AREVA, business & strategy overview - April 2009

2. AREVA
Business & Strategy overview
April 2009

3. Disclaimer
Forward-looking statements
This document contains forward-looking statements and information. These
statements include financial forecasts and estimates as well as the
assumptions on which they are based, statements related to projects,
objectives and expectations concerning future operations, products and
services or future performance. Although AREVA’s management believes
that these forward-looking statements are reasonable, AREVA’s investors
and investment certificate holders are hereby advised that these forward-
looking statements are subject to numerous risks and uncertainties that are
difficult to foresee and generally beyond AREVA’s control, which may mean
that the expected results and developments differ significantly from those
expressed, induced or forecast in the forward-looking statements and
information. These risks include those developed or identified in the public
documents filed by AREVA with the AMF, including those listed in the “Risk
Factors” section of the Reference Document registered with the AMF on
April 15, 2008 (which may be read online on AREVA’s website,
www.areva.com). AREVA makes no commitment to update the forward-
looking statements and information, except as required by applicable laws
and regulations.
> Overview – April 2009
3

4. Agenda
1. Introduction
2. AREVA in a world in crisis
3. Performances and objectives by division
4. Financials
5. Appendixes
> Overview – April 2009
4

5. AREVA provides solutions for CO2 free electricity
generation, transmission and distribution
€13,160M sales
(2008)
Nuclear
75,400 people
100 countries
Transmission
& Distribution
> Overview – April 2009
5

6. AREVA is Nr 1 in Nuclear and Nr 3 in T&D
Geographic sales
2008 Sales by business
No. 1 worldwide in Nuclear
Africa & Middle
2008 market size: Europe
East
c.€35Bn (excl. France)
€8.1Bn
9%
Americas
Market share: 25-30%
61,5%
29%
# 1 in Europe and the US
15%
# 1 in Plants / Fuel
# 1 in the Back End
19%
No. 3 worldwide in T&D 28%
Asia-Pacific
€5.1Bn 2008 market size:
France
€56Bn
38,5%
Market share increase :
+50% since 2004
> Overview – April 2009
6

7. AREVA is the only fully integrated player
on the Nuclear value chain
AREVA:
€8Bn Nuclear
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20
Mining / Natural
20-25%
60,400 t 15-20% 5-10% 20-25% 25-30%
Uranium
Conversion/
Front End
25-30%
57,800 t 20-25% 5-10% 25-30% 20-25%
Chemistry
47
Enrichment 20-25% 20-25%
20-25% 25-30% 5-10%
MSWUs 1
*
Natural Uranium
30-35% 10-15% 15-20% 10-15%
6,800t 20-25%
fuel (UO2)
*
10-15% 35-40%
€15Bn
Reactors & Services 20-25% 15-20% 5-10%
33,220 t2 *
Back End
10-15%
Treatment 70-75% 10-15% JNFL
* 25-30%
Recycling
2,470 t2 1-5% (Belgonuclear)
65-70%
(MOX fuel) JNFL
1 Separative Work Units
2 Cumulated, worldwide – AREVA Estimate
Recent strategic moves
3 AtomEnergoProm (Russia)
* Figures unidentified or not disclosed
> Overview – April 2009
7

8. AREVA T&D: a leading player worldwide
AREVA T&D Leadership
T&D Market position
Products
T&D Global Market
2008: €56Bn Disconnectors
High Voltage Direct
AREVA
Current** (HVDC)
Other Players*
11% Energy Management
Siemens
Systems (EMS)
Gas-Insulated Substation
17% 48%
(GIS)
Special Products Suppliers
Aluminum (SPS)
24%
Instrument Transformers
ABB
Key markets
AREVA T&D Nr 1 in India
* All other players have a market share below 5% (Schneider, GE, XD Group…)
** Excluding China
> Overview – April 2009
8

9. AREVA’s strategy: to set the standard
in CO2-free power generation and electricity
transmission and distribution
Capitalize on our integrated business model to spearhead
1
the nuclear revival
Maintain the existing fleets’ safety and performance levels
Build 1/3 of new nuclear generating capacities*
Make the fuel cycle secure for our current and future customers
Ensure sustainable, profitable growth in T&D
2
Expand our renewable energies offering
3
...while remaining the leader in safety and security
* of the accessible market
> Overview – April 2009
9

10. Agenda
1. Introduction
2. AREVA in a world in crisis
3. Performances and objectives by division
4. Financials
5. Appendixes
> Overview – April 2009
10

