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Interim Results

Interim Results. H1 2011. All numbers in this presentation exclude exceptional items and specific IAS 39 mark to market movements, unless stated otherwise. Astoria II. Introduction. Dirk Beeuwsaert , Chairman. Astoria II. Well positioned for growth.

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Interim Results

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  1. Interim Results H1 2011 All numbers in this presentation exclude exceptional items and specific IAS 39 mark to market movements, unless stated otherwise Astoria II

  2. Introduction Dirk Beeuwsaert, Chairman Astoria II

  3. Well positioned for growth • A strong position in high growth markets • Committed construction programme • Significant upside from merchant market recovery • Financial strength Significant growth in capacity 90,000 Gross (MW)* 85,000 80,000 75,000 70,000 65,000 60,000 55,000 50,000 45,000 2009 2010 2011 2012 2013 *Pro forma combined gross MW for IPR and GDF SUEZ Energy International

  4. A well balanced portfolio • A diversified portfolio with strong track record • Leading positions in key markets • Operational expertise – asset management and construction By geography (%) By fuel type (%) By contract type (%) Pumped storage Renewable Australia Oil Wind Latin America 6 4 7 Pumped storage 3 4 15 Asia 6 9 Hydro 9 Long-termcontracted 49 META 16 Gas 62 31 North America 41 Short-term/uncontracted Coal 16 22 Europe All GW numbers are on a net basis as at 30 June 2011 and represent operating assets only

  5. H1 2011 Results Mark Williamson, Chief Financial Officer All numbers in this document are presented on pro forma basis, and exclude exceptional items and specific IAS 39 mark to market movements, unless stated otherwise Astoria II

  6. Introduction • 2011 Interim highlights • before impact of purchase price adjustments (PPA) • comparable to consensus • results in Euro and Sterling • Purchase price adjustments • Fair value of IPR assets and liabilities on 3 February 2011 • Reported results • compliance with accounting rules • combined business only from 3 February • comparability of underlying performance difficult • Pro forma results • assume acquisition on 1 January 2010 • PPA included in 2010 and 2011 • supports comparability between periods • Investor Conference

  7. H1 2011 pro forma financial highlights- before the impact of purchase price allocation adjustments • Good financial performance • Adjusted Current Operating Income of €1,598m (H1 2010: €1,474m) • improvement from Latin America and North America • lower contribution from UK-Europe • EPS of 13.9c/12.1p (2010: 13.36c/11.7p) • Free cash flow of €1,048m (2010: €1,336m) • working capital outflow €335m • Interim dividend of 4.4 cents per share Adjusted COI 2011 €1,598m 2010 €1,474m EPS 2011 13.9 € cents 2010 13.4 € cents

  8. Purchase Price Adjustments (PPA) Balance Sheet adjustments 3 February 2011 Pro Forma Income Statement Pre PPA Adjustment Impact of PPA Adjustment Post PPA Adjustment IPR Pre-Combination Book Value H1 2011 H1 2011 €m €5.0bn 2,182 (705) 1,477 (370) (315) 121 913 (204) 709 13.9c1,598 2,170 (832) 1,338 (317) (280) 133 874 (195) 679 13.3c1,471 (12) (127) (139) 53 35 12 (39) 9 (30) (0.6c)(127) EBITDA Depreciation, amortisation, other Current Operating Income Interest Tax Income from Associates Profit for the year Non controlling interests Net income Group share EPS centsAdjusted COI PP&E€0.6bn Net Goodwill€1.6bn Other (€0.2bn) IPR Fair Value €7.0bn PPA Adjustment Impact on EPS (cents) 0.6c 0.4c 0.2c 2011 0.1c 2012 2013 2014 2015 (0.7c) 12 mths

  9. Pro forma Income Statement(Post impact of Purchase Price Allocation adjustment) Adjusted COI (€m)2,3 % Change H1 2011€m H1 2010€m Six months ended 30 June 2011€m 2010€m EBITDA Depreciation, amortisation, other Current Operating Income Interest Tax Income from Associates Profit for the year Non controlling interests Net income Group share EPS (cents) Effective tax rate 2,170 (832) 1,338 (317) (280) 133 874 (195) 679 13.3c 26% 1,973 (742) 1,231 (329) (204) 119 817 (164) 653 12.9c 22% 10% 12% 9% 4% (37%) 12% 7% (19%) 4% 1,231 119 1,350 COI1 Associates Adjusted COI2 1,338 133 1,471 Australia97 Latin America663 Asia178 6% 12% 43% META179 12% 10% Europe149 17% North America264 1Current Operating Income (COI), 2 Adjusted COI is COI adjusted for underlying net income from Associates 3 Percentages stated before Corporate costs

