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Strauss Group February 2015 Disclaimer This presentation does not - - PowerPoint PPT Presentation

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Strauss Group February 2015 Disclaimer This presentation does not constitute an offer for investment or an invitation to purchase or subscribe for any securities of Strauss Group Ltd. (the " Company "). In particular, this presentation

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SLIDE 1

Strauss Group

February 2015

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SLIDE 2

Disclaimer

This presentation does not constitute an offer for investment or an invitation to purchase or subscribe for any securities of Strauss Group Ltd. (the "Company"). In particular, this presentation does not constitute a "public offering". This presentation does not purport to be all-inclusive or to contain all information that may be relevant in making any decision concerning an investment in the securities of the Company. This presentation was prepared primarily as a summary for your convenience only and does not reflect all data on the Company and its activity, and it does not replace the need to review the Company's public reports. The information contained in this presentation is incomplete, and everything contained herein is subject to the contents of the Company’s relevant reports and should not be considered a representation or guarantee, including for the completeness or accuracy of the information contained herein. This presentation may include forward-looking information that is based on estimates and assumptions by Company management as at the date of its preparation, which, although the Company believes are reasonable, are by nature uncertain. The realization or non-realization of such forward-looking information is influenced, inter alia, by the risk factors that are typical of the Company's activity, and by developments in the economic environment and in external factors influencing the Company's activity, which cannot be assessed in advance and are beyond the Company's control. The Company disclaims any intention or obligation to update or revise any such forward-looking statements or estimates and makes no commitment to update this presentation. 2

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SLIDE 3

GAAP to Non – GAAP Reconciliations

In addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), the Company provides non-GAAP adjusted operating results which include the results of jointly controlled entities as if they were proportionately consolidated. Strauss Group has a number of jointly controlled companies: Três Corações (a 50%/50% JV with a local São Miguel group in Brazil), Sabra Dipping Company (a subsidiary in North America), Strauss Frito-Lay Ltd. (the salty snack operation in Israel), PepsiCo Strauss Fresh Dips & Spreads International (the international dips and spreads company, Obela), and Haier Strauss Water (a Strauss Water subsidiary in China)*. In addition, non-GAAP adjusted figures exclude any share-based payments, mark to market of commodity hedging transactions as at end of period, other expenses or income and taxes referring to these adjustments. The Company's management believes that these measures provide investors with transparency by helping illustrate the underlying financial and business trends relating to the Company's results of operations and financial condition and comparability between current and prior periods. Management uses the measures to establish and monitor budgets and

  • perational goals and to evaluate the performance of the Company. Please see the "GAAP to Non-GAAP Adjusted

Reconciliation" tables in the Company's MD&A report for a full reconciliation of the Company's GAAP to non-GAAP adjusted results. 3

*Starting January 1ST, 2014 Strauss Water achieved control in VSW.

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SLIDE 4

1 3 4 2

Strauss Group at a Glance Strauss Coffee Sabra Strauss Israel

4

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SLIDE 5

We are a branded, multi-category and innovative food & beverage group

5

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SLIDE 6

Q3’14 LTM Sales: NIS 8,134mm (USD 2,073mm (1)) 2009–2013 Sales CAGR: 6.3% 2009–2013 Constant Currency Organic Net Sales CAGR: 6.7% Q3’14 LTM Gross Margins: 38.9% Q3’14 LTM EBIT and EBIT Margins: NIS 761mm; 9.4% Margin Excluding Greenfield Operations(2): 10.5% Margin Q3’14 LTM Net Profit and Net Margins: NIS 357mm, 4.4%

(1) Conversion from NIS to USD based on USD 1 = NIS 3.924, as of January 30th, 2015. (2) Excludes Other (Strauss Water, Max Brenner and HQ) and Obela.

6

Strauss Group Financial Snapshot

(Based on non GAAP adjusted figures)

Net debt / LTM EBITDA: 1.9x ; Net Debt: NIS 1,846mm

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SLIDE 7

3,944 1,448 878 828 483 261 185 116

500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 Coffee Dairy Refrigerated D&S and Fresh Vegies Confectionary and pastry Water Other Health and Wellness Salty Snacks Max Brenner

2013 Sales by Category

Non GAAP; NIS mm; % sales contribution

7 ‘09-’13 CAGR 4.2% 2.9% 3.7% 11.2% 2.3% 7.8% 17.8% 1.7%

Source: Company’s public filings.

We are a multi-category F&B group, with coffee being our largest category

48% 18% 11% 10% 6% 3% 2% 1%

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SLIDE 8

Strauss Global Presence

We have a global presence, with a strong home base in Israel and high growth operations in emerging markets (Brazil in particular) and the U.S.

8

North America Brazil Australia Philippines Singapore China Japan Israel Serbia Switzerland The Netherlands Poland CIS England Mexico Romania Germany Ukraine Canada Costa Rica Cyprus Portugal Finland Vietnam

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SLIDE 9

4,144 1,697 799 733 653 117 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 Israel Brazil C.E.E. CIS North America ROW

2013 Sales by Geography

Non GAAP; NIS mm; % sales contribution

9

‘09-’13 CAGR

51% 21% 10% 9%

1% 5.4% 10.5% (7.1%) 7.8% 25.1% NM

Source: Company’s public filings.

8%

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SLIDE 10

Strauss Group is a Partner to Some of the World's Leading Consumer-Facing Brands

Our international expansion has been with world class leading partners

10

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SLIDE 11

11

Market Leadership

We strive to be #1 or a strong #2 everywhere we play

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SLIDE 12

12

1 3 4 2

Strauss Group at a Glance Strauss Coffee Sabra Strauss Israel

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SLIDE 13

Q3’14 LTM Sales: NIS 3,035mm (USD 773mm (1)) 2009–2013 Sales CAGR: 3.4% Q3’14 LTM Gross Margins: 40.5% Q3’14 LTM EBIT and EBIT Margins: NIS 318mm; 10.5% Margin Contribution to STRS Sales, GP and EBIT: 37%, 39%, 42%, respectively

(1) Conversion from NIS to USD based on USD 1 = NIS 3.924, as of January 30th, 2015.

