Barry Callebaut CAGE Consumer Analyst Group Europe CEO Juergen Steinemann

Barry Callebaut CAGE Consumer Analyst Group Europe CEO Juergen Steinemann London, March 20th 2013

Barry Callebaut at a glance FY 2011/12 Sales volume= 1.4 mio tonnes Global Sourcing & Cocoa 20% Asia- Pacific 4% Europe 50% World leader in high-quality cocoa and chocolate products and outsourcing/ strategic partner of choice World s largest supplier of Gourmet & Specialties chocolate for artisanal customers 6,000 people worldwide, 45 factories Fully integrated with a strong position in cocoa-origin countries Americas 26% Over 6,000 recipes to cater for a broad range of individual customer needs Sales revenue = CHF 4,829.5 m EBIT = CHF 353.2 m We serve the entire food industry, from food manufacturers to artisans and professional users 2

Vertically integrated in cocoa sourcing and processing Cocoa Plantations Cocoa beans 80% Cocoa liquor ~54% ~46% Cocoa powder Cocoa butter Barry Callebaut core activity + Sugar, Milk, others + Sugar, Milk, fats, others + Sugar, Milk, others Powder mixes Compound/Fillings Chocolate couverture Customers: Food Manufactures artisans and professional users of chocolate 3

Robust business model Barry Callebaut business model Price list 10% 20% Combined ratio Partly cost plus 70% Cost plus 80% Cost Plus Cost Plus model pass-on the cost of raw materials to customers 4

mitigates volatility of main raw materials % of total BC raw material costs FY11/12 240% 55% Cocoa beans 190% Cocoa beans 140% 90% Milk powder Sugar EU Sugar world 14% 12% Sugar Milk powder 40% 2006 2007 2008 2009 2010 2011 2012 7% 12% Fats Others Raw materials represent about 80% of operating costs 5

Our Strategy Vision Heart and engine of the chocolate industry Expansion Strategic pillars Innovation Cost leadership Sustainable, profitable growth Sustainable Cocoa 6

Expansion based on key growth drivers Expansion Consolidation in mature markets Achieve full potential in recently entered emerging markets Further expand in new emerging markets Accelerate growth of Gourmet & Specialties Products business Gourmet Geography Outsourcing & Strategic Partnerships Strengthen current partnerships Implement recently signed contracts New outsourcing deals with local and regional players 7

Expansion Expansion Based on our strategy we grew almost 8% on average per year, driven by emerging markets and strategic partnerships % of total consolidated sales volume * CAGR 06-12 +7.8% 24% Emerging markets +17.2% 15% 2% 16% 7% 20% 10% 22% 11% 23% 16% 19% Long-term Outsourcing agreements & Strategic partnerships +67.2% 83% 77% 70% 67% 61% 59% Developed markets +0.7% 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 * Exluding Consumer Business 8

Expansion Our global manufacturing footprint continues to expand Thimister, Belgium Chatham, Canada Robinson, IL, US American Canyon, CA, US Monterrey, Mexico Pennsauken, NJ, US Eddystone, PA, US Mexico City Toluca, Mexico St. Albans, VT, US St. Hyacinthe, Canada Hendersonville, NC, US Abidjan Ivory Coast San Pedro, Ivory Coast Ilhéus, Bahia, Brazil Lebbeke-Wieze, Belgium Heule-Kortrijk, Belgium Banbury, UK St Helens, UK Chester, UK Louviers, France Meulan, France Chekhov, Russia Nuth, The Netherlands Zundert, The Netherlands Kagerod, Sweden Lodz, Poland Dübendorf, Switzerland Norderstedt, Germany Verbania-Intra, Italy Reus, Spain San Sisto, Italy Vic Gurb, Spain Tarragona, Spain Alicante, Spain Douala, Cameroon Eskişehir, Turkey Port Klang, Malaysia Singapore, Singapore Mjolby, Sweden Malaysia Indonesia Takasaki, Japan Tsukaguchi, Japan Suzhou, China Thailand Makassar, Indonesia Santiago de Chile, Chile Extrema, Minas Gerais, Brazil Cocoa processing factory Chocolate factory Integrated cocoa & chocolate factory New Factory or under construction Petra Foods Cocoa Ingredients factories 9

Expansion Gourmet strong focus on growth acceleration Expansion Gourmet & Specialty business represents 10% of our total sales, but stronger EBIT contribution Highly fragmented market with different segments (Bakery, HORECA, Confectioners) Two global premium brands Callebaut and Cacao Barry with long heritage Push & Pull strategy (direct sales force, Chocolate Academies, Ambassadors s club, Demonstrations, Fairs, etc.) Approx 24% estimated market share worldwide Mostly operated through distributors 10

