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                    EMAIL THREAD - DELHAIZE ANNUAL NEGOTIATION
                    25 messages - 3 to 13 November 2025
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This file simulates a professional email thread to be used for practising the
"Summarising long email threads" use case with Copilot.

All names, figures and details are fictional and created for training purposes
only. Brands referenced are public Ferrero brands.

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EMAIL 1
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From: Anneke Vermeulen <anneke.vermeulen@ferrero.com>
To: Bram De Smet <b.desmet@delhaize.be>
Cc: Lucas Janssens <lucas.janssens@ferrero.com>
Date: 3 November 2025, 09:15
Subject: 2026 Annual Negotiation - Ferrero Proposal

Dear Bram,

Following our phone call last week, please find below our commercial proposal
for the 2026 financial year.

As discussed, we propose:
- 2025 pricing maintained on the Kinder range
- 3.5% increase on Nutella (raw material impact)
- 2.8% increase on Ferrero Rocher and Raffaello
- New listing: Kinder Cards Hazelnut (Benelux launch January 2026)

In return, we are requesting:
- Current shelf positions maintained
- 4 in-store activations per year (Easter, Back-to-School, Halloween, Christmas)
- Kinder Cards Hazelnut listed in 100% of hypermarkets from January

I suggest we meet during the week of 10 November to discuss.

Kind regards,
Anneke Vermeulen
Sales Director - Ferrero Benelux

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EMAIL 2
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From: Bram De Smet <b.desmet@delhaize.be>
To: Anneke Vermeulen <anneke.vermeulen@ferrero.com>
Cc: Tom Claes <t.claes@delhaize.be>
Date: 4 November 2025, 11:42
Subject: RE: 2026 Annual Negotiation - Ferrero Proposal

Anneke,

Thank you for this proposal. I have reviewed it with my team and I must share
our reservations.

The 3.5% increase on Nutella seems excessive in the current context. Our
shoppers are highly price-sensitive and we are seeing a shift towards private
label in this category.

Regarding Kinder Cards Hazelnut, we are interested, but a 100% hypermarket
listing from January is not feasible. We propose a phased rollout: 50 pilot
stores, then extension if results are positive.

I am available on Thursday 13 November at 14:00 to discuss.

Bram De Smet
Head of Buying - FMCG - Delhaize Belgium

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EMAIL 3
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From: Anneke Vermeulen <anneke.vermeulen@ferrero.com>
To: Lucas Janssens <lucas.janssens@ferrero.com>
Date: 4 November 2025, 14:23
Subject: FW: 2026 Annual Negotiation - Ferrero Proposal

Lucas,

Have you seen Delhaize's reply? They are pushing back on the Nutella increase.
Could you prepare a supporting case showing the 12-month evolution of cocoa and
hazelnut costs?

I also need the Nutella sell-out figures at Delhaize for the last 3 months to
demonstrate that the brand remains a must-have.

Meeting scheduled Thursday 13/11 at 14:00.

Anneke

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EMAIL 4
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From: Lucas Janssens <lucas.janssens@ferrero.com>
To: Anneke Vermeulen <anneke.vermeulen@ferrero.com>
Date: 4 November 2025, 16:55
Subject: RE: FW: 2026 Annual Negotiation - Ferrero Proposal

Anneke,

Here are the elements requested:

Cost evolution (Oct 2024 - Oct 2025):
- Cocoa: +28%
- Hazelnuts: +19%
- Sugar: +8%
- Packaging: +12%

Nutella sell-out at Delhaize (Aug-Oct 2025):
- Value: +4.2% vs LY
- Volume: +1.8% vs LY
- Category market share: 83.5% (stable)

Nutella remains THE reference. No private label comes close to these figures.
I will prepare a PowerPoint deck for Thursday.