  10. H1-on-H1 Adjusted COI change €1,471m NorthAmerica €91m UK- Europe(€120m) Asia€17m META(€6m) Corporate€9m Australia(€29m) €1,350m Latin America€159m H1 2010 H1 2011 1Pro forma and stated after the impact of fair value adjustments 2 Current Operating Income (COI),, Adjusted COI is COI adjusted for underlying net income of associates

  11. Latin America Pro forma H1 2011€m H1 2010€m Change% Adjusted COI €m1 Six months ended 30 June Other EBITDA Depreciation & amort’n Provisions & other COI Associates Adjusted COI 863 (199) (2) 662 1 663 649 (143) (3) 503 1 504 33 32 - 32 Brazil Chile Peru 4% 663 H1 2011 75% 12% 9% Brazil Chile Peru -5% 504 H1 2010 80% 15% 10% Other • Strong performance in Brazil • contract escalation, including inflation • power purchase cost reduced through optimisation • first unit at Estreito commissioned April 2011 • First time full six month contribution from LNG, Chile • Panama coal conversion project - BLM • returned to service March 2011 • US$36m liquidated damages H1 2011 • loss in 2010 reflects BLM Regional Adjusted COI contribution1 Contract type2 Short term / Uncontracted7% Wind1% 43% Long term 92% 1 Percentage of Adjusted COI stated before Corporate costs 2 % of operational net capacity, where long term contracted > 3 years

  12. North America Pro forma H1 2011€m H1 2010€m Change% Adjusted COI €m1 Six months ended 30 June EBITDA Depreciation & amort’n Provisions & other COI Associates Adjusted COI 502 (250) 7 259 5 264 415 (240) (13) 162 11 173 21 60 (55) 53 Generation Gas Retail H1 2011 264 40% 45% 15% Generation Gas Retail 173 H1 2010 59% 28% 13% • Gas significantly improved • higher LNG prices in Asia and Europe markets with 10 additional cargo diversions • positive tariff renewals for Mexican LDCs • Retail ahead of last year • low wholesale costs and higher volumes • Generation in line with last year • 17.6% equity interest and shareholder loan in Novercosold for CAD$371m Regional Adjusted COI contribution1 Contract type2 Long term 18% Wind2% PS 9% 17% Short term/ Uncontracted 71% 1 Percentage of Adjusted COI stated before Corporate costs 2 % of operational net capacity, where long term contracted > 3 years

  13. UK-Europe Pro forma H1 2011€m H1 2010€m Change% Adjusted COI €m1 Six months ended 30 June EBITDA Depreciation & amort’n Provisions & other COI Associates Adjusted COI 336 (211) 5 130 19 149 416 (183) 5 238 31 269 (19) (45) (39) (45) Generation Retail H1 2011 149 180 77% 23% Generation Retail 269 H1 2010 88% 12% • Lower achieved UK spreads • higher priced contracts rolled-off in 2010 • Lower wind yields in Italy • Elecgas 420MW CCGT • first time contribution • Agreed sale of T Power in Belgium Regional Adjusted COI contribution1 Contract type2 Long term 22% Wind13% PS 17% 10% Short term/ Uncontracted 48% 1 Percentage of Adjusted COI stated before Corporate costs 2 % of operational net capacity, where long term contracted > 3 years

  14. Middle East, Turkey and Africa Pro forma H1 2011€m H1 2010€m Change% Adjusted COI €m Six months ended 30 June EBITDA Depreciation & amort’n Provisions & other COI Associates Adjusted COI 158 (35) (4) 119 60 179 182 (36) 2 148 37 185 (13) (20) 62 (3) H1 2011 179 H1 2010 185 • Lower development fees relative to H1 2010 • First-time contributions from FujairahF2 and Marafiq • Low temperatures drive higher demand at Izgas Regional Adjusted COI contribution1 Contract type2 Long term 100% 12% 1 Percentage of Adjusted COI stated before Corporate costs 2 % of operational net capacity, where long term contracted > 3 years

