Jefferson Smurfit Group's revised offer to the shareholders of Munksjö is recommended by the Board of Munksjö

Jefferson Smurfit Group's revised offer to the shareholders of Munksjö is recommended by the Board of Munksjö Smurfit Holdings AB ("Smurfit") welcomes the decision today by the Board of Munksjö AB ("Munksjö") to recommend its shareholders to consider accepting the revised offer to the shareholders and holders of convertible loan notes in Munksjö. Smurfit would like to reconfirm the following: · Smurfit is committed to complete its revised offer to the shareholders of Munksjö of SEK 85 in cash per Munksjö share, as set out in a press release by Smurfit dated 15 March 2002. · Smurfit currently owns 59% of the shares in Munksjö. This underpins its commitment to be the majority shareholder in Munksjö. · Smurfit has waived the 90% condition in full and will acquire all shares tendered irrespective of acceptance level. · Smurfit intends to continue to purchase shares in the market during the acceptance period. · The revised offer is Smurfit's best and final offer. There will be no increased offer. · Smurfit firmly believes that the revised offer provides the best opportunity for shareholders to realise value in cash now. The offer represents a 33% premium to the closing Munksjö share price on 28 January 2002. · The revised offer is valid until 28 March 2002. Details regarding the revised offer have today been sent out by mail to the shareholders and holders of convertible loan notes in Munksjö. Stockholm, 19 March 2002 Smurfit Holdings AB For further information: Gary McGann, COO tel +353 1 202 7000 Jefferson Smurfit Group plc Ian Curley, CFO tel +353 1 202 7000 Jefferson Smurfit Group plc Mary Finan tel +353 1 669 0030 WH PR Not for release in or into Australia, Canada, Japan or the United States. The Revised Offer is not being made to persons whose participation in the Revised Offer requires additional prospectuses, registration or measures other than those specified under Swedish law. In particular the Revised Offer is not being made, directly or indirectly, in the United States or Canada, or by use of the mails or by means or instrumentality of interstate commerce of the United States. This includes, but is not limited to, the post, facsimile transmission, telex and telephone. The Revised Offer cannot be accepted by any such use, means or instrumentality or from within the United States or Canada. Accordingly, copies of this document and any other document relating to the Revised Offer are not being mailed or otherwise distributed or sent into the United States or Canada. Persons receiving such documents (including custodians, nominees and trustees) must not distribute or send them in, into or from the United States or Canada and doing so will render invalid any related purported acceptance of the Revised Offer. The offeror reserves the right to make an offer into the United States at a future time, in which case the procedural and filing requirements under U.S. law will be satisfied at that time. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/03/19/20020319BIT01270/wkr0001.doc http://www.waymaker.net/bitonline/2002/03/19/20020319BIT01270/wkr0002.pdf