| TABLE OF CONTENT | 2 |
| 2018 KEY FIGURES | 4 |
| 1. PRESENTATION OF EDF GROUP | 7 |
| 1.1 HISTORY AND DEVELOPMENT OF THE COMPANY | 8 |
| 1.2 ORGANISATION OF THE GROUP | 10 |
| 1.2.1 EDF ORGANISATIONAL CHART | 10 |
| 1.2.2 INTRA-GROUP CONTRACTS | 12 |
| 1.3 GROUP STRATEGY | 12 |
| 1.3.1 ENVIRONMENT AND STRATEGIC CHALLENGES | 12 |
| 1.3.2 PRIORITIES OF THE CAP 2030 STRATEGY | 14 |
| 1.3.3 INVESTMENT POLICY | 17 |
| 1.4 DESCRIPTION OF THE GROUP'S ACTIVITIES | 18 |
| 1.4.1 ELECTRICITY GENERATION ACTIVITY | 18 |
| 1.4.2 SALES AND SUPPLY ACTIVITIES IN FRANCE | 46 |
| 1.4.3 OPTIMISATION ACTIVITIES FOR EDF IN FRANCE | 50 |
| 1.4.4 TRANSMISSION AND DISTRIBUTION ACTIVITIES IN FRANCE | 51 |
| 1.4.5 INTERNATIONAL ACTIVITIES | 59 |
| 1.4.6 ENERGY SERVICES AND OTHER ACTIVITIES | 78 |
| 1.5 LEGISLATIVE AND REGULATORY ENVIRONMENT | 85 |
| 1.5.1 EDF AS A PUBLIC UNDERTAKING | 85 |
| 1.5.2 PUBLIC SERVICE IN FRANCE | 85 |
| 1.5.3 ELECTRICITY MARKET LEGISLATION | 86 |
| 1.5.4 GAS MARKET LEGISLATION | 92 |
| 1.5.5 PUBLIC ELECTRICITY DISTRIBUTION CONCESSIONS IN FRANCE | 93 |
| 1.5.6 REGULATIONS APPLICABLE TO THE ENVIRONMENT, NUCLEAR POWER, HEALTH, HYGIENE AND SAFETY IN FRANCE | 93 |
| 1.5.7 REGULATIONS ON WHOLESALE ENERGY MARKETS | 101 |
| 1.6 RESEARCH & DEVELOPMENT, PATENTS AND LICENCES | 102 |
| 1.6.1 R&D ORGANISATION AND KEY FIGURES | 102 |
| 1.6.2 R&D PRIORITIES | 104 |
| 1.6.3 INTERNATIONAL BUSINESS AND PARTNERSHIPS | 107 |
| 1.6.4 INTELLECTUAL PROPERTY | 109 |
| 1.7 COMMERCIAL PROPERTIES | 109 |
| 1.7.1 SERVICE-SECTOR REAL ESTATE ASSETS – EDF AND ENEDIS IN FRANCE | 109 |
| 1.7.2 EMPLOYER PARTICIPATION IN THE CONSTRUCTION EFFORT | 109 |
| 1.7.3 SUBSIDISED LOANS FOR HOME OWNERSHIP | 109 |
| 2. RISK FACTORS AND CONTROL FRAMEWORK | 111 |
| 2.1 RISKS TO WHICH THE GROUP IS EXPOSED | 112 |
| 2.1.1 RISKS ASSOCIATED WITH THE REGULATION OF ENERGY MARKETS | 114 |
| 2.1.2 RISKS RELATED TO THE COMPETITIVE AND GENERAL CONTEXT | 116 |
| 2.1.3 RISKS RELATED TO THE TRANSFORMATION OF THE GROUP | 118 |
| 2.1.4 RISKS RELATED TO THE GROUP'S OPERATIONAL PERFORMANCE | 119 |
| 2.1.5 SPECIFIC RISKS RELATED TO THE GROUP'S NUCLEAR ACTIVITIES | 122 |
| 2.2 CONTROL OF GROUP RISKS AND ACTIVITIES | 128 |
| 2.2.1 CONTROL ENVIRONMENT | 128 |
| 2.2.2 IMPLEMENTATION OF SYSTEMS FOR THE CONTROL OF RISKS AND ACTIVITIES | 132 |
