Complementary notes to the trading update for the third quarter

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1 PRESS RELEASE Amersfoort, 5 December Complementary notes to the trading update for the third quarter Nutreco announces today additional notes to the trading update for the third quarter as published by Nutreco on 20 October. These notes are complementary to the Q3 and YTD Q3 interim financial statements as published in section 15 of the Offer Memorandum that is published on 5 December by SHV, pursuant to its public offer for the shares of Nutreco. Key figures Q3 Q3 YTD Q3 YTD Q3 Revenue (third parties) 1, , , , EBITDA before exceptional items EBITA Animal Nutrition Fish Feed Compound Feed & Meat Iberia Corporate EBITA before exceptional items Total result for the period Basic earnings per share Nutreco Revenue for Nutreco s continuing operations in the third quarter amounted to 1,428.9 million, a decrease of 4.1 compared to last year (Q3 : 1,490.5 million). The volume was -1.0, with positive volume developments in Animal Nutrition and Compound Feed & Meat Iberia, offset by declining volumes in Fish Feed. The price was The foreign exchange rate was Q3 YTD revenue was flat at 3,888.9 million ( : 3,889.2 million). The volume was 2.8, the price was -1.3, the acquisition was 1.9 and the foreign exchange rate was Q3 YTD EBITA increased by 7.2 to million (Q3 YTD : million). The exceptional items amounted to million (Q3 YTD : -8.9 million) and consist of costs related to impairments in Spain, restructuring costs, and costs related to acquisitions as well as divestments. The foreign exchange impact on EBITA before exceptional items was -6.2 million (Q3 YTD -5.7 million) and mainly related to the Canadian dollar and the Norwegian krone. The EBITA in Q3 of 87.6 million was 1.1 lower than the same quarter last year (Q3 : 88.6 million). Unaudited and not reviewed

2 OPERATING SEGMENT INFORMATION *All key figures are before exceptional items Animal Nutrition Q3 Q3 Revenue (third parties) , , EBITDA* EBITA* Operating margin (EBITA*/revenue) Revenue for the Animal Nutrition segment in the third quarter amounted to million, an increase of 2.3 compared to last year (Q3 : million). The volume was 3.2, driven by positive performances in Canada, Brazil, Europe and young animal feed. The price was 0.9. The acquisition was -0.1 due to a small divestment in Canada. The foreign exchange rate was Q3 YTD revenue decreased 0.9 to 1,339.2 million ( : 1,351.6 million). The volume was 2.0, the price was 0.4, the acquisition was 0.8 and the foreign exchange rate was Q3 YTD EBITA for the Animal Nutrition segment of 89.7 million was 8.7 higher than in Q3 YTD ( 82.5 million). This increase was driven by good performances in most markets, as well as certain product categories such as young animal feed. The EBITA in Q3 of 30.1 million was 17.6 higher than the same quarter last year (Q3 : 25.6 million). As a result of this performance the Q3 YTD EBITA margin increased to 6.7 (Q3 YTD : 6.1); this increase is attributable to improved margins in Europe, mainly due to good performance of young animal feeds and to improved margins in our Canadian business. Fish Feed Q3 Q3 Revenue (third parties) , , EBITDA* EBITA* Operating margin (EBITA*/revenue) Third quarter revenue in Fish Feed decreased by 8.1 to million compared to last year (Q3 : million). The volume was -5.8, mostly due to lower demand for salmonid feed. The lower demand occurred mainly in Norway due to lower volumes to Marine Harvest (as anticipated) and in the context of the strong quarter a year ago. This was partially offset by 5.4 volume growth in non-salmonid feed, with growth in Ecuador, Japan, southern Europe and Vietnam. The price was 1.2. The foreign exchange rate was Q3 YTD revenue increased by 6.9 to 1,567.7 million ( : 1,467.0 million). The volume was 8.1, the price was -0.4, the acquisition was 4.4 (Egypt, Ecuador) and the foreign exchange rate was The volume share in revenues of fish feed for non-salmonid species was 41 compared with 37 in the same quarter last year. Q3 YTD EBITA in Fish Feed was 3.8 higher at 96.5 million compared with 93.0 million in Q3 YTD. The higher EBITA in Q3 YTD is mainly caused by higher salmon feed volumes in Norway in the first half-year and the contribution of the businesses in Ecuador and Unaudited and not reviewed 2

3 Egypt which were acquired in the first half of as part of our strategy to grow in nonsalmonid species and growth geographies. The increase in salmonid feed volumes in the first half year was mainly caused by favourable growing conditions especially in Norway compared to the exceptionally cold seawater temperatures last year which reduced feed volumes. The EBITA in Q3 of 53.0 million was 8.5 lower than the same quarter of ( 57.9 million). This was mostly due to lower sales in Norway (impact Marine Harvest) and China, offset by good performance in almost all other geographies. EBITA margin is slightly down Q3 YTD at 6.2 ( Q3 YTD: 6.3). In June Nutreco signed an agreement to enter into a joint venture in Nigeria with Durante, a leading supplier of fish feed in Nigeria and our existing distribution partner. The joint venture Skretting Nigeria will invest in the local production of extruded fish feed for Nigeria as well as the wider West African region. The financials are consolidated as from 18 September onwards. Compound Feed & Meat Iberia Q3 Q3 Revenue (third parties) , EBITDA* EBITA* Operating margin (EBITA*/revenue) Revenue for the Compound Feed & Meat Iberia segment in the third quarter amounted to million, a decrease of 4.3 compared to last year (Q3 : million). The volume was 3.3, with good progress made in increasing sales to customers across various channels. This compensated substantially for lower volumes to Mercadona due to disengagement process. The year-to-date volumes in tonnes to Mercadona were 28 lower than the last comparable 9 month period before the start of the disengagement process. We have successfully replaced approximately 75 of these volumes. The price was -7.6 caused by lower raw material prices. Q3 YTD revenue decreased 8.3 to million ( : 1,070.6 million). The volume was -3.6 and the price was Q3 YTD EBITA of Compound Feed & Meat Iberia increased by 11.6 to 28.8 million (Q3 YTD : 25.8 million). The increase was related to a better performance in all business unit operations due to lower raw material prices and good chicken and pork meat markets in the first half. The EBITA of 10.7 million in Q3 was 10.8 lower than the same quarter last year due to declining poultry prices. Corporate costs The corporate costs are 3.2 higher than in Q3 YTD at 19.2 million (Q3 YTD : 18.6 million). Net financing costs Net financing costs amounted to 22.0 million (Q3 YTD : 21.8 million). Financial expenses were slightly lower at 24.0 million (Q3 YTD : 25.5 million). Financial income decreased to 2.0 million (Q3 YTD : 3.1 million). Income tax expense Income tax expense for the first nine months increased from 36.2 million in to 40.9 million in. This corresponds to an ive tax rate of 26.5 in the first nine months of which is 1.5 higher than the prior year period mainly as a result of the fiscal amortisation of the goodwill in Brazil in. Unaudited and not reviewed 3

