Shareholders including funds managed by Hermes Focus Asset Management Europe Ltd., Franklin Mutual Advisers LLC, Lansdowne Partners Limited Partnership and other institutional investors, representing well in excess of one third of CSM’s share capital, express their concern regarding:
· the poor operational and financial performance of the company
· the lack of clarity regarding the future strategic direction of the company
· the lack of perceived urgency in addressing these matters

CSM has under-performed its industry peers for more than five years. The above shareholders believe the plans announced so far by CSM are not sufficient to
restore the long term prospects of the businesses in the interests of all stakeholders. This is reflected by the renewed share price decline since the
strategy announcement in August 2005.

Over the last few months, extensive discussions have taken place between the above shareholders and CSM. However, the Supervisory and Management Boards have not addressed the concerns satisfactorily. The shareholders have requested that CSM commits publicly to exploring all strategic options and believe the company should:
- take further actions necessary to develop Bakery Supplies, starting with articulating a strategic and operational vision for the business
- engage professional advice to investigate the strategic options for Purac
- improve the balance sheet effectiveness through the return of excess capital and commit to maintaining appropriate leverage

The above shareholders intend to continue their discussions with the company. They are evaluating all options at their disposal including discussions with other shareholders and third parties.


About Hermes Focus Asset Management Europe Ltd.
Hermes Focus Asset Management Europe Limited ("HFAME") is an FSA regulated fund manager that is an affiliate of Hermes Pensions Management, a major
European fund management organisation with some Eur 85 billion of assets under management. HFAME manages funds that invest in continental European equities
on behalf of pension funds responsible in aggregate for the pensions of more than 6 million members. It seeks to improve the long-term value of companies in
which it invests through addressing issues relating to strategy, capital structure as well as governance and management.

About Franklin Mutual Advisers LLC
Franklin Mutual Advisers, LLC ("FMA"), is a subsidiary of Franklin Resources, Inc. (NYSE: BEN), a global investment management organization operating as Franklin Templeton Investments. FMA focuses on long-term investments in undervalued stocks, as well as distressed securities and merger arbitrage opportunities. Franklin Resources is based in San Mateo, CA and has more than 50 years of investment experience and over US$442 billion in assets under management as of October 31, 2005.

About Lansdowne Partners Limited Partnership
Lansdowne Partners Limited Partnership is an investment management firm focused on generating good absolute returns for the funds that it manages. Investments
are made in companies where there is the potential for significant value creation and are usually held for several years.


Deze bovengenoemde partijen zijn uit op een opsplitsing van CSM en kunnen dan hun geld beinnen halen. Dat is er voldoende bij CSM, een opsplitsin zal ca. 35 tot 40 euro per aandeel gaan opbrengen(tax. XEA.nl)
Weer kan er een bedrijf te goedkoop van de beurs afgaan!