Areva - Reference Document 2016

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9.3 Events subsequent to year-end closing for 2016 OPERATING AND FINANCIAL REVIEW

9.3.

EVENTS SUBSEQUENT TO YEAR-END CLOSING FOR 2016

On January 5, 2017, AREVA’s interest in Adwen was sold. Gamesa is taking over AREVA’s offshore wind energy operations (see Section 20.2. Notes to the consolidated financial statements , note 3.) AREVA’s off-balance-sheet commitments are taken over by Gamesa. AREVA retains the obligations for indemnification according to the new terms. On January 10, 2017, the European Commission gave its consent to the French State to participate in the capital increases of AREVA SA and of NewCo (see Section 20.2. Notes to the consolidated financial statements , Note 1.1). On February 3, 2017, the CombinedGeneral Meeting of Shareholders approved the capital increase reserved for the French State in the total amount of 2 billion euros. In addition, the par value of the AREVA SA share was reduced from 3.80 euros to 0.25 euro. On February 21, 2017, in accordance with the terms of the Share Purchase Agreement (SPA) signed on January 5, 2017, Adwen sent a notice to AREVA and Gamesa following the identification of quality problems on the fleet of wind turbines

installed offshore. More in-depth, technical counter-examinations will be necessary in the comingmonths to determine the financial impact, the division of responsibilities, and the solutions. In the absence of such information, no additional provision was recognized at December 31, 2016. Based on Adwen’s estimates, which have not been verified by AREVA at this stage, the maximum exposure would be 70 million euros and would fall within the cap of guarantees given to Adwen, provided for that purpose by the share purchase agreement (see Section 20.2. Notes to the consolidated financial statements , Note 24). The memorandum of understanding and the shareholders’ agreement concerning NewCo signed by JNFL, MHI, the Commissariat of State shareholding and AREVA entered into effect on March 21. On March 19, 2017, AREVA carried out the sale of its majority interest in AREVA TA to a consortium of buyers consisting of the Agence des Participations de l’État (APE), the Commissariat à l’énergie atomique et aux énergies alternatives (CEA) and DCNS. The parties signed a share purchase agreement on December 15, 2016.

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2016 AREVA REFERENCE DOCUMENT