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

Interim / Quarterly Report • Mar 4, 2011

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

Registred office :13, J.W. Frisolaan-2517 JS LA HAYE Headquarter : 2, Place du Champ de Mars-i 050 BRUXELLES

cici i HALF-YEAR FINANCIAL STATEMENTS

99th FINANCIAL YEAR 2010/2011

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.

Director, Director,

D. Haas, P. de Traux,

PALMBOOMEN CULTUUR MAATSCHAPPIJ - MOPOLI N.y.

DIRECTORS' INTERIM REPORT

Consolidated IFRS Result as at 31/12/2010 (unaudited)

(Period from 01/07/2010 to 31/12/2010)

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.

CONSOLIDATED RESULTS

The financial half-year ended at 31 December 2010 with ^a profit of 452.347 Euros versus ^a loss of 8.3 17 Euros as at 31 December 2009.

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 2010, the total of the Mopoli consolidated IFRS Balance Sheet is 54 million Euros against 45.6 million Euros as at 31 December 2009. The Mopoli's asset is composed mainly of ^a financial investment for 19.7 million Euros and ^a cash deposit of 34.3 million Euros. At 31 December 2010, the consolidated equity, holders of the parents, is 47.3 million Euros against 41.6 million Euros ^a year ago.

INVESTMENTS

Socfin SA (formerly called Socfinal) Mopoli holds 4.5% of Socfin. Socfin has paid last October an interim dividend of 12,-Euros per share. Corporate year end result will be available by the end of March.

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 2011, the company holds 5.105 ordinary and 201 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 2010

A S SE T S (in th nd of Eu ) ou sa s ro	N ot es	31 D be 20 10 ec em r	31 be D 20 09 ec em r
O -C A SS S N N U R R EN T E T		19 68 0	12 16 0
ila bl fo le in I. A st ts va e r sa ve m en	2	19 68 0	12 16 0
C U R R EN T A SS E T S		34 32 2	33 52 6
II. T de d he iv ab le ot ra an r re ce s	2	0	14
Ill C h d sh de si t- te ts as an or rm po	6	34 32 1	33 51 0
th IV O t ts er cu rr en as se		1	2
TO TA L SS S A E T		54 00 2	45 68 6
Q A IA S E U IT Y N D L B IL IT IE (in of th nd Eu ) ou sa s ro	N ot es	be 31 D 20 10 ec em r	31 D be 20 09 ec em r
Is ed 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 re	47 35 5 nt	41 58 0
Sh pi l I. ta ar e ca	4	2 31 4	2 31 4
al tio II. R ev ua n re se rv es	4	12 83 4	7 87 0
Ill O th er re se rv es	4	75 4	75 4
IV R ai d in et ne ea rn gs	4	34 45 5	33 54 0
Sh V T re as ur y ar es	4	-3 00 2	-2 89 8
O ST S M IN RI TY IN TE R E		1	1
EQ U IT Y		47 35 6	41 58 1
O -C S N N U R R EN T LI A B IL IT IE		60 8 6	4 05 2
V D ef d ta er re x	5	6 60 8	4 05 2
O th VI lo bl -te er ng rm pa ya es		0	0
C U R R EN T LI A B IL IT IE S		38	53
VI I. T de d he bl ot ra an r pa ya es		37	52
lia bi lit ie VI II. O th t cu rr en s er		1	1
TO TA L EQ U IT Y A N D LI A B IL IT IE S		54 00 2	45 68 6

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

be 20 09 D ec em r
16 0
0
0
-2 16
16
-5 6
0
49
-1
-8
0
-8
be 20 09 D ec em r
84 5
84 5
83 7
-8 0
83 7
0
31 16 31

CONSOLIDATED CASH FLOW STATEMENT at 31st December 2010

th nd (in of Eu ) ou sa s ro	N ot es	31 be D 20 10 ec em r	31 D be 20 09 ec em r
C h fl in ti vi ti fr at as ow s om op er g ac es		54 4	59
Pr of it fo th r e ye ar		45 2	-8
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 he iv ab le d tr ot ar n e an r re ce s		95	45
ia tio of ad he V d bl ot tr ar n e an r pa ya es		-3	22
C h ti vi ti fl in in fr st as ac es ow s om ve g		0	0
ha of Pu ai la bl fo le in st ts rc se av e- r- sa ve m en		0	0
S al of ai la bl fo le in st ts es av e- r- sa ve m en		0	0
C h fi in ti vi ti fl fr as ow s na nc g ac es om		0	-4 58
D iv id ds id en pa		0	0
ha of Pu sh tr rc se ea su ry ar es		0	-4 58
O th lo bl -te er ng rm pa ya es		0	0
in N in sh d sh ui al et ts cr ea se ca an ca eq v en		54 4	-3 99
C h d sh ui le of be gi in nt at as an ca eq va s as nn g ye ar		33 77 7	33 90 9
C h d sh ui le 3l th D be nt at as an ca eq va s ec em r as		34 32 1	33 51 0

