1

Wessanen 2012 overviewRevenue

273

205

113

129

Grocery HFS IZICO ABC

EBIT before exceptionals

22,0

0,01,8

6,3

Grocery HFS IZICO ABC

FTEs (average)

434

630487

451

62

Grocery HFS IZICO ABC Corporate

Average Capital Employed

89

59

37

48

7

Grocery HFS IZICO ABC Corporate

€711mln €19mln*

2,064 €240mln

* Incl. non-allocated * Incl. intercompany sales

*

Royal Wessanen nv

Q4/FY 2012

Amsterdam, 22 February 2013

www.wessanen.com

0.7%

700

710

720

730

2011 Price/ mix Volume Currency Acq/ divest. 2012

FY 2012: a challenging year

The economy and marketA turbulent year for the global economyOrganic market trending positively

Our positivesGrocery continues to perform wellAcquisition of Clipper TeasCreation of one frozen food companyStrengthening Supervisory Board

Our negativesPerformance HFS disappointingPostponement sale of ABCSizeable goodwill impairments

Our remedyInitiated a broad restructuring to build a more European integrated marketing-led company

3

-45,8-19,0

18,823,7

2011 2012

EBIT (in € mln)

Revenue (in € mln)

Reported, Normalised

Autonomous third party revenue growth

Grocery

Showing a good performance all throughout the year

Realised 4.6% autonomous growth in 2012 6.9% in the fourth quarter

Core brands growing such as Bjorg, Zonnatura and Whole Earth

Six out of eight core categories growing

Clipper Teas acquired, UK market leader in organic and fair trade teas

11% growth in 2012 In France introduced early 2013 Netherlands to follow next few months

Innovation examples: Bjorg muesli superfruits; coconut milk cooking aid; fourré

chocolat with hazelnut Zonnatura loose green tea; squeeze fruit/vegetables Kallo gravy granules

4

In € mln Q4-12 Q4-11

Revenue 68.9 58.7

Autonomous growth 6.9%

Normalised EBIT6.3 1.9

Impairments (15.8) (3.0)

Other exceptionals (3.5) (0.5)

EBIT (13.0) (1.6)

In € mln FY12 FY11

Revenue 272.8 243.9

Autonomous growth 4.6%

Normalised EBIT22.0 18.0

Impairments (15.8) (3.0)

Other exceptionals (4.7) 0.6

EBIT 1.5 15.6

Health Food Stores (HFS)

HFS showing a disappointing performance in all three businesses

France impacted by changing health food stores landscape Rise of chains at expense independent stores Lower sales, especially in wholesale and at fresh

Benelux impacted by lost customers and weak performance at Fresh Existing Natuurwinkel and independent stores growing

Germany impacted by weak brand performance Allos and declining revenues at Reformhaus channel (Tartex)

Innovation examples: Tartex pasta sauces; jubilee yeast pastries Allos crunchy (e.g. almond and cinnamon); muesli (e.g. cranberry-

Goji)

5

In € mln Q4-12 Q4-11

Revenue 50.9 53.3

Autonomous growth (4.5)%

Normalised EBIT0.8 1.3

Impairments (23.9) (19.8)

Other exceptionals (6.5) (1.0)

EBIT (29.6) (19.5)

In € mln FY12 FY11

Revenue 204.8 247.5

Autonomous growth (5.0)%

Normalised EBIT- 5.0

Impairments (23.9) (23.1)

Other exceptionals (6.5) (3.7)

EBIT (30.4) (21.8)

IZICO - integrated frozen foods company

Acquiring non-controlling stake Favory paved the way for creation one integrated company

New management team in place

New name IZICO easy (IZI), go (CO), ice (IZ) and company (CO)

Milestone plan being executed for full alignment and process integration Beckers Benelux and Favory

Combining both headquarters in Breda Integration marketing & sales, operations, finance and HR

Closure Favory Deurne plant as of the end of March

6

In € mln Q4-12 Q4-11

Revenue 29.0 29.1

Autonomous growth (0.1)%

Normalised EBIT0.7 0.2

Impairments (7.0) (14.3)

Other exceptionals (6.2) (0.3)

EBIT (12.5) (14.4)

In € mln FY12 FY11

Revenue 112.5 113.1

Autonomous growth (0.5)%

Normalised EBIT1.8 2.3

Impairments (7.0) (14.3)

Other exceptionals (6.2) (0.3)

EBIT (11.4) (12.3)

ABC - market leader RTD frozen pouches

Capitalising on further optimisation in 2011 after significant improvement multiple processes in previous years

Strong step-up in marketing spending in $-terms Supporting key seasonal holidays First-ever national TV advertising campaign Broad range traditional and digital media

Daily’s modest decline in growing RTD market More competition emerged in frozen pouch segment Remained clear market leader (market share; household

penetration; repeat purchases)

