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1 WORLD LEADER IN PRECISION SPRAYING SOLUTIONS Contents ANNUAL REPORT 2011 p. 01 > Profile p. 02 > Chief Executive Officer s Message p. 03 > Strategy Committee p. 04 > Operating highlights p. 08 > Financial highlights p. 10 Exel Industries Group, One business, two operating divisions and three market segments p. 12 > Our business p. 14 > Our markets p. 19 > Our brands p. 20 > Our strengths

2 Our history 59 YEARS OF EXPERTISE IN SPRAYING TECHNOLOGIES THE BIRTH OF A FAMILY-BUSINESS THE BIRTH OF A MARKET LEADER Profile A WORLD LEADER IN PRECISION SPRAYING SOLUTIONS > 1952 TECNOMA set up by Vincent Ballu, inventor of the wine grower high-clearance tractor. > 1959 First synthetic resin agricultural sprayer. > 1980 Death of the company s founder, arrival of his son Patrick Ballu. THE FORMATION OF A GROUP > 1987 First acquisitions and creation of EXEL Industries Group. THE BEGINNING OF A NEW ERA > 1996 Acquisition of KREMLIN. EXEL Industries takes its first steps in Materials Protection business (paint spray guns ). > 1997 IPO on the Paris stock exchange. > 2000s EXEL Industries strengthens its organization through targeted acquisitions both in the Plants Protection and Materials Protection to become the world leader in spraying technologies. > 2007 EXEL Industries makes its most important acquisition to date with the Danish group HARDI, then No. 2 worldwide for agricultural spraying solutions. Through this acquisition, EXEL Industries consolidates its global leadership while considerably expanding its international dimension. REIGNS OF MANAGEMENT PASSED ON TO NEXT GENERATION > 2011 Guerric Ballu, the founder s grandson, becomes the Group s chief executive. ONE BUSINESS, TWO OPERATING DIVISIONS AND THREE MARKET SEGMENTS > No. 1 WORLDWIDE > PLANT PROTECTION > 70% OF SALES OR MILLION > No. 3 WORLDWIDE > MATERIALS PROTECTION > 30% OF SALES OR MILLION EXEL Industries is a pure player focused on a single business: spraying. And by focusing its full resources in this area, the Group has become a world leader. As designers, manufacturers and distributors of the largest range of Sprayers, we are capable of covering most needs. Our products used both by farmers and the general public to deliver medicine and nutrients required for healthy crops and plants (Plant Protection). Key figures 17 production sites (Europe, USA and Australia) million in sales 23 countries, with subsidiaries on all 5 continents They are also used for industrial purposes to apply paint, varnish and thick products to protect and embellish all materials and objects (Materials Protection). In each instance and throughout the world, our spraying equipment offer customers the very best technologies for improving productivity, comfort, safety and respecting the environment. Our business: Spraying the right dose in the right place at the right time! > 200 active patent families 2,600 employees, of which 40% outside of France AGRICULTURE MARKET CONSUMER MARKET INDUSTRIAL MARKET Industrial market Legend: Consumer market Agriculture market EXEL Industries 2011 _ Annual report _ 01

