Palmboomen Cultuur Maatschappij Mopoli (Palmeraies De Mopoli) N.V.

Annual / Quarterly Financial Statement • Feb 29, 2012

PALMBOOMEN CULTUUR MAATSCHAPPIJ - MOPOLI N.y.

INTERIM MANAGEMENT STATEMENT

(Period from 01/07/2011 to 30/09/2011)

During the period, the operating profit amounts to 47 thousand EUR (excluding the interim dividend of Socfin).

Financial income amounts to 115 thousand EUR. It has slightly increase compared to previous year

The Extraordinary General Meeting hold on the 10th June 2008 authorized the company to buy back its own shares pursuan^t article 2:98 of the Dutch Civil code. At 30 September 2011, 5.257 ordinary shares and 204 Foundees shares have been buy back by Mopoli.

The managemen^t do not foresee any specific or noted any new uncertainties that the company should have to face for the end of the current financial year.

The Directors,

PALMBOOMEN CULTUUR MAATSCHAPPIJ MOPOLI Naamloze Vennootschap (PALMERAIES DE MOPOLI) Société Anonyme

Registred office: 13, J.W. Frisolaan-251 7 JS LA HAYE Headquarter : 2, Place du Champ de Mars-1050 BRUXELLES

100th FINANCIAL YEAR 2011/2012

Unaudited

TRUE AND FAIR VIEW STATEMENT

We hereby confirm to the best of our knowledge that the condensed set of financial statements which has been prepared in accordance with IFRS gives ^a true and fair view of the assets, liabilities, financial position and profit or loss of Mopoli and that the half-yearly directors' repor^t gives ^a true and fair view of the important events and their impact on the condensed set of financial statements, of major related parties' transactions and of the principal risks and uncertainties for the remaining six months.

D. Haas, H. Fabri,

Director, President,

PALMBOOMEN CULTUUR MAATSCHAPPU - MOPOLI N.y.

DIRECTORS' INTERIM REPORT

Consolidated IFRS Result as at 31/12/2011 (unaudited)

(Period from 01/07/2011 to 31/12/2011)

BUSINESS ACTIVITIES

Mopoli NV is ^a holding company focused on tropical agro-industry.

During the period, the main source of income was the interests on cash deposits and dividends from financial assets.

CONSOLIDATED RESULTS

The financial half-year ended at ³¹ December ²⁰¹¹ with ^a profit of 571.471 Euros versus ^a profit of 452.347 Euros as at 31 December 2010.

The increase of the half-year result is mainly due to the higher-level interests on cash deposit and the increase of the dividends from Socfin.

BALANCE SHEET

At 31 December 2011, the total of the Mopoli consolidated JFRS Balance Sheet is 53.2 million Euros against ⁵⁴ million Euros as at ³¹ December 2010. The Mopoli's asset is compose^d mainly of ^a financial investment for 17.9 million Euros and ^a cash deposit of 35.3 million Euros. At 31 December 2011, the consolidated equity, holders of the parents, is 47.2 million Euros against 47.3 million Euros ^a year ago.

INVESTMENTS

will be available by the end of March.

Socfin SA Mopoli holds 4.5% of Socfin. Socfin has paid last October an interim dividend of 0.75 Euros per share. Corporate year end result

TREASURY SHARES

The Extraordinary General Meeting hold on the 10th June 2008 authorized the company to buy back its own shares pursuan^t article 2:98 of the Dutch Civil code. The 28 February 2012, the company holds 5.429 ordinary and 204 founders shares.

FORECAST

Earnings will depend on the dividends collected from shares and interests on cash deposits.

RISKS -UNCERTAINTIES

The managemen^t do not foresee any specific or noted any new uncertainties that the company should have to face for the remaining six months of the financial year.

