RISING DEMAND In France the market for cream, the quintessential culinary ingredient, has been boosted by a regain of interest for home cooking. Butter has also had the benefit of a return to favor for traditional products following several years of decline.

Internationally the image of quality for dairy products and French gastronomy, as well as strong demand in the emerging countries, have stimulated exports.

LEADING BRANDS SAVENCIA Fromage & Dairy has a dynamic policy of innovation and segmentation designed to satisfy all needs with its comprehensive ranges of butters and creams.

Elle & Vire butters and creams are produced in France, in Condé-sur-Vire. 70% of French households purchase the brand, which also has the benefit of strong international awareness enabling it to export a major share of its production. As the foremost brand of cream on the national market, Elle & Vire has developed a very wide range of fresh and UHT creams complemented by cream-based sauces and dessert preparations. Elle & Vire is also a leading French brand for butter with a complete range of classic, gastronomic, spreadable and reduced-fat butters.

Surgères AOP Charentes-Poitou butter adds to an already very broad product offering.

In Belgium and Ireland Corman, the world leader for special butters, manufactures butters and creams with specific physical, organoleptic or dietetic properties including spreadable butters and reduced-fat or reduced-cholesterol butters and creams for the retail markets. These are obtained by exclusively physical and natural transformation of carefully selected butters and creams.

Several of the Group s brands benefit from their know-how, amongst which the Belgian Balade brand specializing in delicious yet naturally light creams and butters, or the Carlsbourg brand devoted to authentic products.

Arias in Spain, Milkaut in Argentina and several of our subsidiaries in Central and Eastern Europe also manufacture creams and butters under their own brands.

SAVENCIA Fromage & Dairy produces butters and creams for the retail markets and food service professionals, as well as dairy ingredients for the agro-food, health and nutrition industries.

ELLE & VIRE AND SURGÈRES BUTTERS TAKE PRIDE

OF PLACE

2 SILVER MEDALS AT THE CONCOURS GÉNÉRAL AGRICOLE FOR:

Elle & Vire s 80% semi-salted soft butter,

Surgères AOP Charentes-Poitou butter in 250g packs.

2 GOLD AWARDS AT THE INTERNATIONAL CHEESE AWARDS in the United Kingdom for soft butter from Condé-sur-Vire and Surgères semi-salted butter. Surgères butter also won the overall Trophy for the best butter of 2014 and the Silver Award in the US World Championship Cheese Contest.

2014 Annual Report 25