Press Release28 April 2009Results for the year 2008

• Revenue € 2,280 million, a decrease of 5.2% (a like-for-like (1)

decrease of 1.1%).• Operating income (EBIT) € 188 million, a decrease of 35.8% (like-

for-like, a decrease of 30.4%).• Current EBIT(2) € 226 million, an overall decrease of 22.7%. • Difficult conditions in Spain and UK continued, performance in other

European markets increasingly affected by economic downturn as the year progressed.

• US housing market extremely difficult after summer, trading in Canada resilient. Weakness of Mexican market while the rest of Latin America continued to show organic growth.

• Disposal of Greenwood (UK) and acquisitions of RX Plastics (New Zealand), Dalpex (Italy) and Provinil (Brazil).

• Proposed dividend of € 0.23 gross per share (€ 0.1725 net), an increase of 9.5%.

On 23 April 2009, the Board of Directors approved the submission of the consolidated accounts for the year 2008 to the General Meeting of Shareholders that will be held on 27 May 2009.

COMMENTSRevenue from sales in 2008 was € 2,280 million (2007: € 2,405 million), an overall decrease of 5.2%. On a like-for-like basis, the decrease in revenue was 1.1%.

Operating income was € 188 million (2007: € 292 million), representing 8.2% (2007: 12.2%) of revenue, an overall decrease of 35.8% (like-for-like, the decrease was 30.4%). Operating income includes, amongst others, charges of € 9 million (2007: € 0 million) relating to impairment of goodwill and € 25 million relating to product liability claims. Current EBIT was € 226 million (2007: € 292 million), a decrease of 22.7%.

In North America, while US operations suffered from the continuing housing market slowdown that gained in intensity after summer, the Canadian businesses were more resilient. Profitability in the region was affected, however, by margin pressure and non-recurring items.

Latin America continued to show organic sales growth, while the US market environment had a significant negative impact on trading conditions in Mexico. Falling currency values in the second half impacted margins right across the region. An important strategic event was the acquisition in October of Provinil, a Brazilian plastics pipe systems business, which provides the platform for the Group to substantially extend its strategic reach in the region.

Performance in Europe was more varied although all activities experienced a general weakening towards year end. Spain and the UK had already started to suffer in the first half and, as the year progressed, activity levels in other significant economies such as Germany, Italy and Eastern Europe also started to perform below expectations. Early in 2008, the Group divested Greenwood, a UK ventilation activity that was non-core business. On the acquisition side, Dalpex Srl, an Italian manufacturer of multilayer pipe reinforced the Group’s product portfolio.

In Asia, Australasia and Africa, results were varied, being influenced by both regional and local economic factors. In China, the end of the Olympic Games coincided with a decrease of revenue, while in Australia the level of activity was subdued in the last quarter. Revenue in New Zealand rose but margins remained under pressure, and the same was true, although to a lesser extent, for the South African operations. In New Zealand, the Group, following the acquisition of Dux in 2007, acquired RX Plastics in April 2008. This is another important reinforcement of its position and product portfolio in the region.

Finally, during 2008, a number of key projects, such as for example the reorganisation of certain manufacturing activities in the UK, New Zealand, Germany and Hungary, have been carried out to rationalize operations, increase efficiency and service levels. Other projects have been analyzed during the year and will be carried out during 2009 and 2010.

OUTLOOK FOR 2009Trading conditions, which by the end of 2008 had become increasingly difficult in several of the Group’s key geographical markets, have spread and

deteriorated further during the first three months of 2009.

Forecasting with any degree of comfort in these abnormal times is extremely difficult. Consequently, the Group must move forward and manage the business taking appropriate measures.

The Group has therefore assumed that at least the first half of 2009 will remain very challenging in all geographic regions where it has operations. Some recovery may occur subsequently but the timing, location and strength of the recovery are uncertain.

In order to mitigate the impact of the downturn on the business, the Group continues to implement a range of specific actions focused on working capital and capital expenditure management, adaptation of production rates and reduction of all costs. The ongoing implementation of these actions should allow the Group to manage the short term challenges businesses all around the world currently face.

In conclusion, the Group is confident that these actions along with its strong balance sheet, its broad geographical reach, its committed people and extensive product portfolio will collectively ensure it emerges from the global economic recession ready and able to exploit opportunities for growth.

ANALYSIS OF REVENUE

The company’s auditor, Klynveld Peat Marwick Goerdeler Bedrijfsrevisoren burg. CVBA // Réviseurs d’Entreprises SCRL civile, represented by Benoit Van Roost, has issued an unqualified audit opinion on the IFRS consolidated financial statements and has confirmed that the accounting data included in this annual announcement do not include any apparent inconsistencies with the IFRS consolidated financial statements.

SUMMARY TRADING INFORMATIONYear ended 31 December (€ million) 2008 2007 Inc/(Dec)Revenue 2,280 2,405 (125)Current EBITDA(3) 303 369 (66)

% of revenue 13.3% 15.3%Current EBIT 226 292 (66)

% of revenue 9.9% 12.1%Operating income (EBIT) 188 292 (104)

% of revenue 8.2% 12.2%Profit before income taxes 161 251 (90)Net profit, attributable to : 126 182 (56)• Minority interests 2 2 -• Group equity holders 124 180 (56)

€ per share, share of Group equity holders (4)

2008 2007 %Inc/(Dec)

Basic earnings per share 1.46 2.11 (30.8)%Diluted earnings per share 1.46 2.09 (30.1)%Proposed gross dividend 0.23 0.21 9.5%

SUMMARY CONSOLIDATED BALANCE SHEETAt 31 December (€ million) 2008 2007 Inc/(Dec)Intangible Assets 549 609 (60)Property, Plant and Equipment 598 607 (9)Non-Current Investments 35 31 4Deferred Tax Asset 13 13 -Other Non-Current Assets 19 18 1Total Non-Current Assets 1,214 1,278 (64)Non-Cash Working Capital 489 438 51Total 1,703 1,716 (13)Equity (attributable to Group) 1,032 1,002 30Minority Interests 10 11 (1)Total Equity 1,042 1,013 29Non-Current Liabilities (5) 130 182 (52)Deferred Tax Liability 44 48 (4)Net Financial Debt 487 473 14Total 1,703 1,716 (13)

(1) Like-for-like being at constant exchange rates and excluding the impact of changes in scope of consolidation.

(2) Current EBIT being profit from operations before non recurring items.(3) Current EBITDA being EBITDA before non recurring items.(4) Per share data calculated on the total weighted number of shares in issue, net of treasury shares. (5) Non Current Liabilities in 2008 include € 60 million representing the right of put of the 49%

minority interest in Aliaxis Latinoamerica.

By industrial activityBy geographical area

Yves Mertens (Group Finance Director) – Manuel Monard (Group Corporate Development Manager)Tel. 32-2-775 5050 – Fax 32-2-775 5051 – E-mail : al iaxis@aliaxis.com

Europe 48%

Gravity systems

37%

Other building products

13%

Other 12%

USA & Canada

26%

LatinAmerica 14%

Asia, Australasia & Africa 12%

Pressure systems 38%