This document provides an annual results summary for 2010 from Nutreco, a global leader in animal nutrition and fish feed. It discusses Nutreco's strong financial results in 2010, highlights growth in key markets like fish feed and emerging markets, and outlines Nutreco's strategic agenda to further expand production capacity and pursue growth opportunities in priority regions and product categories through 2018.

1. Annual Results 2010
Amsterdam, The Netherlands | 10 February 2011

2. | 2
Disclaimer
The information contained herein shall not constitute or form any part of any offer or invitation to subscribe
for, underwrite or otherwise acquire, or any solicitation of any offer to purchase or subscribe for, securities
including in the United States, Australia, Canada or Japan.
The information contained herein is not for publication or distribution into the United States, Australia, Canada
or Japan. Neither this announcement nor any copy of it may be taken or distributed or published, directly or
indirectly, in the United States, Australia, Canada or Japan.
The material set forth herein is for informational purposes only and is not intended, and should not be
construed, as an offer of securities for sale into the United States or any other jurisdiction. Securities may not
be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, as amended
(the “Securities Act”) or an exemption from registration. The securities of the company described herein have
not been and will not be so registered. There will be no public offer of securities in the United States, Australia,
Canada or Japan.

3. | 3
Agenda
 Nutreco
 Highlights 2010
 Global market developments
 Strategy
 2010 full year financial results
 Strategic agenda

4. | 4
Nutreco
Since 1994

5. | 5
Nutreco – where we come from
Rebalancing for
Growth (2004)
Part of BP
Nutrition (1978)
Family businesses
Private
Equity
Closer to the
Consumer (1997)
Become global leader in
animal nutrition and fish
feed
IPO (1997)
Acquisitions of fish and meat activities (1997‐2004)
Acquisitions of animal nutrition and
fish feed activities (2005‐2010)
(1899) Divestment of fish and meat activities (2004‐2007)
 Revenue in 2010 of EUR 4.9 billion
 Over 120 production and processing plants in 30countries
 Multinational workforce of approximately 10,000employees
Formation (1994)
(1931)
(1968)
(1937)
(1990)
(1954)
(1961)

6. | 6
Agenda
 Nutreco
 Highlights 2010
 Global market developments
 Strategy
 2010 full year financial results
 Strategic agenda

7. | 7
Excellent results 2010 ‐ a strong focus on innovation
 Revenue 2010 EUR 4,939.7 million; increase of 9.5%
 EBITA before exceptional items increased with 27.0% to EUR 222.5 million
 EBITA in Premix and Feed Specialties 12.1% higher than in 2009
 EBITA in Fish Feed up 38.9% in a solid aquaculture market environment
 Strong recovery EBITA Compound Feed Europe
 Strong cash flow from operating activities
 Dividend proposal of EUR 1.50 per share

8. | 8
Agenda
 Nutreco
 Highlights 2010
 Global market developments
 Strategy
 2010 full year financial results
 Strategic agenda

9. | 9
2010: Food crisis back in the spotlight
2008
2009
2010
Food crisis
as a leading
global theme
Financial crisis
takes over the
headlines
Food crisis
back in the
spotlight

10. | 10
Soft commodity prices are increasing again
Political and
speculation risk
Drought Russia
and Argentina
Low stock levels
world wide
Floodings China
and Australia
Supply shocks in 2010‐2011
Volatile
commodity
prices due to
supply and
demand
shocks
‐
500
1,000
1,500
2,000
2,500
2008 2009 2010 2011
Fish meal Fish oil(USD/Mt)
0.00
100.00
200.00
300.00
400.00
500.00
600.00
700.00
2008 2009 2010
Soybeans WheatUSD/Mt

11. | 11
7 to 9 billion
Demographical forecasts towards 2030 ‐ 2050
Changes in
demographics
lead to a surge
in protein,
especially in
emerging
markets
Demand for animal protein is surging
Growing Population
50% to 70%
400mio to 1.2bn
40kg to 52kg
Urbanization
Growing middle class
Converging diets
2030
2030
2050
2050
Eggs
Meat
Milk
Aquaculture
0%
100%
200%
300%
400%
500%
1970 1975 1980 1985 1990 1995 2000 2005 2010E
Index: 1970 = 100%
Animal Protein Production Development 1970 ‐ 2010E

