A Global Energy Player

May 2015

Strong leadership positions

2

POWER

• #1 Independent Power

Producer (IPP) in the world:

#1 in the Gulf States, in Brazil

and in Thailand, #2 in Peru,

#3 in Chile

• Generation: #1 in Belgium,

in France: #1 in wind and

#2 in hydro

• Power production capacity(1) :

115 GW installed,

~60% outside Europe

10 GW under construction,

~95% in fast growing markets

GAS

• #1 supplier of B2B energy

efficiency services in the world

#1 in France, Belgium,

Netherlands, Italy

• 230 urban heating and cooling

networks operated worldwide

• ~100,000 employees worldwide SERVICES

• #1 LNG importer in Europe,

#3 largest LNG supply portfolio

worldwide

• #3 seller of natural gas in Europe

• #1 distribution, #2 transmission

network in Europe

• #2 LNG terminal operator

in Europe

• #1 in storage capacity in Europe

(1) At 100% as of 12/31/2014

(2) Excluding restructuring costs, MtM, impairment, disposals, other non recurring items and associated tax impact and nuclear contribution in Belgium

(3) Cash Flow From Operations (CFFO) = Free Cash Flow before Maintenance Capex

(4) Net Capex = gross Capex - disposals; (cash and net debt scope)

(5) Including interim dividend of €0.50/share paid in October 2014

(6) S&P / Moody’s LT ratings with stable outlook

26%

7%

2

In €bn 2014

REVENUES 74.7

EBITDA 12.1

NET RECURRING INCOME

GROUP SHARE(2) 3.1

CFFO(3) 7.9

NETCAPEX(4) 3.9

DIVIDEND(5) €1/share

NET DEBT / EBITDA 2.3x

RATING(6) A / A1

Operations in ~70 countries

152,900 employees

2014 Key Figures

Well balanced business model with global reach

3

(1) Including Others: €-224m

7%

2014

EBITDA

€12.1bn(1)

30% Energy International

9% Energy Services

16% Energy Europe

26% Infrastructures

18% Global Gas

& LNG

ENERGY INTERNATIONAL

• Power generation

• Sale of natural gas and power

• Gas and LNG infrastructures

• 5 business areas: Latin America, North America, UK &

Turkey, SAMEA (South Asia, Middle East & Africa) and

Asia-Pacific

ENERGY EUROPE

• Power generation

• Sale of natural gas and power

• Energy management (gas supply, asset

optimization, risk management) and trading

• Exploration & production

• LNG portfolio management

GLOBAL GAS & LNG

GAS INFRASTRUCTURES

• Regulated activities:

• Natural gas transmission networks

• Gas distribution network in France

• LNG terminals in France

• Storage activities in and outside France

ENERGY SERVICES

• Engineering

• Installations (mechanical and electrical installation,

heating, ventilation, air-conditioning and systems

integration)

• Services (maintenance, district cooling / heating

networks, facility management and services integration)

3

Be the benchmark

energy player

in fast growing markets

Strategy of a global energy player

• Leverage on strong positions in IPP

• Develop our presence around

the gas value chain

• Grow energy services leadership

positions internationally

• Be the Energy Partner of choice for our

customers while promoting energy efficiency

• Be a vector of decarbonization

through renewable energy

• New businesses / digitalization

Strong ambition to create value

from the worldwide energy transition

Be leader

in the energy transition

in Europe

4

Kathu concentrated

solar project

Onshore LNG

storage tank

Thermal power

plant

TEN transmission

line

Major cooperation agreement

with Beijing Enterprise Group

Major cooperation MOU with Shenergy

CCHP project in Sichuan

Major successes fueling future growth

Services

Gas & LNG

Power(1)

1st long term LNG sales to Japan

1st long term LNG sales to Taiwan

Ecova

acquisition

West Coast Energy acquisition

Cofely UK signs £300m IFM contract

Official opening of the Stublach gas storage facility

MoU with Turkish government

Uch II

gas plant

Cameron LNG

RES capacity

Trairi wind farm

Jirau 24 turbines

535 MW in New Energy

Auction

2 offshore wind farms (2x500MW)

Solar >100MW installed & 10 projects awarded

1000th LNG truck loading in Europe

Partnership with RATP to develop biogas buses

1st production from Amstel, H North & Gudrun fields (North Sea)

LNG Bunkering

SMP Pte Ltd acquisition

Keppel FMO acquisition

Lahmeyer acquisition

Facility management framework agreement with Alstom

H.G.S GmbH acquisition

Wilhelmshaven thermal plant

Ramones II

Award of “sustainable city simulator”

project Astainable® for Astana city

Mirfa PWPA signing

IPO of

Barka 3/Sohar 2 Feasibility study for LNG terminal

Tarfaya

wind farm

Safi power

project

Rotterdam thermal plant

Acquisition of a stake in

a facility management company

4.3 GW capacity commissioned in 2014 10.5 GW under construction including 4.4 GW of projects added in 2014

Chartering of world’s

largest FSRU

(1) Power capacity

figures at 100%

5

• Highly diversified supply and sales portfolio

~1,300 TWh managed yearly

16 mtpa LNG portfolio

759 mboe 2P reserves (75% gas, 25% oil & liquids)

