Conditional Commitment to Acquire

BETTER CAPITAL LIMITED

6 July 2011

CONDITIONAL COMMITMENT TO ACQUIRE

Better Capital Limited is pleased to announce that on 5 July 2011 BECAP Fund LP (the "Fund") entered into an agreement to acquire the UK and Irish business of Spicers, a pan-European supplier of stationery and office products, which is currently a subsidiary of DS Smith Plc, from Unipapel SA. The agreement is conditional upon the proposed disposal of Spicers by DS Smith Plc to Unipapel SA being completed.

The Fund has committed £40 million to a wholly owned special purpose vehicle set up to effect the transaction.

Enquiries:

Better Capital Limited+44 (0)1481 716 000

Mark Huntley (Director)

Laurence McNairn (Administrator and Company Secretary)

Better Capital LLP +44 (0)20 7440 0840

Jon Moulton (Chairman)

Numis Securities Limited+44 (0)20 7260 1000

Nathan Brown

Oliver Hardy

Powerscourt+44 (0) 20 7250 1446

Roddy Cameron

Jon Earl