Analyst DayAvignon - 13 January 2015

Topic Timing Speaker(s) Positions

Welcome, safety briefing and introduction 10:00-10:20 Thierry-Bertrand Lambert CFO

Plant tour 10:30-11:30 Maxime AngelucciClément Cordier

COOPlant Manager

Presentation 11:40-13:00 Olivier RigaudMaxime AngelucciThierry-Bertrand LambertMarc Roller

CEOCOOCFOCSO

LunchQ&A session, discussions

13:10-14:10 Olivier RigaudMaxime AngelucciThierry-Bertrand LambertMarc Roller

CEOCOOCFOCSO

Pilot plant tour 14:15-14:40 Sébastien VeilletMarc Roller

Pilot Plant ManagerCSO

SpringLab experience 14:50-16:45 Anne PassemardMarc RollerMaxime Angelucci

F&B Application lab ManagerCSOCOO

Conclusion 16:45-17:00 Olivier RigaudMaxime AngelucciThierry-Bertrand LambertMarc Roller

CEOCOOCFOCSO

Agenda of the day

Welcome to NATUREX

Key members of the Executive Committee

Who will you meet with ?

Some operational members from Industrial and Scientific Directions

Clément Cordier

Plant Manager

Sébastien Veillet

Pilot Plant Manager

Anne Passemard

F&B application lab Manager

Who will you meet with ?

Avignon - France

Complex extraction site for Europe

Central site for liquid and dry formulation

Logistics hub for exportation

Avignon site

Created in 1992

450 people on site

Group headquarter

R&D center with application labs

Pilot plant

Production site

Safety briefing procedures

From Nature to YouPresentation of Naturex

Conquest & CashMain priorities for 2015

Building a value-added international natural specialty ingredients specialist

Summary

OUR GROUP

WHO WE ARE

WORLD LEADER IN NATURAL SPECIALTY

INGREDIENTS

From nature to you

FOOD & BEVERAGE NUTRITION & HEALTH PERSONAL CARE

OUR MISSION: DRAW ON NATURE TO

DELIVER UNIQUE BENEFITS THROUGH

EACH EXTRACT

FOR HEALTH, BEAUTY, AND ENJOYMENT

Our rich and broad product portfoliofor a global and customized offer

Solutions for colorful, flavorful,

healthy and delicious foods

By extracting the finest natural ingredients with

organoleptic and nutritional properties that are

perfectly suited for food and beverage.

Individualized health remedies

inspired by plants

By extracting the finest natural ingredients for the

formulation of health and nutritional products.

Universal, pure and sustainable

beauty

By extracting the finest natural ingredients

for cosmetic formulations

67% of sales

9-month sales 2014 per activity. Remaining 1% corresponding to Toll Manufacturing

29% of sales

2% of sales

Closer to our customers locally and worldwidefor a personalized full-service support

Innovation at the heart of our developmentfor value-added systems and concepts

SPRING LabPharma/ASMF

DevelopmentPilot plant

Analytical

R&D

Innovation Platform

R&D R&DR&D R&D

Support labs

7517 Ph. D

30 Engineers

28 Technicians

5 to 10Scientific

publications/year

50Patent families

In-House innovation

Encouraging local creation

Open innovation

Building collaborative bridges

START-UP

UNIVERSITIES,

RESEARCH CENTRES

COLLABORATIVE

PROJECTS

EQUIPMENT

SUPPLIERS

ORTESAA joint research lab for

optimising eco-extraction

Between NATUREX and the GREEN research laboratory from

the University of Avignon

AMAZONIANFruit Project

Conquest & CashOur main priorities for 2015

In 2015, NATUREX will concentrate on addressing

major operational challenges, pursuing 4 main lines

of action

Driving quality organic growth

Maximising industrial efficiency and profitability

Strengthening controls over OPEX

Reducing significantly working capital requirements

With the aim to focus, improve and grow

Our main priorities for 2015

A long-term strategic plan 2020 is underway

The outline of this plan will be communicated in June 2015

A structured organization

for a new phase of

development

To pursue our development

− Rapid growth in few years, both organic and external

− 14 acquisitions over the last 12 years

− Transformational acquisitions with new businesses(ex: in 2009 with Natraceutical’s ingredients division)

