#1edita Molto go Molto Bak Bak ROE ROL Bako Bake Bake ROL Stix Bake Stix minx minx inilmy Molly min S مولتو لتو موتو تو mini Cred مولتو Bake ROL Bake ROL Bake Bake ROLZ Bake ROL Stix Bake Molto موتر Molto Stix Freska mim Freska Investor Presentation Edita Food Industries S.A.E. March 2015 MINI Ton TODO TODO TODO 600 TODO mmmx minix m HOND توينكيز Twinkies#2Disclaimer edita This presentation ("Presentation") is provided subject to the following obligations and limitations. This Presentation and the information contained therein have been prepared by Edita Food Industries S.A.E. (the "Company") in relation to the proposed initial public offering (the "Offering") of the Company's ordinary shares (the "Shares") by Africa Samba B.V. and Exoder Limited (each, a "Selling Shareholder", and collectively, the "Selling Shareholders"), and has not been independently verified by EFG-Hermes Promoting & Underwriting and/or Goldman Sachs International (each a "Joint Global Coordinator" and collectively, the "Joint Global Coordinators"). This Presentation (references to which and to any information contained herein shall be deemed to include information that has been or may be supplied in writing or orally in connection herewith or in connection with any further enquiries) is for the exclusive use of the persons to whom it is provided. It is not intended to form the basis of any agreement, transaction or action (or omission or failure to make any agreement, transaction or take action). 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By accepting receipt of this Presentation you will be deemed to have agreed that any such decision or purchase should only be made, and will be deemed to have been made, on the basis of information contained in the preliminary offering memorandum, as supplemented, or the final offering memorandum, when they are available. No representation, warranty or undertaking is made hereby or is to be implied by any person as to the completeness, accuracy or fairness of the information contained in the Presentation and neither we nor any of the Joint Global Coordinators (or any their respective affiliates) accepts any liability or responsibility whatsoever in respect thereof. 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Any failure to comply with these restrictions may constitute a violation of applicable securities laws. 2#3Transaction Summary Issuer Ticker (EGX/LSE) Selling Shareholders Edita Food Industries S.A.E. ("Edita" or the "Company") EFID.CA/EFID Africa Samba B.V. ("Actis"), Exoder Limited ("Chipita") edita Share Price Range EGP 16.80-18.501 Offering Size Primary/Secondary Split Distribution Securities / Listing Lock-up Period Joint Global Co-ordinators and Bookrunners Timeline Total offer size of up to 30% of the Company's share capital (10% of the base deal size allocated to stabilisation fund²) Retail tranche: 15% of IPO 100% Secondary / no proceeds to the Company International offering of shares and GDRs: Offering to institutional investors outside the U.S. under Reg S In the U.S. under rule 144A to Qualified Institutional Buyers ("QIBS") Domestic offering in Egypt Ordinary shares on the Egyptian Stock Exchange (EGX) Global Depositary Receipts (GDRs) on the London Stock Exchange (LSE) 180 days for the Company 1 year for the Selling Shareholders and Berco Limited Additionally, the Selling Shareholders and a portion of Berco Limited's shares amounting to 51% of the Company's shares will be subject to a 2 year lock-up imposed by the EGX, which is expected to expire on 1 April 2017 EFG Hermes Promoting & Underwriting, Goldman Sachs International 16-26 March: Bookbuilding 15 31 March: Retail subscription period - 27 March: Expected pricing (institutional offering) 2 April: Expected commencement of trading of both ordinary shares on EGX and GDRs on the LSE 1. GDR price to be based on the latest US$/EGP auction price as published on the CBE website. 