France Telecom Appoints J.P. Morgan as Successor Depositary Bank for its ADR Program

London, July 17, 2012 - J.P. Morgan today announced it has been appointed by France Telecom S.A. to act as successor depositary bank for the company’s American Depositary Receipt (ADR) program listed on the New York Stock Exchange (NYSE).  J.P. Morgan will manage the ADR program for France Telecom S.A., a leading telecommunications operator in France. The NYSE-listed ADRs trade under the symbol FTE.  

Gervais Pelissier, Chief Financial Officer of France Telecom, said, “We are very pleased with the appointment of J.P. Morgan to lead our ADR program and we look forward to working closely with them to continue the success of our ADR program for both our existing and potential shareholders in North America.”

Alex Hickson, EMEA Regional Depositary Receipts Head at J.P. Morgan, said, “We are delighted that France Telecom has appointed J.P. Morgan for their ADR program and we look forward to helping the company benefit from the additional demand for its shares that results from a successful ADR program. We are confident that our customized DR services will help France Telecom meet their goals to increase visibility within the global investor community and strengthen their global market presence. Additionally, this transaction further reinforces J.P. Morgan’s Depositary Receipts offering in France and in Western Europe.”

France Telecom joins a line-up of leading European companies for which J.P. Morgan acts as a depositary bank. J.P. Morgan manages some of the top ADR programs in Europe, including BP, Novartis and Sanofi-Aventis.

J.P. Morgan pioneered the depositary receipts market over 85 years ago, introducing the first ADR in 1927.  J.P. Morgan provides a full range of ADR, GDR and HDR services to issuers seeking to have their equity traded beyond their home markets. For market information on depositary receipts and international equities, please go to www.adr.com. More information on J.P. Morgan’s depositary receipt services is also available on www.jpmorgan.com/visit/adr.

About France Telecom S.A.
France Telecom-Orange is one of the world’s leading telecommunications operators with 171,000 employees worldwide, including 105,000 employees in France, and sales of 10.9 billion euros in the first three months of 2012. Present in 33 countries, the Group had a customer base of 225 million customers at 31 March 2012, including 181 million customers under the Orange brand, the Group's single brand for internet, television and mobile services in the majority of countries where the company operates. At 31 March 2012, the Group had 166 million mobile customers and 15 million broadband internet (ADSL, fibre) customers worldwide. Orange is one of the main European operators for mobile and broadband internet services and, under the brand Orange Business Services, is one of the world leaders in providing telecommunication services to multinational. Information about France Telecom S.A. is available at http://www.orange.com .

About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.3 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

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