Savola : The acquisition is in line with Savola Foods’ strategy to develop a contemporary business & focus on the youthful and growing categories

Savola Group, through Savola Foods Company, successfully completes the

acquisi;on of Bayara Holding

The acquisi;on is in line with Savola Foods' strategy to develop a contemporary business &

focus on the youthful and growing categories

Jeddah, Kingdom of Saudi Arabia and Dubai, United Arab Emirates - 14 October 2021: Savola Group, a leading strategic investment holding company with focus on the food and retail sectors in the Middle East and North Africa; Levant Capital, an investment management firm based in Dubai; and Spicemen Limited, announced today the compleCon of the acquisiCon of Bayara Holding Limited ("Bayara") by Savola Foods Company ("Savola Foods"), a wholly owned subsidiary of Savola Group. With nearly three decades of operaCons, Bayara is a leading packaged foods company based in the United Arab Emirates ("UAE") offering a wide range of nuts, spices, dried fruits, pulses and snacks with a distribuCon network spanning across Saudi Arabia, the UAE and more than thirty other countries across the Middle East and Africa.

Savola Foods acquired 100% of Bayara for USD 260 million in cash (approximately SAR 975 million). The acquisiCon is pivotal to Savola's growth strategy focused on expansion into high growth, value-added food categories with proposiCons directed towards younger populaCon.

Bayara brings well-established sourcing and go-to-market capabiliCes together with strong potenCal for synergies with Savola Foods. Its business is driven by the prevailing trend towards achieving a healthy lifestyle and a growing younger populaCon.

Bayara recorded net sales of approximately SAR 420 million for the twelve-month period ending in March 2021 with a healthy mid-teens EBITDA margin.

CommenCng on the transacCon, Mr. Waleed Fatani, Savola Group CEO stated "the acquisiCon of Bayara represents a strategic addiCon to Savola Group, and a demonstraCon of our commitment to conCnue growing Savola's poraolio with future focused businesses. It reinforces our overarching focus on growth and delivering long-term value creaCon for our shareholders".

Sameh Hassan, CEO of Savola Foods, added "the acquisiCon of Bayara comes within the strategy framework of Savola Foods, which aims to diversify our business through focused expansions, primarily benefiCng from the increased spending on healthy food trends. We are seeking to introduce and drive this new business under Savola Foods through regional expansion while strengthening and consolidaCng our base in the UAE".