PARGESA

Information GBL at 30 September IMERYS

TOTAL

2008 GDF SUEZ

LAFARGE

IBERDROLA

SUEZ ENVIRONNEMENT

PERNOD RICARD

ARKEMA

TRANSCOR ASTRA GROUP

GRUPPO BANCA LEONARDO

ENTREMONT ALLIANCE

DISTRIPAR

GO VOYAGES

CHEVAL BLANC

GROUPE FLO

TIKEHAU

BELGIAN ICECREAM GROUP

TRASYS

M6

This document is not IAS 34 compliant. AFFICHAGE HOLDING

EIFFAGE

FIDENTIA

IRIS

NPM/CNP Compagnie Nationale à Portefeuille Nationale PortefeuilleMaatschappij WorldReginfo - 1cba42bc-5bc1-4ba1-ae65-ef5d7445d45a Consolidated IFRS results as at 30 September

Unaudited global data as at 30 September (in ,000 EUR) Consolidated IFRS Accounting presentation 2007 2008

Turnover ...... 9,469,821 12,322,398 Raw materials, goods for resale and consumables (incl. changes in inventories) ...... (7,933,665) (10,805,234)

Staff costs ...... (559,141) (549,730)

Depreciation and amortization ...... (103,535) (111,018)

Capital gains/(losses) and impairments on shareholdings and activities ...... 60,307 73,454

Other operating income and expenses ...... (568,592) (644,953)

Results of operating activities ...... 365,195 -22% 284,917

Dividends and interests from long-term financial assets ...... 267,375 299,602

Other finance income and expenses ...... (29,752) (21,949)

Net finance income and expenses ...... 237,623 +17% 277,653

Profit from operating and finance activities ...... 602,818 -7% 562,570

Income tax ...... (87,677) (49,833)

Income from associates ...... 20,604 131,640

Profit from continuing operations ...... 535,745 +20% 644,377

Profit from discontinued operations ...... 45,679 29,645

Net profit ...... 581,424 +16% 674,022

- attributable to minority interests ...... 264,236 334,125 - attributable to NPM/CNP shareholders ...... 317,188 +7% 339,897

DATA PER SHARE AT 30 SEPTEMBER (IN EUR) Basic data 2007 2008

Profit from continuing operations (Group share) ...... 2.51 +17% 2.94 Profit from discontinued operations (Group share) ...... 0.40 0.20 Net profit (Group share) ...... 2.91 +8% 3.14

Average number of shares considered (,000) ...... 109,002 108,275 Diluted data Profit from continuing operations (Group share) ...... 2.47 +17% 2.89 Profit from discontinued operations (Group share) ...... 0.39 0.19 Net profit (Group share) ...... 2.86 +8% 3.08

Average number of shares considered (,000) ...... 110,990 110,213

The rise in turnover (+30% to EUR 12.3 billion) is largely due to TRANSCOR ASTRA GROUP (whose sales are up by EUR 2.6 billion and account for 76% of the group’s sales) and results from soaring oil prices. The results posted for the first nine months of 2007 have been adjusted to take into account the decision taken during the fourth quarter of 2007 to consider the shareholding of TRANSCOR ASTRA GROUP in the Pasadena refinery as an asset held for sale. Consequently, the results generated by this entity in 2007 have been reclassified as coming from discontinued operations. As a remind- er, on 1 July 2008, TRANSCOR ASTRA GROUP exercised its put option for this shareholding but its sale price is as yet unknown (see “Prospects”). In view of the diversified nature of the industrial and commercial activities conducted by the subsidiaries of NPM/CNP and the high per- centage of minority interests’ in the profit, the consolidated accounts prepared in accordance with IFRS accounting principles need to be supplemented by an economic analysis. This analysis provides a breakdown, in terms of the Group share, of the contribution of each shareholding to the results of the Group and presents the capital gains/losses from disposals of (and the recording of any impairments on) shareholdings or activities or specific transactions separately from ordinary operations. This analysis is performed both for the consoli- dated accounts and the restricted consolidation accounts. For the latter, the consolidation perimeter is limited and does not include either PARGESA or the industrial or commercial companies in which NPM/CNP has a shareholding, even if this is a controlling stake. Restricted consolidation is based mainly on cash flow elements towards holding companies included in this perimeter and allows shareholders and analysts to see, on a comparable basis, the development of the profits generated by the portfolio of activities, independently of the equity accounting or consolidation of one shareholding or another. It is in relation to the restricted consolidation operating profit that the level of NPM/CNP’s dividend should be assessed on an annual basis. It should be borne in mind, however, that the consolidated or equity-accounting shareholdings only represent a small proportion of the adjusted net assets, i.e. some 30% on 30 September 2008. The IFRS accounts as set out above could lead the reader to conclude that the operating income of NPM/CNP’s industrial and commercial subsidiaries has increased very significantly (a rise of 20% in the profit from continuing operations). Such a conclusion would ignore the distinction that must be made between the share of the profits that goes to third parties and the Group share, as well as the presence of a number of non-recurring items. The economic analysis shown above sets out, as group share, the operating profit of the shareholdings (up by 14%, or 9% excluding the effect of the announced payment of an interim dividend for 2008 by GDF SUEZ) and the capital profit and gives, in the light of the comments that follow it, the actual economic view of the results. WorldReginfo - 1cba42bc-5bc1-4ba1-ae65-ef5d7445d45a Contributive economic analysis

