by the Board of Directors shall result in any sums due automatically incurring interest at the legal interest rate, as from their due date, without prejudice to any other remedies or penalties provided by law, such as, in particular, the Company having the right to request the sale of securities for which payments were not made when due.

**<u>ARTICLE 9 - LEGAL FORM OF SHARES</u>**

Shares shall be either in registered or bearer form, at the discretion of the shareholder, unless otherwise specified by law.

The Company may make use at any time, in particular by means of request to the central depository maintaining the securities issuance account, of all legal and regulatory provisions allowing the disclosure of the identity of the holders of securities conferring immediately or in the future the right to vote in the Company's Shareholders' Meetings and the number of shares held by each of them, as well as the restrictions to which the shares may be subject, including with respect to holders of similar securities outside the territory of France.

In addition to the legal obligation to inform the Company about holding certain percentages of share capital or voting rights, any individual or legal entity, acting alone or in concert with others, who acquires, directly or indirectly, as defined by Articles L. 233-7 *et seq.* of the French Commercial Code, a number of shares, voting rights or securities representing shares equal to 0.5% of the share capital or voting rights in the Company shall be required, no later than prior to market close on the fourth trading day after this threshold has been crossed, to disclose to the Company by registered letter with return receipt, the total number of shares, voting rights and securities giving access to the capital that such individual or entity holds.

A new disclosure shall be required under the conditions indicated above every time another 0.5% threshold is reached or crossed, whether exceeded or fallen below, for any reason whatsoever, including beyond the 5% threshold.

Failure to comply with the above requirements shall result for the relevant shareholder(s), under the conditions and within the limits set by law, in the suspension of voting rights attached to the securities exceeding the thresholds subject to disclosure, provided that one or more shareholders holding at least 0.5% of the Company's share capital or voting rights so request at the Shareholders' Meeting.

**<u>ARTICLE 10 - SALE AND TRANSFER OF SHARES</u>**

The shares shall be freely negotiable, subject to applicable legal and regulatory provisions. They shall be registered in a share account and can be transferred from one account to another by means of a transfer order.

**<u>ARTICLE 11 - RIGHTS AND OBLIGATIONS ATTACHED TO SHARES</u>**

Each share shall entitle its holder to a portion of the corporate profits and assets proportional to the amount of capital represented by the share. Furthermore, each share shall entitle its holder to vote and be represented in the Shareholders' Meetings in accordance with provisions of the law and of the Bylaws. Ownership of one share automatically implies adherence to the Bylaws and the decisions of the Shareholders' Meeting.

Shareholders shall be liable for losses only up to the amount of their contributions.

The heirs, creditors, assigns or other representatives of a shareholder may not ask for the Company's assets and securities to be sealed, nor request their division or sale by auction, nor interfere in the management of the Company; they must, in exercising their rights, abide by the corporate accounts and decisions of the Shareholders' Meeting.

Whenever it is necessary to own several shares to exercise any right whatsoever, in the event of an exchange, reverse split or allotment of shares, or as a consequence of the capital being increased or reduced, a merger or other corporate action, the owners of single shares, or of a number of shares lower than the required number, may exercise these rights only on the condition that they personally undertake to combine and, as the case may be, purchase or sell the necessary shares.

**<u>ARTICLE 12 - INDIVISIBILITY OF SHARES - BENEFICIAL OWNERSHIP</u>**

1. The Company considers the shares indivisible.

Co-owners of indivisible shares shall be represented at Shareholders' Meetings by one of the co-owners or by a single proxy. In the event of disagreement, the proxy shall be appointed by a court at the request of first co-owner to file a petition.

2. The voting right attached to the share shall be exercised by the beneficial owner at Ordinary Shareholders' Meetings and by the legal owner at Extraordinary Shareholders' Meetings.

**<u>ARTICLE 13 - BOARD OF DIRECTORS</u>**

1. The Company shall be managed by a Board of Directors with at least twelve and no more than twenty-two members, including:

- three directors representing the employees of the Company and those of its direct or indirect subsidiaries (within the meaning of Article L. 225-27 of the French Commercial Code) with registered offices located on French territory, either from among the pool of engineers, managers and other supervisors, or from among the pool of other employees; the distribution of seats by eligible pool shall be based on the structure of the workforce as recorded on July 1 of the year when the vote is taken, with two representatives for the pool representing more than half of the employees and one representative for the other pool;

- one director representing employee shareholders (or investors in a company mutual fund (FCPE) holding shares of the Company), appointed by the Shareholders' Meeting.

In the event of a vacancy, by reason of death or resignation, of one or more seats of directors appointed by the Shareholders' Meeting, other than the director representing employee shareholders, the Board of Directors may, between two Shareholders' Meetings, make appointments on a provisional basis subject to the approval of the next Ordinary Shareholders' Meeting, within the limits and conditions provided by law.

2. The method of voting used to fill each directorship representing employees shall be the method provided in the applicable legal and regulatory provisions, particularly Article L. 225-28 of the French Commercial Code and Decree 2004-977 of September 17, 2004.

In particular, the election shall take place:

- Where there is only one seat to be filled from one pool, by a two-round majority vote in that pool; and

- In the other pool, by the largest-remainder method proportional representation system without vote-splitting.

Employees who meet the conditions provided for by law shall be eligible to vote and stand for election. Where there is only one seat to be filled in a pool, each candidacy must include, in addition to the name of the candidate, the name of their replacement in the event of a vacancy for any reason whatsoever. In the other pool, each list of candidates for the election of representatives must include at least four names.

The term of office for directors representing employees shall be four years.

Newly elected directors representing employees shall assume office upon the expiration of the term of office of their predecessors.

Should a director representing employees lose their employee status, their term of office shall be terminated. The vacant seat shall be filled as provided for in Article L. 225-34 of the French Commercial Code.

Elections shall be organized so that a second round can take place before the end of the term of office of outgoing Board members.

For each election, the Board of Directors shall approve the list of subsidiaries and shall set the election date in accordance with the time requirements listed below.

The time requirements for each election shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the election date must be made public at least eight weeks before the vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the list of electors must be made public at least six weeks before the vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• candidacies must be registered at least five weeks before the vote; note that candidates must be members of the pool they wish to represent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the list of candidates must be made public at least four weeks before the vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the documents needed for mail - in votes must be sent out at least three weeks before the vote.

If there are no candidacies in one of the pools, the corresponding seat(s) shall remain vacant until the next election of directors representing employees.

Votes can be cast using electronic or paper ballots.

When votes are cast using paper ballots, voting shall take place over the course of a single day, at the place of work and during normal working hours. However, the following persons shall be eligible to use mail-in ballots:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employees who are expected to be absent on the day of the vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employees who, by virtue of the nature or terms of their employment, are not located in the vicinity of the polling station to which they are assigned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employees working at sites where there is no polling station.

For votes cast by electronic and/or paper ballots, any methods used to organize and conduct the election of directors representing employees that are not specified by applicable legal or regulatory provisions, or by these Bylaws, must be approved by the Board of Directors, or by the Chairperson of the Board acting upon delegation, implementing, where necessary, any Group-wide agreement that may have been signed with respect to the methods used in the election in businesses within the scope referred to in the first bullet under 1. above.

3. The director representing the employee shareholders shall be appointed, pursuant to applicable legal and regulatory provisions and to these Bylaws, by the Shareholders' Meeting upon motion made by the shareholders referred to in Article L. 225-102 of the French Commercial Code. Note that registered shares directly held by employees and whose free allocation was authorized by Extraordinary Shareholders' Meetings of the Company prior to the publication of Law 2015-990 of August 6, 2015 on growth, activity and equal economic opportunities shall be taken into account when determining the proportion of share capital held by employees pursuant to the aforesaid Article L. 225-102.

Only one candidate shall be put before the Shareholders' Meeting. The candidate for the office of director representing employee shareholders shall be appointed through a single consultation of all shareholders referred to in Article L. 225-102 of the French Commercial Code, including any company mutual funds (*fonds communs de placement d'entreprise* - FCPEs) in which more than one third of assets are comprised of Company shares.

The conditions for organizing and conducting this consultation, in particular with regard to the timetable for appointing the candidate, must be approved by the Board of Directors or, by delegation, by its Chairperson.

Employees of the Company, or of companies and groupings related to it within the meaning of Article L. 225-180 of the French Commercial Code, who are employee shareholders or members of the supervisory board of one of the above-mentioned FCPEs, shall be eligible. When putting themselves forward for election, candidates must provide the name of their replacement in the event of vacancy.

The term of office of the director representing the employee shareholders and the terms and conditions of the director's office shall be identical to those of the directors appointed by the Shareholders' Meeting in accordance with Article L. 225-18 of the French Commercial Code. However, in the event of loss of employee status, the director representing the employee shareholders shall be deemed to have automatically resigned and their term of office shall expire automatically.

In the event of any vacancy for any reason whatsoever in the office of director representing the employee shareholders, the replacement shall immediately take up the position for the remaining term of office of their predecessor. In case of a replacement vacancy, a new consultation within the conditions set by the Bylaws shall be organized in a timely manner.

4. In the event of a vacancy for whatever reason in one or more offices of directors representing employees, and for which replacement pursuant to Article L. 225-34 of the French Commercial Code has not been possible, the Board of Directors, duly composed of the remaining members, may validly meet and deliberate prior to the election of the new director(s) representing employees, who shall be considered in office for the purposes of determining the minimum number of directors pursuant to paragraph 1 above. This procedure shall also apply in the event that the seat of the director representing employee shareholders becomes vacant, for whatever reason.

5. The Board may appoint a secretary, who need not be a Board member.

6. The term of office for directors shall be four years.

The duties of the directors, apart from those representing employees and, as applicable, those representing the French government, shall cease at the end of the Shareholders' Meeting called to approve the financial statements for the previous fiscal year, held during the year when their terms of office expire.

7. The Shareholders' Meeting shall set the amount of the attendance fees paid to directors.

The Board of Directors, after express deliberation, shall allocate the fees among the directors as it sees fit, subject to applicable legal and regulatory provisions.

Expenses incurred by directors during their terms of office are reimbursed by the Company upon presentation of documented proof of payment.

8. Each director appointed by the Shareholders' Meeting (except for those representing employee shareholders or appointed on proposal of the French government) must own at least one thousand Company shares.

9. The Board of Directors may invite members of the business, or individuals outside the business, to attend Board meetings without granting them a vote.

10. Individuals invited to attend Board meetings shall be bound by the same rules of discretion as the directors themselves.

11. The Board of Directors may appoint, on motion made by its Chairperson, one or more non-voting directors chosen from among the shareholders, whether individuals or legal entities, or from outside their number.

Their terms of office shall be set by the Board of Directors but may not exceed four years.

Non-voting directors shall always be eligible for reelection. The Board of Directors may terminate their appointment at any time.

In the event of a non-voting director's death, dismissal or termination of office for any other reason, the Board of Directors may appoint a replacement for the remainder of their term of office.

Non-voting directors are invited to attend Board meetings as observers and may be consulted by the Board or by its Chairperson.

A non-voting director's office shall be unpaid. Nevertheless, the Board of Directors may authorize reimbursement of expenses that non-voting directors incur on behalf of the Company.

**<u>ARTICLE 14 - CHAIRPERSON OF THE BOARD OF DIRECTORS - APPOINTMENT</u>**

The Board of Directors shall elect its Chairperson from among its individual members. The Chairperson shall be elected for their entire directorship and shall be eligible for reelection.

The age limit for holding the office of Chairperson of the Board of Directors shall be set at 70 years; should this age be reached by the Chairperson while in office, the age limit shall be extended in order to allow them to carry out their duties until the end of their term of office.

**<u>ARTICLE 15 - DELIBERATIONS OF THE BOARD OF DIRECTORS</u>**

1. The Board of Directors shall meet as often as required in the interest of the Company, when called to meeting by its Chairperson or, should the latter be unable to do so, by the Lead Director, whose appointment may be decided by the Board of Directors in accordance with its internal rules.

The meeting shall be held at the registered office or at any other location indicated in the notice of meeting. The notice of meeting must, in principle, be sent out at least five days in advance by mail, telegram, telex, fax or email. The notice shall include the meeting agenda. It can also be sent out immediately prior to the meeting and by any means, including verbally, in the event of an emergency.

Meetings of the Board of Directors shall be chaired by the Chairperson of the Board or, in the Chairperson's absence, by the Lead Director or, failing that, by the oldest director present.

2. The Board may not validly deliberate unless a quorum of at least half of its members are present or, as the case may be, are considered present in accordance with 4. below.

Decisions shall be made by a majority of members present, deemed to be present, or represented. In the event of a tie, the meeting's Chairperson shall cast the deciding vote.

3. An attendance sheet shall be kept and must be signed by the directors attending the Board meeting. It records any attendance of directors by means of videoconferencing or telecommunication. Board deliberations shall be recorded in minutes prepared in compliance with applicable legal provisions and signed by the meeting's Chairperson and by one director or, if the meeting's Chairperson is unable to do so, by two directors. Copies or extracts of the minutes may be certified by the Chairperson of the Board of Directors, the Chief Executive Officer, the *Delegate* Chief Executive Officers, the director temporarily delegated to the duties of Chairperson, or a person duly authorized for that purpose.

4. The Board of Directors, in accordance with statutory and regulatory requirements, may prepare internal rules setting the terms and conditions under which directors who attend a meeting of the Board by means of videoconferencing or telecommunication allowing their identification and ensuring they can participate effectively, are considered present for the purpose of calculating the quorum and the majority. The form and terms of application of these internal rules are set forth by decree.

5. The Board of Directors may also make the following decisions within its scope by written consultation with Board members:

- temporary appointment of members of the Board of Directors;

- authorization for securities, endorsements and guarantees;

- amendments required to bring the Bylaws into compliance with legislative and regulatory provisions;

- notice of Shareholders' Meetings; and

- transfer of the registered office within the same territorial department.

**<u>ARTICLE 16 - POWERS OF THE BOARD OF DIRECTORS</u>**

The Board of Directors shall determine the guidelines for the Company's activities and ensure their implementation, in accordance with its corporate interest, while taking into consideration the social and environmental challenges of its business. It shall also take into consideration, if necessary, the Company's corporate purpose defined in application of Article 1835 of the French Civil Code. Subject to the powers expressly given to Shareholders' Meetings and to the Chairperson of the Board of Directors, and within the limits of the corporate scope, the Board shall review all issues concerning the smooth operation of the Company and shall settle, through its deliberations, the matters that concern it.

The Board of Directors shall undertake such checks and verifications it considers appropriate.

The Board of Directors may delegate authority to any person it deems fit, even to a person from outside the Company, whether in France or abroad, within the limits of the law and these Bylaws.

**<u>ARTICLE 17 - POWERS OF THE CHAIRPERSON OF THE BOARD OF DIRECTORS</u>**

The Chairperson of the Board of Directors shall organize and direct the Board's work and shall report thereon to the Shareholders' Meeting. The Chairperson shall ensure the proper functioning of the Company's governing bodies and, in particular, that the directors are able to carry out their duties.

In accordance with Articles 29-1 and 29-2 of Law 90-568 of July 2, 1990, as amended, the Chairperson of the Board of Directors shall have authority to appoint and manage the government employees within the Company.

**<u>ARTICLE 18 - GENERAL MANAGEMENT</u>**

The general management of the Company shall be the responsibility of either the Chairperson of the Board of Directors, who shall then hold the title of Chairperson and Chief Executive Officer, or, as applicable, of another natural person appointed by the Board of Directors and holding the title of Chief Executive Officer.

The Board of Directors shall choose between these two forms of general management and inform the shareholders and third parties as required by applicable laws and regulations.

The Board of Directors' vote on this choice shall be made in accordance with the quorum and majority rules referred to in Article 15(2).

The form selected - and any subsequent alternative - shall be valid until the Board of Directors decides otherwise, ruling under the same majority conditions; in any event, the Board of Directors must make a decision relating to the form of general management at the time it appoints or re-appoints its Chairperson or its Chief Executive Officer, if this latter role is separate from that of Chairperson.

Where the Board of Directors elects to separate the roles of Chairperson and Chief Executive Officer, it shall appoint the Chief Executive Officer from among its members or from outside their number, establishing the term of office, compensation and, where necessary, any limitations to powers.

The age limit for exercising the duties of Chief Executive Officer shall be set at 70 years. If this age limit is reached by an incumbent, the Chief Executive Officer shall be considered as having resigned from office.

The Chairperson and Chief Executive Officer or, as applicable, the Chief Executive Officer, shall be granted the broadest powers to act on behalf of the Company in any circumstances. Such powers shall be exercised within the limits of the corporate scope and subject to the powers expressly assigned by law to Shareholders' Meetings, to Boards of Directors and, where the roles of Chairperson of the Board of Directors and Chief Executive Officer are separate, to the Chairperson of the Board of Directors.

The Chairperson and Chief Executive Officer or, as applicable, the Chief Executive Officer, shall represent the Company in its relations with third parties. The Company shall likewise be bound by actions of the Chairperson and Chief Executive Officer or, as applicable, the Chief Executive Officer, which do not fall within the corporate scope, unless the Company can prove that the third party knew that the action was outside of the limits of that scope, or that the third party could not have been unaware of it under the circumstances, with the understanding that the mere publication of the Bylaws shall not be sufficient to constitute such proof.

**<u>ARTICLE 19 - DELEGATED GENERAL MANAGEMENT</u>**

At the proposal of the Chairperson and Chief Executive Officer or, as applicable, the Chief Executive Officer, the Board of Directors may appoint one or more individuals with the title of *Delegate* Chief Executive Officer, who shall be responsible for assisting the Chairperson and Chief Executive Officer or, as applicable, the Chief Executive Officer.

The maximum number of *Delegate* Chief Executive Officers shall be set at five.

The age limit for exercising the duties of *Delegate* Chief Executive Officer shall be set at 70 years. If this age limit is reached by an incumbent, the *Delegate* Chief Executive Officer in question shall be considered as having resigned from office.

In agreement with the Chairperson and Chief Executive Officer or, as applicable, the Chief Executive Officer, the Board of Directors shall determine the extent and duration of the powers granted to the *Delegate* Chief Executive Officers.

With regard to third parties, the *Delegate* Chief Executive Officer(s) shall have the same powers as the Chairperson and Chief Executive Officer or, as applicable, the Chief Executive Officer.

The Board of Directors shall determine the compensation of the *Delegate* Chief Executive Officers.

If the Chairperson and Chief Executive officer or, as applicable, the Chief Executive Officer, ceases to exercise or is prevented from exercising the role's duties, the *Delegate* Chief Executive Officers shall, unless otherwise decided by the Board, remain in office and retain their powers until the appointment of a new Chairperson and Chief Executive Officer or, as applicable, a new Chief Executive Officer.

**<u>ARTICLE 20 - STATUTORY AUDITORS</u>**

The Company's financial statements shall be audited by two Statutory Auditors appointed and exercising their duties in compliance with the law.

Two alternate Statutory Auditors shall be appointed to replace the principal Statutory Auditors in the event of the resignation or death of one or both of the principals or their refusal or inability to serve.

**<u>ARTICLE 21 - SHAREHOLDERS' MEETINGS</u>**

1. Shareholders' Meetings shall be composed of all shareholders whose shares are paid up and for whom a right to attend Shareholders' Meetings has been established by registration of the shares in an account in the name either of the shareholder or of an intermediary registered on the shareholder's behalf where a shareholder is not resident in France, by midnight (Paris time) on the second business day preceding the meeting.

The shares must be registered within the time limit specified in the preceding paragraph either in an account in the shareholder's own name maintained by the Company, or in the bearer share accounts maintained by the authorized intermediary.

If it sees fit to do so, the Board of Directors may distribute personalized admission cards to the shareholders and require them to produce the cards at meetings.

Shareholders attending via videoconferencing or other means of telecommunication which meet legal and regulatory conditions and allow identification shall be deemed present for the calculation of quorum and majority at Shareholders' Meetings.

The Board of Directors shall organize, in accordance with legal and regulatory requirements, the attendance and vote of the Shareholders' Meeting, assuring, in particular, the effectiveness of the means of identification.

Any shareholder may, in accordance with legal and regulatory requirements, vote without attending the Meeting or grant a proxy to any other physical person or legal entity of the shareholder's choice.

Shareholders may, in accordance with legal and regulatory requirements, send their vote or proxy, either by hard copy or via electronic means of telecommunication, until 3:00 pm (Paris time) the day before the Shareholders' Meeting. Transmission methods shall be set forth by the Board of Directors in the notice of meeting and the notice to attend.

Shareholders sending in their vote within the time limit specified under this Article, by means of the form provided by the Company to shareholders, shall be deemed present or represented at the meeting.

The forms for sending in a vote or a proxy, as well as the certificate of attendance, can be duly signed and completed in electronic format under the conditions provided for in the applicable laws and regulations. For this purpose, the form can be electronically signed and submitted directly on the website set up by the organizer of the Shareholders' Meeting.

Shareholders who are not resident in France may be represented at a Shareholders' Meeting by a registered intermediary who may participate subject to legal requirements.

2. Shareholders' Meetings shall be called by the Board of Directors, or, failing that, by the Statutory Auditors, or by any person empowered for this purpose. Meetings shall be held at the registered office or at any other location indicated in the notice of meeting.

Subject to exceptions provided by law, the notice of meeting must be given at least 15 days before the date of the Shareholders' Meeting. Where the Shareholders' Meeting was not able to transact business due to the lack of the required quorum, a second meeting and, if applicable, a second postponed meeting, must be called at least 10 days in advance in the same manner as the first meeting.

3. The Shareholders' Meeting agenda shall be included in the notice of meeting and approved by the author of the notice.

The Shareholders' Meeting may discuss only the items of business on the agenda.

One or more shareholders representing at least the percentage of share capital required by law, and acting in accordance with legal requirements and within applicable time limits, may request that items of business or draft resolutions be included on the agenda.

An attendance sheet containing the information required by law shall be kept at each Shareholders' Meeting.

Shareholders' Meetings shall be chaired by the Chairperson of the Board of Directors or, in the Chairperson's absence, by a Board member appointed for this purpose by the Board of Directors. Failing this, the meeting itself shall elect a Chairperson.

Provided they are present and accept such duties, vote counting shall be performed by the two members of the Shareholders' Meeting who represent, either on their own behalf or as proxies, the greatest number of votes.

The meeting's officers ("le bureau") shall name a secretary, who need not be a shareholder.

The duties of the meeting's officers shall be to verify, certify and sign the attendance sheet, ensure the proper conduct of discussions, settle any incidents occurring during the meeting, check the votes cast and ensure their legality, and ensure that meeting minutes have been prepared.

The minutes shall be prepared and copies or excerpts of the deliberations shall be issued and certified as required by law.

4. Ordinary Shareholders' Meetings shall be those called to make any and all decisions that do not amend the Bylaws. They are called at least once a year within six months of each fiscal year-end in order to approve the Statutory and Consolidated Financial Statements for the fiscal year in question or, in the case of postponement, within the period established by court order.

Upon first notice, the Meeting shall only validly deliberate if the shareholders present or represented by proxy or voting by mail represent at least one fifth of the shares entitled to vote. Upon second notice, no quorum shall be required. Decisions shall be made by a majority of votes held by the shareholders present, represented by proxy, or voting by mail.

5. Only the Extraordinary Shareholders' Meeting shall be authorized to amend any and all provisions of the Bylaws. The Meeting may not, however, increase shareholder commitments, except for properly executed transactions resulting from a reverse stock split.

Subject to the legal provisions governing capital increases by incorporation of reserves, profits or premiums, the Extraordinary Shareholders' Meeting shall only validly deliberate if the shareholders present, represented by proxy or voting by mail represent at least one fourth of all shares entitled to vote when called for the first time, or one fifth when called for the second time. If the latter quorum is not reached, the second Shareholders' Meeting may be postponed to a date no later than two months after the date for which it was called.

Subject to the same condition, the second Shareholders' Meeting shall make decisions by a two-thirds majority of the shareholders present, represented by proxy, or voting by mail.

**<u>ARTICLE 22 - SHAREHOLDERS' RIGHT TO OBTAIN INFORMATION</u>**

All shareholders shall be entitled to access the documents that give them full knowledge of relevant facts and enable them to make an informed judgment concerning the management and operation of the Company.

The nature of these documents and the conditions under which they are distributed or made available are set by law.

**<u>ARTICLE 23 - FISCAL YEAR</u>**

The fiscal year is twelve months, beginning January 1 and ending December 31 of each year.

**<u>ARTICLE 24 - STATUTORY AND CONSOLIDATED FINANCIAL STATEMENTS</u>**

The Board of Directors shall keep proper accounts of corporate activities and prepare statutory and consolidated financial statements, in compliance with applicable laws, regulations and standards.

**<u>ARTICLE 25 - ALLOCATION OF INCOME AS REPORTED IN THE STATUTORY FINANCIAL STATEMENTS</u>**

The income statement, which summarizes the income and expenses for the fiscal year, shows, after deduction of depreciation, amortization and provisions, the profit or loss for the fiscal year.

Of the earnings for the fiscal year less prior losses, if any, at least 5% is deducted to fund the legal reserve. This deduction ceases to be mandatory once the reserve has reached one tenth of the share capital; it resumes when, for any reason, the legal reserve falls below this one-tenth figure.

Distributable profits consist of the profits for the fiscal year, less prior losses, plus the amounts to be placed in reserves as required by law or the Bylaws, plus retained earnings. The Shareholders' Meeting may deduct from these earnings any sums it deems appropriate to allocate to any optional reserves or to carry forward to the next fiscal year.

Moreover, the Shareholders' Meeting may decide to distribute sums taken from reserves at its disposal, expressly indicating the reserve items from which such distributions are made. However, dividends shall first be taken from the distributable earnings for the fiscal year.

Except in the case of a capital reduction, no distribution may be made to shareholders when shareholders' equity is or would, as a result of such a distribution, be less than the amount of share capital plus reserves which the law or the Bylaws do not allow to be distributed. The revaluation surplus may not be distributed; it may be incorporated, in whole or in part, into the share capital.

**<u>ARTICLE 26 - PAYMENT OF DIVIDENDS</u>**

The dividend payout methods voted on by the Shareholders' Meeting shall be set by the Shareholders' Meeting or, failing that, by the Board of Directors. However, cash dividends must be paid within a maximum of nine months after the close of the fiscal year, unless such period is extended by court order.

The Ordinary Shareholders' Meeting may grant each shareholder, for all or part of the dividends to be distributed, the option to elect between payment of the dividends in cash or in shares, subject to legal requirements.

Interim dividends may be distributed before the approval of the financial statements for the fiscal year where the balance sheet prepared during or at a fiscal year-end and certified by a Statutory Auditor shows that the Company has made a profit since the prior fiscal year-end, after recognizing the necessary depreciation, amortization and provisions and after deducting prior losses, if any, and the sums to be allocated to reserves, as required by law or the Bylaws, and including any retained earnings. The amount of such interim dividends may not exceed the amount of the profit so defined. Subject to being previously authorized by the Shareholders' Meeting, the Board of Directors may propose to shareholders, for all or part of the interim dividends to be distributed, an option to elect between payment of the dividends in cash or in shares, subject to legal requirements.

Dividends not claimed within five years after the payment date shall be forfeited.

**<u>ARTICLE 27 - LIQUIDATION</u>**

Subject to the applicable legal provisions, the Company shall be in liquidation from the moment of its dissolution, however this is brought about. The Shareholders' Meeting shall then decide on the method of liquidation and appoint the liquidator(s). The legal entity of the Company shall continue for the purposes of liquidation, until its definitive closure.

The Company shall, insofar as all other liquidation conditions and arrangements are concerned, abide by the applicable legal provisions, subject to the rights of its shareholders as set forth in these Bylaws; specifically, after its liabilities have been discharged, any balance that may be available for distribution shall be divided equally between all of the shares.

**<u>ARTICLE 28 - DISPUTES</u>**

Any disputes that may arise during the life of the Company or, after its dissolution, during the process of liquidation, either between the shareholders, the management or administrative bodies and the Company, or between the shareholders themselves, relating to corporate affairs or the implementation of these Bylaws, shall be submitted to a court of competent jurisdiction where the registered office of the Company is located.

## Ex-11

#### Exhibit 11
Code of Ethics

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## Exhibit 12.1

#### Exhibit 12.1
Certification

I, Christel Heydemann, certify that:

1. I have reviewed this annual report on Form 20-F of Orange;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of Orange as of, and for, the periods presented in this report;

4. The company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for Orange and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

5. The company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

/s/ Christel Heydemann

Name: Christel Heydemann

Title: Chief Executive Officer

Issy-les-Moulineaux, France

March 30, 2023

## Exhibit 12.2

#### Exhibit 12.2
Certification

I, Ramon Fernandez, certify that:

1. I have reviewed this annual report on Form 20-F of Orange;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of Orange as of, and for, the periods presented in this report;

4. The company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for Orange and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

(c) evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

5. The company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

/s/ Ramon Fernandez

Name: Ramon Fernandez

Title: Deputy Chief Executive Officer, Finance, Performance and Development

Issy-les-Moulineaux, France

March 30, 2023

## Exhibit 13.1

#### Exhibit 13.1
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the annual report of Orange on Form 20-F for the period ending December 31, 2022, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certifies that, to the best of his knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Orange.

/s/ Christel Heydemann

Name: Christel Heydemann

Title: Chief Executive Officer

Issy-les-Moulineaux, France

March 30, 2023

This certification will not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. This certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

A signed original of this written statement required by Section 906 has been provided to Orange and will be retained by Orange and furnished to the Securities Exchange Commission or its staff upon request.

## Exhibit 13.2

#### Exhibit 13.2
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the annual report of Orange on Form 20-F for the period ending December 31, 2022, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certifies that, to the best of his knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Orange.

/s/ Ramon Fernandez

Name: Ramon Fernandez

Title: Deputy Chief Executive Officer, Finance, Performance and Development

Issy-les-Moulineaux, France

March 30, 2023

This certification will not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. This certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

A signed original of this written statement required by Section 906 has been provided to Orange and will be retained by Orange and furnished to the Securities Exchange Commission or its staff upon request.

## Exhibit 15.1

Exhibit 15.1

Excerpt containing the pages and sections of the 2022 Universal Registration Document that are incorporated by reference into the 2022 Annual Report on Form 20-F(1)

(1) The following document contains certain pages and sections of the Orange 2022 Universal Registration Document which are being incorporated by reference into the 2022 Annual Report on Form 20-F of Orange. Where information within a subsection has been deleted, such deletion is indicated with a notation that such information has been redacted.

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1.1 Overview

Orange is one of the world's leading telecommunications operators with revenue of 43.5 billion euros in 2022 and 136,000 employees worldwide at December 31, 2022, including 75,000 in France. The Group has a total customer base of 287 million customers worldwide at December 31, 2022, including 242 million mobile customers and 24 million fixed broadband customers. The Group is present in 26 countries. Orange is also a leading provider of global IT and telecommunication services to multinational companies, under the brand Orange Business. In February 2023, the Group presented its strategic plan *Lead the future*, built on a new company model and guided by responsibility and efficiency. *Lead the future* capitalizes on network excellence to reinforce Orange's leadership in service quality.

Orange SA has been listed since 1997 on Euronext Paris (symbol: ORA) and on the New York Stock Exchange (symbol: ORAN).

Orange's **purpose** is to be the trusted partner that gives everyone the keys to a responsible digital world.

1.1.1 Group's main footprint and key figures

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Orange — 2022 Universal Registration Document - 4

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1.1.3 History

Orange is France's incumbent telecommunications operator. The Group has its origins in the Ministry for Mail, Telegraphs and Telephone. It was renamed France Telecom in 1991 and became a *société anonyme* (limited company) on December 31, 1996. In October 1997, France Telecom shares were listed on the Paris and New York stock exchanges, allowing the French government the disposal of 25% of its shares to the public and Group employees. Subsequently, the public sector gradually reduced its holding to 53%. Between 2004 and 2008 the public sector sold a further 26% of the capital, and then again 4% in 2014 and 2015. On December 31, 2022, the French State retained 22.95% of the share capital, held either directly or jointly with Bpifrance Participations.

France Telecom's area of activity and its regulatory and competitive environment have undergone significant changes since the 1990s. In a context of increased deregulation and competition, the Group has, over that period, undertaken several strategic investments, in particular the acquisition of the mobile operator Orange Plc and its brand created in 1994, and the acquisition of a controlling stake in Poland's incumbent operator, Telekomunikacja Polska.

Since 2005, the Group has expanded strategically in Spain by acquiring the mobile operator Amena, then in 2015 the fixed-line operator Jazztel.

The Group is pursuing a policy of selective, value-creating acquisitions by concentrating on the markets in which it is already present. In the emerging markets of Africa and the Middle East where the Group is historically present (in particular Cameroon, Côte d'Ivoire, Guinea, Jordan, Mali and Senegal), this strategy was implemented through the acquisition of Mobinil in Egypt (2010) and of Méditel in Morocco (2015) and more recently by the acquisition of a number of African operators (in Liberia, Burkina Faso, Sierra Leone and the Democratic Republic of the Congo) (2016).

It also resulted in the joint venture with Deutsche Telekom that combined UK activities under the EE brand (2010) followed by the disposal of EE in 2016, as well as the disposal of Orange Switzerland (2012), Orange Dominicana (2014), Orange Armenia (2015) and Telkom Kenya (2016).

In Europe where Orange implements a convergence strategy, this policy has resulted in the takeover of Telekom Romania Communications and the strengthening of the majority shareholding in Orange Belgium (2021), as well as the signing in 2022 of agreements, with MásMóvil to combine their activities in Spain, and with Nethys for the takeover of the Belgian operator VOO.

As part of its corporate services and since the acquisition of Equant in 2000, Orange has been pursuing its strategy of becoming a global player in digital transformation and has accelerated its shift to services through a number of targeted acquisitions, notably in the fields of cybersecurity and Cloud services, such as those of Business & Decision and Basefarm in 2018 and SecureLink and SecureData in 2019.

Orange aims to optimize, develop and enhance the value of its fixed and mobile infrastructure while retaining control of its strategic assets. In 2021, to support its development in fiber, the Group partnered with long-term investors to create two FiberCos in Europe. It also launched Totem, its European TowerCo, to pool its mobile towers in order to enhance their value and optimize their management.

In 2006, Orange became the Group's main brand for Internet, television and mobile telephony services in the majority of countries where it operated. In 2013, the Company adopted the Orange name, offering the full range of its telephony services in France under the Orange brand. This policy continued with the gradual adoption of the Orange brand by most of the Group's subsidiaries in Europe and Africa. Corporate services in the world are offered primarily under the Orange Business brand.

In February 2023, the Group presented its strategic plan "*Lead the future*". For more information on Orange's strategic plan and its business model, see Section 1.2 *Business model, market and strategy.*

Orange — 2022 Universal Registration Document - 6

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1.2.2 Key changes in the telecom services market

#### Network development and growth in telecommunication uses
Around the world, the demand for connectivity continues to grow. The adoption of new uses is accelerating thanks to the increased capacity of existing networks (fiber and 4G/5G), the penetration of smartphones and the multiplicity of screens available (computers, smartphones, tablets, connected TVs, augmented reality glasses and headsets). The development of 5G technology has prompted the emergence of new uses for businesses (optimization of production time, remote machine operation, predictive maintenance, etc.), and for B2C customers (immersive videos, Web 3.0, Cloud gaming, etc.).

In Africa & Middle East, Internet access networks are developing primarily through the roll-out of 4G and 5G mobile networks, and fiber is taking off in targeted zones in large cities. In Europe, network investments are focused on very high-speed broadband access, with the development of fiber, improved performance of 4G mobile networks and commercial launches of 5G. At the same time, operators are constantly upgrading their networks in order to make them more agile and easier to manage (through the virtualization of network functions and automation), and to optimize their value through pooling.

#### New consumer and business expectations
Since the public health crisis, the need for connectivity has been a vital issue both for individuals and for businesses (teleworking, e-commerce, etc.). Immersive technologies (Web 3.0, metaverse) create the opportunity for new customer experiences. Cybersecurity is becoming a need for individuals, businesses, and governments alike. More than ever, customers count on networks being reliable and resilient and on the protection of their personal data, prompting awareness of the importance of a relationship of trust with their operator.

Born out of the new geopolitical situation (war in Ukraine), inflation has added to the context of the economic and public health crisis and further aggravated inequalities in access to digital technology. Customers therefore expect accessible services for the most disadvantaged and support for first-time users. Moreover, with the growing number of extreme weather events, society as a whole expects more commitment from businesses in the face of major environmental and social challenges, but also a better foothold and more presence in the regions and territories.

#### Transformation of the telecoms industry
Against this new backdrop, the transformation of the telecoms industry is gathering pace.

The major US digital players are continuing to grow ever more powerful. More than 50% of network capacity in Europe is used by five of them (the GAFAM [<u><sup>\[4\]</sup></u>](#_ftn4)), raising the question of fair value sharing: Smartphone manufacturers and digital service providers are challenging the operators' ability to differentiate themselves. Over-The-Top (OTT) service providers are focusing on voice substitution in B2B and in international wholesale.

The major digital players are also speeding up the development of their proprietary infrastructure by building new Data centers and international networks that they are promoting in the B2B and *wholesale* markets. At the same time, Chinese network and smartphone providers are increasingly being bypassed due to security and sovereignty risks.

To face the increasingly steady growth of uses (video, data), European operators must continue to invest in tomorrow's very high-speed broadband, fixed (fiber) and mobile (4G/5G) networks. Regulatory constraints (imposed rates, complex mergers) and competition (low cost, price wars) are still very intense in Europe. Operators are therefore seeking to pool and share their networks, while some of them are looking to transfer all or part of their infrastructure to financial funds or infrastructure companies (Towerco). Rising energy prices put pressure on costs and inflation complicates the economic equation.

The digital sector also has a unique ability to help reduce CO<sub>2</sub> emissions. Thanks to their network infrastructure and service platforms, operators are particularly well positioned to create solutions dedicated to better resource management (energy, rare metals, etc.) for businesses and governments.

Orange — 2022 Universal Registration Document - 9

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1.2.3 The Orange group strategy

Launched in February 2023, the strategic plan *Lead the future* aims to generate value from the Group's recognized excellence in its core business and to grow sustainably in Europe, Africa and the Middle East. Orange also intends to re-position its Enterprise activities in next generation connectivity solutions and accelerate in cybersecurity.

This plan was designed to project Orange into the future and capitalize on its unique strengths in the telecoms sector. The quality of its core assets combined with a solid financial position allow it to address the many structural and economic challenges facing the industry. The explosion of digital uses is accompanied by ever-increasing customer demands, notably in terms of resilience, making the telecoms sector essential for years to come.

*Lead the future* aims to respond to these challenges and focus Orange on its core business. This ambitious and pragmatic plan aims to build on the Group's strengths to create value. Orange, a pioneer in fiber, continues to deploy, innovate and invest in the best technologies to respond to its customers' needs for reliability, security and resilience. In addition, Orange consolidates its strong position in cybersecurity and re-positions its B2B activities to better meet the expectations of its customers. Finally, this plan is expected to allow the Group to strengthen its position in Africa and the Middle East, a region of high growth.

*Lead the future* is built on four pillars:

1. Capitalizing on Orange's core business to reinforce excellence and quality of service;

2. Capitalizing on infrastructure in all the countries where the Group is active;

3. Transforming Orange Business Services, rebranded as Orange Business, to accelerate growth in the Enterprise segment and strengthen Orange's position in cybersecurity;

4. Continuing to grow in Africa and the Middle East.

Accompanying the 2025 plan is a new company model.

#### Capitalizing on the core business to reinforce excellence and quality of service

#### Standing out for the quality of networks and service
The quality of the networks and the excellence of Orange's customer service in Europe is renowned, as evidenced by the massive increases in its NPS over the past three years and its reduced mobile plan cancellation rate. This has allowed the Group to increase its mobile and convergent customer bases in Europe by 5% and 8% respectively over the same period. The power of the Orange brand, ranked the second most-valued telecoms brand in Europe in 2023, has thus been strengthened. As the leader in fiber optic deployment in Europe with nearly 46 million FTTH connections deployed by the Group by the end of 2022, Orange now has considerable technology assets. The excellence of the network, following significant investments, is expected to enable the Group to strengthen its leadership in terms of customer experience.

#### Using Data and Artificial Intelligence (AI) to offer customers a customized experience
Orange intends to develop its use of Data and AI to offer customers a personalized and seamless experience across its digital and physical channels. The Group thus aims to continue to increase the share of digital technology in sales and in customer support. By leveraging AI, it intends to improve its ability to predict customer expectations, focusing on services that are secure (through network-integrated cybersecurity), transparent (offering customized, modular, seamless connectivity on-the-go) and "green" with, for example, repaired and refurbished devices.

#### Capitalizing on roll-out progress and leadership in networks
In addition to fiber, 5G and "4G Home" which are already widely available, Orange will enhance its satellite offer in 2023 by launching, in partnership with Eutelsat, a commercial offer in mainland France (see Section 1.5.1 *Access networks*).

In Spain, the combination with MásMóvil will endow the future entity with the financial capacity and scale necessary to continue to invest and contribute to the development of competition through infrastructure, for the benefit of consumers and businesses.

Through this leadership in networks, customer satisfaction and enriched offers, Orange intends to improve average revenue per offer (ARPO) despite difficult macroeconomic conditions and intense competition.

Finally, with its sights firmly set on the usages of tomorrow, *Lead the future* will capitalize on the expertise of researchers and other employees dedicated to innovation to build new services and applications such as on-demand enterprise networks or the Wi-Fi of the future for the home.

#### Capitalizing on infrastructure in all the countries where the Group is active

#### Continuing the extension of very high-speed fixed and mobile broadband and increasing the value of Totem
The Group intends to continue to invest in the development of fixed and mobile networks within a responsible financial framework. To do so, Orange will continue to engage in strategic partnerships (RAN Sharing and joint entities) to share financial costs and secure investments.

Across the fixed-line network, Orange will continue to deploy, operate, and market fiber connections; by 2025, it plans to deploy of 5 million additional fiber connections in Europe, where peak investment has already been reached, and 2 million connections in Africa & Middle East.

Across the mobile network, Orange will increase the value generated from its passive infrastructure by aiming to raise the third-party operator hosting rate from 1.37 in 2022 to 1.5 by 2026 for pylons owned by Totem, the Group's European TowerCo. Totem, a wholly owned Orange subsidiary, has all the strengths needed to be a key player in European consolidation.

The Group will continue to modernize its fixed and mobile networks moving to very high-speed broadband with the decommissioning of the copper network in France and 2G and 3G networks in all its European countries by 2030. In Africa, Orange will continue to deploy fixed and mobile networks (4G and 5G), to enable solid growth in its results and to support the continent's economic and social development.

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#### Rolling out Network Integration Factories
*Orange intends to enhance the value of its infrastructures through technology and strengthen the use of data and Artificial Intelligence (AI) to put in place a new industrial model for the management of its network: more effective, more resilient, and higher performing.* Group-wide Network Integration Factories will also accelerate the automation and virtualization of network operations. They will also make it possible to offer new on-demand network services operating in "Network-as-a-Service" mode (available via app programming interfaces), thus creating new business opportunities. Lastly, they will increase the resilience and security of networks thanks to considerably faster operations of network restoration, security updates or anomaly detection. This transformation is already contributing to optimizing capital and operating expenditure and reducing network electricity consumption by up to 20%.

#### Transforming Orange Business Services, rebranded as Orange Business, to accelerate growth in the Enterprise segment and strengthen Orange's position in cybersecurity

#### Positioning Orange Business as the leader for next generation connectivity solutions
The Internet, the Cloud and collaborative software have all revolutionized companies' digital usage, for example through the shift away from fixed line telephony and private networks. These developments call into question the traditional B2B Telco operator model. With *Lead the future*, Orange is profoundly transforming its model to adapt to the new realities of a market where the boundaries between networks and digital services are disappearing. Orange will therefore capitalize on its unique mastery of connectivity, security and resilience challenges.

In this context, Orange Business Services is evolving to become Orange Business. This new name embodies the simplification that characterizes its entire transformation plan and underpins its purpose to forge the closest possible relationship with its customers. Orange Business will position itself as the leader for next generation connectivity solutions. This ambition is rooted in its globally recognized expertise in secure and trusted connectivity solutions which provide the foundation for companies' digital transformation. It will also rest on a re-focusing of the range of services it offers, the evolution of its company model and a far-reaching program of cost optimization.

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#### Continuing the growth of Orange Cyberdefense to open up to new markets (B2C/micro-businesses)
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Orange Cyberdefense intends to continue with its organic growth and a strategy of targeted acquisitions, accelerate its push into the professional/SME segment and enter new markets such as B2C. Driven by the growing needs of both individuals and large businesses, the market is expected to experience double-digit growth over the coming years and the Group has already demonstrated its ability to outperform the market.

#### Continuing to grow in Africa and the Middle East

#### Maintaining growth in the Africa & Middle East region
The Africa and Middle East region has been a growth driver for the Group for many years and remains at the heart of its strategy. There is significant potential in this region linked to strong demographics, the adoption of the Internet and increasing usage, the capture of which is made possible by the roll-out of networks and infrastructure. As the telecoms operator serving one in ten Africans, Orange intends to continue to invest in the deployment of its networks to further strengthen its position as a digital partner of reference in Africa and the Middle East. [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

#### Accelerating the transformation of Orange Money
On these solid foundations, the Group plans to accelerate the provision of services in the financial field (Orange Money, Orange Bank), content, energy, e-agriculture, health and B2B. Orange will thus accelerate the transformation of Orange Money toward a digital platform model that will offer other services in addition to transfers and payments. This will be offered to all consumers, whether or not they are Orange customers, across all the countries in which the Group is present. At the end of 2022, Orange Money's revenues had returned to growth, driven by the increase in its customer base to more than 29 million active users and by the volume of transactions, which exceeded 100 billion euros in value during the year.

#### Strengthening the Group's foothold, in particular through its "Orange Digital Centers"
The Group's digital inclusion policy - from the provision of services at attractive prices to digital training - strengthens its positioning. A local partner in Africa and the Middle East through a dedicated subsidiary, Orange will continue to invest in infrastructure and work to promote digital inclusion across the African continent. The Group will build on its strong local relationships and its position as a multi-service operator, pursuing the deployment of its "Orange Digital Centers".

#### A new company model guided by responsibility and efficiency
The Group's environment is undergoing profound changes and Orange is therefore facing major challenges in terms of transformation. To overcome these challenges, *Lead the future* will put in place a new company model guided by an ambitious policy of social and environmental responsibility.

#### Social and environmental responsibility
Environmental and social issues profoundly change the way Orange manages its activities. Its achievements are already recognized by high ESG scores. Orange now aims to transform itself and develop a more efficient and resilient company model. This *ESG-by-design* transformation is underpinned by three major areas of commitment: Environment, Trust and Digital Inclusion.

In terms of the environment, the Group faces multiple challenges: climate emergencies as well as structural changes, such as access to natural resources, legislation and regulations, and society's expectations. The Group's main source of energy consumption comes from networks and information system (84% of the Group's energy consumption and CO<sub>2</sub> emissions across scopes 1 and 2 in 2022). In 2021, the *Green ITN* program saved nearly 960 GWh of electricity and 80 million liters of fuel. With global warming representing a major concern for us all, the Group intends to be a driving force for the environmental transition [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]. The long-term objective of reaching Net Zero Carbon by 2040 remains unchanged.

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The Group's second area of commitment is to work toward building a society of trust, and to aim to become the leader in cybersecurity in Europe and a key player in digital trust. To achieve this, the Group intends to develop Orange Cyberdefense, reaffirm its policy of protecting customers' personal data, promote the ethical use of AI and data (Code of Ethics, Positive AI initiative in France), raise awareness of responsible digital technology, and fight against cyberbullying.

Lastly, convinced that digital technology is a powerful tool for inclusion, the Group has made it its third area of commitment. Its promise of digital inclusion and empowerment covers three areas: access to networks and services, accessibility of offers, and the development of digital skills.

Governance and social and environmental responsibility, which are at the heart of all the Group's processes, are driven by the commitment of the Group's management team, part of whose compensation is linked to non-financial performance indicators.

#### A new company model
The success of *Lead the future* will also be linked to the development of the Group's company model: simpler, faster, more efficient. People, organizational agility and the simplification of processes will be at the heart of this transformation. The objective is to improve operational efficiency at Group level and accentuate its industrial approach geared towards excellence.

In a world of disruptive technologies, the Group will invest in training and have proactive skills management based on anticipating needs. The Group will facilitate employee development towards new roles in data, Cloud Computing, cybersecurity and AI.

Finally, the Group will continue to closely manage its costs. With the "Scale up" efficiency plan, Orange has already saved at end-2022, and on a cumulative basis since the beginning of 2020, more than 700 million euros in net savings [<u><sup>\[6\]</sup></u>](#_ftn6). [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

Having reached a peak, Orange is aiming to reduce investments from 18% of revenues to around 15% from 2023 and for the duration of the plan. This reduction is particularly centered on France and Europe, where most of the investments in fiber have already been made. All the same, Orange will continue to invest to further strengthen its network leadership.

Within the framework of *Lead the future*, the Group has set its financial ambitions for 2025. These ambitions are based on clear objectives for return on investment and long-term value creation [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]. Orange intends to rigorously manage its asset portfolio, pursue its carefully considered strategy in respect of acquisitions and partnerships, and maintain self-discipline in terms of managing its debt and its balance sheet.

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1.3 Significant events

#### Governance
On January 28, 2022, the Board of Directors appointed Christel Heydemann as Chief Executive Officer of Orange, effective April 4, 2022. The Board of Directors met after the Shareholders' Meeting of May 19, 2022 and elected Jacques Aschenbroich as Non-Executive Chairman of the Board Directors. It confirmed Christel Heydemann as Chief Executive Officer and Ramon Fernandez as *Delegate* Chief Executive Officer. The latter resigned from his position as *Delegate* CEO at December 31, 2022 and will step down from his role as Deputy CEO and Executive Vice-President Finance, Performance and Development at the end of the first quarter of 2023 (see Section 5.1 *Composition of management and supervisory bodies*).

In addition, Christel Heydemann has decided to make changes affecting part of her management team in order to accelerate the Group's transformation and development (see Section 5.1.3 *Executive Committee*).

#### Lead the future , Orange's new strategic plan
In February 2023, Orange presented *Lead the future*, its new strategic plan which aims to generate value from the recognized excellence of its core business and to grow sustainably in Europe, Africa and the Middle East. Orange also confirms the repositioning of its Enterprise activities in next generation connectivity solutions and the acceleration in cybersecurity. Accompanying the plan is an ambitious new company model placing, at its heart, social and environmental responsibility and operational excellence.

*Lead the future* is built on four pillars: (i) capitalizing on our core business to reinforce our excellence and quality of service; (ii) capitalizing on infrastructure in all the countries where the Group is active; (iii) transforming Orange Business Services (which becomes Orange Business) in order to accelerate in the Enterprise services segment and strengthen Orange's position in cybersecurity; and (iv) continuing to grow in Africa and the Middle East.

For more information on the strategic plan *Lead the future*, see Section 1.2.3 *The Orange group strategy.*

#### Inflation and energy crisis
Generalized inflation, and more particularly the increase in energy costs, weighed on the Group's operating margins in 2022. In this difficult macroeconomic environment, the Group continued its efforts to achieve its financial objectives. Orange has several key strengths in this inflationary environment:

**-** the Group has a certain ability to increase prices thanks to a high level of customer satisfaction and the quality of its network (see below *Telecommunication networks*). In most cases, the Group's strategy is to offer more for more to its customers while being very cautious about the attractiveness of these transactions, in order to maintain a high level of customer satisfaction, as evidenced by Orange's *Net Promoter Score* (NPS) indicators. In this context, price increases associated with additional service offers took place during fiscal year 2022, particularly in France (see below *Launch of the new Livebox 6*) and in all European countries. In order to preserve the purchasing power of households, the Group has B2C offers in France available to everyone under the Orange and Sosh brands;

**-** [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED] Energy purchases, the main component of which is electricity, amounted to around 800 million euros in 2022, of which around 150 million euros more than in 2021 related to the increase in energy prices. In order to reduce its exposure to the risks of fluctuations in energy purchase prices on the markets, the Group hedges its future consumption needs in advance and has signed (and will continue to sign) renewable electricity supply contracts (Power Purchase Agreements (PPAs), see below *Exemplary social and environmental conduct*) which enable it to hedge part of its energy needs on the basis of prices negotiated with suppliers for a given period (see Notes 14.6 and 16.1 to the Consolidated Financial Statements). At the end of December 2022, the Group had significant hedges for its electricity needs at prices set through PPAs and purchases already made on the markets. In Europe, nearly 100% of the Group's electrical needs are thus hedged for 2023, and more than 60% for 2024, including the rights to ARENH (*Accès Régulé à l'Énergie Nucléaire Historique* - Regulated access to historic nuclear energy) estimated to be capped at 40%. The Group anticipates that its energy expenditure (mainly electricity) will amount to approximately 1.1 billion euros in 2023;

**-** to achieve its objectives, Orange also relies on Scale Up, its operational efficiency program, to offset the inflationary effects that the Group is experiencing (see below *Progress of the Scale Up operational efficiency program*);

**-** in most of its geographical locations, salary increases for Group entities are not indexed to inflation and are decided after a negotiation process. However, some entities are required to adjust all salaries to inflation, as is the case in Belgium and Luxembourg. In France, Orange SA implemented an increase in the overall salary budget of 3% in 2022, with a particular focus on the lowest levels of compensation. Orange is thus strengthening its action in favor of the purchasing power of employees in a context of rising inflation, while preserving the Group's financial balances (see below *Orange, a people-oriented digital employer*);

**-** BuyIn, the Orange and Deutsche Telekom procurement joint venture, provides some negotiating power to the Group to secure supplies and limit price increases;

**-** the choice made by the Group to retain control of its infrastructure, in particular via Totem, Orange's European TowerCo (see below *Optimization, development and enhancement of mobile infrastructure by Totem*), makes it possible to partially limit the Group's exposure to the effects of indexing rent for this asset class to inflation;

**-** the Group's lead in terms of network roll-out, and particularly of fiber optic (see below *Telecommunication networks*), allows Orange to limit its exposure to the increase in associated costs;

**-** lastly, the Group's robust balance sheet, its diversified financing and interest rate risk management policy, as well as Orange's creditworthiness, help limit the Group's exposure to the effect of interest rate increases (see Note 14 to the Consolidated Financial Statements).

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#### War in Ukraine
In the context of the war in Ukraine, the Orange group has taken steps, as a priority, to ensure the safety of its teams in Ukraine, Russia and neighboring countries where the Group is present, as well as to ensure service continuity for its customers and the security of its infrastructure. The Group also ensures that it strictly complies with international sanctions on Russia and Belarus. Orange has also strengthened its level of surveillance in terms of cybersecurity and resilience, and has also undertaken to provide support to populations affected by the conflict, in particular through various solidarity actions (free offers, donations and in-kind support).

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To this end, Orange has set up a crisis unit that is primarily responsible for monitoring how events are unfolding on a regular basis and how they might affect the Group, and for coordinating all the measures taken by its various entities.

The Orange group is present in Russia and Ukraine mainly through Orange Business Services (OBS). In Russia, OBS had just over 700 employees at December 31, 2022 and generated revenues there of approximately 100 million euros (i.e., 0.2% of Group revenues) in 2022. The total value of assets located in Russia was approximately 60 million euros at December 31, 2022. In light of the situation, the Group has decided to continue its business for existing customers in Russia and Belarus, but to avoid entering into any new commercial relationships with entities located there. OBS has four employees in Ukraine. The revenues generated in Ukraine are immaterial at the Group level.

Orange is a B2C operator in four countries that border Ukraine: Poland, Slovakia, Romania and Moldova. The Group is monitoring the situation in these countries very closely and participates in the reception of refugees.

Provided that the conflict does not spread to other geographical areas, and given the limited scope of the Group's activities in Ukraine as well as in Russia and Belarus, the direct impacts on the Group's financial statements remain limited (see Note 2.5.4 to the Consolidated Financial Statements).

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#### Optimization, development and enhancement of mobile infrastructure by Totem
In 2021 Orange announced the creation of Totem, the Orange group's European TowerCo which owns and manages the passive infrastructure portfolio of mobile telecommunication towers in France and Spain. The company started operations at the end of 2021.

In May 2022, Totem signed a contract with Société du Grand Paris to equip the future 15 Sud subway line of the Grand Paris Express by 2025. Totem will provide 5G mobile coverage through the roll-out of *indoor* DAS (Distributed Antenna System), a mobile network comprised of close to 1,000 active devices. Totem will carry all the investments necessary for the roll-out of this infrastructure and will then market access to the entire network rolled out to mobile telephony operators until 2035.

In November 2022, Totem also announced the signing of a commercial agreement with Iliad giving it access to the portfolio of Totem sites (masts and flat rooftops) in France. With this agreement, the two stakeholders are entering into a long-term partnership.

Since January 1, 2022, the Group has presented Totem as a separate segment within the segment information (see the heading of Section 3.1 *Review of the Group's financial position and results* and Note 1.1 to the Consolidated Financial Statements).

#### Telecommunication networks

#### Fixed-access networks
Orange continued to roll out its fiber optic network at a steady pace in fiscal year 2022. Accordingly, the Group connected 8.4 million additional homes to FTTH year on year and had 64.9 million households connectable to FTTH worldwide at December 31, 2022, up 14.8% on a comparable basis year on year, including 33.5 million in France, 16.4 million in Spain, 11.8 million in Other European countries, and 3.2 million in Africa & Middle East. The total number of households connectable to all very high-speed broadband networks (FTTH and cabled networks) was 66.7 million at December 31, 2022.

In January 2023, Orange Belgium and Telenet announced that they had signed two commercial agreements for the wholesale of fixed services, providing access to their respective hybrid fiber-coaxial and fiber-to-the-home networks. The entry into force of these agreements is subject to the completion of the acquisition of 75% minus one share of VOO by Orange Belgium, which requires the approval of the European Commission, among other things. The agreements will provide access to the other party's fixed networks for a period of 15 years and cover both current hybrid fiber-coaxial technologies and future fiber-to-the-home technologies in both network areas. Orange Belgium believes that these agreements will promote investment and competition in the Belgian telecommunication market.

In October 2022, Orange Wholesale France (OWF), the Orange entity dedicated to the telecom operator market in France, launched "FTTH Access," an offer allowing Operator customers to provide electronic communication services to their end customers, without rolling out local infrastructure. FTTH Access is an access offer to an activated fiber optic network built on the local FTTH loops (or fiber bitstream) rolled out by Orange and other infrastructure operators. The FTTH Access offer thus marks a new stage in the expansion of fiber by allowing operators to support their Enterprise customers in switching to fiber while the decommissioning of copper is underway in France (see Section 1.4.1 *Operating activities - France*).

#### Mobile-access networks
In 2022, Orange recognized more than one billion euros in capital expenditure for telecommunication licenses (primarily 5G and 4G licenses, see Section 3.1.2.5.1.2 *Telecommunication licenses*).

During 2022, the Group continued to roll out its 5G network internationally. In February 2022, Orange Belgium announced the gradual opening of its 5G network in Belgium, and in November 2022, Orange launched its commercial 5G network in Botswana, the Group's first country in Africa to roll out this technology. At the end of 2022, Orange saw 8 countries commercially open 5G: France, Spain, Poland, Belgium, Luxembourg, Romania, Slovakia and Botswana.

In addition, Orange announced in February 2022 that it had selected its industrial partners for its 5G Stand Alone (5G SA) networks in Europe. The roll-out of 5G SA solutions is an important step that will enable the future development of value-added, on-demand and customized services for Orange customers, in particular businesses, in all sectors of the economy. The Group notably chose Ericsson for its 5G SA core networks in Spain, Poland, Belgium and Luxembourg; Nokia for its 5G SA core networks in France and Slovakia, as well as for its Subscriber Data Management in all countries; and Oracle Communications for 5G core network signaling and routing in all countries.

In October 2022, the results of the Arcep annual survey on the quality of the mobile services of French telecom operators confirmed for the twelfth consecutive year that Orange has the best mobile network in mainland France (i.e., excluding French Overseas Territories). Orange remains a leader in terms of mobile services quality, including voice, text and data (4G and 5G), and ranked first or tied for first in 476 of the 505 criteria measured. These results are a testament to the expertise and ongoing commitment of the teams to more efficient and more responsible networks.

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In March 2022, Orange announced the phasing out of its 2G and 3G mobile networks by 2030 in all countries where the Group is present in the European Union. The phasing out of 2G and 3G technologies will allow Orange to optimize the management of its networks and move them toward more secure and more energy-efficient technologies, such as 4G or 5G. Radio frequencies currently used for 2G or 3G will be used to improve the coverage capacity of 4G and 5G networks in both urban and rural areas.

#### Connectivity and transmission networks
In February 2022, Orange announced its participation in the SEA-ME-WE6 (Southeast Asia-Middle East-Western Europe 6) consortium for the construction of a new so-called "express" submarine cable which will connect France to Singapore with low latency and very high-speed broadband. Orange will be responsible for the landing on French territory and will host the cable in its secure infrastructure in Marseille.

In December 2022, Orange and Medusa Submarine Cable System, a neutral and independent operator of submarine infrastructure in the Mediterranean, announced that they were joining forces to offer an open and high-performance interconnection solution to all Medusa cable partner operators. At 8,760 kilometers, Medusa will be the longest submarine cable system in the Mediterranean Sea and will connect nine countries in North Africa and Southern Europe by 2024 and 2025. Orange is thus investing in new infrastructure for hosting submarine cables in Marseille and will offer users of the Medusa submarine cable easy and secure access to all Data centers in the city of Marseille, which it will interconnect through the installation of new, fully redundant infrastructure.

#### Launch of the new Livebox 6
In April 2022, Orange France launched its new *Livebox* 6, which offers optimized performance with Wi-Fi 6<sup>E</sup> and tri-band connection and responds to the increased usage in homes since 2020. *Livebox* 6 is the first box launched commercially on the French market compatible with the new Wi-Fi 6<sup>E</sup> standard. It uses a new 6 GHz frequency band and allows a fiber speed of up to 2 Gbit/s downlink (and 800 Mb/s uplink). Equipped with a 100% recycled and recyclable plastic shell, its design is guided by the Group's environmental strategy. In addition, activating the *Livebox* 6's hibernation mode reduces energy consumption by up to 85%.

#### Digital transformation of the business customer
In April 2022. Orange Business Services announced the complete migration of Siemens AG's network to a Software-Defined Wide Area Network (SD-WAN) infrastructure of 1,168 sites across 94 countries in order to secure the use of its business apps via Internet access Thanks to the Flexible SD-WAN solution, Orange Business Services, along with its technology partner Cisco, thus carried out one of the largest SD-WAN roll-outs in the world during the public health crisis.

In October 2022, Orange Business Services was also selected to be the first operator connected to the French government's "Radio Network of the Future." As part of the "Radio Network of the Future" (RFF) call for tenders launched by the French Ministry of the Interior, Orange Business Services will provide access to the radio coverage of the very high-speed broadband communication network of the French government. The "Radio Network of the Future" is the government's response to modernizing the means of communication of security and emergency services: with the RFF, France will acquire a very high-speed broadband communication network (4G then 5G) common to all security, rescue and crisis management services, such as the police and gendarmerie, firefighters or SAMU (France's emergency medical services).

Lastly, Orange Cyberdefense, a leader in cybersecurity services in Europe, and CS Group, a major player in the design, integration and operation of critical systems, announced in October 2022 that they had been awarded a four-year contract to ensure the security of information and communication systems for the Ministry of the Armed Forces in France. In the current geopolitical context where the protection of data and infrastructure is a major issue both for businesses and governments, the objective is to meet the challenges relating to the security of critical sovereign systems.

Regarding the acquisitions of Orange Business Services, see below *Changes in the asset portfolio.*

#### Orange, a people-oriented digital employer
Following the NAO (*Négociation Annuelle Obligatoire* - Mandatory Annual Negotiation) on salaries in May 2022, Orange SA confirmed a 3% increase in the overall salary budget in 2022. Orange is thus strengthening its action in favor of the purchasing power of employees in a context of a marked rise in inflation, while preserving the Group's financial balances. In addition, as part of the value sharing for fiscal year 2021, Orange paid out an additional incentive bonus of 11 million euros, bringing the total incentive bonus to 177 million euros.

Moreover, given the inflation observed during 2022, in November 2022 Orange SA announced the payment of an exceptional value-sharing bonus at the end of 2022 to nearly half of Orange SA's employees. In January 2022, Orange SA had already paid out an exceptional purchasing power bonus of 200 euros to around 35,000 employees.

The Group pays particular attention to the working conditions of its employees and to measures aimed at the lowest salaries.

#### Exemplary social and environmental conduct

#### Sustainable finance
In May 2022, Orange returned to the sustainable bond market with an issue for a nominal amount of 500 million euros, intended to finance digital and social inclusion projects as well as projects relating to energy efficiency and the circular economy. The bonds have a maturity of 10 years and carry an annual coupon of 2.375% (see Note 13.5 to the Consolidated Financial Statements). Since the launch of the sustainable finance program in 2020, at the end of 2022 Orange had raised a total of one billion euros in sustainable bonds.

In November 2022, Orange signed a 6-billion-euro multi-currency *revolving* syndicated credit facility, indexed to environmental and social indicators, with 27 banks to refinance its syndicated credit facility maturing at the end of 2023. The new credit facility initially matures in November 2027 and includes two options to extend for one more year each, exercisable by Orange and subject to the banks' approval. This sustainable refinancing illustrates the Group's commitments to social and environmental responsibility, in line with Orange's objectives in matters of gender diversity in the workplace and Net Zero Carbon by 2040. The initial margin is 25 basis points per year, with the maximum adjustment linked to sustainable performance objectives possibly leading to a discount or a premium of 2.25 basis points (see Note 14.3 to the Consolidated Financial Statements).

#### Energy efficiency and reduction measures
In 2022, Orange continued the work undertaken across its entire scope to optimize its energy consumption, as part of its overall strategy to reduce its environmental impact. Information systems and networks currently account for around 85% of the Group's energy consumption, with the remaining 15% coming from commercial buildings and vehicles.

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In order to optimize the energy efficiency of its telecommunication networks while meeting growing connectivity needs, the Group rolls out the latest generations of equipment, in particular 5G (see above *Telecommunication networks*), the latter integrating energy consumption optimization features with advanced sleep modes. Over the 2019-2022 period, the *Green ITN* program made it possible to achieve energy savings equivalent to 19% of the total consumption of IT and networks, by decommissioning older-technology equipment that consumes more energy, optimizing the equipment utilization rate, sharing its access networks and improving the efficiency of its Data centers. In May 2022, Orange inaugurated two new Data centers in France, as part of a program to replace the 17 Data centers currently in service which host national data by 2030. Their energy consumption is 30% lower than that of older-generation Data centers, thanks in particular to the latest cooling technologies (free cooling). In addition, mobile network sharing agreements between operators have already been put in place in many European countries where Orange is present, in particular in Belgium, Spain, Poland and Romania. These projects make it possible to achieve substantial energy savings for all partners.

In the context of the current energy crisis, Orange has taken measures across its European footprint to reduce its energy consumption, particularly during peak consumption periods. In October and December 2022, Orange announced measures to support the energy sobriety plan initiated by the French government and the Council of Europe: reduction of part of the instantaneous power consumption of networks; lowering the thermostat in offices; optimizing the consumption of workspaces; switching off the lights in retail display windows; raising customers' and employees' awareness of energy sobriety; signing of the Ecowatt charter, etc.

#### Use of electricity from renewable sources
Since 2018, and in anticipation of being Net Zero Carbon by 2040, Orange has also implemented a policy of obtaining renewable energy from wind or solar sources, helping to secure access to electricity and to forecast the costs. Such contracts are already in place in France, Spain and Poland (see Notes 14.6 and 16.1 to the Consolidated Financial Statements).

In 2022, Orange signed new PPA (Power Purchase Agreement) contracts in Poland, doubling its renewable energy supply prospects in Europe through this type of contract by 2025. The contracts already in place will thus cover a capacity of more than 900 GWh/year by 2025, i.e., around 25% of the estimated electricity consumption for 2025 in Europe.

In the Africa & Middle East countries, the Group is developing a program based on the generation of solar energy, either to supply network equipment directly or via solar farms. Various site solarization projects are currently being implemented across the Group to use clean, autonomous energy to reduce dependence on national power grids and contribute to the development of energy from renewable sources.

#### RE program and extending the lifespan of mobile equipment
In May 2022, Orange announced the strengthening of the Group's commitment to the circular economy with the expansion of the RE program (Recycling, Recovery, Refurbishment, Repair) to all European countries where Orange is an operator, in order to raise public awareness of the environmental impact of mobile phones.

In March 2022, Orange and Samsung announced a series of initiatives aimed in particular at increasing the lifespan of mobile equipment in Europe, including a certified refurbishment program for Samsung devices in Orange's distribution channels, or the display of an Eco Rating for devices to help customers assess the environmental impact of mobile phones. In addition, Orange and Samsung will gradually expand the eSIM (embedded SIM, virtual card) on a wide range of devices in order to reduce the share of plastic SIM cards used throughout the area covered in Europe by Orange.

#### Digital inclusion
Orange is continuing to roll out its Orange Digital Center program dedicated to digital inclusion, with 10 new Orange Digital Centers opened in 2022, bringing their total to 18. This program offers the public a wide choice of digital education options. Accessible to everyone, it is a lever for social and economic development in the regions, including rural areas, with the support of local partners, associations and authorities. It embodies Orange's commitment to digital equality.

In November 2022, the Orange Côte d'Ivoire group entered into a partnership with Vanu, Inc. to provide connectivity to rural areas of Côte d'Ivoire, as well as to Orange Côte d'Ivoire group subsidiaries in Burkina Faso and in Liberia. This partnership will help improve the overall experience of Orange customers and, thanks to its expertise, Vanu will facilitate the roll-out of sites in areas not yet covered in Côte d'Ivoire, Burkina Faso and Liberia. The partnership between Orange and Vanu will include the provision of technology upgrades and will be based on the innovative Network-as-a-Service (NaaS) model. This partnership is part of Orange's IDEAL program, which aims to expand network coverage in rural areas to 20 million people by building 5,000 sites in four years.

#### Progress of the Scale Up operational efficiency program
On the defined scope of 13.8 billion euros in indirect costs at the end of 2019 (corresponding to the Group's indirect costs (i) excluding Africa & Middle East and Mobile Financial Services, and (ii) excluding labor expenses and other network expenses and IT expenses of Enterprise IT & integration services), the Group achieved more than 700 million euros in net savings at the end of 2022 on a cumulative basis since the beginning of 2020, in line with the pace announced for the Scale Up program. Moreover, nearly 300 million euros in additional net savings achieved in 2022 have made it possible to offset the inflationary effects suffered by the Group this year (mainly the increase in energy access costs and in labor expenses).

These savings are mainly the result of optimizations carried out on all of the Group's business lines, with an increase in the digitization, pooling and rationalization of internal organizations, and in particular a rebalancing of support functions in favor of operational functions.

#### Changes in the asset portfolio

#### Agreement to combine the activities of Orange and MásMóvil in Spain
Following exclusive negotiations that began in March 2022, in July 2022 Orange and MásMóvil signed an agreement to combine their activities in Spain (excluding Totem Espagne and MásMóvil Portugal). This combination will take the form of a 50/50 joint venture, controlled jointly by Orange and MásMóvil (Lorca JVCo), with equal governance rights in the new company.

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The transaction is based on an enterprise value of 18.6 billion euros, of which 7.8 billion euros for Orange Espagne and 10.9 billion euros for MásMóvil. The transaction is supported by a 6.6-billion-euro non-recourse debt package that will finance, among other things, an upfront payment of 5.85 billion euros to Orange and to the shareholders of MásMóvil (Lorca JVCo). This distribution to the shareholders will be asymmetric as it also embeds an equalization payment in favor of Orange. MásMóvil's existing debt will remain in place.

The agreement includes the right of both parties to trigger an initial public offering (IPO) after a p-defined period and under certain conditions, with an option for the Orange group to take control and thus fully consolidate the new entity created in the event of an IPO. The Group cannot either be forced to sell its stake or to exercise this option.

Benefiting from economies of scale and productivity gains, the new entity will be well positioned to undertake a more ambitious and sustainable expansion of its FTTH and 5G networks, and to contribute to the development of new telecommunication infrastructures in Spain for the benefit of Spanish consumers and businesses. In particular, the joint venture will have the means to continue to roll out its own network infrastructure, constituting a real asset on the market, in particular a national FTTH network and a state-of-the-art mobile network with broad national coverage.

On completion of the transaction, the joint venture would then be consolidated using the equity method in the Orange group's financial statements (due to Orange's loss of exclusive control over the activities concerned).

This transaction is subject to the approval of the European Commission and other competent administrative, regulatory and competition authorities and to the relevant and/or contractual conditions precedent. It is expected to be completed in the second half of 2023 (see Note 3.2 to the Consolidated Financial Statements).

#### Acquisition of SCRT and Telsys by Orange Cyberdefense
In November 2022, Orange, through its subsidiary Orange Cyberdefense, acquired 100% of the Swiss companies SCRT and Telsys, sister companies with around 100 employees that are experts in cybersecurity and related services. The management team and existing structures retain their local autonomy to accelerate their expansion plans, particularly in Swiss-German territory.

After the acquisition of SecureLink and SecureData in 2019, Orange Cyberdefense continued its organic and inorganic strategy to become the European leader in cybersecurity, thanks to its presence in nine countries (France, Belgium, Denmark, Germany, Netherlands, Norway, Sweden, UK and now Switzerland) and the expertise in security of 2,700 employees serving more than 8,500 customers.

#### Acquisition of 100% of Exelus by Enovacom (an Orange Business Services healthcare subsidiary)
In May 2022, Orange, through its subsidiary Enovacom, signed an agreement to acquire 100% of Exelus, the owner of a unique mobile telemedicine solution that offers healthcare professionals state-of-the-art tools for scheduled telemedicine visits, specialty econsults, telecare, as well as for emergency telemedicine. This acquisition strengthens the strategy of Orange Business Services in the development of solutions for healthcare professionals. The acquisition was completed in early July 2022.

#### Planned creation of a joint venture with Deutsche Telekom, Telefónica and Vodafone for the implementation of a digital advertising technology platform in Europe
In February 2023, Orange, Deutsche Telekom, Telefónica and Vodafone announced plans to form a joint venture to develop a technology platform for digital advertising (ad tech) in Europe. The platform is specifically designed to bring a major improvement to the control, transparency and protection of the consumer personal data that is currently collected, distributed and stored on a large scale by some major non-European stakeholders. It is expected to benefit consumers, advertisers and publishers all at the same time. Its creation was authorized by the European Commission. The four companies will assume equal stakes of 25% each in this new joint venture, which will be based in Belgium and managed by independent management.

#### Agreement for the creation of the Hexadone joint venture with Banque des Territoires
In November 2022, Orange and the Banque des Territoires announced the signing of an agreement to create Hexadone, in order to design and offer a digital platform for all communities wishing to control and enhance their regions' data. With this project for a digital platform that is both simple and robust, sovereign and secure, open and interoperable, Hexadone's ambition is to be the regions' trusted partner for the sovereign use and enhancement of their data. The launch of the digital platform is scheduled for the first half of 2023.

#### Agreement for the disposal of all OCS and Orange Studio securities to the Canal+ Group
In January 2023, Orange and the Canal+ Group announced that they had signed a memorandum of understanding for the Canal+ Group's acquisition of Orange's entire stake in the OCS pay-TV package and in Orange Studio, the film and TV co-production subsidiary. Following the deal, the Canal+ Group will be the sole shareholder of both companies.

Since their founding in 2007 and 2008 respectively, competition in the audiovisual sector, particularly for OCS, has continued to intensify with the emergence of powerful international platforms. In this context, Orange wanted to sustain the development of the two subsidiaries while preserving jobs and the p-financing of audiovisual content. In order to ensure these objectives, Orange has therefore entered into discussions with the Canal+ Group, its historical partner and a renowned European player in the creation and distribution of content. Canal+ has been a 33.34% shareholder of OCS since 2012 and is OCS' leading distributor.

The French Competition Authority will be informed of the deal (see Note 19 to the Consolidated Financial Statements).

#### Merger of Deezer into the SPAC I2PO and IPO of the new entity
In July 2022, global music and audio streaming platform Deezer and I2PO, a SPAC (Special Purpose Acquisition Company), merged. Following a capital increase, the merged entity, renamed Deezer, was listed on the Professional Compartment of the regulated market of the Euronext Paris stock exchange. Prior to the transaction, the Group held a 10.42% stake in Deezer. Following the transactions, Orange holds 8.13% of the new entity and no longer exercises significant influence over it. The transfer of securities led the Orange group to recognize, in the second half of 2022, a gain on disposal of 77 million euros in the income statement (see Note 3.2 to the Consolidated Financial Statements).

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1.4 Operating activities

Orange provides B2C and B2B customers and other telecommunication operators with a wide range of connectivity services, such as fixed and mobile telecommunications, data transmission and other value-added services, including Mobile Financial Services. The Group is present as an operator in 26 countries. In addition to its role as a supplier of connectivity, the Group provides enterprise services, primarily solutions in the fields of digital work, security and improving business line processes. As part of its global approach to development, it also offers access to some services (financial, energy, health, education) aiming at covering the essential needs of populations by leveraging its connectivity offer [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

For consistency with the segment information in the Consolidated Financial Statements, the Group's activities are presented below by business segment (or group of segments): France, Europe, Africa & Middle East, Enterprise, Totem [<u><sup>\[7\]</sup></u>](#_ftn7), International Carriers & Shared Services, and Mobile Financial Services.

The results of Orange's activities in 2022 and its principal operating indicators in its various business segments are set out in Section 3.1 *Review of the Group's financial position and results*. Information on the business segments' performance and objectives is also available in Section 1.2.3 *The Orange group strategy.*

Unless otherwise indicated, the market shares indicated in this chapter relate to market shares in terms of volume, and the data related to customers does not include SIM cards dedicated to connected devices (*Machine to Machine - M2M*).

1.4.1 France

Orange is France's incumbent telecommunication operator (see Section 1.1.3 *History*). The bulk of its business is carried by Orange SA, which is also the parent company of the Orange group.

The France business segment includes all fixed and mobile communication services to individuals and companies with fewer than 50 employees [<u><sup>\[8\]</sup></u>](#_ftn8) in France [<u><sup>\[9\]</sup></u>](#_ftn9) as well as wholesale services. Activities developed for companies with more than 50 employees, content activities and Mobile Financial Services are covered in Sections 1.4.4, 1.4.6 and 1.4.7 of this document.

