FAQ
What?
Together 2021 is a new employee share offer reserved for Orange Group employees.
It allows you to acquire Orange shares under favourable and preferential terms:
- 30% discount on the reference price of the Orange share
- Company’s gross matching contribution of up to €2,600 in addition to your personal contribution.
- Two investment offers, one of which with guaranteed capital: you can therefore choose either and/or both of these two offers to participate in Together 2021 according to your expectations, budget and sensitivity to risk: classic offer and guaranteed offer.
- Coverage of management fees
In return, your investment will be blocked until 1st June 2026.
2. What are the benefits of the classic offer?
- 30% discount on the reference price of the Orange share
- Matching contribution of up to €2,600 (gross)
- Potential dividends
- Gain equal to 100% of any increase in the share price upon maturity in relation to the subscription price
3. What are the benefits of the guaranteed offer?
- 30% discount on the reference price of the Orange share
- Gross matching contribution of up to €1,820 (if you subscribe to the 2 offers, it will be calculated on the guaranteed offer as a matter of priority, and will be deducted from the matching contribution of the classic offer)
- Your guaranteed personal contribution in Euros and gross matching contribution in Euros paid by Orange
- Guaranteed minimum yield of 2% per annum
OR
Gain in excess of 2% per year, if the share price increases during the 5-year period, thanks to the performance multiple
4. How does the guaranteed offer work?
Regardless of Orange share price movements during the lock-up period, you are assured of receiving, on 1st June 2026:
- your personal contribution in Euros as well as the gross matching contribution in Euros invested in the Orange International Garanti 2021 compartment;
AND
- a gain of at least 2% per year calculated based on total investment (personal contribution + net matching contribution)
The compound return of 2% per year is the guaranteed minimum gain. You can enjoy greater gains calculated based on the average increase in the Orange share price during the lock-up period.
How is the protected average increase in the Orange share price calculated?
The Orange share price will be recorded once a month from 31 December 2021 to 29 May 2026, i.e. 54 readings.
- If the share price reading is higher than the subscription price, it will be taken into account:
- If the share price reading is lower than the subscription price, it will be replaced with the subscription price.
These 54 readings will be used to determine an average Orange share price over the period. This average is “protected” as no reading can be lower than the subscription price; said subscription price is therefore an absolute lower limit when calculating performance.
This average is then compared with the subscription price to obtain the protected average increase. The protected average increase is equal to the difference between the average reading and the subscription price.
What are the potential gains?
- If at least one reading is higher than the subscription price:
You receive a gain equal to the greater of the following amounts:
- Protected average increase x 1.43 x number of units subscribed
- Compound return of 2% per year.
- If all readings are lower than or equal to the subscription price:
You receive a compound return of 2% per year.
How is this guarantee financed?
In return for the guarantee in Euros of your personal contribution and the gross matching contribution received:
- You waive any dividends that may be paid during the lock-up period,
- You do not benefit from 100% of any increase in the share price, the gain being calculated based on an average, not the final share price at the time of the sale.
Who?
- All employees of the Group’s companies that subscribe to the Orange PEG, with at least 3 months of employment on the last day of the withdrawal/subscription period, scheduled on 8 November 2021,
HOW IS THE LENGTH OF SERVICE CONDITION CALCULATED?
This condition is assessed over the 24 months preceding the end of the withdrawal/subscription period.
6. Can I subscribe if I am on a fixed-term contract?
Yes, as long as you meet the length of service condition, i.e. 3 months of employment within the Group as of 8 November 2021.
When?
From 17 September to 30 September 2021: reservation period.
You reserve an amount while the share price is unknown. You can change your reservation online until the last day of the reservation period, i.e. until 30 September 2021. The last reservation request confirmed on the website will be taken into account at the end of the reservation period.
The subscription price will be determined on 3 November 2021.
From 4 November to 8 November 2021: withdrawal/subscription period.
If you have made a reservation, you can cancel your reservation in either or both of the offers altogether if you want to. For every offer, the cancellation cannot be partial; it must be a total cancellation.
During this period, if you haven’t made a reservation, you can subscribe at a known price within a limit of €150, all offers combined.
