CONTINUED OPEX REDUCTIONS

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2 CONTINUED OPEX REDUCTIONS In bn TARGETS Reduction in OPEX (1) : 0.7bn in 2018 vs bn in 2019 vs ,1 22, , Reduction in OPEX: ~ 0.3bn (2) from 2015 to 2016 (1) At constant scope, exchange and hypothesis of discount rates. Excluding change in operating expenses of service activities (2) At 2016 scope and exchange rates. At constant pensions discount rate. Excluding change in operating expenses of service activities ANNUAL RESULTS

3 NET INVESTMENTS UNDER CONTROL TARGET ~ 10.5bn (1) in 2018 In bn TOTAL INVESTMENTS, NET OF DISPOSALS NET INVESTMENTS EXCLUDING LINKY (2), NEW DEVELOPMENTS AND DISPOSALS (1) Net excluding Linky, new developments and assets disposals (2) Linky is a project led by Enedis, independant subsidiary of EDF under the provisions of the French energy code ANNUAL RESULTS

4 RAPID PROGRESS OF DISPOSAL PLAN TARGET At least 10bn of asset disposals between 2015 and 2020 Sale (1) of a 49.9% stake of RTE signed on 14 December 2016 with Caisse des Dépôts and CNP Assurances. Finalisation expected in H Finalisation on 29 September 2016 of the sale to CGN of a 33.5% stake of NNB Holding Company (HPC) Limited, which owns 100% of NNB Generation Company HPC Limited, the company holding the HPC nuclear site license and responsible for construction and operation of new nuclear reactors Sale of EDF Trading s coal and freight activities signed with JERA Trading on 21 December Finalisation expected in H Finalisation on 31 January 2017 of the disposal of the whole of EDF stake in EDF DÉMASZ to ENKSZ, a national public service company Finalisation of the disposal of a portfolio of c.130 real estate and business assets to Tikehau IM Disposals signed or finalised since 1 January 2015: ~ 6.7bn (2) (1) Subject to approval from the relevant merger control authorities (2) Impact on net financial debt ANNUAL RESULTS

5 OPEX CUT In bn Reductions delivered in particular in, UK and Italy , Cost-base adjustment in support and commercial functions, cost optimisation in the French thermal generation fleet, impact of performance plans Reduction in OPEX: ~ 0.3bn (1) from 2015 to 2016 (1) At 2016 scope and exchange rates. At constant pensions discount rate. Excluding change in operating expenses of service activities ANNUAL RESULTS

6 NET INVESTMENTS UNDER CONTROL In m % Generation and supply activities 5,660 5, Regulated activities 3,367 3,301 (66) -2.0 Net Regulated, Linky (1), NNB, net renewables 39% United Kingdom 1, (305) Italy (127) Other international (315) Other activities bn Net excluding Linky, new developments and asset disposals 12,418 11,816 (602) TARGET ~ 10.5bn Linky (1) New developments (2) (248) Asset disposals (781) (1,139) (358) Unregulated 61% NET INVESTMENTS 12,672 11,663 (1,009) -8.0 (1) Linky is a project led by Enedis, independant subsidiary of EDF under the provisions of the French energy code (2) New developments: in particular UK NNB, EPR New Models and offshore wind ANNUAL RESULTS

7 PROGRESS OF WCR (1) OPTIMISATION PLANS TARGET 1.8bn contribution over GAINS ACHIEVED IN 2016 CONTRIBUTION OF ALL GROUP ENTITIES (2015 & 2016) RECEIVABLES: ~ 270m Optimisation of the billing and collection processes INVENTORIES: ~ 400m Streamlining of coal inventories and spare parts Other activities 24% 1.4bn 42% Optimisation of certificates inventories (energy saving certificates and emissions allowances) International 34% 1.4bn achieved since plans kick off (1) Working Capital Requirement ANNUAL RESULTS

8 2016 KEY FIGURES In m % % Org. (1) Sales 75,006 71, EBITDA 17,601 16, Net income excluding non-recurring items 4,822 4, Net income Group share 1,187 2,851 x /12/ /12/2016 Net financial debt In bn Net financial debt/ebitda ratio (1) Organic change at constant scope and exchange rates ANNUAL RESULTS

9 GROUP EBITDA In bn Non-recurring 2016 items Generation (1) - Purchases/sales on markets (1) Downstream market conditions (1) United Kingdom Opex (2) Other Mainly 2014 tariff adjustment Mainly : regulated activities and weather impact (1) Estimated figures (2) At 2016 scope and exchange rates. At constant pensions discount rate. Excluding change in operating expenses of service activities ANNUAL RESULTS

10 EBITDA: PERFORMANCE PLAN PARTLY MITIGATING THE REDUCTION IN NUCLEAR OUTPUT AND THE CHALLENGING MARKET CONDITIONS In m org. (1) % org. (1) Generation and supply activities 6,936 6,156 (780) Regulated activities (2) 4,719 5, United Kingdom 2,242 1,713 (276) Italy 1, (681) Other international % Other International 4% Italy 4% UK 10% Dalkia 2% Other 6% 16,4 Mds Generation and supply activities 38% Other activities (3) 1,750 2, Total Groupe 17,601 16,414 (840) -4.8 Regulated activities (2) 31% (1) Organic change at constant scope and exchange rates (2) Regulated activities: Enedis, Électricité de Strasbourg and islands activities (3) Other activities including, Dalkia and EDF Trading ANNUAL RESULTS

11 EBITDA FRANCE GENERATION AND SUPPLY ACTIVITIES In bn Organic change: -11.2% (1) tariff adjustment Weather (+5.5TWh) & leap year (3) Tariffs O/w nuclear generation: m (-32.8TWh) Generation (3) Purchases/ sales on markets (3) Downstream market conditions (3) Opex (2) Other 51 % 6.16 Mainly end of Green and Yellow tariffs, sharp competition and price effect on new commercial offers 26 % 32 % 33 % (1) Organic change at constant scope and exchange rates (2) At 2016 scope and exchange rates. At constant pensions discount rate. Excluding change in operating expenses of service activities (3) Estimated figures ANNUAL RESULTS

12 FRANCE NUCLEAR OUTPUT: SIGNIFICANT IMPACT OF THE OUTAGES FOR ADDITIONNAL CONTROLS In TWh 2015 cumulative output 2016 cumulative output -6.3% % % % March June Sept. Dec. ANNUAL RESULTS

13 FRANCE HYDRO OUTPUT: BETTER HYDRO CONDITIONS COMPARED TO 2015 In TWh 2015 cumulative output (1) 2016 cumulative output (1) +8.9% 38.9 (2) +9.0% 42.4 (2) 180% Normal hydro productibility levels Seasonal mins. and maxs. between 2006 and % % % 100% % 2015 March June Sept. Dec. 20% March June Sept. Dec. (1) Hydropower excluding French islands electrical activities, before deduction of pumped volumes (2) Output after deduction of pumped volumes: 32.1TWh in 2015 and 35.8TWh in 2016 ANNUAL RESULTS

14 EBITDA FRANCE REGULATED ACTIVITIES In bn Organic change: +8.1% (1) Weather and leap year (2) Other Market (2) conditions (2) 5.10 In particular decrease in purchase cost of network losses 32 % (1) Organic change at constant scope and exchange rates (2) Estimated figures ANNUAL RESULTS

15 EDF ÉNERGIES NOUVELLES: SUCCESS OF THE DEVELOPMENT MODEL BASED ON ASSETS ROTATION, CONTINUED GROWTH IN RENEWABLE POWER OUTPUT In m % % Org. (1) Sales (2) 1,116 1, EBITDA Positive impact of net installed capacity in 2015 (1GW): 9% increase in output to 11.3TWh, mainly from wind and in North America Particularly strong DSSA (3) activity, especially in the United States and in Europe (, Portugal, Greece) Significant portfolio of projects under construction (1.8GW), of which ~50% in new geographical locations (India, China, Brazil, Chile) (1) Organic change at constant scope and exchange rates (2) As of 2016, breakdown of sales across the segments, before inter-segment eliminations. The 2015 figures have been restated in this regard (3) Development and Sale of Structured Assets ANNUAL RESULTS

16 UNITED KINGDOM: VERY GOOD NUCLEAR PERFORMANCE AND OPEX CONTROL, PARTLY OFFSETTING DIFFICULT MARKET CONDITIONS In m % % Org. (1) Sales (2) 11,622 9, Opex 2,492 2, (3) EBITDA 2,242 1, Higher nuclear output at 65.1TWh (+4.5TWh vs. 2015) due to excellent operating performance of the entire fleet Negative impact of lower realised prices Stable average number of product accounts of residential customers Decrease in Opex: -3.6% (3) (1) Organic change at constant scope and exchange rates (2) As of 2016, breakdown of sales across the segments, before inter-segment eliminations. The 2015 figures have been restated in this regard (3) At 2016 scope and exchange rates. At constant pensions discount rate. Excluding change in operating expenses of service activities ANNUAL RESULTS

17 ITALY: OPEX CONTROL ALLEVIATING IMPACTS OF CHALLENGING MARKET CONDITIONS AND OF THE POSITIVE GAS ARBITRAGE IN 2015 In m % % Org. (1) Sales (2) 11,694 11, Opex (3) EBITDA 1, Electricity activity Decrease in power sales prices Less favourable hydro conditions compared to 2015 Hydrocarbons activity Positive impact in 2015 of the arbitrage on the Libyan gas contract, with no equivalent in 2016 Improved supply conditions, in particular following the Libyan contract renegotiation E&P business hit by decrease in Brent and gas prices Ongoing decrease in Opex confirmed: -4.7% (3) (1) Organic change at constant scope and exchange rates (2) As of 2016, breakdown of sales across the segments, before inter-segment eliminations. The 2015 figures have been restated in this regard (3) At 2016 scope and exchange rates. At constant pensions discount rate. Excluding change in operating expenses of service activities ANNUAL RESULTS

18 DALKIA AND EDF TRADING: COMMERCIAL DEVELOPMENT AND FAVOURABLE MARKET POSITIONS DALKIA EDF TRADING In m % % Org. (1) Sales (2) 3,289 3, EBITDA In m % % Org. (1) Sales (2) 662 1, EBITDA Favourable weather conditions Negative impact of gas price decrease Strong commercial dynamic in in the network, industrial and service activities Successful implementation of performance plans High volatility on European power and gas markets, in particular during H Good performance in the LNG trading business (1) Organic change at constant scope and exchange rates (2) As of 2016, breakdown of sales across the segments, before inter-segment eliminations. The 2015 figures have been restated in this regard ANNUAL RESULTS

19 EBIT LIFTED BY EXTENSION OF DEPRECIATION PERIOD OF NUCLEAR PLANTS (1) AND BY LOWER IMPAIRMENTS In m % EBITDA 17,601 16, IAS 39 volatility 175 (262) na Amortisation/depreciation expenses (1) and provisions for renewal (9,111) (8,007) Impairments and other operating income and expenses (4,385) (631) EBIT 4,280 7, (1) Extension to 50 years of the accounting depreciation period of the PWR 900MW series excluding Fessenheim (please refer to the press release published by EDF on 29 July 2016) ANNUAL RESULTS

20 NON-RECURRING ITEMS NET OF TAX In m Impairments (3,195) (1,001) o/w thermal assets and Edison E&P (2,179) (315) o/w CENG (271) (462) Cigéo storage provision (1) (509) - European Commission decision on RAG (2) (354) - Other, including IAS 39 volatility 423 (233) Total non-recurring items net of tax (3,635) (1,234) (1) Please refer to EDF press release published on 15 January 2016 (2) Please refer to press releases published by EDF and the European Commission on 22 July 2015 ANNUAL RESULTS

21 CHANGE IN NET INCOME In m % EBIT 4,280 7, % Financial result (2,588) (3,333) +28.8% o/w impact of discount unwinding (2,812) (3,417) +21.5% Income tax (483) (1,388) % Share of net income from associates % Deducting net income from minority interests (214) (160) -25.2% Net income Group share 1,187 2, % Excluding non-recurring items 3,635 1, % Net income excluding non-recurring items 4,822 4, % ANNUAL RESULTS

22 CHANGE IN CASH FLOW (1/2) In m EBITDA 17,601 16,414 Non cash items and change in accrued trading income (1,610) (1,703) Net financial expenses disbursed (1,252) (1,137) Income tax paid (1,508) (838) Other items o/w dividends received from associates and joint-ventures Operating cash flow 13,502 13,059 WCR 132 (1,935) o/w impact of tariff adjustments (1), VAT included 775 (697) Net (12,672) (11,663) o/w Linky (2), new developments (3) and asset disposals (254) 153 Cash flow after net 962 (539) (1) Tariff adjustment of 2012 (impacting 2015 and 2016) and of 2014 (impacting 2016) (2) Linky is a project led by Enedis, independant subsidiary of EDF under the provisions of the French energy code (3) New developments: in particular UK NNB, EPR New Models and offshore wind ANNUAL RESULTS

