Green Earth Group NV — Interim / Quarterly Report 2009

May 15, 2009

BUSINESS UPDATE FIRST QUARTER 2009

• Continued pressure on volumes and prices
• Roto Smeets announces a restructuring programme (2009-2014) designed to limit the effects of overcapacity and the current economic crisis in the short term and to secure recovery of profits in the long term.
• In 2009 and 2010 approximately 450 jobs will be lost throughout the group. Cost savings of approximately EUR 25 million annually from 2011 on, without envisioned divestments. One-off costs in 2009 of approximately EUR 18 million.
• Given its strong position, Roto Smeets Group intends to invest, in a stand-alone situation, approximately EUR 94 million in the continuing success of its customer-oriented approach to the market in the next five years.
• The measures set out above will deliver a significant increase in productivity and efficiency, with the associated improvement in profitability.
• As of now, RSDB NV now named Roto Smeets Group NV.

Review first quarter

Developments in the European economy caused volumes in our industry to be on average about 20% lower than in the same period last year. Roto Smeets limited its fall in volumes to 6%. This negative development forces players in the market to hunt even more for volume, with the price element seemingly the last consideration. Resulting in an even greater price pressure.

During the annual General Meeting of Shareholders' of 15 April the chairman of the Supervisory Board, David Montgomery, announced that he will resign as Chairman and member of the Supervisory Board on the date of the next (Extraordinary) General Shareholders' Meeting. In the same meeting Mr Ronald Blom and Han Noten were appointed respectively reappointed as a member of the Board.

The proposed amendments to the articles of association were approved, including the name change to Roto Smeets Group. Since Roto Smeets is the most important brand within Roto Smeets Group, enjoying an international reputation, and partly with a view to future expansion into Europe, it was decided that the corporation should also bear the name Roto Smeets. Since the start of trading on 4th May, Roto Smeets shares may be traded in stead of RSDB.

In the first quarter, the new KBA Jumbo press had its start-up at Roto Smeets GrafiServices Eindhoven. At the same time they started to integrate the sister business 'Nadruk, binders met een accent' (Nadruk Binders) and announced that both Roto Smeets GrafiServices plants, in Eindhoven and Utrecht, will be managed as an integrated unit as of 1 July. This offers possibilities to optimise potential synergies, in both commercial and production areas.

The feasibility of a possible divestment of Media Partners Group is still being investigated and has not yet given us a satisfactory solution.

Restructuring announcement

Roto Smeets Group today announces the intention to restructure its organisation, based on a standalone situation and focusing on a permanent reduction of costs with retention of the range of commercial services on offer. Sadly, one result of this restructuring will be that approximately 450 jobs will disappear. The Central Works Council has today been requested for its advice on this matter.

Rationale

As indicated previously, the Western European market is currently suffering from serious overcapacity. Both rotogravure and web offset have permanent excess capacity of 15 - 20%. If we combine this excess capacity with a drop in paper volumes due to the economic crisis, then it becomes clear that the immense pressure on prices will only continue.

In recent years a great deal of energy has been invested in attempts to start a European consolidation process, eventually to achieve a healthy industry as a result. We have issued regular progress bulletins on the issue.

We still assume that the opportunity will present itself in the future, but present developments in the market and our results compel us to take measures now in a stand-alone situation. This presupposes that the choices made now must have a beneficial effect on the results, maintaining our customeroriented approach to the market.

Intended measures

To prevent further overcapacity, the group's own capacity is to be restructured. Our capacity is to be cut by approximately 8%, or 30 kilotons. In total 13 obsolescent presses are to disappear in 2009 and 2010 (Deventer 1, Etten 1, Utrecht 7, Doetinchem 2 and Antok 2). In the same period, modern presses are to be installed at SMD in Doetinchem (2009), Antok in Hungary (2009) and in 2010 at Roto Smeets in Weert.

This restructuring has radical consequences for the Roto Smeets Group's employees, especially at Roto Smeets Utrecht, which will be closed down in 2010. Roto Smeets Utrecht employs approximately 250 people. At the other plants approximately 200 employees will be redundant.

