Aryzta AG

Investor Presentation • Sep 4, 2018

September 2018

Kevin Toland CEO

Frederic Pflanz CFO

• Joined ARYZTA as CEO in September 2017
• Previous positions
• 2013-2017: CEO of Daa plc (operator of Dublin and Cork airports), ARI (a global retailer in travel retail) and Daa International

• 1999-2012: CEO and President of Glanbia USA & Global Nutritionals, a division of Glanbia plc, based in Chicago, Illinois

• Joined ARYZTA as CFO in January 2018

• Previous positions
• 2015-2017: Board Member Maxingvest & Supervisory Board Member Beiersdorf
• 2010-2014: Rémy Cointreau: Group CFO and COO
• 1992-2010: l'Oreal Group, last position held: CFO Consumer Products Division

1	Why we are here today
Update on strategy	 Clear turnaround strategy focused on  Increase volumes and prices
	 Return to a customer centric, innovative B2B frozen bakery business
	 Execute Project Renew
	 Disposal of non-core businesses
	 Planned capital increase
Project Renew	 Comprehensive set of initiatives focusing on sequential operational improvement  Target to deliver run-rate savings of c.€90m by FY2021  Cumulative savings of c.€200m targeted over the next three years  Non-recurring expenses of c.€150m over the next three years associated with planned savings
3 Capital structure and deleveraging	 Confirmation of compliance with covenants in FY2018  Seek amendment to the term of the Term Loan and Revolving Credit Facility  Committed to €1bn deleveraging plan over four years  At least €450m of asset disposals and balance from cash flow generation targeted  Equity capital increase of up to €800m intended to strengthen capital structure and to provide strategic and financial flexibility to implement strategy including Project Renew

ARYZTA AT A GLANCE

Core Strengths

• Strategy focused on B2B customers and great customer service
• Well-invested bakeries and asset base
• Global footprint and leader in the global frozen B2B bakery sector, with global platform as core supplier and driver of innovation
• International leadership position in Core Categories of buns, cookies, donuts, laminated dough and artisan bread
• Serving global QSRs and partner to large foodservice and retail operators

Strategic plan to leverage ARYZTA key strengths, improve business performance and address challenges

Strategy implementation and next steps

• A global leader in frozen B2B bakery and supplier to the food service, retail and QSR sectors
• Depth of product offering across many categories, including: Breads, Cookies, Donuts, Cakes, Laminated dough
• Present with well-invested bakeries in over 30 countries across Europe, North America, South America, Asia, Australia and New Zealand

Company overview Historic Revenue and EBITDA split by geography

Large and growing frozen bakery market underpinned by specific growth themes…

Cost savings

Allows retailers and foodservice operators to deliver the benefits of fresh without incremental labour, waste and space costs

Improving quality

• Enables the delivery of quality and consistency at scale
• Allows customers to deliver fresh-baked taste to consumers

Emerging markets

Development of emerging markets is driving demand for Western baked goods as well as increasing scale and quality of infrastructure for frozen products

Favourable food trends

• On the go snacking
• Better for you indulgence
• Healthier eating
• Clean label
• Broader flavour profiles

"Leading B2B frozen bakery provider to the world's restaurant, retail and foodservice providers, at scale, low cost and great customer service"

• 50+ bakeries situated in 20 countries over 4 continents
• Market leader in global B2B frozen bakery¹
• Global platform with comprehensive product offering for customers as a one-stop-shop option for customer's bakery requirements

Key advantages of our global platform

• Able to deliver the products to clients with consistent top quality day after day
• Facilitating our customers' international growth strategies
• Bringing the best of worldwide innovation and trends to our customers
• Nurturing a culture of bakery excellence by sharing best practices throughout our network

A trusted partner for the QSR, retail and foodservice customers

	Track record for on time in full deliveries and able to find solutions for our customers' needs in any geography		Reliable food quality		Committed and capable to invest in targeted, customer driven investments
			Channel
Region	QSR	National foodservice	Independent foodservice	Retail multiples	Convenience
North America	+++	+++	+++	++	+
Europe	+++	+++	+++	++	++
LATAM	+++	+	+	+	+
APMEA	++	++	+	+	+

Note: Based on own assessment of relative strength in its markets and regions +++ Very strong presence; ++ Strong presence; + Good presence

Customer and consumer insight driven innovation

Major identified consumer trends insights and expertise

Products launched by ARYZTA

Cruffin

Specialty bread

Cinnamon pull-aparts

Sweet buns

Baking & Snacking

• Leading innovation efforts through deep customer and consumer understanding and delivering joint collaborations on products

• Industry-leading Category Management team with unique insights, knowledge and expertise in the Baking Industry

• Relevant expertise and experience from blue-chip international companies

• Comprehensive analysis of the business with clear controls in place
  • Well defined and focused strategy for success

Kevin Toland (Sep 17) CEO

• Joined ARYZTA as CEO in May 2017
• Previously CEO at Daa Plc ("Daa"), an operating company of Dublin and Cork airports and global retail
• Prior, he was CEO and President at Glanbia USA & Intl. Nutritionals Division as well as Director of Glanbia plc (1999-2012)