− Build up of the industrial footprint in the 5 continents(14 factories acquired out of 16)

Structuration: A necessary step

To enhance our organization and our processes

− Limited evolution of the structure despite the changes in scope

− Lack of management and coordination between divisions

− Difficult liaisons with local operations worldwide(ex: Industrial division vs local factories)

− Limited supply chain structure and coordination

CEO

Purchase Logistics Industrial R&D Sales

Marketing BU F&B BU N&H BU PCCorporate

Finance

Legal Accounting Control MgtFinancial

com.HR

20132000

X2 size increase

2009

Organization before structuration

A centralized and static organizational structure

2000-2013 sales in €m

Fast growing in size and activities

Structural and organizational changes were absolutely

necessary

Strong structural basisto lead and shape our future development

A more functional and skilled organization

− Creation of a Human Resources structure

− New positions in Middle Management to strengthen our

expertise

− Better coordination and more interactions between

divisions

Reorganizingdepartments/divisions to improve coordination

Strengtheningdepartments/divisions to optimize operational performance

Creating new departments to expand business expertise and improve risk management

Creation of an Operations divisionAppointment of a Managing Director for India

New positions for Regional Industrial Managers, Lead buyers…Structuring of Business Units

Agronomy and channels DptsHuman Resources, Reporting, Control Management

Som

e ex

amp

les

Main actions taken during the structuration processA new structured governance

and a more functional organization

A structured executive governance

− Implementation of the Executive Committee

− Creation of a COO position occupied by Maxime

Angelucci

− Appointment of Olivier Rigaud as CEO(October 2014)

− HR Director is part of the Executive Committee

CEOOlivier Rigaud

CSOMarc Roller

CFOThierry-Bertrand

Lambert

COOMaxime Angelucci

HR Alexis Mayer

CIOFrédéric Seguin

CPOSerge Sabrier

StéphaneDucroux

COO Americas

Antoine ThieryGroup Supply

Chain

Well investedto improve our ways of working and strengthen our positions

Strengthening our commercial organization

− Opening three new sales offices in the US

− Developing a more balanced salesforce with

skilled senior sales managers

− Improving business practices and customer

service rate, with the implementation of dedicated

tools

− CRM (Customer Relationship Management)

− Naturex Universities for salesforce training

− Touch Pad designed for NATUREX with new

catalogue of products

− New interactive Website linked with social media

A more customer-centric approach

Well investedto benefit from new businesses

We have invested in our industrial assets

− Strengthening our structure

− Extension of the Avignon headquarters

− Acquisition of the assets of Valencia (Spain) and extension

of capacity

− Strengthening our presence in high growth economies

− In Chile with the construction of a plant

− In India with the construction of a drying facility

− In Poland with the implementation of a juice and puree

production line

We have invested in our science asset

− Upgrading our R&D expertise

− R&D labs, analytical lab, 7 application labs and a pilot plantDrum Dryer – Roha plant (India)

Strong investments to support our structuration program

Driving quality

organic growth

CUSTOMER PORTFOLIO

Big potential of multinational and local brands

GLOBAL AND LOCAL MARKETS

Strengthening our presence in emerging countries

INNOVATIVE OFFER

Ambitious and value-added projects (concepts, systems, partnerships…)

Conquest for growthOptimize and maximize interactions with our clients

NEW KEY DRIVERS FOR GROWTH AND INNOVATION

THROUGH A CUSTOMER-CENTRIC APPROACH

FULL-SERVICE SUPPORT

Reducing time to market(from raw material to finished product)

