Areva

AREVA
Business & Strategy overview

September 2013
Notice
Forward-looking statements
This document contains forward-looking statements and information.

These statements include financial forecasts and estimates as well as the
assumptions on which they are based, statements related to projects, objectives and
expectations concerning future operations, products and services or future
performance. Although AREVA’s management believes that these forward-looking
statements are reasonable, AREVA’s investors and shareholders are hereby advised
that these forward-looking statements are subject to numerous risks and uncertainties
that are difficult to foresee and generally beyond AREVA’s control, which may mean
that the expected results and developments differ significantly from those expressed,
induced or forecast in the forward-looking statements and information. These risks
include those explained or identified in the public documents filed by AREVA with the
AMF, including those listed in the “Risk Factors” section of the 2012 Reference
Document registered with the AMF on 03/28/2013 (which may be read online on
AREVA’s website www.areva.com.). AREVA makes no commitment to update the
forward-looking statements and information, except as required by applicable laws
and regulations.
AREVA Overview – September 2013 p.2

Contents
► Introduction to AREVA
► Developments at AREVA
► “Action 2016” strategic plan
► Nuclear: a critical path to the solution
► Performances and objectives by BG
► AREVA financials
► Appendices

Energy market fundamentals support
development of nuclear and renewables
Macroeconomics Energy demand: x2 by 2050
WEO 2012
Energy independence and 2010 – 2035
Geopolitics
security of supply imperative New Policies Scenario
Increasing difficulties in
Demand in +1.9%
Resources extracting resources leading to nuclear energy* / year
higher prices
Demand in
GHG emissions reduction goal of +2.5%**
Environment renewable
50% by 2050 energies* / year
* Billions of toe
** Including hydraulic energy
Need of mastered, stable and
Economics
predictable energy costs
AREVA Overview – September 2013 p.4 Introduction to AREVA

2010 - 2035 change
in the energy mix forecast
Demand for primary energy
in Gtoe per year
Compound annual growth rate
Coal +0.8%
2.7 3.1 4.2
1.7
Oil +0.5%
2010 0.7 1.1 2035
4.1 12.7 17.2
Natural gas +1.6%
3.5
4.1 4.7 Nuclear +1.9%
Renewables +2.4%
Gtoe: Gigaton of oil equivalent

Source: AIE World Energy Outlook 2012

Advantages of nuclear power
and renewable energies in the electricity mix
Resources Environment Economics Flexibility Availability

Reserves Greenhouse gas Electricity production costs
emissions (g CO2 / kWh) (€/MWh)
Nuclear ≃ 100 years  Very low  ~ €60  

Renewables unlimited  Very low 
Wide cost range
Expected to decrease  intermittency
Coal ≃ 130 years  ≃ 800  > €70  

Natural Gas ≃ 60 years  ≃ 400  €70-75  
Source : AREVA analysis
AREVA Overview - September 2013 p.6 Introduction to AREVA

Forecasts converge toward a significant increase in
installed nuclear capacity by 2030
Forecasts by international organizations
World installed nuclear capacity in 2030

(Net output, GWe)
WNA – high scenario (2011) 790
IAEA – high scenario (2011) 745
WEO – 450 ppm scenario (2012) 699
WNA – reference scenario (2011) 614
AREVA (2011) 583
WEO - Reference scenario (2012) 551
IAEA – low scenario (2011) 500
Installed nuclear capacity, 2011: 368 GW
1. AREVA estimate based on Kepco’s announcement of its commercial target (80 reactors by 2030, i.e. 20% of the market).
Source: AREVA Strategic Action Plan, 2011; annual reports

Nuclear scenario:
differed but confirmed growth
AREVA 2011 scenario Change in global installed base

(GWe) (GWe)
Reassessed at end-June 2011
o.w
47GWe in Japan
20GWe in Germany
AREVA’s business model allows it to capture market opportunities

in all segments

Major energy policy developments
announced since Fukushima
Electricity Market Reform Country's nuclear policy confirmed by the French
(EMR) to support the Nuclear Policy Council
production of low-carbon ASN report on Supplementary Safety
power Assessments (SSA) and nuclear operator
Certification of the EPR proposals submitted to the ASN after the SSA
reactor: only Gen III+ Cour des Comptes (audit commission) report on
reactor certified in the UK costs in the nuclear industry
Construction permit Result of call for tenders in offshore wind
issued to EDF Energy for Energy transition debate ongoing
2 EPRTM reactors at the
Hinkley Point C site
Nuclear power
plant lifecycle Green light for the start of
extension Election of the liberal
new reactor projects, with
projects party, supportive of
priority given to Gen III
nuclear energy
Connection to the grid of
New nuclear safety
new Hongyanhe 1 reactor
authority implemented
Application of 4
Japanese utilities to
restart 12 reactors
2012 WEO report: strong and stable outlook for the group's business segments

Update on France:
nuclear remains strategic
New French government’s objective is to reduce France’s

dependence on nuclear power to 50% by 2025 from the current 75%
S&P : “In our view, this objective will be tough to implement and
subject to political shifts”
Decisions taken regarding the French nuclear fleet:

The oldest French Nuclear Power Plant, Fessenheim, is the only
one to be shut off during the 5-years mandate of the government
Flamanville 3 will be completed
Strong support from the French government to nuclear industry

“Nuclear is an industry for the future” A. Montebourg, French
Economic Regeneration Minister
“Nuclear is an industry that has a future […] and on which we will
continue to rely sustainably” D. Batho, former Minister of Ecology
National Energy Debate: draft law proposal during fall 2013

Renewable Energies market:
accelerated growth expected
Estimated average annual market size in volume
Sources: IEA World Energy Outlook for CSP and Bioenergy, AREVA forecasts for Offshore Wind (WEO does not distinguish onshore/offshore)
Offshore wind market (Europe) Solar CSP market (World) Bioenergy market (World)
(MW) (MW) (MW)
7,317
Other Asia / Oceania Other Asia / Oceania
India Middle-East / Africa
China India
Europe Latin America
5,160
North America
4,700 Europe
Middle-East and Africa
Other Europe North America
France
2,340
Germany
1,561 China
1,010
UK
2011-2015 2016-2020 2011-2015 2016-2020 2011-2015 2016-2020
AREVA’s positioning on renewable market: selected growing activities

AREVA is a global leader in solutions
for power generation with less carbon
> 80% of group revenues come from recurring activities

AREVA in figures
€45.4bn Geographic distribution of 2012 revenue
backlog at 12/31/2012
€9.342bn Europe
in revenue in 2012
61%
61%
Incl. France 36%
46,513 employees O/wGermany

Incl. France 35%
9%
O/w Germany 11%
in 25 countries 20%
18%
North & South
America 19%
17% 2%
2% Incl. Japan 5%
O/w Japan 8%
900 experts Africa &

Middle East
Asia – Pacific
8,000 patents
5% of sales
devoted to R&D

AREVA benefits from well established
leading positions across the nuclear power chain
Market share in key markets by BG
Reactors &
Mining Front End Back End
Services
Company [Mkt. Shr] Company [Prod. Capacity / Mkt. Shr] Company Company [Mkt. Shr]
t t g
on en en lin
rsi m t m yc
ve h el ea ec
on n ric Fu Tr R
C E
[16%]¹
[20,000 [26MSWUs
Mt] [37%] [100%]
]
[16%]
[14,000 [16MSWUs [32%]
[14%] Mt] ]
[12,500 [4MSWUs] [13%]

Mt]
AREVA is one of the
leaders on each market
[3MSWUs]2 segment
AREVA provides products and services to 360 reactors worldwide out of 4403
1. Production available : share of uranium production marketed / distributed (AREVA estimates from companies reports and WNA)
2. Enrichment capacity is low for AREVA in 2012 because of GBI -> GBII transition Figures as presented in AREVA’s
3. As at December 31, 2012 2012 Reference Document

AREVA relies on
a unique integrated business model…
Presence across
the full nuclear
Mining /
value chain
Natural Uranium
Unrivalled skill
Conversion/ base know-how
Chemistry
and ability to
Front-End
Enrichment offer a wide

range of services
Natural
Uranium fuel
to its customers
(one stop
Reactors and
Services
shopping)
Current attempt
Back-End
Treatment
from competitors
to replicate
Recycling
AREVA’s
Presence Recent move business model
AREVA’s Business Model allows it to capture market opportunities

in all segments and to benefit from a diversified operating profile

…relying on solid foundations:
recurring operations
Recurring operations: Presence of AREVA in nuclear reactors’ lifecycle
85% of group’s revenue (% of AREVA 2012 revenue)
Renewable energies
Nuclear new builds
Recurring operations Reactor life
10 Construction Operations Decommissioning
extension
9
Reactors
8 and 8% Mining 15% Back End 3%
Services
7
6 Front End 22%
5 Reactors
and 29%
4 Services
3
Back End 14%
2
0
2005 2006 2007 2008 2009 2010 2011 2012

Backlog: 5 years of revenue in backlog
Backlog at June 30, 2013
Number of years of 2012 Coverage of 2013 sales

In value
sales revenue in backlog revenue forecast (rounded)
Mining €11.4bn 8 c. 90%
Front End €17.8bn 9 c. 80%
Reactors
€7.8bn 2 c. 75%
& Services
Back End €5.7bn 3 c. 80%
Renewable
€0.7bn 1 c. 75%
Energies

95% of all nuclear utilities are
AREVA customers
AREVA references: Europe, CIS and Africa
98 reactors built 188 reactors in operation
4 reactors under construction ~140 reactors
served by AREVA
114 for services
135 for fuel
North and
South Americas Asia
119 reactors in operation
130 reactors in
operation ~90 reactors
served by AREVA
~130 reactors
17 for services
served by AREVA
90 for fuel
126 for services
100 for fuel
AREVA provides products and services to 360 reactors worldwide*

* As at December 31, 2012

An engineering force
without equivalent
Map of engineering and project resources
Finland
Germany
France 6,500 professionals

Slovakia 740 experts
2,500+ projects in hand
United
States
Partnerships with the
China
world’s leading research
laboratories

Contents
► Appendices

Safety: the linchpin
of AREVA's development
Safety of our customers Safety of our operations Safety of our products
Providing support to
utilities: Maintaining the highest
demonstrating and level of safety throughout
strengthening the the lifecycle of its nuclear A portofolio of Gen III+
safety of their facilities facilities reactors with the highest
standards of safety
AREVA Overview – September 2013 p.21 Developments at AREVA

Progress towards the financial
targets of Action 2016
Backlog: nearly 5 years of revenue Very strong sales revenue growth
(in €bn)
bn) (in €m)
+13.0%*
LFL
45.6 45.2 45.4 43.5
4 762
4 329
H1 2012 H1 2013
Dec. 2011 June 2012 Dec. 2012 June 2013
Marked increase in restated EBITDA** Very significant improvement in

(in €m) 725 restated free OCF**
+€48m
(in €m)
H1 2012 H1 2013
including €300m
from OL3 473
insurance indemnity 425
-313
H1 2012 H1 2013 +€278m

-591
* +10.0% in reported data

** Restated for asset disposals in 2012

A half-year period marked by
concerning the installed development in the nuclear market
February: connection to the grid of new Hongyanhe 1 reactor in China

March: construction permit issued to EDF Energy for 2 EPRTM
base worldwide
Developments
reactors at the Hinkley Point C site in the UK

May: authorization by the Belgian regulator for the restart of the Doel 3
and Tihange 2 reactors in Belgium
February/June: operations suspended at 4 reactors in the United States
July: application of 4 Japanese utilities to restart 12 reactors
fuel cycle market
May: announcement by USEC of the shut down of the Paducah gaseous

concerning the
Developments
diffusion enrichment plant in the United States

June: Franco-Japanese statement on cooperation to prepare for the
restart of the Rokkasho-Mura recycling plant in Japan
June: announcement by E.ON, RWE and the British and Dutch
governments of their intention of selling their shares of Urenco

Safety Security Transparency
Commercial
Selectivity
priority given Debt
in capital
to value management
Safety Alliance:
spending
creation
Improving our performance
a continuing success
Commercial achievements in H1 2013
Japan: Hitachi-GE Nuclear Energy, Ltd. and AREVA sign an agreement to
improve nuclear plant safety by suppying filtered containment venting systems
(FCVS)
United States: AREVA and PEICO form an alliance to operate regional
emergency response centers
China: AREVA signs a contract with China Nuclear Power Engineering Co., Ltd
and Jiangsu Nuclear Power Corporation (JNPC) to supply backup diesel
generators for units 3 and 4 of the Tianwan power plant
Czech Republic: AREVA is awarded a contract to supply hydrogen recombiners
to the four reactors of the Dukovany nuclear power plant
More than 100 projects in 19 countries for around 50 power companies,

representing €290 million in orders since the start of the program
(vs. more than €170m at year-end 2012)

Commercial
Selectivity
priority given Debt
in capital
to value management
spending
creation
Forward Alliance:
the launch of a new program
Helping utilities extend the operation of
their reactors
Providing personalized assistance to our customers to ensure the long-term

operating safety of their nuclear fleets in accordance with international regulations
Three priorities:
Support provided during the license renewal process recommended by the
IAEA
Assistance for safety reviews of major components
Products and solutions meeting project requirements
Offering integrated solutions based on AREVA's "aging management" activities
Forward Alliance catalog: more than 25 products, services and solutions for
extended operations

Contents
► “Action 2016” strategic plan follow-up
► AREVA latest financial results
► Appendices

Commercial
Selectivity
priority given Debt
in
to value management
capital spending
creation
• Installed Base: • €7.7bn over the 2012- • Disposal plan

profitability doubled by 2016 period > €1.2bn over the 2012-
2016 i.e. -34% vs. 2007-2011 2013 period
• New Builds:
becoming the • Several projects • Fully self-financed
technology leader suspended Capex on a cumulative
basis 2012-2016

-€1bn in annual operating costs and -€500m change in WCR by 2015
Concrete progress along all strategic lines
AREVA Overview – September 2013 p.27 « Action 2016 » strategic plan