3 Chief Executive Officer's Message Strategy Committee Dear shareholders, At the end of April 2011, I took on the functions of Chief Executive Officer of EXEL Industries Group previously held by my father. Our remarkable history as a family company thus represents a lasting legacy as we look to the future. We will increasingly focus on continuing international expansion in our three market segments of farming, manufacturing and retail to further strengthen our position as a world leader of precision spraying solutions. The fiscal year got off to a difficult start with a loss in the first six months, though followed by strong acceleration in the beginning of the second half. Performances in the industry segment were robust with double digit growth, reflecting successful efforts of our teams, particularly in the automobile sector. In the agricultural segment, higher cereal prices boosted strong growth in order intake while contributing to pressure on suppliers and our manufacturing sites that led to delays in deliveries. This in turn weighed on margins as well as cash, adversely affected by high inventory levels at yearend. Overall, the EXEL Industries Group ended FY with revenue growth of 12.8, current operating income (EBIT) of 20.2 million and, above all, export sales up by more than 20%. Guerric BALLU Chief Executive Officer of EXEL Industries, X-Mines (Graduate School for Advanced Engineering), 44 years of age, married, 5 children > 1992 Elf Atochem (chemicals): R&D, then development-marketing, production-logistics, head of the Fine Chemicals Business Unit (revenue: 60 million). > May 2001 Exel Industries as Group Vice President of Strategy and Development, head of Group acquisitions from 2001 to 2011: SAMES, MATROT, HERRIAU, MOREAU, HARDI, JOHNSTONE > October 2001 Managing Director of Matrot, followed by Chairman of MOREAU, HERRIAU. > 2008 Chairman of the Materials Protection division companies: KREMLIN-REXSON AND SAMES. > April 2011 Chief Executive Officer of the EXEL Industries Group. > Innovation. Our engineering departments continue to build up our portfolio of more than 200 patents. Our spraying technology innovations offer our customers increased value through improved time-to-market performances, modular design and reliability testing for our new products through pilot production runs. > International development. Our focus on international expansion has resulted in market share gains, the opening of new subsidiaries in growth markets, the professionalization of our local teams, and the launch of new products specifically adapted to each market. Our Group unique profile and strength is based on an organization comprised of independent small and midsize companies consequently able to adapt more easily and proactively take the right decisions. Furthermore, given the positive underlying trends for our markets, we remain confident about the future. Contributing to more effective ways to feed the world, respecting the environment and supporting the industrial development of emerging countries: These three challenges represent key priorities for Exel Industries. > 6 Patrick BALLU Chairman of EXEL Industries > 7 > 8 "Our family Group began with my father when he created TECNOMA in In 1980, following his sudden death, I stepped up to continue this family adventure. With nearly 200 employees, we already had revenue of 12 million. In 1987, I created our Group, EXEL Industries as a means to pursue a series of acquisitions to be operated under a single banner while respecting the individual identities, cultures and independence of these different companies. Today we are now 2,600 with revenue of 430 million supported by our 17 manufacturing plants (¾ in France) and subsidiaries operating in 23 countries and five continents. This success story of our family Group, combining both cohesion and forward momentum, will naturally be pursued in this same spirit. > 9 > 10 > 11 > 12 I am now 68. We have successfully come through the recent economic crisis stronger than before and fully deleveraged. As a result, we are well-positioned to take on new challenges that are reasonable in nature but also ambitious. In sum, this is the right time to pass on the reins of management, in a spirit of flexibility and serenity, to the next generation. It thus gives me great pleasure and personal satisfaction that the Board of Directors' meeting of April 22, 2011 separated the functions of Chairman and Chief Executive Officer. On that basis I continue to serve as Chairman while my son Guerric Ballu is now EXEL Industries Chief Executive Officer. Serving our Group over the last 10 years, successively as Managing Director of MATROT and MOREAU, spearheading our acquisitions and then successfully putting back on track companies of the Materials Protection divisions as their Chairman, Guerric has demonstrated his strategic and managerial expertise. Our family has great confidence in his abilities." > 1 > 13 > 14 We have begun 2012 with determination and pragmatism by focusing on our three operating priorities. > Margins. Our ambitions go beyond the current level of margins. In effect, there exists real potential, notably in terms of sale prices that better reflect our competitive advantages, the continued deployment of lean manufacturing at our manufacturing facilities and rigorous project management at new subsidiaries experiencing strong development. Finally, with subsidiaries on five continents, the complementary markets, the quality of our products and expertise of our teams, we have a strong foundation for the future. With a clear strategy, a long-term vision, an exemplary financial base highlighted by shareholders' equity representing more than half of total assets, and a corporate culture of entrepreneurship, EXEL Industries Group will pursue its path of sustainable and profitable growth. Thank you for your continued support, Guerric BALLU Chief Executive Officer of the Group > 5 > 4 > 3 The Strategy Committee is comprised mainly of Managing Directors of Group subsidiaries. Its purpose is to examine and make strategic decisions with respect to the major priorities to be adopted for the Group's development. > 1. Patrick Ballu, Chairman of EXEL Industries > 2. Guerric Ballu, CEO of EXEL Industries Group > 3. Marc Ballu, Vice President of Group Strategy and Development of EXEL Industries, CEO of EXEL gsa > 4. Marie-Pierre du Cray-Sirieix, Group Chief Legal Officer > 5. Christophe Turpin-Invernon, CEO of CARUELLE-NICOLAS and RAM Environnement > 6. Sten Kjelstrup, CEO of HARDI International > 7. Cedric Perres, CEO of SAMES > 8. Jean-Marc Perrier, CEO of BERTHOUD > 9. Daniel Tragus, Executive Vice- Chairman of HARDI International and Chairman of MATROT, MOREAU and HERRIAU > 10. Bertrand Pignolet, CEO of TECNOMA, PRÉCICULTURE and CMC > 11. Dominique Lagouge, CEO of KREMELIN-REXSON and API > 12. Mathias Cescousse, CEO of MATROT > 13. Pierre Nieuviarts, CEO of MOREAU and HERRIAU > 14. Gilles Blondet, Group CFO. > 2 02 _ Annual report _ EXEL Industries 2011 EXEL Industries 2011 _ Annual report _ 03

