Further to the transfer by the French State on June 26th, 2007 of 5 % of the share capital of France Telecom to institutional investors and by enforcement of articles 11 and 12 of the law n° 86-912 of August 6th, 1986 as amended, an offer of France Telecom shares with preferential conditions is reserved for the employees and former employees of France Telecom and its subsidiaries in France and abroad.

By reference to the article 3 of the “arrêté” of June 26th, 2007 of the French Ministry of the Economy, Finance and Employment fixing the price and the modalities of the transfer by the French State of shares of the company France Telecom, the offer reserved for the employees and former employees of France Telecom will be equal to a maximum of 14,444,444 shares held by the French State. A new “arrêté” of the French Minister of the Economy, Finance and Employment will define the conditions of this transfer.