Résultats

2. 5x Net financial debt / EBITDA7 Target payout ratio of net income excluding non items10. 50 % 1. The company that holds 100 % of RTE' s shares (an independent EDF subsidiary as defined in the French Energy Code.

2. 5x Net financial debt / EBITDA7 Target payout ratio of net income excluding non items10. 50 % 1. The company that holds 100 % of RTE' s shares (an independent EDF subsidiary as defined in the French Energy Code.

Objectives pertaining to the net financial debt / EBITDA ratio- between 2x and 2. 5x- and to the payout ratio of net income excluding non items- between 55 % and 65 %- remain unchanged. 2. 2018 ambition. the Group confirms its ambition to be cash flow positive after dividends in 2018 and a maximum amount of net investments excluding new developments at 10 .5bn in 2018 The Board of Directors approved the budget and reviewed the Group Medium Term Plan.

EBITDA (2) PAYOUT RATIO OF NET INCOME EXCLUDING NON... EBITDA (2() 3) PAYOUT RATIO OF NET INCOME EXCLUDING NONRECURRING ITEMS (4() 1() 2() 3() 4... 2015 1 Md 1bn At least ASSET DISPOSALS OVER 2015- 2020 At least 10bn PAYOUT RATIO OF NET INCOME EXCLUDING NONRECURRING ITEMS (2) 45 % à 50 % 45 % to 50 % (1() 2) At constant scope.

)2. 5x Q Payout ratio of Net income excluding non items3. 55 % to 65 % 2018 TARGETS AND BEYOND CONFIRMED 1.

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

2. 5x Payout ratio of Net income excluding non- recurring items3. 55 % to 65 % 2018 TARGETS AND BEYOND CONFIRMED 1.

EBITDA Proposed dividend for 2014 Payout ratio of Net income excluding nonrecurring items (3() 1) Data restated for the impact of IFRS 10 & 11 (2) Organic growth at constant scope and exchange rates (3) Adjusted for interest payments on hybrid bonds booked in equity 2 1 2 0 1 25 per share in cash 52 % /

383- 387TWh 13 4 -14 .0bn~ 2. 5x- Payout ratio of Net income excl. non- recurring items8... 2. 7x- Payout ratio of Net income excluding non- recurring items8... ~10bn 8- Payout ratio of Net income excl. non- recurring items.

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