Excluding the favourable impact of exchange rate fluctuations and the acquisition closed the previous year, consolidated revenues posted a slight organic decrease of 1.7%;

Gross margin of 23.0% versus 20.0% last year, an improvement attributable to higher value-added contracts for new infrastructures within the Water Treatment Group and the Pulp and Paper Group’s lucrative aftermarket business;

Normalized items totalling CAD5.7 million associated primarily with the Pulp and Paper Group, including restructuring costs of CAD3.8 million and a special doubtful accounts expense of CAD1.9 million motivated by difficult conditions in the pulp and paper industry;

Normalized EBITDA of CAD8.0 million, posting a 9.5% increase mainly attributable to the Water Treatment Group;

Consolidated normalized net earnings of CAD4.7 million or CAD0.18 per share (basic and diluted) in the third quarter, compared with CAD1.7 million or CAD0.07 per share (basic and diluted) the previous year;

Free cash flow of CAD4.7 million or CAD0.18 per share

Order backlog of CAD291.0 million as at December 31, 2008, down 21.6% (at constant exchange rates) from September 30, 2008, due mainly to the Pulp and Paper Group;

Good financial position: CAD9.3 million reduction in total debt since March 31, 2008, bringing the total net debt to invested capital to 22.0% as at December 31, 2008, compared with 28.3% as at March 31, 2008;

Consolidated results for the first nine months of fiscal 2009 (compared with consolidated and combined carve-out results for the same period of the previous year): revenues of CAD449.0 million (18.5% increase), normalized EBITDA of CAD22.8 million (36.4% increase) and normalized net earnings of CAD9.8 million or CAD0.37 per share(basic and diluted), up from CAD2.5 million or CAD0.10 per share (basic and diluted) the previous year;

In line with the recent restructuring plan and in the face of the continuing global economic crisis, Laurent Verreault, GLV’s CEO, has elected to reduce his annual base salary to a nominal CAD1.00 for the upcoming fiscal 2010 and to forgo all future pension allowances as per his employment contract. This decision is supported by a salary freeze for senior management for the same period.

Consolidated Results of GLV

Excluding the favourable impact of exchange rate fluctuations and the acquisition of AJM Environmental Services Pty Ltd. (AJM) closed the previous year, consolidated revenues posted a slight organic decrease of 1.7%. For the nine-month period ended December 31, 2008, GLV achieved consolidated revenues of CAD449.0 million, posting an 18.5% increase (15.8% increase at constant exchange rates) over the same period a year earlier, including organic growth of 12.7% at constant exchange rates. The consolidated gross margin as a percentage of revenues improved from 20.0% in the third quarter of last year to 23.0% this year. Both of GLV’s groups, as well as the Manufacturing unit, contributed to this improvement. For the first nine months of fiscal 2009, the gross margin as a percentage of revenues rose from 21.1% to 22.2%. This general improvement is attributable to higher value-added contracts for new infrastructures within the Water Treatment Group and the Pulp and Paper Group’s

lucrative aftermarket business.

Excluding the normalized items of CAD5.7 million primarily associated with the Pulp and Paper Group, third-quarter consolidated earnings before depreciation and amortization, financial expenses and income taxes, or normalized EBITDA(1), amounted to CAD8.0 million, compared with normalized EBITDA of CAD7.3 million the previous year, due to the favourable impact of currency fluctuations and the Water Treatment Group’s improved profitability. The normalized EBITDA millionargin as a percentage of revenues stood at 5.2%, compared with 5.3% in the same period of the previous year. For the nine-month period, consolidated normalized EBITDA totalled CAD22.8 million, compared with consolidated and combined carve-out normalized EBITDA of CAD16.7 million the previous year, whereas the normalized EBITDA margin as a percentage of revenues stood at 5.1% versus 4.4% for the same period of the previous year. GLV closed the third quarter with normalized net earnings (3) of CAD4.7 million or CAD0.18 per share (basic and diluted), compared with normalized net earnings of CAD1.7 million or CAD0.07 per share (basic and diluted) in the same quarter of the previous year. Consolidated normalized net earnings for the first nine months totalled CAD9.8 million or CAD0.37 per share (basic and diluted), compared with normalized consolidated and combined carve-out net earnings of CAD2.5 million or CAD0.10 per share (basic and diluted) in the corresponding nine-month period of the previous year.

Results and Outlook for the Water Treatment Group

The Water Treatment Group’s third-quarter revenues grew by 11.4% (2.0% growth at constant exchange rates) to CAD75.9 million. Acquired in March 2008, AJM continues to bring a contribution in line with and even above management’s expectations. Excluding this acquisition, the group’s revenues posted a 3.6% organic decrease (at constant exchange rates) due mainly to the significant slowdown in the UK municipal market. For the nine-month period, the group’s revenues increased by 11.1% (10.6% increase at constant exchange rates) to total CAD209.6 million. This increase is attributable to AJM’s contribution coupled with a 4.4% organic growth (at constant exchange rates). Excluding various restructuring costs of CAD0.2 million, the group’s normalized EBITDA amounted to CAD5.7 million in the third quarter, compared with CAD3.9 million the previous year. The normalized EBITDA margin thus rose from 5.7% to 7.5%. The restructuring of the Water Treatment Group’s North American operations carried out during the previous year is yielding benefits in line with management’s expectations. A stronger focus on higher value-added contracts and a more efficient execution of contracts notably contributed to improve the group’s gross margin. Segmented normalized EBITDA for the first nine months totalled CAD11.9 million for a normalized EBITDA margin of 5.7%, compared with CAD10.5 million for a 5.5% margin the previous year.

As at December 31, 2008, the Water Treatment Group’s order backlog stood at CAD192.3 million. At constant exchange rates, it reflected a 14.7% decrease from September 30, 2008, but a 0.4% increase over December 31, 2007. The decrease of around CAD10 million in the order backlog from September 30, 2008 can be explained mainly by GLV’s voluntary withdrawal from a project worth some CAD7 million, as the financial guarantees offered by the customer were deemed insufficient by GLV. This decision is consistent with the stricter risk management measures adopted by GLV since the beginning of the economic slowdown to preserve the solidity of its order backlog and balance sheet. In addition, the volume of new order bookings fell short of management’s expectations in most of the Water Treatment Group’s business segments during the third quarter.