Equant Acquisition Approved

PARIS -- France Telecom today announced that the Equant N.V. shareholders have approved the sale of Equant N.V.'s assets and liabilities to France Telecom.

A simple majority of those attending the Equant N.V.'s Extraordinary General Meeting of shareholders, which was held in Amsterdam yesterday, was required to approve the transfer. The sale of Equant N.V.'s assets and liabilities, for EUR1.26 billion (o.w. EUR578 million ultimately attributable to the minority shareholders), which represents an implied share price of EUR4.30 per share, together with the liquidation of Equant N.V.. The distribution of the cash proceeds to Equant N.V.'s shareholders is expected to take place on May 26, 2005, subject to final verification by the liquidator.

Equant's business activities will continue under the full ownership by France Telecom.

Equant's full acquisition by France Telecom confirms the Group's commitment to the enterprise market and illustrate its strategy as an integrated operator providing services to customers worldwide.

France Telecom SA