Aryzta AG

Quarterly Report • Mar 14, 2010

ARYZTA AG H1 2010 Results

15 March 2010

This presentation 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.

Balance Sheet strengthened

• Net Debt reduced by €137.6m to €487.9m (H1 2009: €625.5m)
• Net Debt : EBITDA 1.69x (H1 2009: 2.32x)
• €27.9m dividend payment to equity shareholders in December 2009, represents payment of CHF 0.5324 per share
• 10.7% return on investment, growth of 70 bps (H1 2009: 10.0%)
• Tenure of debt maturity extended to c. 7.4 years

Income Statement stable

• Revenue declined 7.4% to €800.9m
• Operating profit (incl. joint venture) remained constant at €106.5m
• Underlying net profit growth of 1.1% to €73.8m

ARYZTA AG Our Business

• Zurich based Swiss AG

• Operations in Europe, North America, South East Asia and Australia

• Created in 2008 merger of Hiestand and IAWS August 2008
• Primary listing in Zurich (SIX; ARYN) and secondary listing in Dublin (ISE; YZA)
• Holds 71.4% of Origin Enterprises plc (Origin), an agri-nutrition business

• Origin listed on the AIM in London (AIM; OGN) and IEX in Dublin (IEX; OIZ)

Our Markets

Food Europe

Food Europe has leading market positions in the speciality bakery market in Switzerland, Germany, Poland, the UK, Ireland and France. In Europe, ARYZTA has a mixture of business to business and consumer brands, including Hiestand, Cuisine de France, Delice de France and Coup de Pates.

Our Markets

Food North America

Food North America has leading market positions in freshly baked cookies and freshly baked artisan breads. The business has two iconic brands which evoke emotional appeal with the US consumer, namely Otis Spunkmeyer and La Brea Bakery.

Our Markets

Food Developing Markets

ARYZTA has embryonic businesses in Japan, Malaysia and Australia. This gives ARYZTA an excellent opportunity to understand the customer diversity and opportunity in this vast market.

ARYZTA AG Financial Review

ARYZTA AG Income Statement period ended 31 January 2010

in Euro `000	January 2010	January 2009	%
Group revenue	1,394,053	1,571,169	(11.3)%
Group operating profit1	114,013	126,450	(9.8)%
Share of associates and JVs2	13,635	7,837
Operating profit incl. associates and JVs1	127,648	134,287	(4.9)%
Finance cost, net	(23,723)	(24,405)
Pre-tax profits1	103,925	109,882
Income tax1	(16,965)	(19,675)
Minority interest3	(4,430)	(6,233)
Underlying fully diluted net profit	82,530	83,974	(1.7)%
Underlying fully diluted EPS (cent)	104.5c4	107.7c4	(3.0)%

1 Before impact of intangible amortisation, non-recurring items and related tax credits.

2 Associates & JVs profit net of tax and interest.

3 Presented after dilutive impact of Origin management incentives.

4 January 2010 underlying fully diluted EPS calculated using weighted average number of shares in issue of 78,946,101 (January 2009: 77,999,274).

ARYZTA AG - Underlying Revenue Growth period ended 31 January 2010

Revenue Growth	(7.7)%	(7.9)%	26.3%	(7.4)%	(16.0)%	(11.3)%
Currency	(0.8)%	(5.2)%	4.7%	(2.1)%	(3.3)%	(2.7)%
Transfers within segments	(0.2)%2	–	18.2%2	–	–	–
Acquisitions and disposals	3.4%1	–	–	2.3%	(0.8)%4	0.9%
Underlying growth	(10.1)%	(2.7)%	3.4%	(7.6)%	(11.9)%	(9.5)%
Group revenue	533.6	254.7	12.6	800.9	593.1	1,394.0
in Euro million	Food Europe	Food N. America	Developing Markets	Total Food Group	Origin3	Total
			Food

1 Reflects the contribution of French bolt on acquisition in February 2009 not included in the prior year comparative.

2 Reflects the transfer of business activity from Food Europe to Food Developing Markets due to operational change.

3 Origin revenue is presented after deducting intra group sales between Origin and Food Group.

4 In the case of Origin this reflects the impact of the disposal of its marine protein and oils business in February 2009 which is now included in the share of profit from associates & JV line. It also reflects the contribution from the acquisitions of CSC Crop Protection Ltd. and GB Seeds Ltd. which are not included in the prior year comparative.

