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CreationofaWorldLeaderinEnergy

SLIDE 2

CreationofaWorldLeaderinEnergy

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Disclaimer

ImportantInformation

!"

#$ $$ % $ & $&'$ &$ & $$$ '(!! ')*++& $!')*++!& "$%$$', , -AMF. % $ $! $! /-/.01$$&Investorsarestronglyadvisedtoreadtheinformationdocument filedwiththeAMF,theregistrationstatementandtheprospectus,ifandwhenavailable,andanyotherrelevantdocumentsfiled withtheSECand/ortheAMF,aswellasany amendmentsandsupplementstothosedocuments,becausetheywill containimportantinformation. "$ $$//2$$$$&& $$ 0 &"$ '3 '32 $$$$&0& $4$$$&& $4$$$&& & Forward%LookingStatements $05 & $05 & 0 $ &$05$-. -. -. -. -. & ' $05 $05 5 $ $05&5 $ -'3. - 6%. $'3'78799846&98091: '179984(&9809787$ $/-65. '6790799:$/#7*7998& %$ 5$05&

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1. Transactionsummary 2. Creationofagloballeaderspecialised inenergy 3. Avalue%creatingtransactionforallstakeholders 4. Well%balancedandfairmergerterms 5. FloatationofSUEZ's Environmentbusiness,oneoftheworldleader inwaterandwasteservices 6. Abusinessorganisationgearedtowardsefficiencyandaction 7. Conclusion

Tableofcontents

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Transactionsummary

SLIDE 6 6

Descriptionofthetransaction

Termsofthemergerproject

Newoutlineofthemergerprojectapproved $ Supportofthemainshareholders 3%21GazdeFrance shares22SUEZshares 35% ofGDFSUEZ Simultaneousdistributionof65%ofSUEZ's Environment business!; 'stableshareholding of35%inSUEZ's Environmentbusiness

Nextstepsandtimetable

/employeerepresentativebodies Signingofthemergeragreement ExtraordinaryGeneralMeetings !;

Timetableallowingcompletionofthemerger assoonaspossible,in2008

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Creationofagloballeaderspecialisedinenergy

LeaderinnaturalgasinEurope

<)= <)=$5 <7

Leaderinelectricity

<>$

<7$

?"@@ !A 3

WorldleaderinLNG

<)=

<7BC

B'

Europeanleaderinenergyservices

2006revenue– € billion

Mainutilitiesintheworld

Notes 1 Enel excluding Endesa 2 Pro forma for the acquisition of ScottishPower GDFSUEZ 72 68 59 44 39 37 24 20 20 16 15 13 12 10 E.On EDF RwE Enel1 Tepco (Japan) Centrica Iberdrola2 Endesa Vattenfall Constellation Energy (US) Dominion Resources (US) Duke Energy (US) Gas Natural

SLIDE 8 8

Asolidfinancialprofile

'solidfinancialstructure

$

B$ D$ @

'keystockintheenergysector

EF*95G '+

11.4 A"('GG 71.9 6 C 8.1 /

GDFSUEZ***

G A+)H9IH98&A5:>J!;K

GG !;A"(' $A"(' GGG A!;K

13.9

Financialprofile

SLIDE 9 9

Aclearandambitiousstrategy

/leadership positions5A Bcomplementarities H

Priority $

Strengthendevelopment0$5 '

=@BC&$ AcombinationconsistentwithbothGroups'strategies allowingtoboosttheirdevelopment

SLIDE 10

Creationofagloballeaderspecialised inenergy

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Acommonstrategicvisionunderpinnedbytheacceleration

fchangesintheenergysector

Supplysecurityanddiversification$ Sustainabledevelopmentandrenewableenergieschallenges Investmentrequirements

'sectorconsolidation

Increasedcompetition Completederegulationoftheenergy%markets#7998

Recentchangesintheenergysectorhaveconfirmed therelevanceofthemerger

SLIDE 12 12

Anindustrialplayerwithpowerfulassets

'uniquecombinationofbusinesses

' 30

'goodflexibility

($$ D0 ($BC LBC5

' sustainabledevelopment

/L7 $$ B

NaturalfitofthetwoGroups PowerfulindustrialassetsofthenewGroup

SLIDE 13 13

Coherentindustrialdevelopments

Increaseingenerationcapacities

worldwide

Developmentinnuclearproduction: 6=(

$/' !M6

FurtherexpansioninLNG:

A

Numerousenergyservicesagreements

signed

StrengtheningofpartnershipsinSpain:

5C))&+J %/ A

SUEZ

ContinueddevelopmentinLNG:$

BC5$5! !M / BC 799I /""

Increaseinstoragecapacities: 1993&

$ 6!M

ExpansioninE&P:C

NBCO 7998

GazdeFrance

Industrialdevelopmentoverthelastmonthsconsistent withthestrategyofthemergedentity