Balanced sales portfolio

• Strong positions in gas infrastructures

€23bn RAB in France (distribution, transmission,

LNG terminals), 4-year period tariffs

14 bcm of storage capacity in Europe

14.0

14.7 14.7

1.0 1.0 1.0 1.1

0.6 0.7 0.7 0.8

12 000 12 200 12 400 12 600 12 800 13 000 13 200 13 400 13 600 13 800 14 000 14 200 14 400 14 600 14 800 15 000

2008 2012 2013 2014

Revenues

EBITDA

EBIT

5.0%

EBIT

margin

15.7

Building on good quality assets portfolio

6

Diversified portfolio along the GAS value chain Resilient contribution from ENERGY SERVICES in tough economic environment

Short-term/uncontracted

Long-term contracted

Power capacity by status:

LATIN AMERICA

ASIA-PACIFIC

14 GW

26 GW 12 GW

SAMEA

~90% long-term contracted

in fast growing markets(1)

(1) Long-term contracted: portion of operational capacity contracted for more than 3 years; based on capacity at 100% as of 12/31/2014 (2) including pumped storage

15%

85% 99%

38%

62%

Installed capacity at 100% as of 12/31/2014

Renewables(2)

Leadership positions in POWER with largely contracted portfolio

EUROPE

1%

48 GW

43%

21%

12%

24% Gas

Other

Nuclear

NORTH AMERICA

13 GW 77%

7%

16%

>90% low CO2

~80% low CO2

6

in €bn

Z

7

Resilient business portfolio

Infrastructures with guaranteed returns

Gas storage in France (minimal contribution)

and LT contracts in Germany

Power generation

in Latin America (PPA contracts in Brazil,

contracted power price indexed to inflation),

SAMEA, Asia

LNG: Medium term sales agreements

with major Asian players

Services: Public Private Partnerships

and long contract durations

Power generation

in Continental Europe, UK,

North America, Australia

E&P

LNG

Flexible fleet of tankers

Gas storage in France

(merchant capacity)

MERCHANT/UPSTREAM CONTRACTED/REGULATED

Strong & increasing share of regulated / contracted activities

Progressive

hedging

~45% ~55% EBITDA

2014

Regulated/contracted activities Merchant activities

7

2.5

2.2 2.3

Dec 12 Dec 13 Dec 14

36.6

28.8 27.5 4.18%

3.40% 3.14%

0

10

20

30

40

2,5

3

3,5

4

4,5

5

Net debt Cost of gross debt

Dec 14 Dec 12(1) Dec 13

-

1 000 000 000

2 000 000 000

3 000 000 000

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 ≥2027

Strong balance sheet actively optimized

Sound balance sheet structure in €bn

ACTIVE LIABILITY MANAGEMENT

A well spread-out corporate bonds maturity profile in €bn

CONTINUOUS DECREASE IN COST OF GROSS DEBT

• Early refinancing of €5bn revolving

credit facility

• Largest corporate green bond of €2.5bn

at an historic low coupon at 1.9%

• New hybrid bond issue for €2bn

strengthening the balance sheet

at a very low coupon of 3.4%

• Buy-back of €1.9bn of debt

with an average coupon of 3.8%

Net debt/EBITDA ≤ 2.5x

(1)

(1) Proforma equity consolidation of SUEZ Environnement but excluding impact of IFRS 10/11

0

1

2

3 Average bonds redemption (2015-25) €1.7bn per year

Average net debt maturity 9.1 years

8

43%

15%

9%

12%

10% 11%

Perform: NRIgs target achieved one year in advance

€0.1bn

~€0.5bn

2012 2013 2014 2015

>€1bn

in €bn Cumulated 2012-2014 2014

EBITDA (gross) 2.6 OPEX 2.0

0.9 OPEX 0.7

Others 0.6 Others 0.2

Fixed cost drift (1.3) (0.2)

EBITDA (net, estimated) 1.3 0.7

Below EBITDA 0.2 Obj. 2015 achieved

Estimated NRIgs 0.9 0.4

Capex and WCR optimization 1.5 Obj. 2015 achieved

Program status at end 2014

• OPEX target fully on track, while all remaining performance levers have achieved targets by 2014

• Significant achievements in 2014:

Optimization of power generation assets in Europe

Introduction of mobile technologies to optimize planning activities within Cofely Services