Frederic Pflanz (Jan 18) CFO

• Joined ARYZTA as CFO in January 2018
• Previously at Maxinvest Group as an executive Board member
• Prior, he held a number of roles in Rémy Cointreau Group including Group CFO (2010- 2014)

Dave Johnson (Jan 18) CEO North America

• Joined CEO North America in January 2018
• Previously at Barry Callebaut for 9 years as President and CEO Americas
• Prior, he worked for Kraft Foods, holding a number of senior positions, including President of Kraft North America

Gregory Sklikas (Apr 18) CEO Europe

• Joined CEO Europe in April 2018
• Previously COO for EMEA for Friesland Campina
• Prior, he spent 14 years working for Unilever

Robert O' Boyle (2008) COO AsiaPac

• Joined ARYZTA in 2008
• He held the role of European Trading Director from 2013-2015
• In 2016, he became the Group's head of APMEA activities as regional CEO

Tony Murphy (Nov 17) Chief People Officer

• Joined Arzyta in December 2017
• Prior, he held a number of senior HR roles with Diageo in UK and North America
• Also worked for Cadbury in the UK as People Capability Director and as EVP HR for North America

Claudio Gekker (2014) COO Latin America

• Joined COO of Latin America in 2014
• Previously, he led Bimbo's commercial team in Brazil
• He has also worked for Nestlé, running its biscuit business in Brazil

John Heffernan (Feb 18) Chief Strategic Officer

• Joined ARYZTA in February 2018
• Previously, he worked as Chief Development Officer for Daa Plc
• He also founded a number of businesses in the clean energy space, prior to which he worked with McKinsey & Co

Rhona O'Brien (Sep 18) General Counsel / Company Sec.

• Joining ARYZTA in September 2018
• Previously, she worked for DCC Vital Ltd
• Joined DCC Plc's Healthcare Division as senior Counsel of Legal and Compliance

CORPORATE STRATEGY

New clear turnaround and cash flow, profit growth strategy

Delivery of Improved EBITDA

• Margin growth driven by increased volumes and price increases
• Innovation strategy centred on Core Categories where ARYZTA is positioned to win
• Relentless focus on customer relationships and customer-led innovation
• Renewed attention to people development and culture change to support future growth

Execute Project Renew

• €90m annual run-rate savings targeted by 2021
• Cumulative savings of c.€200m targeted with non-recurring expenses of c.€150m over the next three years
• Over 200 initiatives identified

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2

4

3 Dispose of Non-core Businesses

Target of €450m proceeds from disposals of which c.€140m have been realised already

Capital Structure and Deleveraging

• Seek amendment to the term of the Term Loan and Revolving Credit Facility
• Committed to €1bn deleveraging plan over four years
• At least €450m of asset disposals and balance from cash flow generation targeted
• Equity capital increase of up to €800m intended to strengthen capital structure and to provide strategic and financial flexibility to implement strategy including Project Renew

How we will grow with our customers

Leveraging our global scale to deliver value for customers 1

• Responsiveness and consistency of delivery to build trust 2
• Customer focused innovation to drive growth

3

Top to top, multi-functional relationships – locally, regionally and /or globally, as per customer needs 4

• Organisational changes in progress to further strengthen customer-centric focus 5
• Unrelenting focus on service quality and food safety 6

Expanding our geographic footprint and product capability through customer driven investments to deliver value 7

ARYZTA is a trusted partner, and category leader for QSR, retail and foodservice customers

Identified Initiatives

Key Objectives

Improve performance by creating a more streamlined and fit for purpose commercial organization

Key Initiatives

• Operating model cost reductions
• Procurement and Supply Chain initiatives
• Automation and manufacturing initiatives

P&L Impact

• Bottom up initiatives have been identified
• €90m run rate savings targeted by 2021, representing c.3% of the current cost base
• Cumulative savings of c.€200m targeted with non-recurring expenses of c.€150m over the next three years

Project Rationale

• To improve focus, efficiency and flexibility in our core frozen B2B bakery market
• Enhance product quality and customer service
• Restore financial flexibility and aligning the asset and cost base with current and expected business conditions

Targeted on-going run-rate savings of €90m by 2021. Over 200 initiatives have been identified over 4 main cost areas: manufacturing, supply chain, procurement and operating model

Ongoing disposals of non-core / off-strategy businesses

Targeted disposal proceeds of at least €450m of which c.€140m have been realized already

• Disposed Dec-17
• Non-core business in the foodservice sector in Ireland, easily separable

• Enables management to focus on core business

• Disposed Mar-18

• Non-core business

• Not consolidated in ARYTZTA financial statements, easily separable

• Disposed Feb-18

• Non-core business post strategic refocus of the business on B2B

• Drag on North America growth and profitability

• Non-core business post strategic refocus of the business on B2B

• ARYZTA remains committed to the disposal of its stake in Picard
• Sale process remains ongoing
• Picard continues to deliver a strong performance
• Through the refinancing carried out since December 2017 has delivered €91m of dividends to ARYZTA

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1

3

4

• ARYZTA is a global leader in frozen B2B bakery
• Attractive market opportunity in a growing market
• Clear turnaround strategy and plans in place to deliver stability, performance and growth
• Clear strategic priorities
• Strong management team
• Focus on operational improvement
• Project Renew
• Focus on customer/market

Capital increase to provide strategic and financial flexibility to implement plan

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