Recticel

Earnings Release • May 12, 2017

Brussels, 12 May 2017 – 07:00 CET

MARKET SHORTAGE OF MDI RAW MATERIALS AFFECTS OPERATIONS AT RECTICEL INSULATION

In its trading update of 26 April 2017, Recticel highlighted the challenging and unprecedented raw material price increases prevailing in the polyurethane industry due to a tightening supply of isocyanates (TDI and MDI).

Recticel announces today that the situation has further deteriorated due to a new force majeure at Covestro and start-up issues at Huntsman, both pertaining to the production of MDI (methylene diphenyl diisocyanate). As a consequence, MDI is no longer available in sufficient quantities. This shortage is affecting the Insulation business of Recticel, leading to a curtailment of its production output by about 15%, and is not expected to improve before July 2017. In 2016, the Insulation division represented 16.4% of the Group's combined sales.

While the overall raw material situation will lead the Group's 1H2017 combined REBITDA to remain below the 1H2016 combined REBITDA, Recticel re-iterates the full year guidance provided at the occasion of its 1Q2017 trading update to grow its full year 2017 combined REBITDA.

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Financial calendar

Annual General Meeting	30.05.2017 (at 10:00 AM CET)
Ex-coupon date	31.05.2017
Record date	01.06.2017
Dividend payment date	02.06.2017
First half-year 2017 results	31.08.2017 (before opening of the stock exchange)
Third quarter 2017 trading update	31.10.2017 (before opening of the stock exchange
Annual Results 2017	23.02.2017 (before opening of the stock exchange)
First quarter 2018 trading update	26.04.2018 (before opening of the stock exchange)
Annual General Meeting	29.05.2018 (at 10:00 AM CET)
First half-year 2018 results	29.08.2018 (before opening of the stock exchange)
Third quarter 2018 trading update	30.10.2018 (before opening of the stock exchange)

For additional information

RECTICEL - Olympiadenlaan 2, B-1140 Brussels (Evere)
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PRESS INVESTOR RELATIONS

Mr Olivier Chapelle Mr Michel De Smedt Tel: +32 2 775 18 01 Mobile: +32 479 91 11 38

chapelle.olivier@recticel.com desmedt.michel@recticel.com

Recticel in a nutshell

Recticel is a Belgian Group with a strong European dimension, but it also operates in the rest of the world. Recticel employs 7,925 people in 98 establishments in 28 countries.

Recticel contributes to daily comfort with foam filling for seats, mattresses and slat bases of top brands, insulation material, interior comfort for cars and an extensive range of other industrial and domestic applications.

Recticel is the Group behind well-known bedding brands (Beka®, Lattoflex®, Literie Bultex®, Schlaraffia®, Sembella®, Swissflex®, Superba®, Ubica®, etc.) and GELTEX® inside. Within the Insulation sub-segment highquality thermal insulation products are marketed under the well-known brands Eurowall®, Powerroof®, Powerdeck®, Powerwall® and Xentro®. Technological progress and innovation have led to breakthrough at the biggest names in the Automotive industry thanks to Colofast®, Colosense® and Colosense Lite®.

In 2016 Recticel achieved combined sales of EUR 1.35 billion (IFRS 11 consolidated sales: EUR 1.05 billion).

Recticel (Euronext: REC – Reuters: RECTt.BR – Bloomberg: REC:BB) is listed on Euronext in Brussels.

The press release is available in English, Dutch and French on the website www.recticel.com