2. Stabilisation will be in ordinary shares only. 3#4Today's Presenters Option 1 Hani Berzi Founding Chairman & Managing Director 19 years at Edita 29 years in industry Sherif Fathy VP & CFO 8 years at Edita 34 years of experience Inas Abdel Rahman VP Marketing 5 years at Edita 19 years of experience Dina Al-Sonbaty VP Investor Relations & Corporate Affairs ~1 year at Edita 24 years of experience edita 4#5Today's Presenters Option 2 edita Hani Berzi Founding Chairman & Managing Director 19 years at Edita 29 years in industry Sherif Fathy VP & CFO 8 years at Edita 34 years of experience Inas Abdel Rahman VP Marketing 5 years at Edita 19 years of experience Dina Al-Sonbaty VP Investor Relations & Corporate Affairs ~1 year at Edita 24 years of experience Ahmed Niazy Financial Planning & Analysis Manager 2 years at Edita 9 years of experience 10#6edita مولتو مولتو Mollo Cream Molto Molto XL XL I. Introduction Chocola مولتو Molto Mini Croissant Chocolate With Hazelnuts Croissants Filed with Chocolate & Hambut Pass olto XXL olto FETA CHEES بالسبنة الذين lto CHEBE مو Molto Mini Croissants#7Edita at a Glance edita Leading Egyptian baked snack food company Founded in 1996 by the Berzi Family and Chipita 94% of revenue from Egypt Products and brands amongst the most recognizable in Egypt¹ Brand portfolio includes Todo, Molto, Bake Rolz & Stix, Freska, MiMix, HoHos, Twinkies and Tiger Tail Exclusive ownership of the international brands Twinkies, HoHos and Tiger Tail in Egypt, Libya, Jordan and Palestine Products positioned towards the snacks mass market with average consumer price range of EGP 0.68-1.57 (~US$ 0.09-0.212) 5 Product Segments 9 Brands & 68 SKUs 3.2bn Packs Sold in 2014 #2 Snack Food Company in Egypt with 12% Market Share edita >14 Regional Export Destinations >5,200 Employees 4 ISO Certified Manufacturing Facilities >63,000 Customers Owned Sales & Distribution Platform #1 position in core cakes and croissants segments Current ownership: 42%: Berco Limited³ 30%: Africa Samba B.V.3 28% Exoder Limited³ 1. Source: IPSOS. 2. US$/EGP of 7.58 as of 28-Feb-2015 (Bloomberg). EGP mn Revenue EBITDA Financial Snapshot4 2014 1,919 2012-2014 CAGR 19.6% 463 26.9% % Margin Adjusted Net Profit 5 % Margin 24.1% 273 27.8% 14.2% 3. Berco Limited is the investment vehicle of the Berzi family; Africa Samba B.V. is a company that is an indirect subsidiary of funds managed by pan-emerging markets private equity firm Actis; Exoder Limited is an investment subsidiary of Chipita, the leading Greek snack food company. 4. Derived from IFRS audited financial statements. 5. Net Profit adjusted to remove the effect of a one-off transaction: in 2014 tax-adjusted EGP 7.0mn net impact of the charitable donation to the "Tahya Misr Fund". 7#8Broad Product Portfolio edita Product Segment Croissant Rusks Cake Year Entered Brands 1997 2000 20031 Product Examples RO Mollo مونتو Molto mini -Ваке Stix&ROL HOHO تايجري توينكيز Twinkies Tiger Tail TODO mimix Freska CHOCOLATE FILLED WAFER Candy Wafer 2011 2012 TODO TODO TODO TODO Freska مولتو Molto Bake Stix! Bake Bake Stix Bake Stik Bake توينكيز Twinkies HOHOS minx Freska Freska Market Share 69% 42% 68% 8% 6% Market Rank #1 #2 #1 #3 #5 Brand Awareness² 100% 95% 100% NA 91% % of 2014 Revenue³ 29% 5% 59% 3% 3% Source: AC Nielsen Retail Audit, IPSOS 1. Todo was introduced in 2010. 2. Brand awareness measures the share of respondents that were familiar with the brand in aided, spontaneous consumer surveys. 