Third consecutive quarter of sustained revenue growth

Financial information - first quarter 2008

• revenue up 3.7% on a comparable basis to euro13 billion

• gross operating margin grew 4.6% on a comparable basis to euro 4.8 billion with a 0.3 point improvement in margin rate to 36.8%

• 2008 objectives confirmed

Commenting on the first quarter 2008 results, Didier Lombard, Chairman and CEO of France Telecom, stated: “It gives me great pleasure to present to you today our first quarter results, which confirm the effectiveness of our growth strategy and the ongoing efforts of our employees to transform the Group. This is indeed our third consecutive quarter of strong growth. Revenues increased across all our business segments and geographic areas, driven particularly by a return to growth in the mature markets of Western Europe, including France.

“An improvement in our operating profitability, which has now been stable for four consecutive quarters, has gone hand-in-hand with the increase in revenues. The Group is thus in a position to confirm with confidence our financial objectives for 2008.

“Against this background, all the necessary conditions are in place for the Group to take part in the consolidation of the European sector, while scrupulously honouring our commitments, particularly with regard to our dividend policy and a gearing ratio consistent with our medium-term goals.”