2VALORISE

Interim / Quarterly Report • Aug 31, 2011

INTERIM RESULTS REPORT

For the six months period ended 30 June 2011

Regulated information Brussels – August 31, 2011 – 18.00 CET

CONTENT

• 1. IFRS interim consolidated financial statements
• I. Consolidated statement of comprehensive income
• II. Consolidated statement of financial position
• III. Consolidated statement of cash flows
• IV. Consolidated statement of changes in equity
• V. Valuation rules
• 1. Interim management report
• I. Main events during the first six months of 2011
• II. Financial performance over the first six months of 2011 (including explanatory notes)
• III. Important events after 30 June 2011
• 1. Outlook for the year 2011
• 1. Auditor's report on the interim financial information
• 1. Financial calendar 2011-2012
• 1. Declaration by the responsible persons
• 1. About 4 Energy Invest

1. IFRS interim consolidated financial statements

The Board of Directors approved on August 12th 2011 4Energy Invest's IFRS interim consolidated financial statements for the six months period ended 30 June 2011. The accounts have been submitted to a limited review by VGD Bedrijfsrevisoren. The financial reporting for the six months period ending June 30 2011 is in compliance with IAS 34 – interim financial reporting.

I. Consolidated statement of comprehensive income

	30 June 2011	30 June 2010
	€'000	€'000
Sales	5,264	4,483
Other operating income	26	637
Revenues	5,290	5,120
Cost of sales	-3,058	-2,560
Personnel costs	-437	-397
Other operating expenses	-791	-752
Operating cash flow (EBITDA)	1,004	1,410
EBITDA excluding fair value warrants & exceptional other operating income	1,047	1,015
Depreciation, amortisation and provisions	-1,423	-1,420
Impairment of property, plant and equipment	0	-501
Operating result (EBIT)	-419	-510
Financial income	211	8
Financial costs	-507	-1,520
Net financial costs	-296	-1,512
Result before tax	-715	-2,022
Income tax expense	841	562
Result of the period	126	-1,460
Result of the period (excl. impact IAS 39)	-83	-827
Result of the period (excl. impact IAS 39 & fair value warrants)	-41	-721
Attributable to
Equity holders of 4 Energy Invest	126	-1,460
Minority interests	0	0
Weighted average number of shares	12,520,090	12,520,090
Weighted average number of w arrants issued (not in the money)	660,011 (1)	772,343
Earnings/Share	0,01	-0.12
Diluted earnings/Share	0,01	-0.12

(1) 239,998 of the 900,009 warrants issued have expired as their conditions to exercise can not materialize anymore

	30 June 2011	30 June 2010
	€'000	€'000
Result of the period	126	-1,460
Other comprehensive income
Income related to issued w arrants	43	106
Income tax relating to components of other comprehensive income	0	0
Other comprehensive income for the period, net of tax	43	106
Total comprehensive income for the period	169	-1,354

II. Consolidated statement of financial position

	30 June 2011	31 Dec. 2010
	€'000	€'000
Non current assets	79,355	69,000
Intangible fixed assets	181	69
Land and buildings	2,797	2,919
Installations, machinery and equipment	26,614	27,802
Furniture and vehicles	56	70
Leasing and similar rights	708	783
Other tangible assets	30	33
Assets under construction and development	42,479	31,797
Goodw ill	0	0
Deferred tax assets	6,333	5,491
Other non current assets	157	36
Current assets	5,325	4,797
Inventories	1,082	1,021
Trade receivables	1,252	1,242
Other receivables	914	1,515
Cash and cash equivalents	2,076	1,019
Total assets	84,680	73,797
Equity	26,843	26,673
Share capital	6,387	6,387
Share premium	18,104	18,104
Retained earnings	2,352	2,182
Equity attributable to equity holders	26,843	26,673
Minority interests	0	0
Non current liabilities	47,635	37,843
Interest bearing loans and borrow ings	47,635	37,843
Deferred tax liability	0	0
Current liabilities	10,201	9,280
Interest bearing loans and borrow ings	5,326	4,610
Trade payables	3,264	3,070
Other payables	1,611	1,600
Total equity and liabilities	84,680	73,797