3. Additional 0.4% of 2014 revenue generated from distribution of selected imported products. edita 8#9Proven Track Record of Growth 6th of October City Plant Opening 10th of Ramadan City Plant Opening Introduction of Handheld Online Receipt Computers 1996 Launch of Molto Line, First Packaged Croissant in Egyptian Market Achieved World-Class Certifications HACCP SO 22000 HACCP ISO 22000 ISO 9001 SO 9001 ISO 18001 edita Edita edita Corporate Re-Branding Beni Suef City Plant Opening Opened Edita HQ and Logistics Hub Polaris Industrial Park Plant Opening ERP System Upgrade SAP 3 Additional Production Lines Came on Stream in March-2015 and 2 Additional Expected Prior to Year End, ~40% Increase in Capacity 2013-2014 2015 2012 2011 2010 2006-2009 2003 2000 1997 Molo Launch of Rusks Line Bake ROL HOHO Acquisition of Facilities Producing Hostess Brands موجوز Under License توينكيز تايجرت Twinkies Tiger Tail Launch of Cake Line TODO Launch of Candy Line Launch of Wafer Line Brands in Egypt, Freska Libya, Jordan & Palestine Acquisition of Selected HTT Continued NPD and Exciting New and Innovative Products Operational Infrastructure Product Launches / M&A Long-term Revenue Evolution 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Production Lines 3 3 3 3 7 7 7 9 12 13 14 14 17 20 21 21 9#10edita II. Key Investment Highlights TO TOD TODO TODO TODO TODO SPONGE CAKE WITH RANGE FLAVORED CREAM FALLING GATEAU DE MOUSSELINE AVEC UN REMPLISSAGE O 10 تورو ODO SPONGE CASE WITH STRAWBENEY PLAYER CREAR FLUNS GÅTAY BY HOUSE REMPLISSADE#11Key Investment Highlights Unique Opportunity to Access Growing Consumer Demand for Packaged Foods in Egypt and MENA 1 ● Attractive industry and macroeconomic backdrop 2 Category leader with portfolio of highly recognized brands 3 ●Innovative branding strategies 4 ● Extensive owned sales and distribution platform 50 6 7 8 Best-in-class industrial operations and supply chain Leading R&D platform with a track record of successful innovation Experienced, owner-led Management team with strong corporate governance practices Robust top- and bottom-line growth edita 11#12Population (mn) 1 Attractive Industry and Macroeconomic Backdrop 85 78 77 Largest Population in MENA... 54 39 36 33 33 31 11 9 7 Egypt Iran Turkey South Algeria Iraq Morocco KSA Tunisia UAE Jordan Africa With Attractive Demographic Profile... 65 Years and Over 5% 55-64 Years 7% 0-14 Years 32% 25-54 Years 15-24 38% Years 18% 50% of the Population Under the Age of 24 Source: IMF, CIA World Factobook, AC Nielsen Retail Audit 1. Comprises of cakes, croissants, salty snacks, wafers, candies, chocolates, biscuits and gums. EGP bn Population (mn) 77.8 edita And Growing... 2010-2014 CAGR: 2.3% 85.4 83.7 81.4 79.6 2010 2011 2012 2013 2014 Driving Growth in the Egyptian Snack Market¹ 8.1 6.7 2010-2014 CAGR: 23.6% 11.7 15.5 13.1 2010 2011 2012 2013 2014 12#131 Attractive Industry and Macroeconomic Backdrop Market Drivers Consumer Profile High spending on food relative to income High need for snacking given the extended out of home periods Preference for strong flavors Consumption Drivers Indulgence / mood boost Meal replacement / energy boost "On-the-go" Connecting/bonding / sharing Frequency - Number of Times Consumed per Week 4 Niche Market Stages by Product Type1 Mass edita Sweet Croissant ⚫ Potato Chips Wafer Cake Gum. ● Biscuits ● Chocolate Baked Wheat ● Ice Cream 3 Brownies Filled Biscuit Savory Croissant❤ Candy⚫ 2 Sales Channels Dominance of traditional sales channels - kiosks / "mom & pop" shops and small groceries Segment Salty Snacks Cakes Pricing 1. Source: AC Nielsen Retail Audit ⚫ Donuts Green Field Dormant 0% 10% 20% 30% 40% 50% 60% Wafers Croissant Candy Biscuits, Gum and Chocolate Established price points Total Market 70% Penetration of Category - Once per month % Corn Tortilla 80% 90% 100% 2014 Market Size (EGP bn)1 2010-2014 CAGR1 5.8 16.4% 1.4 22.1% 1.3 20.5% 0.8 36.7% 0.6 23.3% 5.6 33.4% 15.5 23.6% Edita Presence 13#142 Category Leader with Portfolio of Highly Recognized Brands Market Position Market Share Relative Market Share¹ Average Consumer Price (EGP/US$2) Cakes #1 68% 13.3x 0.68 / 0.09 94% of 2014 Croissants #1 69% 3.7x 1.11/0.15 Revenue Brands HOHOs تايجري توينكيز فوكوز Twinkies Tiger Tail TODO giloo Mollo Rusks #2 42% 0.7x 1.00/0.13 Bake ROLZ gods Wafers #5 6% 0.2x 1.00/0.13 Freska Candy #3 8% 0.4x 1.57 / 0.21 minix Source: AC Nielsen Retail Audit, IPSOS 1. Relative market share calculated as Edita's market share divided by market share of largest competitor. 