Creation of the Direction for Shared Service Centers across all business lines

Additional levers in 2015

• Further focus on OPEX notably in Europe (staff and other costs) and Procurement

• Implementation of operational action plans developed in 2014 to drive performance and support

strategy implementation

Beyond 2015

• Perform 2015 has created a framework for driving operational performance

~€0.9bn

€0.9bn reached at end 2014

(vs initial target end 2015)

CUMULATIVE IMPACT ON NRIgs

The success of Perform 2015 has created a sustainable and systematic

momentum for monitoring operational performance

Gross EBITDA

contribution 2014

PERFORM CONTRIBUTIONS

ENERGY EUROPE

ENERGY

INTERNATIONAL

GLOBAL

GAS

& LNG

INFRA-

STRUCTURES

ENERGY

SERVICES CORPORATE

€0.9bn

9

Exposure to commodity price and quick reaction plan

EXPOSURE TO COMMODITY PRICE EBITDA 2014 BY BUSINESS LINE

BI

BES

BEE

BEI

B3G

E&P LNG Supply, Sales & Midstream Power Merchant Non sensitive to commo

2.2

3.7

2.0

1.1

3.3

ENERGY

SERVICES

INFRA-

STRUCTURES

ENERGY

INTERNATIONAL

ENERGY

EUROPE

GLOBAL

GAS & LNG

EBITDA

(0.9)

NRIgs

(0.35)

Progressive hedging of gas and power production

ACTIONS ON OPEX

EBITDA impact

+€0.25bn/year over 2015 & 2016

• Further actions on SG&A across the Group

• Detailed review & optimization of operating

costs (mainly in E&P and Energy Europe)

• Reinforce synergies between businesses

ACTIONS ON CAPEX

• Reduce E&P Capex

Capex cut of €0.4bn over 2015-16

• Adapt timing in M&A ambitions

Shift of M&A capex resulting in €1.6bn savings over 2015-16

QUICK REACTION PLAN

IMPACT OF DROP IN OIL & GAS PRICE IN 2015 VS 2014, TOTAL GROUP (in €bn)

10

Cash equation preserved by the “Quick Reaction Plan”

Maintenance Capex

Dividends to minorities

Dividends

Hybrids coupon

CFFO

B/S flexibility incl. hybrid 2014

Growth Capex including M&A

Disposals

Sources Uses

~2-3

~6-7

~1.0

~9.0

0.15

0.75

≥2.4

2.5

Dividend policy: payout ratio of 65-75% with a minimum of €1 per share

CFFO

to increase over

2014-2016

Large net Capex

program

of €6-7bn

B/S optimization

offering flexibility

Net debt /

EBITDA ≤2.5x

Quick Reaction Plan (P&L, CAPEX)

&

CASH EQUATION 2014-16 AVERAGE ANNUAL AMOUNTS

11

Capex program designed to seize growth opportunities

13%

27%

29%

22%

• GRTgaz including Arc de

Dierrey (France)

• GrDF (France)

• Storage GLOBAL GAS & LNG

ENERGY INTERNATIONAL ENERGY SERVICES

INFRASTRUCTURES

€4.0bn

growth Capex

excluding M&A

in 2014

Over 2014-2016: ~€6-7bn/year of growth CAPEX including M&A(1)

8%

ENERGY EUROPE

• Tarfaya (Morocco)

• Quitaracsa, Nodo energetico

(Peru)

• Meenakshi (India)

• Jirau, Trairi, Santa Monica,

Ferrari (Brazil)

• Laja, GNLM (Chile)

• Rantau Depap (Indonesia)

• Los Ramones, Mayakan

(Mexico)

• …

• Energy efficiency projects

( heating/cooling networks,

biomass…)

• Renewable projects

• …

• Cygnus & Juliet (UK)

• Jangkrik (Indonesia)

• Amstel, Orca (NL)

• E&P in Norway, Germany

• Touat (Algeria)

• ...

(1) yearly average including the Quick Reaction Plan on Capex: Capex cut of €0.4bn over 2015-2016 shift of M&A Capex (€1.6bn saving over 2015-16)

€1.1bn

€1.1bn

€0.3bn

€0.9bn

€0.5bn

€0.6bn of M&A

including Ecova, Lahmeyer, Lend Lease UK

Strict and selective approach: project IRR > project WACC + 200bps

2014 growth CAPEX allocation

12

2.4 / 1.1

7.6 / 2.9 10.1 / 4.0

11.9 / 4.8

2015 2016 ≥ 2017 Including under advanced

development

52

59-63

2013 2014 2015 2016

55.5

Strong industrial ambition supported by growth Capex pipeline

Expected commissioning of additional capacity in GW at 100% / in net ownership

• LNG portfolio from 16mtpa (2013)

to 20mtpa (2020)

