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EMBARGO – 11.07.2007 – 07:30 h CET

CETTE COMMUNICATION N’EST PAS DESTINEE A LA DISTRIBUTION, DIRECTE OU INDIRECTE, AUX ETATS-UNIS, AU
CANADA, EN AUSTRALIE OU AU JAPON, NI DANS TOUTE AUTRE JURIDICTION DANS LAQUELLE DES OFFRES OU DES
VENTES SONT INTERDITES PAR LA LOI EN VIGUEUR




Recticel offre des obligations convertibles subordonnées de 10 ans
pour une valeur d’environ 50 millions d’euros


Recticel SA/NV (‘Recticel’) annonce le lancement à ce jour d’une offre (‘l’Offre’) d’obligations
convertibles subordonnées pour un montant d’environ 50 millions d’euros avec échéance en
2017, (les ‘Obligations’). Cet emprunt obligataire pourra être augmenté à 57,5 millions d’euros.
Les Obligations seront émises à 100 pour cent de leur montant principal et le coupon est
estimé entre 5,0 pour cent et 5,5 pour cent par an, payables chaque année à terme échu. Il est
prévu que le prix de conversion soit fixé avec une prime située entre 23 pour cent et 28 pour
cent de la moyenne pondérée des cours d’actions ordinaires Recticel durant la période de
souscription. Les modalités finales des Obligations devraient être annoncées par un
communiqué de presse distinct à l’issue de la période de souscription, ce qui devrait
normalement avoir lieu plus tard dans le courant de la journée.


L’émission comprend une option de sur-allocation (‘Greenshoe’) d’une valeur de 7,5 millions
d’euros. L’option Greenshoe pourra être exercée à tout moment jusqu’au 22 août 2007 (inclus).


Le montant net des recettes de l’Offre est destiné à rembourser des dettes existantes. Recticel
pense que cette transaction permettra de considérablement améliorer la structure des
échéances de ses dettes et de renforcer son bilan. La transaction va dans le sens de l’objectif
fixé par Recticel d’optimiser sa structure de financement et elle devrait créer une flexibilité
financière accrue en vue du développement futur de Recticel.


Les Obligations seront uniquement proposées aux investisseurs institutionnels. Le paiement et
la remise des Obligations devraient se faire vers le 23 juillet 2007. A cette date, ou au
préalable, Recticel mettra à disposition un document d’offre.


Une demande sera introduite en vue de l’inscription des Obligations dans la liste officielle de la
Bourse de Luxembourg et en vue de la négociation des Obligations sur le marché Euro MTF de
la Bourse de Luxembourg, sauf imprévu.




Presse Investor Relations
Jan De Moor Michel De Smedt
www.recticel.com
+32 (0)2 775 18 95 - (0) 475 42 78 26 +32 (0)479 91 11 38
demoor.jan@recticel.com desmedt.michel@recticel.com
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EMBARGO – 11.07.2007 – 07:30 h CET
La HSBC Bank Plc et KBC Financial Products UK Ltd. font office de Joint Bookrunners. Clifford
Chance agit en tant que conseiller juridique de Recticel. Linklaters agit en tant que conseiller
juridique des Joint Bookrunners.


Contacts:


Recticel SA/NV
Michel De Smedt, Corporate Finance and Investor Relations Manager, Tél: +32 2 775 18 09
Jan De Moor, Group HR & Communications Manager, Tél: +32 2 775 18 95


HSBC Bank Plc
Claude Rieffel, Managing Director, Tél: +44 20 7991 5190
Mark Christophersen, Associate Director, Tél: +44 20 7991 5110


KBC Financial Products UK Ltd.
Stephen Woods, Executive Director, Tél: +44 20 7614 6200
Pascal Paepen, Director, Tél: +44 20 7614 6200




Recticel en bref



Recticel est un groupe belge de dimension européenne mais il est également actif dans le reste du
monde. Il est présent dans 26 pays avec une centaine d’implantations.

Recticel contribue au confort quotidien. Il fabrique non seulement des rembourrages de sièges mais
encore des matelas et des sommiers de grandes marques, des isolants, des habillages intérieurs pour
voitures et toutes sortes de d’autres produits destinés à des applications industrielles et domestiques.

Recticel regroupe les marques de literie réputées Beka, Epeda, Lattoflex, Literie Bultex, Schlaraffia,
Sembella, Swissflex, Superba et Ubica.

Recticel est animé par une grande volonté de progrès technologique et d’innovation, ce qui lui a permis de
percer auprès des constructeurs automobiles les plus prestigieux.

En 2006, Recticel a réalisé un chiffre d’affaires de près de 1,5 milliard d’euros.