2. US$/EGP of 7.58 as of 28-Feb-2015 (Bloomberg). 3. Brand awareness measures the share of respondents that were familiar with the brand in aided, spontaneous consumer surveys. Brand Awareness³ NA edita 100% 100% 95% 91% 14#153 Innovative Branding Strategies Activations and Below-The-Line Materials TODO etBat hatalisab, hacozbor Architecture & Coverage Product & Portfolio Edita's corporate umbrella serves as a seal of quality Each brand stands for and owns a category Platform for product extension and geographical expansion into other MEA markets Diversified and rationalized portfolio Shift towards higher price points facebook About TODO comprobos hatozbot many men Max Jobrani Consumer & Segmentation Branding & Communication 1. Socio-economic classification. بالجنة مونتو بالجبنة Bake ROU edita Freska Gained 1 million Fans on its Facebook Page facebook قرسكة Edita Trucks a Source of Communication - "Moving Billboards" fedita edita TODO Stand Up COMEDY High overall product likeability Bake ROL with new launches Ageing consumer base Innovative Media Campaigns Larger SEC1 base targeted Increased visibility Unique brand awareness Unique communication from different agency for each brand TODO Nothing can wow me Todo Campaign by: Discipline in media spending mandu Molto Campaign by: FP7/ Freska Campaign by: kairo 15#164 Extensive Owned Sales and Distribution Platform edita Key Highlights 18 distribution centers across Egypt Wholesale: c.60% of revenue O 5,150 customers at the end of 2014 ○ Focus on top 100 wholesalers Retail: c.31% of revenue 57,950 directly served retail clients at the end of 2014 ○ 38% absolute growth in retail clients since 2012 Extensive Distribution Platform Alexandria Tanta Beheira → Qaliub Al Warrak Sheikh Zayed Beni Suef 000 Damietta Mansoura Zagazig 10th Ramadan Kattameya Ismalia Growing Sales & Distribution Network 2012 2013 2014 Current¹ Distribution Centers 13 15 16 18 Menya Fleet 369 425 515 546 Assuit Souhag Luxor Sales 338 386 461 479 Representatives Aswan ○ Expanding network provides better market pulse ○ Target retail as 50% of revenue by 2018 c.97% of revenue paid in cash at time of sale Optimized tracking and production planning through real time connection to SAP Select KPIs tracked include: drop size, successful visits, waste, coverage EXTECH Edita Distribution Center 2012 2% 2% 8% 25% 64% 1. As of 28-Feb-2015. Improving Revenue Mix by Channel 2014 1% 6% 2% 60% ■Retail Wholesale Key Account Supply Exports 31% 16#175 Best-in-Class Industrial Operations and Supply Chain Strong Historical Growth in Production Lines edita Factory Utilization Continues to be Close to Maximum Capacity² 100.1% 26 200 2008 2008 HACCP CERTIFIED ISO 9001 CERTIFIED ISO 18001 CERTIFIED ISO 22000 CERTIFIED 2009 24 87.5% 3 81.5% 21 21 3 20 1 3 3 3 17 3 2 1 1 1 14 3 2 2 13 2 7 8 12 2 2 5 5 2 4 6 2 3 3 3 7 1 3 1 2 3 2 2 1 1 6 7 8 9 9 10 10 10 11 11 4 2 1997 1998 1999 2003 2006 2007 2008 2009 ■ Cake ■ Croissant ■Rusks Candy 2011 2012 2013 2014 Current 2015E Wafer Synchronized Supply Chain 2012 2013 2014 Logistics Manufacturing Strategic & Business Planning Sales & Operational Planning Purchasing Material Requirement Planning Production Master Planning 1. As of Mar-2015. 2. Weighted average factory utilization, calculated on a maximum capacity of 298 days of production per year at three shifts of eight hours per day (representing production 24/7 except during Fridays and public holidays). Factory utilization higher than 100% means our production facilities operated more than 298 days per year to meet the demand. 