Credit Update

Philippe Knoche, Chief Executive Officer Stéphane Lhopiteau, Chief Financial and Legal Officer September 2018 Introduction

 Nuclear power is a key source of energy to fulfil electricity demand and face the environmental challenges of tomorrow

, a newly established group, benefits from:  Solid market positions and technology leadership  Robust backlog giving high visibility on revenue generation  Strengthened financial profile post-restructuration

Orano Credit Update | September 2018 2 Credit Update – Summary

1.Nuclear market trends 3.Financial outlook 2.Business overview 4.Conclusion a. Mining 5.Q&A b. Front-End c. Back-End d. Orano Med e. End-of-lifecycle operations

Orano Credit Update | September 2018 3 01Nuclear market trends Nuclear energy faces adverse market conditions in the short-to-medium term

Russia Rest of Europe New constructions postponed Nuclear phase-out in certain due to slower domestic countries (Germany, Switzerland), growth, but exports to but expected growth of nuclear developing countries capacity in the UK

France China United States Objective to reduce nuclear Slowdown of new Japan High pressure on electricity share to 50% of energy constructions, but New constructions prices and uncertainty on new mix, but will to ensure ambitious nuclear stopped. builds, but objective of securing security of energy supply, program still in Reactors restarting existing nuclear plants and reduce carbon emissions, progress (4 NPPs subject to political incentivizing future nuclear and preserve competitive commissioned this acceptance, but investments energy prices summer) objective of 20-22% of nuclear energy in the mix by 2030

Orano Credit Update | September 2018 5 However, nuclear electricity production has grown steadily since 2012

World nuclear electricity production

In TWh

2,800 2,600 2,400 2,200 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015

Source: Enerdata

Orano Credit Update | September 2018 6 Nuclear energy remains key to meeting long-term challenges on energy and electricity markets

World power generation World final energy Projections of CO2 emissions related consumption projections mix projections to energy consumption

In Mtoe In ‘000 TWh

+1.1% CAGR -13.8Gt CO2 12,461 +2.0% CAGR (-43%) 11,306 39.3 32.1 10,673 28.8 9,369 32.9 25.1 23% +66% 29.7 21% 20% 58% 24.2 19% 64% 18.3 10% ≠ 10% +50% 69% 11% 11% 80% 42% +3,5Gt CO2 36% 31% (+11%) 20% 31,7 2015 2025 2030 2040 2015 2025 2030 2040 2015 2025 2030 2040 58% 32,5 Coal Electricity Other renewables Coal Gas Renewables Electricty Other 42% production (including transportation) Oil Heat 30,4 58% Oil Nuclear 42% Gas Bioenergy 56% Sustainable Development Scenario 44% 33,9 New Policies Scenario Based on IEA interpretation of the Paris Based in IEA interpretation of countries 59% Agreement’ long term objective to limit the 41% commitment under the Paris Agreement increase in global average temperature to 1.5 °C 2015202520302040 Source: IEA, World Energy Outlook 2017 Orano Credit Update | September 2018 7 Growth of nuclear capacity, led by China, will drive the recovery of market prices

Evolution of the global nuclear capacity and Enrichment market price forecast

In GWe 160 +1.3% CAGR 500 490 467 Rest of world 444 140 450 73 (o.w. Middle East) 418 71 67 Russia 120 400 63 33 357 31 30 350 29 29 Japan* 52 29 29 100 300 27 24 4 138 China 32 82 106 126 80 250 6 15 200 23 30 37 India 60 115 150 105 104 100 100 North America 40 100 121 20 50 100 87 81 80 EU 0 0 2016e 2025 2030 2035 2040 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030

Source: IEA World Energy Outlook 2017, New Policies scenario UxC Annual Enrichment Term Price Q2 2018 - Composite Midpoint - Current US$/lb U3O8 Data based on the assumption that plants' internal consumption represents 5% of global nuclear capacity UxC Annual Uranium Long Term Base Price Q3 2018 - Composite - Current US$/SWU (*) Japan estimations based on World Nuclear Association from 2016e to 2025 UxC Annual Uranium Spot Base Price Q3 2018 - Composite Midpoint - Current US$/SWU

Orano Credit Update | September 2018 8 Orano ranks in world top 3 in all its

business units

(1)

OTHERS

MINING Natural uranium #3 ~15%(2)       Conversion #2 ~20%(3)     FRONT END Enrichment #3 ~15%(3)    Recycling #1 ~70%(4)  

Storage #1 ~30%(5)  Holtec, NAC, GNS BACK END Logistics #1 ~20%  GEODIS, Daher, UAM, Edlow

Dismantling n.a.  Highly fragmented market

(1) Global market shares, Orano estimations (4) On the LWR (Light Water Reactors) fuels market (2) In proportion to the available shares (5) On the dry storage market (excluding Russia) (3) In proportion to installed capacities