SLIDE 14 14

StronggrowthprospectsfortheGroup

Strongdemandforelectricityworldwide NeedforelectricityproductioncapacitiesinEurope Challengesofsustainabledevelopment Strengthendiversifiedproductionmix:

nuclear,renewables,thermal

TargeteddevelopmentoutsideEurope,basedon

existingstrongholds

Balancedpositionsbetweengenerationandsupply Newthird%generationnuclearcapacities GlobalisationofgasmarketthroughLNG GrowingroleofLNGasameansofdiversifying

gassupplies

IncreasepositionsatalllevelsoftheLNGchain GlobalmanagementofLNGresources CompletederegulationoftheenergymarketinEurope Newdevelopmentopportunities Multi%energyoffers Outsourcinganddemandforenergyefficiency Furtherstrengthenadiversified,long%termgassupply

portfolio

DevelopinExploration&Production Expandstoragecapacities Participateininfrastructureprojects StrongdemandforgasinEurope Necessitytosecuregassupplies Needfornewinfrastructures Developmentofaglobalenergyservicesoffer

Growthfactors Developmentopportunities

SLIDE 15

Avalue%creatingtransaction forallstakeholders

SLIDE 16 16

Asolidfinancialprofile

11.4 A"('7 71.9 6 8.1 /

GDFSUEZ 2006combinedproformaunaudited financialdata– In€bn(1)

5.1 27.6 3.6

GazdeFrance

6.2(3) 44.3 4.5

SUEZ

C 13.9 3.5 10.4 351 89.8 36.2 53.6

Significantfinancialflexibilitythatsustainstheindustrialstrategy

fGDFSUEZandenablestotakeadvantageofexternalgrowthopportunities

)A !;K 7 !;A"(' $ A"(' +F799 $ 1A +)H9IH98&A 5 :>J!;K

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Confirmedpotentialforoperationalsynergiesofapproximately €1bnperyearinthemediumterm

Scaleeffect Complementarity

2008%2010

Operatingcosts Revenuesynergies Operatingcosts

' 79)+

€970m

€320m

Operationalsynergies €100m €90m €120m €390m €80m*

TOTAL

G C04F)>9 F)>9 )0

Pre%taxannualimpact

€180m

Gassourcing Otherprocurement

Financialandtaxoptimisation

EF)

€350m €120m

SLIDE 18 18

Enhancedpotentialtocreatevalueandprospects foranattractivereturnforshareholders

Strongerappeal(!;5

6 $

Dynamicdividendpolicy $abovesectoraverageyield @additionalreturn

5

Re%ratingpotentialoftheGDFSUEZstock

( %5 "$(!;

SLIDE 19

Well%balancedandfairmergerterms

SLIDE 20 20

Fairmergerterms

@21GazdeFrance 22SUEZshares Simultaneousdistribution!; :>J!;K !;7 7998

newoutlineofthemergerproject

$ opiniononthefairness

ftheproposedexchangeratio

$approvedbythebodyof3

//@

$theExtraordinaryGeneralMeetingsofbothGroupstovoteon

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Amergerofequals

$

55%* !; 45%*

$

morethan35%* $ Proformashareholdingstructure*

G L

51.2% 1.2% 1.5% 1.8% 3.4% 5.3% 35.6%

L

State GBL Employees Crédit Agricole CDC Areva

SLIDE 22 22

Indicativetimetableandnextsteps

Indicativetimetableforthetransaction

3!; 3"@LA

655

"@L!; '/ C)1799: P@$ CI799: 'A L:799: (!" !" #)7998 C+9799: L!; !;

Themergerisexpectedtobecompletedasearlyaspossiblein2008

6%/ '+97998 @$ (8799:

SLIDE 23

FloatationofSUEZ's Environmentbusiness,

neoftheworldleaderinwater

andwasteservices

#

SLIDE 24 24

AstableshareholdingofGDFSUEZ

Post%transactionshareholding structureofSUEZ's Environmentbusiness

Free float 52% Main SUEZ shareholders 12% GDF SUEZ 35%

Shareholders’ agreement 47%

35% shareholders’ agreement

18J(!;

Stableshareholding Employment guarantees Corporategovernance

Currentmanagement

!;

(!;

SLIDE 25 25

SUEZ's Environment business,attractivegrowth prospects

Attractivegrowth opportunities 5

$ $ $ Q "

cutting edge valueadded solutions

?4 5 Q ?4 Q

' globalleadershipposition

' % $

2010eEBITDAtarget at ≥ €3bn (+50%vs.2006)

SLIDE 26

Abusinessorganisation gearedtowards efficiencyandaction

SLIDE 27 27

Managementstructure

Amanagementcommittee with 6members

Chairmanand chief executive officer Vicechairmanand president Executive vicepresidents

Anexecutive committee

The members ofthe managementcommittee The operational directors and the supportfunctions directors

Abalanced managementstructure

,3 #0R/ S/ #03( #0@D ,B

SLIDE 28 28

Organisational structureofthe newGroup

Chairmanand chief executive officer T ,3 Vicechairmanand president T #0R/

Energy Policy Committee

Environment ! Energy France "#$ Energy Europe&International %" GlobalGas &LNG &# Infrastructures '( Energy Services $)*

SLIDE 29

Conclusion

$

SLIDE 30 30

CreationofagloballeaderinEnergy

Anambitiousindustrialproject,$ 'trulyEuropeanprojectbenefitingallstakeholders

40 4 $ 40

Anagreementonthenewoutlineofthemergerproject

$

'

SLIDE 31

SLIDE 32 32

CommitmentstotheEuropeanCommission(remedies)

Undertakingstodivest/retain

5(&$$89? 0 ( D '$A1>J &" BC$; A AAB0AD>):9J 5@7>&>J>9J5 (( =/ 5 7>J / / $5$5 /

Othercommitments

"A U 6 &&$$ U ; $ " U 3$5 " U BC U 35$$3 BC U 3$5

SLIDE 33 33

EnergyFrance

Energy France

11million customers No.1naturalgas supplier No.2electricity producerand supplier 8?4/C6 D3Q

Leveragingtheleadershippositionin

naturalgassupplyto:

(0

.