Lucas

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EMAIL 5
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From: Tom Claes <t.claes@delhaize.be>
To: Bram De Smet <b.desmet@delhaize.be>
Date: 5 November 2025, 09:30
Subject: Internal analysis - Ferrero 2026

Bram,

I have analysed the Ferrero proposal. A few points:

1) The 3.5% Nutella increase represents an annual extra cost of EUR 2.8M for us.
   Significant, but Nutella generates EUR 45M in turnover - hard to do without.

2) Kinder at stable pricing is good news (EUR 22M turnover).

3) Kinder Cards Hazelnut: interesting potential, snacking category is growing.
   I recommend accepting the listing but negotiating the terms.

My view: we can concede on Nutella up to 2.5% max if we secure counterparts
(promo investment, in-store activation).

Tom

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EMAIL 6
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From: Anneke Vermeulen <anneke.vermeulen@ferrero.com>
To: Bram De Smet <b.desmet@delhaize.be>
Cc: Lucas Janssens <lucas.janssens@ferrero.com>
Date: 5 November 2025, 14:18
Subject: RE: 2026 Annual Negotiation - Ferrero Proposal

Bram,

I note your reservations on the Nutella increase.

To demonstrate our good faith and our commitment to building a lasting
partnership, we are prepared to revisit our position subject to meaningful
counterparts.

We propose:
- Nutella increase reduced to 2.8% (an effort of -0.7 pts)
- In exchange: 2 additional promotional operations (6 in total)
- And a EUR 150K contribution towards your activation costs

For Kinder Cards Hazelnut, we accept the principle of a phased rollout but
would like 80 pilot stores (vs 50 proposed).

See you Thursday to discuss.

Anneke

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EMAIL 7
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From: Bram De Smet <b.desmet@delhaize.be>
To: Anneke Vermeulen <anneke.vermeulen@ferrero.com>
Date: 6 November 2025, 10:05
Subject: RE: 2026 Annual Negotiation - Ferrero Proposal

Anneke,

We are moving in the right direction.

2.8% on Nutella is still above our target, but I am willing to discuss it on
Thursday. The EUR 150K contribution is an appreciated gesture.

For Kinder Cards Hazelnut, 80 stores seems reasonable. But I need guarantees on
marketing support. What media plan are you planning?

Additional question: what about the Kinder Easter 2026 activations? We want an
ambitious in-store theatre this year.

Bram

PS: Could you also send me the visuals of the new Ferrero Rocher packaging?
Our merchandising team needs them.

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EMAIL 8
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From: Lucas Janssens <lucas.janssens@ferrero.com>
To: Anneke Vermeulen <anneke.vermeulen@ferrero.com>
Date: 6 November 2025, 11:30
Subject: Delhaize meeting deck

Anneke,

The deck is ready. 15 slides with:
- Raw material cost evolution
- Nutella performance at Delhaize
- Kinder Cards Hazelnut launch plan
- Easter activation proposal

I also have the Rocher visuals for Bram.

Shall we have a quick sync tomorrow morning to prepare the meeting?

Lucas

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EMAIL 9
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From: Anneke Vermeulen <anneke.vermeulen@ferrero.com>
To: Lucas Janssens <lucas.janssens@ferrero.com>
Date: 6 November 2025, 11:45
Subject: RE: Delhaize meeting deck

OK for tomorrow 09:00 in my office.

Add the Kinder Cards Hazelnut media plan (EUR 8M budget) to the deck. Bram wants
guarantees on marketing support.

For Kinder Easter, what can we offer in terms of in-store theatre? Available
budget?

Anneke

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EMAIL 10
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From: Lucas Janssens <lucas.janssens@ferrero.com>
To: Anneke Vermeulen <anneke.vermeulen@ferrero.com>
Cc: Karim El Amrani <karim.elamrani@ferrero.com>
Date: 6 November 2025, 15:22
Subject: RE: Delhaize meeting deck

Anneke,

I have added the Kinder Cards Hazelnut media plan:
- TV: EUR 4M (30" prime time spot, RTL-TVI, VTM, Eén)
- Digital: EUR 2.5M (YouTube, Meta, TikTok)
- Influencers: EUR 1M (50 creators)
- Sampling: EUR 500K

Karim, can you give me the Kinder Easter 2026 in-store theatre budget and the
available concepts?