12. | 12
Balancing policies essential to produce more food in a sustainable way
 In least developed countries there is an emphasis on income, employment and food security
 In developing countries rising income is stimulating protein consumption and large‐scale production
 In developed countries there is a focus on environmental factors, animal welfare and regulations
Least developing
countries
Developing
countries
Developed
countries
70%
80%
90%
100%
110%
120%
130%
140%
2000 2005 2010 2015
Index: 2000 = 100% Annual growth:
1.5 %
Annual growth:
1.3 %
Annual growth:
0.6 %
2020
Meat consumption growth per capita
Source: FAO‐ Livestock in the balance
Livelihood
Human Health
Environment
Food Security
Balancing objectives

13. | 13
Nutreco at the critical junction in the feed‐to‐food chain
Protein producersAnimal & Fish feed producersPlant growers & Vitamin producers
Food security
Limited natural resources
Price volatility
Impact biodiversity
Biofuel vs. food
Government policies
Carbon footprint
Global food demand will double
1bn underfed vs. 1.5bn overweight
Agflation
Food safety
Animal health
Struggling Supplies
Surging Demand
High‐quality feed solutions •assured feed‐to‐food safety • feed efficiency • sustainable
industry value chain • innovation• changing diet patterns • reduce pressure on natural
resources • reduce livestock CO2 emissions • animal health
Nutrition know‐how
Global presence
Innovation & Technology
Feed‐to‐Food Quality
Sustainability

14. | 14
The challenge: creating sustainable, innovative value chains
Cooperate Communicate Innovate

15. | 15
Sustainability progress made in 2010
Reduced carbon footprint of own
operations by 22% in 2010
-22%
Organised AquaVision 2010 to stimulate
cross chain cooperation
Set up sustainable vendor policy and specific
policies for marine products, soya and palm oil
Sustainable Action Plans approved
and in operation
25
Successfully launched MicroBalance™ and
assessed its sustainability merits

16. | 16
Agenda
 Nutreco
 Highlights 2010
 Global market developments
 Strategy
 2010 full year financial results
 Strategic agenda

17. | 17
Attractive growth potential in feed production in emerging markets
CAGR
’00‐’10 18,5%‐0,5%2,6%‐0,1%2,2%2,0%6,1%6,9%0,9%
Source: Feed International January 2011, preliminary estimates for 2010
155.3
108.9
62.3
25.6 21.4 19.9
14.6 14.0
11.0
USA China Brazil Mexico Spain Canada Russia Netherlands Vietnam
(xMt)

18. | 18
Fish Feed volume and salmon prices remain strong in 2010
 Chile is rebounding with 13% growth in 2010
 In Norway 9% growth expected in 2011
 The global market is forecast to grow by 8% in 2011
 Consumption and salmon prices remained strong in 2010
Fresh Atlantic salmon 4‐5kg in NOK/kg
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
2008 2009 2010 2011
NOK/kg
Kontali, Urner Barry, 2010
Chile Norway Other regions Total industry
Feed consumption to salmonids world wide (2008‐2011F)
8%4%‐9%
14% 0% 9%
‐42% 13%11%
5% 1% 2%
’08 ’09 ’10 ’11F ’08 ’09 ’10 ’11F ’08 ’09 ’10 ’11F ’08 ’09 ’10 ’11F

19. | 19
Nutreco’s ambition
Nutreco has the ambition to become the global leader in animal nutrition
and fish feed that delivers innovative and sustainable feed solutions
Species where we can
differentiate
1
Main animal nutrition and
fish feed geographies
3
Innovative feed
solutions
2

20. | 20
Building the Future, in four building blocks for growth
Fish feed
1
Capitalise on leading
fish feed positions
and diversify into
new regions and
feed for other fish
species and shrimp
Agri focus markets
2
Proactively pursue
significant positions
in Brazil, Russia and
China
Agri home markets
3
Develop sustainable
businesses in
Western Europe and
North America
Products
4
Further
development of
feed additives by
innovation and
acquisitions
SpecialtiesSpecialties