Commercial Selective
priority given capital Debt
to value expenditure management
creation

Commercial
Selectivity
priority given Debt
in capital
to value management
spending
creation

Good visibility
for the Installed Base business
Main contracts signed in the 1st half of 2013:
Fuel Cycle
Installed
Base
services

Commercial
Selectivity
priority given Debt
in capital
to value management
spending
creation
Major advances in China

April 25, 2013: signature of strategic agreements with
Chinese partners
Back End: signature of a letter of

intent between AREVA and CNNC
for the supply of a used fuel
treatment-recycling facility
R&S: industrial and operational

cooperation agreement between
CGNPC, EDF and AREVA
concerning Taishan in particular

Commercial
Selectivity
priority given Debt
in capital
to value management
spending
creation
Major advances in Japan

June 7, 2013: signature of strategic agreements
with Japanese partners
JNFL: joint statement of cooperation

to prepare for the commercial restart
of the Rokkasho-Mura used fuel
recycling plant in Japan
ATOX: cooperation agreement for
the creation of a joint venture
dedicated to the joint development of
innovative solutions focused initially
on rehabilitation of the Fukushima
site

Commercial
Selectivity
priority given Debt
in capital
to value management
Gen III+ reactors:

spending
creation
unequaled cumulative experience

Major construction progress during the half-year period...
Olkiluoto 3 Flamanville 3 Taishan 1&2
85% complete at June 30, 2013
(AREVA scope of work) 51% complete at June 30, 2013
(AREVA scope of work)
86%
complete at June 30, 2013
(AREVA scope of work –
design and engineering)
- Achievement of more than 50%

of hydraulic testing of piping
- Installation of control rod
mechanisms - Unit 1: heavy components installed
- Continuation of transfers from - Unit 2: delivery of heavy
the construction phase to the July 2013: dome installation components under way
testing phase
© Copyright EDF © Copyright TNPJVC
… and in the new builds market

May: start of exclusive negotiations with Turkey for the construction of
4 ATMEA1 reactors
* Percentage of completion including last amendment, although not yet in backlog

creation

Commercial
Selectivity
priority given Debt
in capital
to value management
spending
creation
Selectivity in capital spending

Adapting our investment program to new market conditions
-34%
Acquisition
~€1.6bn of AREVA
NP shares
~€10.0bn ~€5.7bn
Gross operating ~€7.7bn
Capex
~€2.0bn
Cumulative Safety Priority strategic Cumulative
2007-2011 Maintenance investments 2012-2016
Cigar Lake Imouraren Comurhex II Georges Besse II ATMEA Renewables

Commercial
Selectivity
priority given Debt
in capital
to value management
spending
creation

Capital spending trend
2012-2016
Gross operating Capex (€bn)
Average per year
c €2.0bn Capex fully funded from

c. €1.9bn
-5% operations:
overall on the Action 2016
c. €1.3bn period (2012-2016)
-32%
each year as from 2013
onwards
Significant decrease of the

annual value of capital
spending in 2014 with the
2007-2011* 2012-2013 2014-2016 completion of the Georges
Besse II plant
Safety, security,
Georges Besse II
maintenance
Other
* excluding the acquisition of AREVA NP shares

Commercial
Selectivity
priority given Debt
in capital
to value management
spending
creation
Group’s strategic Capex

Achievements
Georges Besse II Comurhex II

3.7mSWU at end June 2013
(>1/2 of total capacity) 60% of the renovation phase
completed
Cigar Lake
Production expected
end Q1 2014
Operating license
obtained on June 17, Imouraren
2013 Launch of mining operations and
overburden removal in the first pit
First ore to be mined in 2015
Nearly 60% of total Capex focused on 4 sites

Commercial
Selectivity
priority given Debt
in capital
to value management
spending
creation

Good progress on
our key capital projects
Mining Front End
Georges
Cigar Lake Imouraren Comurhex II
Besse II
 Operating license  Start of mining  North Unit startup on  At Malvési, start of

received June 17, 2013 operations and March 29, 2013 transfer to the operator
initial stripping of the of the CXII operating
 Start of production  More than 50% of
first pit system on July 20, 2013
scheduled for end of nominal capacity
2013  First ore extraction already in production
scheduled for 2015

creation

Commercial
Selectivity
priority given Debt
in capital
to value management
spending
creation
Financial structure objectives
2012-2016:
Fully self-finance
cumulative
Capex* 2012-2013: Maintain a solid
Limited use financial
of external structure
financing
Maintain an
appropriate
level of short-
term liquidity
*vs 33% over 2007-2011 period

Asset disposal program ahead of schedule
December 14, 2011: 01dB-Metravib
January 30, 2012: Sofradir

June 2013: decision
May 16, 2012: ERAMET by Astorg Partners not
to finalize the
acquisition of
> €1.2bn June 1, 2012: AREVA Lesedi
Canberra, citing a lack
of adequate financing.
June 11, 2012: Millennium For the near future,
Canberra remains fully
August 28, 2012: La Mancha integrated in the
AREVA group
August 2013: TechnoPlus Industries
2012-2013 objective for disposals has been exceeded

Further strengthening of financial structure
Schedule of main financial obligations Increase in shareholders’ equity through
(€m at September 30, 2013) December 2010 €900m capital increase
1,400 Bonds Strengthening of liquidity and lengthening
EIB*
1,200 of debt maturity profile
1,000
March 8, 2012: €400m bond issue
800
(maturity: October 5, 2017)
600
March 21, 2012: €200m private placement
400
maturing in 10 years
200
0 August 2013: completion of a €500-million bond issue
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 (7-year maturity)
Unused short-term financing facilities September 2013: completion of a private placement

of a 5-year, JPY 8-billion bond issue (~ €60M)
(€m at September 30, 2013)
Syndicated facility (€1,250m) extended
1,400
to 2018
1,200 Bilateral lines of credit
1,000 Syndicated lines of credit No major debt refinancing required
800 before 2016
600
400
No debt subject to financial covenant
200 Average debt maturity > 6 years
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Opportunistic approach to debt management
€1.0bn
* BEI/EIB: European Investment Bank
Net cash available**at June 30, 2013 ** Cash, cash equivalents and other current financial assets
minus current borrowings

Commercial
Selectivity
priority given Debt
in capital
to value management
spending
creation
S&P assessments and

key messages
On September 24, 2013, S&P reaffirmed AREVA’s rating
at BBB- / A-3 with “stable” outlook
“Management’s efforts to stem debt increases through disposals, capital expenditure
control, and other measures.”
“Tight control of capital expenditure, and the company’s commitment to reaching and
sustaining positive free operating cash flows (FOCF) from 2015”
“The stable outlook reflects our forecast that AREVA will generate at least €1.1 billion
EBITDA, in line with management's guidance, and limit debt increases.”
“Improving trends for EBITDA and FOCF in 2014”
“AREVA’s sources of liquidity will cover its liquidity needs for the next 12 months by
more than 1.5x.”
“Three-notch uplift for likely extraordinary state support”

“This reflects our opinion that there is a "high" likelihood that the French government
would provide timely and sufficient extraordinary support to AREVA in the event of
financial distress”

Rating outlook
Extracts from S&P’s latest report on AREVA
We could raise the rating, if…
“
• AREVA’s profitability improved sustainably, such that the EBITDA margin
surpassed 13% and the return on capital was at least a mid-single-digit figure
•An upgrade would also hinge on AREVA achieving and sustaining positive
free cash flow and improving its adjusted FFO-to-debt ratio to 15%-20%
We might lower the rating, if…

• AREVA’s EBITDA did not surpass €1.1 billion in 2013 or, in our view, would
“
not increase sustainably in 2014
• Ratings downside could also materialize if debt increases in the second half
of 2013
• If we believed the likelihood of state support for AREVA had reduced,
although currently not envisaged, we would also lower our long-term rating
on AREVA

creation

Commercial
Selectivity
priority given Debt
The 5 pillars for

in capital
to value management
spending
creation
performance improvement
1 2 3 4 5
Safety Operations Economic Technology

People
Security & Customers competitiveness & Innovation
Nuclear & Using advanced

Doing it right Skilled teams
occupational safety Generating cash technologies
the first time dedicated
are our absolute to ensure our future to create value
and on schedule to success
priorities for our customers

1 Aiming for excellence in nuclear
Nuclear and
occupational
safety
and occupational safety at our sites
Nuclear safety Occupational safety
1st Half 2013 Number of lost time injuries (AREVA
scope)
0 INES level 2 incidents in H1 2012
530
(0 in H1 2012) 478
393 392
9 INES level 1 incidents in H1 2013 271
(6 in H1 2012) 166
116 149
66
73 INES level 0 incidents in H1 2013
(88 in H1 2012) 2005 2006 2007 2008 2009 2010 2011 2012 H1
2013
June 2013: "Safety Month" in more than 120 AREVA sites worldwide

Commercial
Selectivity
priority given Debt
in capital
to value management
spending
creation

Examples of performance
in industrial safety
Tangible examples of excellence
Lynchburg, Dessel: more than 5 years without a

lost time injury
Lingen, Karlstein, Bioenergies in Brazil: more than

3 years without a lost time injury
Duisburg, Mécachimie: more than 2 years without

a lost time injury
Jeumont, Mécagest and Creusot Mécanique: no

lost time injury in 2012

2 Meeting our customers' requirements (1/2)
Operations
&
Customers
Production: 4,490 MTU produced in H1 2013 vs. 4,563 MTU in H1 2012*

Mining Canada: authorization to process ore from the Cigar Lake deposit and
increase in production capacity of the McClean Lake mill from 3,600 MTU
per year to 5,900 MTU per year
Front Production: 20 cascades installed at the Georges Besse II plant in

H1 2013, raising installed capacity to 57%
End
Belgium: contribution of AREVA's R&S and E&P teams to restart the Doel 3
and Tihange 2 reactors
R&S
United States: delivery of two steam generators to the Prairie Island NPP
Japan: resumption of MOX fuel shipments from France to Japan

Back
End La Hague: completion of the new glass storage capacity extension
•share as per financial consolidation

(accessible share of production: 4,277 MTU produced in H1 2013 compared with 4,570 MTU in H1 2012)
2 Meeting our customers' requirements
(2/2)
Operations
&
Customers
Offshore Wind:
Production: 17 turbines produced at the Bremerhaven plant in H1 2013
(vs. 17 in H1 2012)
Analysis and possible replacement of turbine components before their offshore
installation after a supplier reported possible quality defects
France: AREVA selected by the GDF Suez - EDP Renewables consortium as
exclusive turbine supplier for a total of 1,000 MWe of installed capacity at the
Tréport project (Haute Normandie – France) and the Ile d’Yeu and Noirmoutier
(Pays de La Loire – France) projects
RE United Kingdom: pre-selection of AREVA for 2 major projects

Solar:
Reliance project (India): startup of receptor manufacturing line in January
2013 for the solar power plant under construction
Saudi Arabia: signature of a strategic partnership with PCMC
Bioenergies: 2 biomass power plant contracts in Thailand and in France, plus a
contract to expand a biomass power plant in Brazil
Energy storage: completion of tests for the 2nd phase of the Myrte program
in Corsica (France)

85%
Percentage of completion at
06/30/2013 (AREVA scope)
Olkiluoto 3
Primary cooling system and components

- Installation of reactor vessel internals
- Installation of mechanisms in the vessel head
Instrumentation and control system
- Detailed architecture submitted for final approval
- Electrical power supply system in service for one
division; the other three are scheduled for
completion in the 1st half of 2013
Preparations for commissioning
- Mechanical testing for fuel handling and
technological waste packaging systems in progress
- Operating and maintenance procedure
documentation in process
Relations with TVO
AREVA Overview – September 2013 p.50 - Call for more active cooperation from TVO
51%*
Percentage of completion at
06/30/2013 (AREVA scope)
Flamanville 3
Engineering work in progress to prepare the Commissioning documentation and integrate changes
required for startup
Steam generators, pressurizer and reactor coolant pump casings tested and in storage
Ongoing assembly and installation of the nuclear island's electro-mechanical components
Installation of the first control cabinets of the SPPA-T200 operational I&C system
Installation of the first primary cooling system components: reactor vessel annular support, pump
support frames and steam generators
Civil engineering: 93% complete (not part of AREVA's scope of work)
AREVA* Overview – September
Percentage 2013
of completion p.51 not yet in backlog
including last amendment, although
86%
Percentage of completion at 06/30/2013
Taishan
1&2
(AREVA scope – design and engineering work)
Copyright TNPJVC
Procurement: 93% of orders placed / Engineering: 84% complete

Submittal of the Final Safety Analysis Report (FSAR)
Main components
Taishan 1 Taishan 2
Main control room installed Polar crane installed and testing initiated
Polar crane in service Dome installed
Reactor vessel installed Main control room hoisted and brought into place
Pressurizer/4 steam generators brought into place
Completion of welding of reactor coolant system
3 55% of our objectice achieved,
Economic
Competitiveness
85% secured
Objective: - €1bn in annual operating costs by 2015
Additional actions over and

€1bn above the initial objective
Objective
Achieved(1)
Secured(2) 30% of the 2015 objective
Identified(3) ~€300m secured through actions
implemented at the end of
June 2013
(1) Contribution to savings achieved ~€550m ~€550m
from actions implemented by
end 2012 (based on annual
costs)
~€450m 55% of the 2015 objective
(2) Contribution to savings secured achieved through actions
from actions implemented by
end 2012 (based on annual implemented at the end of June
costs) 2013
(3) Contribution to savings from
actions identified at end 2012
(based on annual costs)
2015 End 2012 End By

objective June 2013 2015

33 Increasing our
Economic
Competitiveness
economic competitiveness
Cost reduction examples in the BGs and the support functions
Cominak/Somair: reduction of the cost of reagents
Mining Katco: optimization in acid consumption
Front Lingen: organizational simplification and reengineering

