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The risks described in this chapter concern: In addition, other risks that are not yet identified or currently considered to be immaterial by France Telecom could have a similarly negative impact and investors could lose all or part of their investment. Any or all of these risks could have a negative impact on France Telecoms business, financial position or profits.

In addition to the information contained in the present Registration Document, investors should carefully consider the risks outlined below before deciding whether to invest. Risks related to the sector, the economic environment and strategyĬredit risk and/or counterparty risk on financial transactionsĢ012 REGISTRATION DOCUMENT / FRANCE TELECOM 13 Where information within a subsection has been deleted, such deletion is indicated with a notation that such information has been redacted. The following document contains certain pages and sections of the 2012 Registration Document which are being incorporated by reference into the 2012 Annual Report on Form 20-F of France Telecom. Excerpt containing the pages and sections of the 2012 registration document that are incorporated by reference into the 2012 annual report on form 20-F (1)

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