Innovations such as light and season-extending RTD pouches

Little Hug double digits revenue growth Especially 20-pack and 40-pack performing well Multi-year revitalisation process increasingly paying off

7

In € mln Q4-12 Q4-11

Revenue 16.9 18.0

Autonomous growth (4.7)%

Normalised EBIT(3.0) (0.5)

Impairments - 0.1

Other exceptionals - 0.1

EBIT (3.0) (0.3)

In € mln FY12 FY11

Revenue 128.6 112.6

Autonomous growth 5.7%

Normalised EBIT6.3 9.9

Impairments (0.1) 0.8

Other exceptionals 0.1 0.4

EBIT 6.3 11.1

ABC (cont’d)

Why postponement divestment ?! Bids not adequately reflecting fundamental value

• Uncertainties attached to relatively short track record in emerging RTD frozen pouch category; perceived to be crowded competitive field

Realise better value for our shareholders at a later stage

The process Process kicked off in June Conducted a comprehensive process Good level of interest from strategic and financial parties

Next steps Reported as ‘continuing operations’ Clear plans / budgets in place Labelled non-core

8

‘Wessanen 2015’

Announced late November 2012

Consultation with European and local works councils have been / are taking place

Wessanen will become a more consumer- and customer-led company

To deliver more efficiently our strategic agenda and to adapt to the changed magnitude and circumstances of the business

We have been initiating wide range of actions To increase focus To substantially reduce complexity To become more profitable by reducing costs

Detailed plan and timeline with numerous actions at our various businesses Progress (including savings and staff reduction) closely monitored Executing plans in various ‘waves’, to reduce executional risks

9

‘Wessanen 2015’ - the numbers

Reduction of approx. 300 FTE of which 250 forced redundancies Grocery/HFS/Corporate ± 190FTE IZICO ± 110 FTE

Expected one-off costs €(21) mln cash, largely accounted for in Q4, remainder in 2013 €(7.0) mln non-cash due to impairment Deurne plant

Expected savings €15mln p.a. from 2014 onwards €10 mln at Grocery/HFS/Corporate € 5mln at IZICO

Includes lower employee / other operating expenses Excludes any expected benefits to top-line

10

‘Wessanen 2015’ - a wide range of actions

Create more focus on our activities Further increased focus on core brands and eight core categories Expansion number of CBTs (category brand teams) Benelux operations split in branded and distribution French HFS operations split in branded and distribution Integration De Rit in Germany operations

Reduce complexity / simplify processes Cutting the tail / reducing number of SKUs at

• Dutch brands• French HFS brands; exiting frozen range at Bonneterre• Export

Centralising quality department Focus on one franchise formula (Natuurwinkel), to end GooodyFooods formula Supply chain to manage our plants as of 2013 Streamlining supply chain processes

Addressing low-yielding and non-performing activities Strongly reducing German grocery presence, changing go-to-market approach Focus Italian grocery on non-dairy (soy)

11

Ronald Merckx (CFO)

12

• Q4/FY financials

Q4/FY key figures

In € million Q4-12 Q4-11 FY-12 FY-11

Revenue 163.8 157.2 710.8 706.0

Autonomous growth 0.7% 0.7%

Gross contribution 60.9 60.5 270.5 263.6

As % of revenue 37.2% 38.5% 38.1% 37.3%

Normalised EBIT 1.9 (1.3) 18.8 23.7

As % of revenue 1.1% (0.8)% 2.6% 3.4%

EBIT (61.6) (39.9) (45.8) (19.0)

Net result ¹ (61.5) (35.1) (53.2) (17.1)

Earnings per share (EPS) (0.81) (0.46) (0.70) (0.23)

13¹ Attributable to Wessanen equity holders

EBIT - from normalised to reported

Q4-12 Q4-11 FY-12 FY-11

Normalised EBIT 1.9 (1.3) 18.8 23.7

Impairments (46.7) (37.0) (46.8) (39.6)

Wessanen 2015 (16.3)- (16.6) -

Other exceptional costs (0.5) (1.6) (1.2) (3.1)

EBIT (61.6) (39.9) (45.8) (19.0)

14

Impairments of goodwill and PPE

Grocery UK - Kallo €(15.8) mln Lower growth projections dairy alternatives, loss private label contract, adverse

movement pre-tax discount rate (12.1%12.7%)

HFS - Tartex €(19.9) mln Lower growth projections Reformhaus channel Private label business negatively impacted by insolvency one of our customers

HFS - Allos €(3.5) mln Lower growth projections 2 core categories Difficulties in passing on increased raw material costs

