SIPEF

Transaction in Own Shares • Dec 28, 2015

on the progress of the share buy-back

Further to the initiation of the share buy-back program announced on 22 September 2011, SIPEF reports the purchase of 3 264 shares on Euronext Brussels in the period of 21 December 2015 and 24 December 2015.

Date	Number of shares	Total amount (EUR)	Average Price (EUR)	Highest price (EUR)	Lowest Price (EUR)
21-12-15	900	45 384.30	50.43	50.82	50.05
22-12-15	759	38 537.77	50.77	50.79	50.65
23-12-15	1 189	60 589.84	50.96	51.20	50.84
24-12-15	416	21 264.55	51.12	51.34	50.55
Total	3 264	165 776.46	50.79	51.34	50.05

Since the start of the share buy-back program on 22 September 2011, SIPEF has bought back 99 216 shares for a total amount of 5 283 295.14 EUR. This corresponds to 1.1083% of the total shares outstanding.

The overview relating to the share buy-back program is available on: www.sipef.com/buyback.html

Schoten, 28 December 2015.

For more information, please contact:

F. Van Hoydonck,

managing director (GSM +32 478 92 92 82)

J. Nelis, chief financial officer

Tel.: +32 3 641 97 00 Fax : +32 3 646 57 05

finance@sipef.com www.sipef.com (section "investor relations")

SIPEF is a Belgian agro-industrial company listed on Euronext Brussels. The company mainly holds majority stakes in tropical businesses, which it manages and operates. The group is geographically diversified, and produces a number of different commodities, principally palm oil. Its investments are largely long-term ventures in developing countries.