4 FY operating highlights PLANT PROTECTION > HARDI THE SAR ITOR In 2011 the HARDI brand launched the pre-series version of its Saritor model on the market. With a completely new design, this self-propelled high-capacity broad acre sprayer was specifically developed for intensive farming operations, particularly in North America or Australia. The Saritor model offers the latest GPS guidance technologies and proactive boom controls incorporating the robustness and precision of the HARDI brand at very high spray and transport speeds. The Saritor model is positioned in the world's largest market segment in terms of size. > CARUELLE NICOLAS OLYMPIA L In 2011 CARUELLE NICOLAS introduced a new tank agitation system for the Olympia 6000 L with a patented antifoam feature. A technical breakthrough following the commercial advance in Ukraine in > BERTHOUD THE TRACKER BERTHOUD launched the tracker in September A model ideally positioned to address current economic requirements, the Tracker s successful commercial development from its first year reflects its excellent price/spraying output ratio. > TECNOMA TECNIS TECNOMA has renewed its core range of trailed sprayers with the TECNIS 3500, 4500 and 6000 liter models. This new range is distinguished by its robustness, reliability and yield performance. It was developed as a polyvalent entry level to top-end model including notably direct compatibly and full integration for GPS and precision farming equipment applications. > BERTHOUD WIRELESS E-PILOT MULTIFUNCTION JOYSTICK BERTHOUD is the first worldwide manufacturer of sprayers to market a wireless multifunction joystick. In this way the farmer can step out of the cabin to guide the controls or settings with greater precision by section. > EXEL GSA T800 K7 The new T800 K7 watering station for consumer market users provides automatic stop and start functions as well as a safety mechanism when out of water to prevent operating when empty. > EXEL GSA PULSAR COLLECT In 2011, EXEL GSA strengthened its offering of TECNOMA pumps with the introduction of the new empty tank PULSAR COLLECT model. With an output capacity of up to 2,500 liters/hour, it collects rainwater for consumer garden uses. This pump represents a perfect response to consumer needs and expectations for sustainable development and was awarded the 2011 Jard Innov silver trophy in the Watering category. > HARDI HC 9500 CONTROL SCREEN The HC 9500 control screen presented and marketed at the Agritechnica 2011 trade fair, is a new touchscreen terminal with an Isobus connection compatible for all tractor drivers. > MATROT THE XENON In FY MATROT introduced the Xenon, a high-capacity self-propelled sprayer (4,300 or 5,200 liters). This CAD designed model boasts the hallmark power and robustness of the MATROT brand. Major embedded technological advances provide two key benefits, time savings for the user for filling operations and spraying efficiency control in challenging environments (significant bank angle). For the environment, substantial fuel savings and less than 1% loss of active materials through a patented system for zero dead volume. > HARDI ALPHA EVO The Alpha Evo of HARDI EVRARD rolled out in 2011 optimizes weight distribution, has renewed the cabin design with unobstructed broad angle vision and increased ground clearance up to 165 cm. please check our website: > THE ILS (INTELLIGENT LOCALIZED SPRAYER) OF TECNOMA The ILS (Intelligent Localized Sprayer) of TECNOMA was awarded the silver medal at SIMA 2011, the biennial Paris International Agri-Business Tradeshow, within the framework of the Sima Innovation Awards. Developed by TECNOMA's R&D teams in partnership with the AgroSup Dijon engineering school, this precision laser recognition process detects plants by their form so that delivery of treatment substances is limited exclusively to targeted plants. 04 _ Annual report _ EXEL Industries 2011 EXEL Industries 2011 _ Annual report _ 05

5 FY operating highlights MATERIALS PROTECTION > SAMES RECEIVED THE JURY'S AWARD OF THE SURCAR INDUSTRY EVENT SAMES deployed its ranges of water soluble paints in Europe, Southeast Asia and North America. A major advance in 2011 in establishing a recognized offering of eco-friendly industrial solutions. This achievement was rewarded on July 1, 2011 by the Jury's Award of Surcar, the international automotive body finishing convention (300 participants) granted to PSA for the quality of its body paint applications using EXEL Industries' solutions. > THE ACCUBELL 709 EVO Accubell 709 Evo water-based products for the automobile market allow for rapid color changes with very limited loss of paint: applications for PSA and a new painting line at Sochaux and the PSA site of Wuhan 3 in China as well as in North America for Tesla, the electric vehicle manufacturer (California). > THE AUTOMOBILE MARKET SEGMENT DEVELOPING SYNERGIES BETWEEN KREMLIN-REXSON AND SAMES A major milestone in the period was achieving synergies between KREMLIN-REXSON and SAMES. KREMLIN-REXSON traditionaly provides equipment and spraying solutions upstream in the process such as for the jonction of rolled plates whereas SAMES is a provider of finishing solutions for bodywork painting. Between the two of them, technological and commercial synergies contributed to market share gains by offering automobile manufacturers comprehensive solutions for protection and isolation and notably beneath the body of the vehicle in construction (Dacia, etc.). This has provided 3 economic advantages to automobile manufacturers: reduced consumption of materials, improved quality in its application, and a new global standard for connectivity. please check our website: > CHINA IN 2011, NEW PREMISES FOR THE SHANGHAI SUBSIDIARY On September 1, 2011, the new premises of EXEL China in Shanghai were inaugurated by the subsidiary manager, Hervé Walter and the CEO of SAMES. SAMES has been present in China since 1996 and in 2011, expanded its operations with notably new premises for training Chinese customers, workshops and a testing laboratory The Group is also present in Guangzhou, Tianjin and soon in Wuhan. > KREMLIN NEW GENERATION OF THOR PUMPS Commercial launch in 2011 by KREMLIN of a new range of Thor pumps: they offer real advantages in terms of savings and easier use for spraying a large spectrum of products of regardless of the viscosity. This range offers the same KREMLIN REXSON reliability and robustness recognized by automobile manufacturers or generalists. 06 _ Annual report _ EXEL Industries 2011 EXEL Industries 2011 _ Annual report _ 07