  15. Asia Pro forma H1 2011€m H1 2010€m Change% Adjusted COI €m Six months ended 30 June EBITDA Depreciation & amort’n Provisions & other COI Associates Adjusted COI 172 (40) (2) 130 48 178 158 (36) - 122 39 161 9 7 23 11 178 H1 2011 H1 2010 161 • Improved retail and spot prices in Singapore • Glow Energy • lower industrial tariffs • hydro plant - drought in Laos • CFB3 Coal plant commissioned • TNP transfer to Glow in Q3 2011 • Higher availability and dispatch at Paiton Energy Regional Adjusted COI contribution1 Contract type2 Long term 78% Short term/ Uncontracted 22% 12% 1 Percentage of Adjusted COI stated before Corporate costs 2 % of operational net capacity, where long term contracted > 3 years

  16. Australia Pro forma H1 2011€m H1 2010€m Change% Adjusted COI €m Six months ended 30 June EBITDA Depreciation & amort’n Provisions & other COI Associates Adjusted COI 196 (97) (2) 97 - 97 215 (86) (3) 126 - 126 (9) (23) - (23) H1 2011 97 H1 2010 126 • Mild summer, no drought conditions and limited price volatility • Hazelwood Unit 5 returned to service in June 2011 • SEAGas sold November 2010 • Continued strengthening of AUD Regional Adjusted COI contribution1 Contract type2 Long term 25% Wind1% 6% Short term/ Uncontracted 74% 1 Percentage of Adjusted COI stated before Corporate costs 2 % of operational net capacity, where long term contracted > 3 years

  17. Interest charge relating to debt €m Gross debt Cash Net debt Average debt / cash H1 2011 Financial expenses / income Capitalised interest Other profit adjustments Interest related to cash and debtInterest related to cash and debt (17,133) (494) (140) 142 (492)5.7% 4,645 177 - (131) 46 2.0% (12,488) (317) (140) 11 (446)7.1% excludes derivatives, cash collateral and the impact of measurement at amortised cost

  18. H1-on-H1 free cash flow change H1 2010 €165m • Working capital movements • strong inflow in H1 2010 • outflows in H1 2011 • Latin America - start of operations at BLM and timing of fuel payments across the region • Asia - receivables in Thailand collected in early July • Australia – trading support requirements in falling market • Interest lower following refinancing at Coleto Creek and IPA Central €1,336m EBITDA€197m Dividendsfrom Associates €17m Net Interest €81m RestructuringCosts(€46m) H1 2011 (€335m) Other (€1m) €1,048m MaintenanceCapex(€16m) Working Capital(€500m) Tax paid€9m LT employee benefits (€29m) H1 2010 H1 2011

  19. H1 Capital expenditure MaintenanceCapex GrowthCapex FinancialInvestments1 H12011 €m Latin America North America UK - Europe META Asia Australia Corporate costs Total, H1 2011 Total, full-year forecast 51 68 21 4 11 59 - 214 550 685 74 51 2 155 1 - 968 2,600 (71) (63) 3 (2) 6 - (16) (143) - 665 79 75 4 172 60 (16) 1,039 3,150 • Maintenance capex annual run-rate €550m 1Negative financial investment figures represent net loan repayments by associates. CASH FLOW GENERATION DETAILS

  20. Capital structure & liquidity Analysis of Gross Debt by Type (€bn) Analysis of Gross Debtby Region (€bn) • Strong credit metrics at 30 June 2011 • Net Debt/LTM1 EBITDA 2.9x • Debt Capitalisation 37% • interest cover 4.2x • Investment Grade credit rating confirmed by Moody’s (Baa3), Standard and Poor’s (BBB-) • GDF SUEZ financing facilities fully operational - £3.1bn • Share of Associates Net Debt €3,653bn • Corporate cash €1.2bn Australia 9% Corporate 12% Bonds 1.5 1.9 3.6 Asia 13% 2.1 GDF SuezDebt €16.3bn €16.3bn 0.8 Bank Loans LatinAmerica 27% 10.8 1.4 4.5 META 9% 1.1 OtherBorrowings 3.1 1.8 Europe 19% North America 11% 1Last Twelve Months Debt and net debt exclude derivatives, cash collateral and the impact of measurement at amortised cost

  21. FX Hedging • FX hedging policy • transactions are fully hedged on committing the cash flows • translation exposure mitigated with debt • specific balance exposure hedged on an exceptional basis • Rationale for policy • IPR’s investment proposition includes currency exposure • asset base is diversified across a number of currencies • ability to mitigate earnings volatility is limited • specific currency exposures may be hedged • market will be updated on material positions hedged

