Areva - Reference Document 2016

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20.2 Notes to the consolidated financial statements for the year ended December 31, 2016 FINANCIAL INFORMATION CONCERNING ASSETS, FINANCIAL POSITION AND FINANCIAL PERFORMANCE

the value in use obtained by discounting estimated future cash flows at the rate of 12% (11.50% at December 31, 2015) and based on a euro/US dollar exchange rate of 1.05 at December 31, 2016 (1.09 at December 31, 2015). After recognition of that impairment, the net carrying amount of the Imouraren project’s property, plant and equipment and intangible assets was 348million euros at December 31, 2016 (compared with 692 million euros at December 31, 2015). The test remains sensitive to discount rates, to exchange rate parity, and to the anticipated future prices of uranium. The value in use of the assets of Imouraren, and thus their carrying amount, would fall by the amounts below if any of the following assumptions were used: p a euro/US dollar exchange rate of 5 eurocents higher (i.e. 1.10 instead of 1.05): 78 million euros; p uranium sales price assumptions of 5 dollars less per pound for the entire period of the business plans: 87 million euros. The impairment translates into a debit balance of 285 million euros for minority interests. MINING ASSETS IN NAMIBIA - TREKKOPJE The carrying amount of intangible assets and property, plant and equipment in Namibia includes the developed mining infrastructure and the desalination plant infrastructure. However, the value in use of the desalination plant was tested separately from that of the mining infrastructure. The desalination plant’s value in use was justified based on an updated business plan using a discount rate of 8.50% (7.50% at December 31, 2015). Impairment in the amount of 22million euros was recorded on the carrying amount of intangible assets and property, plant and equipment of themine at December 31, 2015, and additional impairment of 10million euros was recorded at December 31, 2016 based on their fair value, determined from a multiple of uranium resources in the ground. After recognition of impairment of the mining assets, the total carrying amount of Trekkopje’s property, plant and equipment and intangible assets was 250 million euros (compared with 256 million euros at December 31, 2015). COMURHEX II PLANT Impairment tests carried out in previous years on property, plant and equipment under construction for the Comurhex II uranium conversion plant had led to the write-down in full of capitalized amounts at December 31, 2014, i.e. 811 million euros (including a charge of 599 million euros in 2014). A review of market conditions and of the balance of supply and demand led to the decision to no longer consider the extension of the plant’s production capacity from 15,000metric tons to 21,000metric tons. Sales prices and volumes produced were p a discount rate of 50 basis points higher: 54 million euros;

also revised to reflect the latest market price trends, contracts under negotiation and conversionmarket forecasts. In addition, the cost of construction at completion of the first phase of the plant was raised by 66 million euros in 2015. This amount did not change over the 2016 financial year. The impairment test performed prior to NewCo’s classification in operations held for sale shows that the value in use of property, plant and equipment under construction – valued at December 31, 2016 using a discount rate of 6.70% (compared with 6.50% at December 31, 2015), a euro/US dollar exchange rate of 1.05 corresponding to the rate at December 31, 2016, and sales price assumptions for conversion units resulting from AREVA’s mid- and long-term forecasts for the balance of supply and demand –was used to justify their net carrying amount, which is equal to the amount capitalized at December 31, 2016, i.e. 183 million euros. The result of the impairment test remains sensitive to the assumptions used, in particular the discount rate, the euro / US dollar exchange rate, long-term sales prices and volumes sold. The value in use of the property, plant and equipment under construction would fall by the amounts below if any of the following assumptions were used: p a euro/US dollar exchange rate of 5 eurocents higher (i.e. 1.10 instead of 1.05): 99 million euros; p sales price assumptions of 1 US dollar less per conversion unit compared with the price forecast drawn up by AREVA: 62 million euros. GEORGES BESSE II PLANT In view of the downturn in market indicators, an impairment test was performed on property, plant and equipment related to the Georges Besse II plant prior to NewCo’s classification in operations held for sale. This test was carried out using a discount rate of 6.70% (compared with 6.50% at December 31, 2015), a euro / US dollar exchange rate of 1.05 corresponding to the rate at December 31, 2016, and SWU sales price assumptions resulting from AREVA’s mid- and long-term forecasts for supply and demand. On that basis, no impairment was recognized at December 31, 2016. A sensitivity analysis using the same parameters as the Enrichment CGU (see note 10) would not lead to recognition of impairment. p a discount rate of 50 basis points higher: 50 million euros;

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2016 AREVA REFERENCE DOCUMENT