Appendix 1
Nuclear: a critical part of the solution

Worldwide demand for electricity
to double by 2030
Worldwide electric power generation (in TWh)
X2
30 000
15 000
2005 2010 2015 2020 2025 2030
2008 – Worldwide distribution of Capex in the Power sector
expected to reach $13.8 trillion2007
electric power mix
$6.8 trillion in T&D
Nuclear
16%
$6.8 trillion in generating capacity
Coal
Hydro
39%
19%
Covering both Generation and T&D markets,
AREVA has 2 reasons to benefit from
Oil
Hydro.
10%
19%
electricity sector investments
Sources: World Energy Association (March 2009), IEA-World Energy Outlook (2008)
> Overview – April 2009
3

Nuclear power: a critical part of the solution
for power generation
Nuclear power generation does not
1. release greenhouse gas:
life cycle greenhouse gas emissions very low
Low price of generation
2.
almost immune to uranium price fluctuations
Fossil resources are limited
3.
and uranium conventional resources are
200 times 2008 demand
Energy security of supply
4.
uranium is present in stable countries
> Overview – April 2009
4

Nuclear power cost competitiveness
Full Cost of Generation Including CO2 Costs*
(Rebased on nuclear)
CO2 Cost
126
109 100
Combined Gas Coal Nuclear
Cost Comparison for Europe
Average MWh cost
CO2 emission cost (25€/t CO2 )
for new plants
Nuclear € 50 - € 65 NS zzz
€ 5 - € 10
€ 65 - € 82
Combined cycle gas
€ 15
€ 55 - € 75
Coal
Sources: Enel (July 2008), E.On (April 2008), UBS (January 2009)
* Based on UBS Estimates for Europe (Global Nuclear Power - January 2009).Main technology-specific assumptions include:
- an economic life of 50 years for nuclear power plants, 40 years for coal power plants, and 30 years for combined gas power plant,
- size of 1,500 MW for nuclear power plant, 750 MW for coal plant and 425 MW for combined gas plant, and a CO2 price of €25/t
> Overview – April 2009
5

Nuclear power cost of generation:
limited dependency on fuel price evolution
Combined Cycle Gas Hard Coal
Turbine (CCGT)
Nuclear MWh cost split MWh cost split
MWh cost split
Fixed operating
Fixed operating
costs
Fuel & Other costs
Fixed operating
variable costs Carbon
Carbon
costs
Capital cost Capital
6%
2% cost
12%
10%
15% 25%
20%
33%
70%
70% Fuel &
Fuel & 35%
Other
Other
Capital
variable
variable
cost
costs
costs
Sources: Based on E.On estimates for Europe (January 2009) , with Carbon at 20 €/t
> Overview – April 2009
6

Nuclear power: a critical part of the solution
in the UK
“The Government’s conclusion is that nuclear power is:
Low-carbon – helping to minimise damaging climate change
Affordable – nuclear is currently one of the cheapest low-carbon
electricity generation technologies, so could help us deliver our goals
cost effectively
Dependable – a proven technology with modern reactors capable of
producing electricity reliably
Safe – backed up by a highly effective regulatory framework
Capable of increasing diversity and reducing our dependence on
any one technology or country for our energy or fuel supplies.”
UK Government White Paper (2007)
> Overview – April 2009
7

Appendix 2
Situation regarding nuclear in the various regions

The nuclear market place : 436 nuclear reactors
in 2009 and more to come from the East
126 67
130
10
2
2 CIS & Eastern Europe
North America Western Europe
109
28
Southern & Eastern Asia
0
2
Africa & Middle East
4
1
South America
In service Under construction
Source: WNA (January 2009)
> Overview – April 2009
9

Installed capacity in main countries
Gross capacity Gross generation Gross capacity Gross generation
(GWe) (TWh) (GWe) (TWh)
2008 2007 2008 2007 2008 2007 2008 2007
France* 65.9 65.9 438.6 439.1 Canada 15.4 15.0 94.0 94.0
Germany 21.5 21.4 148.7 140.5 United States 107 105.8 842.4 843.0
Russia 23.2 23.2 162.3 158.3 Mexico 1.4 1.4 9.8 10.4
United Kingdom** 12.5 11.9 39.4 58.6 Brazil 2.0 2.0 14.0 12.4
Ukraine 13.8 13.8 89.8 92.7 Argentina 1.0 1.0 7.4 7.2
Sweden 9.6 9.4 66.9 66.9
Spain 7.7 7.7 60.0 55.0 TOTAL 126.8 125.2 967.6 967.0
Belgium 6.1 6.1 45.8 48.2
Source: Nucleonics Week, March 2008, restated by AREVA.
Finland 2.8 3.0 23.0 23.4
Other 17.7 17.4 135.4 125.9
Gross capacity Gross generation
TOTAL 180.8 179.8 1,209.9 1,208.6 (GWe) (TWh)
2008 2007 2008 2007
* Excluding Phoenix, considered a research reactor.
** Data incomplete for Britain (only Jan-Sep 2008 total available for British
Energy Portion)
Japan 49.6 49.9 251.7 278.7
Source: Nucleonics Week, restated by AREVA
China 9.0 9.1 42.6 62.9
India 4.1 4.1 15.5 17.8
South Korea 18.4 18.4 151.0 142.9
Taiwan 5.1 5.1 40.8 40.6
Pakistan 0.5 0.5 1.9 2.5
TOTAL 86.8 87.1 503.5 545.4
Source: Nucleonics Week, March 2008, restated by AREVA.
> Overview – April 2009
10

Appendix 3
Front End business details

New mines will be necessary to meet
Uranium demand
World Uranium Supply and Demand
100000
90000
80000
70000
60000
tU
50000
40000
30000
20000
10000
0
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
2015
2017
2019
Production from existing mines Recycling (Mox, RepU, off-spec)
Russian HEU (existing agreement) Inventory reduction/adjustment
Demand to be covered by new projects Consumption (WNA Upper Scenario 07)
source: WNA 2007
> Overview – April 2009
12

