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7/8/2013 GERARD HOETMER/KOOS KRAMER

Q2 AND H1 2013 RESULTS

© 7/8/2013

Corbion highlights Q2 2013

• Organic sales growth of 5.0%

• Price/mix was down 0.5% as raw material prices came down as well in competitive market

• EBITDA before one-off costs increased by 6.3%

• EBITDA margin improved by 50 bps to 14.3% (Q2 2012: 13.8%)

• Net debt/EBITDA of 2.2 x

• Proceeds from Bakery received after H1 closing date

• First sizeable (10 kT) lactide contract signed with Asian customer

• Cooperation with Cargill in animal health (Aloapur)

• New company strategy and name presented on CMD 18 June

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• Leading market positions in Biobased Food Ingredients and Biochemicals

• Unique technology platform: fermentation of organic acids

• 10 production facilities across the globe

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Corbion: Overview

• Employees: 1,800 of which 200 in R&D

• Revenue (2012) of € 753 million and EBITDA of € 101 million

• Revenue and EBITA 5-yr historic CAGR of 6% and 10% respectively

Biobased Food Ingredients

77%

Biochemicals 23%

Asia/LatAm 17% North America

65%

Europe 18%

Sales by segment Sales by region

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• We are the North American #1 in

Bakery emulsifiers

• We are the #1 in Functional blends for Industrial bakers

• All the major Industrial bakers are our clients: Grupo Bimbo, Flowers, Pepperidge Farms

• We are the global leader in natural

preservation in meat & poultry

• Antimicrobial function of lactic acid provides a natural solution against microbial spoilage

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Biobased Food Ingredients

Corbion’s biobased products help solve the Food Integrity issues for food producers. We keep

food Fresh and Safe in order to reduce Waste in the value chain

FOOD WASTE How Corbion helps solve a 1,300,000,000 tonnes/yr global problem

Bakery Meat

In the developed world we waste 290kg/yr of food annually per capita

27% of bread is wasted during the consumption phase in the US

• Our powder, made from lactic acid,

give a sour taste to candy

• With our products, the beverage industry can add calcium to orange juice

Food

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Biochemicals

Over 90% of worldwide chemical production is based on crude oil and natural gas

BIOBASED CHEMICALS How Corbion can help replace oil based chemicals with competitive, biobased alternatives

• We are the leading solvent producer for

the micro-electronics industry

• Our anti-microbial solutions are used in detergents and cleaners

• We are the #1 producer of resorbable medical polymers

Today’s revenues Tomorrow’s revenues

• Bioplastic makers use our lactides to

produce PLA/bioplastics

• Together with BASF we produce biobased succinic acid that is commercially attractive

• Together with Cargill we can reduce antibiotics use in the poultry industry

Future revenues

• Many more organic acids are produced

using our fermentation expertise replacing fossil based chemicals

• Our fermentation based FDCA replaces the T in PET plastics

We produce biobased alternatives for fossil based chemicals that have

similar or better functionality, and are price competitive

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Fermentation – our core technology

Fermentation is a metabolic process converting sugars to acids, gases and/or alcohol using yeast or bacteria. Corbion has been fermenting sugars into organic acids, more specifically lactic acid, for more than 80 years.

• Our new lactic plants will no longer

produce any unwanted gypsum and won’t need lime or sulphuric acid

Gypsum free Biomass

• By 2015/2016 we want to be able to

replace sugars from corn/cane/tapioca by C5/C6 sugars from biomass

Other organic acids

• Our fermentation processes can also

produce other organic acids besides lactic acid (e.g. succinic acid)

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Outlook H2 2013

• Developments in H1 2013 encouraging

• Stable to declining raw material prices should support margins

• Increase in innovation expenses, partially offset by lower Central costs

Targets 2013-2016

• Sales growth CAGR targets: - Biobased Food Ingredients: 3-5% - Biochemicals: 15-20% - Total Corbion: 6-9%

• EBITDA target margin 2016: >15%

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Targets

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Financial results Q2/HY 2013

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• Result discontinued impacted by tax provision related to divestment bakery activities

• One-off costs related to refocusing new organization (e.g. restructuring US offices)

• 2 fewer business days in HY1. 1 additional in Q2

• Financial expenses includes € 5.2 M from reclassification of financial instrument

Profit & Loss

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Q2 Q2 YTD YTD

€ million 2013 2012 2013 2012

Net Sales 190.0 185.6 370.5 376.8

EBITDA excl. one-off costs 27.2 25.6 50.8 50.6

Depreciation & Amortization (20.5) (21.8)

One-off costs (2.9) (0.7)

EBIT 27.4 28.1

Financial income/expenses (15.4) (12.9)

Result joint ventures/assoc. (0.1)

Taxes 0.6 1.2

Net income continued 12.6 16.3

Result discontinued (41.6) 14.0

Net income total (29.0) 30.3

EPS 0.15 0.20

EPS incl. discontinued (0.42) 0.39

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• Volume growth 5.5%

• Higher Selling and R&D expenses compensated by lower G&A

• One-off: release of pension provision, sale of a plot of land, strategy consultants and restructuring US office