Lucas

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EMAIL 11
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From: Karim El Amrani <karim.elamrani@ferrero.com>
To: Lucas Janssens <lucas.janssens@ferrero.com>
Cc: Anneke Vermeulen <anneke.vermeulen@ferrero.com>
Date: 7 November 2025, 08:45
Subject: RE: Delhaize meeting deck

Lucas, Anneke,

Easter 2026 in-store theatre budget: EUR 2.5M overall
Of which Delhaize: EUR 450K (banner market share)

Available concepts:
1) "The Enchanted Kinder Forest" - immersive 6 sqm set, digital animations
2) "The Bunny Workshop" - egg personalisation space, photo booth
3) "The Treasure Hunt" - in-store trail, prize competition

I recommend concept 1 for Delhaize, maximum visual impact.

Karim

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EMAIL 12
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From: Anneke Vermeulen <anneke.vermeulen@ferrero.com>
To: Bram De Smet <b.desmet@delhaize.be>
Date: 7 November 2025, 14:00
Subject: RE: 2026 Annual Negotiation - Ferrero Proposal + Visuals

Bram,

Please find attached the visuals of the new Ferrero Rocher packaging.

Regarding your questions:

1) Kinder Cards Hazelnut media plan: EUR 8M
   - TV prime time (RTL-TVI, VTM, Eén): EUR 4M
   - Digital (YouTube, Meta, TikTok): EUR 2.5M
   - Influencers (50 creators): EUR 1M
   - Sampling: EUR 500K

2) Kinder Easter 2026: We propose the "Enchanted Kinder Forest" concept
   - Immersive 6 sqm set with digital animations
   - Installed in your 50 largest stores
   - Ferrero investment: EUR 450K

Meeting confirmed Thursday 13/11 at 14:00 at your offices in Zellik.

Anneke

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EMAIL 13
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From: Bram De Smet <b.desmet@delhaize.be>
To: Anneke Vermeulen <anneke.vermeulen@ferrero.com>
Cc: Tom Claes <t.claes@delhaize.be>
Date: 10 November 2025, 09:12
Subject: RE: 2026 Annual Negotiation - Ferrero Proposal + Visuals

Anneke,

Thank you for these detailed elements.

The Kinder Cards Hazelnut media plan is convincing. The EUR 450K Easter
investment is appreciated - we approve the "Enchanted Forest" concept.

However, I maintain my position on Nutella: 2.5% maximum. That is my
negotiation mandate.

Here is my counter-proposal:
- Nutella: +2.5% (vs 2.8% proposed)
- In exchange, Ferrero raises its promo contribution to EUR 200K (vs 150K)
- Kinder Cards Hazelnut: 80 stores OK, sell-out target defined jointly
- Kinder/Rocher: terms accepted

If we have an agreement in principle, we can finalise on Thursday.

Bram

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EMAIL 14
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From: Anneke Vermeulen <anneke.vermeulen@ferrero.com>
To: Henk Bakker <henk.bakker@ferrero.com>
Date: 10 November 2025, 10:30
Subject: Delhaize 2026 arbitration - URGENT

Henk,

Delhaize is pushing for Nutella at +2.5% (our proposal: 2.8%).
This represents a shortfall of EUR 350K over the year.

In return, they accept:
- Kinder Cards Hazelnut listing in 80 stores
- "Enchanted Forest" Easter concept (EUR 450K investment)
- Kinder/Rocher terms approved

They also ask for a higher promo contribution (EUR 200K vs 150K).

My recommendation: accept 2.5% to secure the overall deal.
Delhaize remains our No.1 customer (EUR 287M turnover).

Do you have a slot to discuss before Thursday?

