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0000950123-06-005786.txt : 200605050000950123-06-005786.hdr.sgml : 2006050520060504213826ACCESSION NUMBER:0000950123-06-005786CONFORMED SUBMISSION TYPE:425PUBLIC DOCUMENT COUNT:30FILED AS OF DATE:20060505DATE AS OF CHANGE:20060504

SUBJECT COMPANY:

COMPANY DATA:COMPANY CONFORMED NAME:SUEZCENTRAL INDEX KEY:0001158533STANDARD INDUSTRIAL CLASSIFICATION:ELECTRIC SERVICES [4911]IRS NUMBER:000000000

FILING VALUES:FORM TYPE:425SEC ACT:1934 ActSEC FILE NUMBER:001-15232FILM NUMBER:06810448

BUSINESS ADDRESS:STREET 1:16 RUE DE LA VILLE L EVEQUECITY:PARIS FRANCESTATE:I0ZIP:75008BUSINESS PHONE:01133140066400

MAIL ADDRESS:STREET 1:16 RUE DE LA VILLE L EVEQUECITY:PARIS FRANCESTATE:I0ZIP:75008

FILED BY:

COMPANY DATA:COMPANY CONFORMED NAME:GAZ DE FRANCECENTRAL INDEX KEY:0001243443

FILING VALUES:FORM TYPE:425

BUSINESS ADDRESS:BUSINESS PHONE:01133147542020

MAIL ADDRESS:STREET 1:23 RUE PHILIBERT DELORMECITY:PARIS FRANCE CODEX 17STATE:I0ZIP:75840

4251y20794ae425.htm425

425

Filed by: Gaz de France
pursuant to Rule165 and Rule425(a)
under the United States Securities Act of 1933, as amended

Subject Company: SUEZ
Exchange Act File Number: 001-15232

Date: May4, 2006

OnMay4, 2006, the following presentation was made available onGaz de Frances website in connection with an informationalconference call held in Paris, France.

Important Information

This communication does not constitute an offer to purchase or exchange or the solicitation ofan offer to sell or exchange any securities of Suez or an offer to sell or exchange or thesolicitation of an offer to buy or exchange any securities of Gaz de France, nor shall there be anysale or exchange of securities in any jurisdiction (including the United States, Germany, Italy andJapan) in which such offer, solicitation or sale or exchange would be unlawful prior to theregistration or qualification under the laws of such jurisdiction. The distribution of thiscommunication may, in some countries, be restricted by law or regulation. Accordingly, persons whocome into possession of this document should inform themselves of and observe these restrictions.To the fullest extent permitted by applicable law, Gaz de France and Suez disclaim anyresponsibility or liability for the violation of such restrictions by any person.

The Gaz de France ordinary shares to be issued in connection with the proposed business combinationto holders of Suez ordinary shares (including Suez ordinary shares represented by Suez AmericanDepositary Shares) may not be offered or sold in the United States except pursuant to an effectiveregistration statement under the United States Securities Act of 1933, as amended, or pursuant to avalid exemption from registration.

In connection with the proposed business combination, the required information document will befiled with the Autorit des marchs financiers (AMF) and, to the extent Gaz de France is requiredor otherwise decides to register the Gaz de France ordinary shares to be issued in connection withthe business combination in the United States, Gaz de France may file with the United StatesSecurities and Exchange Commission (SEC), a registration statement on Form F-4, which willinclude a prospectus. Investors are strongly advised to read the information document filed withthe AMF, the registration statement and the prospectus, if and when available, and any otherrelevant documents filed with the SEC and/or the AMF, as well as any amendments and supplements tothose documents, because they will contain important information. If and when filed, investors mayobtain free copies of the registration statement, the prospectus as well as other relevantdocuments filed with the SEC, at the SECs web site atwww.sec.gov and will receive informationat an appropriate time on how to obtain these transaction-related documents for free from Gaz deFrance or its duly designated agent. Investors and holders of Suez securities may obtain freecopies of documents filed with the AMF at the AMFs website atwww.amf-france.org or directlyfrom Gaz de France on its web site at: www.gazdefrance.com or directly from Suez on its websiteat: www.suez.com, as the case may be.