III. Consolidated statement of cash flows

	30 June 2011 - 31 Dec. 2010	30 June 2010 - 31 Dec. 2009
	€'000	€'000
Cash flow from operating activities
Net profit (loss) after taxes	126	-1,460
Adjustment for non-cash or non operating items
Deferred taxes	-841	-562
Depreciation, amortization and provisions	1,423	1,420
Share options	43	106
Impairment of property, plant and equipment	0	501
Unrealised loss (gain) on financial instruments	-209	960
Financial result	505	552
Cash flow from operating activities before changes
in working capital and provisions	1,047	1,516
Decrease/(Increase) in other long term receivables	-121	648
Decrease/(Increase) in inventories	-61	-262
Decrease/(Increase) in trade receivables	-10	358
Decrease/(Increase) in other receivables	601	768
(Decrease)/Increase in trade payables	194	182
(Decrease)/Increase in other payables	220	-508
Net cash from operating activities	1,870	2,702
Cash flow from investing activities
Net investment in property, plant and equipment	-10,816	-5,572
Net cash from investing activities	-10,816	-5,572
Cash flow from financing activities
Net proceeds from the issue of share capital	0	0
Net proceeds from loans	10,509	572
Interest income	2	8
Interest cost	-507	-560
Net cash from financing activities	10,003	20
Net increase/decrease in cash and cash equivalents	1,057	-2,849
Net cash and cash equivalents at January 1st	1,019	3,171
Net cash and cash equivalents at June 30th	2,076	322

IV. Consolidated statement of changes in equity

	30 June 2011 vs	30 June 2010 vs
	31 Dec. 2010	31 Dec. 2009
	€'000	€'000
Capital
At the beginning of the period	24,491	24,491
Share capital increase	0	0
Share capital decrease	0	0
Costs attributable to capital	0	0
Deferred taxes	0	0
At the end of the period	24,491	24,491
Retained earnings
At the beginning of the period	2,182	3,058
Profit (loss) of the year	126	-1,460
Equity related to share options	43	106
At the end of the period	2,351	1,704
Total equity attributable to equity holders	26,842	26,195
Minority interest
At the beginning of the period	0	0
Increase in minority interest in subsidiaries	0	0
Profit (loss) of the year	0	0
Buy out minority shareholders	0	0
At the end of the period	0	0
Total equity	26,842	26,195

V. Valuation rules

The interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Board (IASB), as adopted by the European Union. The accounting policies are consistent with those applied in the annual consolidated financial statements ended 31 December 2010, as described in the annual report of the company that was published on April 29th 2011.

2. Interim management report

The interim management report should be read in conjunction with 4Energy Invest's interim consolidated financial statements ended 30 June 2011.

I. Main events during the first six months of 2011

Improved operational performance of the Amel I & Amel II cogeneration facilities was partially off-set by scheduled major overhaul of Amel I that resulted in the non production of Amel I for 15 consecutive days and a major scheduled maintenance cost

Electrical energy production during semester 1 2011 was in line with comparable period last year and this despite the scheduled outage of Amel I during 15 consecutive days for major overhaul in quarter 2 2011. Scheduled major overhaul of Amel I resulted in a very significant non recurrent maintenance cost that increased cost of sales. The further improvement of the economics of the Amel I and Amel II cogeneration units (through the enhancement of the qualitative character of the cogeneration scheme) has not been realized as a result of the delay in start-up of the torrefaction unit in Amel.

Construction of the cogeneration project in Ham (Belgium) is materializing according to time and budget expectations

4Energy Invest and KBC Bank agreed to restructure the credit contract of Renogen

The repayment schedule of the outstanding long-term credit facilities of Renogen related to the projects Amel I, Amel II and Amel III have been stretched over a linear period of 10 years starting as from December 31st 2011. An interest rate of EURIBOR 3 months +2.5% is applied on the outstanding amounts under the long term credit facilities.

