71.2 billion Sales billion EBITDA. 4.1 billion Net income (Group share) 14.4 billion Gross operational investments

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2 71.2 billion Sales 16.4 billion EBITDA 4.1 billion Net income (Group share) 14.4 billion Gross operational investments TWh Group electricity generation 88% Group carbon-free generation (1) (1) Direct emissions excluding the life cycle analysis of generating plant and fuel. EDF group is the world s leading electricity company and global leader for low-carbon energy production. Particularly well established in Europe, especially France, the United Kingdom, Italy and Belgium, as well as North and South America, the Group covers all businesses spanning the electricity value chain from generation to distribution and including energy transmission and trading activities to continuously balance supply. A marked increase in the use of renewables is bringing change to its electricity generation operations, which are underpinned by a diversified and complementary energy mix founded on nuclear power capacity. EDF offers products and advice to help residential customers manage their electricity consumption, to support the energy and financial performance of its business customers, and to help local authorities find sustainable solutions. BECAUSE OUR FUTURE IS ELECTRIC AND IT S ALREADY HERE At a glance

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4 4 Chairman s Message A is for advance We often read that EDF is confronting a wall of investments. What is your response? There are two ways of looking at investments: an impenetrable wall or a fabulous opportunity to advance. Of course, we believe in the latter. To remain competitive and ensure we successfully complete our CAP 2030 programme, EDF must invest. The Grand Carénage programme, Linky smart meters, renewable energy and the Hinkley Point C project to quote just these will further entrench our position as an efficient and responsible electricity company championing low-carbon growth. These investments will, in particular, provide access now and in the future to competitively priced electricity. Indeed, ours is among the cheapest in Europe. I is for investments Is EDF in a strong enough position to withstand these investments for the future? If you are to invest, you need to have a good balance between debt and equity. EDF s equity has been boosted by a 4 billion capital injection of which 3 billion was subscribed by the French government, by reducing our operating expenses by 1 billion between 2015 and 2019, and by the rapid progress in our non-strategic asset divestment programme, like the one implemented by French grid operator RTE. Moreover, we are on target with the rollout of our performance plan, and its smooth implementation further underpins our strategy. The Grand Carénage programme, Linky smart meters, renewable energy and the Hinkley Point C project to quote just these will further entrench our position as an efficient and responsible electricity company championing low-carbon growth. O is for outlook What is the outlook for 2017? The company is forging ahead. We are feeling positive, even if 2017 will again be a difficult year. We will need to stay focused and continue our past efforts. Our perseverance will pay off starting in 2018, which will see an upswing. T is for transformation How is the Group s transformation progressing? Our transformation is at the same time cultural, technological, digital and operational. Despite the complexity, tangible progress has been made. We owe this to the engagement of our teams and our increasing openness to the outside world. This transformation is also stimulated by the partnerships formed with new stakeholders. This is crucial for the digital and energy transition of society and the economy. Our role is to make it easy for our customers to adopt consumption and production practices that are more autonomous, more efficient and better for the environment. EDF makes a twofold contribution to these profound changes in the way energy is used: commercially by launching innovative products and services, and industrially with its low-carbon generation mix underpinned by the complementary fit between nuclear and renewable energy. We are exporting this balanced mix to other countries that are committed to lowering their carbon dependency At a glance

5 EXECUTIVE COMMITTEE April 2017 Dominique Minière Vice President, Nuclear and Thermal. Simone Rossi Vice President, International Division. Jean-Bernard Lévy Chairman and Chief Executive Officer. Marianne Laigneau Vice President, Human Resources. 6 Executive Committee Marc Benayoun Group Executive Vice President with responsibility for Gas and Italy, Deputy Director of Edison. Antoine Cahuzac Vice President, Renewable Energies, Chief Executive Officer of EDF Énergies Nouvelles. Vincent de Rivaz Vice President, Chief Executive Officer of EDF Energy. Pierre Todorov Vice President, Group General Secretary At a glance Henri Lafontaine Vice President, Customers, Services and Regional Action. He supervises Dalkia, Citelum. He also heads the Commercial Division. Philippe Torrion Vice President, Innovation, Strategy and Planning. He supervises EDF Trading. Xavier Girre Vice President, Group Finance. Véronique Lacour Vice President in charge of Transformation and Operational Efficiency. Xavier Ursat Vice President, New Nuclear Projects and Engineering. He supervises Sofinel. Alexandre Perra Executive Committee Secretary.