Roll-out our growth strategy in our 3 activities, capitalizing on our multi-

specialist expertise to drive innovation and create new concepts/systems

anticipating market trends

Anticipating market trendsTailoring our range to customer’s expectations

Worldwide populationSharply increasing

+ 2 billion peoplein 2050, mainly in emerging

countries

Emerging countries will account for 50% of global GDP in 2020

820 million people aged over 65 in 2025 in the World

vs 470 million today

Ageing populationGaining ground

ConcernsObesity and diabetes are the scourge of 21st Century

More than 30% of humanity is overweight or obese. In 2030,

diabetes will be the 7th leading cause of death worldwide

Emerging countriesIncreasing urbanization and higher purchasing power

Significant megatrends

Strong underlying market trends

Sport & nutrition

Convenience

Health & Wellness

Clean label Healthy, clean label and

nutritional claims

Extend shelf-life

Formulability and stability

Innovation

Naturalness

Pleasure

Nutrition

Taste

Food safety

What our customers want What final consumers want

INGREDIENT

CONCEPTS

For specialized

brands

Convergence between Food & HealthScaling up our offer by further integrating the value chains

Single natural ingredient Systems/Concepts Partnerships (B2B2C)

SENSORIAL

APPEAL

ENHANCE &

STABILIZE

HEALTH &

WELLNESS

Improving taste,

naturally

Endless colors

possibilities

Natural flavouring

ingredients

FOOD & BEVERAGE

NUTRITION

NUTRITION & HEALTH

Natural food

preservation

Foaming &

emulsifying

The best from

Fruits & vegetables

Creating texture,

naturally

BOTANICAL

EXTRACTS

For nutraceutical

industry

Powders and standardized

plant extracts

API / ASMF

For pharmaceutical

industry

CONVERGENCE

Tailor-made

API

Botanicals for

healthy F&B

High quality concepts

backed by clinical studies

Combination of food

ingredients with active

and nutritive components

Evolution of our approach to customers

Headwinds impacting 2014 growth

Adverse global economic environment

− Economic weakness in developed countries (United

States, Euro zone) combined with less optimistic

growth prospects in several emerging countries

− Crisis flashpoints in Eastern Europe (Ukraine/Russia),

Africa and Middle East

Highly volatile foreign exchange environment

− Affecting mainly US and several emerging countries

currencies

− With unfavourable Fx effects on NATUREX sales,

leading to a loss of €4.3 million sales over the 9-

month period 2014 compared to the same period in

2013

Macro-economic factors Factors specific to NATUREX activity

Worsening market conditions for N&H activity in

the US

− Slower growth in the US market for dietary supplements

in capsule and tablet forms

− Reflecting combined effects of customer destocking and

increased competitive pressure

− Negative PR regarding several categories of the

nutraceutical market

− Base effects from exceptional conditions in 2013 for the

green coffee bean extract with slimming effects (Svetol®)

leading to a €5.9 million negative impact over 9 months

Negative base effect for Toll Manufacturing activity

− Decrease in krill extraction sales due to negative media

campaigns worldwide regarding Omega-3 benefits,

leading to a €5.1 million negative impact over 9 months

− Transfer of krill extraction to the joint-venture with Aker

BioMarine in Houston since September 2014

Positive momentum from our F&B activity

Measures implemented from 2013 have produced

renewed momentum for Food & Beverage

Strengthened by the recent acquisition of

Vegetable Juices Inc. in the United States

Improved positioning is driving growth

Optimization of the commercial offering

Key accounts approach to customers

Review of our HR strategy towards the

sales force

Creation of regional application labs

Opening new growth drivers

Reinforcing the positioning in the F&B

business in the United States

Cross-selling with Naturex existing range

Potential synergies and transfer of know-

how (liquid/dry technologies)

New convergent solutions (F&B/N&H)

Industrial know-how (Extraction/Purification/Drying/Formulation)

Combined expertise in ingredients, fruit &

veg., plant extracts, APIs, molecules…

Sustainable compliance

Capitalizing on our expertiseCombining efforts to drive innovation and be closer to our customers

Our expertise of multi-specialist

7 regional application labs worldwide(Chicago, Birmingham, Avignon, Moscow, Sao Paulo, Shanghai, Sydney)

Our full-service approach

Fully managed process until finished product

Unique sourcing of raw material

Improve time to market for customers

Innovate on a closer relationship

Adapt our solutions to local markets

1. GENERATE

Brainstorming area

2. CREATE

Application lab.

