Brdr. Hartmann

Major Shareholding Notification • Dec 11, 2012

Announcement from Thornico A/S

Announcement from Thornico A/S

Brødrene Hartmann A/S has received the below-stated announcement from Thornico A/S, which is hereby communicated. The announcement is also available at www.thornico.com.

Yours faithfully

Brødrene Hartmann A/S

Agnete Raaschou-Nielsen                      

Chairman                                                 

Contact information:

Brødrene Hartmann A/S

Ann-Louise Elkjær, HR & Communications Director

Tel. +45 2033 8693­­­­­­­­­­­­­­­­­­­­­­­­­­­­

_______________________________________________________________________

"Lactosan-Sanovo Holding A/S, a wholly owned subsidiary of Thornico A/S, has announced that the company and related parties intend to increase their total shareholding in Brødrene Hartmann A/S to 68.5% after agreeing today with LD Equity 1 K/S and B.H.F. Invest A/S (the Brødrene Hartmann Foundation) to purchase their total shareholdings in Brødrene Hartmann A/S.

An agreement has been signed with LD Equity I K/S for the purchase of 1,446,228 shares of DKK 20 each at a price of DKK 120 each, and an agreement has been signed with B.H.F. Invest A/S for the purchase of 853,300 shares of DKK 20 each at a price of DKK 120 each. The shares are expected to be transferred on 18 December 2012. One-third of the purchase price is payable at the date of transfer, one-third is payable after nine months at the latest and one-third is payable after 18 months at the latest. The shares transferred will be pledged as security for the timely payment of the purchase price.

Until the purchase price has been paid, Lactosan-Sanovo Holding A/S has undertaken not to carry out certain material transactions such as significant M&A transactions, distribution of extraordinary dividends or changes to the share capital without the consent of the pledgee.

The owners of Thornico A/S have expressed great confidence in the current management of Brødrene Hartmann A/S and its plans such as they have been presented. Thornico A/S does not intend to join or seek representation on the Board of Directors of Brødrene Hartmann A/S.

Thornico A/S intends for Brødrene Hartmann A/S to continue to be admitted to trading and official listing on NASDAQ OMX Copenhagen.

Thornico A/S further intends for Brødrene Hartmann A/S to continue its current strategies with respect to employment and geographical locations. Accordingly, Thornico A/S does not expect the transaction to result in any staff reductions and/or changes at Thornico A/S or at Brødrene Hartmann A/S, and there are no plans to combine any bases of operation, head offices or other administrative functions.

Thornico A/S will continue to vote in favour of the dividend strategy defined by the Board of Directors of Brødrene Hartmann A/S.

Thornico A/S believes that Brødrene Hartmann A/S is an interesting and well-run company with an acceptable earnings level, and Thornico A/S does not rule out any additional acquisitions of shares in the company through the stock exchange."

HUG#1663874

Attachments:

• Announcement from Thornico A/S (pdf)

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