CONTRIBUTIVE ECONOMIC ANALYSIS TO THE NET PROFIT (GROUP SHARE) AS AT 30 SEPTEMBER Restricted consolidation Consolidated IFRS (,000 EUR) 2007 2008 2007 2008 Results before capital operations AFFICHAGE HOLDING ...... 3,318 3,693 3,318 3,693 BANCA LEONARDO ...... 2,840 5,556 8,644 4,038 BELGIAN ICECREAM GROUP ...... 1,700 1,820 212 2,464 DISTRIPAR ...... 844 - 4,907 4,280 ...... - 1,300 - 1,300 ENTREMONT ALLIANCE (UNIFEM) ...... 5,390 5,384 19,211 (10,488) GDF SUEZ ...... - - 17,763 32,533 GROUPE FLO ...... 2,047 1,306 2,936 1,374 IBERDROLA ...... - 3,993 - 4,476 IMERYS ...... - - 22,752 22,633 LAFARGE ...... - - 11,070 35,622 LYPARIS / GO VOYAGES ...... - 1,815 - 1,605 M6 ...... 6,265 9,154 6,265 9,154 PARGESA ...... 30,817 33,481 - - PERNOD RICARD ...... - - 1,024 1,176 RASPAIL / CHEVAL BLANC ...... 2,186 2,319 1,648 4,731 TIKEHAU ...... 815 961 184 2,199 TOTAL ...... 64,559 71,135 86,838 94,597 TRANSCOR ASTRA GROUP / TRANSCOR ASTRA 20 ...... - 1,385 52,611 35,857 TRASYS ...... 1,616 1,414 807 669 Other companies ...... 216 891 3,292 1,614 Profit before capital operations derived from shareholdings ...... 122,613 +19% 145,607 243,482 +4% 253,527 Call options TOTAL ...... 7,848 7,922 (9,745) 22,784 Other financial income and expense ...... 19,051 14,482 12,114 6,251 Other income and expenses before capital operations ...... (4,221) (6,876) (7,974) (11,826) Profit before capital operations (group share) ...... 145,291 +11% 161,135 237,877 +14% 270,736

Profit on capital operations (group share) ...... 28,211 39,455 79,311 69,161

Net profit (group share) ...... 173,502 +16% 200,590 317,188 +7% 339,897

DILUTED DATA PER SHARE (IN EUR) 2007 2008 2007 2008 Profit /(loss) before capital operations ...... 1.28 +12% 1.44 2.14 +15% 2.46 Profit /(loss) on capital operations ...... 0.25 0.35 0.72 0.62 Net profit / (loss) ...... 1.53 +17% 1.79 2.86 +8% 3.08 Average number of shares considered (,000) ...... 113,180 112,200 110,990 110,213

In the restricted consolidation The profit before capital operations at the end of September 2008 is up by 11% (+12% in data per share) at EUR 161.1 million compared with EUR 145.3 million at 30 September 2007. Revenues from shareholdings are up by 19% at EUR 145.6 million compared with EUR 122.6 million; this rise of EUR 23 million results both from portfolio movements (EUR 9 million) and growth in the constant portfolio (EUR 14 million). Other financial results amount to EUR 14.5 million (compared with EUR 19.1 million a year earlier), principally under the effect of the poor trading results on a tumultuous market (loss of EUR 9.9 million over the first nine months of 2008 compared with a profit of EUR 5.1 million at 30 September 2007). The capital profit (EUR 39.5 million at 30 September 2008) mainly includes the capital gains on the disposal of the shares in IBERDROLA (EUR 37.7 million) and the MESA/EBP wind farm (EUR 7.6 million) as well as impairments on various investments (EUR 8.8 million).