Orano Credit Update | September 2018 9 02Business overview Orano’s business card

am ong €33.2 bn 16,000 In backlog Top 3 €3,926 M em ployees as of June 2018 worldwid e in revenue across i.e. more than in each of 2017 the world 8 years of its businesses revenue

Breakdown of 2017 revenue by region Breakdown of 2017 revenue by business France Europe excl. France 45% 17% 33% 11% North and South 25% Mining America Front End Asia-Pacific 43% 2% Back End Africa and Other (1%) Middle East 23%

Orano Credit Update | September 2018 11 Orano can rely on an unrivalled portfolio of technologies and unique employee skills

. Unique skills and high level of expertise . Unique technologies and unparalleled industrial know-how in all businesses… 16,000  Network of high-level technical experts Treatment Dismantling &Services employees  Professional school offering more than 250 technical training modules  Close skill monitoring and active renewal critical skill programme

467 experts Recycling appointed during the last New hires with permanent contract: campaign c.750 per year . …and modernized facilities and recent mines

Conversion 300 engineers & executives

450 technicians & supervisors Mining Enrichment

Orano Credit Update | September 2018 12 Overview of Orano’s operations value chain and main flows

Enrichment Fuel Uranium Conversion Enriched mining UF fabrication 6 UF end 6

- U3O8 Front UO2 Fuel Depleted U ERU Fuel

Recovered U Recovered Pu MOX Fuel Nuclear Decommissioning, fabrication reactor Dismantling MOX Fuel (all facilities) Treatment Vitrified and

compacted waste Interim storage (dry and/or wet) Option 1:

Closed fuel cycle fuel Closed Final Used fuel

disposal recycling

Interim storage (dry Option 2: Orano Back-end activities: and/or wet) direct- Recycling Encapsulated disposal Orano Mining activities used fuel storage Logistics

Orano Front-end activities

Open fuelcycle Open D&S

Logistics (flows) Orano Credit Update | September 2018 13 02Business overview

Mining Orano is active throughout the global uranium mining cycle

Discovering new ore bodies for future mining (geophysics and

Exploration geological studies, drilling campaigns, uranium resources Trading

estimation) years

~15 Design and construction of mining infrastructure through a staged process (conceptual, pre-feasibility, feasibility study) . Purchase and sale of Mining Project uranium products . Services related to

uranium (swaps, loans) Ore extraction using various methods and techniques (open pit, underground, in situ recovery)

Mining 50 years 50

Concentration of uranium contained in ore using chemical –

Operations processes (acid / alkaline leach, heap / dynamic leach)

10 10

Rehabilitation of mine sites in accordance with applicable

Site rehabilitation environmental standards 10 years + years 10

Orano Credit Update | September 2018 15 Orano is the world’s third-largest uranium producer, with a significant volume of reserves

2017 world production by key uranium players

2017 Total world production = 59.8 ktU Nuclear player Multi-commodity player Pure player

10 1 2% 17% 1 2 9 3% 19% 5 8 3% 15% 3 4 10 6% 6 7 2 4% 14% 6 13% 8 Navoï 4% 7 (Uzbekistan) 5 4 3 9

Sources: Companies’ annual reports and Orano estimates Orano uranium reserves are among the world’s largest Resources and reserves of key uranium players in 2017 (in ktU) 1 603 BHP(3) 181 1 422 Orano 189 175 364 Sources: Companies’ annual reports Cameco 162 159 321 1. Reserves consist of ore inventories known with certainty that can be feasibly mined Uranium One 62 108 170 in the short term at a competitive economic cost. Weighting factors: 100% of Reserves (after recovery rates) (3) Reserves (1) Paladin 31 83 114 2. Resources consist of reserves and of ore inventories whose existence is only Rio Tinto 18 71 89 Resources (2) assumed or estimated with a certain probability, and that are potentially mineable over the medium to long term. Weighting factors: 75% of Measured + Indicated resources, + 50% of Inferred resources 3. As of June 30, 2017 Orano Credit Update | September 2018 16 Orano’s uranium mines are geographically and technologically diversified

… with low production costs resulting in A diversified portfolio of mining assets… high profitability

Operating mines representing a total capacity of 20 ktU in 2017 EBITDA margin rate in 2017 (%) Financial consolidated share of Orano = 10.5 ktU in 2017 (%)