6 Financial highlights FISCAL YEAR 2010 / 2011 Consolidated sales grew 12.8% on strong momentum from the Materials business (+30.3%) and a rebound in Plant Protection (+6.7%). For both segments, exports drove this growth on gains of 23%. At 20.2 million, current operating income (EBIT) remained at the prior year s level. Margins were impacted by rising raw material prices along with delivery delays on very high order intake in the second half. The Group continued to strengthen its shareholders' equity and maintained a strong balance sheet with shareholders' equity at more than 51% of total assets. > 2012 AGENDA January 24, 2012: General Meeting March 27, 2012: Q2 sales April 18, 2012: H1 results June 26, 2012: Q3 sales October 9, 2012: Q4 sales December 12, 2012: annual results Consult the Finance section at: > REVENUE +12.8%... STABLE MARGINS > INVESTING IN OUR FUTURE > STRONG BALANCE SHEET > RAPID DELEVERAGING > Consolidated sales in m > Current Operating Income (EBIT) in m and as a % of sales > Net Income in m and as a % of sales > Capital Expenditures in m > Ratios % Shareholders Equity to total assets in m > Shareholders' Equity and Net Financial Debt in m Materials Plans Shareholders' Equity Shareholders' Equity Net Financial Debt > SHARE INFORMATION > OWNERSHIP STRUCTURE > ANALYST COVERAGE > EXEL INDUSTRIES ON THE STOCK MARKET EXEL Industries CAC MID & SMALL NYSE-Euronext Paris Compartment B Indices: CAC Mid&Small, CAC Small ISIN/Mnemo/Reuters/Bloomberg: FR / EXE / EXEP.PA / EXE:FP FY closing date: August 31 Number of shares: 6,787,900 Nominal value: % Free float 75% Ballu family Arkéon Finance Aurel-BGC CM-CIC Securities Crédit Agricole Cheuvreux Gilbert Dupont ID Midcap Oddo Securities Portzamparc Share price as of 12/27/2011: One-year share performance: % Market capitalization at 12/27/2011: million Average daily trading volume: 1,234 FY dividend*: 0.49 * Dividend proposed for vote by the shareholders at the AGM of 01/24/2012 * * January 08 _ Annual report _ EXEL Industries 2011 EXEL Industries 2011 _ Annual report _ 09

7 EXEL GROUP ONE BUSINESS, TWO OPERATING DIVISIONS AND THREE MARKET SEGMENTS SPRAYING MATERIALS PROTECTION - PLANT PROTECTION AGRICULTURE INDUSTRY CONSUMERS 10 _ Annual report _ EXEL Industries 2011 EXEL Industries 2011 _ Annual report _ 11

8 Our business PRECISION SPRAYING SOLUTIONS EXEL Industries designs, manufactures and markets precision sprayers, using the most advanced technologies. Transforming liquid into a controlled spray pattern that delivers many fine and uniform droplets, uniquely on the target surface, requires expertise in many fields. Group companies achieve this by using all possible spraying technologies: fluid pressure, compressed air, centrifugal forces, ventilation and electrostatic. > TWO OPERATING DIVISIONS Plant Protection: protecting and caring for crops by providing them with the necessary medicine and nutriments for them to remain in good health, so that people are better nourished and gardens are more beautiful. Materials Protection: protecting and embellishing materials with color and conserving the environment by eliminating VOCs (Volatile Organic Compounds), dust and odors. > THREE MARKETS The Agricultural Market includes not only large-scale field cultivation but also arboriculture, viticulture and all types of specialized crops. The Industrial Market includes all businesses, whatever their activity, requiring the spraying of paints, varnishes, glues, coatings and other products. The Consumer Market for which garden and leisure sprayers are distributed through retailers (DIY, garden centers, supermarkets, etc.). This presence in 3 MARKETS protects us from cyclical economic conditions and limits the impact of the seasonal nature of our activities while multiplying opportunities for growth. Spray the right dose in the right place at the right time OUR STRATEGY > A MULTI-BRAND AND MULTI-CHANNEL APPROACH Each of the Group s brands corresponds to a niche or a specific marketing positioning whose uniqueness has been developed in order to expand their market share. To this purpose, we make full use of a diverse range of distribution networks. Although the distribution channels are numerous, different and often competing, they allow us to cover our markets several times over, resulting in optimal penetration. This multi-brand, multi-channel and multi-range strategy allows EXEL Industries to propose a range of responses to address all needs and expectations of its customers.. > A FLEXIBLE AND RESPONSIVE INDUSTRIAL ORGANIZATION EXEL Industries has developed extensive expertise in terms of industrial organization. Its production plants are organized to provide a flexible response to demand which varies over the course of the year (seasonality effect). To fully address the specific and varied needs of every customer, each sprayer is tailored according to a specific purchase order, with all the customer's options, and then tested in the factory to be ready for immediate use. This is also a guarantee of quality. > AN AMBITIOUS BUT CAUTIOUS STRATEGY Ambitious: EXEL Industries seeks to achieve the best possible margins in each of its markets. Cautious: the Group maintains a strong commitment to maintaining overall financial stability. EXEL Industries thus pursues a proactive strategy of external growth while remaining very attentive to both acquisition prices and returns on invested capital. EXEL Industries has in this way become a strong international Group with a successful track record of sustainable and profitable growth. EXEL INDUSTRIES' STRATEGY > INCREASE ITS INTERNATIONAL PRESENCE SO AS TO BE CLOSER TO ITS CUSTOMERS. > CONSOLIDATE ITS TECHNOLOGICAL AND COMMERCIAL LEADERSHIP IN ALL ITS MARKETS. > INNOVATE AND REGULARLY LAUNCH NEW PRODUCTS RANGES. > MAXIMIZE ITS PROFITABILITY. 12 _ Annual report _ EXEL Industries 2011 EXEL Industries 2011 _ Annual report _ 13

