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1 Courtesy Translation PARMALAT ADDENDUM TO THE INFORMATION MEMORANDUM This document, which was prepared in response to a request made by the Consob, pursuant to Article 114, Section 5, of the TUF, in a letter dated June 20, 2012, constitutes an integral part of the Information Memorandum prepared pursuant to Article 5 of Consob Regulation No of March 12, 2010, as amended by Resolution No of June 23, 2010, and pursuant to Article 71 of the Regulations adopted by the Consob with Resolution No of May 14, 1999, as amended, concerning the acquisition of Lactalis American Group, Inc. June

2 This addendum to the Information Memorandum (the Addendum ) was prepared and published by Parmalat in response to a request made by the Consob, pursuant to Article 114, Section 5, of the TUF, in a letter dated June 20, 2012, by which the Consob requested additional information about the Transaction. Capitalized terms that are not expressly defined in this Addendum shall have the same meaning as the one attributed to them in the Information Memorandum published by the Company on May 29, This Addendum is available upon request at the registered office of Parmalat S.p.A. (4 Via delle Nazioni Unite, Collecchio Parma), on the website of Parmalat S.p.A. ( and at the offices of Borsa Italiana S.p.A. (6 Piazza degli Affari, Milan). Answers to the questions submitted by the Consob are provided on the pages that follow, in a sequence consistent with the order of the Information Document. 2

3 Addendum to Chapter 2, Information About the Transaction, Section (Methods for Determining the Consideration and Assessment of Its Fairness Compared with Market Values for Similar Transactions) after its fourth paragraph: The reference to the 2012 EBITDA, for Price determination purposes, is based on the following considerations: The 2012 reporting year is the first plan year for LAG and LINT Americas (LINT Americas being understood to mean the import/export activities for Lactalis Group products in the United States of America, Brazil and Mexico) and, consequently, is indicative of the capability of the Companies Subject of the Acquisition to achieve the objectives stated in the business plan. In this regard, the fact that the business plan is characterized by instances of partial lack of continuity with the past, arising from the strategy of switching to the Galbani and Président brands, was also taken into account. On the other hand, the 2011 reporting year was characterized by a level of milk prices that was among the highest of the past 10 years and, consequently, was not really representative of the true profitability potential of LAG and LINT Americas. The price definition mechanism calls for an adjustment, up or down, based on applying a multiple of 9.5 times to the EBITDA actually reported by LAG and LINT Americas in The valuation will thus be a valuation based on reported data. The multiple of 9.5 times EBITDA is a synthesizing parameter resulting from a series of valuation methods, the most important of which is the Discounted Cash Flow method, that can be used for an overall assessment of the business plan of the Companies Subject of the Transaction. The 2011 EBITDA multiple implied in the provisional Enterprise Value of LAG and LINT Americas, i.e., USD904 million, subject to the abovementioned adjustment, is after its fifth paragraph: In determining the Enterprise Value s cap and floor thresholds, USD960 million and USD760 million, respectively, reference was made to the valuation range obtained by applying the Discounted Cash Flow method to the Conservative Case (USD787 million USD930 million), which, subsequent to negotiations with the counterparty, was adjusted by applying a downward and upward margin of 3% to the low and high values. 3

4 Section Methods for Determining the Consideration and Assessment of Its Fairness Compared with Market Values for Similar Transactions of the Information Memorandum shall be amended by inserting the following addition after the Subsection entitled Discounted Cash Flow Method (Main Method) : The values assigned to the main parameters used as reference when applying the Discounted Cash Flow method, as defined by the independent expert, are listed below: Median WACC: For LAG: 7.88%, computed based on a risk free rate of 2.81% (30 year U.S. Treasury bonds), an unlevered beta of 0.56 (weighted average of the betas for comparable companies, i.e. Kraft Foods, Dean Foods, Saputo, Glanbia and Parmalat) and a marketrisk premium of 9.1% (Bloomberg). The financial structure considered was 100% equity. For LINT Americas: 10.9%, computed as the average of the WACCs for the activities of LINT Americas in the main geographic areas (USA, Brazil and Mexico), weighted for the contribution margin of these areas, conservatively increased by 100 bps. For the synergies: 9.88%, equal to that of LAC, conservatively increased by 200 bps. Median g growth rate of the Terminal Value: For LAG: 1.5%, in line with the average of the growth rates recently used by brokers for comparable companies active in North America. For LINT Americas: 2.0%, to reflect higher growth rates in some geographic areas. For synergies: conservatively estimated at 0.25%. The table below shows the range of the values attributed to the abovementioned parameters for LAG, LINT and the Synergies in the sensitivity analysis. WACC "g" rate for the TV Min Median Max Min Median Max LAG 7.63% 7.88% 8.13% 1.00% 1.50% 1.75% LINT Americas 10.65% 10.90% 11.15% 1.50% 2.00% 2.50% Synergies 9.63% 9.88% 10.13% -0.50% -0.25% 0.00% 4

