15.08.2005 17:45:00 CET

TOUAX : Turnover H1 2005

* { font-family: Arial, Verdana, Helvetica; font-size: 13px;} td { padding: 3px; } }

PRESS RELEASE

Paris, 15th August 2005 - 5:45 PM

YOUR OPERATIONAL LEASING SOLUTION

Consolidated turnover for the first half of 2005: 102 m euro (+18%)

At 102 million euro, the consolidated turnover for the first half of 2005 represents an increase of 18% against end of June 2004. On a comparable scope of consolidation and a stable dollar basis, turnover represents an increase of 21%.

Shipping container leasing to major world ship-owners continued to expand during the first half of 2005. Profitability on equipment has ensured the completion of new management programs resulting in the rise of the managed fleet and a 23% increase in sales of containers to investors. Despite the fact that since April 2005 there has been less demand for new containers from China, the utilisation rate has been maintained at 95%, with the result that the turnover derived from leasing activities has risen (+18%). In total the turnover derived from this business sector has increased by 21% up to 30th June 2005.

In the first half of 2005 the modular buildings business increased by 14% following two consecutive years of negative growth. Modular building leasing increased by 12%, thanks to a growth in long term contracts with local authorities and industries. Sales of modular buildings have increased by 23%.

The decline in the river barges business is explained by the fact that the loss-making chartering business has ceased. The river barges business is buoyant in the United States (Mississippi) and in Eastern Europe (Danube). It remains average in Western Europe (Rhine). The leasing of river barges continues to benefit from economic and ecological interest in an environment where long-term development has become a major challenge for industries.

The railcars business is benefiting from the deregulation of European rail transportation. The new investments are now bearing fruit with the result that the leasing turnover has increased by 42%. Railcar sales have multiplied seven-fold as a result of the finalising of new management programs. The completion of new management programs, and thus of equipment sales or asset transfers can be subject to major variations from one quarter to another, or from one year to another. Bearing in mind the cyclical nature of sales, the Group confirms its forecast that turnover will increase by 5% in 2005 subject to fluctuations of the dollar and on a comparable scope of consolidation.

Managing an operational leasing business in four different sectors has enabled the Group to once again maintain regular organic growth over the first half 2005, which was sustained by client trends to outsourcing and sub-contracting. To finance its growth, the Group has developed management programs for investors. At an uncertain and volatile time, these management programs provide attractive returns due to the intrinsic qualities of the investments which Touax offers: long-term contracts, recurrent profitability, mobile and standardized equipment with low obsolescence and good value retention.

The Board Meeting held on 28th July 2005 confirmed the change of the legal form of TOUAX into a partnership by shares. This change in the legal form of the Company is part of the development plan for the Company's activity. The objectives are in particular:

- for the major shareholder, to maintain long-term management within the family, through two simplified joint-stock companies acting in the capacity of general partners and represented by Messrs Fabrice and Raphaël Colonna Walewski;

- for Touax, to carry out capital increases by means of public calls for capital to increase the Group's development capacity;

- and to make investments itself, keeping 25% of the managed equipment, with the other 75% being financed by third-party investors.

The implementation of this new development policy is intended to enable the Group to continue and accelerate its growth over the four operational leasing business sectors and to provide added growth potential for its shareholders.

The turnover growth rate for the 1st half of 2005 substantiates the TOUAX development policy.

TOUAX is quoted on EURONEXT Paris - Eurolist Compartment C (ISIN Code FR0000033003) and forms part of the EURONEXT Next Prime quality segment.

Your contacts:

TOUAX

Fabrice WALEWSKI / Raphaël WALEWSKI

Managing partners

touax@touax.com

Tel: 01 46 96 18 00

ACTUS FINANCE

Nicole ROFFÉ - Analyst/Investor Relations

nroffe@actus.fr

Sébastien BERRET - Press relations

sberret@actus.fr

Tel: 01 53 67 35 77

Attachements to the press release is available on http://www.companynewsgroup.com