Tricastin: improvement of high-voltage power lines to reduce power interruptions
End
Equipment: transfer of the management team to the production sites
in Burgundy
R&S Installed Base: standardization of studies and improved mobilization and
demobilization of workers in steam generator replacement projects
Back BG: pooling of information systems

D&D: decontamination of Pu glove boxes at the Melox site to reduce
End disposal costs
Solar: closing of the receptor tube plating factory in Las Vegas and
RE restructuring of the business
Reduction in the number of legal entities: 276 at the end of June 2013
vs. 295 at the end of June 2012
Group Cost of support functions reduced by about €40 million in H1 2013
(vs H1 2012): 12.4% of revenue vs. 13.2% at December 31, 2012
and 14.8% at June 30, 2012
4 Strategic development revolving
Technology
& Innovation around innovation
Completion of construction of the ARCoLab laboratory for

AREVA Med and Roche (France)
Two patent applications filed for the development of new high-
selectivity molecules to extract uranium in phosphoric
environments
Agreement between EDF/AREVA and the Bahrah National
Institute of Technology (NIT) to develop advanced nuclear
expertise in Saudi Arabia
NRC certification of the ARCADIA core simulation code
(reactor core simulation software)
Robots provided to map Fukushima contamination in Japan
Prototype manufactured for the new M5000-135 wind turbine
Launch of Innov'Action to coordinate innovation initiatives in
the group

5
People Human Resources
Workforce at year-end
H1 2012 H1 2013*
Mining 5,496 4,597
Front End 8,738 8,629
Reactors 15,956 15,723

& Services
Back End 11,058 11,605
Renewable 1,403 1,440

Energies
Corporate 4,556 4,451
TOTAL 47,206 46,445

* At constant consolidation scope
5
People Developing the group's talents
Developing 933,000 hours of training

expertise (34 hours per employee per year in France)
Facilitating the
1,600 people in work/study programs
transfer of
(5% of the workforce in France)
knowledge
Hiring operating More than 330 people hired with

staff open-ended contracts in France
Fostering
Objective of 80% of positions filled through internal
professional and
mobility during the year
geographic mobility
Promoting diversity Employment rate of people with disabilities: 4.57%
Listening to Voice of Employees in 2013:

employees 48% participation,
up compared with 2012

5 Major success of the employee stock
People purchase plan
Terms
86% of the workforce eligible: France, Germany, United
States
Subscription price: €11.77 per share
Outcome
14,600 employees subscribed, i.e.36% of the eligible
workforce (39% in France)
84% of the reserved shares were subscribed
Average subscription amount: €2,200
Share of capital held by employees: about 1.2%
Cash raised: 45 million euros
Strong show of support for the group

business plan
Contents
► Appendices

Key competing dimensions for electricity
generation
Stakeholders
Governments Utilities Consumers
Low cost of electricity & robust profitability

Economic
Electricity cost certainty
Security of supply
Reliable
Safety & performance
Low environmental impact

Sustainable
Recyclable
AREVA Overview – September 2013 p.60 Nuclear: a critical part of the solution
AREVA’s new nuclear offering is competitive
vs. other electricity production technologies
Baseload operations total power generation cost in Europe1
(€/MWh)
MWh)
€ / MWh
120
100
80-90
80
70-75 70-75
60 ~60
40
20
0
EPRTM target CCGT Coal Onshore wind
(intermittent)
1. LCOE includes production costs on the whole life cycle of an production asset (construction, operation, maintenance, fuel, dismantling) ; it is the minimum power price
beyond which a project is profitable
Nuclear, unlike coal/gas technologies,
has limited dependency on fuel and carbon prices
Typical breakdown of production costs

Western Europe – baseload operations
Methodology
%
► The production cost (also
100
called Levelised Cost Of
Electricity) includes all the
expenses related to the power
plant from its construction to the 80
operation and final
decommissioning.
It is the minimum electricity price
beyond which a project is
60
profitable
► The production cost is a common 40

standard in the power industry.
It is a relevant indicator to
compare the cost of electricity Carbon
and attractiveness between 20 Fuel
different technologies with Capital &
different lifetimes and cost
Operations
structures 0
EPRTM Coal Gas Onshore
Target CCGT Wind
Source: AREVA analysis Carbon value 25€/tCO2
Low carbon technologies are
significantly more sensitive to financing conditions
Nuclear CCGT Coal Onshore wind
Discount rate
EPC price
Construction
duration
Load factor
Input price / O&M
CO2 price
Little sensitive Very sensitive
The cost of nuclear power is
structurally stable and predictable
Impact of doubling fuel and carbon prices on production costs
Base 1001
200
175
150
+83%
125 +64%
100
75
50
25
0
Nuclear Coal Gas-CCGT Onshore Wind
CO2 price x2 Fuel price x2 Base case

1. Respective cost of each technology. Base case assumptions on commodity prices: gas 11 $/MMBtu, coal 110$/t, uranium 8€/MWh, carbon 25€/t.
NB: commissioning in Western Europe – baseload operations Source: AREVA analysis
Nuclear cost stability contributes
to electricity prices stabilization
Evolution of industrial electricity prices1 in France and Italy

Correlation with oil prices
€2010/MWh $2010/bbl
220 100 Electricity mix
200 Renewables
180 75
Fossil
160
Italy
140 50
Renewables Fossil
120
100 25
80 Nuclear
France
0 0
1995 2000 2005
Electricity - France Electricity - Italy Oil
1. Including taxes
Source: AREVA analysis, Enerdata
Thanks to its low variable costs,
nuclear power is always dispatched
Power price formation – merit order

Illustrative figure in a context of
liberalized electricity market
Variable costs ►Price formation: in standard conditions, the
(€/MWh) Min. Demand Max. wholesale electricity price is set at the
variable costs of the marginal plant
►Nuclear plant output: thanks to its low
variable costs, nuclear operates at its
maximum availability
Capacity demand
(marginal plant)
Market
price
Nuclear Power market mechanisms lead to high and
gross robust revenues for nuclear power plants
margin
Nuclear Coal Gas-CCGT Peak
Available capacity
Source: AREVA analysis
Primary uranium resources are
well distributed and sufficient for Gen 3
Uranium resources are sufficient for Gen III Uranium resources are well distributed
Conventional fissile resources based on today’s Share of resources

consumption (%)
(years1)
750 100%
Asia & Oceania

80%
X 50
500 Conventional fissile resources
represent more than 250 60% Africa
years of today’s world demand
Middle-East
40%
Eurasia
250
170 Europe
20%
Central & South America
102 North America
0 0%
Identified resources Undiscovered Gen IV potential Oil Coal Gas Uranium
resources
1. Resources valuation based on 2009 world uranium consumption

Source: IEANA-NEA “Redbook” 2009, US-DOE EIA
Nuclear power allows for a 20% reduction of
worldwide power sector emissions
Worldwide greenhouse gas emissions from electricity generation

gCO2eq/kWh
1,250
1,000
750
Ø 583
500
Avoided
emissions
250
Share of electricity production

0
(%)
0% 20% 40% 60% 80% 100%
Hydro Nuclear Renew. Gas Oil Coal
+ 1,600 Mt of CO2 avoided each year by nuclear power,

equivalent to US road transportation system emissions
Source: AREVA analysis, World Energy Outlook 2010, International Transport Forum
Contents
► Appendices

AREVA Business Groups
Reactors Renewable
Mining Front-End Back-End
& Services Energies
• Mining: Uranium • Conversion and • Design and • Recycling of the • Development of

mines exploration enrichment of the construction of used fuel and wind energy,
and operation uranium nuclear reactors provider of clean- bioenergy, solar
activities • Design of the fuel • Maintenance and up and dismantling power and
for the nuclear modernization of services hydrogen power
reactors the nuclear power solutions
plants
AREVA Overview – September 2013 p.70 Performance and objectives by BG

Mining Business Group
Mining
Strategic Objectives
Achieve the best

profitability level
Focus capital spending on

most profitable assets
• Uranium mines exploration

Maintain resources and
• Projects & techniques
reserves for 20 years of
• Operations production
• Sites rehabilitation

Mining
2
% of consolidated
2012 revenue 2012 EBITDA margin
revenue nd
€1.360bn 15% 31% in uranium production
worldwide
A diversified mining portfolio mitigating both AREVA is among the lowest-cost uranium
country and technological risks producers
Kazakhstan 2012 cost of goods sold (produced uranium only)1

3,661 (AREVA = base 100)
Canada 200
2,271 Mongolia 182
Jordan
Niger
3,528 150
Central African 123
Gabon Republic 107
Namibia 100
251 100
Australia
2012 available production (tU)
50
Production, projects & exploration area
Projects & exploration area
9,762 tU consolidated 0
2012 production:
9,714 tU available share AREVA Cameco Paladin Uranium One3
1. Incl. production costs, royalties and transportation costs ; excl. external purchase (e.g. HEU, spot purchase)
Source: AREVA analysis based on publicly available data (annual reports)

AREVA invests to maintain its
leadership in Mining
A leading player in Mining
► Explores, extracts and processes uranium ore, from
which nuclear fuel is made. The BG then reclaims
mining sites once production is finished
► More than 200,000 MTU delivered to date
► A diversified mining platform (geographic
distribution, technologies, development stage)
► A dynamic exploration policy
Key financials
In millions of euros 2011 2012 H1 2012 H1 2013 Var H1 12/13
ORDER BOOK 10,230 12,036 10,472 11,377 +8.6%
SALES REVENUES 1,289 1,360 646 813 +25.9%
EBITDA 450 643 315 315 +€0m
% Sales 34.9% 47.3% 48.8% 38.7% -10.0pts

OPERATING INCOME (1,167)* 352 97 253 +€156m
% Sales (90.5)% 25.9% 15.0% 31.1% +16.1pts
OP. FCF BEFORE TAX (178) 463 150 233 +€83m
*Includes impairments on UraMin assets

Despite Fukushima
an increasing uranium demand
Uranium reactors requirements (ktU) Secondary resources (ktU) Net demand (ktU)
CAGR*
Total +3% Drop of 33% of the Increase of ~45%

100 20 100
secondary of the net demand
Other resources before strategic
+2% 90
regions (mainly linked to the stockpiling
80 end of HEU program) 80
15 73
-1%
Europe 70
61
60 60
51
North 10
America +1% 50
40 Russian HEU
40
30
5 US govt sales
20 Asia 20
+9% Mox,
Rep U,
tails 10
*Compound annual
0 growth rate 0 0
2012 2016 2020 2012 2016 2020 2012 2016 2020
Source: AREVA Source: WNA 2009
Asia: main growth engine for demand

AREVA, the world's number 2
producer of uranium in 2010, 2011 and 2012
Production in tons of U
9 791
10 000
9 714 1
9 000
Cameco 8 491
8 000 8 244
Rio Tinto
7 000
6 000 AREVA
5 480
5 000
Kazatomprom
4 000
ARMZ
3 000
2 000
1 000
Uranium
One
0
2006 2007 2008 2009 2010 2011 2012
1. Marketed share of production, financially consolidated: 9 762 tU

AREVA is a diversified and integrated uranium player
Three major types of players in the uranium production industry
Expected share
Share of 2012 of 2016 Nuclear Production assets
production11 production11 integration location
16% 19% Kazakhstan Top 5 uranium

producers account for
Canada, ~70% of total production
16% 17% Kazakhstan,
Niger Uranium miners are split
1 Kazakhstan,
into three main
14%2 16%2 USA, Australia, exclusive categories:
Russia2
11. Nuclear specialists,
Canada, USA, more or less
14% 19% Kazakhstan integrated
22. Mining giants for
Australia,
9% 7% whom uranium is a
Namibia
small part of the
2
business
33.
7% 5% Australia
Junior mining
company
Malawi,
3 5% 5% Namibia
1. Available production
2. Incl. Uranium One & ARMZ
Source: AREVA analysis based on publicly available data (annual reports) – analysis of the expected share of 2016 production carried on in 2012

A long standing effort and global
exploration portfolio is key…
Major deposits discovered by / with AREVA
1957 1960 1965 1968 1976 1981 1985 1997 2003 2008
Gabon Bakouma Arlit Cominak Imouraren Cigar Lake McArthur Shea creek Dulaan Tamgak
Cluff Lake Uul Deep
Exploration budget
56 55
AREVA exploration portfolio
60 (M€) 51
50 42
40 EUROPE
30 27 Since 1947
Canada
Russia
20 15
10 Quebec Kazakhstan Mongolia ASIA
0
Uzbekistan Since 1995
2005 2006 2007 2008 2009 2010 Jordan
AMERICA
Exploration Staff Since 1964 Senegal Niger
(# FTE)
400 360 330 360 CAR
Gabon OCEANIA
300 AFRICA Since 1969
220 Since 1950
Australia
200 Namibia
130
100 80
0
2005 2006 2007 2008 2009 2010

AREVA has an extensive portfolio of mines
and projects for the future
Trekkopje Bakouma Argentine
Somaïr Cominak Imouraren

Maintain production at
3,000 tU/yr
McClean Mongolia Kiggavik Gabon
UG
Katco McArthur Cigar Lake /
Increase production Operator: JEB
à 4,000 tU/yr Cameco Mine by Cameco
Midwest Shea Creek Australie
Facility by AREVA
2012 - 2013 2013 - 2018 > 2018

Operating sites Under Continuous exploration further
development Investments
projects
• Achieve production increase • Depending on uranium price increase
at Somaïr & Katco • Deliver on time and • Projects pipeline remains « active »
• Manage costs through the on budget
operational performance plan

Two key projects in our mining portfolio
Cigar Lake Imouraren
Highest grade mine in the world Largest mine in the world
Mine operator: Cameco Mine operator: AREVA

Mine type: deep underground with freezing panels Mine type: open pit
Shareholders1: Cameco (50%), AREVA (37%), Shareholders1: : AREVA (58%), Kepco (9%), Niger
others (13%) state (33%)
Ore will be milled at JEB plant (70% AREVA)
Reserves2: 82 116 tU Reserves2: 174 195 tU