Forward-Looking Statements

This communication contains forward-looking information and statements about Gaz de France,Suez and their combined businesses after completion of the proposed business combination.Forward-looking statements are statements that are not historical facts. These statements includefinancial projections, synergies, cost-savings and estimates and their underlying assumptions, statements regarding plans,objectives, savings, expectations and benefits from the transaction and expectations with respect to future operations, products and services, andstatements regarding future performance. Forward-looking statements are generally identified by the words expect, anticipates, believes,intends, estimates and similar expressions. Although the managements of Gaz de France and Suezbelieve that the expectations reflected in such forward-looking statements are reasonable,investors and holders of Gaz de France and Suez ordinary shares are cautioned that forward-lookinginformation and statements are not guarantees of future performancesand are subject to various risks and uncertainties, many of which aredifficult to predict and generally beyond the control of Gaz de France and Suez, that could causeactual results, developments, synergies, savings and benefits fromthe transaction to differ materially from those expressed in, or implied orprojected by, the forward-looking information and statements. These risks and uncertaintiesinclude those discussed or identified in the public filings with the Autorit des marchsfinanciers (AMF) made by Gaz de France and Suez, including those listed under Facteurs deRisques in the Document de Base filed by Gaz de France on April1, 2005 (under no: I.05-037) andin the Document de Rfrence and its update filed bySuez on April11, 2006 (under no: D.06-0248), as well asdocuments filed by Suez with the SEC, including those listed under Risk Factors in the Annual Report on Form 20-F for 2004 thatSuez filed with the SEC on June29, 2005. Except as required by applicable law, neither Gaz deFrance nor Suez undertakes any obligation to update any forward-looking information or statements.

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Comite de pilotage

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A value creating transaction

May 2006

Disclaimer

Important Information

This communication does not constitute an offer to purchase or exchange or the solicitation of an offer to sell or exchange any securities of SUEZ or an offer to sell orexchange or the solicitation of an offer to buy or exchange any securities of Gaz de France, nor shall there be any sale or exchange of securities in any jurisdiction (includingthe United States, Germany, Italy and Japan) in which such offer, solicitation or sale or exchange would be unlawful prior to the registration or qualification under the laws ofsuch jurisdiction. The distribution of this communication may, in some countries, be restricted by law or regulation. Accordingly, persons who come into possession of thisdocument should inform themselves of and observe these restrictions. To the fullest extent permitted by applicable law, Gaz de France and SUEZ disclaim any responsibilityor liability for the violation of such restrictions by any person.

The Gaz de France ordinary shares to be issued in connection with the proposed business combination to holders of SUEZ ordinary shares (including SUEZ ordinary sharesrepresented by SUEZ American Depositary Shares) may not be offered or sold in the United States except pursuant to an effective registration statement under the UnitedStates Securities Act of 1933, as amended, or pursuant to a valid exemption from registration.

In connection with the proposed business combination, the required information document will be filed with the Autorite des marches financiers ("AMF") and, to the extent Gazde France is required or otherwise decides to register the Gaz de France ordinary shares to be issued in connection with the business combination in the United States, Gazde France may file with the United States Securities and Exchange Commission ("SEC"), a registration statement on Form F-4, which will include a prospectus. Investors arestrongly advised to read the information document filed with the AMF, the registration statement and the prospectus, if and when available, and any other relevant documentsfiled with the SEC and/or the AMF, as well as any amendments and supplements to those documents, because they will contain important information. If and when filed,investors may obtain free copies of the registration statement, the prospectus as well as other relevant documents filed with the SEC, at the SEC's website at www.sec.govand will receive information at an appropriate time on how to obtain these transaction-related documents for free from Gaz de France or its duly designated agent. Investorsand holders of SUEZ securities may obtain free copies of documents filed with the AMF at the AMF's website at www.amf-france.org or directly from Gaz de France on itswebsite at: www.gazdefrance.com or directly from SUEZ on its website at: www.suez.com, as the case may be.

Forward-Looking Statements

This communication contains forward-looking information and statements about Gaz de France, SUEZ and their combined businesses after completion of the proposedbusiness combination. Forward-looking statements are statements that are not historical facts. These statements include financial projections, synergies, cost savings andestimates and their underlying assumptions, statements regarding plans, objectives, savings, expectations and benefits from the transaction and expectations with respect tofuture operations, products and services, and statements regarding future performance. Forward-looking statements are generally identified by the words "expect,""anticipates," "believes," "intends," "estimates" and similar expressions. Although the managements of Gaz de France and SUEZ believe that the expectations reflected insuch forward-looking statements are reasonable, investors and holders of Gaz de France and SUEZ ordinary shares are cautioned that forward-looking information andstatements are not guarantees of future performances and are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond thecontrol of Gaz de France and SUEZ, that could cause actual results developments, synergies, savings and benefits from the transaction to differ materially from thoseexpressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the publicfilings with the Autorite des marches financiers ("AMF") made by Gaz de France and SUEZ, including those listed under "Facteurs de Risques" in the Document de Base filedby Gaz de France on April 1, 2005 (under no: I.05-037) and in the Document de Reference filed by SUEZ on April 11, 2006 (under no: D.06-0248), as well as documentsfiled by SUEZ with the SEC, including those listed under "Risk Factors" in the Annual Report on Form 20-F for 2004 that SUEZ filed with the SEC on June 29, 2005. Exceptas required by applicable law, neither Gaz de France nor SUEZ undertakes any obligation to update any forward-looking information or statements.

