Analyst BriefingAnalyst Briefing

1st Quarter 2014

April 18th, 2014

Key Highlights of 1Q 2014

Launch of

Olper’s

thematic

campaign

Trade Activation

of Olper’s

Tarang

consumer

promotion

continued

Launch of

Tarang’s new

packaging

campaign

Key Highlights of 1Q 2014

Introduction of new variants under

the Omore umbrella.

Campaign launches;

Funties

Vanilla Choco Nuts Cone

Tutti Frutti Bricks

Ice On

Monkey Peel new flavorMonkey Peel new flavor

11 MABROOK Shops operational

10 more under construction

Key Highlights of 1Q 2014

• Sahiwal powder plant started commercial production in Feb 2014

• Highest ever Milk Collection Volume since inception

• Highest ever Milk Production at NARA Farm• Highest ever Milk Production at NARA Farm

• Awarded “Best presented annual report in manufacturing category

‘2012” by South Asian Federation of Accountants (SAFA)

9,161

8,330 8,266

9,481 9,517

7,500

8,500

9,500

1Q'13 2Q'13 3Q'13 4Q'13 1Q'14

Revenue (Rs. M)

Business Update – Dairy & Beverages

• Volume increase

vs.Q1 ‘13 6%

• UHT Market Share as per Nielsen

data 52%(Feb

2014)

5

1Q'13 2Q'13 3Q'13 4Q'13 1Q'14

Ambient UHT & Dairy Powder Juices

29%

24%

16%

13%

20%

9%

6%

2%0%

5%

0%

5%

10%

15%

20%

25%

30%

1Q'13 2Q'13 3Q'13 4Q'13 1Q'14

GP as a % of revenue

PAT as a % of revenue

QoQ gain in GP%

Price increase in

Olper’s (from Jan

16, 2014)

2%

Better milk prices

due to flush3%

Cost improvement

in various

procurement

2%

Net gain in GP 7%

463

978

825

377

512

0

200

400

600

800

1,000

1Q'13 2Q'13 3Q'13 4Q'13 1Q'14

Revenue (Rs. M)

Business Update – Ice cream & Frozen Desserts

Ice Cream Market Share

28%

6

(143)

18 (12)

(184)(169)

33%

48%45%

9%

34%

5%

15%

25%

35%

45%

55%

(190)

(140)

(90)

(40)

10

1Q'13 2Q'13 3Q'13 4Q'13 1Q'14

GP as % of revenuePAT (Rs. M)

3,512 3,149 3,498 3,787 3,979

28

21

15

34

43

5

15

25

35

45

2,500

3,000

3,500

4,000

1Q'13 2Q'13 3Q'13 4Q'13 1Q'14

Herd Size

Business Update – Farm

• HIGHEST EVER MILK PRODUCTION IN Q1 ‘2014

7

1Q'13 2Q'13 3Q'13 4Q'13 1Q'14

Production (thousand litres per day)

(18)

(97)

(14)(8)

(20)

(105)

(85)

(65)

(45)

(25)

(5)

1Q'13 2Q'13 3Q'13 4Q'13 1Q'14

PAT (Rs. M)

Revaluation

loss 34M due to PKR

appreciation

2.20

2.80

2.40

1.551.41

0.00

0.50

1.00

1.50

2.00

2.50

3.00

1Q'13 2Q'13 3Q'13 4Q'13 1Q'14

Revenue (CAD Millions)

Business Update – Al-Safa Halal

8

-0.30-0.41 -0.42

-2.63

-0.31

-3.00

-2.50

-2.00

-1.50

-1.00

-0.50

0.00

1Q'13 2Q'13 3Q'13 4Q'13 1Q'14

PAT (CAD Millions)

Other Matters

SHC judgment on Minimum Tax:

• SHC judgment (May 2013) in case of a textile company - minimum tax is not recoverable if theCompany had taxable loss in that year;

• EFoods recoupable minimum tax of Rs. 607 million;

• As advised by consultants, this decision is against the intention of law; and

• We believe that this will be reversed in Supreme Court• We believe that this will be reversed in Supreme Court

10