M2 Capital Calls for Change At CeWe Color.

NEW YORK -- M2 Capital Management, LP ("M2") today issued the following response to the press statement issued by CeWe Color Holding AG ("CeWe" or the "Company") on January 30th, 2007:

M2 welcomes CeWe advancing the date of the AGM to April 26th, 2007 to address the issues raised by M2 and other shareholders. However, as many issues are urgent, we would prefer to settle them as demanded at an extraordinary shareholder meeting to be held much earlier than April 26th.

M2 was surprised to learn that CeWe has not discussed M2's request for an EGM, but instead has published a press release with a number of unfounded allegations about M2. M2 is pointing investors to the correspondence sent by M2 to CeWe, which can be found at www.fixcewecolor.com, so they can independently judge the facts.

M2 has been an investor in CeWe for close to two years and, over this time, M2 has encouraged the Company to accelerate development in order to address the technological changes in CeWe's market place. CeWe's management has failed to exploit the opportunities flowing from this digital transition of the business which has damaged the long-term interests of all stakeholders, including customers, employees and long-term investors.

Under the current Board of Directors:

* CeWe has shown among the worst revenue decline in its peer group

* CeWe has shown among the worst earnings decline in its peer group

* CeWe has for 2 consecutive years issued profit warnings

* CeWe was one of the worst performers in the SDAX in 2006

* CeWe has recently stated that it is planning investments of [euro]150m-[euro]200m over 5 years, with no clarity of strategy as to how these substantial funds will be utilized. Management has had a poor track record in recent acquisitions

We see in CeWe an incredible opportunity to grow its digital business in new markets and new geographies. This bright future will be realised only if action is taken now. We believe that the Company should reinvest in the core digital business and accessories and then give the excess capital back to the owners of the business, the shareholders. David Marcus of M2 said, "The time has come for CeWe to be run with greater consistency and vision. If CeWe fails to maintain its significant market share, it will be left behind in the digitalization of the market for color prints and products. M2 believes in this market, and this is why we have taken such a large stake in the Company and put forward a series of proposals to enable CeWe to rebuild its market share and fulfil its potential. We believe that CeWe is grossly undervalued and overcapitalized and do not believe that management has carried out its duties in creating value for the Company's shareholders. We look forward to the EGM where all shareholders can voice their opinion by voting for our proposed changes."