In 2022, the France business segment generated 39.6% of the Group's consolidated revenues.

#### The market
In the first nine months of 2022, telecommunication operators' revenues on the retail market rose by 1.9% on an annual basis (source: Arcep, third quarter 2022).

While fixed narrowband telephony revenues continued their downward trend as a result of the steady decline in the number of copper network lines, fixed broadband telephony revenues continued to grow due to the increasing number of accesses. This growth was driven by the rapid development of Fiber To The Home (FTTH). At the end of the third quarter of 2022, 17.1 million customer accesses were connectable to FTTH, which represents year-on-year growth of 3.7 million, compared with year-on-year growth of 4.1 million at the end of the third quarter of 2021 (source: Arcep, third quarter 2022).

At September 30, 2022, revenues from mobile services on the retail market had also risen by 5.8% year on year (source: Arcep, third quarter 2022).

The French broadband and very high-speed broadband Internet market is dominated by four main operators, which account for over 96% of broadband customers. Orange's market share was virtually stable in 2022, at 39.5% in the third quarter of 2022, and Orange remains the leader on this market, ahead of Free, Altice-SFR and Bouygues Telecom (ranked second, third and fourth, respectively, by number of customers) (Source: Orange estimates).

The French mobile market is dominated by the same four operators as the fixed market, which account for 94% of mobile customers. With a market share estimated at 34% in the third quarter of 2022, Orange has maintained its position and remains the leader on this segment as well, ahead of competitors Altice-SFR, Bouygues Telecom and Free (ranked second, third and fourth, respectively, by number of mobile customers) and all MVNOs (Source: Orange estimates).

#### Orange's business activities
Orange France's core business involves the provision of fixed telephony, broadband and very high-speed broadband Internet and mobile telephony services for the B2C and Pro-SME markets. Its strategy is based on greater bandwidth in fixed (fiber) and mobile (4G and 5G) networks, promoting the take-up of new services and conquering new areas of growth, while continuing to transform its Customer Relations (see Section 1.2.3 *The Orange group strategy*).

#### Mobile
In the B2C mobile market, Orange segments its offers into several ranges covering all customers, from those looking for just the essentials in terms of communications or Internet connectivity to those wanting the best smartphones and who have very intense connectivity uses in France and internationally. The Orange brand has seven offers for the mobile market, three of which are compatible with 5G technology.

Orange is present on all market segments, including on the entry-level market. In addition to the Orange brand, Orange France also proposes under the Sosh brand several types of mobile subscriptions at attractive prices, only available online, with no commitment and no handset. At the end of December 2022, Sosh had 4.5 million mobile customers.

Since 2015, all the offers sold by Orange are at least 4G compatible, including entry-level market offers. Since 2020, some of these offers are also 5G compatible. Orange is continuing its family focused strategy with the development of multi-line plans through its flagship Open offer. Open mobile offers are available in the same ranges as conventional mobile offers and include the same levels of service.

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Segmenting offers on the B2C and Pro-SME markets allows Orange to continue to grow its subscriber base while the decline in prepaid services continues (see Section 3.1.3.1.5 *Additional information - France*). At the same time, the MVNO customer base hosted on the Orange network reached nearly 1.3 million customers at end-December 2022, down significantly from end-2021 due to the acquisition of two MVNOs by Bouygues Télécom and SFR.

#### Fixed telephony and Internet
In the B2C broadband Internet market, Orange segments its offers into three main categories: *Livebox*, aimed at customers looking for Internet and TV essentials; *Livebox Up*, which meets the needs of those wanting the best speeds and a premium TV experience; and, lastly, *Livebox* Max, which adds in a premium WiFi service. Orange launched this offer in April 2022 with the *Livebox* 6, a new box compatible with the new WiFi 6<sup>E</sup> standard.

Sosh has also been present on the broadband Internet market since 2018, with affordable offers, available exclusively online and with no commitment.

The Orange and Sosh broadband Internet access offers are marketed using FTTH technology in eligible areas, or otherwise ADSL. Orange is the market leader in terms of the number of FTTH accesses sold, with a total of more than 7.2 million subscribers at end-2022 over a scope including B2C, professionals and small and medium-sized businesses.

With the steady growth in full unbundling, as well as wholesale subscriptions and naked ADSL access to third-party Internet service providers, the decline in revenues generated by the conventional telephony service business continues.

Since November 27, 2020, Orange is no longer the operator responsible for providing universal services including connection to a fixed network and telephony service (see Section 1.7.2.3 *Regulation of fixed telephony, broadband and very high-speed broadband Internet).*

Orange also pursues advertising network activities through its websites, which have nearly 25 million unique visitors each month (source: Médiamétrie - Overall Internet Audience in France in November 2022, January 2023).

#### Wholesale
Orange Wholesale France (OWF) markets infrastructure, connectivity, fixed and mobile network solutions, and wholesale services in France. In turn, it purchases these services from third-party operators for Orange France and its end-customers. The Group is the leader on this market in France. Its main rivals are other network operators as well as infrastructure operators, such as Altitude and Axione.

The OWF business includes the interconnection of competitive operators, wholesale subscription and traffic services (ADSL and fiber) regulated by Arcep (see Section 1.7.2.3 *Regulation of fixed telephony, broadband and very high-speed broadband Internet*) and the construction and marketing of very high-speed broadband fiber optic networks.

The unbundling of access to the copper network is a structurally declining business due to the gradual closure of this network (see *The network* section below). The fiber network is marketed to rival operators according to two methods: leasing or co-financing of lines. Co-financing requires a basic investment for third-party operators, plus recurring maintenance fees. After having increased significantly in 2020, revenues from co-financing dropped sharply in 2021. This downward trend continued in 2022 as the fiber roll-out reached maturity. The timing of co-financing payments to be received by Orange is highly dependent on the purchasing strategies of third-party operators in connection with the development of fiber and the policies of investment funds.

Lastly, since 2011, Orange has been providing Free Mobile with a nationwide roaming service on its 2G and 3G networks. That service was extended until the end of 2025. See Section 1.7.2.2 *Regulation of mobile telephony - Infrastructure sharing.*

#### Distribution
Since 2020 and the Covid-19 health crisis, the sales channel mix has been deeply disrupted.

Orange France is pressing ahead with its digital development strategy, with a fully digital customer experience in Orange online stores (available on Orange.fr) and Sosh (via Sosh.fr), with Sosh offers only available on the digital channel. In 2022, the number of sales made through the digital channel rose by 12% compared with 2019 (p-crisis year) but fell by 8% compared with 2021 due mainly to the full reopening of stores. They still account for nearly one-third of all sales.

The dedicated customer call centers based on the type of services marketed account for 19% of sales. Their number decreased by 14% compared with 2021 and 7% compared with 2019.

The network of retail stores across France consisted of more than 500 stores at the end of 2022. Retail stores accounted for 43% of sales over these 12 months. The volume of sales made through this channel increased by 8% compared with 2021 but was down 27% compared with 2019.

Lastly, the number of sales made through other channels, such as direct marketing, door-to-door and the multi-operator network, decreased by 9% compared with 2021 but remained 60% above the 2019 level. They account for 7% of overall sales volumes.

#### The network
Orange's commercial leadership is built partly on its leadership in fixed and mobile networks.

Orange continued to roll out its fiber optic network at a steady pace in 2022. In France, the Group gave nearly 5 million additional premises access to Orange FTTH during the year (after nearly 6 million in 2021). At end-2022, just under 34 million premises were connectable to Orange fiber, a number that includes fiber rolled out to Orange's own networks and third-party networks. According to the observatory report on subscriptions and the roll-out of high-speed and very high-speed broadband *(Observatoire des abonnements et déploiements du haut et très haut débit*) (Source: Arcep, third quarter 2022), more than 17 million (i.e. nearly 52%) of the total connectable premises in France owe their connectability to Orange as an infrastructure operator (roll-out carried out using its own funds). This data does not take into account the networks built and operated by Orange Concessions in Public Initiative Networks (PIN) regions (see below).

On January 31, 2022, Orange submitted a copper network switch-off plan to Arcep. Arcep published the plan for public consultation from February 7 to April 4, 2022, and then on July 29, 2022 published a Q&A document with the clarifications and adjustments Orange had made to the plan. The plan states that, during the first phase of the transition, which began in 2020 and will continue until the fiber network roll-out is completed in 2025, copper connection sales will be discontinued on a case by case basis insofar as the four telecom operators have rolled out fiber up to the base point. At the end of 2022, sales had been discontinued on nearly 20 million copper connections. This phase also includes switch-off experiments on a few hundred thousand premises. The first batch of switch-offs was thus launched on December 13, 2022, with the actual shut-off expected in January 2025. From 2026, Orange will no longer sell new ADSL subscriptions and the large-scale switch-off of the copper network will begin. By 2030, it will concern the entire network.

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For the mobile network, the roll-out of 4G continued, with an unchanged coverage rate of 99% of the French population, still the best 4G rate in the country (source: Orange estimates). At January 1, 2023, Orange had 30,756 authorized 4G sites in France [<u><sup>\[10\]</sup></u>](#_ftn10) (source: Observatoire ANFr (French national spectrum agency observatory), January 1, 2023).

For the twelfth consecutive time, Orange's mobile network was ranked number one by Arcep in 2022 (see Section 1.3 *Significant events*).

On the 5G side, at January 1, 2023, France had 37,968 5G sites authorized by ANFr, of which 16,121 sites were technically operational in the 3.5 GHz spectrum. Orange operates 5,473 of these sites (source: Observatoire ANFr, January 1, 2023). Since November 2016, the spectrum managers of the European Union Member States have recommended the use of the 3.5 GHz band as the primary band for the introduction of 5G.

Orange announced in March 2022 that it would gradually phase out its 2G and 3G mobile networks by 2030 in all European Union countries where the Group operates (see Section 1.3 *Significant events*).

#### Orange Concessions
In 2021, to continue to roll out fiber in rural areas and enhance its infrastructure, Orange consolidated the 24 Public Initiative Networks (PINs) governed by contracts with local authorities, in mainland France and in French Overseas Territories, into one entity, Orange Concessions. For this project, it joined forces with long-term, well-known investors in both infrastructure and local development. Orange Concessions is 50/50 owned by Orange and the HIN consortium comprising La Banque des Territoires (Caisse des Dépôts et Consignations), CNP Assurances and EDF Invest. The joint venture is now recognized under associates and joint ventures in the Group's financial statements (see Note 3.2 to the Consolidated Financial Statements).

Orange Concessions has been operational since November 2021. Assisting local authorities in the digital planning of their territory, it oversees the design, construction and operation of fiber networks, relying on Orange as the leading industrial partner, and handles the marketing to all commercial operators (ISP) in order to offer fiber to their end-customers. Orange Concessions continues to roll out fiber in rural areas in France while sharing the investment effort with its shareholders.

At December 31, 2022, Orange Concessions had made 2.6 million households connectable to fiber and had nearly 1 million connected customers. By 2025, the joint venture is expected to be operating nearly 4.5 million FTTH accesses, which will make it the leading infrastructure operator in French rural areas.

1.4.2 Europe

Outside France, the Group operates in seven countries in Europe, where it is implementing its convergence strategy based on the local context and drawing on the strengths of its subsidiaries:

**-** in Spain, where the Group is number two in the fixed and mobile markets, and where it signed an agreement with MásMóvil to combine their Spanish activities;

**-** in Poland, where the Group is the incumbent operator, leader in fixed-line and number two in mobile;

**-** in Belgium and Luxembourg, where the Group launched its convergence services via partnerships and announced the signature of an agreement with Nethys to acquire 75% minus one share in VOO SA;

**-** in other Central European countries (Romania, Slovakia and Moldova), where the Group, as the leader in the mobile segment, is a convergent player through the roll-out of fiber optic, the use of 4G for the development of fixed telephony via LTE, and its partnerships or acquisitions, in particular that of Telekom Romania Communications.

In 2022, the Europe segment represented 24.9% of the Group's consolidated revenues.

1.4.2.1 Spain

The Group has been present in Spain since the deregulation of the telecommunication market in 1998. Initially operating in the fixed telephony market, it acquired mobile telephony operator Amena in 2005 before adopting the Orange brand in 2006. The acquisition of fixed telephony operator Jazztel in 2015 enabled Orange to consolidate its position in terms of convergence, thanks to Jazztel's fiber coverage. En 2021, Orange Espagne consolidated its brand portfolio to focus on Orange, Jazztel and Simyo. In 2022, Orange and MásMóvil signed an agreement to combine their activities in Spain. This transaction is subject to the approval of the competition authorities. It is expected to close in the second half of 2023 at the latest.

In 2022, the Group generated 10.6% of its consolidated revenues in Spain.

#### The market
Since the consolidation that began in 2014, four operators have dominated the telecom market: Telefónica, the incumbent operator, which acquired D+ in 2014 and operates under the Movistar brand; Orange; Vodafone, which acquired ONO in 2014; and MásMóvil Ibercom, initially an MVNO, which acquired Yoigo in 2016 and then signed a commercial agreement for access to Orange's fixed and mobile networks, before acquiring Euskaltel in 2021.

In addition to competing in the B2B and B2C segments through their main brands, these four operators also compete via other brands in the low-cost market: Orange with Jazztel and Simyo; Telefónica with Tuenti and O2; Vodafone with Lowi; and MásMóvil with Pepephone and Euskaltel.

Together, the four convergent operators have a combined market share of over 90%, with Telefónica ranked first, followed by Orange (whose market share in November 2022 reached 23.3% for broadband Internet and 22.5% for mobile), then Vodafone (source: CNMC).

In 2022, the Spanish market was marked by continued growth in the low-cost offer market segment.

#### Orange's activities in Spain
In 2022, Orange Espagne continued to implement its "Back to Growth" plan, to deal with the difficult context of the Spanish market. This plan is structured around three key areas: focusing on the core activities and their implementation; making the entire business customer-oriented and focusing on "frontline" relations; and, lastly, simplifying Orange offers and processes.

By improving the customer experience and repositioning its offers, Orange Espagne was able to increase its fixed and mobile customer retention. The company also increased prices to ensure growth in its convergent revenues and cope with inflation, even though the market has been affected by competition from low-cost offers.

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Orange Espagne strengthened its ambition to become the leading operator for leisure activities for the entire family, as well as its multi-service approach to differentiate itself from its competitors and create value. As part of this strategy, it:

**-** further enhanced its content services, with TV broadcasting rights to Spanish league and UEFA Champions League soccer matches, Disney+, and the launch of Jazztel TV;

**-** launched a premium fiber service, the 10 Gbps FTTH Infinity Pack;

**-** paid particularly close attention to the digitization of its customer service, mainly through the MiOrange app and the use of WhatsApp, to continue to improve the customer experience;

**-** pursued its commitment to the environment, with the launch of a pilot program enabling its customers to install solar panels in partnership with Powen, a solar energy equipment installer.

On the B2B market, and in particular in the SME segment, Orange Espagne revised its portfolio of offers. It added a number of digital services adapted to the needs of SMEs and also offers additional services, such as cybersecurity and sports content. Orange also improved its Orange Digital Empresas offer, a range of digital services to help businesses successfully complete their digital transformation, with solutions for all categories eligible for the "Digital Kit" program launched by the Spanish government.

#### The network
In 2022, Orange continued to roll out its fiber optic network by connecting 0.8 million additional households to FTTH over one year. At the end of 2022, Orange was able to offer an FTTH connection to 16.8 million Spanish households.

Orange Espagne completed the optimization of the 5G spectrum it had acquired at various auctions, enabling it to increase speeds by 60%. The network can now reach up to 1.5 Gbps. At the end of 2022, 5G population coverage reached 78%, beyond the coverage goal of 50%. Orange Espagne also continued to expand its 4G network, reaching coverage of 99% of the population at the end of 2022.

In November 2021, Orange launched the TowerCo, Totem, in France and in Spain. Its creation enables Orange to strengthen its position as a manager and operator of passive mobile infrastructures and benefit from new growth drivers (see Section 1.4.5 *Totem*).

1.4.2.2 Poland

The Group has been present in Poland since 2000, when it acquired an interest in the incumbent operator, Telekomunikacja Polska (renamed Orange Polska). In 2006, Orange became the single brand for mobile activities and, in 2012, for all the fixed telephony services offered by the Group in Poland. Orange owns 50.67% of the shares of Orange Polska, which is listed on the Warsaw Stock Exchange.

In 2022, the Group generated 6.0% of its consolidated revenues in Poland.

Poland has four main mobile telephony operators: Orange, T-Mobile (owned by Deutsche Telekom), Polkomtel (operating under the Plus brand, owned by the Cyfrowy Polsat group) and P4 (owned by Iliad since end-2020, operating under the Play brand). At the end of 2022, these four mobile telephony operators accounted for 98% of the total number of SIM cards in Poland, and Orange was the leading operator, with market share of 29% (Source: Orange estimates).

Orange ranks first in the broadband Internet market, with market share of 28.0% at end-2022 (Source: Orange estimates). Its principal competition comes from cable TV operators (mainly UPC Polska and Vectra), as well as from Netia (part of the Cyfrowy Polsat group), a conventional telecommunication operator.

The Polish telecommunication market is highly competitive and relatively fragmented. Convergence has become a key element in new residential customer acquisitions. This environment has caused market consolidation to accelerate, in particular among fixed and mobile players. The Cyfrowy Polsat group acquired Netia in 2018. In 2020, Vectra acquired Multimedia Polska, creating the country's leader in the cable market, Play completed the acquisition of Virgin Mobile, Poland's biggest MVNO, and Iliad completed the acquisition of Play. In 2022, Iliad closed the acquisition of UPC Polska, the largest cable operator in Poland. This transaction made Iliad a convergent player in its own right on the Polish market.

In 2021, Play and Polsat Plus Group also both sold their mobile infrastructure to Cellnex, a Spanish-based infrastructure investor. These transactions facilitated the arrival of a new player, who thus took a significant share of the mobile infrastructure market in Poland.

In 2021, Orange Polska completed the disposal of 50% of its FiberCo to the APG Group.

From a geopolitical perspective, the military conflict in Ukraine had a significant impact on the Polish telecommunication sector in 2022. The sector provided essential communication services to millions of Ukrainian refugees who either settled in or passed through Poland. Orange Polska joined the humanitarian efforts right after the onset of the war. In particular, it provided Ukrainian refugees with connectivity services and hosting solutions.

#### Orange's activities in Poland
In 2022, Orange Polska continued to implement its strategic plan, Grow, for the 2021-2024 period. Despite the many challenges posed by the macroeconomic environment and heightened competition, Orange Polska remains in line with its financial and operational ambitions.

Convergence remains a key growth driver, enabling the Group to gain and maintain customer trust and loyalty. In 2022, Orange Polska continued to focus its efforts on its *Love* convergent offers. *Love* is a package that includes both fixed and mobile services in its basic formula at an affordable price. It can be extended for higher fixed broadband speed, additional SIM cards, enhanced TV content and other value-added services.

The number of convergent customers continued to rise in 2022, reaching 1.63 million and now accounting for 69% of the total number of fixed broadband accesses. This growth was supported by strong sales for the fiber offer, with fiber customers accounting for 42% of the customer base at end-2022, an increase of eight points compared with end-2021. Orange Polska now has more Internet customers on fiber than on copper, which is an important symbol of its technological transformation. This good performance was driven by strong demand for fixed broadband, as well as the continued roll-out of the FTTH network, particularly in small and medium-sized towns and cities, where competition from cable operators is less intense.

For several years, Orange Polska's business strategy has focused on creating value by adjusting the price of its main online services according to the "more for more" principle. Orange Polska maintained this approach in 2022, taking high inflation into account as well, and thus increased rates for most of its B2C and B2B contracts and prepaid services.

In the B2B market, Orange Polska continued to strengthen its position as the preferred partner for the digital transformation of its customers. IT and Integration Services continued to enjoy robust growth, with a 24% increase in revenues compared with 2021.

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#### The network
Orange Polska continued to roll out its FTTH network in 2022, reaching 7.1 million connectable households at the end of the year.

In 2021, Orange Polska sold 50% of the capital of its Światlowód Inwestycje subsidiary (the Polish FiberCo) to the APG group. Orange and APG jointly control the Polish FiberCo, which is now recognized under associates and joint ventures in the Group's financial statements (see Note 3.2 to the Consolidated Financial Statements). The FiberCo expects to connect approximately 1.7 million Polish households to fiber, mainly in areas without fixed broadband infrastructure. As a result of the creation of its FiberCo, future growth in Orange Polska's fiber coverage will be achieved mainly through access to the FiberCo's network.

The 5G auctions, which have been expected for several years, were finally announced in December 2022. The regulator plans to make spectrum available in August 2023. This spectrum will enable the launch of comprehensive 5G services in Poland (see Section 1.7 *Regulation of telecommunication activities*).

While awaiting the auction process, all operators continued to market 5G on their existing spectrum through dynamic spectrum sharing (DSS) technology. In 2022, Orange Polska opened its new 5G Lab at its Warsaw headquarters. The 5G Lab is a place to develop and test solutions that use 5G, collaborate with startups, and present innovative solutions to businesses using the same 5G spectrum as the future Polish 5G network.

At end-2022, Orange's 4G network covered 99.9% of the population (Source: Orange estimates).

1.4.2.3 Belgium & Luxembourg

In Belgium and Luxembourg, Orange operates via Orange Belgium and its subsidiary, Orange Communications Luxembourg. Orange Belgium is listed on the Brussels Stock Exchange. Following a takeover bid, completed on May 4, 2021, the Orange group now holds 76.97% of the capital of Orange Belgium (see Section 1.3 *Significant events*). A long-standing player in the mobile segment in Belgium, in 2016 Orange launched convergent offers across the entire country based on the regulation of wholesale access to cable.

In 2022, Orange Belgium generated 3.1% of the Group's consolidated revenues.

#### Belgium
Orange has two main competitors in the mobile telephony market: Proximus (the incumbent operator, 53.5% owned by the Belgian State) and Telenet (59.1% owned by the Liberty Global Group), which acquired Base in 2016. With a market share of 28.4% in the fourth quarter of 2021, Orange ranks second behind Proximus (Source: Orange estimates).

The competitive structure of the fixed telephony market remained relatively stable in 2022, with the predominance of the incumbent operator, Proximus, and regional cable operators Telenet and VOO.

There were major developments on the fixed market: Proximus continued to roll out a fiber network throughout Belgium, on its own infrastructure and through two joint ventures (Fiberklaar with EQT Infrastructure, and Unifiber with Eurofiber). Meanwhile, Telenet signed an agreement with Fluvius to roll out a fiber network in Flanders.

In December 2021, Orange Belgium announced the signature of an agreement with Nethys to acquire almost 75% of VOO SA's capital. On March 20, 2023, the European Commission approved the transaction (see Section 3.2.1 *Recent events*). This acquisition will represent major progress in Orange Belgium's national convergent strategy. It will increase investment and competition in the telecommunication sector, benefiting customers and the competitiveness of the Wallonia and Brussels regions. In January 2023, Orange Belgium and Telenet signed two commercial wholesale agreements providing access to their respective fixed networks. For more information on these agreements, see section 1.3 *Significant events.*

#### Orange's activities in Belgium
Throughout 2022, Orange continued its value and innovation strategy for its customers by introducing new offers on the market. In particular, the company:

**-** launched 5G to all its contract customers;

**-** launched the next generation of TV set-top boxes, reinventing the TV experience with the inclusion of new features and apps;

**-** launched a new gaming plan with unlimited access to hundreds of games;

**-** inaugurated the second Orange 5G Lab at La Grande Poste in Liège, giving businesses the opportunity to discover, test and develop innovative 5G use cases with 5G Stand Alone (5G SA) technology.

Orange Belgium continues to invest in its network infrastructure and thus successfully participated in the 5G auctions in Belgium in 2022. It acquired blocks of spectrum in the 700 MHz, 1400 MHz and 3.6 GHz bands (see Section 1.7 *Regulation of telecommunication activities*).

In 2022, Orange Belgium strengthened its CSR commitment with the opening of an Orange Digital Center, which brings together initiatives for digital inclusion and innovation, and the launch of the "RE" program, which aims to raise awareness among the general public of the environmental impact of mobile phones and improve smartphone recovery efforts.

#### Luxembourg
Orange started its operations in Luxembourg in 2007, via the acquisition of Voxmobile. The company adopted the Orange brand in 2009.

In the mobile segment, Orange Communications Luxembourg, with market share of approximately 14.9%, ranks third behind incumbent operator Post Luxembourg, the market leader, and Proximus Luxembourg, a subsidiary of Belgian operator Proximus, with its Tango brand (source: ILR, June 2022). Post Luxembourg also has the largest market share in the fixed-line and Internet market.

In 2022, Orange continued to adapt its portfolio, in line with its position as a challenger, while taking advantage of the 5G launched in 2020. The company is focused on innovation, through the launch of its space in the Metaverse, which offers its customers a new immersive experience, as well as on CSR, with the launch of the "RE" program.

1.4.2.4 Central Europe

#### Romania
Orange Romania was founded in 1997 and adopted the Orange brand in 2002. A long-standing player in the mobile segment, Orange launched its satellite TV offers in 2013, then its fiber offer in 2016, following a wholesale agreement with Telekom. In 2021, Orange acquired 54% of fixed telephony operator Telekom Romania Communications (now Orange Romania Communications - OROC), in line with its convergent ambitions in Romania.

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In 2022, the Group generated 3.6% of its consolidated revenues in Romania.

The Romanian telecommunication market is dominated by four operators, three of which provide convergent services, namely Orange, Vodafone, and RCS&RDS (operating under the Digi brand, owned by Digi Communications), and one mobile operator, Telekom (owned by OTE, itself jointly controlled by Deutsche Telekom and the Greek government).

In the mobile telephony market, Orange's market share was estimated at 39% at the end of the first half of 2022. Orange has maintained its leading position, followed by Vodafone, Telekom and Digi (source: Ancom, first half 2022).

With the acquisition of OROC and the launch of its own fiber network, Orange has strengthened its position on the fixed market, which is nonetheless still dominated by Digi.

#### Orange's activities in Romania
In 2022, Orange reached new milestones after acquiring OROC: OROC successfully transitioned all its products and services to the Orange brand; Orange Romania and OROC jointly launched the first national convergent offer; and the customer experience was standardized with the creation of a single customer service number, a new store design, and access to the *My Orange* app for all customers in September.

On the network side, Orange continued to ramp up its 4G operations, with population coverage now reaching 98.52% nationwide and 99.71% in urban areas (source: Orange estimates).

In 2022, Orange Romania was once again confirmed by Ookla and LCC as a leader in connectivity, and was named best mobile network in Romania in 2022 for voice and mobile data services, as well as the fastest fixed and mobile network in the country, including for 5G.

As the Group's first country to market 5G, Orange Romania continued to roll out its 5G network, available in 23 cities by the end of 2022, and continued to innovate by testing Romania's first calls based on ultra-reliable low latency communications (uRLLC) technology, using the 5G Stand Alone network. Orange also continued to cooperate with national and international consortiums under the Horizon Europe research program to work on 5G and 6G innovation themes.

In 2022, as part of the 5G auction process, Orange Romania acquired 220 MHz in the 700 MHz, 1500 MHz and 3400 MHz-3800 MHz bands (see Section 1.7 *Regulation of telecommunication activities*) and became the Romanian operator with the most 5G spectrum. During the year, the company opened up access to 5G for customers of Yoxo, its all-digital brand.

As part of its CSR policy, in November 2022 Orange Romania announced the launch of a four-year program aimed at increasing the amount of green energy used in its network, by equipping 300 network sites and 4 Data centers with solar panels. Orange had already installed 216 solar panels by the end of 2022.

#### Slovakia
Orange Slovensko started operating in 1996 and adopted the Orange brand in 2002. A long-standing player in the mobile segment, Orange Slovensko strengthened its position in convergent offers thanks to its own fiber roll-out program and the launch of fixed solutions via LTE in 2017.

In 2022, the Group generated 1.3% of its consolidated revenues in Slovakia.

Slovakia's fixed broadband market is dominated by the incumbent operator, Slovak Telekom (owned by the Deutsche Telekom group), which has infrastructure covering the entire country. Orange Slovensko ranks second, with a market share of 15% (source: Orange estimates). Nevertheless, the roll-out of its proprietary fiber optic network and regulated access to Slovak Telekom's fixed network allow Orange Slovensko to provide fixed broadband services to the largest number of potential customers.

Orange Slovensko has three main competitors in the mobile telephony market: O2 (owned by Czech group PPF), Slovak Telekom (owned by Deutsche Telekom) and Swan (national operator, operating under the 4ka brand). 4ka began offering mobile services in October 2015, but remains a marginal player. With a market share of 29% (source: Orange estimates), Orange Slovensko remains the market leader. In 2022, O2 moved into second place on this market, followed closely by Slovak Telecom.

#### Orange's activities in Slovakia
In 2022, Orange Slovensko continued to implement its strategy, which consists of strengthening its position in the convergence market, backed up by its substantial market share in mobile telephony combined with growing market share in fixed telephony and TV.

Orange Slovensko markets a number of innovative offers, particularly its *Love* convergent services. In 2022, Orange Slovensko focused on its portfolio of offers, with the addition of security services for mobile and fixed, and enhanced its customer loyalty program. In the B2B segment, Orange Slovensko has implemented new complex service contracts around innovative virtual data center, cybersecurity, and IoT solutions.

Alongside the improvement in its portfolio of offers and the customer experience, Orange Slovensko has demonstrated its commitment to climate action through an ambitious program to roll out solar panels to its mobile antennas. At the end of 2022, 180 had already been equipped. Orange is the only Slovak operator to implement such a large-scale program. Every base station that is equipped with solar panels prevents the emission of several hundreds of kilos of CO<sub>2</sub> per year.

In 2022, Orange Slovensko joined forces with the Slovak University of Technology and with the University of Zilina to develop 5G solutions for Slovak industry. This partnership aims to improve students' access to 5G technologies and create a space to develop 5G solutions for Industry 4.0.

Orange Slovensko also continued to invest in its network infrastructure. The 5G network, launched in 2021 in Bratislava and Banska Bystrica, reached 25% of the population at the end of 2022. The Orange mobile network was recognized as the best in Slovakia for the third consecutive year by Systemics PAB. Orange also expanded its own FTTH network, reaching more than 570,000 connectable households at end-2022, and can provide fiber services to nearly 520,000 additional households through network partnerships.

#### Moldova
Orange Moldova started operating in 1998 and adopted the Orange brand in 2007. A long-standing player in the mobile segment, Orange Moldova launched its fixed and convergent telephony services in 2017, following the 2016 acquisition of SUN Communications, Moldova's main cable operator.

In 2022, the Group generated 0.3% of its consolidated revenues in Moldova.

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Moldova's main telecommunication operators are Orange Moldova, Moldcell (part of a Nepal-based conglomerate since 2020) and Moldtelecom. Moldtelecom is the incumbent operator; its infrastructure provides both fixed and mobile services. It is the leader in Internet and fixed telephony. In 2022, with a market share of 51.2%, Orange maintained its number one position in the mobile telephony market, followed by Moldcell and Moldtelecom (source: Anrceti Report, third quarter 2022).

#### Orange's activities in Moldova
Despite the geopolitical uncertainty linked to the military conflict next door in Ukraine and a difficult economic situation marked by high inflation and an energy crisis, Orange Moldova proved resilient throughout 2022. It was able to adapt to this difficult context while remaining true to its strategic ambitions.

In 2022, in line with its ambition to strengthen its position on fixed broadband, Orange Moldova pursued its full migration to fiber with the aim of reaching a 100% fiber network and migrating all cable customers to fiber by 2023. The rapid fiber roll-out will help to improve the customer experience and accelerate the development of convergence, as well as the decommissioning of the cable network.

Achieving a leadership position in the mobile segment remains a priority for Orange Moldova, which exceeded 1 million mobile contract customers in 2022. Amid high inflation and in order to promote revenue growth, Orange Moldova revised its portfolio of offers in several stages with a "more for more" approach, and also strengthened the positioning of its multi-line Orange Family offer. In March 2022, Orange was the first Moldovan operator to launch a "Roam like Home" offer, allowing its customers to use their minutes and data in Romania.

In the B2B segment, Orange Moldova is now ranked second on the fixed Internet market and is implementing a transformation program to grow on the ICT market and become the IT partner of choice for its B2B customers.

Orange Moldova also continued to invest in the country's infrastructure. The company operates the most extensive and fastest 2G/3G/4G network, with 4G population coverage of 99%. For the tenth consecutive year, Orange Moldova's network was rated "Best Moldovan mobile network in the test" by Polish company Systemics PAB.

1.4.3 Africa & Middle East

The Orange group is present in 18 countries in Africa & Middle East, including 16 where it has controlling interests and two (Tunisia and Mauritius) where it has minority interests. Part of the activities are structured into sub-groups (Sonatel and Côte d'Ivoire). Orange operates in both the mobile and fixed markets.

The mobile markets are mainly prepaid markets, largely driven by the accelerated development of voice and data uses. Orange is pursuing a 4G roll-out strategy and is investing in all countries to upgrade and extend their access networks. The first 5G roll-outs took place in 2022 and will accelerate to cover almost the entire region by 2024.

Despite increasingly intense competition, the Group also saw rapid development in Mobile Financial Services with its Orange Money offer. Given the arrival of a new competitor in four countries in the region (Senegal, Côte d'Ivoire, Mali and Burkina Faso) in 2021, Orange changed the business model for its offer and accelerated its digitization. These strong measures led to significant growth in uses in 2022, with more than 100 billion euros in transactions (up 41% compared with 2021). Within the Group's scope of consolidation, Orange Money had almost 76 million customers at December 31, 2022, including more than 29 million active customers using the service each month [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

In the fixed broadband market, Orange is speeding up the fiber roll-out, in particular.

Countries in the Africa & Middle East business segment are generally tightening regulations covering service quality and environmental standards, while the tax burden is high.

In 2022, Africa & Middle East accounted for 15.5% of the Group's consolidated revenues.

Orange aims to become the benchmark digital operator in Africa & Middle East. The sector has been a growth driver for the Group for many years and remains a key component of its strategy (see Section 1.2.3 *The Orange group strategy*).

1.4.3.1 Sonatel sub-group

The Sonatel sub-group operates under the Orange brand in five countries. With operations in Senegal dating back to 1997, it began its international development in Mali in 2002. It also operates in Guinea, Guinea-Bissau (operations launched in 2007) and Sierra Leone, where it acquired Airtel Sierra Leone in 2016. In 2022, it generated 4.9% of the Group's consolidated revenues. The Orange group owns 42.33% of the Sonatel sub-group and has control based on a shareholders' agreement (see Note 20 to the Consolidated Financial Statements). Sonatel is listed on the West Africa Regional Stock Exchange (*Bourse Régionale des Valeurs Mobilières* - BRVM).

With mobile market shares of 58.9% in Senegal, 65.9% in Guinea, 53.4% in Mali, 60.9% in Guinea-Bissau and 51.6% in Sierra Leone (source: Orange estimates, fourth quarter of 2022), Orange is the leader in all its geographical areas.

Depending on the country, the Group has two or three competitors: Free (whose brand was launched in October 2019 to replace Tigo) and Expresso (Sudatel group) in Senegal; Sotelma/Malitel (Maroc Telecom group) and Alpha Telecom (Planor-Monaco Telecom International consortium) in Mali; MTN and Cellcom in Guinea; MTN in Guinea-Bissau; and (the incumbent operator), Africell and QCell in Sierra Leone.

The Sonatel sub-group continues to develop very high-speed fixed and mobile broadband based on 4G/4G+ (and tests for 5G), FDD/TDD and fiber, as well as mobile data. In 2022, data services achieved double-digit growth in all sub-group countries.

In 2022, the Orange Money service experienced a slowdown in business, but was able to weather the arrival of Wave in Mali and continued to see growth in its active customer base overall.

Despite growing competition, in particular on the Mobile Financial Services market in Senegal, in Mali and soon in Guinea, and despite often unfavorable regulatory decisions and the context of political instability in certain countries, the Sonatel group was able to maintain its financial equilibrium in 2022.

The Sonatel group is a key player in the economic development of all the countries where it operates through digital, financial and energy inclusion [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]. It also helps support health care, education, local entrepreneurship and the development of a true digital ecosystem.

1.4.3.2 Côte d'Ivoire sub-group

The Côte d'Ivoire sub-group operates under the Orange brand in three countries. The activity covers Côte d'Ivoire, where the Group has operated since 1996, and Burkina Faso and Liberia, where it acquired Cellcom Liberia and Airtel Burkina Faso in 2016. This represents an area with a population of more than 56 million. In 2022, it generated 3.3% of the Group's revenues. The Orange group owns 72.5% of the Côte d'Ivoire sub-group.

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Orange is the leader in Côte d'Ivoire, Burkina Faso and Liberia. In Côte d'Ivoire, it has a 43.8% market share (source: Artci, third quarter 2022). In Burkina Faso, Orange holds a market share of 44.8% of mobile subscribers (source: Arcep BF, third quarter 2022). In Liberia, Orange recaptured the leadership position from MTN, with a market share of 52.6% (source: GSMA, third quarter 2022).

The three entities face the following main competitors in their respective geographical areas: MTN and Moov Africa in Côte d'Ivoire; Moov Africa and Telecel in Burkina Faso; and MTN in Liberia.

Orange is also the market leader in Mobile Financial Services in Côte d'Ivoire and Burkina Faso. In light of the intense competitive pressure tied to Wave's arrival in Côte d'Ivoire and Burkina Faso, the response plan implemented by Orange Money helped accelerate growth in uses in 2022.

In 2022, the sub-group's activity was affected by widespread inflation in the countries in the region, stiff competition and a challenging security situation in Burkina Faso.

FTTH development became one of the sub-group's most powerful growth drivers. At end-2022, Orange had over 158,000 customers in Côte d'Ivoire. In Burkina Faso, Orange launched the FTTH service in June 2021 and had over 7,900 customers at the end of 2022.

The Côte d'Ivoire sub-group ensures that its strategy, investments and innovation create lasting value for all stakeholders. Digital equality and environmental footprint reduction are central to the CSR strategy of the sub-group, which has consistently strengthened its social impact through various initiatives based around entrepreneurship, financial inclusion [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED] and the environmental transition. For the second consecutive year, the sub-group published its Social Report, aimed at all stakeholders, in which it presented its achievements and ambitions.

In December 2022, the Côte d'Ivoire sub-group reached a major milestone in its development strategy with its initial public offering on the BRVM through the sale of nearly 15 million shares owned by the Ivoirian government, equivalent to 9.95% of the capital.

1.4.3.3 Countries in North Africa and the Middle East

#### Egypt
The Orange group entered the Egyptian telecommunication market in 1998 through a partnership in the operator, Mobinil, with Orascom and Motorola. It gradually increased its stake following the withdrawal of Motorola in 2000 and Orascom in 2015. Since 2016, all services have been marketed under the Orange brand. In 2018, Orange Egypt was delisted from the Egyptian Exchange. In 2022, the Group generated 2.2% of its consolidated revenues in Egypt.

After a period of considerable market slowdown in 2017 and 2018 following the introduction of a tax on mobile subscriptions, and the impact of the health crisis in 2020, the pace of the increase in the number of mobile subscriptions that began in 2021 picked up in 2022.

With a share of the mobile market of 26.7% (source: GSMA, fourth quarter 2022), Orange ranks second in the market, behind Vodafone but ahead of Etisalat and WE (Télécom Egypt).

Among the significant events that took place in 2022, Orange notably increased its spectrum, with the acquisition of 30 MHz of spectrum in the 2600 MHz band, and signed a national roaming agreement with Télécom Egypt. Orange also continued to expand its network across the country.

In 2022, Orange Egypte recorded double-digit revenue growth, exceeding its growth in 2021 despite an unstable economic environment significantly affected by high inflation and the sharp devaluation of the Egyptian pound in March 2022. The company continued to implement its transformation plan to increase its profitability.

#### Morocco
The Orange group entered the Moroccan telecommunication market in 2010 through a partnership with Médi Telecom. The company, which was operating under the Méditel brand, became a consolidated subsidiary of the Group in July 2015, after Orange increased its interest to 49% of the capital. Since the end of 2016, all services have been marketed under the Orange brand. In 2022, the Group generated 1.5% of its consolidated revenues in Morocco.

With 33.4% of the mobile market (source: Orange estimates - third quarter 2022), Orange is the country's second-largest mobile operator (behind the incumbent operator, Maroc Telecom, and ahead of Inwi).

In a low-growth Moroccan market impacted by the health crisis in the first two months of the year, Orange Maroc continued to grow in mobile telephony and to pursue its significant development in fixed telephony, in particular in fiber where it has passed the 1 million connectable households mark. The year 2022 was also marked by the launch of the digital Yoxo offer and by double-digit growth in active users of the *My Orange app, thereby confirming its leadership in digital.*

Orange Maroc also inaugurated its Orange Digital Center in March 2022.

#### Jordan
The Orange group entered the Jordanian telecommunication market in 2000, through a partnership with the incumbent operator, Jordan Telecom. The company became a consolidated subsidiary of the Group in 2006, after Orange increased its interest to 51% of the capital. Since the end of 2007, all services have been marketed under the Orange brand. In 2022, the Group generated 1.0% of its consolidated revenues in Jordan.

With a share of the mobile market of 28.6% (source: GSMA, fourth quarter 2022), Orange is the country's second-largest mobile operator, behind Zain and ahead of Umniah.

Orange is also a leader in the fixed market through its ADSL Internet offers, together with FTTH, launched in 2016 (source: internal estimates). Zain and Umniah are also growing competitors in this segment.

The year 2022 was marked by the signing of an industry agreement by all operators and the Jordanian authorities governing the operation of the mobile market, including the conditions for allocating 5G spectrum.

Orange also continued its large-scale roll-out of fiber optic to all of the country's major towns and cities and launched Jood, the first digital offer on the market.

#### Tunisia
Orange Tunisie launched its activity in May 2010 after acquiring its license in July 2009. The Orange group is a partner, with 49% of the capital.

Orange's share of the mobile market is 25.7% (source: INT Tunisie at December 2022), placing it in third position behind Ooredoo, which maintains its leading position, and Tunisie Telecom.

In 2022, Orange Tunisie continued to strengthen its market position with growing customer bases and revenues.

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1.4.3.4 Countries of Central and Southern Africa

#### Democratic Republic of the Congo
The Orange group entered the Congolese telecommunication market in 2011 through the acquisition of Congo Chine Telecom. In 2016, Orange acquired the Congolese subsidiary of the Millicom group, which operated under the Tigo brand. In 2022, Orange RDC generated 1.0% of the Group's consolidated revenues.

With a 29.8% market share in mobile voice traffic, Orange is once again the country's second-largest mobile operator, behind Vodacom and ahead of Airtel and Africell. In data traffic, Orange became the market leader in 2022 with a market share of 35% (source: ARPTC (mobile telephony observatory), third quarter 2022).

In 2022, Orange RDC had good commercial momentum with growth in revenues driven by the significant development of its voice, mobile data and Orange Money businesses.

Orange was the first operator to launch 4G, and in 2022 continued to roll out mobile broadband network infrastructure to DRC's main towns and cities.

The year 2022 was also once again marked by the intensification of regulatory and tax-related investigations by the various Congolese authorities.

#### Cameroon
The Orange group has been present in Cameroon since the liberalization of the telecommunication sector in 1999. All services, initially launched under the Mobilis brand, have been marketed under the Orange brand since 2002. In 2022, the Group generated 0.9% of its consolidated revenues in Cameroon.

With market share of 45.3% in 2022 (source: GSMA, fourth quarter 2022), Orange is the country's second-largest mobile operator, behind MTN and ahead of Nexttel.

In 2022, Orange Cameroun once again achieved a very high level of business growth of around 10%, thanks to the very strong development of mobile data and the robust resilience of outgoing voice. The year was again marked by regulatory and tax-related issues investigated by the various Cameroonian authorities.

In 2022, Orange Cameroun received its payment institution license, enabling it to create Orange Money Cameroun and transfer the financial businesses to this new entity.

#### Botswana
The Orange group has been present in Botswana since 1998, and since 2003 under the Orange brand. In 2022, the Group generated 0.3% of its consolidated revenues in this country. The Group holds a 73.68% stake in the company.

Orange is Botswana's second-largest mobile operator, behind Mascom and ahead of Be Mobile, with a market share in terms of volume of 39.9% (source: GSMA, third quarter 2022). In 2022, Orange took the lead over Mascom in market share in terms of value and significantly narrowed the leadership gap in market share in terms of volume.

Botswana's economy continues to be heavily impacted by high inflation. However, Orange Botswana enjoyed excellent growth in its business of around 12% in 2022, thanks to the success of its mobile data and Orange Money services, significant network investments leading to better quality of service, and a growing customer base.

The year 2022 was marked by the roll-out and launch of 5G offers in the country, as Botswana is, after Mauritius Telecom, the second country in the Africa & Middle East region to have launched 5G.

#### Madagascar
The Orange group has been present in Madagascar since 1998, and since 2003 under the Orange brand. In 2022, the Group generated 0.2% of its consolidated revenues in this country. The Group holds an 87.94% stake in the company.

Orange is Madagascar's second-largest mobile operator, behind Telma and ahead of Airtel and MVNO Blueline, with market share of 22.8% (source: GSMA, fourth quarter 2022).

In 2022, Orange Madagascar's business was boosted by mobile data and by the ongoing expansion of TDD fixed services (with the Wifiber offer, which remains highly popular) and Orange Money's activities in digital services and international transfers. The year was also marked by the ramped-up roll-out of mobile broadband network infrastructure to the country's main towns and cities.

#### Central African Republic
The Orange group entered the telecommunication market in the Central African Republic in 2007, as the fourth entrant. In 2022, the Group generated 0.1% of its consolidated revenues in this country.

In 2022, Orange Centrafrique confirmed its leadership position on the Central African Republic market, ahead of Telecel and Moov, with market share of 57% (source: GSMA, fourth quarter 2022).

After the fire in 2021 at the Bangui Data Center, which had caused all services to be suspended for more than a month, growth resumed at a very high level in 2022, at around 35%. Thanks to steady commercial momentum, Orange Centrafrique's customer bases increased sharply in Voice, Data and Money services.

#### Mauritius
The Orange group has been present in Mauritius since 2000, through a partnership with the incumbent operator, Mauritius Telecom, in which it holds 40% of the capital.

Mauritius Telecom is the leader in Internet and fixed telecommunication services in Mauritius, ahead of DCL, and in mobile services, ahead of Emtel and MTML, with market share of 49.6% at end-2022 (source: GSMA, fourth quarter 2022).

The operator offers a comprehensive range of fixed and mobile voice and data services. It also offers convergent services (voice, IP and TV) through its *MyT* service. The first operator to launch 4G and a mobile payment service in 2012, Mauritius Telecom launched its fiber optic network (FTTH) in 2013 and now covers almost all of the country's households and businesses. Mauritius Telecom was also the first operator to launch 5G in 2021.

One of the main growth drivers for Mauritius Telecom is content, with, in particular, a strategy of investing in premium content, enabling the company to strengthen its position as market leader.

Mauritius Telekom also offers international connectivity via fiber optic submarine cables.

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1.4.4 Enterprise

The Enterprise business segment includes telecommunication services and digital services to key accounts, local authorities and companies with over 50 employees in France, as well as multinationals around the world.

Operating under its new Orange Business brand, Orange is a world-leading provider of support for the digital transformation of businesses. As an infrastructure operator, technology integrator and value-added service provider, Orange Business provides a complete portfolio of offers designed to assist its customers in carrying out their digital transformation projects and implementing their communication projects (connectivity, Internet of Things, Cloud, artificial intelligence, app development). Orange Business provides them with a high level of expertise in terms of protecting, collecting, transporting, storing, processing, analyzing and sharing their data and creating value.

Orange Business leverages the demands of its status as an operator in terms of reliability and performance to accelerate its development in IT services through an ambitious acquisition policy in the fields of Cloud Computing and data. Orange acquired French healthcare company Exelus in 2022. The Group intends to accelerate the provision of services in this field. With *Lead the future* (see Section 1.2.3 *The Orange group strategy*), Orange Business is profoundly transforming its model to adapt to the new realities of a market where the boundaries between networks and digital services are disappearing.

In 2018, Orange merged its cybersecurity activities into Orange Cyberdefense to ensure a high level of internal cybersecurity and simultaneously develop Orange's commercial activities in this strategic area. Orange Cyberdefense combines the legacy security expertise and infrastructure of Orange with those of Atheos and Lexsi, acquired respectively in 2014 and 2016, and of SecureData and SecureLink, both acquired in 2019. In 2022, Orange acquired Swiss companies SCRT and Telsys, which provide IT solution management and cybersecurity services. These acquisitions give Orange Cyberdefense a presence in nine European countries.

In 2022, the Enterprise sector generated 17.4% of the Group's consolidated revenues.

#### The market
The health crisis accelerated the digital transformation of businesses (cloudification and softwarization of networks and services, digitization of customer relations, cybersecurity), but also had a significant impact on conventional telecom services (voice and connectivity) which have come under increased pressure due to the acceleration of new ways of working as well as the adoption of Cloud-based collaboration and connectivity solutions. In 2022, the war in Ukraine led to an energy crisis in Europe, and pressure on raw materials and electronic components increased. These economic factors generated inflation at the global level, estimated by the IMF at 8.8% in 2022 (source: FMI, October 2022).

The global communication services and IT services market corresponding to Orange Business's activities stood at 1,587 billion euros in 2022, up 15% compared with 2021. This breaks down into 488 billion euros for communication services and 1,099 billion euros for IT services. The global communication services market is nevertheless expected to experience an average annual decline of 1.4% between 2022 and 2026. This projected decline is driven mainly by certain sub-segments such as the market of business networks using the technology MPLS [<u><sup>\[11\]</sup></u>](#_ftn11) and legacy voice in France, which are expected to decrease sharply over the period (by -8.3% and -18%, respectively). The strong momentum in IT services is expected to continue, with 8.7% average annual growth between 2022 and 2026 (sources: Gartner, second quarter 2022/PAC, February and September 2022/IDC, November 2021).

Faced with a highly competitive and fragmented telecommunication and IT business services market, encompassing numerous players such as telecommunication operators, network integrators, IT service providers, or again players from the Internet, digital or cybersecurity worlds, Orange Business has positioned itself as a "network-native digital services company." On the IT services market, Orange Business was ranked third in France (source: Teknowlogy Group/PAC - August 2022 survey). Given the large number of players, there is no available reliable or pertinent information on market share.

In the specific cybersecurity services market, Orange ranks as a major player, with one of the broadest footprints in Europe. Orange has the critical mass needed in this consolidating market, and the ability to support its customers locally in all their geographies. With 977 million euros in revenues in 2022, Orange has set a target of becoming a cybersecurity leader in Europe on this fast-growing market and is aiming for 1.3 billion euros in revenues by 2025.

#### Orange Business activities
Orange offers a wide range of products and services, including those that are packaged or tailor-made and using different methods such as integrated, managed or Cloud, designed to guide businesses in their digital transformation, and structured around their main challenges (connectivity, mobility, streamlining of processes, smoothness of exchanges with customers and support for their projects).

Orange has structured its portfolio of offers around four main types of products and services:

**-** fixed telephony (conventional and IP) and audio conference services;

**-** mobile telephony services;

**-** network services, including certain service guarantee levels (mobile and fixed connectivity, data transfer, hybrid networks, fixed and mobile convergent services);

**-** IT and Integration Services, including Cloud solutions, digital & data solutions, cybersecurity solutions, intelligent mobility solutions, unified communication and collaboration services, and customer services and consulting:

- Cloud solutions include virtualization and the development of "aaS" (as a Service) solutions and business models that B2B customers are embracing. Orange Business has positioned itself as an integrator capable of orchestrating and building on the various application building blocks of its customers, including the most critical ones - end-to-end in a multi-cloud environment - for both the public or private Cloud. Beyond its own infrastructures (70 Data centers on five continents), Orange is developing a strategy of alliance with major industry players, such as Microsoft Azure, Google Cloud and Amazon Web Services. Nearly 3,500 customers rely on Orange Business's 2,600 Cloud experts for its multi-cloud expertise,

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- Digital & Data solutions, including the Business & Decision subsidiary and its 4,000 digital experts in data intelligence and digital solutions, comprise the integration and provision of systems, business apps and application programming interfaces (API), as well as the design of digital solutions for customers in Big Data, data analytics and artificial intelligence. Through its Enovacom subsidiary, Orange also offers healthcare players tailored solutions to meet the challenges of digital transformation,

- cybersecurity solutions cover infrastructure and users, in managed and integrated or Cloud mode (safe work environments and infrastructure, cybersecurity, management and governance), supervised from a security operations center. Thanks to its2,700 experts and 32 detection centers, Orange Cyberdefense, which also has at its disposal multiple Orange Business locations around the world, leverages Orange's 30 years of experience in making at-risk infrastructures secure, whether for SMEs, local authorities or multinational corporations around the world,

- smart mobility solutions, based not only on mobile technologies, but also on the IoT (Internet of Things),

- unified communication and collaboration services, including interoperability between telephony, messaging and video conference solutions, in triple or *quadruple play,*

- lastly, advice and services to customers, including needs analysis, solution architecture, support from roll-out to implementation, user training and administration of services and solutions in a range of areas: transition to all-IP, adopting *Machine to Machine* and the Internet of Things, supervising and managing quality of service, switching to Cloud infrastructure solutions, and the digital transformation of companies.

These services are also used to develop cross-sector business solutions (finance, transport, energy, government and public sector, geolocation and fleet management, etc.).

As regards its core business as an operator, Orange relies on international partners to supplement its offer and geographical coverage in areas where its customers operate and where its presence does not provide a comprehensive solution. The Group is strengthening this type of partnership on the most developed markets, preferably with leading operators in the geographic areas concerned, such as AT&T or NTT Communications.

Orange also works in close collaboration with an ecosystem of international technological partners, who are leaders in their respective fields of connectivity, unified communication, Cloud infrastructure, effective data use and cybersecurity. In 2020, two strategic partnerships were announced: the first with Google Cloud (around data services, artificial intelligence, the Cloud and *edge computing*) and the second with Amazon Web Services (around innovation in the Enterprise Cloud and digital transformation). Furthermore, with sovereignty becoming a major transformation topic for businesses, Orange Business is pursuing two complementary development vectors: the first through an independent company named Bleu, a joint venture with CapGemini and in partnership with Microsoft as technology provider; and the second through Gaia-X, a European initiative of which Orange is a founding member.

Lastly, Orange is developing partnerships with service players to enhance the operational performance of French manufacturers: for example, the partnership with Siemens in the Industry 4.0 segment in automation and digital transformation solutions, in order to allow French industrial groups to fully maximize the potential of digitization. In this perspective, the partnership proposes end-to-end support, ranging from consulting to integration and analysis.

In 2022, Orange signed major contracts to assist its customers worldwide, including: with Mondelēz International, for the end-to-end management of its global communication platform consisting of 80,000 people across more than 80 countries, and in particular Voice coverage in markets such as China, India and the Middle East; and with the Ministry of the Interior as part of the "Radio Network of the Future" call for tenders to equip all security, emergency responder and crisis management services (police officers, gendarmes, firefighters and paramedics) with a common very high-speed broadband communication network.

1.4.5 Totem

Totem, Orange's European TowerCo, was created on November 1, 2021. Orange has transferred all the key assets of its passive mobile infrastructure to this subsidiary. The creation of this independently managed entity allows Orange to strengthen its position as a manager and operator of mobile infrastructure and to benefit from new growth drivers. Totem manages more than 27,000 masts, flat rooftops and other mobile sites in France and Spain, and aims to become a leading player on the European TowerCo market.

Totem offers infrastructure-sharing solutions to mobile operators, businesses and institutions; responds to requests to build new sites; and markets mobile coverage solutions to improve connectivity in dense and enclosed environments, such as stadiums, subways, trains, offices, etc…

Totem has chosen a strong brand name that embodies its vision: mobile infrastructure is the totem of our digital civilization, offering connectivity solutions to everyone, everywhere, in both rural and urban areas. Totem's mission is to unite all stakeholders - operators, local authorities, institutions, businesses and lessors - to meet the growing need for connectivity.

The European mobile infrastructure market has quickly taken shape: 90% of European towers are currently managed by independent TowerCos, versus 45% in 2016 (source: analyst research, June 2022), driven mainly by specialized players that have been particularly active in acquiring existing tower portfolios. The market leaders are currently pure players Cellnex, with 103,000 sites, and ATC, with 30,000 sites. Some European incumbent operators recently opened up their capital to infrastructure funds. For example, in November 2022 Vodafone announced the sale of 50% of its Vantage Towers TowerCo (46,000 sites) to the KKR and Global Infrastructure Partners (GIP) investment funds, and Deutsche Funkturm/DT (41,000 sites) announced the sale of 51% of its capital to Brookfield and Digital Bridge in July 2022 (publicly available data from ATC, Cellnex, Vantage and GD Towers).

Totem is ranked fifth on the European market by number of sites. It is positioned to support the surging need for connectivity and to offer solutions to meet the emerging needs of operators who are looking for industrial partners. It signed new commercial contracts for the roll-out of 5G, with Telefónica in Spain and Iliad in France, and won the call for tenders to roll out the network for the 15 South line of the Grand Paris Express subway (see section 1.3 *Significant events*). These accomplishments are just two examples of Totem's momentum.

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Totem is therefore positioned as a leading industrial TowerCo within the TowerCo ecosystem. Totem leverages its recognized strengths:

**-** an exceptional portfolio, in terms of both the density of its network and the quality of its mostly fiber optic sites;

**-** the expertise of its teams, who come mostly from the operator world and have extensive knowledge of customer expectations;

**-** the ongoing optimization of its industrial model;

**-** a 100% renewable energy supply in Spain where Totem is an energy supplier;

**-** sound CSR fundamentals.

In 2022, Totem generated 685 million euros in revenues. Third-party hosting revenues represented 16.2% of revenues and the co-location rate was 1.37 at end-2022. The 2026 target is a co-location rate of 1.5x. In 2022, Totem generated 0.3% of the Group's consolidated revenues.

1.4.6 International Carriers & Shared Services

The operating activities of the International Carriers & Shared Services segment include:

**-** International Carrier activities undertaken by the Wholesale International Networks Division (W&IN): roll-out of the international and long-haul network, sales of international telephony and services to international carriers, and installation and maintenance of submarine cable;

**-** the content activities of OCS and Orange Studio.

The services marketed to operators in France are presented in Section 1.4.1 *France*. The content distribution activities are briefly presented below, but their revenues are included in the revenues for the France, Europe and Africa & Middle East segments.

The segment also includes other cross-cutting activities of the Group, in particular research and innovation (see Section 1.6), lease property restructuring, and support and shared activities, including corporate functions at the operational head office.

The operating activities of the segment accounted for 2.3% of the Group's consolidated revenues in 2022.

1.4.6.1 International Carrier activities

The International Carrier activities include sales of international telephony and services to international carriers, the negotiation and conclusion of roaming agreements, the roll-out of the international and long-distance network and the installation and maintenance of submarine cables.

The wholesale operator market comprises three categories of players: global wholesalers, multinational retail operators (including Orange) and regional or specialist players.

The wholesale market's customer base comprises voice market specialists (*call shops*, prepaid cards), fixed and mobile domestic retail carriers (including MVNOs), Internet service and content providers and OTT (Over-The-Top) players. International Carriers also sell wholesale traffic to each other.

Orange W&IN offers a broad range of solutions on the international market. Its business is structured on an extensive infrastructure of long-haul networks. Its presence in both the retail and wholesale markets means the Group can develop solutions that are particularly well adapted to the needs of retail operators.

#### Roll-out of the international and long-distance network
Orange W&IN designs, rolls out, oversees and protects long-distance international networks, whether terrestrial, submarine or satellite. The Group defines and supplies this international infrastructure and is involved in building the networks and services from the design phase to their operation, as well as in fraud and cyberattack protection. It makes every effort to anticipate developments and adapt its networks to new technologies and emerging needs, using increasingly agile and flexible solutions.

These networks serve both retail and operator customers.

Changes in uses, technological changes and customers' rising expectations for faster speeds and higher quality have put pressure on the Group to accelerate the development of all of its networks.

Orange is notable for being heavily involved in the design, construction and operation of submarine cable. With its ownership or co-ownership of several cable systems, Orange ranks among the world's largest owners of submarine links. This has enabled it to respond to the increase in transatlantic traffic.

The Group's *wholesale* activity is based on:

**-** a seamless global network [<u><sup>\[12\]</sup></u>](#_ftn12) and an IPX <sup>(1)</sup> protocol network supporting voice and data with points of presence throughout the world;

**-** a global network of dedicated IP routes with end-users in more than 220 countries, connections to more than 200 Internet service providers, and connectivity in over 100 countries in a single IP network hop;

**-** 99.99% network availability and centralized network supervision, 24/7.

In 2022, IP data traffic increased by 16%.

The year 2022 was marked by the announcements in February of Orange's participation in the SEA-ME-WE 6 consortium, and in December of its association with the operator Medusa Submarine Cable System. For more information about the announcements, see Section 1.3 *Significant events.*

#### Orange Marine
A wholly owned subsidiary of the Group, Orange Marine has a fleet of six cable-laying ships, one vessel that researches new routes for submarine cable installation, and four marine bases. Its ships have laid more than 287,000 kilometers of cable since the 19th century and have made more than 890 repairs to submarine links, some at a depth of nearly 6,000 meters.

Its know-how, from project engineering to the installation and maintenance of submarine cables, is recognized worldwide. This allows it to play a major and strategic role at the global level, at a time when more efficient next-generation cables are being installed across all oceans.

The sharp recovery that began in 2021 strengthened further in 2022, with several noteworthy projects completed:

**-** G2P2, the cable between New Caledonia and Fiji laid for New Caledonia's post and telecommunications office;

**-** ARIMAO, the cable connecting Martinique to Cuba laid for ETECSA;

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**-** TOPAZ, the transpacific project connecting Canada to Asia installed as part of a long-term partnership with Japanese group NEC;

**-** the connection to Ile de Groix by power cable;

**-** THETIS, the turnkey project installed for Vodafone;

**-** the MEDLOOP system connecting Genoa, Marseille, Ajaccio and Barcelona installed for Sipartech.

For further information on the Group's networks, see Section 1.5 *Orange's networks.*

#### Orange Wholesale International Networks' offers

#### Voice services
Voice service solutions enable operators worldwide to transit their customers' calls internationally to over 1,200 destinations with 24/7 technical support. Orange is the leader in this market.

#### Global roaming services
With mobile services solutions, Orange offers global roaming thanks to direct connections with over 200 mobile operators, as well as broad connectivity that enables it to offer messaging services.

#### Messaging services
Orange is the trusted partner for mobile operators, brands and aggregators to safely deliver and charge for A2P (app to person) and P2P (person to person) text messages throughout the world.

#### Internet and transmission services
Orange's data and IP network includes terrestrial, submarine and satellite systems which combine to create a vast global network. With its Internet network, Orange offers adjustable solutions to meet the needs of Internet service or content providers.

#### Convergence services
Orange provides operators with a multi-service offer to enable them to manage their voice and mobile data services over a single connection.

#### Security and anti-fraud services
To protect the value of its customers' business, Orange W&IN offers solutions covering the protection of identity and privacy and the protection of networks, mobile traffic and voice traffic.

The portfolio of anti-fraud and security services relies on voice, Internet and mobile service solutions. These offers include audit, detection and protection functions as well as the provision of analysis reports. The portfolio also contains offers that focus specifically on combating the dangers of cybercrime. Orange W&IN's customers can resell some of these offers to their own customers.

1.4.6.2 Content activities

On January 9, 2023, Orange and the Canal+ Group announced that they had signed a memorandum of understanding for the acquisition by the Canal+ Group of the entire OCS pay channels package and Orange Studio, the film and TV co-production subsidiary. The Canal+ Group, a 33.34% shareholder since 2012 and the leading distributor of OCS, will be the sole shareholder of both companies following the deal. Orange Studio has more than 200 co-productions to its credit, as well as a catalog of nearly 1,800 audiovisual works and films. The leading film and TV studio in Europe, StudioCanal has many assets to promote this catalog.

With this disposal, Orange exits the content creation and production business to focus on its role as a content aggregator and distributor. Its content strategy will continue to be based primarily on developing partnerships with rights holders and service publishers.

In Europe, Orange is aggregating the best entertainment services of large retailers and offering them to its customers through its broadband networks. Throughout 2022, Orange thus strengthened and updated its offers by incorporating many types of services, such as Prime Video (in Belgium and Romania), XboX All Access (in Belgium) and Nextory audio and e-books (across all the Group's companies).

In Africa & Middle East, content activities are at the heart of the multi-service strategy and help to cement Orange as a responsible local operator. In 2022, Orange thus entered into a framework agreement with New World TV for the exclusive rights to broadcast the 2022 World Cup in Sub-Saharan Africa. Moreover, the development of local content production and the roll-out of Pay TV are key pillars of the Group's strategy.

1.4.7 Mobile Financial Services

The Mobile Financial Services Division includes the activities of Orange Bank and Orange Bank Africa. Orange Money's business continues to be driven by geographical segments, particularly in Africa & Middle East (see Section 1.4 *Operating activities*).

#### The banking market
In 2022, the euro zone economy was significantly affected by a series of macroeconomic events: the energy crisis related to the war in Ukraine, the expectation of an economic recession, about 10% inflation in the euro zone, monetary tightening implemented by the ECB through key rate hikes, and investor caution after several boom years of fundraising.

Against this backdrop, neobanks and fintechs accelerated the transformations already underway in 2021 to increase their profitability via paid services and diversify their businesses while reducing their operating costs, strengthening their compliance processes and launching innovative solutions, including responsible investing.

The very intense competition in this market comes from players in several major categories:

**-** large conventional banking networks;

**-** online banks (Boursorama Banque, ING Direct, etc.);

**-** neobanks (such as Orange Bank), which appeared in the 2010s and are based on a mobile app and a simplified customer experience. In competition with online and conventional banks, innovation is their key means of capturing market share;

**-** fintechs (financing platforms, means of payment and account aggregators); the French fintech industry continued to thrive within the euro zone in 2022;

**-** tech giants offering mobile payment solutions, including Apple Pay, the Facebook Messenger payment function, Samsung Pay, Android Pay, etc.;

**-** large retailers (Leclerc, Fnac-Darty, etc.), which are aiming to become links in the Mobile Financial Services value chain, and new players from all backgrounds that continue to emerge in the banking market (MafrenchBank, Uber Money, Free and Starling Bank).

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#### Mobile Financial Services activities

#### Orange Bank
Launched in November 2017, Orange Bank, a wholly owned subsidiary of the Orange group, provides cutting-edge banking services natively designed based on the mobile uses of customers, in strong synergy with Telecom activities.

Accessible to everyone, the offer available in France requires no conditions in terms of income, savings or minimum balance. There are no bank charges attached to accounts and the associated bank cards (subject to certain terms and conditions of use). All basic banking services are offered: bank account, standard and premium bank card, checkbook, authorized overdraft, savings passbook, à la carte insurance and personal loans. In 2020, the bank expanded its range with the launch of the Premium Pack, the first offer on the market intended for parents and up to five children, from age ten.

The Orange Bank app offers innovative features, relying heavily on telecom uses. It enables customers to make contactless payments with bank cards or via mobile handsets using Apple Pay and Google Pay, immediately access their bank account balance, temporarily block and unblock their bank card, request and send money by text message, change their bank card code at any time, or add funds to their account by bank transfer or bank card. Customers can perform all their banking transactions on a mobile handset. Customer Relations are managed by a virtual advisor, available 24/7, with the option of using the customer relationship center in France.

To open a bank account, customers have access to a network of more than 300 Orange stores approved as IOBSPs [<u><sup>\[13\]</sup></u>](#_ftn13). A specific type of loan that allows customers to finance the purchase of products available in the store (mobile phones, accessories, etc.) is also offered across the Orange network.

After the acquisition of Orange Courtage in 2020, which enabled the bank to reach a new milestone in its cross-selling policy with Orange by becoming an insurance broker, and that of neobank Anytime, in January 2021, which specializes in business banking, Orange Bank launched *Prêt Express* (express loan) in 2022. The product of a partnership with Next 40 Younited's fintech, the offer incorporates the latest generation of technology solutions with concrete benefits for customers: loans accessible to customers and non-customers of the bank, high approval rates, and faster and more streamlined processes. In addition, Orange Bank continues to offer car loans sold in the Groupama network alongside vehicle insurance.

On the international stage, Orange Bank was launched in Spain at the end of 2019. An all-mobile bank, it offers all its customers, whether or not they are Orange customers, a bank account, a Mastercard debit card and a savings account. Mobile payment is available on Apple Pay, Google Pay and Samsung Pay. Innovations include the Group management function, which enables funds and expenses to be shared or transferred between several people, giving customers the option to manage joint subscriptions such as water bills or Netflix accounts. Since the summer of 2020, Orange Bank Espagne has also been offering consumer credit and a financing solution for purchases of mobile phones in stores.

At December 31, 2022, Orange Bank had 2 million customers in France and Spain. This number includes customers who had opened an account with Orange Bank, as well as customers of credit and mobile insurance offers.

#### Orange Bank Africa
In partnership with NSIA, a leading bancassurance provider, Orange launched Orange Bank Africa's business activities in July 2020 in Côte d'Ivoire after obtaining a banking license from the Central Bank of West African States (BCEAO) in 2019. For populations still excluded from the conventional banking system, Orange Bank Africa has quickly become one of the most efficient ways of accessing credit and savings 24/7 from the Orange Money mobile account. Orange Bank Africa plans to expand into Senegal, and ultimately into Mali and Burkina Faso.

Orange Bank Africa offers a fully digital microcredit and savings solution, allowing users to borrow smaller amounts instantly, from 5,000 CFA francs (around 8 euros), with an easy-to-use and innovative service which uses a scoring tool designed to accelerate decision-making and a dedicated artificial intelligence algorithm. It is accessible to everyone, regardless of location, time and mobile phone generation. In 2022, this offer was supplemented by a direct bank offer that includes consumer loans, business loans and a prepaid card offer.

Orange Bank Africa had 1.1 million customers at the end of December 2022, with its pico-credit, micro-credit and savings offers via Orange Money and its direct bank offers (consumer loans, business loans, prepaid cards). In 2022, 0.9 million loans were granted for a total amount of 93.3 billion CFA francs, thereby contributing to the economic and social development of Côte d'Ivoire.

Orange Bank Africa enables the Group to participate more fully in the economic activity of its host countries and is thus completely in keeping with the regional financial inclusion strategy promoted by the BCEAO.

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1.5 Orange's networks

For the Orange group, the networks are a strategic asset and, as such, are subject to constant supervision, maintenance and upgrades. Launched in 2023, Orange's strategic plan, *Lead the future*, is based on four key pillars, including capitalizing on infrastructure in all the countries where the Group is present (see Section 1.2.3 *The Orange group strategy*).

At end-2022, the Orange group operated networks in 26 countries to serve its B2C customers and in nearly 200 countries or territories to serve its B2B customers. Orange intends to continue to roll out, innovate and invest in the best technologies to meet the challenges of reliability, security and resilience for its customers in all its locations.

The Group's investments in its networks, other than to maintain their quality (replacement of poles, cables and masts, and other equipment that has reached the end of its life) are designed to improve these networks in a number of respects:

**-** the development of very high-speed fixed and mobile broadband (FTTH and 4G/5G), increased data transfer volumes and reduced connection latency. These investments concern all networks, from the mobile radio network and household Internet connectivity to submarine cable;

**-** the migration of uses from old technologies (analog telephony, copper networks, 2G and 3G) to new technologies;

**-** gradual virtualization of network control functions ("programmability" and "softwarization" of networks so that they can be adapted more quickly to new services and uses);

**-** automation of network operation, which improves the quality of service for customers.

The networks are very extensive. In each country, they break down into (i) access networks (fixed or mobile), (ii) IP transmission and transport networks and (iii) control and service networks, supplemented by (v) international networks.

Access networks connect each customer - individuals or businesses - and provide a first level of customer data aggregation. IP transmission and transport networks connect access networks with each other and with the networks of other operators in the relevant country, as well as with international networks. Control and service networks, which drive access, transmission and IP transport networks, provide the connection between people and manage the services (voice, TV, Internet access and data). International terrestrial and submarine networks provide global connectivity for all services, voice and data, for which servers are often located on a different continent.

A glossary defining several of the technical terms used in this section can be found in Section 7.2.2 at the end of this Registration Document.

A common feature of all these networks is the continual increase in their capacity. Uses continue to expand, and traffic volumes are increasing across all Group networks. To anticipate this growth, which will continue over the coming years, the Group is investing in its networks to increase their capacity and performance while controlling their energy efficiency and reducing their environmental impact.

1.5.1 Access networks

#### Fixed-access networks

#### Analog access and ADSL/vDSL broadband access
Copper accesses comprise a pair of copper wires that connect individual customers to a concentration point and give them access, via the distribution and transport network, to a local switch. It is used to deliver analog voice services and broadband access services.

Orange operates copper access networks in France and Poland, and in various countries in Africa & Middle East (Côte d'Ivoire, Jordan and Senegal), to provide analog voice access services and data in the B2C, B2B and wholesale markets.

To supplement its coverage, Orange also uses the networks of third-party operators to provide these same services (Belgium, Slovakia, etc.).

Networks and services based on copper accesses are used less and less as users move to very high-speed broadband. They are constantly being optimized to deal with this decrease in usage while maintaining quality service. In France, a timetable has been established for the gradual closure of services (telephony and Internet) on the copper network (for more information, see also Section 1.4.1 *Operating activities - France*):

**-** since the end of 2018: end of the marketing of new analog voice telephony lines;

**-** since 2020: end of the marketing of Internet services on copper to B2C customers where fiber is available;

**-** starting in 2026: complete discontinuation of the marketing of copper services;

**-** gradual phase-out and complete shutdown of the copper access network starting at the end of 2022 by geographic areas with an estimated completion in 2030.

#### Very high-speed broadband fiber optic access
FTTH (Fiber To The Home) network access extends the available broadband ADSL/vDSL service offer to include upstream and downstream very high-speed broadband (up to 2 Gbit/s and more thanks to XGS-GPON [<u><sup>\[14\]</sup></u>](#_ftn14) technology), with improved performance, particularly in terms of response time and energy efficiency.

Orange has been rolling out FTTH access for over ten years using GPON technology. This technology can pool several very high-speed broadband accesses on a single fiber without impairing the speed capacity of each access point.

In France, the roll-out of the FTTH network started in 2007. In 2011 and 2012, Orange signed sharing arrangements with other telecom operators to speed up the roll-out. In 2022, it continued at a steady pace, and Orange consolidated its leadership with a total of 33.5 million households connectable to Orange fiber optic at end-2022.

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The roll-out of FTTH networks is also continuing in Europe, where at end-2022 Orange had more than 28.2 million connectable households total (excluding France), including 16.4 million in Spain and 7.1 million in Poland; and in Africa & Middle East, where at end-2022 the Group had connected 3.2 million households to FTTH in Morocco, Jordan, Côte d'Ivoire, Senegal, Mali, Burkina Faso and the Democratic Republic of the Congo.

Thanks to XGS-GPON technology, in 2022 Orange began to activate 10 Gbit/s services on its existing infrastructure, in particular on its network in Spain.

Orange shares its fixed-access network in its three main countries of France, Spain and Poland, and plans to share some future FTTH roll-outs with other operators via FiberCos, involving third parties. In 2021, Orange joined forces with long-term investors to create Orange Concession. France's leading operator of FTTH networks rolled out and operated on behalf of local authorities, Orange Concessions operates 24 Public Initiative Networks (PINs) representing 2.6 million homes connectable to fiber and nearly one million customers connected at end-2022, and nearly 4.5 million FTTH connections by 2025 (see Section 1.4.1 *Operating activities - France*). In Poland, Orange has created a 50%-owned FiberCo, whose objective is to roll out 1.7 million lines over the next five years to reach 2.4 million lines (see Section 1.4.2 *Operating activities - Europe*).

#### Radio and satellite fixed access
In certain European and African countries, fixed services are provided through 4G/LTE and now 5G, in addition to copper and fiber optic networks.

In addition to copper, fiber and radio accesses, fixed residential accesses and satellite television services are marketed via space capacity rental.

Orange intends to strengthen its satellite offer in 2023 by launching, in partnership with Eutelsat and thanks to the new Konnect VHTS satellite, a commercial offer in mainland France which will allow the most remotely located B2C and business customers to benefit from an enhanced Very High-Speed broadband experience for the price of a fiber optic offer.

#### Mobile-access networks
The GSM (2G), UMTS (3G), LTE (4G) and 5G access networks support voice and data communication services that reach average speeds of several tens of Mbit/s and up to several hundred in optimal conditions, allowing to easily send and receive voluminous content (audio, photo and video). The Group operates a mobile network in each of the countries where it offers B2C telecommunication services. The network supports GSM, UMTS and LTE technologies in all countries; in Europe, it also supports 5G. Between 2025 and 2030, the Group will gradually phase out its 2G and 3G networks in France and in all European Union countries where it operates. The phasing out of 2G and 3G will allow Orange to optimize the management of its networks and move them toward more secure, resilient, economical and energy-efficient technologies, such as 4G and 5G. Radio frequencies currently used for 2G and 3G will be re-used to improve the capacity and coverage of 4G and 5G networks in both urban and rural areas.

5G technology improves connection speed to mobile services, with average speeds three to four times faster than 4G, thanks to smart antennae installed on existing 4G sites. Orange's 5G is now marketed in an NSA version (non-standalone, in other words based on a 5G spectrum but using a 4G core and an additional 4G anchor frequency band) in six countries in Europe (France, Luxembourg, Poland, Romania, Slovakia, Spain). It is initially being rolled out in urban areas where 4G is in high demand, and in areas with high levels of economic activity, as a complement to the other networks. On the African continent, Botswana launched the 5G NSA commercially in 2022 and six other countries have launched 5G pilots. 5G roll-outs are planned in the 17 countries in Africa between 2023 and 2024.

5G SA (standalone, in other words, operating completely independently of 4G and having its own core network) makes it possible to improve latency but also to adapt the network and the quality of service according to the user needs by using network slicing technology: This technology consists of virtually dividing the network into several slices operating independently and thus offering different levels of mobile network performance according to customer needs (B2C, businesses, industrial campuses, etc.).

In 2022, 5G SA pilots were launched in Spain and Belgium. In 2023, the Group plans to commercially launch 5G SA in France, Spain and Slovakia, as well as to carry out targeted roll-outs in Belgium with a number of customers.