1 mine and 1 plant 60 (operated by Orano) 49 50  KATCO (51.0%) (1) 39 - 4ktU/year 40 30 26 2 mines (operated by Cameco) & 20 2 plants (1 operated by Orano and 2 mines and 2 plants 1 by Cameco) 10 (operated by Orano) -1  MC ARTHUR (30.2%) / KEY  SOMAIR (63.4%) – LAKE (16.7%)(2) – 9.2 ktU/year(1) 0 Exploration 2.5ktU/year(1) Orano (3)  CIGAR LAKE (37.1%) /  COMINAK (34.0%) – -10 Mining MCCLEAN LAKE (70%) – 7 Projects 1.4ktU/year(1) ktU/year(1) Operating

Source: Company reports, Orano estimates (%): Orano’s equity share 3. Excluding share of results from JV. Uranium one owns 5 mines 1. Nominal capacity located in Kazakhstan and since 2014, is a 100% subsidiary of 2. In July 2018, Cameco made the decision to extend the production Rosatom /ARMZ. suspension of McArthur/Key Lake for an indeterminate duration. Orano Credit Update | September 2018 17

Uranium prices are deemed to recover, due to the need to launch new projects at higher costs

…deemed to recover, driven by both demand and Depressed markets post-Fukushima… supply dynamics

80 Supply and demand (ktU/year) Historic Projections 94 94

60 )

8 73 O 3 65 40 11

($/lbU New Assets required 20 UxC Spot Q3 2018 9 Under development UxC LT Q3 2018 8 Secondary supplies 0 65 2011 2015 2020 2025 2030 62 Existing mines Demand 47 . Contextual downturn post-Fukushima:  Japanese reactors shut down  German decision to phase out Supply Demand Supply Demand  Delays in new build programs 2017 2035  Secondary supplies, mainly underfeeding Sources: WNA Fuel report 2017, reference scenario from enrichment facilities  Inventory disposal

Orano Credit Update | September 2018 18 Key business drivers - Mining

 A strong backlog, with contracts including a balanced mix of fixed prices and market prices (framed by caps and floors) Sales  Taking floor mechanisms into account, fixed prices represent > 95% of c.90% of the backlog 2018-20 sales  Stable volume of business covered by Outlook the backlog over the  Strong EBITDA margin, greater than 40% over the period, EBITDA thanks to robust backlog, cost competitive assets and focus 2018-2020 on operational performance period EBITDA margin > 40% CAPEX  Low CAPEX compared to historical level over 2018-20

 Uranium market adjusting further to recent uranium producer decisions: prices should Post-2020 progressively recover to previous levels according to external sources (UxC) drivers  Keep competitive cost of production  CAPEX necessary to maintain production level and new capacity investments

Orano Credit Update | September 2018 19 02Business overview

Front-End Conversion industrial footprint is undergoing major restructuring worldwide

18 CAMECO 13 ORANO ROSATOM 1954 1984 UK toll conversion facility in CX I facility shutdown in 2017 2018 25 Springfields cancelled in August 2014 Ongoing start-up of CX II 18 2014 2017 15 15

-25%

77 2014 2017 2014 2017 CONVERDYN 58 1959 CNNC 2006 Capacity mothballed end of 2017

15 4 5

7 2014 2017

2014 2017 Orano: one of the main players in a highly concentrated market : 2014 2017 Worldwide ROSATOM ORANO CONVERDYN CAMECO CNNC UF6 line commissioning (Russia) (France) (US) (Canada) (China) Capacity (ktU) 2017 est. production: 44ktU 41% 21% 16% 13% 9% Sources: WNA Fuel report 2017 (i.e. 3/4 of existing capacity)

Orano Credit Update | September 2018 21 With installed capacity rationalized, conversion market up-turn is anticipated

Orano is well positioned to face current market A market recovering since end of 2017… situation and to capture opportunities 20 EU LT price in $/kgU . A solid backlog: 15  7.5 years of production sold… 10  … mainly at fixed price (c.90% of the backlog), 5 EU Spot price in $/kgU with very little exposure to market prices

0 . The first player to renew its production capacity: 2011 2012 2013 2014 2015 2016 2017 2018 COMURHEX II, with 2 plants (Tricastin & Malvési) …to recover thanks to demand increase and investment with nominal capacity of 15ktU in capacities . A competitive advantage for our clients: Conversion supply and  Production reliability demand (ktU/year, UF6) 90 90  Highest safety and environmental standards 62 65 9 New assets required . A strong technological advance enhancing 5 26 China operational flexibility: 12 7 Secondary supplies  Unique conversion plant with 46 4648 Primary production innovative processes (Isoflash)  Lower consumption of chemicals Supply Demand Supply Demand and waste divided by 3 Sources: WNA Fuel report 2018 2035 2017, Ux Consulting

Orano Credit Update | September 2018 22 In enrichment, replacement policy for obsolete centrifuges should drive global capacity in the future

