Capital increase succeeds in raising €18.96 million

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Price of the private placement: €20.73 per new share  

Message from the Managers, Messrs Raphaël Walewski and Fabrice Walewski:

“We warmly thank all our shareholders who subscribed to this capital increase.

It will enable us comfortably to fund our development plans.

Our leasing businesses are currently experiencing strong growth, due in particular to:

Continued growth in global trade, which favors the leasing of shipping containers
The dynamic revival in the leasing of modular buildings in Europe and the United States
The return to profitability of river barges on the Danube and in the United States, enabling the Touax Group to contemplate the deployment of new fleets, and
The deregulation of rail transport, which is very favorable for growth in the leasing of freight railcars in Europe.
The Group is revising its revenue growth target upwards from +5% to +10% for full-year 2005.”

The proceeds of the issue will be allocated as follows:

€8.1 million for the acquisition of 49% of the capital of Touax Rail, enabling Touax SCA to acquire 100% control of its subsidiary specializing in the leasing of freight railcars. The acquisition price corresponds to a P/E multiple of less than 12. On the basis of these terms, the acquisition of the minority holding in Touax Rail Ltd is expected to have a markedly accretive effect on EPS (Earnings Per Share) for the shareholders of Touax SCA;
The balance of the proceeds of the issue will be allocated to the acquisition, on the Group's own account, of equipment for leasing (shipping containers, modular buildings, river barges and railcars), in accordance with the information disclosed to the public in the memorandum relating to the public buyout offer dated 28 July 2005 which received authorization number 05-648.
The private placement, in France and outside France , took place from 21 to 22 November 2005 inclusive. 467,437 shares were placed at a unit price of €20.73. The price of the redemption of the unexercised stock purchase warrants by Touax on behalf of Gilbert Dupont is therefore €0.01 per warrant. This redemption price will be paid to the account-holding establishments for the account of the holders of the warrants no later than 2 December 2005 . The settlement and delivery of the new Touax shares will take place on 28 November 2005 .


TOUAX is listed in Paris on EURONEXT – Eurolist Compartment C (ISIN code FR0000033003) and is part of the Next Prime quality segment of EURONEXT.

Contacts :
Tel : +33 1 46 96 18 00 ACTUS FINANCE
Sébastien BERRET
+33 1 53 67 36 36

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