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8 Captured from a drone, the turbines of the Catalan Wind Farm, near Perpignan, France, managed by EDF Energies Nouvelles. Aerial view of the Bolero Park, Chile, equipped with photovoltaic panels. 12 Main events MAIN EVENTS RENEWABLE ENERGY + Catalan Wind Farm. Commissioning of the wind farm with 96 MW installed capacity in southeast France. This wind farm is equipped with stealth turbines, the first solution in the world enabling the coexistence of wind turbines and weather radars. + Chile. Inauguration on 1 December 2016 of the Bolero Solar Park in the Atacama Desert, Chile, the most powerful the Group currently operates. Construction of the Santiago Solar Park launched. + French Guiana. Kickoff for the 100%-renewable energy smart grid using hydropower and biomass to supply electricity to remote villages. TARGETED ACQUISITIONS Dalkia has gained a foothold on the US energy efficiency market by opting for future-focused markets with: + Groom Energy Solutions, a company with expertise in energy services solutions for the mass retail, cold storage, hospitality and food & beverage sectors; and + GroSolar, a company specialising in the sale and installation of solar systems for local authorities and commercial and industry customers. 77 grams of CO 2 /kwh emitted by EDF facilities worldwide in For the first time, EDF is awarded the maximum score of A by CDP Climate Change, providing recognition of EDF s corporate responsibility million customers In 2016, more than 75% of customers signed a new contract with EDF, and customers declared they were either very satisfied (57%) or satisfied (90%) with EDF s services. This level of satisfaction is reflected in the four customer relations awards earned by the Group. BOUCHAIN 3 million Linky smart meters installed by early 2017 by Enedis, EDF s independent management subsidiary. EDF and GE commissioned the first combined cycle natural gas power plant equipped with the 9HA turbine that has a maximum output of 605 MW. The benefits include performance unmatched anywhere in the world (61% output efficiency) and CO 2 emissions 55% lower compared to a conventional thermal power plant At a glance

9 14 Main events MAIN EVENTS At the Electric Days, Futura (Pepper robot)attracted visitors and predicted the energy future in ELECTRIC DAYS On 24 and 25 January 2017, EDF presented over 90 innovations in the form of demonstration trials and live sessions. Held in the Grande Halle de la Villette, in Paris, the event attracted 250 experts and 3,000 representatives of major account clients, startups, local officials, decision-makers and opinion leaders. NUCLEAR + Hinkley Point C. EDF, the British Government and Chinese nuclear group CGN agreed on a way forward for the Hinkley Point C project. Included in the Group s new financial trajectory, this project is based on an electricity price guaranteed for thirtyfive years. + Areva NP. New Areva NP, a future EDF subsidiary, will combine all nuclear reactor design and supply business together with equipment, fuel assemblies and installed base services. NEW PRODUCTS AND SERVICES + Sowee. A connected station and energy service that is revolutionising comfort in the home. It includes a station coupled with an app to control power consumption and comfort, and also allows for the remote control of connected devices. + Mon Soleil et moi. Provided by EDF Energies Nouvelles Réparties, Mon Soleil et moi is a service that lets homeowners consume the electricity they produce with or without a storage battery. + Off Grid Electric, a Californian startup, and EDF have introduced a new off-grid solar power service to bring electricity to consumers in West Africa. Initially introduced in Côte d Ivoire, it comes in the form of a kit with solar panels and a battery. SHAREHOLDERS EQUITY EDF has acquired new financial resources to enable it to implement its energy transition strategy, finance its major projects and improve its financial flexibility. + Capital increase. A 4 billion capital increase in March 2017 with preferential subscription rights for shareholders. The French State took up 3 billion of this capital increase. + Asset sales. In 2016, asset sales totalling 6.7 billion were signed or completed, that is, 67% of the target set for the period. On 14 December 2016, Caisse des dépôts et consignations and CNP Assurances committed to acquiring 49.9% of the share capital in French grid operator Réseau de transport d électricité (RTE) At a glance 384 TWh nuclear generation in France and 65.1 TWh in the United Kingdom, breaking EDF Energy s previous record set in EDF s Electric Days, a two-day event in Paris, took visitors on trip to the heart of innovation. Hinkley Point C worksite in Somerset, United Kingdom.

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