Full Year 1 July June 06

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1 Full Year 1 July June 06

2 MISSION STRATEGY FDK RATIONALS BUSINESS MODEL

3 ALFESCA MISSION ALFESCA s mission is to be the leader in selected convenience fine Seafood Products and Regional Specialty Products in major European markets.

4 ALFESCA STRATEGY ALFESCA s strategy is to build a dynamic and profitable activity by organic growth and selected acquisitions concentrated on 4 pillars ALFESCA Selected convenience fine foods SMOKED SALMON SMOKED FISH FOIE GRAS DUCK PRODUCTS BLINIS SPREADABLES PRAWNS

5 ALFESCA BUSINESS MODEL ALFESCA business model consists of: Operating on selected growing fine food markets With state of the art of industrial processes and innovation With a strong marketing and commercial expertise To deliver growth and profit for creating value for the shareholders. GROWING MARKETS INDUSTRIAL KNOW-HOW STATE OF THE ART FACILITIES INNOVATION COMMERCIAL & MARKETING EXPERTISE LEADERSHIP POSITIONS ACTIVITY PROFITABILITY VALUE FOR THE SHAREHOLDERS

6 RATIONALS I. Capitalization on the know-how of the Group II. III. IV. 4 Growing pillars in EUROPE Salmon : + 4% Foie gras : + 6% Blini and spreadables: + 8% Prawns : +10% 4 Pillars : better balance of the activity Seasonality Exposure to raw material prices Looking for high level of synergies Industrial Supply packaging/raw material Logistics Brand stretching to leverage profit. Administrative cost savings Internal source: Expectations for the future

7 MANAGEMENT ORGANIZATION CHART FDK 05-06

8 ORGANIZATION CHART The objectives of the new organization chart are: To reduce the number of hierarchical levels to make the operational organization more simple, more efficient, reactive, and strongly operational. To have a strong financial organisation to be close to the investors and banks, and to strengthen the financial control in the company.

9 ORGANIZATION CHART Xavier Govare CEO Alfesca UK O Norgaard Labeyrie Delpierre Blini Vensy Chr. Partner Lyons Farne X. Gaudio P. Darthenucq PY Ballif J Eugui J Synnes O Norgaard W Duncanson Industrial Seafood Manager JL Lepainteur Food Safety Manager Y Gasnier Business Development A Hovanessian Corporate Controller P Perrineau Chief Financial Officer K. Albertsson

10 MANAGEMENT TEAM OPERATIONAL MANAGERS Position today Biography Xavier GOVARE CEO ALFESCA Joined the company in 1989 after 48 years old previous position within UNILEVER BEST FOOD and NOVARTIS. General Manager when LABEYRIE was listed ( ) CEO for the LBO period with IK ( ) Xavier GAUDIO Managing Director LABEYRIE Joined the company in 2004 after 51 years old previous position within DANONE (Marketing Manager and General Manager) SAUPIQUET (General Manager). Philippe DARTHENUCQ Managing Director DELPIERRE Joined LABEYRIE in 1990 in charge of sales 49 years old and marketing. General Manager of DELPIERRE since Previously has worked 7 years for COLGATE FRANCE. Pierre Yves BALLIF Managing Director BLINI Joined the company early years old Previously General Manager for SODIAL and several marketing and sales positions in the DANONE group.

11 MANAGEMENT TEAM OPERATIONAL MANAGERS Position today Biography Ole NORGAARD CEO of UK & Managing Director Following a career in the Dairy Industry 60 years old LYONS SEAFOODS responsible for worldwide marketing sales and production, Ole joined Lyons Seafoods in 1997 as the Chief Executive. William DUNCANSON Managing Director FARNE Joined the company in years old Previously General Manager of PINNEYS in UNIQ group after positions in production and purchase. JORGE EUGUI Managing Director VENSY Joined LABEYRIE in years old Previously sales and marketing manager of the leader in cheese market in Spain. John SYNNES Managing Director Joined the group in 1999, full experience 52 years old CHRISTIANSEN PARTNERS in fish farming, sales purchase, and value added process.

