GERARD HOETMER

BIOBASED FOOD INGREDIENTS STRATEGY

Complementary products, technologies, markets

Biobased Food Ingredients

Emusifiers / Lactylates / Ultrafresh / Moldblock / Mixes Fortification/Functional Blends

Preservatives / Ferments / Anti Microbial / Listeria control / Taste masking & Enhancing / Fortification

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• A leading biobased food ingredients player offering high-value added ingredients to food companies

• Delivering products to many applications, using high customer touch and value based selling approaches

• Leading ingredients positions in two market segments, Bakery and Meat

• Sales of € 565 million, EBITDA of € 108 million (margin: 18.4%) (2012)

Biobased Food Ingredients division today

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• Sales CAGR 2007-2012 of 5.3%. EBITDA margin expanded from 15% to 18%

• Sales decrease in 2012 due to LCiU competition and negative FX impact

Historic performance

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Corbion will extend its leadership position with biobased ingredients as a close partner for food companies, helping them solve their food integrity issues, by • Focusing on selected markets, delivering value adding products and applications

expertise

• Continuously lowering cost levels provided by core Corbion process facilities

• Delivering innovative products using our core technology platforms and acquired or licensed adjacent technologies or IP

Our biobased solutions give our customers improvements in the areas of • Shelf-life • Freshness • Supply chain costs Our talented team works with passion and in partnership, ensuring performance

Biobased Food Ingredients strategy

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Food integrity consists of four themes within ingredients

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Growing demand from consumers and brand owners for higher value added food ingredients

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• Global specialty food ingredients market of € 37 billion

• Addressable Food Integrity market for Corbion is today € 5 billion

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Food Integrity market is € 22 billion in size

Functionality offered

• Mold & bacterial growth control

• Flavor masking & enhancing

• Color protection

• Mouth Feel conditioning

Benefits for our Customers

• Shelf Life extension

• Logistics improvements

• Lower Waste

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Our food integrity strategy

Enabling factors

• One organization built on two strong pillars

• Strong financial profile

• Disciplined investment plan to exploit growth prospects

• Strong innovation pipeline

• Unique global supply chain

Competitive advantages in the market place

• Leading edge fermentation & enzyme technologies (many IP protected)

• Deep end market understanding and strong customer relationships

• Leading market positions in Bakery & Meat segments

• Unique global supply chain

Biobased Food Ingredients core strengths

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• Ferments: Preservation with label-friendly ingredients

• Ultra Fresh Sweet: Extending freshness of sweet cakes significantly

• Ultra Fresh Premium Advantage: Extending freshness of bread rolls significantly

• Anti-Molding Technology

• Calcium Propionate: Anti-mold ingredient

Key Innovation programs support growth

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Strategic criteria acquisitions

• Immediate adjacency to product portfolio for product/technology buys

• Selective geographic expansion - Bakery: Access to markets with

similar characteristics to US. Examples include countries in LatAm and Asia

- Meat: Access to high growth markets in Asia

• Centered around core technologies

Organic growth enhanced with bolt on acquisitions

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• Develop into a strong and integral supplier of food integrity

• Stronghold in the US, but developing in other geographies

- Meat: Protect and extend core in US, organic growth outside US, acquisitions of adjacent technologies

- Bakery: Organic growth in US, selectively expand through bolt-on acquisitions in high-growth markets with US-like characteristics

• Organic sales growth CAGR targeted for period 2013-2016 of 3-5% (ex price inflation) and continued high EBITDA margins

Key takeaways

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