23 CHANGE IN CASH FLOW (2/2) In m Cash flow after net 962 (539) European Commission decision on RAG (1) (906) - Dedicated assets Cash flow before dividends 273 (529) Dividends paid in cash (1,746) (454) Interest payments on hybrid issues (591) (582) Group cash flow (2,064) (1,565) (1) Please refer to press releases published by EDF and the European Commission on 22 July 2015 ANNUAL RESULTS

24 STABLE NET FINANCIAL DEBT In bn (11.7) (1.0) +1.5 (37.4) (37.4) Dividends and hybrid bonds remuneration Other (1.9) Operating cash flow WCR Net (1) Mainly forex effect and partial disposal of CSPE receivable In particular weather effect (2), CSPE collection and tariff adjustments December 2015 December 2016 (1) Net including Linky, new developments and asset disposals. Linky is a project led by Enedis, independant subsidiary of EDF under the provisions of the French energy code (2) With no significant impact on Group cash flow ANNUAL RESULTS

25 Appendices

26 DISCLAIMER This presentation does not constitute an offer to sell securities in the United States or any other jurisdiction. No reliance should be placed on the accuracy, completeness or correctness of the information or opinions contained in this presentation, and none of EDF representatives shall bear any liability for any loss arising from any use of this presentation or its contents. The present document may contain forward-looking statements and targets concerning the Group s strategy, financial position or results. EDF considers that these forward-looking statements and targets are based on reasonable assumptions as of the present document publication, which can be however inaccurate and are subject to numerous risks and uncertainties. There is no assurance that expected events will occur and that expected results will actually be achieved. Important factors that could cause actual results, performance or achievements of the Group to differ materially from those contemplated in this document include in particular the successful implementation of EDF strategic, financial and operational initiatives based on its current business model as an integrated operator, changes in the competitive and regulatory framework of the energy markets, as well as risk and uncertainties relating to the Group s activities, its international scope, the climatic environment, the volatility of raw materials prices and currency exchange rates, technological changes, and changes in the economy. Detailed information regarding these uncertainties and potential risks are available in the reference document (Document de référence) of EDF filed with the Autorité des marchés financiers on 29 April 2016 and in the EDF EMTN base prospectus dated 14 September 2016 as supplemented on 3 October 2016, a second supplement dated 14 November 2016 and a third supplement dated 10 January 2017 which are available on the AMF's website at and on EDF s website at EDF does not undertake nor does it have any obligation to update forward-looking information contained in this presentation to reflect any unexpected events or circumstances arising after the date of this presentation. ANNUAL RESULTS

27 TABLE OF CONTENTS Consolidated P. 4 Financing and cash P. 45 Strategy and P. 57 EDF Énergies Nouvelles P. 65 P. 71 International and P. 105 P. 112 ANNUAL RESULTS

28 Appendices Consolidated

29 SIMPLIFIED INCOME STATEMENTS In millions of Euros Sales 75,006 71,203 Fuel and energy purchases (38,775) (36,050) Other external expenses (9,526) (8,902) Personnel expenses (12,529) (12,543) Taxes other than income taxes (3,641) (3,656) Other operating income and expenses 7,066 6,362 EBITDA 17,601 16,414 IAS 39 volatility 175 (262) Net depreciation and amortisation (9,009) (7,966) Net increases in provisions for renewal of property, plant and equipment operated under concessions (102) (41) (Impairment)/reversals (3,500) (639) Other income and expenses (885) 8 EBIT 4,280 7,514 Financial income (2,588) (3,333) Income before taxes of consolidated companies 1,692 4,181 Net income Group share 1,187 2,851 Net income excl. non-recurring items (1) 4,822 4,085 (1) Excluding non-recurring items & IAS 39 volatility ANNUAL RESULTS

30 NEW SEGMENTAL PRESENTATION OF EDF GROUP'S ACTIVITIES General background: Segmental presentation compliant with IFRS 8, which requires to report financial information of operating segments as regularly reviewed by the Management Committee Regulatory changes occurred late-2015 in (end of Yellow and Green tariffs, transfer of customers to market based contracts) Willingness to improve clarity on performance in Change in segmental reporting, with no impact at Group level Effective date: , and data restated New segmentation considered: segment split into two separate segments: Generation and supply activities Regulated activities Insulary activities and ÉS (Electricité de Strasbourg) included in the segment Regulated activities, previously included respectively in the segments and Other activities ANNUAL RESULTS

31 2015 RESTATED EBITDA BY REPORTING SEGMENT 2015 published EBITDA by segment 2015 restated EBITDA by segment In millions of Euros EBITDA FY 2015 published 11,517 United Kingdom 2,242 Italy 1,345 Other international 609 Other activities 1,888 TOTAL EBITDA 17,601 In millions of Euros EBITDA FY 2015 restated Generation and supply activities 6,936 Regulated activities 4,719 United Kingdom 2,242 Italy 1,345 Other international 609 Other activities 1,750 TOTAL EBITDA 17,601 ANNUAL RESULTS

32 CHANGE IN SALES (1) BY REPORTING SEGMENT In millions of Euros % % org. (2) Generation and supply activities 37,327 35, Regulated activities 15,418 15, United Kingdom 11,622 9, Italy 11,694 11, Other International 5,827 5, Other activities 7,288 7, Inter-segment eliminations (14,170) (13,128) Group 75,006 71, (1) As of 2016, breakdown of sales across the segments, before inter-segment eliminations. The 2015 figures have been restated in this regard (2) Organic change at constant scope and exchange rates ANNUAL RESULTS

33 SALES (1) BY REPORTING SEGMENT In millions of Euros TOTAL GROUP Generation and supply activities Regulated United Kingdom Italy Other International Other activities Intersegment eliminations 2015 sales restated 75,006 37,327 15,418 11,622 11,694 5,827 7,288 (14,170) Forex (1,394) - - (1,313) (2) (63) (16) - Scope (40) (78) Organic growth (2,428) (2,136) 310 (1,040) (527) (399) 325 1, sales 71,203 35,191 15,728 9,267 11,125 5,286 7,734 (13,128) (1) As of 2016, breakdown of sales across the segments, before inter-segment eliminations. The 2015 figures have been restated in this regard ANNUAL RESULTS

34 CHANGE IN SALES (1) In millions of Euros Organic change: -3.2% (2) -1,375 Scope & change -2,136 Generation and supply ,040 Regulated UK -527 Italy +964 Other (3) 75,006 Mainly forex in UK End of Yellow and Green tariffs, market prices decrease and intense competition partially mitigated by 2014 tariff adjustment, tariffs increase and favourable weather , (1) As of 2016, breakdown of sales across the segments, before inter-segment eliminations. The 2015 figures have been restated in this regard (2) Organic change at constant scope and exchange rates (3) Including inter segments eliminations ANNUAL RESULTS

35 CHANGE IN EBITDA BY REPORTING SEGMENT In millions of Euros % % org. (1) Generation and supply activities 6,936 6, Regulated activities 4,719 5, United Kingdom 2,242 1, Italy 1, Other International Other activities 1,750 2, Group 17,601 16, (1) Organic change at constant scope and exchange rates ANNUAL RESULTS

36 EBITDA BY REPORTING SEGMENT In millions of Euros GROUP TOTAL Generation and supply activities Regulated UK Italy Other International Other activities 2015 EBITDA 17,601 6,936 4,719 2,242 1, ,750 Forex (296) - - (253) - (14) (29) Scope (51) (23) (13) (15) Organic growth (840) (780) 383 (276) (681) EBITDA 16,414 6,156 5,102 1, ,091 ANNUAL RESULTS

37 CHANGE IN NET INCOME In millions of Euros % Income before taxes of consolidated companies 1,692 4, Income tax (483) (1,388) Share in income of associates and joint ventures Deducting net income from minority interests (214) (160) Net income Group Share 1,187 2, Neutralisation of non-recurring items including IAS 39 volatility 3,635 1, Net income excl. non-recurring items 4,822 4, ANNUAL RESULTS

38 FROM EBITDA TO OPERATING INCOME BY REPORTING SEGMENT IN 2016 In millions of Euros TOTAL GROUP Generation and supply activities Regulated UK Italy Other International Other activities EBITDA 16,414 6,156 5,102 1, ,091 IAS 39 volatility (262) (93) 7 (65) (166) (36) 91 Net depreciation and amortisation (7,966) (2,681) (2,674) (1,069) (558) (378) (606) Provisions for renewal (41) - (41) (Impairment) / reversals (639) (65) - (81) (159) (194) (140) Other operating income and expenses 8 (52) 1 (12) (13) 110 (26) EBIT 7,514 3,265 2, (255) 213 1,410 ANNUAL RESULTS

39 CHANGE IN OPEX (1) BY SEGMENT In millions of Euros % (2) % (2) Generation and supply activities 9,837 9, Regulated activities 4,950 4, United Kingdom 2,492 2, Italy Other International Other activities 3,102 3, Group 22,055 21, (1) Opex (operational expenses) corresponding to the sum of personnel expenses and other external expenses (2) At 2016 scope and exchange rates. At constant pensions discount rate. Excluding change in operating expenses of service activities ANNUAL RESULTS

40 CHANGE IN IAS 39 (1) VOLATILITY: BY REPORTING SEGMENT In millions of Euros Generation and supply activities 20 (93) -113 Regulated activities United Kingdom (45) (65) -20 Italy 161 (166) -327 Other International (15) (36) -21 Other activities Group 175 (262) -437 (1) Net changes in fair value of energy and commodity derivatives, excluding trading activities ANNUAL RESULTS

41 CHANGE IN FINANCIAL RESULT In millions of Euros Cost of gross financial debt o/w interest expenses on financing operations o/w net foreign exchange gain on debt and other (1,994) (1,955) (39) (1,827) (1,907) Discount expenses (2,812) (3,417) -605 Other financial income and expenses 2,218 1, Financial result (2,588) (3,333) -745 ANNUAL RESULTS

42 FROM INTEREST CHARGES ON FINANCING ACTIVITIES TO NET FINANCIAL EXPENSES DISBURSED In millions of Euros Interest charges on financing activities (1,955) (1,907) +48 Accrued interest Other financial income and charges (including dividends) Net financial expenses disbursed (1,252) (1,137) +115 ANNUAL RESULTS

43 SHARE IN NET INCOME OF ASSOCIATES AND JOINT VENTURES In millions of Euros RTE Alpiq (192) CENG (284) (485) -201 Other TOTAL ANNUAL RESULTS

44 CHANGE IN NET INCOME FROM MINORITY INTERESTS In millions of Euros United Kingdom Italy Other International (57) Other TOTAL ANNUAL RESULTS

45 CHANGE IN NET FINANCIAL DEBT In millions of Euros EBITDA 17,601 16,414 Cancellation of non-monetary items included in EBITDA (1,610) (1,703) Net financial expenses disbursed (1,252) (1,137) Income taxes paid (1,508) (838) Other elements o/w dividends received from associates and joint ventures Funds from Operations (FFO) 13,502 13,059 Change in net WCR 132 (1,935) Net (2) (12,672) (11,663) Cash flow after net 962 (539) European Commission decision on RAG (906) - Allocation dedicated assets in Cash flow before dividends 273 (529) Dividends paid in cash (2,337) (1,036) o/w EDF SA (1,420) (165) o/w remuneration of hybrid bonds (591) (582) o/w others (326) (289) Cash flow after dividends (2,064) (1,565) Hybrid emission - - Other monetary changes (278) 549 Including CSPE disposal Change in net financial debt at constant scope and exchange rate (2,342) (1,016) Effects of change and exchange rates (951) 1,107 Other non-monetary changes 106 (121) Change in net financial debt (3,187) (30) Net Financial Debt Opening balance 34,208 37,395 Net Financial Debt Closing balance 37,395 37,425 (2) Including Linky and new developments net of disposals ANNUAL RESULTS

46 NET INVESTMENTS (1) : CHANGE SINCE 2015 In millions of Euros International and 12,672 28% International Others activities New developments and Linky -358 Disposal 11,663 20% 11,663 20% Group development Generation and supply activities 45% In particular UK, Italy, Poland and Asia 49% 49% Group Maintenance Mainly Regulated activities (2) 27% 31% 31% Group Regulated bn decrease, in particular on International (1) Net including Linky, new developments and asset disposals (2) Including new segmentation (including ES and EDF PEI) ANNUAL RESULTS

47 GROSS AND NET (1) 2016 INVESTMENTS In millions of Euros Development 14,398 34% ,776 Gross financial Disposals Including disposal plan: - 1,139m -1,075 Subsidies and interest -265 Other 11,663 20% Development Maintenance 40% 14,779 49% Maintenance Regulated 26% 31% Regulated Gross operating Gross Net (1) Net including Linky, new developments and asset disposals ANNUAL RESULTS