5 The table below shows the range of values generated by applying the Discounted Cash Flow method, showing separately the LAG, LINT and Synergies components, both for the Base Case and the Conservative Case. Data in USD mln. Conservative Case Base Case Min - Max Min - Max LAG LINT Americas Synergies Total ,002 USD mln. 1, , EV/EBITDA multiple x Conservative case Base case after the Subsection entitled Multiples for Comparable Transactions (Comparison Method) : The table entitled Multiples for Comparable Transactions prepared by the independent expert is reproduced below. The average and median multiples in this sample are consistent with that used for Price determination purposes. 5

6 Date Bidder (Country) Target (Country) Currency Interest acq. (%) 100% (in mln.) Revenues (in mln.) EBITDA (in mln.) EV/EBITDA 2/6/12 Mueller (GER) Robert Wisemann (UK) GBP 100% x 4/26/11 Groupe Lactalis (FRA) Parmalat S.p.A. (ITA) EUR 54% 3, , (1) 8.3x 5/18/11 General Mills, Inc. (USA) Yoplait S.A.S. (FRA) EUR 51% 1, x 12/16/10 Yoplait S.A.S. (FRA) Liberte Brand Products (CAN) CAD 100% n/a 12/2/10 PepsiCo (USA) Wimm-Bill-Dann (RUS) USD 66% 5, , x 11/24/10 Danone (FRA) YoCream International (USA) USD 100% x 3/30/10 Groupe Lactalis (FRA) Ebro Puleva dairy (SPA) EUR 100% x 2/1/10 Groupe Lactalis (FRA) Quesos Forlasa SA (SPA) EUR 100% n/a n/a n/a 10.5x 5/8/09 Grupo Lala SA De CV (MEX) National Dairy Holdings LP (USA) US$ 100% ,120.2 n/a n/a 3/27/09 Yoplait S.A.S. (FRA) Yoplait Dairy Crest Limited (UK) GBP 49% n/a n/a 10/22/08 Saputo Inc. (CAN) Neilson Dairy (CAN) CAD 100% x 8/25/08 National Foods (AUS) Dairy Farmers (AUS) AUD 100% , x 1/31/08 Agropur (CAN) Trega Foods Inc (USA) CAD 100% n/a n/a 1/29/08 Saputo Inc. (CAN) Alto Dairy Cooperative (USA) CAD 100% x 12/28/07 Kirin Holdings (GIA) National Foods (AUS) AUD 100% 2, , x 3/22/07 Groupe Lactalis (FRA) Dukat mlijecna industrija (CRO) HRK 92% 2, , x 3/6/07 Lactalis American Group Mozzarella Fresca (USA) USD 100% 67.2 n/a x 2/21/07 Saputo Inc. (CAN) Land O Lakes (USA) USD 100% x 1/22/07 Arla Foods Amba (DAN) Arla Foods UK (UK) GBP 100% , x Transaction multiples: Average for North America 10.5x Median for North America 9.5x Average for total sample 10.6x Median for total sample 10.2x Average for companies active in the cheese segment in North America 11.2x Median for companies active in the cheese segment in North America 10.8x Average for companies active in the cheese segment, total sample 11.0x Median for companies active in the cheese segment, total sample 10.7x Notes: (1) For information, the EBITDA multiple listed in the Tender Offer document is 8.7 times, because the equity price includes 64 million shares potentially issuable during the offer period as part of the capital increase tranche subject of the resolution approved by Parmalat's Extraordinary Shareholders' Meeting ofmarch 1, after the Subsection entitled Multiples for Comparable Listed Companies (Comparison Method) : The table entitled Multiples for Comparable Listed Companies prepared by the independent expert is reproduced below. The average and median multiples in this sample are consistent with that used for Price determination purposes, taking also into account the fact that these multiples do not reflect i) any control premium and ii) the potential value of synergies, typical of acquisitions involving industrial operators. 6

