Viggo Halseth – COO AquacultureLondon Seafood Investor Forum

London| 19 November 2013

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Agenda

Innovation4

Growth prospects3

Strategy2

Setting the stage1

2

Doubling food production

Halving the pressure on the planet

Feeding 9 billion people in 2050

3

The essential link

4

Struggling supplies Surging Demand

Raw materialmarkets

Animal nutrition& fish feed producers

Farmers

Higher value-added portfolio of

nutritional solutions

Segments Premix & Feed Specialties and

Fish Feed

Growth geographies Latin America, Russia,

Asia and Africa Sustainability

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Ambition 2016 – driving sustainable growth

Ambition 2016: Fish Feed

Grow salmonid feed volume in line with

the market (5% CAGR)

EBITA operating margin 7%

Roll-out MicroBalance to

other species

Volume share from 28% to 45% (2010-

2016)

Volume from 50,000 to 900,000 MT

(2010-2016)

Volume from 1.3to 1.8 million MT

(2010-2016)

Existingmarkets

Newmarkets R&D Non-

salmonidMaintain

leadershipEBITA

margin

Double volume from 1.3 million MT to 2.7 million MT

(2010-2016)

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The blue revolution towards 2020Global production of seafood 1950 – 2020

250

200

150

100

50

0

8

6

4

2

0

7

5

3

1

9

1950 1960 1970 1980 1990 2000 2010 2020e

Wild catch

Aquaculture

World population

Tonnes (x million) Billion

Aquaculture: Annual growth of 8.7 % per year for the past 30 years

One of the fastest growing food sectors

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Steady growth of global salmon farming industry

0

500

1,000

1,500

2,000

2,500kTonnes

OtherFaroesCanadaUKChileNorway

1992 2015e2000 2005 2010

CAGR 9%

8Sources: Kontali, ABG Sundal Collier, companies

The potential of Norwegian aquaculture

1999 2010 2030 2050

Economic value€1.5 billion

Economic value€4.3 billion

Economic value€15 billion

Economic value€30 billion

Volume0.5 mill. tonnes

Volume1 mill. tonnes

Volume3 mill. tonnes

Volume5 mill. tonnes

Salmonid value chain

10%CAGR

Source: Value created from productive oceans in 2050, SINTEF, 2012

6.5%CAGR

3.5%CAGR

6.5%CAGR

5.6%CAGR

2.6%CAGR

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Skretting – the global brand for fish feed

Feed-to-food safety Innovation and R&DFocus on sustainability

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World’s largest and most modern fish feed factory - Averøy

Upgrade fully completed in 2013

Nutreco’s largest ever capex project

Total investment of approx. € 80 million

Additional capacity of 150,000 MT

Total capacity now 450,000 MT

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Innovation in fish feed is key to meet future demand

• To meet growing demand for aquaculture (by 2030), supply should grow by 5.6% per year. However, expected growth based on recent trends is only 3.5%...

• Meeting this gap between future demand/supply for aquaculture will depend on the availability of quality and affordable feeds, additional production locations and sufficient water supply

• We need to invest in innovation in fish feed to support growth in aquaculture:• Continued emphasis on alternatives to fishmeal and fish oil • Sustainable supply of plant feed ingredients• Improving feed formulation and production

Sources: 2007-2030, Arni Mattheson, FAO, AquaVision 2012 presentation; The State of World Fisheries and Aquaculture 2012 - FAO

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Skretting ARC – world class fish feed R&D

• >100 staff; 33 researchers• 20 nationalities• >40 with university degree

Nationalities

• Specialists in fish and shrimp nutrition, health and feed technology

Specialists

• Collaborations with over 40 research institutions worldwide

Collaborations

OptilinePremium

Important innovations

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Unique knowledge – Skretting’s passion for fish

Nutrition Process technology

Our competence in research and application in daily feed production gives us a competitive advantage

Raw materials

Goals

Fish health Fish performance Feed quality Food safety Sustainability

Global supply and use of fish oil

0

200

400

600

800

1,000

1,200

1,400

1,600

1963 1970 1980 1990 2000 2004 2010

X 1,

000

tonn

es

Edible, hardening, technical use

Aquaculture

Omega 3 industry

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The MicroBalance conceptThanks to MicroBalance Norwegian salmon producers became net fish protein

producers in 2010

0.00.51.01.52.02.53.03.54.0

1990 1995 2000 2005 2008 2009 2010 Potential

Kg fish protein used in feed versus Kg fish protein produced

Source: Skretting ARC

2011 2012

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The MicroBalance concept will also be applied to other species such as sea bass. Competence and technology is now being extended to marine species and shrimp

Protec - The fine art of protection

SkinGillsGut

The immune systemCell regenerationAnti-oxidative

VirusParasitesBacteria

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Optiline PremiumIntroduction of Optiline Premium across more countries and additional species

Added metabolic activators which increase digestible energy and digestible protein levels

Benefits of Optiline Premium:

• Higher fillet yields• More omega 3• Increased growth• Improved FCRs

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MicroBalance™

Setting the scene for world-class shrimp R&D

•Additional researchers

•Chinese shrimp research station

•Collaborations with world-class research organisations

•Applied technology to operating companies

R&D strategy for fishmeal replacement

Based on the technology platform developed for salmon:• Initial R&D focus on key limiting nutrients

•Alternative protein raw materials being tested

•We expect to start implementing our shrimp MicroBalance concept within 12 months

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Conclusion• Strong forecasts for global aquaculture growth

• Future demand for food from aquaculture will largely depend on the availability of quality feeds

• Innovation in fish feed is key to meet future demand

• Nutreco’s key driver is to support our customers through innovative sustainable feed solutions that contribute to their productivity and profitability

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THANK YOU