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Aryzta AG

Investor Presentation • Jun 1, 2009

818_ip_2009-06-01_b226a683-8a84-4ffd-a31f-6a96152c1c49.pdf

Investor Presentation

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ARYZTA AGJune2009

Forwardlooking statements

This presentation is based on unaudited numbers and contains forward looking statements which reflect Management's current views and estimates 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 conditions, foreign exchange fluctuations, competitive product and pricing pressures and regulatory developments.

Agenda

  • Welcome
  • ARYZTA AG– a reminder
  • Financials
  • Market &Outlook
  • Questions

OurBusiness

  • Global foodcompany
  • Created in 2008 – strategic merger of IAWS and Hiestand
  • Swissincorporated and Zurich based
  • Operations in Europe, North America, South East Asia andAustralia
  • Primary Listing in Zurich (SIX; ARYN) and Secondary Listing in Dublin (ISE; YZA)
  • Holds 71.4%of Origin; an agri‐nutrition business
  • Origin Enterprises plc on AIM in London / IEX in Dublin(AIM; OGN, IEX; OIZ)

Bakery Brands

Food Europe HomeMarkets

Food North America & Developing Markets HomeMarkets

Global Scale &Reach

Access toConsumers across 4 Continents

  • Bakeries 23
  • DSDfacilities 111
  • No. of DSDroutes 900+
  • Customers 200,000+
  • DSDcustomers 140,000+
  • No. of consumers 772m
  • Employees 8,000+

ARYZTA AGFinancials

FinancialPosition

  • ARYZTAcontinues to have a strong balance sheet with excellent free cash flow
  • ARYZTAnegotiated financing facilities of over €1bn in 2008
  • At the period ended 31 January 2009, ARYZTA had net debt of €625.5m
  • –represented a conservative Net Debt: EBITDA leverage ratio of 2 32 . x
  • ARYZTA's banking facilities are as follows:
  • – €795mrevolving credit facility, which matures on 20 June 2013
  • –US \$450m private placement, which matures between 13 June 2014 and 13 June 2019
  • Theleverage covenant on these facilities is Net Debt: EBITDA of 3.5x
  • The net d bt e of €625 5. m i ldd nc u eda currency h d id ea w ndof €74m pri il mar y d ir ven fromthe US private placement
  • Origin has standalone borrowings which are non‐recourse to ARYZTA
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* Underlying growth based on prior year proforma revenues. y gg p y

**Origin revenue is presented after deducting intra group sales between Origin Enterprises and 'Food Group'.

Revenue for 9 Months ended25th April 2009

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*Prepared on a pro forma basis including Hiestand Holding AG in prior year comparative.

** Origin revenue is presented after deducting intra group sales between Origin Enterprises and 'Food Group' deducting group Food Group .

***Acquisitions, net in the case of Origin includes the impact of its disposal of its Marine Proteins business in February 2009. Marine Proteins business now accounted for in associates.

Revenue for 13 weeks ended25th April 2009

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*Prepared on a pro forma basis including Hiestand Holding AG in prior year comparative.

** Origin revenue is presented after deducting intra group sales between Origin Enterprises and 'Food Group' deducting group Food Group .

***Acquisitions, net in the case of Origin includes the impact of its disposal of its Marine Proteins business in February 2009. Marine Proteins business now accounted for in associates.

9 Months Trading Update FoodEurope

  • Continuedvolume decline in the Irish and UK marketplace
  • Revenuegrowth slowed in France, Switzerland and Germany
  • Benefitsflowing from the ARYZTA merger
  • The Grangecastle bakery, distribution and R&D centre
  • fully commissioned
  • enhancedproduct capability and efficiency

9 Months Trading Update FoodNorth America

  • Consumer spending in North American marketplace continues to weaken
  • Both Otis Spunkmeyer and La Brea Bakery are responding well to the ch dange economic l d an scape
  • SAP Enterprise Resource Planning System ('ERP') is on plan
  • shouldnet cost savings
  • improve business intelligence in Otis Spunkmeyer
  • B ild u s the f d ti oundation for ARYZTA to i t nves in a new group st dd an ar process and IT system

9 Months Trading Update Origin

  • Origin remains positive regarding its trading performance for the full year
  • Ontarget to deliver growth in adjusted earnings per share for FY 09
  • Origin will make a substantial write‐down in the carrying value of its investment properties at 31 July 2009
  • ARYZTA will account for this non‐cash write‐down including its impact of minority interest in its consolidated financial statements for the period ended 31 July 2009
  • Origin proposes to pay a dividend for FY09 subject to a capital reorganisation and shareholder approval

Marketplace & Outlook

GreenShoots?

  • On March 15th, Ben Bernanke spoke of the "Green Shoots of US recovery" and the fact that they were already evident. At this time he said that he expects the US recession to end this year before recovering in 2010.
  • In Early May, Jean Claude Trichet said that "Global recession has bottomed out and some of the largest economies are already returning to growth"
  • Around the same time, the OECD spoke of a "pause" in economic downturn in the UK, France, Italy and China.
  • Finally, last week in his testimony to Senate Finance Committee, Tim Geithner saidthat "Global Markets are recovering recovering"

Global GDPDecline

Global GDP ForecastedDecline

Consumer

Negatives

  • Growthin Unemployment
  • LowerWages
  • IncreasedTax Burden

Positives

  • Lower Inflation– Deflation
  • LowerFuel Costs
  • LowerInterest rates

Response

  • Higher Savings
  • LowerConsumer Spending

Customers

  • LessConsumers
  • LessSpend per Transaction
  • Higher Cost of Capital
  • Reduced Access toCapital
  • Impacts Decision Making
  • IncreasedClosures
  • Greater Credit Risk
  • SURVIVALMODE

BusinessImplications

  • Tighter Cash Control
  • Prioritise CashCollection over Revenue
  • Invest in Process toreduce Cost to Serve
  • Protect BusinessModel
  • Support Customers
  • ServiceLevels
  • Productselections
  • Promotions
  • Strategic Expansion by Channel

Strategic Expansion by Channel Roomto Manoeuvre

ARYZTAStrength

  • ChannelDistribution
  • Geographic Spread
  • Productdiversity
  • Focused Experienced LocalManagement
  • CustomerPartnerships
  • ConsumerAwareness
  • FinancialCapability

Outlook

  • Consumer slowdownimpacts Revenue
  • Noobvious consumer recovery
  • Merger synergy flowing through
  • Ontarget to achieve consensus EPS* for FY09
  • Strong Cash Flow
  • Excellentcredit facilities
  • Priority Internal Investment
  • Opportunity Strategic Expansion

*See Appendix 1

Contacts

Hilliard Lombard ARYZTA AGTel: +41 (0) 44 583 42 00 Email:[email protected]

Alex Money Media & Investor Relations Advisor ( )Temple Bar Advisory p yTel: +44 (0)20 7002 1080 Email:[email protected]

Notes

Appendix 1 ‐ Analyst Consensus

Set out below are the consensus estimates for underlying earnings per share, i.e. excluding impact of intangible amortisation and non‐recurring items, for ARYZTA's FY09 period. The estimates are based on the average of 15 analyst estimates. The following firms contributed forecasts: Berenberg, Bloxham, Credit Suisse, Davy, Goldman Sachs, Goodbody Goodbody, Helvea, Kepler, Mainfirst Mainfirst, Merrion Merrion, NCB, Oppenheim Oppenheim, UBS, Vontobel, and ZKB.

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These estimates were collated on 27‐28th May 2009. Please note that ARYZTA AG does not warrant theaccuracy or completeness of these estimates.

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