Standard and Poor's rating

Standard & poor's lowered SAGESS's rating, following action on France ratings.

Following France lowered ratings from AAA to AA+ (with outlook negative), Standard & Poor's has lowered SAGESS's ratings on January 17, 2012.

A a consequence of the integral link between SAGESS and the French Government and the critical role played by SAGESS in the management of strategic oil reserves, SAGESS's ratings have been equalized with that on France, with a lowering from AAA to AA+ (with outlook negative).

SAGESS's short term rating is unchanged at A-1+.