1. Royal Wessanen nv
Q2 2013
Amsterdam, 25 July 2013
www.wessanen.com

2. Q2 2013 performance
 We have to cope with uncertain economic times, low consumer confidence and
increasing unemployment
 Consumer appreciation for healthy and sustainable food is continuously growing
 Consumers are gradually incorporating more of a sustainable agenda when making food
purchases
 Consumers show growing engagement with healthier food via alternative food solutions
such as organic, free from, ethical and local provinence
 'Wessanen 2015' is progressing well
 Wessanen becoming a more profitable company, being more focused on its core
activities, more agile and more efficient
 Savings of €15 mln expected from 2014 onwards
 ABC’s first half year performance was very disappointing
2

3. ‘Wessanen 2015’
1. Create more focus on our activities
• Reduction of approx. 300 FTE
• One-off costs €(21) mln cash
• Savings €15 mln p.a. from beginning of 2014 onwards
3. Addressing low-yielding and non-performing activities
 Strongly reducing German grocery presence, changing go-to-market approach
 Focus in Italian grocery on non-dairy (soy)
2. Reduce complexity and simplify processes
• Cutting the tail / reducing number of SKUs at
− Dutch brands; √ French HFS brands; Export
 Centralising quality department
• In the Netherlands, focus on one franchise formula (Natuurwinkel), to end GooodyFooods formula
 Supply chain to manage our plants as of 2013 and to streamline processes
• Further increased focus on core brands and core categories
 Expansion number of CBTs (category brand teams)
 Split Benelux operations in branded and distribution organisation
 Split French HFS operations in branded and distribution organisation

4. Grocery
 France growing, driven by Dr. Schär, Krisprolls, Gayelord Hauser
 For the latter, we ran a sizeable promotional campaign
 Bjorg slightly up, impacted by of a temporarily category delisting at
a customer
 New large TV campaign to be aired in Q3
 Acquisition Alter Eco closed at end of May
 UK branded business posted a strong performance
 Market share gains in its major categories
 Tea, dairy alternatives and stocks & gravies
 Kallo is to be rebranded into Kallø from September
 Supported by social media campaign, story-telling books and
sampling events
 In the Netherlands, Zonnatura and Dr Schär both showed a good
performance
 Zonnatura’s new TV commercial "what happened to our food?" was
well received
In € mln H1-13 H1-12
Revenue 144.0 138.1
Autonomous growth 1.3%
Normalised EBIT 15.6 10.0
As % of sales 10.8% 7.2%
Exceptional items (1.2) (0.9)
EBIT 14.4 9.1
4

5. Health Food Stores (HFS)
 Wholesale reporting lower sales
 Natudis has been growing
 France lower volumes
• Moving part fruit & vegetables to Biodistrifrais
• Bonneterre ceased chilled and larger part fruit & vegetables
 Refocus Bonneterre company going well
 Cutting the tail programme implemented
 Bonneterre and Evernat brands making inroads at specialty chains
and buying groups
 Our brands showed a good performance
 Allos, Tartex and Bonneterre growing
 In total, brands do represent 2/3 of total HFS sales
 Autonomous growth and operating result strongly up
 Volumes and gross margins up in all 3 markets
 Lower operating costs (first benefits ‘Wessanen 2015’)
 Marketing spending up due to large campaign at Bonneterre
In € mln H1-13 H1-12
Revenue 106.9 105.9
Autonomous growth 0.7%
Normalised EBIT 2.8 (0.5)
As % of sales 2.6% (0.5)%
Exceptional items (0.7) -
EBIT 2.1 (0.5)
5

6. CBT’s starting to deliver tangible results
 Fully aligned product and packaging launch in 3
countries, produced in own factory
 €1 mln revenue (full year basis)
 Additional fixed cost coverage Allos factory
6
To
come
To
come
 Innovative concept in both channels in France, produced at
own factory, further roll-out in progress
 €2 mln revenue (full year basis)
 Additional fixed cost coverage Bioslym factory
CBT Cereals
CBT Dairy alternatives
 Significant renovation core product across countries to
remove palm oil (consumer issues re. sustainability/health)
 +12% growth on renovated products in France
CBT Sweet in between

7. Clipper roll-out progressing well
 France in Q1, Netherlands and Germany in Q3
 Initial sales in France above budget
 Year 1 contribution over €1 mln in revenue