9 Our markets INDUSTRY A diversified range of markets With a presence on 5 continents, EXEL Industries has a share of approximately 7% of the world market making it number 3 worldwide. The complementary product ranges of its different brands provide strong commercial and technical momentum: > KREMLIN is a specialist in application equipment for liquid products (paints, varnish, etc.), with a wide-range of manual and automatic pumps and guns. Its technologies allow customers to make significant productivity gains while protecting the environment and the operator's health. > REXSON is a specialist in equipment for the industrial application of thick substances such as glues, fillers and insulating materials. These techniques are undergoing rapid development as they are deployed for an increasing number of applications. > SAMES is number 2 worldwide in electrostatic spraying equipment for liquid or powder form paint. Highly innovative and the creator of electrostatic spraying techniques, the company has registered many patents. Its equipment and systems are used not only on the manufacturing and painting lines of automotive assembly plants but also in most other industries. > RAM Environnement is the recognized specialist in dust removal and deodorization through spraying. Its solutions are aimed at all malodorous industries (waste collection centers and water treatment plants) industries which create mineral dusts (extraction of minerals, demolition of buildings, etc.) and industries which create food dusts (agricultural cooperatives, grain silos and ports, etc.). > EXEL INDUSTRIES' CUSTOMER BASE COVERS ALL BUSINESS SECTORS Transportation: cars, trains, ships, aerospace, bikes & motorcycles, trucks, buses etc. Metalworking: machine tools, wind turbines, electrical transformers, construction equipment, farm machinery, structural steel, metal furnishings, maritime containers, kitchen utensils, etc. Plastics: packaging, pleasure boats, household electrical appliances, television sets, computers, cellphones, toys, cosmetics, consumer goods, etc. Wood industry: home furnishings, woodwork, construction, musical instruments, etc. Glass industry: fragrance bottles, cosmetics, decoration products, windows, etc. Leather industry: clothing, footwear, leather goods, car seats, etc. SELECTED CUSTOMERS Protecting and enhancing materials > Airbus > Alstom > Areva > Audi > Bang & Olufsen > Bénéteau > Caterpillar > Dacia > Dassault > EDF > Eurocopter > Fago > Ford > GM > IKEA > Lafarge > Lamborghini > Louis Vuitton > Mahindra > Mercedes > Philips > PSA Peugeot Citroën > Renault-Nissan > Rolls-Royce > Safran > Schneider Electrics > Tata > Tefal > Veolia 7% of the worldwide market No. 3 worldwide 14 _ Annual report _ EXEL Industries 2011 EXEL Industries 2011 _ Annual report _ 15

10 Our markets AGRICULTURE No. 1 worldwide From just a few liters to up to 10,000 liters of capacity, the Group offers the largest range of sprayers to protect large-scale fields, vineyards, orchards and tropical crops. EXEL Industries has a portfolio of well-known brands: HARDI, EVRARD, ILEMO, BERTHOUD, TECNOMA, CARUELLE, NICOLAS, SEGUIP, THOMAS, MATROT, MOREAU, HERRIAU and CMC. These brands compete with each other or are destined for a specific market niche. Each brand is marketed by an independent network of authorized distributors, carefully trained to provide top-quality sales and after-sales service for our equipment. This multibrand and multi-network structure ensures the Group a highly effective coverage of this market. Among the regions covered, Eastern European countries represent a promising source of significant growth in the medium term in light of the potential of their agricultural sectors. For this reason, despite the financial crisis that has severely impacted some of these countries, EXEL Industries continues to develop its presence in these markets. Measures undertaken to this purpose have included establishing more efficient distribution networks, training local dealers, launching a range of products targeted and adapted for these countries, setting up a plant in Romania and a sales subsidiary in Russia, underscoring a strategy of building a strong local presence for new customers. > GROWTH FACTORS DRIVING THE AGRICULTURAL SPRAYING MARKET The stagnation of usable arable land in the world means strong growth in demand for agricultural products (growth in the worldwide population, rising consumption of meat and milk, non-food uses such as biofuels and biomaterials, etc.) must be met by increasing yields. Emerging countries need to modernize and mechanize all their farms. New environmental regulations speed up the replacement of equipment with new, cleaner and more accurate sprayers. Farms are becoming larger and need sprayers that are bigger, more comfortable and more efficient. Caring for and protecting crops to provide better food for people POWERFUL GROWTH DRIVERS > The obligation to increase agricultural production in the years ahead, particularly in emerging countries, to meet projected growth in demand by 2050 of 70% (source: FAO). > The need to invest in new sprayers to increase returns while reducing inputs and meeting new environmental requirements. 16 _ Annual report _ EXEL Industries 2011 EXEL Industries 2011 _ Annual report _ 17

