PCAS

Earnings Release • Nov 6, 2014

Longjumeau, November 6, 2014

In millions of euros	2013	2014	%	At constant exchange rates	%
Net sales as of 30 September	126,9	117,9	-7,1%	118,6	-6,6%
including Pharmaceutical Synthesis	81,9	74,0	-9,6%	74,6	-8,9%
including Fine Speciality Chemicals	45,1	43,9	-2,7%	44,0	-2,4%

Consolidated net sales for the PCAS Group were down 6.6% at a constant exchange rate as of 30 September 2014 compared to the same period for the previous year.

Pharmaceutical Synthesis

Pharmaceutical Synthesis activities were down 8.9% compared to the end of September 2013, impacted by deliveries delayed to the last quarter of 2014.

Fine Specialty Chemicals

Net sales of Fine Specialty Chemicals were down 2.4% compared to the end of September 2013. Fragrances and Cosmetics activities are suffering

from a gloomy economic outlook, while New Technologies, below expectations at the end of September, performed well in the third quarter of 2014 compared to the same period in the previous year and Performance Chemicals showed continued growth at the end of September 2014.

Thanks to a busy fourth quarter of 2014 showing an increase in net sales of over 25% compared to the fourth quarter of 2013, PCAS Group sales in 2014 should be slightly higher than on those of 2013.

About PCAS:

Founded in 1962, PCAS is an international fine and specialty chemicals group (165 million € net sales in 2013) 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. PCAS also develops ranges of proprietary products based on intellectual property.