Dec 15, 2006

Blackstone and PAI Complete Purchase of UB

15 December 2006 – United Biscuits (‘UB’), a leading European manufacturer of biscuits and snacks, today announced that following receipt of clearance from both the European Commission as well as the UK Pension regulator, Blackstone and PAI have completed the purchase of UB.

Following completion of the deal there will be senior management changes. Malcolm Ritchie, Chief Executive, will be leaving the Group. Malcolm joined UB in 2000 and has led the company through its recent period of private ownership.

Malcolm Ritchie said: “Over the last six years UB has undergone a major transformation. It is a company with fantastic brands that are favourites with consumers and are at the heart of the great company that UB has become. I have enjoyed working with the shareholders and leading the team at UB and wish the Company every success in the future.”

Under the new ownership structure, David Fish (current Non-executive Chairman) will broaden the scope of his role to become Executive Chairman. Jeff van der Eems (current Chief Financial Officer) will adopt an expanded role to include the responsibilities of Chief Operating Officer and Chief Financial Officer. Benoit Testard, will continue in his role as Managing Director of UBUK.

David Fish said: “We are delighted to be working with Blackstone and PAI as UB enters a new and exciting phase. I would like to thank Malcolm for his contribution to the business over the past six years. We wish him the very best for the future."