RNS Number:4827U
HSBC Bank plc
22 November 2005

22nd November 2005

Not for distribution, directly or indirectly, in or into the United States or
any jurisdiction in which such distribution would be unlawful.

                                 France Telecom

                              Stabilisation Notice


HSBC (contact: Stephanie Rawles ; telephone: +44 207 991 5856) hereby gives
notice that the Stabilising Managers named below may stabilise the offer of the
following securities in accordance with Commission Regulation (EC) No. 2273/2003
implementing the Market Abuse Directive (2003/6/EC).


The securities:

Issuer:                         France Telecom

Guarantor (if any):             None

Description:                    - FRANCE TELECOM, rated A3/A-/A- (stable/
                                positive/stable) has mandated DRESDNER, HSBC 
                                and RBS as joint bookrunners for a long-dated 
                                Sterling denominated benchmark bond. Launch is
                                expected in the near future, subject to market 
                                conditions.
                                Listing Lux. FSA/ICMA stabilisation.

Stabilisation:

Stabilising Manager(s):         HSBC Bank plc
                                Dresdner Kleinwort Wasserstein
                                The Royal Bank of Scotland plc.
                                

Stabilisation period expected to start on:            22nd November 2005

Stabilisation period expected to end no later than:  22nd November 2005 (30 days 
                                                     after the proposed issue 
                                                     date of the securities)

Maximum size of over-allotment facility:             15% of the aggregate 
                                                     nominal amount.

In connection with the offer of the above securities, the Stabilising Managers
may over-allot the securities or effect transactions with a view to supporting
the market price of the securities at a level higher than that which might
otherwise prevail. However, there is no assurance that the Stabilising Manager
(s) will take any stabilisation action and any stabilisation action, if begun,
may be ended at any time.

This announcement is for information purposes only and does not constitute an
invitation or offer to underwrite, subscribe for or otherwise acquire or dispose
of any securities of the Issuer in any jurisdiction.

This announcement and the offer of the securities to which it relates are only
addressed to and directed at persons outside the United Kingdom and persons in
the United Kingdom who have professional experience in matters related to
investments or who are high net worth persons within article 12(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and
must not be acted on or relied on by other persons in the United Kingdom.

Article 8(4) of the Regulation requires disclosure of the terms of the offer
(including the spread to the benchmark, if any, once it has been fixed).

2 Article 9(1)(d) requires disclosure of the identity of the stabilisation
managers.

3 Article 9(1)(c) requires disclosure of the beginning of the stabilisation
period.

4 Article 9(1)(c) requires disclosure of the end of the stabilisation period.

5 Alternatively, if shorter, the stabilisation period must end no later than 60
days after the date of the allotment.

6 Article 9(1)(e) requires disclosure of the existence and maximum size of any
overallotment facility. The disclosure should reflect the terms of the
underwriting/dealer agreement.

7 Article 9(1)(a) of the Regulation requires disclosure of the fact that
stabilisation may be undertaken, that there is no assurance that it will be
undertaken and that it may be stopped at any time.

8 Article 12(4)(a) and (b) and (5) of the Financial Promotion Order. In
addition, in order to rely on the safe harbour under article 12(3), the
communication should not be referred to in, or be directly accessible from, any
other communication made to or directed at other kinds of persons in the UK by
the co-ordinating stabilising manager (article 12(4)(c) and (6)(c) Financial
Promotion Order) and the co-ordinating stabilising manager should have in place
proper systems and procedures to prevent recipients in the UK (other than those
to whom the communication might otherwise lawfully have been made by the
co-ordinating stabilising manager or a member

In addition, if and to the extent that this announcement is communicated in, or
the offer of the securities to which it relates is made in, any EEA Member State
that has implemented Directive 2003/71/EC (together with any applicable
implementing measures in any Member State, the "Prospectus Directive") before
the publication of a prospectus in relation to the securities which has been
approved by the competent authority in that Member State in accordance with the
Prospectus Directive (or which has been approved by a competent authority in
another Member State and notified to the competent authority in that Member
State in accordance with the Prospectus Directive), this announcement and the
offer are only addressed to and directed at persons in that Member State who are
qualified investors within the meaning of the Prospectus Directive (or who are
other persons to whom the offer may lawfully be addressed) and must not be acted
on or relied on by other persons in that Member State.

This announcement is not an offer of securities for sale into the United States.
The securities have not been, and will not be, registered under the United
States Securities Act of 1933 and may not be offered or sold in the United
States absent registration or an exemption from registration. There will be no
public offer of securities in the United States. END

8 Article 12(4)(a) and (b) and (5) of the Financial Promotion Order. In
addition, in order to rely on the safe harbour under article 12(3), the
communication should not be referred to in, or be directly accessible from, any
other communication made to or directed at other kinds of persons in the UK by
the co-ordinating stabilising manager (article 12(4)(c) and (6)(c) Financial
Promotion Order) and the co-ordinating stabilising manager should have in place
proper systems and procedures to prevent recipients in the UK (other than those
to whom the communication might otherwise lawfully have been made by the
co-ordinating stabilising manager or a member of its group) engaging in
investment activity to which the announcement relates with the co-ordinating
stabilising manager or a member of its group (article 12(4)(e) Financial
Promotion Order).



9 Article 3(2) Prospectus Directive.


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            The company news service from the London Stock Exchange
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