| 2.3 DEPENDENCY FACTORS | 136 |
| 2.3.1 NUCLEAR FUEL CYCLE | 136 |
| 2.3.2 POWER PLANT DEVELOPMENT AND MAINTENANCE | 136 |
| 2.4 LEGAL PROCEEDINGS AND ARBITRATION | 138 |
| 2.4.1 LEGAL PROCEEDINGS INVOLVING EDF | 138 |
| 2.4.2 LEGAL PROCEEDINGS CONCERNING EDF'S SUBSIDIARIES AND HOLDINGS | 143 |
| 2.4.3 LITIGATION ARISING AFTER THE CLOSING OF THE 2018 FINANCIAL YEAR | 145 |
| 2.5 INSURANCE | 145 |
| 2.5.1 INSURANCE ORGANISATION AND POLICY | 145 |
| 2.5.2 USE OF CAPTIVE INSURANCE COMPANIES AND MUTUAL INSURANCE COMPANIES | 145 |
| 2.5.3 CIVIL LIABILITY INSURANCE (NOT INCLUDING NUCLEAR CIVIL LIABILITY) | 146 |
| 2.5.4 CIVIL LIABILITY INSURANCE FOR CORPORATE OFFICERS AND DIRECTORS | 146 |
| 2.5.5 DAMAGE INSURANCE (EXCLUDING NUCLEAR ASSETS) | 146 |
| 2.5.6 SPECIFIC INSURANCE FOR NUCLEAR FACILITY OPERATIONS | 146 |
| 2.5.7 PREMIUMS | 147 |
| 3. ENVIRONMENTAL AND SOCIETAL INFORMATION – HUMAN RESOURCES | 149 |
| 3.1 EDF'S COMMITMENTS IN THE AREA OF SUSTAINABLE DEVELOPMENT | 150 |
| 3.1.1 UNDERSTANDING STAKEHOLDERS AND THE ENVIRONMENT | 150 |
| 3.1.2 COMMITTED TO SUSTAINABLE DEVELOPMENT | 152 |
| 3.1.3 GOVERNANCE OF SUSTAINABLE DEVELOPMENT | 153 |
| 3.2 EDF'S CORPORATE SOCIAL RESPONSIBILITY GOALS | 158 |
| 3.2.1 COMMITTED TO CLIMATE ACTION | 158 |
| 3.2.2 COMMITTED TO HUMAN DEVELOPMENT | 161 |
| 3.2.3 COMMITTED TO SUPPORTING FRAGILE POPULATIONS | 166 |
| 3.2.4 COMMITTED TO HELPING EACH CUSTOMER CONSUME BETTER | 168 |
| 3.2.5 COMMITTED TO CONSULTATION | 172 |
| 3.2.6 COMMITTED TO BIODIVERSITY | 174 |
| 3.3 OTHER AREAS OF THE SUSTAINABLE DEVELOPMENT POLICY | 180 |
| 3.3.1 ADAPTING TO CLIMATE CHANGE | 180 |
| 3.3.2 OPTIMISING THE USE OF NATURAL RESOURCES AND PRESERVING THE ENVIRONMENT | 181 |
| 3.3.3 PAYING CLOSE ATTENTION TO PEOPLE | 188 |
| 3.4 FURTHER HUMAN RESOURCES CONSIDERATIONS | 195 |
| 3.4.1 PROFESSIONAL EXCELLENCE, EMPLOYMENT AND SKILL DEVELOPMENT | 195 |
| 3.4.2 PROVIDING THE CONDITIONS FOR WELL-BEING: ORGANISATION AND QUALITY OF WORKING LIFE | 199 |
| 3.4.3 COMPENSATION AND SOCIAL WELFARE: AN ATTRACTIVE EMPLOYER | 199 |
| 3.4.4 AN EMPLOYER ENGAGED ALONGSIDE ITS STAKEHOLDERS | 201 |
| 3.5 ETHICS, COMPLIANCE, TAX TRANSPARENCY | 206 |
| 3.5.1 ETHICS AND COMPLIANCE | 206 |
| 3.5.2 TAX TRANSPARENCY | 211 |
| 3.6 SPONSORSHIP | 213 |
| 3.7 NON-FINANCIAL RATING | 214 |
