Accell Result Update

Heerenveen, Netherlands (Nov 23) - Over the past few months, Accell Group’s market shares were up, but margins were slightly under pressure. Due to the moderate summer conditions, stock levels were higher than normal at the end of the cycling season. Meanwhile, this stock has been sold to the dealers and stock positions have been brought down to normal levels. Nice weather in September and October resulted in higher retail sales to consumers. As a result, the dealers want to stock up again, which has resulted in a higher order intake for Accell Group. These additional orders are planned for delivery over the coming months. The traditional presentations of the collections for next season to the retail trade took place in September and October. In view of the reactions and sound pre-order levels, it was clear that the new collections for 2006 received positive reactions from the dealers. Accell Group Acquires Antec Accell Group intends to acquire part of the activities of Antec, located in Arnhem, as of 1 January 2006. The deal includes existing electrically driven bicycle models, related stock as well as a number of Antec employees. The electric bicycles and the technology used by Antec are highly complementary to the collection of electric bicycles marketed by Accell under the brand names Sparta, Batavus, Koga Miyata and Hercules. René Takens, Chairman of Executive Board of Accell Group: ‘’In a year of few acquisitions, we cannot be anything but pleased about the continued positive development of our results. Consistently offering a strong value proposition to consumers with innovative, well designed, quality products, and catering to international lifestyle trends, such as a healthy living and more exercise, form the basis of our company s further growth. This is underlined by the fact that we expect to exceed the results of the excellent year 2004. The anticipated acquisition of Antec shall further reinforce our position in the growing segment for electric bicycles’’.