SIPEF

M&A Activity • Feb 26, 2011

Press release Regulated Information

VOLUNTARY PUBLIC OFFER FOR THE SHARES OF JABELMALUX S.A.

The board of directors of SIPEF, a Belgian incorporated company listed on NYSE Euronext Brussels, decided on the 23rd February 2011 to make a voluntary public offer for the shares of Jabelmalux S.A.

This public offer that shall take place no later than June 30, 2011 covers the 6 166 shares (representing 22.6% of the share capital) of Jabelmalux S.A. not yet held by SIPEF.

The price per share Jabelmalux S.A. offered amounts to EUR 2 250 per share.

The company Jabelmalux S.A. is quoted on the Luxemburg stock exchange ('Bourse de Luxembourg').

At the expiry of the public offer SIPEF will request Jabelmalux S.A. to withdraw its official listing due to the poor liquidity of the shares.

An information note summarizing the terms and conditions of the public offer shall be made available to all shareholders of Jabelmalux S.A. at the latest the day of the opening of the public offer.

This public offer is not subject to the Luxemburg legislation relating to issues of public offerings transposing the EU directive in these matters.

Schoten, 26 February 2011.

For more information, please contact:

* F. Van Hoydonck, Managing Director (mobile +32/478.92.92.82) * J. Nelis, Chief Financial Officer

Tel.: 0032/3.641.97.00 Fax : 0032/3.646.57.05

mail to : finance@sipef.com website www.sipef.com (section "investor relations")

SA SIPEF NV is a Belgian agro-industrial company listed on NYSE 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 ventures in developing countries.