| 3.8 APPENDICES AND CORRESPONDENCE TABLES | 215 |
| 3.8.1 VIGILANCE PLAN | 215 |
| 3.8.2 UN SUSTAINABLE DEVELOPMENT GOALS | 217 |
| 3.8.3 TCFD RECOMMENDATIONS | 219 |
| 3.8.4 MATERIALITY MATRIX | 221 |
| 3.9 REPORTING SYSTEM AND METHODOLOGY | 223 |
| 3.9.1 REPORTING SYSTEM | 223 |
| 3.9.2 METHODOLOGY FOR SOCIAL AND ENVIRONMENTAL DATA | 223 |
| 3.9.3 INDICATORS | 227 |
| 3.10 REPORT BY ONE OF THE STATUTORY AUDITORS, APPOINTED AS INDEPENDENT THIRD PARTY | 233 |
| 4. CORPORATE GOVERNANCE | 237 |
| 4.1 CORPORATE GOVERNANCE CODE | 238 |
| 4.2 MEMBERS AND FUNCTIONING OF THE BOARD OF DIRECTORS | 240 |
| 4.2.1 MEMBERS OF THE BOARD OF DIRECTORS | 240 |
| 4.2.2 FUNCTIONING OF THE BOARD OF DIRECTORS | 258 |
| 4.2.3 BOARD OF DIRECTORS' COMMITTEES | 262 |
| 4.3 BODIES CREATED BY EXECUTIVE MANAGEMENT | 269 |
| 4.3.1 MEMBERS OF THE EXECUTIVE COMMITTEE | 269 |
| 4.3.2 PERSONAL INFORMATION ON MEMBERS OF THE EXECUTIVE COMMITTEE | 269 |
| 4.4 CONFLICTS OF INTEREST, ABSENCE OF CONVICTIONS OF THE MEMBERS OF THE ADMINISTRATIVE BODIES AND EXECUTIVE MANAGEMENT, CONTRACTS FOR SERVICES | 271 |
| 4.4.1 CONFLICTS OF INTEREST | 271 |
| 4.4.2 ABSENCE OF CONVICTIONS | 271 |
| 4.4.3 CONTRACTS FOR SERVICES | 271 |
| 4.5 SHAREHOLDING BY DIRECTORS AND TRADING IN EDF SECURITIES BY CORPORATE OFFICERS AND EXECUTIVES | 272 |
| 4.5.1 SHAREHOLDING BY DIRECTORS | 272 |
| 4.5.2 TRADING IN COMPANY SECURITIES | 272 |
| 4.6 COMPENSATION AND BENEFITS | 273 |
| 4.6.1 COMPENSATION OF CORPORATE OFFICERS | 273 |
| 4.6.2 STOCK OPTIONS – BONUS SHARES | 276 |
| 4.7 REPORT BY THE STATUTORY AUDITORS, PREPARED IN ACCORDANCE WITH ARTICLE L. 225-235 OF THE FRENCH COMMERCIAL CODE, ON THE REPORT OF THE BOARD OF DIRECTORS ON CORPORATE GOVERNANCE | 276 |
| 5. THE GROUP’S PERFORMANCE IN 2018 AND FINANCIAL OUTLOOK | 277 |
| 5.1 OPERATING AND FINANCIAL REVIEW | 278 |
| 5.1.1 KEY FIGURES | 278 |
| 5.1.2 ECONOMIC ENVIRONMENT | 280 |
| 5.1.3 SIGNIFICANT EVENTS OF 2018 | 286 |
| 5.1.4 ANALYSIS OF THE BUSINESS AND THE CONSOLIDATED INCOME STATEMENTS FOR 2017 AND 2018 | 288 |
| 5.1.5 CASH FLOW AND NET INDEBTEDNESS | 295 |
| 5.1.6 MANAGEMENT AND CONTROL OF MARKET RISKS | 299 |
| 5.1.7 INFORMATIONS ON INVOICE SETTLEMENT TIMES (ACCOUNT PAYABLE AND RECEIVABLE REQUIRED BY ARTICLE L. 441-6-1 OF THE FRENCH COMMERCIAL CODE) | 309 |
