Cinven Sells Klöckner Pentaplast for €1.3 Billion to Blackstone

International growth strategy successfully implemented

Frankfurt / London, 3 May 2007 – European private equity firm Cinven today announces that it and its minority partner, JPMorgan Partners, LLC (CCMP Capital Advisors, LLC manages their investment), have signed an agreement to sell Klöckner Pentaplast (“kp”), the world’s leading manufacturer of rigid plastic films, to an affiliate of The Blackstone Group for €1.3 billion (US$1.8 billion), an 8x multiple of pro-forma EBITDA.

Cinven and JPMorgan Partners, LLC acquired kp in 2001. Working with the management team, they have together made significant investments in improving the quality of kp’s business through expansion into new territories and broadening the product base. As a result, its revenues have grown from €833 million (US$1.1 billion) in FY2001 to C1.2 billion ($1.6 billion) in FY2006 and the number of employees from 3,100 in 2001 to more than 3,400 today.

Cinven partner Peter Gangsted said:

“Our growth strategy for kp has delivered real value. We have expanded kp’s business into new markets through organic growth and by seven strategic acquisitions, particularly in Asia and South America. With our knowledge of the packaging industry we were well positioned to advance the regional expansion, as well as the extension of kp’s product range. The company has now established a much stronger competitive position as the world’s leading producer of rigid plastic films which is opening up further growth opportunities. kp has been a successful investment for us in spite of difficult conditions caused by the oil price increase since 2002, and we wish the company, its management and staff continued growth in the future.”

Thomas J. Goeke, Chief Executive Officer of kp added:

“Klöckner Pentaplast has achieved much over the past six years in partnership with Cinven, whose experience of the packaging sector has brought real value to the business. We look forward to working with our new owners in taking the business forward.”

Commenting on the acquisition, Lionel Assant, Managing Director of the Blackstone Group said:

“We see in Klöckner Pentaplast a high quality business with a leading position in the plastic rigid film market. We look forward to supporting the strong management team during the next step of the company’s evolution.”

Klöckner Pentaplast is the world’s leading producer of rigid plastic films. Founded in 1965 in Montabaur (Germany), the company operates globally from 21 manufacturing sites in 11 countries on four continents, using a range of polymers and production processes. Due to its strong diversity and wide geographic reach, Klöckner Pentaplast can be considered as one of the few global “one-stop-shop” film producers.

The sellers were advised by Morgan Stanley in this transaction. Further information

Notes to Editors

About Cinven

Cinven is one of the most prominent and successful investors in the European buy-out market. It has led transactions with a value in excess of €60 billion.

From its offices in Frankfurt, London, Milan and Paris, Cinven focuses exclusively on creating value in companies headquartered in Europe, which have a minimum enterprise value of €500 million and are market leaders or have the potential to become such.

Established in 1977, the firm has been a totally independent business since 1995. The fourth Cinven fund, which closed at €6.5 billion in June 2006, is to date the largest source of private equity capital dedicated solely to European buy-outs. Cinven’s recent investments include Phadia [€1.2 billion], Avio [€2.5 billion], Kabelcom [€2.6billion], Casema / MultiKabel [€2.85 billion] and AhIsell (€1.2 billion). Recent exits include United Biscuits [€2.4 billion] and MediMedia [€1.1 billion].

Cinven Limited is authorised and regulated by the Financial Services Authority.

About J.P. Morgan Partners

J.P. Morgan Partners, LLC (“JPMP”) is a private equity division of JPMorgan Chase & Co. (NYSE: JPM), one of the largest financial institutions in the United States. JPMP has invested over $15 billion worldwide in consumer, media, energy, industrial, financial services, healthcare and technology companies since its inception in 1984.

As of August 1, 2006, the investment professionals of JPMP formed entities independent of JPMorgan Chase. The buyout and growth equity professionals formed CCMP Capital Advisors, LLC, which focuses exclusively on buyout and growth equity investments primarily in five targeted industry sectors in the U.S. and Europe. The venture team formed Panorama Capital, LLC, and continues to focus on technology and life sciences investments. CCMP Capital and Panorama continue to manage the JPMP investments pursuant to a management agreement with JPMorgan Chase & Co.

JPMP is a registered investment adviser with the Securities and Exchange Commission.

About CCMP Capital

As a premier private equity firm, CCMP Capital Advisors, LLC has invested over $11 billion in over 380 buyout and growth equity transactions since 1984. The foundation of CCMP Capital’s investment approach is to leverage the combined strengths of its deep industry expertise and proprietary global network of relationships by focusing on five targeted industries: Consumer, Retail and Services; Energy; Healthcare Infrastructure; Industrials; and Media and Telecom. Through active management and its powerful value creation model, CCMP Capital’s team has established a reputation as a world-class investment partner.

Selected investments include: Aramark Corporation, Generac Power Systems, Grupo Corporativo ONO, Hanley Wood, Harbor Point Re, PQ Corporation, Quiznos Sub, SafetyKleen Europe and Warner Chilcott.

Prior to forming CCMP Capital, the firm’s principals led the buyout and growth equity investment business of J.P. Morgan Partners, LLC, a private equity division of JPMorgan Chase & Co. CCMP Capital follows the successful investment strategy its principals developed and implemented as members of JPMorgan Partners.

CCMP Capital is a registered investment adviser with the Securities and Exchange Commission.

The Blackstone Group

The Blackstone Group is a leading global alternative asset manager and provider of financial advisory services. The Blackstone Group is one of the largest independent alternative asset managers in the world. Its alternative asset management businesses include the management of corporate private equity funds, real estate opportunity funds, funds of hedge funds, mezzanine funds, senior debt funds, proprietary hedge funds and closed-end mutual funds. The Blackstone Group also provides various financial advisory services, including mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement service. Further information is available at