Document:

Extracts of the minutes of the Board of Directors Meetings

 Exhibit 4.1 
 EXTRACT OF
THE MINUTES OF THE BOARD OF DIRECTORS MEETING OF JANUARY 26, 2006. 
 On January 26th in the year two thousand and six, at 10:00 a.m., the Board of Directors
of the société anonyme France Telecom met at the registered office of the company in the 15th Arrondissement of Paris at 6, place d’Alleray upon notice duly given by the Chairman dated January 20th, 2006. 

The Chairman noted that, more than half of the directors being present, a quorum of the Board was established. 
  

 Item 1.2 – Setting the Amount of the
Chairman’s Compensation 
 The Chairman recalled that pursuant to Article 18 of the by-laws, the Board is required to determine the Chairman’s
remuneration and related details, and gave the floor to Mr. Roulet. 
 The Chairman of the Compensation, Nominating and Governance Committee (CNGC) recommends on
behalf of the CNGC that the Board renew the compensation package of the Chairman of France Telecom on its existing terms as determined at the March 7th, 2005 Board meeting . This compensation package breaks down as follows: 
 1    The Chairman receives fixed gross annual compensation of EUR 900,000;
 2    He is also entitled to variable compensation based entirely on the factors and objectives comprising the ‘Group Solidarity’ component of the bonus set for the members of the Executive Committee. The target
rate set for full achievement of this bonus is equal to 50% of fixed gross annual compensation; 
 3    In terms of benefits in kind, the Chairman
has use of a company car with driver. He is entitled to use the services of consulting firms providing personal legal assistance linked to his duties for up to 100 hours of consulting services per year. He also has a phone line with unlimited calls
(executive line) and the equipment (notably IT) required for the performance of his function; 
 4    Mr. Didier Lombard is covered by the
France Telecom Group’s supplementary personal protection scheme (régime de prévoyance complémentaire). For the duration of his period in office, Mr. Didier Lombard will continue to be covered by the
supplementary pension scheme set up for “non-grid” (hors grille) members of staff, on the basis that he had been placed outside the salary grid before the age of 55; 
 After having deliberated, the Board decided by a majority vote to approve this proposal. The Chairman did not take part in the vote, Mr Bernardi abstained, and Mrs. Adam and Mr Gaveau voted against the proposal.

  

 After having deliberated, the Board decided
by a majority vote, in accordance with Article L.225-38 of the Commercial Code, to grant a severance package to Didier Lombard equivalent to 21 months of his last total gross annual compensation, following decision by the Board of Directors, in the
event that his period of office is terminated by decision of the Board, and if in addition he is obliged as a consequence to leave the Group with his contract of employment having been broken off. This severance compensation includes mandatory
severance payments. The Chairman did not take part in the vote, and Mrs. Adam, Mr. Bernardi and Mr. Gaveau voted against the motion. 

 EXTRACT OF THE MINUTES OF THE BOARD OF DIRECTORS MEETING OF JANUARY 31, 2007. 
 On January 31st in the year two thousand and seven, at 17:00 p.m., the Board of Directors of the
société anonyme France Telecom met at the registered office of the company in the 15th Arrondissement of Paris at 6, place d’Alleray upon notice duly given by the Chairman dated January 29th,
2007. 
 The Chairman noted that, more than half of the directors being present, a quorum of the Board was established. 
  

 Item 4. Report of the Compensation, Nomination and
Governance Committee 
 4.1 - Calculation method for the Chairman’s bonus for first half 2007, and calculation of second half 2006 bonus. 