| 5.1.8 INFORMATIONS ON EXISTING BRANCHES REQUIRED BY ARTICLE L. 232-1 OF THE COMMERCIAL CODE | 309 |
| 5.2 SUBSEQUENT EVENTS | 310 |
| 5.3 CHANGES IN MARKET PRICES IN JANUARY AND FEBRUARY 2019 | 311 |
| 5.4 OUTLOOK | 312 |
| 6. FINANCIAL STATEMENTS | 313 |
| 6.1 CONSOLIDATED FINANCIAL STATEMENTS | 314 |
| CONSOLIDATED INCOME STATEMENT | 314 |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | 315 |
| CONSOLIDATED BALANCE SHEET | 316 |
| CONSOLIDATED CASH FLOW STATEMENT | 317 |
| CHANGE IN CONSOLIDATED EQUITY | 318 |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | 322 |
| 6.2 STATUTORY AUDITORS' REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS | 430 |
| 6.3 FINANCIAL STATEMENTS | 433 |
| INCOME STATEMENT | 433 |
| BALANCE SHEET | 434 |
| CASH FLOW STATEMENT | 436 |
| NOTES TO THE FINANCIAL STATEMENTS | 437 |
| 6.4 STATUTORY AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS | 490 |
| 6.5 TABLE OF RESULTS FOR THE LAST FIVE FISCAL YEARS | 493 |
| 6.6 DIVIDEND POLICY | 494 |
| 6.6.1 DIVIDENDS AND INTERIM DIVIDENDS PAID IN THE LAST THREE FISCAL YEARS | 494 |
| 6.6.2 DISTRIBUTION POLICY, INCREASED DIVIDEND | 494 |
| 6.6.3 UNCLAIMED DIVIDENDS | 494 |
| 6.7 SIGNIFICANT CHANGE IN THE FINANCIAL OR TRADING POSITION | 495 |
| 6.8 INFORMATION RELATING TO THE ALLOCATION OF FUNDS RAISED THROUGH GREEN BONDS ISSUED BY EDF | 495 |
| USE OF PROCEEDS | 495 |
| EVALUATION AND SELECTION OF ELIGIBLE PROJECTS FINANCED | 495 |
| MANAGEMENT OF PROCEEDS | 495 |
| REPORTING | 495 |
| 7. GENERAL INFORMATION ABOUT THE COMPANY AND ITS CAPITAL | 501 |
| 7.1 GENERAL INFORMATION ABOUT THE COMPANY | 502 |
| 7.1.1 COMPANY NAME, ADDRESS AND TELEPHONE NUMBER OF THE REGISTERED OFFICE | 502 |
| 7.1.2 TRADE AND COMPANIES REGISTRY, APE CODE | 502 |
| 7.1.3 DATE OF INCORPORATION AND TERM OF THE COMPANY | 502 |
| 7.1.4 LEGAL FORM AND APPLICABLE LEGISLATION | 502 |
| 7.2 INCORPORATION DOCUMENTS AND ARTICLES OF ASSOCIATION | 502 |
| 7.2.1 CORPORATE PURPOSE | 502 |
| 7.2.2 FINANCIAL YEAR | 502 |
| 7.2.3 STATUTORY DISTRIBUTION OF PROFITS | 502 |
| 7.2.4 RIGHTS ATTACHED TO SHARES | 503 |
| 7.2.5 ASSIGNMENT AND TRANSFER OF SHARES | 503 |
| 7.2.6 CHANGES TO THE ARTICLES OF ASSOCIATION, THE CAPITAL AND VOTING RIGHTS | 503 |
| 7.2.7 MEMBERS AND FUNCTIONING OF THE BOARD OF DIRECTORS | 503 |
