Regulatory Release - PDMR Shareholding

Notification of Transactions of Directors/Persons Discharging Managerial
                      Responsibility and Connected Persons


This form is intended for use by an issuer to make a RIS notification required
by the Market Abuse Rules and section 53 (as extended by section 64 of the
Companies Act 1990) or entered into the issuer's register in accordance with
section 59 of the Companies Act 1990.

(1)           An issuer making a notification in respect of a transaction
relating to the shares or debentures of the issuer should complete boxes 1 to
16, 23 and 24.

(2)           An issuer making a notification in respect of a derivative
relating to the shares of the issuer should complete boxes 1 to
4, 6, 8, 13, 14, 16, 23 and 24.

(3)           An issuer making a notification in respect of options granted to a
director/person discharging managerial responsibilities should complete boxes 1
to 3 and 17 to 24.

(4)           An issuer making a notification in respect of a financial
instrument relating to the shares of the issuer (other than a debenture) should
complete the boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.

All relevant boxes should be completed in block capital letters

+--+------------------------------------+--+-----------------------------------+
|1 |Name of the Issuer                  |2 |State whether the notification     |
|  |                                    |  |relates to:                        |
|  |ARYZTA AG                           |  |(i)    a transaction notified in   |
|  |                                    |  |accordance with Market Abuse Rules;|
|  |                                    |  |                                   |
|  |                                    |  |(ii)   a disclosure made in        |
|  |                                    |  |accordance with section 53 (as     |
|  |                                    |  |extended by section 64 of the      |
|  |                                    |  |Companies Act 1990) or entered into|
|  |                                    |  |the issuer's register in accordance|
|  |                                    |  |with section 59 of the Companies   |
|  |                                    |  |Act 1990; or                       |
|  |                                    |  |                                   |
|  |                                    |  |(iii) both (i) and (ii).           |
|  |                                    |  |                                   |
|  |                                    |  |                                   |
|  |                                    |  |                                   |
|  |                                    |  |(i) above                          |
+--+------------------------------------+--+-----------------------------------+
|3 |Name of person discharging          |4 |State whether notification relates |
|  |managerial responsibilities/director|  |to a person connected with a person|
|  |                                    |  |discharging managerial             |
|  |Hugo Kane                           |  |responsibilities/director named in |
|  |                                    |  |3 and identify the connected       |
|  |                                    |  |person.   N/A                      |
|  |                                    |  |                                   |
|  |                                    |  |                                   |
+--+------------------------------------+--+-----------------------------------+
|5 |Indicate whether the notification is|6 |Description of shares (including   |
|  |in respect of a holding of the      |  |class) debentures or derivatives or|
|  |person referred to in 3 or 4 above  |  |financial instruments relating to  |
|  |or in respect of a non-beneficial   |  |shares                             |
|  |interest.       In respect of a     |  |                                   |
|  |holding of person referred to in 3  |  |Registered shares                  |
|  |above                               |  |                                   |
+--+------------------------------------+--+-----------------------------------+
|7 |Name of registered shareholder(s)   |8 |State the nature of the transaction|
|  |and, if more than one, number of    |  |                                   |
|  |shares held by each of them.        |  |Sale                               |
|  |                                    |  |                                   |
|  |   Person named in 3 above.         |  |                                   |
+--+------------------------------------+--+-----------------------------------+
|9 |Number of shares, debentures or     |10|Percentage of issued class acquired|
|  |financial instruments relating to   |  |(treasury shares of that class     |
|  |shares acquired                     |  |should not be taken into account   |
|  |                                    |  |when calculating  percentage)      |
|  |68,000                              |  |                                   |
|  |                                    |  |0.08%                              |
+--+------------------------------------+--+-----------------------------------+
|11|Number of shares, debentures or     |12|Percentage of issued class disposed|
|  |financial instruments relating to   |  |(treasury shares of that class     |
|  |shares disposed                     |  |should not be taken into account   |
|  |                                    |  |when calculating  percentage)      |
|  |N/A                                 |  |                                   |
|  |                                    |  |N/A                                |
+--+------------------------------------+--+-----------------------------------+
|13|Price per share or value of         |14|Date and place of transaction      |
|  |transaction                         |  |                                   |
|  |                                    |  |14 December, 2010.  Zurich         |
|  |CHF43.10 per share                  |  |                                   |
+--+------------------------------------+--+-----------------------------------+
|15|Total holding following notification|16|Date issuer informed of transaction|
|  |and total percentage holding        |  |                                   |
|  |following notification (any treasury|  |14 December, 2010                  |
|  |shares should not be taken into     |  |                                   |
|  |account when calculating percentage)|  |                                   |
|  |                                    |  |                                   |
|  |172,978 shares or 0.208%            |  |                                   |
+--+------------------------------------+--+-----------------------------------+


If a person discharging managerial responsibilities has been granted options by
the issuer, complete the following boxes:

+--+--------------------------+--+---------------------------------------------+
|17|Date of grant  N/A        |18|Period during which or date on which it can  |
|  |                          |  |be exercised   N/A                           |
+--+--------------------------+--+---------------------------------------------+
|19|Total amount paid (if any)|20|Description of shares or debentures involved |
|  |for grant of the option   |  |(class and number)  N/A                      |
|  |N/A                       |  |                                             |
+--+--------------------------+--+---------------------------------------------+
|21|Exercise price (if fixed  |22|Total number of shares or debentures over    |
|  |at time of grant) or      |  |which options are held following             |
|  |indication that the price |  |notification   N/A                           |
|  |is to be fixed at the time|  |                                             |
|  |of exercise N/A           |  |                                             |
+--+--------------------------+--+---------------------------------------------+
|23|Any additional information|24|Name of contact and telephone number for     |
|  |                          |  |queries                                      |
|  |                          |  |                                             |
|  |                          |  |Pat Morrissey, General Counsel and Group     |
|  |                          |  |Secretary, ARYZTA AG, + 41445834204          |
+--+--------------------------+--+---------------------------------------------+
|Name and signature of duly designated officer of issuer responsible for making|
|notification                                                                  |
|                                                                              |
|_____________Pat Morrissey_______________________________________             |
|                                                                              |
|Date of notification ___________________15/12/2010________________            |
+------------------------------------------------------------------------------+







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Source: Aryzta AG via Thomson Reuters ONE

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