Tupperware To Acquire
Sara Lee Direct Selling
Businesses
August 10, 2005
Rick Goings
Chairman and CEO
Exhibit 99.2
1
Strong Strategic Fit
Expands penetration in high-growth
consumable categories
Reduces risk
Diversifies product line
Balances earnings across geographies
Provides stable earnings and cash flow with
strong upside
Intact management team
Cultural and industry fit
2
Builds Shareholder Value
On 2005 pro-forma basis – about 20% accretive
Intend to continue paying 88 cents per share
dividend
More stable earnings stream
Consumables
Balanced geographies
Multiple expansion potential
Historically consumable peers get higher P/E
3
Sara Lee Direct
Selling Introduction
Simon Hemus
Group President
4
SLD Global Sales
(USD Millions)
SLD Historical Sales
and Profit Evolution
FY05 refers to Sara Lee’s fiscal year which runs from June to July; FY05 includes 12 months of actual sales and operating profit
FY 04 and 03 restated to June actual rates
SLD Global Profit
(USD Millions)
$397
$443
$470
$0
$100
$200
$300
$400
$500
FY03
FY04
FY05
5
SLD Sells in 18 Markets under 7 Brands
Nutrimetics
France
UK
Greece
Avroy Shlain
South Africa
Sara Lee
Philippines
Nutrimetics
Australia
NaturCare
Japan
Asia Pacific
30% of Sales
House of Fuller
Mexico
Sara Lee
Brazil
House of
Fuller/Nuvo
Cosmetica
Argentina &
Uruguay
Latin America
57% of Sales
Swiss Garde
Central Africa
Source: SLD Financial Reports
Nutrimetics
Malaysia
Nutrimetics
Thailand
6
Skin Care and Fragrances are the
Core Categories
Skin Care
Fragrances
Toiletries
Nutritionals
Apparel
Global Sales by Product Category
Source: Sara Lee Financial Reports
4%
18%
9%
12%
28%
29%
7
SLD Compensation and Selling Format
Hybrid
SLD Source of Sales
Source: Sara Lee Financial Reports
26%
6%
68%
Single Level/One-to-One
8
Post-Acquisition
Structure and
Transition Strategy
August 2005
Rick Goings
Chairman and CEO
9
Source: SLD Financial Reports, combined sales based on FY05 sales and profit from SLD and midpoint of 2005 TW external outlook; TW profit is before unallocated expenses
Global Combined Sales
(USD Millions)
Global Operating Profit
(USD Millions)
Change: +38%
Sales: $1.8B
Change : +38%
Op. Profit
$219MM
Increases TUP Sales and Operating
Profit by 38%
SLD
$470
$1.3B
$0
$500
$1,000
$1,500
$2,000
Tupperware
TW+SLD
$158
$61
$0
$25
$50
$75
$100
$125
$150
$175
$200
$225
$250
$275
$300
Tupperware
TW+SLD
TUP
TUP
TUP
TUP
SLD
10
Reduces Exposure to Durable Goods
Economic Cycles
Global Mix
Durable vs. Non-Durable Sales
Durable
90%
Durable
67%
Non-Durable
Non-Durable
Durable
90%
11
Mix was estimated with SLE Fiscal 2005 segment profit and midpoint of Tupperware 2005 External Outlook
TUP Key Market Profit Contribution
As % of Total
TUP+SLD Key Market Profit
Contribution as % of Total
Balances Geographic Mix
Europe
Latin America
Asia Pacific
North America
Europe
Latin America
Asia Pacific
North America
12
More Sellers
Growth in Number of Sales Consultants
# in millions
1.9
13
Strategic Rationale
Offers greater scale in consumable products
Key markets – Mexico, Australia, Philippines, Japan
Key categories – Cosmetics, Fragrances and Toiletries
Leverages BeautiControl expertise
Acquisition integration, party positioning and multi-level
compensation
14
Operational Opportunities
Brings valuable expertise in
Managing individual sales force
receivables
Consultant-level product distribution
Brochure merchandising and gross margin
management
Provides leverage in key commodities -
leveraging volume with third-party
vendors
15
Human Resource Synergies
Easily transitions into Tupperware organization
– leveraging our BeautiControl experience
Leverages Tupperware’s expertise in running
international markets
Brings seasoned, “known” senior management
team
Offers a good cultural fit – Sara Lee direct
selling team is very receptive to the prospect of
working with Tupperware
16
Organizational Structure
Rick Goings
CEO
Glenn Drake
Group President
TW NA , Europe and
South Africa
Dave Halversen
Group President
TW Latin America,
TW Asia Pacific and
BeautiControl
Simon Hemus
Group President
International Beauty
and Personal Care
17
TUPPERWARE
The Premier Global
Direct Seller of
Premium, Innovative
Products
18
Tupperware Brands
19
Financing Structure
August 10, 2005
Mike Poteshman
EVP and CFO
20
Financing
Use of on-hand cash of approximately $50 million
New borrowings of about $540 million
Refinance $100 million of notes due in 2006
21
Financing Continued
Put in a new 5-year $200 million
revolving credit facility
Year-end net debt - $690 million range
vs. $147 million at end of 2004
22
Interest and Covenants
At least 50% of total debt to have a fixed interest rate
Estimate about $50 million of net interest expense
Covenants
Fixed charges coverage test
EBITDA leverage test
Minimum net worth requirement
$40 million of EBITDA cushion versus expected results
before there would be any negative impact on ability to
pay dividends
23
Tupperware stock is listed on the New York Stock Exchange (NYSE:TUP). Statements
contained in this presentation that are not historical fact or that relate to future plans,
events or performances or that use predictive words such as “outlook” or “target” are
“forward-looking” statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements include, but are not limited to, statements about
the benefits of the acquisition, including future financial and operating results,
Tupperware’s plans, objectives, intentions and expectations, including expectation that
the acquisition will close in the fourth quarter of 2005, that are not historical facts.
Readers are cautioned that forward-looking statements are based upon the current
beliefs and expectations of Tupperware’s management and by their nature involve risk
and uncertainty because they relate to events and depend on circumstances that will
occur in the future. Many factors could cause actual results and developments to differ
materially from those expressed or implied by these forward-looking statements,
including, among others, the possibility that the acquisition will not close or will be
significantly delayed. Other risks and uncertainties that could affect Tupperware include
recruiting and activity of the Company’s independent sales forces, the success of new
product introductions and promotional programs, the ability to obtain all government
approvals on land sales, the success of buyers in attracting tenants for commercial
developments, the effects of economic and political conditions generally and foreign
exchange risk in particular and other risks detailed in the Company’s reports on Form 8-
K dated April 10, 2001, as filed with the United States Securities and Exchange
Commission. Tupperware undertakes no obligation to update forward
-looking statements.
24
QUESTIONS
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