Chesapeake's Cash Offer for Boxmore International PLC Declared Wholly Unconditional.

Business Editor

RICHMOND, Va.--(BUSINESS WIRE)--Feb. 10, 2000

Chesapeake Corporation (NYSE: CSK) today declared wholly unconditional its offer for Boxmore International PLC, a leading European packaging company focused on pharmaceutical and healthcare sectors.

Thomas H. Johnson, president and chief executive officer of Chesapeake Corporation, said, &uot;This acquisition cements Chesapeake's position as a leading European specialty packaging company. The acquisition of Boxmore is another step in anchoring Chesapeake as a global leader in specialty packaging and merchandising services.&uot;

Boxmore, headquartered in Belfast, Northern Ireland, had sales of approximately (pound)130 million, (approximately U.S. $220 million), in 1999 and operates 19 facilities in Ireland, the United Kingdom, France, Belgium, Germany, and, through joint ventures, in South Africa and China. The acquisition of Boxmore is expected to be accretive to Chesapeake's earnings in the first year. Synergies between Chesapeake and Boxmore are expected to result from better utilization of the combined network of specialty packaging facilities, as well as operating and overhead savings.

Johnson added, &uot;Boxmore's pharmaceutical packaging operations will be combined under the healthcare packaging division of Chesapeake's European subsidiary, Field Group, based in the United Kingdom. This combination strengthens our position as a pan-European leader in pharmaceutical packaging. The plastics packaging business of Boxmore will continue to report to Mark Ennis, the current chief executive of Boxmore. We are pleased that Mr. Ennis will be joining the Chesapeake management team, where he will have responsibility for plastics packaging and a global market development role for pharmacy and healthcare packaging markets.&uot;

The cash tender offer, which was launched on December 15, 1999, values each Boxmore share at 265p and the existing issued share capital of Boxmore at approximately (pound)191 million (approximately U.S. $310 million). Chesapeake now has 89.2 percent of the issued share capital of Boxmore and should acquire the remaining shares within the next 30 days.

Chesapeake Corporation, headquartered in Richmond, Va., is a global leader in specialty packaging and merchandising services. Chesapeake is the largest North American producer of temporary and permanent point-of-purchase displays, the North American leader for litho-laminated packaging, the leading European folding carton, leaflet and label supplier, and a local leader in specific U.S. markets for customized, corrugated packaging. Chesapeake has over 40 locations in North America, Europe and Asia. Chesapeake's net sales in 1999 were $1.2 billion. Chesapeake's website is http://www.cskcorp.com .

This press release does not constitute an offer or an invitation to purchase or sell any securities. Chesapeake's offer will be made only pursuant to the Offer Document and related Form of Acceptance to be dispatched by Donaldson, Lufkin and Jenrette on behalf of Chesapeake in the United Kingdom. The offer will not be made, directly or indirectly, in or into the United States, Canada, Australia or Japan and will not be eligible for acceptance within the United States, Canada, Australia, or Japan.

This news release, including comments by Thomas H. Johnson, contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The accuracy of such statements is subject to a number of risks, uncertainties, and assumptions that may cause Chesapeake's actual results to differ materially from those expressed in the forward-looking statements including, but not limited to: competitive products and pricing; production costs; particularly for raw materials such as waste paper and corrugated box and display materials; fluctuations in demand; government policies and regulations affecting the environment; interest rates; currency translation movements; and other risks that are detailed from time to time in reports filed by the Company with the Securities and Exchange Commission.