PCAS

Earnings Release • Sep 15, 2010

2010 HALF-YEAR EARNINGS - OUTLOOK

Revenues up 11.6% Takeover of Protéus

In millions of euros	S1 - 2010	S1 - 2009
Net sales	84,1	75,4
including Pharmaceutical Synthesis	54,7	55,3
Including Fine Speciality Chemicals	29,4	20,1
EBITDA (*)	11,0	6,1
EBITDA margin	13,1%	8,1%
Current Operating Income (*)	5,2	-0,6
Net result	2,8	-6,9
Equity	76,3	67,1
Net debt	43,8	58,4
Gearing	0,57	0,87
Net asset per share	5,7	5,0

(*) of which research tax credit (CIR): 1.3 million euros in 2010 and 1.2 million euros in 2009

The PCAS Group's consolidated revenues are up 11.6% at June 30th, 2010 compared with the same period the previous year.

Pharmaceutical Synthesis (2/3 of the Group's revenues)

During the first half of the year, the Pharmaceutical Synthesis business followed on from the trends seen in 2009. Visibility over the short term for new "Exclusive Pharma" projects and products is still relatively limited, while "Non-exclusive Pharma" products (proprietary generic APIs) have continued to see a good level of demand on export markets.

Fine Specialty Chemicals (1/3 of the Group's revenues)

The upturn in the Fine Chemicals business is being confirmed, particularly on the performance chemicals line, which is moving back up to its highest level on record. The microelectronics, perfume and cosmetics, and new technologies business lines are also confirming their trend for a lasting recovery.

Income from ordinary operations came to 5.2 million euros for the first half of 2010, compared with –0.6 million euros for the first half of 2009.

After factoring in the financial result, tax expense and share in net income from equity affiliates, respectively representing -1.9 million euros, -0.1 million euros and -0.3 million euros, PCAS Group net income represented a 2.8 million euro profit for the first half of 2010, compared with a 6.8 million euro loss over the first half of 2009. For reference, the Group's net income at June 30th, 2009 had been particularly affected by the recognition of 4.2 million euros in costs for the restructuring plan.

Set against this strong upturn in business on Fine Specialty Chemicals, the PCAS Group has successfully continued reducing its net debt, which was down to 43.8 million euros at the end of June 2010 (47 million euros at the end of December 2009 and 58.4 million euros at the end of June 2009), thanks to the effective management of its working capital needs.

Takeover of Protéus

Under a three-year partnership, validating the relevance of the technologies provided by Protéus, which was previously 42.9%-owned, PCAS has decided to take total control of its biochemicals subsidiary and now has a 99.9% capital stake. In part, this operation was based on the other shareholders contributing their Protéus securities in return for 277,233 new PCAS shares, which will be issued in September, under the authorization granted at the general meeting on April 21st this year. With this acquisition, PCAS is further strengthening and expanding its possibilities for development in green chemicals, which were previously limited to biocatalysis for the pharmaceuticals industry. PCAS will continue to support Protéus' development in its other business areas, and particularly bioenergy and the environment, through partnerships with industrial players from the sectors in question as relevant.

Outlook for the current year

Fine Specialty Chemicals sales have continued to improve, ramping up to cover the entire business after initially starting out on cosmetics and performance chemicals.

However, in the current economic climate, visibility is still relatively limited for Pharmaceutical Synthesis, with several sales of products and services not confirmed recently. It is therefore necessary to remain cautious concerning the outlook for the end of the year, with the second half of 2010 also being affected by the new contract coming into force with Sanofi-Aventis, with a reduction in VLG's contribution to the Group's earnings.

All things considered, the 2010 current operating income may not see any significant improvement in relation to 2009.

Looking beyond the natural growth in its main markets, PCAS' key growth drivers over the next few years remain:

. Increase in the number of proprietary products, on both Pharmaceutical Synthesis (generic APIs) and Fine Specialty Chemicals (performance products, special polymers, etc.), thanks to a sustained, innovative and targeted R&D drive;

. Geographical expansion of the Group's commercial and logistics presence (strengthening in countries such as North America and Germany, and development on other buoyant markets including China, Brazil and India);

. Development of new technologies, particularly in green chemicals and sustainable development.

The PCAS Group will also continue looking into opportunities for developing or acquiring high added-value niche activities and building up its international business on buoyant markets.

Next date:

nine-month revenues on October 20th, 2010

About PCAS

The PCAS Group is listed on Nyse Euronext Compartment C, and specialized in fine and specialty chemicals.

A global market leader, it has been developing and manufacturing complex molecules and synthesis intermediates with a very strong technological content for the past 50 years. It serves an international customer base across a range of sectors, from pharmaceuticals to perfumes and cosmetics, and general industry, as well as operating on a proprietary basis.

The PCAS Group has nine production sites (with five under cGMP, inspected by the FDA). Each year, it invests around 7% of its revenues in R&D, and generates more than two thirds of its revenues on export.

Longjumeau, September 15th, 2010