Réunion collection – 27 mars 2006

A company of

Introduction

For the last 25 years, Délifrance has aimed to supply the best French

bakery, viennoiserie, pâtisserie and savoury products and to offer user-

friendly fast meal concepts throughout the whole world.

Organization in a nutshell

BVP activity

Milling activity

Restaurants activity

Grands Moulins de

Paris

Euromill

Intermeunerie

Bread

Viennoiserie

Pâtisserie

Savouries

600 restaurant

s in the world

- Turnover 2006 = € 820 M

- 3,600 employees

- 1.2 million tons of wheat milled per year

Bread Viennoiserie Brioche Pâtisserie Savouries ProductionMilling

NutriXo’s activities

€ 440 M 1,300 employees

€ 380 M

2,300 employees

The Milling division

Grands Moulins de Paris

Production and commercialisation of flours, mixes, ready to use preparations for bakeries, industrials (retail, export…)

GMP has also developed :- a range of branded flour - the Ronde des Pains for

bakery concept.

860 employees

17 mills in France and in Belgium

The Milling division in short

Inter Farine is a GIE (Economic Interest Group). The purpose of this association was to bring together 20 independent millers in order to promote new brands of flour like Copaline, ….

120 employees 1 mill in Brienne le Château

Inter Farine

Euromill Nord / Storione 38 % of the flour national market.

Production of the flour Francine (owned at 62 % by NutriXo).

320 employees 3 mills in Reims, St Quentin and Marseille

Mills presence

INTER FARINE

EUROMILL Nord / Storione

GMP

Sales Units

Délifrance

Corebusiness: Produces and sells French frozen bakery products such as bread, viennoiseries, pâtisserie and savouries. Délifrance develops French quick service restaurant concepts under the Délifrance brand.

1,400 employees

Délifrance is an international company:53 % turnover realized abroad

• 10 plants

•16 subsidiaries

Appétit de France

Integrated within the NutriXo Group at the beginning of 2004

400 employees Corebusiness:

Production and selling of French frozen bakery products such as ready to bake viennoiseries and brioches. Appétit de France has developed notably a great know-how in the production of brioche products (viennoiserie and pâtisserie…)

APPÉTIT DE FRANCE:-3 production units in France:

Bourg de Péage, Tailly and Romans

- a hightech production unit.

Krabansky

Integrated in 2006 in NutriXo Group

400 employees Corebusiness:

Production and sale of ready to bake and baked breads and viennoiseries.

KRABANSKY:- 1 production unit in the

North of France: Dunkerque

Touflet Gourmet

Integrated in January 2007 in NutriXo Group

85 employees Corebusiness:

Production and sale of deep-frozen and fresh pastry: Cakes, tarts and chou pastry products.

Touflet Gourmet:- 1 production unit in

Normandy : Heudebouville

NutriXo Research & Development

NutriXo « Académie » : a team of engineers, technicians who develop, analyse, control products.

Délifrance benefits from group’s know-how in flour

Délifrance R&D, it is : 20 bread-making industry engineers and technicians.

Education and training centre Bakery & Pâtisserie

professionals education NutriXo customers training Internal Nutrixo employees

training 19 employees

École de Boulangerie Pâtisserie de Paris (founded in 1929)

Source: DLF 2006

European deep-frozen BVP companies

3rd European deep-frozen BVP

company

Turnover 2006

420 M€

Lantmännen - Unibake 415 M€

380 M€

380 M€

230 M€

230 M€

220 M€

200 M€

185 M€

175 M€

150 M€

95 M€

PANAVI

Neuhauser

La Lorraine

Berlys

Europastry

RHM Frozen Bakery

VAMO / Cottes

Firms

IAWS

DELIFRANCE / ADF

CSM bakery supplies

Hiestand

Sales by ranges

19%

32%

45%

5%

Bread Viennoiseries Pâtisserie & savouries Brioche

Source: Oscar 2005 – Délifrance Data. Based on 2005’s 1st quarter

4

Sales by countries

France47%

Benelux17%

Germany & Switz.15%

UK12%

Southern Europe

7%

Export2%

France

Benelux

Germany & Switz.

UK

Southern Europe

Export

Source: Oscar 2005 – Délifrance Data. Based on 2005’s 1st quarter

Sales by markets

Catering53%

Industrial operators

10%

Retail33%

Craft bakeries

4%

Source : Turnover Base May 2004 DLF S.A

1. Catering

2. Retail

3. Craft Bakeries (without France)

4. Industrial operators

Délifrance units

15 factories: - 11 in France- 4 abroad (Belgium, The Netherlands, UK, Lebanon)

16 subsidiaries : Austria, Belgium, Germany, Greece, Hungary, Italy, Middle-East, The Netherlands, Portugal, Russia, Singapore, Spain, Sweden, Switzerland, UK, Poland + Export division (USA, South America, Eastern Europe…)Total capacity : 127,000 tons per year

Quality certifications

Délifrance sites

Quality certifications : - ISO 9000 –2000- ISO 9001 - ISO 9002- HACCP- BRC / TLC- IFS version 4- ISO 22 000

The Products

Technologies

Ready to prove : The product is frozen after being shaped. Then, it must prove before baking.

Ready to bake : The product has already proved. It just needs to be baked.

Oven prove :The product goes directly from the deep-freeze to the oven. It proves during baking. This technology is mainly used for viennoiserie.

Technologies

Part-baked: The product has already proved and been part-baked. The client just has to finish the baking process. This technology enables to serve hot bread for each meal.

Baked : The product is ready to use. This technology is used for brioches and for some frozen patisseries.

MAP (Modified Atmosphere Packaging) : The part-baked bread is packed in a protective atmosphere. This technology enables it to be kept for 12 weeks at room temperature (20°C)

Raw bread

White bread

Multi-grain bread

Speciality bread

Flavoured bread

Vienna bread

White bread

Traditional bread

Multi-grain bread

Speciality bread

Flavoured bread

Provencette

Others (rosaces…)

Part-baked bread

Croissant

Pain au chocolat

Raisins whirl

Autres (twist, …)

Viennoiseries

Raw Brioche

Small topped Brioche

Nanterre Brioches

Milk roll

Others

Pastry Products

Cakes to share

Individual cakes

Tartlets

Mini-sweets

Savoury Products

Puff Pastry Products

Quiche and Tartlets

Petits fours (Buffet bites)

Deep-frozen filled sandwiches

MAP Products

Our business partners have access to our comprehensive knowledge sources in the food industry

“Our products and services are

enjoyed around the world by a

wide range of customers who share

our passion for French

quality products”

Client portfolio

Délifrance has customers in a wide variety of customersegments :

Catering (Food Service catering) : hotels, restaurants, cafés, service station, transport, leisure and education catering, workplace, health and welfare

Multiple and convenience retail : superstores, supermarkets, local shops

Craft bakeries and bakery outlets

Industrial operators

Specialized areas : home delivery, Freezer center

In a nutshell …

Délifrance, is… :

- 87,000 T of bread per year : 3.6% market share in Europe

- 69,000 T of viennoiseries per year : 10% market share in Europe 21% market share in RTB

- 7,700 T of brioches per year

…and it’s :

- 3 M croissants per day

- 1 M baguettes per day