Royal Wessanen nv

Q2 2011

Amsterdam, 27 July 2011

2

Royal Wessanen - who we are

A long and rich history as a food company

Incorporated in 1765; Royal since 1913; listed on Euronext since 1959

Headquartered in Amsterdam Operations in the Benelux, France, Germany, UK, Italy, USA Over 2,200 employees

A leading player in the major organic food markets in Europe Vision: ‘To make our brands most desired in Europe’

Frozen Foods: leading frozen snacks producer/marketer in Benelux

ABC: leading producer fruit drinks/cocktail mixers in USA

Revenue split 2010€712mln

16%

13%

32%

39%

WE Grocery WE HFS Frozen Foods ABC

3

Piet Hein Merckens (CEO)

Review Q2 performance

4

Q2 2011 highlights Wessanen fitter and more focused

Q2 results reconfirmation of continuous progress we are making

Revenue +1.1%, autonomous growth +2.3% Volume 1.0%, Price/mix 1.3%

Normalised EBIT €11.8 mln, up 8.3%

Successful renegotiation and extension of €100 million credit facility at more favourable terms

Divestment Tree of Life UK and Kalisterra (per 1 October)

5

Q2 2011 highlights Strategy is clear, we are more focused, and in better shape,

although we have to improve in multiple areas

Despite subdues economic growth, awareness and appreciation for organic food continue to grow

Grocery continues to grow Focus on core brands, innovations, brand activation, more

consistent execution

HFS wholesale challenging quarter, while branded performed satisfactorily

Numerous initiatives undertaken to address issues We expect result to improve gradually

Increasingly implementing one consistent way of working Areas such as brand activation, innovation, central sourcing,

operational excellence and ICT

ABC performed strongly in Q2, expected to continue based on current momentum and plans in place

6

6.85.1

5.5 6.5

Q2 10 Q2 11

Wessanen Europe Grocery Continued focus on core brands, making further progress

Revenue up 7.2% Autonomous growth 5.1% Volume 4.4%; Price/mix 0.7%

France: Bjorg continues to grow and gain market shareFirst nationwide TV commercial aired in May-June

Benelux sales up, driven by Biorganic, Merza and Dr Schär. Zonnatura to relauch its tea range in August

In Germany, Whole Earth and Culinessa further gaining distribution

In UK, revenue about stable, impacted by focus on ‘cutting the tail’

Italian sales continue to growThe soy plant is performing well, expanded with a water treatment facility which just was started up

65.9

61.1

5.1%

EBIT (in € mln)

Revenue (in € mln)

Reported, Normalised

Autonomous third party revenue growth

7

Brand activation - Bjorg

8

-2.7

1.9

2.6 2.0

Q2 10 Q2 11

Wessanen Europe HFS Revenue down (5.9)%

Autonomous growth (6.8)% Volume (6.6)%; Price/mix (0.2)%

Increased focus on branded and high value added wholesale due to divesting Tree of life UK and Kalisterra

Benelux sales are lower due to fewer stores; Kroon (our fresh supplier) gaining new customers; At existing own-format stores, revenue trending up; New Natuurwinkels Huizen, Zoetermeer and Maastricht

France: sales at Bonneterre stable with Bonneterre brand up. Dietetic market (Kalisterra) facing strong competition

Germany stable. HFS stores (‘Naturkost’) up, more specialised stores down (‘Reformhauses’)Plants in Freiburg and Dreber performed well

68.973.2

(6.8)%

EBIT (in € mln)

Revenue (in € mln)

Reported, Normalised

Autonomous third party revenue growth

9

Innovations - Allos and Tartex

10

Activation - Little Green Bag

Goal Little Green Bag

Connect retailers to Natudis and its brands

Generate additional traffic to shops

Pull new consumers by low prices organic offer

Generate additional promotional revenue (high traffic to stores)

What is it?

A red paper bag which can be filled in HFS store

5 organic products for only €5 (normal price about €10)

‘Green’ because of 5 ‘green’ products

Tied to a theme - now ‘Picnic’

Additional promotional material was included (f.e. instore material,

advertising campaign, PR)

A large advertising campaign in local newspapers

11

2.0

1.1

Q2 10 Q2 11

Frozen Foods Revenue (2.8)%

Autonomous growth (6.0)% Volume (7.5)%; Price/mix 1.5%

Branded volumes (Beckers, Bicky) up Higher sales in Belgian and Dutch retail

Private label volumes remaining weak

Marketing spending somewhat lower Spending weighted to 2nd half 2010 TV campaign featuring Beckers brothers

EBIT down to €1.1 mln Lower revenue, increased raw material prices

29.730.7

(6.0)%

EBIT (in € mln)

Revenue (in € mln)

Autonomous revenue growth

12

Beckers ‘Family man of the year’

Consumer action - period May-September Media

Media partners Free publicity Online

Retail activation Out-of-home activation

13

4.53.5

4.53.6

Q2 10 Q2 11

American Beverage Corporation Q2 showing strong performance; expected continuation

strong performance in H2 2011

Revenue growth in US$ 21.2%, in Є up 7.8% Autonomous growth 24.6% Volume 21.1%; Price/mix 3.5%

Ongoing success RTDs Daily’s Capacity expanded

Launch ‘Summerology’ promotion Daily’s

Little Hug softness, showing growth in second half quarter

Competitive activity Lapping bonus pack promotion 2010 Active pruning lower margin products

Revitalisation Little Hug continues Application new design to all SKU’s completed Print advertising continues

34.6

32.0

24.6%

EBIT (in € mln)

Revenue (in € mln)

Autonomous revenue growth

Reported, Normalised

14

Little Hug Daily’s Fruit Mixers Daily’s Ready-to-Drink

New packaging

New Kiwi Strawberry flavor

New Tropical variety w/bi-lingual packaging

New Sangria Mixer New Lemonade Bag-in-a-box

2011 innovations year-to-date

15

Ronald Merckx (CFO)