Innovation Successful R&D activities enable further growth Innovation Fully loaded portfolio of future facing Innovations Enjoy Superior Sensorics Navigating Heath & Nutrition Making a difference As real as we can get Make it easy Nut pastes Marzipan Deco Cocoa Nibs Aerated Fillings Crispy Fillings Flavoured Fillings Natural Flavours & Colors Better Fat Balance Lactose Free Certified Cocoa Certified Chocolate Quality Partner Program Origin Cocoa La Morella Nuts Origin Chocolate Java & Cameroon TC Bake Stable Chips, Fillings Low Fat Cocoa Fast Drying Compound Coloured Chocolate Sugar Free / Stevia Probiotics No added, refined sugar With Sustainable Palm Ready to Use Ganache Heat Resistant Chocolate based on unique capability for continuous Innovation delivery Widely recognised team of 200+ food and agronomy scientist and engineers Unparalleled network of Application Labs, Academies, Chefs and Ambassadors Long term Discover Programs for Differentiation and Sustainability Open Innovation Partnerships with Network of more than 30 global knowledge institutes 11

Cost Leadership Cost Leadership Staying the leader in cost through our key initiatives Manufacturing costs per ton of activity like-for-like basis = - 3% (target: -2%) Volume growth, technology and process improvements increased capacity utilization for liquid chocolate to 91% Cocoa processing to 90% One + achieved savings of about CHF 8.7 mio. last year Two initiatives designed to save costs throughout the value chain in Europe and in Americas delivered savings of CHF 9.1 mio. Extensive efforts to reduce energy consumption and tight cost controls Cocoa grinding Cocoa pressing Liquid chocolate 89% 82% 81% Capacity utilization 92% 91% 86% 91% 90% 85% 79% 83% 85% 91% 90% 91% 2007/08 2008/09 2009/10 2010/11 2011/12 12

«Spring» Program to accelerate our speed towards our customers is well on track Optimized indirect spend Customer segment. driving customer value proposition Spring Program Customer Segmentation More transparent and responsive pricing Increased control and management of data Pricing Customer Service Model New Product Introduction QA Sales & Operations Planning Improved contact convenience and faster response to customers Master Data Management Source-To-Pay Harmonized QA processes and organisation NPI aligned with market needs and enhanced analytics Common sales & operations planning 13

Increased investments in our sustainable cocoa program to secure enough supply in the future Sustainable Cocoa Long-term threats Our actions Lack of enough quantity and quality cocoa beans Consumption outpaces bean production Competitive crops more profitable Low and volatile cocoa bean price Farmer Practices Aim: double yield (+ 800kg/hectare) +20,000 farmers trained and certified First Centre of Excellence built 5 show farm cases started Farmer Education Aim: develop next generation of farmers Schools: 3 built, 4 under construction Curriculum development for Secondary and Rural Schools Child labor sensitisation Farmer Health Aim: improve the livelihood of the farmers New water wells drilled 14

Petra Foods Cocoa Ingredients acquisition in line with our strategy Excellent strategic fit at the core of Barry Callebaut s cocoa and chocolate business, supporting the company s overall growth Supporting further chocolate growth by stepping up the integrated cocoa sourcing and processing activities Strengthening current and future outsourcing and partnership agreements Boosting sales volume in fast growing emerging markets, mainly in Asia and Latin America, by 65% to almost one-third of Group sales volume Becoming a pro-active market player in the fast growing cocoa powder market Adding Asia as a strong cocoa sourcing base besides West Africa 15

Acquisition background Higher demand for product categories containing powder Cocoa Powder demand driven by emerging markets CAGR (11-16F) Powder 2-5 % 20 5-9% 3-8% Annual growth rate 2-4% 1-2% Annual growth in volume ( 000 MT) 0-3% Liquor 1-2% Asia- Pacific South America EU North America Butter Total market size ~960 000 mt Source: Customer interviews, Sunflower Project market size, Euromonitor 16

Long-term outsourcing and strategic partnership agreements include both chocolate and cocoa products 2006-07 C + Ch deal Nestlé (February 2007) Cadbury Schweppes (June 2007) Hershey (April 2007) Morinaga (September 2007) C + Ch deal C + Ch deal C + Ch deal 2010-11 ex-kraft Foods (September 2010) Green Mountain Coffee Roasters (Oct 2010) Hershey Extension (May 2011) Chocolates Turín (June 2011) Baronie Group (July 2011) 2011-12 C + Ch deal C + Ch deal C + Ch deal C + Ch deal Bimbo (Jan 2012) Unilever (Jan 2012) Morinaga (June 2012) Arcor, Dos en Uno (Oct 2012) 17

Petra s Cocoa Ingredients highly complementary to Barry Callebaut Petra s Cocoa Ingredients Division today Numerous sources of synergies identified Largest cocoa products supplier in Asia-Pacific and the third largest worldwide One of the major suppliers of premium cocoa products 5 Optimization of available capacity Optimized Sourcing and product flows 1 Global network of: 7 factories (Indonesia, Malaysia, Thailand, France, Germany, Brazil, Mexico) 4 Improve cost base Best practices transfer 2 65% of total sales in emerging markets Significant sourcing base in Asia G&A savings economies of scale 3 Experienced management team with strong knowledge in Asian market Run-rate synergies of CHF 30-35 mio in year 4 after closing of the transaction 18