11. Strong growth
Backlog (€Bn)* Revenue (€Bn)*
13.2
X 2.5 +34%
48.2
11.9
39.8
10.9
10.1
9.8
25.6
20.6
19.6
2004 2005 2006 2007 2008 2004 2005 2006 2007 2008
* excluding FCI – Connectors division
> Overview – April 2009
11

12. Net income
In millions of euros
743
649
589
451 451*
389
240
2001
2002 2003 2004 2005 2006 2007 2008
- 587
AREVA has paid its shareholders €2.324Bn since 2001
* Net income reported of €1.049Bn including €451M in earnings per share from continued operations
(excluding sale of FCI – Connectors division)
> Overview – April 2009
12

13. AREVA: a solid, sustainable model
Recurring nuclear revenue vs. New Builds (€M)
14,000
New
12,000
construction
10,000
8,000
6,000
Recurring
4,000 business
80% of the Nuclear business
2,000
-
2004 2005 2006 2007 2008 2009 2010 2011 2012
Source: AREVA strategic plan
No power plant will shut down due to the economic and financial crisis
80% of our nuclear business is recurring
The integrated business model is winning market share
The backlog gives very strong visibility
Capex is secured by the sale of future production
(e.g. 90% of GBII production has already been sold up to 2020)
> Overview – April 2009
13

14. The crisis has not slowed down New Nuclear
10 utilities have already chosen the EPRTM…
NPCIL
…and are making commitments for the entire fuel cycle
Examples since the crisis began:
CGNPC – China: supply of front end of the fuel cycle through 2026
NPCIL – India: wants to secure reactor supplies for the life
of the reactors (60 years)
EDF: multi-year contract in the front end and back end
(beyond 2030)
> Overview – April 2009
14

15. The T&D business is reorganizing to withstand
the crisis
Stable world demand for T&D in 2009 compared with 2008
with marked differences between sectors
Opportunities linked to investment recovery plans:
Transmission
China, United States, Europe
Distribution Demand curbed in some geographical areas
Industry Sharp drop in orders
Smart grids are a major driver for energy conservation
Smart grids
and renewable energy integration
Aging grids, especially in the United States
Recurring
Possibly postponed investment automatically offset by higher
services
maintenance expenses
AREVA T&D: strategic assets to capture market opportunities
Technology leadership, particularly in automation and very high voltage
Less exposure to industry than our peer group
Close to the utilities via our nuclear operations
> Overview – April 2009
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16. Strong technologies
Plants
Front End
EPRTM
Ultracentrifugation
the first Generation III+ reactor
AREVA has the most efficient
under construction (4 units)
ultracentrifugation technology
A range of reactors to meet
customer needs
BWR
PWR PWR
1,250+MWe
1,600+ MWe 1,100+MWe
T&D
Back End
Technologies recognized worldwide
Instrument
transformers
Gas-insulated
substation
E-terravision
Circuit
Smart grid
breakers
> Overview – April 2009
16

17. AREVA is hiring the men and women its needs
to sustain growth
AREVA workforce excluding FCI
75,400
65,600
61,100
58,800
57,900
36,100 35,800
34,600
2001 2008
2002 2003 2004 2005 2006 2007
Recruitment Integration Training
More than 550 million euros in spending
on operating income since 2006
> Overview – April 2009
17

18. AREVA has generated and raised the resources
it needs for growth since its establishment
Cumulative from 12/31/2001 to 12/31/2008
End 2008
In billions of euros
Shareholders’
equity
Operating cash flow
before Capex(1) 7.3
+7 Capex(2)
Net debt
(5.5) 5.5
Dividends
3.4 (4)
Net (2.4)
acquisitions TAX
(1.1) Other(3)
(0.9)
(0.2)
Since 2001, AREVA generated €7Bn in operating cash flow
and had capital expenditures of more than €5Bn while maintaining
a strong financial position
1 Operating cash flow before Capex: operating cash flow excluding acquisitions of PP&E and intangible assets
2 Capex: acquisitions of PP&E and intangible assets
3 Other: various financial transactions, etc.
4 Excluding Siemens’ put option
> Overview – April 2009
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19. AREVA has continued its partnership strategy in
2008 to secure future growth
Strategic agreement Niger: Partnership
in Kazakhstan Imouraren with Jordan
Consolidation (Mining and fuel) operating permit in uranium
in the fuel cycle
Equity interest
JV in fuel
in enrichment - GBII
Heavy component manufacturing site in the United States
Strengthening Supply of large forgings
of industrial
capacities
Creusot furnace JV in engineering
capacity
Development of the Kerena boiling water reactor
Global
Reactor
Choice of the EPRTM for the UK
partnership
development
Maintenance and services
JV in systems
JV – Ultra high voltage in China
T&D
in India
(transformer factories)
GE
Renewable
Development of the biomass market in the United States
energies
19 > Overview – April 2009
19

