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Net income excluding non- recurring items (3) :euros 1.4bn, -19 4 %... -Dividend: target payout ratio of Net income excluding non- recurring items (11... (3) Net income excluding non- recurring items is not defined by IFRS and does not appear directly in the Group's consolidated income statement. It corresponds to net income excluding non- recurring items, excluding net changes in fair value on energy and raw materials derivatives, trading activities and net changes in the fair value of debt securities and shareholders ' equity net of tax.

down 1 8 % vs. the first quarter 2015 2016 target adjusted to 408- 412TWh... 2x Payout ratio of Net income excluding non- recurring items... 3 4 Adjusted for interest payments on hybrid issues booked in equity Excluding Linky and new developments net of disposals 2 PRESS RELEASE 10 May 2016 Board of Directors ' meeting held on 22 April 2016 During its meeting held on 22 April 2016.

(2) Net income excluding non- recurring items, adjusted for the remuneration of hybrid issues accounted for in shareholders ' equity. Analysts and investors.

(2) Net income excluding non- recurring items, adjusted for the remuneration of hybrid issues accounted for in shareholders ' equity. (3) Excluding Linky .

5 Payout ratio applied to Net income excluding non- recurring items adjusted for the remuneration of hybrid issues booked as equity. 6 In organic terms and excluding the impacts of the euros 744 million catch-up on 2014 EBTDA following the French Council of State's decision of 11 April 2014.