To reduce its environmental impact and operating costs, Orange shares more than half of its radio sites with a competitor. Sharing can be either "passive" (confined to masts/rooftops only), or "active" (masts/rooftops and active equipment). Sharing of this nature, which previously concerned 2G/3G/4G technologies, now includes 5G. Passive sharing is in place in almost all of the Group's host countries. Active sharing, which is more efficient, has mainly been adopted in the following countries:

**-** Poland, for nearly all of the mobile access network;

**-** Spain, where the mobile-access network is shared outside major cities (with more than 175,000 inhabitants);

**-** France, for 4G coverage of dead zones, including the 2,000 new sites of the New Deal program;

**-** Belgium, where an active mobile-access network sharing agreement was signed in 2019. Work to consolidate the two networks started at the end of 2021 and will take place over several years;

**-** Romania, for sites in rural areas.

At the end of 2021, the Group created a European TowerCo, Totem, which has a passive mobile infrastructure portfolio of more than 27,000 sites in France and Spain (See Section 1.4.5 *Operating activities - Totem*);

In 2022, the Orange group continued its policy of activating energy saving features for mobile-access networks in all countries. These features consist of reducing equipment consumption when traffic is low. The Orange group works with its suppliers to develop new features and supports its subsidiaries to accelerate their roll-out in their networks.

Orange also assesses the energy efficiency of its new equipment in order to choose the most efficient kinds to replace older, more energy-intensive equipment.

Lastly, Orange develops and uses artificial intelligence-based tools to optimize the configuration of radio sites and avoid their over-dimensioning, and therefore their over-consumption.

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1.5.2 National transmission and IP transport and control networks

In each country where it has B2C customers, Orange operates a network that is layered as follows:

**-** transmission network;

**-** IP transport network;

**-** control network;

**-** voice services network.

The transmission network primarily consists of fiber optic, but also radio relay systems, especially for alternative or purely mobile networks in the MEA region. These networks support voice and data traffic, for fixed and mobile B2C, B2B and wholesale services. Optical links offer bandwidth of up to 400 Gbit/s per wavelength, and Dense Wavelength Division Multiplexing (DWDM) technology makes it possible to have up to 80 wavelengths per fiber. Orange is one of the world leaders in the use of advanced optical functions to obtain more flexible transport networks.

The IP network consists of routers connected to the transmission network. In France, an IP network dedicated to businesses is also in operation, in addition to the network managing data for B2C customers. The main purpose of this network is to connect businesses' French sites for internal data exchange on a Virtual Private Network (VPN) and provide them with Internet connectivity. It also provides Voice over IP transport to businesses.

The control network (also known as the signaling network) manages calls and data connections, updates of location data for mobile phones, roaming and SMS. This network is being upgraded to new standards, for example to manage 5G.

In the countries in which it has fixed operations, Orange operates a switched telephone network (STN) to deliver analog voice and ISDN digital services. These networks are continually being optimized because of declining uses. In France, Orange stopped marketing its analog voice services at the end of 2018 and announced the first zones where voice services will only be available using IP technology from the end of 2023.

Orange has also rolled out fixed VoIP networks using IMS (IP Multimedia Subsystem) technology in many countries for B2C and B2B uses.

Until 2015, all mobile voice traffic was managed in switched mode by the mobile network in each country. In 2015, Orange rolled out mobile IMS infrastructure in European countries to offer VoLTE (VoIP over LTE) and VoWiFi (mobile *Voice over WiFi*) services. At end-2021, VoLTE and VoWiFi had been rolled out in all of the Group's European networks and are being rolled out in some countries in the MEA region.

1.5.3 International networks

#### Terrestrial network
The international terrestrial network comprises four main networks, connected via submarine cable:

**-** the European network, whose roll-out began in April 2012 in France, and which has been extended to include services in Frankfurt, London, Barcelona and Madrid, as well as submarine cable stations;

**-** the North American backbone, one of the most strategic routes for Europe, since 80% of the Internet traffic generated by Europe comes from the United States;

**-** the Asian backbone in Singapore, served by the SEA-ME-WE3,SEA-ME-WE4 and SEA-ME-WEA 5 submarine cable; and

**-** Djoliba, the first pan-African backbone, commissioned in November 2020. This infrastructure is based on a terrestrial fiber optic network coupled with submarine cable, thereby offering secure international connectivity from West Africa. The new backbone covers eight countries: Burkina Faso, Côte d'Ivoire, Ghana, Guinea, Liberia, Mali, Nigeria and Senegal.

#### Satellites
Orange uses satellite communications to provide VSAT (Very Small Aperture Terminal) services to Orange Business's terrestrial or maritime B2B customers, to connect isolated mobile sites in Africa and to provide IP or voice connections to other operators. To provide these services, Orange uses space capacity rented from satellite operators (Eutelsat, Intelsat, SES and Arabsat).

#### Submarine cable
To address the strong growth in international telecommunication traffic and in a highly competitive market, Orange is maintaining its level of investment in submarine cable and is continuing to develop its network in order to meet the needs of its customers. Due to the high cost of the investments required to construct a cable, these investments are carried out with the various players involved (operators, private companies and GAFAM) and in various forms (consortiums, purchase of user rights, transmission capacity rental, etc.).

Orange is an investor in more than 40 submarine cables and consortiums covering various routes: North Atlantic, Caribbean, Europe-Asia and Europe-Africa.

The year 2022 was marked by the announcements in February of Orange's participation in the SEA-ME-WE 6 consortium, and in December of its association with the operator Medusa Submarine Cable System. For more information about the announcements, see Section 1.3 *Significant events.*

In addition, during 2022, the 2Africa consortium, of which Orange is a member, continued the gradual roll-out of the cable, notably with several landings in Europe (Marseille, Genoa, Barcelona) and in Africa (Egypt, South Africa, Djibouti). More than 45,000 kilometers long, its full commissioning is scheduled for 2024 and will connect 33 countries in Africa, Asia and Europe. The cable, rated up to 180 TBps in key parts of the system, will increase capacity and improve Internet reliability and performance across much of Africa, and supplement rapidly growing capacity demand in the Middle East.

Lastly, the roll-out of the new Amitié transatlantic cable, of which Orange is a partner, continued in 2022. Measuring 6,600 kilometers in length, this new generation cable (16 fiber pairs) will provide a connection between the state of Massachusetts in the United States, France and England. Its commissioning has been postponed to the summer of 2023.

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#### International service control networks
Orange operates an international control network to manage the signaling associated with the voice, roaming and text message traffic of its mobile networks and those of its operator customers. This network is evolving to handle new standards such as 5G.

Orange also operates a network for the supply of voice services for international businesses, based on the international IP MPLS network.

In addition, several centralized platforms were rolled out on international transit points to provide value-added services to mobile operators.

1.5.4 Network resilience

Network resilience ensuring continuity of services is an essential element of Orange's purpose as a trusted operator. Orange's network resilience approach focuses on:

**-** anticipation, by choosing the architectures most likely to resist hazards. This includes anticipating future climate conditions and the weather events they will produce;

**-** assessing the system's ability to anticipate and absorb potential disruptions, to develop ways to adapt to changes in the system itself (such as the introduction of a new technology, or external changes), and to enhance its ability to withstand disruptions and recover as quickly as possible after a shock.

Orange's network resilience is built on:

**-** transmission and transport networks structured in loops in order to ensure a minimum service in the event of a branch outage;

**-** redundancy at various levels (sites, energy chains, equipment and servers) in order to compensate for failures of individual units;

**-** anticipation and prevention capabilities to detect and implement the first redundancy and diversity mechanisms. Historically, these capabilities referred to the robustness of the network;

**-** absorption capabilities with defense mechanisms, including congestion or overload control mechanisms;

**-** adjustment capabilities to reduce the impact of incidents on the services provided to customers;

**-** repair capabilities to restore normal functioning.

1.6 Research and Development

In the Information and Communication Technologies (ICT) sector, which is undergoing major change in its value chain, with an increase in the number of players and the creation of new economic models, innovation is a major growth driver for the Orange group. In 2022, the Group devoted 605 million euros (i.e. 13.9% of its revenues) to furthering its research and innovation activities. This amount includes staff costs and operating and capital expenditure related to research and innovation in new products and services.

1.6.1 Research and innovation

Orange is currently a leading private player involved in digital research in France. The Group aims to be a committed player in current and future transformations including connectivity, especially with fiber, 5G and 6G, responsible artificial intelligence, the Internet of Things on a large scale, and trusted digital technology with low environmental impact that meets the need for sovereignty. Orange aims to use research to improve daily life for everyone and to respond to major social challenges through innovative and responsible uses of new digital technologies. Bringing together its activities around the creation of strategic innovation, research and the implementation of technical and data policies for the Group, Orange Innovation is the driving force behind this innovation. Against the backdrop of rapid changes in our customers' uses and expectations, Orange Innovation is building competitive and value-creating assets for the Group. Its mission, "Prepare the future, build the present," is part of the Group's strategy.

Orange is convinced that using data and artificial intelligence (AI) in a responsible, useful and accessible way is opening up new prospects for individuals, society and the planet. Its research and innovation teams leverage the benefits of AI to support four priority areas: making networks smarter, improving operational efficiency, reinventing the customer experience and ensuring that the use of data and AI is sustainable and responsible. Orange established its Data and AI Ethics Council in 2021 with this in mind, and in 2022 it signed an Ethics and Responsibility Charter [<u><sup>\[15\]</sup></u>](#_ftn15) in order to specify its values. The Group also offers its employees a complete range of training in AI/Data: acculturation, training for professions and experts, including independently through platforms such as Coursera and OpenClassrooms. Furthermore, in partnership with DataScientest, Orange offers certification programs for individuals receiving professional retraining and a Data Analyst course at the Orange Apprentice Training Center.

Supplying its customers with the best connectivity is key to Orange's strategy. Several innovations are currently being developed or tested which are likely to provide solutions in the coming years to improve connectivity, achieve the "Net Zero Carbon by 2040" commitment, develop new services and improve the quality of service provided to our customers.

Thus, 5G technology enables improved connection speed to mobile services, with average speeds three to four times faster than 4G thanks to 5G smart antennae installed on existing 4G sites (see Section 1.5.1 *Access networks*). 5G is also more energy efficient than 4G, making it an essential lever for the Group to achieve its commitment to be Net Zero Carbon by 2040. In 2022, an important stage of preparing, testing and rolling out new 5G Stand Alone (SA) network cores was initiated in the European countries in which Orange operates, paving the way for commercial launches starting in 2023. 5G SA brings increased performance in terms of upload speed for the end user and lower latency. With network slicing, which consists of virtually cutting the 5G network into slices, it will be possible to specialize certain slices to cover critical uses or specific needs and offer different levels of quality and security. 5G SA and network slicing will allow Orange to develop its range of mobile private network solutions. Through the Orange 5G Lab initiative launched in 2021, Orange is proposing a real network of 17 sites worldwide to help economic players better understand the opportunities, value and utility of 5G. Nearly 2,200 businesses, start-ups or local authorities have gone through an Orange 5G Lab since their launch, among which 175 businesses have been supported in testing use cases, particularly in environments benefiting from advanced private 5G network and/or edge computing features.

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To optimize the management of its networks and move them toward more secure, resilient, energy-efficient and modern technologies such as 4G and 5G, Orange has announced the phasing out of 2G and 3G networks between 2025 and 2030 in all the European Union countries in which it is present. Radio frequencies currently used for 2G and 3G will be used to improve the capacity and coverage of 4G and 5G networks in both urban and rural areas. The customer experience on mobile will be improved with better voice quality via VoLTE, higher throughput, lower latency and enhanced security, with no major impact on almost every offer.

In order to best meet the connectivity needs of customers, Orange has carried out the first NB-IoT roll-outs in addition to the networks already rolled out in Europe. In the B2C market, since 2021 Orange has offered "Protected Home" remote surveillance in France, and has also marketed a service in Spain that allows users to monitor their homes themselves using a high-resolution WiFi camera and a mobile app. In the B2B market, Orange also provides two turnkey solutions, "smart tracking" and "smart eco energy," in order to continue to support businesses and local authorities in the democratization of IoT uses. In addition, Orange and its IoT continuum partners announced their collaboration with tiko, a subsidiary of ENGIE, in the development of energy consumption optimization solutions for heating appliances. The objective is to design, produce and roll out a fleet of 800,000 connected terminals in France over a period of 5 years.

Since 2021, Orange has launched several initiatives to realize its vision for the future of the networks. This vision is that of ambient connectivity. It will rely on networks that are more versatile, secure, powerful, resilient and designed to limit their environmental impact. At the same time, key technologies now closer to maturity, such as software networks, edge computing, virtualization, and AI, are ushering in a new era of connectivity that can adapt to services and to breakdowns in real time, autonomously. To gain expertise in the integration and operation of this type of network, in two sites in France the Group has notably rolled out Pikeo, an experimental 5G SA network that is Cloud native, 100% software, 100% automated, and capable of harnessing the potential of AI. This network is also based on Open RAN technologies and the Telco Cloud. Experimentation will continue in 2023 in terms of predictive and corrective maintenance using AI, which makes it possible to combine advanced automation mechanisms.

Orange is also involved in several initiatives with other operators and the telecoms industry to promote the emergence of open and interoperable European Open RAN and Telco Cloud solutions.

Lastly, the Group has entered into a partnership agreement with Google Cloud around data, AI, Cloud and edge computing, and opened the first Edge Computing Lab on its Châtillon site in 2021 in order to implement and test end-to-end edge computing services leveraging 5G performance.

In environmental matters, Orange is continuing its practice of optimizing the energy efficiency of its infrastructure. The *Green ITN* program has already reduced the Group's energy consumption linked to network and information system operations [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]. It relies in particular on the energy efficiency of new equipment and next-generation Data centers designed to use air conditioning as little as possible, as well as the use of data and AI to further reduce energy consumption from network elements. Since 2022, an app has enabled Orange subsidiaries to visualize the reduction in their energy consumption and the associated greenhouse gas (GHG) emissions, in connection with the actions implemented. In 2022, Orange refined the complete assessment of its environmental footprint (on the three scopes, including the upstream and downstream of Scope 3) and now has a map of its GHG emissions allowing it to more precisely identify the priority action levers to reduce its impacts with a view to Net Zero Carbon. Orange is also continuing its involvement in standardization bodies, in particular the International Telecommunication Union (ITU), to help the information and communications technology sector's transition toward a sustainable economy. The publication in December 2022 of a new ITU L. 140 standard is based on the methodological work carried out by Orange in order to quantify, for a given digital service, the GHG emissions that would be avoided thanks to using this service. Orange is also making it easier to calculate the end-to-end carbon footprint of its business offers with the tool made available to its sales force in 2022.

Orange supports and aims to systematize an eco-design and circular economy approach as part of its active approach to its environmental commitment throughout the life cycle of its products and networks. A software eco-design skills center was created in 2022 to support projects under development. *Livebox* 6, launched in France in April 2022, offers optimized performance with the Wi-Fi 6<sup>E</sup> standard. It has a configurable sleep mode that, when activated, allows for reduced energy consumption. *Livebox* 6 also has a 100% recycled and recyclable plastic shell and a low-power e-ink display. In addition, it is easy to repair.

In line with its purpose, Orange helps provide everyone with access to digital services. As such, with the Mahali app, not having a mailing address is no longer an obstacle to the development of e-commerce in Africa. In Côte d'Ivoire, small merchants have a complete online sales solution, from order taking on Facebook, to a delivery process based on a location description provided by the buyer, all the way to payment on delivery with Orange Money. Orange is also working on building a safer digital society and has, for example, provided technological and human support for the development of the 3018 app. Launched in 2022 by the e-Enfance association, this solution makes it easier to report cases of digital violence against young people in France.

Orange also wishes to advance the consideration of social and environmental expectations in relation to technology. The Group presented its vision for 6G in a white paper published in 2022. Involved in several major initiatives around this technology, Orange is coordinating a working group within the European research project Hexa-X-II, tasked with reflecting on the use cases and target characteristics of a 6G network that responds to social and environmental issues, and establishing a dialog with representatives of society with a view to co-designing what 6G will be like upstream of its specification.

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Orange's research and innovation activities are conducted within the framework of an *Open Innovation* strategy to capture trends, find original solutions and benefit from the Group's partners' skills and contributions.

This is reflected in a number of developments:

**-** Orange signed nearly 71 active research contracts with the world's top University research centers between 2020 and 2022, and has also set up three joint laboratories: one with INRIA on the virtualization of network functions; one on antennas with the University of Nice; and one with the University of Grenoble-Alpes on health. It is also involved in the b<>com Institut de Recherche Technologique, and is contributing to 55 national and European cooperative projects, including through its involvement in seven competitiveness clusters (including the chair of the Images & Réseaux cluster) as part of a network of more than 158 industrial and academic stakeholders. Orange also funds five research chairs, including one with Institut Mines-Télécom on the values and policies of personal data;

**-** Orange is also involved in several research projects in France (Quantum@UCA, ParisRegionQCI, France QCI) and in Europe (EuroQCI, Prometheus) around quantum communication networks with numerous academic, industrial and start-up partners;

**-** many start-ups benefit from Orange's support through a number of initiatives, including the *Orange Fab* program, which offers programs to accelerate and internationalize start-up businesses in 16 countries. The Group also supports female start-up creators with #FemmesEntrepreuses and Women Start, as well as the best positive-impact technology projects in Africa & Middle East, with the Orange Prize for Social Entrepreneurship in Africa & Middle East (known by its French acronym, POESAM - *Prix Orange de l'Entrepreneur Social en Afrique et au Moyen-Orient*). It is also part of various global networks and events, including the Business France and French Tech networks;

**-** lastly, Orange has an active policy of forming strategic partnerships with leading industrial players worldwide, which allows it to enhance its portfolio of products and services and open itself to new ecosystems.

1.6.2 Intellectual Property and Licensing

The Intellectual Property and Licensing Department protects, manages and adds value to Orange's patent portfolio, which is one of the Group's intangible assets; it also derives value from software. It is an asset that sets Orange apart from its academic and industry partners. Its role is also to defend the Group's interests in the event of disputes involving intellectual property:

**-** at December 31, 2022, the Orange group had a portfolio of more than 9,800 patents or patent applications in France and abroad protecting its innovations. To maximize their value, some patents are licensed through patent pools for patents pertaining to industry standards (e.g. NFC, MPEG Audio, WiFi, HEVC and 5G). Value maximization also concerns software such as engineering tools for the mobile network;

**-** in 2022, 207 new inventions were patented, including major technical contributions to standardization (5G, coding, video, etc.). These inventions mainly come from the Group's Innovation Research Centers in France and abroad;

**-** in France, Orange is ranked twelfth in the INPI 2021 ranking (source: INPI 2022, ranking of the top 50 patent applicants).

1.6.3 Capital investment

As a keen major financer of innovation in information technologythe Orange group has made financial commitments to this area via two key complementary investment channels:

**-** Orange Ventures, wholly owned by the Group: at the end of 2020, Orange strengthened its venture capital activity by creating Orange Ventures, a new company with a budget of 350 million euros. That makes it one of Europe's ten largest corporate venture capital funds. Orange Ventures invests in fast-growing companies in Orange's established business areas such as connectivity, cybersecurity, digital enterprise and innovative financial services, as well as in new areas that the Group is exploring, such as e-health.

With offices in Paris and Cairo, Orange Ventures supports start-ups at all stages of their development, from the seed stage in Africa & Middle East, to more mature phases in Europe and the United States, with unit investments of up to 20 million euros per round of fundraising.

Orange Ventures serves to promote the emergence of future technological champions, helping drive the transition to an increasingly digital and responsible world in the service of the greatest number in order to share their innovation capabilities, for the Group's customers or within operations.

In this context, Orange Ventures proposes the creation of synergies between Orange and the start-ups. Orange Ventures aims to maximize its financial performance and makes its investment decisions independently;

**-** investment funds run by management companies outside Orange. As well as generating a profit, these investments aim to sustain the Group's innovation, forge strategic, technological and/or commercial partnerships, and enhance the Group's image within the innovation ecosystem and with its customers and other stakeholders. Since 2021, they have also helped respond to new challenges, particularly Orange's commitment to achieving Net Zero Carbon by 2040. Over the last 20 years, the Group has made investment commitments of 350 million euros as follows:

- the Iris Venture IV and Iris Next funds and the three Orange Publicis Ventures funds (Growth, Global and Early Stage), created within the framework of a partnership with the Publicis group,

- the Raise Investissement, Raise Ventures and Raise Seed for Good funds, run by the management company of the Raise group,

- several "thematic" funds, including Robolution Capital, managed by 360 Capital Partners and focused on robotics, Ecomobility Ventures, managed by Idinvest Partners and focused on digital and sustainable mobility, Digital Health 2, managed by LBO France and focused on digital health, Venture Reality Fund 2, managed by VR Fund 2 Partners and focused on augmented reality, and Move Capital, managed by Kepler Cheuvreux Invest and focused on European B2B technology companies,

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- two funds focused mainly on investments in Africa: Partech Africa, managed by Partech Partners, and the Fonds Franco-Africain (FFA), managed by AfricInvest,

- two investment funds, Paris-Saclay Seed Fund and Seedcamp IV, investing in start-ups in the seed capital phase.

The Group is also committed to two natural capital funds whose purpose is to finance environmental carbon sequestration projects, with compensation in carbon credits [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

1.7 Regulation of telecommunication activities

In the countries where it operates, the Orange group has to comply with various regulatory obligations governing the provision of its products and services, primarily relating to obtaining and renewing telecommunication licenses, as well as oversight by authorities seeking to maintain effective competition in electronic communications markets. Orange is also subject to specific regulatory constraints in some countries due to its dominant position in the relevant markets. [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

1.7.1 European Union

1.7.1.1 Legal and regulatory framework

The European Union has laid down a common legal framework in order to harmonize the regulation of electronic communications. It is binding on the Member States and must be implemented by the National Regulatory Authorities.

The general legal framework of the European Union has been amended by the European Electronic Communications Code, which came into force on December 20, 2018. It revises and combines four main directives deriving from the 2002 Telecoms Package on:

**-** a common regulatory framework for electronic communications networks and services;

**-** the authorization of electronic communications networks and services;

**-** access to and interconnection of electronic communications networks and associated facilities;

**-** universal service and users' rights relating to electronic communications networks and services.

Furthermore, Regulation (EC) 1211/2009 of November 25, 2009, canceled and replaced by Regulation (EU) 2018/1971 of December 11, 2018, established the Body of European Regulators for Electronic Communications (BEREC).

This legal framework is supplemented by sector-based texts (international roaming, open Internet, etc.), as well as broader texts aimed at the European digital ecosystem (protection of privacy, etc.).

1.7.1.2 Main community texts in force

#### The European Electronic Communications Code
The European Electronic Communications Code (Directive (EU) 2018/1972) came into force on December 20, 2018. The Member States then had 24 months to transpose it into national law. However, due to the health crisis, the transposition has not yet been fully completed in certain countries, particularly in some countries within Orange's European area.

The Code includes a regulatory objective to support the roll-out and adoption of very high-connectivity networks, in line with Orange's aim of seeing regulatory objectives redirected toward support for investment.

In addition, the rules governing **access obligations** imposed on operators with significant market power have been positively adjusted in relation to the previous framework:

**-** access obligations should better target only the relevant fixed access infrastructure so as to address competition issues in the retail market;

**-** the Code promotes co-investment in very high-connectivity networks. If an operator in a dominant position makes a co-investment offer that complies with certain provisions, it could be exempted from remedies related to its dominant status. Only co-investors will have access to the full capacity of these networks. The other operators will be able to enjoy the same quality of wholesale access as they did before the roll-out of the networks. National regulators will need to secure approval from the European Commission for such measures;

**-** the Code also favors the wholesale operator model - not present in the retail market - by exempting it from certain remedies, even in cases of market dominance.

In addition, access obligations for fixed-access infrastructure serving subscribers may be imposed symmetrically on all operators when it is not technically feasible or economically reasonable to replicate such infrastructure. These obligations are subject to a joint veto by the Commission and BEREC.

Concerning the **allocation of radio spectrum** needed for mobile services, the Code reinforces European rules designed to improve harmonization and cooperation between Member States, including the minimum 20-year visibility of spectrum licenses. The implementation and in particular the allocation of spectrum capacity remains a national matter, with only light oversight by Europe. Provisions facilitating the roll-out of "small-area wireless access points" and the availability schedule of the 5G spectrum were also adopted.

With respect to the **regulation of communication services**, most of the obligations intended to protect end-users are for Internet access service and services using public numbering plan resources, independently of the service provider. Other services, such as interpersonal communication services independent of the numbering plan and signal transport services, are only subject to a limited number of obligations.

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However, regulation of the competitive markets for intra-European calls and SMS has been introduced with the Code through Regulation (EU) 2018/1971 of December 11, 2018, imposing a cap of 19 euro cents per minute and 6 euro cents per SMS, applicable since May 15, 2019.

Concerning **universal service obligations**, the Code abandons the principle of telephone service provision and calls on Member States to ensure the availability of an affordable Internet access service, upholding the principle of potential designation should Member States consider that the market does not provide such services under said conditions, but increasing the burden of proof for Member States. The financing system for the universal service remains in the hands of the Member States, with coverage from public funds or from a fund financed by the sector. In addition, the Code opens the door to an extension of universal service obligations to include the supply of affordable mobile services.

The Code and its associated regulation on changes in BEREC's responsibilities and governance do not create a European regulator. However, the Code does adopt the principle of full standardization of the rights of end-users, subject to exceptions, and strengthens the control exercised by the European Commission over access regulation and over the spectrum.

#### Harmonization of analyses of relevant markets
On December 18, 2020, the European Commission published a new recommendation identifying two relevant product and service markets for which National Regulatory Authorities should carry out market analyses that may lead to the implementation of *ex-ante* regulation:

**-** market 1: wholesale provision of local access at a fixed location (formerly market 3a/2014 of Recommendation 2014/710/EC);

**-** market 2: wholesale provision of high-quality access at a fixed location (formerly market 4/2014 of Recommendation 2014/710/EC).

#### Call termination rates
The Code provides that fixed and mobile call termination rates will cease to be determined by National Regulatory Authorities but will be determined by the European Commission for all countries in the European Economic Area. This provision concerns European operators for calls terminating in a European country.

In this context, on April 22, 2021, the European Commission published Delegated Act 2021/654 determining call termination rates:

**-** the fixed call termination rate is set at 0.07 euro cents per minute;

**-** the mobile call termination rate is set at 0.2 euro cents per minute. However, a glide path is planned until the end of 2023: the maximum call termination rate for countries with rates above 0.2 euro cents per minute was 0.55 euro cents per minute in 2022 and then 0.4 euro cents per minute in 2023.

The Delegated Act entered into force on July 1, 2021.

#### International roaming
Regulation (EU) 2015/2120 of November 25, 2015 (Telecom Single Market or TSM), which aims to eliminate surcharges for international roaming within the European Union, and Regulation (EU) 2017/920 of May 17, 2017, which lays down the rules for wholesale roaming markets, expired on June 30, 2022. The new Regulation (EU) 2022/612 on international roaming was adopted by the European Parliament and by the Council of the European Union on April 6, 2022 and came into force on July 1, 2022 for a period of 10 years.

The new Regulation:

**-** sets new wholesale roaming price caps:

- Voice: 0.022 euros per minute from July 1, 2022 to the end of 2024 and 0.019 euros per minute starting in 2025

- SMS: 0.004 euros per SMS message from July 1, 2022 to the end of 2024, and 0.003 euros per SMS message starting in 2025

- Data:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022** | **2023** | **2024** | **2025** | **2026** | **Starting in 2027** |
| 2 euros/Gb | 1.8 euros/Gb | 1.55 euros/Gb | 1.3 euros/Gb | 1.1 euros/Gb | 1 euros/Gb |

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**-** requires that, if the same conditions are available in the country visited, the quality of service provided on roaming is identical to that offered on the domestic market (unless technically impossible);

**-** provides for the creation by BEREC of databases on means of accessing emergency services and value-added services;

**-** requires greater transparency vis-à-vis customers, in particular about rates, the risks of high rates, and the means to access emergency services.

BEREC has revised its guidelines to include the changes introduced by the new Roaming Regulation, in particular the rules related to the quality of service to be provided while roaming. In addition, the new guidelines recognize the principle of gradual transition to new generations of technologies and gradual updates of roaming agreements to provide conditions equivalent to those of the Member State of origin.

In addition, on December 6, 2022, a coalition of operators signed, under the aegis of the European Commission, a joint press release aimed at voluntarily implementing lower rates for data roaming with the Western Balkan countries starting in the summer of 2023.

#### Regulation of the open Internet
The TSM Regulation has introduced rules to ensure an open Internet within the European Union. Article 3.3 of the TSM Regulation states that in the provision of Internet access services, providers shall treat traffic equally and without discrimination, restriction or interference, irrespective of sender and recipient, the content consulted or broadcast, the apps or services used or provided, and the handset equipment used. It is up to the Member States to adapt their national law to comply with this provision.

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On April 30, 2019, the European Commission published a report on the implementation of the net neutrality component of the TSM Regulation. The Commission, in the light of market developments, concluded that the principles of the Regulation are appropriate and that they effectively protect end-users by promoting the Internet as a driver of innovation. The Commission pointed out that operators have correctly applied the regulation governing net neutrality and that national regulators have imposed very few fines. It does not propose any amendments to this Regulation.

On the basis of that report, BEREC published a new version of its guidelines in June 2020, clarifying certain points:

**-** the scope of the regulation is limited to the part between the interconnection and the customer-side network termination point, thus leaving the terminal equipment outside the scope when it is located beyond that termination point;

**-** the possible compatibility of 5G slicing technologies with the regulation.

On June 15, 2022, BEREC published an update to its guidelines clarifying, following rulings by the Court of Justice of the European Union, that zero-rating practices do not comply with the Open Internet Regulation.

A new report on the implementation of the net neutrality component of the TSM Regulation is expected from the European Commission in April 2023.

#### Personal data protection
The European Commission wishes to replace the sectoral Directive 2002/58/EC of July 12, 2002 on "*privacy and electronic communications,*" known as the e-Privacy Directive. The project, which dates from 2017, establishes rules to protect the privacy of online communications and the use of electronic communications data (metadata). It introduces a level of fines that is aligned with the General Data Protection Regulation (GDPR), which came into force in 2018 [<u><sup>\[16\]</sup></u>](#_ftn16), and maintains the regulatory asymmetry between telecommunication operators and digital actors (OTT service providers) regarding metadata collection.

However, the e-Privacy regulation project is made less urgent by the fact that the Code has extended the scope of application of the confidentiality of communications to OTT services, and that the GDPR has strengthened the methods used to collect consent and the regime of sanctions to which the 2002 Directive refers. Moreover, the lack of political agreement on the new text makes its approval uncertain.

#### Digital Services Act and Digital Market Act
At the end of 2020, the European Commission published two pieces of legislation: an update of the e-Commerce Directive [<u><sup>\[17\]</sup></u>](#_ftn17), known as the Digital Services Act (DSA), and a Regulation to combat the role of large online platforms, known as the Digital Market Act (DMA).

The DSA amends and updates the obligations of intermediaries connecting consumers with goods, services and content. For telecommunication operators, the DSA brings in very limited changes to the e-Commerce Directive (introduction of a one-stop shop and a limited transparency declaration obligation). The DSA [<u><sup>\[18\]</sup></u>](#_ftn18) was published in the Official Journal on October 27, 2022, entered into force on November 16, 2022, and will be implemented in two stages: platforms and search engines had until February 17, 2023 to provide the number of their users, which is used to designate the main platforms and Internet search engines, then will have until February 17, 2024 for the other provisions.

For its part, the DMA ushers in an *ex-ante* regulatory framework for online platforms acting as gatekeepers, and also gives powers to the European Commission to conduct market investigations. Telecommunication operators are outside the scope of the regulation. The DMA [<u><sup>\[19\]</sup></u>](#_ftn19) was published in the Official Journal on October 12, 2022, entered into force on November 1, 2022, and will be applicable from May 2, 2023.

#### Access Recommendation
The European Commission launched a consultation in July 2020 on the revision of two recommendations impacting fiber regulation: the 2010 Recommendation [<u><sup>\[20\]</sup></u>](#_ftn20) on next-generation access, which promotes a consistent approach to access obligations imposed by national regulators on operators in dominant positions, and the 2013 Recommendation [<u><sup>\[21\]</sup></u>](#_ftn21) on cost methodologies and non-discrimination rules for wholesale next-generation network access prices and economic replicability tests. Some of the content of these recommendations is now included in the access requirements under the Code.

These recommendations are expected to be reviewed by the European Commission as part of wider consultations planned for the first half of 2023.

1.7.2 France

1.7.2.1 Legal and regulatory framework

#### Legal framework
The electronic communications sector is mainly governed under national law by the CPCE (*Code des Postes et des Communications Electroniques* - French Postal and Electronic Communications Code), as well as by legal provisions relating to electronic commerce, the information society, consumer protection and personal data protection, which must comply with European directives.

France transposed the European Telecoms Package, as amended in 2009, via a Government Order dated August 24, 2011 and a Decree dated March 12, 2012 for the implementing regulations.

The European Code was transposed by Government Order 2021-650 of May 26, 2021 and implementing decrees 2021-1136 of August 31, 2021 and 2021-1281 of September 30, 2021, with the exception of the provisions relating to universal service (see below) and the obligations relating to geographical surveys of network coverage, which were transposed by the law of December 3, 2020 on various provisions for adaptation to European Union economic and financial law. Some provisions on the consumer side are also awaiting final regulations.

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The audiovisual communication services produced or distributed by the Orange group come under the specific regulations governing this sector and are governed by Law 86/1067 of September 30, 1986 on the Freedom of Communication.

#### Regulatory Authorities

The French Competition Authority is an independent administrative authority responsible for ensuring open market competition and compliance with public economic policy. It has jurisdiction over all business sectors, including electronic communications. It has powers to sanction anti-competitive practices, as well as consultative powers. It is also responsible for overseeing mergers and acquisitions.

The ANFr (*Agence nationale des fréquences* - French national spectrum agency) is responsible for planning, managing and controlling the usage of radio spectrum and for coordinating the establishment of certain radio transmission facilities. The frequency spectrum is divided between 11 controlling authorities: public authorities, Arcep and the CSA (*Conseil supérieur de l'audiovisuel* - French Broadcasting Authority) Arcep and the CSA are in turn responsible for allotting to users the spectrum they control.

1.7.2.2 Regulation of mobile telephony

#### Spectrum

#### Main Orange spectrum allocations in mainland France

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| | |
|:---|:---|
| 700 MHz | Authorization granted in December 2015 for 10 MHz duplex for 20 years (use between 2015 and 2035). |
| 800 MHz | Authorization granted in January 2012 for 10 MHz duplex for 20 years for the roll-out of very high-speed mobile broadband (2012-2032). |
| 900 MHz | Renewal in December 2018 of the 8.7 MHz duplex authorizations for 10 years (2021-2031). |
| 1,800 MHz | Renewal in December 2018 of the 20 MHz duplex authorizations for 10 years (2021-2031). |
| 2.1 GHz | Renewal in December 2018 of the 14.8 MHz duplex authorizations for 10 years (2021-2031). |
| 2.6 GHz | Authorization granted in October 2011 for 4G services for 20 MHz duplex for 20 years for the roll-out of very high-speed mobile broadband (2011-2031). |
| 3.4 -3.8 GHz | Authorization issued in November 2020 to use a 90 MHz spectrum block (3710-3800 MHz) in time-division duplexing (TDD) mode for a period of 15 years (2020-2035), with a possible extension of 5 years. |

---

NB: This spectrum is technologically neutral if granted since May 2011, or since May 2016 if granted earlier, and Arcep may not oppose any request for neutralization.

#### The New Deal
The agreement signed on January 14, 2018 between the government, Arcep and the four mobile operators (Orange, SFR, Bouygues Telecom and Free Mobile) to ensure better mobile coverage of the country, and particularly rural areas, resulted in the modification, at the request of operators, of authorizations for 900 MHz, 1,800 MHz and 2.1 GHz spectrum bands to include commitments for better coverage in the form of obligations, and the launch of a ten-year procedure to re-allocate those spectrum bands, without auctions and with stable fees.

By Arcep Decision of July 3, 2018 (Decision 2018-0682), the coverage commitments under the New Deal (see below) for the period prior to 2021 apply with immediate effect under the amended authorizations. The obligations and commitments made by the operators beyond 2021 were incorporated into the new authorizations granted in December 2018 (Decision 2018-1392) for ten years from the expiration of the previous authorizations.

#### 5G
3.4-3.8 GHz band in mainland France

At the end of the procedure for the allocation of 5G spectrum in the 3,490-3,800 MHz band, the spectrum use authorizations issued by Arcep came into effect on November 18, 2020. The spectrum allocated to Orange is in the 3710-3800 MHz band, i.e. a block of 90 MHz in time-division duplexing (TDD) mode. The spectrum is allocated for 15 years, with the possibility of a five-year extension if the licensee agrees to the terms of the extension. The total price of the spectrum allocated to Orange is 854 million euros. The payment of this sum is spread over 15 years (350 million euros for the 50 MHz block obtained at the reserve price in return for optional commitments), and over four years (504 million euros for the 40 MHz block obtained during the main auction phase).

Orange — 2022 Universal Registration Document - 41

------

The obligations are as follows:

**-** the roll-out of sites (3,000 sites by the end of 2022, 8,000 by the end of 2024 and 10,500 by the end of 2025), of which 25% of those rolled out by the end of 2024 and by the end of 2025 must be located in rural areas or industrial areas outside of very densely populated areas;

**-** widespread availability of a 5G service at all sites by the end of 2030, an obligation that may be met either with the 3.4-3.8 GHz band or another band;

**-** provision of a speed of at least 240 Mbits/s from 75% of sites by the end of 2022, 85% of sites by the end of 2024, 90% of sites by the end of 2025, and 100% of sites by the end of 2030;

**-** coverage of main highways by the end of 2025 and of major roadways by the end of 2027;

**-** the provision of differentiated services and the activation of the IPv6 (Internet Protocol version 6) network protocol.

In addition, the following optional commitments made by Orange became obligations in the authorization issued:

**-** from the end of 2023, Orange will have to provide a fixed offer from sites using the 3.5 GHz band and a fixed offer to cover premises that benefit from fixed-access radio network services;

**-** Orange will have to meet reasonable requests for the provision of services from private sector companies and public sector structures, provide *indoor* coverage, offer hosting for MVNOs and be transparent about network failures and planned roll-outs.

26 GHz band

The government and Arcep called for the creation of experimentation platforms by way of an open window in January 2019. In this context, Orange is carrying out experiments in order to explore the technical and service prospects of this band.

#### Allocations overseas
Departments of Réunion and Mayotte

On May 24, 2022, following the auction for the allocation of 5G spectrum for the territories of Réunion and Mayotte, Arcep issued Orange authorizations for 10 MHz frequencies in the 700 MHz band and 100 MHz in the 3.5 GHz band for a period of 15 years, i.e., until May 23, 2037, with the possibility of a five-year extension. Orange must comply with the following obligations under these authorizations:

**-** coverage of seven predefined areas before May 1, 2025 and two sites made available (roll-out for these two sites within 18 months, on a case-by-case basis);

**-** supply, using the spectrum in the 700 MHz band, of very high-speed broadband mobile access from at least 50% of mobile network sites and, in any event, from at least 10 sites, as of May 24, 2027;

**-** provision of a fixed Internet access service on the mobile network no later than November 23, 2022, in the areas identified and made public in accordance with the provisions of Arcep Decision 2018-0169 of February 22, 2018 [<u><sup>\[22\]</sup></u>](#_ftn22);

**-** lastly, Orange will also have to provide, using spectrum in the 3.4-3.8 GHz band, mobile access from at least 50% of sites with a power greater than 5 W and, in any case, at least 50 sites as of May 24, 2027.

West Indies - Guyana area

At the end of September 2022, the government launched procedures for allocating 5G spectrum in Guyana and in the northern islands (Saint-Martin and Saint-Barthélemy) by publishing decrees on the terms and conditions for the allocation of authorizations:

**-** for Guyana, the allocations concern the 700 MHz bands (for the entire territory) and the 3.4-3.8 GHz band only for the coastal municipalities with the exception of Regina and Ouanari;

**-** in Saint-Martin and Saint-Barthélemy, they concern the 700 MHz and the 3.4-3.8 GHz bands for the two territories, and the 900 MHz and 2.1 GHz bands in Saint-Barthélemy.

Orange submitted two applications on December 13, 2022.

Following the responses to Arcep's public consultation on a first draft decision relating to the spectrum allocation procedure in Guadeloupe and Martinique (consultation launched in the second half of 2021), Arcep decided to modify its project. It has indicated that it will launch an allocation procedure during the second half of 2023.

#### Mobile coverage

#### The New Deal
Under the New Deal, operators are committed to:

**-** expanding coverage in mainland France by way of the "targeted coverage" scheme, making it possible for each operator to cover 5,000 new areas (most of which are shared between operators), replacing the existing programs ("town center dead zones," "800 strategic sites" and the "France Mobile" program), which will now be fully paid for by the operators;

**-** generalizing access to very high-speed broadband by introducing 4G with a power rating in excess of 5W to all their own mobile sites by the end of 2020, and to 75% of the sites in the "town center dead zones" program by the end of 2020, upping this to 100% by the end of 2022;

**-** accelerating the coverage of transport routes, so that the main highway and rail routes have 4G coverage. The agreement also includes provisions on coverage in regional trains;

**-** improving coverage inside buildings, with two components: progressive availability of voice and SMS services via WiFi with the goal of enabling 80% of our customers who own a compatible handset to benefit from these services by the end of 2019; and marketing of an offering allowing public companies and individuals who so request to obtain improved multi-operator *indoor* coverage of their buildings at a reasonable rate;

**-** improving reception quality throughout the country, and particularly in rural areas. The new performance standard applied to operator obligations will be that of "good coverage," defined as the "ability to be able to call and exchange SMS outside of buildings in most cases and within buildings in some cases".

These obligations were written into their current authorizations and in the newly allocated 900 MHz, 1,800 MHz and 2.1 GHz band authorizations for ten years.

Orange — 2022 Universal Registration Document - 42

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#### Obligations to roll out and provide 4G coverage in mainland France, including those resulting from the New Deal

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(as a % of the population)**  | **Jan-17** | **Oct-19** | **Dec-20** | **Jan-22** | **Dec-22** | **Oct-23** | **Jan-24** | **Dec-25** | **Jan-27** | **End-2030** |
| Regional rail network<br> (coverage inside trains in each region as a % of track) |  |  |  |  |  |  |  |  | 60% | 80% |
| Regional rail network<br> (national coverage inside trains as a % of track) |  |  |  | 60% |  |  |  |  | 80% | 90% |
| Regional rail network<br> (national coverage alongside tracks as a % of track) |  |  |  |  |  |  |  | 90% |  |  |
| Priority highways<br> (as a % of highways out of car) |  |  | 100% |  |  |  |  |  |  |  |
| Priority highways (as a % of highways from inside vehicles) |  |  |  | 100% |  |  |  |  |  |  |
| Town centers in<br> the "dead zone" program <sup>(1)</sup>  |  |  | 75% |  | 100% |  |  |  |  |  |
| In the priority roll-out<br> zone <sup>(2)</sup> for very high-speed mobile broadband <sup>(3)</sup>  | 40%<br> (800 MHz) |  |  | 90%<br> (800 MHz)<br> 50% (700 MHz) |  |  |  |  | 92%<br> (700 MHz) | 97.70%<br> (700 MHz) |
| In each French department |  |  |  |  |  |  | 90% |  | 95% |  |
| Across the entire mainland France area |  | 60% |  |  |  | 75% |  |  | 98% | 99.60% |

---

(1) 1% of the population and 3,300 town centers.

(2) 18% of the population, 63% of the country.

(3) An operator has met its obligation to provide a very high-speed mobile broadband service when the equipment rolled out enables a theoretical peak speed of 60 Mbps.

Additionally, operators are obliged to provide a mobile radiotelephone service under the "good coverage" conditions set out by Arcep to 99.6% of the population by March 2024 at the latest, and to 99.8% by March 2028.

In June 2019, Arcep opened a sanctions procedure against Orange covering all the obligations laid down in the New Deal. The procedure is in progress; there were no significant developments in relation to it in 2022.

At end-December 2022, Orange's 4G coverage was 99.7% of the population and 94.1% of the country, compared to 99.0% and 93.0% respectively at end-2021.

#### Infrastructure sharing
The New Deal agreement contains clauses relating to the sharing of networks, including active sharing where all four operators are present on a site as part of the targeted coverage arrangements. A mobile site sharing contract was signed in July 2019 between the four network operators for the roll-out of 4G on sites destined for active sharing. This agreement is gradually being implemented for the sites of the "town center dead zones" program and the new sites to be rolled out as part of the New Deal's targeted coverage scheme.

Arcep has issued an opinion validating an amendment to the roaming agreement between Free Mobile and Orange in mainland France, which extends the national roaming termination period until December 31, 2025, while maintaining the maximum upload and download rates that roaming customers can reach at 384 Kbps.

1.7.2.3 Regulation of fixed telephony, broadband and very high-speed broadband Internet

#### Regulatory framework

#### Broadband and very high-speed fixed broadband market analyses for the 2021-2023 period
On December 17, 2020, Arcep adopted new Decisions within the framework of analyses of the fixed broadband and very high-speed fixed broadband markets for the 2021-2023 period.

They define, on the one hand, the asymmetric regulation [<u><sup>\[23\]</sup></u>](#_ftn23) of the fixed broadband and very high-speed fixed broadband markets:

**-** a separate civil engineering market;

**-** market "3a," passive services;

**-** market "3b" for activated mass market services;

**-** market "4" for specific activated B2B services.

Arcep has also adopted a Decision aimed at completing the framework for symmetrical fiber regulation applicable to all operators operating FTTH networks, as well as a recommendation clarifying the application of this framework. Lastly, Arcep adopted a Decision setting a price framework for access to Orange's copper local loop.

Orange — 2022 Universal Registration Document - 43

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The regulatory changes focus on three key objectives: to support the switch from the legacy copper network to fiber; to continue pro-investment regulation to make the FTTH network the new benchmark for fixed infrastructure; and to boost the B2B market.

#### Current regulatory framework for the regulation of wholesale services for the 2021-2023 period
"Civil engineering" market analysis Decision 2020-1445 defines a new relevant market covering all civil engineering infrastructure for the deployment of networks and designates Orange as the operator exercising significant influence. As such, Orange must grant reasonable requests for access to its civil engineering infrastructure (Civil Engineering for Optical Loops and Links) and associated resources and services (subscriber connection node/optical connection node hosting offer and LFO offer - See Section 7.2.2 *Glossary of technical terms*).

"3a" market analysis Decision 2020-1446 redefines the relevant market for access to copper and fiber local loop networks (to take into account the new "civil engineering" market) and designates Orange as the operator exercising significant influence. As such, Orange must grant reasonable requests for access to its copper local loop network and the associated resources and services (unbundling offer). Orange must also grant, in very densely populated areas, reasonable requests for connection to its FTTH network from companies located in buildings not yet covered by FTTH. This obligation only applies to Orange, unlike the rest of the regulatory framework for the pooling of FTTH networks.

"3b" market analysis Decision 2020-1447 maintains the relevant market for activated access ("bitstream") to copper and fiber networks for mass market customers and designates Orange as the operator exercising significant influence. As such, Orange must grant reasonable requests for activated access to its copper network (DSL access and bitstream offer).

"4" market analysis Decision 2020-1448 maintains the relevant market for high-quality activated access to copper and fiber networks for the B2B market and designates Orange as the operator exercising significant influence. As such, Orange must grant reasonable requests for high-quality activated access to its copper and fiber networks (Business DSL/FTTO offers - See Section 7.2.2 *Glossary of technical terms*).

These Decisions impose on Orange obligations of transparency, non-discrimination, service quality publication of reference offers, price control and accounting separation.

#### Changes in the current regulatory framework for the regulation of FTTH networks
Decision 2020-1432 supplements the symmetrical regulatory framework for the sharing of FTTH networks, notably by extending obligations that until now only applied to Orange to all infrastructure operators. Under the new Decision, infrastructure operators must notably offer on their FTTH networks a service with a guaranteed recovery time (GRT) of ten hours and a GRT service of four hours for the B2B market, possibly including an adapted architecture (Business DSL offer - See Section 7.2.2 *Glossary of technical terms*). This new Decision also specifies the obligations related to roll-out (in particular for new buildings or buildings that can be connected on request and buildings without an address), reinforces the non-discrimination obligation (particularly with regard to information systems) and imposes an accounting reporting obligation.

#### Other regulatory provisions relating to fixed broadband and very high-speed networks
Bouygues Telecom has filed a complaint with Arcep for the settlement of a dispute against Orange in October 2021 regarding refunds of contributions to the costs of commissioning CCF (*câblage client final* - end customer cabling) connections.

Bouygues Telecom challenged the mechanism in force in Orange's FTTH offer, where the contribution for a given CCF connection is refunded to the commercial operator selling it when the line is taken over by a new commercial operator. Bouygues Telecom has asked Arcep to change the payment-triggering event, so that from now on the contribution is refunded when the line is terminated. In its dispute settlement decision 2022-0682 adopted on March 29, 2022, Arcep ruled in favor of Bouygues Telecom on the change in the triggering event for the payment of refunds.

In execution of this decision, on June 1, 2022 Orange offered Bouygues Telecom a contract for modified access to FTTH lines in very dense areas. To date, the contract has not been accepted by Bouygues Telecom.

On June 2, 2022, Orange appealed Arcep's decision before the Paris Court of Appeal and requested that the decision be annulled.

#### Management of FTTH roll-outs

#### Commitments made by Orange in the AMII zone under Article L. 33-13
In early 2018, Orange formalized its proposed FTTH roll-out commitments in nearly 3,000 municipalities under Article L. 33-13 of the CPCE. Orange proposed to undertake to ensure that, within its FTTH roll-out scope in the AMII (*Appel à Manifestation d'Intention d'Investissement* - Call for Investment Intentions) area: (i) by the end of 2020, 100% of homes and professional premises would have access to FTTH sales offers (including a maximum 8% of premises connectable on demand, excluding refusals by third parties), and (ii) by the end of 2022, 100% of homes and professional premises would be made connectable (excluding refusals by third parties). These commitment proposals took into account the agreement reached in May 2018 between Orange and SFR, which led to Orange withdrawing from 236 municipalities in favor of SFR.

The commitments proposed by Orange (and by SFR) were accepted by the French government on July 26, 2018 [<u><sup>\[24\]</sup></u>](#_ftn24). In March 2022, as part of a sanctions procedure opened in 2019, Arcep gave Orange formal notice to meet the first milestone of its L. 33-13 commitments by the end of September 2022 at the latest. This formal notice is currently under review by the French Council of State. Orange is challenging the reference calculation basis used by the regulator to assess Orange's L33-13 commitments made in 2018.

As part of this dispute, Orange filed a QPC (*Question Prioritaire de Constitutionnalité* - Priority Question of Constitutionality) on February 3, 2023, a question of principle and law contesting the constitutional basis of Article L. 33-13 and Arcep's authority.

#### AMEL (Appels à manifestation d'engagements locaux - Calls for Local Commitments) and "equity" roll-outs
In December 2017, the Government announced the launch of a Call for Local Commitments (AMEL) through which to identify operators wishing to roll out privately funded FTTH connections beyond the current AMII zone.

Orange proposed making commitments with respect to Article L. 33-13 as part of AMEL procedures for the French departments of Lot-et-Garonne, Vienne, Deux-Sèvres and Haute-Vienne. Arcep has issued a favorable opinion on Orange's proposed commitments in these four departments.

#### Completeness of FTTH networks
Under the obligation of completeness imposed in Decision 2010-1312, all infrastructure operators must have made connectable (except in the event of refusal) all housing and professional premises in the rear area of a shared access point within a reasonable period of time (between two and five years depending on the reasons for the Decision) from the roll-out of the shared access point.

Orange — 2022 Universal Registration Document - 44

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On several occasions, Arcep has given Orange formal notice to comply with the obligation of completeness, each time with a list of shared access points (which had been in service for more than five years and which had not reached the required completeness rate) to be brought into compliance within one year.

#### Price framework for access to the copper local loop
On December 17, 2020, Arcep adopted Decision 2020-1493, which defines a price framework for full unbundling and DSL bitstream access for the years 2021 to 2023. This decision sets rate caps, which are no longer based on costs derived from Orange's regulatory accounting but instead are based on the bottom-up cost model of a shared local optical loop network:

**-** for fully unbundled access, the monthly recurring rate is capped at 9.65 euros from 2021 to 2023;

**-** for DSL bitstream access, the monthly recurring rate is capped at 13.13 euros in 2021, 13.37 euros in 2022 and 13.53 euros in 2023.

In October 2022, Orange formally requested from Arcep an increase in the unbundling rate starting from the beginning of 2023, in order to take into account, on the one hand, some of the increase in the IFER (*imposition forfaitaire sur les entreprises de réseaux* - flat-rate tax on network enterprises) compared to the assumptions used in the 2020 decision and, on the other hand, a correction of the shared local optical loop network's bottom-up cost model.

On December 16, 2022, Arcep launched a public consultation about the revision of the unbundling rate cap in order to incorporate the new IFER amount. Arcep plans to increase the unbundling rate cap by around 30 euro cents, from 9.65 euros per month to around 10 euros per month, effective in the second quarter of 2023.

Given Arcep's refusal to revise the unbundling rate cap to the level expected by Orange, at the end of December 2022 Orange filed a complaint with the French Council of State.

#### Closure of the copper network
Arcep put Orange's copper closure plan out to public consultation from February 7, 2022 to April 4, 2022 (see Section 1.4.1 *Operating activities - France*). At the same time, Arcep consulted on a reduction in the rate obligation in commercially closed areas, which could lead to an upward revision of the rate for full unbundling.

On July 29, 2022, Arcep published a question-and-answer type document with clarifications and adjustments made by Orange to its copper closure plan.

The first set of closures was launched on December 13, 2022, for closure effective January 2025.

#### Wholesale service quality for B2C and B2B markets
In the market analysis decisions adopted in December 2020 for the new round (2021-2023), Arcep introduced minimum quality of service thresholds to be met by Orange for its wholesale copper offers (unbundling, mass activated offers) intended for businesses from the first quarter of 2021, including what had previously been addressed in the formal notice of December 2018.

In April 2021, Arcep extended the September 2018 sanctions procedure relating to the quality of service for wholesale copper offers and closed it for wholesale offers intended for businesses.

In Decision 2020-1432 on the symmetric regulation of FTTH offers adopted in December 2020, Arcep introduced minimum quality of service thresholds to be respected by each infrastructure operator for its wholesale FTTH offers from the start of 2023, in particular for offers with enhanced quality of service for businesses.

#### Launch of the new round of market analyses
Arcep has released its "Scorecard and Outlook" document for public consultation, which marks the launch of the seventh round of analysis of the broadband and very high-speed fixed broadband wholesale markets, for the 2024-2028 period.

This public consultation is the first step in Arcep's review round of its regulatory framework for the fixed broadband and very high-speed fixed broadband markets. The decisions are expected to be adopted by the end of 2023.

Arcep has identified four main issues at this stage:

**-** the concrete implementation of the closure of the copper network by Orange, which requires that FTTH networks be able to perform their function as a fixed reference infrastructure;

**-** maintaining a satisfactory level of quality of service on the copper network until it is closed;

**-** the development of diversified, competitive and good quality fiber optic offers to meet the needs of businesses, in particular with a view to the migration from copper to fiber;

**-** access to civil engineering infrastructure to finalize the roll-out of FTTH networks and allow all connections to be made.

On February 20, 2023, Arcep put the draft decisions concerning the obligations specifically incumbent on Orange (unbundling, DSL bitstream, access to civil engineering and Enterprise-specific wholesale offers) out for public consultation. The symmetrical obligations incumbent on all FTTH infrastructure operators are not affected by these draft decisions and remain unchanged. These are the first draft decisions, which are subject to change after consultation with all stakeholders, with a view to the adoption of the decisions by Arcep at the end of the year:

**-** second public consultation scheduled for the summer on updated draft decisions and submission to the Competition Authority for its opinion;

**-** third public consultation scheduled for the fall on some finalized draft decisions + notice to the European Commission.

The deadline for the public consultation is April 3, 2023.

#### Regulation of fixed telephony

#### Universal telephony service
Orange has not been a Universal Service Operator since November 27, 2020, when the last three-year designation period expired.

In its Decision 2021-0644 of April 13, 2021, Arcep set the definitive assessment of the net cost of universal service and operators' contributions for 2020.

Orange — 2022 Universal Registration Document - 45

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1.7.3 Spain

1.7.3.1 Legal and regulatory framework

The transposition of the European Electronic Communications Code [<u><sup>\[25\]</sup></u>](#_ftn25) was made via a law amending the Telecommunications Code of June 28, 2022 with effect from June 30, 2022. Some provisions will apply 12 months later (June 30, 2023).

On June 9, 2022, Parliament approved an amendment to the law governing the telecommunication sector, in application of various national plans including the plan for connectivity, digital infrastructure and the promotion of 5G technology. One of the notable provisions concerns the obligation to provide 100 Mbps connectivity to 100% of the population within 12 months. On November 18, 2022, the Ministry published the call for tenders (with a maximum budget of 85 million euros) for the provision of this service. The deadline for submitting applications was December 5. The results have not yet been published. Considering that the conditions offered were only favorable for connectivity via satellite, Orange did not apply.

The telecommunication sector is also covered by Law 15/2007 of July 3, 2007 relating to the implementation of competition rules.

The CNMC (National Commission for Markets and Competition), established by Law 3/2013 of June 4, 2013, brings together regulatory authorities from different economic sectors, including telecommunications, and the antitrust authority. It is responsible for the numbering plan and the settlement of disputes between operators.

The Ministry of the Economy and the Digital Transition [<u><sup>\[26\]</sup></u>](#_ftn26) is in charge of managing authorizations, spectrum allocation, approval of the cost of universal service, service quality and the settlement of disputes between consumers and operators that do not hold a dominant position.

1.7.3.2 Regulation of mobile telephony

#### Spectrum
g Summary of national spectrum allocated to Orange and expiration year

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **700 MHz** | **800 MHz** | **900 MHz** | **1,800 MHz** | 2.1 GHz | 2.6 GHz | 3.5 GHz | **26 GHz** |
| 10 MHz duplex<br> (2041) | 10 MHz duplex<br> (2031) | 10 MHz duplex<br> (2030) | 20 MHz duplex<br> (2030) | 15 MHz duplex<br> +5 MHz<br> (2030) | 20 MHz duplex<br> (2030) | 40 MHz duplex<br> (2030)<br> 70 MHz (2038) | 400 MHz<br> (2042) |

---

Internal source.

#### Mobile termination market
On September 26, 2022, the CNMC launched a public consultation (for a period of one month) proposing to deregulate the mobile termination market within six months. The regulator considers that the mobile call termination service is provided in an environment of effective competition following the adoption of Delegated Act (EU) 2021/654 [<u><sup>\[27\]</sup></u>](#_ftn27) and therefore proposes to remove the obligations imposed on mobile operators.

#### 5G
As part of the spectrum auction in the 700 MHz band organized in July 2021 by the Ministry of the Economy and the Digital Transformation, Orange acquired 2 blocks of 2x5 MHz for 350 million euros. These authorizations have a term of 20 years, with a possible extension of 20 years. The coverage obligations extend from December 2022 to June 2025.

To allow the more efficient use of 5G, the government has proposed the reorganization of the spectrum obtained by operators in the 3.4-3.8 GHz band, so that each has a continuous block. On November 4, 2021, the CNMC issued a favorable opinion on the government's draft resolution, based on an agreement reached between Telefónica, Orange, Vodafone and Másmóvil in July 2021. The reorganization of this band was concluded in August 2022; the frequency band allocated to Orange is 3,600-3,710 MHz.

In addition, on December 1, 2021, the Spanish government presented a plan for connectivity, digital infrastructure and the promotion of 5G technology, with a public investment of 4.32 billion euros by 2025, of which 883 million euros are included in the 2021 budget. The connectivity plan includes measures to encourage the roll-out of very high-speed broadband in urban centers and unpopulated areas, so that by 2025, 100 Mbps speed will be achieved for 100% of the population. The 5G promotion plan includes measures to support network roll-out, with the goal of covering 75% of the Spanish population with 5G, as well as uninterrupted 5G coverage by 2025 on major roads, on railways and in airports.

**26 GHz** - On October 26, 2022, the Ministry of Economic Affairs and Digital Transformation (Mineco) launched a public consultation on an auction in the 26 GHz band. The order submitted for consultation provides for the auctioning of 12 government licenses in a 2,400 MHz band and 38 regional concessions in a 400 MHz band, in blocks of 200 MHz. The consultation ended on October 27, 2022 and the auction took place on December 21, 2022. Orange obtained 400 MHz. Licenses are valid for 20 years and renewable for an additional 20 years.

Orange — 2022 Universal Registration Document - 46

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1.7.3.3 Regulation of fixed telephony, broadband and very high-speed broadband Internet

#### Wholesale broadband access markets
The CNMC adopted on October 6, and published on October 15, 2021, its Decision to analyze the markets for wholesale provision of local access and central access at a fixed location, corresponding to the 1/2020 (formerly 3a/2014) and 3b/2014 markets, whereby it decided:

**-** *regarding market 1/2020:*

- to retain the copper network unbundling obligations introduced in the previous 2016 market analysis and to retain access to Telefónica's civil engineering infrastructure,

- not to impose *ex-ante* asymmetrical obligations on Telefónica for the fiber network in 696 municipalities considered effectively competitive (compared with 66 municipalities in the 2016 market analysis), i.e., 70% of the Spanish population, given that a virtual unbundling of local access (VULA) offer must be made available for the rest of Spain at a rate that satisfies the economic replicability test; This deregulation of access to fiber came into force six months after the publication of the decision;

**-** *regarding market 3b/2014:*

- to deregulate bitstream access in the area declared non-competitive for copper and NGA [<u><sup>\[28\]</sup></u>](#_ftn28) and to impose a NEBA fiber (bitstream) offer at rates that satisfy the economic replicability test (ERT) with no time limit.

Regarding the 2/2020 market (formerly the 4/2014 market), the CNMC launched a consultation in December 2020, proposing to maintain most of the obligations on Telefónica. After accepting the draft decision on March 21, 2022, it published the final decision on March 29, 2022.

Furthermore, the spin-off of Telefónica's copper network does not lead to a change in Telefónica's regulatory obligations, nor in the conditions for Orange's access to its network.

#### NEBA reference offers (bitstream)
Since 2018, the CNMC has revised the economic replicability test (ERT) of Telefónica's services, which is used to set the wholesale price of fiber. This test aims to verify that the prices of Telefónica's wholesale fiber optic services (NEBA-local and NEBA-fiber) allow alternative operators to replicate the main fiber services of the incumbent operator.

In December 2020, the CNMC published the results of the third ERT review. As a result, Telefónica had to lower its access rates for the NEBA and VULA offers from 19.93 euros to 16.86 euros.

On May 30, 2022, the CNMC notified the project's decision regarding the ERT test. This is the fourth revision, which includes, on the one hand, an adjustment of the promotional cost to take into account the state of emergency caused by the Covid-19 pandemic and, on the other hand, an adjustment of the television costs. The European Commission accepted the decision notified on June 29, and the final decision was adopted on July 14, 2022.

Following a CNMC consultation on the cost of capital (closed on September 19, 2022 and notified to the European Commission on November 18, 2022), the latter issued a favorable opinion on December 16, 2022 concerning the increase in the cost of capital from 4.82% to 5.20%.

1.7.4 Poland

1.7.4.1 Legal and regulatory framework

Orange's business activities are governed by several laws:

**-** the Law of July 16, 2004 relating to telecommunications which transposes into national law the 2002 Telecoms Package on electronic communications;

**-** the Law of February 16, 2007 on competition and consumer protection;

**-** the Law of December 2012, transposing EU directives issued in 2009, which came into force on January 21, 2013;

**-** the Law of May 7, 2010, on developing telecommunication networks and services, which provides access to telecommunication and other technical infrastructures financed through public funds. This law was revised and amended on August 30, 2019, by transposing Directive 2014/61/EU on broadband cost reduction.

The transposition of the Code by a new law on electronic communications was the subject of a public consultation opened in July 2020. Legislative work is ongoing.

The Ministry of Digitization, created in November 2015, was incorporated into the Prime Minister's Office on November 6, 2020, as a result of the government reshuffle.

The Office of Electronic Communications (UKE) is responsible, in particular, for telecommunication regulation and spectrum management, as well as certain functions related to broadcasting services. In May 2021, the government introduced changes to the Telecommunications Act that concern the appointment and removal of the UKE President. However, in September 2021, the European Commission referred Poland to the EU Court of Justice for infringing the freedom of the national regulator.

The Office of Competition and Consumer Protection (UOKiK) is responsible for the application of competition law, M&A control and consumer protection.

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1.7.4.2 Regulation of mobile telephony

#### Spectrum
g Summary of spectrum allocated to Orange and expiration year

---

| | | | | |
|:---|:---|:---|:---|:---|
| **800 MHz** | **900 MHz** | **1,800 MHz** | 2.1 GHz | 2.6 GHz |
| 10 MHz duplex<br> (2030) | 7 MHz duplex<br> (2029) | 10 MHz duplex<br> (2027) | 15 MHz duplex<br> (2037) | 15 MHz duplex<br> (2030) |

---

Internal source.

#### 5G
**3.4-3.8 GHz frequency band**: on December 20, 2022, the regulator launched a consultation on C-band spectrum auction documentation. The UKE wants to auction four blocks (4x80 MHz) in 3,480-3,800 MHz for a period of 15 years. The starting price is set at 450 million zlotys (96 million euros). Since the auction is reserved for operators already holding another frequency band (in 800, 900, 1800, 2100 or 2600 MHz), it will not be open to new entrants. The UKE wants to impose bandwidth and coverage obligations ranging from 85% to 95% after 84 months. The auction will start in the second quarter of 2023.

**700 MHz band**: as part of the deregulation of 700 MHz spectrum for mobile networks, the UKE has initiated a coordination process with neighboring countries, including Russia. On January 11, 2019, Poland asked the European Commission to extend the deadline to June 2022 due to spectrum coordination problems at its borders. In addition, a draft law on cybersecurity, introduced by the government, currently provides for the creation of a State-owned strategic security network using the 700 MHz band to provide telecommunication and cybersecurity services in the areas of defense, national security and public safety. However, the work is still in progress and the draft law has not yet been adopted by Parliament. As a result, the allocation of spectrum in the 700 MHz band was postponed to 2023.

#### Infrastructure sharing
The network sharing agreement between Orange Polska and T-Mobile Polska, which dates from 2011, was extended to 4G in December 2016. On May 22, 2018, Orange and T-Mobile Polska decided to end spectrum sharing in the 900 MHz and 1,800 MHz bands.

1.7.4.3 Regulation of fixed telephony, broadband and very high-speed broadband Internet

The *ex-ante* regulation of Orange's fixed services, for the areas defined as non-competitive, relates solely to wholesale services.

#### Analysis of the wholesale very high-speed broadband market (markets 3a/2014 and 3b/2014)
On October 22, 2019, the UKE published the Decisions relating to markets 3a/2014 and 3b/2014.

According to the regulator, market development and increasing competition justify further market deregulation. As a result, UKE decided to increase the number of deregulated zones:

**-** in market 3a/2014, to 51 municipalities;

**-** in market 3b/2014, to 151 municipalities.

Under these new Decisions, out of a total of approximately 14.6 million households, around six million households are deregulated for bitstream access, of which around 2.3 million households are deregulated for unbundling.

The regulator has started collecting data as well as considering the next review of the very high-speed broadband markets. The draft decision is expected in the first quarter of 2023.

#### Reference offer for fixed markets
The reference offer relates to all wholesale fixed services: call origination and termination, wholesale subscription, partial and total unbundling, and bitstream access.

Following the approval by the European Commission of the modifications to Orange's reference offer concerning the new fiber connection speed options, the decision was published on October 23, 2022.

In addition, on February 15, 2022, the UKE notified the changes to Orange's reference offers concerning service access fees. After approval by the Commission, the UKE published the decision on July 8, 2022.

#### Creation of a FiberCo
On August 3, 2020, the European Commission approved the acquisition of joint control of "Światlowód Inwestycje" ("FiberCo") by Orange and the Dutch company, APG Asset Management. FiberCo's objective is to build and expand a fiber optic infrastructure designed to offer wholesale access services in less densely populated areas of Poland (see Section *1.4.2 Operating activities - Europe*). So far, it is not subject to ex-ante regulation under market analysis; its regulatory treatment will be investigated during the next phase of the market analysis review.

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1.7.5 Other EU countries where the Orange group operates

1.7.5.1 Belgium

#### Spectrum
g Summary of spectrum allocated to Orange and expiration year

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **700 MHz** | **800 MHz** | **900 MHz** | **1400 MHz** | **1,800 MHz** | 2.1 GHz | 2.6 GHz | 3.6 GHz |
| 10 MHz duplex<br> (2042) | 10 MHz<br> duplex<br> (2033) | 10 MHz<br> duplex<br> (2022) | 30 MHz<br> (2040) | 15 MHz<br> duplex<br> (2022) | 15 MHz duplex<br> (2042) | 20 MHz duplex<br> (2027) | 100 MHz<br> (2040) |

---

Internal source.

On January 14, 2022, the BIPT (Belgian Institute for Postal Services and Telecommunications) regulator launched calls for applications as part of the procedure for allocating spectrum in the 700 MHz, 1,400 MHz and 3,600 MHz bands for 5G and existing 2G and 3G spectrum (900 MHz, 1,800 MHz and 2,100 MHz). On June 21, 2022, BIPT closed the main phase of the auction.

Orange obtained 2x10 MHz in the 700 MHz frequency band, 100 MHz in the 3.6 GHz frequency band, 2x10 MHz in the 900 MHz frequency band, 2x15 MHz in the 1,800 MHz frequency band and 2x15 MHz in the 2,100 MHz frequency band, for a total of 322 million euros. The positioning of the different spectrum blocks was finalized between the operators without requiring auctions. The rights of use are valid for a period of 20 years, with the exception of the 3.6 GHz band spectrum, which will expire in May 2040. The start date for the 700 MHz and 3.6 GHz licenses was September 1, 2022. The start date for the new 900, 1,800 and 2,100 MHz licenses is January 1, 2023. The existing licenses for this spectrum were extended until December 31, 2022, allowing operators to implement the new spectrum positions following the outcomes of the auctions.

On July 20, 2022, the supplemental auction to allocate 90 MHz of spectrum in the 5G 1400 MHz frequency band for a 20-year term ended. Orange obtained 30 MHz for a price of 70 million euros. This license will take effect in July 2023.

BIPT approved the reorganization of the spectrum for Orange on the 905 MHz-915 MHz/950 MHz-960 MHz bands and for Proximus on the 895 MHz-905 MHz/940 MHz-950 MHz bands, as of November 21, 2022. During the transition period, the quantity of spectrum used by Orange and Proximus on each base station must not exceed 2x11.6 MHz and 2x12.5 MHz respectively. This reorganization frees the 885 MHz-890 MHz/930 MHz-935 MHz band for use by the new entrant Citymesh Mobile. Reserving some spectrum for a new entrant has led to the entry of new stakeholders: Citymesh formed an alliance with DIGI, obtained the spectrum reserved for a new entrant (2x5 MHz in 700, 2x5 MHz in 900, 2x15 MHz in 1,800 MHz and 2x5 MHz in 2,100 MHz), as well as 50 MHz in the 3.6 GHz band. In turn, the company NRB obtained 20 MHz of spectrum in the 3.6 GHz band.

#### Infrastructure sharing
On November 22, 2019, Orange Belgium and Proximus signed a mobile-access network sharing agreement. The two operators have planned the creation of a 50/50 joint venture co-owned by each party for the planning, roll-out and management of their mobile networks. This agreement covers 2G, 3G, 4G and 5G mobile technologies at the national level. The operators will share active and passive infrastructure but not their spectrum. This agreement will optimize the network, decrease energy consumption and reduce roll-out costs; it will accelerate the roll-out of 5G in Belgium. It was challenged on November 19, 2019 by Telenet before the Belgian Competition Authority (BCA). On December 23, 2022, the BCA rejected Telenet's request on the grounds that the agreement between Orange and Proximus will not have a negative effect on competition.

#### Cable wholesale broadband markets
As part of the review of the wholesale cable broadband markets launched in July 2017 by the Conference of Electronic Communications Regulators (CRC) [<u><sup>\[29\]</sup></u>](#_ftn29), the new Decision was published by the CRC on June 29, 2018. Various reference offer Decisions have been made by BIPT or the CRC concerning regulated access to cable networks and regulated access to the Proximus fiber network.

Regarding regulated access to cable networks:

**-** the Decision adopted on May 26, 2020 defined the monthly rates for wholesale access to cable operators' networks;

**-** the June 24, 2021 Decision defined the one-time charges and the monthly rental charge "SLA Pro Repair";

**-** the March 25, 2021 Decisions concerning the approval of the reference offers of Telenet, Brutélé and Nethys/Brutélé for access to the TV offer and for access to the broadband offer, define the technical and operational framework of regulated wholesale access.

Regarding the reference offer "Bitstream Fiber GPON" for regulated access to the Proximus fiber network, the Decision of April 28, 2020 concerns the obligation imposed on Proximus regarding the compensation system for the "Basic SLA" and the adjustment of the parameters of the "Basic SLA Repair," and the Decision of March 9, 2021 on monthly rates.

Other products or services that are the subject of ongoing consultations include wholesale fiber prices, which are based on "cost plus," and one-time rates such as activation and installation rates for fiber and cable.

Moreover, the CRC launched the new review of the broadband and broadcasting markets on April 1, 2021. This work is linked in particular with the procedure under way for Orange Belgium to acquire the operator VOO, which operates in Wallonia and the Brussels region, and with the Telnet and Fluvius cooperation procedure in the north of the country. Furthermore, within this framework, BIPT has launched a project with a view to a future symmetrical fiber regulation.

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1.7.5.2 Romania

#### Spectrum
g Summary of spectrum allocated to Orange and expiration year

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **700 MHz** | **800 MHz** | **900 MHz** | **1500 MHz** | **1,800 MHz** | 2.1 GHz | 2.6 GHz | 3.4 -3.8 GHz |
| 10 MHz duplex<br> (2048) | 10 MHz duplex<br> (2029) | 10 MHz duplex<br> (2029) | 40 MHz (2048) | 20 MHz duplex<br> (2029) | 15 MHz duplex<br> +5 MHz (2031) | 20 MHz duplex<br> (2029) | 25 MHz duplex<br> +10 MHz<br> duplex<br> +45 MHz (2025) +160 MHz (2029) |

---

Internal source.

Orange won additional spectrum on August 14, 2018, at a private auction organized by 2K Telecom for the allocation until 2025 of 2x10 MHz blocks in the 3.5 GHz band for 3.35 million euros.

In July 2019, the regulator, Ancom, launched a public consultation on the terms and conditions of the auction of licenses in the 700 MHz, 800 MHz, 1,500 MHz, 2,600 MHz and 3,400-3,800 MHz spectrum bands. The allocation of the 5G spectrum was scheduled for the first quarter of 2022, but the auction was delayed due to the adoption of the 5G Network Security Law, adopted on June 11, 2021.

Ancom launched the spectrum allocation process for 5G on September 19, 2022, which covers 555 MHz in the 700 MHz, 1,500 MHz, 2,600 MHz and 3,400-3,800 MHz bands.

Ancom has set coverage obligations: within six years, operators must cover at least 70% of the country's population, most urban areas, highways, international airports and railways, as well as a number of localities identified as not covered or poorly covered by mobile communication services. The licenses will be valid for 25 years and will come into force in 2023. An exception concerns the rights in the 2,600 MHz band, which will be valid for six years and three months, in order to align with the other existing rights in this band.

On November 3, 2022, the regulator confirmed that 3 operators, including Orange, had submitted offers. On November 15, Ancom announced the outcomes of the auction. Orange Romania was allocated two blocks of 2x5 MHz in the 700 MHz band, all eight blocks of 5 MHz in the 1,500 MHz band, as well as 16 blocks of 10 MHz in the 3,400-3,800 MHz band, for a price of 264.6 million euros. In the 700 MHz and 1,500 MHz bands, licenses are valid for 25 years from January 1, 2023, and in the 3,400-3,800 MHz band, for 22 years from January 1, 2026. In the 2,600 MHz band, licenses are valid for the period from January 1, 2023 to April 5, 2029. The operator must cover with broadband services at least 70% of the country's population, most urban areas, highways, international airports and modernized railways, as well as 240 localities identified as not covered or poorly covered by mobile communication services.

#### Wholesale broadband markets
In the context of its third round of analysis of the 3a and 3b markets, on October 19, 2020, Ancom confirmed that the retail broadband market is effectively competitive, and that, as a consequence, no obligation should be imposed on the two wholesale markets. The European Commission approved the conclusions, while suggesting that the market be monitored. On July 26, 2022, Ancom launched the public consultation on the high-quality access market (market 4/1014 - market 2/2020). The consultation proposes to extend the deregulation of this market. Ancom has included the review of market 3a/2014 - now market 1/2020 - in its 2023 work program.

1.7.5.3 Slovakia

#### Spectrum
g Summary of spectrum allocated to Orange and expiration year

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **700 MHz** | **800 MHz** | **900 MHz** | **1,800 MHz** | 2.1 GHz | 2.6 GHz | 3.4 -3.8 GHz |
| 10 MHz duplex (2040) | 10 MHz duplex<br> (2028) | 10 MHz duplex<br> (2025) | 15 MHz duplex<br> (2025)<br> +5 MHz duplex<br> (2026) | 20 MHz duplex<br> +5 MHz<br> (2026) | 30 MHz duplex<br> (2028) | 40 MHz duplex<br> (2025) +100 MHz (2045) |

---

Internal source.

#### 1800 MHz band
Between February and June 2022, all mobile telephony operators in Slovakia completed a reorganization of the 1800 MHz spectrum band in order to obtain a continuous spectrum block and improve spectrum efficiency. It was the result of commercial agreements between the parties, backed by the regulator. For spectrum re-arrangement, the country has been divided into four regions. Each operator now has 2x20 MHz of spectrum in three regions of the country and 2x15 MHz in the fourth region.

#### 3.4-3.6 GHz band
In August 2019, Orange acquired a total of 40 MHz from Slovanet in two 20 MHz coupled-spectrum blocks (3,470 MHz-3,490 MHz/3,570 MHz-3,590 MHz), with licenses valid until 2025.