Moreover, we are asking all of our colleagues who are not affected by this reorganisation, and who thus still have a job for the future, to accept a 3% pay cut. One per cent of this sacrifice will be paid back on 1 August every year from 2010 onwards.

These measures will lead to the improvement of both results and profitability, with annual cost savings from 2011 of at least EUR 25 million without the envisioned divestments. One-off reorganisation costs in 2009 are approximately EUR 18 million and will be taken into account in the first half year of 2009.

To remain technologically fit, investments totalling EUR 94 million are planned out to 2014. This will ensure that we shall be able to deliver a consistent quality / price relationship, given the situation in the market, whilst taking Roto Smeets Group's desired results development into account.

Rotogravure

Rotogravure's integrated approach to the market will be intensified yet further via the centralised management of the plants in Deventer and Etten-Leur. In the future, Roto Smeets Deventer will produce on four wide-body presses in a five-shift pattern. The narrow-body press capacity will be shut down.

Roto Smeets Etten is to be downsized to three presses in a four-shift pattern. At Roto Smeets Etten one press will be shut down.

Web offset

Roto Smeets Utrecht is to be downsized gradually, with closure planned for 2010. Maintaining three web offset plants in the Netherlands demands too much of the group's financial resilience. Orders will be reallocated, in consultation with our customers, to Senefelder Misset in Doetinchem and Roto Smeets in Weert.

Finishing

De Wit Grafische Nabewerking is being reorganised to bring the results back into recovery. Furthermore, possible collaboration with external parties at the European level is being examined. Nadruk is to be integrated with Roto Smeets GrafiServices Eindhoven and Rotopack has once again found its place at Roto Smeets Deventer.

Support services

The present Support services will be grouped according the corporate structure after the reorganisations.

This radical reorganisation will make the Roto Smeets Group a modern, compact, healthy organisation, fit to take on developments in the European market.

The works council, employees and trades unions were informed today. The plan will be implemented as soon as the Central Works Council has issued its advice. The restructuring will proceed in conformity with the current social plan as agreed with the trades unions.

Forecast

The financial consequences of these radical measures, coupled with the impossibility of forecasting the economic climate, cause that we can make no statements on the way results will develop further in 2009. Our expectation remains that the net outcome will be significantly negative.

Our focus remains on maintaining a healthy balance sheet by closely managing the operational cash flow and keeping debt low. Key priorities are to optimise service and added-value propositions for our customers, optimise machine occupancy and improvement of costs, working capital and investments.

We take the opportunity in this business update to repeat the announcement that a major change has been adopted in the fundamentals underlying the 2009 half-year figures in respect of the costs and obligations attached to vacation days. This will have a negative impact on the results for the first halfyear. The second half-year results will, by contrast, experience a positive influence from this fundamental change.

Financial calendar

In connection with Mr Montgomery's withdrawal from the Supervisory Board, we shall try to schedule a General Shareholders' Meeting before the end of June. The announcement of this meeting will be issued in good time according to the usual procedure.

Extraordinary Shareholders' Meeting Press release half-year figures 2009 Business update 3rd quarter 2009 Press release annual figures 2009 General Shareholders' Meeting

: to be announced : 20 August 2009 : 12 November 2009 : 18 March 2010 : 28 April 2010

Deventer, 15 May 2009

Roto Smeets Group NV Management Board

For further information: Roto Smeets Group: J. Caris, CEO E. Bouwman, CFO Tel. +31 570 69 49 05

Info@rotosmeetsgroup.com www.rotosmeetsgroup.com

This is an interim announcement under section 5:25e of the Financial Supervision Act (Wet op het Financieel Toezicht).

Profile

Roto Smeets Group NV (former RSDB NV) is listed on NYSE Euronext Exchange with Amsterdam as market entry. Roto Smeets Group is an organisation of service supply companies, transforming the clients' communications - with added value - into printed and multimedia products. The companies are clustered into two business lines: Print Productions, providing efficient, full-service, web-based printing; and Marketing Communications, ensuring the optimum facilitation of the client's own communications channels by means of effective, cross-media communications concepts.