Royal Wessanen nv

Q2 2013

Amsterdam, 25 July 2013

www.wessanen.com

Q2 2013 performance We have to cope with uncertain economic times, low consumer confidence and

increasing unemployment

Consumer appreciation for healthy and sustainable food is continuously growing Consumers are gradually incorporating more of a sustainable agenda when making food

purchases Consumers show growing engagement with healthier food via alternative food solutions

such as organic, free from, ethical and local provinence

'Wessanen 2015' is progressing well Wessanen becoming a more profitable company, being more focused on its core

activities, more agile and more efficient Savings of €15 mln expected from 2014 onwards

ABC’s first half year performance was very disappointing

2

‘Wessanen 2015’

1. Create more focus on our activities

• Reduction of approx. 300 FTE

• One-off costs €(21) mln cash

• Savings €15 mln p.a. from beginning of 2014 onwards

• Reduction of approx. 300 FTE

• One-off costs €(21) mln cash

• Savings €15 mln p.a. from beginning of 2014 onwards

3. Addressing low-yielding and non-performing activities Strongly reducing German grocery presence, changing go-to-market approach

Focus in Italian grocery on non-dairy (soy)

2. Reduce complexity and simplify processes• Cutting the tail / reducing number of SKUs at

− Dutch brands; √ French HFS brands; Export

Centralising quality department

• In the Netherlands, focus on one franchise formula (Natuurwinkel), to end GooodyFooods formula

Supply chain to manage our plants as of 2013 and to streamline processes

• Further increased focus on core brands and core categories

Expansion number of CBTs (category brand teams)

Split Benelux operations in branded and distribution organisation

Split French HFS operations in branded and distribution organisation

Grocery

France growing, driven by Dr. Schär, Krisprolls, Gayelord Hauser For the latter, we ran a sizeable promotional campaign

Bjorg slightly up, impacted by of a temporarily category delisting at a customer

New large TV campaign to be aired in Q3 Acquisition Alter Eco closed at end of May

UK branded business posted a strong performance Market share gains in its major categories

Tea, dairy alternatives and stocks & gravies Kallo is to be rebranded into Kallø from September

Supported by social media campaign, story-telling books and sampling events

In the Netherlands, Zonnatura and Dr Schär both showed a good performance

Zonnatura’s new TV commercial "what happened to our food?" was well received

In € mln H1-13 H1-12

Revenue 144.0 138.1

Autonomous growth 1.3%

Normalised EBIT15.6 10.0

As % of sales 10.8% 7.2%

Exceptional items (1.2) (0.9)

EBIT 14.4 9.1

4

Health Food Stores (HFS)

Wholesale reporting lower sales Natudis has been growing France lower volumes

• Moving part fruit & vegetables to Biodistrifrais• Bonneterre ceased chilled and larger part fruit & vegetables

Refocus Bonneterre company going well Cutting the tail programme implemented Bonneterre and Evernat brands making inroads at specialty chains

and buying groups

Our brands showed a good performance Allos, Tartex and Bonneterre growing In total, brands do represent 2/3 of total HFS sales

Autonomous growth and operating result strongly up Volumes and gross margins up in all 3 markets Lower operating costs (first benefits ‘Wessanen 2015’) Marketing spending up due to large campaign at Bonneterre

In € mln H1-13 H1-12

Revenue 106.9 105.9

Autonomous growth 0.7%

Normalised EBIT2.8 (0.5)

As % of sales 2.6% (0.5)%

Exceptional items (0.7) -

EBIT 2.1 (0.5)

5

CBT’s starting to deliver tangible results

Fully aligned product and packaging launch in 3 countries,

produced in own factory

€1 mln revenue (full year basis)

Additional fixed cost coverage Allos factory

6

To come

To come

Innovative concept in both channels in France, produced at own

factory, further roll-out in progress

€2 mln revenue (full year basis)

Additional fixed cost coverage Bioslym factory

CBT Cereals

CBT Dairy alternatives

Significant renovation core product across countries to

remove palm oil (consumer issues re. sustainability/health)

+12% growth on renovated products in France

CBT Sweet in between

Clipper roll-out progressing well

France in Q1, Netherlands and Germany in Q3

Initial sales in France above budget

Year 1 contribution over €1 mln in revenue

Export - double-digit growth in H1

Reported as part of Grocery and HFS

Small dedicated group organised by brand and geography

Multiple export markets Most important ones are Nordics, Austria, Italy, Japan, Spain, Switzerland Also includes Russia, Middle East, Far East and Australia