In the consolidated accounts The analysis shows a profit before capital operations (EUR 270.7 million) up by 14% compared with the figure at 30 September 2007 (+15% in data per share). Excluding the effect of the first interim dividend declared by GDF SUEZ, this rise would be limited to 9%. The transitive share attributable to NPM/CNP in the operating profit from shareholdings is up by 4% at EUR 253.5 million. In particular: - the aforementioned effect of the first interim dividend of GDF SUEZ, which amounts to EUR 11.7 million in terms of the NPM/CNP share; - the increase in the cost of milk supplies following the automatic application of its method of calculation, which had a negative impact on the profits of UNIFEM / ENTREMONT ALLIANCE in 2008. These show an operating loss for NPM/CNP of EUR 10.5 million compared with a profit of EUR 19.2 million at 30 September 2007. It will be noted that the reverse phenomenon had a very positive effect on the 2007 year-end results; - the first contribution in the form of equity-accounted profit by LAFARGE (EUR 35.6 million), the revenues recorded in 2007 corresponding to dividends received by GBL; - the improvement in the profits of RASPAIL / CHEVAL BLANC (EUR 4.7 million compared with EUR 1.6 million a year earlier); in 2008, CHEVAL BLANC registered the deliveries of the 2005 vintage, whose price was up considerably; - the drop in the profits of TRANSCOR ASTRA GROUP (EUR 35.9 million compared with EUR 52.6 million); the Pasadena (PRSI) and Tacoma (US OIL) refineries made a contribution to the group’s operating profit of around EUR 23 million over the first nine months of 2007, benefit- WorldReginfo - 1cba42bc-5bc1-4ba1-ae65-ef5d7445d45a ing from unusually good operating conditions for US OIL. In 2008, the Pasadena results were no longer equity-accounted for, as this entity is now considered as assets held for sale, and US OIL is posting a weak performance (loss of EUR 4 million for NPM/CNP’s share) due to tough economic conditions. The resilience of the performances posted by the Group’s traditional trading activities is confirmed. The impact of the mark-to-market booking of the TOTAL 3-year call options that expired without being exercised in October 2008, for around 5 million TOTAL shares, and expiring in January 2009 for a similar number of shares, generated a profit of EUR 22.8 million compared with a loss of EUR 9.7 million one year earlier. This positive accounting evolution is, paradoxically, due to a factor that is fundamentally unfavour- able for NPM/CNP – the slump in the price of the TOTAL share since the beginning of 2008 – but its unfavourable economic effect is not shown in the profit and loss account but directly in equity. Other financial results (EUR 6.3 million compared with EUR 12.1 million at 30 September 2007) were influenced by the same factors as the restricted consolidated accounts, principally poorer share trading results. The consolidated profit on capital operations (EUR 69.2 million at 30 September 2008) mainly includes the capital gain on the sales of shares in IBERDROLA (capital gain of EUR 43.6 million, including profit from GBL) and from the MESA/EBP wind farm (capital gain of EUR 6.9 million in consolidated terms) and the profit on capital operations of the various consolidated shareholdings (in particular EUR 8 mil- lion at UNIFEM / ENTREMONT ALLIANCE, mainly resulting from the transaction concluded to merge SODIAAL child and adult nutrition activities with COFRANLAIT, that has become a joint subsidiary under the name of NUTRIBIO, and EUR 13.8 million preferential allocation paid by PETROBRAS to TRANSCOR ASTRA GROUP).

Cash position

The Group is has cash immediately available amounting to EUR 2.2 billion in restricted consolidation at 30 September 2008. After taking into account long-term debts of EUR 1.6 billion (expiring in 2012 for EUR 0.95 billion, and in 2013 for the remainder), invest- ment commitments and operations expected between now and the end of the financial year, the net cash position under restricted consolidation amounts to around EUR 650 million, including share trading positions amounting to around EUR 50 million (market value as of 5th November 2008).

A holding company that has such a comfortable cash position does not run the risk of being obliged to sell shareholdings under conditions that do not reflect their long-term value. NPM/CNP can therefore « weather the storm ».

Prospects

Between now and the end of 2008, operating profits should benefit from dividends or interim dividends declared during the fourth quarter by some shareholdings (mainly IBERDROLA as well as, in restricted consolidation only, TRANSCOR ASTRA GROUP and DISTRIPAR). They will also be influenced by the average cash position, interest rates and the share trading results (additional losses of some EUR 4 million in restricted consolidation and EUR 6 million consolidated as of 5th November 2008). For the remainder, the development prospects of certain consolidated or equity accounting industrial shareholdings during the last quarter of 2008 will be affected by the generalised slump of the markets. As the market conditions are also very volatile, affecting in particular energy product trading within the TRANSCOR ASTRA GROUP, it is very difficult to forecast the general trend. The capital results will be influenced by any capital gains or losses that may be realised between now and the end of the financial year. In this respect, it should be noted that in early July TRANSCOR ASTRA GROUP exercised its put option on its shareholding in PRSI, a com- pany which operates the Pasadena (Texas) refinery. The exercise of this option follows disagreements amongst shareholders. PETROBRAS has disputed certain points and there have been legal and arbitration proceedings. At the end of October 2008, the college of arbitrators issued a preliminary award stating that TRANSCOR ASTRA GROUP was entitled to exercise its put option and had properly exercised it. PETROBRAS should therefore acquire TRANSCOR ASTRA’s stake in PRSI. The college is yet to rule on the price. As is the case every year, an analysis of the value of the equity accounted companies (BANCA LEONARDO and TIKEHAU as well as LAFARGE at GBL), of the goodwills and of the assets relating to the various consolidated companies (TRANSCOR ASTRA GROUP, ENTREMONT ALLIANCE, GROUPE FLO, GO VOYAGES, BIG, TRASYS and CHEVAL BLANC as well as IMERYS in the PARGESA/GBL group) shall be car- ried out at the end of the financial year on the basis of business plans that are currently being updated. As far as listed companies are concerned, the possible booking of impairment losses would not have any impact on the adjusted net assets nor on the total performance for the shareholders as these shareholdings are already considered at their stock market price. For non-listed shareholdings, which are taken at book value, the booking of impairment losses – if any – would impact the adjusted net assets accordingly. At 30 September 2008, some financial assets available for sale (principally IBERDROLA, M6, EIFFAGE, AFFICHAGE HOLDING and PERNOD RICARD) showed unrealised capital losses totalling EUR 180 million for the group share (EUR 267 million on 5th November 2008), com- pared with unrealised capital gains of over EUR 1 billion. The extreme volatility that is currently affecting the financial market, often uncon- nected to the underlying economic reality, does not make it possible to determine the permanent nature of these decreases in value and to reliably analyse the impairments – if any – to be booked. Such an analysis will be conducted with greater hindsight at the end of the year. As mentioned before, accounting for such impairments on listed financial assets would not affect the value of the company. Nor should they have an impact on the distribution of the dividend (see hereafter). WorldReginfo - 1cba42bc-5bc1-4ba1-ae65-ef5d7445d45a Dividend policy

