Recticel, The passion for Comfort

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 conversion price of EUR 13.14. As a result of this, a theoretical total of 4,375,951 new shares could be created.

The total potential number of new shares after the conversion of all the outstanding convertible bonds amounts to 12.04% of the potentially fully diluted number of shares (after conversion and including the exercise of all outstanding warrants).