11 Our markets Our brands CONSUMERS Industry Agriculture A buoyant growth market Increased leisure and free time is bringing about a healthy return to nature. Similarly, increases in longevity and greater numbers of senior citizens are contributing to a rise in the number of people actively engaged in gardening. Treating plants and making gardens more beautiful New market trends are developing in response. Changes in consumer behavior have led to renewed interest in individual vegetable gardens. Plants have today become an integral part of the home environment. Becoming one of the main players in the garden market Balconies and patios are becoming true living spaces and the garden an extension of the home. These developments have fueled structural growth in the hand and back-pack sprayer market in which less than 50% of users are correctly equipped. With a market share in France of 60% (source: Nielsen) and a presence in all distribution channels, EXEL Industries is well placed to benefit from this growth. SAMES Technologies 13, chemin de Malacher - BP Meylan Cedex - France Tel: +33 (0) Fax: +33 (0) KREMLIN REXSON 150, av. de Stalingrad Stains Cedex - France Tel: +33 (0) Fax: +33 (0) BERTHOUD Agricole 1, rue de l Industrie Belleville Tel: +33 (0) Fax: +33 (0) VERMOREL 3, Strada Pompelor - CP Ploiesti, Jud. Prahova - Roumania Tel: Fax.: HARDI - EVRARD 49, rue 21 Mai Beaurainville - France Tel: +33 (0) Fax: +33 (0) FISCHER En Bovery A - Case Postale 184 CH-1868 Collombey-le-Grand - Switzeland Tel: + 41 (24) Fax: + 41 (24) TECNOMA Technologies 54, rue Marcel Paul - BP Épernay - France Tel: +33 (0) Fax: +33 (0) MOREAU / HERRIAU BP Noyelles-sur-Escaut Tel: +33 (0) Fax: +33 (0) > A COMPREHENSIVE, INNOVATIVE RANGE OF SOLUTIONS Performance, safety, design and ease of use: these are the qualities that characterize the Group s spraying equipment. Berthoud, Tecnoma, Peras, Laser, Cooper Pegler and Vermorel brands (completed by distributor brands), provide a wide and innovative range which meets the needs of targeted applications and promotes ownership of multiple equipment (one for weed elimination, one for treatment, etc.). Furthermore, a multitude of adaptable accessories promote specialist use and increase the added value of products. Finally, EXEL Industries is also expanding its water supply product range and is now offering a complete range of well water and sprinkling pumps. > GROWTH POTENTIAL THROUGH INTERNATIONAL EXPANSION International expansion is key to growth. We are making rapid progress in developing innovative and userfriendly product ranges both for amateur gardeners and professionals. Through these efforts, revenue from markets outside of France grew 9%. API Technologies 29, av. Ashton Under Lyne - BP Chaumont Cedex 9 - France Tel: +33 (0) Fax: +33 (0) CARUELLE NICOLAS 2, rue de l industrie - BP Saint-Denis de l Hôtel Cedex - France Tel: +33 (0) Fax: +33 (0) MATROT Équipements 116, rue des Pommiers Noyers-Saint-Martin - France Tel: +33 (0) Fax: +33 (0) C.M.C (Constructions Mécaniques Champenoises) 1, rue Vincent Ballu Épernay - France Tel: +33 (0) Fax: +33 (0) RAM Environnement 2, rue de l'industrie - BP Saint-Denis de l'hôtel - France Tel: +33 (0) Fax: +33 (0) CAPAGRI Route de Villers Maizy - France Tel: +33 (0) Fax: +33 (0) PRÉCICULTURE 165, rue des Verriers Fere Champenoise - France Tel: +33 (0) Fax: +33 (0) Consumer EXEL GSA ZI Arnas Nord - BP Villefranche Cedex - France Tel: +33 (0) Fax: +33 (0) _ Annual report _ EXEL Industries 2011 EXEL Industries 2011 _ Annual report _ 19

12 Our strengths AN INNOVATIVE GROUP R&D 4% OF GROUP SALES 6% OF GROUP STAFF 203 ACTIVE PATENTS INCLUDING 10 NEW PATENTS IN 2010/2011 Innovation, a mainstay of growth Throughout our history, we have remained focused on innovation and introducing ongoing improvements to our products. Reflecting this priority, considerable human (6% of employees) and financial resources (4% of sales) are devoted to research and development. R&D is a mainstay of the Group s culture and the motor of our growth and success. To protect these R&D investments, we regularly file patents. To date, we have a portfolio of more than 200 active patents in a number of countries. This policy allows us to anticipate technological changes and maintain our lead by continuing to roll out new products. As we are often forerunners in the market, it is not unusual for the products developed by our teams to gradually become industry standards. Our objective Contributing to increased productivity for our customers. Our equipment often sprays 5, 10, 50 or even 100 times their value in terms of product consumables (medicines for plants, fertilizers, paints, or varnishes, etc.). As such they are first and foremost sources of productivity gains for our customers: application time saving, savings of sprayed fluid (application without waste), increased production and profit margins (each treatment avoids yield loss or generates a measurable gain in margins). Protecting the user and safeguarding our environment. These goals accelerate the development and the renewal of our products. Our top priorities are focused on protecting both the equipment operator (eliminating risks of injury or contamination) and the environment (elimination of waste, overspray, pollution and neighborhood problems). These two objectives are an integral part of all our specifications from the moment a new machine enters the design phase. This becomes not only a sales argument, but also a fundamental civic duty. Inventions that have improved spraying Plant protection Sprayer with all-wheel suspension Air-assisted spraying Electronic boom control Self-cleaning spraying systems Materials protection Electrostatic sprayer Dust removal by spraying RAM process Airmix spray gun Hi-TE technology 20 _ Annual report _ EXEL Industries 2011 EXEL Industries 2011 _ Annual report _ 21