This release is also available on the Internet: http://www.suez.com - http://www.gazdefrance.com

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An industrial project to create value

Synergies resulting from scale

Synergies arising from complementarity

Capital expenditure synergies, tax and financial optimization

Update on the merger process

Table of Contents

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An industrial project to create value

A New Group Ready to Address Strategic Challengesof the Energy and Environment Sectors

Strategic Challenges

Promote energy efficiency and associatedservices

Develop transmission, storage anddistribution infrastructure

Address growing environmental needs(water, waste)

Secure energy sourcing

Gas

Electricity

Gas / electricity convergence

Group Positioning

No. 1 gas supplier in Europe

LNG world leader

No. 5 power generation company in Europe

Diversified production mix with low CO2emission portfolio

No. 1 operator of CCGT plants

15 million gas customers and 6 millionelectricity customers

Leading energy services provider in Europe

Supporter of sustainable development

No. 1 transmission and distribution networks inEurope

26 Gm3 in LNG terminal capacity

10.2 Gm3 in storage capacity

Global leader in water and waste services

An Industrial Project Allowing Significant Synergies

Gas sourcing savings and optimization

Improvement of the group's risk profile

Capital structure optimization

Utilization of Suez tax losses carried forward in France

Short-term operating cost reductions

Further reduction in operating costs

Costs savings related to the development of multi-energy offerings

Scale effects

Complementarity

Pre-tax annual impact

Medium term

2010 - 2012

Short term

2007 - 2009

Further growth in gas and electricity markets*

Further growth in LNG and upstream

Joint procurement cost savings (other than energy)

250m

120m

50m

80m

Optimization of capital expenditure programs

Combination of economies of scale and complementarity benefits

Gas sourcing

Operating costs

Revenue synergies

Operating costs

Other procurement

TOTAL

1,100m

in the medium term

500m

600m

Financial and taxoptimization

Capital expenditure

250m

350m

100m cash

* Additional growth on French electricity markets and energy markets outside France and Belgium.

Capitalexpenditure,financial and taxoptimization

Summary of Synergies Available in the Short andMedium Terms Area 1 Area 2 Area 5 Area 6 Area 7 Area 8 Area 9 Area 10 Area 11 Area 12 Area 13 Area 14 Area 15 Area 16 2006 0 2007 166 2008 333 2009 500 2010 500 200 2011 500 400 2012 500 600 2013 500 500 2014 500 500 2015 500 500 250

Short term synergies:

500m

Medium term synergies:

600m

Summary of pre-tax synergies available on an annual basis (in m)

Note: Excluding implementation costs, capital expenditure synergies and tax and financial optimization

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Synergies resulting from scale

Synergies Relating to Gas Sourcing

(1) In 2005 except Centrica, in 2004; (2) Including Suez Energy Europe and Suez Energy International ; (3) Cumulative European purchasing, i.e. Suez and Gaz de France, (4) Including Nigeria,Germany, Libya and spot purchases

Leader of the European gas industry

Enhanced sourcing capabilities andincreased arbitrage opportunities

Gas Sales(1)

Diversified sourcing bothgeographically and by type

Strengthened positioning relativeto main gas suppliers

(Gm3)

(2)

Combined gas supplies (3)

(4)

A broad and diversified sourcing portfolio

Synergies Relating to Gas Sourcing

Reduction in sourcing costs and enhanced optimizations

Reduction ofsourcing costs

Enhanced buying position with suppliers and diversification ofsupply sources

Optimization of price and risk profile

Furtheroptimization ofsourcing portfolio

Establishment of an extended asset base (long term contracts, LNG,gas-fired power plants,...)

