The presentation we used when meeting with investors in Paris the 1st of July.

1. Investor presentation –
Paris - 1 July 2014
Roadshow hosted by
Q1 2014 published 25th of April

2. What we stand for
Sustainable
Food
Organic
Fair Trade
Nutritional
Vegetarian
Our mission: Healthier food, healthier people, healthier planet
Our vision: We are building a European champion in healthy and sustainable food

3. 2014: improved quality of revenue
Expected growth Branded to be held back by last year of pruning
Core brands and core categories are growing
Portfolio pruning to be completed (e.g. Benelux)
Quality of revenue continues to improve
Wessanen’s operating profit (EBITE) to increase
ABC becoming profitable again
Remainder of ‘Wessanen 2015’ benefits
Additional sizeable step up of investments in marketing

4. Wessanen vs the global food challenge
Antibiotics are failing
1bn people obese The rainforest disappears Too many chemicals in food
More food allergies
Soil degradation 9bn people by 2050

5. We focus on food that is good for people
and planet
Michel Granger
What we need to eat to be healthy The environmental impact of food
Our focus

6. Structural growth of our markets
Healthy & sustainable food
5-7%
20mln vegetarians (est.)
0
10
20
30
40
2007 2009 2011 2013 2015E 2017E 2019E 2021E
Organic market (in € bn)
€23 bn

7. 4 pillars of healthy and sustainable food
ORGANIC FAIRTRADE VEGETARIAN NUTRITION
HEALTHY AND SUSTAINABLE FOOD

8. We have a house of strong local brands…
and room for more

9. 5 sources of value creation
Divest non-core
IZICO and Distribution classified as discontinued
ABC to be profitable again in 2014
Grow market share of core brands
Growing markets with existing solid positions to grow
Activate category expertise centres in 2-3 Wessanen markets (CBTs)
Focus on core brands
Increase A&P investments
Acquire selectively
Healthy and sustainable brands in Europe within our core categories
Small to medium-sized companies
Ensure synergies to increase operating margin

10. 5 sources of value creation (cont’d)
Upgrade operations
Supply chain projects (Logistics); reduction non-quality costs through S&OP
Increase filling rate of factories; run on-going productivity projects
Bundle volumes with portfolio alignment & SKU reduction program
Green & entrepreneurial culture
Run business as one Euro business (as long as it creates value), otherwise
local
On-going assessment of operating costs to re-invest in business
Make Wessanen a ‘green place’ to work

11. Our sustainability strategy

12. Category focus is key
Based on
French Roll out
Significantly differentQuite close to the
Vegetarians
VEGETARIANS
(no meat, no fish but still consume eggs & dairy products)
FLEXITARIANS/SEMI-VEGETARIANS
(eat meat 2 times a week & less).
Very similar
Women, young, high level
Close to average French
population: older, mid level
Ca 7mln 1-2mln Ca 16 mln Ca 28mln
Joint product development and x-country launch
Roll-out of existing strong products
Developing deeper consumer insight and
category expertise

13. Launch plan for the year overachieved by 30%
Still building distribution and awareness
Clipper roll-out
GERMANYNETHERLANDS FRANCE

14. Alter Eco - integration on track
#1 Fair trade brand in France
3.5% market share on total organic shelf
Long-term partnerships with 40
cooperatives of independent farmers
6% household penetration / 35% awareness
The Alter Eco meter
Measuring positive
impact of products
Rodolfo Cometeros Paime, cocoa producer,
ACCOPAGRO Cooperative, Peru

15. Activation of core brands
TV advertising on substituting palm oil
from biscuits - sales uplift of 30%
TV reportage on the 2nd biggest
channel (M6) at prime time on
Bjorg palm oil substitution

16. Activation of core brands (cont‘d)
In-store theatre Trade shows
Cooperation

17. Focus on core brands in Export
Finland
Lebanon
Chile

18. Q1 key figures
In € mln Q1 2014 Q1 2013
Revenue 129.6 124.3 
Autonomous growth 1.7%
Normalised EBIT 9.3 8.1 
as % of revenue 7.2% 6.5%
EBIT 9.2 7.4 
Profit from continuing operations 5.6 4.7 
Profit/(loss) from discontinued operations (0.6) 0.4 
Profit for the period 5.0 5.1 
Earnings per share 0.07 0.07 

19. Off to a good start of the year
Q1 revenue growing 4.3%
Autonomous revenue growth at Branded 4.1%, at ABC (8.9)%
Core brands and categories growing
EBITE increased , mainly driven by Branded
Good progress on divesting discontinued operations
Sale Natudis closed (April 2014)
Sale IZICO closed (May 2014)
2014: Focus on driving core and finalise portfolio pruning

20. Branded - business review
Q1 revenue up 8.0% to €109.9 mln
Autonomous revenue growth 4.1%, all due to volume
Core brands and categories showing good growth
Clipper, Zonnatura and Tartex showing double digit growth
European roll out Clipper progressing well
France, Germany and UK growing; Benelux impacted by cutting the tail project
Integration Alter Eco on track
85%
Branded ABC

21. Branded - overview
57%
14%
12%
11%
6%
France UK Germany Benelux Others
Revenue breakdown (FY 2013) Our production locations

22. ABC - business review
Q1 revenue declined (12.5)% to €19.7 mln
Autonomous growth (8.9)%
Little Hug continued to grow double digit, outpacing declining category
2nd production line added to Arizona manufacturing facility
RTD frozen pouch segment remained under pressure
Daily’s clear market leader, gaining market share
ABC back to profitability in 2014
15%
Branded ABC

23. A sound financial position
In € mln Mar 14 Dec 13
Non-current assets 116.7 118.0
Current assets 242.3 219.7
Total assets 359.0 337.7
In € mln Mar 14 Dec 13
Total equity 111.3 105.4
Non-current liabilities 67.9 72.5
Current liabilities 179.8 159.8
Total equity & liabilities 359.0 337.7
0
25
50
75
100
Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14
Net debt
0
1
2
3
Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14
Leverage ratio
56.6
1.8x
In € mln

24. (Financial) guidance (continuing operations only)
FY 2014 EBIT(E)
Wessanen is expected to report a higher EBITE in 2014
ABC is expected to be profitable again in 2014
Non-allocated expenses (including corporate expenses) €(2-3) mln
Financial items
Net financing costs €(2) mln
Effective tax rate around 30-35%
Capital expenditures €(4) mln
Depreciation and amortisation €(11) mln

25. Wessanen overview
TSR peer group
Bonduelle Lotus Bakeries
Bongrain Nutreco
Corbion Premier Foods
Ebro Foods Sligro
Fleury Michon Wessanen
7.3%
3.8%
Executive Board
CEO Christophe Barnouin (1968)
CFO Ronald Merckx (1967)
Shares 2013
Avg. # of shares 75.7 mln
EPS €0.00
Dividend €0.05
Pay-out ratio 42%
Ratios 2013
EBITE (in%) 2.6%
RoCE (in %) 7.0%
Leverage ratio 1.6 x
Debt to equity 48%
Capex to revenue 1.0%
Royal Wessanen
1765 Incorporated
1913 Royal warrant granted
1959 Listed at Euronext
Corporate Communications & Investor Relations
Carl Hoyer
+31 20 3122 140 +31 6 123 556 58
Carl.hoyer@wessanen.com
www.wessanen.com Twitter: @royalwessanen
Valuation
Market cap €325 mln (23 Jun)
Debt €56.6 mln (31 Mar)