EAC Invest - Earnings Release 2012

EAC Group:

Group revenue in line with the latest outlook. Operating margin stronger than
the latest outlook.

-- Consolidated revenue reached DKK 8,145m (DKK 6,274m). The revenue increase
was driven by hyperinflation adjustments and price increases in Plumrose as
well as a full effect from the Interdean acquisition (only included for
five months in 2011).
-- EBITDA was DKK 523m (DKK 516m), corresponding to an EBITDA margin of 6.4
per cent (latest outlook 5.5 per cent).
-- Group outlook 2013: Consolidated revenue is expected at around DKK 8.7bn.
As a consequence of the Venezuelan devaluation the EBITDA margin is
expected to be around 3.5 per cent.

Santa Fe Group:

Strong growth in strategic business activities. Overall results in line with
latest outlook and affected by challenging market conditions in both Europe and
Australia.

-- Revenue of DKK 2,542m (DKK 1,797m) – an increase of 41.5 per cent.
Excluding Interdean, revenue grew by 0.8 per cent in local currencies.
-- EBITDA reached DKK 138m corresponding to an EBITDA margin of 5.4 per cent
(8.6 per cent).
-- Outlook 2013: Revenue of around DKK 2.6bn and an EBITDA margin of around
6.5 per cent.

Plumrose:

Strong Q4 secures better than expected EBITDA after a turbulent year with
unfavourable market and labour conditions.

-- Revenue of DKK 5,603m (DKK 4,477m) (IAS 29) representing an increase of
25.2 per cent over 2011. In USD growth was 28.4 per cent. Revenue was in
line with the latest outlook.
-- EBITDA was DKK 425m (IAS 29) or 2.4 per cent higher than in 2011. EBITDA
represents an EBITDA margin of 7.6 per cent (9.3 per cent).
-- Outlook 2013: Revenue is expected to be around DKK 6.1bn and an EBITDA
margin of around 3.0 per cent.

Dividend:

-- In order to secure a reasonable flexibility in the ability to manage the
challenging business conditions expected in 2013, the Supervisory Board
proposes that no dividend is paid to EAC’s shareholders for 2012.

Niels Henrik Jensen, President & CEO of EAC:

“2012 proved to be a challenging year for both of our businesses and the
overall financial results are disappointing, although a strong finish to the
year in Plumrose helped raise the Group EBITDA margin almost 1 percentage point
above our latest outlook.

That being said, we reached a number of important underlying strategic goals
which have contributed to the continued strengthening of our business platforms
and enhanced our ability to pursue new growth opportunities.

In Santa Fe, we have achieved strong double-digit growth in most strategic
business segments and we continue to harvest positive sales synergies from the
integration of our three regional units winning an increasing share of
international contracts. Although we expect a challenging business environment
in 2013, we will continue to expand our international business activities and
expect to improve our operating margin and overall profitability.

In Plumrose, the continued development of our production facilities and
adaptation of product mix made it possible to fully benefit from the
revitalised demand after the presidential election, resulting in record-high
production volumes in Q4 and an overall EBITDA well ahead of our latest
expectations. The devaluation at the beginning of 2013 and general economic and
political uncertainties will make market conditions in the coming year
extremely challenging. But we maintain our strategic priorities and continue to
consolidate our position as market leader in Venezuela.”

Yours sincerely,

The East Asiatic Company Ltd. A/S

For additional information, please contact:

President & CEO Niels Henrik Jensen

+45 3525 4300

[email protected]

Group CFO Michael Østerlund Madsen

+45 3525 4300

[email protected]