Conventional fissile resources represent
more than 200 years of 2009 world demand
CATEGORY of Uranium resources (million tons = Mt)
Conventional
Identified (deposits) Undiscovered
Reasonably 1 Based on direct
Speculative
Prognosticated
Inferred
Cost of recovery geological
Assured Resources
Resources evidence
Resources
$/kgU Resources
2 3
1 2 Based on indirect
geological
evidence
< 40 1.77 1.20
3 Extrapolated
1.95
values
0.83
40 to 80 0.65 4.80
0.74
80 to 130 0.27 0.82
- - ? 2.97
> 130
Unconventional
3.34 2.13 2.77 7.77
Subtotal
General total 5.47 10.54 15 to 25
16,009,100 t
General total of conventional resources:
less than 66,000 t
World demand in 2009*:
Resources: > 200 times 2009 demand
+ With Gen IV Fast Breeder Reactor, resources are virtually
unlimited
*WNA estimate for 2009
Source: Nuclear Energy Agency \"Uranium 2007: Resources, Production and Demand\"
> Overview – April 2009
13

Improved security of supply with Uranium
Developed countries and China depend largely on oil & gas
supplied from unstable areas
Russia
8%
12%
North America 1%
22%
Kazakhstan 20%
11%
Uzbekistan 5%
China
Middle East
24% Alegria
24%
4% 2% 2%
3% 3%
5%
Mexico 4% Niger
3%1%
7%
28%
3%
Venezuela
Indonesia
Other
3% 1%
4%
Namibia Australia
1%
10%
70% of oil reserves
28% 20%
and 40% of gas
reserves
Key areas of production (in % of global production)
Uranium (2008 Data)
38% Oil (2007 Data)
Gas (2007 Data)
Sources: AREVA, IEA
> Overview – April 2009
14

Mining: solid fundamentals in a more
volatile environment
Market trend AREVA performance
Solid fundamentals: AREVA reserves and resources in 2008
Utilities want to secure supplies and future Replacement of mined reserves
expansion of nuclear fleet AREVA reserves/resources constitute 10%
Price drops in 2008 of the world’s identified resources
31% increase in exploration expenses,
Spot: average of $62/lb in 2008 vs. $99/lb
to €56M
in 2007
4% increase in production, to 6,303 MTU
Volatility due primarily to investment fund
sales
Increase in production costs of around
15%, comparable to the average
Long-term: average of $83/lb in 2008
for the industry
vs. $91/lb in 2007
Stable average AREVA sales prices
Prices stable for the past 5 months at $70/lb
LT & spot Ux prices, 2001- 2008
$36* $36.90*
$23*
150 Peak – July 07:
Long-term
Spot $138/lb
LT $95/lb
Spot
100
50
2006 2007 2008
Current - Feb. 09
Spot $47/lb
LT $70/lb
* per lb U3O8
0
> Overview – April 2009
15

Enrichment services requirements
should rise
Full use of current capacities
80
70
60
MSWU
MSWU
50
GBII plant - France
40
30
20
Capacity of 7.5M SWU
10
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Cumulative capacities
WNA 2007 scenario - Upper
of global players
WNA 2007 scenario - Reference First SWU production
in 2009
Rise in spot SWU prices to $160 as of 12/31/2008
(vs. $143 early 2008)
SWU rates ($)
Cost and schedule
160
on track
140
120
100
80
60
2000 2001 2002 2003 2004 2005 2006 2007 2008
Spot restricted
Source: Ux / TradeTech
> Overview – April 2009
16

135 out of 305* PWR and BWR
reactors in operation worldwide are fueled by AREVA
NL
GB SWEDEN
(1P/1)
(1P/1) (3P/3, 4B/7)
BELGIUM FINLAND
(5P/7) (0B/2)
FRANCE GERMANY
(~53P/58) (11P/11, ~4B/6)
JAPAN
SPAIN
(2P/21, 2B/32)
(1P/6,1B/2)
USA CHINA
SWITZERLAND
(18P/69,
(6P/7) **
(3P/3, 1B/2) TAIWAN
11B/35)
(0P/2, 4B/4)
* Map (283) + Mexico (2B), Slovenia
BRAZIL (1P), South Korea (16P), India (2B)
(2P/2) ** and Pakistan (1P) : sources AIEA,
WNA as of October 2007
** Local fuel makers using
Framatome ANP technology
SOUTH AFRICA
(2P/2)
AREVA provides fuel for 92% of its installed basis and
21% for its competitors’ installed basis
> Overview – April 2009
17

AREVA covers more than 40% of fuel global
needs for BWR and PWR (excluding VVER)
Europe USA Asia
2,127 T/y 2,257 T/y 1,483 T/y
12%
18%
PWR
4%
22%
82% 78% 84%
1,800 T/y 1,434 T/y 874 T/y
11%
29%
BWR
17%
27%
41% 10%
61%
32% 72%
327 T/y 823 T/y 609 T/y
AREVA Westinghouse + Enusa GNF Genusa Others
Source : Nuclear Assurance Corporation (Fuel Trac édition 10/2008); Average value over
2008 +/- 1 year
> Overview – April 2009
18

Appendix 4
Reactors & Services business details

O&M recurring expenses
should remain relatively stable and high
USA: around $10-11Bn of nuclear O&M recurring expenses in 2007
for a production in the range of 843 Bn kWh / y *
O&M expenses are expected to trend upward in coming years
Europe: Operating & Maintenance
~0,4€ cents/kWh
expenses per kWh
Operating
Training
40%
Logisitcs
...
Maintenance, repare, ~0,6€ cents/kWh
spare parts replacement,
recurring engineering and
60%
upgrade Maintenance
* NEI, Nucleonics Week (March 2009)
> Overview – April 2009
20

A significant share of O&M expenses
are outsourced by the utilities
Full Time Equivalent workforce internal + external
for 1,000 MWe installed
900
800
700
600
500
400
300
200
100
0
EDF US (Navigant Consult.) US (Duke estimate)
FTE Internal FTE External
The trend should amplify
in the coming years
Source: Nuclear Engineering International – december 2004 / AREVA
> Overview – April 2009
21

Main components
of PWR coolant system
5
1 Reactor vessel
2 Control rod drive mechanisms
3
3 Steam generator
2
4 Reactor coolant pump
5 Pressurizer
4
1
> Overview – April 2009
22