28 ROSATOM 14 URENCO

60 5 2017 2017

2017 7.5 ORANO 6 GEORGES BESSE II facility CNNC 2017 2017 2017 Worldwide Orano: a smaller player with a strong customer base in a highly sensitive market with technology barriers

Capacity (mSWU) ROSATOM URENCO ORANO CNNC (Russia) (NL, DE, UK, US) (France) (China) Sources: WNA Fuel report 2017, Urenco annual reports 2017 est. consumption: 46% 31% 13% 10% 50 M SWU

Orano Credit Update | September 2018 23 The return to a positive enrichment market depends largely upon the speed of offer and demand rebalancing

SWU price drop since Fukushima Favorable position of Orano in such a market context

200 . A robust backlog of orders (both pricewise and duration-wise): 150  More than 10 years of production sold LT price in $/SWU 100  Numerous contracts above $100 Spot price in $/SWU  Predominantly at fixed price (c.95% of the backlog) with very 50 little exposure to market prices 0 . Renewed industrial assets: Georges Besse II, a state of the art 2011 2012 2013 2014 2015 2016 2017 2018 enrichment plant, capitalizing on a mature and cost-effective Long-term growth perspective technology:  Nominal capacity: 7.5 million SWU reached in 2016 Enrichment supply and  A plant at the technological edge (ultracentrifugation), ensuring demand (M SWU) 73 73 optimum operating costs 63 11 2 2 7 52

60 54 46

Supply Demand Supply Demand 2018 2035 China Secondary supplies Primary production

Sources: WNA Fuel report 2017, Ux Consulting Orano Credit Update | September 2018 24 Key business drivers - Chemistry & Enrichment

 Limited impact of the current bearish market thanks to strong pre-Fukushima backlog, with fixed prices Sales representing more than 90% > 90% of  Increase in sales consistent with the expected 2018-20 sales outflows of backlog covered by Outlook the backlog over the  Low point in 2018 due to the CXI/CXII transition  Recovery starting from 2019, thanks to cost 2018- EBITDA performance from state of the art assets and “Value 2020 2020” performance plan, with average EBITDA margin exceeding 20% over the period period EBITDA margin  Progressive downturn in the capital expenditure > 20% CAPEX program after 2018 over 2018-20

Post-2020  Market prices should slowly recover according to external sources (UxC)  Continued decrease in CAPEX with plant modernization program nearing drivers completion

Orano Credit Update | September 2018 25 02Business overview

Back-End Orano’s Back-End activities are organized around 3 main pillars

1 RECYCLING 2 LOGISTICS 3 DISMANTLING of spent nuclear for nuclear-related & SERVICES fuel storage and transportation

 Planning for dismantling  Spent fuel treatment  Container design and operations and project  Fabrication of recycled fabrication management fuel  Transportation  Work on all facilities and  Development of management on reactors international projects  Storage  Cleanup of nuclear facilities and site value development

Orano Credit Update | September 2018 27 1 Orano offers solutions related to the management of spent fuel

Spent fuel stockpiles will significantly increase by 2040 Treating and recycling spent fuel involves using 2 value creation levers

Without recycling, LWR used fuel inventories, ktML the entire Fuel +96% Assembly is 350 considered as RoW waste

300 With recycling, which Reprocessed uranium (95%) Pu* (1%) NFP* (4%) Structure Asia first means separating its 250 components: Russia & CIS 2. Non-reusable material, i.e. final waste, is isolated and 200 1. Reusable materials are recycled into new fuel conditioned in standard containers 150 Europe  In particular, Pu is recycled into  Conditioning waste in stable and standard matrices MOX fuel: allows: 100  Pu being highly radioactive, no  Mitigation of risks associated with increasing stockpile of longer deeming it as waste divides ageing spent fuel, through transformation into standardized 50 North America the remaining waste toxicity by 10 stable waste form with no associated safeguards  Electricity production  Reduce final waste volume by 5 and radiotoxicity 0 significantly 2015 2040  Lesser dependence on natural uranium  As a result, both interim storage and final disposal repository footprints of final waste are optimized, thus Source: Orano analysis reducing the cost of its management * Pu: ; NFP: Nuclear fission products

Orano Credit Update | September 2018 28 1 Orano has the most significant experience in the world in nuclear fuel treatment and recycling…

Cumulated production of recycling-conditioning operating plants in the world Orano’s operating plants

As of December 31, 2017, tML for treatment, tMOX for recycling 33,000 1 La Hague (North Cotentin)  The world’s largest nuclear fuel reprocessing plant with c. 2,500 employees 75% of the fuel treated worldwide is treated by Orano  Authorized maximum treatment capacity of 1,700mt per year  Operational treatment capacity of 1,300 – 1,350mt per year

Treatment 7,000 5,000  Ongoing contracts: (EDF & CEA) 420 + Other countries (treatment of research reactor fuel) Orano La Hague NDA Sellafield Rosatom JNFL Rokkasho-Mura