21. | 21
Capacity expansion to facilitate organic growth feed specialties and fish feed
capacity upgrade in the NL6mio
integrated feed factory in Russia (2011)20mio
capacity upgrade in Norway3mio
capacity expansion in the US5mio
capacity expansion in Tasmania
Note: all investment amounts are noted in EUR million
20mio

22. | 22
EUR 20 million investment in new factory in Russia
Favorable conditions in Russia’s agricultural sector
 Macro‐economic conditions continue to favour meat demand
 Largest country on earth with big arable area
 Russia is the 5th largest meat producer in the world
 Aim to become self‐sufficient is a key driver
Investment in Voronezh, Russia
 Investment in agricultural Voronezh region,
350 km from Moscow
 Integrated premix and young animal feed
factory to serve the whole spectrum of
animals
 Investment of EUR 20 million
 Expected to be operational in 2012 (Q2)
Voronezh

23. | 23
Vietnam is springboard for Skretting fish feed in South East Asia
Aquaculture in Vietnam
 Vietnam is the largest player in aquaculture, especially in shrimp,
after China and India
 Highest estimated average annual GDP growth of 8.8%
 Government pro‐actively supports development in aquaculture
 Ample room for Nutreco’s R&D and expertise to further growth
and professionalization of the aquaculture sector
Acquisition of Tomboy Aquafeed
 Tomboy Aquafeed is no. 4 in Vietnam, specialized in fish
and shrimp feed
 Two factories near Ho Chi Min City and in the Long An Province
 300 employees

24. | 24
Nanta ‐ Cargill integration in Spain
 Cargill integration according to plan
 brand replaced by brand
 Purina brand for dealers changed over to Nanta
 EBIT contribution in 2011
 Total restructuring cost in 2010 EUR 16 million

25. | 25
Breakthrough new concept Microbalance™
MicroBalance™ substantially lowers fishmeal levels in fish feed formulations
without deteriorating feed performance, fish welfare or end product quality.
This leads to increased raw material flexibility and is a boost for sustainability
MicroBalance™
 Fish protein in 1kg salmon produced has
been reduced from 3.5kg in 1990 to below
1kg in 2010
 Fish farmers will become net producers of
fish protein

26. | 26
Innovations in feed additives
Fysal® Fit‐4 poultry is an innovative way to combat Salmonella. This multi‐
disciplined product contains four different barriers that reduce or inhibit the
activities of Salmonella in the crop, stomach and throughout the intestine
Fysal®
Fit‐4 Poultry
 Fysal Fit‐4 targets large integrations mainly in Europe
(due to EU legislation push)
 Fysal Fit‐4 poultry is an addition to the Fysal
anti‐Salmonella product line
 Fysal range is growing since the innovation was
introduced in April 2010

27. | 27
Agenda
 Nutreco
 Highlights 2010
 Global market developments
 Strategy
 2010 full year financial results
 Strategic agenda

28. | 28
Revenue development FY 2010
2009 2010
Organic growth
+1.8%
Acquisitions/Divestments
+3.2%
Volume
+1.1%
EUR x million
4,511.7
4,939.7
Price
+0.7%
Currency
+4.5%

29. | 29
Revenue 2009‐2010 Premix and Specialties and Fish feed
Revenue per region Premix and Specialties 2009
(EUR 1,001 million)
Eastern
Europe
20%
Africa &
Middle East
2%
Asia Pacific
12%
South
America
2%
European
Union
47% North &
Central
America
17%
Revenue per region Fish Feed 2009
(EUR 1,120 million)
Norway
42%
Africa &
Middle East
2%
Eastern
Europe
3%
Asia Pacific
9%
South
America
10%
North &
Central
America
11%
European
Union
23%
Revenue per region Premix and Specialties 2010
(EUR 1,062 million)
Africa &
Middle East
3%
Eastern
Europe
19%
Asia Pacific
9%
South
America
5%
North &
Central
America
16%
European
Union
47% Norway
1%
Revenue per region Fish Feed 2010
(EUR 1,331 million)
Norway
42%
Africa &
Middle East
2%
Eastern
Europe
4%
Asia Pacific
10%
South
America
14%
North &
Central
America
10%
European
Union
18%