20. Key figures for 2008
∆ 08/07
2007 2008
In millions of euros
Backlog 39,834 48,246 +21.1%
Revenue 11,923 13,160 +10.4%
Op. income before OL3 provisions 1,043 1,166 +11.8%
% of revenue 8.7% 8.9% +0.2 pts
Operating income 751 417 -44.5%
% of revenue 6.3% 3.2% -3.1 pts
Consolidated net income 743 589 -20.7%
Earnings per share €20.95 €16.62 -20.7%
Operating cash flow* -1,985 -921 +€1.064Bn
Net debt excluding Siemens put 1,954 3,450 +76.6%
Net debt with Siemens put** 4,003 5,499 +37.4%
* EBITDA +/- change in Operating WCR – Operating Capex, net of disposals
** Value of Siemens put in 2007
> Overview – April 2009
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21. Continuing to grow while maintaining
the group’s financial soundness
Pursue the plan for capital expenditure needed to sustain
AREVA’s strategic positions
Finance the callable Siemens put option
Maintain financial soundness and value creation
Pursue the program of non-strategic asset disposals and minority
share float in some operating companies (mining, GBII)
Carry out the cost reduction program
Preserve the group’s liquidity and optimize working capital
requirement
Preserve the Standard & Poor’s A1 short-term credit rating*
* S&P placed AREVA on its CreditWatch on January 27, 2009 following Siemens’ announcement that it intended to withdraw
from AREVA NP
> Overview – April 2009
21

22. Outlook
2009
Backlog and revenue growth
Rising operating income
Initiation of a 2.7 billion euro investment program supported
by the French government
Full effect of 600 million euro cost reduction program strengthened
by simplification of the group’s organizational structure, linked
to Siemens’ withdrawal from AREVA NP and the 300 million euro
WCR optimization program
Financing assured, among other things, by disposal of non-
strategic assets and minority share float of certain assets
> Overview – April 2009
22

23. Agenda
1. Introduction
2. AREVA in a world in crisis
3. Performances and objectives by division
4. Financials
5. Appendixes
> Overview – April 2009
23

