Greenyard NV — Earnings Release 2011

Oct 27, 2011

Press release PinguinLutosa: trading update Q3 2011

Consolidation scope

Sales as presented below include sales of the Scana Noliko Group ('canned division') for a period of 3 months. The deep-frozen vegetable division that was acquired from the CECAB-group contributed for a period of one month to the consolidated sales. Hence the comparative figures as per 30 September 2010 did not yet include the effect of these acquisitions.

Sales

For the 9 months to 30 September 2011, PinguinLutosa recorded consolidated sales of €406.7 million, which represents an increase of 17.2% compared to the same period last year.

In the potato division there is a growth of sales of 4.8%. This is the combined effect of on the one hand the increased sales prices (+27.7%) which was applied as a reaction to the huge increase of raw material prices and on the other hand the organic decrease of volumes of 19.7%.

In the deep-frozen vegetable division there is a growth of sales (including 1 month of CECAB) of 3.0%. The impact of including 1 month of sales of the deep-frozen vegetable division of CECAB amounts to €13.0 million. Without taking into account the acquisition of the CECAB activities, there was an organic decline of sales of 4.5%. Had the exchange rate for the British pound remained unchanged, the deep-frozen vegetable division would have achieved 3.8% more in sales during the first nine months of 2011. Within the deepfrozen vegetable division, excluding the inclusion of CECAB, volumes sold decreased by 4.0%.

Evolution of sales per division is as follows:

Non-audited management figures in €	1 January till 30 September		Evolution
	2011	2010	%
Deep-frozen vegetable division (including 1 month ex CECAB1 )	177,479,534	172,322,407	+3.0%
Potato division 2	183,160,894	174,736,233	+4.8%
Canned division	46,083,983	N/A	+100.0%
Total	406,724,411	347,058,640	+17.2%

¹ The impact of including the sales of the deep-frozen vegetable division of CECAB is only applicable for 2011 since this business combination took place on September 1, 2011.

² In accordance with the IFRS standards, in 2011 the transport costs charged on to customers have been posted under the heading 'sales' and the prior period figures have been adjusted accordingly (impact 2010: k€ 5,237).

Outlook3

Traditionally, the second half of the year is more important than the first half. This is specific to the sector and means that PinguinLutosa's second half of the year will be better than the first half.

The proposed sales price increases are largely realised, however the price increase could only be fully obtained as from mid October onwards. In addition the results in the United Kingdom remain below expectations which means that 2011 will remain a difficult transition year.

The integration of the deep-frozen activities of CECAB receives the highest attention and also the integration of the activities of Scana Noliko will be a high priority. In addition, even more attention will be paid to the further optimization of the different production sites and locations. Therefore PinguinLutosa will continue to invest in order to improve the performance and efficiency of its production capacity.

³ Disclaimer: this press release contains forward-looking information that is based on current internal estimates and expectations and as well as market expectations. The forward-looking statements contain inherent risks and are valid only on the day on which they are made. Actual results may differ substantially from the results included in forward-looking statements.

Financial calendar

- Announcement of 2011 results:	20 March 2012 (17:45 hrs)
- Availability of annual report 2011:	25 April 2012 (17:45 hrs)
- Trading update Q1 2012:	25 April 2012 (17:45 hrs)

• General Meeting: 18 May 2012 at 14:00 hrs at Langemark, Poelkapellestraat 71

For additional information, please contact PinguinLutosa:

M. Hein Deprez, CEO: Mobile : + 32 (0)475/41.11.58

M. Steven D'haene, CFO:

Mobile : +32 (0)476/50.99.10

PinguinLutosa in a nutshell

PinguinLutosa (www.pinguinlutosa.com) is specialized in the development, production and sales of frozen products: vegetables, fruits, potato products (fries and specialities) and ready-to-use culinary preparations. Including the takeover of the deep-frozen vegetable activities of the French CECAB group (01-09-2011) and the takeover of Scana Noliko (01-07-2011), the group has 17 production sites in five different countries (Belgium, France, United Kingdom, Poland and Hungary) and 19 subsidiaries and sales offices on five continents.

In 2010 PinguinLutosa realised €483.6 million of sales. The group is entirely dedicated to all customer segmentations: food industry, catering as well as large and medium commercial outlets and fast food. The Group maintains its own R&D centre for product and process innovation.