30. | 30
Fish Feed
Animal Nutrition
Meat
Animal Nutrition and Fish Feed revenue by region in 2010
Eastern Europe
200
50
European Union
900
1,701
239
Norway
564
North & Central America
61139
567
South America
49
187
Asia‐Pacific
12895Africa & Middle East
28 26

31. | 31
Revenue per segment 2010
(EUR 4,940 million)
Animal
Nutrition
Canada
8%
Fish Feed
27%
Meat &
Other
19%
Premix and
Specialties
22%
Compound
Feed Europe
24%
EBITA per segment 2010
(EUR 245.1 million*)
Compound
Feed Europe
10%
Animal
Nutrition
Canada
9%
Fish Feed
38%
Meat and
Other
11%
Premix and
Specialties
32%
Revenue per segment 2009
(EUR 4,512 million)
Compound
Feed Europe
23%
Animal
Nutrition
Canada
8%
Fish Feed
26%
Meat and
Other
21%
Premix and
Specialties
22%
EBITA per segment 2009
(EUR 194.5 million*) Compound
Feed Europe
1%
Animal
Nutrition
Canada
11%
Premix and
Specialties
36%
Meat and
Other
18% Fish Feed
34%
* Excluding Corporate
Revenue and EBITA per segment

32. | 32
 Volume increase due to strong growth in feed ingredients
 EBITA increase as a result of volume growth and a focus on higher value products
 Price effect resulting from decreased vitamin and raw material prices
 Upgrade and expansion of feed additives plant of Selko Feed Additives in The Netherlands
 20 million investment announced for an integrated premix and specialties feed plant in Russia
13.5%
11.6%
12.1%
11.2%
6.1%
Delta
79.2 88.1 EBITDA*
ROACE (EBITA/ACE)
Avg. capital employed
EBITA/Revenue
Operating result (EBIT)
EBITA*
Revenue
EUR million 20092010
30.5%30.1%
231.1262.4
7.0%7.4%
67.2 75.0
70.4 78.9
1,000.7 1,062.1
* Before exceptional items
Premix and Feed Specialties
Organic growth: 4.6%
 Volume effect: 6.4%
 Price effect: ‐1.8%
Acquisitions: 2.6%
FX effect: 4.3%
Organic growth: 4.6%
 Volume effect: 6.4%
 Price effect: ‐1.8%
Acquisitions: 2.6%
FX effect: 4.3%

33. | 33
* Before exceptional items
Fish Feed
2.6%
39.2%
38.9%
32.9%
18.8%
Delta
83.0 110.3 EBITDA*
ROACE (EBITA/ACE)
Avg. capital employed
EBITA/Revenue
Operating result (EBIT)
EBITA*
Revenue
EUR million 20092010
22.7%30.7%
292.7300.2
5.9%6.9%
65.8 91.6
66.4 92.2
1,120.4 1,331.0
 Solid aquaculture market environment with strong recovery in Chile
 EBITA increase due to volume growth and focus on higher value products
 20 million upgrade and expansion of the fish feed plant in Australia
 Acquisition of Fri‐Ribe and Tomboy Aquafeed and diversification into other species
 Successful introduction of new MicroBalance™ concept
Organic growth: 8.2%
 Volume effect: 3.0%
 Price effect: 5.2%
Acquisitions: 2.4%
FX effect: 8.2%
Organic growth: 8.2%
 Volume effect: 3.0%
 Price effect: 5.2%
Acquisitions: 2.4%
FX effect: 8.2%

34. | 34
* Before exceptional items
Compound Feed Europe
‐0.9%
186.8%
13.5%
Delta
12.9 37.0 EBITDA*
ROACE (EBITA/ACE)
Avg. capital employed
EBITA/Revenue
Operating result (EBIT)
EBITA*
Revenue
EUR million 20092010
1.5%22.6%
110.2109.2
0.2%2.1%
0.2 23.2
1.6 24.7
1,044.4 1,185.8
Organic growth: 1.1%
 Volume effect: ‐2.2%
 Price effect: 3.3%
Acquisitions: 12.4%
FX effect: 0.0%
Organic growth: 1.1%
 Volume effect: ‐2.2%
 Price effect: 3.3%
Acquisitions: 12.4%
FX effect: 0.0%
 Revenue increase mainly due to contribution Cargill acquisition in Spain and Portugal
 Volume decrease mainly due to challenging market environment in Spain and Portugal
 Price effect resulting from increase in raw material prices
 Integration Cargill acquisition according to plan, a positive contribution in 2011 expected
 Operations back to normal EBITA level

