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Modification of the ownership of Biofirst S.A. 22-11-2011

As part of FLORIDIENNE's strategy to hold the majority of the capital of its participations and in accordance with the provisions of the shareholders' agreement between FLORIDIENNE and COMPAGNIE DU BOIS SAUVAGE, FLORIDIENNE has acquired COMPAGNIE DU BOIS SAUVAGE holding's in the capital of BIOFIRST S.A. (49.4%). This acquisition has been made on the basis of a valuation of 21 million euro for 100% of BIOFIRST S.A. and a potential earn-out in the event of the sale of CHEMCOM S.A. within the next 18 months.

This sale will have no impact on the consolidated equity of COMPAGNIE DU BOIS SAUVAGE. It will increase its liquidity position by 10.4 million euro.

FLORIDIENNE will thus hold 98.8% of the capital in BIOFIRST, with the balance being held by the management. This holding, which was consolidated by the equity method, will be consolidated globally from 1 January 2012.

On 31 December 2010, using the equity method, Floridienne had consolidated a net result of 0.15 million euro for its share. The turnover of Biofirst not consolidated by Floridienne was 27.8 million euro.

By the end of 2011, Floridienne should consolidate a result equivalent to the 2010 figure by the equity method.

BIOFIRST comprises 4 companies developing products and technologies for agriculture and wellbeing:

Biobest: With a presence via its subsidiaries in a dozen countries, and exporting to over 55 countries, Biobest is one of the world leaders in fruit and vegetable pollination by bumblebees and in the biological pest control with useful insects.

Chemcom: This company researches alternatives to chemical insecticides by developing the use of volatile molecules influencing insect behaviour. Chemcom has likewise partnered with Givaudan, the global leader in flavours and fragrances, to create TecnoScent, which is in the development phase of malodour blockers for the deodorant, washing powder and detergent industries.

Sopral: This company, located in Madagascar, is active in green pepper, essential oils and vanilla. Strategic alliances enable Sopral to grow into a major player in the processing and marketing of the island's various natural resources.

Sotecna: This company specialises in the production of pure and natural essential oils for the food and fragrance industries. It will rely on the presence of the Floridienne Group in Madagascar, Indonesia and the countries in the east, to ensure supplies of quality raw materials and process them locally.

FLORIDIENNE is a Belgian industrial group quoted on the Euronext in Brussels, which is the European or world leader in market niches or niche markets. Its activities are concentrated in four sectors: chemicals, special metals, festive foods and biotechnology.

COMPAGNIE DU BOIS SAUVAGE is a holding company with a patrimonial matter incorporated under Belgian law and listed on Euronext Brussels, with a stable "family" main shareholder.
It wants to focus on a limited number of participations, mainly industrial, listed or not. It wishes to influence the companies it invests in, particularly in the choice of the management and in the definition of the strategic orientations. It also provides support to operational management and help in financial management. Its view as a long-term shareholder is a guarantee of stability.
Vigilant with regards to the interest of its own shareholders, it requires a recurring income from its investments in order to allow the distribution of a dividend, if possible, in regular growth.
It aims not to depend on credit and to maintain the necessary resources for the industrial development of the companies in the Group.