ARYZTA AG Segmental Profit period ended 31 January 2010

in Euro `000	January 2010	January 2009	%
Food Group1
Food Europe	60,736	64,001	(5.1)%
Food North America	35,271	34,294	2.8%
Food Developing Markets	2,073	917	126.0%
Total Food Group	98,080	99,212	(1.1)%
Origin	15,933	27,238	(41.5)%
Total Group	114,013	126,450	(9.8)%
Associates & JVs2
Food North America	8,468	7,275	16.4%
Origin	5,167	562	819.4%
Total associates & JVs	13,635	7,837	74.0%
Total operating profit	127,648	134,287	(4.9)%

1 Before impact of intangible amortisation and non-recurring items.

2 Associates & JVs profit net of tax and interest.

Food Group Income Statement period ended 31 January 2010

in Euro `000	January 2010	January 2009	%
Group revenue	800,921	865,078	(7.4)%
Group operating profit1	98,080	99,212	(1.1)%
Operating margin	12.2%	11.5%
Share of JV2	8,468	7,275
Operating profit incl. JV1	106,548	106,487	0.1%
Financing costs, net	(15,961)	(15,184)
Pre-tax profits1	90,587	91,303
Income tax1	(15,576)	(16,580)
Minority interest	(1,257)	(1,741)
Underlying net profit	73,754	72,982	1.1%

1 Before impact of intangible amortisation, non-recurring items and related tax credits.

2 Share of profits of joint venture is presented net of interest and tax.

in Euro `000	January 2010
EBIT	76,331
Amortisation	21,749
EBITA	98,080
Depreciation	28,044
EBITDA	126,124
Working capital movement	(9,968)
Dividends received	7,740
Maintenance capital expenditure	(6,683)
Interest & tax	(25,363)
Other	(475)
Cash flow generated from activities	91,375
Underlying net profit¹	73,754
Depreciation	28,044
	101,798
Net underlying cash earnings conversion %	90%

1 Underlying net profit before impact of non-recurring items and intangible amortisation.

in Euro `000	Food Group
Food Group opening net debt as at 31 July 2009	(505,504)
Cash flow generated from activities	91,375
Investment capital expenditure	(22,591)
Dividends paid	(30,603)
Deferred consideration and acquisition costs	(2,128)
Foreign exchange movement¹	(16,727)
Other	(1,679)
Food Group closing net debt 31 January 2010	(487,857)
Net debt to EBITDA²	1.69x

1 Foreign exchange movement is primarily attributable to the fluctuation in the US Dollar to Euro rate between July 2009 (1.4252) and January 2010 (1.3985) on the US\$650m private placement.

2 Food Group net debt to EBITDA ratio based on bank covenant definition. EBITDA includes contribution from the Canadian JV. It also is adjusted for the non-cash share based payments charge.

• Origin debt facilities are standalone and non-recourse to ARYZTA AG
• EUR 795m revolving credit facility matures 20 June 2013
• USD 450m private placement matures between 13 June 2014 13 June 2019
• CHF 200m Swiss bond matures on 18 March 2015
• USD 200m private placement matures between 2021 2029
• Banking covenants as follows:

	Covenants	H1 10 Actual
Net debt: EBITDA (not greater than)	3.5 times	1.69 times
Interest cover (not less than)	4.0 times	8.45 times

Food Group Debt Maturity Profile of Gross Debt* - weighted average maturity c. 7.4 years

* Food Group gross debt at 31 January 2010 of EUR 757.5m. Food Group net debt at 31 January 2010 of EUR 487.9m.

• Marginal incremental cost of debt giving increased financial security from longer term funding
• Intend to maintain investment grade credit position
• Optimum leverage position in the range of 2x 3x Net Debt to EBITDA
• Extended maturity of debt during period
• Complementary capital sources between bank, debt capital and equity markets

Return on Investment

	Food Europe & Developing	Food N.	Total
in Euro million	Markets	America	Food Group	Origin	Total
2010
Group share net assets1	1,346	676	2,022	413	2,435
EBITA & JVs / associates cont.3	131	85	216	73	289
ROI	9.7%	12.6%	10.7%	17.6%	11.9%
2009
Group share net assets	1,295	733	2,028	389	2,417
EBITA & JVs / associates cont.3	129	73	202	80	282
ROI	9.9%	10.0%	10.0%	20.5%	11.7%

1 Net assets exclude all bank debt, cash, cash equivalents and tax related balances.

2 Food Group net assets includes previously written off goodwill of EUR 51.8 million. Origin net assets includes previously written off goodwill of EUR 59.4 million.

3 Earnings before interest tax and amortisation (EBITA) is presented before the impact of non-recurring items. The contribution from associates and JVs is net profit (i.e. presented after interest and tax).

4 The Group WACC is currently 7.6%.

ARYZTA AG Business Review

Bakery Business

• Bakery everyday food

• Basic and sustainable

• Indulgent and affordable

• Challenge to deliver everyday consumer experience
• Investment required for:

• Freshly baked goods at point of sale

• Varied assortment throughout the day

• Consumer appealing concepts

• Relevant value proposition

• It is all about the consumer experience

Total Baked Goods Market

Market Value €260bn at RSP

Speciality Bakery Market

Speciality Bakery Market – €30bn at RSP

Value Added Business Model

Food Europe - H1 2010

• Underlying revenue decline of 10.1% in the period
• UK and Ireland

• Extremely tough trading conditions

• Economic downturn continues

• Credit concerns still impacting revenues

• Continental Europe

• Revenue growth from new customers

• Investment in additional field sales staff

• Compensation for reduced revenues

• Underlying revenue declined by 2.7% in the period

• High comparator of 16.6% in H1 2009

• Revenue weakness across most business channels
• Consumer continues to conserve their dollar