4Energy Invest appealed the arbitration sentence that covered the amount of compensation to be paid by the insurance companies in the litigation related to damages resulting from the delay in commercial operation of Amel I

II. Financial performance over the first six months of 2011 (including explanatory notes)

The consolidated statement of comprehensive income and the consolidated statement of financial position reflect the following status of the different investment projects pursued by 4 Energy Invest

In commercial operation

• Amel I cogeneration project ("Amel I"): in commercial operation since November 2007 (operated within the affiliates Renogen/Amel Bio);

• Amel II cogeneration project ("Amel II"): in commercial operation since May 2008 (operated within the affiliates Renogen/Amel Bio);

• Optimization of fuel handling facilities Amel I and Amel II: in commercial operation since July 1 st 2009 (operated within the affiliate Renogen);

Under construction/test phase

• Amel III BioCoal production project ("Amel III"): under construction since February 2009 (constructed within the affiliate Renogen);

• Ham cogeneration project: under construction since December 2009 (constructed within the affiliate 4HamCogen);

Under advanced stage of development

• Ham BioCoal production project (Belgium): (developed within the affiliate 4Biofuels);
• Reisbach BioCoal production project (Germany): (developed within 4Energy Invest);

Under development

• BioCoal production projects with integrated forest management: (developed within 4Energy Invest);

For a detailed description of the different investment projects, we also refer to our website (www.4energyinvest.com) or to our annual report 2010.

The consolidated statement of comprehensive income and the consolidated statement of financial position reflect the group structure as presented in our annual report 2010.

Consolidated statement of comprehensive income for the six months period ended 30 June 2011

	30 June 2011	30 June 2010
	€'000	€'000
Sales	5,264	4,483
Other operating income	26	637
Revenues	5,290	5,120
Cost of sales	-3,058	-2,560
Personnel costs	-437	-397
Other operating expenses	-791	-752
Operating cash flow (EBITDA)	1,004	1,410
EBITDA excluding fair value warrants & exceptional other operating income	1,047	1,015
Depreciation, amortisation and provisions	-1,423	-1,420
Impairment of property, plant and equipment	0	-501
Operating result (EBIT)	-419	-510
Financial income	211	8
Financial costs	-507	-1,520
Net financial costs	-296	-1,512
Result before tax	-715	-2,022
Income tax expense	841	562
Result of the period	126	-1,460
Result of the period (excl. impact IAS 39)	-83	-827
Result of the period (excl. impact IAS 39 & fair value warrants)	-41	-721
Attributable to
Equity holders of 4 Energy Invest	126	-1,460
Minority interests	0	0
Weighted average number of shares	12,520,090	12,520,090
Weighted average number of w arrants issued (not in the money)	660,011 (1)	772,343
Earnings/Share	0,01	-0.12
Diluted earnings/Share	0,01	-0.12

(1) 239,998 of the 900,009 warrants issued have expired as their conditions to exercise can not materialize anymore

The sales for € 5.3 million during the first six months of 2011 are 17% above the sales of the first six months of 2010, and result from higher green certificates sales and a higher average realized electricity price compared to the first six months of 2010. The sales are composed by the sale of green energy (€ 3.9 million compared to € 3.3 million in 2010), the sale of energy (€ 1.3 million compared to € 1.1 million in 2010) and the sale of CO2 quota (ETS) related to the operation of Amel I and II (€ 0.1 million compared to € 0.1 million in 2010).

The cost of sales during the first six months of 2011 amounted to € 3.0 million (€ 2.6 million in 2010) and consisted of purchases of biomass for € 1.85 million (€ 1.8 million in 2010), operating and maintenance expenses for € 0.8 million (€ 0.3 million in 2010), the cost of the distribution injection tariffs for € 0.1 million (€ 0.2 million in 2010) and other expenses for € 0.25 million (€ 0.3 million in 2010). The disproportional increase in operation and maintenance expenses is mainly explained by the scheduled major overhaul of Amel I that resulted in a non recurrent maintenance cost of € 0.4 million.

