Knut Nesse CEO Nutreco Capital Markets Day Derbyshire, UK 17 September 2013

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1 Knut Nesse CEO Nutreco Capital Markets Day Derbyshire, UK 17 September 2013

2 Welcome to Nutreco s Capital Markets Day 2013 Focus on Premix & Feed Specialties Presenters: Jerry Vergeer: COO Animal Nutrition Harm de Wildt: MD TN Europe Willem Kernkamp: GM Sloten Rob Kiers: GM Hifeed Q&A with Executive Board 2

3 Ambition 2016 driving sustainable growth Higher value added portfolio of nutritional solutions Segments Premix & Feed Specialties and Fish Feed Growth geographies Latin America, Russia, Asia and Africa Sustainability 3

4 Ambition 2016: Fish Feed Existing markets New markets R&D Nonsalmonid Maintain leadership EBITA margin Volume from 1.3 to 1.8 million MT ( ) Volume from 50,000 to 900,000 MT ( ) Roll out MicroBalance to other species Volume share from 28% to 45% ( ) Grow salmonid feed volume in line with the market (5% CAGR) EBITA operating margin 7% Double volume from 1.3 million MT to 2.7 million MT ( ) 4

The blue revolution towards 2020 Global production of seafood 1950 2020

Wild catch 1 0 1950 1960 1970 1980 1990 2000 2010 0 2020e Aquaculture: Annual

5 The blue revolution towards 2020 Global production of seafood Tonnes (x million) Billion Aquaculture Wild catch e Aquaculture: Annual growth of 8.7 % per year for the past 30 years One of the fastest growing food sectors 5

6 Steady growth of global salmon farming industry ktonnes 2,500 2,000 1,500 1, CAGR 9% Other Faroes Canada UK Chile Norway e 6

The potential of Norwegian aquaculture Salmonid value chain 1999 2010 2030 2050 Economic value 1.5 billion 10% CAGR Economic value 4.3 billion 6.5% CAGR Economic value 15 billion 3.

7 The potential of Norwegian aquaculture Salmonid value chain Economic value 1.5 billion 10% CAGR Economic value 4.3 billion 6.5% CAGR Economic value 15 billion 3.5% CAGR Economic value 30 billion Volume 0.5 mill. tonnes 6.5% CAGR Volume 1 mill. tonnes 5.6% CAGR Volume 3 mill. tonnes 2.6% CAGR Volume 5 mill. tonnes Source: Value created from productive oceans in 2050, SINTEF,

8 Unique knowledge Skretting s passion for fish Cutting edge research Fish health Fish performance Raw material Formulation Process technology Feed quality Food safety Sustainability 8

9 Skretting Aquaculture Research Centre units ARC Lab Feed Technology Plant Lerang Salmon Trout Cod Halibut ARC Norway ARC Mediterranean ARC Asia Italy and Spain Trout Sea bass Sea bream Sole Turbot China and Japan Shrimp Asian sea bass Tilapia Yellowtail Red sea bream 9

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11 More than salmon: over 60 species Atlantic Salmon Turbot Largemouth Bass Mahi Mahi European Sea Bass Snakehead Trout Tilapia Giant Tiger Shrimp Yellowtail Kingfish Pangasius Red Sea Bream Barramundi Japanese Amberjack North Atlantic Tuna Vannamei Shrimp 11

12 World fish and shrimp feed market 2012* Annual growth volume** Europe America Asia*** Africa Sum species Estimated volume (million tonnes) Turnover Salmonid 5% B Shrimp 5% B White fish >5% B Sum geography >5% B Note: * Defined in addressable market turnover, ( billions) and volumes (million metric tonnes) ex. carp. Fresh water trout are included in white fish ** Annual long term growth rate *** Australia has been included in Asia Source: Skretting 12

fishmeal 3.3 15% 0.5 Global shrimp fishmeal 3.9 20% 0.

13 Fish meal consumption for salmonid & shrimp Global salmonid feed volume Fishmeal composition Annual requirement of fishmeal % 0.5 Global shrimp feed volume Fishmeal composition Annual requirement of fishmeal % 0.8 Note: in million tonnes 13

Maintain leadership position in feed for salmonids Thanks to MicroBalance Norwegian salmon producers became net fish protein producers in 2010 4.0 3.5 3.0 2.

14 Maintain leadership position in feed for salmonids Thanks to MicroBalance Norwegian salmon producers became net fish protein producers in Potential Kg fish protein used in feed versus Kg fish protein produced Source: Skretting ARC 14

15 MicroBalance in shrimp feed Setting the scene for world class shrimp R&D Additional resources; from 22 researchers in 2010 to 33 in 2013 Established Chinese shrimp research station Established collaborations with world class research organisations specialising in shrimp and new species Applied feed production and laboratory technology to shrimp operating companies R&D strategy for fishmeal replacement Based on the technology platform developed for salmon: Knowhow baseline and gaps have been identified; initial R&D focus on key limiting nutrients Alternative protein raw materials are being tested to determine their nutritional value We expect to start implementing our shrimp MicroBalance concept within 12 months 15

16 Global supply and use of fish oil 1,600 X 1,000 tonnes 1,400 1,200 1, Edible, hardening, technical use Omega 3 industry Aquaculture

17 Ambition 2016: Fish Feed Existing markets New markets R&D Nonsalmonid Maintain leadership EBITA margin Volume from 1.3 to 1.8 million MT ( ) Volume from 50,000 to 900,000 MT ( ) Roll out MicroBalance to other species Volume share from 28% to 45% ( ) Grow salmonid feed volume in line with the market (5% CAGR) EBITA operating margin 7% Double volume from 1.3 million MT to 2.7 million MT ( ) 17

18 THANK YOU

NUTRECO IS A GLOBAL LEADER IN ANIMAL NUTRITION AND FISH FEED

INTEGRATED REPORT 2012 AT A GLANCE NUTRECO IS A GLOBAL LEADER IN ANIMAL NUTRITION AND FISH FEED Our advanced feed solutions are at the origin of food for millions of consumers worldwide. Quality, innovation