24. Front-End division -
AREVA invests in Mines and Enrichment
Strengths & issues Sales – 2008 split
Nr 1 worldwide in the overall Front-End
Mining
Integrated player: ability to answer clients’
will to secure supplies and future 23%
expansion of nuclear fleet Fuel* 37%
Chemistry
Strategic partnership with clients through (* 34% 8%
in AREVA NP)
commercial agreements and/or equity
deals 32%
Strong position in fuel assemblies Enrichment
Challenge : impact of commodities &
production costs increase
Key financials Strategic priorities
Double uranium production by 2012 and
in millions of euros 2007 2008 Change increase resources
Order book 21,085 26,897 +27.6% Production ramp up : Trekkopje, Katco,
Imouraren, etc…
Sales revenues 3,140 3,363 +7.1%
Succeed in the construction of
Operating income 496 453 -8.7%
enrichment facilities in France and in
% Sales 15.8% 13.5% -2.3 pts
the US
Op. FCF before tax (1,672) (609) +€1,063M
Remain the worldwide reference in
nuclear fuel and expand in Asia
> Overview – April 2009
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25. AREVA develops a uniquely diversified portfolio
to make the fuel cycle secured for its customers
Canada Kazakhstan
Development (Shea Creek, Mining & global fuel
Kiggavik etc.) agreement signed
Exploration since 1964 Katco production ramp-up /
license for 4,000 tU obtained
Cigar Lake production to start
after 2012 (+2,600 tU) Exploration
Mongolia
Sainshand
Exploration
Niger
Morocco
Somaïr & Cominak mines
Agreement signed with
Office Chérifien des Imouraren mining license
Phosphates obtained - Start up 2013-14
(+ 5,000 tU)
Democratic Republic of
Congo
AREVA Resources Southern Africa Mining partnership
Namibia - Trekkopje: mining permit
obtained / 1st production
Australia
expected in 2010
Exploration
+3,000 tU production expected
since 1969
Central African Republic -Bakouma:
government agreement obtained
~12,000
+2,000 tU production expected
~ 6,300
South Africa – Ryst Kuil Production
Exploration (metric tons of U)
2008 2012
> Overview – April 2009
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26. Making the fuel cycle secure for our customers
Adapting our production facilities and customers partnerships
Conversion GB2 - Construction site
France: Comurhex II project
• Capital investment of €610M launched in 2007
• New plants at the Tricastin and Malvési sites
Enrichment
France: GB II
Investment of close to €3Bn
Capacity of 7.5 million SWU
Modularity enabling production to start in 2009
Project on schedule
United States (Bonneville, Idaho): “Eagle Rock”
Investment of $2.2B
Capacity of 3.0 million SWU Eagle Rock, Idaho
Production to start in 2014-2015
Strategic agreements and partnerships with utilities to
secure their access to the fuel cycle
Suez acquired a 5% equity interest in GBII enrichment
facility
Innovation Capacity Productivity
> Overview – April 2009
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27. Reactors & Services division -
Still mostly recurring, but new build is there
Strengths & issues Sales – 2008 split
~100 GW installed capacity WW – 26% total Renewable Energies
CIS Nuclear measures
80% sales are recurring and 20% concern projects
(new reactors and plant modification) AREVA TA
5%5% 5%
The first company to have Gen.III+ reactors under
12%
construction (Finland, France, and China) Reactors*
Fleet of reactors developed/under development to Equipment* 9% 39%
address market needs :
EPRTM (1,600 + MWe), ATMEA (1,100+ MWe), 26%
KERENA (1,250 + MWe Boiling Water Reactor) (* 34%
in AREVA NP)
Ability to anticipate the nuclear renaissance
Nuclear services*
(industrial capacity and human resources)
Strategic priorities
Key financials
Target 1/3 of global new build projects for
nuclear power plants
in millions of euros 2007 2008 Change
Deliver on OL3, Flamanville and Taishan
Order book 7,640 7,850 +2.7%
Complete the design of the ATMEA PWR/
Sales revenues 2,717 3,037 +11.8% KERENA BWR reactor through JV with
respectively MHI and E.ON
Operating income* (179) (687) -€508M
Develop additional manufacturing capacities
% Sales (6.6%) (22.6%) -16 pts
to build supply chain certainty
Op. FCF before tax (528) (591) -€63M
Develop Renewable Energies Business Unit
Optimise costs structure
* Including the €749M OL3 Provision
> Overview – April 2009
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28. AREVA is present on the key battlefields
Main nuclear programs announced worldwide
France UK Sweden Finland
TM
Olkiluoto 3 (EPRTM)
Flamanville 3 (EPR ) Target* : 10 GWe by 2020 End of 30 years
under construction atomic ban under construction
EPRTM selected by EDF and pre-
Penly: 2nd EPRTM by 2017 selected by E.ON for their UK 1 new reactor to be
projects built – Call for tender
TM
3rd
Possible EPR
in progress
Canada
Target* : more
China
than 8 GWe
from 2014 18 reactors under
construction o/w 2 EPRTM
Call for tender
in progress Target* : 40 GWe by 2020
US
India
32 COL** applications
in progress 6 reactors under construction
TM
EPR selected Target* : 50 GWe by 2050
by 5 utilities (7 units)
MoU with NPCIL for up to 6
EPRTM
Italy
South Africa
Target* : 8 to 10 new
Jordan
large reactors by 2030
Emirates
Target* : 20 GWe
EDF-Enel JV to build Target: 1 Plant by 2015
by 2025 Preparation
at least 4 EPRTM
of the EPRTM project with
Call for tender in
Call for tender on
SUEZ and TOTAL
progress (4 bidders)
hold
Countries where EPRTM are under construction
(*) : Nuclear generation capacity announced by countries
Countries where nuclear programs are announced with opportunities for AREVA (**) : Construction and Operating License
> Overview – April 2009
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29. Olkiluoto 3 – January 2009
© AREVA
29 > Overview – April 2009
29