The personnel costs increased with 10% compared to similar period last year and result from inflation and the more expensive terms and conditions included in the collective agreement concluded for the Amel workforce.

The other operating expenses amounted to € 0.8 million, compared to € 0.75 million in 2010. The increase in other operating expenses result from an increase in fees incurred in preparing files for the roll-out of the torrefaction technology in countries where more abundant biomass resources are available and where collaboration agreements are considered with local industrial players active in the forestry industry. None of those costs incurred have been activated under projects under development since the second semester of 2010.

The resulting EBITDA margin for the first six months of 2011 amounted to € 1.0 million (19.0% of revenues) if non recurrent expenses are included or € 1.4 million (27.3% of revenues) if non recurrent expenses are excluded). When excluding non recurrent items, this indicates a significantly better underlying operational performance compared to similar period last year of the Amel cogeneration units.

The property, plant and equipment of Amel I and Amel II have been depreciated for € 1.4 million in line with the amount of the similar period of last year. The assets under construction in Amel and Ham have not yet been depreciated during the first six months of 2011.

The resulting EBIT margin equals € -0.4 million, marginally better than comparable period last year.

The net financial costs of € 0.3 million reflect the interest expenses on the credit facilities used for Amel I and Amel II and the change in mark-to-market value at 30 June 2011 of the interest rate swaps that have been structured for the credit facilities of Amel I, Amel II, Amel III and the Cogeneration project in Ham. Evolution in mark-to-market value at 30 June 2011 accounted for € - 0.2 million in the total net financial costs (€ 1.0 million in comparable period last year).

The result before tax amounted to - € 0.7 million. The income tax of € 0.8 million comprises deferred tax assets and mainly relates to tax-losses carried forward and the tax impact of investment deduction and notional interest deduction.

The net profit for the period equals € 0.1 million.

Consolidated statement of financial position at 30 June 2011
--------------------------------------------------------------

	30 June 2011	31 Dec. 2010
	€'000	€'000
Non current assets	79,355	69,000
Intangible fixed assets	181	69
Land and buildings	2,797	2,919
Installations, machinery and equipment	26,614	27,802
Furniture and vehicles	56	70
Leasing and similar rights	708	783
Other tangible assets	30	33
Assets under construction and development	42,479	31,797
Goodw ill	0	0
Deferred tax assets	6,333	5,491
Other non current assets	157	36
Current assets	5,325	4,797
Inventories	1,082	1,021
Trade receivables	1,252	1,242
Other receivables	914	1,515
Cash and cash equivalents	2,076	1,019
Total assets	84,680	73,797
Equity	26,843	26,673
Share capital	6,387	6,387
Share premium	18,104	18,104
Retained earnings	2,352	2,182
Equity attributable to equity holders	26,843	26,673
Minority interests	0	0
Non current liabilities	47,635	37,843
Interest bearing loans and borrow ings	47,635	37,843
Deferred tax liability	0	0
Current liabilities	10,201	9,280
Interest bearing loans and borrow ings	5,326	4,610
Trade payables	3,264	3,070
Other payables	1,611	1,600
Total equity and liabilities	84,680	73,797

The net increase in non current assets (after depreciation of assets in operation) mainly reflects the increase in assets under construction and development to € 42.5 million and is composed as follows;

• The construction of the large scale torrefied wood production facility in Amel for an amount of € 15.4 million (net of investment subsidies granted for € 1.3 million) (€ 14.0 million end 2010) that is scheduled to be brought into commercial operation before the end of the year 2011;
• The construction of the wood biomass fired cogeneration (heat & power) plant in Ham, alongside the Albert Canal in the Province of Limburg for an amount of € 26.8 million (€ 17.6 million end 2010) that is scheduled to be brought into commercial operation before the end of the year 2011;
• Assets under development outstanding for € 0.3 million (€ 0.2 million end 2010) reflecting the investments and activated expenses on the following projects; Reisbach & Ham BioCoal production project: € 0.3 million

The decrease in value of property, plant and equipment items in the balance sheet reflects the depreciation accounted for over the first six months of the year 2011 on the assets in commercial operation.

