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1 Interim report Financial Year 2016/17 6 Months / 1 March to 31 August 2016

2 2 Nordzucker Interim Report 6 Months 2016/2017 Key Figures six Months 2016/17 OPERATING BUSINESS 1/3/ /8/2016 1/3/ /8/2015 Change Revenues EUR m EBIT EUR m Net income for the period EUR m Cash flow from operating activities EUR m Investment in property, plant and equipment and intangible assets EUR m BALANCE SHEET FIGURES 31/8/ /8/2015 Change Total assets EUR m 1,901 1,899 2 Shareholders equity EUR m 1,294 1, Equity ratio % Debt capital EUR m Financial liabilities EUR m Cash and cash equivalents EUR m Net debt ( )/ Investment (+) 1 EUR m Cash and cash equivalents less financial liabilities. STRUCTURAL FIGURES 31/8/ /8/2015 Change Sugar plants Sugar refineries 3 3 Liquid sugar plants 2 2 Bioethanol plants 1 1

3 Nordzucker Interim Report 6 Months 2016/ Content Highlights of the first six months 2016/17 4 Letter from the executive Board 7 Earnings and financial position and net assets 10 Consolidated income statement 10 statement of comprehensive income 11 Statement of cash flows 12 Consolidated statement of financial position 14 Consolidated statement of Changes in Shareholders equity 15 Financial calendar Positive development in revenues and earnings In the first six months of the 2016/2017 financial year, Nordzucker generated revenues of EUR million. This was around eight per cent above the figure of EUR million for the same period of the previous year. Higher sales volumes and prices for quota and non-quota sugar were mainly responsible for the revenue increase. This made it possible to generate a profit of EUR 36.8 million for the period, in contrast to the loss of EUR 0.6 million reported for the same period a year ago. Campaign under way: good yields expected This year s campaign started on schedule on 12 September at the plant in Opalenica, Poland, which was swiftly followed by the German plants. The campaign was up and running at all Group plants by 4 October. Planned investments were completed on time beforehand and the campaign generally got off to a smooth start. Growing conditions for sugar beet were very good this year. Although sowing was slightly delayed across the Group as a whole, plenty of sunshine and warm temperatures during the summer helped the crops grow well. Long dry periods did cause some challenges with harvesting, loading and processing, however, because large quantities of leaves also ended up in the plants in some cases. The campaign is due to end in early January 2017 after an average of 110 days.

4 4 Nordzucker Interim Report 6 Months 2016/2017 THE EXECUTIVE BOARD OF NORDZUCKER AG Dr Michael Noth Hartwig Fuchs (Chief Executive Officer) Dear shareholders, We were pleased with earnings for the first half-year 2016/2017. Thanks to more stable prices and good sales figures for quota and non-quota sugar we were able to increase revenues by around eight per cent. The market stabilization is a direct result of lower stocks in the EU, combined with a price recovery on the world market. Performance in the by-products area and the bioethanol market is currently less positive. Prices have fallen for both pellets and bioethanol, which has a corresponding effect on our margins. All in all, we can be well satisfied with the current situation, however, and expect to close the current financial year with higher revenues and much better earnings than the previous year. Developments on the sugar market and the savings achieved by our efficiency programme FORCE will both make a contribution. This is confirmed by the trend in the first six months. Forecasts for the period thereafter are more difficult. The market will have to find a new equilibrium after the quota regime expires on 30 September Potential imports and exports and any additional capacity planned by our competitors will play an important role. However, the fact that in almost all the countries where Nordzucker operates we have already signed delivery contracts with our beet suppliers, often for several years, means that we are in a good starting position as far as beet supplies are concerned.