Orange — 2022 Universal Registration Document - 50

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#### 5G
On November 23, 2020, the Slovak regulator (RU) announced the results of the auction for the 5G spectrum in the 700 MHz and 900 MHz bands.

A total of 82.4 MHz was offered at auction, consisting of 2x30 MHz in the 700 MHz band, 2x4.2 MHz in the 900 MHz band, and 2x9 MHz in the 1,800 MHz band. Licenses in the 700 MHz band are valid for 20 years, until December 31, 2040. Licenses in the 900 MHz and 1,800 MHz band are valid until December 31, 2025. In this context, Orange acquired 2x10 MHz in the 700 MHz frequency band for 33.6 million euros.

In the 3.4-3.8 GHz band, on March 1, 2022, the RU launched a tender for licenses for a period of use between 2025 and 2045. On May 6, 2022, the RU published the outcomes of the auction: Orange SK obtained 100 MHz for a price of 16 million euros. The licenses are valid from September 1, 2025 to December 31, 2045.

#### Wholesale broadband and very high-speed fixed broadband markets
The Slovakian regulator completed its third round of analysis of the 3a, 3b and 4/2014 markets and published its Decisions on markets 3a and 3b on January 19, 2018, and on market 4 on November 7, 2016. The regulator eased regulations:

**-** in market 3a, by excluding unbundling of the local sub-loop, while maintaining unbundling in the copper local loop, and by limiting the regulatory obligations of NGA offers to the economic replicability test and to a technical equivalence of inputs;

**-** in market 3b, by imposing a replicability test of 2P services and multicast IPTV wholesale access, instead of regulated prices;

**-** in market 4, by eliminating the sector-based regulatory obligations, because of the competitive nature of the market.

The RU published rate caps for access to fixed physical infrastructure (civil engineering) on October 17, 2018. The maximum monthly fees are as follows: access to ducts (0.257 euros/month/meter), HDPE tube (0.128 euros/month/meter) and micro-tube (0.116 euros/month/meter). This is a significant decrease in the access rates for the infrastructure.

An initiative by the regulator for a market analysis review is expected in 2023.

1.7.6 Other non-EU countries where the Orange group operates

#### Moldova

#### Spectrum
g Summary of spectrum allocated to Orange Moldova and expiration year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **800 MHz** <br> (2029) | **900 MHz (2029)** | **900 MHz (e-GSM) (2029)** | **1,800 MHz (2029)** | 2.1 GHz (2023) | **2,600 MHz (2027)** |

---

Internal source.

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#### Renewal of licenses in the MEA region
The following table shows the type of licenses held by Orange and their expiration dates at December 31, 2022 in each country in which it operates in Africa & Middle East:

---

| | | |
|:---|:---|:---|
|  | **Expiration of current license** | **Type of license** |
| Botswana | December 2036 | 5G spectrum |
| Botswana | December 2036 | 4G spectrum |
| Botswana | January 2036 | 4G TDD spectrum |
| Botswana | September 2033 | 2G - 3G spectrum and network |
| Botswana | September 2033 | Services and apps |
| Botswana <sup>(1)</sup>  | August 2028 | 4G spectrum |
| Botswana <sup>(2)</sup>  | August 2025 | 4G spectrum |
| Burkina Faso <sup>(3)</sup>  | May 2035 | Fixed, mobile 2G-3G-4G |
| Cameroon | January 2030 | 2G-3G-4G |
| Côte d'Ivoire <sup>(4)</sup>  | April 2032 | Global (2G-3G-4G) |
| Egypt | October 2031 | 2G-3G-4G,<br> virtual fixed license |
| Egypt | July 2026 | Fixed |
| Egypt | April 2025 | Internet |
| Guinea-Bissau | April 2025 | 3G |
| Guinea-Bissau | May 2026 | 4G |
| Guinea-Bissau | January 2027 | 2G |
| Guinea | March 2029 | 2G-3G-4G |
| Jordan | May 2029 | 2G (900) |
| Jordan | June 2031 | 3G (2100 MHz) |
| Jordan | September 2030 | 4G |
| Jordan | September 2033 | 4G (2,600 MHz) |
| Jordan | May 2024 | Fixed |
| Jordan | December 2023 | Internet |
| Liberia | July 2030 | Global (2G-3G-4G) |
| Madagascar | April 2025 | 2G-3G-4G |
| Mali | July 2032 | Global (2G-3G-4G) |
| Morocco | August 2024 | 2G |
| Morocco | December 2031 | 3G |
| Morocco | April 2035 | 4G |
| Morocco | April 2036 | Fixed |
| Mauritius | November 2026 | 2G-3G-4G |
| Mauritius | November 2026 | Fixed |
| Central African Republic | May 2027 | Global (2G-3G) |
| Democratic Republic of the Congo | October 2031 | 2G-3G |
| Democratic Republic of the Congo | May 2038 | 4G |
| Democratic Republic of the Congo | September 2040 | Fixed Internet, TDD spectrum |
| Democratic Republic of the Congo | August 2041 | Fixed FTTX |
| Democratic Republic of the Congo | August 2041 | Mainland France fiber |
| Senegal | August 2034 | Global (2G-3G-4G) |
| Sierra Leone | July 2031 | 2G-3G |
| Sierra Leone | March 2034 | 4G |
| Tunisia | July 2024 | Global (2G-3G) |
| Tunisia | March 2031 | 4G |

---

Source: data from national regulators.

(1) Spectrum allocated in the 2,500-2,600 MHz band.

(2) Spectrum allocated in the 1,800 MHz band.

(3) To replace the two previous licenses, with an effective date of May 2020.

(4) Global: refers to the type of license that allows an operator to offer both fixed and mobile services through all of the available technologies (depending on the country, the Global license does not include 4G technology).

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[<u><sup>\[1\]</sup></u>](#_ftnref1) IT & Networks: networks and information systems.

[<u><sup>\[2\]</sup></u>](#_ftnref2) Data on a comparable basis.

[<u><sup>\[3\]</sup></u>](#_ftnref3) Joint Alliance for CSR (JAC): an association of telecommunication operators that seeks to audit, assess and develop the implementation of CSR principles.

[<u><sup>\[4\]</sup></u>](#_ftnref4) Google, Apple, Facebook, rebranded as Meta, Amazon and Microsoft.

[<u><sup>\[5\]</sup></u>](#_ftnref5) Including the Orange France workshops in Africa (see Section 4.2.2.2 *Circular economy programs*).

[<u><sup>\[6\]</sup></u>](#_ftnref6) On the defined scope of indirect costs of 13.8 billion euros at end-2019 (see Section 1.3 *Significant events - Progress of the Scale Up operational efficiency program.*

[<u><sup>\[7\]</sup></u>](#_ftnref7) Totem's entry into the operational phase at end-2021 resulted in a change in internal reporting by management, and the segment information now presented reflects the Group's decision to present Totem as a separate business segment as of January 1, 2022 (see Section 3.3, Note 1.1 *Change in segment information*).

[<u><sup>\[8\]</sup></u>](#_ftnref8) Respectively, the B2C and Pro-SME markets.

[<u><sup>\[9\]</sup></u>](#_ftnref9) Mainland France, Overseas Departments and Overseas Territories.

[<u><sup>\[10\]</sup></u>](#_ftnref10) Mainland France, excluding Overseas Departments and Overseas Territories.

[<u><sup>\[11\]</sup></u>](#_ftnref11) See Section 7.2.2 *Glossary of technical terms.*

[<u><sup>\[12\]</sup></u>](#_ftnref12) See Section 7.2.2 *Glossary of technical terms.*

[<u><sup>\[13\]</sup></u>](#_ftnref13) Intermediaries in banking operations and payment services (*Intermédiaires en opérations de banque et en services de paiement*).

[<u><sup>\[14\]</sup></u>](#_ftnref14) XGS (10 Gigabit Symmetric) - GPON (Gigabit-capable Passive Optical Network).

[<u><sup>\[15\]</sup></u>](#_ftnref15) https://www.orange.com/sites/orangecom/files/2022-11/Charte%20%C3%A9thique%20ENG.pdf

[<u><sup>\[16\]</sup></u>](#_ftnref16) Up to 20 million euros, or 4% of worldwide revenues, for the most serious offenses.

[<u><sup>\[17\]</sup></u>](#_ftnref17) Directive 2000/31/EC of the European Parliament and of the Council of June 8, 2000 on certain legal aspects of information society services, in particular electronic commerce, in the Internal Market.

[<u><sup>\[18\]</sup></u>](#_ftnref18) Regulation (EU) 2022-2065 of October 19, 2022 on a Single Market for Digital Services and amending Directive 2000/31/EC (Digital Services Act).

[<u><sup>\[19\]</sup></u>](#_ftnref19) Regulation (EU) 2022/1925 of September 14, 2022 on contestable and fair markets in the digital sector and amending Directives (EU) 2019/1937 and (EU) 2020/1828 (Digital Markets Act).

[<u><sup>\[20\]</sup></u>](#_ftnref20) Recommendation 2010/572/EU of September 20, 2010.

[<u><sup>\[21\]</sup></u>](#_ftnref21) Recommendation 2013/466/EU of September 11, 2013.

[<u><sup>\[22\]</sup></u>](#_ftnref22) Areas covered by the authorization holder's mobile network and in which the premises (residential buildings, offices) do not have fixed access to Internet service with at least 8 Mbits/s in downlink speed

[<u><sup>\[23\]</sup></u>](#_ftnref23) I.e. applying only to Orange as an operator exercising significant influence.

[<u><sup>\[24\]</sup></u>](#_ftnref24) Decrees published in the Official Journal of July 31, 2018.

[<u><sup>\[25\]</sup></u>](#_ftnref25) EU Directive 2018-1972.

[<u><sup>\[26\]</sup></u>](#_ftnref26) *Ministerio de Asuntos Económicos y Transformación Digital*, which replaced the *Ministerio de Economia y Empresa* (MINECO) in February 2020.

[<u><sup>\[27\]</sup></u>](#_ftnref27) See above § 1.7.1.2.

[<u><sup>\[28\]</sup></u>](#_ftnref28) See Section 7.2.2 *Glossary of technical terms.*

[<u><sup>\[29\]</sup></u>](#_ftnref29) The CRC includes the IBPT, CSA, Mediensat and VRM.

3.1 Review of the Group's financial position and results

[REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

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This section contains forward-looking statements about Orange. These forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from the results anticipated in the forward-looking statements. [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

The following comments are based on the Consolidated Financial Statements prepared in accordance with IFRS (International Financial Reporting Standards, see Note 2 to the Consolidated Financial Statements).

Data on a comparable basis, [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED] economic CAPEX (referred to as "eCAPEX" or "economic CAPEX"), [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED] net financial debt, [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED] are financial indicators not defined by IFRS. For further information on the calculation of these indicators and the reasons why the Orange group uses them and considers them useful for readers, see Section 3.1.5 *Financial indicators not defined by IFRS* and Section 7.2.1 *Financial glossary.*

Data on a historical basis (see Section 7.2.1 *Financial glossary*) relates to data for prior periods as reported in the Consolidated Financial Statements for the current period. The transition from data on a historical basis to data on a comparable basis for the 2021 fiscal year is set out in Section 3.1.5.1 *Data on a comparable basis.*

The segment information (see Note 1 to the Consolidated Financial Statements) that is presented in the following sections is understood to be, unless stated otherwise, before eliminations for transactions with other segments.

As announced in February 2021, Totem, Orange's European TowerCo, has been operational since the end of 2021 (see Section 3.1.1.3 *Significant events*). In the segment information presented, the historical data for Totem are included in the business segments of France, Spain and, to a very limited extent, International Carriers & Shared Services, until December 31, 2021. Totem's entry into the operational phase at the end of 2021 resulted in a change in internal reporting by management. The segment information now presented reflects the Group's decision to present Totem as a separate segment from January 1, 2022 (see Note 1.1 to the Consolidated Financial Statements).

Unless stated otherwise, data in the tables are presented in millions of euros, without a decimal point. This presentation may lead to material differences in the totals and sub-totals in the tables in certain cases. Furthermore, the changes presented are calculated on the basis of data in thousands of euros.

3.1.1 Overview

3.1.1.1 Financial data and workforce information

#### Operating data

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(at December 31, in millions of euros)**  | **2022** | **2021**<br> **on a comparable basis <sup>(1)</sup>**  | **2021**<br> **on a historical basis** | **Change (%)**<br> **on a comparable basis <sup>(1)</sup>**  | **Change (%)**<br> **on a historical basis** |
| **Revenue <sup>(2)</sup>**  | **43471**  | **43195** | **42522** | **0.6%** | **2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED] |  |  |  |  |  |
| **Operating income** | **4801**  | **122** | **2521** | **ns** | **90.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecom activities | 5000  | 303 | 2702 | ns | 85.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobile Financial Services | (200)  | (182) | (182) | (10.0)% | (10.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp; [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED] |  |  |  |  |  |
| Telecommunication licenses | 1060  | 929 | 926 | 14.1% | 14.4% |
| Average number of employees (full-time equivalents) <sup>(3)</sup>  | 130307  | 134287 | 132002 | (3.0)% | (1.3)% |
| Number of employees (active employees at end of period) <sup>(3)</sup>  | 136430  | 139640 | 139698 | (2.3)% | (2.3)% |

---

(1) See Section 3.1.5 *Financial indicators not defined by IFRS* and Section 7.2.1 *Financial glossary.*

(2) Revenue from telecom activities. The net banking income (NBI) of Mobile Financial Services is recognized in other operating income (see Note 4.2 to the Consolidated Financial Statements).

(3) See Section 7.2.1 *Financial glossary.*

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#### Net income

---

| | | |
|:---|:---|:---|
| **(at December 31, in millions of euros)**  | **2022** | **2021**<br> **on a historical basis** |
| **Operating income** | **4801**  | **2521** |
| Finance costs, net | (920)  | (782) |
| Income taxes | (1265)  | (962) |
| **Consolidated net income** | **2617**  | **778** |
| Net income attributable to owners of the parent company | 2146  | 233 |
| Net income attributable to non-controlling interests | 471  | 545 |

---

[REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

#### Net financial debt

---

| | | |
|:---|:---|:---|
| **(at December 31, in millions of euros)**  | **2022** | **2021**<br> **on a historical basis** |
| **Net financial debt <sup>(1)</sup>**  | **25298**  | **24269** |

---

(1) See Section 3.1.5 *Financial indicators not defined by IFRS*, Section 7.2.1 *Financial glossary* and Note 13.3 to the Consolidated Financial Statements. Net financial debt as defined and used by Orange does not take into account Mobile Financial Services activities, for which this concept is not relevant.

[REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

3.1.1.2 Summary of results for the fiscal year 2022

In an environment characterized by inflation and geopolitical uncertainty, the Group achieved solid results for 2022, both in terms of its commercial momentum and its main financial indicators.

**Revenue** totaled 43,471 million euros in 2022, up 2.2% on a historical basis and 0.6% on a comparable basis with 2021. This was largely due to the performance of retail services (B2C+B2B, see Section 7.2.1 *Financial Glossary*), boosted by price increases introduced in each of the Group's European countries. On a comparable basis:

**-** Africa & Middle East countries were the main contributor to growth, with revenues rising by 414 million euros (i.e. 6.4%), followed by Totem, whose revenues grew by 89 million euros (i.e. 14.9%);

**-** the countries of Europe returned to growth (up 0.6%), buoyed by the robust recovery in Spain in the second half of 2022 and solid performances in Poland (up 4.7%) and Belgium (up 2.0%); and

**-** France declined by 193 million euros (down 1.1%), mainly due to lower revenues from wholesale services and, to a lesser degree, conventional telephony services (narrowband). Excluding fixed-only narrowband services, other retail services (B2C+B2B) grew by 3.1%.

**Commercial activity** performed very well in 2022, in an environment that often remains highly competitive. The convergent customer base had 11.6 million customers across the Group, up 0.8% year on year. Mobile services had 241.9 million accesses, up 5.9% year on year, of which 94.0 million were contracts, up 8.9% year on year. Fixed services totaled 45.4 million accesses (down 2.6% year on year), including 14.2 million very high-speed broadband accesses, which again posted strong growth (up 15.6% year on year). In line with the downward trend in conventional fixed telephony, fixed narrowband access continued its structural decline, falling by 13.8% year on year.

[REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

**Operating income** stood at 4,801 million euros in 2022, up from 2021 by 2,280 million euros on a historical basis (despite the negative impact of the loss of exclusive control over FiberCos Orange Concessions in France and Światlowód Inwestycje in Poland) and by 4,679 million euros on a comparable basis [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]. On a historical basis:

**-** in 2022, operating income was affected by (i) goodwill impairment in Romania and (ii) the additional expense recognized for the French part-time for seniors plans (*Temps Partiel Séniors* - TPS), a program relating to agreements on the employment of older workers in France, due to the greater than anticipated success of these plans;

**-** in 2021, operating income had been affected (i) negatively by goodwill impairment in Spain and by the initial expense recognized for the TPS plans, and (ii) positively by the recognition of gains on disposal following the loss of exclusive control over the FiberCos in France and Poland.

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**Consolidated net income** totaled 2,617 million euros in 2022, an increase of 1,839 million euros compared with 2021. This change is explained by the increase in operating income on a historical basis, partially offset by higher income tax and the deterioration in finance costs, net.

[REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

**Net financial debt** totaled 25,298 million euros at December 31, 2022, an increase of 1,028 million euros from December 31, 2021. This was mainly due to (i) the payment for 5G licenses (in Belgium, France and Romania) and 4G licenses (in Egypt and Poland), and (ii) the early redemption of an issue of subordinated notes, launched in November 2022, for 426 million pounds sterling. [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED] The telecom activities' strong liquidity position of 16,741 million euros remains a major asset, particularly in the current monetary environment.

With regard to the **dividend**, see Section 6.3 *Dividend distribution policy.*

[REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

3.1.2 Analysis of the Group's results and capital expenditure

3.1.2.1 Group revenue

3.1.2.1.1 Revenues

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Revenue by segment <sup>(1)</sup>**<br> **(at December 31, in millions of euros)**  | **2022** | **2021**<br> **on a comparable basis** | **2021**<br> **on a historical basis** | **Change (%)**<br> **on a comparable basis** | **Change (%)**<br> **on a historical basis** |
| France | 17983  | 18175 | 18092 | (1.1)% | (0.6)% |
| Europe | 10962  | 10898 | 10579 | 0.6% | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain | 4647  | 4720 | 4720 | (1.5)% | (1.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other European countries | 6329  | 6189 | 5870 | 2.3% | 7.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Eliminations | (14)  | (11) | (11) | 22.6% | 24.1% |
| Africa & Middle East | 6918  | 6504 | 6381 | 6.4% | 8.4% |
| Enterprise | 7930  | 7917 | 7757 | 0.2% | 2.2% |
| Totem | 685  | 596 | - | 14.9% | - |
| International Carriers & Shared Services | 1540  | 1513 | 1515 | 1.7% | 1.6% |
| Eliminations | (2547)  | (2408) | (1802) |  |  |
| **Group total** | **43471**  | **43195** | **42522** | **0.6%** | **2.2%** |

---

(1) Revenue from telecom activities (see Notes 1.2 and 4.1 to the Consolidated Financial Statements). The net banking income (NBI) of Mobile Financial Services is recognized in other operating income (see Note 4.2 to the Consolidated Financial Statements).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Revenue by offer <sup>(1)</sup>**<br> **(at December 31, in millions of euros)**  | **2022** | **2021**<br> **on a comparable basis** | **2021**<br> **on a historical basis** | **Change (%)**<br> **on a comparable basis** | **Change (%)**<br> **on a historical basis** |
| Retail services (B2C+B2B) <sup>(2)</sup>  | 31711  | 31078 | 30564 | 2.0% | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Convergent services | 7687  | 7437 | 7417 | 3.4% | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobile-only services | 11093  | 10739 | 10652 | 3.3% | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed-only services | 9120  | 9378 | 9088 | (2.7)% | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; IT & integration services | 3811  | 3524 | 3407 | 8.1% | 11.9% |
| Wholesale services | 7356  | 7830 | 7702 | (6.1)% | (4.5)% |
| Equipment sales | 3254  | 3124 | 3070 | 4.2% | 6.0% |
| Other revenues | 1150  | 1163 | 1186 | (1.1)% | (3.1)% |
| **Group total** | **43471**  | **43195** | **42522** | **0.6%** | **2.2%** |

---

(1) Revenue from telecom activities (see Notes 1.2 and 4.1 to the Consolidated Financial Statements). The net banking income (NBI) of Mobile Financial Services is recognized in other operating income (see Note 4.2 to the Consolidated Financial Statements).

(2) See Section 7.2.1 *Financial glossary.*

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In 2022, Orange group revenues totaled 43,471 million euros, an increase of 2.2% on a historical basis and 0.6% on a comparable basis with 2021.

Change on a historical basis

On a **historical basis**, the 2.2% increase in Group revenues between 2021 and 2022, i.e. an increase of 948 million euros, includes:

**-** the favorable impact of changes in the scope of consolidation and other changes, which stand at 453 million euros and primarily include the effect of the takeover of Telekom Romania Communications (TKR, renamed Orange Romania Communications) on September 30, 2021 for 375 million euros;

**-** the positive effect of foreign exchange fluctuations, which amounted to 220 million euros, mainly resulting from (i) the favorable movement in the US dollar (for 196 million euros), the Guinean franc (for 112 million euros) and the Jordanian dinar (for 48 million euros) against the euro, (ii) partially offset by the unfavorable movement in the Egyptian pound (for 74 million euros) and the Polish zloty (for 66 million euros) against the euro;

**-** the organic change on a comparable basis, i.e. an increase in revenues of 276 million euros.

Change on a comparable basis

On a **comparable basis**, the increase of 276 million euros, i.e. 0.6%, in Group revenues between 2021 and 2022 is mainly attributable to:

**-** an increase of 354 million euros (up 3.3%) in Mobile-only services related to (i) strong growth in mobile services (prepaid and contracts) in nearly all Africa & Middle East countries, driven largely by growth in data services and, to a lesser extent, by the increase in mobile-only contracts in France, Belgium and Poland and for Enterprise services, (ii) partially offset by the decline in mobile-only services in Spain amid the continuing polarization of offers and the general shift of the market toward low-cost offers. With the end of Covid-19 restrictions, revenues from customer roaming have risen in all European countries, as well as for Enterprise services;

**-** the increase of 287 million euros (up 8.1%) for IT & integration services, primarily for Enterprise services (driven by cybersecurity, Cloud and digital & data services), and to a lesser degree, in Poland;

**-** the increase of 250 million euros (up 3.4%) in Convergent services, which grew in all European countries except Spain, where revenues were stable, and Romania; and

**-** the growth of 130 million euros (up 4.2%) in Equipment sales in almost all countries in Europe (mainly driven by demand for more expensive mobile handsets) and for Enterprise services (due to the major NEO mobile equipment contract signed with the National Gendarmerie and the National Police in France).

These positive changes are partially offset by:

**-** the decrease of 475 million euros (down 6.1%) in Wholesale services, mainly in France, and to a lesser degree in Europe (primarily in Poland, Belgium, Spain and Romania):

- in France, the decline in wholesale services is mostly due to (i) the decline in unbundling revenues on the copper network, (ii) the decrease in FTTH line co-financing received from other carriers, and (iii) the decline in mobile and fixed interconnection (mainly due to regulatory cuts in mobile and fixed call termination rates), (iv) partially offset by the increase in FTTH lines leased to third-party carriers and maintenance activities on fiber optic networks,

- in Europe, the contraction in wholesale services was essentially due to (i) regulatory decreases in mobile and fixed call termination rates, and (ii) the decline in international transit activity, particularly in Spain and Poland, (iii) partially offset by the increase in national roaming in Spain,

- at Group level, the growth in visitor roaming revenues, which increased in all countries (except Senegal) with the end of Covid-19 restrictions, together with the growth of Totem's activities, offset the decline in revenues from mobile virtual network operators (MVNOs) in Spain, France and Belgium;

**-** the decrease of 258 million euros (down 2.7%) in Fixed-only services, primarily due to:

- the downward trend in fixed-only narrowband services (conventional telephony) in France and, to a lesser degree, in other European countries (Poland, Romania) and in the Africa & Middle East countries, and

- the decrease in fixed-only services for Enterprise services, linked to (i) the contraction in data services (mainly due to the general trend toward the transformation of service technologies, particularly internationally, and to a lesser extent, the drop in satellite broadcasting services), and (ii) the decline in voice services (with the downward trend in conventional fixed telephony),

- partially offset by the growth of fixed-only broadband services in the Africa & Middle East countries (broadband and very high-speed broadband) and in France (in line with the increase in fiber optic offers); and

**-** the decrease of 13 million euros (down 1.1%) in other revenues.

The analysis of the change in revenues by business segment is detailed in Section 3.1.3 *Review by business segment.*

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3.1.2.1.2 Number of telecom customers

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of customers**<br> **(at December 31, in thousands, at the end of the period)**  | **2022** | **2021**<br> **on a comparable basis** | **2021**<br> **on a historical basis** | **Change (%)**<br> **on a comparable basis** | **Change (%)**<br> **on a historical basis** |
| **Convergent services** |  |  |  |  |  |
| Number of convergent customers | 11628  | 11533 | 11533 | 0.8% | 0.8% |
| **Mobile services** |  |  |  |  |  |
| **Number of mobile accesses <sup>(1) (3) (4)</sup>**  | **241855**  | **228448** | **228448** | **5.9%** | **5.9%** |
| o/w: Convergent customers mobile accesses | 21325  | 20937 | 20937 | 1.9% | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mobile-only accesses <sup>(3) (4)</sup>  | 220530  | 207511 | 207511 | 6.3% | 6.3% |
| o/w: Contract customers mobile accesses <sup>(3)</sup>  | 94015  | 86356 | 86356 | 8.9% | 8.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid customers mobile accesses <sup>(4)</sup>  | 147840  | 142092 | 142092 | 4.0% | 4.0% |
| **Fixed services** |  |  |  |  |  |
| **Number of fixed accesses <sup>(4)</sup>**  | **45358**  | **46559** | **46559** | **(2.6)%** | **(2.6)%** |
| Fixed retail accesses <sup>(4)</sup>  | 30904  | 31313 | 31313 | (1.3)% | (1.3)% |
| o/w: Fixed broadband accesses <sup>(4)</sup>  | 24332  | 23685 | 23685 | 2.7% | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; o/w: Very high-speed fixed broadband accesses | 14217  | 12302 | 12302 | 15.6% | 15.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; o/w: Convergent customers fixed accesses | 11628  | 11533 | 11533 | 0.8% | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed-only accesses <sup>(4)</sup>  | 12704  | 12152 | 12152 | 4.5% | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed narrowband accesses | 6572  | 7628 | 7628 | (13.8)% | (13.8)% |
| Fixed wholesale accesses | 14453  | 15246 | 15246 | (5.2)% | (5.2)% |
| **Group total <sup>(2) (3)</sup>**  | **287212**  | **275006** | **275006** | **4.4%** | **4.4%** |

---

(1) Excluding customers of Mobile Virtual Network Operators (MVNOs).

(2) Number of mobile and fixed service accesses.

(3) At January 1, 2022, an extra fleet of M2M mobile SIM cards had been added to the mobile access base of the Enterprise operating segment, and thus of the Orange group. The 2021 operating data has been restated to reflect this change: the retroactive integration of this base represented around 4.33 million M2M mobile accesses at December 31, 2021.

(4) At January 1, 2022, an internal transfer (between technologies) had been carried out in Egypt, from the mobile access base to the fixed broadband access base. The 2021 operating data has been restated to reflect this change: the retroactive transfer of this base represented around 194,000 accesses at December 31, 2021.

[REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

3.1.2.3 Group net income

---

| | | |
|:---|:---|:---|
| **(at December 31, in millions of euros)**  | **2022** | **2021**<br> **on a historical basis** |
| **Operating income** | **4801**  | **2521** |
| Cost of gross financial debt excluding financed assets | (775)  | (829) |
| Interests on debts related to financed assets <sup>(1)</sup>  | (3)  | (1) |
| Gains (losses) on assets contributing to net financial debt | 48  | (3) |
| Foreign exchange gain (loss) | (97)  | 65 |
| Interests on lease liabilities <sup>(1)</sup>  | (145)  | (120) |
| Other net financial expenses | 52  | 106 |
| **Finance costs, net** | (920)  | (782) |
| Income taxes | (1265)  | (962) |
| **Consolidated net income** | **2617**  | **778** |
| Net income attributable to owners of the parent company | 2146  | 233 |
| Net income attributable to non-controlling interests | 471  | 545 |

---

(1) Interests on debts related to financed assets and interests on lease liabilities are included in segment EBITDAaL. They are eliminated from segment operating income and included in finance costs, net in the Consolidated Financial Statements.

The consolidated net income of the Orange group totaled 2,617 million euros in 2022, compared with 778 million euros in 2021, i.e. an increase of 1,839 million euros. This change is due to the increase of 2,280 million euros in operating income on a historical basis, partially offset by (i) the increase of 303 million euros in income tax and (ii) the deterioration of 138 million euros in finance costs, net.

The increase of 303 million euros in income tax (see Note 10.2 to the Consolidated Financial Statements) between the two periods primarily stems from:

**-** the change in the income tax expense of the Orange SA tax consolidation group, essentially due to:

- the counter-effect of the recognition in 2021 of current tax income of 376 million euros relating to the reassessment of an income tax expense recognized in prior periods, and

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- the performance of Orange SA tax consolidation group entities, which includes the counter-effect of the recognition in 2021 of income of 316 million euros in deferred tax assets for the renewal of the French part-time for seniors plans (relating to agreements for the employment of older workers in France) as part of the intergenerational agreement for the period 2022-2024;

**-** partially offset by (i) the counter-effect of the recognition in 2021 of a deferred tax liability of 188 million euros in the United Kingdom for the Orange brand following the change in the tax rate, and (ii) the change in future prospects for the recoverability of deferred tax assets in Spain between the two periods (with income of 53 million euros in 2022, compared with an expense of 162 million euros in 2021).

The year-on-year deterioration of 138 million euros in finance costs, net (see Note 13.2 to the Consolidated Financial Statements) was essentially due to:

**-** the deterioration in foreign exchange gains, primarily related to (i) the effect of derivatives (cross currency swaps) set up by the Group to hedge its economic exposure on subordinated notes issued in pounds sterling (see Note 15.4 to the Consolidated Financial Statements), and (ii) the revaluation of bank loans denominated in US dollars at Orange Egypt (see Note 13.6 to the Consolidated Financial Statements), linked mainly to the effect of the devaluation of the Egyptian pound against the US dollar; and

**-** to a lesser degree, the decrease in other net financial expenses and the increase in interests on lease liabilities;

**-** partially offset by (i) the improvement in the cost of gross financial debt excluding financed assets, and (ii) the increase in gains (losses) on assets contributing to net financial debt.

Net income attributable to non-controlling interests amounted to 471 million euros in 2022, compared with 545 million euros in 2021 (see Note 15.6 to the Consolidated Financial Statements). After taking into account net income attributable to non-controlling interests, net income attributable to owners of the parent company totaled 2,146 million euros in 2022, compared with 233 million euros in 2021, an increase of 1,913 million euros.

3.1.2.4 Group comprehensive income

The transition from Group consolidated net income to consolidated comprehensive income is described in the consolidated statement of comprehensive income.

3.1.2.5 Group capital expenditure

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in property, plant and equipment and intangible assets <sup>(1)</sup>**<br> **(at December 31, in millions of euros)**  | **2022** | **2021**<br> **on a comparable basis** | **2021**<br> **on a historical basis** | **Change (%)**<br> **on a comparable basis** | **Change (%)**<br> **on a historical basis** |
| eCAPEX | 7371  | 7426 | 7660 | (0.7)% | (3.8)% |
| Elimination of proceeds from sales of property, plant and equipment and intangible assets <sup>(2)</sup>  | 347  | 183 | 163 | 89.6% | 113.1% |
| Telecommunication licenses | 1060  | 929 | 926 | 14.1% | 14.4% |
| Financed assets <sup>(3)</sup>  | 229  | 40 | 40 | 467.8% | 467.8% |
| **Group total** | **9007**  | **8579** | **8789** | **5.0%** | **2.5%** |

---

(1) See Notes 1.6 and 8 to the Consolidated Financial Statements. For more information on the transition from economic CAPEX (eCAPEX) to Group's investments in property, plant and equipment and intangible assets, see Section 3.1.5.3 *eCAPEX.*

(2) Elimination of proceeds from sales of property, plant and equipment and intangible assets included in economic CAPEX (eCAPEX).

(3) Financed assets include set-top boxes in France, which are financed by an intermediary bank and meet the standard criterion for the definition of property, plant and equipment according to IAS 16 (see Note 8.5 to the Consolidated Financial Statements).

On a **historical basis**, the change in the Group's investments in property, plant and equipment and intangible assets between 2021 and 2022 includes the effect of the loss of exclusive control over Orange Concessions for 253 million euros, following the disposal of 50% of the capital and the application of equity accounting on November 3, 2021.

On a **comparable basis**, the Group's investments in property, plant and equipment and intangible assets rose between 2021 and 2022, driven by (i) the growth in capital expenditure related to financed assets, (ii) the increase in expenditure on telecommunication licenses, and (iii) the growth in investments in property, plant and equipment and intangible assets excluding telecommunication licenses.

The Group's financial investments (see Section 7.2.1 *Financial glossary*) are described in Section 3.1.4 *Cash flow, equity and financial debt.*

3.1.2.5.1 Capital expenditure

3.1.2.5.1.1 Economic CAPEX

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(at December 31, in millions of euros)**  | **2022** | **2021**<br> **on a comparable basis** | **2021**<br> **on a historical basis** | **Change (%)**<br> **on a comparable basis** | **Change (%)**<br> **on a historical basis** |
| **eCAPEX** | **7371**  | **7426** | **7660** | **(0.7)%** | **(3.8)%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecom activities | 7335  | 7402 | 7636 | (0.9)% | (3.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp; *eCAPEX/Revenue from telecom activities* | *16.9%*  | *17.1%* | *18.0%* | *(0.3 pt)* | *(1.1 pt)* |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobile Financial Services | 35  | 24 | 24 | 48.0% | 48.0% |

---

In 2022, the Orange group's economic CAPEX amounted to 7,371 million euros (including 7,335 million euros for telecom activities and 35 million euros for Mobile Financial Services). The ratio of economic CAPEX to revenue from telecom activities was 16.9% in 2021, a fall of 1.1 percentage points on a historical basis and 0.3 percentage points on a comparable basis with 2021.

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Change on a historical basis

On a **historical basis**, the 3.8% decrease in Group economic CAPEX between 2021 and 2022, i.e. a decrease of 289 million euros, can be explained by:

**-** (i) the negative impact of changes in the scope of consolidation and other changes for 248 million euros, primarily corresponding to the effect of the loss of exclusive control over Orange Concessions for 253 million euros, following the disposal of 50% of the capital and the application of equity accounting on November 3, 2021, (ii) partially offset by the positive effect of foreign exchange fluctuations of 14 million euros; and

**-** the organic change on a comparable basis, i.e. a decrease of 56 million euros in economic CAPEX.

Change on a comparable basis

On a **comparable basis**, the decrease of 56 million euros in the Group's economic CAPEX between 2021 and 2022, a decline of 0.7%, is mainly attributable to:

**-** the sharp decline in gross investment in very high-speed broadband fixed networks (FTTH), mainly in France, and to a lesser degree in Europe (Poland, Spain), after the major roll-outs of recent years. At December 31, 2022, the Group had 64.9 million households connectable to FTTH worldwide (up 14.8% year on year), including 33.5 million in France, 16.4 million in Spain, 11.8 million in other European countries and 3.2 million in Africa & Middle East countries. The total number of households connectable to all very high-speed broadband networks (FTTH and cabled networks) totaled 66.7 million at December 31, 2022;

**-** the decrease in capital expenditure on legacy fixed and mobile networks in France, in line with the gradual migration of customers to very high-speed broadband fixed and mobile networks (FTTH and 4G/5G);

**-** the increase in disposals of fixed assets, mainly (i) in Africa & Middle East countries, mainly resulting from the disposal of assets in the Democratic Republic of the Congo (DRC) and Côte d'Ivoire, and (ii) in France, in connection with asset rotation due to the marketing of fiber optic networks;

**-** the decline in economic CAPEX relating to leased handsets, *Liveboxes* and equipment installed on customer premises, primarily in France, in connection with the decrease in financed assets (also recognized in investments in property, plant and equipment and intangible assets), and to a lesser extent in Spain;

**-** partially offset by:

- the decrease in co-financing received in France. Regarding the fiber optic roll-out, the Group's investments benefit from co-financing received from third-party operators and subsidies which reduce economic CAPEX,

- the growth of investments in very high-speed broadband mobile networks (4G/5G), mainly driven by 5G in France and Spain (see Section 3.1.1.3 *Significant events*), and by 4G in Africa & Middle East countries, and

- the increase in investments (i) related to IT and customer service platforms, primarily in France, and (ii) in network real estate, stores and other assets, principally in Romania and Poland.

3.1.2.5.1.2 Telecommunication licenses

Capital expenditure relating to telecommunication licenses includes the acquisition and renewal of telecommunication licenses and the capitalization of associated spectrum fees (see Notes 8.4 and 16.1 to the Consolidated Financial Statements). Telecommunication licenses may, in some cases, give rise to annual fees recognized as operating taxes and levies payables in the *Consolidated income statement* (see Note 10.1 to the Consolidated Financial Statements).

In 2022, capital expenditure relating to telecommunication licenses totaled 1,060 million euros and mainly concerned (i) Romania for 319 million euros, with the acquisition of 5G licenses in the 700 MHz, 1500 MHz and 3400-3800 MHz frequency bands, (ii) Egypt for 311 million euros, with the acquisition of 4G licenses in the 2600 MHz frequency band, (iii) Belgium for 254 million euros, mainly in the general context of the acquisition of 5G licenses and the renewal of the existing 2G/3G spectrum in the 700 MHz, 900 MHz, 1400 MHz, 1800 MHz, 2100 MHz and 3600 MHz frequency bands, (iv) Poland for 75 million euros, with the renewal of 4G licenses, and Jordan for 67 million euros with the acquisition of 5G licenses in the 3500 MHz frequency band.

In 2021, capital expenditure relating to telecommunication licenses totaled 926 million euros on a historical basis. This mostly concerned (i) Spain for 618 million euros, mainly with the acquisition of 5G licenses for 611 million euros (including two blocks of 10 MHz spectrum in the 700 MHz frequency band), (ii) France for 264 million euros (corresponding to the renewal of 2G licenses for 207 million euros and 3G licenses for 57 million euros), and (iii) Belgium for 22 million euros.

3.1.2.5.2 Investment commitments

Investment commitments are set out in Note 16 to the Consolidated Financial Statements.

3.1.2.5.3 Investment projects

As part of the new *Lead the Future* strategic plan (see Section 1.2.3 *The Orange group strategy*), Orange is aiming for more discipline with its capital expenditure (excluding current or future acquisitions) by 2025. The Group's investments have reached a peak; [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]. This slower pace of investment mostly applies to France and countries in Europe where most of the fiber optic investments have already been made. However, Orange will continue to invest to strengthen its network leadership. The Group's objective remains the same: to continue prioritizing its investments and its disposals of non-strategic assets based on the expected value creation.

The Group will focus on its **core business**, confirming its leadership while further upgrading its infrastructure based on new fixed and mobile network technologies (FTTH and 5G in particular, see Section 3.1.1.3 *Significant events*), taking advantage of its data in partnership with major Cloud and artificial intelligence (AI) players and rolling out better-performing IT infrastructure (Data centers, information systems for the next-generation supply chain, etc.). The Group will make increasing use of data and AI to set up a new industrial model for network management that is more efficient, resilient and powerful. "Network Integration Factories" will also accelerate the automation and virtualization of network management, as well as the provision of new services. Focusing efforts on optimizing network efficiency will help deliver better financial performance, more flexibility for customers and a smaller carbon footprint.

For the **fixed network**, whether using own infrastructure or third-party networks via co-financing or optimized leasing, Orange has high ambitions when it comes to marketing its fiber optic offers. As for FTTH infrastructure, Orange will continue to invest directly to meet its commitments, particularly in France's medium-density areas (AMII (*appel à manifestation d'intérêt d'investissement* - Call for Investment Intentions)). By 2025, the Group plans to extend its own infrastructure by rolling out an additional 5 million FTTH connections in France and countries in Europe, where investment has already peaked, and an additional 2 million FTTH connections in Africa & Middle East countries. Conversely, to continue the industrial effort in certain areas while controlling its investments, Orange will rely on its FiberCos, such as Orange Concessions, which brings together the FTTH connections of the Public Initiative Networks (PIN) in France. These FTTH roll-outs make it possible to accelerate the decommissioning of the copper network in France, which should be completed by around 2030 (see Section 1.4.1 *Operating activities - France*). In Poland, Orange has joined forces with the APG group as part of the Światlowód Inwestycje joint venture. This FiberCo aims to support fiber optic roll-out in areas of Poland where access to very high-speed broadband infrastructure is limited or non-existent, while sharing the investment costs.

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On the **mobile network**, following on from previous commercial launches (see Section 3.1.1.3 *Significant events*), the Group will continue to extend 5G, which offers lower latency and enables network slicing, i.e. the prioritization of certain network slices to cover critical uses or specific needs. More generally, to optimize the roll-out of its mobile infrastructure, in terms of rhythm, coverage and financial capacity, Orange will continue to develop network sharing agreements (such as those already in place in Spain and in Belgium). In addition, Orange will accelerate the development of its passive mobile infrastructure in Europe via Totem, the Group's European TowerCo (see Section 3.1.1.3 *Significant events*). Operational since the end of 2021, Totem is poised to become a key player in the sector's consolidation in Europe. Its goals are to expand in the European market beyond France and Spain and to improve the lease rate per tenant of its sites by 2026. Lastly, Orange will continue to transform its mobile networks with the gradual shutdown of 2G and 3G networks in all European countries by 2030 (see Section 3.1.1.3 *Significant events*).

Countries in **Africa & Middle East**, a fast-growing region, will remain central to the Group's strategy for 2025. Orange will continue to invest in the roll-out of fixed (FTTH) and mobile (4G/5G) networks to drive earnings growth and cement its position as a leading digital partner. Orange will also speed up the transformation of Orange Money to pivot to a digital platform model that will offer services other than transfer and payment. Lastly, as part of the continent's digital inclusion, the Group will strengthen its local ties and build on its position as a multi-service operator by continuing to roll out its Orange Digital Centers (see Section 3.1.1.3 *Significant events*).

**Enterprise** services, one of the pillars of the new strategic plan (see Section 3.1.1.3 *Significant events*), will be reorganized by geographic region to better meet customer expectations. The Group will continue to shift its center of gravity toward IT, the Cloud, data, service integration and cybersecurity to become a value-generating service orchestrator. This shift in direction will be enabled by (i) accelerating the internal transformation of networks and modes of operation by geographic region, while maintaining the level of investment, (ii) continuing the migration of customer networks to software to meet the needs of companies concerned with making their networks more reliable and optimizing their connectivity costs, with, among other things, the development of SD-WAN technology (Software-Defined Wide Area Network, see Section 3.1.1.3 *Significant events*), and (iii) positioning itself as a trusted partner with the development of cybersecurity offers.

To meet the growing needs of **international connectivity**, Orange will also continue to invest in submarine cable projects in regions where Orange has a strong presence (see Section 3.1.1.3 *Significant events*).

In **Mobile Financial Services** in Europe, Orange Bank plans to diversify its product portfolio (loans, insurance, specific digital banking offers) while optimizing its IT infrastructure by setting up a common pan-European banking platform in France and Spain. Ultimately, this transformation should improve agility and generate significant savings.

See also Section 1.2.3 *The Orange group strategy.*

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3.1.3 Review by business segment

The following table presents the Orange group's main operating data (financial data and workforce information) by segment for fiscal years 2022 and 2021 on a comparable basis and 2021 on a historical basis.

For more details on segment information, see Note 1 to the Consolidated Financial Statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fiscal years ended December 31**<br> **(in millions of euros)**  | **France** |  |  |  | **Europe** | **Africa & Middle East** |
| **Fiscal years ended December 31**<br> **(in millions of euros)**  | **France** | **Spain** | **Other European countries** | **Eliminations Europe** | **Europe total** | **Africa & Middle East** |
| **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |  |
| Revenues | 17983 | 4647 | 6329 | (14) | 10962 | 6918 |
| EBITDAaL | 6645 | 1111 | 1662 | - | 2772 | 2584 |
| Operating income | 3361 | 12 | (190) | - | (177) | 1665 |
| eCAPEX | 3429 | 863 | 1020 | - | 1883 | 1271 |
| Telecommunication licenses | 9 | 10 | 664 | - | 674 | 377 |
| Average number of employees | 46282 | 6168 | 21437 | - | 27605 | 14436 |
| **2021 - Data on a comparable basis** | **2021 - Data on a comparable basis** | **2021 - Data on a comparable basis** | **2021 - Data on a comparable basis** | **2021 - Data on a comparable basis** | **2021 - Data on a comparable basis** |  |
| Revenues | 18175 | 4720 | 6189 | (11) | 10898 | 6504 |
| EBITDAaL | 6620 | 1157 | 1570 | - | 2728 | 2322 |
| Operating income | 2502 | (3790) | 417 | - | (3373) | 1338 |
| eCAPEX | 3794 | 950 | 926 | - | 1876 | 1079 |
| Telecommunication licenses | 264 | 618 | 32 | - | 650 | 15 |
| Average number of employees | 49332 | 6564 | 22413 | - | 28977 | 14474 |
| **2021 - Data on a historical basis** | **2021 - Data on a historical basis** | **2021 - Data on a historical basis** | **2021 - Data on a historical basis** | **2021 - Data on a historical basis** | **2021 - Data on a historical basis** |  |
| Revenues | 18092 | 4720 | 5870 | (11) | 10579 | 6381 |
| EBITDAaL | 6867 | 1251 | 1579 | - | 2830 | 2265 |
| Operating income | 2653 | (3724) | 791 | - | (2933) | 1291 |
| eCAPEX | 4117 | 980 | 913 | - | 1893 | 1064 |
| Telecommunication licenses | 264 | 618 | 32 | - | 650 | 12 |
| Average number of employees | 49447 | 6589 | 19755 | - | 26345 | 14474 |

---

(1) For 2021, the historical data for Totem are included in the business segments of France, Spain and, to a very limited extent, International Carriers & Shared Services (see Section 3.1 *Review of the Group's financial position and results* and Note 1.1 to the Consolidated Financial Statements).

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---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Enterprise** | **Totem <sup>(1)</sup>**  | **International Carriers & Shared Services** | **Eliminations telecom activities** | **Total telecom activities** | **Mobile Financial Services** | **Eliminations Group** | **\*** |
| 7930 | 685 | 1540 | (2538) | 43480  | - | (9) |  |
| 804 | 371 | (96) | - | 13080  | (118) | 1 |  |
| 317 | 252 | (417) | - | 5000  | (200) | 1 |  |
| 332 | 142 | 278 | - | 7335  | 35 | - |  |
| - | - | - | - | 1060  | - | - |  |
| 28786 | 165 | 12134 | - | 129406  | 902 | - |  |
| 7917 | 596 | 1513 | (2400) | 43202  | - | (7) |  |
| 990 | 352 | (237) | - | 12775  | (131) | 1 |  |
| 494 | 232 | (890) | - | 303  | (182) | 1 |  |
| 326 | 84 | 243 | - | 7402  | 24 | - |  |
| - | - | - | - | 929  | - | - |  |
| 28088 | 75 | 12398 | - | 133344  | 943 | - |  |
| 7757 | - | 1515 | (1795) | 42530  | - | (7) |  |
| 970 | - | (237) | - | 12696  | (131) | 1 |  |
| 474 | - | 1217 | - | 2702  | (182) | 1 |  |
| 318 | - | 243 | - | 7636  | 24 | - |  |
| - | - | - | - | 926  | - | - |  |
| 28143 | - | 12650 | - | 131059  | 943 | - |  |

---

\* [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

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3.1.3.1 France

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **France**<br> **(at December 31, in millions of euros)**  | **2022** | **2021**<br> **on a comparable basis** | **2021**<br> **on a historical basis** | **Change (%)**<br> **on a comparable basis** | **Change (%)**<br> **on a historical basis** |
| Revenues | 17983  | 18175 | 18092 | (1.1)% | (0.6)% |
| EBITDAaL | 6645  | 6620 | 6867 | 0.4% | (3.2)% |
| *EBITDAaL/Revenue* | *37.0%*  | *36.4%* | *38.0%* | 0.5 pt | *(1.0 pt)* |
| Operating income | 3361  | 2502 | 2653 | 34.3% | 26.7% |
| eCAPEX | 3429  | 3794 | 4117 | (9.6)% | (16.7)% |
| *eCAPEX/Revenue* | *19.1%*  | *20.9%* | *22.8%* | *(1.8 pt)* | *(3.7 pt)* |
| Telecommunication licenses <sup>(1)</sup>  | 9  | 264 | 264 | (96.8)% | (96.8)% |
| Average number of employees | 46282  | 49332 | 49447 | (6.2)% | (6.4)% |

---

(1) See Section 3.1.2.5.1.2 *Telecommunication licenses.*

3.1.3.1.1 Revenue - France

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **France**<br> **(at December 31, in millions of euros)**  | **2022** | **2021**<br> **on a comparable basis** | **2021**<br> **on a historical basis** | **Change (%)**<br> **on a comparable basis** | **Change (%)**<br> **on a historical basis** |
| **Revenues** | **17983**  | **18175** | **18092** | **(1.1)%** | **(0.6)%** |
| Retail services (B2C+B2B) | 10976  | 10846 | 10846 | 1.2% | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Convergent services | 4857  | 4697 | 4697 | 3.4% | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobile-only services | 2332  | 2276 | 2276 | 2.4% | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed-only services | 3787  | 3872 | 3872 | (2.2)% | (2.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed-only broadband services | 2955  | 2869 | 2862 | 3.0% | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed-only narrowband services | 831  | 1003 | 1010 | (17.1)% | (17.7)% |
| Wholesale services | 4938  | 5288 | 5313 | (6.6)% | (7.1)% |
| Equipment sales | 1323  | 1270 | 1226 | 4.2% | 7.9% |
| Other revenues | 746  | 772 | 708 | (3.4)% | 5.4% |

---

Change on a historical basis

On a **historical basis**, the decrease of 109 million euros in revenues from France between 2021 and 2022 includes (i) the positive impact of changes in the scope of consolidation and other changes of 83 million euros, and (ii) the organic change on a comparable basis i.e. a decrease in revenues of 193 million euros.

Change on a comparable basis

On a **comparable basis**, the decrease of 193 million euros, i.e. 1.1%, in revenues from France between 2021 and 2022 can mainly be explained by (i) the decrease in services to carriers and, to a lesser degree, by the decrease in conventional telephony services (narrowband), (ii) partially offset by the increase in convergent services and in fixed-only broadband services, and by the growth in mobile-only services and equipment sales.

In detail, the decrease of 193 million euros in revenues from France between the two periods is primarily related to:

**-** the decrease of 350 million euros in Wholesale services, primarily related to (i) the decline in unbundling revenues on the copper network, (ii) the decrease in FTTH line co-financing received from other carriers, and (iii) to a lesser extent, the decline in mobile and fixed interconnection (mainly due to regulatory cuts in mobile and fixed call termination rates), (iv) partially offset by the increase in FTTH lines leased to third-party carriers and maintenance activities on fiber optic networks, as well as the recovery of visitor roaming; and

**-** the decline in Fixed-only narrowband services, due to the downward trend in conventional telephony revenues (down 17.1%, i.e. a decrease of 171 million euros), linked to customer migration to fixed broadband (FTTH) and convergent offers.

This decrease is partially offset by:

**-** the increase of 160 million euros in revenues from Convergent services, which continued to rise, with 0.8% growth in the convergent customer base year on year. This growth in volume was also accompanied by growth in value. The 12-month convergent ARPO (see Section 7.2.1 *Financial glossary*) grew by 2.2% between 2021 and 2022, driven by (i) a favorable mix effect, with higher-value convergent offers, notably thanks to fiber, and (ii) a return to growth of revenues from out of bundle roaming with the recovery of travel and tourism. Furthermore, the number of mobile phones in households continues to grow, with 10.1 million convergent mobile customers at December 31, 2022 (up 1.8% year-on-year), i.e. 1.7 mobile accesses per convergent customer;

**-** the growth of Fixed-only broadband services (which rose by 86 million euros, i.e. 3.0%), due to (i) the 1.8% growth in the fixed-only broadband access base year on year, and (ii) the 0.5% growth in 12-month fixed-only broadband ARPO (see Section 7.2.1 *Financial glossary*) between the two periods;

**-** the increase of 55 million euros from Mobile-only services, driven by (i) the 0.4% increase in 12-month mobile-only ARPO (see Section 7.2.1 *Financial glossary*) between the two periods, and (ii) the 0.4% increase in the mobile-only accesses base; and

**-** the 53 million euro increase in Equipment sales, related to demand for more expensive mobile handsets.

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3.1.3.1.2 EBITDAaL - France

Change on a historical basis

On a **historical basis**, the decrease of 222 million euros in EBITDAaL from France between 2021 and 2022 can be explained by (i) the negative impact of changes in the scope of consolidation and other changes of 247 million euros, mainly as a result of the operational launch of Totem at the end of 2021 for 257 million euros (see Section 3.1.1.3 *Significant events*), (ii) partially offset by the organic change on a comparable basis, i.e. an increase of 25 million euros in EBITDAaL.

Change on a comparable basis

On a **comparable basis**, the increase of 25 million euros in EBITDAaL in France between 2021 and 2022 is mainly attributable to:

**-** first, the decrease in labor expenses, primarily because of (i) the counter-effect of the recognition in 2021 of the expense relating to the Together 2021 Employee Shareholding Plan (see Note 6.3 to the Consolidated Financial Statements), and (ii) the reduction in the average number of employees (full-time equivalent) between the two periods;

**-** second, (i) the decline in other network expenses and IT expenses, due to lower volumes of customer fiber optic connections between the two periods and the reduction in operating and maintenance expenses for the copper network, and (ii) the decrease in real estate expenses, due in particular to plans for the optimization of real estate assets aimed at rationalizing the real estate portfolio;

**-** partially offset by (i) the decline of 193 million euros in revenues, (ii) the increase in depreciation and amortization of right-of-use assets, essentially due to the growing number of leased lines on third-party networks (FTTH), particularly with the creation in 2021 of a secondary market for co-financed and leased lines, and (iii) the increase in commercial expenses, equipment and content costs (net of capitalized production), reflecting the growth in equipment sales.

3.1.3.1.3 Operating income - France

Change on a historical basis

On a **historical basis**, the increase of 708 million euros in operating income from France between 2021 and 2022 includes (i) the negative impact of changes in the scope of consolidation and other changes of 151 million euros, mainly as a result of the operational launch of Totem at the end of 2021 for 168 million euros (see Section 3.1.1.3 *Significant events*), and (ii) the organic change on a comparable basis, i.e. an increase of 859 million euros in operating income.

Change on a comparable basis

On a **comparable basis**, the rise of 859 million euros in operating income in France between 2021 and 2022 is largely attributable to:

**-** the decline of 629 million euros in specific labor expenses. This decrease mainly stems from the change in the expense recognized for the French part-time for seniors plans (relating to agreements for the employment of older workers in France) and related premiums, primarily due to (i) the counter-effect of the recognition in 2021 of the expense for the renewal of the part-time for seniors plan under the inter-generational agreement for the period 2022-2024 (see Note 6.2 to the Consolidated Financial Statements), (ii) partially offset by the expense recognized in 2022, largely because of how successful these plans have been with employees; and

**-** to a lesser degree, (i) the counter-effect of the recognition in 2021 of a net expense on significant litigation of 128 million euros, following the reassessment of the various litigation risks, (ii) the decrease of 76 million euros in depreciation and amortization of fixed assets, mainly due to the impact of extending the depreciation period for the copper network (see Note 8.5 to the Consolidated Financial Statements), and (iii) the 25 million euro increase in EBITDAaL.

3.1.3.1.4 Economic CAPEX - France

Change on a historical basis

On a **historical basis**, the decrease of 688 million euros in economic CAPEX in France between 2021 and 2022 is attributable to:

**-** the negative effect of changes in the scope of consolidation and other changes for 323 million euros, essentially due to (i) the effect of the loss of exclusive control over Orange Concessions for 253 million euros, following the disposal of 50% of the capital and the application of equity accounting on November 3, 2021, and (ii) the operational launch of Totem at the end of 2021 for 51 million euros (see Section 3.1.1.3 *Significant events*); and

**-** the organic change on a comparable basis, i.e. a decrease of 365 million euros in economic CAPEX.

Change on a comparable basis

On a **comparable basis**, the decrease of 365 million euros in economic CAPEX in France between 2021 and 2022 is mainly attributable to:

**-** the sharp decline in investment in very high-speed broadband fixed networks (FTTH), after the significant investments made in recent years;

**-** the decrease in capital expenditure on legacy fixed and mobile networks, particularly with the gradual migration of customers to very high-speed broadband fixed and mobile networks (FTTH and 4G/5G);

**-** the increase in disposals of fixed assets, linked in particular to asset rotation due to the marketing of fiber optic networks; and

**-** the decrease in economic CAPEX relating to leased handsets, *Liveboxes* and equipment installed on customer premises, notably in connection with the decrease in financed assets (also recognized in investments in property, plant and equipment and intangible assets);

**-** partially offset by the decline in co-financing received from third-party carriers and the growth of investments in very high-speed broadband mobile networks (4G/5G).

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3.1.3.1.5 Additional information - France

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **France**<br> **(at December 31, in thousands, at the end of the period)**  | **2022** | **2021**<br> **on a comparable basis** | **2021**<br> **on a historical basis** | **Change (%)**<br> **on a comparable basis** | **Change (%)**<br> **on a historical basis** |
| **Convergent services** |  |  |  |  |  |
| Number of convergent customers | 5955  | 5905 | 5905 | 0.8% | 0.8% |
| 12-month convergent ARPO (in euros) <sup>(2)</sup>  | 71.1  | 69.6 | 69.6 | 2.2% | 2.2% |
| **Mobile services** |  |  |  |  |  |
| **Number of mobile accesses <sup>(1)</sup>**  | **22008**  | **21785** | **21785** | **1.0%** | **1.0%** |
| o/w: Convergent customers mobile accesses | 10149  | 9968 | 9968 | 1.8% | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mobile-only accesses | 11859  | 11817 | 11817 | 0.4% | 0.4% |
| o/w: Contract customers mobile accesses | 20635  | 20055 | 20055 | 2.9% | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid customers mobile accesses | 1373  | 1730 | 1730 | (20.7)% | (20.7)% |
| 12-month mobile-only ARPO (in euros) <sup>(2)</sup>  | 17.1  | 17.0 | 17.0 | 0.4% | 0.4% |
| **Fixed services** |  |  |  |  |  |
| **Number of fixed accesses** | **28288**  | **29431** | **29431** | **(3.9)%** | **(3.9)%** |
| Fixed retail accesses | 15174  | 15543 | 15543 | (2.4)% | (2.4)% |
| o/w: Fixed broadband accesses | 12425  | 12260 | 12260 | 1.3% | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; o/w: Very high-speed fixed broadband accesses | 7170  | 5947 | 5947 | 20.6% | 20.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; o/w: Convergent customers fixed accesses | 5955  | 5905 | 5905 | 0.8% | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed-only accesses | 6471  | 6355 | 6355 | 1.8% | 1.8% |
| 12-month fixed-only broadband ARPO (in euros) <sup>(2)</sup>  | 36.0  | 35.8 | 35.8 | 0.5% | 0.5% |
| o/w: Fixed narrowband accesses | 2748  | 3283 | 3283 | (16.3)% | (16.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; o/w: PSTN accesses | 2716  | 3249 | 3249 | (16.4)% | (16.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other fixed accesses | 32  | 34 | 34 | (6.0)% | (6.0)% |
| Fixed wholesale accesses | 13114  | 13889 | 13889 | (5.6)% | (5.6)% |
| o/w: FTTH accesses | 6260  | 5217 | 5217 | 20.0% | 20.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copper accesses | 6854  | 8671 | 8671 | (21.0)% | (21.0)% |

---

(1) Excluding customers of Mobile Virtual Network Operators (MVNOs).

(2) See Section 7.2.1 *Financial glossary.*

Between 2021 and 2022, the customer base proved resilient in an environment that remains very competitive.

The **total mobile access base** grew by 1.0% year-on-year, with 22 million customers at December 31, 2022. Contract offers grew 2.9% year-on-year, reflecting both (i) the growth in premium services, driven by Open convergent offers (which reached 10.1 million customers at December 31, 2022), (ii) the increase in Sosh brand offers, and, to a lesser degree, (iii) the increase in offers for SMEs. Sosh services had a total of 4.5 million customers at December 31, 2022, up 2.6% year-on-year. Prepaid offers remain structurally in decline, having fallen by 20.7%. In addition, there were 17.5 million 4G customers at December 31, 2022, an increase of 3.0% year-on-year.

The **total fixed broadband access base** increased by 1.3% year-on-year to reach 12.4 million customers at December 31, 2022. This growth is mainly driven by (i) the dynamism of fiber optic offers, with a total customer base of 7.2 million at December 31, 2022, up 20.6% year on year, and (ii) to a lesser degree, the continued growth of convergent offers, which grew by 0.8%, with 6.0 million customers at December 31, 2022. Moreover, 7.9 million customers had subscribed to IPTV and satellite TV offers at December 31, 2022. Fixed accesses sold to other carriers (wholesale) decreased by 5.6% year-on-year, due to the structural decrease in the activity and migration from copper accesses (down 21.0% year-on-year) to very high-speed broadband accesses (up 20.0% year-on-year).

3.1.3.2 Europe

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Europe**<br> **(at December 31, in millions of euros)**  | **2022** | **2021**<br> **on a comparable basis** | **2021**<br> **on a historical basis** | **Change (%)**<br> **on a comparable basis** | **Change (%)**<br> **on a historical basis** |
| Revenues | 10962  | 10898 | 10579 | 0.6% | 3.6% |
| EBITDAaL | 2772  | 2728 | 2830 | 1.6% | (2.0)% |
| *EBITDAaL/Revenue* | *25.3%*  | *25.0%* | *26.7%* | 0.3 pt | *(1.5 pt)* |
| Operating income | (177)  | (3373) | (2933) | 94.7% | 93.9% |
| eCAPEX | 1883  | 1876 | 1893 | 0.4% | (0.5)% |
| *eCAPEX/Revenue* | *17.2%*  | *17.2%* | *17.9%* | *(0.0 pt)* | *(0.7 pt)* |
| Telecommunication licenses <sup>(1)</sup>  | 674  | 650 | 650 | 3.6% | 3.6% |
| Average number of employees | 27605  | 28977 | 26345 | (4.7)% | 4.8% |

---

(1) See Section 3.1.2.5.1.2 *Telecommunication licenses.*

Orange — 2022 Universal Registration Document - 106

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3.1.3.2.1 Revenue - Europe

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Europe**<br> **(at December 31, in millions of euros)**  | **2022** | **2021**<br> **on a comparable basis** | **2021**<br> **on a historical basis** | **Change (%)**<br> **on a comparable basis** | **Change (%)**<br> **on a historical basis** |
| **Revenues** | **10962**  | **10898** | **10579** | **0.6%** | **3.6%** |
| Retail services (B2C+B2B) | 7388  | 7278 | 7046 | 1.5% | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Convergent services | 2830  | 2740 | 2720 | 3.3% | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobile-only services | 2869  | 2890 | 2887 | (0.7)% | (0.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed-only services | 1219  | 1252 | 1087 | (2.7)% | 12.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; IT & integration services | 471  | 396 | 352 | 19.1% | 33.9% |
| Wholesale services | 1828  | 1965 | 1886 | (7.0)% | (3.1)% |
| Equipment sales | 1559  | 1500 | 1490 | 4.0% | 4.6% |
| Other revenues | 187  | 155 | 157 | 20.5% | 18.9% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Europe**<br> **(at December 31, in millions of euros)**  | **2022** | **2021**<br> **on a comparable basis** | **2021**<br> **on a historical basis** | **Change (%)**<br> **on a comparable basis** | **Change (%)**<br> **on a historical basis** |
| **Revenues** | **10962**  | **10898** | **10579** | **0.6%** | **3.6%** |
| Spain | 4647  | 4720 | 4720 | (1.5)% | (1.5)% |
| Poland | 2666  | 2546 | 2613 | 4.7% | 2.0% |
| Belgium & Luxembourg | 1391  | 1363 | 1363 | 2.0% | 2.0% |
| Central Europe <sup>(1)</sup>  | 2280  | 2289 | 1904 | (0.4)% | 19.7% |
| Eliminations | (22)  | (22) | (22) |  |  |

---

(1) Central Europe: entities in Moldova, Romania and Slovakia.

Change on a historical basis

On a **historical basis**, the growth of 383 million euros in revenues for countries in Europe between 2021 and 2022 can be explained by:

**-** (i) the favorable impact of changes in the scope of consolidation and other changes for 376 million euros, due to the effect of the takeover of Telekom Romania Communications (TKR, renamed Orange Romania Communications) on September 30, 2021, (ii) partially offset by the negative effect of foreign exchange fluctuations for 58 million euros, largely as a result of movements in the Polish zloty against the euro; and

**-** the organic change on a comparable basis, i.e. an increase in revenues of 65 million euros.

Change on a comparable basis

On a **comparable basis**, the increase of 65 million euros, i.e. 0.6%, in revenues from countries in Europe between 2021 and 2022 is mainly attributable to:

**-** revenue growth in other European countries (countries in Europe excluding Spain), driven (i) mainly by growth in retail services (B2C+B2B) in Poland and Belgium, (ii) to a lesser degree, by an increase in equipment sales, and (iii) by an increase in other revenues in Poland;

**-** partially offset by the decline in wholesale services in all countries in Europe and the contraction in retail services (B2C+B2B) in Spain.

In detail, the increase of 65 million euros in revenues from countries in Europe between the two periods mainly stems from:

**-** the increase of 90 million euros in Convergent services, mostly in Poland (up 7.6% year on year), Belgium (up 13.0% year on year) and Slovakia (up 42.3% year on year). The convergent customer base of countries in Europe grew by 0.8% year on year to 5.7 million customers at December 31, 2022;

**-** the increase of 75 million euros in IT & integration services, mainly in Poland;

**-** the growth of 59 million euros in Equipment sales, primarily due to the increase in sales of mobile equipment and accessories in all countries in Europe (except Luxembourg); and

**-** to a lesser degree, the increase of 32 million euros in Other revenues, in connection with the energy resale business in Poland.

This growth is partially offset by:

**-** the decrease of 137 million euros in revenues from Wholesale services in all countries, (i) mainly due to regulatory cuts in call termination rates (mobile and fixed) and the decline in international transit (particularly in Spain and Poland), and (ii) partially offset by growth in revenues from visitor roaming in all countries in Europe and the increase in national roaming in Spain;

**-** the decrease of 34 million euros from Fixed-only services, mostly in Romania, and to a lesser degree in Poland, mainly due to the continued migration of customers from these offers to convergent or entry-level offers; and

**-** the decline of 21 million euros from Mobile-only services, primarily in Spain (see Section 3.1.3.2.6 *Additional information - Spain*). Nevertheless, the mobile-only access base of countries in Europe rose by 2.3% year on year, largely driven by growth of 5.3% in Poland, 5.1% in Belgium & Luxembourg and 4.9% in Spain.

3.1.3.2.2 EBITDAaL - Europe

Change on a historical basis

On a **historical basis**, the decrease of 57 million euros in EBITDAaL from countries in Europe between 2021 and 2022 can be explained by:

**-** the unfavorable impact of changes in the scope of consolidation and other changes for 87 million euros, mainly as a result of the operational launch of Totem at the end of 2021 for 94 million euros (see Section 3.1.1.3 *Significant events*); and

**-** the negative effect of foreign exchange fluctuations, i.e. 15 million euros;

Orange — 2022 Universal Registration Document - 107

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**-** partially offset by the organic change on a comparable basis, i.e. an increase of 45 million euros in EBITDAaL.

Change on a comparable basis

On a **comparable basis**, the growth of 45 million euros in EBITDAaL from countries in Europe between 2021 and 2022 was mainly attributable to:

**-** (i) the decrease in service fees and inter-operator costs, owing to the decline in interconnection costs (linked to regulatory cuts in call termination rates and reduced international transit activity), (ii) the improvement in other operating income and expenses, mainly related to the creation of Światlowód Inwestycje (FiberCo in Poland) at the end of August 2021 (re-invoicing of construction, supervision and leasing costs), (iii) the 65 million euro increase in revenues, and (iv) the reduction in operating taxes and levies and the decrease in depreciation of right-of-use assets (see Section 3.1.3.2.6 *Additional information - Spain*);

**-** largely offset by (i) the increase in other network expenses (network operation and maintenance expenses), essentially due to higher energy access costs for fixed and mobile networks in all countries (see Section 3.1.1.3 *Significant events*) and the growth in traffic, (ii) the rise in energy purchase costs for resale in Poland, (iii) the increase in commercial expenses, equipment and content costs, primarily related to the growth in equipment sales, and (iv) the increase in labor expenses, mostly in Romania (growth in the number of employees at a shared service center in the country) and in Belgium (wage indexation).

3.1.3.2.3 Operating income - Europe

Change on a historical basis

On a **historical basis**, the increase of 2,755 million euros in operating income for countries in Europe between 2021 and 2022 includes:

**-** the negative effect of changes in the scope of consolidation and other changes for 436 million euros, corresponding (i) primarily to the effect of the loss of exclusive control over Światlowód Inwestycje (FiberCo in Poland), with the disposal of 50% of the capital and the application of equity accounting on August 31, 2021 (essentially a gain of 340 million euros, recognized in the review of fixed assets, investments and business portfolio in 2021: see Note 3.2 to the Consolidated Financial Statements), and (ii) to a lesser extent, the operational launch of Totem at the end of 2021 for 67 million euros (see Section 3.1.3 *Significant events*);

**-** the unfavorable impact of foreign exchange fluctuations for 4 million euros;

**-** the organic change on a comparable basis, i.e. an increase of 3,195 million euros in operating income.

Change on a comparable basis

On a **comparable basis**, the increase of 3,195 million euros in operating income from countries in Europe between 2021 and 2022 was mainly attributable to:

**-** the decrease of 2,913 million euros in the impairment of goodwill (see Note 7 to the Consolidated Financial Statements), as a result of:

- the counter-effect of the recognition in 2021 of goodwill impairment of 3,702 million euros for Spain (see Section 3.1.3.2.6 *Additional information - Spain*), and

- the recognition in 2022 of goodwill impairment of 789 million euros for Romania. This impairment mainly reflects (i) a significant increase in the discount rate due to changes in market assumptions, (ii) increased competitive pressure, and (iii) the downward revision of the business plan compared with the one used at December 31, 2021, particularly in the first few years;

**-** the counter-effect of the recognition in 2021 of an expense of 180 million euros for restructuring programs costs in Spain (see Section 3.1.3.2.6 *Additional information - Spain*); and

**-** to a lesser degree, (i) the 52 million euro decrease in depreciation and amortization of fixed assets, mainly in Poland and Belgium, and (ii) the 45 million euro increase in EBITDAaL.

3.1.3.2.4 Economic CAPEX - Europe

Change on a historical basis

On a **historical basis**, the decrease of 10 million euros in economic CAPEX for countries in Europe between 2021 and 2022 is due to (i) the unfavorable impact of changes in the scope of consolidation and other changes of 9 million euros, and (ii) the negative impact of foreign exchange fluctuations of 8 million euros, (iii) partially offset by the organic change on a comparable basis, i.e. an increase of 7 million euros in economic CAPEX.

Change on a comparable basis

On a **comparable basis**, the increase of 7 million euros in economic CAPEX from countries in Europe between 2021 and 2022 mainly stems from:

**-** (i) the growth in investments in other European countries (countries in Europe other than Spain), mostly in Romania (in IT and networks, particularly FTTH, as well as in network real estate, stores and other assets), and to a lesser extent in Belgium, and (ii) the rise in investment expenditure in 5G mobile networks in Spain;

**-** partially offset by the decline in gross investments in 4G mobile networks and very high-speed fixed broadband networks (FTTH) in Spain.

Orange — 2022 Universal Registration Document - 108

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3.1.3.2.5 Additional information - Europe

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Europe**<br> **(at December 31, in thousands, at the end of the period)**  | **2022** | **2021**<br> **on a comparable basis** | **2021**<br> **on a historical basis** | **Change (%)**<br> **on a comparable basis** | **Change (%)**<br> **on a historical basis** |
| **Convergent services** |  |  |  |  |  |
| Number of convergent customers | 5674  | 5628 | 5628 | 0.8% | 0.8% |
| o/w: Spain | 2959  | 3018 | 3018 | (2.0)% | (2.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland | 1625  | 1552 | 1552 | 4.7% | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium & Luxembourg | 370  | 333 | 333 | 11.3% | 11.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Europe <sup>(3)</sup>  | 720  | 725 | 725 | (0.8)% | (0.8)% |
| 12-month convergent ARPO <sup>(2)</sup>  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain (in euros)  | 53.8  | 53.1 | 53.1 | 1.3% | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland (in zlotys)  | 114.7  | 111.9 | 111.9 | 2.5% | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium (in euros)  | 73.8  | 73.2 | 73.2 | 0.8% | 0.8% |
| **Mobile services** |  |  |  |  |  |
| **Number of mobile accesses <sup>(1)</sup>**  | **54693**  | **53494** | **53494** | **2.2%** | **2.2%** |
| o/w: Convergent customers mobile accesses | 11177  | 10968 | 10968 | 1.9% | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mobile-only accesses | 43516  | 42525 | 42525 | 2.3% | 2.3% |
| o/w: Contract customers mobile accesses | 42526  | 40995 | 40995 | 3.7% | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid customers mobile accesses | 12166  | 12499 | 12499 | (2.7)% | (2.7)% |
| o/w: Spain | 16948  | 16325 | 16325 | 3.8% | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland | 17630  | 16800 | 16800 | 4.9% | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium & Luxembourg | 5539  | 5232 | 5232 | 5.9% | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Europe <sup>(3)</sup>  | 14576  | 15136 | 15136 | (3.7)% | (3.7)% |
| 12-month mobile-only ARPO <sup>(2)</sup>  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain (in euros)  | 10.1  | 10.6 | 10.7 | (4.6)% | (6.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland (in zlotys)  | 20.3  | 20.2 | 20.2 | 0.6% | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium (in euros)  | 18.3  | 17.7 | 17.7 | 3.2% | 3.2% |
| **Fixed services** |  |  |  |  |  |
| **Number of fixed accesses** | **12339**  | **12779** | **12779** | **(3.4)%** | **(3.4)%** |
| Fixed retail accesses | 11000  | 11421 | 11421 | (3.7)% | (3.7)% |
| o/w: Fixed broadband accesses | 8881  | 8925 | 8925 | (0.5)% | (0.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; o/w: Very high-speed fixed broadband accesses | 6134  | 5727 | 5727 | 7.1% | 7.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; o/w: Convergent customers fixed accesses | 5674  | 5628 | 5628 | 0.8% | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed-only accesses | 3207  | 3297 | 3297 | (2.7)% | (2.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; o/w: Spain | 3982  | 4032 | 4032 | (1.2)% | (1.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland | 2804  | 2746 | 2746 | 2.1% | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium & Luxembourg | 466  | 416 | 416 | 11.8% | 11.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Europe <sup>(3)</sup>  | 1629  | 1731 | 1731 | (5.9)% | (5.9)% |
| 12-month fixed-only broadband ARPO <sup>(2)</sup>  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain (in euros)  | 25.8  | 26.3 | 26.4 | (1.6)% | (2.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland (in zlotys)  | 61.7  | 59.5 | 59.5 | 3.7% | 3.7% |
| o/w: Fixed narrowband accesses | 2119  | 2496 | 2496 | (15.1)% | (15.1)% |
| Fixed wholesale accesses | 1339  | 1358 | 1358 | (1.3)% | (1.3)% |
| o/w: Spain | 946  | 938 | 938 | 0.8% | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland | 393  | 419 | 419 | (6.2)% | (6.2)% |

---

(1) Excluding customers of Mobile Virtual Network Operators (MVNOs).

(2) See Section 7.2.1 *Financial glossary.*

(3) Central Europe: entities in Moldova, Romania and Slovakia.

Between 2021 and 2022, customer bases of countries in Europe were resilient in a highly competitive environment, particularly evident in Spain.

The **total mobile access base** grew by 2.2% year on year and had 54.7 million customers at December 31, 2022. The structural decline of prepaid offers continued, while most countries saw an increase in contract offers, which rose 3.7% year on year.

The **total fixed access base** was down 3.4% year on year, with 12.3 million customers at December 31, 2022. The fixed broadband access base fell 0.5% year on year (with 8.9 million accesses at December 31, 2022), despite the strong growth in very high-speed broadband of 7.1% year on year (with 6.1 million accesses at December 31, 2022).

