The Board of Directors of Alfacam Group N.V. has discussed some valuation issues about the fixed financial assets, in the light of the preparation of the statutory (non-consolidated) financial statements 2012.

Since the equity of some of the subsidiaries of Alfacam Group N.V., such as Alfacam N.V. and Euro1080 N.V., has decreased considerably, it was decided to book the necessary impairments. Because of the financial situation of these subsidiaries, impairments must be booked on the Group receivables.

These impairments are estimated at EUR 13.3 Million and the impairment on group receivables at EUR 7.0 Million. Consequently, the company has seen its equity decrease under the threshold of 50% of the issued capital of EUR 22.1 Million by 31 December 2012.

It is to be noted that the accounts of Alfacam Group N.V. and its subsidiaries still need to be audited.

As a result of the impairments decided by the Boards of Directors, the net assets have dropped to less than 50% of the placed capital, triggering the application of Art 633 of the Belgian Company Code. As a consequence, the General Shareholders Meeting will be assembled to deliberate on the to be taken measures

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