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Aryzta AG

Investor Presentation • Nov 30, 2008

818_ip_2008-11-30_8af9206a-5fac-47ca-b3b3-e9552413482f.pdf

Investor Presentation

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ARYZTA AGGlobal Leader in Speciality Bakery Q1 Update1st December 2008

Market Leader in Speciality Bakery

Scale & Reach Access to Consumers across 4 Continents

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Speciality Bakery Brands

ARYZTA AGRecap Pro-Forma Results FY 08

ARYZTA pro forma Full Year Results ended 31 July 2008

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ARYZTA Adjusted EPS (cent)

202.2c

1.Before impact of intangible amortisation, exceptional items.

2.Presented after interest and tax.

3.Presented after dilutive impact of Origin equity entitlement.

  1. TTM – Trailing twelve months. Six months results to 31 December 2007 extracted from audited accounts for the year ended 31 December 2007 and unaudited six months results ended 30 June 2008.

ARYZTA pro forma Segmental Revenue Analysis

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Underlying Revenue Growth

IAWS Food North America FY 08 : 14.1%IAWS Food Europe FY 08 : 9.4%Hiestand HY 08 : 12.3%

  1. Presented after deducting intra group sales between Origin Enterprises and 'IAWS Food Group'.

  2. Pro forma adjustment deducting intra group sales between Hiestand Holding AG and IAWS Group, Ltd .

ARYZTA pro forma Segmental Operating Profit Analysis1

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Operating Margin

IAWS Food Group FY 08 : 10.8%IAWS Food Group FY 07 : 10.6%Hiestand HY 08 : 10.1%Hiestand HY 07 : 9.7%

  1. All segmental operating results are before intangible amortisation and exceptional items.

Origin

* Comparable adjusted fully diluted EPS based on current capital structure.

ARYZTA pro forma Net Debt

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    1. 'IAWS Food Group' net debt to EBITDA ratio is based on the banking facility covenant definition.
    1. Pro forma adjustment includes the cash consideration (€30m) paid to Lion Capital as part of the ARYZTA transaction.
    1. Origin Enterprises net debt to EBITDA ratio is based directly on its Financial Statements. Origin Enterprises net debt to EBITDA ratio calculation includes property financing related debt of €115 million (ex property net debt to EBITDA ratio is 0.74x).

Financial Strength

  • Excellent banking facilities over €1bn negotiated in 2008
  • €795m Revolving Credit Facility matures 20 June 2013
  • US \$450m Private Placement matures between 13 June 2014 13 June 2019
  • Covenant Net debt : EBITDA 3.5x
  • As at 31 July 2008, ARYZTA Food Net Debt €553m (2.15x Net Debt : EBITDA)
  • Excellent free cash flow generation

ARYZTA AGGlobal Leader in Speciality Bakery Q1 FY 09

Q1 RevenuePeriod ended 25thOctober 2008

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Food Europe Q1

  • Performance in line with expectation4.2% underlying revenue growth in the period
  • Changing consumer patterns emerging
  • Slowdown in growth across most channels
  • particularly in the UK and Irish markets, which have seen reduced volumes
  • Business responding
  • proving resilient
  • working with customers
  • adapting well
  • Hiestand merger and Grangecastle Bakery timely
  • Hiestand brings extended reach and diversity
  • Grangecastle Bakery offers new opportunities
  • on plan
  • fully commissioned during period ended 31 January 2009

Food North America Q1

  • Accelerated underlying revenue growth maintained19.5% in the period
  • Changing consumer pattern evident for some time
  • Business responded
  • Well positioned in new market environment

Origin Q1

  • Excellent Q1 performance
  • Positive growth momentum in Agri-Nutrition division
  • Strong contribution from its agronomy business Masstock
  • Origin confident about prospect for full year

Q1 Economic BackdropContagion from the Financial Markets

Reaches High Street

Global GDP Decline

Source: Bloomberg

Perspective Changing Consumption Patterns

  • Food expenditure is non discretionary
  • Consumers have choice
  • convenience Vs cost / time to prepare
  • quality Vs cheapest nutrient
  • wellness Vs food as fuel
  • Tracking consumer is business critical

Tracking Consumer Capability across all ChannelsCapability to Respond

Customer Focus & Consumer Relevance

  • Always fresh bakery consumer responds
  • Highest quality
  • Minimal waste
  • Differentiation
  • Maximise return on real estate
  • Profitability

Business model delivers

Well invested Bakery AssetsCapability across all Categories

  • 23 Locations
  • Speciality Bakeries & Innovation Centres
  • World Class Technology & Quality Assurance
  • State of the art R&D facilities
  • Baking academies of excellence
  • Raw material, recipe and product formulation

Outlook

  • A very well invested speciality bakery business
  • Excellent banking facilities and free cash flow
  • Services all food channels:
  • – restaurants, catering, hotels and leisure, quick service restaurants, travel and retail
  • Capability to respond quickly to changing consumption patterns
  • Extended geographic reach and product diversity

Contacts

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

Alex MoneyMedia & Investor Relations AdvisorTemple Bar Advisory Tel: +44 (0)20 7002 1080 Email: [email protected]

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