48 GROSS OPERATING INVESTMENTS (1) Other International 5% Italy EDF Énergies Nouvelles 11% 4% Other activities 4% Generation and supply activities 39% Other International EDF Énergies Nouvelles Italy 3% 11% 3% Other activities 4% Generation and supply activities 40% United Kingdom 12% 14.8bn United Kingdom 13% 14.4bn regulated (2) 25% 2015 regulated (2) 26% 2016 (1) Gross operating including Linky and new developments (2) Enedis, Électricité de Strasbourg and island s activities ANNUAL RESULTS

49 GROSS OPERATING INVESTMENTS FOR DEVELOPMENT (1) Energy Services 6% Italy (3) & gas activities 12% Other 9% 4.9bn Renewables (2) 39% Italy (3) & gas activities 8% Energy Services 7% Other 5% 4.9bn Renewables (2) 36% Nuclear New Build 34% Nuclear New Build 44% (1) Corresponding to gross operating on Group existing or new assets, enabling mainly an improvement of technical performance or increased generation capacity of the Group, as opposed to maintenance which enable maintaining generation assets or portfolio of the entity (2) Renewables including hydro power (3) Italy excluding renewables ANNUAL RESULTS

50 2016 CASH FLOW In billions of Euros -1.7 Non cash items -0.8 Corporate Tax paid -0.8 Net financial expenses and other items -1.9 WCR Net (1) , EBITDA Funds from Operations (FFO) -0.5 Cash flow after net (1) Net including Linky, new developments and asset disposals ANNUAL RESULTS

51 SIMPLIFIED BALANCE SHEET ASSETS (In millions of Euros) 31/12/ /12/2016 LIABILITIES (In millions of Euros) 31/12/ /12/2016 Fixed assets 149, ,626 O/w Goodwill 10,236 8,923 Shareholders equity (Group Share) 34,749 34,438 Inventories and trade receivables 36,973 37,397 Net income attributable to non-controlling interests 5,491 6,924 Other assets 69,536 66,238 Cash and equivalents and other liquid assets (1) 22,993 25,159 Assets held for sale (excluding cash and liquid - 5,220 assets) (2) Total Assets 278, ,640 Specific concession liabilities 45,082 45,692 Provisions 75,327 74,966 Financial liabilities (3) 60,388 61,230 Other liabilities 57,904 56,281 Liabilities linked to assets held for sale (excluding financial liabilities) (4) - 2,109 Total Liabilities 278, ,640 (1) Including assets held for sale and loan to RTE (2) Including 104m of financial assets affecting financial debt (3) Including hedging derivatives and financial debt related to companies held for sale (4) Including 1,458m of financial liabilities impacting net financial debt ANNUAL RESULTS

52 GOODWILL In millions of Euros 31/12/ /12/2016 EDF Energy 9,163 7,818-1,345 (1) Dalkia Other TOTAL 10,236 8,923-1,313 (1) Change mainly due to the depreciation in the pound sterling ANNUAL RESULTS

53 GROUP SHAREHOLDERS EQUITY In billions of Euros Net income Group share Dividends (1) Net actuarial gains and losses Capital increase (2) -0.4 Others , Shareholders equity as of 31/12/2015 Shareholders equity as of 31/12/2016 (1) Including remuneration of hybrid bonds for - 582m (2) The payment in new shares of part of the 2016 interim dividend resulted in two capital increases and two new emissions premium ANNUAL RESULTS

54 GROUP PROVISIONS 31 December December 2016 In millions of Euros Current Non Current Total Current Non Current Total Provisions for back-end nuclear cycle 1,733 20,179 21,912 1,463 20,823 22,286 Provisions for nuclear decommissioning and last cores Provision for decommissioning excluding nuclear facilities ,646 24, ,020 24, ,447 1, ,506 1,569 Provisions for employee benefits 1,033 21,511 22,544 1,100 21,234 22,334 Other provisions 2,262 2,190 4,452 2,394 2,155 4,549 Total Provisions 5,354 69,973 75,327 5,228 69,738 74,966 ANNUAL RESULTS

55 GROUP NUCLEAR PROVISIONS In millions of Euros +734 Allowances -2,004 +2,667 Reductions Discount unwinding (1) -1,552 Foreign exchange adjustments -2,044 +1,617 Extension of depreciation period of the 900MW fleet (4) at Net discount rate decrease (2) 46,809 46, Other changes (3) /12/ /12/2016 1) Expenditures in the income statement. O/w: : cost of discount unwinding for + 1,502m, and effect of change in the discount rate for the provisions not related to an asset: + 680m; United Kingdom: cost of discount unwinding: + 475m 2) Effect of a lower net discount rate for changes in asset-backed provisions (matching assets and underlying assets): + 662m (20 bp decrease, 2.7% vs. 2.9%), UK + 955m (30 bp decrease, 2.7% vs. 3.0%) having as a matching provision a variation in the receivable corresponding to amounts reimbursable by the Nuclear Liabilities Fund (NLF) and by the British government 3) Other changes: in particular assessments related to the revision of the cost estimate of the PWR fleet in operation. Provision for decommissioning for - 451m; provision for long-term of MAVL waste: + 162m 4) Excluding Fessenheim ANNUAL RESULTS

56 FRANCE NUCLEAR PROVISIONS In millions of Euros 36,130-2,044 +1,502 Extending the accounting depreciation period of the 900MW (1) Discount expenses of the year +1, Effect of a lower discount rate Other 36,033 Including: - P&L financial expenses: + 680m - Balance sheet asset effect: + 662m Including provision for dismantling of units still in operation: - 451m 31/12/ /12/2016 1) Excluding Fessenheim ANNUAL RESULTS

57 FRANCE NUCLEAR PROVISIONS: 2016 CHANGE Decommissioning costs plants in operation 2015 Conclusions of the external audit commissioned by the DGEC on the cost of dismantling published in January 2016 (1), stating that the overall audit confirms EDF's estimate of the cost of decommissioning its nuclear fleet 2016 Extensive revision of the cost estimate for the decommissioning of the plants in operation, taking into account the DGEC audit recommendations Limited changes of the cost estimate and related provisions: - 0.5bn (2) Decommissioning costs closed plants Three-yearly review of decommissioning costs on 1 st generation closed plants performed, allowing the integration of feedback of current work Update on the GCR (3) plants industrial decommissioning scenario Update on provisions for a net amount of 0.3bn Update of the evaluation of the decommissioning costs of the 1st generation plants These annual studies confirm the changes previously made and do not lead to a significant change in the provisions Costs on CIGEO storage project Cost of the Cigéo project set at 25bn (4) by the Ministerial Order (1), which substitutes the 2005 estimated benchmark cost of 20.8bn on which EDF group used to rely 0.8bn increase in provision Continuation of the design studies (ANDRA) Application for the construction of the facilities in 2018 (approval to be received in 2021) 1) Please refer to the release from the French Ministry for Ecology, Sustainable Development and Energy from 15 January ) Lower provision for counterparty of underlying assets 3) GCR: Gas-cooled reactor 4) At the economic conditions of 2011 ANNUAL RESULTS

58 FRANCE NUCLEAR PROVISIONS In millions of Euros 31/12/2015 Net Allowances Discounting Other changes 31/12/2016 Total provisions for back-end nuclear cycle 18,645 (953) 1, ,624 Provisions for of spent fuel 10,391 (893) ,658 Provisions for long-term of radioactive waste 8,254 (60) ,966 Total provisions for nuclear dismantling and last cores Provisions for dismantling power stations 17,485 (3) 816 (1,889) 16,409 14,930 (3) 723 (1,528) 14,122 Provisions for last cores 2, (361) 2,287 TOTAL FRANCE NUCLEAR PROVISIONS 36,130 (956) 2,182 (1) (1,323) 36,033 NB: Regarding the allocation to Dedicated Assets for nuclear provisions coverage, please refer to the slide Dedicated Assets on P.55 (1) Cost of unwinding the discount: + 1,502m; impact of actual discount rate change for provisions with no asset on the balance sheet: + 680m ANNUAL RESULTS

59 DISCOUNT RATE OF NUCLEAR PROVISIONS IN FRANCE (1/3) The discount rate determined under the Company s usual method is 4.2% at 31 December 2016, assuming inflation of 1.5% December 2015 December 2016 Nominal discount rate 4.5% 4.2% Regulatory ceiling rate (1) 4.6% 4.3% Inflation 1.6% 1.5% The decrease in the actual discount rate from 2.9% to 2.7% resulted in an increase in nuclear provisions of 1,342m in 2016, including 680m in financial expenses and 662m in an increase in the value of assets on the balance sheet (1) Calculation under current scheme For more details, please refer to the 2016 consolidated accounts, section , Discounting of provisions related to nuclear generation and sensitivity analyses ANNUAL RESULTS

60 DISCOUNT RATE OF NUCLEAR PROVISIONS IN FRANCE (2/3) The discount rate applied for nuclear provisions in must comply with two regulatory limits. Since 2015 (Order of 24 March 2015), the discount rate applied must be lower than: a regulatory maximum equal to the arithmetic average over the 120 most recent months of the constant 30-year rate (TEC 30 years), observed on the last date of the period concerned, plus one point and the expected rate of return on assets covering the liability (dedicated assets) The French Ministers of Economy and Finance, and of Environment, Energy and Sea, announced their decision to change the calculation formula for the regulatory limit on discount rates with effect from 2017 this decision will be set out in an amendment to the ministerial order of 21 March 2007, itself modified by the order of 24 March 2015 this amendment comes after joint work by the nuclear operators and public authorities to establish a formula for a maximum discount rate, taking into account the long time horizons of nuclear liabilities and prudential objectives for secure financing of long-term nuclear expenses Under the new formula, the regulatory limit will gradually migrate from its level at 31 December 2016 (4.3%) until by 2026 it is equal to the average constant 30-year rate (TEC 30 years) over the four most recent years, plus 100 base points Regarding the evolution of rates, the new formula should mean that future years see smoother changes in the regulatory limit than under the previous formula ANNUAL RESULTS

61 DISCOUNT RATE OF NUCLEAR PROVISIONS IN FRANCE (3/3) The new proposed formula for the limit would likely lead to a discount rate of 4.1% at end-2017, and 3.9% and end-2018 All things being equal, such a change would generate an increase in provisions estimated at: 735m at 31/12/2017 (including 588m for provisions covered by dedicated assets) 1,470m at 31/12/2018 (including 1,176m for provisions covered by dedicated assets) This increase in nuclear provisions, in particular those subject to dedicated assets, does in no way prejudge the direct transposition onto the Group s Net financial debt of the dates under consideration, given that the amount to be allocated for each year may vary, particularly depending on: the profitability of the dedicated assets and the resulting coverage rate (no need to allocate once the coverage rate has reached 110%) the period within which the allocation is made, the regulations allowing ministers to set a maximum period of 3 years to make the allocation (Article 14 of the amended decree of 23 February 2007 and Article L594-5 of the French Environmental Code) ANNUAL RESULTS

62 FRANCE NUCLEAR PROVISIONS: SENSITIVITY ANALYSIS TO THE DISCOUNT RATE Sensitivity to the discount rate Provisions (discounted value) On balance sheet provisions On pre-tax earnings In millions of Euros +0.20% -0.20% +0.20% -0.20% Front-end nuclear Management of nuclear fuel 10,658 (211) (195) Long-term of radioactive waste 8,966 (475) (432) Dismantling and last cores Dismantling of nuclear plants 14,122 (586) (138) Last cores 2,287 (85) Total 36,033 (1,357) 1, (765) ANNUAL RESULTS

63 FINANCIAL IMPACTS OF EXTENDING THE AMORTISATION PERIOD TO 50 YEARS OF THE 900MW (1) FLEET P&L Extending the accounting depreciation period of the 900MW fleet (1) reduces assets depreciation charges and the cost of unwinding the discount. For 2016, impacts are estimated as follows: (In billions of Euros) 30/06/16 31/12/16 Depreciation charges and cost of unwinding the discount Net income Balance sheet Decrease in nuclear provisions as of 1 st January 2016: 2.0bn, including 1.7bn in the scope of the Dedicated Assets (1) Excluding Fessenheim (2) Pro forma after disposal in 2017 of 49.9% of the entity owning RTE ANNUAL RESULTS

64 GROUP PROVISIONS FOR EMPLOYEE BENEFITS In millions of Euros Provisions 22, (2) +1, net expense 22,492 (1) (3) Actuarial -694 differences Employer s contribution to funds Benefits paid (2) Change, scope and other Including : Change in interest rates on liabilities and assets: + 1,379m Decrease in the commitment in kind Energie, in particular following the reform of the CSPE mechanism): - 1,742m Differences in experience and differences in demographic assumptions: - 198m 21,766 (1) Provisions 22,334 31/12/ /12/2016 (1) Net liabilities (2) Non-current financial asset (3) Actuarial gains and losses arising from differences in non-current financial assets ( -516m) and other actuarial gains and losses ( -45m) ANNUAL RESULTS