Orange — 2022 Universal Registration Document - 109

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3.1.3.2.6 Additional information - Spain

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Spain**<br> **(at December 31, in millions of euros)**  | **2022** | **2021**<br> **on a comparable basis** | **2021**<br> **on a historical basis** | **Change (%)**<br> **on a comparable basis** | **Change (%)**<br> **on a historical basis** |
| Revenues | 4647  | 4720 | 4720 | (1.5)% | (1.5)% |
| EBITDAaL | 1111  | 1157 | 1251 | (4.0)% | (11.2)% |
| *EBITDAaL/Revenue* | *23.9%*  | *24.5%* | *26.5%* | *(0.6 pt)* | *(2.6 pt)* |
| Operating income | 12  | (3790) | (3724) | na | na |
| eCAPEX | 863  | 950 | 980 | (9.1)% | (11.9)% |
| *eCAPEX/Revenue* | *18.6%*  | *20.1%* | *20.8%* | *(1.6 pt)* | *(2.2 pt)* |
| Telecommunication licenses <sup>(1)</sup>  | 10  | 618 | 618 | (98.4)% | (98.4)% |
| Average number of employees | 6168  | 6564 | 6589 | (6.0)% | (6.4)% |

---

(1) See Section 3.1.2.5.1.2 *Telecommunication licenses.*

#### Revenue - Spain

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Spain**<br> **(at December 31, in millions of euros)**  | **2022** | **2021**<br> **on a comparable basis** | **2021**<br> **on a historical basis** | **Change (%)**<br> **on a comparable basis** | **Change (%)**<br> **on a historical basis** |
| **Revenues** | **4647**  | **4720** | **4720** | **(1.5)%** | **(1.5)%** |
| Retail services (B2C+B2B) | 3136  | 3198 | 3198 | (1.9)% | (1.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Convergent services | 1870  | 1870 | 1870 | 0.0% | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobile-only services | 790  | 865 | 880 | (8.7)% | (10.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed-only services | 436  | 433 | 435 | 0.6% | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; IT & integration services | 41  | 30 | 14 | 34.5% | 196.2% |
| Wholesale services | 878  | 900 | 900 | (2.4)% | (2.4)% |
| Equipment sales | 632  | 621 | 621 | 1.7% | 1.7% |
| Other revenues | 1  | 1 | 1 | (25.7)% | (25.7)% |

---

Both on a **historical basis** and on a **comparable basis**, the decrease of 73 million euros in revenues in Spain between 2021 and 2022 was mainly due to:

**-** the decrease of 75 million euros in Mobile-only services, mainly due to the continued migration of the market toward entry-level offers, resulting in a significant decline in 12-month mobile-only ARPO between the two periods. Year on year, the contract customer base (excluding M2M) fell by 2.6% as a result of significant competitive pressure and the discontinuation of the Amena brand in the first half of 2022; and

**-** the decrease of 22 million euros in Wholesale services, mainly in the fixed segment, primarily related to regulatory cuts in call termination rates and the decline in international transit;

**-** partially offset by (i) an increase of 11 million euros in Equipment sales, essentially due to higher sales of mobile equipment and accessories, and (ii) a 10 million euro increase in IT & integration services.

#### EBITDAaL - Spain
Change on a historical basis

On a **historical basis**, the decrease of 140 million euros in EBITDAaL from Spain between 2021 and 2022 can be explained by (i) the negative effect of changes in the scope of consolidation and other changes of 94 million euros, as a result of the operational launch of Totem at the end of 2021 (see Section 3.1.1.3 *Significant events*), and (ii) the organic change on a comparable basis, i.e. a decline of 47 million euros in EBITDAaL.

Change on a comparable basis

On a **comparable basis**, the decrease of 47 million euros in EBITDAaL in Spain between 2021 and 2022 is attributable to:

**-** (i) the decline of 73 million euros in revenues, (ii) the increase in commercial expenses, equipment and content costs, due to the higher prices of handsets sold and higher content costs, and (iii) the rise in network operating and maintenance expenses, mostly related to higher energy access costs for fixed and mobile networks;

**-** partially offset by (i) lower service fees and inter-operator costs (primarily due to regulatory cuts in call termination rates and the decline in international transit), (ii) the decrease in depreciation of right-of-use assets (mostly due to customer migration to the proprietary fiber network), and (iii) the reduction of operating taxes and levies relating to Spain's tax on economic activities concerning mobile services.

#### Operating income - Spain
Change on a historical basis

On a **historical basis**, the increase of 3,736 million euros in operating income from Spain between 2021 and 2022 includes (i) the negative effect of changes in the scope of consolidation and other changes for 67 million euros, as a result of the operational launch of Totem at the end of 2021 (see Section 3.1.1.3 *Significant events*), and (ii) the organic change on a comparable basis, i.e. an increase of 3,802 million euros in operating income.

Change on a comparable basis

On a **comparable basis**, the increase of 3,802 million euros in operating income in Spain between 2021 and 2022 is attributable to:

**-** the counter-effect of the recognition in 2021 of goodwill impairment of 3,702 million euros in Spain (see Note 7 to the Consolidated Financial Statements). At December 31, 2021, Spain's business plan had been significantly revised downward compared with the one used at December 31, 2020, in view of (i) a deteriorating competitive environment despite market consolidation operations (affected by the erosion of average revenues per user) and (ii) uncertainty surrounding the continuation of the Covid-19 health crisis (delay in the forecasts for economic recovery); and

Orange — 2022 Universal Registration Document - 110

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**-** secondarily, the counter-effect of the recognition in 2021 of an expense of 180 million euros in respect of restructuring programs costs in Spain (employee departure plans and closure of points of sale, see Note 5.3 to the Consolidated Financial Statements);

**-** partially offset by the decrease of 47 million euros in EBITDAaL.

#### Economic CAPEX - Spain
Change on a historical basis

On a **historical basis**, the decrease of 117 million euros in economic CAPEX in Spain between 2021 and 2022 is the result of (i) the negative effect of changes in the scope of consolidation and other changes for 30 million euros, related to the operational launch of Totem at the end of 2021 (see Section 3.1.1.3 *Significant events*), and (ii) the organic change on a comparable basis, i.e. a decline of 87 million euros in economic CAPEX.

Change on a comparable basis

On a **comparable basis**, the decrease of 87 million euros in economic CAPEX in Spain between 2021 and 2022 is essentially due to (i) the decline in gross investments in 4G mobile networks and very high-speed fixed broadband networks (FTTH), after the major roll-outs of recent years, (ii) partially offset by the increase in capital expenditure in 5G mobile networks.

3.1.3.3 Africa & Middle East

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Africa & Middle East**<br> **(at December 31, in millions of euros)**  | **2022** | **2021**<br> **on a comparable basis** | **2021**<br> **on a historical basis** | **Change (%)**<br> **on a comparable basis** | **Change (%)**<br> **on a historical basis** |
| Revenues | 6918  | 6504 | 6381 | 6.4% | 8.4% |
| EBITDAaL | 2584  | 2322 | 2265 | 11.3% | 14.0% |
| *EBITDAaL/Revenue* | *37.3%*  | *35.7%* | *35.5%* | 1.6 pt | 1.8 pt |
| Operating income | 1665  | 1338 | 1291 | 24.5% | 29.0% |
| eCAPEX | 1271  | 1079 | 1064 | 17.7% | 19.4% |
| *eCAPEX/Revenue* | *18.4%*  | *16.6%* | *16.7%* | 1.8 pt | 1.7 pt |
| Telecommunication licenses <sup>(1)</sup>  | 377  | 15 | 12 | ns | ns |
| Average number of employees | 14436  | 14474 | 14474 | (0.3)% | (0.3)% |

---

(1) See Section 3.1.2.5.1.2 *Telecommunication licenses.*

Africa and the Middle East continue to suffer political, security and economic instability. Sometimes there are also tax or regulatory pressures that may affect the general business climate and the activity and earnings of subsidiaries and shareholdings, and these could continue to affect them in the future. In some cases, these situations have led the Group to recognize asset impairment (see Notes 7, 8.3 and 11 to the Consolidated Financial Statements). [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

3.1.3.3.1 Revenue - Africa & Middle East

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Africa & Middle East**<br> **(at December 31, in millions of euros)**  | **2022** | **2021**<br> **on a comparable basis** | **2021**<br> **on a historical basis** | **Change (%)**<br> **on a comparable basis** | **Change (%)**<br> **on a historical basis** |
| **Revenues** | **6918**  | **6504** | **6381** | **6.4%** | **8.4%** |
| Retail services (B2C+B2B) | 6112  | 5701 | 5579 | 7.2% | 9.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobile-only services | 5272  | 4968 | 4884 | 6.1% | 8.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed-only services | 800  | 709 | 664 | 12.8% | 20.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; IT & integration services | 40  | 24 | 31 | 63.5% | 30.1% |
| Wholesale services | 663  | 656 | 654 | 1.1% | 1.4% |
| Equipment sales | 104  | 112 | 112 | (6.6)% | (6.8)% |
| Other revenues | 39  | 35 | 36 | 10.5% | 7.7% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Africa & Middle East**<br> **(at December 31, in millions of euros)**  | **2022** | **2021**<br> **on a comparable basis** | **2021**<br> **on a historical basis** | **Change (%)**<br> **on a comparable basis** | **Change (%)**<br> **on a historical basis** |
| **Revenues** | **6918**  | **6504** | **6381** | **6.4%** | **8.4%** |
| Sonatel sub-group <sup>(1)</sup>  | 2217  | 2136 | 2034 | 3.8% | 9.0% |
| Côte d'Ivoire sub-group <sup>(2)</sup>  | 1471  | 1483 | 1471 | (0.8)% | (0.0)% |
| Egypt | 992  | 885 | 960 | 12.2% | 3.4% |
| Morocco | 705  | 657 | 660 | 7.3% | 6.8% |
| Jordan | 465  | 446 | 397 | 4.2% | 17.0% |
| Cameroon | 421  | 383 | 383 | 9.8% | 9.8% |
| Congo (DRC) | 425  | 326 | 290 | 30.3% | 46.3% |
| Other countries <sup>(3)</sup>  | 290  | 249 | 245 | 16.3% | 18.3% |
| Eliminations | (68)  | (61) | (60) | 11.3% | 12.8% |

---

(1) Sonatel sub-group: entities in Senegal, Mali, Guinea, Guinea-Bissau and Sierra Leone.

(2) Côte d'Ivoire sub-group: entities in Côte d'Ivoire, Burkina Faso and Liberia.

(3) Other countries: mainly entities in Botswana, Central African Republic (CAR) and Madagascar.

Orange — 2022 Universal Registration Document - 111

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Change on a historical basis

On a **historical basis**, the increase of 537 million euros in revenues from Africa & Middle East countries between 2021 and 2022 stems from (i) the positive impact of foreign exchange fluctuations for 123 million euros, mainly related to movements in the Guinean franc, Jordanian dinar and US dollar against the euro, and (ii) the organic change on a comparable basis, i.e. an increase of 414 million euros in revenues.

Change on a comparable basis

On a **comparable basis**, the increase of 414 million euros, i.e. 6.4%, in revenues from Africa & Middle East countries between 2021 and 2022 can be explained by business growth in all countries in the region (except Côte d'Ivoire), with seven countries reporting double-digit growth. The activity was mainly driven by the robust performances of Egypt, the Democratic Republic of the Congo (DRC), the Sonatel sub-group, Morocco and Cameroon.

In detail, the increase of 414 million euros in revenues of Africa & Middle East countries between the two periods mainly stems from:

**-** the increase of 304 million euros in Mobile-only services, mainly related to (i) the growth in data services, up 19.5% year on year, driven largely by the vibrant 4G customer base, which grew by 18.5% year on year to 52.6 million customers at December 31, 2022, and (ii) the growth in voice services, up 0.5% year on year, boosted by the performance of the Democratic Republic of the Congo (DRC) and Egypt. The mobile access base also continued to grow, recording a year-on-year increase of 5.8%; and

**-** the increase in revenues from Fixed-only services, driven by the development of fixed-only broadband services, which rose by 22.6% year on year. The fixed-only broadband access base grew by 23.7% year on year to 2.8 million customers at December 31, 2022.

3.1.3.3.2 EBITDAaL - Africa & Middle East

Change on a historical basis

On a **historical basis**, the increase of 318 million euros in EBITDAaL in Africa & Middle East countries between 2021 and 2022 is due to (i) the positive effect of foreign exchange fluctuations for 57 million euros, and (ii) the organic change on a comparable basis, i.e. an increase of 262 million euros in EBITDAaL.

Change on a comparable basis

On a **comparable basis**, the increase of 262 million euros in EBITDAaL in Africa & Middle East countries between 2021 and 2022 is primarily explained by:

**-** the growth of 414 million euros in revenues, as well as the decline in other operating expenses;

**-** partially offset by (i) the increase in commercial expenses, equipment and content costs, mainly due to the increase in retail fees and commissions (the expansion of Orange Money and the rise in telecom fees in line with business growth), (ii) the increase in other network expenses and IT expenses related to the growth in traffic, the continued network roll-out in all countries and higher energy access costs for fixed and mobile networks, (iii) the increase in other external purchases, mainly overheads, notably due to the resumption of consultancy missions with the end of Covid-19 restrictions, and (iv) the increase in labor expenses, mainly related to the Sonatel and Côte d'Ivoire sub-groups.

3.1.3.3.3 Operating income - Africa & Middle East

Change on a historical basis

On a **historical basis**, the increase of 374 million euros in operating income in Africa & Middle East countries between 2021 and 2022 included (i) the positive effect of foreign exchange fluctuations for 47 million euros, and (ii) the organic change on a comparable basis, i.e. an increase of 327 million euros in operating income.

Change on a comparable basis

On a **comparable basis**, the increase of 327 million euros in operating income in Africa & Middle East countries between 2021 and 2022 is primarily explained by:

**-** (i) the 262 million euro increase in EBITDAaL, (ii) the recognition in 2022 of gains on disposal of 76 million euros related to the review of fixed assets, investments and business portfolio (mainly linked to the disposal of assets in the Democratic Republic of the Congo (DRC) and Côte d'Ivoire), and (iii) the counter-effect of the recognition in 2021 of an expense of 43 million euros for restructuring programs costs;

**-** partially offset by the increase of 54 million euros in depreciation and amortization of fixed assets.

3.1.3.3.4 Economic CAPEX - Africa & Middle East

Change on a historical basis

On a **historical basis**, the increase of 206 million euros in economic CAPEX in Africa & Middle East countries between 2021 and 2022 is due to (i) the positive effect of foreign exchange fluctuations for 15 million euros, and (ii) the organic change on a comparable basis, i.e. an increase of 191 million euros in economic CAPEX.

Change on a comparable basis

On a **comparable basis**, the increase of 191 million euros in economic CAPEX in Africa & Middle East countries between 2021 and 2022 is chiefly the result of the growth in investments in fixed and mobile networks in countries in the region to support business growth and changes in usage.

Orange — 2022 Universal Registration Document - 112

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3.1.3.3.5 Additional information - Africa & Middle East

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Africa & Middle East**<br> **(at December 31, in thousands, at the end of the period)**  | **2022** | **2021**<br> **on a comparable basis** | **2021**<br> **on a historical basis** | **Change (%)**<br> **on a comparable basis** | **Change (%)**<br> **on a historical basis** |
| **Mobile services** |  |  |  |  |  |
| **Number of mobile accesses <sup>(1) (5)</sup>**  | **143068**  | **135194** | **135194** | **5.8%** | **5.8%** |
| o/w: Contract customers mobile accesses | 8768  | 7332 | 7332 | 19.6% | 19.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid customers mobile accesses <sup>(5)</sup>  | 134301  | 127862 | 127862 | 5.0% | 5.0% |
| o/w: Sonatel sub-group <sup>(2)</sup>  | 37897  | 37631 | 37631 | 0.7% | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Côte d'Ivoire sub-group <sup>(3)</sup>  | 28964  | 28115 | 28115 | 3.0% | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Egypt <sup>(5)</sup>  | 28225  | 26858 | 26858 | 5.1% | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morocco | 14774  | 13897 | 13897 | 6.3% | 6.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jordan | 2545  | 2303 | 2303 | 10.5% | 10.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cameroon | 11272  | 9937 | 9937 | 13.4% | 13.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Congo (DRC) | 13302  | 11452 | 11452 | 16.2% | 16.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other countries <sup>(4)</sup>  | 6089  | 5000 | 5000 | 21.8% | 21.8% |
| **Fixed services** |  |  |  |  |  |
| **Number of fixed accesses <sup>(5)</sup>**  | **3591**  | **3071** | **3071** | **16.9%** | **16.9%** |
| Fixed retail accesses <sup>(5)</sup>  | 3591  | 3071 | 3071 | 16.9% | 16.9% |
| o/w: Fixed broadband accesses <sup>(5)</sup>  | 2782  | 2248 | 2248 | 23.7% | 23.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed narrowband accesses | 809  | 823 | 823 | (1.8)% | (1.8)% |

---

(1) Excluding customers of Mobile Virtual Network Operators (MVNOs).

(2) Sonatel sub-group: entities in Senegal, Mali, Guinea, Guinea-Bissau and Sierra Leone.

(3) Côte d'Ivoire sub-group: entities in Côte d'Ivoire, Burkina Faso and Liberia.

(4) Other countries: mainly entities in Botswana, Central African Republic (CAR) and Madagascar.

(5) At January 1, 2022, an internal transfer (between technologies) had been carried out in Egypt, from the mobile access base to the fixed broadband access base. The 2021 operating data has been restated to reflect this change: the retroactive transfer of this base represented around 194,000 accesses at December 31, 2021.

3.1.3.4 Enterprise

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Enterprise**<br> **(at December 31, in millions of euros)**  | **2022** | **2021**<br> **on a comparable basis** | **2021**<br> **on a historical basis** | **Change (%)**<br> **on a comparable basis** | **Change (%)**<br> **on a historical basis** |
| Revenues | 7930  | 7917 | 7757 | 0.2% | 2.2% |
| EBITDAaL | 804  | 990 | 970 | (18.8)% | (17.1)% |
| *EBITDAaL/Revenue* | *10.1%*  | *12.5%* | *12.5%* | *(2.4 pt)* | *(2.4 pt)* |
| Operating income | 317  | 494 | 474 | (35.7)% | (33.0)% |
| eCAPEX | 332  | 326 | 318 | 2.0% | 4.3% |
| *eCAPEX/Revenue* | *4.2%*  | *4.1%* | *4.1%* | 0.1 pt | 0.1 pt |
| Average number of employees | 28786  | 28088 | 28143 | 2.5% | 2.3% |

---

3.1.3.4.1 Revenue - Enterprise

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Enterprise**<br> **(at December 31, in millions of euros)**  | **2022** | **2021**<br> **on a comparable basis** | **2021**<br> **on a historical basis** | **Change (%)**<br> **on a comparable basis** | **Change (%)**<br> **on a historical basis** |
| **Revenues** | **7930**  | **7917** | **7757** | **0.2%** | **2.2%** |
| Fixed-only services | 3466  | 3713 | 3633 | (6.7)% | (4.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Voice services <sup>(1)</sup>  | 1018  | 1117 | 1106 | (8.9)% | (8.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Data services <sup>(2)</sup>  | 2448  | 2596 | 2527 | (5.7)% | (3.1)% |
| IT & integration services | 3489  | 3274 | 3195 | 6.6% | 9.2% |
| Mobile services and equipment sales <sup>(3)</sup>  | 975  | 929 | 929 | 5.0% | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobile-only services | 659  | 637 | 636 | 3.5% | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Wholesale services | 41  | 42 | 42 | (2.1)% | (2.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Equipment sales | 275  | 250 | 250 | 9.7% | 9.7% |

---

(1) Voice services include (i) legacy voice offers (PSTN accesses), (ii) Voice over Internet Protocol (VoIP) products, (iii) audio-conference services, (iv) incoming traffic for call centers, and (v) network equipment sales related to the operation of voice services.

(2) Data services include (i) legacy data solutions still offered by Orange Business Services (Frame Relay, Transrel, leased lines, narrowband), (ii) services having reached a certain maturity such as IP-VPN (Internet Protocol virtual personal network), and broadband infrastructure products such as satellite or fiber optic accesses, (iii) satellite TV broadcast services, (iv) Business Everywhere roaming offers and (v) network equipment sales related to the operation of data services.

(3) Mobile services and equipment sales include (i) mobile-only services, (ii) wholesale services, corresponding to incoming mobile B2B traffic invoiced to other carriers, and (iii) mobile equipment sales.

Orange — 2022 Universal Registration Document - 113

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Change on a historical basis

On a **historical basis**, the increase of 173 million euros in Enterprise revenues between 2021 and 2022 can be explained by (i) the favorable effect of foreign exchange fluctuations for 152 million euros, mainly as a result of movements in the US dollar against the euro, (ii) the positive impact of changes in the scope of consolidation and other changes for 7 million euros, and (iii) the organic change on a comparable basis, i.e. an increase of 14 million euros in revenues.

Change on a comparable basis

On a **comparable basis**, the growth of 14 million euros, i.e. 0.2%, in Enterprise revenues between 2021 and 2022 is due to the increase in IT & integration services and, to a lesser degree, mobile services and equipment, partially offset by the contraction in fixed-only services (voice and data).

In detail, the increase of 14 million euros in Enterprise revenues between the two periods stems from:

**-** the increase of 215 million euros in IT & integration services, driven by the growing needs of businesses in cybersecurity services (up 13.9% year on year), Cloud services (up 11.7%) and digital & data activities (up 9.5%); and

**-** the growth of 46 million euros in Mobile services and equipment, due to (i) the NEO equipment contract awarded to Orange Business Services and Crosscall by the French Ministry of the Interior in the first half of 2021 to supply the French National Gendarmerie and National Police, and (ii) the growth in handset sales to businesses.

These positive changes are partially offset by the decrease of 247 million euros in revenues from Fixed-only services, affected by:

**-** the decrease in Data services revenues (down 147 million euros year on year), due to (i) the general trend toward the transformation of service technologies, in France and internationally, and (ii) to a lesser degree, the decline in revenues from satellite broadcasting services (Globecast) due to international sanctions related to the war in Ukraine (see Section 3.1.1.3 *Significant events*) and the continuing impact of the Covid-19 health crisis in Asia; and

**-** the contraction in Voice services (down 100 million euros year on year), which continue to be affected by the downward trend in conventional fixed telephony, especially in France.

3.1.3.4.2 EBITDAaL - Enterprise

Change on a historical basis

On a **historical basis**, the decrease of 166 million euros in Enterprise EBITDAaL between 2021 and 2022 included (i) the positive effect of foreign exchange fluctuations of 43 million euros, (ii) the adverse effect of changes in the scope of consolidation and other changes for 23 million euros, and (iii) the organic change on a comparable basis, i.e. a decrease of 186 million euros in EBITDAaL.

Change on a comparable basis

On a **comparable basis**, the decrease of 186 million euros in Enterprise EBITDAaL between 2021 and 2022 reflects the transformation of the market and customer usage, resulting in a shift from legacy activities (including voice) to lower-margin IT and integration activities.

In detail, the decline of 186 million euros in Enterprise EBITDAaL between the two periods is primarily related to:

**-** the increase in commercial expenses and equipment costs in connection with the growth of mobile equipment sales (mainly related to the NEO contract - see above);

**-** the rise in other network expenses and IT expenses, mainly related to the growth of cybersecurity services and higher energy access costs for fixed and mobile networks;

**-** the rise in labor expenses, due to (i) growth in the average number of employees (full-time equivalent) related to the development of IT & integration services, (ii) partially offset by the counter-effect of the recognition in 2021 of the expense relating to the Together 2021 Employee Shareholding Plan (see Note 6.3 to the Consolidated Financial Statements); and

**-** the increase in other external purchases, primarily because of higher overheads (recovery of business travel and consultancy missions with the end of the Covid-19 health crisis);

**-** partially offset by (i) the decrease in service fees and inter-operator costs linked to the decline in activity, especially voice traffic, and (ii) the growth in revenues.

3.1.3.4.3 Operating income - Enterprise

Change on a historical basis

On a **historical basis**, the decrease of 156 million euros in operating income from Enterprise between 2021 and 2022 included (i) the positive effect of foreign exchange fluctuations of 39 million euros, (ii) the adverse effect of changes in the scope of consolidation and other changes for 19 million euros, and (iii) the organic change on a comparable basis, i.e. a decrease of 177 million euros in operating income.

Change on a comparable basis

On a **comparable basis**, the decrease of 177 million euros in Enterprise operating income between 2021 and 2022 is largely attributable to:

**-** the decrease of 186 million euros in EBITDAaL and the recognition in 2022 of (i) an expense of 47 million euros in respect of restructuring programs costs, (ii) an impairment of fixed assets for 20 million euros (see Note 8.3 to the Consolidated Financial Statements);

**-** partially offset by the change in the expense recognized for the French part-time for seniors plans (relating to agreements for the employment of older workers in France) and related premiums, essentially due to (i) the counter-effect of the recognition in 2021 of the expense for the renewal of the part-time for seniors plan under the inter-generational agreement for the period 2022-2024 (see Note 6.2 to the Consolidated Financial Statements), (ii) partially offset by the expense recognized in 2022, largely because of how successful these plans have been with employees.

3.1.3.4.4 Economic CAPEX - Enterprise

Change on a historical basis

On a **historical basis**, the increase of 14 million euros in economic CAPEX for the Enterprise segment between 2021 and 2022 is attributable to:

**-** (i) the positive effect of foreign exchange fluctuations for 8 million euros, (ii) partially offset by the unfavorable impact of changes in the scope of consolidation and other changes for 1 million euros; and

**-** the organic change on a comparable basis, i.e. an increase of 7 million euros in economic CAPEX.

Change on a comparable basis

On a **comparable basis**, the 7 million euro increase in economic CAPEX for the Enterprise segment between 2021 and 2022 can essentially be attributed to (i) increased investments in leased handsets, *Liveboxes* and equipment installed on customer premises, and (ii) accelerated investments in IT systems and network virtualization.

Orange — 2022 Universal Registration Document - 114

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3.1.3.4.5 Additional information - Enterprise

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Enterprise**<br> **(at December 31, in thousands, at the end of the period)**  | **2022** | **2021**<br> **on a comparable basis** | **2021**<br> **on a historical basis** | **Change (%)**<br> **on a comparable basis** | **Change (%)**<br> **on a historical basis** |
| **Mobile services** |  |  |  |  |  |
| **Number of mobile accesses in France <sup>(1)</sup>**  | **22086**  | **17975** | **17975** | **22.9%** | **22.9%** |
| **Fixed services** |  |  |  |  |  |
| **Number of fixed accesses in France** | **1140**  | **1277** | **1277** | **(10.7)%** | **(10.7)%** |
| Fixed retail accesses | 1140  | 1277 | 1277 | (10.7)% | (10.7)% |
| o/w: Fixed broadband accesses | 244  | 251 | 251 | (2.8)% | (2.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed narrowband accesses | 896  | 1026 | 1026 | (12.6)% | (12.6)% |
| IP-VPN accesses worldwide <sup>(2)</sup>  | 343  | 345 | 345 | (0.7)% | (0.7)% |
| o/w: IP-VPN accesses in France <sup>(2)</sup>  | 297  | 299 | 299 | (0.7)% | (0.7)% |

---

(1) Contract customers. Excluding customers of Mobile Virtual Network Operators (MVNOs).

At January 1, 2022, an extra fleet of M2M mobile SIM cards had been added to the mobile access base of the Enterprise operating segment, and thus of the Orange group. The 2021 operating data has been restated to reflect this change: the retroactive integration of this base represented around 4.33 million M2M mobile accesses at December 31, 2021.

(2) Accesses of customers outside the Orange group, not including the carrier market.

3.1.3.5 Totem

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Totem**<br> **(at December 31, in millions of euros)**  | **2022** | **2021**<br> **on a comparable basis** | **2021**<br> **on a historical basis** | **Change (%)**<br> **on a comparable basis** | **Change (%)**<br> **on a historical basis** |
| Revenues | 685  | 596 | - | 14.9% | - |
| EBITDAaL | 371  | 352 | - | 5.4% | - |
| *EBITDAaL/Revenue* | *54.2%*  | *59.1%* | *-* | *(4.9 pt)* | *-* |
| Operating income | 252  | 232 | - | 8.3% | - |
| eCAPEX | 142  | 84 | - | 68.6% | - |
| *eCAPEX/Revenue* | *20.8%*  | *14.2%* | *-* | 6.6 pt | *-* |
| Average number of employees | 165  | 75 | - | 118.7% | - |

---

As announced in February 2021, Totem, Orange's European TowerCo, in charge of pooling passive mobile infrastructure (mobile towers) to enhance the value of these assets and optimize their management, has been operational since the end of 2021 (see Section 3.1.1.3 *Significant events*).

By strengthening its position as manager and operator of passive mobile infrastructure, the Group seeks to make Totem a European leader on the TowerCo market and to keep this strategic asset as part of its long-term business plan, while benefiting from new growth drivers. At the end of December 2022, Totem's passive mobile infrastructure portfolio included more than 27,000 sites in France and Spain, the two largest countries in which Orange operates.

Through Totem, Orange aims to achieve value creation thanks to improved operating efficiency, optimization of investments and the increase in occupancy rate. In this context, there are plans to develop Totem on the European market beyond France and Spain.

In the segment information presented, the historical data for Totem are included in the business segments of France, Spain and, to a very limited extent, International Carriers & Shared Services, until December 31, 2021. Totem's entry into the operational phase at the end of 2021 resulted in a change in internal reporting by management. The segment information now presented reflects the Group's decision to present Totem as a separate segment from January 1, 2022 (see Note 1.1 to the Consolidated Financial Statements).

3.1.3.5.1 Revenue - Totem

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Totem**<br> **(at December 31, in millions of euros)**  | **2022** | **2021**<br> **on a comparable basis** | **2021**<br> **on a historical basis** | **Change (%)**<br> **on a comparable basis** | **Change (%)**<br> **on a historical basis** |
| **Revenues** | **685**  | **596** | **-** | **14.9%** | **-** |
| Wholesale services | 685  | 596 | - | 14.9% | - |
| Other revenues | -  | - | - | - | - |

---

Change on a comparable basis

On a **comparable basis**, the increase of 89 million euros in Totem's revenues between 2021 and 2022, i.e. 14.9%, was mainly due to (i) the increase in studies and site redevelopment work and the rise in energy costs rebilled to customers, and (ii) to a lesser extent, the year-on-year increase of 4.1% in hosting revenues. In 2022, 16.2% of hosting revenues came from external customers, representing an increase of 0.9 points compared with 2021.

At December 31, 2022, Totem had 27,119 sites with 37,194 active occupants, i.e. an occupation rate of 1.37 occupants per site.

Orange — 2022 Universal Registration Document - 115

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3.1.3.5.2 EBITDAaL - Totem

Change on a comparable basis

On a **comparable basis**, the increase of 19 million euros in Totem's EBITDAaL between 2021 and 2022 can essentially be attributed to:

**-** the increase of 89 million euros in revenues;

**-** largely offset by (i) the increase in operating subcontracting and technical maintenance expenses, mainly due to the rise in energy access costs for mobile networks, and, secondarily, (ii), the increase in property leases, (iii) the increase in labor expenses, mainly reflecting the higher average number of employees (full-time equivalent), related to setting up the new organization, and (iv) the increase in building costs for resale (net of capitalized costs), partly due to the growth in site redevelopment activities on behalf of external customers.

3.1.3.5.3 Operating income - Totem

Change on a comparable basis

On a **comparable basis**, the increase of 19 million euros in Totem's operating income between 2021 and 2022 was mainly due to the rise of 19 million euros in EBITDAaL.

3.1.3.5.4 Economic CAPEX - Totem

Change on a comparable basis

On a **comparable basis**, the increase of 58 million euros in Totem's economic CAPEX between 2021 and 2022 was mainly due to (i) the increase in studies and works, mainly driven by the accelerated roll-out of 5G in France, (ii) the increase in investments in new projects, and (iii) greater investment in IT systems.

3.1.3.6 International Carriers & Shared Services

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **International Carriers & Shared Services**<br> **(at December 31, in millions of euros)**  | **2022** | **2021**<br> **on a comparable basis** | **2021**<br> **on a historical basis** | **Change (%)**<br> **on a comparable basis** | **Change (%)**<br> **on a historical basis** |
| Revenues | 1540  | 1513 | 1515 | 1.7% | 1.6% |
| EBITDAaL | (96)  | (237) | (237) | 59.7% | 59.7% |
| *EBITDAaL/Revenue* | *(6.2)%*  | *(15.7)%* | *(15.6)%* | 9.4 pt | 9.4 pt |
| Operating income | (417)  | (890) | 1217 | 53.2% | na |
| eCAPEX | 278  | 243 | 243 | 14.4% | 14.4% |
| *eCAPEX/Revenue* | *18.1%*  | *16.1%* | *16.0%* | 2.0 pt | 2.0 pt |
| Average number of employees | 12134  | 12398 | 12650 | (2.1)% | (4.1)% |

---

3.1.3.6.1 Revenue - International Carriers & Shared Services

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **International Carriers & Shared Services**<br> **(at December 31, in millions of euros)**  | **2022** | **2021**<br> **on a comparable basis** | **2021**<br> **on a historical basis** | **Change (%)**<br> **on a comparable basis** | **Change (%)**<br> **on a historical basis** |
| **Revenues** | **1540**  | **1513** | **1515** | **1.7%** | **1.6%** |
| Wholesale services | 1060  | 1060 | 1056 | (0.1)% | 0.4% |
| Other revenues | 480  | 453 | 460 | 6.0% | 4.4% |

---

Change on a historical basis

On a **historical basis**, the increase of 24 million euros in the revenues of International Carriers & Shared Services between 2021 and 2022 included (i) the negative effect of changes in the scope of consolidation and other changes of 7 million euros, (ii) the positive effect of foreign exchange fluctuations of 5 million euros, and (iii) the organic change on a comparable basis, i.e. an increase of 26 million euros in revenues.

Change on a comparable basis

On a **comparable basis**, the increase of 26 million euros, i.e. 1.7%, in revenues from International Carriers & Shared Services between 2021 and 2022 is attributable to:

**-** the growth of 27 million euros in Other revenues, boosted by (i) the increase in Sofrecom's consulting revenues, particularly in North Africa, (ii) the growth in OCS's revenues, due in part to the success of its series (notably *House of the Dragon*), (iii) the increase in Orange Studio's revenues following the recovery in movie theater attendance after the Covid-19 health crisis, and (iv) the growth of Orange Marine's installation and maintenance activities;

**-** partially offset by the decrease of 1 million euros in Wholesale services. The decrease in voice services between the two periods (mainly due to the downward trend in voice traffic) was partially offset by the growth in roaming revenues with the end of Covid-19 restrictions and by the growth in revenues from messaging services and international transmissions.

3.1.3.6.2 EBITDAaL - International Carriers & Shared Services

Change on a historical basis

On a **historical basis**, the improvement of 141 million euros in the EBITDAaL of International Carriers & Shared Services between 2021 and 2022 was mainly due to:

**-** the positive effect of changes in the scope of consolidation and other changes for 1 million euros, offset by the adverse impact of foreign exchange fluctuations for 1 million euros;

**-** the organic change on a comparable basis, i.e. an increase of 141 million euros in EBITDAaL.

Change on a comparable basis

On a **comparable basis**, the improvement of 141 million euros in the EBITDAaL of International Carriers & Shared Services between 2021 and 2022 was mainly due to:

**-** (i) the decrease in labor expenses, mainly due to the counter-effect of the recognition in 2021 of the expense related to the Together 2021 Employee Shareholding Plan (see Note 6.3 to the Consolidated Financial Statements), (ii) the decrease in the depreciation and amortization of right-of-use assets, mainly due to the end of some property leases on technical sites, (iii) lower interconnection costs due to the decrease in voice traffic, (iv) revenue growth of 26 million euros, (v) higher other operating income and expenses, mainly due to developments in various disputes between the two periods and the increase in brand royalties, and (vi) the decrease in real estate fees;

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**-** partially offset by the increase in overheads, mainly reflecting the recovery in travel after two years of decline in the context of the Covid-19 health crisis.

3.1.3.6.3 Operating income - International Carriers & Shared Services

Change on a historical basis

On a **historical basis**, the deterioration of 1,634 million euros in the operating income of International Carriers & Shared Services between 2021 and 2022 included:

**-** the negative effect of changes in the scope of consolidation and other changes of 2,107 million euros, mainly reflecting the effect of the loss of exclusive control of Orange Concessions following the disposal of 50% of the capital and its recognition under equity accounting on November 3, 2021 (mainly the gain of 2,124 million euros recognized in the review of fixed assets, investments and business portfolio in 2021: see Note 3.2 to the Consolidated Financial Statements);

**-** the adverse impact of foreign exchange fluctuations of 1 million euros;

**-** the organic change on a comparable basis, i.e. an increase of 473 million euros in operating income.

Change on a comparable basis

On a **comparable basis**, the improvement of 473 million euros in the operating income of International Carriers & Shared Services between 2021 and 2022 was mainly attributable to:

**-** the counter-effect of the recognition in 2021 of a specific labor expense of 190 million euros, mainly for the renewal of the French part-time for seniors plans (a program relating to agreements for the employment of older workers in France) as part of the intergenerational agreement for the 2022-2024 period (see Note 6.2 to the Consolidated Financial Statements); and

**-** the increase of 141 million euros in EBITDAaL;

**-** the recognition in 2022 of a gain of 120 million euros in respect of the review of fixed assets, investments and business portfolio, mainly due to the gain on disposal of 77 million euros related to the remeasurement at fair value of Deezer assets following the merger of Deezer with the SPAC I2PO and the IPO of the new entity (see Section 3.1.1.3 *Significant events*);

**-** and the decrease of 52 million euros in restructuring programs costs, mainly in the context of the optimization of real estate assets.

3.1.3.6.4 Economic CAPEX - International Carriers & Shared Services

Change on a historical basis

On a **historical basis**, the increase of 35 million euros in the economic CAPEX for International Carriers & Shared Services between 2021 and 2022 stems from the organic change on a comparable basis, i.e. an increase of 35 million euros in economic CAPEX.

Change on a comparable basis

On a **comparable basis**, the increase of 35 million euros in the economic CAPEX for International Carriers & Shared Services between 2021 and 2022 mainly reflects the increase in investments by Orange Marine, relating primarily to the construction of the new ship, the *Sophie Germain.*

3.1.3.7 Mobile Financial Services

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Mobile Financial Services**<br> **(at December 31, in millions of euros)**  | **2022** | **2021**<br> **on a comparable basis** | **2021**<br> **on a historical basis** | **Change (%)**<br> **on a comparable basis** | **Change (%)**<br> **on a historical basis** |
| Net banking income (NBI) <sup>(1)</sup>  | 115  | 109 | 109 | 6.0% | 6.0% |
| Cost of bank credit risk <sup>(2)</sup>  | (45)  | (46) | (46) | (1.7)% | (1.7)% |
| Operating income | (200)  | (182) | (182) | (10.0)% | (10.0)% |
| eCAPEX | 35  | 24 | 24 | 48.0% | 48.0% |
| Average number of employees | 902  | 943 | 943 | (4.3)% | (4.3)% |

---

(1) Net banking income (NBI) recognized as other operating income (see Notes 1.3, 1.4 and 4.2 to the Consolidated Financial Statements).

(2) Cost of bank credit risk recognized in other operating expenses (see Notes 1.3, 1.4 and 5.2 to the Consolidated Financial Statements).

In 2022, Mobile Financial Services activities continued to grow:

**-** in Europe, with the ongoing development of value offers and the continuous improvement in quality of service. At December 31, 2022, Orange Bank had nearly 2.0 million customers in France and Spain (this number includes customers of all offers sold by Orange Bank for individuals, professionals and businesses: accounts, loans and mobile insurance); and

**-** and in Africa, with the launch of the new microcredit offer and the ongoing acquisition of new customers in Côte d'Ivoire. At December 31, 2022, Orange Bank Africa had 1.1 million customers.

3.1.3.7.1 Operating activities

The segment information for Mobile Financial Services (operating income, investments in property, plant and equipment and intangible assets) is presented in Notes 1.3, 1.4 and 1.6 to the Consolidated Financial Statements.

3.1.3.7.1.1 Operating income - Mobile Financial Services

Change on a historical basis

On a **historical basis**, the deterioration of 18 million euros in the operating income of Mobile Financial Services between 2021 and 2022 stems from the organic change on a comparable basis, i.e. a decrease of 18 million euros in operating income.

Change on a comparable basis

On a **comparable basis**, the deterioration of 18 million euros in operating income between 2021 and 2022 can essentially be attributed to:

**-** (i) the recognition in 2022 of 49 million euros of impairment (including 28 million euros for goodwill and 21 million euros for fixed assets) due to the deterioration of the business plan (see Notes 7 and 8.3 to the Consolidated Financial Statements), (ii) the increase in advertising and promotion expenses relating to Orange Bank's fifth anniversary celebrations and the launch of the Prêt Express offer in France, and (iii) the increase in depreciation and amortization of fixed assets;

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**-** partially offset by:

- the increase of 21 million euros in other operating income and expenses. Between the two periods, the increase of 6 million euros in net banking income (NBI, see Notes 1.3, 1.4 and 4.2 to the Consolidated Financial Statements) was mainly driven by the development of account and credit offers in European and banking activities in Africa,

- the improvement of 17 million euros in restructuring programs costs,

- and, to a lesser extent, the decline in labor expenses, mainly due to the decrease in the average number of employees (full-time equivalent).

3.1.3.7.1.2 Economic CAPEX - Mobile Financial Services

Change on a historical basis

On a **historical basis**, the increase of 12 million euros in the economic CAPEX of Mobile Financial Services between 2021 and 2022 stems from the organic change on a comparable basis, i.e. an increase of 12 million euros in economic CAPEX.

Change on a comparable basis

On a **comparable basis**, the growth of 12 million euros in the economic CAPEX of Mobile Financial Services between 2021 and 2022 can essentially be attributed to increased investments, mainly in the area of IT, in Europe and Africa.

3.1.3.7.2 Assets, liabilities and cash flows

The segment information for Mobile Financial Services (assets, liabilities and cash flows) is presented in Notes 1.7, 1.8 and 1.9 to the Consolidated Financial Statements, and the activities of Mobile Financial Services (financial assets and liabilities) are described in Note 17 to the Consolidated Financial Statements.

Note that since 2020, Orange Espagne has set up a non-recourse factoring program for installment receivables with Orange Bank, replacing an existing program with a third-party bank. This program led to these receivables being derecognized from the balance sheet of Orange Espagne (within telecom activities) and presented as customer loans and receivables within Mobile Financial Services activities (see Notes 4.3 and 17.1.1 to the Consolidated Financial Statements).

The loans and receivables of Orange Bank are composed of loans and receivables with customers and credit institutions. Outstanding customer loans and receivables at December 31, 2022 came to 2.5 billion euros, an increase of 220 million euros compared with December 31, 2021, due to the development of the business in France and Spain. Loans to B2C customers made up 97.1% of that total. 56.4% were consumer loans (see Note 17.1.1 to the Consolidated Financial Statements).

Payables related to Orange Bank transactions are composed of customer deposits and the bank's payables to credit institutions. Outstanding payables to customers (deposits and savings) at December 31, 2022 amounted to 1.8 billion euros, down 9 million euros compared with December 31, 2021 (see Note 17.1.2 to the Consolidated Financial Statements).

[REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

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3.1.4 Cash flow, equity and financial debt

To ensure the transparency of the financial statements and separate out the performance of telecom activities and Mobile Financial Services activities, the analysis and financial commentary are split to reflect these two business scopes. Accordingly, Section 3.1.4.1 *Liquidity and cash flows from telecom activities* and Section 3.1.4.2 *Financial debt and liquidity position of telecom activities* deal with telecom activities, and Section 3.1.3.7 *Mobile Financial Services* covers the Group's banking activities.

3.1.4.1 Liquidity and cash flows from telecom activities

[REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

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3.1.4.1.2 Cash flows from telecom activities

Cash flows from telecom activities are presented in Note 1.9 to the Consolidated Financial Statements.

---

| | | |
|:---|:---|:---|
| **Simplified statement of cash flows from telecom activities <sup>(1)</sup>**<br> **(at December 31, in millions of euros)**  | **2022** | **2021**<br> **on a historical basis** |
| Net cash provided by operating activities | 11921  | 11636 |
| Net cash used in investing activities | (10625)  | (6227) |
| Net cash used in financing activities | (3577)  | (5160) |
| **Net change in cash and cash equivalents** | **(2281)**  | **249** |
| Cash and cash equivalents in the opening balance | 8188  | 7891 |
| Cash change in cash and cash equivalents | (2281)  | 249 |
| Non-cash change in cash and cash equivalents | (61)  | 48 |
| **Cash and cash equivalents in the closing balance** | **5846**  | **8188** |

---

(1) See Note 1.9 to the Consolidated Financial Statements.

3.1.4.1.2.1 Net cash provided by operating activities (telecom activities)

Net cash provided by operating activities (telecom activities) was 11,921 million euros in 2022, versus 11,636 million euros in 2021.

In 2022, Orange pursued its policy of managing its working capital requirement. The effects on the change in working capital requirement (i) of the receivables disposal program, and (ii) the extended payment terms on the payables of certain suppliers of goods and services and fixed assets, are respectively described in Notes 4.3 and 5.6 to the Consolidated Financial Statements.

---

| | |
|:---|:---|
| **Change in net cash provided by operating activities (telecom activities) - 2022 vs. 2021**<br> **(at December 31, in millions of euros)**  | **Decrease/**<br> (Increase) |
| **Net cash provided by operating activities in 2021** | **11636** |
| Increase (decrease) in operating income | 2298 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Decrease (increase) in impairment of goodwill <sup>(1)</sup>*  | *2885* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Gains (losses) on disposal of fixed assets, investments and activities <sup>(2)</sup>*  | *(2274)* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Change in the cost of the French part-time for seniors plans and related premiums <sup>(3)</sup>*  | *895* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Other* | *792* |
| Change in working capital requirement | (404) |
| Decrease (increase) in operating taxes and levies paid | (33) |
| Decrease (increase) in net interest paid and interest rate effects on derivatives, net (net of dividends received) | 169 |
| Decrease (increase) in income taxes paid | (78) |
| Change in non-monetary items included in operating income and reclassified items for presentation <sup>(2)</sup>  | (1668) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Decrease (increase) in impairment of goodwill <sup>(1)</sup>*  | *(2885)* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Gains (losses) on disposal of fixed assets, investments and activities <sup>(2)</sup>*  | *2274* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Other <sup>(4)</sup>*  | *(1057)* |
| **Net cash provided by operating activities in 2022** | **11921** |

---

(1) Mainly (i) the counter-effect of the impairment of goodwill in Spain in 2021, and (ii) the impairment of goodwill in Romania in 2022 (see Section 3.1.2.2.2 *Group operating income* and Note 7 to the Consolidated Financial Statements).

(2) Mainly the counter-effect of gains resulting from the loss of exclusive control of Orange Concessions and Światlowód Inwestycje (FiberCo in Poland) in 2021 (see Section 3.1.2.2.2 *Group operating income* and Note 3.2 to the Consolidated Financial Statements).

(3) See [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED] Note 6.1 to the Consolidated Financial Statements.

(4) Reclassified items for presentation include the elimination of operating taxes and levies included in operating income and presented separately above.

Between 2021 and 2022, the increase of 285 million euros in net cash provided by operating activities (telecom activities) was largely attributable to:

**-** the increase of 792 million euros in operating income from telecom activities on a historical basis, excluding changes in the impairment of goodwill, gains (losses) on disposals of fixed assets, investments and activities and the expense for the French part-time for seniors plans and related premiums (with no effect on net cash provided by operating activities); and

**-** to a lesser extent, the decrease of 169 million euros in interest paid and interest rate effects on derivatives, net (net of dividends received, and including interest paid on lease liabilities and on debt relating to financed assets), mainly due to (i) the decrease in bond coupons with the issue of new bonds at lower interest rates than the matured bonds, and (ii) the increase in income received on investments;

**-** partially offset by (i) the change of 404 million euros in working capital requirement between the two periods, mainly resulting from the counter-effect of the normalization in 2021 of timing differences in the collection of trade receivables affected by the Covid-19 health crisis at the end of 2020, and (ii) to a lesser extent, the increase of 78 million euros in income tax paid.

3.1.4.1.2.2 Net cash used in investing activities (telecom activities)

The net cash used in investing activities of telecom activities were a negative 10,625 million euros in 2022, compared with a negative 6,227 million euros in 2021.

Between 2021 and 2022, the increase of 4,398 million euros in net cash used in investing activities of telecom activities is largely attributable to:

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**-** the change in investments and other financial assets between the two periods (mainly investments at fair value), with an increase of 2,289 million euros in 2022, compared with a decrease of 1,632 million euros in 2021, due to the Group's active cash management policy;

**-** the counter-effect of disposals of equity securities in 2021 for 986 million euros, mainly due to (i) the disposal of 50% of Orange Concessions for 758 million euros, and (ii) the disposal of 50% of Światlowód Inwestycje (the FiberCo in Poland) for 132 million euros (see Note 3.2 to the Consolidated Financial Statements);

**-** partially offset by:

- the decrease of 306 million euros in purchases and sales of property, plant and equipment and intangible assets (net of the change in fixed asset payables), mainly due to (i) the decrease in economic CAPEX paid (mainly the counter-effect of the recognition in 2021 of substantial outflows due to the strong increase in investments at the end of 2020 in order to make up for the delay caused by the Covid-19 health crisis, and the effect of the loss of exclusive control of Orange Concessions following the disposal of 50% of the capital and its recognition under equity accounting on November 3, 2021), (ii) partially offset by the increase in telecommunication licenses paid (see Section 3.1.2.5.1 *Capital expenditure)*,

- and the decrease of 187 million euros in acquisitions of equity securities, mainly relating to the counter-effect of the recognition in 2021 of the acquisition in the same year of 54% of Telekom Romania Communications (TKR) for 206 million euros (see Note 3.2 to the Consolidated Financial Statements).

Purchases and sales of property, plant and equipment and intangible assets

---

| | | |
|:---|:---|:---|
| **Purchases and sales of property, plant and equipment and intangible assets <sup>(1) (4)</sup>**<br> **(at December 31, in millions of euros)**  | **2022** | **2021**<br> **on a historical basis** |
| **Purchases of property, plant and equipment and intangible assets** | **(8742)**  | **(8725)** |
| &nbsp;&nbsp;&nbsp;&nbsp; eCAPEX | (7335)  | (7636) |
| &nbsp;&nbsp;&nbsp;&nbsp; Elimination of proceeds from sales of property, plant and equipment and intangible assets <sup>(2)</sup>  | (347)  | (163) |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecommunication licenses | (1060)  | (926) |
| **Increase (decrease) in fixed asset payables <sup>(3)</sup>**  | **166**  | (49) |
| **Sales of property, plant and equipment and intangible assets <sup>(4)</sup>**  | **324**  | **217** |
| **Total telecom activities** | **(8251)**  | **(8557)** |

---

(1) Net of the change in fixed asset payables. Furthermore, financed assets have no effect on net cash flows when acquired (see Section 3.1.2.5 *Group capital expenditure* and Notes 1.5 and 8.5 to the Consolidated Financial Statements).

(2) Elimination of proceeds from sales of property, plant and equipment and intangible assets included in economic CAPEX (eCAPEX).

(3) Including investing donations received in advance.

(4) Net of change in receivables and advances on disposals of fixed assets.

Acquisitions and sales of equity securities

---

| | | |
|:---|:---|:---|
| **Acquisitions and sales of equity securities <sup>(1)</sup>**<br> **(at December 31, in millions of euros)**  | **2022** | **2021**<br> **on a historical basis** |
| **Acquisitions of equity securities** | (101)  | (288) |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquisition of 54% of Telekom Romania Communications (TKR, renamed Orange Romania Communications) <sup>(3)</sup>  | 11  | (206) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other acquisitions | (112)  | (82) |
| **Disposals of equity securities** | **17**  | **986** |
| &nbsp;&nbsp;&nbsp;&nbsp; Disposal of 50% of Światlowód Inwestycje (FiberCo in Poland) <sup>(2)</sup>  | 18  | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disposal of 50% of Orange Concessions <sup>(2)</sup>  | (8)  | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other disposals | 7  | 96 |
| **Total telecom activities** | (84)  | **698** |

---

(1) Acquisitions and disposals of equity securities (i) in subsidiaries (net of cash acquired or transferred), (ii) in associates and joint ventures, and (iii) measured at fair value.

(2) See Note 3.2 to the Consolidated Financial Statements.

Other changes in shareholdings and other financial assets

---

| | | |
|:---|:---|:---|
| **Other decreases (increases) in investments and other financial assets**<br> **(at December 31, in millions of euros)**  | **2022** | **2021**<br> **on a historical basis** |
| Investments at fair value (excluding cash equivalents) | (2256)  | 943 |
| Other | (33)  | 689 |
| **Total telecom activities** | **(2289)**  | **1632** |

---

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3.1.4.1.2.3 Net cash used in financing activities (telecom activities)

Net cash flows related to the financing of telecom activities were a negative 3,577 million euros in 2022, versus 5,160 million euros in 2021.

---

| | | |
|:---|:---|:---|
| **Net cash used in financing activities**<br> **(at December 31, in millions of euros)**  | **2022** | **2021**<br> **on a historical basis** |
| **Change in medium- and long-term debt <sup>(1)</sup>**  | **721**  | **(2050)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Medium and long-term debt issuances | 1809  | 2523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medium and long-term debt redemptions and repayments | (1088)  | (4572) |
| **Repayment of lease liabilities** | **(1514)**  | **(1621)** |
| **Increase (decrease) of bank overdrafts and short-term borrowings <sup>(1)</sup>**  | (367)  | **1148** |
| **Decrease (increase) of cash collateral deposits <sup>(1)</sup>**  | **673**  | **973** |
| **Exchange rate effects on derivatives, net** | (91)  | **201** |
| **Subordinated notes issuances (purchases) and other related fees <sup>(2) (3)</sup>**  | (451)  | (311) |
| **Coupon on subordinated notes <sup>(2) (3)</sup>**  | (213)  | (238) |
| **Proceeds (purchase) of treasury shares <sup>(2)</sup>**  | **14**  | (199) |
| &nbsp;&nbsp;&nbsp;&nbsp; Together 2021 Employee Shareholding Plan <sup>(4)</sup>  | 20  | (188) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other proceeds (purchases) of treasury shares | (6)  | (11) |
| **Capital increase (decrease) <sup>(2)</sup>**  | (173)  | (316) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital increase (decrease) of owners of the parent company | (0)  | - |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital increase (decrease) - non-controlling interests | 0  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital increase (decrease) - Telecom activities/Mobile Financial Services | (173)  | (317) |
| **Changes in ownership interests with no gain or loss of control** | (11)  | (403) |
| &nbsp;&nbsp;&nbsp;&nbsp; Conditional voluntary public tender offer for shares of Orange Belgium <sup>(5)</sup>  | -  | (316) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other changes in ownership interests <sup>(6)</sup>  | (11)  | (87) |
| **Dividends paid <sup>(2)</sup>**  | **(2164)**  | **(2345)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends paid to owners of the parent company <sup>(3)</sup>  | (1861)  | (2127) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends paid to non-controlling interests | (304)  | (218) |
| **Total telecom activities** | **(3577)**  | **(5160)** |

---

(1) See Note 13 to the Consolidated Financial Statements.

(2) See Note 15 to the Consolidated Financial Statements.

(3) See Section 3.1.4.3 *Equity.*

(4) See Note 6.3 to the Consolidated Financial Statements.

(5) See Note 3.2 to the Consolidated Financial Statements.

(6) Including, in 2021, the impact of the purchase of the non-controlling interests of Groupama in Orange Bank.

Between 2021 and 2022, the decrease of 1,583 million euros in net cash flows related to the financing of telecom activities is largely attributable to:

**-** the decrease of 3,484 million euros in medium and long-term debt redemptions and repayments (see Notes 13.5 and 13.6 to the Consolidated Financial Statements), mainly due to the counter-effect of large bond redemptions in 2021;

**-** the counter-effect of the recognition in 2021 of changes in ownership interests with no gain/loss of control for 403 million euros, mainly related to (i) the conditional voluntary public tender offer for shares of Orange Belgium for 316 million euros (see Note 3.2 to the Consolidated Financial Statements), and (ii) the acquisition of Groupama's non-controlling interests in Orange Bank; and

**-** the decrease of 266 million euros in dividends paid by Orange SA (see Section 3.1.4.3 *Equity* and Note 15.3 to the Consolidated Financial Statements). In 2021, the balance of the dividend paid for fiscal year 2020 was 0.30 euro per share, increased by the payment of an exceptional shareholder dividend of an additional 0.20 euro per share, using part of the funds received from the settlement of the tax dispute in France concerning fiscal years 2005-2006 (see Note 10.2 to the Consolidated Financial Statements). In 2022, the balance of the dividend for fiscal year 2021 was 0.40 euro per share;

**-** partially offset by:

- the decrease of 1,515 million euros in bank overdrafts and short-term borrowings, mainly due to the counter-effect of the increased use of the negotiable debt securities (NEU Commercial Paper) program in 2021,

- the decrease of 714 million euros in medium and long-term debt issuances (see Notes 13.5 and 13.6 to the Consolidated Financial Statements),

- the change of cash collateral deposits (with a rise of 673 million euros in 2022 compared with an increase of 973 million euros in 2021), reflecting the change in the fair value of derivatives used for hedging the Group's bonds (see Note 13.8 to the Consolidated Financial Statements),

- the change in exchange rate effects on derivatives, net, of 292 million euros,

- and the counter-effect of the recognition in 2021 of purchases of treasury shares as part of the Together 2021 Employee Shareholding Plan (see Note 6.3 to the Consolidated Financial Statements) for 188 million euros, against proceeds of 20 million euros received in 2022.

3.1.4.2 Financial debt and liquidity position of telecom activities

[REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

3.1.4.2.1 Net financial debt

Net financial debt (see Note 13.3 to the Consolidated Financial Statements) [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED] are financial indicators not defined by IFRS. For further information on the calculation of these indicators and the reasons why the Orange group uses them, see Section 3.1.5 *Financial indicators not defined by IFRS* and Section 7.2.1 *Financial glossary*. Net financial debt as defined and used by Orange does not take into account Mobile Financial Services activities, for which this concept is not relevant.

---

| | | |
|:---|:---|:---|
| **(at December 31)** | **2022** | **2021**<br> **on a historical basis** |
| **Net financial debt <sup>(1) (2)</sup>**  | **25298**  | **24269** |
| [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED] |  |  |

---

(1) See Section 3.1.5 *Financial indicators not defined by IFRS.*

(2) In millions of euros.

Between December 31, 2021 and December 31, 2022, net financial debt rose by 1,028 million euros.

---

| | |
|:---|:---|
| **Change in net financial debt - 2022 vs. 2021**<br> **(at December 31, in millions of euros)**  | **Decrease/**<br> (Increase) |
| **Net financial debt at December 31, 2021** | **(24269)** |
| [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED] |  |
| Telecommunication licenses paid <sup>(2)</sup>  | (981) |
| Significant litigation paid (and received) | (20) |
| Net impact of changes in the scope of consolidation | (104) |
| Issues (redemptions), coupons and other fees related to subordinated notes <sup>(3)</sup>  | (710) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Subordinated notes issuances (purchases) and other related fees <sup>(4)</sup>*  | (497) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Coupon on subordinated notes* | (213) |
| Dividends paid to owners of the parent company <sup>(3)</sup>  | (1861) |
| Dividends paid to non-controlling interests | (304) |
| Other financial items | (107) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Capital increases of the Mobile Financial Services entities subscribed by the Group <sup>(5)</sup>*  | (173) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Other <sup>(6)</sup>*  | *65* |
| **Decrease (increase) in net financial debt** | **(1028)** |
| **Net financial debt at December 31, 2022** | **(25298)** |

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[REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

(2) Mainly disbursements relating to (i) 5G licenses in Belgium, France and Romania, and (ii) 4G licenses in Egypt and Poland.

(3) See Section 3.1.4.3 *Equity* and Note 15 to the Consolidated Financial Statements.

(4) Including 46 million euros reclassified as short-term debt (see Note 15.4 to the Consolidated Financial Statements).

(5) See Note 1.9 to the Consolidated Financial Statements.

(6) Including the effect of recognizing debt related to financed assets.

3.1.4.2.2 Management of financial debt and liquidity position

Financial assets, liabilities and financial results (excluding telecom activities) and information relating to market risks and the fair value of the financial assets and liabilities of telecom activities are described in Notes 13 and 14, respectively, to the Consolidated Financial Statements.

At December 31, 2022, the liquidity position of telecom activities amounted to 16,741 million euros and exceeded the repayment obligations of gross financial debt in 2023. At December 31, 2022, the liquidity position of telecom activities mainly comprised 5,846 million euros in cash and cash equivalents and 4,500 million euros in investments at fair value (see Note 14.3 to the Consolidated Financial Statements).

3.1.4.2.3 Exposure to market risks and financial instruments

The management of interest rate risk, foreign exchange risk, liquidity risk, credit risk and counterparty risk, financial ratios and equity market risk, is described in Note 14 to the Consolidated Financial Statements.

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3.1.4.2.4 Change in Orange's credit rating

Orange's credit rating is an additional overall performance indicator used to assess the Group's financial policy and risk management policy and, in particular, its solvency and liquidity risk. It is not a substitute for an analysis carried out by investors. Rating agencies regularly review the ratings they award. Any change in the rating could affect the cost of future financing or access to liquidity.

In addition, a change in Orange's credit rating will, for some outstanding financing, affect the compensation paid to investors via Step-up clauses (a clause that triggers an increase in the coupon interest rate in the event of a downgrade of Orange's long-term credit rating by the rating agencies, according to contractually defined rules - this clause may also stipulate a downward revision of the coupon interest rate in the event of an improvement in the rating, as long as the interest rate does not drop below the initial interest rate on the loan - see Note 14.3 to the Consolidated Financial Statements).

Orange — 2022 Universal Registration Document - 123

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Orange's credit rating at December 31, 2022 is as follows:

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| | | | |
|:---|:---|:---|:---|
| **Orange's credit rating**<br> **(at December 31, 2022)** | **Standard & Poor's** | **Moody's** | **Fitch Ratings** |
| Long-term debt | BBB+ | Baa1 | BBB+ |
| Outlook | Stable | Stable | Stable |
| Short-term debt | A2 | P2 | F2 |

---

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3.1.4.3 Equity

At December 31, 2022, the French State held 22.95% of the share capital of Orange SA and 29.25% of the voting rights, directly or in concert with Bpifrance Participations (see Note 15 to the Consolidated Financial Statements).

The payment of dividends by Orange took place as follows (see Note 15.3 to the Consolidated Financial Statements):

**-** in 2022, payment of (i) the balance of the dividend of 0.40 euros per share for the 2021 fiscal year, and (ii) the interim dividend of 0.30 euros per share for the 2022 fiscal year;

**-** in 2021, payment of (i) the balance of the 0.50 euros dividend per share for fiscal year 2020 (including the payment of an exceptional shareholder dividend of an additional 0.20 euros per share, using part of the funds received from the settlement of the tax dispute in France concerning fiscal years 2005-2006, see Note 10.2 to the Consolidated Financial Statements), and (ii) the interim dividend of 0.30 euros per share for fiscal year 2021.

Additionally, Orange has not exercised its right to defer the coupon payment for the subordinated notes since their issuance and accordingly paid the noteholders compensation of 215 million euros in 2022 (including 2 million euros of coupons on subordinated notes reclassified as short-term borrowings) and 238 million euros in 2021 (see Note 15.4 to the Consolidated Financial Statements).

In view of the early redemption of subordinated notes for a remaining amount of 426 million pounds sterling (from an original tranche of 600 million pounds sterling), launched in November 2022, the outstanding amount of Group subordinated notes was 4,950 million euros at December 31, 2022 (see Note 15.4 to the Consolidated Financial Statements).

Capital management is described in Note 14.8 to the Consolidated Financial Statements. Changes in equity are described in the consolidated statement of changes in shareholders' equity and in Note 15 to the Consolidated Financial Statements.

3.1.5 Financial indicators not defined by IFRS

In this document, in addition to the financial indicators reported in accordance with IFRS (International Financial Reporting Standards), Orange publishes financial indicators not defined by IFRS. As described below, these figures are presented as additional information and are not meant to be substitutes for, or to be confused with, the financial indicators as defined by IFRS.

3.1.5.1 Data on a comparable basis

In order to allow investors to track the annual changes in the Group's operations, data on a comparable basis are presented for the previous period. The transition from data on a historical basis to data on a comparable basis consists of keeping the results for the fiscal year ended and restating the results for the corresponding period in the previous fiscal year, in order to present financial data with comparable methods, scope of consolidation and exchange rates over comparable periods. Orange provides details of the effect of changes in method, scope of consolidation and exchange rates on its key operating indicators in order to isolate the intrinsic business effect. The method used is to apply to the data of the corresponding period of the previous fiscal year the methods and the scope of consolidation for the period just ended, as well as the average exchange rates used for the consolidated income statement in the Consolidated Financial Statements for the period just ended.

Orange's management believes that the presentation of these indicators on a comparable basis is relevant because these are indicators used internally by the Group to monitor its operating activities. Changes on a comparable basis better reflect organic business changes.

Data on a comparable basis are financial indicators not defined by IFRS and may not be comparable to similarly titled indicators used by other groups. It is provided as additional information only and should not be considered a substitute for an analysis of the Group's historical data for the past fiscal year or previous periods.

Orange — 2022 Universal Registration Document - 124

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3.1.5.1.1 2021 fiscal year - Group

The following table presents, for the Orange group, the transition from data on a historical basis to data on a comparable basis for the key operating data for fiscal year 2021.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2021 fiscal year - Group**<br> **(at December 31, 2021, in millions of euros)** | **Revenues** | **\*** | **Operating income** | **eCAPEX** | **Average number of employees** |
| **Data on a historical basis** | **42522** |  | **2521** | **7660** | **132002** |
| **Foreign exchange fluctuations <sup>(1)</sup>**  | **220** |  | **81** | **14** | **-** |
| &nbsp;&nbsp;&nbsp;&nbsp; US dollar (USD) | 196 |  | 71 | 14 | - |
| &nbsp;&nbsp;&nbsp;&nbsp; Guinean franc (GNF) | 112 |  | 47 | 15 | - |
| &nbsp;&nbsp;&nbsp;&nbsp; Jordanian dinar (JOD) | 48 |  | 8 | 9 | - |
| &nbsp;&nbsp;&nbsp;&nbsp; Egyptian pound (EGP) | (74) |  | (12) | (14) | - |
| &nbsp;&nbsp;&nbsp;&nbsp; Polish zloty (PLN) | (66) |  | (4) | (10) | - |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 4 |  | (29) | 0 | - |
| **Changes in the scope of consolidation and other changes** | **453** |  | **(2481)** | (248) | **2285** |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquisition/Takeover of Telekom Romania Communications (TKR) | 375 |  | (27) | 21 | 2662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in the accounting of the Orange Reprise mobile phone recovery offer (RE Program) | 44 |  | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp; Operational launch of Totem <sup>(2)</sup>  | 41 |  | 4 | 4 | - |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquisition of SCRT and Telsys by Orange Cyberdefense <sup>(2)</sup>  | 11 |  | 2 | - | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disposal/loss of control and equity accounting of Światlowód Inwestycje (FiberCo in Poland) <sup>(3)</sup>  | 1 |  | (340) | - | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Disposal/loss of control and equity accounting of Orange Concessions <sup>(4)</sup>  | (9) |  | (2117) | (253) | (78) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | (10) |  | (3) | (20) | (303) |
| **Data on a comparable basis** | **43195** |  | **122** | **7426** | **134287** |

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(1) Foreign exchange fluctuations between the average exchange rates for the 2021 fiscal year and the average exchange rates for the 2022 fiscal year.

(2) See Section 3.1.1.3 *Significant events.*

(3) In operating income, mainly the gain of 340 million euros from the loss of exclusive control of Światlowód Inwestycje (FiberCo in Poland), recognized in the review of fixed assets, investments and business portfolio in 2021 (see Note 3.2 to the Consolidated Financial Statements).

(4) In operating income, mainly the gain of 2,124 million euros from the loss of exclusive control of Orange Concessions, recognized in the review of fixed assets, investments and business portfolio in 2021 (see Note 3.2 to the Consolidated Financial Statements).

The changes included in the transition from data on a historical basis to data on a comparable basis for the 2021 fiscal year include:

**-** foreign exchange fluctuations between the average exchange rates for the 2021 fiscal year and the average exchange rates for the 2022 fiscal year;

**-** and changes in the scope of consolidation (see Section 3.1.1.3 *Significant events* and Note 3.2 to the Consolidated Financial Statements) and other changes, mainly including:

- the takeover of Telekom Romania Communications (TKR, renamed Orange Romania Communications, Europe segment), through the acquisition of 54% of the capital, on September 30, 2021, effective as of January 1, 2021 on a comparable basis,

- the change in the accounting treatment of the "Orange Reprise" offer (offer to buy back used equipment from customers in the form of purchase vouchers as part of the sale of own-brand handsets under the RE Program: see Section 3.1.1.3 *Significant events*). In 2021, the Group recognized the costs of buying back handsets from customers as a deduction from revenues. In 2022, a portion of these costs was recognized in operating expenses (purchased handset inventories) for the amount corresponding to the market value of the recovered mobile phone. This change of presentation has no effect on [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED] operating income,

- the operational launch of Totem at the end of 2021 (new segment, see the heading in Section 3.1 *Review of the Group's financial position and results* and Note 1.1 to the Consolidated Financial Statements), effective as of January 1, 2021 on a comparable basis,

- the acquisitions of SCRT and Telsys by Orange Cyberdefense (Enterprise segment) on November 8, 2022, effective as of November 1, 2021 on a comparable basis,

- the loss of exclusive control of Światlowód Inwestycje (FiberCo in Poland, Europe segment), through the disposal of 50% of the capital, on August 31, 2021, and the equity accounting of this company, effective as of January 1, 2021 on a comparable basis,

- and the loss of exclusive control of Orange Concessions (France segment), through the disposal of 50% of the capital, on November 3, 2021, and the equity accounting of this company, effective as of January 1, 2021 on a comparable basis.

Orange — 2022 Universal Registration Document - 125

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3.1.5.1.2 2021 fiscal year - Segments

The following table presents, for each segment of the Orange group, the transition from data on a historical basis to data on a comparable basis for the key operating data for fiscal year 2021.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2021 fiscal year - Segments**<br> **(at December 31, 2021, in millions of euros)** | **Revenues** | **EBITDAaL** | **Operating income** | **eCAPEX** | **Average number of employees** |
| **France** |  |  |  |  |  |
| Data on a historical basis | 18092 | 6867 | 2653 | 4117 | 49447 |
| Foreign exchange fluctuations <sup>(1)</sup>  | 0 | - | 0 | - | - |
| Changes in the scope of consolidation and other changes <sup>(2)</sup>  | 83 | (247) | (151) | (323) | (115) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in the accounting of the Orange Reprise mobile phone recovery offer (RE Program) | 44 | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp; Operational launch of Totem <sup>(3)</sup>  | 18 | (257) | (168) | (51) | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Disposal/loss of control and equity accounting of Orange Concessions | (10) | - | 8 | (253) | (78) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other changes <sup>(2)</sup>  | 31 | 10 | 9 | (19) | 12 |
| Data on a comparable basis | 18175 | 6620 | 2502 | 3794 | 49332 |
| **Europe** |  |  |  |  |  |
| Data on a historical basis | 10579 | 2830 | (2933) | 1893 | 26345 |
| Foreign exchange fluctuations <sup>(1)</sup>  | (58) | (15) | (4) | (8) | - |
| Changes in the scope of consolidation and other changes <sup>(2)</sup>  | 376 | (87) | (436) | (9) | 2633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquisition/Takeover of Telekom Romania Communications (TKR) | 376 | 7 | (27) | 21 | 2662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Operational launch of Totem <sup>(3)</sup>  | - | (94) | (67) | (30) | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Disposal/loss of control and equity accounting of Światlowód Inwestycje (FiberCo in Poland) <sup>(4)</sup>  | 1 | (1) | (340) | - | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other changes <sup>(2)</sup>  | (1) | 1 | (2) | 0 | (0) |
| Data on a comparable basis | 10898 | 2728 | (3373) | 1876 | 28977 |
| **Africa & Middle East** |  |  |  |  |  |
| Data on a historical basis | 6381 | 2265 | 1291 | 1064 | 14474 |
| Foreign exchange fluctuations <sup>(1)</sup>  | 123 | 57 | 47 | 15 | - |
| Changes in the scope of consolidation and other changes <sup>(2)</sup>  | - | - | (0) | - | - |
| Data on a comparable basis | 6504 | 2322 | 1338 | 1079 | 14474 |
| **Enterprise** |  |  |  |  |  |
| Data on a historical basis | 7757 | 970 | 474 | 318 | 28143 |
| Foreign exchange fluctuations <sup>(1)</sup>  | 152 | 43 | 39 | 8 | - |
| Changes in the scope of consolidation and other changes <sup>(2)</sup>  | 7 | (23) | (19) | (1) | (55) |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquisition of SCRT and Telsys by Orange Cyberdefense <sup>(3)</sup>  | 11 | 2 | 2 | - | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other changes <sup>(2)</sup>  | (4) | (25) | (21) | (1) | (63) |
| Data on a comparable basis | 7917 | 990 | 494 | 326 | 28088 |
| **Totem** |  |  |  |  |  |
| Data on a historical basis | - | - | - | - | - |
| Foreign exchange fluctuations <sup>(1)</sup>  | - | - | - | - | - |
| Changes in the scope of consolidation and other changes <sup>(2)</sup>  | 596 | 352 | 232 | 84 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Operational launch of Totem <sup>(3)</sup>  | 596 | 352 | 232 | 84 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other changes <sup>(2)</sup>  | - | - | - | - | - |
| Data on a comparable basis | 596 | 352 | 232 | 84 | 75 |
| **International Carriers & Shared Services** |  |  |  |  |  |
| Data on a historical basis | 1515 | (237) | 1217 | 243 | 12650 |
| Foreign exchange fluctuations <sup>(1)</sup>  | 5 | (1) | (1) | 0 | - |
| Changes in the scope of consolidation and other changes <sup>(2)</sup>  | (7) | 1 | (2107) | (0) | (253) |
| &nbsp;&nbsp;&nbsp;&nbsp; Operational launch of Totem <sup>(3)</sup>  | - | 2 | 5 | - | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Disposal/loss of control and equity accounting of Orange Concessions <sup>(5)</sup>  | - | - | (2123) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp; Other changes <sup>(2)</sup>  | (7) | (1) | 11 | (0) | (252) |
| Data on a comparable basis | 1513 | (237) | (890) | 243 | 12398 |
| **Mobile Financial Services** |  |  |  |  |  |
| Data on a historical basis | - | (131) | (182) | 24 | 943 |
| Foreign exchange fluctuations <sup>(1)</sup>  | - | - | - | - | - |
| Changes in the scope of consolidation and other changes <sup>(2)</sup>  | - | - | - | - | - |
| Data on a comparable basis | - | (131) | (182) | 24 | 943 |

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(1) Foreign exchange fluctuations between the average exchange rates for the 2021 fiscal year and the average exchange rates for the 2022 fiscal year.

(2) Including the effect of internal reorganizations between segments, which have no effect at Group level.

(3) See Section 3.1.1.3 *Significant events.*

(4) In operating income, mainly the gain of 340 million euros from the loss of exclusive control of Światlowód Inwestycje (FiberCo in Poland), recognized in the review of fixed assets, investments and business portfolio in 2021 (see Note 3.2 to the Consolidated Financial Statements).

(5) In operating income, mainly the gain of 2124 million euros from the loss of exclusive control of Orange Concessions, recognized in the review of fixed assets, investments and business portfolio in 2021 (see Note 3.2 to the Consolidated Financial Statements).

Orange — 2022 Universal Registration Document - 126

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3.1.5.3 eCAPEX

eCAPEX (or "economic CAPEX") relates both to (i) investments in property, plant and equipment and intangible assets, excluding telecommunication licenses and financed assets sold, less the price of disposal of fixed assets, and (ii) acquisitions of property, plant and equipment and intangible assets excluding telecommunication licenses and changes in fixed asset payables, less the price of disposal of fixed assets.

The table below shows the transition from (i) investments in property, plant and equipment and intangible assets as presented in Note 1.6 to the Consolidated Financial Statements, and (ii) purchases of property, plant and equipment and intangible assets, excluding the change in fixed asset payables, as presented in the *consolidated statement of cash flows*, to (iii) eCAPEX.

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| | | |
|:---|:---|:---|
| **(at December 31, in millions of euros)**  | **2022** | **2021**<br> **on a historical basis** |
| **Investments in property, plant and equipment and intangible assets** | **9007**  | **8789** |
| Financed assets | (229)  | (40) |
| **Purchases of property, plant and equipment and intangible assets <sup>(1)</sup>**  | **8777**  | **8749** |
| Price of disposal of fixed assets | (347)  | (163) |
| Telecommunication licenses | (1060)  | (926) |
| **eCAPEX** | **7371**  | **7660** |

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(1) See the *consolidated statement of cash flows*. Excluding the change in fixed asset payables. Financed assets have no effect on net cash flows upon acquisition.

Orange's management believes that the presentation of eCAPEX is relevant because this indicator (i) does not include investments in telecommunication licenses (the acquisition of these licenses is not part of the daily monitoring of operating investments) and financed assets (no effect on net cash flows upon acquisition), and (ii) allows, in a context of asset rotation primarily linked to the fiber optic economic model, more accurate measurement of the actual amount of investments by excluding the price of disposal of fixed assets. It is the indicator used internally by the Group in allocating resources, in order to measure the operating efficiency of the use of investments for each of its business segments.

eCAPEX is a financial indicator not defined by IFRS and may not be comparable to similarly titled indicators used by other groups. It is provided as additional information only and should not be considered a substitute for purchases of property, plant and equipment and intangible assets, or investments in property, plant and equipment and intangible assets.

[REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

3.1.5.6 Net financial debt

Net financial debt as defined and used by Orange does not take into account Mobile Financial Services activities, for which this concept is not relevant. It consists of (i) financial liabilities excluding operating payables (translated into euros at the year-end closing rate) including derivative instruments (assets and liabilities), (ii) less cash collateral paid, cash, cash equivalents and financial assets at fair value. Furthermore, financial instruments designated as cash flow hedges included in net financial debt are set up to hedge items that are not included in net financial debt, such as future cash flows. As a result, the portion relating to these unmatured hedging instruments recorded in other comprehensive income is added to gross financial debt to offset this temporary difference.

The breakdown of net financial debt is shown in Note 13.3 to the Consolidated Financial Statements.

Net financial debt is an indicator of financial position used by the Group. Net financial debt is a frequently disclosed indicator. It is widely used by analysts, investors, rating agencies and most groups in all business sectors in Europe.

Net financial debt is a financial indicator not defined by IFRS and may not be comparable to similarly titled indicators used by other groups. It is provided as additional information only and should not be considered a substitute for an analysis of all assets and liabilities.

[REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

3.2 Recent events and financial objectives

3.2.1 Recent events

#### EIB financing for the deployment of 5G and 4G networks in France
On March 1, 2023, Orange borrowed 500 million euros from the European Investment Bank (EIB) to help finance in France the rollout of its 5G mobile network and the reinforcement of its 4G mobile network capacity in rural areas. This financing is part of the roadmap of Orange's new strategic plan *Lead the future*, which aims, among other things, to capitalize on the Group's infrastructure in order to consolidate Orange's leading position in terms of quality of service and networks.

