Ferrero-related Company announces agreement to acquire Burton's Biscuit Company from Ontario Teachers' Pension Plan Board

LUXEMBOURG,June2,2021 -- A Ferrero-related Company today announced that it has entered into a definitive agreement to acquire Burton's Biscuit Company ("Burton's") from Ontario Teachers' Pension Plan Board ("Ontario Teachers'").

Burton's employs approximately 2,000 people across six manufacturing locations in the UK andgenerated sales of more than GBP275 million during the last 12 months. Burton's produces some of the best-loved brands in the UK biscuit market including Maryland Cookies,Jammie Dodgers,Wagon Wheels,Paterson's and Thomas Fudge's.The business has a history in the British biscuit market dating back to 1935,with a very strong heritage and brand awareness.

As part of the transaction,the Ferrero-related Company will take over the six production facilities in United Kingdom,which are based inBlackpool,Dorset,Edinburgh,Livingston,Llantarnam and Isle of Arran.

Through this acquisition,the Ferrero-related Company expects to enlarge the offer of products in the sweet biscuits market,further to the previous acquisitions of Biscuits Delacre,Kelsen Group and Fox's.

Ontario Teachers' acquired Burton's in 2013 and has helped grow the business through continued investment across the branded,retailer brand and third-party global brand portfolios,in addition to organic initiatives and bolt-on acquisitions.

Davis Polk & Wardwell,LMS Legal LLP (competition law advisors) and Houlihan Lokey served as legal and financial advisors to the Ferrero-related Company.

Kirkland & Ellis and Stamford Partners served as legal and financial advisors to Ontario Teachers'.

About Ferrero-related Company

CTH is a Belgian Holding Company related to the Ferrero Group. Ferrero Group and its related parties is the third player in the worldwide chocolate confectionery market and the second one in the sweet biscuits market.

About Ontario Teachers'

The Ontario Teachers' Pension Plan Board is the administrator of Canada's largest single-profession pension plan,with C$221.2 billion in net assets (all figures as of December 31,2020). It holds a diverse global portfolio of assets,approximately 80% of which is managed in-house,and has earned an annual total-fund net return of 9.6% since the plan's founding in 1990. Ontario Teachers' is an independent organization headquartered in Toronto. Its Asia-Pacific region offices are located in Hong Kong and Singapore,and its Europe,Middle East & Africa region office is in London. The defined-benefit plan,which is fully funded,invests and administers the pensions of the province of Ontario's 331,000 active and retired teachers. For more information,visitotpp.comand follow us on Twitter@OtppInfo.

About Burton's

Burton's is a UK leading biscuit manufacturer which supplies both quality branded and retailer brand biscuits. It owns and bakes important brands such as Maryland,Jammie Dodgers and Wagon Wheels and also bakes biscuits for major retailers and global brands.

Headquartered in St. Albans,UK,Burton's operates manufacturing sites in Blackpool,Llantarnam,Dorset and Isle of Arran,employing approximately 2,000 people.