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1 8 April 2011

2 Disclaimer THIS PRESENTATION MAY NOT BE DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, JAPAN, ITALY, AUSTRALIA, CANADA OR ANY OTHER COUNTRY IN WHICH THE DISTRIBUTION OR DIFFUSION OF SUCH A PRESENTATION IS FORBIDDEN BY LAW. PLEASE REFER TO THE DISCLAIMER AT THE END OF THIS DOCUMENT. This presentation does not constitute an extension into the United States, the United Kingdom, Japan, Italy, Australia or Canada of the exchange offer mentioned in this presentation, nor does this presentation constitute nor form part of an offer to sell securities or the solicitation of an offer to buy securities in the United States, the United Kingdom, Japan, Australia or Canada. The securities mentioned in this presentation have not been and will not be registered under the United States Securities Act of 1933, as amended (the Securities Act ), and may not be offered or sold in the United States absent registration or exemption from registration under the Securities Act. There will not be any public offering in the United States, the United Kingdom, Japan, Australia or Canada or any other jurisdiction in which it would be illegal to make the exchange offer mentioned in this presentation or to offer securities. This pres may not be published, distributed, diffused or otherwise sent into the United States of America (including its territories and possessions, every State in the United States and the District of Columbia), or in any other jurisdiction where publication, distribution, diffusion or circulation of this presentation would be unlawful. This communication is directed only at persons (I) who are outside the United Kingdom or (II) who have professional experience in matters relating to investments and who fall within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the Order ) or (III) who fall within article 49(2)(a) to (d) ( high net worth companies, unincorporated associations etc. ) of the Order (all such persons together being referred to as Relevant Persons ). Any person who is not a Relevant Person must not act or rely on this communication or any of its contents. Any investment or investment activity to which this communication relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. In the Member States of the European Economic Area (other than France) this presentation and the information contained herein are directed at, and any offer of securities referred to herein will only be made to, persons who are qualified investors within the meaning of Directive 2003/71/EC, as amended. The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this presentation is released, published or distributed must inform themselves about and observe such restrictions. Receipt of this presentation will not constitute an offer in those jurisdictions in which h it would be illegal l to make the offer or to offer securities and in such circumstances it will be deemed d to have been sent for information purposes only. Not for distribution in the United States, Japan, Australia, Italy or Canada. 2

3 Presentation outline Offer characteristics EDF: a major renewable energy operator Strengthening of EDF/EDF EN s competitiveness in a shifting environment An attractive proposal for both EDF EN and EDF shareholders Conclusion 3

4 Offer characteristics Tender offer by EDF on EDF EN shares not currently held by EDF Cash offer : 40 per EDF EN share (1) Exchange offer : 13 EDF shares, dividend rights starting January , for 11 EDF EN shares, ex dividend Irrevocable commitment by Mouratoglou Group to contribute its entire 25.1% interest in EDF EN 50% exchange offer and 50% cash offer Share buy-back back program of EDF shares for an amount between 0.3 and 1bn (2), in order to offset dilution 4 (1) Ex dividend (2) Depending on the relative success rate of the cash and share alternatives (between 0% and 100% on minority interests excl. Mouratoglou Group) and at 30-day volume-weighted average of EDF share price

5 A new step for EDF Group in renewable energies Improved integration of EDF EN within EDF s decarbonised energies offer... Nuclear, hydropower, renewable energy and energy efficiency 74% of EDF s installed capacity in facilitating continued development amid shifting renewables environment Project size and complexity Role of R&D and engineering An earnings-enhancing transaction for EDF Net income Group share + 90M after estimated synergies of 30M (1) Limited impact on Net Financial Debt/EBITDA of less than 0.1 x 5 (1) Full-year 2012 impact - post tax

