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Ramon Fernandez

DeputyCEO, Finance, Performance and Development

Alioune Ndiaye

CEO of Orange Middle East and Africa

Paris, July 30th2021

AfricaDay 2021

Solid engine of growth

Africa Day 20212

Disclaimer

futuredevelopments. 3

Africa Day 2021

Acceleration of Growth in Q2 2021

7.9% 10.2%

8.5%9.0%

4.7% 7.1%

10.5%9.8%

15.8% 5.8% 7.6%

6.1%6.2%

1.3% 5.1%

8.3%7.1%

14.4%

Q1 20Q2 20Q3 19Q2 19Q1 21Q4 19Q3 20Q4 20Q2 21

Retail servicesTotal MEA

H1 2020 cb

32.7%34.5%

H1 2021

EBITDAaLEBITDAaL margin

in ŭmQ2 21yoy cbH1 21yoy cb

Revenues1,555 +14.4%3,043 +10.7%

Retail services1,359 +15.8%2,660 +12.8%

Wholesale157 +0.6%310 -5.6%

Equipment sales3042.2%54 +28.8%

EBITDAaL1,051 +17.0%

eCAPEX525 +21.0%

FBBOMData

+23%+22%
+24%

Q2 2020

Q2 2021

1.9 m

Customers

+30% yoy

22,6 m

active customers* +15% yoy

38.2 m

4G customers

+37% yoy
* At least one transaction per month

őPOMQNV PR fast growth engines

Revenues growth Q2 yoy

+1.9 pts EBITDAaL margin yoy

Acceleration of retail services growthő

Revenue cbyoy growth in %

Africa Day 20214

Key driver of growth, margin and cash for the Group

MEA shareof

*URXSŖVrevenues

13%14%

201720212019

>15%

MEA shareof

*URXSŖVadju. EBITDA (2017) / EBITDAaL (2020)

10%14%

202120172019

>20%

MEA shareof

EBITDA-Capex(2017) / EBITDAaL-

eCapex (2020) of telecomactivities

12%13%

2021
>13%

20192017

Africa Day 20215

5 +5.7

StrongROCE growth(pts)

+7%

EBITDAaL CAGR 17-20

>+15%

EBITDAaL-eCapex CAGR 17-20

>+5%

Total CA CAGR 17-20

21stcentury isand will

remainthe century of Africa

Natural riskmitigation

4.4% yoy

OMEA footprintCA

Averagegrowthover 12 years

High potential &

balanced portfolio

Operationalexcellence &

strongcostscontrol

Sustainable

value creation >+33%

OCF CAGR 17-2020172020

Relevant capital allocation strategy and strong execution to fuel value 6

Africa Day 2021

2020
69.0x
2017
75.0x
+6 pts

20172020

+6.9 pts

20172020

+5.7 pts Note : ROCE (n) = Adj. EBIT (n) / Net Operating Assets (n-1) including goodwill

2012-2017: IAS18 accounting standard / 2020-IFRS 16

Asset turnover

Revenue/Capital Employed N-1

Profit margin

EBIT/revenue

ROCE

EBIT/Capital employed N-1

X=

Capital expenditure

prioritisingand optimising to support growth

Value creation for

shareholders

Delivering more and more value

Direct margin

management and control of indirect costs

Operational execution excellence1

Value-driven capital allocation strategy2

Solid growth engine with significant potential ahead3

A continuous optimisationof our operating model4

To realisestrong and sustainable ambitions6

Sharing value with all stakeholders5

8

Africa Day 2021

Source: Orange MEA

Guinea

#1/4

Senegal#1/4

Morocco(1)

#2/4

Cameroon

#2/4 Mali #1/3

Ivory Coast

#1/3

Burkina Faso

#1/3

Liberia

#1/2

Sierra Leone(1)

#1/3

Guinea-B.

