Transactions carried out as part of a share buyback program and outside a liquidity contract
With a view to sharing the benefits of the Conquests 2015 strategic plan in an equitable manner with the Group's employees, France Telecom’s Board of Directors endorsed on May 23, 2011 the principle of a plan to grant them free France Telecom shares (FR0000133308 – FTE), subject to the fulfillment of a number of conditions.
In order to prepare for this plan, the over-the-counter forward purchase of shares set-out below has been conducted:

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Olivier Emberger, olivier.emberger@orange-ftgroup.com

