Royal Wessanen nv

Q3 2011

Amsterdam, 27 October 2011

2

Q3 2011 highlights

Another quarter with progression

Autonomous revenue growth 8.0% Grocery up 7.5% and ABC 53.5%

Grocery continues to perform well showing growing sales and strengthening position of its brands

HFS working hard to implement multiple improvements Autonomous growth (7.1)%

Focus at Frozen Foods on both sales growth and managing operating costs. Innovations gaining traction

ABC showing a very strong performance this quarter Benefiting from strongly increased distribution of RTDs

3

Q3/9M 2011 key figures

In € million Q3 2011 Q3 2010 9M 2011 9M 2010

Revenue ¹ 174.3 173.4 548.8 539.7

Autonomous growth 8.0% 3.5%

Normalised EBIT ¹ 6.2 1.6 25.0 18.9

As % of revenue 3.6% 0.9% 4.6% 3.5%

EBIT ¹ 5.4 1.6 20.9 17.4

Net result ² 8.1 1.0 18.0 2.8

Earnings per share (EPS) ² 0.11 0.01 0.24 0.04

Operating cash flow ¹ 4.2 9.2 0.9 12.9

¹ Continuing operations; ² Attributable to Wessanen equity holders

4

160

170

180

190

200

Q3 2010 Volume Price/ mix Tradingdays

Currency Divestments Q3 2011

Bridge - revenue growth

0.5%

In € mln

5.2%

2.8%

(0.8)%

(1.9)%

(4.8)%

8.0%

Autonomous revenue growth

Reportedrevenue growth

5

Grocery examples of activation

Yearly award magazine „Lebensmittel Praxis“Whole Earth Inka Taler (4 varieties)Criteria based on:Quality/Design/Distribution/Communication/Sustainability

Kallo soy launch activityDairy alternatives key categoryKallo core brand, phased out So Good

Bjorg commercialBased on success of Q2 airing, repeated in SeptemberResults: increased awareness, higher sales

6

Zonnatura 360°campagne

Radio campaign Week 43-45

Margriet Winterfair Week 46-47

TastingsIn-store tastings tea / barsIn week 44

In-store Retail promotions Week 43-47

Television Sponsoring GTST Week 43-44

Outdoor - busshelter Nationwide coverage Week 43-44

Site Consumer activation

Social mediaFree sampling From week 43

7

HFS examples of activation

New GooodyFooods storeOpened early October in Zaandam4th store, new ones in the pipeline

Allos cookiesNew range of cookies launchedAvailable in German HFS stores

8

Frozen Food examples of activation

Bicky Double Chicken burgerIntroduced in October in Belgian out-of-homeFurther extension Bicky rangeNewly designed carton boxSupported by TV commercials and online campaign

Online campaign in Flanders (Dutch) and Wallonia (French)

9

ABC examples of activation

10

Q3 2011 financials

Normalised EBIT €6.2 mln, clear increase year-on-year Driven by strong performances at Grocery and ABC Increased margins and operational leverage

Reported EBIT of €5.4 mln Includes exceptionals of €(0.8) mln

Income taxes €3.8 mln positive Recognition of tax carry forward losses in US;

deferred tax asset of €4.7 mln at quarter-end

Operating cash flow €4.2 mln Negative impact of €9.2 mln due to discontinuation

factoring of debtors

Net debt fell to €35.9 mln Leverage ratio 0.9x (Q2 2011: 1.1x)

• Additional data available in appendix (e.g. on net debt / cash flow / exceptionals)

11

Closing remarks

Strategy is clear, we are more focused, and in better shape

Different businesses response with different speed to strategic initiatives

Going forward, we are cautiously optimistic A strong team in place Execution of strategy is progressing

To deal with element of uncertainty Persistently subdued European economic environment Consumer confidence remains fragile

Firmly determined To improve performance step-by-step To further solidify our positions and brands

Appendices

13

20.9

17.4

25.0

18.9

9M 10 9M 11

Q3 performance

548.8539.7

3.5%

EBIT (in € mln)

Revenue (in € mln)

Reported, Normalised

Autonomous third party revenue growth

1.6

5.4

1.6

6.2

Q3 10 Q3 11

174.3173.4

8.0%

EBIT (in € mln)

Revenue (in € mln)

Reported, Normalised

Autonomous third party revenue growth

9M performance

14

15%

21% 33%

31%

WE GroceryRevenue €57.5 mlnNormalised EBIT €3.8 mln

Revenue Q3 2011 €174.3 mln

Frozen FoodsRevenue €27.3 mlnNormalised EBIT €0.2 mln

WE HFSRevenue €54.7 mlnNormalised EBIT €(0.5) mln

ABCRevenue €37.7 mlnNormalised EBIT €5.2 mln

Non-allocated & eliminations Revenue €(2.9) mlnNormalised EBIT €(2.5) mln

15

15%

17%33%

35%

WE GroceryRevenue €185.2 mlnNormalised EBIT €16.2 mln

Revenue 9M 2011 €548.8 mln

Frozen FoodsRevenue €84.0 mlnNormalised EBIT €2.1 mln

WE HFSRevenue €194.2 mlnNormalised EBIT €3.8 mln

ABCRevenue €94.6 mlnNormalised EBIT €10.4 mln

Non-allocated & eliminations Revenue €(9.2) mlnNormalised EBIT €(7.5) mln

16

160

165

170

175

180

Q3 2010 Grocery HFS FrozenFoods

ABC I nter-segment

eliminations

Q3 2011

Bridge - revenue

€174.3

€173.4

In € mln

€2.9 €(13.6)