2,500 2 Melox (North Gard)  Global leading plant for MOX fuel production (c. 700 employees)

40  Authorized maximum fabrication capacity of 195tMOX per year Recycling Orano MELOX NDA SMP  Operational fabrication capacity of 150tMOX per year  Ongoing contracts: Source: Orano analysis, WNA, IAEA publications

Orano Credit Update | September 2018 29 … positioning Orano as a natural partner for all other treatment 1 and recycling platforms around the world, with the support of its engineering subsidiary Orano Projets

Project Project overview Orano’s contribution

 Assistance with on-site  Optimization of waste treatment and operations operations at the waste  Orano offers a solution allowing the recycling NDA & treatment facility at Sellafield Sellafield into MOX of plutonium stocks  Preliminary study for Pu

disposal

Client Rokkasho-Mura & J-MOX  Technological partnership for  Technical support for safety upgrade, training treatment and fuel recycling and restart of operations at Rokkasho-Mura and plants in Japan modeled on completion of J-Mox Melox and La Hague plants

 On-going negotiation for  The plant’s conception is based on the unique assistance in the construction of technologies developed at La Hague and Melox a treatment and recycling plant  Ambition to start recycling operations on a China for CNNC

Prospect commercial scale by 2030  On-going discussion for the  Orano’s industrial experience is key to the sale of a vitrification shop project’s success

Orano Credit Update | September 2018 30 2 Orano, the only player to provide all logistics services worldwide

Orano handles every stage of the 3 activities to serve customers in the nuclear fuel cycle

A leader in Transport used fuel dry # 1 in storage • Comprehensive Transport transport solutions for operations Services (Mines, conversion, utilities enrichment, fresh fuel, Mox, spent worldwide fuel, etc.)

Unrivalled Dry Storage expertise in 900 transport risk employees • Interim Spent Fuel management worldwide Management Services (supply of dry storage systems, loading services, aging management A worldwide presence services, etc.) Waste Logistics • A new service to meet future market demand (pool clean-up, packaging and transportation services, etc.)

Orano Credit Update | September 2018 31 2 Orano holds strong positions in the growing nuclear logistics market

Unique position on the fuel cycle, anchored in proven technologies and backed by innovation capabilities A growing market

Market share Key competitors . Beyond already shutdown reactors yet to be dismantled, an increasing number of Front-End sites to be closed (1) transport UAM . Development of new platforms for recycling discharged used fuel (eg. China) . Delay in final repository sites availability Dry Storage(2) brings additional dry storage solutions market (eg. US) . Need to extend duration of existing Interim Storage and to develop Back-End Limited competition Centralized Interim Storage transport(3) (local players) . New safety and security concerns to be addressed (eg. Ageing management) Orano market share / Source: Orano analysis (1) Market includes both Front-End Logistics (2/3) and Logistics for research reactors (1/3) market size (est.) (2) Dry Storage market excludes Russia, Canada and India, which are not accessible to international competitors (3) Market includes both national and international transportation of spent fuel

Orano Credit Update | September 2018 32 3 Focused on the French market, Orano operates in complementary segments: Dismantling and Services

Key data Description Key strengths

 Dismantling and Decommissioning (“D&D”) of sites  Present across the whole nuclear cycle  Main customers:  Lead projects to dismantle (from design to execution) CEA, EDF, Orano  Dismantling projects, waste retrieval and packaging  Focus on highest value-added segment: (internal), Andra projects  Project management and administration  Employees: c.  Industrial Operations  Post-operational clean-out

2,350 Nuclear site site Nuclear Dismantling  Operation of nuclear facilities undergoing dismantling  Laboratory and operator services and support facilities

 Present on its customers sites

 Nuclear Maintenance Services  Innovative solutions  Main customers:  Specialized maintenance CEA, EDF, Orano  Nuclear Logistics Assistance & Operations (internal)

 Integrated Logistics Services  Employees: c.  Scaffolding & Thermal Insulation installation and removal 2,250  Global Site Support Services

Nuclear Services Nuclear  Radiological Protection, Environmental and Measurement activities

Orano Credit Update | September 2018 33 3 Orano market is highly competitive, but offers long-term growth prospects

Numerous nuclear power plants are expected to be retired in the Orano’s market share coming decade, representing LT growth prospects (est. France only) Key competitors

EDF reactors maturity considering an average duration of 50 years ( ) and 60 years ( ) from the commissioning 10 8

6 4

Dismantling 2 France 0

 For French nuclear power plants, the planning has been postponed beyond

2030: accessible markets may be c. €100m/year over the next decade

Nuclear site site Nuclear

 Opportunities mainly in Germany (reactor pressure vessel and internal reactor components dismantling) and in the US (in connection with developments in Abroad Logistics)