#### European Commission's approval of the acquisition by Orange Belgium of a majority share in VOO SA
On March 20, 2023, the European Commission approved the acquisition of 75% of the capital less one share of VOO SA by Orange Belgium. This decision validates the commitments already taken by Orange Belgium following the agreements signed in December 2021 with Nethys and in January 2023 with Telenet (see sections 1.3 *Significant events* and 1.4.2.3 *Operating activities - Belgium & Luxembourg*). The transaction should be completed by the end of the second quarter of 2023.

#### Litigation in Mali
On March 13, 2023, the Supreme Court of Mali rejected the appeal of Orange Mali and Malitel in the Remacotem case (see note 18 *Litigation* in the notes to the Consolidated Financial Statements). Following this decision, the Bamako High Court nevertheless granted a two-month grace period to implement the decision.

The consumer association Remacotem sued the operators Orange Mali and Malitel (Maroc Telecom) in 2011 to challenge the billing of calls to voice mail. In 2013, the court of first instance dismissed the case on the grounds that the billing was approved. At the end of 2021, Orange Mali and Malitel found out that this decision had been the subject of an appeal, instructed without their being consulted, and that they had been ordered to pay the plaintiff association 266 million euros in compensation, of which Orange Mali was responsible for 176 million euros.

Several actions have been initiated, or are being prepared, both at the local level (injunction procedure) and at the international level (notably with the ICSID).

The Group holds an indirect 28% stake in Orange Mali via Sonatel (70% shareholder of Orange Mali since 2002). This investment is fully consolidated in the Group's accounts.

#### Arbitral decision in the Korek Telecom litigation
On March 20, 2023, an arbitration tribunal constituted under the aegis of the International Chamber of Commerce rendered a final award in the dispute between (indirectly, through their joint company) the Kuwaiti logistics group Agility and Orange, and their former Iraqi co-shareholder in the capital of the Iraqi operator Korek Telecom. The arbitral tribunal awarded 1.65 billion US dollars in damages to the joint company and the former shareholder holding company of Korek Telecom for various violations of the shareholders' agreement and tortious acts committed by the former Iraqi shareholder, in particular for collusion with the Iraqi telecommunications regulator. Other proceedings, in particular the arbitration procedure initiated by Orange with the ICSID against the Iraqi State, are still in progress (see note 18 *Litigation* to the Consolidated Financial Statements).

#### Orange Business transformation Plan
On March 21 and 22, 2023, Orange Business presented to the employee representative bodies the operational implementation of its strategic priorities within the framework of the strategic plan *Lead the Future*. This plan carries a strong ambition to transform and simplify Orange Business, whose market is undergoing profound changes, towards a Digital Services Company model, in order to:

**-** strengthen its IT and solutions integrator activities. In addition to recruitment, Orange Business will undertake a training and retraining program in key IT and digital professions for around 5,000 employees worldwide by 2025;

**-** simplify the organization and support the decline of the historical telecom activities in France, resulting in a project to resize the teams working on these business segments. The proposed plan could lead to the loss of approximately 670 positions in France within the Enterprise Communications Services establishment, which includes the main historical activities of Orange Business, on an exclusively voluntary basis. In this context, Orange Business has announced it wishes to propose to the trade unions the opening of negotiations on a Collective Bargaining Agreement (*accord de Rupture Conventionnelle Collective*) to support employees who wish to leave the company.

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5. Corporate Governance

In 2022, Orange separated the offices of the Chairman of the Board of Directors and the Chief Executive Officer and, on a broader level, updated the Group's governance structure.

This change in governance was the result of work that began in 2021 through an ad-hoc committee composed of the Chairwoman of the Governance and Corporate Social and Environmental Responsibility Committee, Anne-Gabrielle Heilbronner, and Lead Director Bernard Ramanantsoa. It involved seeking and identifying a candidate to assume the position of Chief Executive Officer, a new Board Chairman to replace Stéphane Richard and a new independent director to replace Helle Kristoffersen.

At the end of this process, the Orange Board of Directors met on January 28, 2022 and appointed Christel Heydemann as Chief Executive Officer of Orange effective April 4, 2022, with Stéphane Richard assuming the role of Non-Executive Chairman from that date.

In addition, as the term of office of Stéphane Richard, who had been serving as Non-Executive Chairman since April 4, 2022, was due to expire at the close of the Shareholders' Meeting of May 19, 2022, the Board of Directors, at its meeting of March 30, 2022, proposed the appointment of Jacques Aschenbroich at the next Shareholders' Meeting as an independent director and to serve as Chairman of the Board of Directors.

The Board also proposed appointing Valérie-Beaulieu-James as an independent director to replace Helle Kristoffersen.

At the Shareholders' Meeting of May 19, 2022, Jacques Aschenbroich was duly appointed Independent Director. The Board of Directors then met at the end of the Shareholders' Meeting and:

**-** confirmed the separation of the offices of Chairman of the Board of Directors and Chief Executive Officer;

**-** appointed Jacques Aschenbroich as Chairman of the Board for the duration of his directorship; and

**-** confirmed Christel Heydemann as Chief Executive Officer and Ramon Fernandez as *Delegate* Chief Executive Officer.

On assuming his position as Chairman of the Board, Jacques Aschenbroich immediately arranged meetings in the second half of 2022 with Orange's main shareholders (excluding the French State shareholder) in the context of shareholder dialog. Such meetings are recommended, most notably, by the AMF so that listed companies can remain in constant contact with their investors, both prior to the publication of the companies' draft resolutions and subsequent to shareholders' meetings to resolve any points of disagreement about the voting policy of each shareholder category.

The Chairman also took steps to clearly define the respective roles of the Chairman of the Board of Directors and the Chief Executive Officer, since this separation of offices was a new mode of governance for Orange. Additionally, with regard to the operating procedures of the Board and its committees, he recommended that the Innovation and Technology Committee (ITC) be turned into the Strategy and Technology Committee (STC) to review key areas of focus that will help define the new strategic plan and determine what the Company needs to do to meet the plan's objectives.

Lastly, in accordance with the recommendation of the Afep-Medef Code, the Chairman amended the Board's Internal Guidelines to introduce meetings that exclude Executive Corporate Officers (so-called "executive sessions"). He proposed in addition that executive sessions be held once a year with only Independent Directors in attendance.

5.1 Composition of management and supervisory bodies

5.1.1 Board of Directors

At February 15, 2023, the date on which the Board of Directors approved the Report on Corporate Governance, the Board comprised 15 members: seven Independent Directors including the Chairman of the Board of Directors, the non-independent Chief Executive Officer, three Directors representing the public sector, three Directors elected by employees, and one Director representing employee shareholders.

#### Chairman of the Board of Directors

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| | | |
|:---|:---|:---|
|  | **Date first appointed** | **Term ending** |
| Jacques Aschenbroich | 05/19/2022 | At the close of the 2026 Shareholders' Meeting |

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**Jacques Aschenbroich**, born in 1954, has been Chairman of the Orange Board of Directors since May 19, 2022. He was Director and Chief Executive Officer of the Valeo group from March 20, 2009 until February 18, 2016, Chairman and Chief Executive Officer until January 26, 2022, then Chairman of the Valeo Board of Directors from January 27, 2022 until December 31, 2022. He is now Honorary Chairman of Valeo. Before joining Valeo, he held several positions in the French government and served in the Prime Minister's office in 1987 and 1988. He then pursued a business career at the Saint-Gobain group from 1988 to 2008. Having managed subsidiaries in Brazil and Germany, he became Managing Director of the flat glass division of Compagnie de Saint-Gobain and went on to become Chairman of Saint-Gobain Vitrage in 1996. As Deputy Chief Executive Officer of Compagnie de Saint-Gobain from October 2001 to December 2008, he managed flat glass and high-performance materials from January 2007 and, as the Director of Saint-Gobain Corporation and General *Delegate* to the United States and Canada, he directed the Group's operations in the United States from September 1, 2007. He is also a Director of BNP Paribas, Director of TotalEnergies, Chairman of the Board of Directors of École Nationale Supérieure Mines ParisTech, and Co-Chairman of the Club d'Affaires Franco-Japonais. Jacques Aschenbroich is an Ingénieur diplômé du Corps des Mines. He is a French national.

Orange — 2022 Universal Registration Document - 390

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#### Chief Executive Officer and Non-Independent Director

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| | |
|:---|:---|
|  | **Term ending** |
| Christel Heydemann<br>07/26/2017 <sup>(1)</sup>  | At the close of the 2024 Shareholders' Meeting |

---

(1) Co-opted as Director by the Board of Directors on July 26, 2017 to replace José-Luis Durán. Term of office ratified by the Shareholders' Meeting of May 4, 2018 and renewed by the Shareholders' Meeting of May 19, 2020. Based on the recommendation of the GCSERC, and over and above the criteria set out in Article 10.5 of the Afep-Medef Code, the Board of Directors, at its meeting of February 16, 2022, deemed that Christel Heydemann, appointed Chief Executive Officer with effect from April 4, 2022, could no longer be considered an Independent Director.

**Christel Heydemann**, born in 1974, was appointed Chief Executive Officer of Orange on April 4, 2022. Christel Heydemann began her career in 1997 with the Boston Consulting Group. In 1999, she joined Alcatel, where she held various senior positions, notably within the context of the Alcatel-Lucent merger. In 2004, she joined the Alcatel-Lucent sales department, taking charge of the strategic SFR and Orange accounts. In 2008, she was appointed Sales Director France and member of the Executive Committee of Alcatel-Lucent France. In 2009, she negotiated a strategic alliance with HP in the United States before being promoted in 2011 to Director of Human Resources and Transformation and member of the Executive Committee. Christel Heydemann joined Schneider Electric in 2014 as Senior VP Global Strategic Alliances with the task of accelerating the launch of IoT solutions by developing an ecosystem of partners, before being appointed Senior Vice President Corporate Strategy, Alliances and Development in February 2016. In April 2017 she was appointed Executive Director France Operations of Schneider Electric and then in May 2021, Director Europe Operations. She was also a member of the Schneider Electric Executive Committee. Christel Heydemann is a graduate of École Polytechnique and École Nationale des Ponts et Chaussées. She is a Knight of the French Legion of Honor. She is a French national.

#### Independent Directors

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Date first appointed** | **Term ending** |
| Jacques Aschenbroich | Chairman of the Board of Directors | 05/19/2022 <sup>(1)</sup>  | At the close of the 2026 Shareholders' Meeting |
| Alexandre Bompard | Member of the Strategy and Technology Committee | 12/07/2016 <sup>(2)</sup>  | At the close of the 2023 Shareholders' Meeting |
| Valérie Beaulieu | Member of the Audit Committee | 05/19/2022 | At the close of the 2026 Shareholders' Meeting |
| Anne-Gabrielle Heilbronner | Chairwoman of the GCSERC | 05/21/2019 | At the close of the 2023 Shareholders' Meeting |
| Bernard Ramanantsoa | Chairman of the Audit Committee | 06/07/2016 <sup>(3)</sup>  | At the close of the 2024 Shareholders' Meeting<sup>(4)</sup> |
| Frédéric Sanchez | Chairman of the Strategy and Technology Committee | 05/19/2020 | At the close of the 2024 Shareholders' Meeting |
| Jean-Michel Severino | Member of the Audit Committee | 06/07/2011 <sup>(5)</sup>  | At the close of the 2023 Shareholders' Meeting |

---

(1) Appointed Director by the Shareholders' Meeting of May 19, 2022 and appointed Chairman of the Board of Directors by the Board of Directors' Meeting held at the close of the Shareholders' Meeting of May 19, 2022.

(2) Co-opted by the Board of Directors on December 7, 2016 to replace Bernard Dufau. Term of office ratified by the Shareholders' Meeting of June 1, 2017 and renewed by the Shareholders' Meeting of May 21, 2019.

(3) Term of office renewed by the Shareholders' Meeting of May 19, 2020.

(4) Bernard Ramanantsoa informed the Company of his desire to step down from his office with effect from the close of the 2023 Shareholders' Meeting.

(5) Term of office renewed by the Shareholders' Meetings of May 27, 2015 and May 21, 2019.

**Alexandre Bompard**, born in 1972, has been the Chairman and Chief Executive Officer of Carrefour since July 18, 2017. After graduating from the École Nationale d'Administration (ENA), Alexandre Bompard was posted to the Inspectorate General of Finance (1999-2002). Thereafter, he became Technical Advisor to François Fillon, then Minister of Social Affairs, Labor and Solidarity (April to December 2003). From 2004 to 2008, Alexandre Bompard worked in several capacities within the Canal+ group. He was Chief of Staff to Chairman Bertrand Méheut (2004-2005), then Director for Sports and Public Affairs for the Canal+ group (June 2005 to June 2008). In June 2008, he was appointed Chairman and Chief Executive Officer of Europe 1 and Europe 1 Sport. In January 2011, he joined the Fnac group as Chairman and Chief Executive Officer. He then undertook an ambitious transformation plan for the Group, called "Fnac 2015," to meet the challenge of the digital revolution and changes in customer expectations. On June 20, 2013, Alexandre Bompard also led Fnac's initial public offering. In fall 2015, Fnac launched a takeover bid on the Darty group. On July 20, 2016, he became Chairman and Chief Executive Officer of the new entity made up of Fnac and Darty. Alexandre Bompard is an alumnus of the École Nationale d'Administration (ENA) and a graduate of the Institut d'Études Politiques de Paris. He holds a master's degree in Public Law and a postgraduate degree in Economics. Alexandre Bompard is a Knight of the French Order of Merit and the French Order of Arts and Letters. He is a French national.

**Valérie Beaulieu**, born in 1967, has been Chief Sales and Marketing Officer of the Adecco Group since November 16, 2020. Valérie Beaulieu began her career as a journalist at Radio France and the French daily newspaper, *Ouest-France*. She was Marketing Director at ECS-Allium from 1991 to 1996. Valérie Beaulieu then joined Microsoft, where she held various marketing and sales management positions in North America, Asia and Europe for over 20 years. Since 1996, she has been COO and CMO of the Advertising business, General Manager of Asia Pacific for Partners and Small and Medium-sized Enterprises and, from October 2018 to October 2020, Director of Marketing for Microsoft US. Valérie Beaulieu has been a French Foreign Trade Advisor since January 2015. She was also a Director and member of the Audit and Risk Committee of ISS A/S from April 2020 to June 2022. She holds a master's degree in English from the University of Haute-Bretagne and a diploma in International Trade from the Chamber of Commerce and Industry of Réunion Island. She is a French national.

Orange — 2022 Universal Registration Document - 391

------

**Anne-Gabrielle Heilbronner**, born in 1969, is a member of the Management Board of Publicis group, the world's third-largest company in the field of communication and advertising. As group General Secretary, she is in charge of human resources, procurement, legal affairs, compliance and governance, CSR and the internal audit and control functions and risk management. As a member of the Management Board, she has input into all strategic decisions regarding the Group's transformation. She worked on the merger of Publicis with Omnicom in 2013, and the acquisitions of Sapient in the United States in 2015 and Epsilon in 2019. She began her career as a Financial Inspector before joining the Treasury Department as Deputy Manager of Social Housing Financing. She worked at Euris from 2000 to 2004 as Head of Corporate Finance in charge of all financial operations for Euris and Casino. Having contributed to EDF's initial public offering strategy, she then held the positions of Chief of Staff (2004-2005) and Special Adviser (2005-2007) respectively with the French Secretary of State for the Reform of State and then with the Ministry for Foreign Affairs. Director of Internal Audit and Risk Management at SNCF (2007-2010), where she developed and strengthened the role of the audit and compliance functions (ethics, fraud prevention, etc.), she then became Senior Banker and Managing Director at Société Générale Corporate and Investment Banking, in charge of a portfolio of listed companies. She joined the Publicis group in 2012. Anne-Gabrielle Heilbronner is a Financial Inspector, an alumna of the École Nationale d'Administration (ENA), and a graduate of ESCP-Europe and of the Institut d'Études Politiques in Paris. She also holds a master's degree in Public Law and a postgraduate diploma in Tax Law and Public Finance. She is a French national.

**Bernard Ramanantsoa**, born in 1948, is a Director of several companies, universities and *Grandes Écoles*. Bernard Ramanantsoa began his career, during his military service, as a Lecturer at the École Nationale Supérieure de l'Aéronautique et de l'Espace in 1971 and 1972, before joining SNCF, where he became head of the Main Lines Marketing Division. In 1979, he joined the École des Hautes Études Commerciales (HEC) faculty as Professor of Business Strategy and Policy, specializing in the link between strategy and corporate culture. After being appointed as the Head of Faculty and Research, he served as Chief Executive Officer of HEC Paris from 1995 to 2015. He gave the institution a decidedly international dimension. Bernard Ramanantsoa is the author of numerous communications and publications in the field of business management. He received the Harvard L'Expansion Prize in 1989 for Technology and Business Strategy and the prize from the Académie des Sciences Commerciales in 1983 for Business Strategy and Diversification. In recent years, he wrote *Apprendre et Oser* (Learn and Dare), published by Albin Michel, and *L'enseignement supérieur français par-delà les frontières: l'urgence d'une stratégie* (French higher education beyond the borders: the urgency of a strategy), published by France Stratégie. Bernard Ramanantsoa holds an Engineering degree from the École Nationale Supérieure de l'Aéronautique et de l'Espace (Sup'Aéro) and has an MBA from HEC, a post-graduate diploma in Sociology from Paris Diderot University, a PhD in Management Sciences from Paris-Dauphine University and a further post-graduate degree in the History of Philosophy from Paris 1 Pantheon-Sorbonne University. He is a Knight of the French Legion of Honor and an Officer of the French Order of Merit, Knight of the Palmes Académiques and Officer of the National Order of Madagascar. He is a French and Malagasy national.

**Frédéric Sanchez**, born in 1960, is Chairman of the Fives group. He began his career at Renault in 1985 in Mexico and the US, before joining Ernst & Young as Senior Manager in late 1987. In 1990, he joined the Fives-Lille group, where he held various positions before becoming Chief Financial Officer in 1994, then Chief Executive Officer in 1997, and finally Chairman of the Management Board in 2002. Fives - the new name of Compagnie de Fives-Lille since 2007 - became a simplified joint stock company (*société par actions simplifiée* - SAS) in 2018, headed by Frédéric Sanchez as Chairman. Under his leadership, Fives has accelerated its development by strengthening its international presence and portfolio of activities through major acquisitions and the opening of regional offices in Asia, Latin America and the Middle East. In addition, Frédéric Sanchez is Chairman of MEDEF International, and Chairman of the France-United Arab Emirates and France-Japan business councils of MEDEF International. He is also a member of the Supervisory Boards of STMicroelectronics NV and Théa Holding SAS, and a Director of Bureau Veritas SA and Compagnie des Gaz de Pétrole Primagaz SAS. Finally, he is Honorary Co-Chairman of the Alliance Industrie du Futur (Industry of the Future Alliance) and Chairman of the Solutions industrie du futur (Solutions for the Industry of the Future - SIF) sector of the Conseil national de l'industrie (National Industry Council - CNI). Frédéric Sánchez is a graduate of the École des Hautes Études Commerciales (HEC) and Institut d'Études Politiques in Paris (1985), and holds a post-graduate diploma in Economics from the University of Paris-Dauphine (1983). He is a French national.

**Jean-Michel Severino**, born in 1957, is Chairman of the Supervisory Board of Investisseurs et Partenaires, an asset-management company specializing in investment in SMEs in sub-Saharan Africa. He is also a member of the Académie des Technologies. Until April 2010, he was Chief Executive Officer of the French International Development Agency (*Agence française de développement* - AFD), and was previously Vice-President of the World Bank for Asia. Jean-Michel Severino is a Financial Inspector, an alumnus of the École Nationale d'Administration (ENA) and a graduate of ESCP Europe Business School and Institut d'Études Politiques de Paris. He also holds a postgraduate degree in Economics and a Law degree. Jean-Michel Severino is a Knight of the French Legion of Honor. He is a French national.

#### Directors representing the public sector

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Date first appointed** | **Term ending** |
| Bpifrance Participations <sup>(1)</sup> represented by Thierry Sommelet <sup>(2)</sup>  | Member of the Strategy and Technology Committee | 05/28/2013 | At the close of the 2025 Shareholders' Meeting |
| Anne Lange <sup>(3)</sup>  | Member of the GCSERC | 05/27/2015 | At the close of the 2023 Shareholders' Meeting |
| Stéphanie Besnier <sup>(4)</sup>  | Member of the Audit Committee  | 05/17/2021  | 03/05/2023  |

---

(1) A public financing and investment group for companies, resulting from the merger of OSEO, CDC Entreprises, FSI and FSI Régions, appointed by the Shareholders' Meeting.

(2) Appointed as permanent representative from January 10, 2021 to replace Nicolas Dufourcq.

(3) Appointed by the Shareholders' Meeting on the basis of a proposal by the French government and the Board of Directors.

(4) Stéphanie Besnier left her position as Deputy Chief Executive Officer of the APE, and as a consequence, her position as representative of the French State on the Board of Directors on March 5, 2023. By ministerial order dated March 24<sup>th</sup>, 2023, Céline Fornaro was appointed member of the Board of Directors of Orange as representative of the French State, in replacement of Stéphanie Besnier.

Orange — 2022 Universal Registration Document - 392

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**Thierry Sommelet**, born in 1969, is a Director, member of the Management Committee and Head of Technology, Media and Telecoms of the growth capital department of Bpifrance. Thierry Sommelet has nearly 20 years' experience in private and public investment in the technology, media and telecommunication sectors. He began his career in 1992 in the capital markets at Crédit Commercial de France in Paris, then in New York. After leading the team of financial engineers at Renaissance Software (SunGard group) in Los Altos in the United States and serving as Deputy Chief Executive Officer of InfosCE in 2001, he joined the Digital Investments and Equity Department at Caisse des Dépôts et Consignations in 2002, and subsequently took charge of that unit in 2007. After joining the Fonds Stratégique d'Investissement in 2009, Thierry Sommelet joined the teams of Bpifrance Investissement when it was created in 2013. He represents Bpifrance on the Boards of Directors or Supervisory Boards of Worldline Group SA, Vantiva SA and Technicolor Creative Studios SA, all listed on Euronext Paris, as well as on the Supervisory Board of Idemia SAS. Thierry Sommelet is a graduate of the École Nationale des Ponts et Chaussées in Paris and holds an MBA from INSEAD. He is a French national.

**Anne Lange**, born in 1968, is an entrepreneur in the new technologies sector and a Director. Anne Lange began her career in 1994 working in the Prime Minister's office where she headed the government department for State control of public broadcasting. In 1998, she joined Thomson as Head of Strategic Planning, before becoming Head of the Europe e-business Department in 2000. In April 2003, Anne Lange was appointed General Secretary for the Internet rights forum, an agency of the Prime Minister's office. From 2004 to 2014, she successively worked as Vice-President of Europe Public Sector, Senior Executive Director of Global Public Sector & Media Operations (based in the US) and Senior Executive Director of Innovation for the Internet Business Solutions group at Cisco. She decided to quit Cisco to create her own start-up, the software company, Mentis, of which she was Chief Executive Officer until 2017, innovating in the field of the Internet of Things, the Cloud and Big Data. Since then, Anne Lange has divided her professional activities between directorships with major groups, technology investment activities and consultancy services to senior managers in the field of business transformation. Anne Lange is an alumna of the École Nationale d'Administration (ENA) and a graduate of the Institut d'Études Politiques de Paris. She is a French national.

**Stéphanie Besnier**, born in 1977, was Deputy Chief Executive Officer of the French State Investment Agency (Agence des participations de l'État - APE), until March 5, 2023. She began her career in 2001 as an analyst at BNP Paribas London, then in 2003 at the Treasury Department (Ministry of Economy and Finance). In 2004, she joined the Transport department of Agence des participations de l'État (the French State shareholder). In 2007, she joined investment holding company Wendel as an associate in the investment team. In 2018, she was appointed Associate Director, co-head of Wendel's investment activity in French-speaking Europe and given responsibility for the development of Wendel Lab. Stéphanie Besnier is an alumna of the École Polytechnique (1997), a graduate of the École Nationale des Ponts et Chaussées, and is certified by the Institut Français des Administrateurs. She is a French national.

Stéphanie Besnier left her position as Deputy Chief Executive Officer of the French State Investment Agency (APE) and, hence, her mandate as Board member of Orange on March 5th, 2023. By ministerial order dated 24 March 2023,Céline Fornaro was appointed as the representative of the French State within the Board of Directors of Orange in replacement of Stéphanie Besnier.

**Céline Fornaro,** born in 1976, is head of Finance at the French State Investment Agency (Agence des participations de l'État) since June 1, 2022. She began her career in 2000 as Marketing and Product Manager in aircraft sales at Embraer. In 2004, she began working for Bank of America Merrill Lynch, before being promoted to head up the research team in Aerospace, Defense and Satellites in 2009. In 2016, Céline Fornaro joined UBS as Managing Director of European Industrials Equity Research in aerospace, equipment and new energy sources. This professional experience enabled her to acquire thorough knowledge of investment banking and the finance, equipment, aerospace, and transport sectors, with a global, medium- and long-term vision of these sectors. Graduated from France's National School of Civil Aviation (ENAC) in 1997, Céline Fornaro is also graduated from Cranfield University College of Aeronautics (United Kingdom). She is a French national.

#### Directors elected by employees

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Election date** | **Term ending** |
| Sébastien Crozier | Member of the Audit Committee | 12/03/2017 | 12/02/2025 |
| Vincent Gimeno | Member of the Strategy and Technology Committee | 12/03/2021 | 12/02/2025 |
| Magali Vallée | Member of the GCSERC | 12/03/2021 | 12/02/2025 |

---

**Sébastien Crozier**, born in 1968, is Chairman of CFE-CGC Orange. He is also Honorary Chairman of ADEAS (Association pour la défense de l'épargne et de l'actionnariat salariés - Association for the defense of employee saving and shareholding). Within the Orange group, he is Senior Vice-President and Director of Public Sponsorship. He began his career in 1990 in telematic activities for the Alten group, before taking over the General Management of a subsidiary as it spun off from the Group. He joined France Telecom Multimédia in 1994 to prepare the launch of online services and as such participated in the launch of Wanadoo. From 1998, he founded several start-ups in the area of online advertising and Internet service provision as a telecommunication operator, with more than 1.3 million customers under the Fnac, M6 and Société Générale brands. Following their acquisition in 2001 by France Telecom (which became Orange), he returned to the Group, becoming Head of Strategy and Innovation Management of part the Enterprise Division in 2003. He managed several subsidiaries in France and abroad on behalf of the Orange group, in Africa and Latin America, ad Director of International Development. During the 2001-2002 presidential campaign, he acted as Jean-Pierre Chevènement's permanent advisor on logistics and new technologies. He is Vice President of the public utility foundation Le Refuge. Sébastien Crozier studied engineering at the École Supérieure d'Ingénieurs en Électrotechnique et Électronique (ESIEE) and the Karlsruher Institut f✔r Technologie (KIT) in the field of artificial intelligence. He is a French national.

**Vincent Gimeno**, born in 1966, is a specialist in innovation and management of technical projects with a strong strategic aspect. He graduated with a specialized master's degree in underwater engineering, with a specialization in robotics and telecommunications, and started his career in the R&D department of France Telecom, at CNET (*Centre National d'Etudes des Télécommunications* - the national center for telecommunication research), where he managed the millennium transition. He then took over IT and technical responsibility for the Orange R&D sites in Caen, Rennes and Grenoble. In 2006, he reinforced his experience in *Open Innovation* and launched several collaborative projects in the areas of Machine-to-Machine communication and Internet of Things at the Orange Labs, where he headed a Research and Development Unit. His humane approach and his commitment led him to continue his career as Director of the User Satisfaction and Ergonomics Project in the Information System Technical Department. In 2015, he was appointed Deputy Central Trade Union *Delegate*, in charge of Employment and Skills Planning (ESP), digital transformation and international matters. In this capacity, he was Deputy Secretary of the Worldwide Works Council (from 2015 to 2019) and a full member of the European Works Council until his election to the Board of Directors of Orange on December 3, 2021. He is a French national.

Orange — 2022 Universal Registration Document - 393

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**Magali Vallée**, born in 1972, has worked for Orange for many years as an in-store sales advisor. She currently works at the Orange store in Trignac in the Loire-Atlantique region. She began her career on a fixed-term contract in 1997 with France Telecom, first as a B2C telephone advisor (1014) and then as a B2B telephone advisor (1016). She was hired on a permanent contract in 1999 within the distribution channels. Her humane approach and desire to help and support others led to her becoming involved in a union in 2007. Her roles as an employee representative, union representative, elected member of the Health, Safety and Working Conditions Committee of the Agence Distribution Ouest and elected member of the Works Council of the Orange Ouest Division for several terms of office confirmed her decision. She served as deputy treasurer on the Works Council from 2014 to 2017 as well as Chairwoman of the professional equality commission. Before joining the Board of Directors of Orange SA, she was elected to the Social and Economic Committee of the Orange Grand Ouest Division and was appointed coordinating Union *Delegate* Coordinator for the CGT (*Confédération générale du travail* - General Labor Confederation). She is a French national.

#### Director appointed by the Shareholders' Meeting and representing employee shareholders

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Start date** | **Term ending** |
| Thierry Chatelier <sup>(1)</sup>  | Member of the Strategy and Technology Committee | 07/13/2022 | At the close of the 2024 Shareholders' Meeting |

---

(1) Assumed office on July 13, 2022 to replace incumbent director Laurence Dalboussière, following her resignation.

**Thierry Chatelier**, born in 1975, is a member of the Supervisory Board of the FCPE *Orange Actions* mutual fund. He has 20 years of experience in the telecommunications industry. A specialist in hyper frequencies and a graduate of the University of Limoges, he began his career working internationally, first for Global One, then for Equant, where he helped build France Télécom's seamless network. He joined the Orange Business Services teams where he held several positions in customer relations and sales. In 2015, he was seconded to Orange Horizons where was in charge of institutional relations, and at the same time became involved in trade union activities. He is secretary of the Orange SCE works council. Since 2017 he has been in charge of joint-innovation and business development projects. He is a French national.

Meetings of the Board of Directors are also attended by one member of Orange's Central Social and Economic Committee (CSEC) and one representative of the Worldwide Works Council.

#### Changes in the composition of the Board of Directors
At its meeting of January 28, 2022, the Board of Directors approved the separation of the offices of Chairman of the Board and Chief Executive Officer. That same day, the Board appointed Christel Heydemann as Chief Executive Officer of Orange with effect from April 4, 2022, Christel Heydemann also retaining her directorship.

Stéphane Richard's term of office as a Non-Independent Director and Non-Executive Chairman of the Board of Directors expired at the close of the Shareholders' Meeting of May 19, 2022.

On January 31, 2022, having previously informed the Board at its meeting of January 28, 2022, Helle Kristoffersen, an Independent Director since June 7, 2011, resigned from her position for personal reasons.

Jacques Aschenbroich was appointed Independent Director by the Shareholders' Meeting of May 19, 2022 for a four-year term, i.e. until the close of the Shareholders' Meeting called to approve the financial statements for the fiscal year ending December 31, 2025, to replace Stéphane Richard. Meeting at the conclusion of the Shareholders' Meeting, the Board of Directors appointed Jacques Aschenbroich as Chairman of the Board for the duration of his directorship.

Valérie Beaulieu was appointed Independent Director by the Shareholders' Meeting of May 19, 2022 for a four-year term, i.e. until the close of the Shareholders' Meeting called to approve the financial statements for the fiscal year ending December 31, 2025, to replace Helle Kristoffersen.

Laurence Dalboussière resigned from her position as Director representing employee shareholders with effect from July 13, 2022. Under Article 13 of the Bylaws, her replacement, Thierry Chatelier, succeeded her for the remainder of her term of office, i.e. until the close of the Shareholders' Meeting called to approve the financial statements for the fiscal year ending December 31, 2023.

At last, Stéphanie Besnier left her position as Deputy Chief Executive Officer of the APE, and as a consequence, her position as representative of the French State on the Board of Directors on March 5, 2023. By ministerial order dated March 24th, 2023, Céline Fornaro was appointed member of the Board of Directors of Orange as representative of the French State, in replacement of Stéphanie Besnier.

Orange — 2022 Universal Registration Document - 394

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **At February 15, 2023** | **Age** | **Gender** | **Nationality** | **Number of shares** | **Number of positions held in other listed companies** | **Date**<br> **first appointed** | **Term ending** | **Seniority on the Board** | **Board committee membership** |
| **Non-Independent Director** | **Non-Independent Director** | **Non-Independent Director** | **Non-Independent Director** | **Non-Independent Director** |  |  |  |  |  |
| Christel Heydemann <sup>(1)</sup>  | 48 | ![](ch5_image001.jpg) | French | 1000 | 0 | 07/26/2017 | 2024 SM | 5 years | X |
| **Independent Directors** | **Independent Directors** | **Independent Directors** | **Independent Directors** |  |  |  |  |  |  |
| Jacques Aschenbroich <sup>(2)</sup>  | 68 | ![](ch5_image002.jpg) | French | 1000 | 2 | 05/19/2022 | 2026 SM | < 1 year | X |
| Valérie Beaulieu | 55 | ![](ch5_image001.jpg)  | French | 1000 | 0 | 05/19/2022 | 2026 SM | < 1 year | Audit Comm. |
| Alexandre Bompard | 50 | ![](ch5_image002.jpg)  | French | 1000 | 1 | 12/07/2016 | 2023 SM | 6 years | STC |
| Anne-Gabrielle Heilbronner | 54 | ![](ch5_image001.jpg)  | French | 1000 | 2 | 05/21/2019 | 2023 SM | 4 years | GCSERC (Chairwoman) |
| Bernard Ramanantsoa | 74 | ![](ch5_image002.jpg)  | French and Malagasy | 1000 | 0 | 06/07/2016 | 2024 SM <sup>(3)</sup> | 6 years | Audit Comm. (Chairman) |
| Frédéric Sanchez | 62 | ![](ch5_image002.jpg)  | French | 1000 | 1 | 05/19/2020 | 2024 SM | 3 years | STC (Chairman) |
| Jean-Michel Severino | 65 | ![](ch5_image002.jpg)  | French | 1000 | 1 | 06/07/2011 | 2023 SM | 11 years | Audit Comm. |
| **Directors representing the public sector** | **Directors representing the public sector** | **Directors representing the public sector** | **Directors representing the public sector** | **Directors representing the public sector** |  |  |  |  |  |
| Bpifrance Participations<br> (represented by Thierry Sommelet <sup>(4)</sup>) | 53 | ![](ch5_image002.jpg)  | French | 254219602 | 3 | 05/28/2013 | 2025 SM | 9 years | STC |
| Anne Lange | 54 | ![](ch5_image003.jpg)  | French | 0 | 3 | 05/27/2015 | 2023 SM | 7 years | GCSERC |
| Stéphanie Besnier<sup>(5)</sup> | 45  | ![](ch5_image001.jpg)  | French | 0 | 3 | 05/17/2021 | 03/05/2023 | 2 years | Audit Comm. |
| **Director representing employee shareholders** | **Director representing employee shareholders** | **Director representing employee shareholders** | **Director representing employee shareholders** | **Director representing employee shareholders** |  |  |  |  |  |
| Thierry Chatelier | 47 | ![](ch5_image002.jpg)  | French | 3949 | 0 | 07/13/2022 | 2024 SM | < 1 year | STC |
| **Director representing employees** | **Director representing employees** | **Director representing employees** | **Director representing employees** | **Director representing employees** |  |  |  |  |  |
| Sébastien Crozier | 55 | ![](ch5_image002.jpg)  | French | 552 | 0 | 12/03/2017 | 12/02/2025 | 5 years | Audit Comm. |
| Vincent Gimeno | 57 | ![](ch5_image002.jpg)  | French | 2147 | 0 | 12/03/2021 | 12/02/2025 | 1 year | STC |
| Magali Vallée | 51 | ![](ch5_image001.jpg)  | French | 1249 | 0 | 12/03/2021 | 12/02/2025 | 1 year | GCSERC |

---

(1) At its meeting of January 28, 2022, the Board of Directors appointed Christel Heydemann as Chief Executive Officer of Orange, effective from April 4, 2022. On February 16, 2022, on the recommendation of the GCSERC and over and above the criteria set out in Article 9.5 of the Afep-Medef Code, the Board of Directors stated that, in the case in point, she could no longer be considered as an Independent Director.

(2) At its meeting following the close of the Shareholders' Meeting of May 19, 2022, the Board of Directors appointed Jacques Aschenbroich as its Chairman.

(3) Bernard Ramanantsoa informed the Company of his desire to step down from his office with effect from the close of the 2023 Shareholders' Meeting.

(4) Appointed as permanent representative from January 10, 2021 to replace Nicolas Dufourcq. Thierry Sommelet personally holds 400 Orange shares.

(5) Stéphanie Besnier left her position as Deputy Chief Executive Officer of the French State Investment Agency (APE) and, hence, her mandate as Board member of Orange on March 5th, 2023. By ministerial order dated 24 March 2023,was replaced by Céline Fornaro who was appointed by ministerial order on March 24, 2023 as the representative of the French State within the Board of Directors of Orange in replacement of Stéphanie Besnier.

5.1.2 Corporate Officers

#### Chairman of the Board of Directors
Jacques Aschenbroich was appointed Chairman of the Board of Directors at the board meeting held at the close of the Shareholders' Meeting of May 19, 2022 and will serve as such for the duration of his directorship, i.e. until the close of the Shareholders' Meeting called to approve the financial statements for the fiscal year ending December 31, 2025.

Jacques Aschenbroich's biography can be found in Section 5.1.1 *Board of Directors.*

#### Chief Executive Officer
The Board of Directors met on January 28, 2022 and appointed Christel Heydemann as Chief Executive Officer as from April 4, 2022. As Christel Heydemann remained a director, albeit no longer an independent one, the Board of Directors, meeting at the close of the Shareholders' Meeting of May 19, 2022, reappointed her as Chief Executive Officer for the duration of the term of office of the Board's Chairman, i.e. until the close of the Shareholders' Meeting called to approve the financial statements for the fiscal year ending December 31, 2025.

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5.1.3 Executive Committee

Pursuant to the provisions of Article L. 22-10-10 2 of the French Commercial Code, and in order to encourage gender diversity, Orange pays close attention to the representation of women on its Executive Committee [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

#### Executive Committee as at the date of publication of the Company's Universal Registration Document for the year 2022
As at the date of this document, six of the 12 Executive Committee members were women (including Christel Heydemann).

---

| | |
|:---|:---|
| Fabienne Dulac | Deputy Chief Executive Officer, Orange France |
| Ramon Fernandez <sup>(1)</sup>  | Executive Vice President Finance, Performance and Development |
| Hugues Foulon | Executive Director of Strategy and Cybersecurity activities |
| Nicolas Guérin | Executive Director, Group Secretary-General and Secretary of the Board of Directors |
| Caroline Guillaumin | Executive Director of Communication |
| Jérôme Hénique | Chief Executive Officer Orange Africa and Middle East (OMEA) |
| Mari-Noëlle Jégo-Laveissière | Deputy Chief Executive Officer, Europe |
| Vincent Lecerf | Executive Director of Human Resources and Group Transformation |
| Aliette Mousnier-Lompré | Chief Executive Officer Orange Business |
| Elizabeth Tchoungui | Executive Director Group CSR, Diversity and Philanthropy |
| Michaël Trabbia | Chief Technology and Innovation Officer for the Group and Interim Chief Executive Officer, Orange Wholesale & International Networks |

---

(1) Ramon Fernandez will leave the Orange group at the end of the first quarter of 2023.

Christel Heydemann's biography can be found in Section 5.1.1, *Board of Directors*.

**Fabienne Dulac**, born in 1967, is Deputy Chief Executive Officer of Orange, Chief Executive Officer of Orange France. Having started a doctoral thesis, Fabienne Dulac began her career at the French Interior Ministry, before joining the business community in 1993 with VTCOM, a company which developed multimedia services at the time of the emergence of the Internet and the appearance of a new business sector, where she was Head of Communication and Marketing. Fabienne Dulac joined France Telecom in 1997 within the newly created Multimedia Division. Her responsibilities, as the Head of External Communication, extended to include all of France Telecom's multimedia activities within companies such as Wanadoo, Voila and Mappy. For a decade, she held various positions within marketing, business development and Customer Relations, and witnessed the transformation of the market and the Company, as well as the development of new commercial territories and customer experience at the heart of the operator's strategy. In 2008, she became Head of Sales and Online Customer Relations at Orange France; she brought innovation to the field and drove the Company's digital transformation in terms of sales and Customer Relations. In 2011, Fabienne Dulac became Head of the Orange Nord de France Division, where she was responsible for managing an operational entity with over 5,500 employees. In September 2013, she was appointed Senior Vice-President in charge of Communication of Orange France, before becoming Senior Executive Director in August 2014. Fabienne Dulac holds a postgraduate diploma in Political Sociology from the Institut d'Études Politiques in Paris, a master's degree in History and a bachelor's degree in Modern Literature.

**Ramon Fernandez**, born in 1967, is Executive Director for Finance, Performance and Development and was *Delegate* Chief Executive Officer until 31 December 2022. He joined the Orange group on September 1, 2014 as Deputy Chief Executive Officer in charge of the Group's finance and strategy and served as *Delegate* Chief Executive Officer of Orange from January 1, 2016 to December 31, 2022. Ramon Fernandez began his career at the French Treasury before joining the International Monetary Fund in Washington, where he worked from 1997 to 1999. He then returned to the French Treasury, where he held a number of senior positions: Head of the Energy, Telecommunications and Raw Materials Department until 2001; Head of the Savings and Financial Markets Department from 2001 to 2002; Deputy Director of International Financial Affairs and Development; and Vice-Chairman of the Club de Paris between 2003 and 2007. He was also Special Advisor to the Minister of the Economy, Finance and Industry (2002-2003) and to the President of the French Republic (2007-2008). He was then appointed Chief of Staff to the Minister of Labor, Social Relations, Family and Solidarity (2008-2009). Before joining Orange, from March 2009, he was the Chief Executive Officer of the French Treasury, Chairman of the France Trésor Agency and Chairman of the Club de Paris. As the Alternate Governor of the World Bank for France and Governor of the African Development Bank in this period, he also represented the French government on the Boards of Directors of GDF Suez and CNP Assurances and on the Supervisory Board of Caisse des Dépôts et Consignations. Since April 2021, he has been a Director and member of the Audit Committee and Finance Committee of AXA. Ramon Fernandez is a graduate of the Institut d'Études Politiques in Paris and the École Nationale d'Administration (ENA). He is a Knight of the French Legion of Honor.

**Hugues Foulon**, born in 1968, is Executive Director of Strategy and Cybersecurity activities for the Orange group and Chairman and Chief Executive Officer of Orange Cyberdefense. He began his career in 1994 at Générale des Eaux (Veolia group), where he was appointed Director of a drinking water plant, then Director of Monégasque de Télédistribution and Monégasque des Eaux. In 2000, he made his first foray into the world of telecommunication, joining Vivendi group's Monaco Telecom as Deputy Chief Executive Officer, in charge of functional departments. In 2005, he joined the Group as Director of B2C Commercial Finance for Mobile. He remained there for two years, before moving to Northern Africa and becoming Maroc Telecom's Financial Control Director. In 2007, he returned to Orange, where he took on roles as Financial Control Director for the Marketing and Innovation Division, Director to the Group's *Delegate* Chief Executive Officer, Head of Finance, then Chief Financial Officer of the Africa & Middle East Division. He was then appointed Head of Stéphane Richard's office and Secretary to the Group's Executive Committee. He is a graduate of École Polytechnique and the École Nationale Supérieure de Techniques Avancées (ENSTA). He is also an auditor of the 66th "defense policy" session of the Institut des Hautes Études de Défense Nationale (IHEDN).

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**Nicolas Guérin**, born in 1968, has been Group Secretary General since March 1, 2018, and is Secretary to the Board of Directors. He is also Chairman of the Digital Infrastructure Sector Strategic Committee, Vice-Chairman of the Fédération Française des Télécoms, having served as its Chairman from 2020 to 2021, Honorary Chairman and Director of Cercle Montesquieu, and Chairman of the Evaluation and Orientation Committee of the International Chair in Space and Telecommunication Law at the University of Paris XI. Joining the Group's Competition and Regulation Legal Affairs Department in 1998 after his time at SFR, Nicolas Guérin arrived just as the sector was undergoing deregulation. He became head of the department in 2003, before becoming General Counsel and Secretary to the Board of Directors in 2009. In this position, he has been a leading contributor to many ground-breaking legal cases for the Group, including the roaming agreement with Free, M&A transactions to expand the Group's footprint in Africa and Europe, and diversification. He has also lent essential support to the implementation of regulatory requirements in the B2B market, to the mobile agreement signed between mobile operators and the French State and its consequences, and to Arcep's fixed market analysis. He is a graduate of the Institut de Droit des Affaires (IDA) and holds a specialized master's degree in Business Law and Taxation from the University of Paris II Panthéon-Assas.

**Caroline Guillaumin**, born in 1965, has served as the Group's Executive Director of Communication since January 2, 2023. Caroline Guillaumin began her career in 1989 in the high-tech sector, working for startups in France and the United States. In 1997, she joined Verity, the then leader in Internet search engines, as Marketing and Communication Director for Europe. Between 1999 and 2009 she worked as Director of Communication and Sustainable Development at Alcatel, SFR and then Alcatel-Lucent. In January 2010, she took up the role of Head of Communications at Société Générale and also became Head of Human Resources for the Group in June 2017. Caroline Guillaumin is a graduate of the Institut d'Études Politiques de Bordeaux and has a Master of Arts in International Relations from Boston University.

**Jérôme Hénique**, born in 1969, has served as Chief Executive Orange Africa & Middle East (Orange MEA) since July 1, 2022. After starting his career as a consultant, he joined the Group in 1995, serving as Group Chief Marketing Officer at Orange, Consumer Market Director in France and Marketing Director in Spain. Between 2010 and 2015, he was Deputy Chief Executive Officer at Sonatel group and contributed to the operator's rapid growth, with priority given to digital and financial inclusion through the development of mobile data and the launch and development of Orange Money services. In September 2015, he became Chief Executive Officer of Orange Jordan. From 2018 to June 2022, Jérôme Hénique held the position of Deputy Chief Executive Officer and Chief Operating Officer of Orange Africa & Middle East, where he coordinated OMEA's uptick in sustainable growth, and the transformation of operations, notably by structuring mutualization efforts between the countries. Jérôme Hénique has over 25 years of experience in the field of information and communication technologies and telecom operator management in a wide range of markets. Jérôme Hénique graduated from the École Nationale Supérieure des Postes et Télécommunications (ENSPTT) in Paris and the Paris Institute of Political Studies.

**Mari-Noëlle Jégo-Laveissière**, born in 1968, has been Deputy Chief Executive Officer in charge of Europe (excluding France) since September 1, 2020. She joined the Group's Executive Committee in 2014 as Senior Executive Director in charge of the Technology and Global Innovation Division, and became Deputy Chief Executive Officer in charge of the same division in May 2018. Since joining the Orange group in 1996, Mari-Noëlle Jégo-Laveissière has held several management positions: Director of International & Backbone Network Factory, Head of Group Research & Development, Head of the B2C Marketing Department of Orange France and Regional Manager, where she was responsible for technical and commercial services for B2C and B2B customers. Mari-Noëlle Jégo-Laveissière is a graduate of École des Mines de Paris and École Normale Supérieure. She also holds a doctorate in Quantum Chemistry from the University of Paris XI - Waterloo.

**Vincent Lecerf**, born in 1964, serves as Executive Director of Human Resources and Group Transformation. In January 2017, before joining the Group, Vincent Lecerf was appointed Group Chief Human Resources Officer for Imerys, a major French group specializing in industrial minerals. Previously, he was Human Resources Director and a member of the management board for nine years at Tarkett. He has also held various HR management positions for the Valeo, Poclain Hydraulics, Rhodia and Norbert Dentressangle groups. He is a graduate of EDHEC Business School and holds an M. Phil in organizational sociology from Paris IX Dauphine.

**Aliette Mousnier-Lompré**, born in 1982, has served as the Chief Executive Officer of Orange Business Services (which became Orange Business) since May 24, 2022. Since joining Orange in 2006, she has held various management positions in the Group's B2B, Wholesale and Innovation divisions: Head of Mobile Data and Head of Pricing in International Carriers, Business Development Director for the Enterprise Global Voice and Conferencing business, Chief of Staff to the Executive Vice President for Innovation & Research, and Vice President Global Enterprise Networks. From July 2019 she was Executive Vice President of Customer Service and Operations at Orange Business Services, responsible for leading a multicultural team of 8,600 people designing, building, and operating a wide variety of business solutions through a 24/7 model covering all geographic regions. She was appointed interim Chief Executive Officer of Orange Business Services in January 2022 before being confirmed in her current position in May 2022. As a former semi-professional soccer player with the Paris Saint Germain soccer club, Ms. Mousnier-Lompré has turned her experience in team sports into a major strength when it comes to leading her teams today. She holds a Master's degree in international business from the Paris Institute of Political Studies and also studied at the University of California, Berkeley.

**Elizabeth Tchoungui**, born in 1974, is Executive Director Group CSR, Diversity and Philanthropy. In particular, she oversees Orange's Corporate Social Responsibility policy. She also serves as Deputy Chair of the Orange Foundation and Chairwoman of the Cité des Télécoms, the Orange group's corporate foundation, whose role is to make the telecoms world accessible to as many people as possible. Elizabeth Tchoungui had a career as a journalist and writer before joining the Orange group. She was a presenter for France 2 (France Télévisions group) and RMC STORY (Altice group), then the first journalist of African origin to present the TV5 Monde news and the first woman, to present the iconic weekly cultural magazine of France 2. She also headed the culture department at France 24. Elizabeth Tchoungui is the author of several books. She was a Director of Action contre la Faim and also elected Chairwoman of *Capital Filles* in 2021. association established in 2012 to support girls from working-class neighborhoods and rural areas in their career choices and their encounters with the business world. Elizabeth Tchoungui is a graduate of the École Supérieure de Journalisme in Lille. She is a Knight of the French Order of Arts and Letters and a Knight of the French Order of Merit. She has dual French and Cameroonian nationality.

**Michaël Trabbia**, born in 1976, has been Chief Technology and Innovation Officer for the Group since September 1, 2020, overseeing the Orange Innovation division. On September 15, 2022, he also took over the management of Orange Wholesale & International Networks on an interim basis. He began his career at Arcep in 2001, taking charge notably of the allocation and control of mobile licenses. In 2004, he was appointed technical advisor to the office of the Minister for European Affairs, before joining the office of the Minister for Regional Planning in 2005 as technical advisor for ICT and Europe. In 2007, he joined TDF (a network and infrastructure operator in France), where he served as Director of Strategy and Development. In July 2009, he was appointed Deputy Chief of Staff to the Minister for Industry and Head of the Industrial Sectors Division. He joined the Orange group in January 2011. He first held the position of Group Director of Public Affairs, before being appointed Director reporting to the Chairman and Chief Executive Officer of Orange, Secretary to the Group's Executive Committee, in July 2014. In September 2016, he was appointed Chief Executive Officer of Orange Belgium and helped the company to achieve a growth dynamic thanks to customer-centric Bold Challenger positioning. He joined the Group Executive Committee in September 2020. He is a graduate of the École Polytechnique and Télécom ParisTech, and holds a post-graduate diploma in Industrial Economics.

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#### Executive Committee from 3 April 2023
To support the changes related to the new strategic plan, effective April 3, 2023, the Executive Committee will be changed as follows (six of its 13 members will be women, including Christel Heydemann):

---

| | |
|:---|:---|
| Jean-François Fallacher | Executive Director, Chief Executive Officer of Orange France |
| Hugues Foulon | Executive Director, Chief Executive Officer of Orange Cyberdefense |
| Jérôme Hénique | Executive Director, Chief Executive Officer of Orange Africa & Middle East (OMEA) |
| Mari-Noëlle Jégo-Laveissière | Executive Director, Chief Executive Officer of Orange in Europe (excluding France) |
| Aliette Mousnier-Lompré | Executive Director, Chief Executive Officer of Orange Business |
| Michaël Trabbia | Executive Director, Chief Executive Officer of Orange Wholesale, and Director of Technology and Innovation for the Group |
| Nicolas Guérin | Group Secretary General |
| Caroline Guillaumin | Executive Director of Communication for the Group |
| Vincent Lecerf | Executive Director of Human Resources for the Group |
| Elizabeth Tchoungui | Executive Director Social Responsibility |
| Jean-Michel Thibaud | Interim Executive Director of Finance, Performance and Development for the Group |
| Fabienne Dulac | Executive Director of Transformation |

---

**Jean-François Fallacher**, born in 1967, has been appointed Chief Executive Officer of Orange France with effect from April 3, 2023. Until then, he was Chief Executive Officer of Orange Spain and an associate member of the Orange Group Executive Committee. Jean-François Fallacher began his career in the 1990s at France Telecom as the Internet was expanding in France, before going on to become Director of Operations for Wanadoo in the Netherlands. In 2006, he was appointed Chief Executive Officer of Sofrecom, a consulting subsidiary of Orange specializing in the telecom sector, and then as Chief Executive Officer of Orange Romania in 2011. From 2016 to September, 2020, Jean-François Fallacher was Chief Executive Officer of Orange Polska, where he successfully boosted its growth by investing massively in fiber and pursuing a convergence strategy. Jean-François Fallacher is a foreign trade adviser and Chairman of the French-Polish Chamber of Commerce and Industry. He is a graduate of the École Polytechnique and the École Nationale Supérieure des Télécommunications de Paris.

**Jean-Michel Thibaud**, born in 1969, has been appointed Interim Executive Director, Group Finance, Performance and Development with effect from April 3, 2023. Until this date, he was Deputy Finance Director of the Orange Group in charge of Management Control. He spent the first seven years of his career in the banking sector, where he focused on export finance, structured finance and project finance. He joined Orange in 2001 as manager and subsequently director of project finance. From 2008 to 2012, Jean-Michel Thibaud served as Treasurer of the Orange group - a position that covered debt raising (bonds, corporate, project and structured finance), relationships with rating agencies, and the equity markets. He was also responsible for cash management and customer financing. From 2013 to 2019, he served as Chief Financial Officer and Deputy Chief Executive Officer for Strategy, Transformation and General Services at Orange Business Services. He is a member of the Supervisory Boards of Orange Polska, Buyin and the Fondation Central Supélec. Jean-Michel Thibaud is a graduate of the Centrale-Supélec engineering school and of Sciences Po Paris.

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5.1.4 Information on Directors, Officers and Senior Management

5.1.4.1 Positions held by Directors and Officers

&nbsp;&nbsp;&nbsp;&nbsp; **Jacques Aschenbroich**<br> **Positions currently held**<br> **-** Director and Chairman of the Orange Board of Directors <sup>(2)</sup><br> **-** Director of BNP Paribas, Chairman of its Governance, Appointments and CSR Committee, and member of its Accounts Committee <sup>(2)</sup><br> **-** Director of TotalEnergies, member of its Governance and Ethics Committee, and member of its Compensation Committee <sup>(2)</sup><br> **-** Chairman of the Orange Foundation <sup>(1)</sup><br> **-** Chairman of the Board of Directors of the École Nationale Supérieure Mines ParisTech<br> **-** Joint Chairman of the Franco-Japanese Business Club<br> **-** Honorary Chairman of Valeo<br> **Other positions and offices held over the past five years**<br> **-** Director and Chairman and Chief Executive Officer of Valeo, then Chairman of its Board of Directors <sup>(2)</sup><br> **-** Director of Veolia Environnement, Chairman of its Research, Innovation and Sustainable Development Committee, and member of its Accounts and Audit Committee<br>

&nbsp;&nbsp;&nbsp;&nbsp; **Christel Heydemann**<br> **Positions currently held**<br> **-** Director and Chief Executive Officer of Orange <sup>(2)</sup><br> **-** Vice-Chairwoman and Director of Association AX<br> International<br> **-** Permanent representative of the Orange subsidiary (Atlas Countries Support) on the Medi Telecom Board of Directors <sup>(1)</sup><br> **Other positions and offices held over the past five years**<br> **-** Member of the Orange Audit Committee<br> **-** Chairwoman and Director of Schneider Electric France SAS<br> **-** Director of Schneider Electric Industries SAS<br> **-** CEO of Europe and France Operations of Schneider Electric and member of its Executive Committee <sup>(2)</sup><br> **-** Director of France Industrie<br> **-** Chairwoman of GIMELEC<br> **-** Director of Rexecode<br>

&nbsp;&nbsp;&nbsp;&nbsp; **Valérie Beaulieu**<br> **Positions currently held**<br> **-** Director of Orange and member of its Audit Committee <sup>(2)</sup><br> International<br> **-** Executive Director in charge of sales and marketing at The Adecco Group<br> **Other positions and offices held over the past five years**<br> **-** Director of ISS A/C and member of its Audit and Risk Committee <sup>(2)</sup><br>

&nbsp;&nbsp;&nbsp;&nbsp; **Alexandre Bompard**<br> **Positions currently held**<br> **-** Director of Orange and member of its Strategy and Technology Committee <sup>(2)</sup><br> **-** Chairman and Chief Executive Officer of Carrefour <sup>(2)</sup><br> **-** Chairman of Fondation Carrefour<br> **-** Member of the Fondation Nationale des Sciences Politiques<br> **-** Member of Le Siècle - a non-profit association as provided for in France's Loi de 1901<br> **Other positions and offices held over the past five years**<br> None<br>

&nbsp;&nbsp;&nbsp;&nbsp; **Thierry Chatelier**<br> **Positions currently held**<br> **-** Director of Orange and member of its Strategy and Technology Committee <sup>(2)</sup><br> **Other positions and offices held over the past five years**<br> None<br>

(1) Company in which Orange holds an interest.

(2) Office in a listed company.

Orange — 2022 Universal Registration Document - 399

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&nbsp;&nbsp;&nbsp;&nbsp; **Sébastien Crozier**<br> **Positions currently held**<br> **-** Director of Orange and member of its Audit Committee <sup>(2)</sup><br> **-** Honorary Chairman of ADEAS - a non-profit association as provided for in France's Loi de 1901<br> **-** Chairman of CFE-CGC Orange union confederation - a trade union as provided for in France's Loi Waldeck-Rousseau<br> **-** Chairman of *Ciné-club de l'Hôtel du Nord et du Canal Sain-Martin* - a non-profit association as provided for in France's Loi de 1901<br> **-** Director of Fondation Le Refuge<br> **Other positions and offices held over the past five years**<br> **-** Member of the Supervisory Board of the *Orange Actions* mutual fund<br> **-** Treasurer of L'Engagement - a political party conforming to the terms of France's Loi de 1901<br> **-** Member of the Board of Directors of the Atout France economic interest group (EIG)<br> **-** Treasurer of Manifeste pour l'Industrie<br>

&nbsp;&nbsp;&nbsp;&nbsp; **Céline Fornaro** <br> **Positions currently held** <br> **-** Director representing the French State on the Board of Directors and member of the Orange Audit Committee <sup>(2)</sup><br> **-** Director representing the French State on the SAFRAN <sup>(2)</sup> Board of Directors<br> **-** Director representing the French State on the RATP Board of Directors<br> International<br> **-** Member of the Chatham House, The Royal Institute of International Affairs (UK)<br> **-** Member of the The Royal Aeronautical Society (UK)<br> **-** Member of the Women on Boards (UK)<br> **Other positions and offices held over the past five years**<br> **-** Director representing the French State on the EDF Board of Directors<br>

&nbsp;&nbsp;&nbsp;&nbsp; **Vincent Gimeno**<br> **Positions currently held**<br> **-** Director of Orange and member of its Strategy and Technology Committee <sup>(2)</sup><br> **Other positions and offices held over the past five years**<br> None<br>

&nbsp;&nbsp;&nbsp;&nbsp; **Anne-Gabrielle Heilbronner**<br> **Positions currently held**<br> **-** Director of Orange and Chairwoman of its GCSERC <sup>(2)</sup><br> **-** Member of the Management Board of the Publicis group <sup>(2)</sup><br> **-** Chairwoman of Publicis Groupe Services<br> **-** Director of Sanef and member of its Audit Committee<br> **-** Director of Somupi<br> **-** Chairwoman of WEFCOS (Women's Forum for the Economy and Society)<br> **-** Representative of Multi Market Services France Holdings on the Board of Directors of Régie Publicitaire des Transports Parisiens Metrobus Publicité<br> **-** Member of the Executive Committee of Multi Market Services France Holdings<br> **-** Director of Chargeurs <sup>(2)</sup><br> International<br> **-** Director of Sapient Corporation (United States)<br> **-** Director of Publicis Group Holdings BV (Netherlands)<br> **-** Director of BBH Holdings Limited (UK)<br> **-** Director of Publicis Limited (UK)<br> **-** Director and Chairwoman of Publicis Live SA (Switzerland)<br> **-** Director of the Musée d'Art et d'Histoire du Judaïsme<br> **Other positions and offices held over the past five years**<br> **-** Director of JG Capital Management<br> **-** Representative of Multi Market Services France Holdings on the Shareholders' Committee of WEFCOS<br> **-** Director of US International Holding Company, Inc. (United States)<br> **-** Director of Publicis Group Investments BV (Netherlands)<br> **-** Director of Publicis Holdings BV (Netherlands)<br>

&nbsp;&nbsp;&nbsp;&nbsp; **Anne Lange**<br> **Positions currently held**<br> **-** Director of Orange and member of its GCSERC <sup>(2)</sup><br> **-** Director of Pernod Ricard, member of its Strategy Committee and Appointments Committee <sup>(2)</sup><br> **-** Director of Peugeot Invest (formerly FFP), member of its Investment Committee and Governance, Appointments and Compensation Committee <sup>(2)</sup><br> International<br> **-** Managing partner of ADARA<br> **-** Director of Inditex, member of its Audit Committee, Appointments Committee and CSR Committee <sup>(2)</sup><br> **Other positions and offices held over the past five years**<br> **-** Director of Imprimerie Nationale<br> **-** Director of Econocom<br>

(2) Office in a listed company.

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&nbsp;&nbsp;&nbsp;&nbsp; **Bernard Ramanantsoa**<br> **Positions currently held**<br> **-** Director of Orange and Chairman of its Audit Committee <sup>(2)</sup> <sup>(3)</sup><br> **-** Member of the Board of Directors of Toulouse Business School<br> **-** Member of the ODDO-BHF SCA Supervisory Board, Strategic Committee, Appointments Committee and Remuneration Committee<br> **-** Member of the EDUCIN Topco (OMNES Education) Supervisory Board<br> **-** Chairman of SILVERCHAIR (SASU)<br> International<br> **-** Director of Franco-Lao and member of its Audit Committee (Laos)<br> **-** Director of Bred Bank Cambodia and member of its Audit Committee and Risk Committee<br> **-** Director of Manorina Ltd (Mauritius)<br> **-** Director of Sommet-Éducation (Switzerland)<br> **-** Member of the Advisory Board of ShARE Professional Training and Consulting (Netherlands)<br> **-** Member of the ISCAM Advisory Board (Madagascar)<br> **-** Chairman of the IUM Board of Directors (Monaco)<br> **-** Director of Institut Catholique de Paris<br> **-** Member of the Y SCHOOLS (formerly ESC Troyes group) Strategic Committee<br> **-** Member of the ESA Business School Scientific Council (Lebanon)<br> **-** Member of the University of St. Gallen Advisory Board (Switzerland)<br> **-** Member of the Getulio Vargas Foundation Advisory Board (Brazil)<br> **-** Member of the Zhejiang University School of Management Advisory Board (China)<br> **-** Director of Aspen France<br> **-** Director of Le Choix de l'École (Teach for France)<br> **-** Member of the EuropaNova Steering Committee<br> **Other positions and offices held over the past five years**<br> **-** Director of Établissement Public du Château, du Musée et du Domaine National de Versailles<br> **-** Member of the EM Normandie Strategic Orientation Council<br> **-** Member of the Toulouse Business School Strategic Orientation Committee<br> **-** Director of ANVIE<br> **-** Director of Institut Français des Administrateurs<br> **-** Member of the Albarelle Supervisory Board<br> **-** Member of the ESADE Advisory Board (Barcelona)<br>

(2) Office in a listed company.

(3) Bernard Ramanantsoa informed the Board of Directors of his desire to step down from his office at the close of the 2023 Shareholders' Meeting.

&nbsp;&nbsp;&nbsp;&nbsp; **Frédéric Sanchez**<br> **Positions currently held**<br> **-** Director of Orange and Chairman of its Strategy and Technology Committee <sup>(2)</sup><br> **-** Chairman of Fives<br> **-** Director of Bureau Veritas <sup>(2)</sup><br> **-** Director of Compagnie des Gaz de Pétrole Primagaz SAS<br> **-** Member of the Théa Holding SAS Supervisory Board<br> **-** Chairman of MEDEF International<br> **-** Honorary Co-Chairman of the Alliance Industrie du Futur (Industry of the Future Alliance) and Chairman of the Solutions industrie du futur (Solutions for the Industry of the Future - SIF) sector of the Conseil national de l'industrie (National Industry Council - CNI)<br> International<br> **-** Member of the STMicroelectronics Supervisory Board <sup>(2)</sup><br> **Other positions and offices held over the past five years**<br> None<br>

&nbsp;&nbsp;&nbsp;&nbsp; **Thierry Sommelet**<br> **Positions currently held**<br> **-** Permanent representative of Bpifrance Participations on the Orange Board of Directors and member of the Orange Strategy and Technology Committee <sup>(2)</sup><br> **-** Director of Worldline, member of its Compensation and Appointments Committee and Strategy and Investment Committee <sup>(2)</sup><br> **-** Permanent representative of Bpifrance Participations on the Vantiva SA Board of Directors, Chairman of the Vantiva SA Governance and Social Responsibility Committee and member of its Audit Committee <sup>(2)</sup><br> **-** Permanent representative of Bpifrance Participations on the Technicolor Creative Studios Board of Directors and member of its Remuneration Committee <sup>(2)</sup><br> **-** Representative of Bpifrance Investissement on the IDEMIA Group SAS Supervisory Board<br> **-** Representative of Bpifrance Investissement on the IDEMIA France SAS Board of Directors<br> **Other positions and offices held over the past five years**<br> **-** Director of Soitec <sup>(2)</sup><br> **-** Director of Talend <sup>(2)</sup><br> **-** Chairman of the Supervisory Board of Greenbureau<br> **-** Director of Ingenico <sup>(2)</sup><br> **-** Director of Tiger Newco<br> **-** Permanent representative of Bpifrance Investissement on the Mersen Board of Directors <sup>(2)</sup><br>

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&nbsp;&nbsp;&nbsp;&nbsp; **Jean-Michel Severino**<br> **Positions currently held**<br> **-** Director of Orange and member of its Audit Committee <sup>(2)</sup><br> **-** Member of the Michelin Supervisory Board and Corporate Social Responsibility Committee <sup>(2)</sup><br> **-** Chairman of the I&P SAS (Investisseurs et Partenaires) Supervisory Board<br> **-** Manager of Emergence Développement<br> **-** Director of Phitrust Impact Investors<br> **-** Director of Fondation Tunisie Développement<br> **-** Director of FERDI (public interest foundation)<br> International<br> **-** Director of I&P Développement<br> **-** Director of I&P Gestion<br> **-** Chairman of the Board of Directors of I&P Afrique Entrepreneurs<br> **Other positions and offices held over the past five years**<br> **-** Lead Director and Chairman of the Danone Audit Committee and member of the Danone Governance Committee <sup>(2)</sup><br> **-** Chairman of the Board of Directors of EBI SA (Ecobank International)<br> **-** Director of Fondation Carrefour<br> **-** Director of Fondation Alstom<br> **-** Director of Fondation Avril<br> **-** Director of Fondation Grameen Crédit Agricole<br> **-** Director of Adenia Partners<br>

&nbsp;&nbsp;&nbsp;&nbsp; **Magali Vallée**<br> **Positions currently held**<br> **-** Director of Orange and member of its GCSERC <sup>(2)</sup><br> **Other positions and offices held over the past five years**<br> None<br>

(2) Office in a listed company.

The business address of all Directors and Officers, in relation to their positions, is that of Orange SA's headquarters (see Section 7.1 *Company identification*).

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#### Positions and offices held in 2022 by Directors whose terms of office have ended since January 1, 2022
&nbsp;&nbsp;&nbsp;&nbsp; **Stéphanie Besnier**<br> (Director representing the French State on the Board of Directors and member of the Orange Audit Committee <sup>(2)</sup> until March 5, 2023)<br> **Positions currently held**<br> **-** Chief Financial Officer of OVHcloud<br> **Other positions and offices held over the past five years**<br> **-** Director representing the French State on the ENGIE Board of Directors, member of the ENGIE Audit Committee, Strategy, Investment and Technology Committee, and Appointments, Remuneration and Governance Committee <sup>(2)</sup><br> **-** Director representing the French State on the Safran Board of Directors, member of the Safran Audit and Risk Committee and Group Appointments and Remuneration Committee <sup>(2)</sup><br> **-** Director representing the French State on the Air France KLM Board of Directors, member of the Air France KLM Audit Committee <sup>(2)</sup><br> **-** Director representing Wendel on the Bureau Véritas Board of Directors <sup>(2)</sup><br> **-** Director representing Wendel on the Board of Directors of IHS Towers<br>

&nbsp;&nbsp;&nbsp;&nbsp; **Helle Kristoffersen**<br> (Director of Orange and member of its Strategy and Technology Committee <sup>(2)</sup> until January 31, 2022)<br> **Positions and offices**<br> **-** President, Strategy & Sustainability of TotalEnergies and member of its Executive Committee <sup>(2)</sup><br> **Other positions and offices held over the past five years**<br> **-** Director of Strategy & General Secretariat of the Gas, Renewables & Power Business Line of the TotalEnergies group <sup>(2)</sup><br> **-** Member of the Peugeot Supervisory Board <sup>(2)</sup><br> **-** Director of Direct Énergie <sup>(2)</sup><br> **-** Member of the SunPower Board of Directors (United States) <sup>(2)</sup><br> **-** Member of the PSL ComUE Board of Directors<br>

&nbsp;&nbsp;&nbsp;&nbsp; **Stéphane Richard**<br> (Chairman and Chief Executive Officer of Orange until April 3, 2022 inclusive, then Chairman of the Board of Directors <sup>(2)</sup> until May 19, 2022)<br> **Positions and offices**<br> **-** Director of the Opéra National de Paris<br> **-** Director of France Industrie<br> International<br> **-** Chairman of the Board of Directors and Director of GSMA<br> **Other positions and offices held over the past five years**<br> **-** Permanent representative of Atlas Countries Support on the Medi Telecom Board of Directors <sup>(1)</sup><br>

&nbsp;&nbsp;&nbsp;&nbsp; **Laurence Dalboussière**<br> (Director of Orange and member of its GCSERC <sup>(2)</sup> until July 13, 2022)<br> **Positions currently held**<br> None<br> **Other positions and offices held over the past five years**<br> None<br>

&nbsp;&nbsp;&nbsp;&nbsp; **Ramon Fernandez**<br> (*Delegate* Chief Executive Officer of Orange <sup>(2)</sup> until December 31, 2022)<br> **Positions currently held**<br> **-** Chairman of the Board of Directors and Director of Orange Bank <sup>(1)</sup><br> **-** Chairman of the Board of Directors and Director of Compagnie Financière d'Orange Bank <sup>(1)</sup><br> **-** Member of the Supervisory Board of Iris Capital Management <sup>(1)</sup><br> **-** Chairman and Member of the Supervisory Board of Orange Ventures <sup>(1)</sup><br> **-** Chairman of the Board of Directors and Director of Orange Digital Investment <sup>(1)</sup><br> **-** Director of AXA and member of its Audit Committee and Finance and Risk Committee <sup>(2)</sup><br> **-** Director of Institut du Capitalisme Responsable<br> **-** Director of the Fondation Nationale des Sciences Politiques<br> **-** Director of Institut Jean Monnet<br> International<br> **-** Director of Buyin and member of its Remuneration Committee <sup>(1)</sup><br> **Other positions and offices held over the past five years**<br> **-** Director of Médi Télécom <sup>(1)</sup><br> **-** Vice Chairman and member of the Supervisory Board of Orange Polska <sup>(1) (2)</sup><br> **-** Director of Orange Africa & Middle East <sup>(1)</sup><br> **-** Member of the Euler Hermes Supervisory Board and the Appointments and Remuneration Committee <sup>(2)</sup><br> **-** Member of the Orange Bank Remuneration Committee <sup>(1)</sup><br> **-** Director of Orange Belgium <sup>(1) (2)</sup><br> **-** Chairman of the Buyin Board of Directors <sup>(1)</sup><br> **-** Member of the Supervisory Board of Euronext N.V. <sup>(2)</sup><br> **-** Member of the Institut Orange Steering Committee <sup>(1)</sup><br>

(1) Company in which Orange holds an interest.

(2) Office in a listed company.

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5.1.4.2 Information on Company shares held by Directors and Officers

#### Number of shares held by Directors and Officers
According to the terms of Article 13 of the Bylaws, each Director appointed by the Shareholders' Meeting must hold a minimum of 1,000 Company shares, with the exception of Directors elected by employees, the Director representing employee shareholders and the Directors representing the public sector, who are exempt in accordance with the law.

In addition, the Board of Directors has decided that each of the Corporate Officers shall also hold at least 1,000 registered shares.

The following information is provided as at the date of this document and to the Company's knowledge:

---

| | | |
|:---|:---|:---|
|  |  | **Number of shares** |
| Chairman of the Board of Directors, Independent Director | Jacques Aschenbroich | 1000 |
| Chief Executive Officer, Non-Independent Director | Christel Heydemann | 1000 |
| Independent Directors | Valérie Beaulieu | 1000 |
| Independent Directors | Alexandre Bompard | 1000 |
| Independent Directors | Anne-Gabrielle Heilbronner | 1000 |
| Independent Directors | Bernard Ramanantsoa | 1000 |
| Independent Directors | Frédéric Sanchez | 1000 |
| Independent Directors | Jean-Michel Severino | 1000 |
| Directors representing the public sector | Bpifrance Participations<br> (Thierry Sommelet appointed as permanent representative from January 10, 2021 to replace Nicolas Dufourcq. He personally holds 400 Orange shares) | 254219602 |
| Directors representing the public sector | Anne Lange | 0 |
| Directors representing the public sector | Céline Fornaro  | 0 |
| Directors elected by employees | Sébastien Crozier | 552 |
| Directors elected by employees | Vincent Gimeno | 2147 |
| Directors elected by employees | Magali Vallée | 1249 |
| Director representing employee shareholders | Thierry Chatelier | 3949 |

---

#### Transactions by Directors and Officers on Company securities
The following table details the transactions, reported to the AMF (*Autorité des marchés financiers* - French Financial Markets Authority), performed on Orange securities during the 2022 fiscal year and between January 1, 2023 and the date of this document by the persons referred to in Article L. 621-18-2 of the French Monetary and Financial Code.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Financial instrument** | **Type of transaction** | **Transaction date** | **Number of securities** | **Average unit price**<br> **(in euros)**  | **Amount of transaction**<br> **(in euros)**  |
| Sébastien Crozier | FCPE units | Disposal | 06/27/2022 | 5146.3234 | 11.08 | 57021.26 |
| Sébastien Crozier | Equities | Disposal | 01/02/2022 | 500 | 9.29 | 4645 |
| Sébastien Crozier | FCPE units | Disposal | 01/03/2022 | 1852.3547 | 9.39 | 17393.61 |
| Sébastien Crozier | Equities | Disposal | 01/03/2023 | 1648 | 9.41 | 15522.51 |

---

To the Company's knowledge, no other transactions having to be reported to the AMF have taken place.

#### Restrictions regarding the disposal of shares by Directors and Officers
Directors and Officers holding shares under the Orange group's savings plan through company mutual funds that are invested in shares of the Company are subject to the lock-up rules under the legal provisions applicable to investments in this type of employee savings plan.

Moreover, within the framework of the EU "market abuse" regulation, Article 16 of the Board of Directors' Internal Guidelines prevents Directors from engaging in any transactions on the securities of the listed companies of the Group during the periods preceding the publication of results, and more generally, if they have knowledge of inside information, and from directly or indirectly engaging in short sales of such securities.

Lastly, Executive Corporate Officers must hold at least 50% of the shares they receive under a free share award plan (LTIP) in registered form until the end of their term of office.

To the Company's knowledge, none of the Company's Directors or Officers has agreed any other restriction on their freedom to dispose of their holdings in the Company's capital without delay.

Orange — 2022 Universal Registration Document - 404

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5.1.4.3 Other information

#### Court rulings and bankruptcy
To the Company's knowledge, and as at the date of this Universal Registration Document, no Corporate Officer had, within the past five years:

**-** been convicted of fraud;

**-** been involved in bankruptcy, receivership or liquidation proceedings; or

**-** been barred by a court from serving as a member of an administrative, managerial or supervisory body of a listed company or from being involved in the management or business operations of a listed company.

#### Family ties
To the Company's knowledge, there are no family ties among Company Directors and Officers, or between the Directors and Officers and the Executive Committee members.

#### Conflicts of interest
Under Article 16 of the Board of Directors' Internal Guidelines, which may be consulted on the Group's website at www.orange.com under the heading Group/Governance (see Section 5.2.1.4 *Internal Guidelines*), each Director must notify the Chairman of the Board and the Lead Director, if one has been appointed, of any situation concerning them liable to give rise to a conflict of interest with a Group company (see Section 5.2.1.7 *Lead Director*).

In addition, Article 16.3 of these Internal Guidelines stipulates that for any situation concerning a Director that may create a conflict of interest, the Director concerned shall abstain from the vote on the corresponding resolution.

Moreover, a declaration relating to the existence or non-existence of a situation of conflict or divergence of interests (even potential) is requested annually from the Company's Directors and Officers as part of the preparation of the Universal Registration Document, as well as when they take office and if they are reappointed. At its meeting of February 9, 2023, the GCSERC also took note of the annual declarations of the Directors and Officers (see Section 5.2.1.2 *Independent Directors*).

To the best of the Company's knowledge and as at the date of this Universal Registration Document, there is no potential conflict of interest between the duties of Directors or Corporate Officers with regard to Orange and their private interests or other duties.

To the best of the Company's knowledge, there are no arrangements or agreements with any major shareholder, customer, supplier or any other third party under which any member of the Board of Directors or Corporate Officer has been appointed to the Board of Directors or Company's General Management (respectively).

5.1.4.4 Shares and stock options held by members of the Executive Committee

As at the date of this document, to the best of the Company's knowledge, the members of Orange's Executive Committee, including Christel Heydemann, Chief Executive Officer, owned a total of 111,581 Orange shares, i.e. 0.004% of the capital.