EBITDA bridge Q2 2013

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26 27 29

4

0 2

-2 -0

0

5

10

15

20

25

30

35

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• Net debt level is before finalization divestment bakery (3 July 2013)

• Working capital impacted by split in continued/discontinued

• Cash Flow divested business according to locked-box principle. Buyer is owner of cash flow since 1/1/2013

Net debt bridge H1 2013 - YTD

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-511 -567

-14 -26

-19 -10 -6 18

0

100

200

300

400

500

600

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Biobased Food Ingredients

• Clear improvement organic growth Q2 vs Q1

• Higher volumes (4.6%) drive higher EBITDA margin

• All segments show volume growth in Q2. Supported by extra business day

• Meat: North America volume growth in Q2 for first time since 2Q11

• Bakery: Loss Hostess business after bankruptcy nearly recovered

2012 2013

Q2 Q2 YTD YTD

€ million 2013 2012 2013 2012

Net Sales 147.8 145.1 283.2 289.4

Organic growth 4.4% -3.6% 0.1% -1.7%

EBITDA excl. one-off costs 29.8 28.0 54.0 53.3

Margin 20.2% 19.3% 19.1% 18.4%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

22.0%

100

110

120

130

140

150

160

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Net Sales (€ mln) EBITDA margin before one-off costs (RHS)

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Biochemicals

• Organic growth was much higher in Q2 vs Q1. Biochemicals more volatile sales pattern due to size

• EBITDA margin stable, although Q2<Q1 due to mix effect and higher (R&D) costs

• PLA contract 10 kT announced in Q2 with Asian customer

• Cooperation with Cargill in Animal Health

2012 2013

Q2 Q2 YTD YTD

€ million 2013 2012 2013 2012

Net Sales 42.2 40.5 87.3 87.4

Organic growth 6.9% -1.9% 2.0% 2.8%

EBITDA excl. one-off costs 4.2 4.0 9.6 9.3

Margin 10.0% 9.9% 11.0% 10.6%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

0

10

20

30

40

50

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Net Sales (€ mln) EBITDA margin before one-off costs (RHS)

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Feasib

ility

Capability

Imple

menta

tion

Test sc

ale

Comm

ercializ

atio

n

News

Supply chain

Gypsum free

Biomass

Ferments Launched Verdad F6. Clean label preservation powder

Ultra Fresh Sweet Selling to multiple customers; in test at >10 customers

Ultra Fresh Premium Advantage Went into commercialization

Anti-Molding Technology

Calcium Propionate

PLA

Animal Health First sales have been made

Fiberlive (Biomaterials)

Succinic Acid (BASF JV)

Calcium Propionate

FDCA

Innovation pipeline and R&D expenses

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• Ultra Fresh Premium Advantage just went into commercialization

YTD YTD

€ million 2013 2012

R&D expenses cash-out 12.0 10.1

Capitalization (1.5) (1.7)

Amortization 0.3 0.3

Impairment 0.0 0.0

R&D expenses 10.8 8.7

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Major Capex programs:

• Biomaterial plant US

• New lactic acid production technology

• Succinic acid plant Spain

• Full Year Capex estimated at € 70-80 M

Capital Expenditures

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YTD YTD

€ million 2013 2012

Maintenance 14.2 28.8

Expansion 13.7 4.3

Total Capex 27.9 33.1

0

10

20

30

40

50

60

2009 2010 2011 2012 H1 2013

Capex (€ mln)

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• Divestment completed on July 3

• Provision taken of € 42 million for potential tax risks

• Impairment of € 30 million on book value

• Enterprise value of € 1,050 million, net cash received € 874 million vs estimated € 850 million due to higher working capital at July 3

• Funds used to repay RCF, remainder in secure short term investments

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Divestment Bakery Supplies

Discontinued business Q2 Q2 YTD YTD

€ million 2013 2012 2013 2012

Net Sales 644.7 641.4 1,244.1 1,248.9

EBITDA excl. one-off costs 42.5 35.6 69.8 63.0

One-off costs 5.4 3.4 14.2 6.3

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Appendix

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Pro-forma quarterly results Q1 2012 – Q2 2013

Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013

Sales

Biobased Food Ingredients 144.3 145.1 149.7 140.7 135.5 147.8

Biochemicals 46.9 40.5 44.7 41.9 45.1 42.2

Total 191.2 185.6 194.4 182.6 180.6 190.0

EBITDA before one-off costs

Biobased Food Ingredients 25.3 28.0 28.9 24.7 24.2 29.8

Biochemicals 5.3 4.0 5.0 3.9 5.4 4.2

Central costs (5.6) (6.4) (6.5) (7.5) (6.0) (6.8)

Total 25.0 25.6 27.4 21.1 23.6 27.2

• Adjustment historical results due to IAS 19R implementation

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