Paris, March 2, 2006 – Gaz de France is pleased with the results of the audit carried out by the French Energy Regulatory Commission (CRE) on the Group's natural gas supply costs and how these costs are expressed in the pricing formula used by the company to fix the rates charged for natural gas sold through its public distribution networks.

The CRE carried out a detailed audit of Gaz de France's supply costs from November 2005 to February 2006.

This audit confirms, in particular, that:

• The supply costs related to Gaz de France's long-term contracts are indexed on petroleum products,
• The pricing formula setting the conditions for changes in public distribution rates is a fair reflection of the supply costs incurred by Gaz de France.

Gaz de France obtains more than 95% of its supply from international producers, and the cost of the Group's acquisition of natural gas is tied to the price of petroleum products.

The pricing formula, provided for in the public service agreement, defines the framework for changes in natural gas prices. It ensures that changes in the supply costs incurred by Gaz de France are accounted for on the basis of changes in the prices charged for petroleum products.

Gaz de France is a major energy player in Europe. The leading European natural gas supplier, the Group has 53,000 employees, recorded net sales of €22.4 billion in 2005, and serves 13.7 million customers, including 11 million in France. Listed on the Paris Stock Exchange since July 2005, the Group joined the CAC 40 share index and the Dow Jones Stoxx 600 in September 2005.

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