Viggo Halseth – COO Aquaculture London Seafood Investor Forum London| 19 November 2013

2 Agenda 2

Doubling food production Halving the pressure on the planet Feeding 9 billion people in

The essential link The essential link 4

Higher value-added portfolio of nutritional solutions Segments Premix & Feed Specialties and Fish Feed Growth geographies Latin America, Russia, Asia and Africa Sustainability 5 Ambition 2016 – driving sustainable growth

Ambition 2016: Fish Feed Existing markets Existing markets Existing markets Existing markets New markets New markets New markets New markets R&D Non- salmonid Non- salmonid Non- salmonid Non- salmonid Maintain leadership Maintain leadership Maintain leadership Maintain leadership EBITA margin EBITA margin EBITA margin EBITA margin Double volume from 1.3 million MT to 2.7 million MT ( ) 6

The blue revolution towards 2020 Global production of seafood 1950 – 2020 Aquaculture: Annual growth of 8.7 % per year for the past 30 years One of the fastest growing food sectors 7

Steady growth of global salmon farming industry ,000 1,500 2,000 2,500 kTonnes Other Faroes Canada UK Chile Norway e CAGR 9% 8 Sources: Kontali, ABG Sundal Collier, companies

The potential of Norwegian aquaculture Economic value €1.5 billion Economic value €1.5 billion Economic value €4.3 billion Economic value €4.3 billion Economic value €15 billion Economic value €15 billion Economic value €30 billion Economic value €30 billion Volume 0.5 mill. tonnes Volume Volume 1 mill. tonnes Volume Volume 3 mill. tonnes Volume Volume 5 mill. tonnes Volume Salmonid value chain 10% CAGR 10% CAGR Source: Value created from productive oceans in 2050, SINTEF, % CAGR 6.5% CAGR 3.5% CAGR 3.5% CAGR 6.5% CAGR 6.5% CAGR 5.6% CAGR 5.6% CAGR 2.6% CAGR 2.6% CAGR 9

10 Skretting – the global brand for fish feed

11 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 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

12 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: , Arni Mattheson, FAO, AquaVision 2012 presentation; The State of World Fisheries and Aquaculture FAO

13 Skretting ARC – world class fish feed R&D Optiline Premium Important innovations

14 Unique knowledge – Skretting’s passion for fish GoalsGoals Fish health Fish performance Feed qualityFood safetySustainability

Global supply and use of fish oil ,000 1,200 1,400 1, X 1,000 tonnes Edible, hardening, technical use Aquaculture Omega 3 industry 15

The MicroBalance concept 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 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 Skin Gills Gut The immune system Cell regeneration Anti-oxidative Virus Parasites Bacteria 17

Optiline Premium Introduction 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 18

MicroBalance™ 19

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 20

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