PWR steam generator
FUNCTIONS
Design Commissioning
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
diameter: 3.5 to 5 meters
Heat transfer surface: weight (empty): 300 to 420 metric tons
4,700 to 7,000
square meters
> Overview – April 2009
23

The EPRTM: increased power and safety - extended
life expectancy over the most recently built reactors
EPRTM N4
Thermal Power MW 4500 4250
Electrical Power MW 1650 1450
Thermal Efficiency % 36.8 34
Number of fuel assemblies 241 205
Limitation of severe accidents consequences ++ +
Redundancy factor 4 2
Average burnup of reloads GWd/t >60 45*
Service lifetime years 60 40
* Maximum burnup rate currently allowed by the French safety authority
> Overview – April 2009
24

Typical cost breakdown of a Nuclear Power Plant
of the EPRTM type
NUCLEAR ISLAND: 55-60 %
AREVA
CONVENTIONAL ISLAND
15-20 %
Alstom, Siemens
BOP
5-15 %
CIVIL WORKS
Customer
10-20 %
> Overview – April 2009
25

50% of WW nuclear fleet is over 25 years old
129 reactors out of 439 are over 30 years old
Pyramid of ages – 439 nuclear plants – WW nuclear fleet (Data as of January 2008)
35 3233
30
24 23
25
Number of Reactors
22 21 22
20
18
20
16 15
14 1414
15 12
1011 11 10
9
10 7 7
6 6 6 6
5 5 5
324 443 4 4
3
5 2
11
0
1 6 11 16 21 26 31 36 41
Age (in years)
A need for re-investments
in the existing fleet
Source: IEAE International Status & Prospects of Nuclear Power (February 2009) – Data as of January 2008
> Overview – April 2009
26

EDF nuclear power plant lifespan
EDF objective: bring lifespan of French nuclear fleet significantly beyond 40
years
18 nuclear units will reach a lifetime of 40 years between 2015 and 2020
Shutdown of such units would imply a major investment programme in new nuclear
units
Investment necessary to allow a significant extension of lifespan beyond 40
years include
Investment in asset maintenance to be carried out every year, including replacement
of major components
Ten-year inspection: with significant programmes to improve safety
Total investment associated
EDF estimates: c. €08 400 M per unit spread out several years (900 MW unit)
International benchmark: c. US$ 500/kW (from 40 to 60 years), ie c. US$ 450 M for a
900 MW unit
Source: EDF (January 2009)
> Overview – April 2009
27

EDF 5 Years Nuclear
Capital Expenditures Plan
EDF recurring nuclear capital expenditures are expected to rise in the coming
years with increasing nuclear reactors maintenance & life extension spending
EDF 5 years nuclear capital
expenditures in France*
Recurring share
of nuclear capital
expenditures
*Excludes Penly EPRTM Project
Source: EDF, January 2009
> Overview – April 2009
28

EDF nuclear plant scenario starting in 2020
Renewal over 30 years (2020-2050)
Construction of about 2,000 MW/year
MWe installed
70,000
60,000
Life extension
past 40 years
50,000
40,000
Generation 4
30,000 Current Nuclear
Fleet with 40-year service life
20,000
Generation 3 +
10,000
Years
0
1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 2055 2060
Average plant life: 48 years Generation 3+: EPRTM
Source: EDF
> Overview – April 2009
29

Appendix 5
Back End business details

Recycling is a competitive solution
compared to direct disposal
Recycling Competitiveness Uncertainty Reduction
Recycling reduces the risks associated
A 1994 OECD study shows that the overall
with the uncertainty surrounding
costs of recycling and direct disposal are
disposal costs
more or less identical
A study conducted by BCG (Boston
Consulting Group) in the US in 2006 shows
the costs of recycling and direct disposal
to be comparable
RECYCLING DIRECT DISPOSAL
RECYCLING DIRECT DISPOSAL
Controlled Strong
Total costs Total costs costs uncertainty
surrounding
costs
Plutonium &
Uranium Credits
UNCERTAIN
UNCERTAIN
COSTS COSTS
Interim Storage ⊳ Interim Storage
Recycling ⊳ Transports
Transports ⊳ Packaging
Waste disposal ⊳ Waste
CONTROLLED
Disposal
COSTS CONTROLLED
COSTS
Source: BCG, AREVA Source: International Benchmark AREVA
> Overview – April 2009
31

In Back End, AREVA is the specialist
of spent fuel management
Considerable barriers to entry for recycling:
Technical and technological know-how
Regulations
Capital requirements
AREVA is Nr 1 worldwide in terms of effective production
Effective reprocessing capacity for light Cumulative effective production,
water reactors spent fuel as of dec. 2008
~24,540 mt
1,700 mt / y
900 mt / y
800 mt / y
4,200 mt
Max. 400 mt / y
4,010 mt
420 mt
Japon /
AREVA BnFL / Minatom /
Rokkasho Mura AREVA BnFL Minatom JNFL
COGEMA - La Hague Sellafield Chelyabinsk
(starting 2006)
Up today, AREVA reprocessed c.75% of the spent fuel worldwide,
Technology transfer
i.e 24,500 mt out of 33,200 mt
Source: AREVA, World Nuclear Association
> Overview – April 2009
32

AREVA Logistics Activities
TN International (France), TRANSNUCLEAR Inc. (USA) and TRANSNUCLEAR Ltd.
(Japan)
Design & licensing of dry storage and transport casks
Manufacturing of dry storage casks
Organization of Transports
Cask maintenance operations on site
LMC (France)
Road transport of radioactive materials
Operations on railway and maritime facilities
Maintenance of safety vehicles
MAINCO (France)
Management of site supply chain
Specific handling operations
MECAGEST (France)
Manufacturing of mechanical and welded components (cask baskets, vitrified and
compacted waste containers, etc.)
226 transports organized and 88 casks
manufactured in 2008
> Overview – April 2009
33

AREVA key objectives in logistics business
Market development Innovation and marketing
Develop logistics activities Maintain Research & Development
consistently with the back-end sector efforts to offer innovative solutions for
priorities our customers in both back-end and
front-end
People Operations performance
Develop new fleets while securizing
Develop our internal resources to
procurements and sea transportation
anticipate our needs
capacities
> Overview – April 2009
34

