Knut Nesse – CEO Nordea Salmon Summit

Oslo| 28 November 2013

Doubling food production

Halving the pressure on the planet

Feeding 9 billion people in 2050

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The essential link

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Struggling supplies Surging Demand

Raw material markets

Animal nutrition & fish feed producers

Farmers

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Nutreco’s two divisions

• Revenue in 2012 of €5.2 billion • Over 100 production and processing plants in 30 countries • Multinational workforce of approximately 10,000 employees

Fish Feed Animal Nutrition

Revenue

EBITA*

€3.3 billion

€149 million

€1.9 billion

€142 million

* Before exceptional items from continuing operations and excluding corporate costs

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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

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3,400 employees | Production: 1.7 million tonnes (2012) | Sales in >40 countries | Production in 16 countries | No. 1 in salmon feed

3,400 employees

Production in 16 countries

1.7 million MT of feed

Sales in more than 40 countries

Feeds for more than 60 species of fish & shrimp

5 global R&D units

Skretting – a global aquafeed company

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Note: * Defined in addressable market turnover, (€ billions) and volumes (million metric tonnes) ex. carp. Fresh water trout are included in white fish ** Annual long-term growth rate *** Australia has been included in Asia

Salmonid

Sum geography

Annual growth volume**

Europe

Estimated volume (million tonnes)

America Asia*** Africa Sum species

Turnover

Shrimp

White fish

5%

5%

>5%

>5%

1.9 MT

2.7 MT

0.8 MT

1.5 MT

0.7 MT

2.8 MT

0.6 MT

0.1 MT

3.2 MT

12.5 MT

9.2 MT

2.0 MT

2.0 MT

3.5 MT

3.9 MT

20.0 MT

12.6 MT

€3.9 B

€3.9 B

€14.0 B

€6.2 B

Source: Skretting

World fish and shrimp feed market 2012*

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Fish

Feed

R&D

Breeding

Processing

Sale

Transportation

Hatchery

Raw materials

Value chain – fish feed industry

Steady growth of global salmon farming industry

0

500

1,000

1,500

2,000

2,500 kTonnes

Other Faroes Canada UK Chile Norway

1992 2015e 2000 2005 2010

CAGR 9%

10 Sources: 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

Volume 0.5 mill. tonnes

Volume 1 mill. tonnes

Volume 3 mill. tonnes

Volume 5 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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Growth of salmonid feed supply in Norway

0

500

1000

1500

2000

2500

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

kTonnes

CAGR 1996-2013 = 7.8%

CAGR 2014-2020 = 5% est. ~100kTonnes/year

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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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A new competitive climate for fish feed?

?

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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

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