13

Strauss Israel Financial Snapshot

(Based on non GAAP adjusted figures)

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SLIDE 14

14

In Israel, Strauss is an iconic company and the second largest F&B company with an overall 11.6% value market share

Source: StoreNext

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SLIDE 15

15

Shoham

New logistics and distribution center for Israel

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SLIDE 16

6.2% 0.8% 2.8% 4.7% 4.9% 3.0% 2.4% 2.8%

  • 3.0%

1.6%

  • 1.4%
  • 3.8%
  • 6.0%
  • 4.0%
  • 2.0%

0.0% 2.0% 4.0% 6.0% 8.0% Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14

Israeli F&B Market (by StoreNext)

Growth by Quarter

2012: 3.5% 2013: 3.2%

16

2014: -1.6%

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SLIDE 17

Target Milk Price (NIS per Liter)

Price excluding Strauss transportation costs

17

17

Source: Israeli Dairy Board (Production and Marketing) website.

2.14 2.14 2.14 2.34 2.36 2.29 2.20 2.26 2.12 2.14 2.29 2.19 2.19 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2012 2013 2014 2015

Milk Price

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SLIDE 18

London Cocoa (GBP per Ton)

18

Source FactSet.

1,926 (GBP\T) (November 3rd, 2014)

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SLIDE 19

19

1 3 4 2

Strauss Group at a Glance Strauss Coffee Sabra Strauss Israel

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SLIDE 20

(3C) Brazil Russia Serbia Russia Israel (3C) Brazil Romania Poland

20

3C: a 50%/50% JV with a local Sao Miguel group.

Strauss Coffee is an International branded beverage company focused on the $81Bn, fast growing coffee market

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SLIDE 21

Confidential

21

Q3’14 LTM Sales: NIS 3,802mm (USD 969mm (1)) 2009–2013 Sales CAGR: 4.2% 2009–2013 Organic and Constant Currency Sales CAGR: 7.0% Q3’14 LTM Gross Margins: 35.2% Q3’14 LTM EBIT and EBIT Margins: NIS 377mm; 9.9% Margin Contribution to STRS Sales, GP and EBIT: 47%, 42%, 50%, respectively

Strauss Coffee Financial Snapshot

(Based on non GAAP adjusted figures)

(1) Conversion from NIS to USD based on USD 1 = NIS 3.924, as of January 30th, 2015.

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SLIDE 22

Confidential

Why We Like The Coffee Market

$81 Billion Market Fast Growing

(‘07-’13 CAGR: 8.0%)

Fragmented Market Brazil, Emerging Asia and Single Serve Drive Market Growth Resilient

22

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SLIDE 23

Confidential

Strauss Coffee Has Leading Market Positions in Some of the Fastest Growing, Largest Coffee Markets

Market Position and 9 months 2014 (1-9) Net Sales Contribution to Strauss Coffee, by Country

47% 19% 16% 7% 6% 5%

Source: Company’s public filings. Notes: Market share data represents total volume market share, MAT 2014 (September). Brazil reflects 3C market share (3C is a 50/50 joint venture between Strauss Coffee and São Miguel Group). Russia sales contribution Includes Ukraine.

23

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SLIDE 24

Confidential

Portfolio Covers a Broad Range of Price Points

Broad portfolio optimizes coverage, maximizes penetration and maintains resilience.

Brazil (3C) Israel Russia and Ukraine Poland Romania Serbia Premium Mainstream Economy Power Brand: Best-selling brands within a particular market and those which we believe have the greatest potential for growth

Note: Três Corações (3C) is a 50/50 joint venture between Strauss Coffee and São Miguel.

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SLIDE 25

Confidential

Brazil: NIS-BRL Exchange Rate

1.84 1.82 1.48 1.63 1.44 1.56 1.60 1.42 1.49

1.30 1.40 1.50 1.60 1.70 1.80 1.90 2.00

25

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SLIDE 26

Confidential

Russia: USD-RUB Exchange Rate

26

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SLIDE 27

Confidential

Arabica Prices (ct./lbs)

27

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SLIDE 28

Confidential

Robusta Prices ($/ton)

28

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SLIDE 29

Confidential

Arabica and Robusta

Annual Average Prices ($/ton) and Change vs. previous year average

29

1,485 1,615 2,210 2,039 1,851 2,005 2,800 3,718 5,612 3,855 2,754 3,975 1,000 2,000 3,000 4,000 5,000 6,000 Average 2009 Average 2010 Average 2011 Average 2012 Average 2013 Average 2014 Robusta Arabica 8.8% 36.8%

  • 7.7%
  • 9.2%

8.3% 32.8% 51.0%

  • 31.3%
  • 28.6%

44.3%

  • 40.0%
  • 30.0%
  • 20.0%
  • 10.0%

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% ave '10 vs. '09 ave ave '11 vs. '10 ave ave '12 vs. '11 ave ave '13 vs. '12 ave ave '14 vs. '13 ave Robusta Arabica

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SLIDE 30

Confidential

TRÊS CORAÇÕES (3C)

50/50 JOINT VENTURE BETWEEN STRAUSS COFFEE AND SAO MIGUEL GROUP

30

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SLIDE 31

Confidential

84 53 80 107 165 605 946 1,025 1,137 1,388 1,708 1,778 1,697 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Corporate Rebranding Penetration

  • f Sao Paulo

50/50 partnership with Santa Clara Brazil entry

Source: Company’s public fillings. Starting in 2006 and thereafter, figures represent SCBV 50% share in 3C JV.

Três Corações Sales

(50% as consolidated by Strauss, NIS mm)

Mainly due to BRL devaluation

  • vs. ILS; 3C

growth in local currency +12.2% in 2013

31

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SLIDE 32

Confidential

: A Significant Opportunity

32

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SLIDE 33

Confidential

438 535 29.0% 30.9%

YTD'13 YTD'14

154 172 10.2% 9.9%

YTD'13 YTD'14

1,510 1,731

YTD'13 YTD'14

Sales GP and GM EBIT and EBIT Margins

(1) 3C (JV in Brazil): a 50%/50% JV in Brazil with São Miguel Group. Source: Três Corações Alimentos S.A Consolidated Interim Financial Statements as September 30th, 2014. (1) EBIT before Other Expenses/ Income.

Três Corações Alimentos S.A - Snapshot

(BRL mm for 100% ownership and including inter-company sales)

Includes an overall EBIT impact of the launch of TRES single portion multi beverage system of ~BRL 45mm (2.6% of sales) in YTD’14, compared to minor impact in the equivalent period in 2013; (for 100%

  • wnership).