The Directors

STATEMENT OF CONSOLIDATED FINANCIAL POSITION at 31st December 2011

A S SE T S (in th nd of Eu ) ou sa s ro	N ot es	31 be 20 11 D ec em r	31 be 20 10 D ec em r
O -C N N U R R EN T A SS E T S		79 20 - -	19 68 0
I. A ila bl fo le in st ts	2
va e ve m en r sa		17 92 0	19 68 0
C U R R EN T A SS E T S		35 33 0	34 32 2
T de d iv ab le II. he ot ra an r re ce s	2	1	0
Ill C h d de si sh ts t- te as an or rm po	6	35 32 9	34 32 1
IV O th t ts er cu rr en as se		0	1
TO TA L A SS E T S		53 25 0	54 00 2
E Q U IT Y A N D L IA B IL IT IE S (in th nd of ) Eu ou sa s ro	N ot es	31 D be 20 1 1 ec em r	be 31 D 20 10 ec em r
ed Is pi l d ib ab le ta at tr ut to su ca an re se rv es eq	ui ho ld of th ty er s e pa	47 17 6 nt re	47 35 5
I. Sh pi l ta ar e ca	4	2 31 4	2 31 4
II. R al tio ev ua n re se rv es	4	11 67 2	12 83 4
Ill O th er re se rv es	4	75 4	75 4
R ai d IV in et ne ea rn gs	4	35 50 5	34 45 5
V T Sh re as ur y ar es	4	-3 06 9	-3 00 2
M IN O RI TY IN TE R E ST S		1	1
EQ U IT Y		47 17 7	47 35 6
N O N -C U R R EN T LI A B IL IT IE S		01 0 6	60 8 6
D ef d V ta er re x	5	01 0 6	6 60 8
VI O th lo bl -te er ng rm pa ya es		0	0
C LI A B IL IT IE S U R R EN T		63	38
VI I. T de d he bl ot ra an r pa ya es		62	37
O th lia bi lit ie VI II. t er cu rr en s		1	1
TO TA L EQ A A S U IT Y N D LI B IL IT IE		53 25 0	54 00 2

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

A 3 1s D b 20 10 t t ec em er (in th nd of Eu ) ou sa s ro	N ot es	31 be 20 11 D ec em r	be 31 D 20 10 ec em r
I. R ev en ue		48 0	38 4
iv id ds A D en		48 0	38 4
B. in O th at er op er g re ve nu es		0	0
II. O th in at er op er g ex pe ns es		-1 19	-1 10
A O th in at er op er ge xp en se s		-1 19	-1 10
O tin of it pe ra g pr		36 1	27 4
Ill of it/ Pr L fr t ts os s om no n- cu rr en as se		0	0
IV Fi ia l in na nc co m e		21 2	17 9
V Fi ia l na nc ex pe ns es		-1	-1
Pr of it be fo ta re x		57 2	45 2
VI In ta co m e x ex pe ns e		-1 4	0
Pr of it fo th r e ye ar		55 8	45 2
O th eh si in er co m pr en ve co m e		31 D be 20 11 ec em r	31 be 20 10 D ec em r
N Io !( in ) ai la bl fo le fin ci al A et ss ga on av e- r- sa an	et ss s	-9 60	5 92 0
D ef d lia bi lit ie al iz ed in ta er re xe s s on un re on ga	A FS	32 6	-2 01 2
th O eh si in fo th er co m pr en ve co m e r e ye ar ,	of t ta ne x	-6 34	3 90 8
T al eh si in fo th ot co m pr en ve co m e r e ye ar ne ,	of t ta x	-7 6	4 36 0
of it ib ab le Pr at tr ut to
E it ho ld of th nt qu er s y e pa re		55 8	45 2
in it M in te st or y re s		0	0
l eh si in To ib bl ta at tr to co m pr en ve co m e ua e
E it ho ld of th nt qu y er s e pa re		-7 6	4 36 0
N lli in tro te st on -c on ng re		0	0
E ni sh ui (h ol de of th ty ar ng s pe r ar e eq rs e	fo th ) nt pa re r e ye ar
B ic in sh as ea rn gs pe r ar e		5. 87	4. 76
D ilu d in sh te ea rn gs pe r ar e		5. 87	4. 76

CONSOLIDATED CASH FLOW STATEMENT at 31 St December 2011

(in th nd of ) Eu ou sa s ro	N 31 D be 20 11 ot es ec em r	31 D be 20 1 1 ec em r
C h fl fr ti vi ti in at as ow s om ac es op er g	3 67	54 4
Pr of it fo th r e ye ar	55 8	45 2
C ita l G ai le of ai la bl fo le in st ts ap n on sa av e- r- sa s ve m en	0	0
ia tio V of ad d he iv ab le tr ot ar n e re ce s an r	10 0	95
V ia tio of ad d he bl tr ot ar n e an r pa ya es	15	-3
h fl C fr in in ti vi ti st as ow s om ve g ac es	0	0
P ch of ai la bl fo le in st ts ur as e av e- r- sa ve m en	0	0
al of S ai la bl fo le in st ts es av e- r- sa ve m en	0	0
C h fl fr fi in ti vi ti as ow s om na nc g ac es	-4 3	0
iv id ds D id en pa	0	0
P ch of sh tr ur as e ea su ry ar es	-4 3	0
O th lo bl -te er ng rm pa ya es	0	0
N in in sh d sh ui al et ts cr ea se ca an ca eq v en	63 0 —	54 4
C h d sh ui le be gi in of nt at as an ca nn g eq va s as ye ar	34 69 9	33 77 7
C h d sh ui le 3l th D be nt at as an ca eq va s as ec em r	35 32 9	34 32 1