Export plans based on clear brand and market choices

First half year growth 11%, driven by Clipper, Allos and Whole Earth

8

IZICO - integrated frozen foods company

Good progress in becoming one company to strengthen its position on Benelux market and in export to further improve profitability to better and more effectively cope with the challenging environment

All ‘Wessanen 2015’ actions have been completed Closure Deurne plant New structure and roles at various departments implemented Offices combined in Breda

Market: retail growing, out-of-home impacted by sluggish demand

Bicky continued to grow, while Beckers lost some market share in retail Plans to revitalise Beckers underway

In H2 2013, half of €5 mln ‘Wessanen 2015’ savings to materialse

In € mln H1-13 H1-12

Revenue 53.2 56.9

Autonomous growth (6.4%)

Normalised EBIT1.5 0.7

As % of sales 2.8% 1.2%

Exceptional items (0.2) -

EBIT 1.3 0.7

9

ABC - Little Hug’s growth offset by Daily’s

Little Hug continues to perform well Growing revenue and market share Continue to invest in brand activation Introduced new flavours Berry Blend and Apple Orchard

Daily’s maintained its clear leadership share in pouch segment Year-to-date, frozen pouches lost >20% (volume and value) No meaningful improvement foreseen for remainder of 2013 Daily’s underperformed broader RTD market

• Numerous initiatives: 6 new flavours, new campaign and grown distribution coverage.

Expected FY13 revenue breakdown Little Hug 45-50%, single serve fruit drinks >10% Daily’s 40-45% (2/3 frozen pouches, 1/3 non-alcoholic mixers)

FY2013 operational loss (EBITE) expected of US$5-10 million

FY2014, we expect ABC to be profitable again

In US$ mln H1-13 H1-12

Revenue 79.2 97.6

Autonomous growth (18.8%)

Normalised EBIT(1.4) 6.5

As % of sales (1.8)% 6.7%

Exceptional items (0.5) -

EBIT (1.9) 6.5

10

Ronald Merckx (CFO)

• Financials

11

Q2/H1 P&L in more detail

In € mln Q2 2013 Q2 2012 H1 2013 H1 2012

Revenue 187.3 201.0 359.8 371.6

Autonomous growth (6.8)% (4.1)%

Gross contribution - - 137.9 142.4

As % of revenue - - 38.3% 38.3%

Normalised EBIT 4.8 6.2 14.1 9.1

As % of revenue 2.6% 3.1% 3.9% 2.4%

Exceptional costs (1.3) (0.3) (2.4) (0.3)

EBIT 3.5 5.9 11.7 8.8

Net financing costs (0.6) (0.7) (1.0) (1.3)

Income tax expenses (4.1) (2.1) (6.8) (2.9)

Net result attributable to equity

holders

(1.2) 3.2 3.9 4.9

12

Organic growth in perspective

13

In € mln Q2 13 H2 13 H1 14

Grocery (2) (5) (2-3)

• Germany - different go-to-market model (0.5) (1) -

• Italy - withdrawal Bjorg and Efficance brands (0.3) (0.6) (0.3)

• UK - ending private label contracts (1) (2) (1)

• NL - terminating Biorganic (0.3) (1.5) (1)

HFS (1) (6) (3-4)

• France - cutting the tail / ending frozen, F&V (0.5) (4) (3)

• NL - cutting the tail (0.5) (1) (1)

• Germany - SAP implementation 1 July 0.7 (0.7) n.m.

IZICO (3) (7) (4)

• Closing Deurne plant / cutting the tail

H1 gross profit / normalised EBIT

Gross profit in line with last year Grocery

• Underlying improvement HFS

• Growth brands and deliberate downsizing part of wholesale operations IZICO

• Ending low-margin Halal and breadcrumb activities; under-absorption Q2 production ABC

• Lower pouches sales and provisions for customer returns / obsolete inventory

Marketing spending Grocery

• France - phasing towards Q1 and Q3 (new TV campaign to be launched)• UK - due to large media spending on both Clipper and Kallo last year• Germany - revised go-to-market approach

