Areva - Reference Document 2016

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20.1 Consolidated financial statements for the year ended December 31, 2016 FINANCIAL INFORMATION CONCERNING ASSETS, FINANCIAL POSITION AND FINANCIAL PERFORMANCE

II - JUSTIFICATION OF OUR ASSESSMENTS In accordance with the requirements of article L. 823-9 of the French Commercial Code ( Code de commerce ) relating to the justification of our assessments, we bring to your attention the following matters: p In the framework of our assessment of the going concern approach, we examined the group’s liquidity situation detailed in notes 1.1 and 31 to the consolidated financial statements. We acknowledged the cash flow forecasts, the debt repayment schedules, the current credit lines and the related covenants, as well as the future capital increase transactions and the related conditions and shareholders’ commitments; p The criteria for classification, recognition and valuation of the activities held for sale or in the process of being sold pursuant to IFRS 5 are described in note 1.3.1.1 to the consolidated financial statements. We verified the correct application of this accounting principle and verified that notes 1.1.3 and 37 to the consolidated financial statements disclose appropriate information; p AREVA recognizes the profit or loss on long-term contracts according to the methods described in notes 1.3.7 and 24 to the consolidated financial statements. We assessed the data and assumptions on which the estimated income at completion and changes therein are based. We examined the procedures for management’s approval of these estimates and reviewed the calculations made; p Goodwill, intangible assets and property, plant and equipment have been tested for impairment according to the principles and assumptions described in notes 1.3.8, 10, 11 and 12 to the consolidated financial statements. We examined the methods used to perform these tests and assessed the consistency of the assumptions used with the group’s forecast data and the approach used to estimate the fair value of some mining assets. We also verified that the notes to the consolidated financial statements provide appropriate disclosures; p Deferred tax assets were analysed according to the methods described in Notes 1.3.22 and 9 to the consolidated financial statements. We examined the conditions for implementing this analysis and assessed the consistency of the assumptions used to valuate these deferred tax assets with the group’s forecast data. We also verified that the notes to the consolidated financial statements provide appropriate disclosures; p The provisions for end-of-lifecycle operations were measured according to the methods described in notes 1.3.17 and 13 to the consolidated financial statements. We reviewed the implementation of these conditions, the assumptions used and the cost estimates obtained, and verified that the notes to the consolidated financial statements provide appropriate disclosures. To offset these provisions, AREVA recognizes financial assets to cover the end-of-lifecycle operations which include a dedicated portfolio composed of directly held shares and units of equity and bond mutual funds. The portfolio management objectives and measurement principles are described in Note 13 to the consolidated financial statements. We assessed the appropriateness of the methods used and the measurement of the provisions for impairment of the financial assets; p The accounting principles relating to employee benefits are described in Notes 1.3.15 and 23 to the consolidated financial statements. We assessed the appropriateness of the methods used and reviewed the measurement of the hedging assets at market value; p Provisions for risks, litigation and contingent liabilities are described in Notes 24 and 34 to the consolidated financial statements. We examined the existing procedures for the identification, evaluation and presentation in the accounts of AREVA’s risks, litigation and contingent liabilities. We also verified that the main disputes identified during the implementation of these procedures are described appropriately in the notes to the consolidated financial statements. As referred to in Note 1.2 to the consolidated financial statements, several items mentioned in the preceding paragraphs are based on assumptions whose actual results may differ from current estimates. These assessments were made as part of our audit of the consolidated financial statements taken as a whole, and therefore contributed to the opinion we formed which is expressed in the first part of this report. III - SPECIFIC VERIFICATION As required by law, we have also verified in accordance with professional standards applicable in France the information presented in the group’s management report. Except for the potential impact of the facts set out in the first part of this report, we have no matters to report as to its fair presentation and its consistency with the consolidated financial statements.

Courbevoie and Paris-La Défense, March 9, 2017 French original signed by The Statutory Auditors

MAZARS

ERNST & YOUNG Audit

Cédric Haaser

Jean-Louis Simon

Aymeric de La Morandière

Jean Bouquot

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2016 AREVA REFERENCE DOCUMENT