• Increase LNG sales to premium markets

• Potential selective acquisitions

GLOBAL GAS & LNG

E&P production in mboe

GAS INFRASTRUCTURES

+25%

• steady growth of €23bn RAB (France)

• Storage: to stabilize after low point in 2014

ENERGY INTERNATIONAL ENERGY SERVICES

Capacity under construction at end 2014 (4)

58

+3.5%(1)

ENERGY EUROPE

• RES capacity to be commissioned by 2017(2)

1.5 GW end 2014

• New target for Europe,

from 8 to16 GW(3)

≥2 GW

• Revenues organic growth =

• Reach EBIT/Revenues ≥ 5% in 2016:

5% in 2014

• Selective acquisitions in targeted markets:

Lahmeyer, Ecova, Keppel FMO

GDP growth +2%

• Selective acquisitions: Meenakshi end 2013

(1) CAGR over 2013-2016 (2) Over 2011-2017 at 100% (3) At 100% 8 GW installed end H1 2014 in Europe, excluding Energy Services business line

(4) Exclusive negotiations / preferred bidder or Investment Note approved by the Business Line Commitment Committee

x2 by 2025

+15%

13

Recent investments delivering attractive returns Mid-life ROCE analysis

14

Projects with COD between 2011 and 2013

Mid-life

ROCE

Thermal Renewables E&P Total

Capital

employed

(€bn)

Weighted

average

ENERGY INTERNATIONAL 13 2 15 4.5 15%

ENERGY EUROPE 4 7 11 2.4 10%

GLOBAL GAS & LNG 4 4 1.3 27%

INFRASTRUCTURES 4 6.5 7%

ENERGY SERVICES 2 0.4 20%

TOTAL 17 9 4 36 15.1 12%

Mid-life ROCE corresponds to: • Average actual NOPAT (2011-2014)

• Capital Employed at COD divided by 2

European merchant

9%

Regulated infrastructures

7%

Growth platforms

18%

Mid-life ROCE

97

FY2013 FY2014

27

22 21 22

2013 2014 2015e 2016e

26

2014 2015 2016

2014 2015 2016

2014 2015 2016

Energy merchant

activities in Europe

Growth platforms(3)

Regulated French

gas infrastructures(2)

Resilient medium term growth outlook despite drop in oil/gas price

15

D3 / T2 restart on July 1st 2015

2016: 50% remaining CWE outright

volumes to be hedged at ~41€/MWh

STEADY & PREDICTABLE CASH FLOWS

• Distribution

• Transmission

• LNG terminals

COI profile(1)

• Energy International(4)

• Global Gas & LNG

• Energy Services

RESILIENT GROWTH PERSPECTIVES

+

~3-4% CAGR

Net Recurring Income group share to increase 2016 onwards

COI profile(1)

COI profile(1)

LANDING OVER 2015-16 • Outright Europe

Portfolio risks well balanced

+

• Energy Europe

• UK-Turkey

• Gas storage • Drop in oil/gas price

~5-7% CAGR

(5)

(5)

(1) COI after share in net income of entities accounted for using the equity method. Targets

assume average weather conditions in France, full pass through of supply costs in French

regulated gas tariffs, restart of Doel 3 and Tihange 2 as of July 1st 2015, no significant

regulatory and macro economic changes, commodity prices assumptions based on

market conditions as of end of December 31, 2014 for the non-hedged part of the

production, and average foreign exchange rates as follow for 2015: €/$: 1.22, €/BRL: 3.23

(2) Infrastructures business line excluding gas storage

(3) Including Others

(4) Excluding UK-Turkey

(5) Adjusted for weather impact in France

• 5-7% based on 31/12/14

forwards ($67/bbl, €22/MWh)

• 8-10% prior to oil/gas price drop

($100/bbl, €26/MWh)

Brent in $/bbl (forward 31/12/14)

NBP in €/MWh, 2-3 year hedging (forward 31/12/14)

~-31%

UPDATED ASSUMPTIONS

€1.7bn

€1.8bn

€4.0bn

109

100

60 67

2013 2014 2015e 2016e

~-19%

Publication of the first Integrated Report in 2014

ENGIE integrated in the 4 Euronext Vigeo indices

<4

3%

>66%

25%

100%

68%

72%

22%

4.1

3.2%

Environmental and Social targets well on-track

16

(1) Emission ratio per power and energy production: 434 kgCO2eq/MWh in 2014 vs 443 kgCO2eq/MWh in 2012 excluding SUEZ Environnement

(2) At 100% 8 GW installed end H1 2014 in Europe, excluding Energy Services business line

Decrease in CO2 specific

emissions vs 2012

Selective development

in renewables

2,435 MW COD in 2014

of which Europe ~400 MW

New target RES for Europe x2 by 2025,

from 8 to16 GW(2)