As at the date of this document, the members of the Executive Committee do not hold any stock options, the last plan in force within the Company having expired on May 21, 2017.

Orange — 2022 Universal Registration Document - 405

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5.2 Operation of the management and supervisory bodies

5.2.1 Operation of the Board of Directors

The Board of Directors presides over all decisions relating to the Group's major strategic, economic, employment, financial or technological policies and monitors the implementation of those policies by General Management, in accordance with its corporate interest and taking into account the social, environmental, cultural and sporting aspects of its operations. It also takes into consideration the Company's purpose.

5.2.1.1 Legal and statutory rules relating to the composition of the Board of Directors

In accordance with Article 13 of the Bylaws, the Board of Directors consists of no fewer than 12 and no more than 22 members, including three Directors elected by employees and one Director appointed by the Shareholders' Meeting and representing employee shareholders. The term of office for Directors is four years.

Pursuant to Government Order No. 2014-948 of August 20, 2014 on the governance and capital transactions of publicly held companies, as long as the French State holds more than 10% of the Company's share capital, it is entitled to appoint a representative to the Board of Directors, and a number of positions in proportion to its stake are reserved for members that it may propose. The public sector has three representatives on the Board of Directors: one representative appointed by Ministerial Order and two Directors appointed by the Shareholders' Meeting.

5.2.1.2 Independent Directors

The annual assessment of Directors' independence was carried out by the Board of Directors' Meeting of February 15, 2023, on the basis of a proposal by the Governance and Corporate Social and Environmental Responsibility Committee (GCSERC). In assessing Directors' independence, the Board took into account all of the criteria of the Afep-Medef Code of Corporate Governance, which state that a Director, to be considered independent:

**-** must not be or have been within the last five years:

- an employee or executive Corporate Officer of the Company,

- an employee, executive Corporate Officer or Director of a consolidated subsidiary of the Company,

- an employee, executive Corporate Officer or Director of the parent company or a consolidated subsidiary of the parent company;

**-** must not be an executive Corporate Officer of a company in which the Company directly or indirectly holds a position on the Board of Directors or in which an employee appointed as such, or a person who is an executive Corporate Officer of the Company (or who has been in the previous five years), holds the position of Director;

**-** must not be a customer, supplier, commercial banker, investment banker or advisor:

- that is material to the Company or its Group, or

- for which the Company or its Group represents a significant share of business.

The assessment of the potential materiality of the relationship with Orange or its Group must be discussed by the Board, and the qualitative and/or quantitative criteria used in this assessment (continuity, economic dependence, exclusivity, etc.) must be explicitly stated in the Corporate Governance Report:

**-** must not have close family ties with a Director or Officer;

**-** must not have been a Statutory Auditor of the Company within the last five years;

**-** must not have been a Director of the Company for more than 12 years. Under this criterion, loss of the status of Independent Director occurs on the date at which this period of 12 years is reached.

The Afep-Medef Code recommends presenting a summary table of each Director's position with regard to independence criteria. The analysis of the GCSERC was thus carried out with regard to these criteria; the summary table appears at the end of this section.

The three Directors representing the public sector and the four Directors elected by employees or representing employee shareholders cannot, by definition, be deemed independent under the Afep-Medef Code. Christel Heydemann, Director and Chief Executive Officer, is furthermore considered to be non-independent due to her executive role within the Group.

With regard to the Directors considered to be independent, including the Non-Executive Chairman, the GCSERC reviewed, firstly, their annual declarations made when preparing this document, including a section on potential conflicts of interest, and, secondly, any business relationships between the Orange group and these Directors or the companies that employ them, or in which they may hold office (see Section 5.2.1.8 *Board and committee activities during the fiscal year*).

The GCSERC also examined the nature of the volumes of business dealings and partnerships with listed companies in which Company Directors hold office. In particular, it reviewed the business relationship with BNP Paribas which, in 2022, was involved in financial flows with Orange corresponding to commitments made by Orange in 2020 with respect to co-funded use rights on the fiber network (third-party PINs) through a BNP Paribas subsidiary. The review also indicated that some of these companies are Orange Business Services customers for "business" telecommunication services or Group suppliers in the normal course of business and for non-material amounts across the Orange group. The Board also reviewed any declared consultancy services that the Company Directors had carried out.

The Board of Directors considered, given the nature and volume of the business relationships in question and the declaration of independence made by each of the aforementioned Directors, that these existing relationships are not material either for the Orange group or for any of the Directors or groups or entities to which the Directors concerned belong. The Board of Directors concluded that these relationships are therefore not likely to compromise their independence.

Following the discussions, Jacques Aschenbroich, Valérie Beaulieu, Anne-Gabrielle Heilbronner, Alexandre Bompard, Bernard Ramanantsoa, Frédéric Sanchez and Jean-Michel Severino - seven of the Board's 15 members - were deemed to be independent under the criteria of the Afep-Medef Code.

With the exception of Directors elected by employees or representing employee shareholders who are not taken into account by the Afep-Medef Code for the purpose of calculating the proportion of Independent Directors, as of the date of this document, the Board had seven Independent Directors out of 11, which is close to two-thirds of the Board - a proportion well above the Afep-Medef Code recommendation.

Orange — 2022 Universal Registration Document - 406

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The table below presents the position of each Independent Director with regard to the independence criteria set in the Afep-Medef Code (Article 9.4).

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Directors' independence** | **Jacques Aschenbroich** | **Valérie Beaulieu** | **Alexandre Bompard** | **Anne-Gabrielle Heilbronner** | **Bernard Ramanantsoa** | **Frédéric Sanchez** | **Jean-Michel Severino** |
| **Criterion 1:** Is not and has not been an employee, Director or Officer within the last five years | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
| **Criterion 2:** Does not hold cross-directorships | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
| **Criterion 3:** Does not have significant business relationships | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
| **Criterion 4:** Does not have close family ties with a Director or Officer | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
| **Criterion 5:** Has not been a Statutory Auditor of the Company within the last five years | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
| **Criterion 6:** Has not have been a Director of the Company for more than 12 years | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
| **Criterion 7:** Has non-executive Corporate Officer status: does not receive variable compensation in cash or shares or any compensation relating to the Company's performance | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
| **Criterion 8:** Has major shareholder status: does not participate in the control of the Company | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |

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The detailed list of the positions held by Directors and Officers is provided in Section 5.1.4 *Information on Directors, Officers and Senior Management.*

5.2.1.3 Applying the principle of diversity and balanced representation between women and men

The Board ensures that its membership complies with statutory provisions, specifically with regard to diversity and the balanced representation of women and men on the Board.

At the date of this document, the Board of Directors had a total of six women out of 15 Directors. In accordance with the criteria resulting from the laws of January 27, 2011 (on the balanced representation of women and men on Boards of Directors and supervisory boards and on professional equality) and of May 22, 2019 (on the growth and transformation of companies, known as the PACTE Act), the proportion of women on the Board was 45% (five women out of 11 members). This percentage does not take into account directors elected by employees or representing employee shareholders.

Furthermore, pursuant to Article L. 22-10-10 of the French Commercial Code and the Afep-Medef Code, Article 13 of the Company's Internal Guidelines (see Section 5.2.1.4 *Internal Guidelines*) states that diversity in the composition of the Board and its committees also refers to indicators such as age, nationality, qualifications and professional experience.

This provision is consistent with the expectations of Directors expressed in the 2022 evaluation of the operation of the Board and its committees regarding the need to diversify the profiles present on the Board. It offers expertise in the field of international digital technology and is strengthening its expertise in the area of finance. This is in addition to the "Director watch" work performed by the GCSERC (see Section 5.2.1.8 *Board and committee activities during the fiscal year*).

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#### Diversity of expertise on the Board
An assessment of the key skills and expertise of the members of the Board has been carried out among the Directors and shows that the Board, in the diversity of the profiles and experience of its members, both in France and internationally, has the necessary qualities to understand the matters presented to it. With regard to social and environmental responsibility, a significant proportion of the Board's Independent Directors have worked for companies recognized for their CSR performance, with one employee director bringing to the Board specific expertise in eco-design.

The map below, produced at the beginning of 2023 by an external consultant who had performed the assessment of the functioning of the Board and its committees, shows a balanced distribution between the different types of skills required and brought to the Board by its 15 members.

![](ch5_image004.jpg)

![](ch5_image005.jpg)

![](ch5_image006.jpg)

5.2.1.4 Internal Guidelines

In 2003, the Board of Directors adopted Internal Guidelines, which lay down the guiding principles and procedures for its operations and those of its committees. They are available on the website www.orange.com, under the heading Group/Governance.

The Internal Guidelines specify, among other details, the respective responsibilities of the Board of Directors, the Chairman and the Chief Executive Officer, stipulating limits to their powers; they also set the rules governing the composition, powers and operating procedures of each Board committee.

The Internal Guidelines also specify the rules governing the information provided to Directors and meetings of the Board.

The Internal Guidelines have been updated several times by the Board of Directors to reflect changes in the Company's governance and, most recently, the transformation of the Innovation and Technology Committee into the Strategy and Technology Committee, which was approved at the Board meeting of December 7, 2022 on the recommendation of the GCSERC. The Guidelines have also been updated to improve some of the wording and make executive sessions a formal requirement, as recommended by the Afep-Medef Code.

5.2.1.5 Chairman of the Board of Directors

Article 1 of the Internal Guidelines of the Board of Directors specifies the role and duties of the Chairman.

The Chairman represents the Board of Directors and, except in unusual circumstances, is the only person authorized to act and speak in the Board's name. The Chairman organizes and guides the work of the Board of Directors and ensures the efficient running of the corporate bodies in line with the principles of good governance. He or she liaises between the Board of Directors and the Company's shareholders, in coordination with General Management; he or she monitors the quality of the Company's financial information. When the roles of Chairman of the Board of Directors and Chief Executive Officer are split, he or she may, in close coordination with General Management, represent the Company in its high-level relations with the public authorities, the Group's major partners and key customers, both within France and internationally. In this case, he or she is briefed regularly by the Chief Executive Officer on the significant events and situations relating to Group operations, and he or she may seek any information from the Chief Executive Officer needed to inform the Board of Directors and its committees. The Chairman may meet with the Statutory Auditors in order to prepare the work of the Board of Directors and the Audit Committee. He or she may attend meetings of Board Committees under the conditions provided for in the Internal Guidelines.

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In accordance with Articles 29-1 and 29-2 of French Law No. 90-568 of July 2, 1990 regarding the organization of the public postal service and France Télécom, the Chairman of the Board of Directors also has the power to appoint and manage the civil servants employed by the Company. Since the separation of functions in 2022, the Chairman decided to delegate this power to the Chief Executive Officer.

Pursuant to the Company's Bylaws, the Chairman of the Board of Directors can remain in office until the age of 70. If this age is reached by the Chairperson while in office, the age limit shall be extended in order to allow the Chairperson of the Board of Directors to carry out their required duties until their term of office expires.

5.2.1.6 Committees of the Board of Directors

The Board of Directors is supported by expertise from three specialized committees. Their role is to provide informed input for the Board's discussions and assist in preparing its decisions. These committees meet as often as is necessary. Their powers and operating procedures are set out in the Internal Guidelines of the Board of Directors. In line with the Afep-Medef Code, significant responsibilities are given to Independent Directors. Orange also believes that it is important that each committee benefits from the presence of at least one Director representing the public sector and at least one member representing employees or employee shareholders, enabling different opinions to be taken into account in the work of the committees (see Section 5.2.1.8 *Board and committee activities during the fiscal year*).

Thus, with the exception of the Chairman, who is free to attend all committee meetings, all of the Directors sit on a committee based on the choices discussed and made by the Board.

#### Composition of the Board Committees as at the date of this document

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| | | |
|:---|:---|:---|
|  | **Year created** | **Members** |
| Audit Committee | 1997<br> Bernard Ramanantsoa <sup>(1)</sup>  | Valérie Beaulieu <sup>(1)</sup><br> Sébastien Crozier<br> Céline Fornaro <sup>(3)</sup><br> Jean-Michel Severino <sup>(1) (2)</sup>  |
| Governance and Corporate Social and Environmental Responsibility Committee<br> (GCSERC) | 2003<br> Anne-Gabrielle Heilbronner <sup>(1)</sup>  | Anne Lange<br> Magali Vallée |
| Strategy and Technology Committee (STC) | 2014<br> Frédéric Sanchez <sup>(1)</sup>  | Alexandre Bompard <sup>(1)</sup><br> Thierry Chatelier<br> Vincent Gimeno<br> Bpifrance Participations<br> (Thierry Sommelet) |

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(1) Independent Director.

(2) Audit Committee's financial expert.

(3) Appointed member of the Audit Committee by the Board on March 29, 2023.

#### Audit Committee
In accordance with the Internal Guidelines of the Board of Directors, the Audit Committee has at least three members appointed by the Board. At least two-thirds of members must be independent (excluding Directors elected by employees or representing employee shareholders, who are not taken into account). The Chairman of the Audit Committee is chosen from among the Independent Directors.

The composition of the Audit Committee complies with the recommendations of the Afep-Medef Code, with the proportion of Independent Directors, excluding Directors elected by employees or representing employee shareholders, being three out of four until the Board of Directors' Meeting of February 16, 2022, at which time it was decided that Christel Heydemann could no longer be considered independent, even before taking up her duties on April 4, 2022 (see Section 5.2.1.2 *Independent Directors*). Consequently, it decided, in accordance with the Afep-Medef Code and the listing rules, that Christel Heydemann could no longer sit on the Audit Committee as a member. As from February 16, 2022, the proportion of Independent Directors on the Audit Committee was two out of three - excluding directors elected by employees or representing employee shareholders. At its meeting of July 27, 2022, the Board acted on the recommendation of the GCSERC in appointing Valérie Beaulieu as a new member of the Audit Committee. The proportion of Independent Directors on this Committee was thus restored to 75%.

The Committee does not include any Corporate Officers. The composition of the Audit Committee also complies with the provisions of Article L. 823-19 of the French Commercial Code relating to the establishment of a specialized committee to follow up questions relating to the preparation and control of accounting and financial information.

In this regard, the Committee monitors the financial reporting process and the effectiveness of internal control and risk management systems, including for non-financial risk, when preparing and processing accounting and financial information.

Every year the Audit Committee is given a presentation by General Management on risk mapping in the Company and in particular the effectiveness of the risk management system, the major risks facing the Group, and fraud prevention and detection mechanisms.

It issues a recommendation regarding the Statutory Auditors nominated for appointment, organizes their selection process and submits a reasoned recommendation to the Board regarding their choice and their compensation terms and conditions. It monitors the Statutory Auditors' fulfillment of their engagement and approves, where applicable, the provision of services other than the certification of the financial statements, for such services that are not prohibited by law or Orange's rules. The Committee also studies all investment or divestment projects that meet the criteria set out in Article 2 of the Internal Guidelines of the Board of Directors, and prepares the relevant Board deliberations. The Audit Committee may also request that any audit or internal/external review be carried out on any matter that it considers to fall within its remit.

Furthermore, the Chairman of the Audit Committee is assigned a particular role, and reports to the Board of Directors on a regular basis on the execution of the Committee's functions, as well as the outcome of the statutory audit and how this has contributed to the integrity of the financial reporting, and the role the Audit Committee has played in this process. It immediately informs the Board of any difficulties encountered and submits a summary of the Audit Committee's discussions.

The responsibilities of the Audit Committee are detailed in Article 7 of the Internal Guidelines of the Board of Directors.

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#### Financial expertise within the Audit Committee
Members of the Audit Committee are required to have or gain financial or accounting expertise. In accordance with the provisions of Article L. 823-19 of the French Commercial Code and Section 407 of the US Sarbanes-Oxley Act, it must also comprise at least one person with specific expertise in the field of finance, accounting or statutory auditing, who must be independent (the "financial expert").

Jean-Michel Severino was appointed financial expert to the Audit Committee during the Board of Directors' meeting of October 25, 2017, due to his role as Financial Inspector, his past functions as Chief Executive Officer of the AFD (Agence française de développement - French international development agency) and Vice-President of the World Bank for Asia, and his current position as Chairman of fund management company I&P. As his term of office expires at the close of the Shareholders' Meeting of May 23, 2023, the Board of Directors will appoint a new financial expert from among the Independent Directors, in order to meet the legal requirements.

#### Governance and Corporate Social and Environmental Responsibility Committee
In accordance with the Internal Guidelines of the Board of Directors, the Governance and Corporate Social and Environmental Responsibility Committee (GCSERC) has at least three members appointed by the Board. Its Chairman is chosen from among the Independent Directors.

Its composition is in line with the recommendations of the Afep-Medef Code, as it has 50% Independent Directors (excluding Directors elected by employees or representing employee shareholders, who are not included in this calculation).

The major areas of responsibility of this committee, whose creation is recommended by the Afep-Medef Code, are appointments and compensation, corporate social and environmental responsibility and governance. In particular, it exercises the powers of the specialized committees responsible for the appointment and re-appointment of Directors. In these areas, it is tasked in particular with making proposals to the Board of Directors, as well as to the Chairman and, as necessary, the Chief Executive Officer. The Chief Executive Officer also keeps the Committee informed of any new appointments to the Group Executive Committee; the Committee may offer, upon request of the Chief Executive Officer, its opinion on the terms and conditions for calculating the compensation of these new members, or regarding multi-year variable compensation plans (Long-Term Incentive Plans) or free share award plans in place at the Orange group. The Committee also ensures, with regard to succession plans, that a process is in place for when terms of office expire and in situations requiring particular attention.

The Committee also examines, in line with the Group's strategy, the main thrust of Human Resources and CSR policies, based on dialog with the Group's stakeholders. Once a year, it reviews the Ethics Committee's report on the Group-wide actions to implement ethics practices, and is informed about the roll-out of the Group's compliance programs.

The responsibilities of the Governance and Corporate Social and Environmental Responsibility Committee are detailed in Article 8 of the Internal Guidelines of the Board of Directors.

#### Strategy and Technology Committee
In accordance with the Internal Guidelines of the Board of Directors, the Strategy and Technology Committee has at least three members appointed by the Board.

The Committee notably reviews the significant multi-annual investment programs and the major technology partnerships entered into by the Group, the Group's strategic policies in terms of innovation and research, and its performance in this respect.

The responsibilities of the Strategy and Technology Committee are detailed in Article 9 of the Internal Guidelines of the Board of Directors.

#### Special committees
Article 5 of the Internal Guidelines of the Board of Directors provides that the Board may decide, for certain technical issues relating to the Company's operations and/or issues that may involve conflicts of interest and on which the Board of Directors is expected to give its view or make a decision, to establish a special committee to review these matters in consultation with the Company's General Management. Article 5 was amended at the request of the Board on December 5, 2018 in order to enable any Director to participate in such committees, provided that they have no conflicts of interest.

The Board of Directors appoints the Chairman, who is chosen from among the Committee's Independent Directors.

A special committee consisting of the Chairwoman of the GCSERC, Anne-Gabrielle Heilbronner, and Lead Director Bernard Ramanantsoa, was set up by the Board on October 25, 2021 to work seeking and identifying candidates to assume the roles of Non-Executive Chairman and Chief Executive Officer (see Section 5.2.1.8 *Board and committee activities during the fiscal year*).

5.2.1.7 Lead Director

The Internal Guidelines of the Board of Directors provide for the appointment by the Board of a Lead Director from among the Independent Directors at the proposal of the GCSERC. A Lead Director must be appointed if the same person is both Chairman of the Board of Directors and Chief Executive Officer.

Noting that the Company's governance had been reorganized and that these two offices were now separate, the Board of Directors, at its meeting of July 27, 2022, resolved to terminate the office of Lead Director fulfilled since February 2020 by Bernard Ramanantsoa.

The powers of the Lead Director are defined in Article 15.1 of the Company's Bylaws (calling and chairing of Board meetings if the Chairman is unavailable), and in Article 10 of the Internal Guidelines, which also defines the Lead Director's duties.

5.2.1.8 Board and committee activities during the fiscal year

#### Board activities
The Board of Directors met 13 times in 2022. Its meetings had a collective attendance rate of 95.1%. Individual attendance rates are presented in the table at the end of this section. Information on allocation and payment methods for Directors' compensation is presented in Section 5.4.2.1 *Amount of compensation paid or allocated for 2022 activity*. The typical Board meeting lasts around 3 hours.

Each meeting is generally preceded by a meeting of one or more of the Board's committees with a view to preparing its work and deliberations. The matters discussed by the committees are reported on by their Chairperson to the Board of Directors.

In addition to overseeing the regular stages in the life of the Company (review of operating performance, quarterly results, half-yearly and annual financial statements, budget review, risk factors, setting the compensation of Corporate Officers, etc.), in the first half of 2022 the Board discussed and implemented the Company's newly reorganized governance structure, which resulted in the separation of the offices of Chairman of the Board and Chief Executive Officer. It also noted the implications for the Group of the hostilities unleashed by Russia in Ukraine, particularly with regard to Orange employees and business activities in Russia and the countries bordering the conflict where the Group is an operator (Poland, Slovakia, Romania and Moldavia). At its meeting of February 16, 2022, the Board approved the proposed in-kind contribution of Totem France shares to Totem Group. It also examined the proposed merger between Orange Espagne and MásMóvil.

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With regard to Spain, it authorized the recommendation that Orange Spain bid for spectrum in the 26 GHz band, the last remaining unallocated 5G spectrum under the 5G roll-out. It also authorized the acquisition of the TV distribution rights for Spanish soccer for the 2022-2023 season.

At the close of the Shareholders' Meeting of May 19, 2022, the Board of Directors appointed Jacques Aschenbroich as its Chairman and extended Christel Heydemann's term of office as Chief Executive Officer. It noted that the resolution regarding approval of the 2022 compensation policy (twelfth resolution) had passed by a slim margin and advised what it intended to do in response.

In the second half of the year, the Board of Directors authorized the sale of the entire capital of Orange Studio plus Orange's stake in OCS to the Canal + group. It also authorized the extension of the agreements relating to the Buyin joint venture, owned 50/50 by Orange and Deutsche Telekom. It discussed the repercussions for the Group of the European energy crisis, particularly in terms of energy supply for its businesses and the impact of inflation on the Company's revenues and costs and its ability to deal with them.

It was also kept regularly informed of the Company's employee-related news (Employment and Skills Planning (ESP), signing of agreements).

After consultation with the Central Social and Economic Committee (CSEC) on the Group's strategic guidelines, its representative, as is the case every year, submitted a series of questions on these guidelines to the Board of Directors at its meeting of December 7, 2022. The Board is currently working on a reasoned opinion in response.

The Board proposed the renewal of the conditional multi-year variable compensation plan (long-term incentive plan, or LTIP) for Corporate Officers for the period from 2023 to 2025. This system will be submitted to the vote of the Shareholders' Meeting of May 23, 2023 (see Section 5.4.1 *Report of the Board of Directors on compensation and benefits paid to Corporate Officers*). The Board of Directors' review of points related to the appointment, compensation and evaluation of Corporate Officers is conducted in the absence of the interested parties.

On October 5, 2022, it also examined the existence and monitoring of the effectiveness of Internal Control and financial and non-financial risk management systems in the form of a joint meeting of the three committees.

The Board of Directors was presented with an update of the Group Vigilance Plan and the obligations regarding the Statement of Non-Financial Performance. It also approved the information on the corporate, social and environmental issues of the Group included in the Report of the Board of Directors to the Shareholders' Meeting.

In accordance with the provisions of the Afep-Medef Code relating to the policy of gender balance in management bodies, the Board was presented with a progress report on the objectives that the Company has set for itself in terms of increasing the number of women in management bodies, in particular within the management network of the Group's executives and leaders. It approved the annual resolution on the policy of professional and salary equality between women and men [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

Lastly, the Board also carried out an assessment of its operation in the second half of 2022 (see Section 5.2.1.9 *Periodic review of the operation of the Board of Directors and its committees*).

#### Committee activities

#### Audit Committee
The Audit Committee met nine times in 2022. Its meetings had a collective attendance rate of 96.3%.

It met regularly with Orange's Senior Management and the main managers of the Group's Finance Department, as well as with the Head of the Group Audit, Control and Risk Management Department and the Statutory Auditors, in order to review with them their respective action plans and follow-up on these plans.

Financial reporting

In 2022, the Committee analyzed the Statutory Financial Statements and Consolidated Financial Statements for the 2021 fiscal year and the first half of 2022, together with the first- and third-quarter results for 2022. At its meeting on February 13, 2023, it reviewed the results for the fourth quarter of 2022, as well as the Statutory Financial Statements and Consolidated Financial Statements for the 2022 fiscal year. It verified that the processes for producing accounting and financial information complied with regulatory and legal requirements, especially in terms of Internal Control. In this respect, the Committee reviewed the draft Management Report and heard the Statutory Auditors' Reports. It also reviewed the 2023 budget. The material risks and off-balance-sheet commitments and their accounting impacts, as well as the results of the asset impairment tests, were also discussed.

The Committee furthermore reviewed all financial communications prior to their publication, including, at its meeting of February 13, 2023, the content of the presentation of the new *Lead the future* strategic plan ahead of the Capital Markets Day 2023 investors' conference on February 16, 2023.

Internal control and risk management, ethics

Before approving each set of financial statements, the Committee undertook a review of the significant litigation in which the Group is involved.

Moreover, the Committee examined the results of the annual evaluation of the Financial Internal Control system, which were presented to it by Group Internal Control, and concluded that the system was effective [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

The Committee also reviewed the major risks that the Company believes could have a material adverse effect on its business, financial position or earnings, particularly in light of its risk mapping. It also ensured that the recommendations formulated after the internal audit assignments by Group Audit, Control and Risk Management were correctly implemented. The findings of the audit assignments as well as the schedule of upcoming audit assignments were presented. [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

Management of debt and cash

The Committee regularly reviewed the Group's debt refinancing and cash management policy and was given a presentation on the annual update of the Group's derivative counterparty and cash investment limits.

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Development projects and strategic plan

The Committee was informed about the position of some of the Group's equity interests in Europe, the Middle East and Africa, and reviewed the asset impairment tests conducted at the end of 2022 at the Group's main subsidiaries and shareholdings, based on the entities' updated strategic plans, in order to take the 2023 budget as well as geopolitical and macroeconomic changes into account.

Statutory Auditors

The Committee reviewed the fees of the Statutory Auditors for 2022 and the financial terms of their work during the year. At the Audit Committee's meeting of June 20, 2022, the Statutory Auditors presented their external audit plan.

#### Governance and Corporate Social and Environmental Responsibility Committee (GCSERC)
The GCSERC met ten times in 2022. Its meetings had a collective attendance rate of 100%.

Compensation of Directors and Officers

In early 2022, the Committee discussed and defined the proposed targets and calculation methods for the variable compensation components of the Chairman and Chief Executive Officer and *Delegate* Chief Executive Officer for 2022. The proposed compensation and targets for Executive Corporate Officers for 2023 were reviewed and discussed over the course of several meetings and finally defined in February 2023. This process gave rise to a considerable amount of work for the GCSERC and Board, not least drawing lessons from the contested vote of the twelfth resolution presented to the Shareholders' Meeting of May 19, 2022, despite Stéphane Richard's waiver of the exceptional compensation that the Board had proposed to grant him for 2022. This led to the decision that, going forward, resolutions related to "say-on-pay" would be individualized so that shareholders had full freedom of choice when voting. The GCSERC also recommended that the thresholds for triggering outperformance in the annual variable compensation be changed (see Section 5.4 *Compensation and benefits paid to Directors, Officers and Senior Management*).

The Committee also monitored the implementation of the Long-Term Incentive Plans (LTIP), in particular the results of the LTIP 2020-2022 and the overall terms and conditions of a new LTIP 2023-2025, the principle of which will be put to the vote at the Shareholders' Meeting of May 23, 2023. To support the Company's climate objectives, the GCSERC recommended increasing the weighting of the CSR criterion pertaining to the reduction of CO<sub>2</sub> emissions to 20%, and maintaining the weighting of that related to the proportion of women in management networks at 10% (see Section 5.4.1 *Report of the Board of Directors on compensation and benefits paid to Corporate Officers*).

Lastly, the Committee prepared the breakdown of compensation for Directors in respect of the 2022 fiscal year and defined the Director compensation policy for the 2023 fiscal year (see Section 5.4.2 *Board of Directors' report on Directors' compensation*).

Governance and operation of the Board

The Committee reviewed the Board's Corporate Governance Report, which is attached to the Management Report.

It also examined, as it does every year, the situation of each of the Independent Directors with regard to the independence criteria set out in the Afep-Medef Code (see Section 5.2.1.2 *Independent Directors*).

At its meeting of February 9, 2023, the Committee took note of annual declarations made by Orange's Directors and Officers, in which certain information is required: the number of Orange shares held and any related-party transactions, terms of office and positions held in 2022, personal situation, potential conflicts of interest, etc.

The members of the GCSERC noted that in light of the annual declarations made by Directors and Officers, no specific conflicts of interest had been identified. This review, together with other work carried out by the Committee, led to the proposal to the Board of Directors' Meeting of February 15, 2023 that seven Directors be considered independent within the meaning of the Afep-Medef Code (see Section 5.2.1.2 *Independent Directors*).

The Committee also periodically reviewed the membership of the Board's committees and, in July 2022, recommended appointing Valérie Beaulieu, an Independent Director appointed by the Shareholders' Meeting of May 19, 2022, to the Audit Committee in view of her background and skills. It noted that Laurence Dalboussière had tendered her resignation effective July 13, 2022 to make way for her replacement, Thierry Chatelier, whom the Committee had recommended be appointed to the Strategy and Technology Committee (STC). Lastly, at the end of the process to restructure the Company's governance, the GCSERC recommended to the Board in October 2022 that Magali Vallée and Vincent Gimeno, both of whom were elected by employees in December 2021, be appointed to the GCSERC and STC respectively.

During the year, the Committee was presented with the operationalization and steering of Orange's purpose and the initial work of the "Raison d'agir Committee," designed to make recommendations on implementing the purpose commitments [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

Lastly, the Committee took note of the comments received from the AMF regarding the regular holding of executive sessions. At the initiative of the Chairwoman of the GCSERC, the Board held five executive sessions in the first half of 2022 attended only by Independent Directors. No Executive Corporate Officer was present at those meetings. This meeting format was made standard as from mid-2022 at the initiative of the Chairman of the Board of Directors. The Board of Directors' Internal Guidelines were updated accordingly (see Section 5.2.1.4 *Internal Guidelines*).

Nomination

Throughout the fiscal year, the Committee has continued its ongoing monitoring work ("director watch") in order to regularly review a list of director profiles that may correspond to the Board's needs and thus enable it to prepare for any necessary replacement. The Committee has remained particularly attentive to any profile with expertise in the fields of innovation and technology, internationally where appropriate, and who is or has been in General Management. It systematically ensures that the proportion of independent directors recommended in the Afep-Medef Code be respected when directors are appointed to committees.

In the second half of 2022, given that Jean-Michel Severino could not be reappointed as an independent director on account of reaching the end of three four-year terms, the GCSERC reviewed the candidacy of Momar Nguer to replace him. The profile and skills of Momar Nguer, who spent part of his career in Senegal and chairs the Medef International Africa Committee, were deemed particularly useful to the Board and met its needs.

At the beginning of 2023, the GCSERC also reviewed the candidacy of a new independent director to replace Bernard Ramanantsoa, who had informed the Board of his wish to step down from his directorship at the close of the Shareholders' Meeting of May 23, 2023 in order to join the Board of Orange Belgium. After seeking and identifying a suitable replacement, the GCSERC recommended the candidacy of Gilles Grapinet. His appointment as an independent director will be submitted for approval at the Shareholders' Meeting of May 23, 2023.

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The Committee analyzed their business relationships and any potential conflicts of interest should he be appointed. Given the nature and volume of their current business relationships, no conflicts of interest were identified and therefore they both can be considered as independent directors if the Shareholders' Meeting of May 23, 2023 votes in favor of their appointment.

At the end of this selection process, the GCSERC reiterated that the Board was still looking for a suitable candidate to add to its financial expertise.

CSR, ethics, compliance

The Committee reviewed the Group's strategy and important issues related to its corporate social and environmental policies. It examined the major achievements in this area in 2022. The Committee reported to the Board of Directors on its work on this subject.

The GCSERC also monitored the progress of the work done by the Raison d'agir Committee, which is tasked with making recommendations on how to implement the Company's purpose and how to measure and align it with the Company's undertakings. The Committee was presented with a report on the progress of the roll-out of the Group's corruption prevention program, in particular relating to the implementation of measures resulting from the French Law of December 9, 2016, known as the Sapin II Law, and Government Order No. 2017-1180 of July 19, 2017 on the publication of non-financial information. In particular, the Committee examined the roll-out of the code of conduct and the obligations regarding the Statement of Non-Financial Performance, and the roll-out of the Group's Vigilance Plan in 2022. The Board of Directors was informed on this matter.

With regard to CSR and climate change issues, the GCSERC wanted to strengthen the skills of the members of the Board of Directors in this area and to that end suggested that they undergo training on the topic in 2023. The Chairwoman of the GCSERC also expressed the wish to hold a special session on climate issues for future work. She furthermore suggested that the societal aspect of the CSR discussions should be more in-depth and proposed a list of topics in this respect.

The Committee also examined the annual report on ethics and compliance and studied the Group-wide actions resulting in the implementation of the ethics and compliance program [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]. It also assessed the Vigilance Plan for 2023 and the obligations regarding the Statement of Non-Financial Performance. The Committee was presented with the renewal of a syndicated *revolving* credit facility, the interest rate of which can change based on three CSR indicators: Scope 1 and 2 CO<sub>2</sub> emissions, Scope 3 CO<sub>2</sub> emissions, and the proportion of women in management networks. During the presentation, members of the GCSERC noted that on the whole, Orange was well-rated on environmental issues by non-financial ratings agencies.

The GCSERC was also presented with the system put in place to respond to the assessment notice from the AFA (*Agence française anticorruption* - French Anti-Corruption Agency) received in October 2021, which concerns the operations of "Orange Business Services." It was informed of the contents of the AFA's July 2022 preliminary report to which General Management responded and presented proposals on how to strengthen its program. The GCSERC reiterated the importance of taking the necessary steps to address the issues pinpointed by the AFA and asked General Management to keep it apprised of any further developments in its dealings with this authority.

Finally, as part of the periodic review of the Board's work (see Section 5.2.1.9 *Periodic review of the operation of the Board of Directors and its committees*), the Committee continued its discussions on the development and monitoring of succession plans for Corporate Officers.

Employment

The Committee monitored changes in the yearly indicators of the employee satisfaction survey. At its meeting of November 15, 2022, the Committee was presented with a detailed annual report on workplace gender equality and equal pay at Orange, specifically covering the proportion of women in the workforce, an analysis of pay gaps, and the awareness-raising and training initiatives undertaken in 2022. It prepared the relevant Board resolution, stressing to General Management the need to ensure that this policy be uniformly applied in all Group entities. The gender balance policy within the governing bodies was reviewed by the GCSERC and was the subject of a recommendation to the Board, which, in accordance with the new provisions of the Afep-Medef Code, determines the gender balance objectives within these bodies. This policy is supplemented by the special attention paid to the proportion of women on the Boards of Directors of the Group's subsidiaries and on the specialized committees reporting to the Executive Committee.

#### Strategy and Technology Committee (STC)
At its meeting of June 22, 2022, the Board approved the transformation of the Innovation and Technology Committee (ITC) into the Strategy and Technology Committee (STC) so that strategic issues could be studied in more detail prior to Board meetings. The ITC, now the STC, met five times in 2022. Its meetings had a collective attendance rate of 84%.

In the second half of 2022 the STC turned its attention to issues more oriented toward the Group's strategic and technological priorities, as part of the development and preparation of the new strategic plan.

In particular, the STC focused on network software transformation and a sovereign Cloud project. It then devoted the fall of 2022 to reviewing Orange's strategic priorities, successively examining Orange's situation in Africa and the Middle East, the B2B market, network infrastructures and Orange's multi-service strategy.

#### Joint meeting of Board Committees
At a joint meeting in October 2022, the members of the Audit Committee, GCSERC and STC reviewed the effectiveness of the risk management system. They took stock of 2022 and focused on three major risks for the Group: cyber risk, energy risk and geopolitical risk in the MEA region.

#### Special committee
A special committee, as provided for by Article 5 of the Internal Guidelines, consisting of the Chairwoman of the GCSERC, Anne-Gabrielle Heilbronner, and Lead Director Bernard Ramanantsoa, was set up by the Board on October 25, 2021 to seek and identify a candidate for the position of Chief Executive Officer, as per the Group's new governance structure. The committee was assisted in this work by a specialist recruitment firm and by an expert firm in executive compensation. In a second phase, this special committee extended its work to the search for a new Chairman of the Board of Directors and an independent director to replace Helle Kristoffersen, an Independent Director, who resigned from her position on January 31, 2022. The work of this special committee concluded with the proposal of two directors: a Chairman of the Board of Directors and a Chief Executive Officer.

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#### Strategic seminar
All members of the Board of Directors met on January 23 and 24, 2023 for a strategic seminar. The meeting was an opportunity to present to Directors an overview of Orange's ecosystem and to discuss the priorities of the next strategic plan presented to the Board of Directors at its meeting of February 15, 2023 and to investors on February 16, 2023 by the Chief Executive Officer.

#### Individual attendance of Board members
In accordance with Article 12.1 of the Afep-Medef Code, the table below presents the attendance of each member of the Board of Directors in 2022.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Attendance of members of the Board of Directors** | **Attendance of members of the Board of Directors** | **Attendance of members of the Board of Directors** | **Attendance of members of the Board of Directors** |
| | **Board of Directors** | **Audit Committee** | **GCSERC** | **STC** |
| Jacques Aschenbroich <sup>(1)</sup>  | 100% | N/A | N/A | N/A |
| Valérie Beaulieu | 100% | 100% | N/A | N/A |
| Stéphanie Besnier | 92% | 78% | N/A | N/A |
| Alexandre Bompard | 62% | N/A | N/A | 20% |
| Thierry Chatelier <sup>(2)</sup>  | 100% | N/A | N/A | 100% |
| Sébastien Crozier | 100% | 100% | N/A | N/A |
| Laurence Dalboussière <sup>(2)</sup>  | 100% | N/A | 100% | N/A |
| Vincent Gimeno | 100% | N/A | N/A | 100% |
| Anne-Gabrielle Heilbronner | 100% | N/A | 100% | N/A |
| Christel Heydemann <sup>(3)</sup>  | 100% | 100% | N/A | N/A |
| Helle Kristoffersen | 100% | N/A | N/A | N/A |
| Anne Lange | 85% | N/A | 100% | N/A |
| Bernard Ramanantsoa | 100% | 100% | N/A | N/A |
| Stéphane Richard | 100% | N/A | N/A | N/A |
| Frédéric Sanchez | 100% | N/A | N/A | 100% |
| Jean-Michel Severino | 92% | 100% | N/A | N/A |
| Bpifrance Participations represented by Thierry Sommelet | 100% | N/A | N/A | 100% |
| Magali Vallée <sup>(4)</sup>  | 100% | N/A | 100% | N/A |

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(1) Jacques Aschenbroich joined the Board at the close of the Shareholders' Meeting of May 19, 2022, to replace Stéphane Richard whose term of office had expired.

(2) Laurence Dalboussière resigned from her position as director representing employee shareholders effective July 13, 2022; she was succeeded by Thierry Chatelier (elected as an alternate at the Shareholders' Meeting of May 19, 2020).

(3) Christel Heydemann was a member of the Audit Committee until April 3, 2022, the day before she assumed her position as Chief Executive Officer.

(4) Magali Vallée was appointed to the GCSERC following the departure of Laurence Dalboussière. She previously served on the STC.

5.2.1.9 Periodic review of the operation of the Board of Directors and its committees

The operation of the Board of Directors and its committees is alternately assessed internally via self-assessment, as was the case in 2021, and externally with the help of an independent consultant.

In the second half of 2022, the GCSERC proposed to the Board a system of assessment by an external consultant, based on the response to a questionnaire and a one-on-one interview. All the Directors participated in this exercise.

The Board reviewed the GCSERC's report on the results of this latest assessment at its meeting of February 15, 2023.

The Directors expressed their satisfaction with the recent change in Orange's governance, since the separation of offices allowed the Board and its committees to operate more effectively. This separation of offices resulted in a new independence between the Chairmanship and the management team which allows balance of powers, freedom of debate and the overall improvement of the Board functioning, thanks to shortened and more efficient meetings.

The new relationship between the Chief Executive Officer and the Chairman of the Board of Directors was also perceived positively by the Directors. The functioning of this pairing is perceived as harmonious and balanced and has enabled the launch of a strategic review process which was expected by the directors, and which was formalized by the presentation of the new strategic plan in January 2023.

Following this assessment, recommendations have been made and those that have not yet been implemented will be implemented in the near future.

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5.2.1.10 Description of the procedure for evaluating current agreements

Pursuant to Article L. 225-39 of the French Commercial Code as amended by the law of May 22, 2019 on the growth and transformation of companies (known as the PACTE Act), the Boards of Directors of listed companies are required to implement a procedure to regularly assess whether agreements relating to current operations and entered into on an arm's length basis meet these conditions.

On December 3, 2019, the Orange SA Board of Directors adopted an internal procedure to assess whether the agreements concluded between (i) Orange SA and (ii) the Directors and Officers of Orange SA or the public sector (including the French government, Bpifrance Participations, central government administrations and companies controlled by the government) or any company in which an Orange SA Director or Officer holds a position, can continue to be described as agreements "relating to current operations and entered into on an arm's length basis."

As part of the procedure, the Group Legal Department is responsible for (i) centralizing the recording of these freely negotiated agreements with the Legal Departments of the Orange SA divisions, and (ii) carrying out subsequent evaluations.

This involves assessing agreements prior to their signature, agreements being classified on a case-by-case basis by the Legal Department in question, with the support of the Operational, Finance and Compliance Departments of the Group, on the basis of cumulative criteria (the operation must be both current and entered into on an arm's length basis), and a re-examination of these agreements is planned on an annual basis. An annual in-depth check is also carried out on material agreements to ensure that they continue to meet the criteria for current agreements and arm's length conditions at the level of Orange SA. Material agreements are those subject to significant commitments for Orange SA or decisions made in the Group Investment Committee.

A report on this procedure is presented annually to the Board of Directors for approval. The Board will examine the effectiveness of the procedure for evaluating current agreements entered into on an arm's length basis within the Group.

For the year ended December 31, 2021, the above-mentioned report established that the agreements identified, subject to the procedure, could continue to be classified as current agreements entered into on an arm's length basis. The report was presented to the Audit Committee on July 25, 2022 and was approved by the Board of Directors' Meeting of July 27, 2022 on the recommendation of the Audit Committee. Its review led to the conclusion that the internal procedure was effective and that it was implemented under the same conditions in 2022.

5.2.2 Operation of General Management

5.2.2.1 Management structure

As part of a natural evolution that occurs during governance restructuring, with Stéphane Richard's term of office about to expire, and in keeping with the wishes of the Company's various shareholding stakeholders, the Board of Directors resolved on January 28, 2022 to separate the offices of Chairman and Chief Executive Officer and to entrust Christel Heydemann, at the time an Independent Director, with the office of Chief Executive Officer as from April 4, 2022. At its meeting of March 30, the Board resolved to propose the appointment of Jacques Aschenbroich as Director to succeed Stéphane Richard.

At the close of the Shareholders' Meeting of May 19, 2022, the Board of Directors confirmed it was maintaining the way in which General Management was organized, as decided on January 28, 2022, and resolved to entrust the office of Chairman of the Board of Directors to Jacques Aschenbroich, reappoint the Chief Executive Officer for a term equal to that of the Chairman of the Board of Directors, and reappoint the *Delegate* Chief Executive Officer for a term equal to that of the Chief Executive Officer. Ramon Fernandez resigned from his office as *Delegate* Chief Executive Officer effective December 31, 2022.

5.2.2.2 Restrictions on the powers of the Chief Executive Officer

In accordance with the law and the Company's Bylaws, the Chief Executive Officer is vested with extensive powers to act in the Company's name. The CEO exercises these powers within the limits of the corporate scope and subject to those powers expressly attributed by the law and the Internal Guidelines of the Board of Directors. She is supported in this task by the Executive Committee and any *Delegate* CEOs.

Article 2 of the Internal Guidelines of the Board of Directors provides that the Chief Executive Officer must obtain the Board's prior authorization before committing the Company to:

**-** investments or divestments exceeding 200 million euros per transaction falling within the consolidation scope, and when the total consolidated exposure exceeds the Board's prior authorization for such an investment; or

**-** any new investment (excluding acquisitions of telecommunication spectrum) under the Group's major multi-annual technology programs in its main geographic regions (such as FTTH, 5G, etc.) in an average amount per annum exceeding 2.5% of Group capital expenditure budgeted during the year in question.

In addition, acquisitions of telecommunication spectrum by the Group in regions representing at least 10% of consolidated revenues are subject to prior presentation to the Board of Directors, which will set a maximum amount that can be bid at auction.

Investments or divestments remain, as the case may be, subject to independent review by the governing bodies of the subsidiaries in question.

Furthermore, any investment or divestment that falls outside the scope of the Company's strategic guidelines and involves a transaction in excess of 20 million euros must first be approved by the Board of Directors. Where relevant, the Board of Directors must be kept informed of any significant new developments regarding such transactions.

The Chief Executive Officer must also obtain the authorization of the Board of Directors annually, within caps determined by the latter, to issue sureties, endorsements or guarantees or for the Company to issue bonds or similar securities or arrange syndicated bank loans.

5.2.2.3 Executive Committee and Group governance committees

The Executive Committee, under the authority of the Chief Executive Officer, is responsible for managing the Group and coordinating the implementation of its strategic guidelines. It oversees the achievement of operational, employee-related and technical objectives, as well as those relating to the allocation of financial resources. Its meetings are generally held weekly. Its composition is set out in Section 5.1.3 *Executive Committee*.

Within the Company, a series of powers and signing authorities is established by the Chief Executive Officer for each of the members of the Executive Committee, each of whom has applied them in their respective area of expertise.

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Several specialized committees reporting to the Executive Committee were created to apply or oversee the implementation of its directives throughout the Group. The main committees that support Group governance are the Group Investment Committee, the Financing and Treasury Committee, the Tax Committee, the Claims and Commitments Committee, the Risk Committee, the Disclosure Committee, and the Group Ethics and Sustainability Committee. Each committee has adopted Internal Guidelines or a charter defining their operating and resolution procedures. These committees are also responsible for monitoring risk management with regard to financial liabilities, thereby helping limit the Group's overall exposure.

The **Group Investment Committee**, which reports to the Chief Executive Officer, is chaired by the Deputy Chief Executive Officer, Executive Director of Finance, Performance and Development. It includes four other permanent members: the Executive Director of Human Resources and Group Transformation, the Executive Director of Technology and Innovation, the Executive Director of Strategy and Cybersecurity activities, and the Secretary General. The Internal Guidelines of this Committee (terms of reference) evolved in April 2022. Its role is to review the financial commitments, off-balance-sheet commitments and non-financial commitments of the Group, also focusing on value creation. Other than in extraordinary circumstances, the Committee has decision-making authority on investment projects in IT systems and service platforms exceeding 10 million euros as well as responses to calls for tenders on the B2B market whose financing needs exceed 10 million euros, and on other investment projects exceeding 50 million euros (including implied operating expenses). It also rules on acquisitions and asset disposals, and the financing needs of subsidiaries in the event of an increase in the Group's financial exposure. This Committee meets as often as it deems necessary and in general once a week.

The **Financing and Treasury Committee** is chaired by the Deputy Chief Executive Officer, Executive Director Finance, Performance and Development. It sets the guidelines for managing the Group's debt and financing on a quarterly basis, especially in respect of its liquidity, interest rate, foreign exchange and counterparty risks. The financial monitoring of the subsidiaries is also presented to the Committee. The Committee also reviews past management (key debt figures, completed transactions, financial results, etc.). It met four times in 2022.

The **Tax Committee** is chaired by the Deputy Chief Executive Officer, Executive Director Finance, Performance and Development. Its role is to review the major tax issues in order to determine their accounting consequences, if any. The materiality threshold for tax matters that must be submitted to the Tax Committee is 10 million euros. This Committee meets twice a year. However, the Committee may hold special meetings to assess and approve the tax options to be taken on issues that are particularly important for the Group. It met 3 times in 2022.

The **Claims and Commitments Committee** is chaired by the General Secretary. It examines the Group's significant litigation and contractual commitments to ensure that the related risks are taken into account as necessary in the form of accounting provisions. The Committee's role also includes approving the information in the notes to the financial statements on significant litigation. It met 7 times in 2022.

The **Risk Committee**, which reports to the Chief Executive Officer, is chaired by the Deputy Chief Executive Officer, Executive Director Finance, Performance and Development. It is made up of members of the Executive Committee, ten of whom are permanent members. The Committee's role is to review the Group's principal risks and to propose to the Executive Committee all decisions regarding risk management and the quality of Internal Control, as well as to assist the General Management in its risk management reporting to the Audit Committee and Board of Directors. To that end, the Committee validates the risk mapping, validates and monitors the execution of the annual internal audit program and ensures the monitoring of the implementation of audit recommendations and corrective action plans. It monitors the fraud and corruption prevention programs and reviews identified cases during meetings with the Lead Director, if one has been appointed. It is also informed of the main work on Internal Control, and ensures the consistency of the Internal Control and internal audit plans with the risk management objectives. It met 4 times in 2022.

The **Disclosure Committee** operates under the authority of the Deputy Chief Executive Officer, Executive Director Finance, Performance and Development. It is chaired, by delegation, by the Group Chief Accounting Officer, and includes the relevant department heads within the accounting, legal, internal audit, management control, investor relations and communications fields. It ensures the integrity, accuracy, compliance with applicable laws and regulations and recognized practices, consistency and quality of the Group's financial information. It carries out this task within the procedural framework for the preparation and validation of financial information as defined for the entire Group. Accordingly, it examines all financial disclosures made by the Company: the Consolidated Financial Statements, the annual and half-yearly financial reports, the Universal Registration Document filed with the AMF and the US Annual Report (*Form 20-F*) filed with the SEC, as well as any press releases containing financial information and presentations to institutional investors. In addition, the Committee looks at the financial communication of the principal listed subsidiaries. It met 13 times in 2022.

The **Group Ethics and Sustainability Committee** deals with issues of compliance, ethics and social responsibility at Orange. The Committee is co-chaired by the Deputy Chief Executive Officer and Executive Director Finance, Performance and Development and the Executive Director CSR, Diversity and Solidarity. It is made up of members of the Executive Committee, the Group's Inspector General, the CSR Director, and the Chief Compliance Officer, who acts as secretary. Since 2021, it has been the Executive Committee's collegiate governance decision-making body for environmental and social responsibility issues. As such, it validates the principles for implementing the Group's CSR strategy, reviews the human and financial resources to be committed and action plans to be implemented, steers the Group's non-financial communications (particularly the Statement of Non-Financial Performance (SNFP) and the "Orange group Vigilance Plan," which are included in the Management Report presented to the Shareholders' Meeting), and validates the information presented to the GCSERC. The Group Ethics and Sustainability Committee met four times in 2022.

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5.3 Reference to a Code of Corporate Governance

Orange refers to the Afep-Medef Corporate Governance Code for listed companies revised in December 2022, which can be viewed on the Orange, Afep and Medef websites. The Company hereby declares that it complies with the recommendations of the Afep-Medef Code as at the date of this document.

#### Main differences with the rules of the New York Stock Exchange
Orange has endeavored to take the New York Stock Exchange (NYSE) Corporate Governance rules into account. However, since the Company is not a US company, most of these rules do not apply to it, and the Company is allowed to follow the rules applicable in France instead. Accordingly, Orange has elected to refer to the Afep-Medef Code, where the recommendations differ in some respects from the NYSE governance rules applicable to US companies listed on the NYSE.

The main differences between Orange's practices and the rules applicable to US companies are described in the Group's US Annual Report (*Form 20-F*), filed with the US Securities and Exchange Commission (SEC).

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5.4 Compensation and benefits paid to Directors, Officers and Senior Management

5.4.1 Report of the Board of Directors on compensation and benefits paid to Corporate Officers

The Company refers in general, and in particular with regard to compensation, to the Afep-Medef Corporate Governance Code for listed companies in its revised version of December 2022.

This report presents the itemized total compensation and benefits of any kind paid to Directors and Officers during the fiscal year ended December 31, 2022, or awarded in respect of that same fiscal year, as well as the compensation policy for Directors and Officers for their terms of office, pursuant to Article L. 22-10-8 I. of the French Commercial Code.

This report was prepared under the aegis of the Governance and Corporate Social and Environmental Responsibility Committee (GCSERC).

5.4.1.1 Compensation policy for executive and non-executive Corporate Officers

Orange aims to define and implement a balanced and socially equitable compensation policy for its Corporate Officers.

The compensation policy for executive Corporate Officers is in line with the Group's strategic guidelines, and especially its financial objectives. It is not only a management tool for attracting, motivating, and retaining the talent the Company needs, but also meets the expectations of shareholders and other stakeholders, particularly in terms of transparency, performance and fulfillment of CSR commitments. It takes into account the result of the vote on the twelfth resolution at the Shareholders' Meeting of May 19, 2022 regarding the approval of the 2022 compensation policy for Corporate Officers, plus observations made by shareholders.

All compensation and benefits are analyzed item by item, then overall, to obtain the appropriate balances between fixed and variable, individual and collective, and short- and long-term compensation.

Orange ensures that the criteria governing the annual and multi-year variable components for executive Corporate Officers are aligned with the criteria for all the Company's Senior Management.

The compensation policy for Corporate Officers is set by the Board of Directors upon the recommendation of the GCSERC, while taking into account applicable laws (particularly Articles L. 22-10-8 and L. 22-10-9 of the French Commercial Code), and recommendations from the Afep-Medef Code. The *ex-ante* say-on-pay resolutions will be submitted separately for each Corporate Officer, as is already the case for *ex post* say-on-pay resolutions.

The compensation policy includes a clawback mechanism that will come into effect as from the deadline set by the US Securities and Exchange Commission (SEC) and New York Stock Exchange (NYSE) for entry into force of the new NYSE regulations regarding the listing standards relating to recovery of erroneously awarded compensation, as mandated by the Dodd-Frank Act.

#### Governance
The general principles and criteria for the compensation and assessment of Directors and Officers are prepared and examined by the GCSERC, which then makes recommendations to the Board of Directors for decision.

The GCSERC may use external benchmarks to evaluate the positioning of the compensation of Directors and Officers. In this respect, surveys are periodically conducted with the help of a firm specializing in executive compensation to ensure that compensation levels and structures are competitive in relation to a panel of comparable companies in size and complexity, including companies based in France and internationally that are the Group's competitors in telecommunications, as well as services companies, in some of which the French State is a shareholder.

The GCSERC listens to the comments and requests of investors and other stakeholders, as was the case with the contested vote on the twelfth resolution at the Shareholders' Meeting of May 19, 2022, and takes them into account while maintaining a consistent compensation policy, subject to constraints imposed by the confidentiality of the information published.

Finally, the GCSERC ensures the proper alignment of the compensation policies for the Company's executive Corporate Officers and other Senior Management in terms of the annual variable compensation and Long-Term Incentive Plans (LTIPs) involving the awarding of performance shares, and more generally the balance of Orange's compensation packages with the analysis of changes in internal pay ratios.

The GCSERC generally defines the compensation structure for executive Corporate Officers at the end of the previous year, and at the start of the current year, sets the targets and criteria governing variable compensation packages in line with the Group's strategic guidelines, the contribution demanded of these Corporate Officers and the compensation of the other Directors and Officers.

The topic of the compensation of Corporate Officers was addressed during four meetings of the Board of Directors in 2022. Corporate Officers do not participate in discussions of the Board of Directors about their own compensation.

#### Compensation structure for executive Corporate Officers (Chief Executive Officer and any Delegate Chief Executive Officers)
The compensation structure for each executive Corporate Officer mainly consists of fixed compensation, annual variable compensation and multi-year variable compensation. Each of these items is described in more detail below.

#### Fixed compensation
The fixed compensation of Corporate Officers is based on:

**-** the importance and complexity of their responsibilities;

**-** the experience and background of the individuals holding the various positions;

**-** market analyses for comparable positions.

#### Annual variable compensation
The purpose of annual variable compensation is to inspire executive Corporate Officers to achieve the annual performance targets set for them by the Board of Directors, in line with the Group's strategic guidelines, and in particular, its financial objectives. Pursuant to the Afep-Medef Code, the potential amount of variable compensation is expressed as a percentage of fixed compensation.

Variable compensation depends on performance levels applied to financial and non-financial indicators, with both reflecting the overall performance expected. The entire variable compensation is determined on the basis of precise targets - most importantly a quantitative performance measurement, including for the non-financial indicators, made on the basis of the target chosen by the Board of Directors for the needs of the measurement.

Orange — 2022 Universal Registration Document - 418

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#### Multi-year variable compensation
Orange offers executive Corporate Officers an annual performance share plan (LTIP) for their multi-year variable compensation to retain talent and further align their interests with the Company's success as well as with shareholder returns, in line with market practices. The Shareholders' Meeting approves the volume and major policies of the plan. The plan will include criteria that take into account the beneficiaries' direct contribution to the Company's long-term and overall performance using financial, social and environmental indicators. Some employees holding key positions within the Orange group are also eligible for the plan.

In addition to the performance conditions, the vesting of the shares is subject to the executive Corporate Officers still being in office on the date the performance conditions assessment is completed. Beneficiaries must hold in registered form at least 50% of the shares so granted to them in their capacity as Corporate Officers, until they leave office.

In the event that a beneficiary loses their corporate office, the Board may decide whether or not they may keep an unvested performance share plan, in which case, the maximum number of performance shares that may be granted will be prorated to the length of time the employee was with the company.

The use of a multi-year cash incentive plan may again be considered in the future if regulatory changes or any other circumstances were to make it difficult or impossible for the Company to use a performance share-based plan.

#### Holding a corporate office in an Orange subsidiary
Executive Corporate Officers may be required to hold offices in Group companies. In such cases, they do not receive compensation (e.g. "attendance compensation") for the offices held.

#### Clawback mechanism
Following changes in US regulations for companies listed on US markets, a mechanism for recovering certain incentive-based compensation, both annual and multi-year, partially or wholly contingent on the attainment of financial performance indicators, will come into effect as from the deadline set by the SEC and NYSE) for entry into force of the new NYSE regulations. It will affect the Chief Executive Officer in the event that the Company is required to prepare an accounting restatement due to material noncompliance with a financial reporting requirement, or to an error that would be material in this context or could lead to a material misstatement.

#### Supplemental retirement plan
In addition to the mandatory and supplementary pension plans, a supplemental retirement plan has been set up for executive Corporate Officers. Under this plan, the Company pays an annual contribution, half of which comprises premiums paid to a third-party organization under a defined-contribution retirement plan (an "Article 82" plan) and half consists of a cash sum, since enrollment in the plan gives rise to immediate taxation. This contribution is calculated on the basis of 20% of fixed plus variable compensation. The premium paid to the third-party organization is considered as salary and therefore treated as a benefit in kind.

#### Plans related to involuntary termination of service or involuntary loss of corporate office
The Company realized that the compensation package of Stéphane Richard, who served as Chairman and CEO until April 3, 2022, did not include any severance pay should he lose his corporate office (including income replacement benefits equal to unemployment benefits), which does not align with market practices. This led the Board to decide, when recruiting his replacement to serve as Chief Executive Officer, and based on the recommendation of the GCSERC, to institute severance pay, non-compete compensation, and Compensation Insurance for Business Owners and Executive Officers (private unemployment insurance set up with *Association pour la Garantie Sociale des Chefs et Dirigeants d'Enterprise* - GSC) for Christel Heydemann, Chief Executive Officer. In accordance with Afep-Medef Code recommendations, the Chief Executive Officer does not have an employment contract with the Company.

In accordance with Afep-Medef Code recommendations, the total amount of severance pay, non-compete compensation, and Compensation Insurance for Business Owners and Executive Officers may not exceed two years of compensation (annual fixed and variable).

Note that the insurance premium paid to GSC for involuntary loss of office is considered as salary and treated in payroll as a benefit in kind.

#### Compensation structure for non-executive Corporate Officers (separated Chairman of the Board of Directors)

#### Fixed compensation
The fixed compensation of the separated Chairman of the Board of Directors is established by comparing the compensation levels and structures of a panel of comparable companies.

#### Compensation allocated to Directors (e.g. "attendance compensation")
The Board of Directors determines how compensation is allocated among Directors for their work (e.g. "attendance compensation"). The Board may decide that the separated Chairman of the Board will not receive compensation as a Director (see Section 5.4.2.2 *Directors' compensation policy*).

The non-executive Chairman of the Board of Directors does not receive any other compensation (particularly variable compensation, stock options or performance shares).

#### Other items

#### Benefits in kind
Corporate Officers are provided, if they so desire, with a company car and driver, consulting services providing personal legal assistance related to their duties, an annual health check, and Internet/telephone access and equipment, including IT equipment, necessary to perform their duties.

Note that the premiums paid by the Company under the "Article 82" supplemental retirement plan for executive Corporate Officers, together with the insurance premiums for involuntary loss of office paid to GSC for the Chief Executive Officer, are considered as salary and treated in payroll as a benefit in kind.

Furthermore, expenses incurred by Corporate Officers in the course of their duties are reimbursed by the Company upon presentation of receipts.

#### Miscellaneous
Corporate Officers are enrolled in the Orange group's death and disability and supplementary health insurance plans under the same conditions as enrolled employees.

Following Government Order No. 2019-1234 of November 27, 2019 regarding the compensation of corporate officers of listed companies, which repealed Article L. 225-42-1 of the French Commercial Code, and the revision of the regulated agreements, which remained in effect in fiscal year 2022, the following regulated agreements:

**-** amendment to the death and disability insurance policy;

**-** amendment to the healthcare costs policy,

are no longer subject to the regulated agreements procedure.

Orange — 2022 Universal Registration Document - 419

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5.4.1.2 Amount of compensation paid or allocated to Officers for 2022

Tables 1 to 11 below follow the standard presentation as recommended in Annex 4 of the Afep-Medef Code.

#### Summary of the compensation, stock options and shares allocated to each executive Corporate Officer (Table 1)

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| | | |
|:---|:---|:---|
| **(in euros)**  | **2022** | **2021** |
| **Stéphane Richard** |  |  |
| Compensation allocated in respect of the fiscal year (breakdown in Table 2) <sup>(1)</sup>  | 460420  | 1782271 |
| Valuation of options allocated during the fiscal year | -  | - |
| Valuation of LTIP performance shares allocated during the fiscal year | 0  | 221550 |
| Valuation of other long-term compensation plans | N/A  | N/A |
| **Total** | **460420**  | **2003821** |
| **Christel Heydemann** |  |  |
| Compensation allocated in respect of the fiscal year (breakdown in Table 2) <sup>(1)</sup>  | 1450155  | N/A |
| Valuation of options allocated during the fiscal year | -  | - |
| Valuation of LTIP performance shares allocated during the fiscal year | 527100  | N/A |
| Valuation of other long-term compensation plans | N/A  | N/A |
| **Total** | **1977255**  | **N/A** |
| **Ramon Fernandez** |  |  |
| Compensation allocated in respect of the fiscal year (breakdown in Table 2) | 1062633  | 963063 |
| Valuation of options allocated during the fiscal year | -  | - |
| Valuation of LTIP performance shares allocated during the fiscal year | 135540  | 113940 |
| Valuation of other long-term compensation plans | N/A  | N/A |
| **Total** | **1198173**  | **1077003** |
| **Gervais Pellissier** |  |  |
| Compensation allocated in respect of the fiscal year (breakdown in Table 2) | N/A  | 966190 |
| Valuation of options allocated during the fiscal year | -  | - |
| Valuation of LTIP performance shares allocated during the fiscal year | N/A  | 113940 |
| Valuation of other long-term compensation plans | N/A  | N/A |
| **Total** | **N/A**  | **1080130** |

---

N/A: Not Applicable.

(1) Compensation prorated as applicable.

(2) Under the LTIP 2021-2023, the equivalent value of the performance shares awarded in 2021 and 2022 under the LTIP 2021-2023 and LTIP 2022-2024 is the IFRS fair value at their award date (see Table 6 "Performance shares awarded during the financial year").

(3) Gervais Pellissier ceased to be a Corporate Officer of Orange on December 31, 2021.

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#### Summary of the compensation paid to each executive Corporate Officer (Table 2)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Gross amounts**<br> **(in euros)**  | **2022** | **2022** | **2021** | **2021** |
| **Gross amounts**<br> **(in euros)**  | **Amounts allocated in respect of the fiscal year** | **Amounts paid during the fiscal year** | **Amounts allocated in respect of the fiscal year** | **Amounts paid during the fiscal year** |
| **Stéphane Richard** |  |  |  |  |
| Fixed compensation | 245416  | 245416  | 950000 | 950000 |
| Variable compensation | 211255  | 817760  | 817760 | 570000 |
| Multi-year variable compensation (LTIP) | -  | -  | - | - |
| Exceptional compensation | -  | -  | - | - |
| Attendance compensation <sup>(1)</sup>  | -  | -  | - | - |
| Benefits in kind | 3749  | 3749  | 14511 | 14511 |
| **Total** | **460420**  | **1066925**  | **1782271** | **1534511** |
| **Christel Heydemann** |  |  |  |  |
| Fixed compensation | 667500  | 667500  | N/A | N/A |
| Variable compensation | 616970  | N/A  | N/A | N/A |
| Multi-year variable compensation (LTIP) | -  | -  | - | - |
| Deferred compensation "Article 82": Paid directly to the beneficiary (50%) <sup>(2)</sup> | 66750 | 66750 |  |  |
| Exceptional compensation | N/A | N/A | - | - |
| Attendance compensation <sup>(1)</sup>  | 25583  | 58000  | 58000 | 56000 |
| Benefits in kind (including deferred compensation "Article 82": Paid into a life insurance plan (50%) | 73352  | 73352  | N/A | N/A |
| **Total** | **1450155**  | **865602**  | **58000** | **56000** |
| **Ramon Fernandez** |  |  |  |  |
| Fixed compensation | 600000  | 600000  | 600000 | 600000 |
| Variable compensation | 362927  | 353520  | 353520 | 234000 |
| Multi-year variable compensation (LTIP) | -  | -  | - | - |
| Deferred compensation "Article 82": Paid directly to the beneficiary (50%) <sup>(2)</sup> | 44500 | 44500 |  |  |
| Exceptional compensation | N/A | N/A | - | - |
| Attendance compensation | N/A  | N/A  | N/A | N/A |
| Benefits in kind (including deferred compensation "Article 82": Paid into a life insurance plan (50%) | 55206  | 55206  | 9543 | 9543 |
| **Total** | **1062633**  | **1053226**  | **963063** | **843543** |
| **Gervais Pellissier** |  |  |  |  |
| Fixed compensation | N/A <sup>(3)</sup> | N/A <sup>(3)</sup> | 600000 | 600000 |
| Variable compensation | N/A <sup>(3)</sup> | 353520  | 353520 | 234000 |
| Multi-year variable compensation (LTIP) | -  | -  | - | - |
| Exceptional compensation | -  | -  | - | - |
| Attendance compensation | N/A  | N/A  | N/A | N/A |
| Benefits in kind | N/A <sup>(3)</sup> | N/A <sup>(3)</sup> | 12670 | 12670 |
| **Total** | **N/A**  | **353520**  | **966190** | **846670** |

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N/A: Not Applicable.

(1) Stéphane Richard and Christel Heydemann waived their entitlement to "attendance compensation" in their capacities as executive Corporate Officers. Christel Heydemann was allocated "attendance compensation" for her role as Company Director until she was appointed Orange's Chief Executive Officer.

(2) As part of the defined-contribution retirement plan ("Article 82" plan), Christel Heydemann and Ramon Fernandez, since April 4, 2022, benefit from of a cash sum, since enrollment in the plan gives rise to immediate taxation. This cash sum represents 50% of the contribution which is calculated on the basis of 20% of the fixed plus variable compensation.

(3) Gervais Pellissier ceased to be a Corporate Officer of Orange on December 31, 2021.

#### Annual fixed compensation
In accordance with the resolutions approved by the Shareholders' Meeting of May 19, 2022, the compensation of Stéphane Richard remained unchanged at 950,000 euros annually, that of Christel Heydemann was set at 900,000 euros annually, and that of Ramon Fernandez at 600,000 euros annually, Gervais Pellissier having resigned from office effective December 31, 2021. Where applicable, this compensation is prorated to the time served in office during the fiscal year.

#### Annual variable compensation
In respect of fiscal year 2021, Stéphane Richard received variable compensation in 2022 of 817,760 euros, while Ramon Fernandez and Gervais Pellissier each received variable compensation of 353,520 euros. These amounts were approved by the Shareholders' Meeting of May 19, 2022 (ex post say-on-pay).

For fiscal year 2021, Stéphane Richard received variable performance-related compensation of 80% of his annual fixed compensation, and up to 100% for over performance.

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For fiscal year 2021, Ramon Fernandez and Gervais Pellissier were each entitled to performance-related variable compensation capped at 60% of their annual fixed compensation.

#### Reminder of targets and results achieved for 2022
For fiscal year 2022, executive Corporate Officers' annual variable compensation was based on the weighted average of five indicators focusing on the Group's growth (revenue growth rate), profitability [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED], quality of service, and CSR performance. The expected performance levels were set by the Board of Directors, with financial indicators based on the Group's budget.

In view of the separation of the offices of Chairman and Chief Executive Officer and Stéphane Richard's subsequent departure from the Group, for the sake of simplicity, the Board of Directors decided to keep Stéphane Richard's annual variable compensation for 2022 as Chairman and Chief Executive Officer in line with his variable compensation for 2021, prorating it up to April 3, 2022.

With regard to Christel Heydemann and Ramon Fernandez, their annual variable compensation for 2022 was calculated using a flexible payout curve whereby each indicator was assigned an achievement rate based on actual performance.

Organic revenue growth (for 15%)

The revenue growth target (on a comparable basis) set for the executive Corporate Officers for 2022 was in line with the Group's budget. With growth of 276 million euros, the flexible payout curve put the achievement rate of this indicator at 109.4% for Christel Heydemann and 100% for Ramon Fernandez.

Organic cash flow from telecom activities (for 15%)

The target for organic cash flow of telecom activities set for the executive Corporate Officers for 2022 was in line with the Group's budget. [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED] the flexible payout curve put the achievement rate of this indicator at 114.9% for Christel Heydemann and 100% for Ramon Fernandez.

#### EBITDAaL (for 20%)
The EBITDAaL target set for the Corporate Officers for 2022 was in line with the Group's budget. [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED] the flexible payout curve put the achievement rate of this indicator at 32.10% for both Christel Heydemann and Ramon Fernandez.

#### B2C and B2B service quality (for 17%)
The customer experience indicator is broken down into two sub-indicators: mass-market customer experience (B2C customer survey), which accounts for 75% of the result, and global B2B customer experience (B2B customer survey), which accounts for 25%.

The B2C and B2B sub-indicators are Mean Recommendation Scores (MRS) given by customers. These surveys are conducted in several countries: in France, in the Europe region and the MEA region, and with the B2B customers of Orange Business Services. Geographic and functional measurement scopes are relatively unchanged from fiscal year 2021.

For 2022, the target for the B2C indicator was 82.20 and the actual was 81.75. For the B2B indicator, the target was 7.80 and the actual was 7.88.

The flexible payout curve put the achievement rate for the B2C indicator at 88.7% for both Christel Heydemann and Ramon Fernandez. The flexible payout curve put the achievement rate for the B2B indicator at 110% for Christel Heydemann and 100% for Ramon Fernandez.

CSR performance (for 33%)

The aim was to achieve overall progress in three CSR components:

**-** 16.50% for the employee survey; this CSR performance criterion remains critically important for a group such as Orange, which will continue to use a reputable independent firm to measure it. The result is examined on the basis of employee perceptions on three themes and is equal to the average of the scores obtained on those three themes.

The flexible payout curve gave a score for this indicator of 74.7% for both Christel Heydemann and Ramon Fernandez;

**-** 8.25% for the proportion of women in management networks.

The flexible payout curve gave a score for this indicator of 141.3% for Christel Heydemann and 100% for Ramon Fernandez;

**-** 8.25% for access to training.

The flexible payout curve gave a score for this indicator of 150% for Christel Heydemann and 100% for Ramon Fernandez.

#### Amount of annual variable compensation for 2022
g Achievement rate for Christel Heydemann

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Criterion** | **Weighting** | **Annual variable compensation 2022 results** | **Annual variable compensation 2022 results** | **Annual variable compensation 2022 results** | **Score** |
| **Criterion** | **Weighting** | **Threshold** | **Target** | **Maximum** | **Score** |
| Organic revenue growth | 15.00% | Budget - 1.15 pts | Budget | Budget + 0.85 pt | 16.41% |
| Organic cash flow | 15.00% | Budget - €180 m | Budget | Budget + €180 m | 17.24% |
| EBITDAaL | 20.00% | Budget - €30 m | Budget | Budget + €45 m | 6.43% |
| B2C service quality | 12.75% | 78.2 | 82.2 | 86.2 | 11.32% |
| B2B service quality | 4.25% | 7.4 | 7.8 | 8.2 | 4.67% |
| Employee survey | 16.50% | 70% | 87% | 92% | 12.33% |
| Proportion of women in management networks | 8.25% | 31.6% | 32.4% | 33.2% | 11.65% |
| Training access rate | 8.25% | 83% | 87% | 91% | 12.38% |
| **Weighted total** | **100.00%** |  |  |  | **92.43%** |

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g Achievement rate for Ramon Fernandez

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Criterion** | **Weighting** | **Annual variable compensation 2022 results** | **Annual variable compensation 2022 results** | **Annual variable compensation 2022 results** | **Score** |
| **Criterion** | **Weighting** | **Threshold** | **Target** | **Maximum** | **Score** |
| Organic revenue growth | 15.00% | Budget - 1.15 pts | Budget | Budget + 0.85 pt | 15.00% |
| Organic cash flow | 15.00% | Budget - €180 m | Budget | Budget + €180 m | 15.00% |
| EBITDAaL | 20.00% | Budget - €30 m | Budget | Budget + €45 m | 6.43% |
| B2C service quality | 12.75% | 78.2 | 82.2 | 86.2 | 11.32% |
| B2B service quality | 4.25% | 7.4 | 7.8 | 8.2 | 4.25% |
| Employee survey | 16.50% | 70% | 87% | 92% | 12.33% |
| Proportion of women in management networks | 8.25% | 31.6% | 32.4% | 33.2% | 8.25% |
| Training access rate | 8.25% | 83% | 87% | 91% | 8.25% |
| **Weighted total** | **100.00%** |  |  |  | **80.83%** |

---

The application of these achievement rates to the executive Corporate Officers' respective annual variable compensation objectives yields the following amounts for 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Executive Corporate Officer** | **Fixed compensation (in euros)**  | **Target (%)**  | **Achievement rate (%)**  | **Variable compensation due (in euros)**  | **Payment rate (%)**  |
| Christel Heydemann | 667500 | 100% | 92.43% | 616970 | 92.43% |
| Ramon Fernandez | 600000 | 60%/80% <sup>(1)</sup> | 80.83% | 362927 | 60.49% |

---

(1) 60% from Jan 1 to April 3, 2022 ; 80% as from April 4, 2022.

g Achievement rate for Stéphane Richard

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Executive Corporate Officer** | **Fixed compensation (in euros)**  | **Target (%)**  | **Achievement rate (%)**  | **Variable compensation due (in euros)**  | **Payment rate (%)**  |
| Stéphane Richard (until April 3, 2022) | 245416 | 80% | N/A | 211255 | N/A |

---

#### Performance share plans
Christel Heydemann was not eligible for the LTIP 2020-2022.

Under the LTIP 2020-2022, 18,000 Orange shares were allocated to Ramon Fernandez, subject to performance and continued employment conditions in accordance with the nineteenth resolution approved by the Shareholders' Meeting of May 19, 2020.

The Board of Directors decided to maintain the award that it had already approved for Chairman and Chief Executive Officer Stéphane Richard under the LTIP 2020-2022, even though the plan had not yet vested, and to waive the continued employment condition without changing the performance condition, and to prorate his actual presence in the company as Chairman and CEO - i.e. until April 3, 2022. This meant that the maximum award, which was 35,000 Orange shares, was reduced to 26,250 shares (taking into account 27 months of actual presence over the 36 months of the plan), which in turn, given the level of achievement of the performance conditions for this plan (see below), gives a total of 15,503 shares.

Results of the LTIP 2020-2022

The performance conditions of this plan are measured using the following four indicators:

**-** the comparative change between the Orange Total Shareholder Return (TSR) and the TSR of the Stoxx Europe 600 Telecommunications index over the duration of the plan, for 40%;

**-** organic cash flow as defined by the plan, accumulated over three fiscal years, for 40%;

**-** the renewable electricity rate, for 10%;

**-** CO<sub>2</sub> per customer use, for 10%.

Total Shareholder Return (TSR)

The TSR target was not met for the 2020-2022 period. Orange's TSR was 17.4%, less than the *Stoxx Europe 600 Telecommunications* index TSR, which was 9.6%, which gives this indicator an achievement rate of 0%.

Organic cash flow (telecom activities), as defined by the plan

Organic cash flow from telecom activities from 2020 to 2022 was 97.64% of target. This gives a score of 39.06%.

Renewable electricity rate

The renewable electricity rate in 2022 was 37.78% compared to a target of 35%. This gives a score of 10.00%.

CO<sub>2</sub> per customer use

CO<sub>2</sub> per customer use in 2022 was -77.88% compared to a target of - 71%. This gives a score of 10.00%.

Orange — 2022 Universal Registration Document - 423

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Valuation of LTIP 2020-2022 in number of shares

The combined results of the four indicators give a result of 59.06%.

---

| | | | |
|:---|:---|:---|:---|
| **Executive Corporate Officer in office at December 31, 2022** | **Target** | **Achievement rate (%)**  | **Shares vested LTIP 2020-2022** |
| Christel Heydemann | N/A | N/A | N/A |
| Ramon Fernandez | 18000 | 59.06% | 10630 |

---

N/A Non Applicable.