65 NET INVESTMENTS In millions of Euros TFT (13,050) (13,329) Investments activities Tangible and intangible assets (14,789) (14,397) Sales of tangible and untangible assets Financial activities Investment subsidies received Funding contributions received for assets operated under concessions TFT sections 650 1,613 Investments activities Acquisitions of equity, net of cash acquired (162) (127) Disposal of equity net of cash transferred Financial activities Transactions with non-controlling interests 64 1,368 Other (272) 53 Net published in financial communication (12,672) (11,663) Including Linky (119) (319) Including new developments (1) (916) (667) Including asset disposals (2) Net Except Linky, new developments and disposals (12,418) (11,816) (1) Including DSSA of and CGN cash-in decreasing gross for New Nuclear in the UK (2) O/w in 2015: real estate disposals, EDF Trading assets disposals, disposal of interests in Estag and Bert 2016: real estate disposals and CGN entry in the UK New Nuclear ANNUAL RESULTS

66 CHANGE IN WCR In millions of Euros regulated tariff adjustment (939) CSPE one-time effect (829) Climate impact (735) Other (146) WCR Optimisation Plan 714 Change in WFR 2016 au TFT (1,935) ANNUAL RESULTS

67 DISPOSAL PLAN In millions of Euros Total Investing activities Disposals of equity net of cash transferred ,120 Net proceeds from sale of tangible and intangible assets ,472 Financing activities Transactions with non-controlling interests 64 1,368 1,432 Total disposals (TFT sections) 1,776 2,248 4,024 Including disposals out of plan (1) 995 1,109 2,104 Including disposals included in the disposal plan (2) 781 1,139 1,920 Total disposals (TFT sections) 1,776 2,248 4,024 Disposals included in the disposal plan (2) 781 1,139 1,920 Signed but not yet realised disposals in 2016 (RTE, DEMASZ, JERA) 4,752 Total disposal plan 6,672 (1) Including DSSA of and CGN cash-in in deduction of gross for New Nuclear in the UK (2) O/w in 2015: real estate disposals, EDF Trading assets disposals, disposal of interests in Estag and Bert 2016: real estate disposals and CGN entry in the UK New Nuclear ANNUAL RESULTS

68 NET INCOME EXCLUDING NON-RECURRING ITEMS (1) In millions of Euros Net income Group share 1,187 2,851 Impairments -3, Cigéo (2) provision storage Decision on RAG (3) Impairments on CENG and Alpiq in share in net income of associates and joint ventures (4) Other including tax effect and fair value adjustment (5) 1, Net income 4,822 4,085 (1) Net income excluding non-recurring tiems is not defined in IFRS norms and does not appear directly in Group consolidated accounts. It corresponds to net income excluding non-recurring items and fait value net change on energy derivatives and raw materials, trading business excluded, net of tax (2) Figures net of tax. Please refer to note of concolidated accounts as of (3) Figures net of tax. Please refer to note of concolidated accounts as of (4) Please refer to note of concolidated accounts as of (5) Fair value net change on energy derivatives and raw materials, trading business excluded ANNUAL RESULTS

69 Appendices Financing and cash

70 DEBT AND LIQUIDITY In billions of Euros 31/12/ /12/ /12/2016 Net financial debt Net financial debt/ebitda 2.0x 2.1x 2.3x Debt Bonds Average maturity of gross debt (in years) Average coupon % % % Liquidity Gross liquidity Net liquidity ANNUAL RESULTS

71 NET FINANCIAL DEBT In millions of Euros 31/12/ /12/ /12/2016 Financial debt 55,652 64,183 65,195 Derivatives used to hedge debt (3,083) (3,795) (3,965) Cash and cash equivalents (4,701) (4,182) (2,893) Liquid financial assets available for sale (12,990) (18,141) (22,266) Loans to RTE (670) (670) - Net financial debt reclassified (IFRS 5) - - 1,354 Net financial debt 34,208 37,395 37,425 ANNUAL RESULTS

72 GROSS FINANCIAL DEBT AFTER SWAPS Breakdown by type of rate Breakdown by currency 46% 31/12/15 19% 3% 3% 31/12/15 Floating rate 46% 54% Other (1) 3% USD 4% GBP 31/12/16 14% Fixed rate 54% 31/12/16 EUR 79% 75% (1) Mainly HUF, CHF, PLN, BRL, CAD and JPY ANNUAL RESULTS

73 BREAKDOWN OF BOND DEBTS BY CURRENCY In millions of Euros, before swaps Of which (in m eq.) EUR 609 1, ,191 USD JPY 1,654-3,059 2,692 CHF EUR GBP USD CHF JPY Other ANNUAL RESULTS

74 Green Bond Green Bond Green Bond MAIN OUTSTANDING BONDS AS OF 31 DECEMBER 2016 Issue date (1) Maturity Nominal amount Currency Coupon (millions of currency units) 01/ / USD Libor USD 3M / /2017 1,000 USD 1.15% 02/ /2018 1,500 EUR 5.00% 01/ /2019 2,000 USD 6.50% 01/ /2019 1,250 USD 2.15% 01/ /2020 1,400 USD 4.60% 05/ /2020 1,200 EUR 5.38% 10/ /2020 1,500 USD 2.35% 01/ /2021 2,000 EUR 6.25% 11/ /2021 1,400 EUR 2.25% 01/ /2022 2,000 EUR 3.88% 09/ /2023 2,000 EUR 2.75% 09/ /2024 2,500 EUR 4.63% 10/ /2025 1,250 USD 3.63% 11/ / EUR 4.00% 10/ /2026 1,750 EUR 1.00% 03/ /2027 1,000 EUR 4.13% 05/ / GBP 6.25% 04/ /2030 1,500 EUR 4.63% 07/ / GBP 5.88% 02/ / EUR 5.63% 06/ /2034 1,500 GBP 6.13% 10/ / EUR 1.88% 03/ / GBP 5.50% 01/ /2039 1,750 USD 6.95% 01/ / USD 5.60% 11/ / EUR 4.50% 10/ /2041 1,250 GBP 5.50% 01/ /2044 1,000 USD 4.88% 10/ /2045 1,500 USD 4.75% 10/ /2045 1,150 USD 4.95% 09/ /2050 1,000 GBP 5.13% 10/ /2056 2,164 USD 4.99% 01/ /2114 1,350 GBP 6.00% (1) Date of funds reception ANNUAL RESULTS

75 EDF, A BENCHMARK GREEN BONDS ISSUER WITH THE EQUIVALENT OF 4.5BN ISSUED IN 5 TRANCHES AND 3 CURRENCIES Eligible in the use of funds Issue date (1) Maturity (in years) Nominal amount (millions of currency units) Currency Construction of new renewable capacity by Renovation and modernization of existing hydroelectric facilities in metropolitan Allocated funds as of 31/12/16 11/ ,400 EUR 100% 10/ ,250 USD 97.6% 10/ ,750 EUR - 01/ ,600 JPY - 01/ ,400 JPY - (1) Date of funds reception ANNUAL RESULTS

76 GREEN BONDS: A TOTAL OF 3.6MTCO2/YEAR AVOIDED BY THE FUNDS CONTRIBUTING TO 18 RENEWABLE PROJECTS Green Bond N.2 ($1.25bn-Oct. 2015): $1,220m allocated to the construction of 6 wind projects in the United States at end December 2016 Of which 1 project was already partially funded by the 1 st EDF Green Bond Share of Green Bond funded capacity ownded by EDF at the end December 2016: Green Bond N.1 (November 2013): 53% Green Bond N.2 (October 2015): 55% Funds raised Funds allocated Projects having received GB funding Share funded by the GB Gross total capacity of GB funded projects (in MW) Expected output (in TWh/year) Expected avoided CO 2 emissions (in Mt/year) Gross (1) Net (2) Gross (1) Net (2) Gross (1) Net (2) Green Bond N.1 November bn 1.4bn 13 projects (3) 57% 1, Green Bond n 2 Octobre 2015 $1.25bn $1,22bn 3 projects(3) 74% 1, The detailed list of projects will be published in the 2016 EDF reference document (1) Sum of the gross impacts of each project funded by the corresponding Green Bond (2) Sum of the impacts of each project weighted by the share of total investment funded by the corresponding Green Bond (3) Of which one project received funding from both Green Bonds ANNUAL RESULTS

77 NON-FINANCIAL RATINGS: MAJOR ACHIEVEMENTS IN 2016 WITH ENTRY TO DJSI AND CDP "A" LIST Entry into the 2 main international financial indices and reintegration of the Vigéo World index Continuous progress in EDF s non-financial rating by all agencies EDF enters the DJSI World Bronze Class and Industry Mover of the Sustainability Yearbook EDF score 79% 87% Average Electricity sector score 52% 52% EDF member of the FTSE4Good Index Group admission confirmed in 2016 EDF= 2 nd company in its sector EDF rated 4.6/5 in 2016 (vs. 4.5/5 in 2015) EDF is one of the five global nuclear operators meeting the stringent criteria developed and overseen by the FTSE4Good Policy Committee EDF member of all Euronext Vigeo indices: World 120, Europe 120, Eurozone 120 et 20 EDF rated 60/100 in 2016 (vs. 58/100 previously) EDF joins the CDP "A" List in 2016 member of the CDLI and Bénélux 2016 (Climate Disclosure Leadership Index) Overall Annual Score Performance and transparency A- A EDF member of the STOXX ESG Leaders Index 2016/2017 EDF rated 78/100 in 2015 (vs. 76/100 in 2014) ANNUAL RESULTS

78 Moody s ratings Consolidated COMPARATIVE DEBT RATINGS A1 S&P Ratings Moody's Ratings Fitch Ratings EDF A- stable (1) A3 stable (2) A- stable (3) A2 Engie Engie A- negative A2 stable n/a A3 Vattenfall EDF SSE E.ON BBB+ negative Baa1 negative BBB+ stable Uniper BBB- stable n/a n/a Baa1 Iberdrola E.ON Enel BBB stable Baa2 stable BBB+ stable RWE BBB- stable Baa3 negative BBB watch negative Baa2 Enel Iberdrola BBB+ stable Baa1 positive BBB+ stable SSE A- negative A3 stable BBB+ stable Baa3 BBB- RWE BBB BBB+ A- A A+ S&P ratings Endesa BBB stable n/a BBB+ stable Vattenfall BBB+ negative A3 negative BBB+ stable Innogy BBB- positive n/a BBB+ stable Sources: rating agencies (1) Update of the rating and outlook of EDF Group by S&P on 21 September 2016 (2) Update of the rating and outlook of EDF Group by Fitch on 28 September 2016 (3) Update of the rating and outlook of EDF Group by Moody s on 26 October 2016 ANNUAL RESULTS

79 DEDICATED ASSETS In billions of Euros Provisions for last cores (1) Provisions for dismantling of nuclear plants CSPE receivable EDF Invest Provisions for last cores (1) Provisions for dismantling of nuclear plants CSPE receivable EDF Invest Provisions for LT of radioactive waste Financial portfolio and liquid assets Provisions for LT of radioactive waste Financial portfolio and liquid assets Provisions Dedicated assets Provisions in realisable value 31/12/ /12/2016 Dedicated assets in realisable value As of 31 December 2016, the regulatory coverage ratio for nuclear liabilities eligible for EDF's dedicated assets is 99.8%, and, everything else being equal, would reach 105.3% after finalising the sale of a portion of the C25 shares planned for H (1) Regulatory obligation to allocate 1,095m to dedicated assets EDF will, in the month following the closing of the, allocate this amount to the dedicated assets, in compliance with the letter of 10 February 2017 from the French Ministers of Economy and Finance, and of Environment, Energy and Sea (1) The coverage ratio of the provisions is 105.4% excluding the statutory caps prescribed by Order N ANNUAL RESULTS

80 EDF DEDICATED ASSETS PERFORMANCE Financial portfolio performance of +6.2% in 2016, close to its benchmark (+6.8%) volatility with a supportive year-end that has offset a difficult start. The performance reflects prudent, notably underweighting emerging equities at the beginning of the year, in a context of geopolitical changes especially in the United Kingdom, in the United States and in Italy which were unfavorable to active fund EDF Invest posted a 2016 performance of + 7.9% excluding RTE and % in total including RTE (impact of the CDC / CNP operation) In December 2016, EDF and the consortium CDC / CNP signed an agreement for the sale of 49.9% of the share capital of RTE, highlighting a revaluation of RTE. The other 50.1% will remain allocated to dedicated assets In addition, EDF Invest continues to grow, notably with the 50/50 acquisition with the DIF fund of Thyssengas (the third gas transport operator in Germany) and with Atlantia of a controlling interest in the Côte d'azur Airports A portion of the CSPE (5) receivable was sold in December 2016, including a portion allocated to dedicated assets; the proceeds from the sale of this share ( 894m) were reinvested in the dedicated assets Portfolio breakdown as of 31 December 2016 (4) In millions of Euros EDF Invest (2) CSPE receivable (3) 4,286 5,633 Cash ,677 (4) Shares and equity funds 7,992 Shares and bond funds 6,866 Performance in 2016: +11.1% (1) Listed Financial Portfolio (1) Full-year performance before tax, including revaluation of RTE. The performance of dedicated assets excluding RTE was +5.7% (2) Including a 75.9% stake in company C25 (holding 100% of RTE shares) for a realization value of 3,905m (3) CSPE receivable after hedging, including a revaluation of 103m as a result of the gain on the portion sold (4) In realisable value (5) Share of 26.4% of the CSPE receivable sold for a total sale price of 1,538m ANNUAL RESULTS