€2.5bn Green Bond: the highest corporate amount

to date (projects eligibility based on Vigeo assessment)

Addressing risks linked to climate change

Support for a global carbon pricing

and carbon markets improvements

Promotion of innovative Climate friendly solutions

Involvement in the COP21 preparation (Paris 2015)

Health & Safety frequency rate

improved continuously,

7% reduction vs. 2013

2015 targets

2014 Targets

+50% (2015) +42%

-10% (2020)(1) -2%

installed capacity increase vs. 2009

Fighting against

climate change

Biodiversity % of sensitive sites in the EU

with a biodiversity action plan

Diversity % of women

in managerial staff

Training % of employees

trained each year

Employee

shareholding % of Group’s capital held

2014

Conclusion

17

Financial targets 2014-16

— Net Capex(4): €6-7bn yearly average

— Net debt/EBITDA ≤2.5x and “A” category rating

— Dividend: payout ratio(5) of 65-75% with a minimum of €1 per share

(1) Targets assume average weather conditions in France, full pass through of supply

costs in French regulated gas tariffs, restart of Doel 3 and Tihange 2 as of

November 1st 2015, no significant regulatory and macro economic changes,

commodity prices assumptions based on market conditions as of end of December

31, 2014 for the non-hedged part of the production, and average foreign exchange

rates as follow for 2015: €/$: 1.22, €/BRL: 3.23

(2) Excluding restructuring costs, MtM, impairment, disposals, other non recurring

items and associated tax impact and nuclear contribution in Belgium

(3) After share in net income of entities accounted for using the equity method

(4) Net Capex = gross Capex - disposals; (cash and net debt scope)

(5) Based on Net Recurring Income group share

Quick reaction plan to oil/gas price drop enabling resilient 2015 earnings(1)

— Net Recurring Income group share(2): €2.85-3.15bn

— Indicative EBITDA of €11.55-12.15bn / COI(3) of €6.65-7.25bn

Well anticipated top management succession

Confirmation of business model relevance

A Global Energy Player

Appendices

May 2015

Energy transition is the key challenge for our industry, worldwide

Solutions are now available to reconcile “energy for all” and “environmental

sustainability”

A much more decentralized energy world

ENGIE: an energy architect for countries, regions, cities, businesses, customers

ENTERPRISE PROJECT TO TACKLE THE ENERGY TRANSITION

By integrating ourselves into local

ecosystems

By being flexible and reactive

By anticipating and leveraging

technological changes

By digitizing solutions

By developing both centralized and

large scale infrastructures but also

downstream solutions for our different

types of clients

CLIENT-ORIENTED INNOVATIVE

19

New organization: “ENGIE Network”

‒ More decentralized structure with 24 BUs mostly based on a geographic principle

‒ 5 Lines of Business supporting the BUs and animating ENGIE Network

Effort on leadership development (to promote innovation and entrepreneurship)

Business initiatives to boost development (partnerships, acquisitions, new

business incubation)

New organization effective early 2016. No change in financial reporting before

full year 2015 results

ENTERPRISE PROJECT TO ACCELERATE TRANSFORMATION & GROWTH

More entrepreneurial, more innovative, more flexible and more

responsive with a direct link between HQ and BUs

Solutions for residentials

and professional

Solutions for businesses

Gas chain

Decentralized solutions

for cities and regions

Centralized production

of renewable

and thermal energy

20

Energy International Accelerating growth in emerging markets through IPP and gas infrastructure

21

2014

Installed capacity(2) 74 GW

Capacity installed outside Europe(2) 65 GW

Total gas sales 80 TWh

Gas sales outside Europe 45 TWh

Activities

• Power generation

• LNG import and regasification

• Gas distribution, transportation

• Power and gas retail, sales and

trading

• Desalinated water production

Key Characteristics

• World leading Independent Power

Producer with high quality asset

portfolio

• Strong position in fast growing

markets

• Significant pipeline of projects

under construction/development

• Most of the capacity under

construction contracted on a long-

term basis (1) including share in net income of associates

(2) At 100%, as of 12/31/2014 (3) exclusive negotiations/preferred bidder or Investment Note approved by the Business Line Commitment Committee

Estreito (Brazil)

• 10.1 GW under construction(2)

• ~1.8 GW under advanced development(2,3)

• Gas and LNG infrastructure development

projects

• Selective acquisitions

OUTLOOK

~100% in

fast growing markets

€3.7bn 30%

2014

EBITDA

COI(1): €2.7bn

21

(1) COI including share in net income of associates

Energy International Strongly positioned to benefit from attractive growth opportunities

22

Generation LNG/Gas Retail Water desalination

High demand growth

Strong regional experience €1.3bn EBITDA €1.0bn COI(1)