17#186 Leading R&D Platform with a Track Record of Successful Innovation Robust In-House R&D Framework Pioneering New Snack Categories In-house R&D team Works closely with the Marketing and Sales departments to identify new opportunities Instrumental in the expansion into new product lines Leads innovation in new flavors and larger serving sizes in existing product categories Optimizes production processes for existing products Provides technical support to the production facilities to maintain and enhance quality and ensure compliance with all regulatory requirements 1st Packaged Croissant Product in Egypt Molto Crosson 1997 14 New SKUs 41 Active SKU Management (2010-2014 SKU Listing / Delisting) ■Delisted SKUs ■ Total SKUs 52 13 15 65 2 64 67 68 68 50 5 1 (2) (2) (3) (2) (12) 2010 2011 2012 2013 2014 Mar-2015 (21) 2010 to Date Source: Media Scene Report (Sep-2014) مونتو edita onow 2011 First Baked Salty Snack Product in Egypt BAKE ROLLS Bake ROLZ 2000 Other Product Launches TODO TODO mhix 2010 TODO Freska TODO Freska Freska 18#197 Experienced, Owner-Led Management Team with Strong Corporate Governance Practices edita Mr. Berzi brings 29 years of experience in the F&B industry, having started his career by joining the family business in the snack food market. He then held executive positions as Sales and Marketing Vice President at a JV with PepsiCo, eventually becoming Chairman of the company's Board Education: BSc. in Computer and Control Engineering, Ain Shams University Chairman: Egyptian Greek Business Council (Egyptian side) • Current Memberships: Board member of Chamber of Food Industries, Egyptian Center for Economic Studies ●Previous Board Memberships: Technopack, Rotopack, Egypt Sack, Chairman of Food Export Council, Board member Federation of Egyptian Industry Position VP & CFO VP IR & Corporate Affairs Years of Exp. Joined Edita in Previous Positions Education Sherif Fathy Chairman & Managing Director Hani Berzi Board of Directors Africa Samba B.V.1 2 INED 2 Exoder¹ 2 Berco¹ 3 Audit Committee VP Sales & International VP Industrial Operations VP Marketing VP HR & Administration Business Research & VP Supply Chain Development Director Omar Dina Alfred Abdel Inas Abdel Al-Sonbaty Younan Maged Tadros Mohamed El Bahey Papadodimas Panagiotis Ghaffar Rahman 24 2014 24 10 19 26 2006 2009 2010 Internal Audit & Compliance Director Sherif Shaker 34 2007 ⚫Middle East Regional Finance Director at Pfizer Deputy Finance Director at Sanofi Aventis Finance Manager at Bristol Myers Squibb • Audit Manager at PWC ⚫ MBA, United States International University (San Diego) • Managing Director, Corporate Affairs & Investor Relations and Corporate Secretary, EFG Hermes Holding ⚫Boad Member of Governors, EFG Hermes Foundation Head of Financial Services and Real Estate team, EFG Hermes Private Equity ⚫Corporate Banking Group - CIB BA in Economics, The American University in Cairo Corporate Credit Course, Commercial International Bank • Marketing & Sourcing General Manager at Mansour Distribution Company (Philip Morris sole distributor) ⚫ National Sales and Distribution Director at Al Ahram Beverages/ Heineken Business Development and Export Director at Hero Middle East National Sales Manager at Edita BA in Commerce, Alexandria University • International Marketing Program, INSEAD • Executive Development Program, Kellog 2012 ⚫ Operations Director at Orascom Housing Communities Development Manager at Kuwait Controls Company ⚫International Operations at Forbes Marshall OBSc in Industrial Engineering, Concordia Executive Operations Management Program, Manufacturing, INSEAD ⚫ Global Category Manager at Tetra Pak Packaging Solutions- Italy • Marketing Manager at Tetra Pak Egypt ⚫ Director & Partner at Directions Marketing Research & Services Limited • MBA, The American University in Cairo Human Resources Development Manager at Al Ahram Beverages/ Heineken O