33

1,814 2,039

FY'12 FY'13

386 609 21.3% 29.8%

FY'12 FY'13

89 205 4.9% 10.1%

FY'12 FY'13

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SLIDE 34

1 3 4 2

Strauss Group at a Glance Strauss Coffee Sabra Strauss Israel

34

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SLIDE 35

Sabra, our 50/50 JV with PepsiCo, is a clear market leader in the U.S. in hummus (~63% value market share) and in refrigerated dips and spreads (#1; ~28% value market share)

35

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SLIDE 36

We are uniquely positioned to benefit from the protein-rich, fresh, better for you food trend in the U.S.

36

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SLIDE 37

Q3’14 LTM Sales: NIS 603mm (USD 154mm (1)) 2009–2013 Sales CAGR: 27.3% 2009–2013 Sales CAGR exc. FX: 30.0% Q3’14 LTM EBIT and EBIT Margins: NIS 87mm; 14.4% Margin Contribution to STRS Sales and EBIT: 7% and 11%, respectively

(1) Conversion from NIS to USD based on USD 1 = NIS 3.924, as of January 30th, 2015.

37

Sabra Financial Snapshot

(Based on non GAAP adjusted figures for 50% share)

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SLIDE 38

$9 $12 $18 $22 $34 $55 $81 $110 $159 $217 $261 $314

  • $50

$100 $150 $200 $250 $300 $350

Acquire of 50% of Sabra for $8.8mm PepsiCo acquires 50% of Sabra for $45mm Expanding into Canada New plant in VA; Sabra acquires Salsa company for $33mm

38

Sabra’s Sales

(USD mm for 100% Ownership)

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SLIDE 39

Sabra 10% Athenos (Kraft) 31% Tribe (Nestle) 22% Cedars 14% PL 3% Other 20%

39

2005

Source: IRI Reviews. (1) IRI ILD Total US (Incl Club ex Costco); YTD ending 10.05.14 vs YA

2014 (1)

Sabra’s Evolution of Hummus Value Market Share

Sabra 63% Tribe (Nestle) 7% Athenos (Kraft) 4% PL 10% Cedars 4% Other 12%

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SLIDE 40

“Hummus Is Conquering America”

Mass Media Coverage Spreads the Word, Raises Awareness and Establishes Hummus as America’s Next Top Food Trend Steve Colbert gives hummus a place in pop culture

40

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SLIDE 41

41

Fresh Dips in the US projected to reach USD 3B by 2020*

Anchored by strong hummus, with all other Sabra categories also driving growth

1,138 1,628 1.8 322 636 191 268 31 91 160

2009 2010 2011 2012 2013

Dips USD Growth 2009-2013; Market Sizes in USD MM

Yogurt Dips CAGR 103.1% Guacamole CAGR 15.2% Salsa CAGR 8.8% Hummus CAGR 18.5% Total Fresh Dips CAGR 9.4% * US total food and beverage CAGR 3.0% Source: IRI (data in Retail Selling Price), Infoscan MULOC, 2009-2013 * Internal Sabra estimates

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SLIDE 42

Sabra Hummus New Plant Expansion

Doubling production capacity while further enhancing production capabilities

42

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SLIDE 43

Sabra Hummus New Plant Expansion (cont’d)

43

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SLIDE 44

44

Sabra Hummus New Plant Expansion (cont’d)

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SLIDE 45

45

Appendices

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SLIDE 46

Appendix I: STRAUSS GROUP

46

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SLIDE 47

Strauss Group

Public ~35%

(30.6.14)

Strauss Israel Strauss Coffee Max Brenner PepsiCo-Strauss Dips & Spreads Strauss Water

25.1%

Mexico Australia

50%

Israel

50% 28%

Israel Australia Philippines Singapore Israel

Yotvata 50%

Obela

USA Canada

Sabra USA UK China

50%

Poland

Brazil

Dairy

50%

Confectionery Salty Snacks Salads Yad Mordechai

20% 49%

Business Partners Network Romania Serbia Russia Ukraine

12%

Japan

2014 Strauss Group Business Structure

47 Russia

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SLIDE 48

Strauss Group is a Partner to Some of the World's Leading Consumer-Facing Brands

48

Minority Ownership Jointly Controlled Partnerships (50%/50%)

Dairy

Salty Snacks

Coffee (SCBV) 3C (Coffee Brazil) Water Sabra; Obela

  • Since 1969
  • 20% stake in Strauss Dairy business
  • Additional licensing agreement for the use of Danone’s

know-how and trademarks primarily in Israel

Accounted for as Minority Interest

  • Since 2007 (Sabra) and 2012 (Obela)
  • Since 1990
  • Additional licensing agreement for the use of PepsiCo’s

know-how and trademarks primarily in Israel

Accounted for under the Equity Method; Proportionately Consolidated under the Group’s non GAAP adjusted figures Salty Snacks

  • Since 2008
  • 25% stake in SCBV bought at a post money equity

valuation of about USD 1.2Bn (100%)

  • July 2013: announced that TPG and Strauss are reviewing

possible TPG exit alternatives from SCBV

  • Since 2005
  • Since 2011 (Haier)
  • Haier: 50%/50%

Water

  • Since 2012 , 2012-2014 72% (STRS) 28% Virgin; Starting

January 1st 2014 Strauss Water achieved control in VSW

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SLIDE 49

Net Debt and Net Debt /EBITDA (LTM)

(Non-GAAP adjusted EBITDA, net debt includes partnerships; NIS mm)

49

1,690 1,623 1,357 1,846 2.2x 1.9x 1.4x 1.9x

  • 0.5x

1.0x 1.5x 2.0x 2.5x 3.0x 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Q3.2011 Q3.2012 Q3.2013 Q3.2014

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SLIDE 50

6,373 6,855 7,699 8,182 8,143 3,000 4,000 5,000 6,000 7,000 8,000 2009 2010 2011 2012 2013

12 Months Consolidated Sales

(Non GAAP; NIS mm)

50

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SLIDE 51

5,629 6,079 6,069 6,060 1,000 2,000 3,000 4,000 5,000 6,000 7,000 YTD'11 YTD'12 YTD'13 YTD'14

YTD Non-GAAP Consolidated Sales

(NIS mm)

