INVESTOR PRESENTATION HALF YEAR 2012

INVESTOR PRESENTATION HALF YEAR 2012

CONTENTS 1. PERFORMANCE HIGHLIGHTS HY 2012 2. ENVIRONMENT HY 2012 3. P&L & B/S DETAILS HY 2012 4. RAW MATERIALS & PACKAGING 5. OUTLOOK 2012 6. QUESTIONS & ANSWERS 2

1 PERFORMANCE HIGHLIGHTS HY 2012 3

PERFORMANCE HIGHLIGHTS HY 2012 Net Net Trade Sales EBITDA CHF Mio 1 033 94.9 Organic + 5.3 % Volume + 4.4 % Swiss Francs + 2.6 % CHF +6.6 Mio vs. p.y. + 7 % EBIT 48.7 CHF +6.7 Mio vs. p.y. + 16 % NET INCOME 36.6 CHF +4.5 Mio vs. p.y. + 14 % NET LIQUIDITY 415.5 CHF -177.6 Mio vs. p.y. 4

KEY FIGURES SOLID BALANCE SHEET, DECREASED NET CASH POSITION AFTER SHARE BUY BACK Equity CHF Mio Equity B/S ratio in % Net Cash Y/E CHF Mio 1'700 1'600 1'500 1'619 1'511 70.0% 68.0% 66.0% 64.0% 64.4% 68.2% 500 450 400 350 486 416 1'400 62.0% 300 1'300 60.0% 58.0% 250 200 1'200 56.0% 150 1'100 54.0% 52.0% 100 50 1'000 50.0% 0 31.12.2011 30.06.2012 31.12.2011 30.06.2012 31.12.2011 30.06.2012 5

2 ENVIRONMENT HY 2012 6

ENVIRONMENT ECONOMIES _ Ongoing economic uncertainties _ Austerity policy by indebted nations affecting consumers CONSUMERS _ Cautious consumer sentiment, mainly in Southern Europe _ Consumers willing to spend for quality, innovation and gifts _ Importance of promotional incentives CHOCOLATE MARKETS _ Flat volume development in main Lindt markets low value growth FX & MATERIAL _ Stabilized FX vs. CHF in Europe thanks to SNB _ Strengthening dollar currencies vs. CHF _ Lower volatility in raw material markets Cocoa rising again from lows 7

3 P&L & B/S DETAILS HY 2012 8

OVERVIEW P&L & B/S DETAILS HY 2012 POSITIVE SET OF RESULTS DESPITE ONGOING NEGATIVE FX IMPACT 1'100 1'000 900 800 Net Net Trade Sales CHF 1 033 Mio 1'007 1'033 45 38 30 23 EBIT CHF 48.7 Mio 42.0 48.7 Net Income CHF 32.1 Mio +2.6% in CHF +5.3% in local curr. + 16.0 % + 14.0 % 40 30 20 32.1 36.6 700 600 500 2011 2012 15 8 0 2011 2012 10 0 2011 2012 9

SALES ANALYSIS 5 YEARS IN SWISS FRANCS SWISS FRANCS GROWTH NEGATIVELY AFFECTED BY CURRENCIES THROUGHOUT 5 YEARS 1'200 Absolute in CHF Mio Growth in CHF 2 520 1'000 1'035 979 1'057 1'007 1'033 800 600 400 200 2.1% -5.4% 7.9% -4.7% 2.6% 2008 2009 2010 2011 2012 10

SALES ANALYSIS 5 YEARS IN LOCAL CURRENCIES STRONG ORGANIC GROWTH OF 5.3% COMPARED TO AVERAGE MARKET GROWTH IN LINDT COUNTRIES OF 3% 1'200 Absolute in CHF Mio Increase in local currencies 2 520 1'000 1'035 979 1'057 1'007 1'033 800 600 400 200 6.9% 0.2% 9.2% 6.1% 5.3% 2008 2009 2010 2011 2012 11

SALES ANALYSIS DRIVERS 1H2012 SALES GROWTH DRIVEN BY VOLUME LOW PRICE/MIX EFFECTS 6.00% 5.00% 0.9% 5.3% -2.7% 4.00% 4.4% 3.00% 2.00% 2.6% 1.00% 0.00% Volume Price/Mix Organic Forex Reported in CHF 12