  22. Conclusion • Highly visible earnings and cash flow • half of capacity long term contracted • adjusted COI of €1,471m (2010: €1,350m) • free cash flow of €1,048m (2010: €1,336m) • working capital net out flow of €335m in H1 • Strong balance sheet • Investment Grade rating achieved • Well positioned for continuing growth

  23. Group update Philip Cox, Chief Executive Officer Astoria II

  24. Overview • Strong financial performance • Robust operational performance • Combination with GDF SUEZ progressing very well • Outperformance on synergies • Large scale construction programme • Active development programme to deliver further sustained growth

  25. Outperformance on synergies • Strong progress on financial and operational synergies • Expect to outperform 2016 target of €197m by €18m to €215m • €46m realised in H1 2011 • total savings in 2011 expected at €103m vs initial target of €90m • total savings in 2012 expected at €167m vs initial target of €154m • No change to one-off implementation cost of €155m Synergies (€m) 250 Original forecast Current forecast 200 150 100 50 0 2011 2012 2016 £ to € conversion rate of 0.8681 used for 2011 £ to € conversion rate of 0.8368 for years 2012 to 2016

  26. Jirau – project background • 1,728MW (net), 3,450MW (gross) project • under construction: 46 turbines x 75 MW each • 1,975MW assured energy corresponding to 44 units • 69.8MW (minimum) assured energy corresponding to 2 new units • 70% contracted under 30 year PPA starting 2013 • contracted output ramps up to maximum level of 1,383MW assured energyin 2016 • contract price R$84/MWh (as at June 2011) indexed to inflation •  10% increase since January 2010 • Energy to be sold • balance of energy (net of PPA) to be sold in the free market • additional assured energy forunits 45 and 46 to be sold via new energy auction • Expansion - further 4 units under analysis for potential investment • 75MW each; will take total number of units to 50 • 139.5MW (minimum) assured energy allocated to 4 units • All 6 expansion units qualified for new energy auction (regulated) • represent 209MW (minimum) assured energy for 6 units • price cap of R$102/MWh 2012–2016 Assured Energy for 44 units (MW ) Free Energy Profile(illustrative only) 1,143 813 592 30% 1,162 1,383 70% 832 445 2012 2013 2014 2015 2016 Energy sold to distribution companies (30yr PPA) Energy to be sold in the free market

  27. Jirau – project update • Construction has returned to normal levels • 15,000 workers back on site • River deviation – a key milestone on track for H2 2011 • Negotiations ongoing with construction contractor • Project costs • Project timing  project expected to start phased commissioning in H2 2012  full assured energy level expected to be reached in H2 2013 • Transmission line environmental license issued in June 2011 • construction underway • Impact on 2012 and 2013 EBITDA • EBITDA contribution from Jirau expected to be lower by €100m in 2012 • no material impact in 2013

  28. Jirau – attractive fundamentals • Market fundamentals and trends expected to drive up free market prices • continued strong demand growth, fuelled by economic expansion • potential reliance on more expensive thermal sources • pricing to reflect overall rise in construction costs and stricter environmental requirements • potential for expanded free market • CDM revenues • Commercial optimisation by TractebelEnergia • strong track record in pricing optimisation • Project expansion to provide additional assured energy Jirau, project spillway

  29. Construction programme progress Major programme with 7.6GW (net) and 21.8GW (gross) under construction as at 10 August 2010 • Overall we are on track to deliver the 2013 EBITDA estimate included in our August 2010 disclosure • £872m (€1.0bn) Good progress on 2011 milestones • Several projects have commenced operation to date in 2011 • In total over 2GW of new net capacity to be operational during 2011 Asia Australia Latin America META UK - Europe North America Operational (net MW)1 August 2011 Astoria 2 173MW HUBCO Narowal 37MW Bahia lasMinas Conventional 4MW Dos Mares 2 71MW Estreito2 37MW Synergen 24MW Shuweihat 2 302MW RasLaffan C 179MW Estreito 1 37MW Mejillones CTA 79MW Al Dur 373MW T-Power 140MW Monte Redondo 10MW MejillonesCTH 47MW Pointe-Aux-Roches 58MW IPR Europe Wind 2MW Glow Phase 5 236MW Elecgas 210MW Dos Mares 19MW Estreito3-4 75MW NorthfieldMountain 2MW H1 2011 H2 2011

  30. New projects • 1,181MW (net) – 1,426MW (gross) of additional projects won / entered construction • incremental to the construction programme announced in August 2010 • representing growth capex of €1.6bn Net MW Gross MW Expected COD Peaker OCGT in Peru Wind projects in Brazil Wind projects in Canada Gas/oil CCGT in Pakistan New wind PPAs in Canada (Ontario) 324 100 184 375 198 524 145 184 375 198 2013 2012 2011-2013 2012 2013

