Texaf S.A. — Management Reports 2012

May 16, 2012

S O C I E T E A N O N Y M E - N A A M L O Z E V E N N O O T S C H A P

INTERMEDIATE STATEMENT 16.05.2012

PRIVILEGED INFORMATION

TEXAF group activity in DRC is developing as expected

• CARRIGRES (sandstone quarry in Kinshasa): The first three months of the year were still affected by many electrical power cuts. But there were sufficient stocks to maintain a reasonable level of turnover and profitability. In recent weeks, a new power line was installed to supply electricity to the quarry and a new excavator has been delivered. This should allow Carrigrès to return to a normal level of production of around 500,000 tonnes a year.
• MECELCO (wagon maintenance, metalworking in Lubumbashi): TEXAF is looking to back this operation to an industrial group which could ensure its development and is in discussions with a potential buyer. It is not possible to say at this stage whether this deal will go ahead.
• Real estate activity (rentals of residential properties and office space in Kinshasa) is increasing thanks to new buildings put on the market in 2011, i.e. 15 apartments and 4,000 m² of offices, which now generate EUR 10 million a year in rent.

Despite continuing uncertainty about the application scope of the new VAT, the group has created a subsidiary, PROMOTEX, specialising 100% in real estate development so that the existing companies can concentrate exclusively on renting the existing buildings. It is following up new constructions: a fifth and last building of the so-called "Phase IV" development for 18 apartments and a new project of 3 blocks of 8 small apartments. This latest project is the first phase of a development called "Champ de Coton" which is in response to the demand for accommodation for managers on fixed term contracts. These apartments will be available for rent in 2013 and will generate EUR 0.5 million a year in revenue. To finance this, the group obtained EUR 1.8 million in credit from a leading European bank. This is the first time that it can count on the support of an international bank to develop its real estate activity. For some years now, it had been able to call on credit granted by banks in DR Congo. But the capacity of local banks is limited and the credit maturities are still short. The current credit with a 5 year maturity makes it possible to align reimbursements with the cash flows generated by the project. It also demonstrates the group's intention to be an access route for Congo to international capital markets.

An impression of one of the three "Champs de Coton" buildings

S O C I E T E A N O N Y M E - N A A M L O Z E V E N N O O T S C H A P

S O C I E T E F I N A N C I E R E E T D E G E S T I O N

All in all, the group confirms that it expects an increase in operating results for 2012 as compared with the previous year.

Texaf, founded in 1925, is the only investment company with industrial, financial and real estate interests listed on Euronext which currently has all its activities and subsidiaries in the Democratic Republic of Congo. This stock market listing of activities in DRC, along with the associated good governance and transparency requirements, constitutes one of the group's major assets in promoting the formal sector in the country.

Contact persons: Philippe Croonenberghs, CEO: +32 495 24 32 64 Christophe Evers, CFO: + 32 495 24 32 60