51

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SLIDE 52

Strauss Group YTD Non-GAAP Sales excluding FX

(Based on 2010 rates; NIS mm)

5,047 5,649 6,181 6,495 6,825 11.9% 9.4% 5.1% 5.1% YTD'10 YTD'11 YTD'12 YTD'13 YTD'14

52

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SLIDE 53

2,015 2,078 2,040 2,138

  • 500

1,000 1,500 2,000 2,500 Q3'11 Q3'12 Q3'13 Q3'14

Q3 Non-GAAP Consolidated Sales

(NIS mm)

53

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SLIDE 54

2,371 2,588 2,705 2,871 3,114 37.2% 37.8% 35.1% 35.1% 38.2% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0%

  • 500

1,000 1,500 2,000 2,500 3,000 3,500 2009 2010 2011 2012 2013

12 Months Consolidated Gross Profit and Gross Margins

(Non GAAP Adjusted; NIS mm)

54

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SLIDE 55

2,017 2,133 2,316 2,369 35.8% 35.1% 38.2% 39.1% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 1,200 1,400 1,600 1,800 2,000 2,200 2,400 YTD'11 YTD'12 YTD'13 YTD'14

Non-GAAP Adjusted YTD Consolidated Gross Profit and Gross Margins (NIS mm)

55

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SLIDE 56

38.2% 33.9% 40.1% 47.3% 39.1% 35.6% 40.3% 46.4% Overall Gross Margins Strauss Coffee GM Strauss Israel GM INTL D&S and Other GM YTD'13 YTD'14 Strauss Coffee 996 Strauss Coffee 994 Strauss Israel 904 Strauss Israel 922

  • Intl. D&S and Other

416

  • Intl. D&S and Other

453 37 18 (2) Overall Gross Profit YTD'13

  • Intl. D&S and Other

Strauss Israel Strauss Coffee Overall Gross Profit YTD'14

YTD Non-GAAP Adjusted Gross Profit and Gross Margins

(YTD’13 to YTD’14; NIS mm)

56 Total: 2,369

3C (JV in Brazil)(1) YTD’13 GM: 29.0% 3C (JV in Brazil)(1) YTD’14 GM: 30.9% (1) Source: Três Corações Alimentos S.A Consolidated Interim Financial Statements as at September 30th , in BRL.

Total: 2,316

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SLIDE 57

Non-GAAP Adjusted Q3 Consolidated Gross Profit and Gross Margins (NIS mm)

57 688 737 798 811 34.2% 35.5% 39.1% 37.9% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0%

  • 100

200 300 400 500 600 700 800 Q3'11 Q3'12 Q3'13 Q3'14

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SLIDE 58

39.1% 35.4% 40.6% 46.7% 37.9% 33.8% 39.3% 47.4% Overall Gross Margins Q3 Strauss Coffee GM Strauss Israel GM INTL D&S and Other GM Q3'13 Q3'14

Strauss Coffee 338 Strauss Coffee 344

Strauss Israel 313 Strauss Israel 309

  • Intl. D&S and Other

147

  • Intl. D&S and Other

158 798 809 811 11 6 (4) Overall Gross Profit Q3'13

  • Intl. D&S and Other

Strauss Coffee Strauss Israel Overall Gross Profit Q3'14

Q3 Non-GAAP Adjusted Gross Profit and Gross Margins

(Q3’13 to Q3’14; NIS mm)

Total: 798 Total: 811 58

3C (JV in Brazil)(1) Q3’13 GM: 30.3% 3C (JV in Brazil)(1) Q3’14 GM: 29.8%

(1) Source: Três Corações Alimentos S.A Consolidated Interim Financial Statements as at September 30th , in BRL. Note: Figures were rounded off to NIS millions. Totals were calculated on the basis of the exact figures in NIS thousands.

Higher green coffee prices, negative impact of the RUB and UHA devaluation vs. the USD

  • n CIS COGS

Higher commodity prices: raw milk price (reversed in Q4’14), cocoa and sesame YTD GP: 39.1%

  • vs. 38.2% in

YTD’13

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SLIDE 59

767 817 791 853 993 12.0% 11.9% 10.3% 10.4% 12.2% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 300 400 500 600 700 800 900 1,000 2009 2010 2011 2012 2013

12 Months Consolidated EBITDA and EBITDA margins

(Non GAAP Adjusted; NIS mm)

59

*figures are rounded to M’ ILS

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SLIDE 60

583 637 778 765 10.4% 10.5% 12.8% 12.6% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0%

  • 100

200 300 400 500 600 700 800 900 YTD'11 YTD'12 YTD'13 YTD'14

YTD Consolidated Non-GAAP Adjusted EBITDA and EBITDA Margins (NIS mm)

60

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SLIDE 61

196 232 269 280 9.7% 11.2% 13.2% 13.1% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0%

  • 50

100 150 200 250 300 Q3'11 Q3'12 Q3'13 Q3'14

Q3 Consolidated Non-GAAP Adjusted EBITDA and EBITDA Margins (NIS mm)

61

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SLIDE 62

570 601 572 625 769 8.9% 8.8% 7.4% 7.6% 9.4% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 200 300 400 500 600 700 800 2009 2010 2011 2012 2013

12 Months Consolidated EBIT and EBIT margins

(Non GAAP Adjusted; NIS mm)

62

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SLIDE 63

418 468 611 603 7.4% 7.7% 10.1% 10.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0%

  • 100

200 300 400 500 600 700 YTD'11 YTD'12 YTD'13 YTD'14

YTD Consolidated Non-GAAP Adjusted EBIT and EBIT Margins

(NIS mm)

63

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SLIDE 64

611 318 248 46

  • 1

10.1% 10.8% 11.0% 10.2%

  • 0.1%
  • 5.0%

0.0% 5.0% 10.0% 15.0% 20.0%

  • 100
  • 100

200 300 400 500 600 700 Overall Group Strauss Coffee Strauss Israel Dips & Spreads Other

YTD 2013

603 292 251 57 3 10.0% 10.4% 11.0% 11.7% 0.7% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%

  • 30

70 170 270 370 470 570 670 Overall Group Strauss Coffee Strauss Israel Dips & Spreads Other

YTD Non-GAAP Adjusted EBIT and EBIT margins, by Segment

(NIS mm; %)

64

2014 EBIT and EBIT Margins, by Segment 2013 EBIT and EBIT Margins, by Segment

Of which Sabra: 72mm (15.6%) Of which Sabra: 59mm (13.9%)

* D&S figures reflect Strauss 50% share in Sabra and Obela. Coffee figures include Strauss 50% share in 3C (JV in Brazil). Figures for Strauss Israel include Strauss 50% share in the salty snacks business. Other includes Strauss share in Strauss Water UK and China.