Gas swap: location and time swaps, LNG vs. natural gas

Gas / power arbitrage

Enhanced LNGarbitrage

Asset optimization (terminals, long term contracts, LNG ships,liquefaction, exploration & production)

Market arbitrage (particularly across the Atlantic basin)

250m pre-tax annual synergies available in the short term

Procurement Savings (other than energy)

Procurementsavings (otherthan energy)

Joint procurement management and operational integration

Enhanced bargaining power

Use of master contracts

Selection of best practices

Establishment of a common platform

Bargaining power bolstered due to volume effects

Reduction in structural costs and administrative savings

Optimization of real estate

Pooling of information technology systems

Financial services

Communication budgets

120m pre-tax annual synergies available in the short term

Operational Cost Reductions

Short termoperational costreductions

In the services business, geographical overlap

Network optimization

Development of geographical coverage

Optimization of trading costs

Further operationalcost savings in themedium term

Furthering of procurement optimization program

Optimization of means and structures

Pooling of information technology systems

Creation of joint-platforms for support services

Stream-lining of overhead costs

50m pre-tax annual synergies available in the short term

250m further pre-tax annual synergies available in the medium term

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Synergies arising from complementarity

A Positioning Across the Value Chain

Based on gas-electricity convergence

InfrastructureActivities

LNG Terminals /

LNG Ships

InternationalTransmission

Transmission / Storage

Distribution

CompetitiveBusinesses

ExplorationProduction

LNG

Electricity Production

- - CCGT

- - Nuclear

- - Hydro

- - Renewable Energies

Trading

Gas and ElectricitySales

- - Industrial and Services

- - Residential

Energy

Services

Gas Sourcing

- - Long Term Contract Portfolio

- - Short Term Purchases

Commercial Complementarity

A portfolio of complementary brands and customer bases

A determined commercial strategy toaddress customer needs

Reinforced commercial position in multi-utility offering and services

A group geared to full market opening in2007

Leveraged experience acquired in theopen commercial market

Recognized Brands

Customers (millions)

Number of Customers-Electricity(1)

Customers (millions)

Number of Customers - Gas(1)

(1) 2005 Data except for Italgas, 2004

Installed capacity:

Nuclear: 1.1 GW (Tricastin,Chooz B)

Hydro: 3.7 GW (CNR, Shem)

CHP: 1.7 GW

Electricity sales: 25 TWh

Significant environment andservices businesses

Suez

Gas customers: 11 m

Installed capacity:

CCGT : 0.8 GW (DK6)

CHP: 0.6 GW

Electricity sales: 5.6 TWh

Sales network and strong brand

Significant services business

Gaz de France

Suez / Gaz de France: unparalleledadvantages

Chooz B

DK6

Tricastin

CNR

Shem

Full market opening: July 1, 2007

Expected demand growth:

+7 TWh average per year

New power generation capacity: +1.2 GWin the short term

France: a growing and transformingmarket

Montoir (project)

Fos (2 projects)

Business Complementarity

Unique positioning for the development of multi-energy offerings in France

Business Complementarity

Operational synergies in the development of multi-energy offerings

Development ofmulti-energyofferings

Savings in supply cost per client

Mainly in the French market but costs savings also to be achieved in otherEuropean markets

Power generation synergies

Integration of balance perimeters

Energy supply synergies

Reduction in Gaz de France's cost to supply

Reduction in Suez's cost to serve

Reduction in new client acquisition costs for both parties

80m pre-tax annual synergies available in the short term

Geographic Complementarity

Complementary positions in Europe

United

Kingdom

Germany

Netherlands

Belgium

Italy

France

Hungary

Spain

Luxemburg

United Kingdom

Gaz de France:

Gas sales: 34.6 TWh

Electricity sales: 14.4 TWh

Installed capacity: 215 MW through Shotton Power

Reserves: 72.2mboe

Germany

Gaz de France:

Reserves: 123.7 mboe

GASAG (31,6%):783,000 gascustomers

MEGAL (44%):1,075 km network

Gas sales: 14.8 TWhof which 8 TWhthrough Gasag

Spain and Portugal

Gaz de France:

Spain

AES - installedcapacity: 1.2 GW

Sales: 5.2 TWh

Portugal

Portgas (12.5%):145,000 customers

France

Gaz de France:

Transmission grid (31,589 km) anddistribution network (180,700 km)

Sales: 465TWh of gas, 5.6TWh ofelectricity

2 LNG terminals and another oneunder construction (Fos Cavaou)

15 gas storage sites

Installed capacity: 0.8 GW CCGTand 0.6 GW CHP

11m gas customers and 56,000electricity customers

Eastern Europe

Gaz de France:

