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

Viggo Halseth – COO Aquaculture London Seafood Investor Forum London| 19 November 2013. Agenda. 1. Setting the stage. 2. Strategy. 3. Growth prospects. 4. Innovation. 2. Doubling food production. Feeding 9 billion people in 2050. Halving the pressure on the planet. 3.

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

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

  2. Agenda 1 Setting the stage 2 Strategy 3 Growth prospects 4 Innovation 2

  3. Doubling food production Feeding 9 billion people in 2050 Halving the pressure on the planet 3

  4. The essential link Strugglingsupplies Surging Demand Raw material markets Animal nutrition & fish feed producers Farmers 4

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

  6. Ambition 2016: Fish Feed Maintainleadership Non-salmonid Existingmarkets Newmarkets R&D EBITAmargin Volume from 1.3to 1.8 million MT (2010-2016) Volume from 50,000 to 900,000 MT(2010-2016) Roll-out MicroBalance to other species Grow salmonid feed volume in line with the market (5% CAGR) EBITA operating margin 7% Volume share from 28% to 45% (2010-2016) Double volume from 1.3 million MT to 2.7 million MT(2010-2016) 6

  7. The blue revolution towards 2020 Global production of seafood 1950 – 2020 250 9 Tonnes (x million) Billion 8 200 7 World population 6 150 5 Aquaculture 4 100 3 2 50 Wild catch 1 0 0 1950 1960 1970 1980 1990 2000 2010 2020e • Aquaculture: • Annual growth of 8.7 % per year for the past 30 years • One of the fastest growing food sectors 7

  8. Steady growth of global salmon farming industry kTonnes 2,500 • CAGR 9% 2,000 Other Faroes 1,500 Canada 1,000 UK Chile 500 Norway 0 2000 2005 2010 2015e 1992 8 Sources: Kontali, ABG Sundal Collier, companies

  9. The potential of Norwegian aquaculture • Salmonid value chain 2030 2050 2010 1999 Economic value €15 billion Economic value €4.3 billion Economic value €30 billion Economic value €1.5 billion 3.5% CAGR 10% CAGR 6.5% CAGR Volume 3 mill. tonnes Volume 1 mill. tonnes Volume 5 mill. tonnes Volume 0.5 mill. tonnes 5.6% CAGR 2.6% CAGR 6.5% CAGR 9 Source: Value created from productive oceans in 2050, SINTEF, 2012

  10. Skretting – the global brand for fish feed Focus on sustainability Feed-to-food safety Innovation and R&D

  11. World’s largest and most modern fish feed factory - Averøy • Upgrade fully completed in 2013 • Nutreco’s largest ever capexproject • 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: 2007-2030, ArniMattheson, FAO, AquaVision 2012 presentation; The State of World Fisheries and Aquaculture 2012 - FAO

  13. Specialists Nationalities Collaborations • Specialists in fish and shrimp nutrition, health and feed technology • Collaborations with over 40 research institutions worldwide • >100 staff; 33 researchers • 20 nationalities • >40 with university degree Skretting ARC – world class fish feed R&D Important innovations Optiline Premium

  14. Rawmaterials Our competence in research and application in daily feed production gives us a competitive advantage Unique knowledge – Skretting’s passion for fish Nutrition Processtechnology Goals Fish performance Fish health Feed quality Food safety Sustainability

  15. Global supply and use of fish oil 1,600 1,400 Omega 3 industry 1,200 1,000 X 1,000 tonnes 800 600 Edible, hardening, technical use 400 Aquaculture 200 0 1970 1980 1990 2000 2004 2010 1963 15

  16. The MicroBalance concept Thanks to MicroBalance Norwegian salmon producers became net fish protein producers in 2010 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 1990 1995 2000 2005 2008 2009 2010 2011 2012 Potential Kg fish protein used in feed versus Kg fish protein produced 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 16 Source: Skretting ARC

  17. Protec - The fine art of protection Skin Gills Gut The immune system Cell regeneration Anti-oxidative Virus Parasites Bacteria 17

  18. 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

  19. MicroBalance™ Setting the scene for world-class shrimp R&D R&D strategy for fishmeal replacement • Additional researchers • Chinese shrimp research station • Collaborations with world-class research organisations • Applied technology to operating companies • Based on the technology platform developed for salmon: • Initial R&D focus on key limiting nutrients • Alternative protein raw materials being tested • We expect to start implementing our shrimp MicroBalance concept within 12 months 19

  20. 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

  21. THANK YOU

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