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SLIDE 65

139 175 212 227 6.9% 8.4% 10.4% 10.6% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%

  • 50

100 150 200 Q3'11 Q3'12 Q3'13 Q3'14

Q3 Consolidated Non-GAAP Adjusted EBIT and EBIT Margins

(NIS mm)

65

EBIT margin up 20 bps, in spite of 120 bps decline in gross margins, due to lower S&M and G&A costs as a percent of sales (down 100 bps and 40 bps, respectively)

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SLIDE 66

212 108 86 22

  • 4

10.4% 11.3% 11.2% 13.6%

  • 2.1%
  • 4.0%
  • 2.0%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0%

  • 50
  • 50

100 150 200 250 Overall Group Strauss Coffee Strauss Israel Dips & Spreads Other 227 113 85 25 4

10.6% 11.0% 10.8% 14.9% 2.4%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0%

  • 50

100 150 200 250 Overall Group Strauss Coffee Strauss Israel Dips & Spreads Other

Non-GAAP Adjusted EBIT and EBIT margins, by Segment

(NIS mm; %)

66

Q3 2014 EBIT and EBIT Margins, by Segment Q3 2013 EBIT and EBIT Margins, by Segment

Of which Sabra: 30mm (18.8%) Of which Sabra: 26mm (16.9%)

* D&S figures reflect Strauss 50% share in Sabra and Obela. Coffee figures include Strauss 50% share in 3C (JV in Brazil). Figures for Strauss Israel include Strauss 50% share in the salty snacks business. Other includes Strauss share in Strauss Water UK and China.

slide-67
SLIDE 67

268 258 237 238 329 4.2% 3.8% 3.1% 2.9% 4.0% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 100 150 200 250 300 350 2009 2010 2011 2012 2013

12 Months Net Profit, NP margins and EPS

(Non GAAP Adjusted; NIS mm)

67 2.55 2.43 2.22 2.23 3.09

slide-68
SLIDE 68

YTD Non-GAAP Adjusted Net Profit, NP Margins and EPS

(NIS mm)

EPS

68 170 170 259 287 3.0% 2.8% 4.3% 4.7% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0%

  • 50

100 150 200 250 300 350 YTD'11 YTD'12 YTD'13 YTD'14 1.59 1.59 2.43 2.69

slide-69
SLIDE 69

259 259 (8) 32 10 (6) 287 287 200 210 220 230 240 250 260 270 280 290 300 YTD'13 Net Profit Negative EBIT growth Decrease in financing expenses, net Decrease in taxes Increase in Minority Interest YTD'14 Net Profit

YTD Non-GAAP Adjusted Net Profit Bridge

(YTD’13 to YTD’14; NIS mm)

YTD’14 EPS: 2.69 YTD’13 EPS: 2.43

69 4.7% 4.3%

  • Strengthening of the USD vs. all hedged

currencies

  • CPI increase of 2.0% in YTD’13 vs. 0.1% in

YTD’14 in addition to decrease in the balance of CPI loans in 2014.

  • Lower effective tax rate (28.9%

in YTD’14 vs. 32.1% in YTD’13) due to profit mix partially offset by higher tax rate in Israel (26.5% vs. 25%)

Note: Figures were rounded off to NIS millions. Totals were calculated on the basis of the exact figures in NIS thousands.

slide-70
SLIDE 70

Q3 Non-GAAP Adjusted Net Profit, NP Margins and EPS

(NIS mm)

EPS

70 61 69 81 119 3.0% 3.3% 4.0% 5.6% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%

  • 20

40 60 80 100 120 140 Q3'11 Q3'12 Q3'13 Q3'14 0.57 0.65 0.76 1.12

slide-71
SLIDE 71

81 81 15 26 6 (9) ) 119 119

  • 20

40 60 80 100 120 140 Q3'13 Net Profit EBIT growth Decrease in financing expenses, net Decrease in taxes Increase in Minority Interest Q3'14 Net Profit

Q3 Non-GAAP Adjusted Net Profit Bridge

(Q3’13 to Q3’14; NIS mm)

Q3’14 EPS: 1.12 Q3’13 EPS: 0.76

4.0% 5.6% 71

  • Revaluation of the USD vs. all hedged currencies

during Q3’14 (mainly the RUB and the NIS) compared to devaluation of the USD during Q3’13

  • CPI increase of 1.3% in Q3’13 vs. 0.3% in Q3’14

in addition to decrease in the balance of CPI loans in 2014.

  • Lower effective tax rate

(25.7% in Q3’14 vs.34.8% in Q3’13) due to profit mix partially offset by higher tax rate in Israel (26.5% vs. 25%)

Note: Figures were rounded off to NIS millions. Totals were calculated on the basis of the exact figures in NIS thousands.

slide-72
SLIDE 72

Appendix II: STRAUSS ISRAEL

72

slide-73
SLIDE 73

2,624 2,683 2,840 2,901 3,000 2,500 2,600 2,700 2,800 2,900 3,000 3,100 2009 2010 2011 2012 2013

12 Months Strauss Israel Sales

(NIS mm)

73

slide-74
SLIDE 74

2,161 2,198 2,254 2,289

  • 500

1,000 1,500 2,000 2,500 YTD'11 YTD'12 YTD'13 YTD'14

Non-GAAP YTD Strauss Israel Sales

(NIS mm)

74

slide-75
SLIDE 75

750 743 771 786

  • 100

200 300 400 500 600 700 800 900 Q3'11 Q3'12 Q3'13 Q3'14

Non-GAAP Q3 Strauss Israel Sales

(NIS mm)

75

slide-76
SLIDE 76

288 305 302 297 315 11.0% 11.4% 10.6% 10.2% 10.5% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0%

  • 50

100 150 200 250 300 350 2009 2010 2011 2012 2013

12 Months Strauss Israel EBIT and EBIT margins

(Non GAAP Adjusted ; NIS mm)