3. TEST

Sensory Panel4. ANALYZE

Analytical lab.

Enhance the customer experienceConcepts and prototypes designed in our Springlabs

Generating ideas

Helping customers finding inspiration or answering a specific

request

Translating ideas

Development of prototypes, solutions…

that fit perfectly to customer’s requirement

Testing concepts

Sensory panel designed to ensure products meet customer’s expectations

(taste, texture, visual appeal…)

Providing analysis

Providing analytical support to identify active components, along with more advanced systems

Showcase of our application/concepts and

partnership know-how

1ST SELF-CARE

MEDICAL DEVICE KIT

FOR THE TREATMENT &

PREVENTION

OF BROWN SPOTS

Food & Beverage

Supporting innovation with our

drying expertise

Nutrition & Health

Creating new concepts

Personal Care

Driving change with partnerships

Kit containing 3 applications specifically formulated

with high quality extracts and tasty fruit powders:

Immunity boost drinkWith Vitamin C from Acerola, Echinacea purpurea,

Elderberry, Thyme, Zinc and Vitamin D which

contribute to the normal function of the immune

system

Tonic bost fast melt powderWith Vitamin C from Acerola and Magnesium which

contribute to a reduction of tiredness and fatigue

Soothing gumWith Vitamin C from Acerola and sage extract which

helps to soothe the mouth and throat.

A new range of fruit powders or granules, improving

nutritional profile of applications (cereal bars, snack

bars, bakery, biscuits, instant drinks, chocolate

tablets) :

Fruit content: 40 to 50%

Fiber content: 35 to 48% (inulin or gum arabic)

Optimized nutritional profile- No added sugar

- Less carbohydrates

- Fewer calories

Clean label: fruit, dietary fiber

Food safety and health concerns

Partnership with Medical Brands:

Naturex mastersthe raw materials sourcing, the

process of extraction/purification,

reveals the actives

Medical Brands buildsthe active medical ingredient and

finished product concept

Together we designunique ingredients and

product concept

Maximising industrial

efficiency and profitability

An ongoing program regarding our industrial assets

Other actions are under review and will be part of the long-term strategic plan

RATIONALISE OPTIMISE INVEST

Closure of the manufacturing

site of Shingle Springs in

August 2014 (California)

− Limited capacity

(blends of nutraceutical

extracts originating from the

New Jersey site)

− 17 employees concerned

Current strategic plan in

Poland

− Optimisation of cost

structure in pectins activity (efficiency and energy)

− Impairment tests on pectins

assets underway

− Industrial base for liquid Fruit

& Veg. and transfer of know-

how from VJI

Leveraging existing

capabilities resulting from

recent investments

− In India, with the completed

construction of a Fruit &

vegetable powder plant

− In Chile, with the

development of Chile

Botanics’ industrial capacity

Maximising industrial efficiency and profitability

Saving: $0.7 million out of $2

millions local costs

Strengthening controls

over OPEX

Initial efforts to reduce external charges are

already visible despite the drop in sales

− Efficient costs management due to a 1st year

implementation of budget process in the ERP

− Decrease in all expenditure categories thanks to

optimization measures (insourcing of certain recruitment,

negotiations on insurance expenses, industrial maintenance and spare-parts,

travel expenses…)

Still room for improvements

− Formalisation and generalisation of the OPEX budget

process to the entire Group

− Additional management and monitoring tools

− Detailed view of all budget lines (industrial, G&A…)

Tight control on operating expenses

in €m (30.09.2014)

Strengthening controls over OPEX

OPEX will remain under control with sales

growth

61.3

2,1

58.8

(0,7)

(1.5)

(2.4)

30/09/2013 Scope effect(Chile Botanics

& VJI)

