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FOR INFORMATION PURPOSES ONLY This Document Is A UNOFFICIAL TRANSLATION — FOR INFORMATION PURPOSES ONLY le 16/06/2008 à 10:45 This document is a free translation of the French language prospectus that received from the Autorité des marchés financiers (the “AMF”) visa number 08-126 on June 13, 2008 (the “French Prospectus”). It has not been approved by the AMF. This translation has been prepared solely for the information and convenience of shareholders of Gaz de France and Suez. No assurances are given as to the accuracy or completeness of this translation, and Gaz de France and Suez assume no responsibility with respect to this translation or any misstatement or omission that may be contained therein. In the event of any ambi- guity or discrepancy between this translation and the French Prospectus, the French Prospectus shall prevail. PROSPECTUS PREPARED FOR THE ISSUE AND ADMISSION FOR TRADING OF GDF SUEZ SHARES RESULTING FROM THE MERGER OF SUEZ WITH AND INTO GAZ DE FRANCE TO BE ATTACHED TO THE REPORTS BY THE BOARDS OF GAZ DE FRANCE AND SUEZ PRESENTED TO THEIR GENERAL SHAREHOLDERS MEETINGS HELD ON JULY 16, 2008 Visa from the French Autorité des marchés financiers In application of Articles L.412-1 and L.621-8 of the Monetary and Financial Code, as well as Articles 211-1 to 216-1 of its General Regulations, the French Autorité des marchés financiers granted this prospectus Visa No. 08-126 on June 13, 2008. This Prospectus (Document de Référence) was prepared by Suez and Gaz de France and its signatories are liable for its contents. This visa was granted pursuant to the provisions of Arti- cle L.621-8-1-I of the Monetary and Financial Code, after the Autorité des marchés financiers had verified that the document was complete and comprehensible, and that the information contained herein was consistent. This does not imply any approval of the advisability of the transaction, or authentication of the accounting and financial information presented herein. It certifies that the information in this prospectus complies with the regulatory requirements necessary for subsequent listing for trading on the Euronext Paris Stock Exchange of the new shares of Gaz de France that will be issued in consideration of the merger, subject to the approval of the Annual General Meetings. The publication notice relating to the Suez and Gaz de France merger agreement, as well as the notices of the shareholders meetings of Suez and Gaz de France called to approve the merger, were published in the Official Gazette for Mandatory Legal Notices, Bulletin des annonces légales obligatoires (BALO) on June 11, 2008 (Bulletin No. 0808234). This prospectus consists of: • the Suez registration document (Document de Référence) filed with the Autorité des marchés financiers on March 18, 2008, under number D.08-0122 (the “Suez Reference Document”), together with the updated version filed on June 13, 2008, as number D.08-0122-A01; • the Gaz de France registration document (Document de Référence) filed with the Autorité des marchés financiers on May 15, 2008, under number R.08-056 (the “Gaz de France Reference Document”); and • this document. This document is available to shareholders free of charge: • from Gaz de France. A copy of this document may be obtained from the company’s head offices, or on the Company’s website (www.gazdefrance.com); • from Suez. A copy of this document may be obtained from the company’s head offices, or on the Company’s website (www.suez.com); • and on the Autorité des marchés financiers’ website (www.amf-france.org). WorldReginfo - f66ddaba-840f-4b2d-90b0-7a54c3ba8400 PROSPECTUS SUMMARY Visa No. 08-126 dated June 13, 2008 This summary should be read as an introduction to the prospectus. Any decision to invest in the financial instruments which are part of this transaction should be based on a thorough examination of the prospectus. If a legal action relating to the information contained in the prospectus is brought before a court, the investor filing suit may be liable for the costs of translating the prospectus before the start of legal proceedings, depending on the national laws of the Member States of the European Community or parties to the European Economic Area Agreement. The persons presenting the summary, including a translation if applicable, and requesting its noti- fication pursuant to Article 212-41 of the AMF General Regulation, will incur civil liability only if the contents of the summary are found to be misleading, inaccurate or in contradiction with other parts of the prospectus. SUMMARY OF THE MAIN FEATURES OF THE MERGER-TAKEOVER OF SUEZ BY GAZ DE FRANCE Goals The planned transaction is taking place in a climate of far-reaching, accelerated change in the energy sector in Europe. The merger of these two companies will create a world leader in energy with a strong presence in France and