Press Release 25 April 2008

Results for the year 2007

• Revenue €2,405 million, an increase of 13.7%, (like-for-like increase 5.0%)

• Operating income €292 million, an increase of 7.8% (like-for-like increase 7.8%)

• First year’s trading for Aliaxis Latinoamerica, with strong organic growth

• Good performance despite market weakness in the US and Canada and slow-down in Europe

• Proposed dividend of €0.21 gross per share (€0.1575 net), an increase of 10.5%

The Board of Directors, at its meeting held on 24 April 2008, approved the submission of the consolidated accounts for the year 2007 for approval by the General Meeting of Shareholders to be held on 28 May 2008.

COMMENTS

Revenue from sales in 2007 was €2,405 million (2006: €2,116 million), an overall increase of 13.7%. The revenue included a full first year’s trading of Aliaxis Latinoamerica, which added significantly to the Group’s activities in Latin America. At constant exchange rates, and excluding the impact of this and other changes in the scope of the consolidation, the increase in revenue was 5.0%.

Operating income was €292 million (2006: €271 million), representing 12.2% (2006: 12.8%) of revenue, after charging €9 million (2006: €4.5 million) of restructuring costs. The overall increase in operating income was 7.8%. At constant exchange rates, and excluding the impact of the changes in the scope of the consolidation, the increase remained 7.8%.

The 2007 results were achieved largely through the ability of the Group’s North American operations to withstand the very challenging market conditions, especially in the US. Sales volumes were lower than in 2006 as a result of the persistent weakening of the housing market. However, the impact on margins was contained.

In Europe, trading activity in the Eurozone started strongly but weakened as the year progressed. Confidence in the European construction sector was affected by the spreading impact of the US sub-prime crisis. That, combined with slowing activity particularly in Spain and Germany, impacted results in the Group’s Building Products and Sanitary sectors. Nevertheless, sales exceeded expectations for 2007 as a whole, partly due to good growth in both the Utilities and Industrial sectors.

The Group’s presence in Latin America was expanded significantly through its investment to acquire 51% of Aliaxis Latinoamerica, a newly-created subsidiary which combined Aliaxis’ existing activities with those of the Durman Group. Growth in the region was strong, despite a slow first half in Mexico and some weakness in Puerto Rico and Nicaragua resulting in pressure on margins. Colombia and Peru were especially buoyant, and in Peru the successful consolidation of the Aliaxis and Durman businesses improved Aliaxis’ market presence.

In Asia, Australasia and Africa results in 2007 were mixed. In China, the business experienced pressure on labour costs arising from new regulations. Trading in Malaysia was very difficult due to intense price competition. In Australia, Aliaxis’ businesses benefited from strong domestic demand and export growth, and all the New Zealand operations met expectations for the year. Results in South Africa were again encouraging with strong sales growth in a competitive environment.

OUTLOOK FOR 2008

The increasingly volatile economic conditions in the Group’s major markets make it difficult to predict the outcome of the year. In North America 2008 will be another challenging year, especially in the US market. The Group will focus on maintaining its position and preserving its margins.

In Europe, the outlook is also for more difficult conditions in several key markets such as Spain and Germany, although modest gains may be made in Eastern Europe.

Latin America offers brighter prospects for demand thanks to stronger economic growth, and the Group will build on the positive start made by Aliaxis Latinoamerica.

Aliaxis will allocate more resources to innovation, with the Group’s priority being to enhance the value of its offering throughout the customer supply chain. The Group will continue to look for targeted acquisition opportunities which either add key technologies or enhance its position in its chosen markets.

ANALYSIS OF REVENUE

STATEMENT OF AUdITORThe statutory auditor, KPMG Bedrijfsrevisoren – Réviseurs d’Entreprises, represented by Benoit Van Roost, has confirmed that the audit procedures, which have been substantially completed, have not revealed any material adjustments which would have to be made to the accounting data included in the Company’s annual announcement.

SUMMARY TRAdING INFORMATION

Year ended 31 december (€ million) 2007* 2006 Inc/(dec)Revenue 2,405 2,116 289EBITDA 369 345 24

% of revenue 15.3% 16.3%Operating income 292 271 21

% of revenue 12.2% 12.8%Profit before income taxes 251 242 9Net profit, 182 166 16attributable to :• Minority interests 2 1 1• Group equity holders 180 165 15* In view of the existence of put rights beginning in 2011, Aliaxis Latinoamerica is 100% consolidated, with no minority interest, with effect from 1 January 2007.

€ per share, share of Group equity holders * 2007 2006 % Inc/(dec)

Basic earnings per share 2.11 1.93 9.3%Fully-diluted earnings per share 2.09 1.92 8.9%Proposed gross dividend 0.21 0.19 10.5% * Per share data calculated on the total weighted number of shares in issue, net of treasury shares.

SUMMARY CONSOLIdATEd BALANCE SHEET

At 31 december (€ million) 2007 2006 Inc/(dec)Intangible Assets 609 496 113Property, Plant and Equipment 607 553 54Non-Current Investments 31 30 1Deferred Tax Asset 13 19 (6)Other Non-Current Assets 18 27 (9)Total Non-Current Assets 1,278 1,125 153Non-Cash Working Capital 438 348 90Total 1,716 1,473 243Equity (attributable to Group) 1,002 847 155Minority Interests 11 11Total Equity 1,013 858 155Non-Current Liabilities * 182 90 92Deferred Tax Liability 48 52 (4)Net Financial Debt 473 473Total 1,716 1,473 243

* Non-Current Liabilities in 2007 include €105 million representing the 49% minority interest in Aliaxis

Latinoamerica which is subject to put rights beginning in 2011.

By industrial activityBy geographical area

Contac t: Yves Mer tens (Group Finance direc tor) - don Bai ley (Group Corporate development Manager) - Tel . 32-2-775 5050 – Fax . 32-2-775 5051 - E-mail : a l iaxis@aliaxis .com