Hongrie

Egaz et Degaz: 22,530km dereseau, 752,000 clients

Pologne

ECW (22%, Capacite: 330MW)

Roumanie

14,261km de reseau, environ1m de clients, vente de gaz: 44TWh

Slovaquie

SPP (24.9%, 32,800km dereseau, 1,4m de clients)

Italy

Gaz de France:

Gas sales: 16.9 TWh

Italcogim (40%): 570,000 gascustomers, gas sales: 8,6 TWh,7,826 km network (1)

Arcalgas Progetti (44%): 3,790km network

Alcargas Energie (43%): 207,000gas customers, gas sales: 5.2TWh (1)

#2 in the services business

Belgium

Gaz de France:

Gas sales: 21.8TWh

ALG 180,000 gascustomers in 2007(1)

SEGEO (25%, 160kmgrid)

Domestic market

Note: 2005 data - Sources annual reports, web sites

Not accounted for in Gaz de France customers

Netherlands

Gaz de France:

Gas sales: 20.2 TWh

Reserves : 111.4 mboe

Suez:

Capacity: 296 MW

Electricity sales: 7.7TWh

Suez:

Electricity sales: 40GWh

Castelnou (760 MW)

Hydro et wind powerin Portugal (164 MW)

Suez:

#1 power producer13.2 GW

Electricity sales: 75.2TWh

Fluxys:

3,800 km grid

Distrigaz:

172 TWh of gas sold

Suez:

Installed capacity: 6.5GW (CNR, SHEM,Tricastin, Chooz B,Elyo),

Electricity sales: 25 TWh

Suez:

Installed capacity: 4.7 GW

Electricity sales: 22.3 TWh

Suez:

Hungary

Dunamenti 1.7 GW

Electricity sales 3.7 TWh

Poland

Capacity: 1.7 GW,

Electricity sales: 8.1TWh

Suez:

Capacity: 2.2 GW

Electricity sales: 13.7TWh

Strategic partnershipwith Acea SpA

Portugal

Slovakia

Poland

Gaz de France:

Hungary

Egaz and Degaz: 22,700 kmnetwork, 764,000 gascustomers, gas sales: 22.5 TWh

Poland

ECW (22%): 330 MW capacity

Romania

14,261 km network, c. 1m gascustomers, gas sales: 44 TWh

Slovakia

SPP (24.9%): 32,800kmnetwork, 1.4m gas customers,gas sales: 70 TWh

Romania

Geographic Complementarity

Revenue synergies arising from multi-energy offerings in France and inEurope

Growth potential inthe Frenchelectricity market

A sound asset base

Sizeable and diversified generation capacities

Large commercial network and strong brand name

Sustained growth prospects in the context of the forthcoming marketopening in July 2007

An optimal positioning to capture value

Implementation of new power generation projects

Commercial development in all market segments

Additional growthpotential in theEuropean gas andelectricity markets

Market opening and strong demand growth

Strong geographical complementarity of the two groups

Development potential for additional green-field projects

LNG and Upstream Complementarity

A global platform

Everett

Cove point

Lake Charles

Porto Rico

Trinidad andTobago

Algeria

Nigeria

Skikda

Arzew

Bethioua

Idku

Yemen

Egypt

Montoir-de-Bretagne

Zeebrugge

Fos-sur-Mer

Snovit

(liquefaction plant under construction)

Cartagena

Bahamas

Neptune LNG

Isle of Grain

Dahej

Rabaska

Isle of Grain (UK)

LNG import terminal ownedby National Grid

Gaz de France has booked6.5mtpa capacity from 2008

Regasification plant (Gaz de France / Suez resp.)

Liquefaction plant

LNG contracts and flows, imports

LNG contracts, exports

Exploration and production related to LNG

Zeebrugge

Fluxys (57.3% Suez)

Import capacity: 4,5mton LNG per year(expansion to 9mton expected)

LNG storage capacity of 260,000 m3

Montoir de Bretagne

8.3mton LNG per year

360,000 m3 LNG storagecapacity

Fos Tonkin

5.9mton LNG per year

150,000 m3 LNG storagecapacity

Fos Cavaou

70% GdF; 30% Total

Under construction

Idku (Egypt)

Gaz de France has a 5% stakein the liquefaction plant

Petronet LNG (India)

Gaz de France has a 10%stake in Petronet LNG whichhas built the first LNGregasification plant in India

Neptune LNG

Offshore LNG regasificationproject

Everett

5.5mton LNG peryear

165,000 m3 LNGstorage capacity

Bahamas

Regasification unit project

Rabaska (Quebec)

Regasification unit project inpartnership between Gaz deFrance and Enbridge Ltd.