Used fuel: towards new packagings
TN 12/1, 1980s
MARK II, 1980s-2000s
(IAEA 1985)
TN12/2
TN13/2
TN 1, 1969
TN17/2
In compliance with IAEA
2005
Burn-up: 70 000 MWd/t
Enrichment: 5%
Compatible with EPRTM
TN 112, 2008
TN G3, 2015-2018 (IAEA 2005)
> Overview – April 2009
35

Nuclear Site Value Development
AREVA considers nuclear site value development as a fully-
fledged industrial activity
Dedicated entity created in 2008: the Nuclear site Value
Development Business Unit
Role of the entity:
Promote AREVA’s 20 years experience and expertise in this field
Within AREVA, develop steer project progress and standardized
methods and techniques
Key figures
1,400 employees working on 6 sites
4 major projects underway for both
AREVA and the French Atomic
Commission (CEA)
Cadarache: A first for MOX plant dismantling
> Overview – April 2009
36

Focus on radioactive waste management Framework
French Law of June 28, 2006 (1/3)
Program law:
Provides a framework for the
management of all radioactive waste
Sets the schedule for management of this waste
Institutes the principle of a National Management Plan
Principle: One waste category = One disposal method
Key milestones:
Opening of the geologic repository in 2025
⇒
Parliamentary debate and vote in 2015 (retrievability)
⇒
> Overview – April 2009
37

Focus on radioactive waste management Framework
French Law of June 28, 2006 (2/3)
► A definition that reinforces the use of used fuel treatment:
“The reduction of the quantity and harmfulness of
radioactive waste is sought, particularly through used fuel
treatment and the processing and packaging of
radioactive waste”
► An obligation to “clean up the past”:
“Owners of long-lived medium-level
waste produced before 2015 must
package it no later than 2030”
► Effective framework for foreign fuel treatment
► A standard solution: decision to dispose of long-lived
medium- and high-level waste packages beginning 2025
> Overview – April 2009
38

Focus on radioactive waste management Framework
French Law of June 28, 2006 (3/3)
Obligation to create a long-term management fund and related
management rules
Fund localized in companies
Concerns the dismantling and disposal of long-lived medium- and high-
level waste
No transfer to the State (responsibility, fund)
Very strict framework (amount, exposure, oversight by special
commission)
Note: Evaluation of disposal costs by an ad hoc working group led by
the administration
One of the world’s most comprehensive
law in this field :
Stabilizes the future and controls the
fundamentals
> Overview – April 2009
39

Radioactive waste French classification
Long-lived
Short-lived
Waste (half-life > 30 years)
(half-life < 30 years)
category
VLL
Morvilliers Disposal Center, in operation since 2003
(very low
level)
A La Manche Disposal Center, Sub-surface storage center,
full, closed (1969-1994), in
(low level - opening slated for 2013
300-year monitoring period
LL)
B
Soulaines Disposal Center,
(medium in operation since 1992
level - ML)
C Deep disposal center, decided by the law of June 28, 2006
(opening slated for 2025)
(high level -
HL) Underground Laboratory in Bure (Meuse – Haute Marne)
> Overview – April 2009
40

Appendix 6
T&D business details

T&D investments will outpace GDP growth
in the near future
More networks inter-dependency to cope
with potential shortages
More economical exchanges of electricity
Economy More interconnections of networks with
+ globalization different phases or frequency
Increased needs in Automation
Old equipments in Western countries
Under-investments following privatization
leading to recent black-outs (Italy, US, …)
Past investment
+ Lower grid / generation spare margin
consequences
Need for refurbishment investments
Needs in Automation
Integration of renewables
Increase in T&D
+ intensive sources Need to connect distributed energy
of electricity systems to the grids
Expected strong growth of Wind with high
T&D investments requirements
Growth Urbanization fostering need of safer /
of electricity cleaner energy
+ in global energy Long term shortage in Oil& Gas primary
mix sources of energy
Global warming leading to CO2 emission
reduction objectives
GDP growth
Source: AREVA
> Overview – April 2009
42

AREVA T&D commercial achievements & strategy of
selective acquisition and partnerships in 2008
Major commercial achievements
Significant contracts with Dubai Electricity (UAE), StatoilHydro (UK),
UTE (Melo - Uruguay), National Grid/RTE (IFA2000 - UK/France),
etc.
N° in India
1
New leadership position in HVDC (excl. China)
Major strategic moves
Acquisitions to increase our products portfolio: Waltec (Brazil), RB
Watkins (USA) and Nokian Capacitors (Finland)
Strategic partnerships with GE (India) and Shanghai Electric (China)
Production capacity increases to support growth
12 Greenfields in China, India, Poland and Turkey
Extension of key units in France, Switzerland and Germany, etc.
> Overview – April 2009
43

Key Strategic Moves in 2008
PTR/Shanghai Electric Group
DSC/Hengchi
DSC/Sino American
Nokian
PDS-GIS/Huadian
GIS/Jinxin
DSC-PDS/Leekeen
Nxtphase
RB Watkins
T&D India/GE India
Waltec
Acquisitions
Partnerships
€290m full-year sales impact
Joint-Ventures
> Overview – April 2009
44

New leadership positions established
Disconnectors
HVDC*
EMS
High Voltage Direct Current
GIS
Energy Management Systems
Gas-Insulated Substation
SPS Aluminum
Instrument
Transformers
*Excluding China Special Products Suppliers
> Overview – April 2009
45

Enlarged products portfolio
MaxSine SVC
GIS F35-5 bay
100% Vegetable oil
Power Transformer
Top core Current Transformer
PACiS 4.5
MS 3000 Monitoring
Power transformer
PIX High for Nuclear Segment
> Overview – April 2009
46

AREVA’s smart grid vision
• Defense plan
• React in real-time
Blackout
Blackout
• Online Stability
prevention
Customers needs Enablers prevention • Closed Loop Control
New technologies
capabilities
Reliability • Nuclear
• Centralized /
and Quality CO22free energy
CO free energy Decentralized Renewable
sources
sources • Micro–renewable
integration
integration • Energy storage
Stability
+ • Infrastructure (incl. long
distance, both energy &
Transmission
Transmission communication)
Environmental optimization
optimization • Network management
Energy policies /
concerns
Regulatory push
Energy • Infrastructure ( to
enable bi-directional
efficiency Distribution
Distribution power flows,
optimization
optimization communication)
• Network management
Market
efficiency • Electric cars
• µ-production and µ-grid
New consumption
New consumption • Deregulated environment
modes integration
modes integration • Smart appliances &
and management
and management buildings
> Overview – April 2009
47