5 Nordzucker Interim Report 6 Months 2016/ Axel Aumüller Dr Lars Gorissen Our task is to keep on planning and preparing carefully for the period after A focus on customers, markets and sustainability are the keys to success, in addition to continuous efficiency gains. At the same time it is also vital to keep up Nordzucker s momentum. The changes in the sugar market present growth opportunities that we intend to examine and exploit. At a time of change and readjustment we are relying on our solid finances, on our well equipped plants in favourable areas of the EU, on the outstanding know-how of our employees, on the partnerships with our beet farmers and not least on the trust of our shareholders. Yours sincerely, Nordzucker AG The Executive Board Hartwig Fuchs Axel Aumüller Dr Lars Gorissen Dr Michael Noth

6 6 Nordzucker Interim Report 6 Months 2016/2017 Sites in Europe Group Headquarters D 1 Braunschweig Regional Head Office DK 2 Copenhagen Sugar Plants and refineries 29 D 3 Clauen 4 Nordstemmen 5 Uelzen 6 Klein Wanzleben 7 Schladen DK 8 Nakskov 9 Nykøbing S 10 Arlöv 11 Örtofta FIN 12 Porkkala Säkylä LT 14 Kėdainiai PL 15 Chełmża Opalenica SK 17 Trenčianska Teplá D 18 Liquid sugar plant Groß Munzel Liquid sugar plant 5 15 Nordstemmen sugar plants non-consolidated Minority stake CZ 20 Dobrovice 21 Ceské Meziříčí 17 other locations D 22 Bioethanol plant, Klein Wanzleben S 23 Köpingebro (Fibrex) DK 24 NP Sweet, Copenhagen B 25 Office Brussels sales offices LV 26 Riga LT 27 Vilnius EE 28 Tallinn IS 29 Reykjavik 32 NO 30 Oslo IE 31 Dublin GR 32 Athens

7 Nordzucker Interim Report 6 Months 2016/ Earnings and financial position and net assets General remarks The interim financial statements as of 31 August 2016 for Nordzucker AG (Küchenstrasse 9, Braunschweig, germany) have been prepared in accordance with the International Financial Reporting Standards (IFRS) adopted and published by the International Accounting Standards Board (IASB) and the IFRS Interpretations Committee (IFRS IC) as applicable in the European Union (EU-IFRS). The financial statements comply fully with EU-IFRS and give a true and fair view of the net assets, financial and earnings position of nordzucker AG and its consolidated subsidiaries, joint ventures and associated companies (hereinafter known as Nordzucker Group or Group ). No changes have been made to the accounting policies used for the preparation of the annual IFRS consolidated financial statements as of 29 February These can be found in the Annual Report 2015/2016 ( Seasonal sugar production The production of sugar is a seasonal business. The production phase, from the beginning of September until January, is entirely in the second half of the financial year. This should be taken into consideration when interpreting the first half earnings. up on the figure of EUR 37.2 million in the same period of the previous year. Other income decreased significantly to EUR 8.0 million (prior-year period: EUR 17.6 million). Other expenses also fell sharply to EUR 6.6 million (prior-year period: EUR 16.2 million). Personnel expenses of EUR 88.8 million were up on the same period last year (EUR 81.1 million) and so were back at around the same level as the first six months of the 2014/2015 financial year. The increase is largely due to higher salaries and wages following the new pay settlement, higher bonuses and higher pension expenses and social security contributions. Depreciation, amortization and impairment was roughly the same as the previous year (EUR 37.1 million compared with EUR 36.6 million). The operating result (EBIT) of the Nordzucker Group totalled EUR 53.4 million in the first half of the 2016/2017 financial year, compared with EUR 2.1 million in the same period of the previous year. Financial income of EUR 0.4 million was well below the previous year s figure (EUR 6.2 million), because the dividend has not yet been received from Tereos TTD, in contrast to the previous year. Financial expenses were roughly unchanged at EUR 4.1 million (prior-year period: EUR 3.9 million). Revenues and earnings In the first six months of the 2016/2017 financial year the Nordzucker Group generated revenues of EUR million, approximately eight per cent more than in the previous year. Higher sales volumes and prices for quota sugar and nonquota sugar were mainly responsible for the revenue growth, whereas revenues for bioethanol and by-products were down. Production costs came to EUR million, slightly above the figure of EUR million in the same period of the previous year due to higher volumes. Sales costs of EUR 75.9 million were roughly the same as in the equivalent period last year (EUR 75.6 million). administrative expenses came to EUR 38.1 million, slightly Consolidated Revenues Euro m months 2015/ months 2016/17 Consolidated EBIT Euro m months 2015/ months 2016/17

