Strategic agenda 2010 and outlook

Nutreco will continue to focus on growth in animal nutrition and fish feed. In 2010 Nutreco will:

• Focus on new geographic regions and markets with the perspective of structural profitable growth in countries like Brazil, China, Russia and Vietnam
• Participate in the industry consolidation process in markets where it has leading positions (Canada/North America, Netherlands and Spain)
• Further strengthen its global market positions in feed specialties and fish feed by organic growth and acquisitions
• Execute its science and innovation strategy and develop new sustainable products and feed solutions to add value to its customers’ business and grow its product portfolio to higher-margin products

Although the economic environment continues to be uncertain, we believe that our business model and spread of activities provide stability in these challenging times. Barring unforeseen circumstances, Nutreco expects EBITA before exceptional items in the first half year of 2010 to exceed EUR 50 million (2009: EUR 41.6 million). Nutreco will also increase the investments in capacity expansion and plant optimisation related to volume growth and the acquisition of the compound feed plants that were acquired from Cargill in Spain and Portugal. The capital expenditure in 2010 is therefore expected to be higher than depreciation level. An outlook for the second half year 2010 will be provided at the interim results at 29 July 2010. The majority of Nutreco’s result is generated in the second half of the year.

Nutreco remains focused on achieving the medium-term target of an EBITA of EUR 230 million by the end of 2012.