Appendix 7
Outlook China

China: strong growth in power
consumption despite slow down in 2008
Electricity consumption 1995-2020
Source: China Electricity Council (CEC) , Market Study, Financial Crisis Impact Study
> Overview – April 2009
49

China: the energy challenges
70% of coal
reserves
Secure economic growth Better
developed
80% of hydraulic
Regions
resources
Minimize energy dependency
Ensure sustainable development
Ensure social stability by reducing disparities: electricity for all at
an affordable price
Take action on environmental issues, both for existing pollution
and global warming
Expand the interconnection market (HVDC) for electricity
transmission to densely populated, developed areas
Nuclear power and advanced T&D technologies
have a major role to play
> Overview – April 2009
50

China: overview of the energy sector
Per capita consumption is still low and very disparate
Insufficient installed capacity
792 GW installed as of the end of 2008, with a target of 1500 GW by 20201
A promising market
China’s capital spending on new generating capacity and in the transmission
and distribution sector is expected to rise to 50 billion dollars per year from 2006
to 2010.
China’s electricity transmission and distribution market represents 25% of the
world market
Renewable energies law is effective since 2006 to encourage
renewable energy resources
Renewable energy is expected to reach 10-12% of total installed power
capacity by 2020
China is to become the first market in Renewable Energy from 2010
1 Source: China Electricity Council and World Nuclear Association
> Overview – April 2009
51

China: AREVA’s positions
More than 2,900 employees, of which 2,800 employees for T&D
More than 735 million euros sales in 2008
Reactors &
Services
T&D
29%
T&D
47%
24%
Front-End
AREVA’s
Sales split
> Overview – April 2009
52

China: AREVA T&D’s
operations in China
China’s T&D market 2008 represents 25% of the world market and
is expected to keep growing despite of current financial crisis
Substantial capital expenditure is required in light of the country’s
rising energy demand at above 10% CAGR 2006-2010
More than 365 million euros in sales in 2008*
Breakdown of the Chinese T&D market in 2008:
ABB
15%
Local players = SIEMENS
7%
70% of the market Others
44%
AREVA
3%
Japanese/Korean
3%
Other MNCs
3%
XD Group
8%
XJ Group
2%
TBEA
5%
ShenGao
Nari TWBB
1% PingGao
3% 2%
4%
*Sales by destination in 2008 (not including products manufactured in China and exported overseas)
> Overview – April 2009
53

China: T&D Market Growth
T&D Market Drivers
Fast industrialization (2008 Industrial production growth: +13%)
Urbanization and improved living standards
Need for infrastructures and appliances
51,0%
52%
50,0% 50,4%
50%
48%
47%
48%
45%
46%
44%
43%
44%
41,8%
40,5%
42%
40%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Urbanization rate
Need to efficiently connect distant power generation and main
consumption centers over long distance (UHV and HVDC
opportunities)
2008 annual capacity increase = 90 GW (~ UK installed capacity)
> Overview – April 2009
54

China: nuclear power’s share is expected
to quadruple by 2020
Total installed capacity in 2008: 792 GW, mostly thermal
China Installed Generating
Capacity (2008)
Nuclear
1.5%
Hydro
20%
Wind
1.7%
77%
Fossil Fuel (gas,
coal, oil)
Nuclear power’s share is still limited in China: 9 GW,
corresponding to 1.5% of 2008 total installed generating capacity
in China
Objective: 5% by 2020, i.e. 70 GW
Source: China Electricity Council
> Overview – April 2009
55

China: nuclear civilian sites
11 reactors in operation – 18 under construction
> Overview – April 2009
56

China: AREVA role in the development
of the nuclear fleet
Built by AREVA
Qinshan I - 1991 A strong presence in
the newly built plants Significant Participation
Daya Bay - 1994 (Supply, assistance, …)
Projects to come
Qinshan II phase 1 – 2002; 2004
200x Commissioning date
Qinshan III – 2002; 2003
Ling Ao I – 2003
Tianwan – 2007
Ling Ao II – 2010; 2011
Qinshan II phase 2 – 2011; 2012
A wide offer
Hongyanhe – 2012; 2013
of services, equipments
and fuel
Taishan – 2013; 2014
for the whole fleet
Other project Gen 2 & 3
1990 2000 2010 2015
> Overview – April 2009
57

China: the largest contract
ever signed
in the nuclear business
Construction
of 2 EPRTM
nuclear islands
Material and Services
for 15 years of operation
€8 Bn
Discussions to start
on cooperation for
treatment and
recycling
> Overview – April 2009
58

China: renewable energies outlooks
AREVA Bioenergy
600 to 900 MW to be installed yearly to reach 20 000 MW installed
capacity by 2020
Annual market turnover related to boiler island expected
to exceed 200 M€ by 2012
No market saturation foreseen before 2012.
AREVA’s technology, based on its operating feedback,
is an asset in the stiff competition with local boiler manufacturers
AREVA aims at:
Developing boiler engineering competences, combining AREVA
mastered technology and low cost manufacturing
Low cost sourcing for oversea projects
> Overview – April 2009
59

Appendix 8
Outlook India

India: massive growth of nuclear generated power
is expected over the next 40 years
Nuclear percentage should rise Nuclear installed capacity
from 3% in 2008 to 25% should multiply by more
of the power mix in 2050 than 10 by 2050
15%
66 GWe**
3%
4%
50 GWe
68%
10%
25%
2007
20 GWe
Others
Coal
75%
Other Renewable
4 GWe
Hydraulic
Nuclear
2050 France
2020
2008 2050
Oil
in 2008
Source: Indian Office of the Minister of State for Commerce & Power (February 2009), Nucleonics Week
Key drivers
Population growth (x 1.5 from 2000 to 2050)
GDP growth (7.5% per year in 2008, and c.6% expected in 2009*)
Increase in electricity access (44% of Indian households have no access to electricity in 2008)
* Economist Intelligence Unit, February 2009
** Nucleonics Week, March 2009
> Overview – April 2009
61