Anneke

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EMAIL 15
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From: Henk Bakker <henk.bakker@ferrero.com>
To: Anneke Vermeulen <anneke.vermeulen@ferrero.com>
Date: 10 November 2025, 11:45
Subject: RE: Delhaize 2026 arbitration - URGENT

Anneke,

OK for 2.5% on Nutella if and only if:
1) Promo contribution capped at EUR 180K (not 200K)
2) Kinder Cards Hazelnut: performance clause with automatic extension to
   150 stores if sell-out > target
3) Agreement duration: 18 months (not 12)

That is my final word. Delhaize is strategic but we do not undersell our brands.

Call me tonight if needed.

Henk

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EMAIL 16
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From: Anneke Vermeulen <anneke.vermeulen@ferrero.com>
To: Bram De Smet <b.desmet@delhaize.be>
Date: 11 November 2025, 09:00
Subject: RE: 2026 Annual Negotiation - Ferrero Proposal + Visuals

Bram,

I have secured the necessary approvals. Here is our final position:

NUTELLA: +2.5% (accepted)

PROMO CONTRIBUTION: EUR 180K (vs 200K requested)
Rationale: already a significant effort on the price increase

KINDER CARDS HAZELNUT: 80 stores + performance clause
If sell-out > jointly defined target: automatic extension to 150 stores

AGREEMENT DURATION: 18 months (January 2026 - June 2027)
To give us visibility and build for the long term

This is our firm proposal. I hope we can close on Thursday.

Anneke

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EMAIL 17
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From: Bram De Smet <b.desmet@delhaize.be>
To: Tom Claes <t.claes@delhaize.be>
Date: 11 November 2025, 10:22
Subject: FW: 2026 Annual Negotiation - Ferrero Proposal

Tom,

The Ferrero proposal is below. What do you think?

EUR 180K contribution is less than we wanted but acceptable.
The Kinder Cards Hazelnut performance clause is interesting.

The move to 18 months bothers me a little (less flexibility) but it does lock
in the terms.

Your view before Thursday?

Bram

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EMAIL 18
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From: Tom Claes <t.claes@delhaize.be>
To: Bram De Smet <b.desmet@delhaize.be>
Date: 11 November 2025, 14:45
Subject: RE: FW: 2026 Annual Negotiation - Ferrero Proposal

Bram,

My analysis:

POSITIVES:
- Nutella at 2.5%: a win (we started at 3.5%)
- Kinder Cards Hazelnut performance clause: we take no risk
- Easter investment EUR 450K: above last year

POINTS OF ATTENTION:
- EUR 180K vs 200K requested: a EUR 20K gap, not critical
- 18 months: unusual but not a deal-breaker if the terms are good

RECOMMENDATION: Accept the deal. We secured the essentials.

Tom

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EMAIL 19
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From: Bram De Smet <b.desmet@delhaize.be>
To: Anneke Vermeulen <anneke.vermeulen@ferrero.com>
Date: 12 November 2025, 09:30
Subject: RE: 2026 Annual Negotiation - Ferrero Proposal

Anneke,

After internal review, we are able to accept your proposal subject to one
clarification:

Kinder Cards Hazelnut performance clause: what sell-out target do you propose?
We suggest EUR 500K across the 80 stores over 6 months.

If agreed, we can sign tomorrow.

Bram

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EMAIL 20
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From: Anneke Vermeulen <anneke.vermeulen@ferrero.com>
To: Bram De Smet <b.desmet@delhaize.be>
Date: 12 November 2025, 11:15
Subject: RE: 2026 Annual Negotiation - Ferrero Proposal

Bram,

Kinder Cards Hazelnut sell-out target: EUR 500K over 6 months across 80 stores.
Ambitious but realistic given our media plan.

AGREEMENT IN PRINCIPLE CONFIRMED.

I suggest we formalise tomorrow:
- 14:00: review of terms with our legal teams
- 15:30: signing of the framework agreement

Can you confirm availability on your side?