  31. Latin America • Output largely contracted mid to long-term with indexed PPAs • Strong economic growth and high electricity demand continues • Construction programme (net MW) • 2 units of Estreito online (75MW) • 2 new coal plants in Chile operational (126MW) • Bahia Las Minas repowering in Panama completed (4MW incremental) • Dos Mares to be fully commissioned by end of 2011 (118MW) • peaker in Peru (324MW) • wind projects in Brazil (100MW) • Pipeline of development opportunities (gross MW) • hydro projects (1,200MW) and biomass (30MW) in Brazil • coal in Chile (375MW) Projected Capacity Additions Brazil (installed capacity MW) 160,000 120,000 Brazil: 6,000-6,500 MW/year 80,000 40,000 0 2010 2011 2012 2013 2014 2015 Chile, Peru (installed capacity MW) 20,000 16,000 Chile: 500-600 MW/year 12,000 8,000 Peru: 550-650 MW/year 4,000 0 2010 2011 2012 2013 2014 2015 H2 • LD income in Panama $36m in H1 Source: CEEMS

  32. North America Generation • Well positioned to capture market upside in ERCOT, PJM and New England • PJM: stronger performance of peaking plants in June, driven by hot weather • significant improvement in 2014/2015 forward capacity prices in PJM West, following recent auction • Texas reserve margin expected to reach equilibrium levels in 2014 • Growth (gross MW): • 198MW of new wind PPAs awarded in Canada • further pipeline of opportunities (over 400MW) • Mexico: development projects over 300MW Retail • Expanding customer base – entered Ohio market, with further growth in Pennsylvania Gas • Taking advantage of wide international gas/oil spreads via cargo diversions primarily to Europe/Asia LNG cargodiversions Algonquin Basis* ($/mmBtu) 1.5 12 H2 • Lower LNG diversions in H2 • Insurance receipt $30m (Northfield Mountain) • Improved generation outlook 0.7 2 H12010 H12011 H12010 H12011 * Premium to Henry Hub

  33. UK-Europe UK • Dark spreads benefitting from higher gas price and lower CO2price, although coal prices higher - but spark spreads remain weak • Temporary reduction of 3GW of capacity helping to reduce short-term oversupply (includes Teesside) • IPR plant performing well, providing high level flexibility to the system • Retail business focus on higher margin C&I customers • UK Electricity Market Reform White Paper: • greater clarity with capacity payment mechanism to ensure security of supply • much will depend on the detailed design and implementation • Growth opportunities in onshore wind (over 300MW gross) Continental Europe • Portfolio of long-term contracted assets performing well • T-Power (Belgium) – divestment of 33% interest expected Q4 2011 First Hydro, UK H2 • Saltend annual re-pricing in H2 • Higher margin contracts roll-off in Q4 • Peak retail demand in Q1

  34. META • Operational assets performing well with high levels of availability for both power and water • Over 5.5GW (gross) and 148MIGD (gross) under construction • Bahrain: Al DurCCGT • Oman: Barka 3 and Sohar 2 CCGT • Saudi Arabia: Riyadh CCGT • U.A.E.: Shuweihat 2 CCGT • Strong further growth (gross MW) • preferred bidder for Tarfaya (300MW wind) and Safi (1,200MW coal) • preferred bidder for oil-fired peaking plants in South Africa (1,027MW) • 7GW of new tenders/bids under preparation • 20GW of bids visible in the medium term • further growth potential through 16GW privatisation process in Turkey GCC actual and projected nominal GDP ($bn) 349.0 325.7 10% p.a 301.7 277.7 255.0 232.1 211.2 180.8 2010 2011 2012 2013 2014 2015 2016 2017 Source: Global Insight, WM, MEED, Moody’s RasLaffan Marafiq

  35. Asia • Portfolio of largely long-term contracted assets performing strongly • Strong economic growth fuelling demand for power generation • Transfer of TNP business to Glow in Q3 2011 • Construction programme progressing well • HubcoNarowal (oil-fired) commissioned in H1 (37MW) • Glow Phase 5 (natural gas CCGT cogeneration) expected to reach COD in H2 (236MW) Growth (gross MW) • Indonesia • 3 X 220MW geothermal projects • 1,200MW coal project • Vietnam • coal projects over 1,000 MW • gas project 2,000 MW • Pipeline of further opportunities across the region Average GDP growth 2011-15 (%) 8 6 4 2 0 Singapore Pakistan Thailand Indonesia Vietnam Source: Economist Intelligence Unit