Barring any major deterioration in the economic climate, NPM/CNP intends to pursue its current distribution policy towards the shareholder both in the form of dividends (whose unitary amount should once again post a growth of 7% at EUR 0.78 per share) and in the form of buyback of own shares:

Amount per share Yield on the basis of the price at 05.11.2008 Gross dividend EUR 0.78 1.8 % Own shares buy-back programme EUR 0.77* 1.8 %* Total EUR 1.55 3.6 %

* share buy-back programme of decided by the General Meeting of April 2008.

Major events since the beginning of the year

In January 2008, NPM/CNP and GBL sold 0.6% and 0.8% respectively of the capital in IBERDROLA. The capital gain realised by NPM /CNP on this occasion amounted to EUR 37.7 million (EUR 43.6 million including the share attributable to NPM/CNP of the capital gain realised by GBL). During the first quarter of 2008, the NPM/CNP Group acquired 2% of the capital in M6 for an amount of EUR 36 million, thus taking its shareholding to slightly more than 7% of the company’s capital. The NPM/CNP Group also invested around EUR 74 million in EIFFAGE, of which it owns 1.4% of the capital. In May 2008, a subsidiary of NPM/CNP sold its 50% shareholding in ELECTRICITE DU BOIS DU PRINCE to its partner AIR ENERGY, a company which operates a 22MW wind farm in Fosses-la-Ville / Mettet. NPM/CNP booked a capital gain of EUR 7 million on this transaction. Under the own share buy-back programmes, the NPM/CNP Group acquired some 1,180,000 NPM/CNP shares during the first ten months of 2008 for an amount of EUR 55.7 million. Taking the opportunities offered by the downturn on the stock markets, during the first nine months of 2008 PARGESA acquired 1.4% of the capital in GBL for an amount of around EUR 180 million, thus raising its shareholding to 50% of the share capital (51.8% of the voting rights). On 1 July 2008, TRANSCOR ASTRA GROUP, a NPM/CNP subsidiary which is mainly active in oil product trading and refining, exercised its option with PETROBRAS to sell its residual shareholding in PRSI, which operates the Pasadena (Texas) refinery. The exercise of this option follows disagreements amongst shareholders. PETROBRAS has disputed certain points and there have been legal and arbitration proceedings. The college of arbitrators appointed to settle the dispute between partners has issued a preliminary award confirming the right of TRANSCOR ASTRA to exercise its selling option on 1 July 2008 and the validity of its exercise. This means that PETROBRAS should buy the stakes held by ASTRA in these entities. The college of arbitrators is yet to rule on the price calculation method however. On 16 July 2008, the Annual General Meetings of SUEZ and GAZ DE approved by an almost unanimous vote to merge the two groups and to form GDF SUEZ, in which GBL now holds 5.3% of the capital. As part of this transaction, SUEZ distributed 65% of the capital of to its shareholders (of which 6.3% to GBL). In the first three quarters of 2008, GBL invested some EUR 1.4 billion on the stock market to increase its shareholdings in LAFARGE (owning 21.1% of the capital of this company, which, in 2008, is accounted for under the equity method), PERNOD RICARD (8.1%), IMERYS (30.4%) and SUEZ ENVIRONNEMENT (7.1%).

Shareholders’ timetable 5 March 2009 Publication of the results as of 31 December 2008 16 April 2009 Ordinary and Extraordinary General Shareholders’ meeting 11 May 2009 Publication of the results as of 31 March 2009 3 August 2009 Publication of the results as of 30 June 2009 9 November 2009 Publication of the results as of 30 September 2009

Dematerialisation or conversion into registered shares of the NPM/CNP bearer shares

From January 1, 2009 bearer shares will have to be replaced by registered or dematerialized shares. From this date on, the rights (dividend, vote,…) of the bearer shares which have not been dematerialized or registered will be suspended until they are transformed into one of the two above-mentioned forms. WorldReginfo - 1cba42bc-5bc1-4ba1-ae65-ef5d7445d45a

P9_EN.indd 1 7/11/08 7:46:52 Stock market price and adjusted net assets

At 30 September 2008, the adjusted net assets stood at EUR 48.90 per NPM/CNP share; at 5 November 2008, the adjusted net assets stood at EUR 47.00 per share.