SALES ANALYSIS SPLIT OF MARKETS TOTAL NNTS 2012: CHF 1 033 Mio SPLIT BY KEY MARKETS 5.2% 7.1% 6.7% 13.8% 25.7% North America Germany Italy France Switzerland UK 11.3% 19.5% Rest of Europe Rest of World 10.7% 13

SALES ANALYSIS MARKETS POSITIVE ORGANIC GROWTH ACCROSS ALL REGIONS Europe NAFTA Rest of World 7.0% 6.0% 5.0% 4.0% 3.0% 7.0% 6.0% 5.0% 4.0% 3.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 2.0% 1.0% 0.0% 3.0% 2.0% 2.0% 1.0% 1.0% 6.9% 4.0% 5.8% 6.7% 3.1% 0.0% 0.0% 8.7% 1H 2011 1H 2012 1H 2011 1H 2012 1H 2011 1H 2012 14

MATERIAL COSTS INCLUDING +/- CHANGE IN INVENTORY COST MARGIN CONTINUES TO DECREASE DESPITE HIGH VOLATILITY OF INPUT COSTS Absolute in CHF Mio In % of NNTS 400 375 350 371 373 383 354 358 325 300 275 250 225 200 35.8% 38.1% 36.2% 35.2% 34.7% 2008 2009 2010 2011 2012 15

PERSONNEL EXPENDITURE COST MARGIN STABILIZING AT AROUND 26.5% 300 Personnel exp. in CHF Mio Personnel exp. in % NNTS 250 283 261 279 267 275 200 150 100 27.4% 26.7% 26.4% 26.5% 26.6% 2008 2009 2010 2011 2012 16

HEADCOUNT & NNTS / EMPLOYEE NUMBER OF EMPLOYEES +4.1% LEAD BY RETAIL EXPANSION VOLUME + 4.4% Average number of employees NNTS per employee CHF (000) 7'500 7'000 6'500 7'249 6'788 6'984 7'160 7'450 6'000 5'500 5'000 4'500 4'000 3'500 143 144 151 141 139 2008 2009 2010 2011 2012 17

OPERATING / MARKETING EXPENSES CONTINUED INVESTMENT IN BRAND Absolute in CHF Mio In % of NNTS 325 300 307 294 318 301 309 275 250 225 200 29.7% 30.0% 30.1% 29.9% 30.0% 2008 2009 2010 2011 2012 18

OPERATING PROFIT (EBIT) EBIT DEVELOPMENT DRIVEN BY OPERATING EFFICIENCY GAINS AND VOLUME GROWTH Absolute in CHF Mio In % of NNTS 50 49 40 42 30 34 34 20 24 10 0 3.2% 2.5% 3.2% 4.2% 4.7% 2008 2009 2010 2011 2012 19

NET INCOME SOUND PROFITABILITY IN FIRST HALF 2012 40 Net income in CHF Mio In % of NNTS 37 30 32 20 23 19 25 10 0 2.2% 1.9% 2.3% 3.2% 3.5% 2008 2009 2010 2011 2012 20

OPERATING CASH FLOW & CAPEX OPERATING CASH FLOW MAINLY IMPACTED BY HIGHER RAW MATERIAL STOCK 400 350 300 Operating Cash Flow in CHF Mio 369 CAPEX in CHF Mio 250 200 260 226 228 150 100 50 0 159 100 61 40 42 65 2008 2009 2010 2011 2012 21

NET CASH POSITION DEVELOPMENT NET CASH POSITION REDUCED BY SHARE BUY BACK & DIVIDEND PAYMENT Net cash and net cash movement in CHF Mio 700.0 600.0 500.0 400.0 540 159 486 486 24 645 65 604 112 492 78 2 414 416 416 300.0 356 200.0 100.0 0.0 2009 2010 2011 Operating Cash Flow Capital Incr. CAPEX Dividend Paym. Share buy back Currency impact 1H2012 22

