Toupargel,

a 21st century company

Nyse EuronextFood & Beverage Conference

19th May 2011

Contents

● Toupargel Group

● Frozen Foods Business

● Fresh Foods and Groceries Business

● 2010 Financial Results

● 2011 Outlook

Toupargel Group

A unique business model :

sale & home delivery of quality food

Online sales

(telesales, internet)

Semi-automated preparation of orders in dedicated

platforms

Delivery within 72 hours

Customers prospection

History

1947

• Birth of Toupargel Surgelés

1982

• Roland Tchénio buys Toupargel Surgelés

1997

• IPO on the Second Marché

2002

• Roll-out of Place du Marché

2003

• Agrigel’s take over

2010-2013• Cap 2013

2010 Sales

€331.1 MnWorkforce : 3 351

2010 Sales (e)

€20.4 MnWorkforce : 123

Frozen Foods Fresh Foods & Groceries

100 % 100 %

2010 Sales

€351.5 MnWorforce 9

Legal organisationas of 31 December 2010

Shareholdingas of 11 March 2011

Roland Tchénio family Group

53.5 %

Maurice Tchénio Group 31.0 %

Others Board 0.1 %

Own shares 2.0 % Free Float 13.4 %

Frozen Foods business

Frozen foods and ice cream market

(1) Source : Kantar Worldpanel

Yearly sales of €5.9 Bn (1)

● 98 % of french households

● 4.8 % of food consumption (€122.7 Bn)

of 26.6 million French households

● Products in tune with the new lifestyles

Frozen foods and ice cream market

Convenience

and food safety

Products

range size

Supermarkets &

Hypermarkets

64%

Freezer centers

19%

Home delivery

17%

Source : KantarWorldpanel

Home delivery frozen foods market

● Market of over €1 Bn and 4 million households

Syndigel Panel 2008 2009 2010

Sales €721.1 Mn €709.5 Mn €703.9Mn

Change - 1.4% -1.6 % - 0.8%

Average basket €44.4 €43.9 €44.1

Change +0.2 % -1.2 % +0.6 %

Number of orders -1.6 % -0.4 % -1.4 %

Syndigel panel : 4 companies Toupargel, Thiriet, Argel, Picard

Toupargel and its competitors

2009 Sales Market share Characteristics

Toupargel €339 Mn 34 % Family-run company

Thiriet €230 Mn 23 % Family-run company

Maximo €164 Mn 16 % Family-run company

Argel (+ Artika) €84 Mn 8 % Subsidiary of Even Group

Picard €25 Mn 2 % Take over in 2010 (Lion Capital : €1,5 Bn)

Others €170 Mn 17 % Bofrost, Eismann, Croque Gel…

In France

In Europe2009 Sales Position Market presence Sales system

Bofrost €1,200 Mn No.1 12 countries (+ Russia) Storetrucks

Eismann €600 Mn No.2 10 countries (+ Brasil) Storetrucks and telesales

Toupargel €339 Mn No.3 France telesales, internet

Sales & home delivery of frozen foods

• An extensive, top-quality frozen food product offering

• 15 calls per year to traditional customers

• One product magazine issued 15 times/year

• New services

Management of incoming calls

An e-commerce website

A nationwide presence*

Telesales agencies

Delivery agencies

Logistic platforms

*except Inner Paris

Organisation

Prospection 6 prospection call-centers230 teleprospection operators250 door to door canvassers

Nearly 400,000 new accounts each year

Loyalty service 1 call-center (reactivation of customers and new customers)70 operators

Sale 34 telesales agencies850 telesales agentsSome1,3 million customers called 15 times per year60,000 customers called each day

1 e-commerce team1 call center for management of incoming calls

Order picking 4 logistic platforms220 order preparers70 drivers

Over 7 millions orders and 50 million products prepared each year

Delivery 114 delivery agencies1,095 drivers

154 km and 31 customers delivered each delivery round

HQ 200 employees

A specific focus

Delivery to 97 % of 35,320

communities with under

10,000 inhabitants (52 % of

households, excluding Paris)