Adjusted net assets Stock market price 65 65 60 60 55 55 50 50 45 45 EUR EUR 40 40 35 35 30 30 25 25 2005 2006 2007 2008 2005 2006 2007 2008

Adjusted net assets

The criteria selected by NPM/CNP for the calculation of the adjusted net assets are as follows:

PARGESA and GBL Own net assets calculated on the basis of the same criteria as those applied by NPM/CNP;

Private equity Book value (acquisition value or proportion of equity capital if this is greater). However, at TRANSCOR ASTRA GROUP the shareholding still held in the Pasadena refinery is valued at the estimated minimum exercise price of the put option; Own shares Stock market price, however ceilinged at the exercise price for shares covering the personnel share option plan; Other listed assets Stock market price; Other assets and liabilities Book value.

As explained several times, the adjusted net assets do not necessarily reflect the value of our shares (“fair value”). It is more of a basis for calculation that shareholders and analysts can use to form their own opinions, by replacing the amount for which each sharehold- ing or investment is included in the assets with the value that they effectively intend to assign to it. The adjusted net assets are published weekly in the Saturday edition of two Belgian financial newspapers (L’ÉCHO and DE TIJD) and on the company’s Web site (www.npm-cnp.be) on Friday evening. The data published is calculated on the basis of the above-described criteria, with however a few simplifying hypotheses: in fact, certain changes to the portfolio or the equity of unlisted companies since the last statement of account may not be recognised: the effect of this simplification should not exceed 2% of the adjusted net assets.

Breakdown of the adjusted net assets as at 30 September 2008

Net treasury and own shares EUR 565 million (10.3 %) OTHER LONG-TERM ASSETS 3.9 % SUEZ ENVIRONNEMENT 1.3 % AFFICHAGE HOLDING 1.5 % PERNOD RICARD 2.4 % M6 2.6 % 6.7 % LAFARGE IBERDROLA 4.4 %

8.9 % TRANSCOR ASTRA GROUP GDF SUEZ 9.4 % Other long-term assets Consolidated or EUR 3,281 million equity-accounted shareholdings (59.8 %) EUR 1,640 million (29.9 %) 4.8 % IMERYS

3.1 % BANCA LEONARDO 1.3 % DISTRIPAR 1.3 % ENTREMONT ALLIANCE 1.0 % LYPARIS /GO VOYAGES TOTAL 34.3 % 0.8 % CHEVAL BLANC 0.5 % GROUPE FLO

1.5 % OTHERS WorldReginfo - 1cba42bc-5bc1-4ba1-ae65-ef5d7445d45a NPM/CNP Group Assets asat30September 2008 (4) FINANCIÈRE FLO, 66%controlled(4) byGIB,owns 70.9% ofGROUPEFLO; FINANCIÈRE TRASYS, 82%heldbyGIB,owns 100%ofTRASYS; (3) 15% voting rights. (2) 100% ofcontrol. (1) This organisation chartisregularly updated ontheNPM/CNPwebsite www.npm-cnp.be. economic percentage: 23.4%. economic percentage: 41%. 57.6% 21.1% 35.4% 19.6% 100% 100% 63.5% 80% 50% 50% 50% 50% CONSOLIDATED OREQUITY-ACCOUNTED INDIRECT INVESTMENTS DIRECT INVESTMENTS (3) (2) (1) (7) (6) (5) (4) Unifem Belgian IcecreamGroup Gruppo BancaLeonardo Transcor AstraGroup (PLANET PARFUM/DI/CLUB) Raspail/Cheval Blanc SHAREHOLDINGS EUR 7,360mio EUR 2,028mio EUR 5,332mio Lyparis/Go Voyages Total assets Total assets Total assets Distripar/BSS Other assets / Groupe Flo Entremont EUR 169mio EUR 491mio Distriplus EUR 262mio EUR 369mio EUR 24mio EUR 42mio EUR 56mio EUR 25mio EUR 28mio EUR 14mio EUR 74mio EUR 73 EUR 13mio Lafarge Tikehau Trasys Imerys 50 % being the official version. This English version isatranslation oftheFrench text, thislatter Coussin Ruelle, 16–B-1490Court-Saint-Etienne Responsible editor:Roland BORRES,ChiefFinancial Officer e-mail: [email protected] – Website: www.npm-cnp.be VAT BE0404.676.971–Registered inCharleroi Rue delaBlanche Borne,12–6280Gerpinnes (Loverval) –Belgium NATIONALE PORTEFEUILLEMAATSCHAPPIJ N.V. COMPAGNIE NATIONALE ÀPORTEFEUILLE S.A. mio Alliance – – – 3.9% 0.6% 7.1% 8.1% 4.0% 5.3% PARGESA-GBL GROUP 25.3% 6.1% 1.3% 1.4% 7.1% 0.6% 1.4% 50% Long-term debt Long-term debt Long-term debt EUR 1,595mio EUR 1,874mio (8) EUR 279mio NPM/CNP Suez environnement Pernod Ricard Affichage Holding EUR 133mio EUR 484mio EUR 518mio (8) 5% voting rights(statutory limitation). (8) Through an80%subsidiary;economic percentage(7) 40%. GO INVEST,jointly controlled(6) withGROUPEARNAULT, owns 62%ofLYPARIS/GO VOYAGES NPM/CNP controls 50%ofTIKEHAUCAPITAL(5) ADVISORS (economic percentage: 47.5%) Iberdrola EUR 74Mio EUR 25mio Gdf Suez Assets heldjointly with Assets heldjointly with Assets heldjointly with EUR 7mio Arkema (economically, NPM/CNPholds31%). and 17.3%oftheinvestment company, TIKEHAUCAPITAL PARTNERS. Total EUR 1,399 mio EUR 141mio EUR 215mio Iberdrola EUR 14mio EUR 21mio EUR 48mio EUR 82mio EUR 5mio Fidentia Arkema Eiffage Total Iris M6 LISTED OTHER LONG-TERM ASSETS NAT NYSE GROUPE ARNAULT TIKEHAU ACKERMANS &van HAAREN SM = = = (share intheadjustednetassetsof NPM/CNP) at marketprice Assets shown Short-term treasury Adjusted netassets Adjusted netassets Adjusted netassets Short-term treasury controlling percentage Other assets EUR 5,486mio EUR 3,737mio EUR 1,749 mio Other assets Own shares EUR 2,200 EUR 117mio EUR 94mio EUR 122mio EUR 21mio EUR …MIO mio at bookvalue Assets shown at bookvalue Assets shown

