#1schouw+Co BioMar acquires Ecuadorian shrimp feed manufacturer Alimentsa Investor Presentation 2 JUNE 2017#2Strategic logic in entering shrimp feed. 2 schouw+co Global aquaculture feed markets m ton Latin American shrimp feed markets North Sea Cont. Europe Americas Asia Africa Mexico ~200k t ~12 I Current core Nicaragua <25k t Venezuela <25k t ~4.7 4.5-5.0 Costa Rica <10k t I Other Salmonids, bass, bream I I Shrimp Ecuador ~650k t Peru <25k t Ecuador is the most attractive shrimp feed market in Latin America Biggest size Growth 4-5% Growth 2-3% Growth +5% EBIT ◉ EBIT EBIT <5% 5-6% >5% Highest growth ■ Most profitable Brazil ~100k t#33 schouw+co Ecuadorian shrimp farming Shrimp industry in Ecuador ■ With about 450kt shrimp produced in 2016, Ecuador is among the global Top 5 shrimp producing countries ■ About 95% of production is white-leg shrimp (Vannamei) Ecuadorian shrimp are positioned as high-end products ■ The majority of the production is exported (US, EU, Asia) ■ Ecuador has optimal biological conditions for shrimp farming with up to three production cycles per year ■ ◉ Farming densities in Ecuador are low compared to e.g. Asian shrimp farming Significant potential for growth in Ecuadorian shrimp industry; 8-12% annual growth expected in the coming years ■ The feed industry is led by four major players representing about 75% of the market ■ Both the farming industry and the feed industry have historically been profitable Shrimp farming areas in Ecuador Santa Elena About 2/3 of Ecuador's shrimp production is located in the Guayas region Carchi Sucumbíos Esmeraldas Imbabura Pichincha Santo Domingo de los Tchilas Napo Orellana Manabi Alimentsa location Tunguraha Pastaza Guayas Chimborazo El Oro Loja Cañar Morona Santiago Azuay Zamora Chinchipe#44 schouw+co Acquisition of Alimentsa ◉ Alimentsa at-a-glance Ecuadorian top 4 feed producer ■ Market share 10-15% ■ ◉ ■ Founded 1986 by Danish/German families Founders are still main shareholders Capacity of ~110k t pelletised shrimp feed Complete line of feed products; from starter to harvest and speciality products Strong technical setup; 3 training centres ■ More than 300 customers in Ecuador Strong management with solid track-record continues under BioMar's ownership ■ 2016 revenue USD 75m and solid profitability ■ 145 employees Transaction details Acquisition of 70% of the company ■ Valuation (EV 100%) USD 170m ▪ EV/EBITDA¹7E transaction multiple of ~9.4x Subject to customary approvals ☐ Closing expected autumn 2017 i.e. limited effect on financials in 2017 (except payment of USD 119m) Likely 2018 effect before minorities and PPA: Volume ~85k t, revenue DKK +500m, EBIT DKK +110m Long-term synergies ▪ Leverage from BioMar's knowledge/setup in salmonids Development/introduction of functional shrimp feed; e.g. performance, efficiency, health benefits, sustainability, food safety, traceability and other concepts Optimise sourcing platform and raw material usage ■ Cross-utilise with shrimp feed production in Costa Rica