12 MANAGEMENT TEAM FUNCTIONAL MANAGERS Position today Biography Philippe PERRINEAU Corporate Controller Joined the company in 2000 as CFO of FDK 50 years old ALFESCA Has run the IPO during listed period and then LBO with Industri Kapital Previously several positions in the US company CARGILL as General Manager Kristinn ALBERTSSON Chief Financial Officer Joined the company in 1995 as Chief 41 years old ALFESCA Accountant. Became Operations Director in 1998 and Chief Financial Officer of the SIF Group in year 2000 Antony HOVANESSIAN Business Development Joined the company in years old Manager ALFESCA Previous position in KAUPTHING BANK Vice President in the Investment Banking Division Jean Louis LEPAINTEUR Industrial Seafood Manager Joined the company in years old ALFESCA Previously several positions as Industrial and General Manager in food companies Yves GASNIER Food Safety Manager Joined the Labeyrie company in 1994 as 57 years old ALFESCA R&D and Quality Manager, became Industrial Manager in 2000 and then Food Safety Manager of the Group in 2006

13 BUILD UP FDK 05-06

14 BUILD UP STRATEGY The purposes of our build up strategy must be: To do acquisitions with an immediate or very short term return on investment To strengthen our positions on the 4 pillars i.e. bolt-on acquisitions To look for a better balance of our activities in term of seasonality exposure to raw material

15 BUILD UP STRATEGY SMOKED SALMON FOIE GRAS DUCK PRODUCTS BLINIS SPREADABLES PRAWNS Not a priority Priority Priority Priority

16 RAW MATERIAL FDK 05-06

17 SALMON RAW MATERIAL UPDATE NORWAY After an historical peak reached in June 2006 (NOK 46, 5.8 /kg Norway FHL price) we are experiencing a steady drop for two months down to NOK 30 (3.75 /kg) Biomass is in large excess of last year for the next two harvesting periods: Sept 06 March % March 07 Sept % Current demand is lower than increase in biomass. CONCLUSION : Prices should be back to a more normal level in the coming weeks SCOTLAND 82% of our H1 needs are contracted at a fixed price and in line with our budget

18 NORWAY / OFFER NOK FHL Price 2000 to 2006 (Size 3/4 Kg in NOK/ kg) Estimated W S01 S04 S07 S10 S13 S16 S19 S22 S25 S28 S31 S34 S37 S40 S43 S46 S49 S52 FNL 02 FNL 05 FNL 01 FNL 03 FNL 04 FNL 06 FNL 00

19 NORWAY / OFFER Génération smolts BIOMASS ESTIMATE (NORVEGIAN SALMON ) AS OF 31/07/06 Source : Kontali August 06 Estimated stock per 31/07/06 Estimated stock per 31/07/05 Nber Pieces (x1000) Average Weight (Kg) Volume WFE Génératio n smolts Nber Pieces (x1000) Average Weight (Kg) Volume WFE Individuals variation Biomass variation 04 S S1 70 4, % -100% S , S , % 9% Total G Total G % 5% 05 S , S , % 12% S , S , % 25% Total G Total G % 15% 06 S , S , % 10% S ,1 S ,1 100 Total Total % 9% Total G04 G05 G Total % 14% WFE Whole Fish Equivalent Date of sea water entry Estimated period of harvest Generation 04 S1 released at sea april may 04 Harvested Jul/August 05 to March 06 S0 released at sea autumn 04 April May 06 to July August 06 Generation 05 S1 released at sea april may 05 Harvested Sept/Oct 06 to March 07 S0 released at sea autumn 05 Harvested March/April 07 to July/August 07 Generation 06 S1 released at sea april may 06 Harvested Sept/Oct 07 to March 08 S0 released at sea autumn 06 Harvested April 08 to July/August 08

