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Gaz de France IPO operation reserved for employees

September 14, 2005

69,000 Group employees become shareholders

Paris, September 14, 2005 - The offering reserved for current and former Group employees enjoyed an immense success. The shares reserved for this category of investors represented 15% of the overall value of the initial public offering.

The people eligible for these shares were the 48,000 employees of the Gaz de France Group in addition to the company's former employees and people working in joint EDF-Gaz de France divisions. A total of 69,000 current and former employees became shareholders of Gaz de France.

The Group wanted to take advantage of this operation to build a strong, broad-based and active shareholder base this objective has been achieved.

77% of the people working in the gas divisions of Gaz de France, and 52% of the employees in divisions jointly run with EDF, subscribed for shares. A large proportion of people working for subsidiaries based in France and employed by the Group's international subsidiaries also took up the offer with a total of 52% and 35% respectively buying shares in the company.

Former and current employees now own 2.3% of the company's capital, or 23 million shares, representing approximately 12% of the company's floating capital.

These figures confirm the interest of the Group's employees in this operation and their confidence in the future of their company.

Press Contact :
Jérome Chambin - Tel : +331 47 54 24 35 - Fax : +331 47 54 74 42
E-mail : jerome.chambin@gazdefrance.com

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