30. Olkiluoto 3 – January 2009
© AREVA
30 > Overview – April 2009
30

31. OL3: advance
over the competition confirmed
A project in full swing…
Percentage of completion unique worldwide
for a generation 3+ power plant
60% of civil engineering complete
The main components of the primary cooling system have
been manufactured (vessels, steam generators, primary legs)
The entire supply chain is mobilized
Start of electro-mechanical installation
Our skills have been strengthened for future projects
A persuasive commercial showcase
6th Finnish reactor:
EPRTM only reactor to be considered by all 3 utilities in Finland
> Overview – April 2009
31

32. OL3: contractual aspects
…Customer’s inertia continues to penalize us
TVO has not satisfactorily implemented the 48 measures
it must take to accelerate the process, as agreed upon and
announced jointly in June 2008
It takes an average of more than 12 months for TVO to validate
the technical documentation before passing it on to STUK
(whereas the contract calls for 2 months), and the delays
are even higher for some activities
Example: more than 2 years for TVO to validate the design
of some valves (valves already in production for the Flamanville 3
project)
In this situation, the AREVA-SIEMENS team alone does not
control the project schedule
> Overview – April 2009
32

33. OL3: financial aspects
AREVA is posting an additional provision for the 2nd half of 2008,
bringing the total provision for the year to €749M
Additional costs generated by the additional resources called up
(project management, engineering, procurement) to compensate
for the customer’s intervention practices
Additional costs linked to civil engineering representing more than 30%
of the total provision for 2008
Civil engineering is 60% complete and should be largely completed in 2009
Additional provision for overall risk
In all, AREVA estimates the loss on completion of the OL3 project
at €1.7 billion including the additional provision for 2008 (€749M)
This amount does not include claims addressed to TVO which
are now the subject of arbitration proceedings launched
by the AREVA-Siemens consortium
TVO has presented its own claim; the AREVA-SIEMENS consortium
and its advisors consider the allegations made in this claim
to be groundless and invalid contractually and from the viewpoint
of Finnish law
> Overview – April 2009
33

34. Flamanville 3
and Taishan Nuclear islands 1&2
Flamanville 3: supply of the nuclear steam supply system
Equipment manufacture is ongoing
Manufacturing of the reactor vessel and steam
generators in progress (Saint-Marcel)
Primary cooling system legs poured and forged
Engineering and procurement on track with the customer’s
schedule © EDF
Taishan nuclear islands 1 & 2
Engineering and start of procurement in line with
contract milestones
Manufacturing of reactor vessel and steam generators
in progress
AREVA submitted Preliminary safety analysis report
to customer July 22, 2008 © AREVA
> Overview – April 2009
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35. Bridging the Gap: Supply Chain Certainty
An integrated manufacturing approach
Continuous deliveries of quality products and process improvements for
existing plants and new build projects
Chalon Saint Marcel
2900m²
30 years of operations
extension
Workshop: 39,000 sqm
in 2006
Reactor Pressure Vessels,
Steam Generators, Pressurizers, Safety Injection Accumulators
Acquisition
Sfarsteel (Creusot Forge)
in 2006
Heavy forging and machining
Upgrade
Workshops: 85,000 sqm (4 sites)
underway
JSPM Plant
upgrading
Coolant pumps and control rod drive mechanisms for reactors
underway
Workshop: 13,000 sqm
(€60 M)
Newport News (USA)
$363M
Start of operation: 2012
announced
Workshop: 300,000 ft²
2008
Reactor Vessels, Steam Generators, and
Pressurizers
Agreement with Japan Steel Works (Japan)
announced
JSW to supply AREVA until 2016 and beyond with large forged
parts, essential for the manufacture of nuclear components
2008
Friendly acquisition by AREVA of 1.3% of JSW stock
> Overview – April 2009
35

36. Our renewable energies offers
Bioenergies
Wind power Hydrogen power
Design & deliver biomass Develop Hydrogen
Become a major player
fired power plants world Technologies for market
in offshore wind energy
wide introduction
AREVA Multibrid in Germany Rich and diversified Helion, France
experience: Brazil, Western
5 MW off-shore specific Strong R&D capability
Europe and India
design (PEM technology)
JV Adage with Duke Energy
Selected for major wind Developing next generation
in the US
parks covering nearly 270 Storage solutions
turbines One of the largest install
base in the world: 2,900 MWe
in 100 power plants
> Overview – April 2009
36