35. | 35
* Before exceptional items
Animal Nutrition Canada
10.2%
‐1.1%
4.6%
5.2%
4.4%
Delta
26.828.2EBITDA*
ROACE (EBITA/ACE)
Avg. capital employed
EBITA/Revenue
Operating result (EBIT)
EBITA*
Revenue
EUR million 20092010
9.0%8.6%
241.1265.6
5.7%5.7%
17.417.2
21.822.8
382.6399.5
Organic growth: ‐10.7%
 Volume effect: ‐4.8%
 Price effect: ‐5.9%
Acquisitions: 0.0%
FX effect: 15.0%
Organic growth: ‐10.7%
 Volume effect: ‐4.8%
 Price effect: ‐5.9%
Acquisitions: 0.0%
FX effect: 15.0%
 Volume in feed for dairy cows and poultry relatively stable in Canada
 Volume in swine feed remains low due to weak export markets
 Stronger Canadian dollar has a positive effect on revenues and EBITA
 Price effect resulted from the overall lower raw material prices in 2010 compared to 2009
 Cost savings and good margins on dairy cow and poultry feed drivers for EBITA growth

36. | 36
* Before exceptional items
Meat and other
 Higher volume for poultry products and pigs
 Price effect due to lower poultry prices
 Poultry hatchery business Canada performed well with slightly better results
 EBITA reduced compared to excellent 2009 results due to lower poultry prices in Spain
Organic growth: ‐1.7%
 Volume effect: 1.3%
 Price effect: ‐3.0%
Acquisitions: 0.5%
FX effect: 1.0%
Organic growth: ‐1.7%
 Volume effect: 1.3%
 Price effect: ‐3.0%
Acquisitions: 0.5%
FX effect: 1.0%
‐5.5%
‐23.5%
‐22.7%
‐18.5%
‐0.2%
Delta
43.835.7EBITDA*
ROACE (EBITA/ACE)
Avg. capital employed
EBITA/Revenue
Operating result (EBIT)
EBITA*
Revenue
EUR million 20092010
17.3%14.1%
198.6187.7
3.6%2.8%
33.225.4
34.326.5
963.6961.3

37. | 37
‐4.7Income arising from settlements
‐‐3.0Acquisition related costs
‐7.5‐4.0Impairment charges
11.2‐Negative goodwill
‐5.2‐23.3Total exceptional items
2.9‐1.0Other
38.9%66.492.2Fish Feed
12.1%70.478.9Premix and Feed Specialties
27.0%175.2222.5Operating result before exceptional items
4.6%21.822.8Animal Nutrition Canada
‐11.8‐20.0Restructuring
‐17.1%‐19.3‐22.6Corporate
‐22.7%34.326.5Meat and other
Operating result continuing operations
Compound Feed Europe
EUR million Delta20092010
17.2%170.0199.2
1.624.7
Operating result (EBITA) by segment

38. | 38
Net result and EPS
1.4%34.635.1Average number of shares outstanding (million)
17.6%157.9185.7EBIT
1.42.2Share in results of associates
‐13.3%‐31.6‐35.8Net financing costs/income
12.113.5Amortisation
17.2%170.0199.2EBITA
21.5%93.0113.0Profit for the period
‐12.7%‐34.7‐39.1Income tax expense
EPS continuing operations (EUR)
Depreciation
EBITDA
EUR million Delta20092010
21.5%2.613.17
52.756.2
14.7%222.7255.4

39. | 39
Balance sheet
606.0674.7Trade receivables
232.6230.8Cash and cash equivalents
13.821.4Other current assets
355.9436.8Inventories
89.588.1Other non‐current assets
2,125.32,363.7Total
Intangible assets
Fixed assets
Assets (EUR million) 31.12.0931.12.10
310.4347.3
517.1564.6
2,125.32,363.7Total
18.26.4Provisions
84.795.6Other liabilities
826.21,004.0Trade payables
455.5438.1Interest bearing debt
Equity
Equity & liabilities (EUR million) 31.12.0931.12.10
740.7819.6
‐222.9
135.7
31.12.0931.12.10
‐207.3Net debt
107.5Net working capital

