Orange (ENXTPA:ORA) and Orange Cote D'ivoire S.A. signed an exclusive agreement to acquire operations in Burkina Faso, Chad, Congo Brazzaville and Sierra Leone from Bharti Airtel International (Netherlands) B.V. on July 20, 2015. Orange (ENXTPA:ORA) signed an agreement to acquire operations in Burkina Faso and Sierra Leone from Bharti Airtel International (Netherlands) B.V. on January 12, 2016. The agreements regarding potential transactions in the remaining two countries have lapsed. Orange will acquire 100% of the two companies' share capital. The consolidated revenue of the two companies is around €275 million. The transaction is subject to approval by the competent authorities. As of June 23, 2016, following regulatory approval, the acquisition of operations in Burkina Faso has been completed. Vincent LE STRADIC, Christophe GEHIN, Guillaume DARAUX, Yu LUO, Gaelle YAMDJEU TIABO and Mahecor DIOUF of Lazard and Hervé Hascoët and Jérôme de Bucy of Société Générale Corporate & Investment Banking acted as financial advisors to Orange. Arma Partners LLP acted as financial advisor to Airtel. Yannick Piette, Frédéric Salat Baroux, Marc Lordonnois, Maria Kabanova, Romain Ferla and Alexandre Martin of Weil Gotshal & Manges LLP and François Hellot, Ermine Bolot, Guillaume Briant, Alexia Delahousse, Baba Hady Thiam, Raphaël Sendowski and Thomas Bermudes, Simon Briggs, Mike Jarrett, Renzo Marchini, Pierre-Olivier Ally, Marie de Jessey, Amira Mnafek, Madalina Suru, Sabrina Chekroun, Victoria Hamel and Raphaël Fauchart of Dechert LLP acted as legal advisor for Orange. Alan Montgomery, Gavin Williams, Isaac Zailer, Amanda Hale, Marc Perkins, Jamie McLaren, Jane Dodd, Lerryn Martin, Rachel Hayward, Helen Boyle, Hayley Brady and Richard Bloomfield of Herbert Smith Freehills LLP acted as legal advisors for Bharti Airtel. Gautam Saha, Amrita Patnaik and Srishti Sharma of AZB & Partners acted as legal advisor for Bharti Airtel Ltd.

Orange (ENXTPA:ORA), Orange Cote D'ivoire S.A. and Sonatel acquired Bharti Airtel International (Netherlands) B.V., Operations in Burkina Faso and Sierra Leone Bharti Airtel International (Netherlands) B.V. on July 19, 2016.