Financials

Started at Wessanen as of 1 June

16

Q2/H1 2011 key figures

In € million Q2 2011 Q2 2010 H1 2011 H1 2010

Revenue ¹ 195.7 193.7 374.5 366.3

Autonomous growth 2.3% 1.3%

Normalised EBIT ¹ 11.8 10.9 18.8 17.3

EBIT ¹ 7.4 9.4 15.5 15.8

Net result ² 5.4 6.6 9.9 1.8

Earnings per share (EPS) ² 0.07 0.08 0.13 0.03

Operating cash flow ¹ 1.9 18.0 (3.3) 3.7

¹ Continuing operations; ² Attributable to Wessanen equity holders

17

190

192

194

196

198

200

Q2 2010 Grocery HFS FrozenFoods

ABC I nter-segment

allocations

Q2 2011

Bridge - sales

€195.7

€193.7

In € mln

€4.8 €(4.3) €(1.0) €2.6 €(0.1)

18

EBIT - from normalised to reported

Q2 2011 Q2 2010

Normalised EBIT 11.8 10.9

Exceptionals/impairments (4.4) (1.5)

EBIT 7.4 9.4

Tree of Life UK (divested as of 18 July) €(3.3) mln impairment Q3: non-cash net cumulative exchange loss deferred in equity of €(2.1) mln

Kalisterra (Asset held for sale) (sale as of 1 Oct)€(1.4) mln exceptional costs

19

9

10

11

12

13

Q2 2010 Grocery HFS FrozenFoods

ABC Corporateentities

Q2 2011

Bridge - normalised EBIT

In € mln

€10.9

€11.8

€1.0 €(0.6) €(0.9) €0.9 €0.5

20

0

50

100

150

200

250

Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q1 11

0

1

2

3

4

5

Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11

Net debt

Leverage ratio

€39.1 mln

1.1x

Net debt and leverage ratioIn € mln

21

Cash flow Q2 2011

In € mln

8.5 (10.9)

(0.5)Derivatives

and FX

Sources

Uses

8.5

(2.5) I nvestments

2.4I ncrease working capital

(1.3)Dividends

paid

I ncrease of net debt

Cash flow from

earnings

(6.6)

22

Piet Hein Merckens (CEO)

Closing remarks

23

Closing remarks Strategy is clear, we are more focused, and in better shape,

although we have to improve in multiple areas

Very pleased with the quality of the people at Wessanen

Increasingly implementing one consistent way of working

Q2 results reconfirmation of continuous progress we are making

Confident that we are well on track to further improve our performance

24

Q&A

Appendices

26

15%

15%

34%

36%

WE GroceryRevenue €127.7 mlnNormalised EBIT €12.4 mln

Revenue H1 2011 €374.5 mln

Frozen FoodsRevenue €56.7 mlnNormalised EBIT €1.9 mln

WE HFSRevenue €139.5 mlnNormalised EBIT €4.3 mln

ABCRevenue €56.9 mlnNormalised EBIT €5.2 mln

Inter-segment eliminations Revenue Є(6.3) mlnNormalised EBIT €(5.0) mln

27

15.515.8

18.817.3

H1 10 H1 11

Q2 performance

374.5

366.3

1.3%

EBIT (in € mln)

Revenue (in € mln)

Reported, Normalised

Autonomous third party revenue growth

7.49.4

11.810.9

Q2 10 Q2 11

195.7

193.7

2.3%

EBIT (in € mln)

Revenue (in € mln)

Reported, Normalised

Autonomous third party revenue growth

H1 performance

28

Financial guidance 2011 Net financing costs around €(4) mln

2010: €(8.3) mln; 2009: €(19.9) mln

Effective tax rate around 25-30% 2010 impacted by country mix and non-deductible impairments, partly compensated by

recognition tax losses

Depreciation and amortisation (excluding impairments) around €(14) mln 2010: €(14) mln

Capex (pp&e and intangibles) around €(15) mln 2010: €(14) mln

Non-allocated expenses (incl. corporate) around €(10) mln 2010: €(12.3) mln (normalised €(10.2) mln)

29

European brand-platform-category map

Organic Nutrition– Dairy alternatives– Biscuits (nutrition)– Bread replacers– Cereals– Tea– Spreads (nutrition)

Organic Taste-Indulgence– Spreads– Biscuits– Cereals – Juices

Organic Taste-Cooking– Condiments– Bouillon, Stock & Gravies– Meal components – Ready meals

France

Grocery HFS

TBD TBD

TBD

Netherlands

Grocery HFS

Germany

Grocery HFS

UK

Grocery HFS

TBD TBD

Other Europe

Grocery HFS

TBD

Consumer Benefit Platform

Organic Basics– Multi categories TBD TBD TBD TBD TBD TBD TBD TBD

30

Strategic objectives 2011-2013

Top-line growth

Market share gains in core categories and brands

Add-on acquisitions

Improve EBIT-margins

Increase gross margins (central sourcing savings, richer product mix)

Manage non-core brands for cash

Increase capacity utilisation own factories

Reduce overhead costs

Grow our export business and aim to establish footprint in other

European countries

Improve operational performance / Establish cross-country organisation

Raise the overall talent bar / Increase people engagement

31

Wessanen’s building blocks

Six important assets on which Wessanen’s success is built, reasons

why our brands will be your natural choice and why Wessanen can make its

organic brands the most desired in Europe:

I. Passionate people

II. Pioneering brands

III. Customer partnerships & multi-channel approach

IV. Network of strategic supplier partnerships

V. European scale

VI. Unique expertise & industry authority

Royal Wessanen nv