HFS - France €(0.5) mln * Weaker market outlook

IZICO €(7.0) mln Closure of Favory Deurne plant in March 2013

15* €(0.3) mln relates to goodwill and €(0.2) mln relates to other intangibles

Year end carrying value goodwill/brands

In € mln Goodwill Brands Total

Grocery - France 10.4 9.1 19.5

Grocery - UK (Kallo / Clipper) 11.1 10.5 21.6

Grocery - Benelux 4.6 - 4.6

HFS - Allos 9.3 2.1 11.4

HFS - Tartex - 1.2 1.2

Carrying value year end 2012 35.4 22.9 58.3

16

At year end 2012: no carrying value of goodwill and/or brands at Grocery Italy, Grocery Germany, HFS France, HFS Benelux, IZICO and ABC

Cash flow 2012

17

22.2 (42.3)

Sources

(6.1) Dividends paid

Uses

I ncrease working capital

20.1

I ncrease of net

debt (* * )

Net Investments (* )

(2.5)

22.2

(26.1)

Cash flow from

earnings

(7.6)

Derivatives and FX

Net debt / Leverage ratio

0

25

50

75

100

Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12

0

1

2

3

Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12

18

Net debt

Leverage ratio

€55 mln

1.7x

In € mln

Piet Hein Merckens (CEO)

• Closing remarks

19

Looking forward

2012 was a turbulent year for the global economy

Organic food markets continue to trend positively

We have made clear progress in numerous areas, however not all initiatives have resulted in desired outcome

We have run a connected leadership development programme for our top-60

We have initiated a comprehensive transformation programme As of 2014 €15 mln of savings p.a.

All the right actions, full of confidence these will bear fruit

2013 will be another challenging year: “Store is open while we are renovating and innovating”

20

Appendices

21

Bridge - revenue growth 2012

670

680

690

700

710

720

730

22

In € mln

(2.1).% 2.8% (4.2)%1.8% (0.2)%

0.7%

Autonomous revenue growth

2.6% 0.7%

Bridge: EBITE EBIT

-50

-40

-30

-20

-10

0

10

20

30

2011

Gro

cery

HFS

I ZIC

OABC

Corpo

rate

EBI T

E

Exce

ptional

s

Impai

rmen

ts

2012

23

In € mln

€23.7

€(45.8)

€(5.0) €(0.5) €(3.6)€4.0 €0.2 €18.8 €(17.8)

€(46.8)

-40

-20

0

20

40

Q4 08 Q2 09 Q4 09 Q2 10 Q4 10 Q2 11 Q4 11 Q2 12 Q4 12 24

Working capital

0

20

40

60

80

Q4 08 Q2 09 Q4 09 Q2 10 Q4 10 Q2 11 Q4 11 Q2 12 Q4 12

24

4 quarter average working capital

q-on-q movement working capital

Cash flow Q4 2012

25

3.7 (2.1)

Decrease working capital

1.6 (1.6) Net I nvestments

(0.5) Derivatives and FX

Cash flow from earnings

Sources Uses

Decrease of net debt

2.1

(1.6)

A very sound financial position

In € mln Dec 12 Dec 11

Assets

Property, plant and equipment 77.4 86.4

Intangible assets 66.8 90.6

Investment associates/other 1.1 1.0

Deferred tax assets 9.2 8.8

Non-current assets 154.5 186.8

Inventories 72.3 67.5

Income tax receivables - 2.2

Trade receivables 85.7 78.9

Other receivables / prepayments 15.7 24.4

Cash (equivalents) 9.7 8.2

Current assets 183.4 181.2

TOTAL ASSETS 337.9 368.0 26

In € mln Dec12 Dec11

Liabilities

Total equity 101.6 166.1

Interest-bearing loans 60.7 37.4

Employee benefits 24.1 24.0

Provisions / Deferred tax liabilities 5.4 3.9

Non-current liabilities 90.2 65.3

Bank overdrafts / current debt 1.4 2.9

Interest-bearing loans/borrowings 2.5 0.1

Provisions 16.8 3.3

Income tax payables 0.7 0.5

Trade payables 68.3 70.5

Non-trade payables/accrued expenses 56.4 59.3

Current liabilities 146.1 136.6

TOTAL EQUITY & LIABILITIES 337.9 368.0

Financials Q4/FY - guidance 2013

Financials Q4

Net financing costs €(1.1) mln Q4-11: €(0.9) mln

Income tax expenses €1.2 mln Q4-11: €1.7 mln

Capex €(1.2) mln Q4-11: €(3.3) mln

Financials Full Year

Net financing costs €(3.8) mln FY-11: €(3.5) mln

Income tax expenses €(3.9) mln FY-11: €1.5 mln

Capex €(5.7) mln FY-11: €(10.2) mln

Guidance 2013

Net financing costs €(3)-(4) mln

Effective tax rate around 35%

Capex €(8)-(10) mln

Depreciation and amortisation €(14) mln

Non-allocated expenses (incl. corporate) €(11) mln

27

Royal Wessanen nv

Q4 2011

Amsterdam, 23 February 2012