Brdr. Hartmann — M&A Activity 2011

Nov 22, 2011

Company announcement no. 12/2011

Gentofte, 22 November 2011

This announcement is not directed at shareholders whose participation in the offer submitted by Lactosan-Sanovo Holding A/S (the "Offer") would require the issuance of an offer document, registration or other activities other than what is required under Danish law. This announcement is not made, directly or indirectly, to shareholders resident in any jurisdiction in which the submission of the Offer and/or the release of this announcement or acceptance thereof would contravene the laws in force in such jurisdiction. No documents relating to the Offer and this announcement may be distributed to shareholders resident in such jurisdiction, including the United States, Canada, Australia, Japan or South Africa. Accordingly, this announcement and/or other material relating to the Offer may not be distributed in any jurisdiction outside Denmark if such distribution would require registration, satisfaction of conditions or other in connection with an offer to buy or sell shares or distribute documents or advertisements in respect thereof. Any person coming into possession of documents relating to the Offer and/or this announcement is expected to obtain on his or her own accord any necessary information on any applicable restrictions and to comply with such restrictions.

Submission of voluntary public offer to the shareholders of Brødrene Hartmann A/S at DKK 95 per share

Earlier today, in continuation of company announcement no. 11/2011, Brødrene Hartmann A/S (Hartmann) was informed that Lactosan-Sanovo Holding A/S (Lactosan-Sanovo), a subsidiary of Thornico A/S, has published a voluntary offer to the shareholders of Hartmann. The offer document and offer advertisement are attached.

The offer advertisement will be distributed to Hartmann's shareholders registered by name, except for shareholders resident in jurisdictions in which such distribution would contravene the laws in force in such jurisdiction or be subject to other restrictions. Lactosan-Sanovo has further announced that the offer document and offer advertisement may, subject to certain exceptions, be downloaded from the website www.thornico.com.

Offer period

The offer period commences on 22 November 2011 and will expire on 21 December 2011 at 6 pm, unless the offer period is extended.

Statement from Hartmann's Board of Directors

Hartmann's Board of Directors will issue a statement in respect of the offer within two weeks from today. The statement will subsequently be posted on www.hartmann-packaging.com. The Board recommends that the shareholders await the statement before they decide whether to accept the offer.

As mentioned in company announcement no. 11/2011, Hartmann has appointed SEB Enskilda as its financial advisers.

For further information, please contact

Agnete Raaschou-Nielsen Chairman of the Board Tel.: +45 31 31 36 86

Brødrene Hartmann A/S Ørnegårdsvej 18 DK-2820 Gentofte Denmark