Principal Consultant at Skopos ME Consulting Training and Development Senior Supervisor at Vodafone Egypt • BA in Hotel Management, Helwan University ⚫Certified Human Resources Assessor 19 2012 Managing Director & Chairman, Kraft Foods Algeria Manager of Value Chain for North Africa & Pakistan, Gilette. Egypt Assistant Regional Supply Chain Director, Gillette MEA • Manager of Production, PepsiCo Egypt Production Engineer, Gillette Egypt BSc in Engineering, Mechanical Power Section, Ain Shams University 14 2014 • Senior Research & Development Food Developer, E.J Papadopoulos Research & Development Scientist, General Mills SA • Research & Development Scientist, JOTIS SA BSc in Chemistry, University of Surrey MSc Food Science & Technology, University of Reading ⚫ MBA, ALBA Business School 30 1997 Financial Manager, Peugeot Egypt Accounting Supervisor, Hoechst Egypt Pharmaceutical Company Various positions at PWC ●MBA Finance, Investment and Banking, Arab Academy Graduate School of Business ●Certified Director, EFSA المجموعة المالية هيرميس MNC. Experience EFG HERMES since 1984 pwc Sanofi aventis Pfizer IB Bristol-Myers Squibb CIIC Hero HEINEKEN PHILIP MORRIS Forbes Marshall Tetra Pak vodafone HEINEKEN Kraft Gillette PEPSICO GENERAL MILLS FINTHI PEUGEOT pwc Hoechst 1. Berco Limited is the investment vehicle of the Berzi family; Africa Samba B.V. is a company that is an indirect subsidiary of funds managed by pan-emerging markets private equity firm Actis; Exoder Limited is an investment subsidiary of Chipita, the leading Greek snack food company. 19#208 Robust Top- and Bottom-line Growth Revenue Gross Profit Production Lines 20 21 21 720.8 1,918.6 619.2 1,647.5 1,341.9 478.9 22.8% 37.6% 37.6% 35.7% 16.5% 2012 2013 2014 2012 2013 2014 Revenue (EGP mn) Y-o-Y Growth (%) Gross Profit (EGP mn) Gross Profit Margin (%) EBITDA Adjusted Net Profit¹ 287.5 21.4% 463.1 395.5 272.9 241.9 167.0 14.7% 14.2% 12.4% 24.0% 24.1% 2012 2013 EBITDA (EGP mn) 2014 EBITDA Margin (%) 2012 2013 Adjusted Net Profit (EGP mn) 2014 Adjusted Net Profit Margin (%) edita Source: IFRS audited financial statements. 1. Net Profit adjusted to remove the effects of two one-off transactions: in 2014 tax-adjusted EGP 7.0mn net impact of the charitable donation to the "Tahya Misr Fund" and in 2013 tax-adjusted EGP 9.5mn net impact of gains on the sale of investments. 20#21edita III. Financial Performance Review B B B Bal R R R R Bake ROLZ Weat SNICKS Pizza FLaVo Baked Bake Stix Wheat SNICKS Ke salt Oriental &Pepper sausage FLAVO Twit القران الان#22Summary Financial Performance 76.9 Volume Sold ('000 tons) 2012-2014 CAGR: 14.7% 101.2 88.4 2012 2013 Improving Revenue Mix 0.6% 0.4% 0.4% 1.1% 1.2% 2.7% 0.3% 3.5% 3.3% 5.2% 4.7% 4.6% 23.8% 10.4% 27.3% 29.4% 2014 2013-2014 Growth (%) 69.0% 62.8% 59.5% 9.6% 2012 2013 2014 ■Cake ■Croissant 13.4% 25.3% 2012 2013 35.7% 37.9% 2014 38.5% ■Rusks ■ Wafer ■ Candy 0.56 2012 2012 39.8% 2013 40.2% 2014 40.1% Average Net Selling Price per Pack (EGP) 0.59 2013 Gross Margin by Segment 2012 29.1% 2013 26.8% 2014 25.0% 1. Edita acts as a distributor of select imported products which constituted 0.6%, 0.4% and 0.4% of the Company's revenue in 2012, 2013 and 2014, respectively. Imports 41.9% 42.2% 36.3% 2012 2013 2014 Total 2012 (28.2)% 2013 (10.5)% 2014 11.9% 2014 2012 35.7% 2013 37.6% 2014 37.6% 22 0.62 edita#23FX and Raw Materials Considerations Raw Material Considerations Diverse group of over 100 raw materials and packaging products has historically provided natural hedge to any price changes Strict set of sourcing policies: Keep maximum of 1 month supply of local raw materials and 3 months supply for imported raw materials Short-to-medium term contracts only ranging from 1 month to a maximum of 1 year FX Considerations c.78% of direct materials sourced locally vs. 22% sourced internationally Raw Materials Breakdown (2014)1 Other Raw Materials 21% Sugar 13% Oil and Fats 12% Packaging² 28% Flour 11% Eggs 11% Cocoa 2% Milk Powder 2% Raw Materials (as % of Revenue & COGS) 81% 81% Approximately 50% of required foreign currency to source international direct materials covered from export revenues 52% 51% 49% Capex predominantly in EUR that is less volatile vs. EGP than US$ Successfully grew EBITDA margin over past few years despite EGP depreciating 2012 2013 2014 ■% of Revenue ■% of COGS Note: Raw Materials include Packaging. 