7 Company 2011 EV/EBITDA Kraft Foods Dean Foods 8.72 Saputo Glanbia Parmalat 3.62 Average for groups with diary presence in North America 8.95 Median for groups with diary presence in North America Average for groups with diary presence in North America (excl. Parmalat) Median for groups with diary presence in North America (excl. Parmalat) after its fourth paragraph from the bottom: The syndicated facility provided on April 25, 2011 for an original amount of 7.5 billion euros, 6.7 million euros of which was drawn down, had an outstanding balance of about 6.6. billion euros at June 21, 2012, including about 0.4 billion euros attributable to Mediobanca. The facility includes the following lines: Tranche Total amount ( mln.) Mediobanca's share ( mln.) Repayment Facility A 1, Bullet at 7/15/2012, with Lactalis having the option to postpone repayment to 1/15/13 Facility B Bullet at 7/15/13 Facility C Facility D 2, Bullet at 4/25/14 with Lactalis holding two postponement options, each for one year, subject to approval by each lender bank, limited to its share of the facility, and the payment of a postponement fee Repayable in five remaining tranches, including four of 0.35 billion euros (Mediobanca's shares 21.9 million euros) due on 12/31/12, 12/31/13, 12/31/14 and 12/31/15 and a final one of 1.45 billion euros (91.0 million euros) due on 4/25/16 Revolving Credit Facility 1, /25/16 Total 6,

8 On the occasion of retaining the services of an independent expert in connection with the cash pooling transaction, the Related party Committee determined that the outstanding loan facility does not constitute in and of itself an adequate reason for disqualifying Mediobanca from serving as an independent expert pursuant to Article 7, Section 1, Letter (b), of the Related party Regulations and Article of the Related party Procedure. at the end of the Section. The Committee did not avail itself of the support of other independent experts, in addition to Mediobanca, pursuant to Article 7, Section 1, Letter (b), of the Related party Regulations. Addendum to Chapter 4, Income Statement, Statement of Financial Position and Statement of Cash Flows Data of the Acquired Activities, Section 4.1 (Income Statement, Statement of Financial Position and Statement of Cash Flow Data for the Acquired Equity Stake for the Reporting Years Ended January 1, 2012 and January 2, 2011) Section 4.1 (Income Statement, Statement of Financial Position and Statement of Cash Flow Data for the Acquired Equity Stake for the Reporting Years Ended January 1, 2012 and January 2, 2011) of the Information Memorandum shall be amended by inserting the following addition at the end of the Section. With regard to the magnitude and causes of LAG s shortfall versus the targets for the first quarter of 2012, please note that the difference in revenues was about 8.8%, in a context characterized, on the one hand, by continuing weak consumption and, on the other hand, by increased competitions; in terms of contribution margin, the shortfall was about 14.8%, due mainly to factors that depressed revenues, thereby reducing cost coverage and to the trend in raw milk prices. Parmalat S.p.A. (signed) Francesco Tatò Chairman 8

9 Addendum to the Annex Opinion of the Related party Committee Among the valuation methods developed by Mediobanca as Financial Advisor, the Committee found that the criterion based on Multiples for Comparable Listed Companies would have produced results not always methodologically consistent with the objective of the opinion it was required to provide, due to the following considerations: (a) the status of the companies included in the sample as issuers of securities traded on regulated markets, as against that of LAG, which is not publicly traded; (b) the size and, more in general, the business model of the companies actually included in the sample; and (c) the fact that the market prices used as numerator for multiple computation purposes reflect stock market prices for shares included in the stock float. The foregoing premise having been stated, the lack of full comparability between the competitors among the sample companies and LAG and LINT Americas and the different processes by which stock market prices are determined, compared with the purchase of a controlling equity stake, led the Committee to choose the criterion of the Multiples for Comparable Transactions instead of the criterion of the Multiples for Comparable Companies as the verification method for the Discounted Cash Flow. Moreover, it is widely accepted in the commentary and best professional practice that multipliers for comparable transactions, differently from those derived from stock market prices, implicitly reflect value drivers, such as the a control premium and the exploitation of industrial synergies, that are undoubtedly present in the transaction for the acquisition of the American assets with regard to which this Committee is being asked to render an opinion. This Addendum was approved by the current Related party Committee with the abstention of Antonio Aristide Mastrangelo, who joined this Committee after the Shareholders Meeting of May 31, 2012 and a subsequent meeting of the Board of Directors, held on the same date, which designated the Committee members currently in office. (signed) Marco Reboa Chairman of the Related party Committee 9