Presse Investor Relations
Jan De Moor Michel De Smedt
www.recticel.com
+32 (0)2 775 18 95 - (0) 475 42 78 26 +32 (0)479 91 11 38
demoor.jan@recticel.com desmedt.michel@recticel.com
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EMBARGO – 11.07.2007 – 07:30 h CET

DISCLAIMER
THIS ANNOUNCEMENT IS NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES (AS DEFINED IN REGULATION S UNDER THE US
SECURITIES ACT OF 1933, AS AMENDED ("REGULATION S"). THIS ANNOUNCEMENT IS NOT AN OFFER TO SELL SECURITIES OR THE SOLICITATION OF ANY
OFFER TO BUY SECURITIES, NOR SHALL THERE BE ANY OFFER OF SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER OR SALE WOULD BE
UNLAW FUL. THE SECURITIES MENTIONED IN THIS ANNOUNCEMENT HAVE NOT BEEN AND WILL NOT BE REGISTERED IN THE UNITED STATES UNDER THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR
EXEMPTION FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED. THERE WILL BE NO PUBLIC OFFER OF THE
SECURITIES IN THE UNITED STATES.
THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY OR THE SOLICITATION OF AN OFFER TO BUY
ANY EXCHANGEABLE BONDS.


THIS ANNOUNCEMENT IS DIRECTED AT AND IS ONLY BEING DISTRIBUTED IN THE UNITED KINGDOM TO (I) PERSONS WHO HAVE PROFESSIONAL EXPERIENCE
IN MATTERS RELATING TO INVESTMENTS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION)
ORDER 2005 (THE "ORDER"), (II) HIGH NET WORTH ENTITIES, AND OTHER PERSONS TO WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED FALLING
W ITHIN ARTICLE 49 OF THE ORDER, AND (III) PERSONS TO WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED (ALL SUCH PERSONS TOGETHER BEING
REFERRED TO AS "RELEVANT PERSONS"). THIS COMMUNICATION MUST NOT BE READ, ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT
PERSONS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS ANNOUNCEMENT RELATES IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE
ENGAGED IN ONLY WITH RELEVANT PERSONS. BY READING THIS ANNOUNCEMENT, THE READER ACKNOWLEDGES THAT IT IS A PERSON EITHER (I) OUTSIDE
THE UNITED KINGDOM OR (II) FALLING WITHIN ONE OF THE FOREGOING CATEGORIES.


IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA ("EEA"), THIS ANNOUNCEMENT AND ANY OFFER IF MADE SUBSEQUENTLY IS DIRECTED ONLY AT
PERSONS WHO ARE "QUALIFIED INVESTORS" WITHIN THE MEANING OF ARTICLE 2(1)(E) OF THE DIRECTIVE 2003/71/EC (THE "PROSPECTUS DIRECTIVE")
("QUALIFIED INVESTORS"). ANY PERSON IN THE EEA WHO ACQUIRES THE SECURITIES IN ANY OFFER (AN "INVESTOR") OR TO WHOM ANY OFFER OF THE
SECURITIES IS MADE WILL BE DEEMED TO HAVE REPRESENTED AND AGREED THAT IT IS A QUALIFIED INVESTOR. ANY INVESTOR WILL ALSO BE DEEMED TO
HAVE REPRESENTED AND AGREED THAT ANY SECURITIES ACQUIRED BY IT IN THE OFFER HAVE NOT BEEN ACQUIRED ON BEHALF OF PERSONS IN THE EEA
OTHER THAN QUALIFIED INVESTORS, NOR HAVE THE SECURITIES BEEN ACQUIRED WITH A VIEW TO THEIR OFFER OR RESALE IN THE EEA TO PERSONS
W HERE THIS WOULD RESULT IN A REQUIREMENT FOR PUBLICATION BY RECTICEL SA/NV OR EITHER OF THE JOINT BOOKRUNNERS OF A PROSPECTUS
PURSUANT TO ARTICLE 3 OF THE PROSPECTUS DIRECTIVE. RECTICEL SA/NV, THE JOINT BOOKRUNNERS AND ANY OF THEIR RESPECTIVE AFFILIATES, AND
OTHERS WILL RELY UPON THE TRUTH AND ACCURACY OF THE FOREGOING REPRESENTATIONS AND AGREEMENTS.


THIS ANNOUNCEMENT IS A SUMMARY ONLY, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO THE OFFERING CIRCULAR ("THE OFFERING CIRCULAR")
TO BE PREPARED IN CONNECTION WITH THE OFFERING. THIS ANNOUNCEMENT DOES NOT PURPORT TO IDENTIFY OR SUGGEST THE RISKS (DIRECT OR
INDIRECT) WHICH MAY BE ASSOCIATED WITH YOUR INVESTMENT IN THE CONVERTIBLE BONDS. EACH INVESTOR SHOULD READ THE OFFERING CIRCULAR
FOR MORE COMPLETE INFORMATION REGARDING THE CONVERTIBLE BONDS BEFORE MAKING AN INVESTMENT DECISION.