1. Includes only raw material variants with contribution share > 2% of total raw materials. However there are other variants of the same direct materials reflected in other raw materials category. 2. Packaging includes boxes, wrappers, cartons, display boxes, OPP (oriented polypropylene) and shrink wrap. edita 79% 23#24Capital Expenditure (EGP mn) Maintenance Capex % of Revenue Expansion Capex Other One-Time Expansion Capex Total Capex Capex Drivers 2015E Outlook edita 2012 20131 2014 26.5 56.5 63.2 2.0% 3.4% 3.3% 64.8 44.8 187.1 42.3 53.4 133.5 154.7 Partial investment in 3 new lines Partial investment in the new Polaris Industrial Park plant Partial investment in the construction of Zayed HQ 1 new line ERP system upgrade (SAP License) Partial investment in the construction of Zayed HQ 4.4 254.7 Partial investment (c.50%) in the expansion of Polaris Industrial Park plant 3 lines came online in Q1-2015, 90% of the cost paid in 2014 EGP 350mn planned total capex: O EGP 172mn related to the 3 new lines that came on stream in Q1-2015 (c. 10% of total investment) and the 2 additional expected prior to year end • EGP 80mn related to the acquisition of an industrial land plot EGP 56mn of maintenance capex mainly for distribution vehicles, SAP projects and licenses and new packaging machines EGP 43mn related to completing the expansion of Polaris Industrial Park plant (c.50% of total investment) 1. Excludes the acquisition of HTT brands. Production Lines 2015E Production Line & Capacity Growth +1 +3 +1 26 32.0 3.7 140.0 101.1 3.2 Production Capacity Additions ('000 tons) 2014 Capacity Cake Croissant/ Pâté Rusks 2015E Capacity 24 24#25Selected Cash Flow & Balance Sheet Metrics (EGP mn) Operating Cash Flow1 % of EBITDA 2012 2013 2014 248 334 340 86.2% 84.4% 73.4% Change in Working Capital 2 14 (12) Debt 273 319 399 Cash 237 301 339 Net Debt 36 19 60 X EBITDA 0.1x 0.0x 0.1x Return on Equity2 Dividend Payout Ratio³ 89.8% 36.5% 59.7% Management expects the dividend payout ratio to be approximately 35-50% of IFRS net income in the coming years4 35.5% 0.0% edita 1. Calculated as Net Profit + Adjustments (for Additions to Provision, Interest on Lands' Instalments, Net Interest Expense, Interest in Corporate Tax Advance, Depreciation, Profit on Disposal of PPE) - Change in Working Capital - Interest Paid - Income Tax Paid. 2. Calculated as Adjusted Net Profit/Average Total Equity. Net Profit adjusted to remove the effects of two one-off transactions: in 2014 tax-adjusted EGP 7.0mn net impact of the charitable donation to the "Tahya Misr Fund" and in 2013 tax-adjusted EGP 9.5mn net impact of gains on the sale of investments. 3. Calculated as Dividends Announced / Reported Net Profit. 4. Subject to legal restrictions and if warranted by our results of operations. 25#26edita IV. Our Strategy Freska Freska VETY CHCELTE PRATE WA Freska WATER FILLER WITH CARCULATE CREM فرسكا وبار محشو بكريمة الشوكولاتة#27Strategy edita I Increase our penetration of the snack food market and coverage of the Egyptian population II ● Improve sales mix between wholesale and retail customers III Expand production capabilities and capacity to meet growing consumer demand IV Introduce new and innovative products aligned with changing consumer trends V • Enhance profitability through improving product mix and driving manufacturing efficiencies VI Grow operations regionally 27