• As a result customers not making decisions required to stimulate revenue growth

• Otis Spunkmeyer ERP implementation on plan and progressing well

• Released H1 results on Thursday 11th March

• Available on www.originenterprises.com

• Origin has performed well in H1 against difficult trading background

• Masstock delivered a strong performance in particular

• Year-on-year comparisons are impacted by increased seasonality in agricultural activity
• Customers deferring buying decisions until closer to main application periods
• Recent uplift in primary output markets has yet to positively impact farm incomes

• Origin on track to deliver consensus expectations for full year

• Tough economic conditions throughout the period

• Positive signals about economic recovery yet to reach consumer
• Consumer switching channels food service more impacted than retail
• Reduced consumer spend impacts customer
• Lack of credit impacts customer

• It is all about the consumer experience

• FY2010 guidance for underlying EPS of 224 cent remains unchanged

• Focus on operating efficiency (ARYZTA Technology Initiative) with well invested bakery assets
• Excellent cash generation and balance sheet strength
• Fragmented bakery market offers opportunities for disciplined strategic expansion

ARYZTA AG Appendix 1 – Origin Financials

Origin Income Statement period ended 31 January 2010

in Euro `000	January 2010	January 2009	%
Group revenue1	593,132	706,091	(16.0)%
Group operating profit2	15,933	27,238	(41.5)%
Operating margin3	2.7%	3.8%
Share of associates and JV4	5,167	562
Operating profit incl. associates and JV2	21,100	27,800	(24.1)%
Financing costs, net	(7,762)	(9,221)
Pre tax profits2	13,338	18,579
Income tax2	(1,389)	(3,095)
Minority interest	–	(138)
Underlying net profit	11,949	15,346	(22.1)%
Adjusted fully diluted EPS (cent)	8.7c	11.2c	(22.3)%

1 Origin revenue is presented after deducting intra group sales between Origin and Food Group.

2 Before impact of intangible amortisation, non-recurring items and related tax credits.

3 Origin operating margin based on full revenue including intra-group sales between Origin and Food Group.

4 Associate & JV profit net of tax and interest.

Origin Underlying Net Profit Reconciliation

in Euro `000	January 2010
Reported net profit	10,228
Amortisation of intangible assets	2,002
Tax on amortisation	(281)
Underlying net profit	11,949

Underlying fully diluted EPS1 (cent) 8.7

1 The share denominator for the period ended 31 January 2010 is 137,626,000.

ARYZTA AG Appendix 2 – Other Financial Information

ARYZTA AG Underlying Net Profit Reconciliation

in Euro `000	January 2010
Reported net profit	64,371
Amortisation of intangible assets	23,751
Tax on amortisation	(5,341)
Underlying net profit	82,781
Dilutive impact of Origin management incentives	(251)
Underlying fully diluted	82,530
Underlying fully diluted EPS1 (cent)	104.5

1 The share denominator for the period ended 31 January 2010 is 78,946,101.

Food Group Underlying Net Profit Reconciliation

in Euro `000	January 2010
Reported net profit	57,065
Amortisation of intangible assets	21,749
Tax on amortisation	(5,060)
Underlying net profit	73,754

in Euro `000	As at January 2010
Property, plant and equipment	655,288
Investment properties	63,083
Goodwill and intangible assets	1,508,187
Associates and joint ventures	147,270
Net working capital	40,135
Other segmental liabilities	(89,563)
Segmental net assets	2,324,400
Net debt	(678,348)
Deferred tax, net	(174,644)
Income tax	(43,907)
Derivative financial instruments, net	(6,710)
Net assets	1,420,791

in Euro `000	As at January 2010
Property, plant and equipment	570,745
Investment properties	3,869
Goodwill and intangible assets	1,395,017
Joint venture	60,118
Net working capital	(18,884)
Other segmental liabilities	(40,217)
Segmental net assets	1,970,648
Net debt	(487,857)
Deferred tax, net	(160,838)
Income tax	(42,466)
Derivative financial instruments, net	(4,176)
Net assets	1,275,311

	January 10	January 09	%
Closing Rates
Sterling	0.8648	0.9397	8.0%
US Dollar	1.3985	1.2952	(8.0)%
Swiss Franc	1.4700	1.4981	1.9%
Canadian Dollar	1.4870	1.6248	8.5%
Average Rates
Sterling	0.8923	0.8356	(6.8)%
US Dollar	1.4574	1.3796	(5.6)%
Swiss Franc	1.5080	1.5523	2.9%
Canadian Dollar	1.5504	1.5866	2.3%

ARYZTA AG Thank you!

Investor Information

Investor Meeting Requests* investorrelations@aryzta.com

*All enquiries regarding investor meeting requests should be sent by email.

Company Contact Hilliard Lombard Head of Group Finance and Communications

ARYZTA AG

Talacker 41 8001 Zurich Switzerland Tel: +41 (0) 44 583 42 00 Fax: +41 (0) 44 583 42 49 info@aryzta.com www.aryzta.com