13 Our strengths AN INTERNATIONAL GROUP Subsidiaries in >23 countries > on 5 continents Always in search of new markets for both Plant Protection and Materials Protection, the Group has been successful in developing strong momentum for export sales, accelerating its international expansion from one year to the next. 1 International sales network EXEL Industries sells its products all over the world and has achieved market share gains through its international expansion. For that reason, the Group is gradually setting up its own distribution and/or production subsidiaries in countries with high growth potential. On this basis, EXEL Industries already has subsidiaries in 23 countries with more than 30 nationalities represented on its teams. 2 Strong growth momentum International expansion represents a priority for development. In Materials Protection, EXEL Industries already has a strong presence in Europe and North America. The Group's international development has in consequence largely focused on "emerging" markets with strong industrial potential such as Asia, South America or Eastern Europe. For Plant Protection, the Group has consolidated its positions in the world's major agricultural regions (Western and Eastern Europe, North America, Australia) and seeks to strengthen its presence in developing agricultural markets of the future (Africa, Asia, Central and South America). The Group is reaping the benefits of its proactive strategy. In recent years, these new geographical zones have registered very strong sales growth India 2. Mexico 3. China Offices, customer training areas, workshops and laboratories of the Shanghai subsidiary, EXEL China. AMERICAS 8 sites Sales: 57.2 million > Argentina > Brazil > Canada > Mexico > USA EUROPE 27 sites Sales: million > France > Denmark > Germany > Italy > Norway > Poland > Portugal > Romania > Russia > Spain > Sweden > Switzerland > UK ASIA AFRICA OCEANIA 9 sites Sales: 68.2 million > Australia > China > India > South Africa > Singapore > Today 13% Americas 60% of sales from outside France 16% Asia, Africa, OceanIa 71% Europe 22 _ Annual report _ EXEL Industries 2011 EXEL Industries 2011 _ Annual report _ 23

14 Our strengths A RESPONSIBLE CORPORATE CITIZEN Respect for people, users safety and protection of the environment are key Group priorities. This is not only a strong commercial argument but also a fundamental civic duty. LE PLAN Capitalizing on the men and women who are our biggest asset Our 2,600 employees are at the root of the development and success of EXEL Industries. This is why being a responsible Group is to first capitalize on the men and women who have made our company what it is today. Our organization as a grouping of companies with a human scale is particularly well adapted for this purpose, providing incentives and opportunities to all employees to deploy their energies and progress within our Group. Initiative, empowerment, personal development these are some values that are the bedrock of our human resources policy. Staff turnover is for that reason very low within our companies with average seniority for our employees more than 14 years. The Ecophyto 2018 action plan adopted by the French government following the Grenelle Environment Round Table seeks to reduce the use of plant health (phytosanitary) products in France by 50% by 2018, if feasible. To achieve this objective, different options exist that do not reduce the level of crop protection. One is using the latest generation of spraying equipment that we have pioneered. Destined for vineyards, a few examples of new spraying systems recently launched and the product of our innovation and R&D efforts are presented below. These systems make it possible to reduce the quantity of plant health products sprayed through precision application on the vineyards. A Group that respects its employees and the world around it Respecting its employees, because safety at work and training are priorities. We also encourage initiative and a spirit of responsibility that increases employee motivation and fosters professional development. Respecting the world around it as an equal opportunity employer and a Group that regularly offers employment to disabled workers. In addition, by working closely with external partners, we strive to both integrate young job seekers and reintegrate those experiencing difficulties in rejoining the workforce. Several initiatives are being pursued to this end. Ensuring safety and protecting our environment Protecting equipment operators and preserving the environment are key priorities of our research and development efforts. Environmental protection is a core value of EXEL Industries and we are proud to be actors within sectors at the forefront of this issue as it is our belief that action and innovation are drivers of change. For that reason, 6% of our staff and 4% of revenue is devoted to R&D. TECNOMA Précijet: Précijet is an interlined system for spraying in vineyard rows for optimal local application according to the volume of vegetation. This makes it possible to avoid overdosing amounts starting with the first treatment of the season when vegetation is still not dense. In this way Précijet makes it possible to reduce the quantities of phytosanitary products sprayed by at least 30%. BERTHOUD Easyflo: Easyflo is a new calibration module for pneumatic vineyard sprayers for improved precision and spray output distribution. Easyflo allows for the application of very low volumes per hectare with no risk of clogging combined with an ability to shut down spraying by rows or half rows to prevent dispersion outside the desired treatment area. This capability results in a 15% reduction in the volume of phytosanitary products sprayed. HARDI IRIS: The IRIS application system uses an air-assisted spraying technology, for precision targeting the droplets dispersed to cover the entire plant improving penetration deep in the foliage. This in turn considerably reduces both drift and product consumption. The IRIS system was awarded a prize for innovation at FIMA 2010, Spain s major International Fair of Agricultural Machinery. 24 _ Annual report _ EXEL Industries 2011