The increase in net cash and cash equivalents by € 1.1 million reflects the outcome of the following major cash (flow) movements over the first six months of 2011;

• Positive net cash contribution from operating activities for € 1.9 million;
• Net investment in property, plant and equipment for € 10.8 million;
• Net proceeds from loans and credit facilities for € +10.5 million;
• Net interest cost of € 0.5 million;

The net cash and cash equivalents position does not take into account unused credit facilities at the level of the affiliates that are available going forward for the finalization of the construction projects of Amel III (€ 0.8 million) and the Cogeneration project in Ham ((€ 10.0 million). The project finance character of the Ham Cogeneration project makes that available cash and cash equivalents can not have a mixed use among the affiliates Renogen and 4Ham Cogen.

The positive net cash contribution from operating activities is composed by the cash flow from operating activities before changes in working capital and provisions for € 1.0 million and a decrease of € 0.9 million in working capital needs.

The equity attributable to the equity holders of 4Energy Invest increased to € 26.8 million in line with the net profit of the period and the positive equity value related to the warrants.

The interest bearing loans and borrowings increased with € 10.5 million to € 53.0 million and reflect the following changes in the amounts outstanding under the different credit facilities of 4Energy Invest;

	30 June 2011	31 december 2010
	€'000	€'000
4Ham Cogen facility ING-KBC	17,522	7,916
4Ham Cogen facility LRM	3,571	2,857
Renogen bank facilities Amel I	11,437	11,908
Renogen bank facility Amel II	8,550	8,835
Renogen bank/lease facilities Amel III	9,619	9,650
Amel Bio leasing facilities (Amel I and Amel II)	671	748
Renogen straight loan	775	0
Amel Bio straight loan	448	169
Accrued interest expenses	368	370
Total	52,961	42,453

Repayments under the credit facilities structured for the assets in commercial operation (Renogen facilities Amel I and Amel II + leasing Amel Bio) equaled € 0.9 million over the first 6 months of 2011, in line with the renegotiated debt redemption schedules with KBC Bank. Continued use has been made of the Debt Service Reserve Account ("DSRA") that was structured at Renogen level in the framework of the Amel operations (and accounted for in the consolidated statement of financial position under "Other Non Current assets") in order to fund the cost overruns related to Amel III.

Segment reporting

	Cogeneration	BioCoal	Non segment related	Total consolidated
Total revenues	5,290	0	0	5,290
Cost of sales	-3,058	0	0	-3,058
Other operating expenses	-191	0	-600	-791
Personnel costs	-377	0	-60	-437
Depreciation	-1,412	0	-11	-1,423
Impairment	0	0	0	0
Net financial costs	-360	64	0	-296
Income tax expense	0	0	841	841
Result of the period	-108	64	170	126
	Cogeneration	BioCoal	Non segment related	Total consolidated
Revenues from external customers	5,290	0	0	5,290
Intersegment revenues	0	0	0	0
Interest revenues	147	64	0	211
Interest expenses	-507	0	0	-507
Depreciation and amortisation	-1,412	0	-11	-1,423
Impairment of assets	0	0	0	0
Reportable segment profit	-108	64	170	126
Reportable segment assets	59,170	16,951	8,559	84,680
Capital expenditures per segment	9,178	1,637	2	10,816

Reportable segment liabilities 46,842 10,212 784 57,837

III. Important events after 30 June 2011

Nomination of ContinuousInsight2Impact with permanent representative Filip Lesaffer as new Chairman of the board of directors

2DMultimedia with permanent representative Daniel Deroux decided early July 2011 to resign as Chairman and member of the board of directors of 4Energy Invest. The board of directors decided to appoint ContinuousInsight2Impact with permanent representative Filip Lesaffer as new Chairman of the company.