India: Important T&D investments to continue
T&D Indian 11th Five Years Plan (2008-2012)
Fresh capacity addition is considered to be the main driver for future demand for
Electrical Equipments in the T&D segment
Funds Capacity
Required
Transmission
Central Sector
750 43
16
State Sector
650
(GW)
Distribution
292 *
Sub-Station
787
Augmentation
793 198
of S/S
(GVA)
(Rs Bn)
* 292 GVA to be added + 500,000 Nos. of Industrial installations (HT)
Source: JM Financial, Planning commission working group report on power sector
> Overview – April 2009
62

India: AREVA T&D has
a strong competitive position
Major land marks:
T&D India Market share 2008
70% market share in the EMS
segment for Transmission networks
AREVA
Chinese – Koreans
16.9%
Supplied and commissioned India’s
7.7%
first 765 kV substation in 2007 for
Others
NTPC Sipat plant
38.8%
ABB 20% of HVDC inter-regional linkages
15.6%
Largest number of GIS references
in India
Network Consultancy contract for
Reliance Energy’s Delhi & Mumbai
Siemens networks ; 1st of its kind in India
L&T
8.8%
2.1%
BHEL Modernization of Bhutan’s electrical
CGL
network for 2 cities
5.2%
4.9 %
Source: AREVA. Market share calculation based on 2008 orders
> Overview – April 2009
63

India: AREVA benefits from an historical presence
in India since 1950s’
Dehli, Noida BANGALORE PONDY
Naini
Baroda
Kolkata
CHENNAI
CHENNAI
Bangalore
Hosur Chennai
New factories
Padappai
Pondicherry
KOLKATA KOLKATA
8 manufacturing sites
3 new manufacturing sites
4,200 employees
NAINI NOIDA, DELHI
22 sales offices
Full fledge local player covering
UHV, HV, MV, Systems and Automation
Map as of end of 2008
> Overview – April 2009
64

India: the country has developed a strong nuclear
industry
India has developed a strong domestic nuclear industry, drawing
on the benefits of earlier cooperation with Canada, France, the
United States, Russia…
NPCIL is the specialized nuclear utility in India, architect-engineer
and operator of 17 reactors (+ 6 under construction)
Operating reactors are derivatives of Candu (14) and BWRs (2),
but are rather small (160 to 500 MW range)
India is developing fast neutron reactors, proof of its technological
capability and forward-looking approach
Nuclear supply chain in India is dominated by several large public
and private industrial groups, like BHEL, Larsen & Toubro, Tata,
etc.
India now aims to supply 25% of electricity from nuclear power by
2050, from 3% in 2008
> Overview – April 2009
65

India: 17 reactors in operation and
6 under construction
RAWATBHATA 1, 2, 3 & 4
NARORA 1&2
740 MW
440 MW
440 MW (5 & 6)
Plants
in operation
KAKRAPAR 1&2
440 MW BWR (320 MW)
PHWR (3.760 MW)
Plants under
construction
TARAPUR 1, 2, 3 & 4 KALPAKKAM 1&2
1400 MW VVER (2.000 MW)
440 MW
PHWR (660 MW)
500 MW
(Fast breeder reactor) FBR (500 MW)
fast breeder reactor
KAIGA 1, 2 & 3
KUDANKULAM 1&2
620 MW
2000 MW
220 MW
> Overview – April 2009
66

India: recent evolution of the specific country
situation relating to non-proliferation commitments
India did not sign the Nuclear Non-Proliferation Treaty (NPT)
and conducted its first nuclear test in 1974
From that time, on-going cooperation between India and other countries was
interrupted, and supplier states put in place the NSG (Nuclear Suppliers
Group, 45 countries today) to regulate nuclear exports
Since adoption of Full-Scope Safeguards in 1992, NSG member states do not
allow themselves to export nuclear technology, equipment
and fissile material to any country not complying with Full-Scope Safeguards
Between 2005 and 2008, discussions between India and several NSG member
states took place, for an agreement on safeguarding civilian nuclear facilities
and fissile material paving the way for a new consensus within NSG
Summer 2008: India obtained a green light from AEIA and the NSG validated
an exceptional arrangement to permit its members to deal with. Some
countries had already signed MOU with India to put in place framework
agreement of cooperation
February 2009: India signed a safeguard agreement with the AIEA, allowing
individual countries to further trade with India in civilian nuclear field
> Overview – April 2009
67

India: success of the discussions with NSG
members
AREVA February 2009:
December 2008: Nuclear safeguards
July 2006:
Feasibility report for AREVA – NPCIL 300 tU agreement between
AREVA visit
6 GW Supply Contract* India and the IAEA
India/USA statement:
1st Indian
July 2005
nuclear test
American Congress Nuclear cooperation
vote: December 2006 agreements with France
1974 2005 2006 2007 2008 2009
Bilateral cooperation: February 2009: AREVA
India / France statement:
India / Canada (PHWR) September 2005
– NPCIL MoU for up to 6
India / France (FBR) Nuclear cooperation
agreements with US
India / USA (BWR) EPRTM Reactors***
AREVA
G. Bush visit:
January 2009: AREVA
Feasibility March 2006
report for EPRTM – Bharat Forge JV**
V. Poutine visit:
February 2007
September 2008:
End of 34 years Ban
July 2008: AEIA
February 2006: President
from Nuclear
green light
Chirac visit
Suppliers Group
* First of its kind MoU between India and a foreign nation
** Joint Venture with Bharat Forge for the production of heavy components of nuclear reactors (to start in 2012)
*** Memorandum of Understanding to supply 2 to 6 EPRTM reactors
> Overview – April 2009
68

India: key challenges for AREVA
For Nuclear:
Successfully license the EPRTM with the Indian nuclear regulatory authority
Sign final contract with NPCIL for the construction of the 2 first EPRTMs at Jaitapur
Set up the announced joint venture with Bharat Forges in order to start the production of
heavy forging components for the EPR in 2012
For T&D: grasp market growth
Increase capacity: Greenfield, lean manufacturing
Cover all market segments by localization of technology and specific developments to
address market needs
Overall, leverage India to support AREVA strategy worldwide
Recruit and retain talents
Manufacturing base for other units
Engineering resources and R&D centers of excellence
Strong supplier base
> Overview – April 2009
69