8. Export - double-digit growth in H1
 Reported as part of Grocery and HFS
 Small dedicated group organised by brand and geography
 Multiple export markets
 Most important ones are Nordics, Austria, Italy, Japan, Spain, Switzerland
 Also includes Russia, Middle East, Far East and Australia
 Export plans based on clear brand and market choices
 First half year growth 11%, driven by Clipper, Allos and Whole Earth
8

9. IZICO - integrated frozen foods company
 Good progress in becoming one company
 to strengthen its position on Benelux market and in export
 to further improve profitability
 to better and more effectively cope with the challenging environment
 All ‘Wessanen 2015’ actions have been completed
 Closure Deurne plant
 New structure and roles at various departments implemented
 Offices combined in Breda
 Market: retail growing, out-of-home impacted by sluggish demand
 Bicky continued to grow, while Beckers lost some market share in retail
 Plans to revitalise Beckers underway
 In H2 2013, half of €5 mln ‘Wessanen 2015’ savings to materialse
In € mln H1-13 H1-12
Revenue 53.2 56.9
Autonomous growth (6.4%)
Normalised EBIT 1.5 0.7
As % of sales 2.8% 1.2%
Exceptional items (0.2) -
EBIT 1.3 0.7
9

10. ABC - Little Hug’s growth offset by Daily’s
 Little Hug continues to perform well
 Growing revenue and market share
 Continue to invest in brand activation
 Introduced new flavours Berry Blend and Apple Orchard
 Daily’s maintained its clear leadership share in pouch segment
 Year-to-date, frozen pouches lost >20% (volume and value)
 No meaningful improvement foreseen for remainder of 2013
 Daily’s underperformed broader RTD market
• Numerous initiatives: 6 new flavours, new campaign and grown
distribution coverage.
 Expected FY13 revenue breakdown
 Little Hug 45-50%, single serve fruit drinks >10%
 Daily’s 40-45% (2/3 frozen pouches, 1/3 non-alcoholic mixers)
 FY2013 operational loss (EBITE) expected of US$5-10 million
 FY2014, we expect ABC to be profitable again
In US$ mln H1-13 H1-12
Revenue 79.2 97.6
Autonomous growth (18.8%)
Normalised EBIT (1.4) 6.5
As % of sales (1.8)% 6.7%
Exceptional items (0.5) -
EBIT (1.9) 6.5
10

11. Ronald Merckx (CFO)
• Financials
11

12. Q2/H1 P&L in more detail
In € mln Q2 2013 Q2 2012 H1 2013 H1 2012
Revenue 187.3 201.0 359.8 371.6 ↓
Autonomous growth (6.8)% (4.1)%
Gross contribution - - 137.9 142.4 ↓
As % of revenue - - 38.3% 38.3% →
Normalised EBIT 4.8 6.2 14.1 9.1 ↑
As % of revenue 2.6% 3.1% 3.9% 2.4% ↑
Exceptional costs (1.3) (0.3) (2.4) (0.3) ↓
EBIT 3.5 5.9 11.7 8.8 ↑
Net financing costs (0.6) (0.7) (1.0) (1.3) ↑
Income tax expenses (4.1) (2.1) (6.8) (2.9) ↓
Net result attributable to equity holders (1.2) 3.2 3.9 4.9 ↓






13. Organic growth in perspective
13
In € mln Q2 13 H2 13 H1 14
Grocery (2) (5) (2-3)
• Germany - different go-to-market model (0.5) (1) -
• Italy - withdrawal Bjorg and Efficance brands (0.3) (0.6) (0.3)
• UK - ending private label contracts (1) (2) (1)
• NL - terminating Biorganic (0.3) (1.5) (1)
HFS (1) (6) (3-4)
• France - cutting the tail / ending frozen, F&V (0.5) (4) (3)
• NL - cutting the tail (0.5) (1) (1)
• Germany - SAP implementation 1 July 0.7 (0.7) n.m.
IZICO (3) (7) (4)
• Closing Deurne plant / cutting the tail

14. 
H1 gross profit / normalised EBIT
 Gross profit in line with last year
 Grocery ↑
• Underlying improvement
 HFS ↑
• Growth brands and deliberate downsizing part of wholesale operations
 IZICO ↑
• Ending low-margin Halal and breadcrumb activities; under-absorption Q2 production
 ABC ↓
• Lower pouches sales and provisions for customer returns / obsolete inventory
 Marketing spending
 Grocery ↓
• France ↓ - phasing towards Q1 and Q3 (new TV campaign to be launched)
• UK ↓ - due to large media spending on both Clipper and Kallo last year
• Germany ↓ - revised go-to-market approach
 HFS ↑
• Due to a large billboard/poster campaign in France
 At ABC and IZICO in line with last year
 Warehousing / logistics / general & administrative
 Lower general and administrative costs
 Lower warehousing and logistical costs
14