Planned production: 6,900 tU p.a. Planned production: 5,000 tU p.a.
Investment: €2.5bn Investment : €1.9bn
Production start date (estimated): H1-2014 Expected operational production start date: 1st
ore in 2015 and 1st uranium production in end-2016
1. Figures rounded to 100bp

2. After application of metal recovery

Front End
Business Group
Front End
Achieve full production at

the Georges Besse II
and Comurhex II facilities
Optimize industrial scheme

to improve competitivity
Manage the GB I end of

operations in safety
3 links in the nuclear cycle :
3 stages to convert uranium

from the Mining concentrates Grow our Front End
into Fuel Assemblies activities in Asia

Front End
2012 revenue % of consolidated
revenue 2012 EBITDA margin
Major player
€2.049bn 22% 14% in the front end
of the nuclear cycle
Currently in transition phase with renewal of industrial tool

AREVA invests to maintain its
leadership in Enrichment
Sales – 2012 split A leading player in the overall Front-End
Enrichment  Chemistry: converts natural uranium (U3O8) into

30% uranium hexafluoride (UF6) required for enrichment
 Enrichment: Increasing the proportion of 235U found
in natural uranium from 0.7% to 3%-5% in order to
manufacture fuel for nuclear reactors
Conversion Fuel  Fuel: designs, manufactures and sells nuclear fuel
13% 57 % assemblies for pressurized water reactors (PWR),
boiling water reactors (BWR) and research reactors
Key financials
ORDER BOOK 18,071 18,047 18,712 17,755 -5.1%
SALES REVENUES 2,282 2,049 908 954 +5.1%
EBITDA 179 294 169 108 -€62m
% Sales 7.9% 14.3% 18.7% 11.3% -7.4pts

OPERATING INCOME (765) 145 186 66 -€120m
% Sales (33.5)% 7.1% 20.4% 6.9% -13.6pts
OP. FCF BEFORE TAX (584) (958) (305) (124) +€183m

Fuel cycle markets: orders postponed
in the short term
Uranium demand (kTU) Enrichment demand (MSWU) Fuel demand (kTHM)
CAGR* CAGR*
CAGR*
100 80 15 Pre-
Pre- Pre- +5% Fukushima +4%
Fukushima +5% Fukushima Post
Post Fukushima +2%
Post +4%
+3% Fukushima Other
80 Fukushima Other regions +3%
Other 60 +5%
+2% regions
regions
10 Europe -0%
Europe Europe -1%
60 -1%
40 North
North North -1%
America +0% America
40 America +1%
5
20
20
Asia +9% Asia +12% Asia +6%
0 0 0
2012 2016 2020 2012 2016 2020 2012 2016 2020
Source: AREVA
Asia: main growth engine for demand

Europe: drop in demand over the period
*Compound annual growth rate

AREVA, a major global fuel supplier
2012 Market shares (sales in tU/y)* 2012 Market shares (sales in tU/y)*
Europe PWR (~1700 tU/y) Europe BWR (~300 tU/y)
Total market ~5,600 tU/y
34%
25%
27%
AREVA
66%
18% 48%
Westinghouse / US PWR (~1400 tU/y)

32% US BWR (~800 tU/y)
Enusa+Toshiba+ NFI
13% 21%
23%
GNF GENUSA
79% 11%
66%
37%
Others Asia/ROW PWR (~1150 tU/y)
Asia/ROW BWR (~200 tU/y)
1% 11%
7%
31%
AREVA Nr 1 in Europe 88% 49%

13%
and key challenger in the USA

•Source: Nuclear Assurance Corporation (Fuel Trac edition 10/2012) – Total PWR and BWR, not including VVER
•Average values on 2012 +/- 1 year

Front End of the cycle:
guaranteed security of supply
More than 40 years of industrial experience

Conversion and more than 360,000 MTU delivered to date
Comurhex II: a new conversion facility
End 2012: 2.5M SWUs production capacity at the

Enrichment Georges Besse II enrichment plant
Best centrifugation technology in the world (ETC)
More than 35 years of experience in boiling water

reactors (BWR) and pressurized water reactors (PWR)
Fuel
More than 135 reactors worldwide use AREVA's fuel
products

Industrial sites of the Front End BG
Romans, FR Jarrie, Ugine, Rugles, Montreuil,

Lingen, GER - Dessel, BEL Paimboeuf, FR – Duisburg, GER
►Fuel fabrication ►Zirconium industry
►3 European sites (~900 people) ►6 European sites (~1,200 people)
EREF (Idaho falls, ID)

►Centrifuge enrichment (on hold)
Ulba, KAZ
►Fuel fabrication
►1 JV: IFASTAR
China & Japan

►Zirconium industry
►2 JVs: CAST & Zircoproduct
Richland, WA Tricastin & Malvési, FR

►Fuel Fabrication (FM) and Fuel ~3,000 people
Design (~560 people) ►GB I plant (1979 – 2012)
►Gaseous diffusion enrichment
Lynchburg, VA ►GB II plant (2011) ►Various chemical operations
►Fuel Design, US fuel support (denitration, defluorination, cylinder
►Centrifuge enrichment maintenance, etc.)
functions (~230 people)
►Industrial services (Socatri) ►Comurhex plant (1959)
►FBFC ►Comurhex II (under construction)
►Fuel fabrication (grids) ►Chemical conversion of UF6

Two main enrichment processes;
Centrifugation is the new state-of-the-art
Gaseous Diffusion Gaseous Centrifugation
►Using gaseous diffusion technology, Georges ►Centrifuge technology is now considered

Besse has been offering the best in terms of by all players as the most efficient
safety, security and flexibility for 30 years. enrichment technology
►No disruption of supply since production ►Used in Georges Besse II, the TC12
launch in 1979 centrifuge has been a proven technology
since 1992
►High flexibility with regard to levels of
enrichment ►This design of centrifuge offers the best
levels of cost efficiency, energy savings,
►The current plant will serve as a bridge until technical reliability and environmental
new centrifuge plants are online impact
►Modular conception that allows extension

Eurodif -> GBII transition
EDF contract for GBI
Stop of historical
EDF contract
Eurodif production (2011-2012)
(SWUs) EDF contract for GBII
Georges Besse II
production (SWUs)
Sales (€)
June 2012
: Eurodif
shut down
2010 2011 2012 2013 2014 2015 2016
INVENTORIES Building transition inventories Selling transition inventories
2012-2013 CAPEX 2014-2016 CAPEX

CAPEX
~ €1.5bn ~ €500m
EURODIF PRISME: €220m provisioned at end 2012 2012-2015

Enrichment: investing in new capacity
to meet global demand
New projects are needed to meet AREVA is renewing its
enrichment demand and to bridge the gap production capacities
► Georges Besse II – France
WW enrichment capacity MSWU
70  Construction started in 2006

60  First production achieved in late 2010
50
 Production at full capacity in 2016
40
 GBII production until 2020 is sold at ~90%
30
20
10
0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
GBII Existing production capacity ► Eagle Rock Enrichment Facility* – USA

production:
Additional capacity using ETC technology
7.5M SWUs /  $2bn loan guarantee received from DOE
Estimated Additional Russian centrifuges
EREF*
production:
(TENEX and China)  At the end of 2012, in the absence of a
3.2M SWUs Unproven Technology partner to carry out the EREF project, the
(GLE, ACP, JNFL)
Both capacities estimated date for the start of plant
expandable Demand WNA ref
construction was postponed to the end of
the “Action 2016” plan
* On hold

Comurhex II project :
First renewal of conversion facility in the world
Target nominal capacity of 15 000 tU, with possibility

to extend to 21 000 tU, if supported by the market
Construction start: 2009
Tricastin Phased commissioning (2013 – 2016), to compensate
Malvési
the progressive phaseout of Comurhex I
AREVA is the first to invest in a new conversion facility Malvési

Priority strategic investment for the Group
Proven process, enhanced with several technology innovations
Safe facility meeting the most recent safety and security
standards
Pierrelatte
UF6 production remains close to European enrichers
Business Plan challenged by current spot price levels
Phased commissioning to meet safety requirements

and market evolution post - Fukushima

Global operations of the Fuel BU
Fuel Design – Contracts & Services – Products &
Technology – Supply Chain
Zirconium Lingen Ulba
Fuel Manufacturing
Duisburg
IFASTAR JV + FFCO JV
Rugles Paris Karlstein (ongoing project - 400 MTU/yr.)
Head office
Richland
Montreuil Juigné
Erlangen
Paimboeuf Lyon
Shanghai
Ugine
Jarrie CAST JV
(capacity extension:
Romans-sur-Isère 1,500 km)
► US: Lynchburg  Richland
 All US manufacturing activities consolidated in Richland
Pierrelatte
within Footprint Optimization project
Tokai MNF JV
 Alignment with LOCA and safety personnel in Lynchburg
 Location to be closer to US customers Shimonoseki Zircoproducts JV
 Highly skilled, hard-to-find technical personnel with
years of experience
Scattered plant assets, to be streamlined in the current context

AREVA supplies fuel assemblies and
associated services and products
A fuel assembly is a bundle of zirconium Overview of AREVA Fuel activities
rods containing the enriched uranium
►UO2 assemblies for various
reactor designs of the installed
Fuel base and for AREVA new builds
assemblies ►MOX/ERU assemblies
►Field work: handling, inspection

Fuel- and repair of fuel assemblies
related ►Engineering work: services
services linked to fuel optimization and
plant updates
►Zirconium products (tubes, flat

►Enriched uranium pellets are loaded into products, etc)
Secondary
zirconium rods ►Other products (components,
products uranium powder, etc)
►Tubes are bundled together in an
assembly with grids

Reactors & Services
Business Group
Reactors & Services Continue to improve the
competitiveness of the EPRTM reactor
and the qualification of the ATMEA1
reactor
Contribute to improved reactor safety

and reactor life expansion projects for
existing reactors
Capture growth in emerging markets

with products, alliances, Join Ventures
and new builds
• Design and construction of Prepare the technologies of the future

nuclear reactors (SMR and Generation IV)
• Maintenance and modernization
of the nuclear power plants
Build operational excellence

Reactors & Services
60%
% of consolidated
2012 Revenue revenue 2012 EBITDA margin
of worldwide
€ 3.452bn 37% 3%* reactors
served
Europe, CIS, Africa

~110 reactors
Asia
~ 20 reactors
America
~ 130 reactors
*excluding loss making contracts

Reactors & Services Business Group
Still mostly recurring, but new build is there
Sales – 2012 split A leading player
► New builds : participates in all stages of construction
New Builds
of the steam supply systems and nuclear islands and
21% Installed base their commissioning, then provides support during the
50% operating phase.
Propulsion & ► Installed base :
Research reactors  Nuclear services: reactor optimization services.
12 %  Equipment : design and manufacture of key
Nuclear
Equipement components for nuclear power plants.
Measurement
10% Products &  Product & Technology: manages the AREVA
7% reactors portfolio. It is responsible for safety and
Technology
1% performance.
 Nuclear measurement: manufactures and markets
key instruments and systems for detecting and
Key financials measuring radioactivity.
Var ► Propulsion and research reactors : uses its

In millions of euros 2011 2012 H1 2012 H1 2013 expertise to carry out high-tech projects. It is active in
H1 12/13
several sectors of the industry.
ORDER BOOK 9,103 8,314 8,295 7,839 -5.5%
SALES REVENUES 3,262 3,452 1,631 1,714 +5.1%
EBITDA (378) 98 154 (110) (265)
% Sales (11.6)% 2.8% 9.5% (6.4)% -15.9pts

OPERATING INCOME (511)* (410)* (198) (113) +€85m
% Sales (15.7)% (11.9%) (12.1)% (6.6)% +5.5pts
OP. FCF BEFORE
(423) (54) (265) (206) +€59m
TAX
*OL3 Provisions : €400m in 2012, €220m in 2011, €367m in 2010

Reminder : Main components
of PWR coolant system
1 Reactor vessel
2 Control rod drive mechanisms
3 3 Steam generator
2
4 Reactor coolant pump
5 Pressurizer
1

Reminder :
PWR steam generator
Design Commissioning FUNCTIONS
 to transfer heat and ensure leak-tightness

between the primary (P) and secondary (S)
circuits
DUTY
 mechanical effects of the circulating P

and S flows
 chemical effects of the P and S fluids
 nominal and transient temperatures
and pressures on P and S sides
MATERIALS
 nickel-based alloy (tubes),

low internal alloy carbon steel (structures)
with a stainless steel layer the water
chamber (P side)
DIMENSIONS & WEIGHT
 height: 20 to 22 meters
Heat transfer surface:  diameter: 3.5 to 5 meters
4,700 to 7,000 square meters  weight (empty): 300 to 420 metric tons

International presence
EUROPE
EUROPE &
& CIS
CIS
54%
54% of
of revenue
revenue ~13,000
~13,000 employees
employees
13 5
ASIA
ASIA &
& PACIFIC
PACIFIC
20%
20% of
of revenue
revenue ~100
~100 employees
employees
1
AMERICAS
AMERICAS
23%
23% of
of revenue
revenue ~3,000
~3,000 employees
employees
3 1 AFRICA
AFRICA & & MIDDLE
MIDDLE EAST
EAST
Industrial site
2%
2% of
of revenue
revenue ~150
~150 employees
employees
Technical or training center
Agents or Representatives
FY2012 figures
R&S activities include New Builds
and Recurring business
Recurring business
Products and services for the maintenance of existing reactors (more than 250 reactors served
out of 431 reactors in operation worldwide)
Power upgrade, life extension & major modernization projects
Supply heavy components and forging 79% of
2012 BG
Provide instruments, control equipment & electrical systems revenues
Propulsion & research reactors
Increasing recurring business revenues through capturing post-Fukushima

sales & participation in Asia growth
New build business

Design and licensing of nuclear reactors
Prepare and execute new NPP large projects
21% of
R&D for new reactor technologies 2012 BG
revenues
Strong growth potential
Major countries confirmed their nuclear programs worldwide in 2011