15 EXEL Industries - Financial Communications 54, rue Marcel Paul - BP ÉPERNAY - France Tel. +33 (0) Fax +33 (0)

16 A WORLD LEADER IN PRECISION SPRAYING SOLUTIONS 2011 REGISTRATION DOCUMENT Including the Annual Report and Financial Report Fiscal year period from September 1, 2010 to August 31,

17 Registration Document Including the Annual Report and Financial Report Fiscal year period from September 1, 2010 to August 31, 2011 In accordance with article of the General Regulations of the Autorité des Marchés Financiers (AMF) the original French language version of this registration document was filed with the AMF on December 29, It may be used in connection with a financial transaction only if accompanied by a memorandum approved by the AMF. The original French language version of this document was prepared by the issuer that is binding on its signatories. In compliance with the provisions of article 28 of EC Regulation 809/2004 of April 29, 2004, for selected information the reader is referred to the previous Registration Documents: The consolidated financial statements, separate annual financial statements and corresponding auditors' reports for the period ended August 31, 2010 contained in the registration document filed with the AMF on December 30, The consolidated financial statements, separate annual financial statements and corresponding auditors' reports for the period ended August 31 December 2010 contained in the registration document filed with the AMF on December 29, Translation disclaimer: This document is a free translation of the original Document de Référence or registration document issued in French for the fiscal year ended August 23, 2011 filed with the AMF on December 29, Therefore, the English version has not been registered by this Authority. This English version of this registration document has not been audited by our Statutory Auditors and the English translations of their reports included herein are provided for information only. In the event of any ambiguity or conflict between corresponding statements or other items contained in these documents and the original French version, the relevant statement or item of the French version shall prevail and only the original version of the document in French is legally binding. As such, this translation may not be relied upon to sustain any legal claim, nor be used as the basis of any legal opinion and Exel Industries expressly disclaims all liability for any inaccuracy herein. Figures in this report (excluding tables) expressed as K (thousands of euros) in the original French document have been rounded off accordingly to the nearest thousand (000s). This same method of presentation was also applied by convention to other currencies referred to herein. 2

18 Cross-reference table This cross-reference table refers to key headings for disclosures required by European Regulation No. 809/2004 applied in accordance with Directive 2003/71/EC (the "Prospectus Directive") of the European Parliament and Council of 4 November 2003 on prospectuses to be published when securities are offered to the public or admitted to trading. 1. Persons responsible p Name and position of persons responsible for the document 1.2 Responsibility statement 2. Name and address of the statutory auditors p Selected financial information p. 30, 39, 40, 54, 55, Risk factors p. 25, 36, 42, 43, 85, Information about the issuer 5.1 History and development of the company p. 13, p15 to 20 Legal and commercial name of the company p. 127 to 131 Place of registration and registration number p. 127 to 131 Date of incorporation and term p. 127 to 131 Registered office and legal form p. 127 to 131 Important events in the development of the company p. 127 to Investments p Business overview p. 16 to Principal activities p. 16 t o Principal markets p. 16 to Degree of dependence, competitive position p. 16 to Organizational structure p Property, plants and equipment p. 62, Operating and financial review p. 39, 40, 53 to Financial position 9.2 Operating results 10. Capital resources 10.1 Information concerning the issuer s capital resources p. 28, 45, 127, Cash flows p. 58, 61, 62, Information on borrowing requirements and funding structure 11. Research and development, patents and licenses p. 31 to 35 p. 39, 40, 43, 77, 78, Trend information p. 21, 22, 23, Profit forecasts or estimates p Administrative, management and supervisory bodies and senior management p. 17, 29, Remuneration and benefits p. 49, 85 3

19 16. Board practices p. 120 to Employees 17.1 Number of employees p.31, 38, 75, 80, 106, 17.2 Stock options p. 38, 45, 46, 51, Employee stock ownership p. 46, 80, Main shareholders p Related-party transactions p. 64, Financial information concerning the issuer s assets and liabilities, financial position and profits and losses Historical financial information, financial statements, auditing of historical annual financial information Dividend policy p. 30, 54 to 97 Legal and arbitration proceedings 21. Additional information 21.1 Share capital p Memorandum of incorporation and bylaws p. 128 to Material contracts p. 30 to Third party information na 24. Documents on display p Information on holdings p. 45, 101, 131 4

20 Contents INFORMATION ON THE REGISTRATION DOCUMENT 8 Responsibility for the registration document... 9 Responsibility statement... 9 Statutory auditors Responsibility for information Shareholder information and investor relations PRESENTATION OF THE GROUP 12 History of the Group Organization chart of the Exel Industries Group Business overview of the Exel Industries Group Group business lines and products Market, competition Customers and suppliers Production resources Capital investments Insurance MANAGEMENT DISCUSSION AND ANALYSIS Annual highlights Subsequent events and outlook Research and development Sustainable development, industrial and environmental risks Business operations, consolidated and parent company separate financial statements Market risks Exceptional items and litigation Changes in share capital in the period Appropriation of net income of the period Information on company officers Change in accounting method Parent company results and five-year financial summary 52 FINANCIAL STATEMENTS 53 Consolidated financial statements I - Consolidated balance sheet at August 31, I - Consolidated income statement at August 31, III - Consolidated statement of changes in equity IV - Consolidated statement of cash flows V - Notes to the consolidated financial statements Statutory auditors' report on the consolidated financial statements 94 5

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