81 Appendices

82 INSTALLED CAPACITY AS OF 31 DECEMBER 2016 In GWe Consolidated capacities of EDF group, including shares in associates and joint ventures Associates and joint ventures Net consolidated capacities of EDF group Nuclear % % Coal % % Fuel oil 9.1 6% % Gas % % Hydro % % Other ren % % Total % % ANNUAL RESULTS

83 NET ELECTRICITY OUTPUT In TWh Nuclear % % Coal/Fuel oil % % CCGT % % Hydro % % Other Renewables % % Group % % ANNUAL RESULTS

84 CO 2 EMISSIONS Net emissions by segment Generation and supply activities Regulated activities In kt In g/kwh ,345 9% 6,944 14% ,187 5% 3,197 7% United Kingdom 16,878 29% 4,748 10% Italy 7,079 12% 8,041 17% Other International 20,213 34% 18,033 38% Other activities 6,435 11% 6,737 14% Group 59, % 47, % Group s emissions below the 100g/kWh threshold ANNUAL RESULTS

85 FLAMANVILLE 3 EPR Construction progress as of 31 December 2016 Completion of the main civil engineering work 1 st milestone of the new roadmap achieved on 15 March 2016, with finalisation of the primary coolant system, and the installation and assembly of the large components (all four steam generators, reactor vessel, pressurizer and reactor coolant pumps) Transfer of the control room to the teams that will operate the reactor Progress of electromechanical erection exceeded 80% Start of plant system test (pumping station, fuel building, turbogenerator unit ) Main steps in 2017 Beginning of the system performance tests at end of 1 st quarter 2017, in parallel of finalization of mechanical erection Opinion of ASN (2) on the results of the test programme aiming at proving the serviceability of bottom head and closure head of the reactor pressure vessel, expected at the end of 1 st semester 2017 One 1,650MW EPR under construction Roadmap for the Flamanville 3 project, drawn up in September 2015: Project cost set at bn (1) First fuel loading and start up of the reactor expected end 2018 Ramp up 2019: connection to the grid in the 2 nd quarter and then 100% capacity in the 4 th quarter (1) Excluding interim interests (2) ASN: Autorité de Sûreté Nucléaire ANNUAL RESULTS

86 CHINA TAISHAN 1 & 2 (EDF 30%) Construction progress as of 31 December 2016 Unit 1 Unit 2 Next steps Unit 1 Unit 2 Finalization of emergency power supplies System performance testing: cold functional testing, containment building and start of hot functional testing (operation of primary and secondary systems with nominal pressure and temperature values) Ongoing safety review by the Chinese safety authority in order to authorize fuel loading Continuation of electromechanical erection, end of secondary circuit assembly, realization of the modifications of the command control to bring it to the level of the unit 1 End of hot functional testing, completion of trials on the pre-production (pressurizer, primary pump and internal vessel equipment...) Fuel reception and loading, physical tests on the core End of electromechanical erection, system performance testing (cold functional testing and containment building, then hot functional testing) ANNUAL RESULTS

87 HINKLEY POINT C: FINAL CONTRACTS SIGNED Construction phase follows as the final contracts are signed EDF signed contracts with the UK Government and Chinese partner CGN in London on 29 September 2016, sealing the final investment decision taken by the EDF Board on 28 July EDF s share is 66.5% and CGN s 33.5% This signing kick-starts the nuclear new build programme in the UK. It marks a new chapter in the longstanding partnership between EDF and CGN, which also plans the development of nuclear power stations at Sizewell C and Bradwell B. For Bradwell, the UK government confirmed on 10 January 2017 that the nuclear regulator has been asked to begin the GDA for the UK HPR1000 nuclear technology Project Update Following the final investment decision the project has moved into the build phase for construction The first nuclear safety concrete of the reactor building of Unit 1 (a major milestone for the construction) is scheduled for 2019 this represents the start of construction from a regulatory perspective. The commissioning of HPC first unit is scheduled for end 2025 Following the final investment decision, a full review of the costs and schedule is in progress, taking into account the reassignment of the teams on the project, and in accordance with the project company's rules of governance ANNUAL RESULTS

88 DUNKIRK LNG TERMINAL EDF, via Dunkerque LNG (65% EDF, 25% Fluxys, 10% Total) commissioned the 1 st January 2017 the terminal to import Liquefied Natural Gas (LNG) of Dunkirk, which provides three main services: Reception of LNG tankers (at its pier, equipped with 5 unloading arms) LNG storage (in 3 isothermal tanks totaling 600,000 m 3 ) Emission of gas via exchangers/re-gasifier to the transmission networks The import and emission capacity is 13bcm/year (20% of the markets in and Belgium), including 8bcm subscribed by EDF and 2bcm by TOTAL. The terminal is connected to the two French and Belgian networks, a unique example in Europe Cost to completion of 1,2bn in line with budget Commercial deliveries planned by customers according to their needs ANNUAL RESULTS

89 Appendices EDF Énergies Nouvelles

90 : NET INSTALLED CAPACITY AS OF 31 DECEMBER MW 23MWp 112MW 2,426MW 89MWp 200MW 242MW 146MW 818MW 207MWp 195MW 187MW 27MW 6MW 3MW 106MW 238MW 12MWp 265MW 2MW 230MW 188MW 47MWp 265MW 74MWp 217MW 54MW 109MWp 18MW 26MW 60MWp 71MW 66MW 40MW Wind installed (MW) Solar installed (MWp) Wind and solar under construction (MW) Gross Net Installed capacity: 9,614MW 6,263MW Capacity under construction: 1,780MW 1,188MW Total: 11,394MW 7,451MW Other technologies Installed 208MW Under construction 0 MW Source: EDF Énergies Nouvelles Note: MWp: Megawatt peak (measure of the power under laboratory lighting and temperature conditions) ANNUAL RESULTS

91 : A SIGNIFICANT PORTFOLIO OF RENEWABLE PROJECTS 924MW 44MWp 1,250MW 194MW 145MW 43MW 10MW 2 828MW 1 757MWp 3,498MW 174MWp 12MW 398MW 204MW 324MWp Wind Pipeline: 13.1GW (1) 300MW 382MWp 299MW 261MWp 871MW 396MWp 150MW 340MWp 700 MW 1,253MWp 100MWp 312MW 360MWp PV Pipeline: 5.4GWp Source: EDF, EDF Énergies Nouvelles Note: pipelines are indicated for and include capacity under construction (1) Of which 1,009MW in China A wind and solar pipeline of about 18.5GW ANNUAL RESULTS

92 : INSTALLED CAPACITY AND CAPACITY UNDER CONSTRUCTION, BY TECHNOLOGY, AS OF 31 DECEMBER 2016 In MW Gross (1) Net (2) 31/12/ /12/ /12/ /12/2016 Wind 7,912 8,495 5,349 5,434 Solar Hydro Biogas Biomass Cogeneration Other Total installed capacity 9,063 9,614 6,132 6,263 Wind under construction 1,060 1, Solar under construction Other under construction Total capacity under construction 1,409 1,780 1,141 1,188 (1) Gross capacity: total capacity of the facilities in which EDF Énergies Nouvelles has a stake (2) Net capacity: capacity corresponding to EDF Énergies Nouvelles stake ANNUAL RESULTS

93 : NET CAPACITY SOLD In MW Portugal Belgium - 3 United States Canada Mexico Total wind DOM (1) - 4 India - 50 Italia - 3 United States 58 1 Total solar Total hydro Total biogas 22 - Total (1) French overseas departments ANNUAL RESULTS

94 : OPERATION & MAINTENANCE (1) In MW 31/12/ /12/2016 MW % United States 8,973 7,966-1, Canada 1,682 1, Mexico x5.8 Total America 10,723 9, ,526 1, United Kingdom Greece Italy Germany Poland Belgium x2.3 Total Europe 3,192 3, Total O&M 13,915 13, (1) MW generated by renewable energy power plants that operates and maintains (plant supervision, monitoring of production, preventive and corrective maintenance, etc.) on its own behalf or for a third party ANNUAL RESULTS

95 Appendices

96 FRANCE: UPSTREAM/DOWNSTREAM BALANCE In TWh OUTPUT/PURCHASES 2016 vs CONSUMPTION/SALES 2016 vs Purchase obligations LT & structured sales Fossil-fired Hydropower (1) Net market sales 122 ARENH supply Structured sales, auctions and other (2) Nuclear End-customers NB: EDF excluding French islands electrical activities (1) Hydro output after deduction of pumped volumes: 36TWh (2) Including hydro pumped volumes of 7TWh ANNUAL RESULTS

97 FULLY SAFE OPERATION OF THE STEAM GENERATORS CONFIRMED BY THE FRENCH NUCLEAR SAFETY AUTHORITY (ASN) When a higher-than-expected carbon concentration was discovered in some parts of the pressure vessel of the Flamanville EPR reactor (carbon segregation), EDF and AREVA conducted analyses to identify the risk of such a phenomenon on forged parts installed on the current nuclear fleet These analyses revealed that this risk could affect 46 steam generators manufactured by Creusot Forge and Japan Casting Forging Corporation, installed on 18 generation units The first measurements demonstrated the existence of margins allowing for the safe operation of the reactors To reinforce this safety demonstration, EDF carried out in-depth controls during the planned outages of the relevant reactors, which required the outages to be extended. These controls were of two types: Tests using ultrasound to check for the absence of metallurgical defects Measurements of surface carbon levels at different areas of the bottoms of each steam generator These inspections led to the restart of the reactors equipped with steam generator bottoms made by Creusot Forge, or 6 generation units (1) On 7 October 2016, EDF submitted to the ASN a technical report supporting the fully safe operation of the steam generators manufactured by JCFC, which are used in ten 900MW reactors. This generic demonstration was approved by the ASN on 5 December 2016 On 17 January 2017, the ASN issued a statement regarding the last two reactors of the 1 450MW fleet that were still to be controlled: the ASN approved the safety demonstration regarding the steam generators of Civaux 2 As of 14 February 2017, 17 of the 18 reactors concerned by the issue of carbon segregation have been tested and granted approval to restart and are operating in complete safety. Tests are currently under way on the Civaux 1 reactor Reactors not affected by carbon segregation Reactors affected by carbon segregation and controled (1) Please refer to the press release published by EDF on 21 October 2016 ANNUAL RESULTS

98 QUALITY ASSURANCE ANOMALIES IN AREVA S MANUFACTURING FILES AREVA s quality control audit has highlighted irregularities in parts of the manufacturing tracking records for the parts forged in the Creusot Forge factory, in regards to either manufacturing parameters or test results. The affected files had been marked at the time with one or two bars, hence the name barred folders Informed of the issue starting in April 2016, EDF is closely monitoring AREVA s analysis of all records used for the identification and characterisation of the barred files for the parts intended for the French nuclear fleet. For each of these files, EDF is also carrying out its own independent analysis The French Nuclear Safety Authority is regularly informed of these analyses Mid-October 2016, EDF informed the ASN that it has completed the characterisation of the barred files relating to the reactors in operation and confirmed that the 88 identified irregularities have no impact on the safety of reactors in question Regarding the Fessenheim 2 reactor, the noted irregularity involves the forging file for the lower part of a steam generator. In order to undertake additional investigations, EDF shut down this reactor on 13 June in advance of its planned outage. AREVA submitted to the ASN, and started in September, a programme of additional tests on the steam generator. The results, transmitted by AREVA to the ASN on 6 January 2017, confirm the integrity of the steam generator and its ability to operate safely. The issue is currently being investigated by the ASN Beyond the barred folders, AREVA has launched an analysis programme on all the manufacturing records of all components used in the currently operating fleet. This programme runs until the end of 2017 for the detection and characterisation of the anomalies. EDF is closely monitoring this analysis process One of these irregularities concerns the manufacturing file of a new steam generator, not yet installed and initially intended for Gravelines reactor 5. The reactor, shut down since 9 April 2016 for its 3 rd ten-year inspection, will be able to operate in all safety with original steam generators after a procedure which has been approved by the Nuclear Safety Authority ANNUAL RESULTS