€0.2

€11.2 €0.2

17

0

2

4

6

8

10

Q3 2010 Grocery HFS FrozenFoods

ABC Corporateentities

Q3 2011

Bridge - normalised EBIT

In € mln

€1.6

€6.2

€1.6 €(1.9)

€(0.9)

€5.9

€(0.1)

18

EBIT - from normalised to reported

Q3 2011 Q3 2010

Normalised EBIT 6.2 1.6

Grocery Release restructuring provisions 0.2 -

HFS Mainly exchange loss deferred in equity (2.0) -

ABC Minor asset adjustments 0.2 -

ABC Net reversal impairment losses 0.8 -

EBIT 5.4 1.6

19

Cash flow Q3 2011

In € mln13.9 (10.7)

Derivatives and FX

0.5

Sources Uses

Discontinuation Factoring

France Grocery

Net I nvestments

4.9Decrease working capital

3.2Reduction of net debt

Cash flow from

earnings8.5

(1.5)

(9.2)

20

0

50

100

150

200

250

Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11

0

1

2

3

4

5

Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11

Net debt

Leverage ratio

€35.9 mln

0.9x

Net debt and leverage ratioIn € mln

21

Financial guidance 2011 Net financing costs €3-4 mln

2010: €(8.3) mln; 2009: €(19.9) mln

Effective tax rate around 25-30% Excluding recognition of deferred tax assets regarding

tax carry forward losses 2010 impacted by country mix and non-deductible impairments,

partly compensated by recognition tax losses

Depreciation and amortisation (excl. impairments) about €14 mln 2010: €(14) mln

Capex about €10-11 mln 2010: €11.5 mln

Non-allocated expenses (incl. corporate) around €10 mln 2010: €(12.3) mln (normalised €(10.2) mln)

22

4.02.2 2.2

3.8

Q3 10 Q3 11

Wessanen Europe Grocery Revenue growth remained robust, growing by 5.3% to

€57.5 million

Continued focus on core brands, making further progress in areas such as brand activation, innovations and operational excellence

Bjorg continues to gain market share Zonnatura launched sizeable 360º activation

campaign * Focus on organic teas and its natural taste

Range of soy milks relaunched under Kallo brand* Diary alternatives European core category* 1 strong brand, therefore phased out So Good

Bjorg launched on German market* Its nutritional positioning complementary to indulgence of Whole Earth

Normalised EBIT up to €3.8 million Increased revenue and higher gross margin %

57.5

54.6

7.5%

EBIT (in € mln)

Revenue (in € mln)

Reported, Normalised

Autonomous third party revenue growth

23

-2.5

1.4 1.4

-0.5

Q3 10 Q3 11

Wessanen Europe HFS Revenue down 19.9%

Divestment TOL UK (12.2% impact)

Autonomous revenue (7.1)% >2% decline due to weak performance Kalisterra

• Divested as of 1 October

Brands performing satisfactorily Focus on brand activation and innovations Brands such as Allos, Bonneterre, De Rit

At wholesale activities working hard on implementing multiple improvements, several yet to translate in tangible results

Focus on operational excellence and expanding Dutch own format stores

54.768.3

(7.1)%

EBIT (in € mln)

Revenue (in € mln)

Reported, Normalised

Autonomous third party revenue growth

24

1.1

0.2

Q3 10 Q3 11

Frozen Foods Autonomous revenue growth 0.8%

Branded up due to Belgian out-of-home, export Somewhat lower volumes at Dutch retail and

out-of-home Private label about stable

EBIT decreased to €0.2 million Increased raw material prices Marketing spending in line with last year

In October, Bicky Double Chicken burger introduced in Belgian out-of-home

Further extension of Bicky range Supported by TV commercials and online

27.327.1

0.8%

EBIT (in € mln)

Revenue (in € mln)

Autonomous revenue growth

Reported

25

-0.7

6.2

-0.7

5.2

Q3 10 Q3 11

American Beverage Corporation Very strong Q3, driven by success Daily’s RTD pouches

Development right packaging concepts Change distribution strategy to serve grocery

chains Consistent execution Attractive price-value positioning

Daily’s bag-in-a-box and premixes doing well either

Little Hug stable sales Continued competitive activity Active pruning/de-emphasising lower margin

products 20-count doing well / new packaging Revitalisation continues

2011: EBIT in range of US$17-19 mln; autonomous revenue expected to show strong growth year-on-year

2012: further revenue and earnings growth

37.7

26.5

53.5%

EBIT (in € mln)

Revenue (in € mln)

Autonomous revenue growth

Reported, Normalised