LATIN AMERICA

Short-term/uncontracted Long-term

15%

85%

Power capacity by status:

14GW

Merchant market recovery

“System play” approach €1.0bn EBITDA €0.7bn COI(1)

NORTH AMERICA

81%

19%

13GW

Asia: high demand growth

Strong regional experience

Australia: merchant market recovery

Scale player

€0.9bn EBITDA €0.6bn COI(1)

ASIA-PACIFIC

62%

38%

12GW

Strong power and water demand growth

Extensive regional experience €0.3bn EBITDA €0.3bn COI(1)

SOUTH ASIA, MIDDLE EAST

& AFRICA

1%

99%

26GW

Merchant market recovery

C&I retail business €0.4bn EBITDA €0.3bn COI(1)

8GW

UK & TURKEY

82%

18%

22

Energy Europe Integration and optimization of our European energy activities

23

Activities

• Power generation

• Sale of natural gas

(regulated & unregulated)

• Sale of power

• Energy management (gas

supply, asset optimization, risk

management) and trading

Key Characteristics

• Diversified energy mix

• Among the lowest CO2 emission

producer in Europe

• Strong presence in generation

in CWE

• No greenfield development in

merchant thermal on CWE

• Ability to mitigate gas to oil spread

impact

• Large sales portfolio

2014

Installed capacity 40 GW(2)

Capacity under construction 0.4 GW(2)

Gas sales 606 TWh

Customers (# of contracts) 22 million

(1) And other €(0.1)bn (2) At 100%, as of 12/31/2014

Herdersbrug (Belgium)

• Selective development in renewables: 2GW to

be commissioned over 2011-2017

• Nuclear and hydro expertise, 3-year rolling hedging policy

• Continuous review of the generation fleet

• Magritte initiative

OUTLOOK

€2.0bn

16% 2014

EBITDA

29%

Energy Europe EBITDA breakdown

71%

Central Western Europe(1)

including:

- France €0.6bn

- Benelux & Germany €0.8bn

Southern & Eastern Europe

23

Outright power generation in Europe Nuclear & hydro

As of 12/31/2014

France, Belgium without D1/2 extension

+/- €1/MWh in achieved price

n ca. +/- €50-57m EBITDA impact before hedging

3-year rolling hedging policy

CWE outright: forward prices and hedges

(1) 2015-2017 estimates excluding D1/D2 extension

CWE outright: EBITDA price sensitivity

France

~45%

Belgium

~55% ~50-57

TWh/year(1)

52 47

42 43 43

2013 2014 2015 2016 2017

Hedges: prices & volumes

(in €/MWh)

100%

100%

~85% ~50%

~25%

3-year rolling hedging policy

35

40

45

50

55

60

65

Cal13

Cal14

Cal15

Cal16

Cal17 Forward outright prices Belgium baseload

€52/MWh

€47/MWh

€42/MWh

€43/MWh

€/MWh

24

Update on Belgian situation

25

• Government decision (Dec 2014)

to extend by 10 years D1/2

• Extension subject to FANC(2)

authorization and amendment of

phase-out law

• 10-year extension decided

in November 2013 and

concluded in March 2014

• €0.6bn (2012-2019) Capex

to be shared with EDF at 50/50

• €0.16bn spent as of end of

December 2014 (@ 100%)

• Subject to FANC decision, restart expected on November 1st 2015

Outage impact is €40m per month on average for the 2 units(4)

• Final tests results and analysis have been submitted to FANC,

including additional irradiation tests, detailed methodology of the tests

• D4 restarted on December 19th 2014 (not subject to FANC decision)

• Optimization of maintenance planning in order

to promote best availability (T1, T3, D4) during winter

• 2014 net nuclear contribution paid by Electrabel was €397m

• Complaint submitted to the European Commission in September

2014 qualifying the nuclear contribution as “State Aid”

• CREG’s recent assessment of 2014 profits from nuclear

activities in Belgium (€435m) confirms that contribution is

confiscatory Operation Unavailable

(1) Excluding EON swap (2) Federal Agency for Nuclear Control (3) 10 year extension currently in negotiation (4) EBITDA, NRIgs

Nuclear

capacity MW

ENGIE

ownership

End of

operations

Doel 1 433 100% 15/2/2015(3)

Doel 2 433 100% 1/12/2015(3)

Doel 3 1,006 90% 1/10/2022

Doel 4 1,039 90% 1/7/2025

Tihange 1 962 50% 1/10/2025

Tihange 2 1,008 90% 1/2/2023

Tihange 3 1,046 90% 1/9/2025

Total 5,927 85%(1)

Security of supply

T1

D3/T2

D4

D1/2

Nuclear contribution

50%

EDF

10%

EDF Luminus

100%

Electrabel

Discussions with government are on-going and Group decision will

be based on nuclear contribution renegotiation for the whole fleet

Global Gas & LNG Successful growth strategy in upstream natural gas & LNG

26

• Exploration / Production(1)