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY

As at 31st December 2011

(in tho ds of Eu ro) us an	Nu mb of er sh ar es	Sh are pit al ca EU R	Re lua tio va n re se rv e EU R	Ot he r re se rv e EU R	Re tai d ne in ea rn gs EU R	Tr ea su ry sh ar es EU R	To tal EU R	No n oll ing ntr co int st ere EU R	tal To EU R
Ba lan Ju 30 20 09 at ce ne as	10 0 10 0	23 14	70 25	75 4	33 55 2	24 40	41 20 5	1	41 20 6
Ne t in /(e ) r nis ed co me xp en ses ec og dir tly /n uit ec eq y		-	1 9 01	-	-	-	1 9 01		1 9 01
Pro fit for the ye ar					45 7		45 7	-	45 7
To tal reh siv e i e f the co mp en nc om or ye ar		-	19 01	-	45 7	-	23 58	-	23 58
Di vid ds en					3 -		3 -	-	3
Tr Sh ea su ry are s						56 2 -	56 2 -	-	56 2
Ba la t3 0J e2 ol O nc ea sa un	10 01 00	23 14	89 26	75 4	34 00 6	30 02 -	42 99 8	1	42 99 9
t in /(e ) r nis ed Ne co me xp en ses ec og dir ly in uit ect eq y		-	3 3 80	-	-	-	3 3 80	-	3 3 80
Pro fit for the ye ar					94 7		94 7		94 7
To tal reh siv e i e f the co mp en nc om or							-
ye ar		-	33 80	-	94 7	- -	43 27	-	43 27
Di vid ds en					3 -		3 -	-	3
Sh Tr ea sur are s y Ba lan 3O Ju 20 11 at ce as ne	10 01 00	23 14	12 30 6	75 4	34 95 0	24 30 26 -	24 - 47 29 8	- 1	24 47 29 9
Ne t i e/( es) nis ed nc om ex pe ns rec og dir ly in uit ect eq y			63 4				63 4		63 4
Pro fit for the ye ar					55 8		55 8		55 8
To tal reh siv e i e f the co mp en nc om or
ye ar Di vid ds en		-	63 4 -	-	55 8 -	-	76 -	- -	76
Tr Sh ea su ry are s						43 -	- 43 -	-	- 43
lan Ba mb 31 De 20 11 at ce as ce er	10 0 10 0	23 14	11 67 2	75 4	35 50 8	30 69 -	47 17 9	1	47 18 0

Note 2: Current and non-current financial assets

Financial Fixed Assets

	20 11		20 10
	be N of um r Sh ar es	%	be N of um r Sh ar es	%
bs id ia ri in Su (in cl ud ed es ol id ed fin ci al at ) st at ts co ns an em en
M O PO LI L bo S. A H ol di ux em ur g ng	19 99 7	99 .9 9	19 99 7	99 .9 9
fin ci al fix ed O th ts er an as se S. SO C FI N A	32 00 0	4. 49	32 00 0	4. 49
th nd ) (in of Eu ou sa s ro	A ila bl fo va e- r le sa in stm ts ve en
A 30 Ju 20 10 at s ne	13 76 0
Sa le s	0
A ui sit io cq ns	0
ir lu ad ju Fa stm t va e en	5 12 0
A t3 O Ju 2O ll sa ne	18 88 0
Sa le s	0
A ui sit io cq ns	0
ir al ad ju Fa V stm t ue en	-9 60
A t3 l D be r2 01 1 sa ec em	17 92 0
	Ev al tio at st ua n co	(h ist ic al ) or	al tio Ev fa at ua n	ir lu va e
(in th nd of Eu ) ou sa s ro	31 D 20 11 30 ec	Ju 20 11 ne	31 D 20 11 30 ec	Ju 20 11 ne

