Scheme of Arrangement

De La Rue PLC
21 December 1999

SCHEME OF ARRANGEMENT
SECURITY TITLE
*Ord Shs
MNEMONIC CODE           *DLAR
SEDOL CODE              *259-471
TERMS                   *For Every 20 Ord Shares of 0.25p in De La Rue
                         Shareholders will receive:
                         17 Ord Shares of GBP0.25 in New De La Rue & 920p in
                         cash.
PROVISIONAL EX ALL DATE *01-02-00
RECORD DATE             *31-01-00
NOTES *