WorldReginfo - 1cba42bc-5bc1-4ba1-ae65-ef5d7445d45a www.concerto.be Development of the shareholdings since the beginning of the year 2008

TOTAL (34.3% of the adjusted net assets) The first nine months of 2008 were marked by a 66% rise in the recurring items, adjusted net profit was up 21% at EUR 11,047 million average price of Brent compared with last year and by a 12% fall in whilst, expressed in data per share and in USD, the adjusted net profit the USD exchange rate. In this context, the net profit after minority was up by 39%. TOTAL confirmed that it should keep on increasing its interests amounts to EUR 11,384 million compared with EUR 9,581 dividend even in a less favourable environment. million a year earlier. Excluding the stock valuation effects and non- GDF SUEZ (9.4% of the adjusted net assets) The Shareholders’ Meetings of SUEZ and GDF held on 16 July 2008 and geographic areas contributing positively to this evolution; the approved the merger of the two groups. Prior to this, SUEZ distrib- EBITDA for the 9 month-period amounts to EUR 10.4 billion (+19%). uted 65% of the capital of SUEZ ENVIRONNEMENT COMPANY to the The Group confirmed its EBITDA growth expectations of more than shareholders of SUEZ. The turnover of the newly formed entity GDF 10%, despite the very high comparison basis of Q4 2007. SUEZ is up 18% to EUR 58.8 billion after nine months, all divisions

TRANSCOR ASTRA GROUP (8.9% of the adjusted net assets) The turnover of TRANSCOR ASTRA GROUP is up by 38% at EUR 9.4 and Tacoma (US OIL) refineries made a contribution to the group’s billion under the effect of the rise in the average price of oil. The operating profit of almost EUR 23 million in the first nine months of Group’s profit after the first nine months of 2008 amounts to EUR 2007, benefiting from unusually favourable operating conditions for a 60.4 million compared with EUR 71.2 million one year previously. first half (in particular US OIL, which produces bitumen). In 2008, the Given the changes made to the long-term staff motivation scheme PRSI results were no longer equity accounted, this asset now being at TRANSCOR ASTRA GROUP, based, in 2007, on a bonus system considered as being held for sale, TRANSCOR ASTRA having further paid for by the company and, in 2008, on a staff stock option scheme exercised its put option, and US OIL made a negative contribution relating to 20% of the capital, these results are not comparable. Only to profits of around EUR 4 million. The traditional trading activities the share of the results that goes to NPM/CNP can be compared. held up well, the European office in Zug confirming its strong per- Excluding the profit on capital operations, arising from the preferen- formances. The market volatility, in theory favourable to the trading tial trading allocation paid by PETROBRAS, this stands at EUR 35.9 businesses, however calls for great prudence due to the counter- million for the first three quarters of 2008 compared with EUR 52.6 party risk. The group had to contend with a few losses – fortunately million for the same period of the previous year. The Pasadena (PRSI) contained – in this respect in the course of October.

