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Gaztransport & Technigaz CONFIDENTIAL Gaztransport & Technigaz 13,500,000 Shares This is the global initial public offering of the shares of Gaztransport & Technigaz, a French société anonyme (“GTT” or “the Company”, and together with its subsidiaries, “the Group”). The global offering of 13,500,000 shares (the “Global Offering”) includes an international offering of 12,626,408 shares to institutional investors inside and outside France (the “International Offering”) and a public offering of 873,592 shares to retail investors in France (offre à prix ouvert) (the “French Public Offering”). This offering memorandum relates only to the International Offering. The French Public Offering is being made pursuant to a separate offering document in the French language. Total Gas & Power Actifs Industriels, H&F Luxembourg 1 S.à r.l., H&F Luxembourg 2 S.à r.l. and H&F Luxembourg 3 S.à r.l. (together, the “Selling Shareholders”) are selling 13,500,000 shares in the global offering, which may be increased to a maximum of 15,525,000 shares in the event the over-allotment option granted to the Joint Lead Managers and Bookrunners, acting on behalf of the Managers, is exercised in full. GTT is not selling any shares in, and will receive no proceeds from, the global offering. The offering price for the shares sold in the French Public Offering and the International Offering will be the same. Prior to the Global Offering, there has been no market for GTT shares. GTT’s shares have been approved for listing on the Euronext Paris market of NYSE Euronext (“Euronext Paris”) (Compartment A) under the symbol “GTT”. Trading of the shares is expected to commence on February 27, 2014. GTT’s shares will not be listed on any other exchange or quoted in any automated interdealer quotation system in the United States. Investing in the shares involves risks. See “Risk Factors” herein. _____ Offering price: €46 per share _____ The shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and are being offered and sold in the United States only to qualified institutional buyers in reliance on Rule 144A under the Securities Act (“Rule 144A”) or another exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Prospective purchasers that are qualified institutional buyers are hereby notified that the sellers of the shares may be relying on the exemption from the registration provisions of Section 5 of the Securities Act provided by Rule 144A. Outside the United States, the offering is being made in reliance on Regulation S under the Securities Act (“Regulation S”). Shares sold in the United States may not be transferred except in accordance with the restrictions described under “Notice to Investors in the United States” and “Selling Restrictions”. The Managers expect to deliver the shares through the book-entry facilities of Euroclear France, Euroclear Bank S.A./N.V. and Clearstream Banking S.A. on or about March 3, 2014. Global Coordinator Morgan Stanley Joint Lead Managers and Bookrunners Morgan Stanley Deutsche Bank Lazard-Natixis Lead Managers Société Générale Corporate & Investment Banking DNB Markets Financial Advisor to the Company Lazard The date of this offering memorandum is February 26, 2014. TABLE OF CONTENTS Page IMPORTANT INFORMATION.............................................................................................................. 1 PRESENTATION OF FINANCIAL AND OTHER INFORMATION ................................................... 9 MARKET AND INDUSTRY DATA AND THIRD-PARTY INFORMATION................................... 10 FORWARD-LOOKING STATEMENTS.............................................................................................. 10 SUMMARY ........................................................................................................................................... 12 SUMMARY OF THE GLOBAL OFFERING.......................................................................................16 SELECTED FINANCIAL INFORMATION AND OPERATING DATA............................................ 20 RISK FACTORS.................................................................................................................................... 23 USE OF PROCEEDS............................................................................................................................. 39 EXCHANGE RATE INFORMATION.................................................................................................. 40 DIVIDENDS AND DIVIDEND POLICY............................................................................................. 41 CAPITALIZATION............................................................................................................................... 43 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS................................................................................................. 44 INDUSTRY OVERVIEW...................................................................................................................... 73 INFORMATION ABOUT THE GROUP ............................................................................................ 103 BUSINESS ........................................................................................................................................... 106 MANAGEMENT AND EMPLOYEES ............................................................................................... 165 PRINCIPAL AND SELLING SHAREHOLDERS.............................................................................. 203 RELATED PARTY TRANSACTIONS............................................................................................... 205 DESCRIPTION OF SHARE CAPITAL .............................................................................................. 209 MARKET INFORMATION ................................................................................................................ 218 TAXATION ......................................................................................................................................... 220 PLAN OF DISTRIBUTION................................................................................................................. 227 SELLING RESTRICTIONS ................................................................................................................ 232 AVAILABLE INFORMATION .......................................................................................................... 239 ENFORCEMENT OF FOREIGN JUDGMENTS AND SERVICE OF PROCESS ............................ 240 LEGAL MATTERS ............................................................................................................................. 242 INDEPENDENT STATUTORY AUDITOR....................................................................................... 243 GLOSSARY......................................................................................................................................... 244 INDEX TO THE FINANCIAL STATEMENTS ..................................................................................F-1 i (This page has been left blank intentionally.) IMPORTANT INFORMATION GTT is responsible for the information contained in this offering memorandum. GTT has not authorized anyone to provide you with information that is different from the information contained in this offering memorandum. This offering memorandum may only be used where it is legal to sell these securities. The information in this offering memorandum may only be accurate on the date of this document. The International Offering is being made on the basis of this offering memorandum only. Any decision to purchase shares in the International Offering must be based on the information contained in this offering memorandum. In making an investment decision regarding the shares offered by this offering memorandum, you must rely on your own examination, analysis and enquiry of GTT and the terms of the International Offering, including the merits and risks involved. The contents of this offering memorandum do not constitute investment, legal or tax advice. You should consult your own counsel, accountants and other advisors as to legal, tax, business, financial and related aspects of a purchase of the shares. Neither GTT, nor the Selling Shareholders, nor the Managers (as defined below), or any of their respective representatives, are making any representation to you regarding the legality of an investment in the shares by you under appropriate investment or similar laws. Morgan Stanley & Co International plc (“Morgan Stanley”), Deutsche Bank AG, London Branch (“Deutsche Bank”), Lazard Frères Banque, Natixis (acting severally but not jointly in cooperation with Lazard Frères Banque under the trading name “Lazard-Natixis”) (collectively, the “Joint Lead Managers and Bookrunners”) and the other bookrunners and lead managers (together with the Global Coordinator and Joint Lead Managers and Bookrunners, the “Managers”) are acting exclusively for GTT and the Selling Shareholders and no one else in connection with the Global Offering. They will not regard any other person (whether or not a recipient of this document) as their respective client in relation to the Global Offering and will not be responsible to anyone other than GTT and the Selling Shareholders for providing the protections afforded to their respective clients or for giving advice in
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