37. Back-End division -
An unchallenged leadership
Strengths & issues Sales – 2008 split
Cleanup
Nr 1 worldwide in both closed and open Engineering
3% 6%
cycles nuclear wastes recycling
Highly recurrent sales due to long term Logistics
contracts 14%
Main investments completed
Technology transfer through long term
78%
partnership: e.g Japan (Rokkasho Mura)
Recycling
Export of AREVA knowledge on promising
markets in 2008 (UK and USA)
Key financials Strategic priorities
Optimize industrial efficiency
in millions of euros 2007 2008 Change
of the two main plants (La Hague and Melox)
Order book 6,202 7,784 +25.5%
Market closed-cycle technologies in
the new US (GNEP) and China back-
Sales revenues 1,738 1,692 -2.7%
end policies
Operating income 203 261 +28.6%
Capitalize on AREVA trade mark to win
% Sales 11.7% 15.4% +3.7 pts
management contracts
Op. FCF before tax 172 422 +€250M
> Overview – April 2009
37

38. Back End market combines recycling, final
disposal and “wait-and-see” solutions
Difference in costs between closed and open cycles is impactless
on the kWh cost
Back-end management costs represent less than 6% of the overall
nuclear kWh cost
When choosing the closed cycle:
96% of the materials can be recycled
Wastes volumes are divided by a factor 4 to 5
Radio-toxicity of long term wastes is reduced by a factor 10
High public acceptance
Safety solution with 40 years of proven industrial track record
> Overview – April 2009
38

39. More nuclear countries now consider
recycling as an option
2004 2010 ?
T/Year (1) T/Year (1)
UK – Netherlands
2 500 4 000
Russia
China US
3 500
UK
Others
2 000
3 000
Eastern
UK – Netherlands
2 500
Europe
Russia
Japan
1 500 China
US Others UK
2 000
Eastern
Asia
countries
1 500 Japan
1 000
Spain Asia
Switzerland 1 000
Spain
France
Belgium
500 Switzerland
France
Belgium
500
Sweden
Germany
Sweden Germany
Finland
0
Finland
0
Direct Interim Recycling
Direct Interim Recycling
storage storage
storage storage
(1) Tons of used fuel unloaded per year, including Light Water Reactors and «Advanced Gas Reactors »
> Overview – April 2009
39

40. International recognition for AREVA’s leadership
2008 highlights
USA
5 contracts awarded by the DOE
Japan
Savannah River: construction of a MOX plant
Savannah River : treatment and disposal of Hot testing at Rokkasho Mura
radioactive liquid wastes at the DOE (sister plant of La Hague)
Hanford Tanks: participation in site cleanup MOX fuel contract with Kansai
and dismantling through 2020
Global Nuclear Energy Partnership: feasibility
studies on the closed cycle
Yucca Mountain: Management of the future
disposal site
United Kingdom
Sellafield site: AREVA & partners selected
by NDA
China
Management and operation of the Cumbria site
CNNC – China: progress
as part of the UK Nuclear Waste Management
on feasibility studies for
consortium (low-level radioactive waste)
an 800 MT recycling plant
> Overview – April 2009
40

41. T&D division -
Long term outlooks still positive
Strengths & issues Sales – 2008 split
A full fledged player: products & solutions
for high & medium voltage technologies
Systems
A global footprint with presence in 160 countries
31%
Strong position in the electrical utilities segment
53%
Number 1 in HVDC (excl. China) Products 10%
Number 1 in India Automation
6%
Continued R&D effort
Services
Cyclicality exposure, especially with industry
customers
Key financials Strategic priorities
Grow faster than the market
in millions of euros 2007 2008 Change
Capture opportunities generated by
Order book 4,906 5,715 +16.5%
the crisis
Sales revenues 4,327 5,065 +17.0%
Adapt industrial footprint to the
Operating income 397 560 market
+41.1%
% Sales 9.2% 11.1% +1.9 pts
Invest continuously in R&D
Op. FCF before tax 233 -20 -€253M
> Overview – April 2009
41

42. T&D: buoyant current operations
New orders in millions of euros
6,065
5,821
Quatar
488
500**
401
4,353
2 678
433
432
3,709
2 498
124
2,251
3,317 176
2 205
320
2 104
80
192 95 1 949
1 713
1 596
Current operations*:
+16.2% from 2007 to 2008
1 535
1 495
H1 04 H2 04 H1 05 H2 05 H1 06 H2 06 H1 07 H2 07 H1 08 H2 08
2004 2005 2006 2007 2008
* Order less than €35M
Current operations (contract < €35M) Large contracts (> €35M)
** exchange rate as of 12/31/2007
> Overview – April 2009
42

