London (July 29, 2004) --- Morrison & Foerster acted for IWP International plc and its subsidiaries ("IWP") on the restructuring of approximately Euro 100 million of its financial arrangements with its existing loan note holders and banks and its negotiations with Barclays Bank plc as security trustee.

Jim Murphy, IWP Chief Executive, commented, "the conclusion of the Agreement with the Lenders is a very positive development which will provide a stable financial framework allowing the Company to grow earnings and further reduce debt".

IWP was advised on U.S. and English law matters by Morrison & Foerster, on Irish law matters by Arthur Cox and by its local counsels in the Netherlands, Poland, Isle of Man and Romania. The Morrison & Foerster team included Brian Bates, Neil Foster and Hamid Rashidmanesh in London. Counsel for the lenders and the security trustee included Allen & Overy, William Fry, Bingham McCutchen and Denton Wilde Sapte.

Brian Bates, a partner based in the London office, commented: "We were delighted to have the opportunity to work with IWP International plc on yet another transaction - this is the fifth matter we have acted for them on in the last three years."

About IWP International plc

IWP is a leading international manufacturer, distributor and marketer of high quality, fast moving consumer goods and related products, and is dual listed in Ireland and on the London Stock Exchange. Its businesses are located in the United Kingdom, Netherlands, Poland, Canada.