1. Nutreco ProfileWhere about l 16 December 2010 1

2. Nutreco who we areI A leading global player in animal nutrition and fish feedI Founded in 1994 and a public company since 1997I Net sales in 2009 EUR 5.1 billionI Over 100 production and processing plants, sales in more than 80 countriesI Multinational workforce of 10,800 employeesI Nutreco ranks the top of the global animal nutrition industry: No. 3 inrevenues No. 6 in volume 2 3. Nutreco: Global player Dairy Feed Industry Russia Netherlands Canada Canada Great-Britain Great-Britain Norway Germany Belgium Central EuropeUnited StatesFrance Japan China Mexico Italy IndiaBrazil Middle East Spain ChilePortugalAustralia3 4. Nutreco where we come from Acquisitions Copaga, Silver Cup, Biofaktory, Marinet 2008Acquisitions BASF & Maple Leaf animal nutrition 2007Divestment Euribrid2006 Divestment Marine Harvest2005 Divestment Pingo PoultryRebalancing for Growth 2004 Divestment Hendrix Meat GroupPublic companyPublic company Acquisition Hydro Seafood 2000 Acquisition UTD / Formation Hendrix Meat Group 1999 Formation of Nutreco1998 IPO on Amsterdam stock exchange1997Private equityPrivateequity1994-19971994-1997Formation of Nutreco 1991-1994 1991-1994 BP Nutrition divestment processPart of BPPart of BP 1988Nutrition 1988Trouw Chile fish feedNutrition 1975 1975 Formation of BP Nutrition19681968 Nanta compound feed 1951 1951 Euribrid breeding19371937 Hendrix compound feedbusinessbusiness19311931 Trouw premix & fish feedFamilyFamily 1899 1899 Skretting fish feed 4 5. Compound feed West Europe Hendrix UTDCompound feeds are complete industrially blendedfeeds which fully match the nutritional requirements ofa wide range of animal species. Compound feed for theBenelux market is made by Nutrecos subsidiary HendrixStrategy 2008Business development 2008FactsGlobal presenceTotal annual volume 2.4 million tonnesTop player on the Benelux, market share of12%9 large compound feed plants in theBeneluxWorkforce of over 700 employees 5 6. Compound feed Spain Nanta Compound feeds are complete industrially blended feeds which fully match the nutritional requirements of a wide range of animal species. Compound feed Spain is made by Nutrecos subsidiary NantaMarket 2008Strategy 2008Business development 2008 FactsGlobal presence Total annual volume of 2.5 million tonnes Market share of 14% in Spain Within Spain and Portugal 15 production facilities Workforce over 600 employees6 7. Animal nutrition Canada In 2007 Nutreco acquired the Canadian animal feed brands Shur Gain and Landmark Feeds from Maple Leaf.Both brands have a wide product range including basepremixes, protein premixes, concentrates andcompound feeds.Market 2008 Facts Global presence Overall market share of 23% in Canada 16 Animal feed production facilities Workforce of over 1.050 employees Bulk complete feed plant Specialised multi-products feed plant Micro premix plant 7 8. Premixes and specialtiesPremixes are ingredients for compound feeds consistingof micro-ingredients. Specialties are animal feeds forspecific animal groups such as young animals. Premixesand specialties are produced by Nutrecos subsidiary Trouw Nutrition International (TNI)Facts Global presenceTotal annual volume over 1 million tonnesGlobal market share of 12%21 Production facilities in Europe, USA andMexicoWorkforce of over 2.500 employees8 9. Fish feedNutrecos fish feed subsidiary Skretting distinguishesfour types of fish feed products: feed for brood stock diets, juvenile feed, grower diets and special diets. The company has a comprehensive range of diets availableto suit all needs of the farmer from low volumespeciality diets for fry and smolts to high volume grower feeds.Market 2008 FactsGlobal presence Total annual volume of 1.4 million tonnes 75% Salmon feed volume, 25% other fish volume Market share in salmon feed close to 40% 16 Production facilities in all major regions Workforce over 1.400 employees9 10. Nutreco R&D Research Facilities Ruminant ResearchCentreCalf Research Centre Skretting Aquaculture Research Centre Swine ResearchResearch Feed Plant Centre Food ResearchCentre Nutreco CanadaPoultry and Rabbit Research Agresearch Centre 10 11. Nutreco R&DRuminant ResearchNetherlands (Boxmeer) Canada (Burford)De Kempenshof Agresearch 11 12. Nutreco innovations and conceptsI Kempen systemI Transition conceptI Fresh cow conceptI Newton feed evaluation 12 13. Feeding system based on free intake of hay and complete feed13 14. ProgramI Research on Nutreco Research Farm KempenshofI Results and experiences from practical dairy farms 14 15. Research Farmde Kempenshof15 16. Feedingsystem based on free intake of hayand concentratesHealthy cows with increasedLifetime Production More milk with less labourFinancial profit mainly dependent on opportunities for utilization of land andlabour 16 17. Transition managementThe key to dairy performance ! 17 18. Transition period ?drying offcalving Close-upFresh PeakEnd lactation Far off periodperiod periodproduction - 6 wk - 3 wk0 dg4 wk TRANSITION PERIOD18 19. Why focus on Transition period ?? I 80% !! of the problems during early lactation are related to dry period:I Metabolic disorders I Mastitis I Lameness I Fertility I 25% of the cullings take place