99 CHANGE IN LOAD FACTOR AND NUCLEAR OUTPUT Annual load factor of nuclear fleet Net output of PWR (1) fleet Load factor (%) 85 TWh (1) Pressurized Water Reactor ANNUAL RESULTS

100 FRANCE NUCLEAR OUTPUT: OPERATING AND NUCLEAR SAFETY INDICATORS Number of automatic reactor shutdown Unplanned outages (%) Safety indicators at their best historical level ANNUAL RESULTS

101 10-YEAR INSPECTIONS OF THE NUCLEAR FLEET (1) 9 8 Number of 10-year inspections ,450 MW 1,300 MW MW (2) 2017E (2) 2018E 2019E 2020E 2021E 2022E 2023E 2024E 3 rd 10-year inspections of 900MW reactors 4 th 10-year inspections of 900MW reactors 2025E 2026E 2027E 3 rd 10-year inspections of 1,300MW reactors 4 th 10-year inspections of 1,300MW reactors 2 nd 10-year inspections of 1,450MW reactors (1) Forecast data as of 14 February 2017 (2) Of which 3 rd 10-year inspection (1,300MW) of Paluel 2 starded in 2015 and 3 rd 10-year inspection 900MW) of Gravelines 5 started in 2016 ANNUAL RESULTS

102 POTENTIAL HYDROPOWER CAPACITY (1) In TWh Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec (30.5TWh) 1994 (53.2TWh) 2015 (34.5TWh) 2016 (39.8TWh) 1989: lowest potential hydropower capacity in the last 30 years 1994: highest potential hydropower capacity in the last 30 years (1) Potential hydropower capacity: maximum quality of power that can be produced from hydraulic sources (rain, snow) over a given period of time ANNUAL RESULTS

103 ENEDIS (1) : KEY FIGURES In millions of Euros % Sales 13,548 13, EBITDA 3,810 4, Net income excl. non-recurring items 904 1, Gross operating (2) 3,170 3, (1) Enedis, independant subsidiary of EDF under the provisions of the French energy code; local data (2) Including Linky ANNUAL RESULTS

104 ENEDIS (1) : QUALITY OF DISTRIBUTION IN FRANCE Criteria B (2) excluding exceptional events and excluding RTE: +3 minutes vs Criteria B (2) including all causes (TCC): -3 minutes vs In cumulated minutes Criteria B including all causes Criteria B excl. exceptional events and excl. RTE 60 Cumulated average duration in minutes of outages per low customers voltage (1) Enedis, independant subsidiary of EDF under the provisions of the French energy code (2) Cumulated average duration in minutes of outages per low customers voltage ANNUAL RESULTS

105 LINKY (1) SMART METERS DEPLOYMENT The project Roll-out since the end of 2015 with a goal of 34 millions meters (ie 90% of the fleet) installed by 2021 Investment amount estimated at 4.5bn over the deployment period Economic equilibrium based on gains made possible by the Linky project (reduction of non technical losses, reduction in the number of technical and meter-reading, optimization of network, MDE (2) gains, etc.) The tariff framework of the project (3) Specific regulation over a 20-year period (Linky-dedicated RAB) Pre-tax nominal return rate of 7.25% and 3% additional premium or 2% malus in return for an incentive regulation relative to the respect of the costs and the deadlines and the performance of the system Application of a tariff difference on Linky revenues until 2021, accompanied by a compensation for the costs of financial carry, and totally cleared by 2030 Roll-out at end 2016 Since the first pilots and the start of the general roll-out on 1 st December 2015, the installation is continuing, in line with the projected progress and cost path for tranche 1 of the Linky Programme At end of 2016, the threshold of 2.5m installed meters was crossed, and nearly 44,000 concentrators were installed in the substations; The deployment started in about 1,400 towns, in all regions of The rhythm of installation of the Linky meters has risen from less than 3,000 meters/day in early 2016 to around 15,000 meters/day at end of 2016, making it possible to reach the expected rate (1) Linky is a project of Enedis, independant subsidiary of EDF under the provisions of the French energy code (2) MDE: Demand-side (3) CRE s ruling of 17 July 2014 ANNUAL RESULTS

106 ELECTRICITY BUSINESS OF EDF IN FRANCE In TWh Sales to end customers (1)(2) Local authorities, companies and professionals (not at historical tariffs and including transitional offer for 3.5TWh) Local authorities, companies and professionals (at historical tariffs) (3) Residential customers Portfolio change in particular due to the end of regulated tariffs above 36kVA at end 2015 (1) Rounded to the nearest tenth (2) Including EDF s own consumption (3) Blue professional tariff, LDC (Local Distribution Companies) at transfer price and Yellow and Green tariffs, below 36kVA from 2016 ANNUAL RESULTS

107 EDF IN FRANCE: ELECTRICITY BUSINESS HISTORICAL TARIFFS SPLIT BY COLOUR In TWh Sales to end customers for 2016 (1)(2) LDC (3) transfer price Green and Yellow tariffs (4) Local authorities, companies and professionals (not at historical tariffs) Local authorities, companies and professionals (at historical tariffs) Blue tariff Residential customers (1) Rounded to the nearest tenth (2) Including EDF s own consumption (3) Local Distribution Companies (LDCs) (4) Of which Yellow tariff for 0.1TWh and Green tariff for 0.3TWh - tariffs lower than 36 kva that persist beyond 2015 ANNUAL RESULTS

108 CAPACITY MECHANISM IN FRANCE: STARTING ON Suppliers obligation Calculation de l obligation of the obligation Demand for capacity certificates Verification of certificates held vs. peak consumption 3 hours Loss of load expectation standard Trade of certificates Capacity price Capacity matches peak demand Security of supply safeguarded Capacity (generation, demand-side response) Capacity certification Availability commitment Offer of capacity certificates Control of effective capacity availability Established by the NOME law, approved by the European Commission on 8 November 2016 Final rules issued by order on 29 November 2016 Definition of the criterion of security of supply by the public authorities: 3h of shedding on average per year Objective: to remunerate the means of generation and load shedding useful to security of supply Operated by RTE Definition of calculation methods and identifying peaks Ex-post calculation of each supplier s obligations and the actual availability of certified facilities Issue of capacity certificates, controls and of capacity registry and settlement of gaps Provision of information on supply and demand for certificates Sources : DGEC, RTE ANNUAL RESULTS

109 CAPACITY MECHANISM IN FRANCE: STANDARD CALENDAR Year - 4 Year - 4 Delivery Y year Year + 1 Year + 3 Certification of existing capacities Certification of new capacities (including demand-side response) Adjustments by operators, at progressive cost RTE controls the effective availability of the certified capacity Deadline for transfer of certificates Financial settlement of deviations for capacity not available Capacity certificates market for year Y Capacity auctions organized by EPEX Spot 15 auctions on the 4 years before the delivery year Continuous over-the-counter exchanges 1 auction in year Y 1 auction in year Y+1 1 auction at the beginning Y + 3 Implementation by suppliers of peak-load shedding measures in their customer portfolio Estimated amount of obligations of suppliers RTE calculates the final amount of obligations Financial settlement if capacity is insufficient Sources : RTE ANNUAL RESULTS

110 CAPACITY MARKET IN 2017 AND IMPACT FOR EDF First capacity auction 2017 organized by EPEX Spot on 15 December GW of capacity certificates traded Price of capacity: 10/kW (reference price for 2017) EDF certified 76GW capacity for 2017 EDF, both a capacity-holding operator and a entity subject to capacity obligations as supplier, holds a positive net position which it can sell on the market Financial impact for EDF Only part of the certified capacity value can be recovered ARENH volumes subscribed by alternative suppliers or included in EDF's supply offers including Blue tariffs, Exeltium, LCD (1) tariffs, are delivered with certificates of capacity 2017 EBITDA impact will be linked to the timing of the pass-through of the cost of capacity to the different categories of end-customers (1) Local Distribution Companies (LDCs) ANNUAL RESULTS

111 ARENH: VOLUMES ALLOCATED TO ALTERNATIVE SUPPLIERS H H H H H H Maximum total sales volume by EDF to competing suppliers (excluding network losses): 100TWh Volumes sold in 2015: 16.4TWh No volume sold in 2016 Forecasted volumes for 2017: 40.8TWh for H1 41.5TWh for H2 (1) (2) (1) 2017 volumes are subject to change during the year by application of legal, regulatory and contractual provisions (intra-annual window, cancellations, defaults, etc.) (2) The total quantity of product sold for the second half of 2017 could change according to the demands that could take place at the subscription window of 16 May 2017 ANNUAL RESULTS

112 REGULATED SALES TARIFFS IN FRANCE: CHANGE IN 2016 In 2016, tariffs (excluding taxes) changed on the 1 st August: -0.5% on average for residential customers and -1.5% on average for small companies (Blue tariff) These changes include increasing network tariffs (TURPE) effective 1 st August: + 1.1% for distribution As of 31 December 2015 Yellow and Green regulated tariffs have ended for consumption sites that have subscribed a capacity strictly greater than 36 kva Blue tariff, VAT excluded: -0.7% Average bill breakdown, VAT included (Blue residential customer) TURPE Energy component+ commercialisation + catch-up 106.2/MWh + 0.5/MWh - 1.2/MWh 105.5MWh Taxes CSPE TURPE Generation and supply costs 166/MWh Source: CRE deliberation report of the Committe of 13 July 2016, which has redefined 2015 levels ANNUAL RESULTS

113 TARIFF ADJUSTMENT Tariff adjustment In its judgment of 15 June 2016, the Council of State has: canceled, for legal uncertainty, the Order of 28 July 2014 amending the Order of 26 July 2013 on regulated tariffs which foresaw a 5% average increase in Blue tariffs on 1 August 2014 and requested a corrective Order for the period concerned canceled the Order of 30 October 2014 relating to the Residential and Green regulated tariffs set at an insufficient level to ensure that past tariff differentials were rectified and requested a corrective Order over the period concerned The Ministers responsible for energy and the economy therefore published in the Official Journal of 2 October 2016 two corrective tariff orders fixing the retroactive increase of the Blue Residential and Green tariffs over the periods concerned Financial impacts 2016 Sales: + 1,030m EBITDA: + 872m (1) Cash-in: + 196m (1) Including + 859m in the segment Generation and supply activities ANNUAL RESULTS

114 CSPE (1) : NEW COMPENSATION MECHANISM Evolution published in the Amending Finance Law 2015 and the Finance Law 2016; entry into force of the new mechanism on 1 January 2016: Public energy service charges (electricity and gas) integrated into the State budget are still calculated by the CRE and are divided into two accounts: an Energy Transition special allocation account and a Public Energy Service account of the General Budget Publication by the CRE of its ruling of 13 July 2016 regarding actual 2015 charges, reforecasting of 2016 charges and forecasting of the 2017 charges The reimbursement of the EDF compensation deficit as presented in the letter from the Ministers of 26 January 2016 was translated into the decree of 18 February 2016 and the orders of 13 May 2016 and of 2 December 2016: Confirmation of the receivable owed to EDF and recognized by the State of 5.9bn at the end of 2015, including the new deficits between 2013 and 2015 and the related interests, and of the reimbursement schedule for 2020 The annuity and related interests (1.72%) will be compensated in priority relative to other EDF charges, in accordance with Article R of the Energy Code Compensation as from 1 January 2017 for the costs of managing the purchase obligation contracts, in accordance with the principle of full offsetting of the charges borne by the operators (Budget Law for 2017) (1) Contribution au Service Public de l Énergie - Public energy services charges ANNUAL RESULTS

115 CSPE: STABILISATION AT 22.5/MWH FOR 2016 AND 2017 SUPPORTED BY THE FINANCING REFORM The «CSPE» tax is no longer subject to an automatic annual increase. It was stabilized for 2016 and 2017 at 22.5/MWh As of 2016, in addition to the CSPE tax, the mechanism is financed by a portion of the domestic tax on natural gas consumption. In 2017, the domestic tax on energy products and the domestic tax on coal, lignite and coke will also contribute to funding the mechanism /MWh (1) (1) /01/ /01/ /01/ /01/ /01/2017 (1) Article 14 of the Amending Finance Law for 2015 included in Article 266 d C of Customs Code ANNUAL RESULTS

116 CSPE AT EDF Article L121-6 of the Energy Code stipulates that the expenses attributable to the public service tasks assigned to the electricity operators are fully compensated by the State In millions of Euros Purchase obligations (1) 3,905 66% 4,278 68% 4,472 69% Other (2) 1,983 34% 2,042 32% 2,038 31% Total CSPE EDF 5, % 6, % 6, % The public service costs in ZNI (3) depend on energy and fuel purchases, the cost of replacing old power plants and the volumes of purchase obligations Rise in public service costs mainly due to a increase in purchase obligations costs related to the development of the renewable generation fleet in, partly offset by lower expenses related to generation costs in ZNI (3) (1) Purchases obligations include electricity generated from: hydropower (less than 12MW), biomass, wind power, PV power, cogeneration, recovery of household waste and energy recovery, with the exception of ZNI (3) (2) Additional generation costs and purchase obligations in ZNI (3), the TPN (First Necessity Tariff) and the FSL (Housing Solidarity Fund) (3) ZNI: Zones non interconnectées corresponding to overseas departments and Corsica ANNUAL RESULTS

