15 May 2014

Oddo Nextcap

The leader in home delivery of frozen food products to individual customers

Contents

• Toupargel Group• Change in Governance• Our markets• 2013 business activity• 2013 financial results• Q1 2014• The new strategic plan• Conclusion

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Toupargel Group

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Our business:Sale & home delivery of frozen foods products

Business development

Online sales(telesales, internet)

Semi-automated preparation of orders on

dedicated platformsDelivery within 72 hours

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History

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1947• Founding

of Toupargel Surgelés

1982• Roland

Tchénio buys Toupargel Surgelés

1997• IPO on the

Second Marché

2003• Acquisition of

Agrigel

2013• New

governance

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2014Acquisition of Eismann France & Le Comptoir du Surgelé

Shareholders

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31/12/2012 31/12/2013

Roland Tchénio family group 51.36% 50.26%

Maurice Tchénio group 33.49% 32.85%

Other Board members 0.06% 0.01%

Jacques-Edouard Charret 0.01% 1.94%

Own shares 2.02% 2.00%

Free float 13.06% 12.94%

Feb-13Mar-1

3Apr-1

3Apr-1

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May-13

May-13

Jun-13Jul-1

3Jul-1

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Aug-13

Aug-13

Sep-13Oct-1

3Oct-1

3

Nov-13

Nov-13

Dec-13Jan-14

Jan-14

Feb-14Mar-1

4Mar-1

4Apr-1

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May-14

€2

€3

€4

€5

€6

€7

€8

€9

€10

Toupargel Groupe shares

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Market cap: €85.8 million

Price: €8.26 (12 May 2014)

CAC®All-ShareCAC® All-Tradable CAC®Mid & Small CAC®Small

100%

Legal structureas of 1 April 2014

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100%

France

100%

Le Comptoir du Surgelé

Organisation (1)

9(1) Eismann France & Le Comptoir du Surgelé non included

Prospection 6 prospection call-centers97 teleprospection operators100 door to door canvassers

Nearly 230,000 new accounts each year

Sale 33 telesales agencies820 telesales agents1,0 million customers45,000 customers called each day1 100 frozen food products4 200 fresh food & groceries products

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

Order picking 4 logistical platforms287 order preparers61 drivers

Over 6 millions orders and 60 million products prepared each year

Delivery 114 delivery agencies892 drivers

154 km and 30 customers delivered each delivery round

Headquarter 172 employees

Nationwide presence (1)

10(1) Eismann France & Le Comptoir du Surgelé not included

1 million customers80% rural & suburban customers

20% urban customers

11Single / Duo

Population density

RetiredLife

cycle

Urban

RuralRural & suburban families26% of French population

Rural & suburban seniors32% of French population

Single / Duo without children

20% of French population

Urban families14% of French population

Urban seniors8% of French population

% of Toupargel’s customersSource: ACXIOM

28% 52%

7% 6%

7%

Change in Governance

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Roland Tchénio, Chairman & CEO, becomes Chairman of Toupargel Groupe SA

Romain Tchénio & Jacques-Edouard Charret becomeco-CEOs

New senior managementsince 1 August 2013

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Romain Tchénio- ESCP Europe- Joined Group Toupargel in 2004- Director of sales since 2010

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New senior managementsince 1 August 2013

Jacques-Edouard Charret- MBA Cesma (EM Lyon), MSG- Managing Director in the Casino Group (2005- 2009)- Chairman of the Management Board of the Quick Group (2010-2013)- Member of Toupargel’s Board since 2010

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New senior managementsince 1 August 2013

Our markets

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French Food Market

7 Mds € €

978 M€Food Market

€151 Bn

Frozen Foods€6.7 Bn

Frozen FoodsHome delivery

€1 Bn

Fresh FoodsHome delivery

€1 Bn

Sources: Insee, Kantar Worldpanel, Credoc, Syndigel

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Drop in the marketCustomers want pricesAggressive competitorsDevelopment of "Drives"

Frozen foods and ice cream market (€6.7 Bn)

Convenience and food safety

Products range size

62.3% Super &

Hypermarkets

18.6% Freezer centres

19.1% Home

delivery

Source: Kantar Worldpanel

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France

Home delivery frozen foods market (€1 Bn)

Europe

Toupargel; 30%

Thiriet; 24%Maximo; 15%

Argel; 8%

Picard; 3%

Others; 20%

2013 Sales Position Market presence Sales system

Bofrost €1,200 m No.1 13 countries (+ Russia) Storetrucks, telesales, internet

Eismann €450 m No.2 13 pays (+ Brasil) Storetrucks, telesales, internet

Toupargel €294 m No.3 France telesales, internet

- 5.2%in 2013Source: Syndigel

Source: Toupargel

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2013 Business activity

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An unfavourable calendar effect (4 fewer business days)

Intentionally lower and more selective new customer creation

Investment in sales prices

Horsegate

Erosion in loyal customers, a trend which improved towards the end of the year.