M. Roulet recalled that the Chairman’s bonus, like the Group component of the Group Management Committee bonus, was built on two indicators: 
  

	 	n	 	 The growth rate in pro forma revenues: weight 50% 

  

	 	n	 	 Organic cash flow: weight 50% 

 The valuation of the revenue indicator
was as follows: 
 The ordinate equal to 1 on the elasticity curve corresponded to a pro forma growth rate excluding PagesJaunes of -0.3%. The upper limit of the
elasticity curve (ordinate equal to 1.33) corresponded to the Budget +0.5 points (+0.20%). The ordinate equal to 0 was reached for an achieved level equal to Budget -1 point (-1.3%). 
 The valuation of the organic cash flow indicator was as follows: 
 The ordinate of the elasticity curve corresponded to the budget objectives
(3,686 million euros). The upper limit of the elasticity curve (ordinate equal to 1.33) corresponded to Budget +5% (3,870 million euros). The ordinate equal to 0 was reached for an achieved level equal to Budget -5% (3,502 million euros).

 The calculation is thus a mechanical one based on these two parameters. 
 In
accordance with the elasticity curve and the defined weightings, it is therefore proposed to set the bonus of the Chairman of France Telecom for the second half of 2006 at 1.3055 x 50% = 65.275% of his fixed compensation, namely 293,738 euros. This
result underscores the company’s performance and thus compensates for that recorded in the first half of 2006 which was unrepresentative of the effort shown by the organization: for that period the amount of the Chairman’s bonus was
171,000 euros. 
 For the first half of 2007, the CNGC recommends keeping the same indicators, namely: 
  

	 	n	 	 The growth rate in pro forma revenues: weight 50% 

  

	 	n	 	 Organic cash flow: weight 50%. 

 Applying the objectives of Budget 2007
leads to the following valuation for revenue: 
 The ordinate equal to 1 on the elasticity curve corresponds to a pro forma growth rate of +0.5%. The upper limit of
the elasticity curve (ordinate equal to 1.33) corresponds to the budget +0.5 points (+1%). The ordinate equal to 0 is reached for an achieved level equal to Budget -1 point (-0.5%). 
 The valuation of the organic cash flow indicator for the 2007 Budget is as follows: 
 The ordinate equal to 1 of the elasticity curve corresponds
to the budget objectives (2,908 million euros). The upper limit of the elasticity curve (ordinate equal to 1.33) corresponds to Budget +5% (3,053 million euros). The ordinate equal to 0 is reached for an achieved level equal to budget -5% (2,763
million euros). 
 These indicators, which form part of the annual budget, are set out on a half-yearly basis so that, in management terms, a rhythm can be established
in the organization. The changing context tied to external factors constitutes the only constraint to the exercise. 
  

The Chairman submits the CNGC proposal to a vote by the Board members. The bonus for the France Telecom Chairman for the second half of 2006 is adopted by majority vote.
Mrs. Adam and Mr. Gaveau voted against the motion, Mr. Bernardi abstained and Didier Lombard did not take part in the vote. 
 The objectives and
calculation methods relating to the bonus portion of the France Telecom Chairman’s compensation for the first half of 2007 are adopted by majority vote. Mrs. Adam and Mr. Gaveau voted against the motion, Mr. Bernardi abstained
and Didier Lombard did not take part in the vote. 
  

 2Consent of Deloitte & Associes as auditors of France Telecom

 Exhibit 10.1 
 CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 
 We consent to the incorporation in the Registration Statements on Form S-8 (No. 333-114841)
pertaining to the France Telecom Liquidity Plan for US Employees of Orange SA, on Form S-8 (No. 333-120669) pertaining to the France Telecom U.S. Employee Shareholding – November 2004 Plan and on Form S-8 (No. 333- 128198 ) pertaining to the
France Telecom US Employee Shareholding – September 2005 Plan of our reports dated June 25, 2007 relating to the consolidated financial statements of France Telecom and subsidiaries and to management’s report on the effectiveness of
internal control over financial reporting appearing in the Annual Report on Form 20-F of France Telecom for the year ended December 31, 2006. 
 /s/    DELOITTE & ASSOCIÉS 
 Neuilly-sur-Seine, France 
 June 25, 2007Consent of Ernst & Young Audit as auditors of France Telecom