Toupargel delivers to 8 % of

households in these communities

From 0 to 5%

From 5 to 7%

From 7 to 10%

From 10 to 12%

From 12 to 15%

>= 15%

17

Cap 2013

• Concept Magasin

• Multicanal

• Elargissement de l’offre produits

• Accroître la base clients par la

fidélisation

• Responsabilisation et motivation

des hommes/femmes

Strategy

An historical heritage

• A rural and senior customer profile 78 % of Toupargel’s customers : seniors and family with children,

living in rural or small towns = 58 % of French population

• A limited number of contacts with traditional

customers

• Several delivery agencies operating within an

identical geographical zone

• Restricted delivery time slot

18

Cap 2013

• Concept Magasin

• Multicanal

• Elargissement de l’offre produits

• Accroître la base clients par la

fidélisation

• Responsabilisation et motivation

des hommes/femmes

Strategy

Cap 2013 project

• Virtual freezer center

• Multi-channel offering

• Multi-product offering

Cap 2013 Strategy

« Virtual freezer center"

19

Telesales team open

24/7

Multi-channel

Delivery team open

6 days / 7

and from 7 a.m. to 8 p.m.

A telesales team and a delivery team dedicated to an

exclusive geographical zone

Virtual freezer center development

20

2009 All customers within a geographical zone delivered

by a single agency 100 %

2010 All customers of a delivery agency called by telesales

operators of a single telesales agency

2011 Delivery organisation

Call-planning organisation

"Virtual freezer center"

Actions in 2011 – 2013

● 170 virtual freezer centers

● Extension of delivery time slot

● Real-time delivery management

● Creation of new virtual freezer centers

Prospection in rural zones

Development of urban customers

New partnerships

Incubator of new customers

Driving mindshare (TV, Internet…)

21

Strategy : Cap 2013

"Multichannel offering"

● Different ways of ordering

Phone :

obe called by a telesale agent

ocall the customer service

Internet : toupargel.fr, placedumarché.fr

● Broaden the customer base

"Multichannel offering"

Actions in 2010

● Communication of our 3040 phone number

through various media (catalogues, TV advertising, vans)

Sales : €6.7 Mn (January to December 2010)

● Roll-out of toupargel.fr e-commerce website in March 2010

Sales : €2.4 Mn (March to December 2010)

39,000 orders

Average basket > €60

● Organise cross-channeling

23

New channels : 3 % of sales

Strategy : Cap 2013

"Multi-products offering"

● Toupargel customers can also order the Place

du Marché range

● Broaden the product range

● Target a "qualified" Frozen foods customer base

● Leverage the frozen-foods delivery network to extend

deliveries to previously no-covered areas

● Low competition in rural zones

" Multi-product offering "

Actions in 2010

Initially : transfert of Place du Marché delivery agents to Toupargel

● Test : pooled deliveries of frozen foods / fresh foods and groceries

● Test : sale of Place du Marché products by Toupargel (liquids…)

25

Marketing

Actions in 2010 – 2011

● TV campaign / mindshare analysis

● Specific marketing actions

● Range of products :

Development of products under Toupargel label

Roll-out of new ranges : health, organic, halal

Leveraging naturality

● New partnerships

● RFM segmentation process

26

27

20%

30%

40%

50%

60%

70%

80%

90%

100%

sep 07 oct 07 march 08 jun 08 nov 08 march 09 jun 09 nov 09 march 10 jun 10 nov 10

Global brand awarenessWhich brands in a list are known?

Competitor 1

Toupargel

Agrigel

Competitor 2

Competitor 3

Customer ranking

10% of customers31% of yearly sales

18% of customers31% of yearly sales

18% of customers18% of yearly sales

24% of customers14% of yearly sales

16% of customers4% of yearly sales

40% of customers18% of yearly sales

Number of customers Yearly sales

NB : customers with only 1 or 2 orders are not included(14% of customers and 2% of yearly sales)

"Frozen Food business" : key figures (12 months)

2009 2010 Change

Sales (in €Mn) 339 331 - 2.4 %

Number of customers 1 317 000 1 242 000 - 5.7 %

Of which new customers 418 000 370 000 -11.5 %

Number of orders delivered / year 7 270 000 7 017 000 - 3.5 %

Number of orders / customer / year 5.5 5.7 + 2.4 %

Average basket (in €) 46.7 47.2 + 1.2 %

Sales / customer / year (in €) 258 267 + 3.6 %

29

Sales : - 8 M€of which new customers created in 2010 : - 4 M€

and new customers created in 2009 : -4 M€

Fresh Foods and groceries

business

Home delivery fresh food and groceries,

a market of € 1.0 Bn

• Corner shops (Monoprix, Simply Market, Intermarché)

• Food home delivery specialists (Place du Marché, Maximo)

• Cybermarkets

2009 Sales 2009 EBIT Delivery zones

Auchan direct €77.4 Mn -€2.6 Mn Ile de France, Lyon, Toulouse, Lille, Marseille and

around.