20 LABEYRIE BLINI DELPIERRE FDK VENSY FARNE LYONS FINANCIALS

21 Company profile Activity : Smoked salmon / Foie Gras Turnover 05/06 : 193 million +4% vs Last Year Market position : Leader in France /Benelux/Switzerland under Labeyrie Brand Products range Salmon Foie Gras Regional Produtcs

22 Commercial Performance Salmon Market trend (tons) % ,9 + 0,7 Salmon Market share (by value) 5,9 +0,2 3,2 = 1,5-0,2 38,4-0,8 10,3-0, ,8 2,3 2,2 +0,1 2,2-0,2 = Xmas 05 YTD 06 44,4 +1,3 16,4-1,5 Labeyrie Delpierre S. et merveilles Armoric Priv. Label First Px Foie Gras Market trend (tons) % Foie Gras Market share (by value) (+1.1pt) 33,5% 25,0% (+1pt) ,8% (+1.2pt) 4,2% 4,2% (-0.1pt) (-0.1) 1,4% (-0.5pt) Labeyrie Montfort Delpeyrat Larnaudie P.Gueraçague Private Labels (Source IRI April and May 2006)

23 Industrial performance 05/06 Salmon deviations vs. budget Raw material negative by 5.4 million (only compensated at the level of 1.9 million by increased selling prices ) Direct costs and labour costs savings 500,000 Foie Gras vs. budget Raw material savings 300,000 Direct costs and labour costs savings 1.5 million Logistics savings 800,000 When excluding raw material impact (external factor) excellent industrial performance was achieved! General overheads Savings around 2 million Overhead cost being very well managed

24 Outlook 06/07 Risks: No one identified for the time being Opportunities: Markets trends are still well oriented Numerous new products to be launched For Christmas 60th Anniversary of Labeyrie Raw material prices in line with budget prices since beginning of September 2006 Industrial performances still delivering good results

25 LABEYRIE BLINI DELPIERRE FDK VENSY FARNE LYONS FINANCIALS

26 Company profile Activity : Blinis, Taramasalata, Spreadables and Dips Turnover 05/06 : 27 million +3% vs Last Year Market position : Leader in France / Benelux under the BLINI Brand First player in Private Label Brand Products range Blinis Taramasalata Spreadables and Dips

27 Commercial Performance Blinis Market trends (tons) % Taramasalata Market trends (tons) % Spreadables Market trends (tons) Blinis Market share (by value) 52,7 29, , BLINI TASSOS PLB Taramasalata Market share (by value) 36, ,5-2.3 BLINI TASSOS PLB 50 Spreadables Market share (by value) % % % 13, , , BLINI TASSOS PLB % (Source IRI April and May 2006)

28 Industrial performance 05/06 Deviations vs. budget Raw material: No deviation vs. budget Packaging savings 230,000 Direct costs and labour costs savings 140,000 Logistics savings 220,000 Significative savings in all parts of the operations General overheads Media spendings and sales force costs : 250,000 in addition to budget Good management of the overhead costs.

29 Outlook 06/07 Risks: Strong competition on the Private Label Brand with pressure on prices Opportunities: Markets trends are still well oriented Gain of new clients late 05/06 having a full effect in 06/07 Numerous new products launched very recently with full effect in this year and innovation to be launched for Christmas Light range New blinis range Salsa spreadable Room for further gains in the industrial area

30 LABEYRIE BLINI DELPIERRE FDK VENSY FARNE LYONS FINANCIALS

31 Company profile (after sale of Frozen Division) Activity Turnover 05/06 Market position Products range Salmon : Smoked fish (Salmon & Herring), Salted fish : 106 million + 0.5% vs Last Year : Second brand in Salmon, First brand in Herring in France First player in first price on Private Label Brand and in First Price for Salmon/Herring First player in salted fish in France Herring Salted Cod

