Ann: European Strategy Day Presentation, page-5

Bit more positive assessment from GS and Citi too after attending the investor strategy presentation in Germany and France. GS didn’t change the TP yet, but thinks what was presented was positive compared to few months back. It is now the execution of the strategies they seems to be waiting in France and Japan. As I have said before everything is sitting well for DMP at the moment, let’s see the execution. World renowned brand doing extremely well in USA, Plenty of market penetration possible in Germany, France and Japan, which are large markets. Infrastructure set up well, positive FCF expected to go up few notches, experienced management team in Pizza industry, who have done a tremendous job for last 10 years except for last 2 years in France and Japan. Next data dumped will be in August with 2024 annual accounts. The restructuring savings achievement, which should be 100% achievable will be the highlight with further $35-40 M due.