CONTENT OF THIS PRESENTATION 1. Reminder of Recticel Strategy 2. Strategic Actions 3. 9M2012 Trading Update 4. Highlights per Segment 5. Miscellaneous 6. Outlook FY2012

1. RECTICEL
STRATEGY & TRADING UPDATE
KBC Small Cap Conference
Brussels, 11 December 2012
Jean-Pierre Mellen – CFO Recticel
Michel De Smedt – IRO Recticel

2. Reminder of Recticel strategy:
1
Portfolio strategy – Internationalization - Simplification
2 Strategic actions
3 9M2012 Trading Update
4 Highlights per segment
5 Miscellaneous
6 Outlook FY2012
11 Dec 2012 KBC Small Cap Conference 2

3. REMINDER OF RECTICEL STRATEGY
► Recticel will pursue polyurethane applications, strive for
growth via innovation and new product introduction,
allocate resources on highest growth segments,
develop on a broader international basis, improve
capacity utilization and reduce complexity :
 Focus Insulation on Europe and organic growth through
innovation, new product introduction, complemented by
acquisitions
 Bedding : organic growth and acquisitions
 Rationalize and modernize Flexible Foams and seize selective
growth area
 Automotive : minimize investment, optimize capacity utilization
while pursuing innovative product development
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4. REMINDER OF RECTICEL STRATEGY
► Financial objectives:
 Achieve a CAGR of its sales turnover of minimum 5%, at same
scope of consolidation
 Generate double-digit growth in earnings and dividends
 Deliver a ROCE (EBIT / Average capital employed) of at least
15%.
 Lower the gearing ratio (Net Financial Debt/Equity) under 50%
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5. REMINDER OF RECTICEL STRATEGY
► 9-box grid: Portfolio strategy
► Positive contribution of PU to global megatrends such as:
 Energy conservation and environmental protection
 Food & water supply due to demographic developments
 Comfort, acoustics, luxury
 Need for strong and lightweight materials
11 Dec 2012 KBC Small Cap Conference 5

6. Reminder of Recticel strategy:
1
Portfolio strategy – Internationalization - Simplification
2 Strategic actions
3 9M2012 Trading Update
4 Highlights per segment
5 Miscellaneous
6 Outlook FY2012
11 Dec 2012 KBC Small Cap Conference 6

7. STRATEGIC ACTIONS
► Greenfield Insulation Plant in Bourges
 Lean plant
 Limited product range aiming at French market
 Lower logistics costs
 Investment : EUR 23 million
 Capacity : 400,000 m³/year
 Start of production : Sept 2012 → full capacity 2014
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8. STRATEGIC ACTIONS
► External Insulation for Renovation - ISOFINISH
 Innovative concept
• continuous insulation shield
• adjustable external wall system
• freedom of wall finishing
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9. STRATEGIC ACTIONS
► External Insulation for Renovation – ETICS
ETICS = External Thermal Insulation Composite System
Step 3: Step 1:
Base coat Supporting wall
with mesh
Step 2:
Mounting & fixing insulation
Eurothane EW PIR + special glassfleece 600x1200x100mm
Step 4: Straight edges
Finishing
coat
11 Dec 2012 KBC Small Cap Conference 9