LAFARGE (6.7% of the adjusted net assets) At the end of September 2008, turnover was up by 8.3% at EUR 14.4 rise in average energy prices, the net profit amounts to EUR 1,558 billion under the effect of the acquisition of ORASCOM CEMENT. million, up by 1.6%. Excluding non-recurring items, net profit after On like-for-like structures and exchange rates, organic growth was minority interests was up by 11.5%. 5.7%, due to the growth in emerging markets and a balance between supply and demand which made it possible to offset the slowdown on developed markets. In a context of cost saving and despite the strong

IMERYS (4.8% of the adjusted net assets) To the backdrop of the slowdown of the new building markets in struction activities and the very low average level of the dollar against and more recently in , turnover in the first nine the euro. Net profit after minority interests amounted to EUR 196 months of 2008 (EUR 2,660 million) grew by 4.5% on like-for-like million (-10%) after the impact of restructuring costs incurred over consolidation structures and exchange rates. Net operating profit the period. If the recent trend continues over the fourth quarter, the was 4.8% down at EUR 221 million, impacted during the last quarter group would be forced to forecast a 15% downturn in its net operating by the sharp inflation in variable costs, the fall in volume in the con- profit for 2008 compared with that posted for 2007.

IBERDROLA (4.4% of the adjusted net assets) During the first nine months of 2008, the Group’s electricity gen- Although it boasts a significant geographical diversification on stable eration increased by 23% to 106,442 million Kwh. Turnover is up by and, to a large extent, regulated markets, the Company has never- 56.5% at EUR 17,808 million and the net profit is up by 54% at EUR theless announced that it could, if necessary, slow down the pace of 2,481 million, thanks to the strong contribution of SCOTTISH POWER its investment programmes in order to take the current economic and renewable energies as well as the sales of non-strategic assets. crisis into account.

GRUPPO BANCA LEONARDO (3.1% of the adjusted net assets) In the first nine months of 2008, the group recorded a net profit of assets under management now amount to EUR 5.9 billion, a figure EUR 19.7 million compared with EUR 42.7 million a year earlier, that is lower than expected due to the difficulties currently faced by principally due to the slowdown in mergers & acquisitions, broker- the fund raising activities. age activities and weaker trading results. It should be noted that the

M6 - METROPOLE TELEVISION (2.6% of the adjusted net assets) The M6 Group recorded a consolidated turnover of EUR 980 million consumption. Net profit published after 6 months (no quarterly profit in the first nine months of 2008, almost unchanged, split between a figures are released by M6) was significantly down (EUR 79 million rise in advertising revenues (+2,9%) and a fall of 4% in the diversified compared with EUR 108 million one year earlier) under the effect of activities and audio-visual rights more closely linked with household the distribution costs for the Euro 2008.

PERNOD-RICARD (2.4% of the adjusted net assets) Turnover for the first quarter of the year starting on 1 July 2008 countries. Despite the economic slowdown, the Group confirmed amounted to EUR 1,756 million, up 13% (+7% on like-for-like con- its double digit growth prospects in terms of operating profits for solidation structures and exchange rates) due to strong rises in the the 2008/2009 financial year with like-for-like exchange and interest premium brands (7%), in emerging markets and certain western rates. WorldReginfo - 1cba42bc-5bc1-4ba1-ae65-ef5d7445d45a Development of the shareholdings since the beginning of the year 2008

AFFICHAGE HOLDING (1.5% of the adjusted net assets) At the end of June 2008, the Group’s half-year sales grew by 38% (+39% in organic growth). Net profit was 24% down at CHF 15.1 mil- to CHF 223 million, of which CHF 153 million in Switzerland, a rise lion due to the rise in amortization expenses, the posting of exchange of 6.6%. International turnover rose by 287% due to acquisitions in losses and higher interest expenses. The Group does not publish Greece, Romania and other Central and Eastern European countries. quarterly figures.

SUEZ ENVIRONNEMENT (1.3% of the adjusted net assets) The Group’s turnover amounts to EUR 9.12 billion after 9 months, up by The Group’s net debt amounts to around EUR 6 billion, i.e. around 2.9 7%. This progress can be seen both in the “WATER” and “WASTE” busi- times the adjusted EBITDA. Buoyed by the resilience of its economic ness. The EBITDA for the period comes to EUR 1,547 million, up by 5%. model, the Company is confirming its growth objectives for 2008.

DISTRIPAR (1.3% of the adjusted net assets) Turnover over the first nine months of 2008 amounts to EUR 174.9 DI is suffering a slight downturn. The net profit reached EUR 4.3 mil- million, down 2%. This comparison is not very relevant because the lion at the end of September 2008 compared with EUR 33.6 million figures in the first half of 2007 still included 100% of DISTRIPLUS. The (of which EUR 29.5 million in capital gains on the disposal of 50% of retail travel activities has seen its turnover grow by 5% while PLANET DISTRIPLUS) a year earlier. These take into accounts start-up costs PARFUM grew by 2% and the chocolate maker CORNE PORT ROYAL of new EDP and distribution systems and those of the coming months saw a 8% rise in its turnover. CLUB’s business is holding up whilst should be influenced by sluggish consumption.