6 EDF: a major player in renewable energies EDF: 5 th global player in renewable energies in terms of installed capacity Renewable installed capacity(gw) (1) Other Renewables 22 Hydro % of development Capex in renewable energies in 2010, of which 80% within EDF EN Enel Hydro Quebec Electrobras Rushydro EDF #5 Iberdrola GDF Suez EDP Statkraft Vattenfall AES E.ON NextEra Energy Acciona 7 6 Ontario Power Verbund 3 RWE 6 Continued Capex program in renewable energies: 2.4bn (2) in 2013 The full consolidation of EDF EN strengthens the Group economic exposure to future value creation of renewable energies (1) Net capacities (2) Of which 300m of maintenance Capex EDF Group development Capex breakdown in 2010 Islands France 5% Others 6% West Burton UK 8% Thermal 9% Hydro & Other renewables 6% 3.3bn3bn New Nuclear 33% EDF EN 33% Source: EDF. The amount includes the Group s major projects

7 EDF: a major j renewable energy gy operator p 295 MW 185 1,154 MW 54 MWc MW ,104 MW , ,158 MW 704 MWc 1,395 MW 2,125 MWc 117 MWc 226 MW MW pipeline MW Solar pipeline MWc 190 MW MWc MW 287 MWc 238 1,308 MW 218 MWc Hydropower (net installed capacity in MW at end-2010) Other renewable energies (net installed capacity in MW at end-2010) A diversified portfolio with 25 GW in installed capacity 7 Source: EDF, EDF EN Note: The pipelines are indicated for EDF EN 104 MWc

8 EDF EN: a developer that became a leader in renewable energies Fast and profitable growth, sustained by EDF with results exceeding targets since the IPO, notably due to: The quality of the teams Technical expertise Key partnerships in markets offering high growth potential The successful combination of the know-how of a major power producer and a renewable energy developer 2006/10 CAGR = +49% +46% +61% 216M (1) 134M 92M 90M 125M 200M EBITDA +55% 334M M +36% 455M M > 560M Annual EBITDA target Target surpassed 2006/10 CAGR = +48% 22M +135% +35% 51M Net income +41% 70M (1) 98M +8% 106M (1) Reported figure not pro forma for changes in consolidation methods of certain US wind farms in 2009 (2008 EBITDA pro forma of 227m and 2008 net income pro forma of 71m)

9 Strengthening of EDF/EDF EN s competitiveness in a shifting environment A logical industrial fit that continues to leverage the two companies assets and expertise EDF s R&D and engineering expertise EDF EN s developer know-how while strengthening the Group s positions to better meet the new challenges facing the sector: Increase in the unit size of projects utility scale solar power systems Increased complexity offshore wind power Emergence of major global operators < 5 MW Increase in the size of projects United States 15 MW Solar photovoltaic 55 MW 9 MW Europe 11 MW 18 MW Pipeline Pipeline 265 MW 45 MW Better integration within EDF will enable EDF EN to continue its targeted development strategy 78 MW 101 MW 27 MW 28 MW Pipeline Pipeline Source: BNEF. The projects category includes projects that have been announced, authorised, financed or are under construction 9

10 Strengthening of EDF/EDF EN s competitiveness in a shifting environment Current countries Development zone New opportunities Still very large developments in onshore wind power, in particular in North America Stepping up offshore wind power development, especially in Europe 4,200 MW 2663MW 2, MW 648 MW 233 2,430 3, e Growth of utility scale solar technologies in sunny countries Development of decentralised solar technologies in every region Solar PV and other Better integration within EDF Group will enable EDF EN to continue its targeted growth strategy 10

11 An attractive proposal for both EDF EN s and EDF s shareholders Simplified alternative public offer in cash or in exchange for EDF shares Simplified public offer in cash at the price of 40 per share, ex dividend, representing: a 10.4% premium on the last adjusted share price (1) on 7 April 2011 a 23.8% premium on the adjusted share price (1) over the last 6 months (2) Alternative public offer of 13 EDF shares, dividend rights starting January , for 11 EDF EN shares, ex dividend Irrevocable commitment of Mouratoglou Group to contribute its equity interest, of which 50% to the exchange offer Share buyback to optimise Group liquidity and prevent EDF shareholder dilution at current level This offer received the unanimous approval of EDF s Board of Directors 11 (1) EDF EN share price adjusted for the dividend of 0.42 for the 2010 financial year which will be paid on 15 June 2011, i.e. before the settlement/delivery of the offer (2) Volume-weighted average price

