Résultats

EBITDA Payout ratio of Net income excluding non-... EBITDA Payout ratio of Net income excluding non-

2. 5x Payout ratio of Net income excluding non- recurring items5... 2. 5x- Payout ratio of Net income excluding non- recurring items5... 2. 5x Payout ratio of Net income excluding non- recurring items19... 2. 5x Payout ratio of Net income excluding non- recurring items19... At least 10 billion Payout ratio of Net income excluding non- recurring items19.

)2 5 Q Payout ratio of Net income excluding non items3. 55 % to 65 % 1- At 2016 exchange rate.

2x- 2. 5x Payout ratio of net income excluding nonrecurring items... 2. 5x 55 %- 65 % 2014 Payout ratio of Net income excluding non-

2. 5x Payout ratio of Net income excluding non- recurring items6... 2. 5x Payout ratio of Net income excluding non- recurring items10... at least 10 billion Payout ratio of Net income excluding non- recurring items10.

390- 400TW 13 .7bn- 14 3 bn 2. 5x 55 % to 65 %- Payout ratio of Net income excluding non- recurring items8... 2. 5x Payout ratio of Net income excluding non- recurring items8... -Payout ratio Reduction 1 bn compared to 2015 at least 10 bn 45 % to 50 % of Net income excl. non- recurring items8.

2- 2. 5x Payout ratio of 55 %- 65 % net income excluding non items Industrial capacity Investments 12bn (2) Nuclear output in France... EBITDA 0 %- 3 % 2x- 2. 5x Payout ratio of net income excluding non.

EBITDA ratio Payout ratio of net income excluding non. recurring items (1) At constant scope and exchange rates 35 H1 2013 highlights H1 2013 results 2013 outlook Exelon agreement 36 New agreement with Exelon Management of 5 CENG nuclear reactors delegated to Exelon Improvement in operating performance and synergies.

1 25 / share, a payout ratio of 56 5 %, within the range of 55 % to 65 % of net income excluding non- recurring items Financial targets for 2014... between 2x and 2. 5x Payout ratio of net income excluding non- recurring items post hybrid3... resulting in a 56 5 % payout ratio of net income excluding non-

2. 5x 55 %- 65 % Payout ratio of Net income excluding non. recurring items (2) Upgrade in EBITDA (3) target before effect of gas contract renegotiations Edison 2018 vision More than 600m Cash Flow after dividends (4) Positive in 2018 (1) At constant scope and exchange rates.