| 7.2.8 SHAREHOLDER'S MEETINGS | 503 |
| 7.2.9 STATUTORY OR LEGAL PROVISIONS DELAYING A TAKEOVER OF THE COMPANY | 504 |
| 7.2.10 THRESHOLD CROSSINGS | 504 |
| 7.3 INFORMATION REGARDING CAPITAL AND SHARE OWNERSHIP | 505 |
| 7.3.1 AMOUNT AND CHANGES IN SHARE CAPITAL | 505 |
| 7.3.2 TREASURY SHARES AND SHARE BUYBACK PROGRAMME | 506 |
| 7.3.3 AUTHORISED BUT NON-ISSUED CAPITAL | 507 |
| 7.3.4 OTHER EQUITY SECURITIES | 508 |
| 7.3.5 NON-EQUITY SECURITIES | 508 |
| 7.3.6 INFORMATION ON THE SHARE CAPITAL OF ANY MEMBER OF THE GROUP SUBJECT TO A CONDITIONAL OR UNCONDITIONAL AGREEMENT | 508 |
| 7.3.7 PLEDGE OF THE COMPANY'S SHARES | 508 |
| 7.3.8 OWNERSHIP OF THE COMPANY'S CAPITAL AND VOTING RIGHTS | 509 |
| 7.3.9 AGREEMENTS WHOSE IMPLEMENTATION COULD LEAD TO A CHANGE OF CONTROL | 510 |
| 7.4 MARKET FOR THE COMPANY’S SHARES | 511 |
| 7.5 RELATED-PARTY TRANSACTIONS | 512 |
| 7.5.1 RELATIONS WITH THE FRENCH STATE | 512 |
| 7.5.2 RELATIONS WITH ENGIE (EX-GDF SUEZ) | 512 |
| 7.5.3 RELATIONS WITH PUBLIC SECTOR COMPANIES | 512 |
| 7.5.4 AGREEMENTS WITH FRAMATOME | 512 |
| 7.5.5 STATUTORY AUDITOR'S SPECIAL REPORT ON REGULATED AGREEMENTS AND COMMITMENTS | 513 |
| 7.6 MATERIAL CONTRACTS | 515 |
| 7.6.1 MATERIAL CONTRACTS ENTERED INTO IN 2018 | 515 |
| 7.6.1 MATERIAL CONTRACTS ENTERED INTO IN 2017 | 515 |
| 7.6.1 MATERIAL CONTRACTS ENTERED INTO IN 2016 | 515 |
| 8. ADDITIONAL INFORMATION | 517 |
| 8.1 PERSON RESPONSIBLE FOR THE REFERENCE DOCUMENT AND THE CERTIFICATION | 518 |
| 8.1.1 PERSON RESPONSIBLE FOR THE REFERENCE DOCUMENT | 518 |
| 8.1.2 CERTIFICATION FROM THE PERSON RESPONSIBLE FOR THE 2018 REFERENCE DOCUMENT CONTAINING THE ANNUAL FINANCIAL REPORT | 518 |
| 8.2 AUDITORS – STATUTORY AUDITORS | 519 |
| DELOITTE ET ASSOCIÉS | 519 |
| KPMG SA | 519 |
| 8.3 DOCUMENTS AVAILABLE TO THE PUBLIC - LEI | 519 |
| 8.4 FINANCIAL COMMUNICATION CALENDAR | 519 |
| 8.5 CONCORDANCE TABLES | 520 |
| 8.5.1 CONCORDANCE TABLE WITH APPENDIX I OF (EC) REGULATION NO. 809/2004 | 520 |
| 8.5.2 CONCORDANCE TABLE WITH THE MANAGEMENT REPORT | 522 |
| 8.5.3 CONCORDANCE TABLE WITH THE ELEMENTS OF THE EDF BOARD OF DIRECTORS' REPORT ON CORPORATE GOVERNANCE | 525 |
| 8.5.4 CONCORDANCE TABLE WITH THE NON-FINANCIAL PERFORMANCE STATEMENT | 526 |
| 8.5.5 CONCORDANCE TABLE WITH THE ANNUAL FINANCIAL REPORT | 527 |
| Glossary | 528 |