EUROPLASMA : Message from the CEO

Letter

to shareholders

15 January, 2014

Message from Jean-Eric Petit, CEO
Ten days ago I joined Europlasma as CEO, and wish to thank the Board for trusting me to taking the group to its next phase of growth and development. These 10 days have allowed me to measure the formidable opportunities offered to us, and the immediate challenges we have to meet in order to capture these opportunities and create value.
I will be ready, in a few weeks, to present a detailed 180-day plan outlining my medium to long term strategic objectives, as well as my short-term operational objectives to the Board. Until then, I shall focus on a few immediate challenges, which constitute non-negotiable steps in the group's development path. In this respect, I am pleased to report the Europlasma teams are acutely aware of the importance of these challenges, and possess all the expertise and experience required to meet them successfully.
For the Renewable Energy activity, construction of the CHO Power in Morcenx plant is progressing in accordance with planning and budget. The last large equipment (metering bin and bottom-ash extraction) were installed last week-end. Instrumentation has started. Steam blows on the boiler will be performed early next week, and will be followed by the start of cold tests on 27 January. The provisional acceptance (Take-Over), is still scheduled for 28 February. Beyond its positive financial consequences, this milestone will in particular enable us to reactivate a significant number of commercial projects, which had been on hold but remain pertinent.
For the Hazardous Waste activity, Inertam performance in the last quarter of 2013 was encouraging, I shall of course focus on making it more durably efficient. Several sources of improvement have been identified, and execution plan needs to be established, which will be dependent on their respective return on investment.
The Torch & Process activity is now commercially active again, attracting significant interest from the Hazardous Waste sector, including low-grade radioactive waste, in the Energy sector, as well more recently as from the Iron & Steel sector.
The capital increase (open until 20 January) will allow Europlasma to meet all these immediate challenges successfully. I will subscribe personally, as I am now more than ever convinced by the upside potential, and I
thank all shareholders for their loyalty and support.

Jean-Eric Petit

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