Demand is expected to grow in Services

 Significant growth in waste treatment activities to satisfy customer needs faced with technical, financial and legal constraints

 Market share to expand in maintenance and operator services

Nuclear Nuclear Services  Demand from EDF will increase because of its significant reactor retrofit program after 2015 (“Grand Carénage”) Orano Credit Update | September 2018 34 Key business drivers – Back-End

 Operations delivered through long-term contracts in France and a backlog representing more than 80% of Sales sales over the period >80% of  Several export opportunities (Asia, Europe, US) 2018-20 sales*  Significant business prospects in China for the covered by Outlook Recycling activity the backlog over the  Impact of top line growth

2018-20 EBITDA  Average EBITDA margin >15% over the period, 20 supported by Value 2020 period EBITDA  Significant Capex plan with key equipment at La Hague and new safety requirement post-Fukushima margin CAPEX >15%  Limited cash impact for Orano (strong financing from customers) over 2018-20

Post-20 20  Business growth and increased profitability linked to the ability to win international contracts drivers

(*) Excluding Dismantling and Services sales with a short-cycle business model

Orano Credit Update | September 2018 35 02Business overview

Orano Med Orano Med is at the heart of promising nuclear medicine research projects

Orano Med, DNA: killing cancer cells using 212Pb Pipeline involves several world-renowned partners

212

 Unique process making it possible to extract Pb, a - particularly rare radioactive isotope and to chelate it with

Partner Indication III

active principles Pre

Phase

Market

clinical Phase I Phase II Phase  New approach for cancer treatments: targeted alpha therapy Treatment against or radio-immunotherapy when it implies using antibodies neuro-endocrine tumors

 Orano Med’s ambition: to develop effective and targeted Undisclosed anti-cancer therapies Hematological  Two prime objectives: malignancies

• produce high-purity 212Pb in France… Leukemia

… and Texas, to meet the needs of clinical Other partners / Internal Undisclosed development programs

• develop innovative treatments through scientific Typical duration ~ 6-10 years partnerships

Orano Credit Update | September 2018 37 02Business overview

End-of-lifecycle operations Provisions for end-of-lifecycle operations

Provisions as of June 30, 2018

. Legal framework:  securing and dismantling of Orano’s own production facilities when they are shut down in whole or in part on a . Long-term inflation rate of 1.70% permanent basis. 13.9 . Discount rate of 4.05%  retrieval and conditioning of Orano’s various waste generated by operating activities that could not be processed during treatment. 7.8  Main installations concerned : 0.3 Non-law part  La Hague  Georges Besse I  Melox 7.5 Law part

 Tight monitoring by administrative authority

Provisions before Provisions  Legal obligation that feeds the group’s know-how, allowing discounting business development in D&D

Orano Credit Update | September 2018 39 Financial assets earmarked for end-of-lifecycle operations

Portfolio breakdown

Receivables  Obligation to secure end-of-lifecycle provisions by building up a specific portfolio earmarked for the future A sse t s : Equity payments of the facility dismantling and waste management €7.3bn expenses i n m a r k e t va l u e at June 3 0 , 2 0 1 8  Portfolio composition based on a schedule of disbursements over more than a century and managed with long-term Bonds and money-market instruments objectives vs. liabilities: €7.5bn

Portfolio performance is linked to financial markets  Asset allocations regularly reviewed to optimize the risk/return of the portfolio over the long term and achieve 15% Equity performance targets Fixed income*  Support from independent consultants 10%  Validated by governance Total 5%

0% 2015 2016 2017 June 30, 2018

* Fixed income includes bonds, money-market instruments and receivables Orano Credit Update | September 2018 40 03Financial outlook Orano’s outlook over the 2018-2020 period

SALES EBITDA CAPEX

Mining Business Front-End segments Back-End

Corporate and other “Corporate & other operations” covers corporate costs, operations contingencies included in the financial trajectory and Orano Med

Return Profitability Slight increase mainly to growth in driven by Mining, driven by the Back-End Group revenue at the with improved business segment (with end of the period performance of significant financing Front-End from customers)

Orano Credit Update | September 2018 42 Outlook confirmed under constant accounting standards

2018 outlook 2020 outlook

In a context of a moderate decline in revenue In a context of a return to growth in revenue

Net cash flow from Net cash flow from company operations company operations EBITDA margin positive sustainably positive between EBITDA margin between 20% and 23%* i.e. 22% and 25%* i.e. 21% to 24% 19% to 22% including including the impact of the impact of the application the application of IFRS 15 of IFRS 15 This outlook excludes the impact of the proposed spent fuel treatment and recycling plant in China which is currently under negotiation.