#1/2

Botswana

Jordan

#2/3 Egypt #3/4

Central African

Republic(1)

#2/3

D.R.C. (1)

#2/4

Madagascar

#2/4 #2/3 (1)(1)(1)(1) (1)Countries estimates based on volume market share 4.1 x 3.4 x 2.2 x

1.8 x1.8 x1.6 x1.5 x1.3 x

1.0 x0.9 x0.9 x0.8 x0.7 x0.6 x0.6 x0.5 x

Leading position in all our operations1

Operational

execution excellenceOrange stronger leader in mobile value market shares (Points in value, 2020)

Leadership position in 8 markets (in value)

First challenger in 7 markets (in value)

#1 #2 #3

Orange leader in value Market

share relative to the second competitor in the market

2UMQJHŖV PMUNHP VOMUH

position relative to the market leader 9

Africa Day 2021

* As of June30, 2021 1

Operational

execution excellence

With an increasing number of customers*

38.2m

4G customers

55.2m

Orange Money accounts

1.9m

FBB Customers

132m

Mobile Customers

10

Africa Day 2021

1

Operational

execution excellence

High level of customer satisfaction

Customer

Centric

Culture

9 customers

Over 10 recommend

Orange in all our countries

Source IPSOSSource : monthly barometer on quality of services done by an external study on a sample of prepaid

active customers and supervised by Orange MEA, IPSOS France and affiliates.

Leader position in:

12 countries

Network quality

11 countries

Internet access

11 countries

Navigation speed

4 customers

Over 5 are satisfied with

the digital experience (Customer Effort Score)

9markets*

C3NPSleadership in:

Digital

Unified

Simple

Customized

Multi-

services usage *Consolidatedperimeter (16 countries) and Tunisia

Operational execution excellence1

Value-driven capital allocation strategy2

Solid growth engine with significant potential ahead3

A continuous optimisationof our operating model4

To realisestrong and sustainable ambitions6

Sharing value with all stakeholders5

12

Africa Day 2021

Guinea

2007

Senegal1997

Morocco

2010

Cameroon

2000
Mali 2003

Ivory Coast

1996

Burkina Faso

2016

Liberia

2016

Sierra Leone

2016

Bissau

2007

Tunisia*2009

Botswana

Jordan

2000
Egypt 1998
C.A.R 2008

D.R.C.

2011

Madagascar

1996
1998

Country

Inception date

$ VROLG SUHVHQŃHőőwith limited exposure to FX risk and strong local shareholding structure (1) 2

Capital

allocation strategy

62%26%

13%

Orange

Local private investors

Local authorities, governments

23%
76%
1%

Intra-group debt

External funding in

local currency

External funding in

foreign currency

ŭ5.8bn

2020
revenues 45%
6% 49%
XOF XAF Other 0.65x

Net debt/

EBITDAaL

(1)%MVHG RQ 20($ SHUŃHQPMJH RI LQPHUHVP LQ HMŃO HQPLP\ŖV HTXLP\ LQPHUQMO ŃMOŃXOMPLRQ Balanced and agile portfolio built by stages since 1996

Mauritius*

2000
*Under the equitymethod 13

Africa Day 2021

V-shape recovery after COVID-19 hit in 20Q2

(Revenues yoygrowth)

5.3%5.8%

7.6%

6.1%6.2%

1.3% 5.1% 8.3% +0.8pt 33.7%

2019Performance ex

Covid -0.4pt Covid +1.0pt contingency2020 32.2%
+1.5pt '09'10'11'12'13'14'15'16'17'18'19'20

Orange growthGDP constant

Arab springand

crisis

Lowesteconomicgrowth

in twodecadesin AfricaCOVID-19

2009-2020

Average growth

+3.7%

Note: Same perimeter & Exchange rate (2020A) -Including DRC, Liberia, Burkina Faso and Sierra Leone from 2016

Source: Orange MEA, WEO IMF şApril 2021

+4.4% 4.1% 6.5% 2.1% 4.1% 2.5% 6.1% 4.4% 2.7% 4.2% 5.1% 6.2% 5.2%

Contingency plans exceeding COVID-19 impact

(EBITDAaL evolution) 2

Capital

allocation strategy

OMEA revenues growth vs. GDP Growth

(Constant/without inflation) Demonstrating resilience in the long term and reactivity in the short term 14

Africa Day 2021

FY17FY18FY19FY20

5.1 FY21E 5.7 5.4 4.8 > 6.0 +5.7% +6.8% FY20 0.6 FY18 -1.0-1.0 -1.0 1.6 0.9 FY17 1.7 -1.0 FY19 1.9 FY21E 1.6 0.7 0.8 ~1.2 +15% +21%
eCapex

EBITDAaL

5.6%5.7%6.6%

4.5%

6.5%7.0%

5.3% 9.3% 6.5% 12.8%

Ivory Coast

cluster

Sonatel

clusterTotal OMEA

MENACentral

Africa

revenues

EBITDAaL

2

Capital

allocation strategy All subregionscontributing to a growth in accelerationquotesdbs_dbs22.pdfusesText_28

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