The new build business focuses
on the “Nuclear island”:
50~60% of the total EPRTM price
Conventional island*
NSSS+BnI: 50~60% 15~20%
AREVA Ex.: Alstom, Siemens...
Balance of plant 5~10%

Various suppliers
Civil works** 15~25%

Ex.: Bouygues,..
Note: Actual price of an EPRTM reactor and price proportions varies according to customer, country and project specificities
* Steam turbine, power generator, cooling systems, grid interface
** Civil works costs includes nuclear island, conventional island and balance of plant civil works costs

AREVA benefits from strong
competitive edge
AREVA’s reactor range meets market needs… … with a competitive value proposition
► Highest safety standards

 Air plane crash protection
 Core meltdown protection systems
1,650 MW 1,100 MW 1,250 MW  Avoidance of nuclear materials discharge
Size Large Mid-size ► Amongst lowest levelized cost

of electricity
 Investment cost per MW close
Technology Pressurized Boiling to other technologies in recent bids
 Up to 25% lower operations cost
• Under •Basic design completed
construction: 4 •Safety design basis
• Exclusive review ongoing w/ ASN •Basic design
► Excellent operational performance
Status  Optimized outage strategy with fuel
negotiations: 14 (completion end 2011) completion
• Request for •Commercial offers in cycle flexibility
proposal: 10+ progress  Increased closed cycle profitability
with 100% MOX compatibility
All AREVA reactors meet

generation III nuclear
Partners
safety criteria

The EPRTM reactor would have
resisted Fukushima (1/2)
The EPRTM reactor is designed to resist extreme hazards: resistance of structure and equipment
Nuclear island stands on a single reinforced concrete basemat
Containment building comprises 2 walls:
 Inner pre-stressed concrete housing with steel liner
 Outer reinforced concrete shell (1.86 m thick) protecting inner walls and structures
from direct impacts and resulting vibrations
Equipment tested on vibrating tables and through modeling
Availability of the cooling systems

Water supplies Cooling equipment Generators
 1 tank (1,800M3)  4 cooling systems  6 backup diesel
 4 backup systems located in 4 separate generators
(4x400M3) buildings
3 4
2

The EPRTM reactor would have
resisted Fukushima (2/2)
Pool located in a sturdy fuel building & multiple safety-class cooling
Sturdy fuel building Multiple safety-class cooling systems

 Concrete containment building, designed  2 main independent cooling systems,
to withstand the crash of a commercial located in different parts of the building
airplane  A third diversified cooling system
Explosion risk prevented
► Limiting hydrogen concentration ► Reducing hydrogen quantity

 Reactor building designed with important  Use of hydrogen recombiners
volumes and communicating
compartments
Limited contamination of the site and protection of populations
Double containment reactor building Core catcher to confine the molten core
 No impact outside the building

Nuclear Power Plant under
construction throughout the World
28 29,358 MWe
1 1,600 MWe
7 4,824
1 1,600
4 4,980
8* 8,306
2 2,650
2 782 2 2,600
1 1,340 2 630
2 2,234 MWe 1 1,165
1 1,245
1 692 New NPPs 58 60.1 GWe NPP under completion** 5 3.9 GWe
net net
Source: PRIS database retreated. Last updated on 2013/04/18 * out of the 8, only 5 are “Gen3” reactors ** construction start before 1995

AREVA EPRTM fleet is being deployed
EPRTM currently under construction
1 FRANCE 1 FINLAND
 FLAMANVILLE 3 under construction
 OLKILUOTO 3 under
 Supply of a Nuclear Steam Supply construction
System
 Turnkey
2 CHINA
 2 units (TAISHAN 1&2) under

construction
 Supply of 2 Nuclear Islands
© EDF
OL3

EPR reactor: unique experience
applied to ongoing projects
Unique lessons learnt between OL3 and Taishan
50% of the project directors/team leaders,
Organization 50% of the technical staff and 90% of the buyers for
Taishan worked on the OL3 and/or FA3 project
Number of engineering hours
Engineering needed to complete the -60%
Nuclear Steam Supply System
Towards
Procurement
Lead time for standardization
heavy component manufacturing
-40% of the EPR
reactor
Construction schedule
Construction -50%
(from 1st concrete to dome placement)
Total construction time

Total -40%
(1st concrete to 1st divergence)
Nuclear island cost

Cost reduction -15%
over the 2008-2012 period

Gen III+: AREVA is ahead of the competition -
an economic advantage for our customers
United Kingdom Finland

EPRTM certification– 2012 EPRTM certification – 2005
Ongoing EPRTM sales negotiations: EPRTM reactor under construction: OL3 (TVO)
Hinkley Point C 1-2 (EDF) EPRTM calls for tender: OL4 (TVO)
United States
3rd phase of EPRTM China
licensing process EPRTM certification – 2009
completed EPRTM reactors under
construction: Taishan 1-2 (CGNPC)
EPRTM sales negotiations planned:
Taishan 3-4 (CGNPC)
France
EPRTM certification - 2007
EPRTM reactor under construction: FA3 (EDF)
ASN issues favorable opinion on ATMEA1 reactor
Turkey
Ongoing 4 India
ATMEA1 sales Ongoing EPRTM sales
negotiations negotiations: Jaitapur 1-2 (NPCIL)
Progress/Ongoing negotiations
Ongoing bids
Future tender opportunities

Worldwide Installed Base market will grow
Compound annual growth rate ≈ +2 % Domestic Markets
France
Plant Life Extensions, post-
6.5 Fukushima safety Upgrades,
(€ Bn) Performance Improvements
USA
Life Extensions including
5.5 Upgrades and Component
Repairs, Completions
Germany
Nuclear Phase-Out
Emerging D&D opportunity
Non-domestic Markets
rni , I& ,
de es ions
11
Modernization of I&C and

n
tio C
20
rs
US te i
tio in
a
20
ns
ns
ku t-
im
he
mo rad ens
South electrical systems

utd l
20
sh Fina
era ts
Fu Pos
ow
China
the pra
sh
n
Ot
op Plan
Africa
up Ext
za
Specialized maintenance
rU
e
w
we
Component Repairs
g
Lif
Ne
Po
South
Russia
Source : AREVA Korea

Installed Base Business Unit
Activities ID Card
A strong international footprint
Servicing 250+ all designs reactors worldwide 2012 Key figures
Sales: 1,8 Bn€ (+11% vs. 2011)

Sweden • France ~ 30%
Canada Germany • United States ~ 30%
France
USA • Germany ~ 10%
Spain China
• China ~ 5%
• ROW ~ 25%
Brazil
4,700 professionals* in 9 countries
South • France (1,950)
Africa
• Americas (1,200)
• Germany (1,550)
Major Customers
• France: EDF, CEA
• USA: TVA, Duke Energy, Exelon, SCE, Dominion, Entergy A large and various project portfolio
• Germany: E.ON, RWE, EnBW, VENE • About 6,000 projects
• China: CGNPC, CNNC • From 50K€ up to 800M€
• South Korea: KHNP, Kepco
• ROW: Eskom, Electrabel, Vattenfall, ETN, OPG
* Excluding E&P headcounts

Services, Solutions and Products
a comprehensive portfolio(1/2)
RECURRING BUSINESSES
Plant Studies
Basic Engineering activities, Licensing & Safety related
studies…
Outage Services
Maintenance and Refueling Services, Pumps & Motors
Services, Chemistry & Decontamination, Diagnostic &
Monitoring…
Non Destructive Examinations Solutions

Inspection services and products for nuclear & industrial
markets

Services, Solutions and Products
a comprehensive portfolio(2/2)
PROJECT-RELATED BUSINESSES
Component Repair & Replacement

Repair and replacement of primary circuit components
(steam generators, pressurizers, reactor vessel heads)
and all parts of the Nuclear Steam Supply System (NSSS)
Plant Upgrades
Power Uprates, Lifetime Extensions, Completion Projects
and Modernizations
I&C and Electrical Systems Modernization

Safety and Reactor I&C Systems (TELEPERM® XS), Non-Safety
I&C, Electrical Systems (Power Supply & Distribution, Variable
Frequency Drives…), I&C/ES Engineering Services

Back End Business Group
Back End
Ensure full usage production
capacity at La Hague and
Melox
Participate in the development

of the new regional recycling
platforms (China, Japan, UK)
Capitalize on our unique

experience in fuel cycle facility
• Recycling of used fuel and reactor dismantling
and provider of clean-
up and dismantling
services Expand our leadership in
storage and logistics services

Back End
1
% of consolidated
2012 revenue 2012 EBITDA margin
revenue st
€1.732bn 19% 24% worldwide in the back
end of the nuclear cycle

Back End Business Group
An unchallenged leadership
Sales – 2012 split N°1 in used nuclear fuel management
Logistics Cleanup
15% 7%
Dismantling &
Decommissioning
11%
International projects
Recycling 6%
60%
Key financials
ORDER BOOK 6,282 6,030 6,167 5,732 -7.0%
SALES REVENUES 1,594 1,732 799 975 +22.1%
EBITDA 406 417 268 305 +€38m
% Sales 25.5% 24.1% 33.5% 31.3% -2.2pts

OPERATING INCOME 225 438 443 228 -€215m
% Sales 14.1% 25.3% 55.5% 23.4% -32.1pts
OP. FCF BEFORE
217 293 242 282 +€40m
TAX

Back End: offering a comprehensive
range of solutions
► Recycling: MOX and uranium
► Unique know-how and technologies deployed at an international scale (Japan,
Recycling United-States, United Kingdom, China)
► Undisputed leadership (more than 75% of the global treatment market)
Storage ► Design and manufacturing of storage solutions
► Design and manufacturing of transport for nuclear materials

Logistics ► Transport solutions and management: 7,000 transports completed
► Global footprint: transport license in 27 countries
Nuclear Site ► 1,400 specialists

Value ► Dismantling of AREVA sites: 5 ongoing projects in France
Development ► Participation in several projects for customers in France and abroad
CLEAN UP
Cleanup ► Services provided to more than 90% of all French nuclear sites

A strong and unique
industrial base
Reprocessed Uranium
Recycling Plant dismantling
Fuel Fabrication
►La Hague ►La Hague ►Romans

Fuel treatment First generation RepU fuel fabrication
plant dismantling
►MELOX ►Tricastin
MOX fuel fabrication ►Marcoule RepU Enrichment
UP1 Treatment and Conversion
plant dismantling
►Cadarache (performed by Front End with recycled
MOX plant dismantling uranium supplied by Back End)
La Hague plant Melox plant
 Production capacity: 1,700 tons of  Production capacity: 200 tons of

used fuel MOX fuel

A solid industrial base in France

A strong international presence

96% of the content
of used fuel is recyclable
 Composition of light water reactor fuel when unloaded
Reusable Final
materials waste
Plutonium Uranium Fission

products Structural
1% 95% metal
4%
Recycling
Universal Universal
canister for canister for
MOX fuel (1) ERU Fuel (2)
vitrified compacted
waste waste
(1) MOX: Mixed Oxide (2) Enriched Recycled Uranium

As of today, only two options are available for
the management of the used nuclear fuel
RECYCLING Uranium extraction

& concentration
DIRECT
Reprocessed Uranium
DISPOSAL
Conversion
Enrichment
Plutonium
Fuel fabrication
Interim storage
(on-site or
centralized)
Reconditioning of
Deep Geological
casks for
Repository
Interim storage transports
Encapsulation
facilities

Used fuel recycling is a competitive
solution compared to direct disposal
Methodology Economic comparison of recycling and direct

disposal options
► For both options (recycling and
direct disposal), all costs at each €/kg used fuel
stage of the production process
are considered.
► Sales of recycled materials: a

used fuel assembly contains 96%
of recyclable materials. The
plutonium and uranium UNCERTAIN COSTS
recovered during recycling Ultimate waste
final disposal
operations are used to UNCERTAIN COSTS
manufacture recycled fuel. This Used fuel final disposal
fuel is then used in light water Encapsulation
reactors and is thus comparable CONTROLLED COSTS
in value to fresh fuel. Therefore, Interim storage
recycled fuel creates value (i.e. Recycling
credits) which offsets a Transport CONTROLLED COSTS
significant part of the Interim storage
Transport
recycling costs.
Production Sales of Net cost Production
costs recycled costs
materials
Source: AREVA analysis Recycling Direct disposal

Recycling strengthens
non-proliferation
► Recycling restricted to a few regional centers under strict
international safeguards
 Offering recycling services to a wide range of customers
 Avoiding the accumulation of used fuel in multiple storage sites worldwide
 Returning to customers final waste not subject to AIEA safeguards
► Plutonium recycled in MOX fuel

 Consumes roughly one third of the plutonium
 Significantly degrades the isotopic composition of the remaining plutonium and thus the
potential attractiveness for non-peaceful usage
► Recycling facilities such as La Hague and Melox have a perfect

track record with respect to fissile materials safeguards
► Recycling contributes to international non-proliferation initiatives

 Weapon-grade plutonium disposition (MFFF project)
 Securing « gap material » (DOE)

Recycled fuels performance
in reactors
► MOX & Reprocessed Uranium fuels can accommodate all

Light Water Reactors (80% of worldwide nuclear capacity)
► For utilities, recycled fuels have outstanding performance

 Excellent reliability track record
 Equal energy performance compared to natural uranium
 MOX in-core behavior similar to Uranium fuel under normal
and accidental conditions
► EPRTM designed to accommodate up to 100% of its fuel

as MOX

Substantial future requirements
Annual unloadings and inventories of used fuel (2030)
Source: AREVA

Dismantling: broad expertise in
managing customer projects
Reactor vessel / internals: decontamination and dismantling (D&D)
Stade, Würgassen, Dismantling of the reactor vessel and internals
Obrigheim Decontamination of primary and auxiliary circuits
Millstone, Rancho Seco,
Dismantling of the reactor vessel and internals
Yankee Rowe
Used fuel, effluent / radioactive waste management