SHARE BUY BACK 2011 / 2012 REPURCHASE OF SHARES AND PCS CLOSE TO COMPLETION _ Total repurchase as per August 21, 2012: CHF 307 Mio or 4.7% of total capital (corresponding to 2.7% of registered shares and 7.9% of PCs) TERMS _ Share buy-back program of maximum 5% of total share/pc capital _ Program to continue through 31.12.2012 _ Repurchase via separate trading lines (second line; ticker LISPE, LISPE) _ Shares and PCs to be retired by means of capital reduction after completion _ Part of repurchased shares already retired as per 30.7.2012 (3 300 registered shares, 53 000 PCs) 23

4 RAW MATERIAL & PACKAGING 24

MATERIAL COSTS TRENDS 2012 COCOA PRODUCTS - Terminal Market sidelined range GBP 1 600 1 300 - Bean Differentials - Butter Ratio OTHER RAW MATERIALS - Milk - Sugar - Hazelnuts - Almonds PACKAGING - Paper & Cardboard - Metals & Flexibles 25

COCOA CROP / GRINDING BALANCE Cocoa Beans in '000 t 4'500 4'310 3'500 3'731 3'591 3'635 3'531 16.2% 3'923 3'990 3'993 2'500 1'500 5.5% 5.5% 42.4% Production Grindings Surplus/Deficit 500-500 15.5% 24-132 344-43 2008/09 2009/10 2010/11* 2011/12** *Estimate; ** Forecast; Source: ICCO 26

COCOA PRODUCT PRICES 2008 2012 GBP / Ton 2'800 LONDON TERMINAL Ratio Multiple 3.40 BUTTER RATIO 2'600 2'400 2'200 2'000 3.10 2.80 2.50 1'800 2.20 1'600 1'400 1'200 1'000 1.90 1.60 1.30 800 1.00 27

NUT & ALMOND PRICES 2008 2012 USD / Ton Hazelnuts USD / Ton Almonds 10'000 7'500 9'000 7'000 8'000 6'500 7'000 6'000 5'500 6'000 5'000 5'000 4'500 4'000 4'000 28

EUR / Ton MILK PRICES EUROPE, SWITZERLAND & WORLD 2010 2012 Price Milkpowder 26% in Euro CH EU World 5'750 5'500 5'250 5'000 4'750 4'500 4'250 4'000 3'750 3'500 3'250 3'000 2'750 2'500 2'250 2'000 Source: VWD-Data, BLW Referenzpreise 29

USD / Ton SUGAR PRICES 2008 2012 1'500 1'400 1'300 1'200 1'100 1'000 900 Sugar prices in USD / Ton CH / EU USA West coast cane sugar Liffe 800 700 600 500 400 300 200 Sources: CH/EU: Market Offers, USA: Milling&Baking News, White Sugar London, Forex: VWD-Data 30

5 OUTLOOK 2012 31

OUTLOOK 2012 FINANCIAL GUIDANCE FOCUS ON INVESTING FOR FUTURE GROWTH MARKET FOCUS 2012 _ Selective price increases in specific markets and products _ Focus on market share gains _ Participate in strategic promotional activities to grow volume _ Continue investments in newly opened subsidiaries CONTINUATION OF MARKET INVESTMENTS IN 2012 _ Marketing spending: Further increase of market spending in all markets _ New geographies: Explore expansion potential _ Mature markets: Build market share through introduction of new and innovative products INTERNAL _ Optimize management of transactional FX-exposure _ Implement cost savings and efficiency improvement measures 32

MID TO LONG TERM FINANCIAL GUIDANCE UNCHANGED MID- TO LONG TERM SALES AND PROFIT TARGETS Organic Growth 6 8 % p.a. EBIT margin + 20 to 40 basis points (*) CAPEX CHF 120 140 Mio Continued high cash generation (*) based on constant currencies 33

6 QUESTIONS & ANSWERS 34

DISCLAIMER This presentation contains forward looking statements which reflect management s current views and estimates. The forward looking statements involve risks and uncertainties that could cause actual results to differ from those expressed in the forward looking statements. Potential risks and uncertainties include among others factors as general economic conditions, foreign exchange and commodity price fluctuations, competitive product and pricing pressures and regulatory developments. 35

INVESTOR PRESENTATION HALF YEAR 2012