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Picard

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ARYZTA AG

Strategic Investment in Picard
31 March 2015

Forward Looking Statement

This document contains forward looking statements which reflect management’s current views and estimates.
The forward looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward looking statements. Potential risks and uncertainties include such factors as general economic conditions, foreign exchange fluctuations, competitive product and pricing pressures and regulatory developments.

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© ARYZTA, March 2015

Investment Transaction
– ARYZTA in exclusive negotiations to invest in Picard (www.picard.fr), acquiring a 49% stake from
Lion Capital, subject to regulatory approvals
– Picard to consult with its works council in connection with the investment
– Picard Financials: > March Financial Year-end > Revenue of €1.37bn > EBITDA of €192m (March 2015 run-rate)
– Transaction Summary: > Enterprise Value of €2,250m > Net Debt of €1,341m1 (Gross Debt of €1,420m, Net Debt to EBITDA of 7.0x,
Weighted average cost of interest 6.3%) > Equity of €909m
– Base consideration of €446.6m
– Largely funded through the disposal of non-core assets, primarily net proceeds from the Origin placement of c. €400m (net of fees and taxes)
– Call option to acquire the remaining 51% in FY 2019 - FY 2021
– Picard debt non-recourse to ARYZTA
– Net Underlying EPS benefit in a full year of +3%
1 Includes cash, debt like items and working capital adjustment
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© ARYZTA, March 2015

Picard Overview

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© ARYZTA, March 2015

Picard at a Glance

#1 undisputed leader in frozen food retail in
France

– First store opened in Paris 40 years ago
– Category captain with c.19% market share the last decade

ahead of Amazon¹

Extensive
proximity

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