Fukushima Design and implementation of a full water treatment system
Dounreay Special equipment to retrieve damaged fuel in research reactor
Assistance to the project owner / Design and engineering
Creys-Superphénix Support to the sodium retrieval and D&D preparation
M&O (maintenance and operations) for D&D projects
Hanford High level waste treatment (customer: DOE)
Savannah Vitrification of high level waste (customer: DOE)
Marcoule D&D of a large fuel treatment facility (customer: CEA)
Sellafield Member of the site's M&O consortium
Creation of an expertise center for decommissioning and dismantling in Germany

A unique know-how
Mastering of industrial processes for nuclear environment
 Industrial know-how in industrial operations in a nuclear environment

 Nuclear and Occupational Safety, as prerequisites in our operations
Creating customized solutions to serve our clients
 Innovative solutions to meet any of our customers’ requirement

 Expertise customized to directly serve our client operations
Stimulating the collective ability to innovate
 A process of continuous improvement on our offerings

 Regardless of the offer, the objective is to optimize materials recycling and
reduce waste volumes

Growth prospects
for all our businesses
Recycling and International Projects
 Growth in fuel unloaded volumes

 Growing number of large international nuclear projects
Cleanup, Dismantling and Decommissioning
 Growing number of nuclear sites to shut-down

 Increased need for services in nuclear environment
Logistics
 Growth in operations related to fuel unloading and storage

 Development of all nuclear transportation

AREVA logistics activities
Casks supply
► Design & licensing of dry storage and transport casks
► Manufacturing of casks
► Acquisition in December 2012 of Columbiana High
Tec-CHT, a North Carolina manufacturing plant
Transport and fleet management
► Road transport of radioactive materials

► Operations of railway and maritime facilities
► Organization of transports incl. real-time monitoring
► Cask and safety vehicle maintenance on site
► Maintenance of safety vehicles
► Management of site supply chain
► Risk assessment and crisis management

Renewable Energies
Business Group
Renewable
Energies
Turn first projects into landmark

contracts
Become a reference leader in

offshore wind turbines in Europe
(Germany, France, UK)
Become an reference leader in

concentrated solar power in Asia
• Development of wind and the Middle East
energy, bio-energy,
solar power and energy
storage solutions
Refocus our business portfolio

Renewable Energies
2012 revenue % of consolidated revenue EBITDA Numerous
at break-even in 2012 in ongoing
€ 572M 6% Offshore wind and Bionergy BU projects
Le Havre (plants projects) Global Tech 1

(400MW)
Coriance Eneco Borkum West II
(12MWe) (200MW)
MYRTE Alpha Ventus
(30MW)
Offshore wind La Croix Valmer Bremerhaven (plants)
Solar
Beaumont- Hague
Biomass (R&D)
Hydrogen and
energy storage
U-Thong Bio Power

Kimberlina (9.9MWe)
(5MWe)
HH. Wilson Sundt
Generating Station
(5MWe)
Kogan Creek
(44MWe extension)
Rhodia Liddell (3MWe)

Reliance
(two 125MWe CSP plants)

Renewable Energies Business Group
A fast growing worldwide player
Sales – 2012 split A portfolio of solutions
► Bioenergy: Engineering, procurement and
construction (EPC) for Biomass power plants
Wind ► Wind: Design, manufacturing, assembly, and
67% commissioning of the off-shore turbines, as well
as Maintenance services
Hydrogen
0% ► Concentrated Solar Power (CSP): Design,
development, manufacturing and installation of
solar steam generators, to build the most cost-
Bioenergy effective CSP plants for utilities, independent
Solar Power 20% power producers and industrial customers
13% around the world
► Hydrogen: Development and qualification of
innovative solutions for the fast growing
Key financials hydrogen production market, as well as projects
to demonstrate and deploy fuel-cell-based-
In millions of euros 2011 2012 H1 2012 H1 2013 Var H1 12/13 solutions
ORDER BOOK 1,778 844 1,428 689 -€739m
SALES REVENUES 297 572 253 214 -15.3%
EBITDA (85) (59) (25) (55) -€29m
% Sales (28.4)% (10.3)% (10.1)% (25.6)% -15.5pts

OPERATING INCOME* (78) (207) (33) (64) -€30m
% Sales (26.2)% (36.3)% (13.1)% (29.7)% -16.6pts
OP. FCF BEFORE TAX (102) (194) 4 (193) -€197m

* Impairment of €94m in 2012

AREVA Renewables currently
operates in 4 market segments
Concentrated Solar
Offshore Wind Bioenergy Energy Storage
Power
More electricity output Enables steam Energy production Hydrogen production

than onshore turbines production for hybrid from biomass sources through electrolysis
fossil/solar plants and technology
More wind hours AREVA also active in
industrial applications upstream biomass Power production from
Higher wind
Possibility of thermal treatment market hydrogen in fuel cells
speeds
storage increasing through its torrefaction Other energy storage
Larger turbine production hours and solution technologies
sizes enabling better match considered for large-
Lower with electricity scale applications
intermittency demand periods

Leverage AREVA group capabilities
Technological know-how and R&D capabilities
EPC and project management

Research partnerships (CEA, etc.)
Group knowledge in relevant technical fields (thermodynamics,
rotating machines, corrosion, welding, nanotechnologies)
Revenue synergies
Established relationship with largest utilities

One-stop-shop for low-CO2 electricity generation
AREVA brand
Financial leverage
AREVA balance sheet

Innovative project financing solutions
Ability to raise funds to finance R&D or industrial growth
Industrial and operational synergies
Industrial expertise to ramp-up activities

Quality and safety management
Regulatory expertise

Renewable Energies market:
accelerated growth expected
Estimated average annual market size in volume
Sources: IEA World Energy Outlook for CSP and Bioenergy, AREVA forecasts for Offshore Wind (WEO does not distinguish onshore/offshore)
Offshore wind market (Europe) Solar CSP market (World) Bioenergy market (World)
(MW) (MW) (MW)
7,317
Other Asia / Oceania Other Asia / Oceania
India Middle-East / Africa
China India
Europe Latin America
5,160
North America
4,700 Europe
Middle-East and Africa
Other Europe North America
France
2,340
Germany
1,561 China
1,010
UK
2011-2015 2016-2020 2011-2015 2016-2020 2011-2015 2016-2020
AREVA’s positioning on renewable market: selected growing activities

Significant developments in 2013
in the renewable energies market
Customers recognize the Competitive landscape Customers still face
value of AREVA’s offer changing challenges to launch projects
Recent examples
Offshore Wind : Incumbents terminate or

selection by the GDF dispose of some activities Delays in projects’
Suez – EDP Renewables (e.g. Siemens/Solel and financial close
consortium as exclusive ABB/Novatec in solar)
turbine supplier (1,000
MWe)
Political
Financial difficulties for announcements/rumors on
some competitors changes in
Bioenergy: selection by tariffs/regulation
neoen for the
construction of a
biomass co-generation
power plant in
Commentry (Allier – Delays in grid connection
France)

Throughout the world, governments are
supporting the development
France of renewable energies
Targets by 2020:
»> 20% of renewable energies in the energy
mix by 2020
Incentives:
»Off shore: stimulation to favor national
champions
»Bioenergy: feed-in tariffs (~145€ in average)
Targets:
Targets: Targets by 2020: »Renewable energy consumption =10 %
»Double US capacity to generate »E.U renewable energies = 20% energy of the total energy consumption by 2010
renewable energy over the next few total consumption and 15% by 2020 (30GW of wind power
years & 30GW of Biomass)
Incentives:
Incentives: »Off Shore: stimulation policies (e.g. UK : Incentives:
»Over $60 billion in clean energy in 2009 site pre-selection + subsidiaries »Central government financial authority’s
investments (American Recovery and for investment + tax exemption) renewable energy fund to support
Reinvestment Act) : loan guarantees, »Bioenergy: feed-in-tariffs (~ 95€/MWh renewable energy development
tax incentives and public investment) in Germany) »Bioenergy: (e.g. for 2006 subsidy of
0.25 Yuan (US $0.03) per kilowatt-hour
for biomass
USA Europe (excl. France)
China1
Chinese targets and incentives set in the past years are being revised and increased. For instance Wind installed capacity is already 25GWe.
1

Accelerated ramp-up of Renewables
Targeted acquisitions with strong technological content

Offshore Wind: acquisition of Multibrid (2007) and PN Rotor (2009)
Solar: acquisition of Ausra (2010)
Bioenergy: acquisition of Koblitz (2008) and Thermya technology (2012)
Commercial dynamism with numerous contracts
2008 2009 2010 2011 2012

Adapting our renewable offering
to market environment
with strong relying on
A targeted offer technological content commercial references recent successes
Acquisition of a leading 500+ projects worldwide September 2013: contract for

biomass torrefaction totalizing over 2.5 GW a co-generation power plant
technology in France
Bioenergy Power 35 years of experience
Generation
July 2013: selection by the GDF

Supplying and installing 120
Suez – EDP Renewables
turbines with a 600 MW output
A light-weight structure consortium as exclusive turbine
(Global Tech 1 & Borkum West 2)
supplier
Offshore Wind Power
Generation
Reliance project
Flat mirrors and July 2013: signature of a
in India
variable steam strategic partnership
with PCMC
Concentrated
Solar Thermal
Myrte storage system (500 KWc)

Membrane technologies for July 2013: PED certification for
electrolysis stacks and fuel cells its electrolysis stack
Storage
Applying AREVA’s historical nuclear expertise in renewable development

Logic behind segment choices:
technological differentiation
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Launch of CEA First Launch of first First

Energy Creation of
Saclay backup electrolysis “Green Energy commercial
storage Helion
power system stack Box” references
Integration of Launch of
Acquisition Acquisition
Biomass Biomass activities
of Koblitz
Flexbio
of Thermya
from AREVA T&D boiler
Acquisition Acquisition Acquisition

Wind of 51% of of PN Rotor of 49% of
Multibrid (Blades) Multibrid
Acquisition
Solar of Ausra
Acquisition and/or development of high-technology products with strong

differentiation potential: e.g. largest offshore turbine with innovative hybrid design,
lowest-cost Fresnel CSP solution, innovation in biomass torrefaction, etc.
Leverages AREVA’s capabilities: industrialization of complex technologies, strong

engineering content

Competitive overview
Focus on Wind
Comments on AREVA competitors
Size of Number of turbines
operationally by 2015 in German Siemens: market leader with 3.6MW turbine
proven* turbines projects** and planning launch of 6MW turbine in coming
Siemens 3.6MW c.450
years (prototype in 2013)
AREVA 5MW c.300

Vestas: Strong historical player behind
Vestas 2 & 3MW c.180 Siemens with its 3MW model; planning launch
REpower 5MW c.50 of a 8MW model in coming years, but
struggling financially
GE 3.6MW -
Sinovel - - REpower: Direct product challenger to AREVA
with its 5 and 6MW models, but mother
Alstom - -
company is in financial difficulties and is
Gamesa - - defaulting on its debt
XEMC - -
Hyundai - - Number of onshore players are considering

market entry, but are at earlier technological
Doosan - -
stage with no references and are hesitant on
MHI - - strategy (e.g. GE possibly exiting the market)
Note: *Operating at sea for over a year; **BARD excluded as no longer in business
Source: AREVA Analysis, **German Wind Energy Agency Research 2011

Focus on Solar CSP
Capacity as of Linear
today* (MW) Parabolic
Tower Fresnel
(operating and under Trough
construction)
(CLFR) Comments
Abengoa 680 Emerging market with

competing technology
Alstom Brightsource 401
options
ACS 350
Main competition is
Acciona 264
between CLFR and
AREVA 175 parabolic and tower options
Sener 117
CLFR has an edge in terms
Solar Reserve 110 of costs (flat mirrors) and
flexibility (variable steam
Siemens Solel 50 parameters)
ABB Novatec 34
Siemens has announced
GE ESolar 20 market exit
Note : *Capacity figures are AREVA best estimates as of November 2012 based on market intelligence
Source: AREVA Analysis;

Focus on Solar CSP
PV CLFR Trough Tower Rationale
CSP enables to produce steam to supplement

Steam generation     existing steam turbines or for industrial use
PV enables direct electricity production only
Fresnel uses common flat mirrors, as opposed

Low-cost capex
potential     to complex parabolic mirrors for trough
Tower structure expensive in capex
Low-cost Fresnel’s flat serial mirrors can be cleaned with

maintenance
potential
    automated processes unlike parabolic (curved
mirrors) and tower (individual mirrors)
In parabolic, steam parameters are

Flexibility in steam
parameters
NS    predetermined by physical parameters, whereas
in Fresnel steam heat and pressure are modular
CSP requires significant local work

High local content     PV is centrally produced and panels shipped to
location with minimal local installation work
CSP enables to heat a fluid with high thermal

Embedded energy
storage capability     inertia and store it in a tank, and re-use the heat
later
Low land use /

footprint
    Smallest land-use of CSP technologies (the
widest being tower, parabolic in between)
(except thin film)

Description of activities
Wind
AREVA supplies the most powerful operationally proven
offshore turbine on the market (equal with REpower)
3.6 MW
5 MW
A wind turbine designed specifically for offshore use, with a

focus on reliability in harsh sea conditions
A light-weight structure providing customers with facilitated

installation and maintenance
AREVA’s offshore wind activities cover

Turbine design, manufacturing, assembly, and commissioning
Maintenance services
Major successful ramp-up of the Bremerhaven facility from 17

wind turbines produced in 2011 to over 50 fully-tested turbines
in 2012

Description of activities
Solar
Description of AREVA’s Fresnel CSP Technology Applications: Power generation
Fresnel mirrors reflect

1
sunlight on receiver tubes
Tubes optimally receive

2
concentrated solar beams
Water circulates in the

3
tubes and generates steam
Applications: Hybrid fossil/solar plants Applications: Steam production for industrial use

Major AREVA Renewables
operational units aligned with
market opportunities
Total: c. 1,500 FTE France (165 p.)
Germany (760 p.)
Headquarters
USA (130 p.) Wind assembly
Solar and Wind R&D
Solar headquarters Energy storage R&D and Wind R&D
Manufacturing Blade manufacturing
Bioenergy (Torrefaction) Bioenergy
Brazil (325 p.)