8 8 Nordzucker Interim Report 6 Months 2016/2017 In the first six months of the 2016/2017 financial year the Nordzucker Group reported a profit before minority interests of EUR 36.8 million, in contrast with the same period a year ago, which saw net income for the period of EUR 0.6 million. The positive earnings were principally due to higher sales volumes and price increases for quota and non-quota sugar. Lower costs also contributed to the positive earnings. Cash flow and balance sheet Cash flow from operating activities of EUR million in the first six months of the financial year 2016/2017 was significantly higher than the previous year s figure (EUR million). This increase was largely due to a rise of EUR 49.3 million in pre-tax earnings compared with the previous year. Net cash outflow from investing activities came to EUR 39.1 million compared with EUR 30.0 million for the same period last year. The increase in net outflow is largely due to higher payments for investments in property, plant and equipment (EUR 39.0 million compared with EUR 24.2 million). However, no investments were made in financial assets in the first six months of the year, whereas the figure for the same period last year was EUR 5.1 million. Cash from financing activities of EUR 0.6 million was well above the previous year s figure of EUR 5.2 million, due to the use of a bilateral credit line that did not exist the previous year by a subsidiary. Cash and cash equivalents at the end of the half-year came to EUR million, well above the level of the previous year (EUR million). Total consolidated assets came to EUR 1,901.1 million as of the end of the reporting period on 31 August 2016 (31 August 2015: EUR 1,899.1 million). Inventories were down significantly by EUR mil lion to EUR million. They were offset in particular by an increase in trade receivables, up by EUR 29.4 million to EUR million and higher cash and cash equivalents, up by EUR million to EUR million. Trade payables fell by EUR 51.7 million to EUR 65.2 million, whereas non-current provisions for pensions and similar obligations went up by EUR 50.4 million to EUR million due to the fall in the discount rate. Cash and cash equivalents exceeded financial liabilities by EUR million at the end of the reporting period as of 31 August At the end of the same period in the previous year (31 August 2015), the excess amount was EUR million. Consolidated Net Income for the period Euro m NET DEBT ( ) / INVESTMENT (+) Euro m Group Balance sheet structure as of 31 August 2016 Euro m ,000 1,901 1, ,750 1,500 1, % 68 % , % months 2015/16 6 months 2016/ months 2015/16 6 months 2016/ % 0 Assets Non-current assets 20 % 12 % Equity & liabilities Equity Inventories Non-current liabilities Other current assets Current liabilities

9 Nordzucker Interim Report 6 Months 2016/ Events after the balance sheet date There have been no significant changes to the situation of the company for the current financial year since the end of the reporting period covered by these interim financial statements. Outlook The key figures for the Nordzucker Group for the first six months of the financial year 2016/2017 confirm the positive outlook for the full year 2016/2017 given at the end of the last financial year. World market prices for sugar have risen significantly and sugar prices have increased slightly in europe too. This trend is expected to continue, since high sugar stocks have been depleted and lower imports are still forecast for the current sugar marketing year. After significant cuts in land under cultivation the previous year, production volumes are likely to go up again in the 2016/2017 cam paign. All producers are still exposed to intense competition for market share in order to secure the best possible position for themselves when the sugar market regime expires in Nordzucker s earnings. In the medium term, the European sugar market should develop more positively again, however. The high economic potential of sugar beet enables European sugar producers to supply their customers on competitive terms and, after a transitional period, the market will consolidate further. Nordzucker is a strong provider in Europe, who can make use of these opportunities and is intensively preparing to do so. The company is sufficiently well set up to play an active role in the market consolidation and to further expand its position in Europe. Its capital structure is so solid that the company can also strengthen its core business further by means of investments. Growth opportunities outside of Europe can also be considered. Nordzucker has successfully dealt with all of the changes in Europe to date, and has emerged from them even stronger. The company assumes that it will be able to continue this success in a world without sugar quotas. Nordzucker is still expecting revenues for 2016/2017 to be slightly above the level of 2015/2016. An anticipated further increase in EU sugar prices and lower energy prices, as well as even more savings created by the FORCE programme, should make it possible to report significantly higher earnings than last year. The results for the first six months of the 2016/2017 financial year confirm this. In the current year, the performance indicators used to date (EBITDA margin, return on sales and equity ratio) are to be replaced by the metric shareholders cost of capital. This performance indicator focuses on a market rate of return on capital employed. Forecasts for the following 2017/2018 financial year are virtually impossible. It will entail the last seven months of the old quota system and the first five months without quotas. Forecasts are very difficult to make given the considerable changes to the European sugar market, the lengths to which many producers are expected to go to increase market share and the high volatility of global sugar markets. Massive upheaval may ensue, however, particularly in the transition period, which could put considerable pressure on

