We pursued our integration of the activities of Terra Lacta and of Sodilac, a company specializing in infant milk formula. Promotion of Terra Lacta s cheese brands was initiated in 2014. For both Cheese Products and Other Dairy Products, we continued to support our international development via local presence and the dynamism of our dedicated sales organizations.

2015 will be another year of challenges. The end of milk quotas, on March 31, may result in increased volatility of both milk production volumes and prices. The continuing concentration of our distributors continues to put pressure on our margins. The slowdown in economic growth in the emerging countries, and the risks associated with the geopolitical crises in the Ukraine, Russia, the Middle East and Argentina, equally result in uncertainty as to our development in 2015 outside Europe.

Despite this uncertain context, our Group continues to strive for adaptation, competitiveness and innovation, adapting our organizations, constantly improving the quality and perceived value of our products and investing in cutting-edge technologies as well as in our brands and in our sales effectiveness.

Upstream, we have already spent several years reinforcing our position in the perspective of the end of milk quotas: through our approach to responsible milk sourcing and our contractual relationships founded in dialogue, in long-term commitment and in the creation of value we share with our milk producer partners.

Our brands and specialty products stand for unique quality, innovation, savors and know-how that are the foundations of the worldwide development of our family Group. That is what we wish to express in our new name:

SAVENCIA Fromage & Dairy

Our new name is easy to pronounce in many languages and will help improve our international visibility still further. It has federated our employees and fuelled them with renewed will for our commitment to excellence and to the long-term development of our businesses. It will reinforce perception by the Group s customers worldwide, and by its partners and stockholders, of the Group s know-how and of its ability to meet the challenges of tomorrow and achieve lasting growth.

2014 Annual Report 3