32 Commercial Performance Salmon Market trends (tons) Herring Market trends (tons) Salmon: Carrefour Leclerc Systeme U (new listing ) Casino ( new listing) Monoprix Champion Auchan +9% +3.1% Salmon Market share (by value) 30,9 + 0,7 5,9 +0,2 3,2 = 1,5-0,2 38,4-0,8 10,3-0, ,8 2,3 2,2 +0,1-0,2 2,2 = Xmas 05 YTD 06 44,4 +1,3 16,4-1,5 Herring Market share (by value) 34,9 30,8 +5.5% Delpierre FP (First price) & PLB (Private Label Brand) Portfolio Herring: Auchan FP+ PLB Leclerc Casino Monoprix Carrefour ( new listing ) ED -6.4% % % Delpierre FP+ PLB Labeyrie Delpierre S. et merveilles Armoric Priv. Label First Px (Source IRI April and May 2006)

33 Industrial performance 05/06 Deviation vs. budget Raw material deviation vs. budget: 8.6 million (only compensated by 1.6 million by increasing sales price) Labour costs savings vs. budget: 790,000 Industral direct costs and overheads costs savings: 285,000 Logistics costs savings: 465,000 If excluding the raw material issue (external factor) very good industrial performance General overheads Savings around 2.2 million Very good management of the overhead cost

effect in 06/07 Raw material prices close to budget price beginning of September with expectation of a

34 Outlook 06/07 Risks: Market trend on the salted fish Price for the cod raw material Opportunities: Trends for salmon and herring still well oriented New listing obtained end of previous fiscal year having full effect in 06/07 Raw material prices close to budget price beginning of September with expectation of a further drop Industrial performances still delivering good results New prawns offer performing well and salmon cuts as well

35 LABEYRIE BLINI DELPIERRE FDK VENSY FARNE LYONS FINANCIALS

36 Company profile Activity : Smoked Salmon / Smoked fishes Turnover 05/06 : 35 million +4.9% vs Last Year Market position : Leader in Spain and Portucal for the branded products (Skandia) Leader in Spain and Portugal for Private Label Brands Products range Salmon Smoked fishes Specialties

37 Commercial Performance Salmon Market trends (tons) Salmon Market share (by value) % SKANDIA ROYAL 11,2 13,2 7,4 6, Herring Market trends (tons) DOMINGUEZ MARTIKO PLB/MDD 4,8 4,7 4,4 4,7 67,4 65, PLB (Private Label Brand) Portfolio Vensy is producing around 50% of the Private Label Brand market with a very well balanced portofolio of clients and gaining new listings this year: CARREFOUR (new listing) DIA AL CAMPO (new listing) MAKRO MERCADONA AHOLD In global, Vensy volumes have expended faster than the market (+11.5% vs +10.5%) Source : Nielsen + internal

38 Industrial performance 05/06 Deviation vs. budget Raw material deviation vs budget: 4.0 million (only compensated at the level of 310,000 by increasing sales price) Industrial savings (yield & labour costs): 14,000 Logistics costs savings: 363,000 Production cost deviation: 163,000 (extra activity) If excluding the raw material issue, industrial performance is closed to budget expectations General overheads In line with budget

39 Outlook 06/07 Risks: Competition on the Spanish market, having prevented any price increases to compensate raw material increase, will continue. Opportunities: Market trend is still well oriented Raw material prices are in beginning of September close to our budget with expectation for a further drop Industrial performance should be improved by the implementation of a new slicing line of last generation. Launch of new concept of the Christmas offer in order to increase margin

40 LABEYRIE BLINI DELPIERRE FDK VENSY FARNE LYONS FINANCIALS

41 Company profile Activity : Smoked salmon /added value salmon products Turnover 05/06 : 64 million +35% vs. Last Year Market position : TESCO exclusive supplier in the UK Products range Smoked salmon Value added salmon products