8. If I make a reservation, should I subsequently confirm my subscription?
If you made a reservation between 17 and 30 September 2021, you don’t need to confirm your subscription. It will automatically become final and irrevocable after 8 November 2021.
How much?
9. Is there a minimum investment?
Minimum investment is €15 per offer or equivalent in local currency.
10. Is there a maximum investment?
The entire amount of your payments cannot exceed 25% of your gross annual remuneration for 2021 (including premiums and bonuses).
11. What if I don’t comply with investment limits?
The Together 2021 offer forms part of Orange’s Plan d’Epargne Groupe International, the regulations of which mention this subscription limit you need to comply with. Controls will be carried out on very high reservations and you may be asked to reduce your reservation where appropriate.
12. Is this offer capped?
If the total amount subscribed, including matching contribution, exceeds €260 million (expressed based on the reference price of the share), individual subscriptions will be reduced according to the following rules:
- the first bracket with the 300% matching contribution will be paid in full
- a single ceiling will be calculated for all subscribers (including matching contribution),
- requests lower than or equal to this ceiling will be paid in full,
- requests in excess of this ceiling will be capped at the level of this ceiling.
This operation will be conditional upon the final allocation and payment of the shares.
How?
13. How do I subscribe to Together 2021?
All it takes is a few clicks:
- Click on “Subscribe to Together 2021”
- Log in using your personal codes sent by Amundi in 2 successive emails
- Complete the reservation screen and don’t forget to confirm your reservation by 30 September 2021 at the latest.
- If you have any questions regarding Together 2021, contact the hotline at +33 75 86 24 83
14. Where can I find my personal identifiers to subscribe?
- Your login and password are indicated in the two successive emails sent by Amundi as part of this offer on 17 September 2021.
And then how will my investment be managed?
The amount subscribed will be ultimately invested in the Orange International Garanti 2021 and/or Orange International Classique fund of the PEGI. In return, you receive units in these FCPEs, which will be held in an account opened in your name and managed by Amundi ESR or in your account if you already have one.
16. Will I have to pay account management fees for my investment as part of this offer?
If you are an employee, account management fees are covered by Orange. If you leave the Group for a reason other than retirement, you will be responsible for account management fees 1 year after your departure, which will be directly deducted from the amount of your assets.
17. How will dividends be paid to me in the Classic offer?
If you subscribe to the classic offer, the units obtained will be “C” units by default (C for Capitalisation): dividends will be reinvested and will result in the creation of new units. In this case, the dividends reinvested will not be subject to tax (according to the tax regime in force as of 1sr January 2021).
In the future, if you do not wish to keep your “C” units, they may be transferred into “D” units at any time (D for Distribution). In this case, you will directly receive the dividends in your bank account, and they will be subject to the taxation in force in your country. If you subscribe to the guaranteed offer, you waive any dividends as well as other financial rights attached to the shares associated with the units received, until 1st June 2026.
18. What is the duration of the lock-up period?
Your investment is blocked until 1st June 2026. The law however provides for cases of early release allowing you to recoup your assets before their maturity date without losing your tax and social security benefits. These cases are detailed in the local supplement of your country.
19. What becomes of the guarantee if I release my guaranteed units in advance?
Your investment is guaranteed even in the event of an early release.
You will therefore receive the amount of your matched personal contribution invested in the Orange International Garanti 2021 compartment of the Orange International FCPE, plus the greater of a 2% guaranteed minimum annual return and 1.43 times the protected average increase in relation to the subscription price.
When calculating the protected average, the monthly readings of the Orange share price are taken each month until the date of the early release. Next, the last monthly reading taken on the date of the early release is repeated as many times as necessary to reach 54 readings (reminder: if the Orange share price reading is lower than the subscription price, it is replaced with the subscription price).
In the event of an early release after 18 readings:
- 18 readings (or subscription price) have been recorded
- For the 36 readings missing (54 – 18 = 36), the 18th reading (or subscription price) is used 36 times.
The average Orange share price is therefore calculated based on 54 readings.
21. How will the voting rights attached to the shares held in the FCPE be exercised?
Voting rights are exercised by the Orange International FCPE via its Supervisory Board.