UNIFEM / ENTREMONT ALLIANCE (1.3% of the adjusted net assets) The Group’s turnover amounts to EUR 1,243 million at 30 September profit of EUR 13 million recognised on the formation of NUTRIBIO, a 2008, up by 8% compared with the same period in 2007, mainly due joint subsidiary with SODIAAL, UNIFEM/ENTREMONT ALLIANCE’s to the increase in selling prices. The even sharper increase in the net loss was limited to EUR 13 million at 30 September 2008 com- purchase cost of milk, planned due to the time gap brought about pared with a profit of EUR 22 million a year earlier. The results of the by the automatic indexing of milk prices, had an extremely negative upcoming months will depend fundamentally on the Group’s capacity effect on the operating results (showing a loss of EUR 26 million). It to pass on the fall in international prices of industrial products on the should be noted that the end of the 2007 financial year benefited from purchase cost of milk to the producers. a reverse phenomenon, evaluated at 15 million. Thanks to the capital

LYPARIS / GO VOYAGES (1.0% of the adjusted net assets) Over the first half of the financial year starting on 1 April 2008, GO EUR 13.1 million, including the impact of a signing bonus amounting VOYAGES’ activities generated a turnover of EUR 376 million, up 30% to EUR 3.1 million. The intensification of the competitive environment compared with the previous year due to a strong rise in scheduled and the resulting pressure on margins calls for the development of flights. Due to the erosion of margins, EBITDA only rose by 1.7% at more profitable combined products.

EIFFAGE (0.9% of the adjusted net assets) Turnover at the end of September 2008 are up by x10% at EUR 9.9 9.9 billion at 30 September 2008 and still accounted for 10.5 billion and all divisions contributed to this growth. This is more months of business in the Works segment. The net result, Group marked in the works activities (+11.3%) than in the motorway share, amounted to EUR 144 million at 30 June 2008 ; the Group concessions business (+3%). The order book amounted to EUR does not release quarterly profit figures.

RASPAIL INVESTISSEMENT / CHEVAL BLANC (0.8% of the adjusted net assets) RASPAIL INVESTISSEMENT, which owns the CHEVAL BLANC The LA TOUR DU PIN estate is proving itself to be a vineyard estate, made a profit of EUR 9.2 million at the end of September capable of producing great wines. During the third quarter of 2008 compared with EUR 2 million one year previously due to the 2008, RASPAIL acquired for a price of a little over EUR 8 million delivery of the 2005 vintage whose selling prices were much higher the vineyard of CHÂTEAU QUINAULT L’ENCLOS, (18 hectares in than those of the 2004 vintage. To uphold a high level of quality, the Saint-Emilion Grand Cru). The 2008 harvests took place in a very quantities of the 2007 wines were extremely limited. In a sluggish favourable climate, the magnificent early autumn weather condi- context, CHEVAL BLANC futures were sold at a price of EUR 320 a tions being decisive for the quality of the vintage. bottle, down by 25% compared with the previous vintage.

GROUPE FLO (0.5% of the adjusted net assets) The first nine months of 2008 were characterised by a 5% growth and the suppression of the reduced charges scheme granted to in turnover to EUR 288 million. A sharp slowdown was observed the catering industry to offset the reduction in working hours. during the third quarter (-1%). The number of openings (25 since The net profit at the end of September stood at EUR 6.7 mil- the beginning of the year) masks a fall in consumption recorded lion compared with EUR 12.6 million one year previously. In the in all segments of the restaurant sector. The group’s profitability gloomy economic context, the fourth quarter, traditionally busi- has to contend with the costs linked to new restaurant openings er, will be even more decisive than usual for the annual results. ARKEMA (0.5% of the adjusted net assets) The turnover is up 2.2% at EUR 4.5 billion after nine months, amounts to EUR 172 millions (+65%). A significant slow-down of mainly due to the rise in selling prices. Compared to September the activities was noted at the beginning of the fourth quarter; 2007, the operating profit is up 7% at EUR 269 million, boosted thanks to its reactivity and new plans implemented, the Company in particular by the performances of the industrial chemicals estimates to be in a position to end the 2008 financial year very and performance products divisions. The net profit (group share) close to its objectives in terms of EBITDA margin percentage.

BELGIAN ICECREAM GROUP (0.4% of the adjusted net assets) Over the first nine months of 2008, the Group’s turnover rose the takeover of ARTIC, counterbalanced in part by the summer’s 50% to 73.8 million, principally from the effect of the consolida- bad weather conditions and the economic crisis that is weighing tion of the ARTIC group acquired at the end of 2007. Net profit down on household consumption. It is probable that this latter

amounts to EUR 2.5 million. This performance is both the fruit of trend will continue over the forthcoming months. WorldReginfo - 1cba42bc-5bc1-4ba1-ae65-ef5d7445d45a