42 Commercial Performance Salmon Market trends (tons) Salmon Market trends ( M) 90,5 81, % +9,7% Tesco Market trend (tons) Tesco Market trends ( M) ,5 20, % +33% PLB (Private Label Brand) Portfolio Strong increase of the Tesco sales and Farne being now exclusive supplier of Tesco Farne is supplier as well for: MIGROS retailer No. 1 in Switzerland Delhaize retailer No. 2 in Belgium Albert HEIJN retailer No. 1 in Netherlands

43 Industrial performance 05/06 Deviation vs. budget Deviation in the raw material prices: 4.1 million (only compensated by 1.7 million by increasing the sales price) Yields and labour savings have been well oriented : Yield: 165,000 Labour: 1.0 million Mismanagement in the packagings: Negative deviation by 750,000 Industrial overheads in line with budget adjusted on the activity Actual Factory Variances vs Budget Sept Ytd Oct Nov Dec Jan Feb March April May June Total Actuals Budget A very satisfactory year as results have been progressing all over the year to beat budget since early 2006!

44 Outlook 06/07 Markets trends are still well oriented Numerous innovations will be launched in the Tesco Christmas added value product offer After the good industrial results obtained last year, there is still room for further improvements, as Farne is not for the time being matching the productivity of the other companies in the group. Price of raw material is under control as 82% of the supply is contracted at prices in line with budget hypothesis.

45 LABEYRIE BLINI DELPIERRE FDK VENSY FARNE LYONS FINANCIALS

46 Company profile Activity : Fresh cooked prawns and Frozen prawns Turnover 05/06 : 110 million +11.3% vs. Last Year Market Position : Exclusive supplier for JS (Sainsbury) suppliers for ASDA and Morrisons Products range

47 Commercial Performance Chilled Prawns Market trends ( M) Frozen Prawns Market trends ( M) ,6 69,6 +4% +20% -11% WWP CWP TOTAL Herring Market trends (tons) WWP CWP TOTAL ,2-3% 30,3-16% +50% WWP CWP TOTAL WWP CWP TOTAL WWP: Warm Water Prawns CWP: Cold Water Prawns WWP: Warm Water Prawns CWP: Cold Water Prawns Lyons retail performance vs. Market % Growth Chilled Frozen Total Market +4% -3% +1% Lyons Seafoods +18% +31% +29% Excellent performance for LYONS and being partner of the most successful retailer on the prawn market

48 Industrial performance 05/06 Prices for the raw material have been in line with our expectations Industrial performances have been pretty good with gains in efficiency close to 1.5 million General overheads Overheads have been under control delivering savings around 750,000

49 Outlook 06/07 Trends for the markets are well oriented with a hot summer having boosted consumption of prawns. Production costs are well under control and the project UOR (Under One Roof) provides help on that Managing team has been significantly strengthened

50 Under One Roof UNDER ONE ROOF Mid Term Plan

51 LABEYRIE BLINI DELPIERRE FDK VENSY FARNE LYONS FINANCIALS

52 Income Statement 05/06 (by quarters) Income Statement Alfesca Jul. 05-Jun. 06 Apr.-Jun. 06 Jan.-Mar. 06 Oct - Dec '05 Jul - Sep '05 Apr - Jun '05 In thousands of Euros FY '05/'06 Q4 '05/'06 Q3 '05/'06 Q2 '05/'06 Q1 '05/'06 Q4 '04/'05 Net sales Cost of goods sold ( ) ( ) (93.980) ( ) (93.070) (90.740) Gross profit Other income Operating expenses (62.423) (13.457) (15.503) (20.345) (13.118) (12.323) Operating profit (1.355) (2.222) Net financial expenses (9.272) (2.137) (2.116) (2.459) (2.560) Earnings from associates 54 (59) Net income before taxes (1.248) (116) (3.879) 26 Income taxes (6.596) (261) Net income after taxes (2.114) (235) Minority interest Discontinued operations (7.054) (3.523) (1.744) (625) (1.162) Net income (603) (3.276) Depreciation EBITDA ,9% 5,5% 5,0% 13,0% 2,9% 1,5%