- Operations in 17 countries

- 343 licenses o/w 56% operated

- 2P reserves: 759 Mboe

- Production: 55.5 Mboe (gas:

67%, oil & other liquids: 33%)

• LNG: Supply, transport, LT

regasification and sales

• Liquefaction projects: Cameron

LNG, Cameroon

• E&P to support supply of other Group’s activities: power generation, gas and LNG supply and infrastructures

• E&P is a natural hedge to midstream

• LNG represents ~30% of the Group’s long term gas supply

• Strategic Partnership with CIC (30% stake in E&P)

2014

Hydrocarbon production 55.5 Mboe

“Proven and Probable” reserves 759 Mboe

LNG sales to third parties 119 TWh

Total LNG supply portfolio 16 mtpa

Number of LNG vessels 14

Key Characteristics Activities

• E&P production target (Mboe)

2015: ~58, 2016: 59-63

• LNG supply portfolio to increase to 20

mtpa in 2020 vs. 16 mtpa in 2013

• Increase LNG sales to premium

markets

• Potential selective acquisitions

Gjøa platform

OUTLOOK

(1) As of 12/31/2014

€2.2bn 18%

2014

EBITDA

26

LNG value chain

~+4% growth in demand mainly in Asia(1)

Increase external sales

Regional prices spreads expected to decrease

but should remain / cyclical business

Develop medium/long term sales

Diversify supply sources: portfolio, own flexible

volumes, spot/trading, new suppliers

Reduced volatility

Increase visibility on earnings

through investments on liquefaction

2014

€1bn Infrastructures

& GTT

• Infrastructures

Europe

• Infrastructures

International

• GTT

Supply & Sales

• Supply & sales:

• Global Gas

& LNG / LNG

• Energy International

/ US LNG

• Energy Europe / CWE

• Supply: Global Gas & LNG

/ E&P / Snøhvit

Growth in supply and external sales with flexible

own LNG backed by MT/LT sales opportunities

Existing markets

~25%

New markets

~75%

mainly in

Asia, Middle East

Volu

mes in m

tpa

10 6

7 1

10

2000

13

20

2020 2014

• Flexible LNG supply & fleet

• Projects to access flexible LNG, notably with US

gas exports as from 2018

• Strong experience in supply contracts

management and diversified portfolio

• Global marketing skills

• Backlog of medium/long term sales contracts

Key advantages to seize growth opportunities

while facing the upcoming new LNG supplies

~60% ~40%

(1) CAGR over 2025 vs. 2013, source CERA Rivalry, October 2014

Our competitive advantages

LNG strategy TOTAL LNG EBITDA

27

Infrastructures Secured cash flows, visibility and steady growth

28

Key Characteristics

• Growing infrastructure needs in

Europe

• Attractive RAB return rate (6-10.5%)

• 4-year regulation period

• ~€2.9bn investments with visibility

on returns over 2015-2016 for

regulated gas infrastructures(4)

• Strategic partnership with CNP / CDC (25% stake in GRTgaz transmission network)

2014

Gas distributed 260 TWh

Storage capacity sold 99 TWh(1)

Distribution RAB(2)

Remuneration €14.3bn

6.0 %

Transmission RAB(2)

Remuneration €7.2bn

6.5 – 9.5%

LNG Terminals RAB(2)

Remuneration €1.2bn

8.5 – 10.5%

(1) Of which 78 TWh in France (2) Regulated Asset Base as of 01/01 (3) CAGR over 2013-2016 in France

(4) Indicative RAB investments in tariffs (distribution, transport, LNG terminals) in France

Distribution

France

Transmission

Storage

LNG terminals

€3.3bn

26% 33%

14%

46%

7%

Fos Tonkin (France)

2014

EBITDA

• ~ +3.5% steady growth of ~€23bn RAB(3)

• Visibility on 4 years with regulated tariffs

for distribution, transmission and LNG

terminals

OUTLOOK

Activities

• Natural gas transmission

network (33,320km in France and

Germany)

• Gas distribution network in

France (196,940km connecting

~9,530 municipalities)

• Storage activities in and

outside France (21 facilities and

13 bcm working capacity)

• LNG terminals in France (21.25 bcm regasification capacity

in 3 LNG terminals in France)

28

Energy Services Presence along the entire value chain

29

Key Characteristics

• Low capital intensity

• ~100,000 employees worldwide

• Wide range of energy efficiency

offers

2014

Revenues €15.7bn

Installations – Backlog €5.5bn

Engineering – Backlog €0.6bn

Services – Net commercial development (€m/y) 205

Districlima, Barcelona (Spain)

