PCAS

Earnings Release • Jan 12, 2012

P r o d u i t s C h i m i q u e s A u x i l i a i r e s e t d e S y n t h è s e Registered office: 23 rue Bossuet – Z.I. de la Vigne aux Loups – 91160 LONGJUMEAU

French limited company (SA) ) with capital of €13,705,865 EVRY trade and company register 622 019 503

2011 S a l e s

(in thousands of euros)	2011	2010	% change
First quarter	44 053	41 434	6,3%
including Pharmaceutical Synthesis	27 147	26 603	2,0%
including Fine Specialty Chemicals	16 906	14 831	14,0%
Second quarter	41 789	42 698	-2,1%
including Pharmaceutical Synthesis	26 457	28 100	-5,8%
including Fine Specialty Chemicals	15 332	14 598	5,0%
Third quarter	33 481	33 658	-0,5%
including Pharmaceutical Synthesis	19 530	18 394	6,2%
including Fine Specialty Chemicals	13 951	15 264	-8,6%
Fourth quarter	45 221	40 721	11,1%
including Pharmaceutical Synthesis	28 962	26 282	10,2%
including Fine Specialty Chemicals	16 259	14 439	12,6%
Total as of 31 December 2011	164 544	158 511	3,8%
including Pharmaceutical Synthesis	102 096	99 379	2,7%
including Fine Specialty Chemicals	62 448	59 132	5,6%

With sales growing by more than 10% in the fourth quarter of 2011 compared with the same period in 2010, on both Pharmaceutical Synthesis and Fine Specialty Chemicals, PCAS Group's consolidated sales for 2011 are up 3.8% compared to 2010.

Pharmaceutical Synthesis

Over the first five months of the year, business was affected by the planned reduction in the contribution from the new contract between PCAS and Sanofi, effective since May, 31th 2010.

Excluding this contract, the Exclusive and Non-Exclusive Pharma businesses increased by 13.1% over 2011.

Fine Specialty Chemicals

The Fine Specialty Chemicals business has continued its growth during the fourth quarter being 12.6% higher than the same period in 2010, giving a full-year growth of 5.6% for 2011 compared with 2010.

The increase in sales during the fourth quarter should allow to confirm an increase of the current operating income for 2011.

On December 14th Board Meeting, PCAS Directors decided to put an end to Mr. Philippe Decazes' contract due to differences felt concerning the management of operations, following a few months spent at the head of the company's executive management team.

Mr. Vincent Touraille, Deputy CEO, will continue to act as Chief Executive Officer.

In order to be able to effectively move forward with the Group's development strategy, built around increasing the percentage of proprietary products and developing differentiating technologies, the Board of Directors has asked the Group's executive management team to focus their actions on continuing to improve profitability over 2012.

Next date : 2011 earnings, February 22nd, 2012

About PCAS

PCAS is a fine and specialty chemicals group that shares an ambition for excellence with its customers, which primarily include market-leading international groups. PCAS designs and delivers the best industrial solutions for its customers' specific expectations. These various expectations all share a common demand for safety, quality, competitiveness, innovation and sustainability.

Longjumeau, January 12th2012