AREVA supplies high added-value products and services to support the operation of the global nuclear fl eet. The company is present throughout the entire nuclear cycle, from uranium mining to used fuel recycling, including nuclear reactor design and operating services. AREVA is recognized by utilities around the world for its expertise, its skills in cutting-edge technologies and its dedication to the highest level of safety. Through partnerships, the company is active in the renewable energy sector. AREVA’s 44,000 employees are helping build tomorrow’s energy model: supplying ever safer, cleaner and more economical energy to the greatest number of people. www.areva.com 2014 2014 Reference document Reference document FINANCIAL COMMUNICATIONS DEPARTMENT Tour AREVA - 1, place Jean Millier - 92400 Courbevoie – France - Te l.: 33 1 34 96 06 47 - Fax: +33 1 34 96 99 00 Energy is our future, don’t waste it! Reference document REFERENCE 20 DOCUMENT 14 This Reference Document was fi led with the Autorité des marchés fi nanciers (AMF, the French fi nancial market authority) on March 31, 2015 , in accordance with article 212-13 of its general regulations. It may be used in support of a fi nancial transaction if it is accompanied by an off ering circular si gned by the AMF. This document was prepared by the issuer and is binding on those signing it. This is a free translation into English of the AREVA group’s Reference Document for 2014, which is issued in the French language, and is provided solely for the convenience of English speaking readers. 2014 AREVA REFERENCE DOCUMENT 1 CONTENTS 01 PERSON RESPONSIBLE 6 08 PROPERTY, 1.1. Person responsible PLANT AND EQUIPMENT 98 for the Reference Document 6 8.1. Principal sites of the group 98 1.2. Attestation by the person 8.2. Environmental issues that may responsible for the aff ect the issuer’s use of property, Reference Document 6 plant and equipment 103 09 ANALYSIS OF AND COMMENTS 02 STATUTORY AUDITORS 8 ON THE GROUP’S FINANCIAL 2.1. Statutory auditors 8 POSITION AND PERFORMANCE 104 2.2. Deputy auditors 8 9.1. Overview 104 9.2. Situation and activities of the company and its subsidiaries by 03 SELECTED business segment during the year 108 FINANCIAL INFORMATION 9 9.3. Events subsequent to year-end Summary data 9 closing for 2014 127 04 RISK FACTORS 10 10 CAPITAL RESOURCES 128 4.1. Risk management and coverage 11 4.2. Legal risk 14 11 RESEARCH AND 4.3. Industrial and environmental risk 18 DEVELOPMENT PROGRAMS, PATENTS AND LICENSES 129 4.4. Operational risk 25 11.1. Research and D evelopment 129 4.5. Risk related to major projects 26 11.2. Intellectual property 136 4.6. Liquidity and market risk 27 4.7. Other risk 30 12 TREND INFORMATION 138 12.1. Current situation 138 05 INFORMATION ABOUT THE ISSUER 32 12.2. Financial objectives 138 5.1. History and development of the issuer 32 5.2. Investments 34 13 PROFIT FORECASTS 139 ADMINISTRATIVE, BUSINESS OVERVIEW 35 14 06 MANAGEMENT AND 6.1. Markets for nuclear power SUPERVISORY BODIES and renewable energies 37 AND SENIOR MANAGEMENT 140 6.2. AREVA’s Customers and Suppliers 46 14.1. Composition of the Executive 6.3. Overview and strategy of the group 47 Board prior to the change of 6.4. Operations 53 governance 140 14.2. Composition of the Supervisory Board prior to the change of 07 ORGANIZATIONAL STRUCTURE 97 governance 142 14.3. Composition of the Board of Directors as from the change of governance 142 14.4. Senior management as from the change of governance 142 14.5. Legal information, confl icts of interest and service contracts 142 2 2014 AREVA REFERENCE DOCUMENT 15 COMPENSATION AND BENEFITS 143 18 PRINCIPAL SHAREHOLDERS 164 24 DOCUMENTS ON DISPLAY 300 15.1. Compensation of directors and offi cers 143 18.1. Distribution of capital and voting rights 164 24.1. Availability of documents 300 15.2. Stock owned by directors and offi cers 150 18.2. Absence of diff erent voting rights 165 24.2. Persons responsible for fi nancial 15.3. Audit fees 150 18.3. Control of the issuer 166 information 300 18.4. Agreements known to the issuer that 24.3. Financial information programs 301 could, if implemented, result in a 24.4. Tentative fi nancial communications 16 FUNCTIONING OF change in control of the issuer 166 schedule 301 ADMINISTRATIVE, 24.5. Technical information on the group’s MANAGEMENT AND businesses 301 SUPERVISORY BODIES AND 19 TRANSACTIONS SENIOR MANAGEMENT 151 WITH RELATED PARTIES 167 16.1. Functioning of the Executive Board 19.1. Relations with the French State 167 25 INFORMATION ON HOLDINGS 302 until the change of governance 151 19.2. Relations with the CEA 168 25.1. Signifi cant equity interests of AREVA 302 16.2. Functioning of the Supervisory 19.3. Relations with government-owned 25.2. Shareholders’ agreements 