Belgium, which will be named GDF Suez. This major industrial transaction is based on a coherent, common industrial and corporate plan. The new group will have the advantage of strong positions in its domestic markets in France and the Benelux, and will have the financial and human resources required to accelerate its growth in domestic as well as international markets. The operational synergies resulting from the merger of Suez and Gaz de France are estimated at A970 million annually (before taxes) by 2013, including A390 million annually (before taxes) in synergies that can be achieved by 2010, and A350 million in revenue synergies that will require implementing development investments estimated at approximately A2 billion. The group’s aim of an EBITDA of approximately A17 billion in 2010 will be achieved by implementing the strategy described above which presupposes an essentially organic industrial investment program averaging A10 billion annually over the 2008-2010 period. (The goals previously announced for GDF Suez for fiscal year 2008 are not reiterated here as the effective date of the merger does not occur until the beginning of the second half of 2008.) Pre-merger Transactions The merger will be preceded by the distribution by Suez to its shareholders of 65% of its Environment division through the following transactions: • Asset contribution by Suez of shares of Suez Environnement, a company that consolidates the activity of the Environment division of Suez (after completion of the simplified merger-takeover by Suez of the intermediary holding company Rivolam whose principal assets are shares in Suez Environnement and the performance of internal reclassifications, the “Rivolam Merger”) into an ad hoc company called Suez Environnement Company (“Suez Environnement Company”); • followed by the distribution by Suez of 65% of Suez Environnement Company shares to its shareholders (other than itself). (“The Spin-off Distribution”) After the merger, Suez Environnement Company’s shares will be listed for trading on Euronext Paris and on Euronext Brussels. When these transactions are completed, the new group resulting from the merger will have a stable share of 35% in Suez Environnement Company and will enter into an agreement with some of Suez’s current principal shareholders, which is expected to consolidate in the region of 47% of the company’s capital and is aimed at ensuring in particular its control by GDF Suez. The equity interest held in Suez Environnement Company will be fully consolidated. This equity interest will enable the Environment division to pursue its dynamic development strategy. 2 WorldReginfo - f66ddaba-840f-4b2d-90b0-7a54c3ba8400 Terms and Conditions for the Exchange The merger exchange ratio proposed to Suez and Gaz de France shareholders is set at 21 Gaz de France shares for 22 Suez shares. Shares to be issued In consideration for the merger, Gaz de France will issue 1,207,660,692 new shares, each with a par value of A1, which will entitle holders to any distributions that may be decided upon after their issue. They will be given to the shareholders of Suez (other than Suez and Gaz de France) in proportion to their holding in share capital. GDF Suez will be listed on Euronext Paris, Euronext Brussels and the Luxembourg Stock Exchange. Gaz de France shareholders April 30, 2008 After merger Individual Suez Treasury shares investors State 1.0% 1.9% 4.3% 35.7% Institutional investors Others GBL 11.0% 50.8% 5.3% GDF Employees 2.0% Credit Agricole 0.7% CDC Employees 1.7% State 2.8% Areva Sofina CNP Group 79.8% 1.2% 0.7% 1.1% Golden Share of the French State In application of the regulations relative to the privatization of Gaz de France, one ordinary share of the French State in the share capital of Gaz de France has been converted into a golden share to preserve the vital interests of France in the energy sector in order to ensure the continuity and security of energy supplies. Merger Exchange Ratio Analysis In the merger of exchange ratio valuation process, the structure of the transaction includes an analysis of the ratio of the values of shareholders’ equity per share for Gaz de France and Suez after Suez distributes to its shareholders (other than itself) 65% of the shares in Suez Environnement Company (“Adjusted Suez”). The value per share of Adjusted Suez is calculated based on the value of the equity capital minus 65% of the value of the equity capital of the Environment division. The analysis used to assess the exchange ratio adopts a multi-criteria approach based on methods used for similar transactions: 1. An analysis of stock market prices and daily volume-weighted share price averages for Gaz de France and Adjusted Suez as of August 28, 2007 (which was the last day of trading prior to rumors which had an impact upon the stock market prices) and as of May 16, 2008; 2.
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