12 An earnings-enhancing g offer for EDF Better exposure to value creation Positive impact on Net income Group share Full consolidation of net income (1) Financing costs (2) Financial synergies (3) + 70M (10)M + 30M Resulting in an impact on 2012 Net income Group share + 90M 12 (1) Net impact on EDF of a 50% reconsolidation of EDF EN net income group share in 2012 (2) On the basis of an opportunity cost of EDF s pre-tax cash positions of 1%, after transaction and after share buy-back (3) Synergies related to the benefits from no longer using project finance for financing purposes

13 A minimal impact on EDF credit ratios Cost of Cash offer: 0.4bn - 1.2bn (1) Cost of share buy-back programme: 1.0bn - 0.3bn (2) Or a total t of: 1.4bn - 1.5bn Impact of less than +0.1x on Net Financial Debt/EBITDA 13 (1) Depending on the relative success rate of the cash and share alternatives (between 0% and 100% on minority interests excl. Mouratoglou Group) (2) Depending on the relative success rate of the cash and share alternatives (between 0% and 100% on minority interests excl. Mouratoglou Group) and at 30-day volume-weighted average of EDF share price

14 An offer that fully values EDF EN Cash offer Proposed price 40 (ex dividend) Implied premium (1) : Share price 7 April: +10.4% Average weighted share price over 6 months: +23.8% Resulting valuation multiples: 2011 EBITDA: 12.4 x Exchange offer Proposed parity (2) : 1.18 Average parity // Resulting premiums Over last 6 months 1.06x // +11.0% Over past 1 year 0.98x // +20.6% Since the IPO (3) 0.75x // +58.1% 2011 Dividends 0.38x // % 2011 EPS 0.89x // +33.2% 2011 P/E: 257x (1) EDF EN share price adjusted for the dividend of 0.42 for the 2010 financial year which will be paid on 15 June 2011, i.e. before the settlement/delivery of the offer (2) EDF EN share price adjusted for the dividend of 0.42 for the 2010 financial year which will be paid on 15 June 2011, i.e. before the settlement/delivery of the offer and EDF share price adjusted for the final dividend of 0.58 for 2010 which will be paid on 6 June 2011, i.e. before the settlement/delivery of the offer (3) EDF EN s initial public offering on 29 November 2006

15 Indicative transaction timetable 8 April 2011: Announcement and filing of the public offer with the AMF 25 May 2011: AMF approval 26 May - 15 June 2011: Offer period 5 July 2011: Settlement/delivery 15

16 Conclusion EDF decided at a very early stage to develop renewable energy and EDF EN s full integration will strengthen the Group s position as a leading decarbonised energy operator EDF EN will continue its strategy of profitable growth and keep the fundamentals that have ensured its success This transaction is attractive for EDF EN s shareholders and value-creating for EDF s shareholders 16

17 17 Appendices

18 Sustained growth in renewable energy worldwide Development of wind and solar installed capacity (GW) Installed renewable energy capacity (GW) (1) North America Europe CAGR = +9% CAGR = +6% E 2014E Global l wind capacity Global solar capacity Latin America Asia Pacific (3) CAGR = +9% CAGR = +10% 575 ~10 (2) Source: BNEF Source: WEO 2010, Ren (1) Excluding hydro-electric capacity. Estimates based on the WEO s New Policies for (2) Estimate on the basis of existing capacity of 10GW in 2008 (3) For 2009, China + India + Japan

19 EDF s net installed capacity in GW Hydro & Other renewables 19% Nuclear 55% Gas 7% Thermal 19% 19 Source : EDF

20 EDF EN: a global presence and diversified portfolio Capacity breakdown by division Solar 9% Other 7% by country Other 18% USA 36% Greece 9% 84% Italy 9% Portugal 11% Germany 8 MW UK 163 MW USA Solar Biogas 934 MW France /Solar Hydro Cogen./Biogas 455 MW Canada Solar 59 MW Mexico 68 MW Main areas of development and solar Solar 2,663 MW net installed in 13 countries (1) Net figures by country at 31/12/2010, all divisions included Bulgaria Hydro 85 MW Portugal 303 MW North America(1) 1,061 MW 20 France 17% Belgium 6 MW Spain Solar Biomass 41 MW Italy S l Solar 252 MW Europe(1) 1,602 MW Greece Solar 238 MW Turkey 52 MW

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