Bonds
In the middle of 2007, Recticel issued a convertible bond for a total amount of EUR 57.5 million and with a duration of 10 years. This bond loan can be converted by the holders into ordinary Recticel- shares at a current (31 May 2013) conversion price of EUR 12.00. As a result of this, a theoretical total of 4 791 667 new shares could be created.

| CONVERSION PRICE ADJUSTMENT NOTICES | |||||
| Conversion Price Adjustment Notice - May 31st, 2013 | |||||
| Conversion Price Adjustment Notice - May 31st, 2012 | |||||
| Conversion Price Adjustment Notice - May 26th, 2011 | |||||
| Conversion Price Adjustment Notice - June 29th 2010 | |||||
| Conversion Price Adjustment Notice - June 24th 2010 | |||||
| Conversion Price Adjustment Notice - August 17th 2009 | |||||
| Conversion Price Adjustment Notice - July 10th 2008 | |||||
| Offering Circular EUR 57.5 million Convertible Bond issued in July 2007 | |||||