These aspects could be subject to a review following the revision of the Multi-Year Energy Program expected by the end of 2018. (*) Excluding impact of IFRS 15

Orano Credit Update | September 2018 43 04Conclusion Conclusion

 Nuclear power market is expected to grow due to:  Anticipated worldwide demand for electricity

 Requirement to reduce CO2 emissions

 Orano is ready to capture opportunities:  Proven technologies and innovation capabilities  Renewed assets  Unique skills and high level of expertise

 Strengthened financial profile with operating resilience, despite a depressed Front-End market:  Sound and diversified backlog representing more than 8 years of revenue  Strong liquidity position and positive cash generation outlook

Orano Credit Update | September 2018 45 Q&A Appendices H1 2018 net income : -€205m

In millions of euros H1 2017(*) H1 2018 Change

Revenue 1,794 1,713 -81

Operating income (21) 163 +184

Share in net income of joint ventures and • Net financial income impacted by: 9 (4) -13 associates • (i) the lower return on assets earmarked for end-of- lifecycle operations due to the negative performance Net financial income (121) (342) -221 of the financial markets in the first half of 2018; • (ii) the impact of the reduction in discount rate on Income tax (57) (27) +30 long-term provisions; • (iii) partly offset by a reduction in the cost of debt. Net income after tax from operations sold, (2) 0 +2 discontinued or held for sale • Income tax: New tax consolidation group set up for Orano on September 1, 2017 Consolidated net income (154) (205) -51

Net income attributable to minority interests (38) (5) +33

(*) Figures restated under IFRS 15 Orano Credit Update | September 2018 48 Net cash flow from company operations at June 30, 2018

In millions of euros H1 2017(*) H1 2018 Change EBITDA 476 429 -47 Change in WCR (213) (54) +159 CAPEX (344) (205) +139 Other items (2) (3) -1 Operating cash flow (83) 167 +250

End-of-lifecycle cash flow (15) (8) +7 • Reduction in tax Income tax (227) (11) +216 disbursements: (i) Orano’s tax consolidation Cost of borrowed capital (107) (148) -41 scheme set up on Other items (7) (72) -65 September 1, 2017 Non-operating cash flow (356) (240) +116 (ii) liquidation of 2016 income tax paid in early 2017 Net cash flow from company operations (**) (439) (73) +366

(*) Figures restated under IFRS 15 (**) Net cash flow from company operations corresponds to changes in net debt (i) with the exception of transactions with Orano SA shareholders, accrued interest not yet due for the financial year and currency translation adjustments, and (ii) including accrued interest not yet due for the financial year N-1. Orano Credit Update | September 2018 49 End-of-lifecycle commitments

In millions of euros 67 -82 140 0 5 3 67 123 ASSETS 7,338 7,198 7,141 7,264

Dec. 31, 2017 Withdrawals Additional Financial Others June 30, 2018 for expenses contribution performance Non-law part Coverage Delta ratio within 101% 97% market value/ scope of law: carrying amount Law part

306 269 143 -85 146 7,480 LIABILITIES 7,276

Dec. 31, 2017 Expenses ChangementChange in Unwinding June 30, 2018 for the assumptionsd’hypothèses, period (includingrévisions rates), de reviseddevis budgets, et autres etc. Orano Credit Update | September 2018 50 Change in net debt (*)

In millions of euros

-2,545

-3,036 64

500 167 -240

Dec. 31, 2017 Operating Non-operating JNFL and Other June 30, 2018 cash flow cash flow MHI capital increases

-€73m Net cash flow from company operations

(*) Net debt is defined as the sum of all short and long-term borrowings, less cash and cash equivalents, financial instruments recorded on the assets side of the balance sheet including borrowings, bank deposits held for margin calls on derivative instruments or collateral backed by structured financing and cash management financial assets.

Orano Credit Update | September 2018 51 Liquidity and debt structure at June 30, 2018

Net cash Financial obligations In millions of euros Bonds : €4,103m €1.85bn GB II financing : €461m 1200

1000 Cash assets €1.9bn Cash liabilities 800 600

-€0.1bn 400

200 Cash management financial assets (*) 0 • €349m 2018 2019 2020 2021 2022 2023 2024

• BB+ rating (stable outlook) assigned by S&P on April 5, 2018

Syndicated line of credit • Amount of €780m • Confirmed and undrawn • Signed on July 11 with nine banks • Strengthening of the Group’s financial structure

(*) See note 10 of half-yearly consolidated financial statements as of June 30, 2018 Orano Credit Update | September 2018 52 Application of IFRS 15 and IFRS 9 at January 1, 2018

IFRS 15: full retrospective application • Limited impact except for the backlog 2017 impact (12 months) Main adjustments

