Today, Danisco A/S has concluded an agreement for the sale of all the shares in Danisco Pack Ltd. to Mondi Packaging (UK) Limited (Anglo American International S.A.).

The sale price is based on an Enterprise Value of GBP 64 million, equivalent to DKK 770 million, or a multiple of 4.4 times EBITDA (operating profit before depreciation and amortisation of goodwill) and a multiple of 13 times EBITA (operating profit before amortisation of goodwill) for the financial year of 2000/01 (April 30, 2001). The transaction is based on the balance sheet as of April 30, 2001 and will not require additional value adjustments for Danisco.

Mondi Packaging (UK) Limited has concluded an agreement for the sale of some of the operations of Danisco Pack Ltd. to David S. Smith Packaging Limited.

In conjunction with the acquisition of Cultor, Danisco established a divestment programme. Following the sale of Danisco Pack UK, a considerable part of this programme has been completed and with a satisfactory result. Work on divesting the remaining activities (Danisco Foods) will continue in the coming period.

Yours faithfully,

Alf Duch-Pedersen

Danisco develops and produces food ingredients, sweeteners and sugar. The Group employs 15,000 people in 40 countries and in 2000/01 Danisco reported net sales of DKK 23.5 billion. Danisco’s broad product portfolio includes emulsifiers, stabilisers, flavours, and sweeteners such as xylitol and fructose. Many of these ingredients are produced from natural raw materials and contribute, for instance, to improving the texture of products such as bread, ice cream and yoghurt. Danisco is also one of the largest and most efficient sugar producers in Europe.