Houra €80.0 Mn 0.0 Mn (e) 06, 13, 31, 33, 54, 57, 59, 60, 62, 67, 68, 69, 75, 77,

78, 83, 84, 91, 92, 93, 94, 95, 98.

Carrefour.fr €74.6 Mn -€9.9 Mn Ile de France, Lyon, Bordeaux, Evreux, Le Mans,

Nantes, Rennes, Rouen and around.

Télémarket €60.0 Mn (e) N/A Ile de France, Lille, Toulon, Marseille-Aix, Lyon,

Reims, Saint-Etienne, Orléans and around.

Home delivery of fresh food and groceries

• Delivery limited to North Eastern France

• A specific focus : communities with under

10,000 unhabitants

• A weekly call contact with customers

• An e-commerce website

• 4,500 product

Regional coverage

Prospection 1 prospection call center

35 teleprospection operators

Sale 1 telesales agency

35 telesale agents

Order picking 1 logistic platform

50 orders preparers

Delivery 17 delivery agencies (mixed)

8,000 communities

covered

1,500 orders delivered

each day

Actions in 2010

● e-commerce website development

Sales (9 months) : 0.7 M€ (3.2 % of total sales)

Average basket : €122

20,000 visitors each month

● Product range increased from 4,000 to 4,500

● Prospection of Toupargel customers (7,500 shared customers)

● Merger of Place du Marché/Toupargel delivery networks

● Place du Marché/Toupargel deliveries test-pooled with a delivery

agency

"Fresh Foods business" : key figures (12 months)

2009 2010 Change

Sales (in €Mn) 19 20 + 6.2 %

Number of customers 46 000 46 300 + 0.7 %

Of which new customers 28 150 28 750 + 2.1 %

Number of orders delivered / year 376 000 379 000 + 0.8 %

Number of orders / customer / year 8.2 8.2 + 0.1 %

Average basket (in €) 51.2 53.6 + 4.8 %

Sales / customer / year (in €) 418 439 + 4.9 %

35

Actions in 2011 – 2013

● Extension of delivery zone

Firstly for agencies near order-picking platform (Châlon sur Saône)

Then other agencies

36

2010 Financial Results(12 months)

37

Consolidated income statement

In €Mn 2009 2010

Sales 359.1 351.5

Gross profit 204.8 201.3

Operating income (1) 21.0 21.9

Operating margin 5.8 % 6.2 %

Net profit 12.9 12.9

Net profit margin 3.6 % 3.7 %

Cash Flow 24.6 21.2

Workforce 3 619 3 483

(1) It should be noted that the CVAE (business value-added contribution), (€2.3 Mn, or 0.6% of sales) is

posted under income tax.

38

Variation in operating costs

In €Mn 2009 2010

In M€ In % In M€ In %

Sales 359.1 100.0 % 351.5 100.0 %

Gross profit 204.8 57.0 % 201.3 57.3 %

Sales costs (53.0) (14.8 %) (51.7) (14.7 %)

Prospection costs (19.0) (5.3 %) (18.7) (5.3 %)

Delivery costs (66.3) (18.5 %) (64.1) (18.2 %)

Logistical costs (22.5) ( 6.3 %) (22.1) (6.3 %)

Common, non-recurring costs (23.0) (6.4 %) (22.8) (6.5 %)

Operating income 21.0 5.8 % 21.9 6.2 %

39

Consolidated balance sheet

In €Mn 31 Dec. 2009 31 Dec. 2010

Shareholders equity 77.9 80.7

Net debt 17.8 12.3

Gearing 23 % 15 %

WCR - 35.9 - 37.1

Capex 6.9 9.1

Free Cash Flow 16.1 17.6

40

Dividends per share

1.5 € 1.5 € 1.5 €

1.0 € 1.0 €

2005 2006 2007 2008 2009

Pay-out ratio 67 % 63 % 86 % 67 % 74 %

Dividend (in €Mn) 15,1 15,2 14,9 9,9 9,9

2010 Dividend

It has been decided to distribute on 30th June 2011 a dividend of one

Euro (1€) per share in accordance with the following terms:

● - 100% in cash,

Or

● - 50% in shares and 50% in cash, according to the shareholder's

choice.

42

2011 Outlook

2011 Outlook

● Frozen Foods Business

- Return to growth on Q4 2011

● Fresh Foods & Groceries Business

- Growth and increase of profitability

After cap 2013….

● Romain Tchénio, ESCP (2000), Head of Sales

of frozen foods business, will become CEO of

Toupargel Group