Orange : EMTN Programme - Supplement 1 au Base Prospectus du 26 juin 2018 (en anglais)

Supplement dated 31 July 2018 to the base prospectus dated 26 June 2018

ORANGE EUR 30,000,000,000

Euro Medium Term Note Programme

This supplement (the "Supplement")is supplemental to, and should be read in conjunction with the Base

Prospectus dated 26 June 2018(the "Base Prospectus") in connection with the €30,000,000,000 Euro Medium Term Note Programme (the "Programme") established by Orange (the "Issuer"). The Base Prospectus as

supplemented constitutes a base prospectus for the purpose of Directive 2003/71/EC as amended (the"Prospectus Directive").TheAutorité des marchés financiers(the"AMF")has granted visa no. 18-0263 on 26 June 2018 on the Base Prospectus.

Terms defined in the Base Prospectus have the same meaning when used in this Supplement. To the extent that there is any inconsistency between (a) any statement in this Supplement and (b) any other statement in or incorporated by reference in the Base Prospectus, the statements in this Supplement will prevail.

Application has been made for approval of this Supplement to the AMF in its capacity as competent authority pursuant to Article 212-2 of its General Regulation (Règlement Général) which implements the Prospectus Directive.

This Supplement has been prepared pursuant to Article 16 of the Prospectus Directive and article 212-25 of the General Regulation (Règlement Général)of the AMF for the purposes of updating the section entitled"Documents incorporated by reference"of the Base Prospectus, by incorporating by reference theissuer's first half 2018 report, in French language(the "First Half 2018 Financial Report") filed with the AMF on26 July 2018, as well as theSUMMARY and the section entitled "General Information"of the Base Prospectus.

In accordance with Article 212-27 of the General Regulation (Règlement Général)of the AMF, this Supplement is posted on the Issuer'swebsite:www.orange.comand on the AMF website :www.amf-france.org.

A copy of the Supplement is also available free of charge at the Issuer's registered office.

Save as disclosed in this Supplement, there has been no other significant new factor, material mistake or inaccuracy relating to information included in the Base Prospectus which is capable of affecting the assessment of the Notes to be issued under the Programme since the publication of the Base Prospectus.

To the extent applicable, and provided that the conditions of Article 212-25 I of the AMF's General Regulation are fulfilled, investors who have already agreed to purchase or subscribe for Notes to be issued under the Programme before this Supplement is published, have the right, according to Article 212-25 II of the AMF's General Regulation, to withdraw their acceptances by no later than 2ndAugust 2018.

In accordance with articles L.412-1 and L.621-8 of the FrenchCode monétaire et financierand with the General Regulations (Réglement général) of theAutorité des marchés financiers(AMF), in particular articles 212-31 to 212-33, the AMF granted to this Supplement the visa n°18-343 on 31stJuly 2018. This Supplement has been prepared by the Issuer and its signatories assume responsibility for it. In accordance with article L.621-8-1-I of the FrenchCode monétaire et financier, the visa has been granted following an examination by the AMF of whether the document is complete and comprehensible, and whether the information in it is coherent. It does not imply an approval by the AMF of the opportunity of the transaction contemplated hereby nor that the AMF has verified the accounting and financial data set out in it. In accordance with Article 212-32of the AMF's General Regulations, any issuance or admission to trading of notes on the basis of the Base Prospectus, as supplemented by this

Supplement, shall be subject to the publication of Final Terms.

1

TABLE OF CONTENTS

RÉSUMÉ (FRENCH SUMMARY) …………………………………………………………………………… ..……..3

SUMMARY …………………………………………………………………………………………………….............5

DOCUMENTS INCORPORATED BY REFERENCE …………………………………………………………… ......7

GENERAL INFORMATION…………………………………………………………………………………… ..…...9

DECLARATION BY PERSON RESPONSIBLE FOR THE BASE PROSPECTUS………………………………..10

2

RÉSUMÉ (FRENCH SUMMARY)

The following item B.12 adds to the information mentioned in item B.12 on pages 6, 7 and 8 of the Base Prospectus.

Section B - Emetteur
B.12	Informations financières historiques clés sélectionnées	Les tableaux ci-dessous présentent les chiffres clés concernant le compte de résultat etl'état de la situation financière de l'Emetteur, en termes consolidés, au 30 juin2018 et au 30 juin 2017. (en millions d'euros, sauf les données paraction) 30/06/2018 30/06/2017 Chiffre d'affaires Résultat d'exploitation 20.262 20.088 2.350 2.288 Résultat financier (912) (1028)Résultat net attribuable aux propriétaires de la société mère 789 601 Résultat net par action - de base 0,24 0,17 Résultat net par action - dilué 0,24 0,17 EBITDA ajusté 5.984 5.832 CAPEX (hors licences) 3.369 3.276 EBITDA ajusté - CAPEX 2.615 2.556 30/06/2018 31/12/2017 Total de l'actif 94.926 95.349 Endettement financier net 25.273 23.843 Capitaux propres attribuables aux propriétaires de la société mère 30.326 30.975 Flux net de trésorerie généré parl'activité 30/06/20184.177 30/06/20174.752 Flux net de trésorerie affecté auxopérations d'investissement (3.807) (3.278) Flux net de trésorerie lié aux opérations de financement Disponibilités et quasi-disponibilités à la clôture (773) (979) 5.406 6.807 Ilne s'est produit aucun changement significatif concernant la situation commerciale ou financière de l'Emetteur ou du Groupe depuis le 30 juin 2018.

The following item B.13 adds to the information mentioned in item B.13 on page 8 of the Base Prospectus.

B.13

Evénements récents relatifs à l'Emetteurprésentant un intérêt significatif pourl'évaluation desa solvabilité

Orange a publié le 26 juillet 2018 son rapport financier semestriel pour le premier semestre 2018.

SUMMARY

The following item B.12 adds to the information mentioned in item B.12 on pages 26 and 27 of the Base Prospectus.

B.12

Selected historical key financial information

The tables below present the key figures of the consolidated income statement and statement of financial position of the Issuer relating to the half years ending 30 June 2018 and 30 June 2017. (in millions euros, except for per share data) 30 June 2018 30 June 2017 Revenues Operating income Finance costs, net 20,262 20,088 2,350 2,288 (912) (1028) Net income attributable to owners of the parent company 789 601 earnings per share-basic 0.24 0.17 earnings per share-diluted 0.24 0.17 Adjusted EBITDA 5,984 5,832 CAPEX (excluding licences) 3,369 3,276 Adjusted EBITDA - CAPEX 2,615 2,556 30 June 2018 31 December 2017 Total assets 94,926 95,349 Net financial debt 25,273 23,843 Equity attributable to the owners of the parent company 30,326 30,975 Net cash provided by operating activities 30 June 20184,177 30 June 20174,752 Net cash used in investing activities (3,807) (3,278) Net cash used in financing activities (773) (979) Cash and cash equivalents at year-end 5,406 6,807 There has been no significant change in the financial or trading position of Orange or of the Group since 30 June 2018.