#### Breakdown of benefits in kind in 2022
The executive Corporate Officers were able to receive the following benefits in kind in 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Benefits in kind** | **Company car** | **Health check** | **Legal**<br> **advice** | **Internet/ telecommunication** | **GSC** | **Article 82** |
| Stéphane Richard | X |  |  |  |  |  |
| Christel Heydemann | X | X | X | X | X | X |
| Ramon Fernandez |  | X | X | X |  | X |

---

#### Internal pay ratios
The internal pay ratios for 2022 and the four previous years are published in accordance with the Afep recommendations:

**-** selected entity: Orange SA, which represents 78.44% of employees on permanent contracts in France (73,824 employees);

**-** scope: all private or public employees, civil servants excluding expatriates present throughout the prior and current years;

**-** compensation taken into account: compensation (full-time equivalent for part-time employees) and benefits in kind paid in the current year on a gross basis and LTIP allocated in the current year measured at fair value in accordance with IFRS.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratio** | **2018** | **2019** | **2020** | **2021** | **2022** |
| Stéphane Richard | versus mean | 39.2 | 37.9 | 31.4 | 31.86 | 21.07 |
| Stéphane Richard | versus median | 44.8 | 43.0 | 35.5 | 36.01 | 23.83 |
| Christel Heydemann | versus mean | N/A | N/A | N/A | N/A | 23.76 |
| Christel Heydemann | versus median | N/A | N/A | N/A | N/A | 26.87 |
| Ramon Fernandez | versus mean | 22.9 | 22.0 | 17.2 | 17.37 | 21.17 |
| Ramon Fernandez | versus median | 26.2 | 24.9 | 19.5 | 19.64 | 23.93 |

---

N/A Non Applicable.

The years 2018 and 2019 are atypical since they simultaneously include the payment of a cash LTIP and the award of an LTIP benefit in the form of performance shares.

For instance, the cash LTIP 2015-2017 paid in 2018 and the award of the LTIP 2018-2020 in performance shares are both taken into account in the calculation of the 2018 ratio. Likewise, the cash LTIP 2016-2018 paid in 2019 and the award of the LTIP 2019-2021 in performance shares are both taken into account in the calculation of the 2019 ratio.

Orange — 2022 Universal Registration Document - 424

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As such, for a better understanding of changes in the Corporate Officers' compensation in connection with changes in performance (as shown below), the table below presents a pro-forma calculation of the ratios by allocating the cash LTIP amounts at the start of the plan, i.e. in 2015 for the LTIP 2015-2017 and in 2016 for the LTIP 2016-2018:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2018** | **2019** | **2020** | **2021** | **2022** |
| **Stéphane Richard** |  |  |  |  |  |
| % change in compensation | 4.4% | -0.6% | -1.5% | -4.13% | -33,3% |
| ratio versus mean | 33.8 | 32.7 | 31.4 | 31.86 | 21.07 |
| ratio versus median | 38.6 | 37 | 35.5 | 36.01 | 23.83 |
| **Christel Heydemann** |  |  |  |  |  |
| % change in compensation | N/A | N/A | N/A | N/A | N/A |
| ratio versus mean | N/A | N/A | N/A | N/A | 23.76 |
| ratio versus median | N/A | N/A | N/A | N/A | 26.87 |
| **Ramon Fernandez** |  |  |  |  |  |
| % change in compensation | 3.4% | -5.1% | -4.3% | -4.83% | 24.16% |
| ratio versus mean | 20 | 18.5 | 17.2 | 17.37 | 21.17 |
| ratio versus median | 22.9 | 20.9 | 19.5 | 19.64 | 23.93 |
| **Employees of Orange SA** |  |  |  |  |  |
| % change in average compensation | -0.5% | 2.7% | 2.5% | -5.5% | 1.89% |
| % change in median compensation | -0.4% | 3.8% | 2.8% | -5.6% | 1.88% |

---

N/A Non Applicable.

#### Change in performance

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amounts in accordance with IFRS (in millions of euros)**  | **2018** | **2019** | **2020** | **2021** | **2022** |
| (on a historical basis) |  |  |  |  |  |
| Revenues | 41381 | 42238 | 42270 | 42522 | 43471 |
| Change (in %)  | 1.3% | 2.1% | 0.1% | 0.6% | 2.23% |
| Adjusted EBITDA/EBITDAaL <sup>(1)</sup>  | 13005 | 12856 | 12680 | 12566 | 12963 |
| Change (in %)  | 2.6% | (1.1)% | (1.4)% | (0.9)% | 3.16% |
| Operating income | 4829 | 5930 | 5521 | 2521 | 4801 |
| Change (in %)  | 1.1% | 22.8% | (6.9)% | (54.3)% | 90.44% |

---

(1) 2018 adjusted EBITDA; from 2019 to 2022 EBITDAaL.

#### Summary of the compensation paid to each non-executive Corporate Officer (Table 3)
This table does not apply to fiscal year 2021. Only fiscal year 2022 is included, since the offices of Chairman and Chief Executive Officer were separated as from April 4, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Gross amounts**<br> **(in euros)**  | **2022** | **2022** | **2021** | **2021** |
| **Gross amounts**<br> **(in euros)**  | **Amounts allocated in respect of the fiscal year** | **Amounts paid during the fiscal year** | **Amounts allocated in respect of the fiscal year** | **Amounts paid during the fiscal year** |
| **Stéphane Richard** |  |  |  |  |
| Compensation (fixed and variable) <sup>(1)</sup>  | 56734  | 56734  |  |  |
| Other compensation <sup>(2)</sup>  | -  | -  |  |  |
| Benefits in kind | 2298  | 2298  |  |  |
| **Total** | **59032**  | **59032**  |  |  |
| **Jacques Aschenbroich** |  |  |  |  |
| Compensation (fixed and variable) <sup>(1)</sup>  | 277016  | 277016  |  |  |
| Other compensation <sup>(2)</sup>  | -  | -  |  |  |
| Benefits in kind | 1264  | 1264  |  |  |
| **Total** | **278280**  | **278280**  |  |  |

---

(1) The duties of non-executive Chairman of the Board (separated office) are paid solely through annual fixed compensation, prorated as applicable.

(2) Stéphane Richard and Jacques Aschenbroich do not receive "attendance compensation" in their sole capacity as directors.

Orange — 2022 Universal Registration Document - 425

------

#### Annual fixed compensation
In accordance with the resolutions approved by the Shareholders' Meeting of May 19, 2022, the compensation paid to Stéphane Richard in his capacity as non-executive Chairman of the Board of Directors was set at 450,000 euros, prorated to his time in office, and the compensation paid to Jacques Aschenbroich in his capacity as non-executive Chairman of the Board of Directors was also set at 450,000 euros, prorated to his time in office.

#### Annual variable compensation
In their capacity as non-executive Chairmen, from April 4, 2022 to May 18, 2022 in the case of Stéphane Richard, and from May 19, 2022 to December 31, 2022 in the case of Jacques Aschenbroich, these two officers were not eligible for annual or multi-year variable compensation.

The non-executive Chairman of the Board of Directors also benefits from a vehicle provided by the Company.

Stock options awarded during the fiscal year to each executive Corporate Officer by the Company or by any Group company (Table 4)

During the 2022 fiscal year, neither Orange SA nor any other of the Group's companies awarded any stock options to executive Corporate Officers.

Stock options exercised during the fiscal year by each executive Corporate Officer (Table 5)

None.

Performance shares awarded during the fiscal year to each executive Corporate Officer by the Company or by any Group company (Table 6)

Executive Corporate Officers of the Company are only entitled to receive performance shares awarded by Orange SA, where such awards are applicable.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Executive Corporate Officer** | **Award date** | **Number of shares awarded** | **Value of the award (in euros) (IFRS fair value)** | **Vesting date of shares** | **First possible disposal date for a portion of them <sup>(1)</sup>**  | **Performance conditions** |
| Stéphane Richard | N/A |  |  |  |  |  |
| Christel Heydemann | 07/27/2022 | 70000 | 527100 | 03/31/2025 | 50% as of April 1, 2025 | Yes |
| Ramon Fernandez | 07/27/2022 | 18000 | 135540 | 03/31/2025 | 50% as of April 1, 2025 | Yes |

---

(1) In accordance with the recommendations of the Afep-Medef Code, and pursuant to the rules of the plans applicable to them, executive Corporate Officers must retain at least 50% of the shares awarded to them until the end of their term of office.

NB: the performance shares awarded to Christel Heydemann during the fiscal year account for 0.0026% of the share capital and those awarded to Ramon Fernandez account for 0.0007% of the share capital.

#### Performance shares vesting to each executive Corporate Officer during the fiscal year (Table 7)

---

| | | |
|:---|:---|:---|
| **Executive Corporate Officer** | **Plan** | **Number of shares vested <sup>(1)</sup>**  |
| Christel Heydemann |  | N/A |
| Ramon Fernandez | LTIP 2019-2021 | 8730 |
| Stéphane Richard | LTIP 2019-2021 | 16975 |

---

N/A: not applicable.

(1) In accordance with the recommendations of the Afep-Medef Code, and pursuant to the rules of the plans applicable to them, executive Corporate Officers must retain at least 50% of the shares that become available, until the end of their term of office.

#### History of stock option awards (Table 8)
The last Orange SA stock-option plan matured on May 21, 2017.

Orange — 2022 Universal Registration Document - 426

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#### History of performance share awards (Table 9)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LTIP 2019-2021** | **LTIP 2020-2022** | **LTIP 2021-2023** | **LTIP 2022-2024** |
| Date of Shareholders' Meeting | 05/21/2019 | 05/19/2020 | 05/18/2021 | 05/19/2022 |
| Date of Board of Directors' meeting | 07/24/2019 | 07/29/2020 | 07/28/2021 | 07/27/2022 |
| Total number of free shares awarded | 1669000 | 1762000 | 1600000 | 1835000 |
| o/w to Stéphane Richard <sup>(1)</sup>  | 35000 | 26250 | 14583 | - |
| o/w to Christel Heydemann | N/A | N/A | N/A | 70000 |
| o/w to Ramon Fernandez | 18000 | 18000 | 18000 | 18000 |
| Vesting date | 03/31/2022 | 03/31/2023 | 03/31/2024 | 03/31/2025 |
| First disposal possible for Corporate Officers | 50% as of April 1, 2022 | 50% as of April 1, 2023 | 50% as of April 1, 2024 | 50% as of April 1, 2025 |
| Performance conditions | Yes | Yes | Yes | Yes |
| Number of shares vested (delivered) | 721901 | 914026 |  |  |
| Number of shares canceled | 127000 | 162750 |  |  |
| Number of residual shares <sup>(2)</sup>  | 1542000 | 1599250 |  |  |

---

N/A: not applicable.

(1) Prorated for the LTIP 2020-2022 (taking into account 27 months of actual presence over the 36 months of the plan) and for the LTIP 2021-2023 (taking into account 15 months of actual presence over the 36 months of the plan), without changing any performance conditions or vesting dates for these plans.

(2) Some beneficiaries received a number of shares calculated on a *pro rata* basis due to specific events (retirement or departure to a non-consolidated group entity).

#### Summary of the multi-year variable compensation paid to each executive Corporate Officer (Table 10)
The only multi-year variable compensation paid to Corporate Officers is for successive LTIPs. Shares vested under the LTIP 2019-2021 were delivered in 2022. The LTIP 2020-2022 is delivered in 2023, while the LTIP 2021-2023 and LTIP 2022-2024 are still active. The Board of Directors will ask the Shareholders' Meeting of May 23, 2023 to set up a new LTIP for 2023-2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **All amounts (in euros)**  | **LTIP 2019-2021 <sup>(1)</sup>**  | **LTIP 2020-2022 <sup>(1)</sup>**  | **LTIP 2021-2023 <sup>(1)</sup>**  | **LTIP 2022-2024 <sup>(1)</sup>**  |
| **All amounts (in euros)**  | See Table 7, "Performance shares that became available during the fiscal year," and Table 9, "History of performance share awards" | See Table 9, "History of performance share awards" | See Table 9, "History of performance share awards" | See Table 6, "Performance shares awarded during the fiscal year" |
| Christel Heydemann | N/A | N/A | N/A | 527100 |
| Ramon Fernandez | 140400 | 109008 | 113940 | 135540 |
| Stéphane Richard | 273000 | 159075 | 92310 | N/A |

---

N/A: not applicable.

(1) The equivalent value is the IFRS award date fair value multiplied by the number of performance shares initially awarded.

(2) Due to his departure from the Group at the end of first quarter of 2023, Ramon Fernandez loses his rights to acquire shares under the LTIP 2021-2023 and LTIP 2022-2024.

(3) Due to Stéphane Richard's departure from the Group, the number of performance shares initially awarded to him have been prorated for the LTIP 2020-2022 (taking into account 27 months of actual presence over the 36 months of the plan) and for the LTIP 2021-2023 (taking into account 15 months of actual presence over the 36 months of the plan), without changing any performance conditions or vesting dates for these plans. This brings the number of shares awarded to him under the two plans to 26,250 and 14,583 respectively.

#### Other benefits granted to executive Corporate Officers (Table 11)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Executive Corporate Officer** | **Employment contract** | **Supplemental retirement plan** | **Compensation or benefits due or likely to be due upon termination or change of office** | **Compensation payable under a non-compete clause** |
| Christel Heydemann | No | Yes | Yes | Yes |
| Ramon Fernandez | No | Yes | No | No |
| Stéphane Richard | No | No | No | No |

---

The Chief Executive Officer, Christel Heydemann, does not have an employment contract.

Ramon Fernandez's employment contract was suspended on January 1, 2016, when he was appointed *Delegate* Chief Executive Officer.

Stéphane Richard's employment contract was terminated on March 1, 2010, when he was appointed Chief Executive Officer.

Orange — 2022 Universal Registration Document - 427

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5.4.1.3 Compensation policy for executive and non-executive Corporate Officers for 2023

The principles of the compensation policy for Corporate Officers are described in Section 5.4.1.1 *Compensation policy for executive and non-executive Corporate Officers.*

The Board of Directors took into account:

**-** by what margin the Shareholders' Meeting approved the resolutions relating to the compensation of Corporate Officers for 2022;

**-** investors' comments and requests;

**-** the resignation of Ramon Fernandez from his office as *Delegate* Chief Executive Officer, effective December 31, 2022;

**-** the decision not to appoint a new *Delegate* Chief Executive Officer.

The Board of Directors has not made any changes to the compensation structure of the Chief Executive Officer or the Chairman of the Board of Directors or in the amounts and targets involved are the same as in the previous fiscal year. However, it did review the components of this compensation and changed the multi-year variable compensation by increasing the share of non-financial indicators (from 20% to 30%) and decreasing the share of financial indicators (from 80% to 70%).

The compensation structure presented below is the one used for the Chief Executive Officer, Christel Heydemann. In the event that a *Delegate* Chief Executive Officer is appointed, this structure would remain the same - namely annual fixed compensation, annual variable compensation, multi-year variable compensation, a supplemental retirement plan (known as an "Article 82" plan), and benefits in kind. The Board of Directors would propose a target percentage for the annual variable compensation, along with the possibility of over performance of the variable component, plus some shares awarded under the LTIP. This is in line with the policy previously applied to *Delegate* Chief Executive Officers and will be submitted for approval to the next Shareholders' Meeting.

However, the arrangements related to the loss of corporate office (severance pay, non-compete compensation, specific insurance in the event of loss of corporate office) do not apply to *Delegate* Chief Executive Officers.

#### Annual fixed compensation
Corporate Officers' fixed compensation for 2023 will be as follows:

**-** annual fixed compensation of the CEO: 900,000 euros unchanged;

**-** annual fixed compensation of the non-executive Chairman of the Board of Directors: 450,000 euros unchanged.

In accordance with the provisions of Article L. 22-10-8 II of the French Commercial Code, this fixed compensation for Corporate Officers is subject to resolutions that will be submitted for a vote by the Shareholders' Meeting of May 23, 2023 (ex-ante "say-on-pay") [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

#### Annual variable compensation
The Board of Directors decided that the calculation methods for the executive Corporate Officers' annual variable compensation will be as follows for 2023, it being specified that the separated Chairman of the Board of Directors, as a non-executive Corporate Officer, will not be eligible for annual variable compensation:

**-** target amount of variable compensation provided targets are achieved: 100% of fixed compensation for the Chief Executive Officer;

**-** over performance of up to 150% for the Chief Executive Officer.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Executive Corporate Officer** | **Fixed compensation (in euros)**  | **Target (%)**  | **Target amount (in euros)**  | **Min (%)**  | **Max (%)**  | **Maximum amount achievable (in euros)**  |
| Christel Heydemann | 900000 | 100% | 900000 | 0.00% | 150% | 1425050 |

---

#### Annual variable compensation structure for the Chief Executive Officer and the Delegate Chief Executive Officer(s)
**-** financial indicators accounting for 50% of the annual variable compensation calculated based on the budget in effect, including:

- revenue growth for 15%,

- organic cash flow (telecom activities) for 15%,

- EBITDAaL for 20%;

**-** non-financial indicators accounting for 50% of the annual variable compensation, including:

- service quality/customer experience for 17%:

- B2C customer experience (weighted 75%),

- B2B customer experience (weighted 25%),

- CSR performance for 33%, based on:

- an employee engagement survey for 50%,

considering 2 criteria: the participation rate and the result of the survey. As this CSR performance criterion is still extremely important for a group like Orange, it was decided to replace the employee survey with an employee engagement survey standardized against market practices and to be carried out by an independent, certified firm. The result for this criterion will be analyzed against the benchmark of a panel of companies;

- 50% for two HR and CSR indicators: the training access rate and the proportion of women in management networks.

Orange — 2022 Universal Registration Document - 428

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#### For the Chief Executive Officer

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Criterion** | **Weighting** | **2022 performance targets** | **2022 performance targets** | **2022 performance targets** | **Range** |
| **Criterion** | **Weighting** | **Threshold** | **Target** | **Maximum** | **Range** |
| Organic revenue growth | 15.00% | Budget - 0.42 pts | Budget | Budget + 0.63 pts | 0-22.50% |
| Organic cash flow | 15.00% | Budget - €50m | Budget | Budget + €200m | 0-22.50% |
| EBITDAaL | 20.00% | Budget - €88m | Budget | Budget + €160m | 0-30.00% |
| B2C service quality | 12.75% | 81.7 | 82.2 | 82.7 | 0-19.125% |
| B2B service quality | 4.25% | 7.9 | 8.1 | 8.3 | 0-6.375% |
| Employee Survey |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Participation rate | 8.25% | 55.00% | 65.00% | Bench | 0-12.375% |
| &nbsp;&nbsp;&nbsp;&nbsp; Result of the survey | 8.25% | Bench -10 pts | Benchmark | Bench +10 pts | 0-12.375% |
| Proportion of women in management networks | 8.25% | 33.10% | 33.70% | 34.30% | 0-12.375% |
| Training access rate | 8.25% | 91.00% | 92.50% | 94.00% | 0-12.375% |
| **Weighted total** | **100.00%** |  |  |  | **0-150%** |

---

#### Termination of service
In the event of departure from the Group, the annual variable compensation will be prorated to the officer's time in office.

#### Multi-year variable compensation
The Board of Directors has decided to implement a new performance share plan (LTIP) for 2023-2025 in line with the previous plans. The LTIP 2023-2025 was the subject of a resolution submitted for approval by the Shareholders' Meeting of May 23, 2023, to authorize the Board to award free shares to executive Corporate Officers and to certain employees holding key positions within the Group [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]. The total number of free shares awarded will not represent more than 0.08% of the capital, it being specified that, as in previous years, the total number of free shares awarded to the Company's executive Corporate Officers may not exceed 100,000 shares.

If the Shareholders' Meeting of May 23, 2023 does not approve the twenty-eighth resolution, the Board of Directors may decide to pay compensation due in respect of the LTIP 2023-2025 in cash.

#### Performance indicators
The Board of Directors has selected the following indicators for the new LTIP 2023-2025, which still has a term of three years:

**-** a market indicator, Total Shareholder Return (TSR), based on the relative performance over three fiscal years against the Stoxx Europe 600 Telecommunications index, with a weighting of 30%. The TSR assessment compares the respective values of the indicators in the fourth quarter of 2022 (the last quarter prior to the plan) and the fourth quarter of 2025 (the last quarter of the plan);

**-** organic cash flow (telecom activities), for which growth is measured on a multi-year basis over the term of the plan, with a weighting of 40%;

**-** a composite CSR indicator, with a weighting of 30%, made up of the following criteria:

- reduction in CO<sub>2</sub> emissions (20%),

- proportion of women in management networks (10%).

#### Performance conditions
**-** TSR:

- if the Orange TSR is equal to or greater than the change in the Stoxx Europe 600 Telecommunications benchmark over the plan period: 100% of the award. However, should the Orange TSR reach the target but be negative, the result would be submitted to the Board of Directors for approval,

- if the Orange TSR is lower than the change in the index: no award;

**-** organic cash flow (telecom activities):

- organic cash flow (telecom activities) will be assessed over the three-year plan period against the target set by the Board of Directors:

- if the result is below 95% of the target: no award,

- if the result is equal to or above the target: 100% of the award,

- straight-line variation between 80% and 100% between the two previous limits,

- a composite CSR indicator, for each CSR criterion:

- if the result is lower than the target defined by the Board of Directors: no award,

- if the result is equal to or above the target: 100% of the award.

#### Continued employment condition
The final vesting of the shares is subject to the beneficiary executive Corporate Officers still being in office on the date the performance conditions assessment is completed.

However, if the beneficiary stops performing his or her functions before the three-year LTIP period ends, the Board may decide to maintain unvested performance share plans under the following conditions:

**-** if the beneficiary's functions are terminated due to death or disability, the TSR, organic cash flow and CSR indicator targets will be considered achieved over the three-year period;

**-** if the beneficiary's functions are terminated due to the loss of his or her corporate office leading to his or her departure from the Group:

Orange — 2022 Universal Registration Document - 429

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- the performance conditions will be assessed by taking into account the changes approved for each year until the plan ends, i.e. without changing the performance conditions,

- the award of shares will be pro-rated to his or her effective time with the Company as an executive Corporate Officer.

It is stipulated that if the beneficiary is no longer an executive Corporate Officer while remaining in the Group during the LTIP period, he or she shall retain their right to shares awarded under the plan.

#### Maximum award
The number of performance shares awarded under the LTIP 2023-2025 will be 70,000 for Christel Heydemann. This is the maximum amount that can be awarded, subject to performance and continued employment conditions.

#### Lock-up period
When the Shareholders' Meeting authorizes the award of performance shares, executive Corporate Officers must keep at least 50% of the shares they receive as registered shares until the end of their terms of office. Moreover, the Corporate Officers have made the formal commitment not to use hedging instruments on these shares until the end of their term of office.

#### Plans related to termination of service or loss of corporate office
The Shareholders' Meeting of May 19, 2022 approved the compensation policy for executive Corporate Officers, which includes measures related to the termination of duties or loss of corporate office (severance pay, non-compete compensation, and Compensation Insurance for Business Owners and Executive Officers). These measures have not been revised since then nor undergone any material changes within the meaning of Article L. 22-10-8 II of the French Commercial Code, and therefore remain valid and in force with respect to the Chief Executive Officer.

#### Severance pay
If her corporate office is revoked or not renewed and this is not due to gross misconduct or gross negligence, Orange will pay Chief Executive Officer Christel Heydemann gross severance pay equal to 12 months of fixed compensation and annual variable compensation, calculated based on the last fixed compensation plus the annual variable compensation paid, with the latter being calculated based on the average annual variable compensation paid for the last 24 months prior to departure from the Company. This compensation will only be due if the performance conditions for annual variable compensation for the two years prior to departure from the Company were achieved at an average of at least 90%. In accordance with Afep-Medef Code recommendations, the total amount of severance pay, non-compete compensation, and Compensation Insurance for Business Owners and Executive Officers may not exceed two years of compensation (annual fixed and variable).

#### Non-compete agreement
In order to protect the Group's legitimate interests, and considering her duties and the strategic information to which she has access as Chief Executive Officer, Christel Heydemann undertakes, for a period of one year starting from the day she ceases to perform her functions as CEO, not to work for or manage a telecommunication operator in the European Union, directly or indirectly, personally or through a third party, in any way or for any purpose, on her own behalf or on behalf of a third party.

The non-compete compensation will be a gross amount equal to 12 months of fixed compensation and annual variable compensation, with the variable compensation being calculated based on the average annual variable compensation paid for the last 24 months prior to leaving the Company. Subject to the Board of Directors' approval, Orange may decide to release the CEO from this commitment at its sole discretion.

#### Loss of corporate office
Orange has taken out Compensation Insurance for Business Owners and Executive Officers for its Chief Executive Officer, Christel Heydemann. This policy will provide the Chief Executive Officer with replacement income (subject to the policy's terms and conditions) if the Company ever decides to revoke her corporate office. Orange is paying the full amount of the contribution and it will be treated as a benefit in kind.

This unemployment insurance provides for the payment of compensation in proportion to the Corporate Officer's previous income in the event of involuntary loss of corporate office.

In the event that the Chief Executive Officer involuntarily loses her corporate office, she will receive compensation once 12 months have elapsed since the effective date of enrollment in the policy. This is known as the waiting period.

#### Clawback mechanism
As from the deadline set by the SEC and NYSE for the entry into force of the new NYSE regulations, annual and multi-year variable compensation paid to the Chief Executive Officer will be subject to a clawback mechanism whereby the Chief Executive Officer will be obligated to return all or some of her variable compensation, partially or wholly contingent on the attainment of financial performance indicators, for the periods concerned (within the retroactive limit of three fiscal years from the date of the decision to publish the restated financial statements or the date of an administrative or judicial decision to do so), whether such compensation was awarded, paid or remained due, after entry info force of Section 10D-1 of the Exchange Act, as amended, in the event that the Company is required to prepare an accounting restatement due to omissions or misstatements which, individually or collectively, are material and could influence economic decisions made on the basis of published financial statements. The share of this compensation to be recovered is the amount received in excess of what would have been awarded, paid or been due had there not been any such accounting restatements.

#### Supplemental retirement plan
In 2022, the Board of Directors decided to set up what is called an "Article 82" (defined-contribution) supplemental retirement plan for executive Corporate Officers. Under this plan, the Company pays an annual matching contribution, half of which comprises premiums paid to a third-party organization under a defined-contribution retirement plan (an "Article 82" plan) and half consists of a cash sum, since enrollment in the plan gives rise to immediate taxation. This matching contribution is calculated on the basis of 20% of fixed plus variable compensation. The premium paid to the third-party organization is considered as salary and therefore treated as a benefit in kind.

#### Benefits in kind
In addition to paying the contribution for the Compensation Insurance for Business Owners and Executive Officers for Chief Executive Officer Christel Heydemann, and premiums for the supplemental retirement plan (see above), executive Corporate Officers may also receive, if they wish, a company car with driver, personal legal assistance related to their duties, an annual health check, and Internet/telephone access and equipment, including IT equipment, necessary to perform their duties.

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5.4.2 Board of Directors' report on Directors' compensation

5.4.2.1 Amount of compensation paid or allocated for 2022 activity

The Board of Directors' Meeting of February 15, 2023 decided on the award of compensation to Directors for the 2022 fiscal year in accordance with the compensation policy approved by the Shareholders' Meeting of May 19, 2022.

Pursuant to this policy, the total amount of compensation allocated to Directors for their corporate office in respect of the 2022 fiscal year amounts to 929,131 euros. The Chairman of the Board of Directors and the Chief Executive Officer both waived their right to receive the compensation allocated to them in respect of their directorships. The variable share of this compensation, linked to attendance and participation in the work of the Board and its committees, represents 80.4% of the sums to be paid in respect of fiscal year 2022.

The compensation of Directors who are not Corporate Officers will be paid in the month following the Shareholders' Meeting of May 23, 2023, subject to approval. Compensation allocated to Directors representing the French State will be paid to the State budget. In addition, the Directors elected by employees have requested that the compensation for their corporate offices be paid to their trade union.

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| | | | |
|:---|:---|:---|:---|
| **Compensation for activity (in euros)**  | **Gross amounts paid in 2023 (for the 2022 fiscal year)** | **Gross amounts paid in 2022 (for the 2021 fiscal year)** | **Gross amounts paid in 2021 (for the 2020 fiscal year)** |
| **Directors** |  |  |  |
| Valérie Beaulieu | 30167  | N/A | N/A |
| Stéphanie Besnier <sup>(3)</sup>  | 62000  | 36222 | N/A |
| Alexandre Bompard | 36000  | 32000 | 38000 |
| Bpifrance Participations | 61000  | 40000 | 24000 |
| Thierry Chatelier <sup>(1)</sup>  | 16667  | N/A | N/A |
| Sébastien Crozier <sup>(1)</sup>  | 69000  | 58000 | 62000 |
| Vincent Gimeno <sup>(1)</sup>  | 61000  | 4806 | N/A |
| Anne-Gabrielle Heilbronner | 125000  | 63000 | 57000 |
| Christel Heydemann <sup>(4)</sup>  | 25583  | 58000 | 56000 |
| Helle Kristoffersen | 3833  | 46000 | 46000 |
| Anne Lange <sup>(2)</sup>  | 65000  | 54000 | 54000 |
| Bernard Ramanantsoa | 133548  | 84000 | 81329 |
| Frédéric Sanchez | 73000  | 42000 | 20167 |
| Jean-Michel Severino | 68000  | 56000 | 54000 |
| Magali Vallée <sup>(1)</sup>  | 53000  | 4806 | N/A |
| **Former Directors** |  |  |  |
| Philippe Charry <sup>(1)</sup>  | N/A  | N/A | 19833 |
| Laurence Dalboussière <sup>(1)</sup>  | 46333  | 44000 | 22167 |
| Hélène Dantoine <sup>(3)</sup>  | N/A  | N/A | 39028 |
| Charles-Henri Filippi | N/A  | N/A | 35504 |
| Fabrice Jolys <sup>(1)</sup>  | N/A  | 47194 | 54000 |
| René Ollier <sup>(1)</sup>  | N/A  | 39194 | 42000 |
| Claire Vernet-Garnier <sup>(3)</sup>  | N/A  | 21778 | 7778 |
| **Total** | **929131**  | **731000** | **712806** |

---

N/A: not applicable.

(1) Directors who requested the direct payment of their compensation to their trade union.

(2) Director proposed by the French State; 15% of the amount of compensation due is paid to the French State budget.

(3) Directors representing the French State, whose compensation is paid to the French State budget.

(4) For the period from January 1, 2022 to April 4, 2022, the date on which Christel Heydemann was appointed Chief Executive Officer.

5.4.2.2 Directors' compensation policy

In accordance with the law, the maximum amount of compensation allocated annually to Directors is set by the Shareholders' Meeting. The resolution approved remains valid until a new decision is made by the Shareholders' Meeting. The Shareholders' Meeting of May 19, 2022 set this amount at 1,050,000 euros.

At the beginning of every year, the Board of Directors sets the Directors' compensation policy based on their corporate office for the fiscal year within the amount limit decided on by the Shareholders' Meeting, and upon a proposal by the Governance and Corporate Social and Environmental Responsibility Committee (GCSERC). Then it is put to the vote at the Shareholders' Meeting (*ex-ante* "say-on-pay").

The Board of Directors set the Directors' compensation policy at its meeting of February 15, 2023. The following elements were used as a scale for the 2023 fiscal year:

**-** a fixed amount of 10,000 euros per Director per year, calculated *prorata temporis* where applicable;

**-** an amount directly related to attendance and participation in the work of the Board and its committees, namely:

- 3,000 euros per meeting of the Board of Directors and the strategic seminar,

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- 2,000 euros per meeting of the Audit Committee, the GCSERC and the Strategy and Technology Committee,

- 2,000 euros additional per committee meeting for the Chairmen of the committees.

The total amounts definitively allocated may not exceed the maximum amount set by the Shareholders' Meeting, and consequently, these amounts may be reduced after cross multiplying once they are granted.

Corporate Officers who are also Directors will not be eligible for this compensation.

In addition, the Internal Guidelines of the Board of Directors provide for:

**-** the creation of special committees, when the Board of Directors decides to assign, on an exceptional basis, a task to one (or several) of its members or one or several third parties, with the Board of Directors deciding the main characteristics of this task (Article 5);

**-** the power for the Board of Directors to appoint a Lead Director from among the Independent Directors, as recommended by the GCSERC (such appointment becoming mandatory when the offices of the Chairman of the Board of Directors and the Chief Executive Officer are combined) (Article 10).

In this context, it is recommended that the following gauge be used:

**-** in accordance with Article 5 of the Internal Guidelines of the Board, the Board of Directors will determine not only the special committees' assignments, but also their compensation, if applicable, taking into account the type of assignment, its duration and the time needed to complete it;

**-** a set annual amount for the Lead Director, if one is appointed, for his or her assignment, it being specified that compensation for members of the special committee, where applicable, or for the Lead Director, can be paid in the same form as the compensation allocated to Directors (e.g. "attendance compensation"), and in both cases, under the same conditions as relating to any maximum amount and reductions applying to sums allocated under compensation for Directors who are not Corporate Officers.

Directors elected by employees and Directors representing employee shareholders receive compensation for their activities under the same conditions and in the same manner as any other Director who is not a Corporate Officer.

The proposed compensation policy will apply from January 1, 2023, subject to approval by the Combined Ordinary and Extraordinary Shareholders' Meeting of May 23, 2023.

5.4.2.3 Other compensation

The following table sets out the prorata compensation paid to the Directors elected by employees and the Directors representing employee shareholders, excluding compensation for their activities as Directors who are not Corporate Officers (as mentioned above).

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| | | |
|:---|:---|:---|
| **Gross amounts (in euros)**  | **Amounts paid in 2022** | **Amounts paid in 2021** |
| Thierry Chatelier <sup>(1)</sup>  | 65322  | N/A |
| Sébastien Crozier | 218884  | 218396 |
| Laurence Dalboussière <sup>(2)</sup>  | 49155  | 88490 |
| Vincent Gimeno <sup>(3)</sup>  | 114098  | 6511 |
| Fabrice Jolys <sup>(4)</sup>  | N/A  | 41264 |
| René Ollier <sup>(5)</sup>  | N/A  | 37072 |
| Magali Vallée <sup>(6)</sup>  | 42305  | 3281 |

---

N/A: not applicable.

(1) Starting from July 13, 2022.

(2) For fiscal year 2022, until July 13, 2022.

(3) Starting from December 03, 2021.

(4) Until December 02, 2021.

(5) Until December 02, 2021.

(6) Starting from December 03, 2021.

This amount includes all compensation paid in respect of the 2022 fiscal year: gross salaries, bonuses (including annual variable compensation), LTIP awarded, benefits in kind, profit sharing and incentives (excluding any employer's matching contribution as regards the last two items).

The Directors elected by employees and the Directors representing employee shareholders are employed by Orange SA as civil servants or private company employees contractually covered by the French telecommunication collective bargaining agreement. Like eligible Orange group employees, they benefit from free share award plans (where applicable as part of Long-Term Incentive Plans - LTIPs).

With the exception of this compensation, Directors who are not Corporate Officers receive no compensation other than that paid for their office.

Furthermore, there are no contracts linking any member of the Board of Directors to Orange SA or any of its subsidiaries that provide for the granting of any benefits to this Director at the end of his or her term.

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5.4.3 Compensation of members of the Executive Committee

The Executive Committee's members are described in Section 5.1.3. *Executive Committee.*

The overall gross amount, excluding employer social security contributions, of compensation due for the 2022 fiscal year from Orange SA and the controlled companies to all members of the Orange Executive Committee is 12,061,833 euros.

This amount includes all compensation due in respect of the 2022 fiscal year: gross salaries, bonuses (including annual variable compensation), LTIP shares awarded, benefits in kind, profit sharing and incentives (excluding any employer's matching contribution as regards the last two items).

For members who were not part of the Executive Committee for the full year 2022, compensation has been calculated prorata temporis for reasons of comparability.

The annual variable portions included are the target amounts for 2022 to be paid in 2023 concerning Executive Committee members, but not including Directors and Officers. For Directors and Officers, the variable portion included is the part due for 2022, to be paid in 2023.

The employment contracts of the members of the Executive Committee (excluding Corporate Officers), signed from January 1, 2015, include a clause providing for contractual severance pay not exceeding 15 months of salary based on total gross annual compensation (including any termination pay provided for by contractual agreements).

The "claw-back" mechanism (see section 5.4.1.1 Compensation policy for executive and non-executive Corporate Officers) for recovering certain incentive-based compensation shall apply to executive officers, subject to compliance with applicable local laws, within the same timeframe.

Ramon Fernandez's employment contract, which had been suspended on the date of his appointment as a Corporate Officer, was reactivated following the termination of his office as *Delegate* Chief Executive Officer on December 31, 2022.

The members of the Executive Committee do not receive any compensation for the corporate offices they hold in Orange subsidiaries.

They did not receive any stock options during the 2022 fiscal year.

The Board of Directors set up share-based Long-Term Incentive Plans (LTIPs) that also apply to Executive Committee members subject to the terms and conditions voted on by the Shareholders' Meeting.

Under the LTIP 2020-2022, a maximum of 211,000 Orange shares were available for award to all Executive Committee members, including the Chairman and Chief Executive Officer, subject to their fulfillment of the continued employment condition.

The Board of Directors, called upon to award free shares under the LTIP 2023-2025, which is the subject of the twenty-eighth resolution to be voted on by the Shareholders' Meeting of May 23, 2023, will determine the award criteria applicable to each member of the Executive Committee, subject to approval of said resolution.

#### Stock options awarded to the top ten employees and options exercised by them
During the 2022 fiscal year, neither Orange SA nor any other Group company awarded any stock options to employees.

There have been no stock option plans in effect since 2017, when the last Orange SA stock option plan matured. Therefore, no stock options were exercised during the fiscal year.

Orange — 2022 Universal Registration Document - 433

[REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

6.1.3 Authorizations to carry out capital increases

The Orange SA Shareholders' Meeting of May 18, 2021 approved various financial authorizations that delegated to the Board of Directors the authority to increase the capital of the Company by issuing shares or other securities, with or without preferential subscription rights (public tender offer, securities transfers, etc.) and subject to certain conditions (outside public tender offer periods for the Company's securities, caps, etc.).

The Orange SA Shareholders' Meeting of May 19, 2022 also delegated authority to the Board of Directors to carry out capital increases reserved for members of the Group savings plan.

[REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

The Shareholders' Meeting of May 23, 2023 will again be asked to authorize the Board of Directors to carry out capital increases [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

6.1.4 Treasury shares - Share Buyback program

The Shareholders' Meeting of May 19, 2022 renewed the share Buyback program for 18 months within a limit of 10% of the share capital outstanding at the date of the Meeting. The Board of Directors' Meeting of February 15, 2023 resolved to ask the Shareholders' Meeting of May 23, 2023 to renew this authorization under the same conditions.

A description of the program for 2023 appears in the Board of Directors' Report on the nineteenth resolution submitted to the Shareholders' Meeting of May 23 [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

In addition, the liquidity contract relating to its shares and entered into by Orange with Rothschild Martin Maurel on February 11, 2019 was rolled over into 2022. The resources allocated to the liquidity account when the contract was implemented amounted to 950,000 Orange shares and 37,913,500 euros. At December 31, 2022, the liquidity account contained 660,000 Orange shares and 44,509,929.42 euros.

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#### Summary of purchases and sales of treasury shares during the 2022 fiscal year

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Objective of the purchases** | **Number of shares held at December 31, 2021** | **Number of shares purchased** | **Gross weighted average price (in euro)** | **Number of shares sold** | **Gross weighted average price (in euro)** | **Number of shares held at December 31, 2022** | **% of capital** |
| Shares allocated to employees | 2009500 |  |  | 724329 <sup>(1)</sup>  |  | 1285171 | 0.05% |
| Liquidity contract | 0 <sup>(2)</sup>  | 20744019 | 10.58 | 20064019 | 10.61 | 680000 <sup>(3)</sup>  | 0.02% |
| **Total** | **2009500** | **20744019** |  | **20788348** |  | **1965171** | **0.07%** |

---

(1) Shares freely granted on expiration of the 2019-2021 LTIP and, in accordance with Article L. 225-197-3 of the French Commercial Code, to the heirs and assigns of beneficiaries of free share award plans who died or became incapacitated before the end of the plans' vesting period.

(2) Position at December 29, 2021 in order to take into account the two business days needed for transfer of ownership.

(3) Position at December 28, 2022 in order to take into account the two business days needed for transfer of ownership.

6.2 Major shareholders

6.2.1 Distribution of capital and voting rights

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Holder** | **12/31/22** | **12/31/22** | **12/31/22** | **12/31/21** | **12/31/21** | **12/31/21** | **12/31/20** | **12/31/20** | **12/31/20** |
| **Holder** | **Number of shares** | **% of capital** | **% of voting rights** | **Number of shares** | **% of capital** | **% of voting rights** | **Number of shares** | **% of capital** | **% of voting rights** |
| Bpifrance Participations <sup>(1)</sup>  | 254219602  | 9.56%  | 8.15%  | 254219602  | 9.56%  | 8.19%  | 254219602  | 9.56%  | 8.20%  |
| French state | 356194433  | 13.39%  | 21.10%  | 356194433  | 13.39%  | 21.22%  | 356194433  | 13.39%  | 21.23%  |
| **Total public sector** | **610414035**  | **22.95%**  | **29.25%**  | **610414035**  | **22.95%**  | **29.41%**  | **610414035**  | **22.95%**  | **29.43%**  |
| Group employees <sup>(2)</sup>  | 203225062  | 7.64%  | 11.55%  | 196264286  | 7.38%  | 10.81%  | 163270522  | 6.14%  | 9.67%  |
| Treasury shares | 1965171  | 0.07%  | 0.00%  | 2009500  | 0.07%  | 0.00%  | 1265099  | 0.05%  | 0.00%  |
| Free float | 1844452331  | 69.34%  | 59.20%  | 1851368778  | 69.60%  | 59.78%  | 1885106943  | 70.86%  | 60.90%  |
| **Total** | **2660056599**  | **100%**  | **100%**  | **2660056599**  | **100%**  | **100%**  | **2660056599**  | **100%**  | **100%**  |

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(1) Public financing and investment group for businesses, resulting from the combination of OSEO, CDC Entreprises, FSI and FSI Régions.

(2) Includes shares held as part of the Group savings plan, in particular through the *Orange Actions* and Orange Ambition International mutual funds, or directly by employees in registered form.

The public sector (the French State and Bpifrance Participations) and the *Orange Actions* mutual funds of the Group savings plan invested in Orange shares have double voting rights on their registered shares which they have held for over two years (see Section 6.4.1 *Rights, preferences and restrictions attached to shares*).

At December 31, 2022, the French State and Bpifrance Participations hold in concert 22.95% of the capital and 29.25% of the voting rights at Shareholders' Meetings, taking into consideration the double voting rights.

At December 31, 2022, the mutual funds of the Group savings plan invested in Orange shares represented 7.08% of the Company's capital and 10.70% of voting rights at Shareholders' Meetings. The regulations governing the mutual funds state that voting rights attached to securities held as fund assets are exercised by the Supervisory Boards of these funds. In the absence of an express reference in the regulations to cases where the Supervisory Boards must gather the prior opinions of holders, the Supervisory Boards decide whether or not to take securities held as fund assets to public tender or exchange offers, in accordance with Article L. 214-164 of the French Monetary and Financial Code.

As of the date of this document, to Orange's knowledge, no shareholder other than the French State, Bpifrance Participations and Group employees (in particular via the *Orange Actions* mutual fund) held, directly or indirectly, more than 5% of the capital or voting rights.

6.2.1.1 Changes in the distribution of capital held by major shareholders over the last three fiscal years

In the last three fiscal years, the Company has bought and sold treasury shares to meet obligations related to employee share allocation programs. To Orange's knowledge, there has been no major change in the distribution of capital and voting rights since December 31, 2022.

6.2.1.2 Information on shareholders' agreements

On February 23, 2016, the AMF was notified of the execution, on February 18, 2016, of a new shareholders' agreement between the French Republic and Bpifrance Participations. This agreement replaces the previous shareholders' agreement signed between the same parties on December 24, 2012, formalizing their existing concerted action with respect to their shareholdings in Orange.

The shareholders' agreement has been established for a period of two years (renewable), and stipulates that the parties will:

1. consult on voting on resolutions put to the Shareholders' Meeting, with a commitment to exchange respective views and seek a common position on resolutions, without being under any obligation to reach a joint position;

2. consult each other on the form (within the meaning of Article L. 228-1 of the French Commercial Code) of their Orange securities.

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6.2.1.3 Additional information on the distribution of the free float

Orange regularly identifies its shareholders, notably via the procedure known as "Identifiable Bearer Securities" (IBS). At December 31, 2022, institutional investors held 62.6% of the capital (down by 0.4 points compared with 2021) and individual investors 6.8% (up by 0.2 points).

#### Geographical distribution of institutional investors at December 31, 2022

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| | |
|:---|:---|
| France | 27% |
| United Kingdom | 17% |
| Other European countries | 17% |
| **Europe total** | **61%** |
| North America | 35% |
| Rest of the world | 4% |
| **Total** | **100%** |

---

Source: IBS survey.

6.2.2 Direct or indirect control of Orange SA

As of the date of this document, the public sector (French State and Bpifrance Participations) has three representatives out of a total of 15 members on the Board of Directors of Orange (see Section 5.1.1 *Board of Directors*).

Orange's major shareholder is the public sector: the French State, which, in concert with Bpifrance Participations, held 22.95% of the share capital and 29.25% of voting rights at December 31, 2022. As is the case with all Orange's shareholders, these shares carry double voting rights when held in registered form for over two years (see Section 6.2.1.2 *Information on shareholders' agreements* and Section 6.2.1 *Distribution of capital and voting rights* above). While not giving it as such the ability to exercise control over the Company, this level of holding could, based on the attendance rate at Shareholders' Meetings in the past, allow the public sector to block the adoption of resolutions requiring a qualified majority vote by the shareholders.

In light of the recommendations of the Afep-Medef Code, Orange has put in place Corporate Governance rules to ensure the proper operation of the Board of Directors and its specialist committees in respecting the interests of all shareholders. The Board of Directors comprises seven Independent Directors, one of whom serves as Chairman (see Section 5.2 *Operation of the management and supervisory bodies*). Orange therefore feels there is no risk that the French State may exercise control in an abusive manner.

No other natural or legal persons exercise or could exercise control over Orange, either directly or indirectly, or individually, jointly or in concert.

To Orange's knowledge, there is no agreement which, if implemented, could, at a later date, entail a change in its control.

6.3 Dividend distribution policy

The Shareholders' Meeting of May 19, 2022 decided on the distribution of a dividend of 0.70 euros per share for the fiscal year 2021. Taking into account the 0.30-euro interim dividend paid on 15 December 2021, the balance of the dividend distributed by the Shareholders' Meeting was 0.40 euros per share and was paid in cash on June 9, 2022.

On July 27, 2022, the Board of Directors decided on the distribution of an interim dividend of 0.30 euros per share. The interim dividend was paid in cash on December 7, 2022.

For fiscal year 2022, the 2023 Shareholders' Meeting will be asked to approve a maintained dividend of 0.70 euros per share. Taking into account the interim dividend paid, the balance of the dividend to be distributed, subject to shareholders' approval, will be 0.40 euros per share and will be paid in cash on June 7, 2023, the ex-dividend date being June 5, 2023.

In line with the solid growth in its organic cash flow, Orange intends, subject to shareholders' approval, to increase its dividend to 72 cents per share for fiscal year 2023 (including the distribution of an interim dividend of 0.30 euros per share in December 2023) and to reach a new floor of 75 cents per share in respect of the 2024 fiscal year.

#### Past dividend payments

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fiscal year** | **2021** | **2020** | **2019** | **2018** | **2017** |
| Dividend per share (in euro) | 0.70  | 0.90  | 0.50 | 0.70 | 0.65 |

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6.4 Statutory information on shares and Shareholders' Meetings

6.4.1 Rights, preferences and restrictions attached to shares

Orange has only issued ordinary shares. Each share entitles its holder to a portion of the corporate profits and assets proportional to the amount of capital represented thereby. Furthermore, each share entitles its holder to vote and be represented in the Shareholders' Meetings in accordance with the provisions of the law and of the Bylaws. Ownership of one share implies, *ipso jure*, adherence to the Bylaws and the decisions of the Shareholders' Meeting.

There is no clause in the Bylaws providing for double or multiple voting rights for Orange shareholders. However, in accordance with the law, double voting rights are automatically granted to all shares held in registered form by the same holder for at least two years.

The shareholders are only liable for losses within the limits of their contributions to the Company's capital.

#### Payment of dividends
The terms and conditions for the payment of the dividends approved by the Shareholders' Meeting are determined by the Shareholders' Meeting, or failing this, by the Board of Directors. However, cash dividends must be paid within a maximum of nine months after the close of the fiscal year, unless extended by court order. The Ordinary Shareholders' Meeting may grant each shareholder, for all or part of the dividends to be distributed, an option of payment of the dividends either in cash or in shares, subject to legal requirements.

Interim dividends may be distributed before the approval of the financial statements for the fiscal year when the balance sheet established during or at the end of a fiscal year and certified by a Statutory Auditor shows that the Company has made a profit since the close of the last fiscal year, after recognizing the necessary depreciation, amortization and provisions and after deducting prior losses, if any, and the sums to be allocated to reserves, as required by law or the Bylaws, and including any retained earnings. The amount of such interim dividends may not exceed the amount of the profit thus defined.

Dividends not claimed within five years after the payment date revert to the French State.

#### Disposal and transfer of shares
Shares are freely tradable, subject to applicable legal and regulatory provisions. They are registered in a share account and are transferred by means of a transfer order from account to account.

6.4.2 Actions necessary to modify shareholders' rights

Shareholders' rights may be modified as allowed by law. Only the Extraordinary Shareholders' Meeting is authorized to amend any and all provisions of the Bylaws. The Meeting may not, however, increase shareholder commitments, except for properly executed transactions resulting from a share consolidation.

6.4.3 Rules for participation in and notice of Shareholders' Meetings

#### Access to, participation in and voting rights at Shareholders' Meetings
Shareholders' Meetings are composed of all shareholders whose shares are fully paid-up and for whom a right to attend Shareholders' Meetings has been established by registration of their shares in an account in the name either of the shareholder or of the intermediary holding their account, where the shareholder is not resident in France, by midnight (Paris time) on the second business day preceding the Meeting.

The shares must be registered within the time limit specified above, either in an account in their own name maintained by the Company, or in the bearer share accounts maintained by an authorized intermediary.

If it sees fit to do so, the Board of Directors may distribute personalized admission cards to shareholders and require them to produce these cards at the Meeting.

Shareholders participating via video-conferencing or other means of telecommunication which meet legal and regulatory conditions and allow identification shall be deemed present for the calculation of the *quorum* and majority at Shareholders' Meetings. The Board of Directors organizes, in accordance with legal and regulatory requirements, the participation and voting of these shareholders at the Shareholders' Meeting, assuring, in particular, the effectiveness of the means of identification.

Any shareholder may, in accordance with legal and regulatory requirements, vote remotely or grant a proxy to any other natural or legal person of his or her choice. Shareholders may, in accordance with legal and regulatory requirements, send their ballot or proxy, either in hard copy or via electronic means, no later than 3.00 pm (Paris time) on the day before the Shareholders' Meeting. Transmission methods are specified by the Board of Directors in the meeting notice and the convocation notice.

Shareholders voting remotely, within the time limit specified in the Bylaws, by means of the ballot provided by the Company to shareholders, are deemed present or represented at the Meeting.

The remote or proxy ballots and the certificate of attendance may be completed in electronic format duly signed under the conditions provided for in the applicable laws and regulations. For this purpose, the ballot can be filled in and electronically signed directly on the website established by the organizer of the Meeting.

Shareholders not resident in France may be represented at a Shareholders' Meeting by a registered intermediary who may participate subject to legal requirements.

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#### Notice of Shareholders' Meetings
Shareholders' Meetings are convened by the Board of Directors, or, failing this, by the Statutory Auditors, or by any person authorized for this purpose. Meetings are held at the headquarters or at any other location indicated in the convocation notice. Subject to exceptions provided by law, notice must be given at least 15 days before the date of the Shareholders' Meeting. When the Shareholders' Meeting cannot deliberate due to the lack of the required *quorum*, the second Meeting and, if applicable, the second postponed Meeting, must be convened at least ten days in advance in the same manner as the first.

#### Ordinary Shareholders' Meeting
Ordinary Shareholders' Meetings are called to make any and all decisions that do not amend the Bylaws. An Ordinary Shareholders' Meeting is convened at least once a year within six months of the end of each fiscal year in order to approve the Statutory Financial Statements and Consolidated Financial Statements for the fiscal year in question or, in the case of postponement, within the period established by court order. When convened for the first time, the Meeting only validly deliberates if the shareholders present or represented by proxy or voting remotely represent at least one-fifth of the shares with voting rights. When the Meeting is convened for the second time, no *quorum* is required. Decisions are made by a majority of the votes held by the shareholders present, represented by proxy or voting remotely.

#### Extraordinary Shareholders' Meeting
Only the Extraordinary Shareholders' Meeting is authorized to amend any and all provisions of the Bylaws. Subject to the legal provisions governing capital increases by capitalization of reserves, profits or premiums, the Extraordinary Shareholders' Meeting only validly deliberates if the shareholders present, represented by proxy or voting remotely represent at least one-fourth of all shares with voting rights when convened for the first time, or one-fifth when convened for the second time. If the latter *quorum* is not reached, the second Meeting may be postponed to a date no later than two months after the date for which it was convened. Subject to the same condition, the second Meeting makes decisions by a two-thirds majority of the shareholders present, represented by proxy, or voting remotely.

6.4.4 Declarations of threshold crossing

In addition to the legal obligation to inform the Company and the French Financial Markets Authority (*Autorité des marchés financiers* - AMF) when thresholds of 5%, 10%, 15%, 20%, 25%, 30%, 33 1/3%, 50%, 66 2/3%, 90% and 95% of the capital and voting rights are crossed, any natural or legal person, acting alone or in concert with others, that acquires, directly or indirectly, as defined by Articles L. 233-7 *et seq*. of the French Commercial Code, a number of shares, voting rights or securities representing shares equal to 0.5% of the capital or voting rights in Orange is required, within five trading days from the date of registration of the securities that result in reaching or crossing such threshold, to declare to Orange by registered letter with return receipt, the total number of shares, voting rights and securities giving access to the capital that such natural or legal person holds.

This declaration must be repeated in accordance with the conditions indicated above each time a new 0.5% threshold is reached or crossed, whether crossing above or below, for any reason whatsoever, including beyond the 5% threshold.

In the event of failure to comply with any of the provisions set forth above, the shareholder or shareholders in question are stripped of the voting rights attached to any securities in excess of the thresholds, subject to legal provisions and limits, if one or more shareholders holding at least 0.5% of the capital or voting rights so requests at a Shareholders' Meeting.

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7.1 Company identification

**Company name:** Orange

**Place and registration number:**

Paris Trade and Companies Register 380 129 866 APE (principal activity) code: 6110Z

**Legal Entity Identifier (LEI):** 969500MCOONR8990S771

**Date of incorporation and term:**

Orange SA was incorporated as a French *société anonyme* (a public limited company under French law) on December 31, 1996 for a 99-year term. Barring early liquidation or extension, the Company will expire on December 31, 2095.

**Registered office:**

111, quai du président Roosevelt, 92130 Issy-les-Moulineaux, France

**Telephone:** + 33 (0)1 44 44 22 22

**Website:** www.orange.com

**Legal form and applicable legislation:**

Orange is governed by French corporate law subject to specific laws governing the Company, notably Law no. 90/568 of July 2, 1990 on the organization of public postal services and France Telecom, as amended.

The regulations applicable to Orange as a result of its operations are described in Section 1.7 *Regulation of telecommunication activities*.

**Purpose:** "As a trusted partner, Orange gives everyone the keys to a responsible digital world."

The purpose of Orange, included in Article 2 *Corporate scope and purpose* of the Bylaws, is part of the *Lead the future* strategic plan, which is guided by exemplary social and environmental accountability. [REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

#### Corporate scope:
The Company's corporate scope, in France and abroad, specifically pursuant to the French Postal and Electronic Communications Code, is:

**-** to provide all electronic communication services in internal and international relations;

**-** to carry out activities related to public services and, in particular, to provide, where applicable, a universal telecommunication service and other mandatory services;

**-** to establish, develop and operate all electronic communications networks open to the public necessary for providing said services and to interconnect the same with other French and foreign networks open to the public;

**-** to provide all other services, facilities, handset equipment and electronic communication networks, and to establish and operate all networks distributing audiovisual services, and especially radio, television and multimedia broadcasting services;

**-** to set up, acquire, rent or manage all real estate or other assets and businesses and to lease, install and operate all structures, businesses, factories and workshops within the corporate scope defined above;

**-** to obtain, acquire, operate or transfer all processes and patents related to any of the purposes defined above;

**-** to participate directly or indirectly in all transactions that may be related to any of the purposes defined above, through the creation of new companies or enterprises, the contribution, subscription or purchase of securities or corporate rights, acquisitions of interests, mergers, partnerships, or by any other means;

**-** and more generally, all industrial, commercial and financial transactions, or transactions involving movable or fixed assets, that may be related directly or indirectly, in whole or in part, to any of the aforementioned corporate purposes, or to any similar or related purposes, or to any and all purposes that may enhance or develop the Company's business.

7.2 Glossaries

7.2.1 Financial glossary

**Average number of employees (full-time equivalents)**: average number of active employees over the reporting period, prorated for their work time, including on both permanent contracts and fixed-term contracts.

**Change in working capital requirement**: the change in working capital requirement is made up of:

**-** the **change in working capital requirement for operations**, which is made up of (i) the change in gross inventories, (ii) the change in gross trade receivables, (iii) the change in trade payables for other goods and services, and (iv) changes in other customer contract assets and liabilities;

**-** and the **change in working capital requirement excluding operations**, which includes changes in other assets and liabilities (excluding receivables and payables related to operating taxes and levies).

**Commercial expenses, equipment and content costs**: see External purchases.

**Convergent ARPO**: average revenues per customer from convergent services (Average Revenues Per Offer, ARPO) for the period is calculated by dividing (i) the revenues from consumer convergent offers invoiced to customers (excluding the effect of spreading the equipment subsidy pursuant to IFRS 15) over the period in question, by (ii) the weighted average number of customers of retail convergent services over the same period. The weighted average number of customers is the average of monthly averages over the period in question. The monthly average is the arithmetic average of the number of customers at the beginning and end of the month. Convergent ARPO is expressed in monthly revenues per convergent services customer.

**Convergent services**: see *Revenues*.

**Data on a comparable basis**: data with comparable methods, scope and exchange rates are presented for the preceding period (see Section 3.1.5.1 *Data on a comparable basis*). The transition from data on a historical basis to data on a comparable basis consists of keeping the results for the last fiscal year and restating the previous fiscal year in order to present financial data with comparable methods, scope and exchange rates over comparable periods. The method used is to apply to the data of the corresponding period of the previous fiscal year the methods and the scope of consolidation for the period just ended, as well as the average exchange rates used for the consolidated income statement in the Consolidated Financial Statements for the period just ended. Changes on a comparable basis enable organic business changes to be reflected. Data on a comparable basis is a financial indicator not defined by IFRS and may not be comparable to similarly titled indicators used by other groups (see Section 3.1.5 *Financial indicators not defined by IFRS*).

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**Data on a historical basis**: data for past periods as reported in the Consolidated Financial Statements of the current financial period.

[REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

**eCAPEX or "economic CAPEX"**: investments in property, plant and equipment and intangible assets excluding telecommunication licenses and financed assets, minus the price of disposal of fixed assets (see Note 1.6 to the Consolidated Financial Statements). eCAPEX is a financial indicator not defined by IFRS and may not be comparable to similarly titled indicators used by other groups (see Section 3.1.5 *Financial indicators not defined by IFRS*).

**Economic CAPEX**: see *eCAPEX*.

**Equipment sales**: see *Revenues*.

**External data**: data after elimination of internal flows between the scopes considered.

**External purchases**: external purchases include the following operating expenses, excluding leases falling within the scope of application of IFRS 16 (see Note 5.1 to the Consolidated Financial Statements):

**- commercial expenses, equipment and content costs**: cost of handsets and other equipment sold, retail fees and commissions, advertising, promotional, sponsoring and rebranding expenses, and content costs;

**- service fees and inter-operator costs**: network expenses and interconnection costs;

**- other network expenses and IT expenses**: subcontracting expenses for operations and technical maintenance, IT expenses;

**-** and **Other external purchases**: overheads, real estate fees, purchases of other services and service fees, purchases of equipment and other supplies held in inventories, call center subcontracting expenses and other external services, net of capitalized costs of goods and services.

**Financial investments**: financial investments include (i) acquisitions of equity securities in subsidiaries (net of cash acquired), in associates and joint ventures, and measured at fair value, and (ii) changes in ownership interests with no gain of control.

**Fixed-only broadband ARPO**: average revenues per fixed-only services customer (Average Revenues Per Offer - ARPO) for the period is calculated by dividing (i) the revenues from fixed-only broadband services sold on a retail basis (excluding the effect of spreading the equipment subsidy pursuant to IFRS 15) over the period in question, by (ii) the weighted average number of fixed-only broadband customers over the same period. The weighted average number of customers is the average of monthly averages over the period in question. The monthly average is the arithmetic average of the number of customers at the beginning and end of the month. Fixed-only broadband ARPO is expressed in monthly revenues per fixed-only services customer.

**Fixed-only services**: see *Revenues*.

**Investments in property, plant and equipment and intangible assets**: see *eCAPEX*.

**IT & Integration Services**: see *Revenues*.

**Labor expenses**: wages and employee benefit expenses (net of capitalized costs), employee profit-sharing expenses, and expenses relating to share-based compensation (see Note 6.1 to the Consolidated Financial Statements).

**Mobile-only ARPO**: average revenues per mobile-only services customer (Average Revenues Per Offer - ARPO) for the period is calculated by dividing (i) the revenues from mobile-only services sold on a retail basis (excluding Machine to Machine and excluding the effect of spreading the equipment subsidy pursuant to IFRS 15) over the period in question, by (ii) the weighted average number of customers of mobile-only offers (excluding Machine to Machine) over the same period. The weighted average number of customers is the average of monthly averages over the period in question. The monthly average is the arithmetic average of the number of customers at the beginning and end of the month. Mobile-only ARPO is expressed in monthly revenues per mobile-only customer.

**Mobile-only services**: see *Revenues*.

**Net financial debt**: net financial debt as defined and used by Orange does not take into account Mobile Financial Services activities, for which this concept is not relevant. It consists of (i) financial liabilities excluding operating payables (translated into euros at the year-end closing rate) including derivative instruments (assets and liabilities), (ii) less cash collateral paid, cash, cash equivalents and financial assets at fair value. Furthermore, financial instruments designated as cash flow hedges included in net financial debt are set up to hedge items that are not included therein, such as future cash flows. As a consequence, the portion of these unmatured hedging instruments recorded in other comprehensive income is added to gross financial debt to offset this temporary difference (see Note 13.3 to the Consolidated Financial Statements). Net financial debt is a financial indicator not defined by IFRS and may not be comparable to similarly titled indicators used by other groups (see Section 3.1.5 *Financial indicators not defined by IFRS*).

**Number of employees (active employees at end of period)**: number of employees working on the last day of the reporting period, including on both permanent contracts and fixed-term contracts.

**Operating taxes and levies payables**: taxes and levies including the CET (*contribution économique territoriale* - territorial economic contribution) and the IFER (*Imposition Forfaitaire sur les Entreprises de Réseaux* - flat-rate tax on network enterprises) in France, spectrum fees and levies on telecommunication services (see Note 10.1 to the Consolidated Financial Statements).

[REDACTED SECTION: CERTAIN TEXT HAS BEEN REDACTED]

**Other external purchases**: see *External purchases*.

**Other network expenses and IT expenses**: see *External purchases*.

**Other operating expenses**: see Other operating income and expenses.

**Other operating income and expenses**: other operating income net of other operating expenses. Other operating income and expenses include:

**- other operating income**: primarily net banking income (NBI), income related to recovery of trade receivables, site rentals and franchises income, tax credits and subsidies, income from universal service, brand royalties and management fees invoiced to certain unconsolidated entities, rebilling of network sharing costs, income from litigation, income relating to line damage (see Note 4.2 to the Consolidated Financial Statements);

**-** and **Other operating expenses**: mainly disputes, impairments and losses on trade receivables from telecom activities, cost of bank credit risk, universal service charges, operating foreign exchange gains/losses, and acquisition and integration costs (see Note 5.2 to the Consolidated Financial Statements).

**Other operating income**: see *Other operating income and expenses*.

**Other revenues**: see *Revenues*.

**Retail Services (B2C+B2B) revenues**: aggregation of convergent services, mobile-only services, fixed-only services and IT & Integration Services revenues (see these definitions). Retail Services (B2C+B2B) revenues bring together all revenues from a given scope, excluding revenues from wholesale services, equipment sales and other revenues (see these definitions).

**Retail services (B2C+B2B)**: see *Retail Services (B2C+B2B) revenues*.

**Revenues**: revenues (see Notes 1.2 and 4.1 to the Consolidated Financial Statements) include:

**- convergent services**: revenues from the convergent offers sold on a retail basis to B2C customers, excluding equipment sales (see this definition). A convergent service is defined as the combination of, at least, fixed broadband access (xDSL (sum total Digital Subscriber Line), FTTx (Fiber To The X), cable, fixed 4G) and a mobile voice plan;

**- mobile-only services**: revenues from mobile plans (mainly outgoing calls: voice, SMS and data) for retail sales, excluding convergent services and equipment sales (see these definitions);

**- fixed-only services**: revenues from fixed-only services sold on a retail basis, excluding convergent services and equipment sales (see these definitions). It includes (i) fixed narrowband services (conventional fixed telephony), (ii) fixed broadband services, and (iii) business solutions and networks (with the exception of France, for which most business solutions and networks are supported by the Enterprise segment). For the Enterprise segment, revenues from fixed-only services include network equipment sales linked to the operation of voice and data services;

**- IT & Integration Services**: revenues including unified communication and collaboration services (Local Area Network and telephony, consultancy, integration, project management), hosting and infrastructure services (including Cloud Computing), app services (Customer Relations management and other app services), security services, video-conferencing services, services related to Machine to Machine activities (offline) and equipment sales related to the above products and services;

**- wholesale services**: revenues including (i) mobile services to carriers, including in particular incoming mobile traffic, visitor roaming, network sharing, national roaming and mobile virtual network operators (MVNOs), and (ii) fixed services to other carriers, which include in particular national interconnection, international wholesale services, high-speed and very high-speed broadband access services (fiber access, unbundling of telephone lines, xDSL access sales), and sales of telephone lines on the wholesale market;

**- equipment sales**: fixed and mobile equipment sales, excluding (i) equipment sales related to the supply of IT & Integration Services, and (ii) network equipment sales related to the operation of voice and data services for the Enterprise segment and (iii) equipment sales to external dealers and brokers;

**-** and **Other revenues**: other revenues include equipment sales to external dealers and brokers, revenues from portals, online advertising revenues and transverse activities of the Group and other miscellaneous revenues.

**Service fees and inter-operator costs**: see *External purchases*.

**Statutory data**: data before elimination of internal flows between the scopes considered.

**Wages and employee benefit expenses**: see *Labor expenses*.

**Wholesale services**: see *Revenues*.

7.2.2 Glossary of technical terms

**API (Application Programming Interface)**: computer programming interface that enables programs to interact with one another, in a similar manner to a human-machine interface.

**Arcep:** (*Autorité de régulation des communications électroniques, des postes et de la distribution de la presse* - French regulatory authority for electronic communications, postal and print media distribution).

**Bitstream**: wholesale service enabling alternative operators to rent broadband access which has been activated by the incumbent operator. In this way they can offer retail broadband services in areas where they do not offer unbundled access.

**Call termination (interconnection or termination rate)**: amount per minute paid by one telephone operator to another to transmit a telephone conversation over the network of the second operator to its destination. These rates are regulated.

**Civil Engineering for Optical Loops and Links**: Civil engineering and air-assist offer for Orange's local loop and for the fiber optic networks. To accelerate the roll-out of new very high-speed broadband networks, Orange has decided to open its facilities (ducts and air-assist) to operators, to allow them to lay their optical cables so that open access fiber optic networks can be rolled out.

**Cloud Computing**: a concept that involves using remote servers for the storage and processing of electronic data, traditionally located on local servers or the user's workstation.

**DSL (Digital Subscriber Line)**: technologies enabling the use of copper cables connecting subscribers of "Switched Telephone Networks" (STN) to enable broadband transfers of digital packets.

**DSLE (DSL Enterprise)**: broadband data transport offer in one or more DSL regions. It connects a set of "end" sites to a central site and enables operators to develop Internet/Intranet access offers for their B2B customers.

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**DWDM (Dense Wavelength Division Multiplexing)**: digital transmission technology based on multiplexing wavelengths over fiber optic, enabling very high-speed broadband (up to 10 Gigabits per second) information transfers over long-distance networks.

**Efficient operator**: a concept used in relation to the regulation of prices for wholesale and retail services sold by an operator when the regulatory authority requires the operator to orient its prices toward the costs borne. If the actual costs of this operator turn out to be higher than they should be because it is inefficient, the corresponding excess cost is excluded from the price base used to determine prices.

**FOL**: Fiber Optic Link.

**FTTx (Fiber To The X**): generic name for different forms of optical connections:

**- FTTH (Fiber To The Home)**: B2C and Pro-SME offer of a fiber optic link from the operator's optical connection node (OCN) directly to the subscribers' home. Ensures very high-speed broadband transmissions compatible with *triple play* packages and has the following characteristics: shared local loop, asymmetrical speeds (download speed faster than upload speed), which are not guaranteed, limited support and no guaranteed recovery time (GRT);

**- FTTE (Fiber To The Enterprise)**: B2B offer with dedicated fiber between the pooling point and the business, dedicated business support and GRT;

**- FTTO (Fiber To The Office)**: B2B offer with higher quality of service and security levels (dedicated fiber from the optical connection node to the business, symmetrical and guaranteed speeds allowing the proper functioning of business applications, GTR ensuring rapid reconnection in the event of an incident).

**Full MVNO**: an MVNO (mobile virtual mobile operator) that operates its own core network components and its own app platforms, while renting radio capacity to host operators. See *MVNO*.

**Gbit/s or Gigabit per second:** one billion bits (109) (BInary digiT - binary-coded (0 or 1) information element used by digital systems) transferred per second on a transmission network.

**Go or Gigaoctet**: a unit of measurement used in computing to indicate memory capacity. Each unit corresponds to a billion octets (one octet is a computer coding unit consisting of 8 bits).

**GPON (Gigabit Passive Optical Network)**: passive FTTH optical network architecture, not to be confused with the competing point to point FTTH architecture; it is used for on-demand broadcasting such as video over IP (IPTV). XGS-PON is a standard for passive optical networks that supports higher speed (10 Gbits/s) symmetrical data transfer. It is part of the Gigabit-capable PON, or G-PON, family of standards. G-PON stands for Gigabit PON or 1 Gigabit PON. The "X" in "XGS" represents the number ten and the "S" stands for "symmetrical." XGS-PON = 10 Gigabit Symmetrical PON.

**GSMA (GSM Association)**: an association representing nearly 800 mobile telephony operators and manufacturers in 220 countries of the world. The GSMA takes part in the definition and publication of mobile telephony standards.

**ICT (Information and Communication Technologies)**: techniques used to process and transmit information, mainly computing, audiovisual, multimedia, Internet and telecommunication.

**IMS (IP Multimedia Subsystem)**: standardized IP-based network architecture and technology providing fixed and mobile voice and multimedia services, including VoIP, VoLTE and VoWifi.

**Integrated Service Digital Network (ISDN)**: digital network for the transmission of integrated information: data, voice and video. Orange trade name: Numéris.

**IP-VPN**: see *Virtual Private Network* (VPN).

**IPX**: interconnection service ensuring interoperability between the different technologies, thus allowing the secure exchange of IP-based traffic between customers of the different mobile, fixed-line telephony and Internet operators.

**ISDN**: see **Integrated Service Digital Network**.

**LAN (Local Area Network)**: network enabling workstations or PCs of the same entity on the same site to be interconnected with other local networks on other sites and be linked to the public network.

**LoRaWAN (Long Range Wide-Area Network)**: telecommunication protocol that allows connected devices to exchange small amounts of data in narrowband, reducing the energy used by the objects.

**LTE (Long-Term Evolution)**: standard developed within 3GPP which produced technical specifications for the fourth-generation mobile network standard (4G). By extension, LTE also refers to so-called fourth generation mobile systems.

**LTE-M (LTE for Machines)**: technology which enables Internet of Things equipment to connect to the 4G network without a gateway.

**M2M or Machine to Machine**: exchanges of information between machines that are established between the central control system (server) and any type of equipment, through one or several communication networks.

**MEA (Africa & Middle East):** Africa & Middle East region.

**Mobile network sharing:** Pooling between several operators of all or part of the equipment constituting their mobile networks. There are different types of infrastructure sharing:

**- passive sharing**: pooling of passive infrastructure among operators. The partners jointly use the masts, premises or the technical environment (power supply, air conditioning), but each operator rolls out its own active network equipment;

**- active sharing**: pooling of active elements (base station equipment, base station controllers, transmission links) among operators, in addition to passive infrastructure sharing.

**MPLS (Multi-Protocol Label Switching)**: data transfer technique which improves network speed and efficiency, allowing routers to transfer information along p-defined paths depending on the level of quality required.

**Multiplexing**: technique to simultaneously transfer several communications on a single transmission channel.

**NFC (Near Field Communication)**: technology for short-range and high-frequency wireless communications, allowing the exchange of information between devices up to a distance of about 10 cm.

**NGA**: New Generation Access.

**NGN (New Generation Network** or **Next Generation Network)**: generic concept referring to IP-based voice and data networks, making it possible to switch from a simple connectivity approach to a new approach to developing services for customers.

**OCN (Optical Connection Node)**: Concentration point of a fiber optic network where the active equipment is installed from which the operator activates the accesses of its subscribers.

**OTT (Over-The-Top)**: refers to a broadcaster that provides services, for example on-demand video services on the Internet, using the infrastructures of a telecoms network operator, when the network operator does not offer this service itself.

**Roaming**: the use of a mobile phone service on the network of another operator than the one with which the subscription is taken out. A typical example is the use of a mobile phone abroad from another operator's network.

**Seamless network**: a telecommunication service provided by a network operator or a service provider which uses the resources of one or more other operators or suppliers to give users the impression that they are accessing the same network without interruption regardless of where they are.

**SCN**: Subscriber connection node.

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**Scopes 1, 2 and 3** (linked to the greenhouse gas emission scopes):

**-** Scope 1: emissions directly related to Orange's activities (equipment, buildings, etc.);

**-** Scope 2: indirect emissions related to Orange's energy consumption (electricity);

**-** Scope 3: other indirect emissions (employee travel, product transport, emissions from Orange customers and suppliers).

**Signaling System 7 (SS7)**: information exchanges required for the management of a telephone communication (establishment and termination, maintenance and supervision, invoicing) and transferred in digital form by a network separate from that used for the communication itself.

**Slicing**: or "network slicing," which consists of virtually dividing the 5G network into slices operating independently to provide different levels of mobile network performance according to customer needs.

**SS7**: see *Signaling System 7*.

**Streaming**: technology enabling the broadcasting of video images on the Internet and continuous viewing in real time.

**Switched telephone network (STN)**: voice transmission network comprising handsets, subscriber lines, circuits and switches. It is also used to access certain data services.

**Triple play**: broadband subscription package including Internet access, telephony and a package of television channels.

**UMTS (Universal Mobile Telecommunications System)**: a third-generation (3G) mobile telephony standard allowing broadband communication (up to 2 Mbits/s at theoretical symmetrical speed) over the 1.9 to 2.2 GHz frequency band.

**vDSL (Very high bit-rate DSL)**: a technique based on the same technique as xDSL. vDSL signals are sent over a pair of copper wires, simultaneously and without interfering with voice telephony. This allows for very high speeds.

**Virtual Private Network (VPN)**: a set of resources on a public network made exclusively available to a B2B customer.

**Voice over Internet Protocol - VoIP**: transport of voice services using IP technologies.

**VPN**: see *Virtual Private Network*.

**VSAT (Very Small Aperture Terminal)**: a satellite communications technology that uses two-way satellite dishes with a diameter of less than 3 m and requires few ground resources. VSAT is used to connect a small site to communication networks, either for telephony or Internet access.

**WiFi (Wireless-Fidelity)**: a technology enabling the connection of wireless equipment using radio waves in the 2.4 GHz wavelength, at speeds of 11 Mbits/s (802.11b standard) or 54 Mbits/s (802.11g standard). By extending the Ethernet protocol to cover radio services, WiFi offers businesses and individuals the ability to wirelessly connect several computers or shared devices in a network over distances that may reach several dozen meters.

**xDSL**: see *DSL*

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## Exhibit 15.2

#### Exhibit 15.2
Consent of independent registered public accounting firms

We consent to the incorporation by reference in the following registration statements

**-** Registration Statement on Form F-3 (No. 333-251219)

**-** Registration Statement on Form S-8 (No. 333-255927)

of our report dated February 18, 2021, with respect to the consolidated financial statements of Orange S.A. and its subsidiaries (the "Group") included in the annual report on Form 20-F of Orange S.A. for the year ended December 31, 2022.

Paris-La Défense, France

March 30, 2023

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|:---|:---|
| /s/ KPMG S.A.<br> Represented by Jacques Yves PIERRE  | /s/ ERNST & YOUNG Audit |

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## Exhibit 15.3

#### Exhibit 15.3
Consent of independent registered public accounting firm

We consent to the incorporation by reference in the following registration statements:

**-** Registration Statement on Form F-3 (No. 333-251219)

**-** Registration Statement on Form S-8 (No. 333-255927)

of our reports dated March 3, 2023, with respect to the consolidated financial statements of Orange S.A. and its subsidiaries (the "Group"), and the effectiveness of internal control over financial reporting.

Paris-La Défense

March 30, 2023

/s/ KPMG S.A.

Represented by Jacques Yves PIERRE

## Exhibit 15.4

#### Exhibit 15.4
Consent of independent registered public accounting firm

We consent to the incorporation by reference in Registration Statement on Form F-3 (No. 333-251219) and Registration Statement on Form S-8 (No. 333-259927) of our reports dated March 3, 2023, relating to the financial statements of Orange S.A. and the effectiveness of Orange S.A.'s internal control over financial reporting appearing in this Annual Report on Form 20-F for the year ended December 31, 2022.

/s/ Deloitte & Associés

Paris-La Défense, France

March 30, 2023