HFS • Due to a large billboard/poster campaign in France

At ABC and IZICO in line with last year

Warehousing / logistics / general & administrative Lower general and administrative costs Lower warehousing and logistical costs

14

‘Wessanen 2015’ - cash costs

15

In € mln Q4 2012 Q1 2013 Q2 2013 H2 2013

Grocery (3.0) (0.2) (0.8) (0.5-1)

HFS (6.5) (0.5) (0.2) (0.5-1)

IZICO (6.2) (0.2) - (0.5-1)

Non-allocated (0.6) - - -

Costs ‘Wessanen 2015’ (16.3) (0.9) (1.0) (2-3)

First half 2013 cash flow

16

20.8

(3.6)(3.7)

(8.4)

(15.7)

(3.9)

(3.6)

(18.3)

Successful renewal credit facility

0

25

50

75

100

Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 130

1

2

3

Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 1317

Three-year secured €100 million revolving credit facility Current facility scheduled to mature in Feb. 2014

Uncommitted options to Extend facility for in total two years Increase facility up to maximum aggregate amount of €25 mln (‘accordion facility’)

Pricing grid narrowed to 110-205 bps over Euribor Based on leverage ratio (Net debt/EBITDAE) (max. remains at 3.0x)

Increase in debt (€74.6 mln vs. €62.7mln at end of Q1) due to: Cash out provision expenses €8.4 mln, Alter Eco €5.0 mln and dividend payments

€3.8 mln

Leverage ratio: 2.0XNet debt: €74.6

Piet Hein Merckens (CEO)

• Closing remarks

18

Looking forward

Macro economyEurope has to deal with deteriorated consumer confidence and increased unemployment Organic and natural food markets continue to trend positively

‘Wessanen 2015’Implementation running smoothlyAll progress, including FTE reductions and savings, closely monitored

H1 resultsWe have made significant progress in our core operations and IZICO

Improvement driven by own actions at our various businessesUnfortunately, ABC’s H1 performance was very disappointing. We therefore have initiated immediate short term corrective actions to return ABC to profitability in 2014.

Full year 20132013 will be another challenging year“Store is open while we are renovating and innovating”

19

Appendices

20

A very sound financial position

In € mln Jun 13 Dec 12

Assets

Property, plant and equipment 74.8 77.4

Intangible assets 66.9 66.8

Investment associates/other 1.2 1.1

Deferred tax assets 9.0 9.2

Non-current assets 151.9 154.5

Inventories 74.5 72.3

Income tax receivables 0.2 -

Trade receivables 111.0 85.7

Other receivables / prepayments 17.7 15.7

Cash (equivalents) 14.7 9.7

Current assets 218.1 183.4

TOTAL ASSETS 370.0 337.921

In € mln Jun 13 Dec 12 ¹

Equity and liabilities

Total equity 112.5 110.8

Interest-bearing loans 0.3 60.7

Employee benefits 13.0 15.1

Provisions / Deferred tax liabilities 6.3 5.2

Non-current liabilities 19.6 81.0

Bank overdrafts / current debt 13.9 1.4

Interest-bearing loans/borrowings 75.1 2.5

Provisions 10.7 16.8

Income tax payables 2.9 0.7

Trade payables 72.9 68.3

Non-trade payables/accrued expenses 62.4 56.4

Current liabilities 237.9 146.1

TOTAL EQUITY & LIABILITIES 370.0 337.9

¹ Restated for effect of IAS 19 (revised 2011)

Financials Q2 - guidance 2013

Financials Q2

Net financing costs €(0.6) mln Q2 12: €(0.7) mln ¹

Income tax expenses €(4.1) mln Q2 12: €(2.1) mln

Capex €(2.3) mln Q2 12: €(1.7) mln

Financials H1

Net financing costs €(1.0) mln FY 12: €(1.3) mln ¹

Income tax expenses €(6.8) mln FY 12: €(2.9) mln

Capex €(3.6) mln FY 12: €(3.6) mln

Guidance 2013

Net financing costs €(2) mln

Effective tax rate 53% ²

Capex €(8-10) mln

Depreciation and amortisation €(13-14) mln

Non-allocated expenses (incl. corporate) €(11) mln

22¹ Restated for effects of IAS 19 (revised 2011)² Excludes recognition of provision for uncertain tax positions in Q2 2013 of €1.1 million

Royal Wessanen nv