43. T&D: consolidation of operating margin*
11.1% 11.1%
9.9%
307
8.7%
253
230
5.9%
175
4.2%
119
72
H1 06 H2 06 H1 07 H2 07 H1 08 H2 08
2006 2007 2008
* In contribution to group
> Overview – April 2009
43

44. Agenda
1. Introduction
2. AREVA in a world in crisis
3. Performances and objectives by division
4. Financials
5. Appendixes
> Overview – April 2009
44

45. Strong commercial performance in 2008
Key contracts awarded
More than €10Bn
Multi-year
in contracts
contracts
(Front End, R&S*,
in the Front End
Long-term contract
Back End)
in the Front End
First uranium
sale to India
(300 MTU)
NPCIL
Multi-year contracts in the Front End
Savannah River Co-management Interconnection
MOX plant of the Sellafield site in Uruguay
10 transformer rectifier units
Supply of
in Bahrain
two high voltage substations to Dubai
Design and installation of a
HV offshore wind substation
IFA 2000 Franco-British grid interconnection
in the United Kingdom
* R&S: Reactors and Services
> Overview – April 2009
45

46. 2008 key data by division
Sales by division Operating income by division
€13,160M €417M
5,065
Transmission
& Distribution Front-End
3,363
3,037
26%
1,692
39%
560
453 261
-687*
23%
13%
Front R&S Back T&D
Reactors & - end - end
Back-End Services
Sales Operating income
* Including the €749M OL3 Provision
> Overview – April 2009
46

47. AREVA heavily invests for securing
the future of its customers
Technology
R&D spending, in millions of euros
1,051
813**
669*
582
% of 5.7% 6.2% 6.8% 8.0%
Sales
2005 2006 2007 2008
Mining and conversion Generation III treatment and recycling plant
New generations of fuel T&D: ultra high voltage, new products
Additional reactor types Fuel cells and improved wind technologies
* excluding the acquisition of the ultra-centrifugation technology
** excluding R&D projects acquired through UraMin
> Overview – April 2009
47

48. Significant investment program required to sustain
AREVA’s strategic positions
2009 Budgeted Investments
Investments 2006-2008
€2,7 Bn
Others
5%5%
Secure T&D profitable
15%
15% growth
€1,756 M 15%
15% Sell our reactors
Adapt our enrichment
€1,334 M*
€1,325 M
18%
18% industrial capacities to the
evolution of the market
Secure access to
25%
25% uranium resources
Security & Maintenance
22%
22% of existing assets
2009
2006 2007 2008
Key investments in 2009 include
Maintenance capex for existing industrial assets (La Hague, Melox, GBI…)
Access to uranium resources through a consistent portfolio of mines (Canada, Africa, Kazakhstan)
Development of enrichment facilities with centrifuge technology (GB II in France and Eagle Rock in the USA)
EPRTM licensing in the US and the UK
Manufacturing capacity extension (for both nuclear and T&D activities)
* Excluding acquisitions
> Overview – April 2009
48

49. Operating cash flow
In millions of euros
2007 2008
1,181
1,335 +1
(197)
(432) (451)
UraMin acquisition
(1,454) (921)
(2,889) (1,985)
Net. Net.
EBITDA Disposal WCR OCF EBITDA Disposal WCR OCF
gain/loss change Capex gain/loss change Capex
Drop in EBITDA
Practically stable WCR
Decrease in amount for acquisitions compared with 2007 (UraMin acquisition)
Net increase in operating Capex excluding UraMin acquisition
(€1,454M in 2008 vs. €1,295M in 2007)
> Overview – April 2009
49

50. Net debt
Siemens’ decision to exercise its put option on shares held in AREVA NP
results in the payability of the value of Siemens’ put option no later than 2012
In millions of euros
12/31/2007 12/31/2008
Excluding
Siemens (1,954)
put option
Excluding
(921)
(3,450) Siemens
put option
Siemens
(2,049)
put
(115)
option (325)
(135)
OCF
End-of-life-cycle
(4,003)
cash flow Dividends
(2,049) Siemens
Other
put
items
option
(5,499)
> Overview – April 2009
50

51. Capital Structure
CDC
4%
CEA + FRENCH
EDF
STATE + ERAP
2%
87%
Total
1%
Investment
Certificate Holders
(free float)
4%
Employees
2%
> Overview – April 2009
51