  36. Australia • Proposed Climate Change Plan announced in July • Legislation to be tabled in Parliament in November 2011 • Brown coal-fired power generation to be eligible for carbon allowances (cash and credits) for the first five years starting July 2012 • Based on current proposal, impact of Plan expected to be cash flow positive and broadly earnings neutral over the initial five year period • Clearly a significant proposal for our Australian business, but not expected to be material in Group context • Potential ‘contract for closure’ to be reviewed for Hazelwood • Power market reaction:  Forward prices are already reflecting a CO2 cost of around A$15-16 per MWh Victoria BaseloadForward Curve (A$/MWh) 50 45 H2 2012 40 35 30 25 Jan Feb Mar Apr May Jun Jul 2011 H2 • Largely contracted

  37. Well positioned to capture recovery in Merchant Markets • Key common trends • spreads/prices well below new entrant levels • very limited new build • ageing plants - need for replacement capacity • capacity retirements driven by increasing environmental regulation • tightening reserve margins • IPR has a flexible and efficient portfolio across the merit order • deep market knowledge • skills across the value chain • growing ‘system player’ in all merchant markets ERCOT North On-Peak Spark Spread ($/MWh) 40 35 August 2012 30 25 20 Jan Feb Mar Apr May Jun Jul 2011 Uplift in PJM Capacity Prices$/MW-day (Sharp Revision) 140 120 100 80 60 40 20 0 June 2013 –May 2014 June 2014 –May 2015

  38. Access to fast growing emerging markets • Extensive development pipeline in key emerging markets • Over 17GW (gross) of projects under various stages of development • Opportunities to add incremental capacity at existing sites • Further growth potential through entry into new markets Electricity consumption and GDP growth forecast 16,000 UAE US 12,000 Australia Electricity consumption kWh/head (2010) 8,000 Singapore Saudi Arabia UK 4,000 Chile Oman Turkey Thailand Peru Brazil Vietnam Pakistan Indonesia 0 % 1 2 3 4 5 6 7 8 Average GDP growth 2011-2015

  39. Competitive strengths • Strong track record and experienced teams in all 6 core markets with operations in 31 countries • Excellent regional relationships with all key stakeholders • Enhanced development and construction teams with network of global expertise across key technologies • Increased global and regional scale providing economies of scale in procurement • Support from wider GDF SUEZ Group expertise in technologies and markets • Strong financial position with competitive cost of capital

  40. Outlook • Continue to expect growth in 2011 with performance in H2 anticipated to be similar to H1 • Excellent progress on combination realising greater synergies than initially expected • Overall construction programme progressing well and on plan to deliver the anticipated EBITDA growth in 2013 • despite the delay at Jirau • Greater integration in our merchant markets provides more resilience to portfolio • merchant assets well positioned to capture anticipated recovery • Significant pipeline of development projects in emerging markets backed by strong competitive position • Confident of delivering sustained growth in shareholder value

  41. Appendix All numbers in this document are presented on pro forma basis, and exclude exceptional items and specific IAS 39 mark to market movements, unless stated otherwise

  42. Key financial assumptions • Maintenance capex run rate €550m annually • Effective interest rate on gross debt • upward pressure in the medium term as construction programme in Brazil is completed • Effective tax rate • migrate gradually towards 30% in the medium to long term H1 2011Actual 2011 FYForecast • Growth capex1 - committed cash flow • Maintenance capex1 • Effective interest rate on Gross Debt • Effective tax rate • €1.0bn • €214m • 5.7% • 26% • £2.6bn • €550m 5.7% 26% 1 Includes proportionate consolidation of JVs, excludes associates. Also excludes expenditure incurred by assets accounted for as finance leases or service concession arrangements

  43. Interest and tax Six months ended 30 June H1 2011 €m H1 2010 €m Adjusted COI Associates Interest Tax PBITTotal interest Subsidiaries & JVs Associates Interest coverProfit before total taxTotal tax Subsidiaries & JVs Associates Effective tax rateProfit after tax 1,471 56 26 82 1,553 (317) (56) (373)1,180 (280) (26) (306) 874 4.2x 26% 1,350 40 24 64 1,414 (329) (40) (369)1,045 (204) (24) (228) 817 3.8x 22%

  44. Forecasting – sources of drivers for earnings

  45. Forecasting – cash and financial position

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