4 Result for the period The total result for the period increased by 4.1 from million to million. Basic earnings per share increased by 2.5 to 1.61 (Q3 YTD : 1.57). The total result for the period attributable to owners of Nutreco was million (Q3 YTD : million). Cash position and capital structure The net debt position as at 30 September was million compared to million as at 30 September. Total equity as at 30 September was million (30 September : million). On 20 October Nutreco terminated the share buy-back programme of 100 million which commenced on 26 August. Pursuant to this programme, that had the purpose of optimising the efficiency of the balance sheet and enhancing future earnings per share, Nutreco purchased 1,680,553 of its ordinary shares at an average price of per share, for a total consideration of 49.2 million (up to 20 October ). Per 30 September, Nutreco purchased 933,445 of its ordinary shares under this programme for a total consideration of 27.7 million (at an average price of per share). Nutreco currently holds 4.4 of its ordinary shares. The issued share capital per today amounts to 70,237,364 ordinary shares. Outlook full year Based on current trading conditions and barring any unforeseen circumstances we expect EBITA before exceptional items for continuing operations for the full year to be at least equal to last year (: million), which is a confirmation of the outlook we provided as part of our Q3 trading update, dated 20 October. Due to seasonality of the business, the majority of Nutreco s result is generated in the second half of the year. END OF PRESS RELEASE Driving sustainable growth Nutreco s strategy Driving sustainable growth' is to grow and improve profitability by providing innovative and sustainable nutritional solutions for its customers. This will be realised by focusing on a higher value-added portfolio of nutritional solutions such as premixes, feed specialties and fish feed, and by expanding into the growth geographies of Latin America, Russia, Asia and Africa, which will see the largest increases in both production and consumption of animal protein food products. Nutreco Nutreco is a global leader in animal nutrition and fish feed. Our advanced feed solutions are at the origin of food for millions of consumers worldwide. Quality, innovation and sustainability are guiding principles, embedded in the Nutreco culture from research and raw material procurement to products and services for agriculture and aquaculture. Experience across 100 years brings Nutreco a rich heritage of knowledge and experience for building its future. Nutreco employs approximately 10,000 people in 30 countries, with sales in 80 countries. Nutreco is listed on the Euronext stock exchange in Amsterdam and reported annual revenue of 5.2 billion in. Investor and analyst enquiries Jurgen Pullens, Director Investor Relations T +31 (0) M +31 (0) E jurgen.pullens@nutreco.com Media enquiries Mark Woldberg, Manager Corporate Communication T +31 (0) M +31 (0) E mark.woldberg@nutreco.com Unaudited and not reviewed 4

5 Cautionary note regarding forward-looking statements This announcement contains forward-looking statements. Forward-looking statements are statements that are not based on historical fact, including statements about our beliefs and expectations. Any statement in this announcement that expresses or implies our intentions, beliefs, expectations or predictions (and the assumptions underlying them) is a forward-looking statement. Such statements are based on plans, estimates and projections as currently available to the management of Nutreco. Forward-looking statements therefore speak only as of the date they are made and we assume no obligation to publicly update any of them in the light of new information or future events. Forward-looking statements involve inherent risks and uncertainties. A number of significant factors could therefore cause actual future results to differ materially from those expressed or implied in any forward-looking statement. Such factors include but are not limited to conditions on the markets in Europe, the United States and elsewhere from which we derive a substantial portion of our revenue, potential defaults on the part of borrowers or trading counterparties, the implementation of our restructuring programme including the envisaged reduction in headcount and the reliability of our risk management policies, procedures and methods. For more information on these and other factors, please refer to our annual report. The forward-looking statements contained in this announcement are made as of the date hereof and the companies assume no obligation to update any forward-looking statement contained in this announcement. Unaudited and not reviewed 5

6 Revenue analysis Price volume developments half year per segment H1 Volume Price Acquisition FX H1 Animal Nutrition Fish Feed Compound Feed & Meat Iberia Revenue 2, ,460.0 Price volume developments third quarter per segment Q3 Volume Price Acquisition FX Q3 Animal Nutrition Fish Feed Compound Feed & Meat Iberia Revenue 1, ,428.9 Price volume developments third quarter YTD per segment Volume Price Acquisition FX Animal Nutrition 1, ,339.2 Fish Feed 1, ,567.7 Compound Feed & Meat Iberia 1, Revenue 3, ,888.9 Unaudited and not reviewed 6