10. STRATEGIC ACTIONS
► Geltex : New Comfort Foam for Bedding
New generation of foam developed by Recticel
 Optimal pressure distribution
 Maximum open celled
 Market introduction in Jan-2012
► ZNOOOZ® : trial for specific own-developed retail
distribution concept in Belgium
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11. STRATEGIC ACTIONS
► International Expansion
China : - Automotive Interiors (3 plants) : Ningbo, Shengyang, Beijing
→ Growing with BMW, Volvo, Daimler and VW
- Flexible Foams (1 plant): Shanghaï. 2nd plant likely in 2013 in Chenzen
→Technical - fast growing
India : - Flexible Foams (1 plant): Mumbai. 2nd plant likely in 2013 in Bangalore
→ Technical/Acoustics - growing
Turkey : - Flexible Foams (1 plant) : Istanbul
→ Technical/Acoustics - Fast growing
USA : - Automotive Interiors (2plants) : Declining
- Flexible Foams (2 plants) : New Jersey, California
→ Acoustics - fast growing – expansion under consideration
Brazil : - Flexible Foams → JV under consideration
Russia : - Insulation → JV under consideration
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12. STRATEGIC ACTIONS
► Simplification
2009 2012
# Segments 5 5
# Joint ventures 11/11 5/8
(T1/T2)
# Plants 124 103
# Employees 9,883 < 8,000
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13. STRATEGIC ACTIONS
► Management Committee : renewed at 50%
Recticel Board of Directors
Remuneration and Nomination Chairman Audit Committee
Committee Etienne DAVIGNON
Chief Executive Officer
Olivier CHAPELLE
Chief Financial Officer IT & Business Support Manager
Jean-Pierre MELLEN Betty BOGAERT
Chief Procurement Officer IDC Manager
François PETIT (started 2/5/11) Bart WALLAEYS
Corporate General Counsel & General Secretary
Internal Auditor
Dirk VERBRUGGEN (as from 1/1/13) Patrick MICHALAK (started 1/3/12)
Group Human Resources &
Chief Sustainability Officer
Corporate Communications Manager
Jean-Pierre DE KESEL (as from 1/11/12)
Jan DE MOOR
Group General Manager Group General Manager Group General Manager Group General Manager
Flexible Foams Automotive Bedding Insulation
Rik DE VOS (started 1/9/11) Marc CLOCKAERTS Philipp BURGTORF (started 3/9/12) Paul WERBROUCK
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14. STRATEGIC ACTIONS
► Refinancing
 Decision to refinance early made in May 2011 due to expected
reduced credit availability
 Refinancing announced in December 2011: new club deal of EUR
175 million maturing in Dec 2016 :
• for 15 months, Recticel accepts higher margin and financial costs
• but assures the long term financing of the company
 Elimination of financing risk
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15. STRATEGIC ACTIONS
► Other financials
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16. Reminder of Recticel strategy:
1
Portfolio strategy – Internationalization - Simplification
2 Strategic actions
3 9M2012 Trading Update
4 Highlights per segment
5 Miscellaneous
6 Outlook FY2012
11 Dec 2012 KBC Small Cap Conference 16

17. 9M2012 TRADING UPDATE
y/y: -1.3%
y/y: -10.1%
Automotive
► Net Sales: 22.8%
Flexible
Foams
 From EUR 1 036.4M to EUR 996.6M (-3.8%) Insulation
42.9%
• 1Q/12: from EUR 359.6M to EUR 351.1M (-2.4%) y/y: 2.8% 15.5%
• 2Q/12: from EUR 340.1M to EUR 329.1M (-3.2%) Bedding
18.9%
• 3Q/12: from EUR 336.6M to EUR 316.4M (-6.0%)
► YTD Sept/2012: All business lines y/y: -7.6%
recorded lower sales, except Insulation.
► Overall softer demand in most markets.
Q3/2011 Q3/2012 D in million EUR YTD Sep/2011 YTD Sep/2012 D
147,3 140,1 -4,9% Flexible Foams 449,5 443,7 -1,3%
76,8 68,2 -11,2% Bedding 218,4 201,8 -7,6%
54,8 58,5 6,8% Insulation 163,4 168,0 2,8%
74,3 62,8 -15,4% Automotive 249,4 224,2 -10,1%
( 16,6) ( 13,3) -20,0% Eliminations ( 44,4) ( 41,1) -7,5%
336,6 316,4 -6,0% TOTAL 1 036,4 996,6 -3,8%
► The impact of lower sales on profitability has been substantially
compensated by the effect of cost reductions and efficiency
improvements.
11 Dec 2012 KBC Small Cap Conference 17

18. 9M2012 TRADING UPDATE
► Financial situation
On 30 September 2012, the Group net financial debt amounted to
EUR 176.7 million excluding the drawn amounts under off-balance
non-recourse factoring/forfeiting programs of EUR 43.1 million;
compared to respectively EUR 191.8 million and EUR 47.6 million on
30 September 2011; and EUR 179.0 million and EUR 49.4 million on
30 June 2012.
► Status Shareholders’ Agreement
Recticel has been informed by the shareholders group around
Compagnie du Bois Sauvage, that they have formally ended their
cooperation with effect as from 6 November 2012. They accordingly
no longer act in mutual understanding as mentioned in the annual
report and subsequent notifications. This has no influence on the
shareholding of Compagnie du Bois Sauvage, which still holds
29.98% of the Recticel shares.
11 Dec 2012 KBC Small Cap Conference 18

