1. Sales Spain Retail L’H, July 16th 2010

3. 2008 2009 Market Growth Food Market Growth GBST +6,5 -1,0 +11,9 +1,6 - + Source: IRI Food & AC Nielsen GBST Weighed Categories : Soups Ambient, Taste Enrichers, Flat Pasta, Dry Pasta, Value Tomato, Classic Ready Meal YTD 10 -0,6 - + 2008 2009 YTD 10 +8,5 Spain BU Strategic Diagnostic Summary Spain BU Market and Market Growth 50.5 w/o Maggi Oven

6. Market Share evolution by client Concentration slow down Players loosing share Leading Regionals

14. BU Spain – Underlying Net Sales trend 89.5 103.7 113.7 119.4 118.9 119.2 123.1 125.5 CAGR +3,8% w/o Bird Flu +5.8% 128.9 124.9

15. Strategic customers matrix: Partnership

16. Strategic customer matrix: Atractiveness

17. Strategic group customer matrix: Atractiveness

18. CUSTOMER SALES STATUS (08/09/10) 49% 31% 12% 8% Top 5 Strong decrease 2009 and flat during 2010 Modern Dist Growth in 2009 and double growth for 2010 Wholesalers Decrease in 2009 and 2010 Distributors Strong Decrease in 2009 due to stocks adjustments and light decrease in 2010

19. Customer strategy: Conclusions Take the opportunity of the blooming proximity channel. Stagnation in Mercadona based on our defense on internal market share and the inorganic growth of the chain +1,2% Loss of share plus PL development. Light volume decrease in core categories. -1,2% Margin Management DPP orientation Innovation Efficiency in comprehensive account mngnt PL Competitiveness INNOVATION +6% HHRR Investment Promotional Investment Top to top and Client Plan PoS destruction Private Label Increase Small customers at risk -2% Efficiency Promotional investment Focus in franchised & Cash&carry At constant sales Mercadona Other Top 5 Regional leaders Wholesale

20. Organisation Sales Retail Spain 2010 Oscar Cera Sales Director Retail Spain J. Blasco Group Account Manager 55% Net sales E. Pages Group Account Manager Gestión IFA y Euromadi 35% Net sales L.Daza Field Sales Manager 10% Net sales X.Piera Sales Development Mgr A.Costa Sales Information & Processes Leader

21. Organisation Account management 2010 J. Blasco Group Account Manager 55% Net sales E. Pages Group Account Manager Gestión IFA y Euromadi 35% Net sales J. Mori 5/24,3M€ Dia, Alcampo, Galicia G. Cadilhac 2/21,6M€ Carrefour, Lidl J. Parera 6/10,4M€ Condis, Bon Preu, Catalunya D. Pujola 6/27M€ Mercadona, Arbol, Levante E. Lopez 11/6,8M€ Consum , Cartera Catalunya J. Martinez 5/14M€ Dinosol, Mayorista Catalunya J.M. Alvarez 10/10,8M€ Sabeco y Cartera Norte J.M. Puerta 2/16,5M€ Ersoki y El Corte Ingles F. Roman 19/12,3M€ Cartera clientes Sur L.Daza Field Sales Manager 10% Net sales Gestores de Distribuidores 4 GPV Híbridos 6 GPV Puro 7 Coordinadores GPV/GDS 3 21 pax 11 pax

22. Organisation Customer Development 2010 New Structure September 2010

23. Organisation Headcount Evolution focus in strategic account management / number of strategic accounts Field management headcount / geographic vision nº of direct accounts / managed by distributors