Appendix 9
Financials

Change in revenue 2008/2007
like-for-like
2008 2007
Revenue like- Exchange Consolidation Change in Reported
for-like
Revenue rate scope impact valuation revenue
In millions of euros impact method
Front End division 3,363 3,136 (53) 46 4 3,140
Reactors & Services
division 3,037 2,739 (47) 19 49 2,717
Back End division 1,692 1,735 (4) 0 0 1,738
Nuclear 8,092 7,610 (103) 65 53 7,595
T&D
division 5,065 4,375 (121) 169 0 4,327
Corporate and Other 3 1 0 0 0 1
Consolidated 13,160 11,985 (224) 233 53 11,923
> Overview – April 2009
71

Non-operating items
Change
2007 2008 08/07
In millions of euros
Operating income 751 417 (334)
Net financial income (expense) 64 (29) (93)
Share in net income of associates 148 156 8
Income tax (81) (46) 35
Effective tax rate 9.9% 11.8% +1.9 pts
Minority interests (139) 91 230
743 589 (154)
Net inc. attributable to equity holders of parent
> Overview – April 2009
72

Net financial income
Change
2007 2008 08/07
In millions of euros
End-of-life-cycle operations 107 (57) (164)
Including:
Income from earmarked portfolio and interest on receivables 175 87 (88)
Non-portfolio income 113 182 69
Discount reversal on end-of-life-cycle portfolio and schedule revisions (181) (327) (146)
Net borrowing costs (excl. discount/premium) (53) (111) (58)
Discount/Premium (20) (16) 4
Income from disposal of securities 3 370 367
Discount reversals on retirement/benefits provision (55) (72) (17)
Other financial income and expenses 82 (143) (225)
Net financial income (expense) 64 (29) (93)
> Overview – April 2009
73

Share in net income of associates
Change
2007 2008 08/07
In millions of euros
STMicroelectronics (25) (46) (21)
Eramet group 153 187 34
Other 20 15 (5)
TOTAL 148 156 8
The negative results of ST Microelectronics (-84% compared with
2007) are offset in part by Eramet's positive performance
> Overview – April 2009
74

Minority interests in subsidiaries' earnings
Change
2007 2008 08/07
In millions of euros
AREVA NP (17) (186) (169)
AREVA NC 129 76 (53)
AREVA T&D 23 32 9
AREVA TA 3 4 1
Other 1 (17) (18)
TOTAL 139 (91) (230)
> Overview – April 2009
75

Cash flow and net debt
2007 2008
In millions of euros
Ebitda (excluding end-of-life-cycle costs)* 1,335 1,181
% of revenue 11.2% 9.0%
Gain (loss) on disposal of operating assets 1 (197)
Change in operating WCR (432) (451)
Net operating Capex (2,889) (1,454)
Free operating tax flow before tax (1,985) (921)
End-of-life-cycle obligations 171 (115)
Net financial Capex (131) (462)
Dividends paid (345) (326)
Revaluation of minority put options (liability) (932) (19)
Other (income tax, non-operating WCR, etc.) 85 (577)
Change in net cash position (3,137) (1,496)
Net debt (12/31) (4,003) (5,499)
> Overview – April 2009
76

Simplified balance sheet at 12/31/09
In billions of euros
4,8
Goodwill
7,3 Equity
8,0
PP&E and intangible assets
Provisions for end-of-
5,7
life-cycle operations
Assets earmarked for end- Other provisions**
3,3
5,2
of-life-cycle operations
0,1 WCR
Investments in associates 1.8 5,5
Net debt*
Non-current financial assets
2,2
Assets (simplified) = 21.9 = Liabilities & equity
(simplified)
* Net debt excluding unexercised put options = borrowings including interest-bearing prepayments – cash – marketable securities
– non-trade current account assets
** Including net deferred taxes
> Overview – April 2009
77

End-of-life-cycle operations
End-of-life-cycle operations
at December 31, 2008
In millions of euros
270
The law of June 28, 2006
270
on the sustainable management
of radioactive materials and
waste requires a 100% reserve
ratio by June 28, 2011
for end-of-life-cycle provisions
2 991
using dedicated assets
5 404
4 954
Since 2002, AREVA’s reserve
Receivables
ratio has ranged from 90%
Earmarked
portfolio
to 110%
1 964
At December 31, 2008,
in an environment of severe
crisis in financial markets,
Assets Breakdown of Provisions
AREVA assets it was 92%
AREVA Third party share
> Overview – April 2009
78

ROACE (1/2)
Average Capital Net Operating ROACE
Employed Income
In millions of euros 2007 2008* 2007 2008 2007 2008*
Nuclear 3,172 5,005 429 37 13.5% 0.7%
T&D 761 1,086 265 402 34.8% 37.0%
Other 331 2,250 (111) (111) - -
Consolidated 4,264 8,341 583 328 13.7% 3.9%
* Unadjusted for goodwill linked to the Siemens put option
> Overview – April 2009
79

ROACE (2/2)
CONSOLIDATED
2007 2008
unadjusted for
In millions of euros Siemens’ put option
Net operating income 583 328
Net intangible assets 2,729 3,089
Goodwill used in ROACE calculation 2,520 4,748*
Property, plant and equipment 4,204 4,914
Customer prepayments on assets (907) (941)
Operating WCR 368 656
Provisions for contingencies and losses (3,088) (3,430)
Capital employed 5,826 9,036
Average capital employed 4,264 8,341
ROACE 13.7% 3.9%
* Unadjusted for goodwill related to Siemens’ put option
> Overview – April 2009
80