Acquisition will position Barry Callebaut as a large, proactive market player in Cocoa Powder business globally Barry Callebaut is the largest global industrial chocolate supplier Cocoa grinders Industrial chocolate Open market BC + Petra Foods Cargill Barry Callebaut ADM Petra Foods Guan Chong Ecom Cocoa Blommer Mondelez Nestlé BT Cocoa Barry Callebaut Cargill Blommer ADM Cemoi Puratos Fuji Oil IRCA Guittard Other players 0 200 400 600 800 1.000 1.200 Volume ('000 MT) 0 200 400 600 800 1'000 1'200 Sales Volume ('000 MT) Source: Barry Callebaut 2011/12 estimates (both charts) 19

Transaction and integration timeline 12 Dec 2012 8 Apr 2013 Apr 2013 Summer 2013 2015/16 Transaction announcement Barry Callebaut half-year results Petra Foods AGM Transaction Closing Regulatory approvals/ Carve out Petra Food s cocoa business Petra Foods Shareholder approval Financing (Equity & Bond issuance) Integration Master Plan Synergies realisation 20

Based on our growth drivers, there is enough potential for further expansion... Geography Performance past 5 years Sales volume in emerging markets increased by + 121% (24% of total Group volume) 17 new factories, 5 new countries Consolidated presence in US, Spain, Scandinavia Future potential Asia-Pacific, Latin America, EEMEA Strengthen position in Western Europe and North America 21

Why we believe there is still potential for future growth? Chocolate Confectionery Volume in tonnes 14 12 10 8 Germany Kg per capita* 6 France USA Average United Kingdom Russia Australia Ukraine 4 Poland 2 Italy Canada Argentina Indonesia Brazil Turkey 0 Malaysia China India Japan Middle East -2-2% 0% 2% 4% 6% 8% 10% 12% 14% Bubble size indicates total volume in tonnes Volume growth above average Average * Source: Euromonitor 2013 CAGR 2011-2017* 22

Based on our growth drivers, there is enough potential for further expansion... Geography Performance past 5 years Sales volume in emerging markets increased by + 121% (24% of total Group volume) 17 new factories, 5 new countries Consolidated presence in US, Spain, Scandinavia Future potential Asia-Pacific, Latin America, EEMEA Strengthen position in Western Europe and North America Outsurcing/ Partnership agreements 9 new outsourcing agreements / strategic partnerships signed 4 significant agreements implemented in 2012/2013 First agreements in Latin America Potential for further outsourcing Open market 40% 49% 51% Integrated market 23

...and therefore continue to deliver on our guidance Gourmet Performance past 5 years Average annual volume growth of 8% Sharpened focus on global brands Cacao Barry and Callebaut Dedicated Management team (Independend but interdependent) Increased product offering (incl. adjacent products ) 4 acquisitions (IBC, Chocovic, La Morella, Monalisa) Future potential Accelerate geographical expansion From product focus to segment focus Further acquisitions 24

Based on our strategy, we delivered 6-8% average annual profitable growth over the last 10 years Volume development (in tonnes) Consumer divestiture 760 891 1,011 1,052 CAGR 6.3% 1,130 1,166 1,049 1,213 1,316 1,376 1,403 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 EBIT development (CHF)- from continuing operations FX impact CAGR 7.8% 173 208 228 258 295 324 341 374 349 395 366 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 25

which also translated into higher cash flow generation and high return to shareholders 0% -2% 47% 69% 161% 279% 436% 337% 324% 411% 522% 502% Total return to shareholders CAGR 14.7% 434 407 418 458 480 455 Negative FX impact 313 348 228 252 116 Operating Cash Flow* 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 * Operating Cash Flow before working capital changes 26

Group mid term guidance as of consolidation As of consolidation: Volume growth: 6-8% on average per year until 2015/16 EBIT/tonne restored to Barry Callebaut s pre-acquisition level by 2015/16 Our view for the 2012-2016 period reflects current economic forecasts for the markets we operate in as well as internal developments and their assumed impact on our performance, we assume that the combined ratio will go to average historic levels, and barring any major unforeseen events Other indicative ratios: ROE ROIC Working capital Leverage 1 2 3 4 Return to 20% in 3 4 years Return to 15% in 3-4 years In line with Barry Callebaut best practices Solid BB+/Ba1 rating with the target to return to investment grade within few years 27

Q&A session 28

CAPEX development Investments support the growth of our business in mchf 5.2% 4.4% 250 3.0% 2.8% 3.3% 218 CAPEX as % of sales revenue Average = 3.8% 174 190 144 145 Additional growth IT Upgrade / efficiency gains existing sites Maintenance 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 PLAN 29

West Africa is the world s largest cocoa producer BC sources locally Total world harvest (11/12): 3 962 000 MT Cameroon * 5% Nigeria 5% Ecuador 5% Brazil* 5% others 9% Ivory Coast* 39% About 70% of total cocoa beans come from West Africa BC processed ~603,000 tonnes of cocoa beans or 15% of total world harvest 69% sourced directly from farmers, cooperatives & local trade houses Indonesia * 13% Ghana* 19% BC has various cocoa processing facilities in origin countries*, in Europe and in the USA Source: ICCO estimates 30