Bioenergy
India (85 p.)
Solar
Business Bioenergy, including
development offices Flexbio boiler workshop
China
Singapore Australia (20 p.)
Johannesburg
Solar execution of Kogan Creek
Riyadh
Solar R&D and business
UK development
Note: FTE only, as of 30th July 2012

Reference projects
Alpha Ventus
Key facts and figures
Customer DOTI (Eon, Vattenfall and EWE)
Location German North Sea
Power output 30MW (6 M5000 turbines)
Distance to coast 56km
Sea Depth ~ 30m
Delivery schedule Start of electricity production: 2009
Project highlights
1st German offshore wind farm installation
Full EPC experience for AREVA
At sea reference for future fully commercial

offshore wind farms

Reference projects
Borkum West II
Customer Trianel (group of German municipalities)
Location German North Sea
Power output 200MW (40 M5000 turbines)
Distance to coast 45km to Borkum Island
Sea Depth 28 to 36m
Delivery schedule AREVA delivery started March 2012
AREVA Contracts c. €400 million
Project highlights
AREVA delivery schedule fully on time and in
line with initial contract
All 40 turbines finished and handed over to

customer by August 2012
The installation of the first AREVA M5000

turbines has begun in September 2013

Reference projects
Reliance
Customer Reliance Power
Location Rajasthan, India
Type Standalone CSP plant
Power output 125MW
Project highlights
AREVA providing full power plant installation
and construction management services for two
125MW CLFR solar fields for private Indian
operator Reliance power
Will be Asia’s largest solar power installation
Up to 60% local content, with 500 peak

construction and 40 operations jobs
Creation of an on-site, high-volume

manufacturing facility

Reference projects
Kogan Creek
Customer CS Energy
Location Queensland, Australia
Type Hybrid solar / coal plant
Power output 44MW add-on to 750MW coal plant
Delivery schedule Operation start in 2013
AREVA Contract c. €105m
Project highlights
Largest solar / coal power augmentation project in
the world
Key reference for hybrid fossil / solar plant

projects
Creation of an on-site mirrors manufacturing line

Wind LCOE* breakdown and
areas of AREVA responsibility
Turbine rated power
LCOE* Calculation – Example of wind MW
Power curve Project mgmt.

MW €
Annual Energy
Production Wind resources Cost of capital
MWh ms-1 %
Losses Wind turbine

% €
LCOE Availability Installation /
€/MWh % Foundations (€)
Electrical
infrastructure (€)
CAPEX
Total costs €
€ Maintenance
OPEX €
€
Full AREVA responsibility Other OPEX
€
Partial AREVA responsibility * Levelized Cost Of Electricity

Wind LCOE Reduction potential
estimated for AREVA Wind turbines
Primary AREVA levers to reduce LCOE LCOE for current turbines and
proposed programs
Increase of turbine rated power Base 100 = M5000-116 in 2012
100
Improvement of power curve (mainly 100
90
through larger turbine diameters)
80 65-70
Maintaining best-in-class reliability and
availability, inherent to AREVA’s product
(designed specifically for sea conditions) 60
Significant CAPEX reduction: 40

Standardization of components
Design to cost 20
Supply chain optimization
Industrial excellence / scale effects 2012 2015 2018
0
M5000-116 M5000-135 MxE
Source: AREVA analysis

Solar LCOE breakdown and
areas of AREVA responsibility
Plant peak power
LCOE Calculation – Example of solar MW
Annual load factor

%
Annual Energy
Production Solar resources
MWh DNI Project mgmt
€
Power Block Efficiency
% Cost of capital
%
LCOE Availability
€/MWh % Solar Field
€
Balance of Plant
CAPEX €
Total costs €
€ Maintenance
OPEX
€
€
Full AREVA responsibility Other OPEX

€
Partial AREVA responsibility

CSP costs are expected to improve
significantly in coming years
Primary AREVA levers to reduce LCOE Reduction rates for CSP from 2012, to 2015 and 2020
(base 100 in 2012 – based on generic study of CSP cost forecasts)
Improvement of receiver tube performance -10%

100
New-generation coatings
Innovative tube designs -20%
80
-20%
Significant reduction in overall plant capex
Learning curve 60
-40%
Standardization of equipment and construction
processes
40
Supply chain management and sourcing
optimization
20
Integration of a thermal storage solution to
significantly increase production hours
Reduces cost per MWh 2012 2015 2020
Enables production at times of higher electricity
prices
Source: Literature on CSP cost forecasts, AREVA analysis

Renewable operators are very
profitable at current project
economics
Profitability margins of main renewable operators in Europe
(Percent)
EBIT Margin EBITDA
Margin
45% 44%
43%
41%
33%
27%
20%
Iberdrola Eon RWE EDP ENEL DONG EDF Energies

Renewables Renewables Renewables Renewables Renewables Wind Power Nouvelles

Differentiate through technology
Next generation Wind Turbines
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
116
M5000 -- 116
M5000 ‐ 116
Alpha Serial
M5000
Ventus production
 Time to market
M5000 ‐ 135
 Performance Lehe
Serial
 Track record production
Minor modifications
AREVA WIND ‐ Castings
PROVEN ‐ Bearings
135
M5000 -- 135
TECHNOLOGY ‐ Gearbox Design freeze

‐ Generator
M5000
+ State of the art GRP blades
B certification
and blade test
Prototype
erection
Type certificate
MxE
MxE
Scale‐up to 7 to 9 MW using AREVA medium‐speed drive train technology

Differentiate through technology
CSP thermal storage
FAST System Partnership with Sandia National
Laboratories (USA)
Thermal storage System uses molten salt instead

consists in of water as primary fluid; the
transferring heat heated salt can then be stored in
from the primary a tank
solar loop to a fluid
When needed, the high-
with high thermal
temperature molten salt transfers
inertia, which is
its heat to water to produce
stored in a tank
steam
The heat can then

be re-used later to
STARS System
produce steam Partnership with CEA and
Turbine ADEME
Generator
Two options 470°C HP LP The system uses steam as
pursued by 110 bar
Solar field
primary fluid, as in the original

AREVA to define
Preheater
AREVA Solar design

Preheater
Storage Condensing
best technology unit
choices Main
pump
To store the energy, heat is
exchanged between the primary
steam and storage fluids
Feed water tank

Contents
► Appendices

Commercial dynamism and
improved profitability
Backlog (€bn) Revenue (€m)
+5.3%
9,104 8,872 9,342

45.4 8,089 8,529
44.2 45.6 7,589
42.5 43.3
34.9
2007 2008 2009 2010 2011 2012

2007 2008 2009 2010 2011 2012
Restated EBITDA* (€m) Restated FCF before tax*(€m)

2007 2008 2009 2010 2011 2012
+€586m
1,007
908
684 -854
-900 -919
-1,090
402 421 -1,366
262
-2,218 +€512m
2007 2008 2009 2010 2011 2012

*Restated for Siemens impacts in 2011 and asset disposals in 2012
AREVA Overview – September 2013 p.158 AREVA financials

Progress towards the financial
targets of Action 2016
Backlog: nearly 5 years of revenue Very strong sales revenue growth
(in €bn)
bn) (in €m)
+13.0%*
LFL
45.6 45.2 45.4 43.5
4 762
4 329
H1 2012 H1 2013
Dec. 2011 June 2012 Dec. 2012 June 2013
Marked increase in restated EBITDA** Very significant improvement in

(in €m) 725 restated free OCF**
+€48m
(in €m)
H1 2012 H1 2013
including €300m
from OL3 473
insurance indemnity 425
-313
H1 2012 H1 2013 +€278m

-591
* +10.0% in reported data

** Restated for asset disposals in 2012

Key H1 2013 figures:
improvement in WCR and profitability
Restated net Capex* (in €m) Change in operating WCR (in €m)
-€179m
H1 2012 H1 2013
- 171
800
621 - 327
+€156m
H1 2012 H1 2013
Restated operating income* (in €m) Net income attributable to owners of the parent
(in €m)
-€103m
-€80m
80
349
245
H1 2012 H1 2013 H1 2012 H1 2013

* Restated for asset disposals in 2012

Backlog: nearly 5 years
of sales revenue
Number of years
Backlog of 2012 revenue in
(in €bn) at 6/30/2013 backlog
Mining 11.4 8 years
Front End 17.8 9 years

Reactors
& Services 7.8 2 years
Back End 5.7 3 years
Renewable
Energies 0.7 1 year
€43.5bn

Very strong revenue growth
In million euros
+€434m
+176 -39 0 4,762

RE Corporate
+83
+47 Back
+167
R&S End
Front End
4,329
Mining
Nuclear businesses*:
+14.9% like for like**
H1 2012 H1 2013
* Nuclear businesses = Mining, Front End, R&S and Back End BGs + Engineering & Projects (accounted for under "Other").
** +11.8% in reported data

Marked increase in
EBITDA*
In million euros
817 +€48m
725 +€121m at constant
consolidation scope
+92 -62 +38 -29

+35 -26
473
425 Back RE
R&S Other
Front End End
Mining
incl. €27m -€265m

PRISME incl. OL3 insurance
indemnity in 2012
H1 2012 H1 2012 H1 2013

reported restated** Nuclear business***: reported
+ 18.6%, i.e. 13.7% of revenue
* Excluding OL3 insurance indemnity awarded in H1 *** Nuclear businesses = Mining, Front End, R&S and Back End BGs +
** Restated for asset disposal in 2012 Engineering & Projects (accounted for under "Other").

Very significant improvement
in free operating cash flow
In million euros
H1 2012 H1 2012 H1 2013
reported restated* reported
+40 -197
+59
+181 Back
End
R&S -4
+198 RE Other -313

Front End
-476
Mining
-591 +€278m
Positive free operating cash flow in the nuclear businesses**

at €62m, i.e. +€347m vs. H1 2012
* Restated for asset disposal in 2012
** Nuclear businesses: Mining, Front End, R&S and Back End BGs + Engineering & Projects (accounted for under "Other").

Free operating cash flow:
half of Capex self-funded
In millions of euros
Free
operating
Losses on Change in cash flow
disposals of before tax
473 PP&E
operating
WCR
+6
Gross Capex
-171
50% self-funded
vs. 36% in H1 2012
Disposals
of fixed assets
EBITDA
-622 +1 -313

Net debt
In millions of euros
12/31/2012 6/30/2013
-313
-20 -33 -73 -71
-3,948 -13
Restated free Cash flow Dividends
operating cash from end paid to
Income tax Net financial Other -4,471
income (cash)
flow of lifecycle minority
before tax operations interests
-€523m

Mining:
a remarquable half year
In €m H1 2012 H1 2013 Change
Multiyear U3O8 contracts with US and Asian utilities

Backlog 10,472 11,377 +905
Increase in volumes
Contribution to Increase in average sale price
646 813 +167
consolidated revenue Changes in consolidation scope:
deconsolidation of La Mancha
Increase in volumes
Restated operating income* 5 253 +248 Increase in average sale price
incl. impairment (164) - Bakouma and Ryst Kuil in H1 2012
Increase in volumes
Increase in average sale price
Restated EBITDA* 223 315 +92 Changes in consolidation scope:
deconsolidation of La Mancha
(+€29m contribution in H1 2012)
Restated net Capex* (342) (212) +130 Capex focused on Cigar Lake and Imouraren sites
Increase in EBITDA
Restated free operating
35 233 +198 Decrease in Capex
cash flow before tax* Reduction in natural uranium inventories
* Restated for asset disposal in 2012

Front End:
ramp-up in business
In €m H1 2012 H1 2013 Change
Contract for the supply of enriched uranium (integrated
offer) with an Asian customer
Backlog 18,712 17,755 -957 Several enrichment contracts (United States, France)
Contracts to supply fuel assemblies to European utilities
Contribution to Enrichment: restart of sales in France

908 954 +47 Fuel: favorable contract mix
consolidated revenue
Gains on disposals of PP&E in H1 2012

Operating income 186 66 -120 Provision reversals - IAS 19 revised (H1 2012)
Gains on disposals of PP&E in H1 2012

Impact of costs of operations prior to shut down of
EBITDA 169 108 -62 industrial facilities, with provisions recognized in
previous year
Ramp-up of GBII and performance improvement plan
Net Capex (407) (240) +168 Decrease in Capex, as per forecast
Free operating cash flow

(305) (124) +181 Decrease in Capex
before tax

Reactors & Services:
buoyant installed base business
In €m H1 2012 H1 2013 Change Strong H1 2012
Safety Alliance contracts
Contracts for the supply of spent pool systems for
Backlog 8,295 7,839 -456 US utilities
Installed Base services: strong business in France

Contribution to New Builds: contributions from OL3, FA3 and
1,631 1,714 +83
consolidated revenue Hinkley Point projects
OL3 provisions: €150m in H1 2013 vs. €300m in H1

Operating income (198) (113) +85 2012
€300m insurance indemnity awarded

EBITDA 154 (110) -265 in relation to OL3 in H1 2012
Lower spending level on one of the EPR™ projects
vs. H1 2012
Net Capex (74) (73) +2 = Development for the group’s line of reactors
New press at Creusot Forge
Free operating cash flow Control of capital spending

(265) (206) +59
before tax Strong improvement in change in WCR

Back End:
sustained level of activity
In €m H1 2012 H1 2013 Change Negotiations in progress with EDF for used fuel
treatment contract for 2013-2017
Recycling: contracts abroad
Backlog 6,167 5,732 -434 Logistics: cask manufacturing contracts – US and
Belgian utilities
Recycling: high level of business under foreign contracts