302 Board until the change of governance 152 companies 168 16.3. Functioning of the fi ve Committees established by the Supervisory APPENDIX Board until the change of governance 152 20 FINANCIAL INFORMATION CONCERNING ASSETS, 16.4. Functioning of the Board of Directors FINANCIAL POSITIONS AND Report of the Chairman of the since the change of governance 152 FINANCIAL PERFORMANCE 169 A1 16.5. Functioning of the Committees Board of Directors on governance, 20.1. Consolidated fi nancial statements internal control procedures and instituted by the Board of Directors for the year ended December 31, 2014 170 since the change of governance 152 risk management 304 20.2. Notes to the consolidated fi nancial 16.6. Report of the Chairman of the statements for the year ended Board of Directors on governance, December 31, 2014 182 internal control procedures and risk A2 Statutory Auditors’ report 328 management 153 20.3. 2014 fi nancial statements 261 16.7. Report of the statutory auditors 20.4 Notes to the fi nancial statements 268 Corporate social responsibility 333 prepared in application of 20.5. Five-year fi nancial summary 289 A3 article L. 225-235 of the French 20.6. Summary of accounts payable Commercial Code 153 to AREVA SA suppliers 290 Non-fi nancial reporting 20.7. Dividend distribution policy 290 A4 methodology and independent 20.8. Legal and arbitration proceedings 291 third-party report on corporate EMPLOYEES 154 17 20.9. Signifi cant change in the issuer’s social responsibility data 347 17.1. Employment 155 fi nancial or trading position 291 17.2. Organization of work 157 17.3. Labor relations 158 Ordinary and extraordinary ADDITIONAL INFORMATION 292 A5 17.4. Health and safety 159 21 shareholders’ meeting 21.1. Share capital 292 17.5. Training 160 of may 21, 2015 352 21.2. Certifi cate of incorporation 17.6. Equal treatment 161 and articles of association 295 17.7. Promotion and compliance with 21.3. Agreements referred to in Article A6 Values Charter 356 the stipulations of fundamental L. 225- 102- 1 paragraph 13 of the agreements of the International French Commercial Code 297 Labor Organization 162 A7 Table of concordance of the management report 362 22 MAJOR CONTRACTS 298 23 THIRD PARTY INFORMATION, GLOSSARIES 363 STATEMENTS BY EXPERTS AND DECLARATIONS OF INTEREST 299 2014 AREVA REFERENCE DOCUMENT 3 4 2014 AREVA REFERENCE DOCUMENT GENERAL COMMENTS This Reference Document contains information on AREVA’s objectives, prospects Pursuant to article 28 of the European Community regulation no. 809/2004 and development strategies. This information should not be interpreted as a of April 29, 2004, the directive 2004/100/CE and article 212-11 of the general guarantee that events and data set forth herein are assured or that the planned regulations issued by the Autorité des marchés fi nanciers, the following items have objectives will be met. Forward-looking statements made in this Reference been included for reference: Document also address a certain number of risks, whether proven or unproven, p AREVA’s consolidated fi nancial statements for the year ended December 31, known or unknown, which remain subject to unforeseen events. Were they to 2012 and the statutory auditors’ report on the consolidated fi nancial statements translate into fact, these risks could cause AREVA’s future fi nancial results, operating for the year ended December 31, 2012, discussed on pages 193 to 202 and performance and production to diff er signifi cantly from the objectives presented or pages 191 to 192 respectively of the Reference Document fi led with the Autorité suggested herein. In particular, these risk factors include trends in the international des marchés fi nanciers on March 28, 2013 under number D. 13-0237; and economic and commercial situation. p AREVA’s consolidated fi nancial statements for the year ended December 31, This Reference Document contains estimates of the markets, market shares and 2013 and the statutory auditors’ report on the consolidated fi nancial statements competitive position of AREVA. They are provided solely for purposes of information for the year ended December 31, 2013, discussed on pages 190 to 200 and and are likely to vary as a function of circumstances. pages 188 to 189 respectively of the Reference Document fi led with the Autorité In this document, the company is referred to as “AREVA”. The “group” designates des marchés fi nanciers on March 31, 2014 under number D. 14-0255. AREVA and its subsidiaries. A glossary defi ning technical terms may be found at the end of this Reference Document. 2014 AREVA REFERENCE DOCUMENT 5 01 PERSON RESPONSIBLE 1.1. PERSON RESPONSIBLE 1.2. ATTESTATION BY THE PERSON RESPONSIBLE FOR THE REFERENCE DOCUMENT 6 FOR THE REFERENCE DOCUMENT 6 1.1.