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Annual Activity Report*

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Annual Activity Report* Orano Annual Activity Report* Period September 1 - December 31, 2017 * Including: - the management report of the Company’s Board of Directors including the management report of Orano, including: o the group’s vigilance plan and the report on its implementation (Article L. 225-102-4 of the French Commercial Code), o the statement of non-financial performance (Article L. 225-102-1 of the French Commercial Code), o the report of the Board of Directors on corporate governance (Article L. 225-37 of the French Commercial Code); and - the Board of Directors’ report on the principles and criteria for determining, distributing and allocating the fixed, variable and exceptional components of the total compensation and benefits of any kind attributable to the officers of the Company (Article L. 225-37-2 of the French Commercial Code). This free translation into English of the "Rapport Annuel d’Activité – Exercice 1er septembre – 31 décembre 2017” written in French is provided solely for the convenience of English speaking users. In the event of any inconsistency or difference of interpretation, the French version shall prevail. Orano | Annual Activity Report – Period ended December 31, 2017 1/122 CONTENTS 1 HIGHLIGHTS OF THE YEAR ................................................................................................................................. 4 1.1 Restructuring of the AREVA group and creation of the Company ...................................................................................... 4 1.2 Other highlights of the year ................................................................................................................................................. 5 2 SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST YEAR ........ 8 2.1 Simplified capital structure of the group – Subsidiaries, interests and branch offices ........................................................ 8 2.2 The group’s businesses .................................................................................................................................................... 10 2.3 Research and development activities ............................................................................................................................... 19 2.4 Financial position of the Company and the group during the past year ............................................................................ 20 2.5 Foreseeable developments and future prospects ............................................................................................................. 30 2.6 Significant events since the date of closing ...................................................................................................................... 31 3 RISKS AND RISK MANAGEMENT ...................................................................................................................... 32 3.1 Risk mapping and risk management processes ............................................................................................................... 32 3.2 Whistleblowing provisions ................................................................................................................................................. 42 3.3 Risks related to health and safety ..................................................................................................................................... 43 3.4 Risks related to nuclear safety and the environment ........................................................................................................ 46 3.5 Risks related to human resources .................................................................................................................................... 54 3.6 Risks related to subcontracting and suppliers .................................................................................................................. 62 3.7 Risks associated with corruption risk and influence peddling ........................................................................................... 65 3.8 Risk of food waste ............................................................................................................................................................. 65 3.9 Risks related to the group’s business activities ................................................................................................................ 66 3.10 Legal risks ......................................................................................................................................................................... 70 3.11 Financial risks ................................................................................................................................................................... 74 3.12 Other risk .......................................................................................................................................................................... 77 4 BOARD OF DIRECTORS' CORPORATE GOVERNANCE REPORT .................................................................. 78 4.1 Preparation and organization of the Board of Director’s work .......................................................................................... 78 4.2 Committees set up by the Board of Directors ................................................................................................................... 89 4.3 Other committee ............................................................................................................................................................... 92 4.4 Officers .............................................................................................................................................................................. 92 4.5 Compensation of officers and directors ............................................................................................................................ 94 4.6 Reference Corporate Governance Code ........................................................................................................................ 100 4.7 General Meetings............................................................................................................................................................ 101 4.8 Agreements referred to in Article L. 225-37-4 of the French Commercial Code ............................................................. 102 4.9 Elements likely to have an impact in the event of a public offering ................................................................................ 102 5 INFORMATION ON THE SHARE CAPITAL ...................................................................................................... 103 5.1 Structure and evolution of the Company’s share capital ................................................................................................ 103 5.2 Allocation of capital and voting rights ............................................................................................................................. 103 6 MISCELLANEOUS INFORMATION ................................................................................................................... 104 6.1 Statutory Auditors ........................................................................................................................................................... 104 6.2 Review of regulated agreements and commitments ....................................................................................................... 104 6.3 Injunctions and fines for anti-competitive practices ........................................................................................................ 107 6.4 Observations of the Works Council ................................................................................................................................ 107 6.5 Payment terms ................................................................................................................................................................ 107 6.6 Information on loans granted to other companies covered by Articles L. 511-6 and R. 511-2-1-1-II of the French Monetary and Financial Code ......................................................................................................................................... 107 Orano | Annual Activity Report – Period ended December 31, 2017 2/122 7 APPENDICES TO THE ANNUAL ACTIVITY REPORT ..................................................................................... 108 7.1 Consolidated Financial Statements for the 4 months ended December 31, 2017 ........................................................ 109 7.2 Company Financial Statements for the 4 months ended December 31, 2017 .............................................................. 110 7.3 Specific Consolidated Financial Statements for the 12 months ended December 31, 2017 .......................................... 111 7.4 Statutory Auditors’ Report on the Consolidated Financial Statements for the 4 months ended December 31, 2017 .... 112 7.5 Statutory Auditors’ Report on the Company Financial Statements for the 4 months ended December 31, 2017 .......... 113 7.6 Statutory Auditors’ Report on the Specific Consolidated Financial Statements for the 12 months ended December 31, 2017 ...............................................................................................................................................................................
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