Anneke

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EMAIL 21
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From: Bram De Smet <b.desmet@delhaize.be>
To: Anneke Vermeulen <anneke.vermeulen@ferrero.com>
Cc: Tom Claes <t.claes@delhaize.be>, Delhaize Legal Department
Date: 12 November 2025, 14:00
Subject: RE: 2026 Annual Negotiation - Signature meeting confirmation

Anneke,

Meeting confirmed for tomorrow Thursday 13 November:
- 14:00: terms review (Anneke, Lucas, Bram, Tom, legal)
- 15:30: framework agreement signing

Location: Delhaize Head Office, Osseghemstraat, Zellik
Room: Board Room, 8th floor

Please bring the documents in 2 original copies.

Bram

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EMAIL 22
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From: Anneke Vermeulen <anneke.vermeulen@ferrero.com>
To: Lucas Janssens <lucas.janssens@ferrero.com>
Cc: Ferrero Legal Department <legal@ferrero.com>
Date: 12 November 2025, 15:30
Subject: Delhaize signing preparation tomorrow

Lucas, Legal,

Tomorrow 14:00 at Delhaize for the 2026 agreement signing.

Summary of negotiated terms:
- Nutella: +2.5%
- Kinder: stable pricing
- Ferrero Rocher / Raffaello: +2.8%
- Kinder Cards Hazelnut: 80 pilot stores, perf clause at EUR 500K / 6 months
- Promo contribution: EUR 180K
- Easter investment: EUR 450K (Enchanted Forest, 50 stores)
- Duration: 18 months (Jan 2026 - June 2027)

Legal: please prepare the framework agreement in 2 copies.
Lucas: you are joining me tomorrow.

Anneke

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EMAIL 23
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From: Lucas Janssens <lucas.janssens@ferrero.com>
To: Anneke Vermeulen <anneke.vermeulen@ferrero.com>
Date: 13 November 2025, 08:15
Subject: RE: Delhaize signing preparation tomorrow

Anneke,

Noted, I will be ready at 13:30 so we can leave together.

Question: do you have the final figures to share with Henk after signing?
He asked me for a summary for Monday's ExCo.

Lucas

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EMAIL 24
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From: Anneke Vermeulen <anneke.vermeulen@ferrero.com>
To: Henk Bakker <henk.bakker@ferrero.com>
Cc: Lucas Janssens <lucas.janssens@ferrero.com>
Date: 13 November 2025, 17:45
Subject: Delhaize 2026 agreement SIGNED

Henk,

We have just left Delhaize. The 2026 agreement is SIGNED.

Final terms:
- Nutella: +2.5%
- Kinder: stable pricing
- Rocher/Raffaello: +2.8%
- Kinder Cards Hazelnut: 80 stores, extension clause to 150 if performance met
- Promo contribution: EUR 180K
- Easter investment: EUR 450K
- Duration: 18 months

Estimated Delhaize 2026 turnover: EUR 298M (+3.8% vs 2025)

A strong negotiation - we defended our positions while maintaining the
partnership relationship.

I am preparing the detailed summary for Monday's ExCo.

Anneke

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EMAIL 25
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From: Henk Bakker <henk.bakker@ferrero.com>
To: Anneke Vermeulen <anneke.vermeulen@ferrero.com>
Cc: Lucas Janssens <lucas.janssens@ferrero.com>
Date: 13 November 2025, 18:02
Subject: RE: Delhaize 2026 agreement SIGNED

Well done Anneke and Lucas!

Excellent teamwork. We secured our top customer with sound terms despite a
tense context.

I look forward to the summary for Monday. Please also plan the next steps:
Albert Heijn and Colruyt are coming up...

Enjoy your well-deserved weekend!

Henk

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END OF THREAD - 25 MESSAGES
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POSSIBLE COPILOT EXERCISES:

1. "Summarise this email thread, identifying the key decisions"
2. "Who is asking for what in this conversation?"
3. "What are the final terms of the agreement?"
4. "List the follow-up actions mentioned in these exchanges"
5. "Build a timeline of the negotiation"
6. "What were the points of disagreement and how were they resolved?"

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