The biomass fired cogeneration project is Ham is currently in test phase

The cogeneration unit was first synchronized with the grid on July 18th 2011 and succeeded a production test up to 9.2 MW on July 30th 2011. The EPC contractors are currently continuing the contractually agreed test programs as to reach the status of commercial operation. It is currently expected that 4HamCogen will reach the status of commercial operation in Q4 2011.

4Energy Invest continues to make progress in fine-tuning the torrefaction process in Amel and prepares as of the date of this report the first deliveries of BioCoal to its industrial customers

3. Outlook for the year 2011

4Energy Invest's results for the second half of the year 2011 are expected to be influenced by the following factors

• Amel I and Amel II have no further major planned maintenance for the second half of 2011;
• The start of commercial operation of the BioCoal production facility in Amel (Amel III) whereby a gradual ramp-up of the production capacity of the facility can be expected;
• The start of commercial operation of the Ham cogeneration project that should start contributing to EBITDA as from quarter 4 2011;
• Electricity prices currently experienced in the (spot) power market have weakened significantly compared to the first months of 2011. Lower oil prices could impact the electricity prices for the rest of the year 2011 and impact the operational margins of the cogeneration activities in both Amel and Ham;
• The start of commercial operation of Amel III should further increase the industrial heat consumption in Amel and thus increase the qualitative character of the cogeneration units in Amel with resulting increase in production of green certificates;
• The start of commercial operation of two significant investment projects in 2011 will result in an allocation of the fixed overhead costs over a much larger asset base in operation with resulting improvement of EBITDA margins;

4Energy Invest continues the preparation of the roll-out of the torrefaction technology. Permits have been obtained for a biocoal production unit in Ham (Belgium) and in Reisbach (Germany). Permit files and/or negotiations on partnerships with local industrial partners active in the forest industry are under preparation in other countries where more abundant biomass resources are available.

4Energy Invest confirms that it has to mobilize additional financial resources at either the holding or an affiliate company level before the end of the year 2011 in order to secure the financial resources that are needed to secure and consolidate the existing business and to continue the preparation of the roll-out of the torrefaction technology.

The projects in commercial operation, under construction and under development confirm the long term strategy pursued by 4Energy Invest within the biomass-to-energy sector. A long term strategy that is centered on the following three axes:

• Leverage the existing cogeneration asset base in Belgium by integrating other biomassto-energy applications (e.g. BioCoal in Amel and in Ham);
• Gradual geographic expansion of
• ‒ the cogeneration experience in European countries where the regulatory framework is sufficiently attractive and,
• ‒ roll-out of the wood torrefaction technology by developing BioCoal production capacity in countries where more abundant biomass resources are available than in Western Europe;
• Technology diversification within the biomass to energy sector could allow the Group to broaden the range of biomass products used in its industrial processes.

4. Auditor's report on the interim financial information

REPORT OF THE STATUTORY AUDITOR TO THE SHAREHOLDERS OF 4 ENERGY INVEST NV ON THE REVIEW OF THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2011 AND FOR THE SIX MONTHS THEN ENDED

Introduction

We have performed a limited review of the accompanying interim consolidated financial statements of 4Energy Invest NV ("the company") and its subsidiaries for the six-month period ended 30 June 2011. The total of the consolidated statement of financial position as at June 30, 2011 amounts to € 84.680.000 and the consolidated statement of comprehensive income then ended shows a profit of the period of € 126.000. The Board of Directors of the company is responsible for the preparation and the fair presentation of the interim financial information. Our responsibility is to express a conclusion on these consolidated financial statements based on our review.

The interim financial information has been prepared in accordance with the recognition and measurement criteria of IFRS as adopted by the European Union.

Scope of review

We conducted our review in accordance with the recommendation of the "Institut des Reviseurs d'Entreprises / Instituut der Bedrijfsrevisoren" applicable to review engagements. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the auditing standards of the "Institut des Reviseurs d'Entreprises / Instituut der Bedrijfsrevisoren" and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

As extensively described in the interim results report, 4Energy Invest has, after having taken over the construction of the torrefaction unit Amel III in June 2010, been unable to operate the installation for the production of biocoal in Amel at industrial scale.

