Santa Fe's acquisition of Australia's leading removal company now effectuated

Santa Fe's (EAC Moving & Relocation Services) offer to acquire Wridgways,
Australia, was approved today by the Australian Federal Court. The offer was
approved by Wridgways' shareholders on 25 November 2010, and with today's court
approval, the acquisition can proceed towards final completion. 

Santa Fe acquires all Wridgways shares at AUD 2.80 per share. It is expected
that Wridgways will pay an interim dividend of approximately AUD 0.40 before
the completion of the transaction, and the purchase price will be reduced
correspondingly. This equals a total purchase price of around AUD 76.8m (DKK
422m). The transaction will be completed on 16 December 2010, and Wridgways'
financial results will not be included in EAC's annual report 2010. The
transaction is financed by Santa Fe through a combination of equity and debt.
At completion Wridgways will be delisted from the Australian stock exchange,
Australian Securities Exchange. 

With this acquisition Santa Fe will double its revenue from DKK 638m (2009) to
around DKK 1.3bn with an operating margin of around 10 per cent (pro forma 2010
estimate). The combined business will have 71 offices in 15 countries and thus
a solid representation in Asia, Australia and the Middle East. The company will
have more than 2,100 employees and will from the start have the capacity to
handle in excess of 42,000 relocations annually. 

Strong platform for new growth
By Santa Fe's acquisition of Wridgways EAC creates a market leading moving and
relocation company in the Asia-Pacific region. Both Asia and Australia have put
the financial crisis behind them and are today areas of growth attracting
increasing international investments. Direct trade between the two continents
is extensive, and it is expected to accelerate further in the coming years.
Australian companies are making large-scale investments in Asia, and this
includes frequent relocation of managers and specialists between Australia and
countries in Asia. On the other hand a large number of businesses as well as
private individuals from Asia are seeking new challenges in Australia. 

Consequently, Santa Fe's strategy has been to become the market leader in Asia
and Australia. Wridgways has a market-leading position in Australia. Apart from
the obvious geographical match, the two businesses have common business values
and strong focus on customers, quality and results. In addition, their
long-term partnership has resulted in thorough knowledge of each others
businesses, and the integration is therefore expected to proceed quickly and
efficiently. 

Strengthened service offering and competitiveness
Santa Fe does not anticipate that the acquisition of Wridgways will result in
major operational synergies as the organisations complement each other. The
combined business will, however, offer customers and business partners a
complete, strengthened service offering across the region. As the new regional
powerhouse, the business is expected to attract new customers and business
partners, just as the two companies can take advantage of each others strengths
and special competences. Santa Fe is very experienced within international
relocation with a strong service organisation and services supported by the
latest technologies in demand by global companies. These competences and
systems can be utilised by Wridgways to strengthen the range of services it
offers to international, Australian companies. Wridgways on its side has
considerable competencies and experience in relation to domestic relocation and
service offerings which can benefit to Santa Fe's organisation in a number of
countries in Asia. 

Management comments - EAC President & CEO Niels Henrik Jensen:
“The acquisition of Wridgways is an important milestone for Santa Fe ensuring
critical mass in the Asian-Australian region. It provides an important platform
for creation of further growth, and it represents a substantial reinforcement
of our competitive position in the market. We will to an even higher degree
become an attractive partner for the global companies that increasingly demand
a complete service package connected to their relocations.” 

“In addition to this, the acquisition, of course, is an important step to
rebuild the revenue which we gave up with the sale of EAC Industrial
Ingredients in July. We still see interesting growth opportu-nities for both
Santa Fe and EAC Foods. For both business units we are working on the strategic
and financial targets for the coming years, and we will provide further
information about our growth plans  in connection with our annual general
meeting in March next year,” says EAC President & CEO Niels Henrik Jensen. 

About Wridgways
Wridgways traces its history back to 1892, and today it is Australia's leading
moving and relocation company with revenue of AUD 116m (DKK 638m) in 2009/10
and EBITDA of AUD 10m (DKK 55m). Wridgways has built a strong reputation for
setting international benchmarks in household and commercial relocations and
manages removals throughout Australia for a large number of domestic, corporate
and government organisations, offering comprehensive solutions in the fields
packaging, storage and removal. Headquartered in Melbourne, Wridgways has a
strong presence throughout Australia with 30 offices and 470 employees. 

About Santa Fe
Santa Fe (EAC Moving & Relocation Services) is a leading provider of moving,
value-added relocation and records management services to corporate and
individual clients in Asia and the Middle East, and - through a global network
of partners - in the rest of the world. Earnings are driven by a broad range of
relocation services to in- and outbound expatriates including immigration/visa,
home/school search, language/cultural training, tenancy management and domestic
services. Headquartered in Hong Kong, Santa Fe is represented in 41 cities and
in 14 countries and has 1,650 employees. 


For additional information, please contact:

President & CEO Niels Henrik Jensen
+45 3525 4300
nhj@eac.dk

Group CFO Michael Østerlund Madsen
+45 3525 4300
mom@eac.dk

www.eac.dk