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PAI Management / La Rochette

PAI Management, which manages and advises several funds as well as the BNP Paribas investment portfolio, has agreed to tender the LA ROCHETTE securities held by BNP Paribas for sale at the 11.6 euros per share price offered by MONDI International in its takeover bid for the French company. In making this commitment to respond favourably to the Mondi bid, PAI management and BNP Paribas wish all shareholders to take advantage of the good valuation of their stakes.

MONDI International, a company controlled by the South African group ANGLO-AMERICAN, is seeking via this takeover bid to develop its packaging business in Europe, which represents about one billion US dollars, mainly in Poland and Great Britain as well as in France (1999 AMCOR PACKAGING acquisition).

MONDI's ultimate objective is to coordinate its activities with those of LA ROCHETTE to benefit from the complementarity and synergy potential of operations in France and Great Britain.

As part of a very large international group, LA ROCHETTE will be able to pursue and accelerate the policy it initiated with the HYPAC acquisition (Great Britain) early 2000 and the 24.3% interest acquired in July 2001 in an Italian family-owned business.

The MONDI takeover bid constitutes further proof of the soundness of LA ROCHETTE policy in recent years.