 Exhibit 10.2 
 CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 
 We consent to the incorporation by reference in the Registration Statements on Form S-8
(N°.333-114841) pertaining to the France Telecom Liquidity Plan for US Employees of Orange SA, on Form S-8 (N°.333-120669) pertaining to the France Telecom US Employee Shareholding – November 2004 Plan and on Form S-8
(N°.333-128198) pertaining to the France Telecom US Employee Shareholding – September 2005 Plan of our report dated June 25, 2007, with respect to the consolidated financial statements of France Telecom, France Telecom
management’s assessment of the effectiveness of internal control over financial reporting, and the effectiveness of internal control over financial reporting of France Telecom, included in its annual report (Form 20-F), for the year ended
December 31, 2006 filed with the Securities and Exchange Commission. 
 /s/ ERNST & YOUNG Audit 
 Represented by Christian Chiarasini 
 Paris - La Défense, France 
 June 25, 2007ex10_29.htm

     

    Exhibit 10.2.9

     

     

     

    AMENDMENT
      NO. 8

    NON-COMPETITION
      AGREEMENT

     

     

    AMENDMENT
      NO. 8, dated as of June 22,
      2007, among THE STUDENT LOAN CORPORATION, a Delaware corporation (the
“Company”), CITIBANK, N.A., a national banking association (“Citibank”),
      CITIGROUP INC., a Delaware corporation and the ultimate parent of Citibank
      (“Citigroup” and, together with Citibank, the “Parents”).

     

    WHEREAS,
      the Company, Citibank
      (successor by merger to Citibank (New York State)), and Citicorp, a Delaware
      corporation, have heretofore entered into a Non-Competition Agreement, dated
      as
      of December 22, 1992, the term of which was extended pursuant to a letter
      agreement dated November 1, 1999, the term of which was further extended
      pursuant to Amendment No. 1 dated as of June 22, 2000, Amendment No. 2 dated
      as
      of June 22, 2001, Amendment No. 3 dated as of May 5, 2002, Amendment No. 4
      dated
      as of June 22, 2003, Amendment No. 5 dated as of June 22, 2004, Amendment No.
      6
      dated as of June 22, 2005, and Amendment No. 7 dated as of June 22, 2006, and
      Citigroup Inc. was substituted as a party in lieu of Citicorp (the
      Non-Competition Agreement, as so extended and amended, being referred to herein
      as the “Agreement”); and

     

    WHEREAS,
      the parties to the Agreement
      wish to extend the term of the Agreement.

     

    NOW,
      THEREFORE, for and in
      consideration of the premises and of other good and valuable consideration,
      the
      receipt and sufficiency of which are hereby acknowledged, the Company, Citibank
      and Citigroup hereby consent and agree as follows:

     

    SECTION
      1. Unless otherwise defined in
      this Amendment No. 8, all defined terms used therein shall have the meanings
      ascribed to such terms in the Agreement.

     

    SECTION
      2. The term of the Agreement
      (originally scheduled to expire on December 22, 1999, and previously extended
      to
      June 22, 2007) shall be extended for an additional twelve (12) months to June
      22, 2008.

     

    SECTION
      3. This Amendment No. 8 may be
      executed in two or more counterparts, each of which shall be an original, but
      all of which together shall constitute one and the same
      instrument.

     

    SECTION
      4. From and after the date of
      this Amendment No. 8, all references in the Agreement to this “Agreement” shall
      refer to the Agreement as amended hereby.

     

    IN
      WITNESS WHEREOF, the Company,
      Citibank and Citigroup have each caused this Amendment No. 8 to the Agreement
      to
      be duly executed by their respective officers as of the day and year first
      above
      written.

     

     

    THE
      STUDENT LOAN
      CORPORATION

     

    By:
/s/
      Michael J.
      Reardon

    Name:
      Michael J.
      Reardon

    Title:
      Chief Executive Officer and
      President

     

     

    CITIBANK,
      N.A.

     

    By:
/s/
      Gary
      Kimmelman

    Name:
      Gary Kimmelman

    Title:
      Vice
      President

     

     

    CITIGROUP
      INC.

     

    By:
/s/
      Steven J.
      Freiberg

    Name:
      Steven J.
      Freiberg

    Title:
      Co-Chairman, CEO Global Consumer Group

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