will help reduce EDF' s' adjusted debt over the next three years... We believe our expectations of negative free operating cash flow generation until 2019 should be more than compensated by asset disposals, the announced capital increase (4 billion,) and scrip dividends over the next three years... Liquidity We base our assessment of EDF' s liquidity as strong on our projection that EDF' s liquidity sources will exceed liquidity uses by more than 1. 5x over the next 12- 24 months.