Fx Effect Volume effect(decrease on

sales)

Cost reductionefforts

30/09/2014

6% decrease excluding scope and Fx effect, o/w

4% decreased linked to cost reduction efforts

Reducing significantly

Working Capital

Requirement (WCR)

New key role of the Credit Management

− Centralisation of processes: creation of new clientaccounts, credit lines granted, payment terms,locking/unlocking of account receivables…

− Implementation of a new Group Credit Policy

New commitments for the Sales team

− Combined efforts with Credit Management:coordination, training, teaching & learning to developGroup culture in this field…

− A part of the bonus scheme will be linked to the DSOlevel

We are confident in our ability to improve our DSO

Reduction on DSO (Days of Sales Outstanding)

TOP 100 references

(Skus) represent 30%

of Group total sales

1/3 generate 90% of

Group total sales(H1 2014)

600 families of raw materials, classified under different categories,

sourced in more than 50 countries worldwide

45% of references generate

sales lower than 10 k€ /Skus

(H1 2014)

A high number of references (Skus) but

a small part generating sales

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Botanicals categories

A complex product portfolio

− High number of botanicals categories, declined in many commercial

references (Skus)

− Dependence on agricultural cycles (crops and harvests)

− Historical focus on specificities duplicated to all categories whatever the

size or the potential of the business

A necessary step to rationalize our inventory level

Improving Supply Chain to an integrated

S&OP approach

− To support the change in structure and rationalise

the diversity of our references (Skus)

− To increase our customer service quality

A global action plan through

an enhanced client-driven approach

Optimization ofour product range

Implementation of dedicated tools

A clearer product portfolio

A central role for the Supply Chain

Drastic reduction of the number

of references

(from 30,000 to 10,000 ref.)

Objective to continue decreasing

to 6,000 references in 2016

Reliability and quality of supplies

A more powerful and targeted offer

Catalogue for standard products

Governance rules between Sales

division and R&D for non-

catalogue specific requests

Simplification of the offer

More focus on business size and

potential

Better positioning of the product

range

Improvement of R&D

developments

Improvement of customer service

quality

Implementation of CRMDemand Planning plugged in the ERP

Implementation in 2014

Improved visibility of future sales

A collaborative S&OP approach

(sales and operations)

Implementation in the course of

2015

Global monitoring of the Supply

Chain from procurement to sales

with dedicated Committee

Increasingly accurate and reliable

forecasts throughout 2015

Improvement of level of inventory

with a key objective end 2016

(Inventory = 40% sales)

The long-term strategic plan will address the following:

Strengthening our commercial strategy

Operational excellence

Financial discipline focusing on returns

High performance culture

Building a value-addedinternational natural specialty ingredients specialist

Merci de votre attention

Appendices

Staff costs as at 30 September 2014

In Thousand euros

9 months

2014VJI Chile Botanics

Sept 2014 excluding

scope effect

(VJI and Chile Botanics)

Fx effectSept 2014 excluding

scope and Fx effects

9 months

2013

Staff costs 56 193 2 206 124 53 863 (527) 54 390 51 218

OPEX as at 30 September 2014

In Thousand euros 30/09/2014 30/09/2013 Scope effect* Fx effect

Other production costs 24 618 24 129 489 2% 1 184 (133) (561) -2%

Leasing 4 971 5 179 (208) -4% 34 (104) (138) -3%

Fees 6 760 7 332 (573) -8% 332 (67) (838) -11%

Marketing expenses 2 782 2 500 282 11% 22 (44) 304 12%

Shipping costs 12 362 14 140 (1 777) -13% 304 (196) (1 885) -13%

Travel and subsistence expenses 3 741 4 043 (302) -7% 102 (65) (339) -8%

Other external charges 3 604 3 949 (345) -9% 133 (72) (406) -10%

Total external charges 58 838 61 271 (2 433) -4% 2 110 (681) (3 862) -6%

* VJI, Chile Botanics and Naturex Industrial SL

Variation Variation