10 10 Nordzucker Interim Report 6 Months 2016/2017 QUARTERLY Financial Statements NOrdzucker AG Consolidated income statement Nordzucker AG, Braunschweig, Germany, for the period from 1 March 2016 to 31 August 2016 In EUR thousands 1/3/ /8/2016 1/3/ /8/2015 Change Revenues 833, ,369 64,734 Production costs 666, ,065 7,902 Gross profit 166, ,304 56,832 Sales costs 75,947 75, Administrative expenses 38,132 37, Other income 7,964 17,576 9,612 Other expenses 6,635 16,188 9,553 Operating result (EBIT) 53,386 2,095 55,481 Financial income 358 6,172 5,814 Financial expenses 4,140 3, Result from companies accounted for using the equity method Earnings before tax 49, ,269 Income taxes 12, ,861 Net income for the period 36, ,408 of which attributable to non-controlling interests of which attributable to shareholders of the parent company 35, ,808 Statement of comprehensive income In EUR thousands 1/3/ /8/2016 1/3/ /8/2015 Change Net income for the period 36, ,408 Remeasurement of defined benefit plans 19,813 28,655 48,468 Deferred taxes on items of other comprehensive income not reclassified to the income statement 5,879 8,491 14,370 Other comprehensive income from items not reclassified to the income statement 13,934 20,164 34,098 Exchange differences on translating foreign operations 3,226 3, Net result of cash flow hedges 1,941 1, Deferred taxes on items of other comprehensive income reclassified to the income statement Other comprehensive income from items reclassified to the income statement 1,887 2, Consolidated comprehensive income after taxes 20,948 17,396 3,552 of which attributable to non-controlling interests of which attributable to shareholders of the parent company 20,070 17,119 2,951

11 Nordzucker Interim Report 6 Months 2016/ Statement of cash flows Nordzucker AG, Braunschweig, Germany, for the period from 1 March 2016 to 31 August 2016 In EUR thousands 1/3/ /8/2016 1/3/ /8/2015 Change Earnings before tax 49, ,269 Interest and similar income/expenses 2,559 2, Depreciation, amortization and impairment/reversals of impairment of non-current assets 36,991 36, Change in provisions 7,764 10,051 2,287 Change in inventories 375, ,518 16,373 Change in trade receivables 64,837 23,274 41,563 Change in trade payables 117, ,509 92,594 Change in other operating assets/liabilities 11,298 12,552 23,850 Gains/losses on disposal of non-current assets 1, ,072 Other non-cash expenses/income ,040 Interest received in the financial year 6, ,602 Interest paid in the financial year 834 1, Result of companies accounted for using the equity method Taxes paid in the financial year 11, ,722 Cash flow from operating activities 257, ,007 57,779 Proceeds on disposal of property, plant and equipment Payments for investments in property, plant and equipment 38,996 24,211 14,785 Proceeds on disposal of intangible assets Payments for investments in intangible assets Proceeds on disposal of financial assets Payments for investments in financial assets 0 5,133 5,133 Cash flow from investing activities 39,051 30,048 9,003 Inflows and outflows arising from changes in equity Payments to shareholders (dividends) 4,963 5, Proceeds from borrowing 5, ,592 Loan repayments Cash flow from financing activities 629 5,178 5,807 Changes in cash and cash equivalents 219, ,781 54,583 Cash and cash equivalents at the beginning of the period 171,781 44, ,792 Effect of foreign exchange rate changes Cash and cash equivalents at the end of the period 391, , ,432

