REXEL: SOLID FIRST QUARTER 2008: 3.1% ORGANIC GROWTH, ROBUST PROFITABILITY

Market Wire, May, 2008

SOLID FIRST QUARTER 2008:

3.1% ORGANIC GROWTH, ROBUST PROFITABILITY

- Organic sales growth on constant and same day basis: 3.1%*

- Robust profitability: Adjusted EBITA of 146 million EUR or 5.8% of sales vs. 5.5% excluding favourable non-recurring items in Q1 07

- Net income up 27.2% to 62 million EUR

- Continued improvement in working capital to 13.3% of sales from 14.2% at the end of Q1 07

- Hagemeyer transaction closed. Integration and disposal program on schedule

- 2008 objectives confirmed

Jean-Charles Pauze, Chairman of the Management Board and CEO, commented:

"Rexel's solid performance in Q1 08 in terms of organic growth and profitability demonstrates the underlying strength of the company. The growth in sales on a constant basis in all geographies including North America reflects the resilience of the industrial and non-residential related commercial markets throughout the world. In a challenging environment, Rexel is fully focused on achieving its objectives for 2008 and on increasing the profitability of the recently-acquired European activities of Hagemeyer."

* As reported -2.3%, notably due to calendar effect and exchange rate fluctuations against the euro

Hagemeyer transaction closed

Rexel successfully completed the acquisition of Hagemeyer NV on March 25, 2008. At that date, Rexel held 98.73% of Hagemeyer's outstanding shares and 100.00% of its outstanding 2012 convertible bonds.

Following this transaction, the retained Hagemeyer activities1 are consolidated from March 31, 2008. Their assets and liabilities are therefore included in the first quarter 2008 closing consolidated balance sheet. Their revenues, costs and cash flows will be included in consolidated income and cash flow statements as of April 1, 2008. Conversely, Rexel Germany is no longer consolidated as from April 1, 2008.

The 2007 Document de Référence, registered by the Autorité des marchés financiers (AMF) on April 30, 2008, under number R.08-046, provides comprehensive information on the combined Group's profile, including pro forma financial information for 2007. Appendix 4 of this press release provides pro forma consolidated financial information for Q1 08 as if the acquisition had taken place on January 1st, 2008.

1 Taking into account the disposals and asset swap agreed upon with Sonepar and the divestment of certain of Hagemeyer's activities in Ireland required by the European Commission, retained activities include: Hagemeyer's Professional Products & Services (PPS) activities in Belgium, the Czech Republic, Estonia, Finland, Germany (6 branches excluded), Latvia, Lithuania, the Netherlands, Norway, Poland, Russia, Spain and the United Kingdom, as well as Hagemeyer's ACE activities and the remaining Hagemeyer activities in Ireland.

Financial review

- Organic growth in all three geographical zones on a constant and same-day basis

- Ongoing cost reduction in North America and adjustments in other geographies

- Financial deleveraging already underway in Q1 08

Key Figures

(Unless otherwise stated, all comments are on a constant and adjusted basis

and for sales, at same number of days)

 ------------------------- -------------------- -------- -------- 
|IFRS, EUR million        |Three months to     |        |        |
|                         |March 31st          |        |        |
 ------------------------- -------------------- -------- -------- 
|                         |2008                |   2007 | Change |
 ------------------------- -------------------- -------- -------- 
|Constant and adjusted(2) |                    |        |        |
 ------------------------- -------------------- -------- -------- 
|Sales                    |2,516.2             |2,487.5 |   1.2% |
 ------------------------- -------------------- -------- -------- 
|Same number of days      |                    |        |   3.1% |
 ------------------------- -------------------- -------- -------- 
|Gross margin as a % of   |25.1%               |  25.3% |-20 bps |
|sales                    |                    |        |        |
 ------------------------- -------------------- -------- -------- 
|Excluding Q1 07          |                    |  24.7% | 40 bps |
|non-recurring items      |                    |        |        |
 ------------------------- -------------------- -------- -------- 
|Operating expenses       |(485.0)             |(476.3) |   1.8% |
 ------------------------- -------------------- -------- -------- 
|EBITA                    |146.4               |  153.4 |  -4.6% |
 ------------------------- -------------------- -------- -------- 
|As a % of sales          |5.8%                |   6.2% |-40 bps |
 ------------------------- -------------------- -------- -------- 
|EBITA excluding Q1 07    |                    |  137.4 |   6.5% |
|non-recurring items      |                    |        |        |
 ------------------------- -------------------- -------- -------- 
|As a % of sales          |                    |   5.5% | 30 bps |
 ------------------------- -------------------- -------- -------- 
|Actual                   |                    |        |        |
 ------------------------- -------------------- -------- -------- 
|Sales                    |2,516.2             |2,576.2 |  -2.3% |
 ------------------------- -------------------- -------- -------- 
|EBITA(3)                 |142.5               |  145.2 |  -1.9% |
 ------------------------- -------------------- -------- -------- 
|As a % of sales          |5.7%                |   5.6% | 10 bps |
 ------------------------- -------------------- -------- -------- 
|Net income               |62.5                |   49.1 |  27.2% |
 ------------------------- -------------------- -------- -------- 
|Free cash flow before    |121.9               |  196.7 | -38.1% |
|interest & tax(4)        |                    |        |        |
 ------------------------- -------------------- -------- -------- 
|Net debt                 |4,764.4             |3,794.5 |        |
 ------------------------- -------------------- -------- -------- 
|After disposals to       |~3,200              |        |        |
|Sonepar (est.)           |                    |        |        |
 ------------------------- -------------------- -------- --------