A Recipe for Success From Credit Agricole Commercial Finance

LONDON, May 10, 2011 - Credit Agricole Commercial Finance, the UK receivables arm of Credit
Agricole, has delivered a GBP51,440,000 Asset Based Lending facility to a
major food group.

In 2007, Vision Capital LLP, an international private equity firm,
purchased a portfolio of investments from Northern Foods plc. These included
the UK's leading supplier of savoury pastry products; a leading private label
supplier of a wide range of fresh and frozen bread and speciality bakery
products; the leading UK private label producer of premium cakes and desserts
and a flour mill. Vision Capital sought to finance the businesses separately,
thus allowing greater flexibility in the future and facilitating individual
exits for each of the businesses.

Vision Capital retained the services of Litmus Advisory Ltd, a leading
asset based lending consultancy, to arrange the refinance and Credit Agricole
Commercial Finance proved itself to be more than capable of meeting the
demands and was selected to provide the funding for the companies.

Within a tight time-frame, Credit Agricole Commercial Finance structured
and delivered three separate asset based lending deals: GBP17,000,000 for the
pastry products supplier, GBP17,900,000 for the bakery company and
GBP16,540,000 for the specialist cakes and desserts manufacturer.

Dave Edwards, Managing Director of Litmus, comments: "Credit Agricole
Commercial Finance was prepared to be flexible, listened to what the clients
wanted in each case and delivered on what they said they would. We were
delighted with the high service levels and they did an excellent job."

Alister Wormsley, Managing Partner of Vision Capital, explains: "The
comprehensive nature of Credit Agricole Commercial Finance's offer was very
important, as obviously it's much easier for us to have one financier for all
three companies. In addition, they were approachable and took the time to
understand our businesses and their specific requirements. The combination of
all these factors was very impressive."

"We are pleased with our decision. The team at Credit Agricole Commercial
Finance have proved themselves to be responsive, commercial and
customer-focussed bankers."

Jeff Longhurst, Managing Director of Credit Agricole Commercial Finance,
concludes: "We are delighted to have the opportunity to support the group in
the achievement of its strategic objectives and also to be able to
demonstrate our capability and flexibility on this type of transaction."

As a leading independent receivables finance specialist in the UK, Credit
Agricole Commercial Finance provides facility levels from GBP500,000 up to
GBP50 million.

www.ca-commercialfinance.co.uk

Michael Symes, Strand Financial Limited, Adam House, 7-10 Adam Street, Strand, London WC2N 6AA, t: +44(0)20-7520-9216, m: +44(0)7736-008270