GDF SUEZ
Société Anonyme
22, rue du Docteur Lancereaux
"75008 Paris
Audit report on the Combined Financial
Information of GDF Suez Energy International
Business Areas and the combined entities
Years ended 31 December 2009, 2008 and 2007Deloitte. oe
1, avenue Charlee Gaule
92524 Neully-su-Sene Cedex
Frence
Teephone: +3 0) 1 4088 2800
Tecopieur:' 33) 1 4088 2828
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GDF SUEZ
Société Anonyme
22, rue du Docteur Lancereaux
75008 Paris
Audit report on the Combined Financial Information of GDF Suez Energy
International Business Areas and the combined entities
‘Years ended 31 December 2009, 2008 and 2007
To the Chief Executive Officer and President of GDF SUEZ,
In our capacity as statutory auditor of GDF SUEZ and in accordance with your request we
have audited the accompanying Combined Financial Information of GDF Suez Energy
International Business Areas and the combined entities as described in note 28 (hereafter the
Group) for each of the three years ended 31 December 2009, 2008 and 2007, prepared in
connection with a contemplated carve-out transaction,
The management of GDF SUEZ is responsible for the Combined Financial Information,
which has not been submitted for approval by the Board of Directors of GDF SUEZ as it is
not addressed to its shareholders. Our responsibility is to express an opinion on this Combined
Financial Information, based on our audit,
We conducted our audit in accordance with professional standards applicable in France. Those
standards require that we plan and perform the audit to obtain reasonable assurance about
whether the Combined Financial Information is free of material misstatement. An audit
includes examining, using sample testing techniques or other selection methods, evidence
supporting the amounts and disclosures in the Combined Financial Information, An audit also
includes assessing the accounting principles used and significant estimates made, as well as
evaluating the overall presentation. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion,
Mom of Delt Touche ThatDeloitte. GDF SUEZ Energy International Business Areas
and the combined entities
In our opinion, the accompanying Combined Financial Information gives, for the purpose of
the contemplated carve-out transaction, a true and fair view of the assets and liabilities and of
the financial position of the Group as at 31 December 2009, 2008 and 2007 and of the results
of its operations for the years then ended in accordance with the basis of preparation described
in note 1.1, which explains how International Financial Reporting Standards as adopted by the
European Union have been applied for the purpose of preparing the Combined Financial
Information.
This report is addressed to your attention in the context described above and is not to be used,
circulated, quoted or otherwise referred to for any other purpose. Should the Combined
Financial Information be used in connection with a filing with a securities commission or
other regulatory organisation for the purpose of issuing ordinary shares in a public market,
additional information would have to be presented, such as that related to earings per share
as required under IAS 33, and as explained in note 1.1.
This report shall be governed by, and construed in accordance with, French law. The Courts of
France shall have exclusive jurisdiction in relation to any claim, dispute or difference
concerning the engagement letter or this report, and any matter arising from them. Each party
irrevocably waives any right it may have to object to an action being brought in any of those
Courts, to claim that the action has been brought in an inconvenient forum or to claim that
those Courts do not have jurisdiction,
‘Neuilly-sur-Seine, March 24, 2010
Deloitte & Associés
lA
Jean-Paul Picard Pascal Pincemin
oeCOMBINED STATEMENT OF FINANCIAL POSITION (1)
ston fe oes Doc. 31,2009 Dee. 31, 2008 Dee. 31, 2007
NON-CURRENT ASSETS
rangle esses, net 0 428.2 im2
Goad ° 1258.2 476.1
Property plant and equipment, net " 122817 6486.3,
‘Avalabie-oraale securities “ 658 3933
Loans ane ecavables cared at amortzed ost “ 518.4 sar
Derivative intents “ 2699 2092
Invesiment in associates 2 290.3, 18
ther non-