The Group’s growth in EBITDA in the first quarter of 2009 was mainly due to:

Non-recurring events: the sharp fluctuation in fuel prices, which has only moderately impacted Exploration & Production activities, has provided arbitrage opportunities for the Group in a particularly cold winter in Europe;

Operational performance: energy sales, good availability level at the Group’s nuclear plants, increased capacity and a positive contribution from Infrastructures;

It takes into account the fact that the Group did not pass on the full costs of its natural gas supply in France (- EUR363 million in the first Quarter of 2009).

This performance reflects the Group’s well-balanced business model, operational mix and geographic footprint, as well as illustrating its ability to withstand the current crisis. Nevertheless, the growth figures do include non-recurring items which are specific to the first Quarter of 2009, which cannot be carried forward throughout the Year 2009.

Net debt amounted to EUR27.8 billion as at end-March 2009, improving over the EUR28.9 billion posted as at December 31, 2008. Operating cash flow largely covered the Group’s net investment of EUR1.8 billion. This includes the EUR800 million proceeds from disposals, in particular the sale of SPE for EUR600 million and the sale of 250 MW nuclear drawing rights to SPE.

Despite an environment of depressed economic conditions and energy prices, the Group confirms its target of an EBITDA 20092, higher than 2008.

Main recent highlights:

In Europe, the sale of the Group’s stake in SPE, Belgium’s 2nd-largest electricity company, was completed.

The acquisition of Izgaz in Turkey was also completed.

There was strong mobilization across the Group to guarantee supply to its European clients during the coldest winter experienced in Europe over the last 10 years and the nearly-complete stoppage of Russia’s gas supply.

GDF SUEZ was chosen in France as the associate partner for the second EPR, alongside EDF; the Group’s nuclear plant availability reached more than 90% in first Quarter 2009.

Outside Europe, GDF Suez secured a EUR2.44 billion financing agreement for the Jirau project in Brazil;

Further developments in Exploration & Production operations (Norway, UK, Netherlands and Indonesia).

In Energy Services, COFELY was founded, as a strong, single brand in its sector.

A EUR750 million retail bond loan was successfully issued in Belgium and Luxembourg in January, a jumbo EUR4 billion bond issue was launched in January 2009 – the largest bond issue by an industrial company since 2004.

Gross increase in sales revenue amounted to EUR2,684 million:

Organic growth (+EUR2,256 million);

Changes in scope (+EUR546 million), composed of:

First-time consolidations (+EUR728 million) mainly in Energy Europe & International, + EUR447 million (acquisition of VPP3 in Italy, Senoko in Singapore, Izgaz in Turkey, Firstlight in US, the electricity trading company Elettrogreen in Italy, Teesside in the UK), Suez Environnement + EUR94 million and Energy Services + EUR90 million (acquisition of six cogeneration plants in Italy, for a total of 370 MW).

Disposals (-EUR182 million) affecting primarily Energy Europe & International – EUR127 million (sale of ORES to the Belgian inter-municipalities, and Chehalis in the US) and Suez Environnement – EUR41 million.

Exchange rate fluctuations (-EUR119 million, of which + EUR214 million come from the USD, – EUR155 million from the GBP and – EUR51 million from the BRL), in particular at SUEZ Environment (-EUR60 million), Energy Europe & International (-EUR32 million) and Energy Services (EUR25 million).

The Group generated 94% of its sales revenue in Europe and North America, including 88% in Europe.

As at March 31, 2009, sales revenue from the Energy France Business Line amounted to EUR31 6,354 million, up by 21.5%, compared with the sales revenues in first quarter 2008.

Growth in sales revenue based on average climate conditions over the period reached to 9.7%.

More than half of the gross increase came from the hike in energy prices linked to the sharp rise in supply costs over 2008. Sales revenue in the first quarter decreased by EUR363 million due to an inability to pass on full costs (natural gas supply and other non-material costs) in the regulated tariffs in France, since the last tariffs adjustment in August 2008. Regulated tariffs were reset as of April 1, 2009, reflecting the drop in supply costs and the rebasing of non material costs (11.3% drop).

However it did not take into account any margin on marketing services : a business that supplies around 10 million clients and employs around 5,000 people in France.

The increase in volumes sold, due to favourable weather conditions in first quarter 2009 – significantly colder than in 2008 – accounted for 44% of the business line’s sales revenue growth.

The remainder comes from first-time consolidations, mainly in connection with the Group’s development in Home Services, as well as in wind power.

Natural gas sales amounted to 132.7 TWh, up by 8.3% as compared to first quarter 2008.

As at 31 March 2009, GDF SUEZ maintained market share of 94% on the retail segment and of 85% on the business customers segment, liberalized since 2007 and 2004, respectively.

Electricity sales reached 9.7 TWh and were up by 18%. Evolution of the sales depends on the customer segment: growth on retail and wholesale markets, with a customer portfolio amounting to over 650 000 electricity contracts managed in France as at end-March 2009, decrease for the industrial portfolio, due to difficult price conditions (TarTAM).

Furthermore, the business line’s power production amounted to 8.3 TWh, up by 6%, thanks notably to good operating performance by the hydrofacilities and improved production from the DK6 gas combined cycle, in Dunkerque.

As at March 31, 2009, the Division’s sales revenue came out to EUR4,207 million, increasing by 9.5% as compared to the same period in 2008 and by +12.1% in organic terms (change in Group’s structure due to the sale of ORES, a gas and electricity distribution network management and operation company in the Walloon Region).

Electricity sales across the zone were flat, at 29.3 TWh, bringing sales revenue to EUR2,606 million, reflecting organic growth of 4.5% (price effect).

Power generation amounted to 22.8 TWh, up by 3.3% and stood out for the improvement in nuclear plant availability, which exceeded 90% in first Quarter 2009.

In Belgium and Luxembourg, volumes sold were down by 0.9 TWh (-4.5%) and reflected a segment by segment contrasted variation: retail posted a -0.3 TWh drop (+0.2 TWh of which came on residential customers and -0.5 TWh on small companies); industrial and distribution customers showed a -1.4 TWh drop; while the wholesale market recorded a 0.8 TWh increase. In total, with an increase in average price of 4.6%, sales revenue was slightly down, by -1.3%.

Electricity sales in the Netherlands fell by EUR22 million and 0.6 TWh. This change primarily reflected the increase in the distributors segment (+EUR41 million) and a decrease in sales on the wholesale market (EUR60 million, or -0.9 TWh). The industrial customers segment experienced a 0.3 TWh decrease, partially offset by higher prices.

Electricity sales in Germany increased by EUR16 million compared to 2008, without any change in volumes.

The decrease in volumes sold to medium-sized companies and key accounts (-0.3 TWh) was offset by an increase in sales on the wholesale market and to distributors.

The rest of the change was due to sales outside Benedelux, which increased by EUR157 million, with sales revenue of EUR218 million, making for an increase, from 1.5 TWh to 2.7 TWh (primarily towards France and the UK).