Polimoon has grown significantly over the years and with recent acquisitions annual sales are in excess of 3.2 billion NOK. In the last five years Polimoon has acquired 20 businesses contributing with sales of 2 billion NOK annually. In the same period the Group has divested 6 activities which has been considered non core with annual sales of 250 million NOK annually. In this period five locations have been closed or partially shut down to ensure economies of scale. The actions have ensured that Polimoon has developed into a company with a strong and well respected position in rigid plastic packaging and components to the automotive industry.

April last year Polimoon listed successfully on the Oslo Stock Exchange. The listing allowed Polimoon to raise new capital. Subsequent to the listing Polimoon entered into a 450 million NOK acquisition facility. The facility has to a large extent been used to secure further growth with five acquisitions concluded in the last six months.

The objective of the refinancing has been to use what Polimoon consider a favourable banking climate to secure reduced financial costs, a less aggressive amortisation schedule and parallel enter into a new acquisition facility giving more flexibility. The refinancing will help improve cash flow going forward. The new facility consists of three elements. The first is a 900 mNOK term loan to refinance existing debt, secondly a working capital facility of 250 million NOK and thirdly an acquisition facility totalling 65 million ¤. Polimoon can draw on the acquisition facility in the next five years. Terms and conditions are more favourable compared to existing loan agreements.

The acquisition facility is earmarked to fund acquisitions within packaging and components.

"I am pleased that we have agreed on such a facility with DnB NOR. It will not only allow the Polimoon Group to target further growth in a fragmented market but also help secure a strong balance sheet. It signals a strong support from our banks" says Arne Vraalsen President and CEO Polimoon.

Polimoon operates in a fragmented and competitive market. The high oil prices has lead to significant increases in input costs such as plastic raw material, freight and energy the last twelve months. The increased costs have led to a pressure on margin in the industry which has opened up for possibilities to consolidate the market through acquisitions. Polimoon has used these conditions to its advantage. The refinancing will give Polimoon the needed muscles to act confidently in the future.

END

Polimoon holds a leading position within manufacturing, developing and selling of plastic products with 29 operations in thirteen European countries. Polimoon develops, manufactures and sells a wide range of packaging products within the consumer, chemical and medical industries as well as components to the automotive industry. In addition the Group has some production of customised products to other industries, such as the marine and leisure industry. Polimoon has approximately 3125 employees with 450 employed in Norway, where also head office is located. In 2005 Polimoon Group had a turnover of 2 485 million NOK and an EBITDA of 232 million NOK.

Examples of products include bottles for sauces, shampoos, disinfectants, deodorants, canisters for hazardous chemicals, IV bags for medical care, and engine covers for passenger cars.

For further information: Arne Vraalsen, President and CEO, +47 22 01 79 00 or +45 20 45 99 19 www.polimoon.com