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Titre De La Présentation 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 Orano, 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 Uranium 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 fuelcycle 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 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.
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