To the shareholders of Chr. Hansen Holding A/S
We have audited the annual report of the Chr. Hansen Group and Chr. Hansen Holding A/S for the financial year September 1, 2004 - August 31, 2005, which is presented in accordance with the Danish Financial Statements Act and Danish Accounting Standards. The annual report is the responsibility of the Company’s Management. Our responsibility is to express an opinion on the annual report based on our audit.

Basis of opinion
We conducted our audit in accordance with Danish Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance that the annual report is free of material misstatement. An audit also includes assessing the accounting policies used and significant estimates made by the Management, as well as evaluating the overall annual report presentation. We believe that our audit provides a reasonable basis for our opinion.

Our audit has not resulted in any qualification.

Opinion
In our opinion, the annual report gives a true and fair view of the Group’s and the Parent Company’s assets, liabilities and financial position at August 31, 2005 and of the results of their operations as well as the consolidated cash flows for the financial year September 1, 2004 - August 31, 2005 in accordance with the Danish Financial Statements Act and Danish Accounting Standards.

Copenhagen, November 14, 2005

Deloitte	KPMG C. Jespersen
Statsautoriseret Revisionsaktieselskab	Statsautoriseret Revisionsinteressentskab
Jens Rudkjær	Lars Andersen
State Authorized Public Accountant	State Authorized Public Accountant
Kirsten Aaskov Mikkelsen	Michael Sten Larsen
State Authorized Public Accountant	State Authorized Public Accountant