Percentage of shares tendered under the offer at 85.8%

TenCate and the Offeror today jointly announce that following 17:40 hours on 21 January 2016, being the Acceptance Closing Time, 23,146,702 Shares had been tendered under the recommended public cash offer by the Offeror or committed to the Offeror subject only to the Offer being declared unconditional, at an increased Offer Price of EUR 26.00 per Share (the "Offer"). These tendered Shares represent approximately 85.8% of all the Company's issued and outstanding share capital (geplaatst kapitaal), i.e. excluding 475,687 Shares held in treasury by the Company.

The Offeror will announce whether the Offer will be declared unconditional (gestand wordt gedaan) on or before Tuesday 26 January 2016.


This is a joint press release by Koninklijke Ten Cate N.V. ("TenCate" or the "Company") and Tennessee Acquisition B.V. (the "Offeror"), pursuant to the provisions of Section 4, paragraphs 1 and 3 of the Netherlands Decree on Public Takeover Bids (Besluit openbare biedingen Wft, (the "Takeover Decree") in connection with the recommended public offer for all the issued ordinary shares in the capital of TenCate (the "Shares"). This announcement does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities in TenCate. The Offer is made solely pursuant to the offer memorandum, dated October 20, 2015 (the "Offer Memorandum"), approved by the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten). This announcement is not for release, publication or distribution, in whole or in part, in or into, directly or indirectly, Canada and the United States. Capitalised terms used but not defined herein have the meaning ascribed thereto in the Offer Memorandum.

JOINT PRESS RELEASE
Almelo/Utrecht, 22 January 2016