117 CSPE: CHANGE IN PURCHASE OBLIGATIONS IN MAINLAND FRANCE FOR EDF Principle: The compensation mechanism of public energy services charges (1) offsets the difference between the cost of purchase obligations in mainland and market prices 5,132M 5,424M 6,030M 6,199M Purchase obligations amount 3,330M 3,905M 4,278M 4,472M Additional cost of purchase obligations cost to be offset by the CSPE (2) 43.2/MWh 38.6/MWh 34.7/MWh 36.7/MWh 1,802M 1,519M 1,752M 1,727M Average spot price Cost of purchase obligations valued at market prices based on CRE methodology (1) The compensation mechanism of public energy services charges also offsets tariff equalization costs in non-interconnected areas, and solidarity arrangements (2) EDF SA excluding Island Electric Systems ANNUAL RESULTS

118 CSPE: IMPACT ON EDF GROUP FINANCIAL STATEMENTS In millions of Euros Income statement Extra-costs / losses (5,888) (6,320) (6,510) Impact on Other Operating Income and Expenses 5,888 6,320 6,510 EBITDA Neutral Neutral Neutral Financial result (compensation for the cost of carry) Balance sheet Working capital requirements CSPE receivable (Other receivables) 2,057 1,643 1,647 CSPE debt (Other current liabilities) (1,122) ( 1,258) (1,255) CSPE Financial receivable (1) 5,144 5,875 4,185 Cash flow Cash-in on energy billed Increase in WCR CSPE receivable Change in WCR Receivables and Payables 5, , (2) 94 (2) 6,357 (9) (2) (1) CSPE receivable excluding coverage on dedicated assets (2) Excluding the impact of the reclassification of 644m as financial debt (non-cash effect) ANNUAL RESULTS

119 CSPE: CRE DELIBERATION OF 13 JULY 2016 As part of the reform of the financing of CSPE charges, the CRE is responsible for evaluating these charges The deliberation of 13 July 2016 established the charges borne by EDF, which are recorded under 2015 and forecast for 2016 and 2017 The CRE established a deficit of compensation for EDF for 2015 of - 7.2m (1) Upward revision of the forecast of EDF s charges for 2016, mainly attributable to lower electricity market prices The forecast of EDF s charges for 2016 were originally published by the CRE in its October 2015 deliberation and were established at 6,662.5m Pursuant to Decree No of 18 February 2016, the CRE updated these forecasts in its deliberation on 13 July This new forecast is 7,072.7m Forecasted EDF charges for 2017: 7,430.9m (1) Detailed calculation according to the items in the CRE deliberation of 13 July 2016: Contributions collected in 2015 Charges recorded in 2015 Balances prior to 2015 (EDF 2015 CTSS contributions Charges recognized EDF 2015 gas social arrangements): 6, , ( ) = - 7.2m ANNUAL RESULTS

120 CSPE: FINANCE ACT FOR 2017 (ALL OPERATORS) 2017 Finance Act (1) CRE deliberation of 13 July 2016 Decree of 2 December 2016 (2) Other expenses budgeted by the State Special Purpose Account Energy Transition 6,983m Public service charges forecast for ,679m Annual contribution to deficit repayment 1,228m Other expenses 76m National budget Public Energy Service 2,545m Public service charges forecast for ,326m Payment of related interest 99m Other expenses 120m Or 9,528m Or 8,005m Or 1,327m Or 196m (1) Finance Act No of 29 December 2016 for 2017 (2) Decree of 2 December 2016, confirming the amount of the receivable owed to EDF at the end of 2015 at 5.9bn, and establishing the final repayment schedule of this debt by 2020 ANNUAL RESULTS

121 CSPE: PARTIAL DISPOSAL OF THE RECEIVABLE MECHANISM AND FINANCIAL IMPACTS FOR EDF Effective disposal On 22 December 2016, EDF completed a partial sale without recourse of the CSPE receivable for a total amount of 1,501 million (26.4% of the total receivable), in accordance with the ministerial letter of 7 November 2016 Disposal of the receivable under the Dailly mechanism (without recourse) banking accepted by the State with Natixis and Société Générale The amount sold ( 1,501m in book value) includes: The entire component of the receivable not included in the Dedicated Assets (ie 629m as of 31/12/2016) A portion of the receivable placed in the Dedicated Assets ( 872m out of 5,056m as of 31/12/2016) Capital gain generated on sale of approximately 37m Financial impact of the partial disposal Reduction of the financial debt in the amount of the receivable not placed in the Dedicated Assets Reinvestment in the Dedicated Assets of the disposed Dedicated Assets component From 2017, EDF will receive 73.6% (share of the not yet allocated receivable) of the repayment flows of the receivable, fully allocated to the Dedicated Assets ANNUAL RESULTS

122 REGULATED ASSET BASE IN FRANCE Regulated Asset Base as of 01/01/2017 Nominal remuneration rate before corporate tax Change Transmission NBV of fixed assets (2) = 13.6bn % Indexation IPC + K (1) +1.4% as 01/08/ % as 01/08/2017 Distribution NBV of fixed assets (2) = 49.4bn Regulated equity (3) = 5.6bn 2.5% 6.1% Tariff increase +1.1% as 01/08/ % as 01/08/2017 (1) CPI: Consumer price index covering all of excluding tobacco of year Y-1 K: CRCP reconciliation term, within a range of +/-2% (CRCP: The CRCP mechanism (Compte de Régularisation des Charges et des Produits) corrects for the differences between forecast and effective expenses and products, from one year to another) (2) Excluding financial assets and assets under construction and after regulatory restatement of investment subsidies Under TURPE 3, tariffs included only industrial D&A s. Under Turpe 4, provision for renewal as well as all D&A s are included (3) Difference between NBV of fixed assets and the sum of specific concession accounts, provisions for renewal, investment subsidies and where appropriate, financial loans ANNUAL RESULTS

123 TURPE 5 (1) TRANSMISSION AND DISTRIBUTION: PLANNING TURPE 5 preparation for the period ahead of the end the late of TURPE 4: Tariffs for the use of existing public power networks, known as "TURPE 4 HTB" for the transportation network and "TURPE 4 HTA/BT" for distribution networks, came into force on 1 August 2013 and 1 January 2014 respectively, for a duration of approximately 4 years Publication by the CRE (2) of decisions draft on TURPE 5 HTB et HTA/BT: The CRE published its decision of 17 November 2016, following the opinion of the Higher Council of Energy (CSE) on 10 November. They were published in the Official Journal of 28 January 2017 The decisions provide for the synchronized entry into force of TURPE 5 HTB and HTA / BT on 1 August 2017 Filing by EDF SA on 3 February of an application for annulment before the Conseil d'etat against the deliberations of the CRE concerning TURPE 5 Distribution adopted on 17 November 2016 and 19 January 2017 and published in Official Journal of 28 January July September May June July September October November January st public consultation by the CRE on the tariff structure 2 nd public consultation by the CRE on the tariff structure Consultations by the CRE on final tariff table, the tariff level and the tariff level and the authorised DSO (3) and TSO (3) revenues Deliberation of the CRE on the draft decision on the TURPE Transmission and Distribution CRE decision on TURPE after consulting the Supreme Council of Energy Publication of the deliberations TURPE 5 HTB et TURPE 5 HTA/BT at the Official Journal (1) TURPE: Tarif d utilisation des réseaux publics d électricité (public electricity network access tariff) (2) CRE: Commission de Régulation de l Energie (3) DSO: distribution service operators ; TSO: transmission service operators ANNUAL RESULTS

124 TURPE 5: MAIN PRINCIPLES TURPE 5 largely takes up the main principles of TURPE 4: Remuneration of the Regulated Asset Basis (GRT (2) and GRD (2) ) Remuneration of Regulated Equity (GRD (2) ) Coverage of the amortisation trajectory (GRT (2) and GRD (2) ) Coverage of the OPEX system : losses, system services and energy purchases (GRT (2) and/or GRD (2) ) Incentive on the OPEX activities, mainly personnel expenses and procurement costs (GRT (2) and GRD (2) ) The CRE has reinforced the incentive regulation mechanisms (quality of supply, level of requirements in terms of quality of services, performance of the controllable OPEX, etc.) After the increase of 6.76% for transport and 2.71% (1) for distribution at 1 August 2017, the tariffs will be adjusted every year starting in 2018, on 1 August, according to the formula CPI + K: CPI = Consumer Price Index for all of, excluding tobacco, in year N-1 K = annual clearance term of the CRCP (within a limit of +/-2%; the uncleared amounts, where applicable, being pending appeal to the following year) (1) Recourse underway (2) GRT: Gestionnaire de Réseau de Transport; GRD: Gestionnaire de Réseau de Distribution ANNUAL RESULTS

125 TURPE 5 HTB (TRANSPORT) In millions of Euros Compensation of current assets at 4.6% 57 RAB remunerated at 6.125% 890 Coverage of the RTE amortisation trajectory Capital charges adopted by the CRE 861 1,809 Opex activities: CRE incentive based on RTE proposal 1,889 Opex system: cost coverage Interconnections and CRCP Total authorised revenue adopted by the CRE 4, Source: French Energy Regulation Commission Average figures for ANNUAL RESULTS

126 TURPE 5 HTA/BT (DISTRIBUTION) In millions of Euros CPR remunerated at 4.1% 239 RAB remunerated at 2.6% Coverage of the ENEDIS amortisation trajectory Capital charges adopted by the CRE 1,486 2,714 4,440 Opex activities: CRE incentive based on ENEDIS proposal 4,704 Opex system: cost coverage FPE, CRL, CRCP Total authorised revenue adopted by the CRE 4, ,464 Source: French Energy Regulation Commission Average figures for ANNUAL RESULTS

127 ENERGY SAVING CERTIFICATES SYSTEM Implemented in 2006, reworked on 1 January 2015 Enhanced targets, new ambitions Response to new requirements of the European Directive on energy efficiency Article 30 of the energy transition law National obligation for the third period between 2015 and 2017 set at 700 TWhc Doubled vs. the second period Complemented by an additional obligation of 150TWhc to benefit households in situation of energy poverty over The obligation of the 4 th period ( ) has not yet been published but is expected to increase very significantly The Order draft provides for an almost doubling of the total obligation Involved parties An obligation imposed on energy suppliers to achieve energy savings for customers Electricity, gas, heating, refrigeration, domestic fuel and automotive fuel Actively promote energy efficiency to their customers Households, local authorities, business and professionals Mechanism EDF is the first supplier with the largest obligation and intervenes in several areas: Financial Incentive for energy renovations in accommodation Aids to control energy consumption Financing national programs Cost of production / supply of certificates passed on to final customers One of the main energy efficiency policy instruments in ANNUAL RESULTS

128 ENERGY TRANSITION LAW FOR GREEN GROWTH FROM THE PPE TO EDF S STRATEGIC PLAN October 2016 End April 2017 End 2018 End 2023 Strategic Plan (PSE) Obligation imposed on EDF as a producer of more than one third of national electricity output Proposes changes in generation facilities to meet the objectives of the first period of the PPE (1) Submitted to the Energy Minister within 6 months of the approval of the PPE (1) The Minister verifies the compatibility of the Strategic Plan with the PPE (1), if incompatibilities exist, obligation to draft a new Strategic Plan Obligation for EDF to report annually on the implementation of the PSE strategic plan to Parliament Government Commissioner s right to veto Approval of the PPE (Decree of 27 October 2016) Submission of the Strategic Plan to the Minister for approval The Government Commissioner may use his right to veto End of the first PPE period End of the second PPE period The Government Commissioner has the right to oppose any investment decision incompatible with the objectives of the StrategicPlan or with the PPE in the absence of a Strategic Plan If the GC s opposition is validated by the Minister of Energy, no investment decision without revision of the Strategic Plan (1) PPE: Programmation Pluriannuelle de l Energie ANNUAL RESULTS

129 Appendices

130 OTHER ACTIVITIES: VERY STRONG OPERATIONAL PERFORMANCE In millions of Euros % % Org. (1) Sales (2) 7,288 7, % +4.5% EBITDA 1,750 2, % +22.0% 1, % (1) +8.3% (1) +56.8% (1) 2, % (1) EBITDA 2016 EDF Énergies Nouvelles Dalkia EDF Trading Other (Gas busines, etc.) EDF Énergies Nouvelles Dalkia Growth in generation thanks to substantial commissioning in 2015 and 2016 Particularly strong DSSA (3) activity Sustained performance mainly driven by business development and the effect of performance plans Unfavourable change gas price EDF Trading Stronger volatility in European electricity and gas markets, mainly in the second half of 2016 Good performance of LNG trading (1) Organic change at constant scope and exchange rates (2) As of 2016, breakdown of sales across the segments, before inter-segment eliminations. The 2015 figures have been restated in this regard (3) DSSA: Development and Sale of Structured Assets ANNUAL RESULTS