40. | 40
Cash flow continuing operations
12.1‐2.4Other movements
279.1174.0Free cash flow
‐54.1‐98.0Capital expenditure
98.419.0Working capital movement
222.7255.4EBITDA
144.239.7Change in net debt / cash position
‐33.7‐12.9Acquisitions and divestments
Depreciation and amortization
EBIT continuing operations
EUR million 20092010
64.869.7
157.9185.7

41. | 41
Key ratios from continuing operations
1.321.50Dividend per share (EUR)
2.61
3.0%
0.30
7.0
1.00
12.6%
17.4%
4.9%
3.9%
2009
3.17Basic earnings per share continuing operations (EUR)
2.2%Net working capital % revenue
0.81Net debt / EBITDA
20.0%ROACE (annualised)
0.25Net debt / equity
7.1Interest coverage
14.3%Return on Equity (ROE)
5.2%EBITDA / Revenue
4.5%EBITA* / Revenue
2010
* Before exceptional items (EUR 23.3 million)

42. | 42
Other financial comments
 Refinancing
 Successful amendment of EUR 500 million syndicated loan facility resulting in
lower margins and maturity extension to 2014
 Buy back (repayment) of EUR 55 million cumulative preference shares 'A'
 Maturity profile
 2011: EUR 60 million USPP
 2014: EUR 98 million USPP, EUR 500 million syndicated loan
 2016: EUR 29 USPP
 2019: EUR 44 USPP
 Room for acquisitions of EUR 500 million
 Effective tax rate 2011 of 26 to 28%

43. | 43
Agenda
 Nutreco
 Highlights 2010
 Global market developments
 Strategy
 2010 full year financial results
 Strategic agenda

44. | 44
Strategic agenda
 Capitalise on leading fish feed positions and diversify by expanding in new regions and into
feed for other fish species and shrimp. This includes Asia and Latin America
 Proactively pursue significant positions in agri focus markets China, Brazil and Russia
 Develop sustainable businesses in agri home markets Western Europe and North America
 Further development of feed additive activities by innovation and acquisitions
 Trading update Q1 on 21st April 2011

45. | 45

46. Appendix

47. | 47
EBITA development over the past ten years
EBITA from continuing operations (2004‐2010) figures based on IFRS, 1998‐2003 figures based on D‐GAAP
Operating result before exceptional items and
amortisation (EBITA)
137
182
145
123
112 118 116
155
183 175
223
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
(EUR x million)

48. | 48
Products with different margins
Basic FA
High concentrate premix
FA
Macro minerals Protein Energy
Volume
* Inclusion rate: percentage of inclusion in final product
Margin
0.1‐0.3%*1‐5%*5‐10%*100%*
1% 5% 10% 100%
3%
4%
6%
10%
e.g. vitamins e.g. feed phosphates e.g. soya e.g. grain
e.g. health products
GlobalLocal
Premix/Farm minerals
Concentrates
Complete feed
Pure/blended Feed Additives
Direct fed specialties

49. | 49
The role of aquaculture
Capture
Aquaculture
50
100
150
200
250
1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010F 2015F 2020F
1
2
3
4
5
6
7
8
9
Seafood Production 1950‐2008 "The Blue Revolution"Million Billion People
FAO FishStat, UN Population division

50. | 50
Evolution of food production and consumption
 1945‐1960: Food security
Elimination of poverty
 1960‐1980: Rationalisation and modernisation
 1980‐2000: Consciousness
Environment, animal welfare, antibiotics, ...
 2000‐2010: Food safety & food quality
Healthy, fresh, tasty, convenient, ...
 > 2010: Sustainability, Technology
& Biodiversity
Africa,
North‐Korea
>40‐65%
China
India
>20‐40%
Eastern‐ Europe
N‐America,
W‐Europe,
Japan,
Australia
>10‐20%
% of total income spend on food:
Source: OECD – FAO 2008