Commentary & Deal Flow

Reoffer: 3yr: MS+45bp / 99.821 / 3.689% 6yr: MS+75bp / 99.775 / 4.043% 9yr: MS+98bp / 99.275 / 4.349% 12yr: MS+113bp / 99.292 / 4.578%

Benchmark: 3yr: OBL 2.1 12-Apr-29 @ 97.74% / B+67.10bp 6yr: DBR 1.7 15-Aug-32 @ 92.28% / B+89.60bp 9yr: DBR 2.6 15-Aug-35 @ 94.54% / B+103.3bp 12yr: DBR 1 15-May-38 @ 76.33% / B+107.3bp

3yr: Final Books €3.70bn. Peak book above €3.7bn
6yr: Final Books €4.0bn. Peak book above €4.0bn
9yr: Final Books €4.25bn. Peak book above €4.25bn
12yr: Final Books €3.7bn. Peak book above €3.7bn

Revised Launch:
3yr: €1.25bn @ MS+45bp - Books > €3.6bn
6yr: €1bn @ MS+75bp - Books > €4.0bn - Previously €1.1bn
9yr: €1.1bn @ MS+98bp - Books > €4.2bn
12yr: €750m @ MS+113bp - Books > €3.5bn

Launched:
3yr: €1.25bn @ MS+45bp - Books > €3.6bn
6yr: €1.1bn @ MS+75bp - Books > €4.0bn
9yr: €1.1bn @ MS+98bp - Books > €4.2bn
12yr: €750m @ MS+113bp - Books > €3.5bn

Guidance:
3yr: MS+45# - Books > €3.50bn
6yr: MS+75# - Books > €3.70bn
9yr: MS+98# - Books > €4.00bn
12yr: MS+113# - Books > €3.60bn

IPTs:
3yr: MS+75/80bp
6yr: MS+105/110bp
9yr: MS+130/135bp
12yr: MS+145/150bp

• Issuer: Orange SA (Ticker: ORAFP; Country: FR)
• LEI: 969500MCOONR8990S771
• Issuer Ratings: Baa1 (stable) / BBB+ (stable) / BBB+ (stable) (Moody's / S&P / Fitch)
• Exp.Notes Ratings: Baa1 / BBB+ / BBB+ (Moody's / S&P / Fitch)
• Form of Notes: Senior Unsecured, Regulation S (CAT 2), Bearer Dematerialized Notes
• Issue Type: Fixed Rate Notes
• Global Coordinators: HSBC (B&D), Société Générale
• Active Bookrunners: Citi, Deutsche Bank, HSBC, ING, J.P. Morgan, La Banque Postale, Mizuho, Natixis, Société Générale
• Settlement Date: 15-Sep-26 (T+5)
• Issue Size:
  • 3yr: €1.25bn
  • 6yr: €1bn
  • 9yr: €1.1bn
  • 12yr: €750m
• Maturity (Tenor):
  • 3yr: 3-year
  • 6yr: 6-year
  • 9yr: 9-year
  • 12yr: 12-year
• Maturity Date:
  • 3yr: 15-Sep-29
  • 6yr: 15-Sep-32
  • 9yr: 15-Sep-35
  • 12yr: 15-Sep-38
• Coupon:
  • 3yr: 3.625% Annual, Act/Act (ICMA)
  • 6yr: 4.000% Annual, Act/Act (ICMA)
  • 9yr: 4.250% Annual, Act/Act (ICMA)
  • 12yr: 4.500% Annual, Act/Act (ICMA)
• Reoffer:
  • 3yr: 99.821%, 3.689%, MS+45bp
  • 6yr: 99.775%, 4.043%, MS+75bp
  • 9yr: 99.275%, 4.349%, MS+98bp
  • 12yr: 99.292%, 4.578%, MS+113bp
• Par Call:
  • 3yr: Yes, 1 Month
  • 6yr: Yes, 3 Months
  • 9yr: Yes, 3 Months
  • 12yr: Yes, 3 Months
• Ref Benchmark:
  • 3yr: OBL 2.1 12-Apr-29 #189 (ISIN: DE000BU25026) / HR 115%
  • 6yr: DBR 1.7 15-Aug-32 (ISIN: DE0001102606) / HR 103%
  • 9yr: DBR 2.6 15-Aug-35 (ISIN: DE000BU2Z056) / HR 99%
  • 12yr: DBR 1 15-May-38 (ISIN: DE0001102598) / HR 112%
• Benchmark Price, Spread:
  • 3yr: 97.74%, B+67.10bp
  • 6yr: 92.28%, B+89.60bp
  • 9yr: 94.54%, B+103.3bp
  • 12yr: 76.33%, B+107.3bp
• Make Whole Redemption Reference:
  • 3yr: FRTR 2.4 24-Sep-29 ISIN (FR0014016G71) @ 97.44%
  • 6yr: FRTR 0 25-May-32 ISIN (FR0014007L00) @ 81.43%
  • 9yr: FRTR 3.2 25-May-35 ISIN (FR001400X8V5) @ 93.80%
  • 12yr: FRTR 1 1/4 25-May-38 ISIN (FR0014009O62) @ 71.78%
• Make Whole Redemption:
  • 3yr: OAT+ 10bps
  • 6yr: OAT+ 10bps
  • 9yr: OAT+ 5bps
  • 12yr: OAT+ 5bps
• ISIN:
  • 3yr: FR001401AW96
  • 6yr: FR001401AWA1
  • 9yr: FR001401AWB9
  • 12yr: FR001401AWC7
• TOE:
  • 3yr: 16:56 BST / 17:56 CET
  • 6yr: 16:55 BST / 17:55 CET
  • 9yr: 16:54 BST / 17:54 CET
  • 12yr: 16:53 BST / 17:53 CET
• FTT: 9-Sep-26 07:45 BST / 08:45 CET
• Documentation: EMTN programme / Euronext Paris / French Law / Euroclear France / Clean-up Call (75%) / EUR 100,000 + EUR 100,000
• Use of Proceeds: General Corporate Purposes
• Target Market: Manufacturer target market is eligible counterparties and professional investors (all distribution channels). No EEA PRIIPs key information document (KID), no disclosure document under the DISC or CCI product summary has been prepared as not available to retail in EEA or the UK.
• Selling Restrictions: As per the Base Prospectus dated 6-May-26
• Advertisement: The Issuer's Base Prospectus, the First Supplement and the Second Supplement are available on the website of the AMF (http://www.amf-france.org) and on the website of the Issuer (https://gallery.orange.com/finance). The Final Terms, when available, will be also published on the website of the AMF (www.amf-france.org) and on the website of the Issuer (https://gallery.orange.com/finance)