Bel : adjusts its capital allocation and funding strategy and decides not to file a draft public share buyback tender offer (“OPRA”)

Since Bel's 19 March 2021 announcement of its intention to file a public share buyback tender offer ("OPRA") at €440 per share, the Group has successfully pursued its transformation strategy including progress on its plan to sell Leerdammer[1]. Implementation of said strategy also resulted in an acceleration of its investments in promising market segments and geographies notably through the exercise of its call option on a 17.56% equity stake in MOM Group and pursuing R&D investment in order to cement the Group's leadership in healthy snacking, primarily by building its offering on the three complementary market segments - dairy, fruit and plant-based.

Bel has furthermore been informed of Unibel's decision to increase the price of its draft public buy-out tender offer followed by a squeeze-out ("OPR-RO") at €550 per Bel share. Said price represents a 45.5% premium over the 17 March 2021[2] closing share price, 58.4% over the volume-weighted average share price during the 60 days prior to 17 March 2021 (included) and 25% over the €440 price announced on 19 March 2021.

In a context of acceleration of investment efforts combined with a difficult economic and geopolitical situation in the Middle East and North Africa since first half 2021, Bel Group has decided to adjust its strategy and not to file the OPRA.

[1] Transfer by Sicopa, a wholly-owned Bel subsidiary, of a business comprising Royal Bel Leerdammer NL, Bel Italia, Bel Deutschland, the brand Leerdammer and all related rights, plus Bel Shostka Ukraine in return for 1,591,472 Bel shares (23.16% equity stake) held by Lactalis.

[2] The day before the announcement of Bel and Lactalis Group entering into exclusive talks to sell a business comprising Royal Bel Lambda NL, Bel Italia, Bel Deutschland, the brand Leerdammer and all related rights, plus Bel Shostka Ukraine.