53 Income Statement 05/06 Income Statement Actual Previous year Actual Previous year Full year Full Year Q4 Q4 Sales Cost of goods sold ( ) ( ) ( ) (90.740) Gross profit Gross margin 15,9% 11,0% 11,8% 10,0% Commission and other income Administrative expenses (62.423) (55.569) (13.457) (12.323) EBIT (16.153) 948 (2.222) EBIT % 4,8% -4,7% 0,8% -2,2% Net financial items (9.272) (2.137) Earnings from associates 54 (233) (59) 0 Net income before taxes (11.520) (1.248) 26 Income tax (261) Net income from continuing operations (9.626) (235) Discontinued operations (7.054) (3.523) Net income for the period (603) EBITDA EBITDA % 7,9% 0,0% 5,5% 1,5%

54 Sales & EBITDA 05/06 (by quarters) Net Revenue EBITDA CAGR 9,4% Q1 '04/05 Q2 '04/05 Q3 '04/05 Q4 '04/05 Q1 '05/06 Q2 '05/06 Q3 '05/06 Q4 '05/

55 EBITDA 05/06 (from continuing operations) Financial Year Continuing Frozen July June 2006 operations Division Total Net sales EBITDA (2.418) Gain on sale of assets - Lyons (692) (692) Reserve Accounts Receivable Former CEO employment contract Adjusted EBITDA (2.418) EBITDA margin 8,1% -4,6% 7,0%

56 Balance Sheet end of June 2006 Balance sheet In thousands of Euros Intangible assets % % Operational assets % % Long-term investments % % Fixed assets % % Inventories % % Receivables % % Bank deposits and cash % % Current assets % % Non-current assets held for sale % % Total assets % % Shareholders equity % % Deferred tax liabilities % % Obligations % % Long-term liabilities % % Long-term liabilities and obligations % % Bank loans % % Other current liabilities % % Current maturities of long-term debt % % Current liabilities % % Liabilities associated with assets classified as held for sale % 0 0% Shareholders equity and liabilities % %

57 Cash Flow Statement 05/06 Cash Flow FY 05/06 FY 04/05 1/7-30/6 1/7-30/6 Net profit for the period Items not affecting cash Depreciation Gain/loss on sale of assets (874) 71 Discontinued operations (12.198) Other calculated items (1.381) (16.850) Working capital provided by (used in) operating activities (10.237) Change in working capital (10.832) Cash flow from operating activities Investing activities (5.057) (72.299) Financing activities (54.843) Change in cash for the period (36.691)

58 Sales by category 05/06 Sales performance Value in thousands of Euros Category % of total Jul Jun. '06 Jul Jun.'05 Var.% Smoked 41% ,7% Shellfish 20% ,9% Duck products 20% ,4% Salted and Dried Fish 5% ,1% Spredables and breads 5% ,7% Other 9% ,4% Total 100% ,4% Frozen products ,2% Total ,1%

59 Norwegian salmon price development FHL prices /kg, 4/5 kg gutted salmon 5,70 5,20 4,70 4,20 3,70 3,20 Raw material impact 05/06- Salmon ( k) Company Raw mat increase Compensated Net impact Labeyrie (5.400) (3.500) Delpierre (8.600) (7.000) Vensy (4.000) 300 (3.700) Farne (4.100) (2.400) Total (22.100) (16.600) 2,70 2,20 1, Week: Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. April May June July Aug. 2005/2006 Average

60 Thousand Net Debt Development* Dec 31, 2004 Jun 30, 2005 Jun 30, Net Debt/EBITDA 3.79 Net Debt/Equity 0.62 * Interest bearing debt

Q October- December 2006

Q October- December 2006 Q2 06-07 October- December 2006 AGENDA - ALFESCA AT A GLANCE XG - RAW MAT BAROMETER XG - OVERVIEW BY COMPANY XG - ADRIMEX FOCUS AH - FINANCIAL DETAILS PP - OUTLOOK XG AGENDA - ALFESCA AT A GLANCE XG -