76

slide-77
SLIDE 77

238 231 248 251 11.0% 10.5% 11.0% 11.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0%

  • 50

100 150 200 250 300 YTD'11 YTD'12 YTD'13 YTD'14

YTD Strauss Israel Non-GAAP Adjusted EBIT and EBIT Margins (NIS mm)

77

slide-78
SLIDE 78

80 76 86 85 10.7% 10.3% 11.2% 10.8% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0%

  • 10

20 30 40 50 60 70 80 90 100 Q3'11 Q3'12 Q3'13 Q3'14

Q3 Strauss Israel Non-GAAP Adjusted EBIT and EBIT Margins (NIS mm)

78

slide-79
SLIDE 79

Strauss Israel Financial Highlights

12 Months (Non GAAP Adjusted; NIS mm)

79 Strauss Israel (Non GAAP) FY'13 FY'12 % Chg. Q4'13 Q4'12 % Chg. Revenue: H&W 1,987 1,920 3.5% 499 467 6.9% F&I 1,013 981 3.2% 247 236 4.4% Total Revenue 3,000 2,901 3.4% 746 703 6.0% Total Gross Profit 1,211 1,135 6.7% 307 271 13.0%

Gross Margins

40.4% 39.1% 1.2% 41.2% 38.6% 2.5%

EBIT: H&W 200 187 7.1% 51 45 14.1%

Margins

10.1% 9.7% 0.3% 10.2% 9.6% 0.6%

F&I 115 110 4.5% 16 21 (23.0%)

Margins

11.4% 11.2% 0.1% 6.6% 8.9% (2.3%)

Total EBIT 315 297 6.2% 67 66 2.2%

Margins

10.5% 10.2% 0.3% 9.0% 9.4% (0.3%)

EBITDA: H&W 250 235 6.4% 64 51 26.0%

Margins

12.6% 12.2% 0.3% 12.8% 10.9% 1.9%

F&I 143 137 4.5% 24 28 (15.9%)

Margins

14.1% 14.0% 0.2% 9.6% 11.9% (2.3%)

Total EBITDA 393 372 5.7% 88 79 11.1%

Margins

13.1% 12.8% 0.3% 11.7% 11.2% 0.5%

slide-80
SLIDE 80

Strauss Israel (Non GAAP) YTD'14 YTD'13 % Chg. Q3'14 Q3'13 % Chg. Revenue: H&W 1,509 1,488 1.4% 530 530 (0.0%) F&I 780 766 1.8% 256 241 6.0% Total Revenue 2,289 2,254 1.6% 786 771 1.9% Total Gross Profit 922 904 2.0% 309 313 (1.4%)

Gross Margins

40.3% 40.1% 0.2% 39.3% 40.6% (1.3%)

EBIT: H&W 159 149 6.6% 59 63 (5.4%)

Margins

10.5% 10.0% 0.5% 11.3% 11.9% (0.6%)

F&I 92 99 (7.2%) 26 23 9.2%

Margins

11.8% 12.9% (1.1%) 10.0% 9.7% 0.3%

Total EBIT 251 248 1.1% 85 86 (1.5%)

Margins

11.0% 11.0% (0.0%) 10.8% 11.2% (0.4%)

EBITDA: H&W 196 186 5.0% 73 75 (4.6%)

Margins

13.0% 12.5% 0.4% 13.6% 14.3% (0.7%)

F&I 112 119 (6.3%) 32 30 7.5%

Margins

14.4% 15.6% (1.2%) 12.7% 12.5% 0.2%

Total EBITDA 308 305 0.6% 105 105 (1.2%)

Margins

13.4% 13.6% (0.1%) 13.3% 13.7% (0.4%)

Strauss Israel Non-GAAP Adjusted Financial Highlights

Q3 and YTD (NIS mm)

80

slide-81
SLIDE 81

Appendix III: STRAUSS COFFEE

(3C) Brazil Russia Serbia Russia Israel (3C) Brazil Romania Poland

81

3C: a 50%/50% JV with a local Sao Miguel group.

slide-82
SLIDE 82

3,349 3,386 3,926 4,206 3,944

  • 500

1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 2009 2010 2011 2012 2013

12 Months Strauss Coffee Sales

(Non GAAP Adjusted; NIS mm)

82

  • Growth excluding FX:

2.7%

  • Growth excluding green

coffee export and FX: 4.1% (export sales decline by 93M’ NIS)

Strauss Coffee non GAAP figures represent 50% share in 3C (Brazil).

slide-83
SLIDE 83

2,777 3,081 2,935 2,793

  • 500

1,000 1,500 2,000 2,500 3,000 3,500 YTD'11 YTD'12 YTD'13 YTD'14

YTD Strauss Coffee Non-GAAP Sales

(NIS mm)

83

  • Growth excluding FX:

4.0%

  • Growth excluding

green coffee export and FX 3.9%

Strauss Coffee Non-GAAP figures represent 50% share in 3C (JV in Brazil).

slide-84
SLIDE 84

1,022 1,049 954 1,019

  • 200

400 600 800 1,000 1,200 Q3'11 Q3'12 Q3'13 Q3'14

Q3 Strauss Coffee Non-GAAP Sales

(NIS mm)

84

  • Growth excluding FX:

11.2%

  • Growth excluding green

coffee export and FX: 11.0%

Strauss Coffee Non-GAAP figures represent 50% share in 3C (JV in Brazil).

slide-85
SLIDE 85

270 257 260 312 403 8.1% 7.6% 6.6% 7.4% 10.2% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 200 250 300 350 400 450 2009 2010 2011 2012 2013

12 Months Strauss Coffee EBIT and EBIT margins

(Non GAAP Adjusted; NIS mm)

85 85

Strauss Coffee non GAAP figures represent 50% share in 3C (Brazil).

slide-86
SLIDE 86

178 221 318 292 6.4% 7.2% 10.8% 10.4% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

  • 50

100 150 200 250 300 350 YTD'11 YTD'12 YTD'13 YTD'14

YTD Strauss Coffee Non-GAAP Adjusted EBIT and EBIT Margins

(NIS mm)

86

Strauss Coffee Non-GAAP figures represent 50% share in 3C (JV in Brazil).

slide-87
SLIDE 87

59 86 108 113 5.8% 8.3% 11.3% 11.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0%