12 12 Nordzucker Interim Report 6 Months 2016/2017 Consolidated statement of financial position as of 31 August 2016, Nordzucker AG, Braunschweig, Germany ASSETS In EUR thousands 31/8/ /8/2015 NON-CURRENT ASSETS Non-current assets Intangible assets 19,937 23,480 Property, plant and equipment 834, ,374 Investment property 4,471 2,982 Financial investments Shares in companies accounted for using the equity method 7,053 7,596 Other financial investments 23,897 23,922 Receivables and other assets 30,950 31, , ,354 Financial assets 0 0 Other assets 2, ,383 5 Deferred taxes 5,022 5, , ,684 CURRENT ASSETS Inventories Raw materials, consumables and supplies 57,102 60,809 Work in progress 105, ,262 Finished goods and merchandise 214, , , ,951 Receivables and other assets Trade receivables 191, ,956 Receivables from related parties 2, Current income tax receivables 326 2,344 Financial assets 8,295 11,443 Other assets 32,732 19, , ,246 Cash and cash equivalents 391, ,688 Current assets 1,004, ,885 Assets held for sale 0 1,500 1,004, ,385 1,901,141 1,899,069

13 Nordzucker Interim Report 6 Months 2016/ Equity and Liabilities In EUR thousands 31/8/ /8/2015 Shareholders equity Subscribed capital 123, ,651 Capital reserves 127, ,035 Retained earnings 1,077,397 1,029,855 Other comprehensive income 73,664 38,346 Equity attributable to shareholders of the parent company 1,254,419 1,242,195 Non-controlling interests 39,929 41,568 1,294,348 1,283,763 Non-current provisions and liabilities Provisions for pensions and similar obligations 242, ,014 Other provisions 47,529 34,084 Financial liabilities 7,090 7,353 Liabilities towards related parties 5,500 5,500 Other financial liabilities Other liabilities 8,812 8,633 Deferred taxes 77,714 91, , ,595 Current provisions and liabilities Provisions for pensions and similar obligations 10,498 11,209 Other provisions 42,073 56,434 Financial liabilities 5, Current income tax liabilities 18,963 14,205 Trade payables 65, ,839 Liabilities towards related parties 27,415 33,672 Other financial liabilities 6,987 6,846 Other liabilities 40,402 36, , ,711 1,901,141 1,899,069

14 14 Nordzucker Interim Report 6 Months 2016/2017 Consolidated statement of changes in shareholders equity Nordzucker AG, Braunschweig, Germany In EUR thousands Subscribed capital Capital reserve Retained earnings Other comprehensive income Equity attributable to shareholders of the parent company Noncontrolling interests Total equity As of 1/3/ , ,035 1,035,604 56,383 1,229,907 41,636 1,271,543 Net income for the period Other comprehensive income 18,037 18, ,035 Consolidated comprehensive income ,037 17, ,396 Dividend payment 4,830 4, ,176 Other As of 31/8/ , ,035 1,029,855 38,346 1,242,195 41,568 1,283,763 As of 1/3/ , ,035 1,046,339 57,844 1,239,181 39,186 1,278,367 Net income for the period 35,890 35, ,769 Other comprehensive income 15,820 15, ,821 Consolidated comprehensive income 35,890 15,820 20, ,948 Dividend payment 4,830 4, ,963 Other As of 31/8/ , ,035 1,077,397 73,664 1,254,419 39,929 1,294,348

15 Nordzucker Interim Report 6 Months 2016/ Financial Calendar 13 January 2017 publication of the Interim Report for the first nine months of 2016/ May 2017 Publication of 2016/2017 annual Report online Publications The following publications can be downloaded from > Annual Reports and Interim Reports > Declaration of compliance > Letter to shareholders Subscribe to the Interim Report at

16 Nordzucker AG Küchenstrasse Braunschweig Telephone: +49 (0) Fax: +49 (0) info@nordzucker.de Corporate Communications Christian Kionka Telephone: +49 (0) pr@nordzucker.de Investor Relations Bianca Deppe-Leickel Telephone: +49 (0) ir@nordzucker.de Shares register Nicole Riedel-Elias Telephone: +49 (0) aktien@nordzucker.de Printed copies of this Interim Report for the Nordzucker Group are also available in German. Alternatively, the report is available online in German or English and can be downloaded as a PDF at from the Download Centre.