Revenue - €61m (*) Deferral of revenue and EBITDA in respect of customer-financed investments EBITDA - €37m (*) with effect from their commissioning

Mainly due to the deferral of revenue (see above) and revaluation taking into Backlog +€2.8bn account the indexation provided for in contracts

IFRS 9: simple retrospective application • Impacts on net financial income linked to the portfolio of earmarked assets

Increase in Recognition of the change in fair value of the majority of the portfolio of volatility of net earmarked assets in the income statement through net financial income financial income

(*) Impact on the guidance given in slide 24 of the presentation Orano Credit Update | September 2018 53 Orano’s shareholding structure

JNFL MHI

CEA 5,0 % 4,8 % 5,0 % Natixis (*) 10,0 % 45,2 % French State

10,0 % CDC (*)

20,0 %

AREVA S.A.

(*) Each of CDC and Natixis is acting as fiduciary agent (fiduciaire) under a security and management trust agreement (contrat de fiducie à titre de sûreté et de gestion) to the benefit of certain lenders of SA. Orano Credit Update | September 2018 54 Orano’s Board of Directors

Philippe VARIN François JACQ Chairman of the Board of Director appointed by Directors French State

Claude IMAUVEN Reynold PREVOST de Independent Director Philippe KNOCHE La BOUTETIERE Catherine DEIANA Chief Executive Officer Director appointed by Director representing French State employees Patrick PELATA Independent Director French State Marie-Astrid RAVON- represented by Bruno BERENGUER Director appointed by Alexia DRAVET VINCENT French State Director representing employees Marie-Hélène SARTORIUS Maurice GOURDAULT- Marie-Solange TISSIER Independent Director MONTAGNE Director appointed by Director appointed by French State French State

Orano Credit Update | September 2018 55 Orano Management team

Executive Committee

Guillaume DUREAU Dominique GUILLOTEAU Philippe KNOCHE Pascal AUBRET Customers, Strategy, Safety & Health, Security and Chief Executive Officer Recycling BU Innovation and R&D Environment

Jean-Michel ROMARY Alain VANDERCRUYSSEN Stéphane LHOPITEAU Dismantling and Waste Dismantling and Services BU Finance and Legal Contracting Department Jacques PEYTHIEU Olivier THOUMYRE Mining BU Internal Audit Frédéric DE AGOSTINI François NOGUÉ Logistics BU Human Resources, Communications, Property Florence ASCHER and Work Environment Compliance

Antoine TROESCH Patrick JACQ Patrick Jean-Michel CHEREAU Chemistry-Enrichment BU Projects BU CHAMPALAUNE Protection Performance and Supply Chain

Permanent members

Orano Credit Update | September 2018 56 Disclaimer

Important information

This presentation and the information it contains do not constitute an offer to sell or buy or a solicitation of a sale or purchase of Orano shares in any jurisdiction whatsoever. The dissemination, publication or distribution of this presentation in certain countries may constitute a violation of applicable legal and regulatory provisions. Consequently, persons physically present in those countries and in which this press release is broadcast, published or distributed must inform themselves and comply with those laws and regulations. This document constitutes communication of a promotional nature and not an offering circular under the meaning of Regulation 2017/1129 (EU) of the European Parliament and of the Council of June 14, 2017. This document does not constitute an offer to sell securities or the solicitation of an offer to sell securities in the United States. The securities mentioned in this document have not been, nor will be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States in the absence of registration or a waiver of registration under the Securities Act. Orano has no intention of registering an offer in whole or in part in the United States, nor of making a public offer in the United States.

Orano Credit Update | September 2018 57 Disclaimer

Important information

This document contains forward-looking statements relative to Orano’s financial position, results, operations, strategy and outlook. These statements include forecasts and estimates as well as the assumptions on which they are based, and statements related to projects, objectives and expectations concerning future operations, products and services or future performance. These forward-looking statements are generally identified by the words “expect to”, “anticipate”, “believe”, “plan”, “could”, “foresee” or “estimate”, and by other similar terms. Although Orano’s management believes that these forward-looking statements are reasonable, bearers of Orano shares are hereby advised that these forward-looking statements are subject to numerous risks and uncertainties that are difficult to foresee and generally beyond Orano’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 Orano’s public documents, and those listed in Orano’s Annual Activity Report September 1 - December 31, 2017 (available online from the Orano website at www.orano.com). The attention of investors and bearers of Orano shares is drawn to the fact that the realization of all or part of these risks is liable to have a significant unfavorable impact on Orano. Thus, these forward-looking statements do not constitute guarantees as to Orano’s future performance. These forward-looking statements can be assessed only as of the date of this document. Orano makes no commitment to update the forward-looking statements and information, except as required by applicable laws and regulations.

Orano Credit Update | September 2018 58