Perspectives

• Growing need in energy

efficiency in Europe

• Increasing international

development

• Services (58%): maintenance (34%), district cooling / heating networks(14%), outsourcing (10%). E.g: facility management, services integration, energy efficiency, multi-technical services, energy mix solutions, cogeneration, smart energy systems, public lighting, mobility…

• Revenues organic growth:

GDP growth +2%

• EBIT/revenues ≥ 5% in 2016

• Selective acquisitions in targeted

markets

OUTLOOK

€1.1bn

9%

2014

EBITDA

• Engineering (3%): consulting, feasibility studies, engineering, project management and client support

• Installations (39%): mechanical

and electrical installation, heating,

ventilation, air-conditioning and

systems integration

Activities (% 2014 turnover)

29

SELECTIVE

ACQUISITIONS/GROWTH

ALONG THE VALUE CHAIN

South East Asia

Singapore

Keppel FMO

Subsidiary of Keppel

dedicated to FM

SMP

energy efficiency for

data centers

America

USA

Ecova

Technology-enabled

energy management

solutions

Brazil

Emac

Air conditioning systems

maintenance and multi-

technical services

~ €1.1bn incremental revenues

from 14 acquisitions closed in 2013/14(1)

0

200

400

600

800

1000

1200

2013 2014

Middle East

Qatar

Mannai

Creation of a JV for

energy efficiency & FM Australia

Trilogy Building

Services

energy efficiency

Energy Services Strengthening leadership in Europe and creating strong local position abroad

(1) Based on 12 months average contribution

Europe

United Kingdom

Balfour Beatty Workplace

Facility Management

services

Lend Lease FM

Portfolio of long-term FM

contracts in key public

sector and healthcare

markets

Germany

HGS

Technical services related

to cogeneration power

plants and special gases

Lahmeyer

Engineering company

Poland

Heating networks

in various cities

30

Governance

31

GBL 2.4%

French

State

33.3%

Other strategic investors 3.3%

Employee shareholding 3.2%

Treasury stocks 1.8%

Public

56.0%

Shareholding structure As at end of December 2014

• As of April 28, 2015 : 19 members

10 Directors elected by the General Shareholders’ Meeting out

of which:

8 independent

4 international

5 representing the French State

3 representing employees

1 representing employees shareholders

• 53% of independent(1),63% of women directors(2)

• 12 meetings in 2014, 83% attendance rate

• Board assisted by 4 committees:

Audit Committee

Strategy, Investment and Technology Committee

Appointments and Compensation Committee

Ethics, Environment and Sustainable Development Committee

Board of directors

(1) 8 independent members representing 53% pursuant to the Afep-Medef Code (excluding the number of Directors representing employees and

employee shareholders)

(2) 11 women representing 63% pursuant to the law and the Afep-Medef Code (excluding the number of Directors representing employees)

31

Disclaimer

Forward-Looking statements

This communication contains forward-looking information and statements. These statements include

financial projections, synergies, cost-savings and estimates, statements regarding plans, objectives,

savings, expectations and benefits from the transactions and expectations with respect to future

operations, products and services, and statements regarding future performance. Although the

management of GDF SUEZ believes that the expectations reflected in such forward-looking statements

are reasonable, investors and holders of GDF SUEZ securities are cautioned that forward-looking

information and statements are not guarantees of future performances and are subject to various risks

and uncertainties, many of which are difficult to predict and generally beyond the control of GDF SUEZ,

that could cause actual results, developments, synergies, savings and benefits to differ materially from

those expressed in, or implied or projected by, the forward-looking information and statements. These

risks and uncertainties include those discussed or identified in the public filings made by GDF SUEZ with

the Autorité des Marchés Financiers (AMF), including those listed under “Facteurs de Risque” (Risk

factors) section in the Document de Référence filed by GDF SUEZ with the AMF on 23 March 2015

(under no: D.15-0186). Investors and holders of GDF SUEZ securities should consider that the

occurrence of some or all of these risks may have a material adverse effect on GDF SUEZ.

32

GDF SUEZ ADR program American Deposit Receipt

Symbol GDFZY

CUSIP 36160B105

Platform OTC

Type of programme Level 1 sponsored

ADR ratio 1:1

Depositary bank Citibank, NA

FOR MORE INFORMATION, GO TO

http://www.citi.com/dr

33

For more information about ENGIE

+33 1 44 22 66 29

Presentation

ir@engie.com

http://www.gdfsuez.com/en/investors-area

FOR MORE INFORMATION ABOUT FY2014 RESULTS, YOU WILL FIND ON

http://www.gdfsuez.com/en/investors/results/results-2014

Analyst

pack(1)

Appendices Press

Release

Recorded

conference

audiocast

Conference

call transcript

Financial

report

2014

financial

(1) Including power generation fleet as of December 31th, 2014 and Key financial performance indicators

34