Operational Highlights

• Acquisition of Findus Italy⁽¹⁾, the number one branded frozen food
  company in Italy with a market share of 34%, in the fourth largest
  European market for frozen food. The first 150 days of ownership saw
  new management appointed and integration progressing to plan
• Increasing market share in total across our five largest markets
  (excluding Italy)⁽²⁾
• Significant improvement in working capital over and above
  the structural reduction achieved in the prior year
• Ongoing category-expansive New Product Development (“NPD”),
  notably the transfer of our successful poultry products
  to the iglo markets
• A great pipeline of new products for introduction in 2011 has been
  developed