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY

As at 31st December 2010

Non Number of Share Revaluation controlling shares capital reserve earnings shares Total interest Total (in thousands of Euro) EUR EUR EUR EUR EUR EUR EUR Balance as at ³⁰ June 2008 Net income/(experises) recognised directly in equity ______________________________________________________________________________________ Profit for the year Total comprehensive income for the year ____________________________________________________________________________________________ Dividends Treasury Shares Balance as at 30 June 2009 Net income/(expenses) recognised directly in equity Profit for the year Total comprehensive income for the year Dividends Treasury Shares Balance as at 30 June 2010 Net income/(expenses) recognised directly in equity Profit for the year Total comprehensive income for the year Dividends Treasury Shares Balance as at 31 December 2010 Other reserve EUR Retained Treasury 100100 2314 9982 754 32405 - 385 45070 1 45071 - 2957 - - - - 2957 - - 2957 1150 1150 1150 - 2 957 - 1 150 - - I 807 - - 1 807 - 3 - 3 - 3 - 2055 - 2055 - 2055 100100 2314 7025 754 33552 - 2440 41 205 1 41 206 1901 - - - 1901 - 1901 457 457 457 1901 - 457 - 2358 - 2358 - 3 - 3 - 3 - 562 - 562 - 562 100100 2314 8926 754 34006 - 3002 42998 1 42999 - 3908 - - - 3908 - 3908 452 452 452 - 3 908 - 452 - 4 360 - 4 360 100100 2314 12834 754 34458 - 3002 47358 1 47359

Note 2: Current and non-current financial assets

Financial Fixed Assets

	20 10		20 09
	be of N um r Sh ar es	0/	N be of um r Sh ar es	%
Su bs id ia ri in (in cl ud ed es ol id ed fin ci al ) at st at ts co ns an em en M O PO LI
ol di L bo S. A H ux em ur g ng	19 99 7	99 .9 9	19 99 7	99 .9 9
O th fin ci al fix ed ts er an as se SO C FI N S. A ly lle d Fo So in al S. A .H ct rm er ca	32 00 0	4. 49	32 00 0	4. 49
(in th nd of Eu ) ou sa s ro	A ila bl fo va e- r- le sa in stm ts ve en
A 30 Ju 20 09 at s ne	10 88 0
Sa le s	0
A ui sit io cq ns	0
Fa ir lu ad ju stm t va e en	2 88 0
A t3 O Ju 2O lO sa ne	13 76 0
Sa le s
A ui sit io cq ns
ir al ad ju Fa V stm t ue en	92 0 5
A 31 D be r2 01 0 at s ec em	19 68 0
	al tio Ev at ua n	(h ist ic al ) st or co	Ev al tio at ua n	fa ir lu va e
(in th nd of ) Eu ou sa s ro	31 D 20 10 ec	30 Ju 20 10 ne	31 D 20 10 ec	30 Ju 20 10 ne
ila bl fo le A in st ts va e- r- sa ve m en
Sh ar es	23 8	23 8	19 68 0	13 76 0
O th t f in ci al ts er cu rr en an as se

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 2010, the only shares held are Soctinal shares (listed and quoted)

Trade and other receivables 0 13 0 13

Note 3 : Subsidiary companies, associated companies

Detail of important subsidiary companies

N am e	in B 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
M ol i L bo op ux em ur g	Fi na nc e	Lu bo xe m ur g	99 .9 9%	99 .9 9%	31 /1 2/ 20 10

Note 4: Equity

(In its ) un	rd in sh O ar y ar es
be of sh N 30 Ju 20 08 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 N 30 Ju 20 09 at um r ar es n e as	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 N D 20 09 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)

At 31 December, the company owned 5.105 (2009 : 4.933) of its own common shares, and 201 (2009: 194) of its founders shares.

(in th nd of Eu ) ou sa s ro	31 D 20 10 ec	30 Ju 20 10 ne
al tio - A ila bl fo le R in st ts ev ua n re se rv es va e- r- sa ve m en	12 83 4	92 8 6
al of lu io T ot at re va n re se rv es	12 83 4	8 92 6
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 20 10 D ec	3O 2O lO Ju ne
Sh T re as ur y ar es	30 02	30 02
T al of T sh ot re as ur y ar es	30 02	30 02

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

At 31 December, 201 founder's shares and 5.105 ordinary shares have been bought back for ^a total of 3.002 thousands euros, deducted from the Shareholders equity.

(in thousands of Euro)

R ai d E ni 30 Ju 20 09 et at ne ar ng s n e	33 55 3
Pr of it of th e ye ar iv id ds D en	45 6 -3
ai d ni R E 30 Ju 20 10 et at ne ar ng s n e	34 00 6
Pr of it of th e ye ar D iv id ds en	45 2
R ai d E ni 31 be 20 10 D et at ne ar ng s ec em r	34 45 8

Note 5 : Deferred tax

(in th nd of Eu ) ou sa s ro	31 D 20 10 ec	30 Ju 20 10 ne
A 1 Ju l at s y	4 59 6	3 61 7
R al tio of ai la bl fo le in st ts ev ua n av e- r- sa ve m en	2 01 2	97 9
A 31 D be at s ec em r	6 60 8	4 59 6

The deduction of unused notional interest is 1.142.515 Euros for previous year (expiration 30/06/201 7)

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	31 D 20 10 ec	30 Ju 20 10 ne
C h ba nk d in ha nd at as s an	81 7	79 4
Sh de si t-t ts or er m po	50 4 33	32 98 3
C h d sh ui le nt as an ca eq va s	34 32 1	33 77 7