Decrease in sales due todeliberate action and external factors

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Sales

2012 2013 Change

Sales €327.1 m €294.4 m -10.0%

Number of active customers 1,222,000 1,056,100 -165,900

of which new customers 384,300 268,800 -115,500

Number of orders delivered 6,645,200 5,944,150 -701,050

Number of orders / customer 5.4 5.6 +0.2

Average basket €49.2 €49.5 +0.3 €

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Breakdown of salesby channel

2012 2013

In €m In% In €m In%

Telesales 320.6 98.0% 288.1 97.8%

Internet sales 6.5 2.0% 6.3 2.2%

TOTAL 327.1 100.0%

294.4 100.0%

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Workforce2012 2013 Change

Business development 544 376 -168

Sales 833 774 -59

Delivery 1 062 962 -100

Management & administration 364 344 -20

Logistics 332 326 -6

Headquarters 210 202 -8

Seconded staff 43 31 -12

Total 3 388 3 015 -373

Reduction in personnel costs: €9.7m (8.6%)24

Change in operating costs

2012 2013

In €m In %of sales

In €m In %of sales

Business development costs 19.4 5.9% 14.3 4.9%

Sales costs 51.7 15.7% 47.6 16.1%

Delivery costs 64.2 19.6% 58.6 19.9%

Logistical costs 23.0 7.0% 21.9 7.4%

Shared costs 19.2 5.6% 15.8 5.4%

Total 175.4 53.8% 158.2 53.7%

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2013 Financial Results

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Consolidated income statement

In €m 2012 2013

Sales 327.1 294.4

Gross profit 185.7 165.2

Operating income 8.3 8.3

Operating margin 2.5% 2.8%

Net financial cost 0.1 0.0

Net profit 4.0 5.1

Net margin 1.2% 1.7%

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Consolidated balance sheet

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Gearing 14% 11%

Net debt / Ebitda 0.61 0.54

In €m 31 Dec. 2012 31 Dec. 2013

Shareholders’ equity 83.2 88.4

Net debt 11.7 9.4

WCR -31.4 -24.8

Capex 11.3 6.0

Operating Cash Flow 15.4 14.1

Free Cash Flow 0.8 2.9

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Q1 2014

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2013 sales: €5.6 mNearly 20,000 active customersPresence in the Centre and Centre-East regions of

FranceSignificant synergies

Le Comptoir du Surgeléjoins the Toupargel Group

on 31 January 2014

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Subsidiary of the Eismann group(Europe’s second-largest player)2013 sales: €46.7 m455 employeesNearly 160,000 active customersWill become an autonomous subsidiarySignificant synergies

Eismann Francejoins the Toupargel Group

on 31 March 2014

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Presence in thenorthwestern quarter of France

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Q1 2014 Sales

Q1 2013 Q1 2014 Change

Sales €74.1 m €68.9 m -7.0%

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Unfavourable calendar effect (Easter fell on 20 April)Comptoir du Surgelé contributed €1.2 mCustomer creation costs declinedLoyalty increased across all customer segments

The new strategic plan

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Management changeGive meaning and share a common visionEngage and encourage all employeesReturn to growthImprove our profitability

Why a new plan?

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Our ambition for 2013-16

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Strengthen our leadership in home delivery of frozen foods

Direct our efforts to customer loyaltyRefocus on frozen foods, our historical business Differentiate ourselves on the theme of enjoying

cooking and eating wellImprove our productivity and return value to the

customer

Action plan

Make certain products more easily accessible

Adapt and apply a category management approach

Extend the Fresh foods & Groceries offering to all of France

Sell cooking solutions

Strengthen our product offering

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Action plan

Make our prices visibly lower

Modernise our packaging

Boost the quality and readability of our catalogues

Publicise our new visual identity

Strengthen our product offering

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Action plan

Every contact should create new bonds with the client

Deploy CRM software

Optimise our multi-channel approach

Improve the quality of our delivery service

Improve our sales performance

Action plan

Target prospective customers better

Increase productivity

Concentrate investments

Develop partnerships

Focus our business development efforts

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Conclusion

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The population is ageing

Rural and suburban areas are seeing demographic growth

More people are choosing home delivery

Freezing preserves food qualityToupargel has a lead over its competitors

Promising business model

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Toupargel’s advantages

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66 years of history

An unique sales model

Personalised contact with 1 million households, 15 times a year

The market’s broadest product range

More advanced tools than our competitors

Unparalleled delivery network

Toupargel’s advantages

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A societal dimension

Dedicated employees

Ability to invest and grow by acquisition

Long-term vision supported by family shareholders

Toupargel has all it needs to be in phase with both today’s and tomorrow’s retailing trends