19. Reminder of Recticel strategy:
1
Portfolio strategy – Internationalization - Simplification
2 Strategic actions
3 9M2012 Trading Update
4 Highlights per segment
5 Miscellaneous
6 Outlook FY2012
11 Dec 2012 KBC Small Cap Conference 19

20. in million EUR 1H/2011 1H/2012 D
► Key events 9M2012 Sales 108,6 109,5 0,8%
REBITDA 18,2 18,8 3,4%
 Sales from EUR 163.4M to EUR 168.0M (+2.8%) as % of sales 16,7% 17,2%
 1Q2012: from EUR 48.4M to EUR 53.0M (+9.5%) EBITDA 18,2 18,8 3,4%
as % of sales 16,7% 17,2%
 2Q2012: from EUR 60.3M to EUR 56.5M (-6.2%) REBIT 16,4 16,8 2,3%
as % of sales 15,1% 15,3%
 3Q2012: from EUR 54.8M to EUR 58.5M (+6.8%) EBIT 16,4 16,8 2,3%
as % of sales 15,1% 15,3%
Sales Insulation (2010-2012)
70
60 ► Building Insulation (9M/2012: EUR 155.8M,
50
+2.8%)
in million EUR
Industrial  Increasingly difficult European construction market
40 7%  Structural demand for high performing polyurethane
30
building insulation products remains high as a result of
stricter insulation standards and regulations, higher
20 energy prices and growing awareness of the need for
Building more and better insulation.
10 93%
 New factory in Bourges (France) operational since end-
00 October 2012.
1Q 2Q 3Q 4Q ► Industrial Insulation (9M/2012: EUR 12.2M,
+2.2%)
2010 2011 2012
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21. in million EUR 1H/2011 1H/2012 D
► Key events 9M2012 Sales 141,6 133,6 -5,6%
REBITDA 7,7 4,6 -39,9%
 Sales from EUR 218,4M to EUR 201.8M (-7.6%) as % of sales 5,4% 3,5%
• 1Q2012: from EUR 78.9M to EUR 73.6M (-6.7%) EBITDA
as % of sales
7,5
5,3%
4,0
3,0%
-46,5%
• 2Q2012: from EUR 62.7M to EUR 60.0M (-4.3%) REBIT 4,7 1,9 -60,2%
• 3Q2012: from EUR 76.8M to EUR 68.2M (-11.2%) as % of sales
EBIT
3,3%
4,5
1,4%
1,2 -72,4%
as % of sales 3,2% 0,9%
Sales Bedding (2010-2012)
80
70 ► Lower sales in the ‘Brand’ sub-segment
60 (9M/2012: -7.4%) as well as in ‘Private
in million EUR
50 label’ sub-segment (9M/2012: -8.0%)
40
Private
Brands ► Activity suffered from a globally
30
Label
54% weakening consumer confidence in
20 46% Western Europe and lower shop visit
10 rates
00
1Q 2Q 3Q 4Q ► Appointment of new Group General
Manager Bedding since Sept 2012
2010 2011 2012
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22. in million EUR 1H/2011 1H/2012 D
► Key events 9M2012 Sales 302,2 303,5 0,4%
REBITDA 13,5 17,2 27,4%
 Sales from EUR 449.5M to EUR 443.7M (-1.3%) as % of sales 4,5% 5,7%
• 1Q2012: from EUR 159,8M to EUR 157.4M (-1.5%) EBITDA
as % of sales
14,0
4,6%
14,8
4,9%
5,8%
• 2Q2012: from EUR 142,4M to EUR 146.1M (+2.6%) REBIT 6,7 10,6 59,1%
• 3Q2012: from EUR 147,3M to EUR 140.1M (-4.9%) as % of sales
EBIT
2,2%
7,1
3,5%
7,7 7,9%
as % of sales 2,4% 2,5%
Sales Flexible Foams (2010-2012)
165
160 ► Comfort (9M/2012: EUR 270.8M, -1.0%)
155  In most markets sales stabilized, except in
in million EUR
150 Composite Scandinavia, Spain and Benelux
Foams  Signs of slowdown became tangible in CEE countries
145 4%
Technical ► Technical foams (9M/2012: EUR 155,8M, -1.5%)
140 Foams Comfort
35% 61%
 Suffered from the lower demand from various
135 industrial and automotive markets, especially in Spain,
France and Italy
130
 Strong growth in Turkey, USA and China partially
125 compensated for the negative trend in Europe
1Q 2Q 3Q 4Q
► Composite foams (9M/2012: EUR 17.2M, -4.6%)
2010 2011 2012
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23. in million EUR 1H/2011 1H/2012 D
► Key events 9M2012 Sales 175,1 161,3 -7,9%
REBITDA 16,3 15,8 -3,0%
 Sales from EUR 249.4M to EUR 224.2M (-10.1%) as % of sales 9,3% 9,8%
• 1Q2012: from EUR 88.1M to EUR 82.4M (-6.5%) EBITDA
as % of sales
15,7
9,0%
14,3
8,9%
-8,9%
• 2Q2012: from EUR 87.0M to EUR 78.9M (-9.2%) REBIT 7,0 7,8 12,4%
• 3Q2012: from EUR 74,3M to EUR 62.8M (-15.4%) as % of sales
EBIT
4,0%
6,3
4,9%
6,3 1,1%
as % of sales 3,6% 3,9%
Sales Automotive (2010-2012)
100
90
► Interiors (9M/2012: EUR 111.4M, -12.5%)
80
 Decrease due to the anticipated phase-out of
in million EUR
70
Exteriors some contracts, mainly in the USA
60
4%  Interiors sub-segment resisted better than the
50 market, because it supplies the premium car
40 Seating segment which remained more resilient thanks to
46% Interiors the German and Asian demand
30
50%
20 ► Seating (Proseat – 51/49 JV) (9M/2012:
10 EUR 104.0.2M, -7.2%).
00  Sales fell in line with the general automotive
1Q 2Q 3Q 4Q market
► Exteriors (9M/2012: EUR 8.7M, -12.7%)
2010 2011 2012
11 Dec 2012 KBC Small Cap Conference 23