  • 20

40 60 80 100 120 Q3'11 Q3'12 Q3'13 Q3'14

Q3 Strauss Coffee Non-GAAP Adjusted EBIT and EBIT Margins

(NIS mm)

87

Strauss Coffee Non-GAAP figures represent 50% share in 3C (JV in Brazil).

slide-88
SLIDE 88

Strauss Coffee (Non GAAP) FY'13 FY'12 % Chg. Q4'13 Q4'12 % Chg. Revenue: Israel 715 708 0.9% 185 170 8.4% International 3,229 3,498 (7.7%) 824 955 (13.6%) Total Revenue 3,944 4,206 (6.2%) 1,009 1,125 (10.3%) Total Gross Profit 1,341 1,218 10.1% 345 338 1.9%

Gross Margins

34.0% 29.0% 5.0% 34.2% 30.1% 4.1%

EBIT: Israel 80 77 2.7% 4 13 (71.8%)

Margins

11.1% 10.9% 0.2% 2.0% 7.8% (5.8%)

International 323 235 37.9% 81 78 5.6%

Margins

10.0% 6.7% 3.3% 10.0% 8.1% 1.8%

Total EBIT 403 312 29.2% 85 91 (5.7%)

Margins

10.2% 7.4% 2.8% 8.5% 8.1% 0.4%

EBITDA: Israel 91 89 1.8% 6 15 (56.4%)

Margins

12.7% 12.6% 0.1% 3.6% 8.9% (5.3%)

International 385 300 28.3% 97 95 1.6%

Margins

11.9% 8.6% 3.3% 11.8% 10.0% 1.8%

Total EBITDA 476 389 22.2% 103 110 (6.4%)

Margins

12.1% 9.3% 2.8% 10.3% 9.8% 0.4%

Strauss Coffee Financial Highlights

12 Months 2013 (Non GAAP Adjusted; NIS mm)

88

Strauss Coffee non GAAP figures represent 50% share in 3C (Brazil).

slide-89
SLIDE 89

Strauss Coffee Non-GAAP Adjusted Financial Highlights

Q3 and YTD (NIS mm)

89

Strauss Coffee Non-GAAP figures represent 50% share in 3C (JV in Brazil).

Strauss Coffee (Non GAAP) YTD'14 YTD'13 % Chg. Q3'14 Q3'13 % Chg. Revenue: Israel 521 530 (1.8%) 165 168 (2.0%) International 2,272 2,405 (5.5%) 854 786 8.6% Total Revenue 2,793 2,935 (4.9%) 1,019 954 6.7% Total Gross Profit 994 996 (0.2%) 344 338 1.9%

Gross Margins

35.6% 33.9% 1.7% 33.8% 35.4% (1.6%)

EBIT: Israel 81 76 6.8% 27 22 27.0%

Margins

15.6% 14.3% 1.3% 16.8% 12.9% 3.8%

International 211 242 (12.8%) 86 86 (1.4%)

Margins

9.3% 10.0% (0.8%) 9.9% 10.9% (1.0%)

Total EBIT 292 318 (8.1%) 113 108 4.4%

Margins

10.4% 10.8% (0.4%) 11.0% 11.3% (0.2%)

EBITDA: Israel 88 85 3.7% 30 25 19.9%

Margins

16.8% 15.9% 0.9% 17.9% 14.7% 3.3%

International 255 288 (11.4%) 99 101 (1.3%)

Margins

11.2% 12.0% (0.7%) 11.7% 12.8% (1.2%)

Total EBITDA 343 373 (7.9%) 129 126 2.8%

Margins

12.3% 12.7% (0.4%) 12.7% 13.2% (0.5%)

slide-90
SLIDE 90

Strauss Coffee Sales by Geography

12 Months 2013 (Non GAAP Adjusted; NIS mm)

90

Strauss Coffee non GAAP figures represent 50% share in 3C (Brazil). Strauss Coffee Sales % Change % Change FY'13 FY'12 NIS Local Currency Q4'13 Q4'12 NIS Local Currency Israel 715 708 0.9% 0.9% 185 170 8.4% 8.4% International: 3C (Brazil) - 50% 1,697 1,778 (4.5%) 12.2% 407 482 (15.6%) 1.4% CIS 733 844 (13.7%) (4.7%) 221 236 (7.3%) 6.2% Poland 368 407 (9.6%) (6.2%) 88 107 (17.4%) (12.7%) Romania 226 257 (12.1%) (10.0%) 56 68 (17.5%) (15.8%) Serbia 205 212 (3.3%) (0.1%) 52 62 (15.8%) (11.3%) Total International 3,229 3,498 (7.7%) 3.2% 824 955 (13.6%) (1.3%) Total Coffee 3,944 4,206 (6.2%) 2.7% 1,009 1,125 (10.3%) 0.3%

slide-91
SLIDE 91

Strauss Coffee Non-GAAP Sales by Geography

Q3 and YTD (NIS mm)

91

Strauss Coffee Non-GAAP figures represent 50% share in 3C (JV in Brazil) .

Strauss Coffee Sales % Change % Change YTD'14 YTD'13 NIS Local Currency Q3'14 Q3'13 NIS Local Currency Israel 521 530 (1.8%) (1.8%) 165 168 (2.0%) (2.0%) International: 3C (Brazil) 1,316 1,290 2.0% 14.7% 494 416 18.9% 20.2% CIS 448 512 (12.3%) 7.3% 177 172 2.3% 25.0% Poland 213 280 (24.0%) (23.4%) 78 92 (15.4%) (15.2%) Serbia 127 153 (16.6%) (12.5%) 44 50 (10.5%) (5.8%) Romania 168 170 (1.0%) 1.1% 61 56 9.0% 10.4% Total International 2,272 2,405 (5.5%) 5.4% 854 786 8.6% 13.9% Total Coffee 2,793 2,935 (4.9%) 4.0% 1,019 954 6.7% 11.2%

Note: Figures were rounded off to NIS millions. Totals were calculated on the basis of the exact figures in NIS thousands.

slide-92
SLIDE 92

Appendix IV: SABRA & OBELA

92

slide-93
SLIDE 93

430 593 776 1,007 1,131 300 400 500 600 700 800 900 1,000 1,100 1,200 2009 2010 2011 2012 2013

12 Months Sabra Sales

(Non GAAP; for 100%; NIS mm)