THE JOINT BOOKRUNNERS ARE ACTING FOR THE ISSUER IN CONNECTION WITH THE OFFERING, AND FOR NO-ONE ELSE AND WILL NOT BE RESPONSIBLE TO
ANYONE OTHER THAN THE ISSUER FOR PROVIDING THE PROTECTIONS AFFORDED TO CLIENTS OF THE JOINT BOOKRUNNERS OR FOR PROVIDING ADVICE IN
RELATION TO THE OFFERING, AND THE JOINT BOOKRUNNERS MAKE NO REPRESENTATIONS AS TO THE ACCURACY OF AND TAKE NO RESPONSIBILITY FOR
THE CONTENTS OF THIS ANNOUNCEMENT OR ANY MATTERS REFERRED TO HEREIN.


THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT TO BE RELIED UPON IN SUBSTITUTION FOR THE EXERCISE OF INDEPENDENT
JUDGEMENT. IT IS NOT INTENDED AS INVESTMENT ADVICE AND UNDER NO CIRCUMSTANCES IS IT TO BE USED OR CONSIDERED AS AN OFFER TO SELL, OR A
SOLICITATION OF AN OFFER TO BUY ANY CONVERTIBLE BONDS OR A RECOMMENDATION TO BUY OR SELL ANY CONVERTIBLE BONDS. NEITHER THE JOINT
BOOKRUNNERS NOR ANY OF THEIR RESPECTIVE AFFILIATES ACCEPTS ANY LIABILITY ARISING FROM THE USE OF OR MAKES ANY REPRESENTATION AS TO
THE ACCURACY OR COMPLETENESS OF THIS ANNOUNCEMENT AND THE FINAL OFFERING CIRCULAR.


EACH PERSON READING THIS ANNOUNCEMENT SHOULD CONSULT HIS/HER PROFESSIONAL ADVISER TO ASCERTAIN THE SUITABILITY OF THE CONVERTIBLE
BONDS AS AN INVESTMENT. IN ADDITION, HAVING READ THIS ANNOUNCEMENT, EACH PROSPECTIVE INVESTOR SHOULD PROCEED ON THE ASSUMPTION
THAT IT MUST BEAR THE ECONOMIC RISK OF AN INVESTMENT IN THE EXCHANGEABLE BONDS FOR AN INDEFINITE PERIOD. NONE OF THE ISSUER NOR THE
JOINT BOOKRUNNERS MAKES ANY REPRESENTATION AS TO (I) THE SUITABILITY OF THE CONVERTIBLE BONDS FOR ANY PARTICULAR INVESTOR, (II) THE
APPROPRIATE ACCOUNTING TREATMENT AND POTENTIAL TAX CONSEQUENCES OF INVESTING IN THE CONVERTIBLE BONDS OR (III) THE FUTURE
PERFORMANCE OF THE CONVERTIBLE BONDS EITHER IN ABSOLUTE TERMS OR RELATIVE TO COMPETING INVESTMENTS.


IN CONNECTION WITH THE OFFERING, JOINT THE BOOKRUNNERS AND THEIR RESPECTIVE AFFILIATES MAY, FOR THEIR OWN ACCOUNT, ENTER INTO ASSET
SW APS, CREDIT DERIVATIVES OR OTHER DERIVATIVE TRANSACTIONS RELATING TO THE CONVERTIBLE BONDS AND/OR THE UNDERLYING ORDINARY
SHARES AT THE SAME TIME AS THE OFFER AND SALE OF THE CONVERTIBLE BONDS OR IN SECONDARY MARKET TRANSACTIONS. EACH OF THE JOINT
BOOKRUNNERS OR ANY OF THEIR RESPECTIVE AFFILIATES MAY FROM TIME TO TIME HOLD LONG OR SHORT POSITIONS IN OR BUY AND SELL SUCH
CONVERTIBLE BONDS OR DERIVATIVES OR THE UNDERLYING ORDINARY SHARES. NO DISCLOSURE WILL BE MADE OF ANY SUCH POSITIONS. THE AMOUNT
OF ANY SUCH PURCHASES WILL BE DETERMINED AT THE TIME OF PRICING OF THE CONVERTIBLE BONDS AND WILL BE SUBJECT TO TOTAL DEMAND
RECEIVED AND FINAL ALLOCATIONS. IN ADDITION, EACH OF THE JOINT BOOKRUNNERS AND THEIR RESPECTIVE AFFILIATES MAY PERFORM SERVICES FOR,
OR SOLICIT BUSINESS FROM, THE ISSUER, THE COMPANY OR ANY MEMBERS OF THE COMPANY'S GROUP, MAY MAKE MARKETS IN THE SECURITIES OF THE
ISSUER, THE COMPANY OR ANY MEMBERS OF THE COMPANY'S GROUP AND/OR HAVE A POSITION OR EFFECT TRANSACTIONS IN SUCH SECURITIES.



Presse Investor Relations
Jan De Moor Michel De Smedt
www.recticel.com
+32 (0)2 775 18 95 - (0) 475 42 78 26 +32 (0)479 91 11 38
demoor.jan@recticel.com desmedt.michel@recticel.com