Leading supplier of fixed-line and mobile telecommunications services in France Diversification into a large international mobile operation, primarily in the rest of Europe, Middle East, and Africa Robust organic free operating cash flow generation, totaling €8 billion in 2008, before license and spectrum acquisitions (€7.9 billion under Standard&Poor's definition) Prudent medium-term financial policy, with unadjusted net debt to EBITDA below 2.0x, allowing for temporary excesses Presence in some of the markets most affected by the current macroeconomic contraction, including Spain, the U.K., and some emerging markets Operations in some of the most competitive markets in Europe, such as broadband in France and the mobile market in the U.K. Somewhat limited flexibility to reduce labor costs, owing to the