A ila bl fo le in stm ts va e- r- sa ve en
Sh ar es	23 8	23 8	17 92 0	18 88 0
O th t f in ci al ts er cu rr en an as se
Tr ad d he iv ab le ot e an r re ce s	10	0	10	0

Available-for-sale investments are invested in shares listed on regulated European markets and may be subject to large and/or sudden variation of price. In 2011, the only shares held are Socfin shares (listed and quoted)

Note 3 : Subsidiary companies, associated companies

Detail of important subsidiary companies

N am e	B in us es s t se gm en	Co of try un in io at co rp or n	Pr tio of op or n hi ow ne rs p in te st re	Pr tio of op or n tin vo g po w er he ld	Cl in da of te os g th fin ci al e an st at t em en
bo M ol i L em ur g op ux	Fi na nc e	bo Lu xe m ur g	99 .9 9%	99 .9 9%	31 /1 2/ 20 11

Note 4: Equity

its (In ) un	rd in sh O ar y ar es
N be of sh 30 Ju 20 10 at um r ar es as n e	10 0 10 0
C ha du ri th ng es ng e ye ar	0
be of sh 30 20 11 N Ju at um r ar es as n e	10 0 10 0
C ha du ri th (T sh ) ng es ng e ye ar re as ur y ar es	0
be of sh 31 be 20 11 N D at um r ar es as ec em r	10 0 10 0

Number of ordinary shares issued, fully paid, without nominal value

The subscribed and fully paid capital of EUR 2,314,279 is represented as follows: 100,000: Common shares of ^a nominal value of NIg 50 (EUR 22.69) (listed on Euronext Brussels) 100: Preferred stock of ^a nominal value of NIg 1,000 (EUR 453.78) (not listed in the stock exchange) 2,400: Founders' shares with no nominal value. (listed on Euronext Brussels)

At31 December, the company owned 5.257 (2009 :5.105) of its own common shares, and 204 (2010 : 201) of its founders shares.

(in th nd of Eu ) ou sa s ro	31 D 20 11 ec	Ju 20 11 30 ne
R al tio A ila bl fo le in st ts ev ua n re se rv es va e- r- sa ve m en -	11 67 2	12 83 4
T al of lu io ot at re va n re se rv es	11 2 67	12 83 4
St (n di ri bu bl e) at ut ot st ta or y re se rv es	23 1	23 1
A ila bl (d is ib ab le ) tr ut va e re se rv es	52 3	52 3
T al of th he ot ot e r re se rv es	75 4	75 4
(in th nd of Eu ) ou sa s ro	31 D 20 11 ec	Ju 20 11 30 ne
T Sh re as ur ar es y	3 06 9	3 00 2
al of sh T T ot re as ur y ar es	3 06 9	3 00 2

The extraordinary general meeting as at 10th june 2008 authorised the company to acquire its own shares.

At 31 December, 204 founder's shares and 5.257 ordinary shares have been bought back for ^a total of 3.069 thousands euros, deducted from the Shareholders equity.

(in thousands of Euro)

ai d ni R E 30 Ju 20 10 et at ne ar ng s n e	34 00 6
of it of th Pr e ye ar D iv id ds en	94 7
ai d ni 20 11 R E 30 Ju et at ne ar ng s n e	34 95 0
Pr of it of th e ye ar D iv id ds en	55 8
R ai d E ni 31 D be 20 11 et at ne ar ng s ec em r	35 50 8

Note 5 : Deferred tax

(in th nd of Eu ) ou sa s ro	31 D 20 11 ec	Ju 20 11 30 ne
A ti l Ju sa y	63 36	45 96
al tio R of ai la bl fo le in st ts ev ua n av e- r- sa ve m en	-3 26	1 74 0
A t3 l be D sa ec em r	60 10	63 36

The Deduction for Notional Interest unused is 806.900 euros for previous year (expiration 31/12/2017) and 476.484 euros for current year (expiration date :31/12/2018)

Note 6 : Cash and cash equivalents

Cash and cash-equivalents consist of cash in hand, bank balances and short-term deposits in money market instruments.

(in th nd of Eu ) ou sa s ro	D 31 20 11 ec	30 Ju 20 11 ne
h C ba nk d in ha nd at as s an	1 40 4	1 20 4
Sh de si t-t ts or er m po	33 92 5	33 49 5
C h d ui le sh nt as an ca eq va s	35 32 9	34 69 9