Significant success in 2005 in a rapidly changing market

Sharp increase in the Group's fixed-line and wireless broadband customer base

Launch of the first convergent offers and first tangible successes of NExT

Gross Operating Margin of EUR 18.56 billion (excluding the impact of the consolidation ofAmena and the EUR 256 million fine levied by the French Competition Council)

Net income Group share up to EUR 5.7 billion, compared with EUR 3 billion in 2004

EUR 7.5 billion in organic cash flow generated

Ratio of net debt to Gross Operating Margin of 2.48 (after Amena acquisition), in line withcommitment to lower ratio to under 2.5 by end 2005, and net financial debt of EUR 47.846billion at December 31, 2005

Tighter control of the business and accelerated transformation of the company

Shorter time-to-market for convergent offers

Country-level integration and network integration by end 2006

Revenue growth over 7% (approximately 2% on a comparable basis)

GOM ratio 1 to 2 percentage points lower than in 2005

CAPEX to revenues ratio of about 13%

Debt reduction guidance confirmed (ratio of net debt to GOM under 2 by end 2008)

Proposed dividend of EUR 1 in 2006 for financial year 2005 (up 108%).

Strong increase in shareholder return for following years: objective of distribution of 40% to45% of organic cash flow.

2007 dividend of EUR 1.20 indicated by Board of Directors for financial year 2006

Highly selective and prudent external growth