Logistics: strong business in cask manufacturing in
Contribution to Europe and dry storage in the US
799 975 +176
consolidated revenue Production delayed in Recycling
Operating income 443 228 -215 Provision reversals - IAS 19 revised (H1 2012)
EBITDA 268 305 +38 In line with the activity level
Recycling: Capex at La Hague and Melox

Net Capex (55) (42) +13 Development of international projects
Free operating cash Increase in EBITDA

242 282 +40 Decrease in Capex
flow before tax

Renewables: performance down
pending new orders
In €m H1 2012 H1 2013 Change
No significant new contracts

Backlog 1,428 689 -739 Biomass contracts in Thailand and France
Several ongoing negotiations
Contribution to Offshore Wind: installation schedule delays for

253 214 -39 BW2 & GT1
consolidated revenue Bioenergies: lower level of activity in Brazil
Solar: progress on Reliance project
Operating income (33) (64) -30 Lower level of activity in Offshore Wind and
Bioenergies
Lower activity in Offshore Wind and Bioenergies

EBITDA (25) (55) -29 Restructuring of solar projects in the US
Cash spending on solar project
Net Capex (32) (43) -11 Development of Offshore Wind and Solar
Free operating cash flow Decrease in EBITDA

4 (193) -197 Use of customer down-payments not offset by
before tax additional prepayments on new contracts

Our half year 2013 performance confirms our
financial outlook
Underlying
H1 2013 actual 2013 outlook
assumptions
H2 2013 comparable to H2 2012 after a
Nuclear: +14.9% LFL Nuclear: +3 to 6% LFL very strong H1
Revenue
No significant contribution from new
Renewables: €214m Renewables: c. €450m* contracts
Catch-up in Recycling production

EBITDA €473m > €1.1bn Ongoing cost reduction plan actions
Positive contribution of WCR with new

Free operating contracts expected
cash flow -€313m Breakeven
Capex management
before tax (≤ €1bn in H2 2013)
At constant consolidation scope and excluding impacts of asset disposals
* vs. c. €600M previously

AREVA ownership structure
French State CEA French State BPI

86.5% 61.5% 21.7% 3.3%
Public 4.0%
KIA 4.8%
Total 1.0%
Employees 1.2%
EDF 2.2%
Treasury shares 0.2%
CEA: Commissariat à l’Energie Atomique et aux Energies Alternatives KIA: Kuwait Investment Authority
BPI: Banque Publique d’Investissement
AREVA Overview - September 2013 p.173 AREVA financials

Contents
► Appendices: financials

Non-operating items
In €m H1 2012 H1 2013 Change
Reported operating income 441 245 -195
Net financial income (191) (93) +98
Share in net income of associates 5 1 -4
Income tax (149) (100) +49
Net income attributable to minority

26 52 +26
interests
Net income attributable to equity

80 0 -80
owners of the parent
€0.21 €0 -€0.21
Net earnings per share (in euros)

Net financial income
In €m H1 2012 H1 2013 Change
End-of-lifecycle operations, including: 8 105 +97

Income from financial portfolio earmarked for end-of-lifecycle operations 133 209 +76
Income from non-portfolio assets (including receivables from dismantling) 23 23 -
Discount reversal expenses on end-of-lifecycle operations and impact of
schedule revisions (148) (127) +21
Net borrowing costs (95) (100) -5
Net gain on sales of securities 29 1 -28
Disposal of securities* 26 - -26
Discount reversal: retirement and employee benefits (42) (33) +9
Other income and expenses (91) (67) +24
Net financial income (191) (93) +98
* Mainly Sofradir in 2012

Appendix 1
Simplified balance sheet at June 30, 2013
(in €bn) Goodwill 4.1

5.5 Total equity
6.4 Provisions for end-of-lifecycle

Capital assets 11.3 operations
4.7 Other provisions
Assets earmarked
for end-of-lifecycle operations
6.0
4.5 Net debt: €4,471m
Investments in associates 0.2 Other assets and liabilities

Other non-current financial assets 0.3 1.2
Deferred taxes 1.0 0.6 Operating working capital requirement
Assets (simpl.) = 22.2 = Liabl + Equity (simpl.)

Appendix 2
Balance Sheet at June 30, 2013 - End-of-lifecycle operations
End-of-lifecycle operations*
In €m
6,376 The French law of June 28, 2006 on the
5,983 sustainable management of radioactive
5,774 209
209 materials and waste requires that 100% of
Receivables
the provisions for end-of-lifecycle
697
operations be covered by earmarked
assets since June 28, 2011
Dedicated
portfolio At June 30, 2013, AREVA's coverage of
5,774 6,167
5,077 activities subject to the law of June 28,
2006 was 98.4%
The tax rates used at June 30, 2013 for its

facilities in France are:
- inflation rate: 1.9%
Assets Assets Provisions
breakdown - discount rate*: 4.75%
AREVA Third party share * The sensitivity of end-of-lifecycle provisions to the above rates is
discussed in note 7 to the summary half-year consolidated financial
* for all French and foreign facilities, including those not subject to the statements at June 30, 2013
French law of June 28, 2006

Appendix 3
Net income attributable to minority interests
In €m H1 2012 H1 2013 Change
Somaïr 17 16 -1
Katco 9 50 +41
Imouraren - (5) -5
Eurodif, Sofidif and subsidiaries 7 (10) -17
AREVA TA (5) (1) +4
Other (2) 2 +4
Total 26 52 +26

Appendix 4
Change in revenue like for like
In €m H1 2013 H1 2012
Reported Revenue Foreign Consolidation Reported
revenue LFL exchange scope impact revenue
impact
Mining BG 813 566 -5 - 75 646
Front End BG 954 890 -2 -17 908
Reactors & Services BG 1,714 1,620 -15 +4 1,631
Back End BG 975 801 -1 +3 799
Renewable Energies BG 214 247 -5 0 253
Corporate and Other 92 92 0 0 92
Total – Nuclear and

4,762 4,216 -29 - 84 4,329
Renewables operations

Appendix 5
Statement of Income
In €m June 30, 2013 June 30, 2012
Revenue 4,762 4,329
Other income from operations 18 37
Cost of sales (3,981) (3,719)
Gross margin 799 647
Research and development expenses (136) (135)
Marketing and sales expenses (122) (118)
General and administrative expenses (194) (202)
Other operating income and expenses (102) 249
Operating income 245 441
Income from cash and cash equivalents 20 22
Gross borrowing costs (120) (117)
Net borrowing costs (100) (95)
Other financial income and expenses 7 (95)
Net financial income (93) (191)
Income tax (100) (149)
Net income of consolidated businesses 52 101
Share in net income of associates 1 5
Net income from continuing operations 53 106
Net income from discontinued operations - -
Net income for the period 53 106

including minority interests 52 26
Net income attributable to owners of the parent 0 80

Appendix 6
Statement of Financial Position (1/2)
ASSETS (in €m) June 30, 2013 December 31, 2012

Non-current assets 22,917 22,107
Goodwill on consolidated companies 4,085 3,998
Intangible assets 3,119 2,961
Property, plant and equipment 8,206 7,738
End-of-lifecycle assets (third party share) 209 217
Assets earmarked for end-of-lifecycle operations 5,774 5,695
Equity associates 159 175
Other non-current financial assets 301 294
Pension fund assets 0 0
Deferred tax assets 1,062 1,029
Current assets 8,854 9,148
Inventories and work-in-process 2,550 2,608
Trade accounts receivable and related accounts 2,506 2,130
Other operating receivables 2,095 2,079
Current tax assets 86 92
Other non-operating receivables 120 113
Cash and cash equivalents 1,360 1,543
Other current financial assets 137 358
Assets of operations held for sale - 225
Total assets 31,771 31,255

Appendix 6
Statement of Financial Position (2/2)
LIABILITIES AND EQUITY (in €m) June 30, 2013 December 31, 2012
Equity and minority interests 5,530 5,556
Share capital 1,456 1,456
Consolidated premiums and reserves 3,802 3,759
Actuarial gains and losses on employee benefits (342) (385)
Deferred unrealized gains and losses on financial instruments 199 286
Currency translation reserves 19 57
Equity attributable to owners of the parent 5,134 5,174
Minority interests 395 382
Non-current liabilities 14,151 14,107
Employee benefits 1,975 2,026
Provisions for end-of-lifecycle operations 6,376 6,331
Other non-current provisions 203 163
Long-term borrowings 5,496 5,564
Deferred tax liabilities 100 23
Current liabilities 12,091 11,593
Current provisions 2,512 2,562
Short-term borrowings 472 286
Advances and prepayments received 4,351 4,004
Trade accounts payable and related accounts 1,926 1,928
Other operating liabilities 2,667 2,581
Current tax liabilities 55 72
Other non-operating liabilities 108 87
Liabilities of discontinued operations - 73
Total liabilities and equity 31,771 31,255

Appendix 7
Change in net debt
In €m
Net debt at December 31, 2012 (3,948)
EBITDA from operations (excluding end-of-lifecycle costs) 473

% of sales 9.9%
Income on the disposal of operating assets 6

Change in operating WCR (171)
Net operating Capex (621)
Free operating cash flow before tax (313)
End-of-lifecycle operations (20)
Dividends paid (33)
Other (net financial investments, income tax, non-operating WCR, etc.) (189)
Change in net cash (debt) (523)
Net debt at June 30, 2013 (4,471)

Appendix 8
Key data by BG (1/2)
H1 2013
Reactors Renewable Corporate Total
In €m (except employee data) Mining Front End Back End
& Services Energies and Other group
Contribution to consolidated
revenue
813 954 1,714 975 214 92 4,762
Results Operating income 253 66 (113) 228 (64) (126) 245
Percentage of contribution to
+31.1% +6.9% -6.6% +23.4% -29.7% -136.1% +5.1%
EBITDA (excluding end-of-

lifecycle costs)
315 108 (110) 305 (55) (90) 473
+38.7% +11.3% -6.4% +31.3% -25.6% - 97.7% +9.9%
Cash Net Capex (212) (240) (73) (42) (43) (12) (621)
Change in operating WCR 127 9 (24) 19 (99) (204) (171)
Free operating cash flow 233 (124) (206) 282 (193) (306) (313)
Other Workforce at year end 4,596 8,620 15,703 11,519 1,432 4,575 46,445

Appendix 8
Key data by BG (2/2)
H1 2012
Reactors Renewable Corporate Total
In €m (except workforce) Mining Front End Back End
& Services Energies and other Group
Contribution to consolidated
revenue
646 908 1,631 799 253 92 4,329
Results Operating income 97 186 (198) 443 (33) (54) 441
+15.0% +20.4% -12.1% +55.5% -13.1% -59.0% +10.2%
EBITDA (excluding end-of-

lifecycle costs)
315 169 154 268 (25) (64) 817
+48.8% +18.7% +9.5% +33.5% -10.1% -69.7 +18.9%
Cash Net Capex (227) (407) (74) (55) (32) (4) (800)
Change in operating WCR 152 11 (346) 30 61 (235) (327)
Free operating cash flow 150 (305) (265) 242 4 (302) (476)
Other Workforce at year end 5,496 8,738 15,956 11,058 1,403 4,556 47,206

Areva - Overview

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Business & Strategy overview

This document contains forward-looking statements and information.

AREVA Overview – September 2013 p.2

► “Action 2016” strategic plan

► Nuclear: a critical path to the solution

► Performances and objectives by BG

AREVA Overview – September 2013 p.3

Macroeconomics Energy demand: x2 by 2050

AREVA Overview – September 2013 p.4 Introduction to AREVA

Compound annual growth rate

Gtoe: Gigaton of oil equivalent

AREVA Overview – September 2013 p.5 Introduction to AREVA

Resources Environment Economics Flexibility Availability

Nuclear ≃ 100 years  Very low  ~ €60  

Coal ≃ 130 years  ≃ 800  > €70  

Source : AREVA analysis

AREVA Overview - September 2013 p.6 Introduction to AREVA

World installed nuclear capacity in 2030

WNA – high scenario (2011) 790

IAEA – high scenario (2011) 745

WEO – 450 ppm scenario (2012) 699

WNA – reference scenario (2011) 614

AREVA (2011) 583

WEO - Reference scenario (2012) 551

IAEA – low scenario (2011) 500

Installed nuclear capacity, 2011: 368 GW

AREVA Overview - September 2013 p.7 Introduction to AREVA

AREVA 2011 scenario Change in global installed base

AREVA’s business model allows it to capture market opportunities

AREVA Overview - September 2013 p.8 Introduction to AREVA

AREVA Overview - September 2013 p.9 Introduction to AREVA

New French government’s objective is to reduce France’s

Decisions taken regarding the French nuclear fleet:

Strong support from the French government to nuclear industry

National Energy Debate: draft law proposal during fall 2013

AREVA Overview - September 2013 p.10 Introduction to AREVA

Other Europe North America

2011-2015 2016-2020 2011-2015 2016-2020 2011-2015 2016-2020

AREVA’s positioning on renewable market: selected growing activities

AREVA Overview – September 2013 p.11 Introduction to AREVA

> 80% of group revenues come from recurring activities

46,513 employees O/wGermany

900 experts Africa &

AREVA Overview – September 2013 p.13 Introduction to AREVA

[12,500 [4MSWUs] [13%]

AREVA Overview – September 2013 p.14

Enrichment offer a wide

AREVA’s Business Model allows it to capture market opportunities

AREVA Overview – September 2013 p.15 Introduction to AREVA

6 Front End 22%

AREVA Overview – September 2013 p.16 Introduction to AREVA

Number of years of 2012 Coverage of 2013 sales

Mining €11.4bn 8 c. 90%

Front End €17.8bn 9 c. 80%

Back End €5.7bn 3 c. 80%

AREVA Overview – September 2013 p.17 Introduction to AREVA

AREVA provides products and services to 360 reactors worldwide*

AREVA Overview – September 2013 p.18 Introduction to AREVA

France 6,500 professionals

AREVA Overview – September 2013 p.19 Introduction to AREVA

► “Action 2016” strategic plan

► Nuclear: a critical path to the solution

► Performances and objectives by BG