This uncertainty significantly affects the relevance of the financial statements included in this interim results report. No impairment has been recorded on the Amel III installation which is reported under 'Assets under Construction' for an amount of 15.4 million euro, nor has an impairment been recorded on the deferred tax assets position currently recognized. The deferred tax asset recognized at the level of Renogen, the company operating the Amel III installation, amounts to 4.1 million euro of which a significant part might not be recoverable if the Amel III installation would not become operational. Moreover, a negative outcome of the Amel III project might jeopardize the recoverability of the deferred tax asset currently recognized at the level of 4Energy Invest for an amount of 1.1 million euro.

Based on our review, we confirm that subject to the above mentioned parapraghs, nothing has come to our attention that causes us to believe that the accompanying interim consolidated financial statements are not prepared in all material respects, in accordance with IAS 34, as adopted for use in the European Union.

Zele, August 23rd 2011

VGD Bedrijfsrevisoren Statutory auditor Represented by

Jurgen Lelie Partner

5. Financial calendar 2011-2012

Publication of third quarter results 2011: 4 November 2011 Publication of annual results 2011: 30 March 2012 Publication of the Annual Report 2011: 30 April 2012 Publication of first quarter results 2012: 4 May 2012 Annual General Meeting of Shareholders: 24 May 2012 Publication of half-year results 2012: 31 August 2012 Publication of third quarter results 2012: 6 November 2012

6. Declaration by the responsible persons

Enerpro SPRL, represented by Yves Crits and Nico Terry BVBA represented by Nico Terry, making up the Executive Management of the company, certify in the name and on behalf of 4Energy Invest, that to the best of their knowledge;

• The interim consolidated financial statements as at 30 June 2011 were drawn up in accordance with IFRS and give a true and fair view of the assets, financial position and results of 4Energy Invest and its consolidated companies;
• The interim management report contains an accurate overview of the important events and principal transactions between the related parties occurred during the first six months of the year and their impact on the interim consolidated financial statements, as well as a description of the main risks and uncertainties for the remaining months of the year;

7. About 4 Energy Invest

4Energy Invest is a Belgian based renewable energy company that aims at creating and managing a portfolio of small to midsized locally embedded projects that valorize biomass, directly or indirectly, into energy. 4Energy Invest identifies potential biomass projects, performs a feasibility study and eventually takes responsibility for developing, financing, constructing and operating the project, in close cooperation with carefully selected suppliers and partners.

4Energy Invest (through its fully owned subsidiary Renogen) has two cogeneration projects, located in Amel (Wallonia, Belgium), that are fully operational.

4Energy Invest (through its fully owned subsidiary Renogen) is about to take in commercial operation in Amel (Wallonia, Belgium) a large scale torrefaction unit to produce BioCoal or torrefied wood pellets with minimum CO2 footprint.

4Energy Invest (through its fully owned subsidiary 4HamCogen) is about to take in commercial operation in Ham (Flanders, Belgium) a 9.5 MW biomass fired cogeneration unit.

Exploiting its in-depth biomass expertise, 4Energy Invest presently pursues other similar cogeneration projects either on a stand alone basis or in combination with other applications that convert biomass into solid fuel (BioCoal). In addition, 4Energy Invest is preparing the roll out of the torrefaction technology with permits that have been obtained in Ham (Flanders, Belgium) and in Reisbach (Germany). Permit files are also under preparation in countries where more abundant biomass resources are available (than in Western Europe) and where integrated projects can be pursued.

4Energy Invest is listed on Euronext Brussels under symbol ENIN.

For more information, please contact:

Nico Terry, CFO Tel.: 32 (0)2 526 90 13 nico.terry@4energyinvest.com

Yves Crits, CEO Tel.: 32 (0)2 526 90 11 yves.crits@4energyinvest.com

www.4energyinvest.com