Greenyard NV — Share Issue/Capital Change 2012

Feb 15, 2012

Press release PinguinLutosa: capital increase completed

Capital increase

PinguinLutosa announces that today the private placement of EUR 44 million has been completed successfully. This capital increase was fully subscribed by Gimv (*), Food Invest International NV (FII) and Agri Investment Fund CVBA (AIF). 4,888,889 new shares were created at an issue price of EUR 9 per share and these shares have been subscribed as follows:

• GIMV (*) : 2,842,228 shares
• AIF CVBA : 718,410 shares
• FII NV : 1,328,251 shares
• (*): Gimv-XL Partners Comm.Vennootschap, Gimv NV and Adviesbeheer Gimv-XL NV

Bank covenants

The probable breach of the bank covenants at the end of December 2011, which was communicated previously, is limited to the breach of one covenant, more precisely the cash flow cover. The breach is caused by the built up of stock due to a good production season with an expected increase of sales in 2012. PinguinLutosa will, together with its banks, aim for an adjustment of the existing covenants and the obtaining of a waiver.

Conversion of shares

PinguinLutosa has also taken note of the plans to dissolve the Stichting Administratiekantoor Pinguin (STAK). In first instance, today the shares owned by the STAK will start to be converted. The Stichting Administratiekantoor Pinguin encompasses the interests in PinguinLutosa from Food Invest International NV, Tosalu NV, the family Koen and Herwig Dejonghe and Korfima NV. By doing this they will become direct shareholders from PinguinLutosa NV. This fits in the quest for a more transparent shareholder structure of the company. The necessary transparency notifications will be published within the period of 4 days.

15/02/2012

Financial calendar:

• Announcement of annual figures 2011 (01/01/2011-31/03/2012): 19 June 2012 (17:45 hrs)
• Availability of annual report 2011: 25 July 2012 (17:45 hrs)
• Trading update Q1 2012: 25 July 2012 (17:45 hrs)
• Announcement of 2012 half year results (01/04/2012-30/09/2012): 15 November 2012 (17:45 hrs)

For additional information, please contact PinguinLutosa:

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.

• General Meeting: 21 September 2012 at 14:00 hrs at Langemark, Poelkapellestraat 71
• Trading update Q3 2012: 25 January 2013 (17:45 hrs)