5 ( $

Parallelgrowthinpowerproduction

C$//$ (6$4 $

Anewleaderinthemulti%energyoffer

DK6 786 MW Cogeneration (Elyo) 1,700 MW Advanced hydraulic (SHEM) 773 MW Nuclear (Chooz) 650 MW Basic hydraulic (CNR) 2,937 MW Nuclear (Tricastin) 460 MW Projects Fos 2 CCGT Montoir Wind 62 MW end 2007

SLIDE 34 34

EnergyEuropeandInternational

PrioritygiventoexpansioninEurope andselectedinternationalgrowth

Energy Europe& International

57GW

No.1supplierof
A

No.1inpower generationin C 9 million No.1IPPA

No.3supplier
!
(!;

Benelux– Germany

" /A C

Europe

" " $5 5

International

(4 !'A3 A $5

SLIDE 35 35 %&%' (

(

) @ CB " ; 3

6

6 @

GlobalGasandLNG

DevelopmentoftheE&Pbusiness

" ' 5

Diversificationandcompetitiveness

fthesupplyportfolio

" "$ C 3

StrengtheningofourLNGinternationalleadership

@ @HB%HH6 Diversified,globalnaturalgasresources

GlobalGas andLNG

No.1gasbuyer

685Mboe
Worldleaderin

LNG 1,100 TWh innaturalgas sales " D ):BC5 +5

"

/V *+

SLIDE 36 36

Infrastructures

Terminals

/ / I&7>799I ; 1&>799I 3 7&>79))179)1

Storage

" ( 56!M

Transportanddistribution

(5$ "

Developmentofinfrastructurestosupport

thegrowthinnaturalgasmarkets

Infrastructures

No.1transport network i No.1distribution network i No.2gasstorage

peratori

No.2LNG terminaloperator i

(!;

SLIDE 37 37

Energyservices

Aglobalofferfromdesigntooperation

!%$5 /

/0

Growthfactors

"

Continuedprofitabledevelopment

$

$5
Stronggrowthpotentialinthefieldofenergyefficiency

Energyservices

Europeanleader

UniqueEuropean

network 15countries 1,000sites

Rev. 2006

6

SLIDE 38 38

Confirmationoftheoperationalsynergiesprogram

fapproximately€1billionperyearinthemediumterm

Sizeeffect

64

$&

L4$5

L

Effectofcomplementary businesses

C0-5.

55

'

TYPEOFSYNERGIES DESCRIPTION

SLIDE 39 39

SUEZ's Environment activities,aworldco%leaderinwater and waste managementservices

Aworldco%leaderinenvironmentservices,withexpertiseinglobal managementofthewaterandwastecycles

Breakdown of2006revenuesof SUEZ's Environment activities

Water Europe 34% International 14% Degrémont 9% Waste Europe 43%

+(,-../0 B

:>5

$ 11

18$

'

'$G

799:A"('4F7&9 7998A"('4F7&+>GG 79)9A"('≥ F+&9GGG

G !;K GG 'A'6 * GGG 'A'6 )7

SLIDE 40 40

SUEZ's Environmentactivities

Environment

Globalleader

65million
$$

47million

$

LeadershipbuiltonasolidEuropeanbase Globalandhealthygrowth

Rev. 2006

!,- '.

Leadershipinthefullwaterandwastecycle

enhancedby:

/ ( / L

Growthprimarilytargetedtodevelopedcountries

I>J$0

"$
D$$
Selectiveinternationalexpansion

withthedevelopmentofnewbusinessmodels

3&&' B0&&/ "&&@"

SLIDE 41 41

SUEZ's Environmentactivities:increasedvisibility

!;topform

65$0$ " ?0

'dynamicdevelopment

($% (5 "F1&9F1&>7998H9*0

3partnershipswiththeEnergybusinesses

Creationofaworldco%leaderinenvironmentservicesbenefiting fromanattractivestockmarketpositioning

SLIDE 42 42

Simplifiedorganisationalchartof SUEZ's Environment activitiesasofDecember31,2006

SUEZ SUEZEnvironnement

Degrémont Lyonnaisedes EauxFrance ONDEO Industrial Solutions Safege ONDEO North America Filiales internationales Eau SITAFrance Filiales internationales Propreté Société deContrôle deManagement% SCM United Water Inc. SITAFD Teris / #/ / / / / / 001#/ 001#/ ##/ / / /