SIPEF

Earnings Release • Apr 28, 2011

SA SIPEF NV

GROUP PRODUCTION - (in tonnes)

March 2011

			FULL PRODUCTION				BENEFICIAL PRODUCTION
		Mar '11	Todate '11	Todate '10	Variance	Todate '11		Todate '10		Variance
PALM OIL
OWN
TOLAN TIGA GROUP	Indonesia	5 266	13 807	14 269	-3,2%	12 164	88,10%	12 480	87,46%	-2,5%
UMW / TUM GROUP	Indonesia	170	404	93	334,4%	298	73,76%	69	74,19%	331,9%
AGRO MUKO	Indonesia	7 275	18 541	15 004	23,6%	8 330	44,93%	6 741	44,93%	23,6%
HARGY OIL PALMS	P.N.G.	4 013	12 888	9 854	30,8%	12 888	100,00%	9 854	100,00%	30,8%
TOTAL OWN		16 724	45 640	39 220	16,4%	33 680		29 144		15,6%
OUTGROWERS
TOLAN TIGA GROUP	Indonesia	0	0	0	-	-	-	-	-	-
UMW / TUM GROUP	Indonesia	0	0	0	-	-	-	-	-	-
AGRO MUKO	Indonesia	127	329	1 785	-81,6%	148	44,93%	802	44,93%	-81,5%
HARGY OIL PALMS	P.N.G.	4 788	13 492	9 322	44,7%	13 492	100,00%	9 322	100,00%	44,7%
TOTAL PALM OIL		21 639	59 461	50 327	18,1%	47 320		39 268		20,5%

PALM KERNELS
OWN
TOLAN TIGA GROUP	Indonesia	1 316	3 455	3 664	-5,7%	3 054	88,39%	3 222	87,94%	-5,2%
UMW / TUM GROUP	Indonesia	40	96	24	300,0%	71	73,96%	18	75,00%	294,4%
AGRO MUKO	Indonesia	1 568	4 033	3 339	20,8%	1 812	44,93%	1 500	44,93%	20,8%
TOTAL OWN		2 924	7 584	7 027	7,9%	4 937		4 740		4,2%
OUTGROWERS
TOLAN TIGA GROUP	Indonesia	0	0	0	-	-	-	-	-	-
UMW / TUM GROUP	Indonesia	0	0	0	-	-	-	-	-	-
AGRO MUKO	Indonesia	24	64	438	-85,4%	29	44,93%	197	44,93%	-85,3%
TOTAL PALM KERNELS		2 948	7 648	7 465	2,5%	4 966		4 937		0,6%

PALM KERNEL OIL
OWN
HARGY OIL PALMS	P.N.G.	275	843	794	6,2%	843	100,00%	794	100,00%	6,2%
OUTGROWERS
HARGY OIL PALMS	P.N.G.	319	862	755	14,2%	862	100,00%	755	100,00%	14,2%
TOTAL PALM KERNEL OIL		594	1 705	1 549	10,1%	1 705		1 549		10,1%

Details percentages of companies in TOLAN TIGA GROUP and AGRO MUKO:

		aug-dec
	2008	2008	2009	2010	2011
TT - TD - BP	95,00%	95,00%	95,00%	95,00%	95,00%
UMW	73,53%	73,53%	73,53%	73,53%	73,53%
Toton	-	-	77,40%	77,40%	77,40%
Eastern Sumatra	95,00%	90,25%	90,25%	90,25%	90,25%
Kerasaan	57,00%	57,00%	57,00%	57,00%	57,00%
Melania - Cibuni	73,53%	73,53%	73,53%	73,53%	73,53%
Agro Muko	38,45%	38,45%	38,45%	44,93%	44,93%

SA SIPEF NV

GROUP PRODUCTION - (in tonnes)

March 2011

			FULL PRODUCTION					BENEFICIAL PRODUCTION
		Mar '11	Todate '11	Todate '10	Variance	Todate '11			Todate '10		Variance
RUBBER
OWN
TOLAN TIGA GROUP	Indonesia	199	761	763	-0,3%		723	95,01%	725	95,02%	-0,3%
MELANIA	Indonesia	332	831	879	-5,5%		611	73,53%	647	73,61%	-5,6%
AGRO MUKO	Indonesia	145	394	365	7,9%		177	44,92%	164	44,93%	7,9%
GALLEY REACH	P.N.G.	214	529	643	-17,7%			529 100,00%		643 100,00%	-17,7%
TOTAL OWN		890	2 515	2 650	-5,1%		2 040		2 179		-6,4%
OUTGROWERS
TOLAN TIGA GROUP	Indonesia	0	0	0	-	-		-	-	-	-
MELANIA	Indonesia	0	0	0	-	-		-	-	-	-
AGRO MUKO	Indonesia	0	0	0	-	-		-	-	-	-
GALLEY REACH	P.N.G.	106	261	262	-0,4%			261 100,00%		262 100,00%	-0,6%
TOTAL RUBBER		996	2 776	2 912	-4,7%		2 301		2 441		-5,7%

TEA
OWN
CIBUNI	Indonesia	195	625	753	-17,0%	460	73,60%	554	73,57%	-17,0%
OUTGROWERS
CIBUNI	Indonesia	0	0	0	-	-	-	-	-	-
TOTAL TEA		195	625	753	-17,0%	460		554		-17,0%

BANANAS
EGLIN AZAGUIE	Ivory Coast	380	804	1 110	-27,6%		804 100,00%		1 110 100,00%	-27,6%
EGLIN AGBO	Ivory Coast	876	2 184	2 254	-3,1%		2 184 100,00%		2 254 100,00%	-3,1%
SBM	Ivory Coast	1 018	2 084	2 444	-14,7%		2 084 100,00%		2 444 100,00%	-14,7%
TOTAL BANANAS		2 274	5 072	5 808	-12,7%	5 072		5 808		-12,7%

ORNAMENTAL PLANTS	(in 'OOO units)
EGLIN	Ivory Coast	65	164	175	-6,3%	164	100,0%	175	100,0%	-6,3%

GROUP TRADING (in tonnes)
FLY RUBBER	P.N.G.	125	125	166	-25,0%
MATHYS	Ivory Coast	1 374	2 754	2 860	-3,7%

AVERAGE MARKET PRICES		Mar '11	Todate	Todate	Year
			2011	2010	2010
CPO (CIF Rotterdam)	in \$/mt	1 180,00	1 251,00	807,67	901,00
CPKO (CIF Rotterdam)	in \$/mt	1 977,00	2 131,00	922,33	1 184,00
RSS3 (FOB Singapore)	in Uscts/kg	541,90	573,27	318,60	365,40
TEA (FOB origin)	in \$/kg	2,81	2,91	2,79	2,89
BANANAS (FOT Europe)	in \$/mt	1 246,30	1 251,37	1 020,33	1 002,20
ORN. PLANTS (Dep.Airport)	in Euro/unit	0,61	0,61	0,61	0,61

March 2011 COMMODITY PRICE DATA