First Quarter 2005 Revenues Show Sustained Growth for Sanef

PARIS--April 19, 2005 Sanef group revenues of 254 Million EUR for the first quarter of 2005 (Q1 2005) showed an increase of 9.1% over Q1 2004 revenues. Growth in Q1 2005 revenues primarily reflected growth in toll receipts, however Q1 2005 also saw a substantial increase in non toll revenues. The robust 7.2% increase in toll revenues reflects traffic growth of 4.1% (of which 0.9% resulted from the opening of a new section of the A29), as well as an increase in tariffs as of December 1St 2004.

Revenues

Millions EUR                         Q1-2004       Q1-2005   % Change
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Toll Receipts                        223.1        239.1        7.2
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Shopping and Service Areas            3.7          3.9         5.4(a)
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Subscriptions & Telematic Services    3.1          6.1        96.8
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Telecommunications                    2.6          3.0        15.4
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Engineering Services & Other          0.4          1.9        375.0
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     Total Non Toll Revenues          9.8         14.9        52.0
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Total Group Revenues                 232.9        254.0        9.1
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(a) Estimate : revenues for this business line are based on an annual
appraisal of activity

In 2004, Q1 Toll Receipts represented 22% of full year 2004 Toll Receipts.

Traffic growth of 4,1%

Group traffic (measured in kilometres travelled) increased by 4.1% in Q1 2005 relative to Q1 2004, with strong growth in light vehicle (LV) traffic of 5% and moderate 0.7% expansion of Heavy Goods Vehicle (HGV) traffic.

Traffic growth for Q1 2005 relative to Q1 2004 was influenced by the following factors:

-- 2005 has one less day than 2004, which was a leap year

-- a favourable calendar for LV traffic and an unfavourable calendar for HGV traffic : the Easter weekend reinforced LV traffic while also restricting HGV traffic

-- the opening of the final section of the A29 between Amiens and Neufchatel en Braye. This new stretch of toll motorway added 0.9% traffic growth to like for like network traffic growth, with the new stretch opening for service on January 14th 2005. This section of motorway saw anticipated rapid growth in traffic, and a high percentage of HGV traffic (27%)

-- a network knock on effect of the A29 providing an alternative ring road north of Paris that reinforces growth on adjoining sections of the A29 toll motorway, as well as adding traffic on the A 16.

The first quarter generally experiences less travel than other quarters in the year; in 2004 the quarter represented 22% of the annual total kilometres travelled.

Traffic

In  millions of  Km traveled            Q1-2004    Q1-2005   % Change
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--------------------------------------- -------- ----------- ---------
 A1-A2                                   834.8     851.9       2.0
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 A4                                      805.2     831.0       3.2
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 A13-A14                                 589.6     608.4       3.2
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 Alternative A16-A26-A29                 741.3     802.5       8.3
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 Total LV + HGV traffic                 2 970.9  3 093.7(b)   4.1
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        Of which Total LV               2 354.3  2 472.9      5.0
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        Of which Total HGV               616.6     620.8       0.7
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(b) including 26.8 million km travelled on the new A29 stretch, or
0,9% of growth

Growth in non toll revenues

Offshoot business lines also showed substantial growth in Q1 2005 versus Q1 2004, with revenues increasing by 52%.

Subscriptions and Telematic Services :

Strong growth in the number of badges in service (410 000, 26% more than in Q1 2004), as well as the inclusion of Masternaut in Group consolidated figures, helped boost Q1 2005 growth. Masternaut's revenues were 2.5 Million EUR in Q1 2005 versus 1.5 Million EUR in Q1 2004. On a like for like consolidated basis, the Subscriptions and Telematic Services lines of business showed 16% growth in revenues.

The revenues of Sanef's subsidiary Masternaut were previously consolidated in the 2004 accounts (as of July 1st) within the business line Engineering Services and Other. As of Q1 2005 Masternaut is reported within the Subscriptions and Telematic Services business line.

Telecommunications :

Fibre network leasing and signal tower rental activities were stable for the quarter year on year. Growth in new end user services are reflected in the increase of revenues for this business segment.

Engineering Systems and Services :

This business line has seen the initial billings in Croatia for its contract to provide fixed operating equipment (toll collection, traffic management and telecommunications), as well as robust activity in Local Services.

A first quarter marked by significant events

Aside from Sanef's IPO, Q1 2005 saw a number of significant developments affecting the execution of its strategy:

-- The opening of a new section of the A29, between Amiens and Neufchatel en Braye, on the 14th of january 2005, completing the widespread ring road around the north of Paris linking Troyes to Alencon via Reims, Amiens and Rouen.

-- A strong quarter for the marketing of light vehicle telematic subscriptions, with an additional 21 000 Liber-t badges sold under Q1 2005, confirming Sanef's leading position on this market.

-- Participation in the first phase studies, in association with Eiffage, for the bidding on the A65 Pau-Bordeau (Langon) toll motorway (approximately 140 km in length.)

-- The purchase of 12% of ALIS, the operating company for the A28 between Rouen and Alencon, raising Sanef's overall stake in this firm to 20%

-- The signing of a Group Contract with the French State, laying out the required service commitments and outlays for both Sanef and SAPN for the 2004-2008 period

-- Continuing negotiations with the CNA in order to restructure a portion of Group debt, leading to expectations of an improved debt structure (cost and maturity.)


Financial Communications Calendar

--  19 July 2005 (before market opening):    2nd Quarter 2005 Revenues
--  14 September 2005 (before market opening):  1st Half 2005 Results
--  18 October 2005 (before market opening): 3rd Quarter 2005 Revenues

The Sanef Group, Europe's 4th largest motorway concessionary located in Europe's economic heartland

Group Revenues 1 Billion Euros - 3600 employees - a network of 1743 km motorways.

Key subsidiaries : Societe des Autoroutes Paris Normandie and Masternaut, a major player in telematic services.

Sanef is quoted on the Euronext Eurolist A (Euronext code SNF , ISIN : FR0004151561)