24. Reminder of Recticel strategy:
1
Portfolio strategy – Internationalization - Simplification
2 Strategic actions
3 9M2012 Trading Update
4 Highlights per segment
5 Miscellaneous
6 Outlook FY2012
11 Dec 2012 KBC Small Cap Conference 24

25. MISCELLANEOUS
► Contingent assets & liabilities
 Inspection by the Directorate for Competition of the EC
• No further developments to be reported
 Inspection by the German Federal Cartel Office (“Bundeskartellamt”)
• No further developments to be reported
11 Dec 2012 KBC Small Cap Conference 25

26. OUTLOOK 2012
► Given the increasingly challenging and uncertain environment
in the economies in which Recticel operates, the Board of
Directors reiterates that it is not in a position to assess the
growth potential for the remainder of 2012.
► In this environment the Group continues to act in order to
streamline operations and reduce complexity. These actions
are generating the expected contribution to recurring results.
► The Group will continue to focus on the execution of its
strategic plan 2010-2015 and the realization of its corporate
objectives, which remain unchanged.
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27. Thank you for your attention !
Questions & Answers
11 Dec 2012 KBC Small Cap Conference 27

28. CONTACTS Investor Relations
Michel De Smedt
Press
Jan De Moor
Recticel International Headquarters Email: desmedt.michel@recticel.com Email: demoor.jan@recticel.com
2, avenue des Olympiades/Olympiadenlaan, 2 Tel: +32 (0)2 775 18 09 Tel: +32 (0)2 775 18 95
B-1140 Brussels Mob: +2 (0) 479 91 11 38 Mob: +2 (0) 475 42 78 26
Tel: +32 (0)2 775 18 11 Fax: +32 (0)2 775 19 90 Fax: +32 (0)2 775 19 90
Fax: +32 (0)2 775 19 90
Financial calendar
Annual results 2012 01.03.2013 (before opening of the stock exchange)
First quarter 2013 trading update 07.05.2013 (before opening of the stock exchange)
Annual General Meeting 28.05.2013 (at 10:00 AM CET)
First half-year 2013 results 30.08.2013 (before opening of the stock exchange)
Third quarter trading update 2013 31.10.2013 (before opening of the stock exchange)
For more product information or direct business contacts, please consult our web site
www.recticel.com, where interested parties can also find our press releases and slide presentations of
our annual or half year results.
Customers, suppliers, shareholders, investors and all other stakeholders and interested parties who wish to receive Recticel’s annual
report and/or its regular press releases, are invited to subscribe to Recticel’s email alert on the above web site address. This service is free
of charge.
11 Dec 2012 KBC Small Cap Conference 28