LNG tankers

Gaz de France operates afleet of 10 LNG tankers(+3 under construction)

Suez operates a fleet of 6LNG tankers

Atlantic LNG

Suez has a 10% stake inthe liquefaction plant(3.1mton LNG per year)

Kochi (project)

Yemen

Import contract with SuezGlobal LNG

Qatar

Ras Gas: Contract withDistrigaz (57.2% Suez) toimport LNG from Qatar

Partnership betweenSuez and Brass LNG

for 2mton LNGexpected from 2010

Nigeria

Additional growthin LNG andupstream markets

Access to significantly higher LNG and production resources

#1 LNG purchaser in Europe

Ability to offer off-take capacity on the various European markets

Ability to offer off-take capacity on 2 to 3 regional markets in North America

Ability to acquire strong positions in E&P and integrated positions:upstream, liquefaction, shipping, re-gasification, gas supply

LNG and Exploration & Production Complementarity

Potential for additional growth

Additional growthpotential on thegas and electricitymarkets

Additional growth potential in LNG andUpstream

Summary: Potential for Additional Growth

Gas, electricity and LNG revenue synergies

In France

In Europe

Additional investments of c. 1.5bn :

Power generation facilities

New upstream and LNG projects

Access to end customers for electricity sales

Competitive dual offering supported by own powergeneration resources

Geographical complementarity

Growth acceleration

Access to new resources

Acquisition of integrated positions in upstream andthe LNG value chain

350m pre-tax annual synergies available in the medium term (margin)

Limited Implementation Costs

Synergies will primarily result from:

Strong complementarity between the two groups

External spending optimization

New development opportunities

Consequently, the (non-recurring) implementation costs will be limited:

150m for short term synergies

150m for medium term synergies

Implementation costs mainly relate to operational synergies and include in particular:

Integration costs

Restructuring costs

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4. Capital expenditure synergies, tax andfinancial optimization

Capital Expenditure Synergies

Optimization ofcapital expenditureprograms

Optimization of the two group's capital expenditure plans(excluding maintenance)

Avoid duplicating entry costs into certain markets (through eitherorganic or external growth)

Optimize development capital expenditure (e.g. power generation inFrance)

Rationalize certain investments (e.g. coordinating of infrastructureexpansion)

Optimization of the resulting financial resources

100m annual cash flow impact

Reduction in risk profile

More diversified asset portfolio (business and geographic mix)

Balanced mix of regulated businesses (1/3 of the new group activity) and competitiveactivities with strong growth prospects

Balanced geographic presence

Balanced business mix between gas, electricity, services and environment

Improved security of gas supply and balance between upstream and downstream activities

Improved stock market positioning

Increased weight in stock market indexes

Stronger liquidity

Improved visibility for analysts and investors

Optimization in capital structure

A dynamic dividend policy offering an attractive yield

Potential for additional shareholder return and buy-backs

Financial and Tax Optimization

Financialoptimization

Taxoptimization

3.1bn stock of tax losses carried forward and tax deficits related to the termination ofthe Suez tax group

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5. Update on the merger process

Completed steps Presentation of the project to executives and employees of both groupsInitial consultation of workers councilsPre-submission to the European CommissionConstitution of "project teams" and launch of preparatory tasks Next steps May 2006 : Submission of proposed merger to the European Commission and other relevant authoritiesEnd of September 2006 : Suez and Gaz de France board meetings authorizing the mergerMid-October 2006 : Submission of the draft merger agreement to the AMF (French market authority)Mid-November 2006 : Registration of the merger documents by the AMFMid-December 2006 : Extraordinary General Meeting of Suez and Gaz de France to vote the merger

Key merger / integration workshops

Update on the Merger Process

Key steps

Projectcoordination

New group organization

Industrial strategy

Business integration

Human resources

Customers & partners relationshipmanagement

Synergy analysis and implementation

Privatization law

Antitrust process

Merger agreement

Other legal workshops (due diligence,authorizations...)

Accounting / Internal audit

Tax

Financial planning

Financial strategy

A merger process on track

Merger progress on schedule

Operationaltasks

Accounting andfinancial tasks

Legal tasks

Communicationtasks

Internal communication

External communication

Financial communication

May 2006

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begin 644 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