15. 
‘Wessanen 2015’ - cash costs
15
In € mln Q4 2012 Q1 2013 Q2 2013 H2 2013
Grocery (3.0) (0.2) (0.8) (0.5-1)
HFS (6.5) (0.5) (0.2) (0.5-1)
IZICO (6.2) (0.2) - (0.5-1)
Non-allocated (0.6) - - -
Costs ‘Wessanen 2015’ (16.3) (0.9) (1.0) (2-3)

16. First half 2013 cash flow
16
20.8
(3.6)
(3.7)
(8.4)
(15.7)
(3.9)
(3.6)
(18.3)

17. Successful renewal credit facility
0
25
50
75
100
Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13
0
1
2
3
Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13
17
 Three-year secured €100 million revolving credit facility
 Current facility scheduled to mature in Feb. 2014
 Uncommitted options to
 Extend facility for in total two years
 Increase facility up to maximum aggregate amount of €25 mln (‘accordion facility’)
 Pricing grid narrowed to 110-205 bps over Euribor
 Based on leverage ratio (Net debt/EBITDAE) (max. remains at 3.0x)
 Increase in debt (€74.6 mln vs. €62.7mln at end of Q1) due to:
 Cash out provision expenses €8.4 mln, Alter Eco €5.0 mln and dividend payments
€3.8 mln
Leverage ratio: 2.0XNet debt: €74.6

18. Piet Hein Merckens (CEO)
• Closing remarks
18

19. Looking forward
Macro economy
Europe has to deal with deteriorated consumer confidence and increased unemployment
Organic and natural food markets continue to trend positively
‘Wessanen 2015’
Implementation running smoothly
All progress, including FTE reductions and savings, closely monitored
H1 results
We have made significant progress in our core operations and IZICO
 Improvement driven by own actions at our various businesses
Unfortunately, ABC’s H1 performance was very disappointing. We therefore have initiated
immediate short term corrective actions to return ABC to profitability in 2014.
Full year 2013
2013 will be another challenging year
“Store is open while we are renovating and innovating”
19

20. Appendices
20

21. A very sound financial position
In € mln Jun 13 Dec 12
Assets
Property, plant and equipment 74.8 77.4
Intangible assets 66.9 66.8
Investment associates/other 1.2 1.1
Deferred tax assets 9.0 9.2
Non-current assets 151.9 154.5
Inventories 74.5 72.3
Income tax receivables 0.2 -
Trade receivables 111.0 85.7
Other receivables / prepayments 17.7 15.7
Cash (equivalents) 14.7 9.7
Current assets 218.1 183.4
TOTAL ASSETS 370.0 337.9
21
In € mln Jun 13 Dec 12 ¹
Equity and liabilities
Total equity 112.5 110.8
Interest-bearing loans 0.3 60.7
Employee benefits 13.0 15.1
Provisions / Deferred tax liabilities 6.3 5.2
Non-current liabilities 19.6 81.0
Bank overdrafts / current debt 13.9 1.4
Interest-bearing loans/borrowings 75.1 2.5
Provisions 10.7 16.8
Income tax payables 2.9 0.7
Trade payables 72.9 68.3
Non-trade payables/accrued expenses 62.4 56.4
Current liabilities 237.9 146.1
TOTAL EQUITY & LIABILITIES 370.0 337.9
¹ Restated for effect of IAS 19 (revised 2011)

22. Financials Q2 - guidance 2013
Financials Q2
 Net financing costs €(0.6) mln Q2 12: €(0.7) mln ¹
 Income tax expenses €(4.1) mln Q2 12: €(2.1) mln
 Capex €(2.3) mln Q2 12: €(1.7) mln
Financials H1
 Net financing costs €(1.0) mln FY 12: €(1.3) mln ¹
 Income tax expenses €(6.8) mln FY 12: €(2.9) mln
 Capex €(3.6) mln FY 12: €(3.6) mln
Guidance 2013
 Net financing costs €(2) mln
 Effective tax rate 53% ²
 Capex €(8-10) mln
 Depreciation and amortisation €(13-14) mln
 Non-allocated expenses (incl. corporate) €(11) mln
22¹ Restated for effects of IAS 19 (revised 2011)
² Excludes recognition of provision for uncertain tax positions in Q2 2013 of €1.1 million

23. Royal Wessanen nv