131 OTHER INTERNATIONAL: STRONG PERFORMANCE IN ALL GEOGRAPHIC SECTORS In millions of Euros % % Org. (1) Sales (2) 5,827 5, % -6.8% EBITDA % +21.2% Belgium Increase in wind offshore capacities (+19%) and service business Restart end 2015 of Doel 3 and Tihange 2 nuclear plants Ongoing strong activity of ancillary services % (1) % (1) % (1) 2015 EBITDA 2016 Belgium Poland (3) Other (Hongrie, Azia, Brazil, etc.) Poland Other Higher electricity and heat volumes thanks to the better availability of the Rybnik plant and favorable effect of fuel prices Increase in heat tariffs and the connection of new customers Asia: end of Figlec concession in September 2015 Brazil: positive impact of annual PPA-price review, combined with positive market effect (1) Organic change at constant scope and exchange rates (2) As of 2016, breakdown of sales across the segments, before inter-segment eliminations. The 2015 figures have been restated in this regard (3) Polish activities of and Dalkia part of the Other activities segment ANNUAL RESULTS

132 UNITED KINGDOM: QUARTELY NUCLEAR OUTPUT In TWh 2015 cumulative output 2016 cumulative output +7.9 % +7.4 % % % Q1 Q2 Q3 Q4 ANNUAL RESULTS

133 UNITED KINGDOM: UPSTREAM/DOWNSTREAM ELECTRICITY BALANCE In TWh 2016 vs vs 2015 Output/Purchases Sales Other (1) Renewables Gas Coal SME & IC Centrica (20%) Structured Trades Résidential Nuclear Net wholesale Market & ECC (1) Including wind output and purchase obligations ANNUAL RESULTS

134 GREAT BRITAIN CAPACITY AUCTION RESULTS FOR ERGY Results from this year s and previous capacity market auctions: All capacity agreements for 1 year unless otherwise stated Clearing price /kw/year Nuclear CCGT (1) Coal OCGT (2) Battery Side Demand- Response 2014 Q-4 (2018/2019) 19.4 (2012/2013 prices) All 16 units (7.9GW) 7 of 8 units (3) (3.1GW) All 3 units (1.2GW) All 2 units (37MW) N/A N/A 2015 Q-4 (2019/2020) 18.0 (2014/2015 prices) All 16 units (7.6GW) 0 unit All 3 units (1.2GW) All 2 units (37MW) N/A N/A 2016 Q-4 (2020/2021) 22.5 (2015/2016 prices) All 16 units (7.9GW) 3 of 8 units (1.3GW) All 3 units (1.2GW) All 2 units (38MW) 1 unit (4) (47MW) N/A 2017 Q-1 (2017/2018) Provisional results 7.0 (no indexation) All 16 units (7.9GW) All 8 units (3.5GW) All 3 units (1.2GW) All 2 units (38MW) N/A 2 units (9.6MW) 1) Combined Cycle Gas Turbine 2) Open Cycle Gas Turbine 3) 3 year refurbishing agreements that were reverted to 1 year agreements 4) 15 year capacity agreement for new build battery N/A: Not applicable ANNUAL RESULTS

135 EDISON: UPSTREAM/DOWNSTREAM ELECTRICITY AND GAS BALANCES In TWh Output/ Purchases 2016 vs vs 2015 In Bcm 2016 vs vs Sales Output/ Purchases Sales Wholesale markets & other Domestic purchases Wholesale markets & other Wholesale & other purchases Hydro and renewable Thermal IPEX End Clients Electricity (1) LT imports & reserves Domestic production Residentials & industrial customers Thermoelectric Gas (1) Excluding trading volumes ANNUAL RESULTS

136 Appendices

137 AVERAGE SPOT PRICES IN 2016 Available commercial capacity 49.1/MW -6.6/MWh (1) 39.7/MWh /MWh (1) 1,600 (2) 1,600 (2) 36.7/MWh - 1.7/MWh (1) 32.2/MWh - 7.8/MWh (1) 36.6/MWh - 8.1/MWh (1) (3) (3) 1,300 (2) (3) 3,100 (2) 1,600 (2) 1,000 (2) 1,800 (2) 1,100 (2) 29.0/MWh - 2.6/MWh (1) 42.8/MWh - 9.5/MWh (1) The coupling of the markets remains limited by the capacities available at the borders. The average price differences observed in the CWE region are less significant since the introduction of the flowbased Price: average of the 2016 spot market prices for (Epex), Germany (Epex), United Kingdom (N2EX), Spain (OMEL), Netherlands (APX), Belgium (Belpex) And Italy (GME) (1) Change compared to average prices in 2015 (2) Average annual NTC (Net Transfer Capacity) as calculated by RTE in January 2016 for 2017 (3) Implementation of the flow-based coupling mecanism from 21 May 2015 for all CWE (, Benelux, Germany) ANNUAL RESULTS

138 CROSS-BORDER ELECTRICITY TRADE BALANCE In TWh 8,0 7,0 6,0 5,0 4,0 3,0 2, as an exporter 1,0 0,0-1,0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec as an importer Positive trade balance for on 2016 at about 40TWh, net down about 21TWh compared to This drop is mainly focused on the end of the year and is explained by the weakest avaibility of the nuclear fleet, due to complementary testing demanded the Nuclear Safety Authority on some reactors, requiring the arrest of exports or even greater reliance on imports. Source: RTE, data for December 2016 estimated because not yet available (1) Continental Western Europe (Germany, Belgium,, Luxembourg and the Netherlands) ANNUAL RESULTS

139 FRENCH POWER TRADE BALANCES AT ITS BORDERS In TWh (1) Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total CWE (2) imports n/a n/a exports n/a n/a balance United Kingdom Spain Italy Switzerland TOTAL exports n/a n/a imports n/a n/a balance exports n/a n/a imports n/a n/a balance exports n/a n/a imports n/a n/a balance exports n/a n/a imports , n/a n/a balance exports imports balance Source: RTE, data for December 2016 estimated because not yet available 1) Rounded to the nearest tenth 2) CWE flow-based coupling zone composed of Germany, Belgium,, Luxembourg and the Netherlands, set up in May 2015 n/a: not available ANNUAL RESULTS

140 FORWARD ELECTRICITY PRICES IN FRANCE, THE UK, ITALY AND GERMANY (Y+1) FROM 01/01/2015 TO 31/12/ Electricity - annual baseload contract (EEX) Electricity - annual baseload contrat 1-April UK in /MWh Electricity - annual baseload contract Germany (EEX) Electricity - annual baseload contract Italy (EDF Trading) ANNUAL RESULTS

141 FORWARD ELECTRICITY PRICES IN FRANCE, THE UK, ITALY AND GERMANY (Y+2) FROM 01/01/2015 TO 31/12/ Electricity - annual baseload contract (EEX) Electricity - annual baseload contrat 1-April UK in /MWh Electricity - annual baseload contract Germany (EEX) Electricity - annual baseload contract Italy (IPEX) ANNUAL RESULTS

142 FRANCE/GERMANY SPREAD FROM 01/01/2015 TO 31/12/ Daily spread in /MWh over 5 rolling days Spot spread Forward spread Note: Over the observed period, the /Germany spread reached its minimum on the 14 July 2015 at - 6,95/MWh, and its maximum on 7 November 2016 at 87,66/MWh ANNUAL RESULTS

143 FRANCE: BASELOAD ELECTRICITY SPOT PRICES Daily average in /MWh Max base 2015 = 64.7/MWh 100 Max base 2016 = 125.7/MWh Min base 2015 = 11.9 /MWh Min base 2016 = 7.3/MWh 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec At 36.7/MWh, the average spot price in 2016 was down 1.7/MWh compared to The spot price started the year at a relatively low level, due to fuel prices and a relatively mild winter in The price increases at the end of the year, in a context marked by a tense supply/demand balance, mitigated the year s average drop. Source : EPEX ANNUAL RESULTS

144 FRANCE: PEAKLOAD ELECTRICITY SPOT PRICES Daily average in /MWh Max peak 2016 = 189.2/MWh Max peak 2015 = 77.5/MWh 20 Min peak 2016 = 8.1/MWh Min peak 2015 = 19.1/MWh 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec The average spot price for 2016 was 45.7/MWh, a 0.9/MWh drop compared to This drop was driven primarily by milder temperatures and a fall in fuel prices. The peak price had some spikes in November, due to low temperatures in that month, which, beyond a heavy reliance on thermal means using more expensive fossil fuels, also created tensions in the supply/demand balance. Source : EPEX ANNUAL RESULTS

145 COAL PRICES (Y+1) FROM 01/01/2016 TO 31/12/2016 In $/t Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Forward prices for coal were up to more than $29/t, due to the drop in the offer from China and the rise in demand from Asian countries, as well as the rise of the rouble in relation to the dollar. The price for a tonne of coal for delivery in 2017 was $70.3/t at the end of ANNUAL RESULTS

146 BRENT PRICES (1) FROM 01/01/2016 TO 31/12/2016 In $/bbl Jan-16 Jan-16 Mar-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Oil prices ended the year at $56.8/bbl, an increase of $19.6/bbl compared to the beginning of the year. The year was marked by high price volatility, as the market reacted to geopolitical events and to meetings held by OPEC and other producer countries on the concerted control of supply faced with sluggish demand. (1) Brent spot price (M+1) ANNUAL RESULTS

147 GAS PRICES (1) (Y+1) FROM 01/01/2016 TO 31/12/2016 In /MWh Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 The price of annual natural gas contract in was 15.5/MWh on average, down 24% compared to the previous period, due to the fall in the price of oil and the relatively high stock level at the European level. It nevertheless ends the year up (1) Price of PEG Nord gas ANNUAL RESULTS

148 CO 2 PRICES (Y+1) FROM 01/01/2016 TO 31/12/2016 In /t Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 The price of the emission certificate for delivery in December 2017 was 6.6/t at end 2016, down 1.6/t compared with begin of the year. This drop hides a contrasting trend over the course of the year. The year was notably marked by discussions, eventually not followed up at this stage, on the possible introduction of a floor price in, and by the increased demand for thermal fires in Europe ANNUAL RESULTS

149 32 CLEAN DARK SPREAD (1) IN THE UK (DAY AHEAD) In /MWh Market spread = + Electricity price API 2 Price x market estimate of the coal volume / MWh of electricity (EUA price + Governmental tax price) x market estimate of carbon emissions / MWh of electricity (1) Spread of a coal-fired plant running at full capacity, including the cost of coal and CO2 emissions (excluding green certificates), assuming the market is efficient ANNUAL RESULTS

150 FRANCE: ELECTRICTY AND GAS CONSUMPTION In TWh Electricity (1) Gas (2) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Electricity consumption in rose (+1,4% vs. 2015) mainly due to wheather (spring and year-end colder than in 2015) and lip year effect Gas demand significantly increased (+9% vs. 2015), mainly due to colder temperatures and to a lesser extent to the increased demand for gas-fired power stations from August (1) Source: RTE, November 2016 Monthly Overview of Electricity in for 2015 and Q1, Q2, Q3 data Q data: RTE for October and November, ETR and Corsica for December 2016 (2) Source : Base Pégase, Direction générale de l'énergie et de matières premières (DGEMP), Ministry of Ecology, development and Sea, Smart GRT gaz and TIGF ANNUAL RESULTS

151 UNITED KINGDOM: GAS AND ELECTRICITY CONSUMPTION In TWh Electricity Gas (1) (1) Q1 Q2 Q3 Q4 Electricity consumption was down by 0.8% (-2.3TWh) from 2015, driven by lower consumption and higher temperatures Q1 Q2 Q3 Q4 Natural gas consumption in the United Kingdom was up by 2.5% (+12.5TWh) from 2015 due to a significant amount of coal capacity coming off the grid. Source: BEIS (Historical data revised every quarter) (1) Estimates from EDF Energy ANNUAL RESULTS

152 ITALY: ELECTRICITY AND GAS CONSUMPTION in TWh Electricity (1) 2015 Gas (2) Q1 Q2 Q3 Q4 Electricity consumption was down (-2.1%) due to exceptional temperatures in Q The decrease in net imports was balanced by the increase in national generation (+1.2%), enhanced by increased thermal and wind generation Q1 Q2 Q3 Q4 Gas demand increased by +5.2% due to increased thermal generation, linked to lower hydro and coal generation. Consumption in industrial markets also increased (+5%). Source: Terna data restated by Edison Source: Ministry of Economic Development (MSE), Snam Rete Gas data restated by Edison on the basis of 1 Bcm = 10.76TWh ANNUAL RESULTS