PARIS -- The Board of Directors of France Telecom SA met on 30 July 2008 and examined the Group's financial statements for the period ended 30 June 2008.

Commenting on the first half results, France Telecom Chairman and Chief Executive Officer Didier Lombard stated: “The very good first half results underscore the validity of the Group’s strategy both in Western Europe and in emerging markets. In particular, the past six months represent an important milestone in the Group’s deployment in new growth businesses

Continuing steady growth, which exceeds that of our markets, accompanies ongoing improvement in our operating profitability, enabling us to confirm all our objectives for 2008, despite signs of a slowdown in the economic situation of some countries. As announced, the Group will generate more than €7.8 billion in organic cash flow. It will also maintain its policy of providing attractive shareholder returns and has decided moreover to pay an interim dividend in September 2008.”

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