Balance Sheet (1/2)
ASSETS December 31, December 31,
(in millions of euros) 2008 2007
Non-current assets 22,841 21,425
Goodwill on consolidated companies 4,803 4,377
Other intangible assets 3,089 2,729
Property, plant and equipment 4,913 4,204
Including: End-of-life-cycle assets (AREVA share) 189 174
End-of-life-cycle assets (third party share) 270 2,491
Assets earmarked for end-of-life-cycle operations 4,954 2,873
Investments in associates 1,757 1,558
Other non-current financial assets 2,152 2,588
Pension assets 1 -
Deferred tax assets 900 604
Current assets 11,804 9,251
Inventories and work-in-process 3,403 2,817
Trade accounts receivable and related accounts 4,486 3,884
Other operating receivables 2,434 1,402
Current tax assets 164 94
Other non-operating receivables 154 141
Cash and cash equivalents 1,050 634
Other current financial assets 113 279
Assets of operations held for sale - -
Total assets 34,644 30,676
> Overview – April 2009
81

Balance Sheet (2/2)
December 31, December 31,
LIABILITIES AND EQUITY
2008 2007
(in millions of euros)
Equity and minority interests 7,292 7,464
Share capital 1,347 1,347
Consolidated premiums and reserves 4,455 3,925
Deferred unrealized gains and losses 287 1,117
Currency translation reserves (131) (138)
Net income attributable to equity holders of the parent 589 743
Minority interests 745 470
Non-current liabilities 11,795 11,951
Employee benefits 1,268 1,175
Provisions for end-of-life-cycle operations 5,674 5,075
Other non-current provisions 123 121
Non-current borrowings 3,969 4,302
Deferred tax liabilities 760 1,277
Current liabilities 15,558 11,261
Current provisions 2,081 1,823
Current borrowings 2,693 613
Advances and prepayments received 4,752 4,172
Trade accounts payable and related accounts 2,991 2,565
Other operating liabilities 2,884 1,921
Current tax liabilities 104 127
Other non-operating liabilities 53 41
Liabilities of operations held for sale - -
Total liabilities and equity 34,644 30,676
> Overview – April 2009
82

Income Statement
2008 2007
In millions of euros
Revenue 13,160 11,923
Other income from operations 32 21
Cost of sales (10,906) (9,183)
Gross margin 2,286 2 762
Research and development expenses (453) (421)
Marketing and sales expenses (607) (529)
General and administrative expenses (980) (881)
Other operating income and expenses 214 (123)
Operating income before restructuring expenses 460 808
Restructuring and early retirement costs (43) (57)
Operating income 417 751
Income from cash and cash equivalents 38 37
Gross borrowing costs (148) (110)
Net borrowing costs (111) (73)
Other financial income and expenses 81 138
Net financial income (29) 64
Income tax (46) (81)
Net income of consolidated businesses 343 734
Share in net income of associates 156 148
Net income from continuing operations 498 882
Net income from discontinued operations -- -
Les minority interests 91 (139)
Net income attributable to equity holders of the parent 589 743
35,442,701
Average number of shares outstanding 35,442,701
Basic earnings per share 16.62 20.95
Diluted earnings per share* 16.62 20.95
* Adjusted for net income from discontinued operations
> Overview – April 2009
83

Segment reporting (1/2)
2008
Corporate,
Reactors
In millions of euros
Front End Back End T&D Other and Consolidated
(except number of employees) and Services
Eliminations
Contribution to
consolidated revenue 3,363 3,037 1,692 5,065 3 13,160
Income items
Operating income 453 (687) 261 560 (170) 417
% of revenue 13.5% -22.6% 15.4% 11.1% - 3.2%
Ebitda (excl. end-of-life-cycle) 780 (349) 320 587 (158) 1 181
% of consolidated revenue
23.2% -11.5% 18.9% 11.6% - 9.0%
Net Capex
Cash flow items (664) (365) (88) (324) (13) (1,454)
Change in operating WCR (533) 124 190 (276) 44 (451)
(609) (591) 422 (20) (124) (921)
Free operating cash flow
. 5,595 1,436 1,947 1,308 2,520 12,806
PP&E and intangible assets
Capital employed* 6,091 159 (906) 1,356 2 336 9 036
Other
Number of employees 14,240 19,477 10,906 29,966 825 75,414
* Capital employed at the end of the period
> Overview – April 2009
84

Segment reporting (2/2)
2007
Corporate,
Reactors
In millions of euros
Consolidated
Front End Back End T&D Other and
(except number of employees) and Services
Eliminations
Contribution to
3,140 2,717 1,738 4,327 1 11,923
consolidated revenue
Income items
Operating income 496 (179) 203 397 (166) 751
% of revenue 15.8% - 6.6% 11.7% 9.2% - 6.3%
Ebitda (excl. end-of-life-cycle) 731 (125) 440 426 (137) 1,335
% of consolidated revenue 23.3% - 4.6% 25.3% 9.8% - 11.2%
Net Capex (2,260) (322) (81) (193) (33) (2,889)
Cash flow items
Change in operating WCR (140) (81) (186) (5) (20) (432)
Free operating cash flow (1,673) (528) 172 233 (190) (1,985)
PP&E and intangible assets 4,894 1,141 1,897 1,053 2,325 11,310
Capital employed* 5,135 178 (644) 816 345 5,826
Other
Number of employees 65,583
12,577 16,500 10,638 25,248 620
* Capital employed at the end of the period
> Overview – April 2009
85

2008 sales revenue by BU (1/2)
Reactors and Services
Front End division
Renewable
Consulting/Information
energies
Systems
5%
Nuclear
5%
Mining measurement
23%
Fuel 6%
AREVA TA
37%
12%
Equipment
Chemistry 9%
8%
Plants
39%
Nuclear
services
Enrichment
26%
32%
Back End division Transmission & Distribution
Services
Cleanup
Nuclear Site Value
6%
6%
Development Engineering
14% 3%
Automation
Products
Logistics 10%
53%
14%
Systems
Treatment- 31%
Recycling
63%
> Overview – April 2009
86

2007 sales revenue by BU (2/2)
Reactors and Services
Front End division
Renewable
energies
Consulting/Information
1%
Nuclear
Systems
Mining measurement
6%
23%
Fuel 6%
AREVA TA
36%
11%
Chemistry
8% Equipment
8%
Plants
39%
Nuclear
services
Enrichment
29%
34%
Back End division Transmission & Distribution
Services
Cleanup
8%
6% Engineering
3%
Automation
Products
Logistics 11%
49%
13%
Systems
Treatment- 32%
Recycling
81%
> Overview – April 2009
87