93 Organic growth excluding FX: 20%

slide-94
SLIDE 94

576 751 857 931

  • 100

200 300 400 500 600 700 800 900 1,000 YTD'11 YTD'12 YTD'13 YTD'14

YTD Sabra Sales

(Non-GAAP; for 100%; NIS mm)

94

  • Organic

growth excluding FX: 13.0%

slide-95
SLIDE 95

203 273 303 323

  • 50

100 150 200 250 300 350 Q3'11 Q3'12 Q3'13 Q3'14

Q3 Sabra Sales

(Non-GAAP; for 100%; NIS mm)

95

  • Organic

growth excluding FX: 8.3%

slide-96
SLIDE 96

12 Months Sabra EBIT (100%) and EBIT margins

(Non GAAP Adjusted ; for 100%; NIS mm)

96 73 62 72 129 147 17.0% 10.4% 9.3% 12.8% 13.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0%

  • 20

40 60 80 100 120 140 160 2009 2010 2011 2012 2013

slide-97
SLIDE 97

48 98 119 145 8.4% 13.1% 13.9% 15.6% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0%

  • 20

40 60 80 100 120 140 160 YTD'11 YTD'12 YTD'13 YTD'14

YTD Sabra EBIT and EBIT Margins

(Non-GAAP Adjusted; for 100%; NIS mm)

97

slide-98
SLIDE 98

19 47 51 61 9.3% 17.1% 16.9% 18.8% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0%

  • 10

20 30 40 50 60 70 Q3'11 Q3'12 Q3'13 Q3'14

Q3 Sabra EBIT and EBIT Margins

(Non-GAAP adjusted; for 100%; NIS mm)

98

slide-99
SLIDE 99

Dips & Spreads (Non GAAP) FY'13 FY'12 % Chg. Q4'13 Q4'12 % Chg. Revenue: Sabra (50%) 565 503 12.3% 137 128 7.2% Obela (50%) 34 19 82.6% 11 11 (3.9%) Total Revenue 600 522 14.9% 148 139 6.3% EBIT: Sabra (50%) 74 64 14.4% 14 15 (7.3%)

Margins

13.0% 12.8% 0.2% 10.4% 12.0% (1.6%)

Obela (50%) (17) (21) NM (3) (7) NM

Margins

NM NM NM NM NM NM

Total EBIT 57 44 30.2% 11 9 24.2%

Margins

9.5% 8.4% 1.1% 7.4% 6.3% 1.1%

EBITDA: Sabra (50%) 91 84 (12.5%) 18 20 9.1%

Margins

13.1% 16.0% (2.9%) 16.2% 16.6% (0.5%)

Obela (50%) (16) (21) NM (3) (7) NM

Margins

NM NM NM NM NM NM

Total EBITDA 76 64 19.0% 15 14 4.6%

Margins

12.7% 12.3% 0.4% 10.3% 10.5% (0.2%)

Strauss D&S Financial Highlights

Q4 and 12 Months (Non GAAP Adjusted ; for 50%; NIS mm)

99

  • Figures were rounded off to NIS millions. Totals were calculated on the basis of the exact figures in NIS thousands.
slide-100
SLIDE 100

Strauss D&S Non-GAAP Adjusted Financial Highlights

Q3 and YTD (NIS mm); 50% share

100

  • Figures were rounded off to NIS millions. Totals were calculated on the basis of the exact figures in NIS thousands.

Dips & Spreads (Non GAAP) YTD'14 YTD'13 % Chg. Q3'14 Q3'13 % Chg. Revenue: Sabra (50%) 466 428 8.7% 161 152 6.4% Obela (50%) 25 23 7.1% 9 7 25.8% Total Revenue 491 452 8.6% 171 159 7.3% EBIT: Sabra (50%) 72 59 21.8% 30 26 18.6%

Margins

15.6% 13.9% 1.7% 18.8% 16.9% 1.9%

Obela (50%) (15) (13) 12.2% (5) (4) 25.0%

Margins

NM NM NM NM NM NM

Total EBIT 57 46 24.6% 25 22 17.5%

Margins

11.7% 10.2% 1.5% 14.9% 13.6% 1.3%

EBITDA: Sabra (50%) 83 74 13.1% 33 31 7.1%

Margins

17.9% 17.2% 0.7% 20.4% 20.3% 0.1%

Obela (50%) (14) (13) (11.4%) (5) (4) (27.6%)

Margins

NM NM NM NM NM NM

Total EBITDA 69 61 13.7% 28 27 5.8%

Margins

14.2% 13.5% 0.6% 16.7% 16.9% (0.2%)

slide-101
SLIDE 101

Appendix V: STRAUSS WATER

101

slide-102
SLIDE 102

316 382 405 418 483 200 250 300 350 400 450 500 2009 2010 2011 2012 2013

12 Months Strauss Water Sales

(Non GAAP; NIS mm)

102

slide-103
SLIDE 103

305 314 344 408 50 100 150 200 250 300 350 400 450 YTD'11 YTD'12 YTD'13 YTD'14

YTD Strauss Water Non-GAAP Sales

(NIS mm)

103

slide-104
SLIDE 104

106 112 126 135

  • 20

40 60 80 100 120 140 160 Q3'11 Q3'12 Q3'13 Q3'14

Q3 Strauss Water Non-GAAP Sales

(NIS mm)

104

slide-105
SLIDE 105

Appendix VI: MAX BRENNER

105

slide-106
SLIDE 106

108 109 140 135 116 20 40 60 80 100 120 140 160 FY'09 FY'10 FY'11 FY'12 FY'13

FY Max Brenner Sales

(NIS mm)

Organic growth, pro forma for the sale of 5 previously owned branches in Israel and excluding FX: +5.0% 106

slide-107
SLIDE 107

99 103 86 79 20 40 60 80 100 120 YTD'11 YTD'12 YTD'13 YTD'14

YTD Max Brenner Sales

(NIS mm)

Organic growth (excluding Las Vegas branch) and excluding FX: +5.8% 107

slide-108
SLIDE 108

36 35 30 27

  • 5

10 15 20 25 30 35 40 Q3'11 Q3'12 Q3'13 Q3'14

Q3 Max Brenner Sales

(NIS mm)

108 Organic growth (excluding Las Vegas branch) and excluding FX: +6.7%