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-Net financial debt / EBITDA: between 2x and 2.5x.

Net financial debt / EBITDA: between 2x and 2.5x. Payout ratio of net income excluding non- recurring items post- hybrid1... further strengthening of the Group's financial structure, with an indebtedness ratio of less than 2x.

Proposed cash dividend for 2013: euros 1 25 / share, a payout ratio of 56 5 %, within the range of 55 % to 65 % of net income excluding non- recurring items... Net financial debt / EBITDA: between 2x and 2.5x. Payout ratio of net income excluding non- recurring items post hybrid 3.

Dividend proposed for 2014: euros 1 25 per share in cash, equivalent to a 52 % payout ratio 5 and 58 % when excluding the tariff catch-up... Net financial debt / EBITDA: between 2x and 2.5x... 5 Payout ratio applied to Net income excluding non- recurring items adjusted for the remuneration of hybrid issues booked as equity.

Net financial debt / EBITDA ratio: between 2x and 2.5x. Payout ratio of Net income excluding non- recurring items 5.

2.4x2 Proposed dividend of euros 1 25 / share for the 20123 financial year, i .e . a payout ratio of 55 % of net income excluding non- recurring items... net financial debt / EBITDA: between 2x and 2.5x. payout ratio: between 55 % and 65 % of net income excluding non- recurring items.

Targets on the net financial debt / EBITDA ratio- between 2x and 2.5x- and on the payout ratio of net income excluding non- recurring items (2) -between 55 % and 65 %- remain unchanged as well. (2) Net income excluding non- recurring items, adjusted for the remuneration of hybrid issues accounted for in shareholders ' equity .

Objectives pertaining to the net financial debt / EBITDA ratio- between 2x and 2.5x- and to the payout ratio of net income (2) excluding non- recurring items- between 55 % and 65 %- remain unchanged. 2 . 2018 ambition: the Group confirms its ambition to be cash-flow positive after dividends in 2018 (3) and a maximum amount of net investments excluding new developments at euros 10 5bn in 2018.