Update to credit analysis MOODY' S INVESTORS SERVICE INFRASTRUCTURE AND PROJECT FINANCE Exhibit 5 Distribution of electricity sales1 in France according to their market exposure in 2020 In TWh At ARENH price through regulated tariffs... term supply contracts. 2 Regulated electricity sales tariffs... This market position, combined with the predominantly regulated nature of electricity tariffs until 2015, has historically underpinned the predictability of EDF' s cash flow.