Investor Presentaiton

Mycotoxin risk management Biomin is the leader in the Premium and Advanced segments of the mycotoxin detoxifiers market Premium ~€300m (growing 7%/yr) Advanced ~€300m (growing 4%/yr) Simple ~€100m (growing 2%/yr) Market description Complex combinations of biodegrading/ bio-transforming agents (microbes and enzymes) and binders, capable of selectively neutralizing a wide array of toxins while preserving the nutritional quality of feed. High & increasing barriers-to-entry (regulatory, IP) Combinations of binders and absorbers or micronutrients, usually targeting more than one mycotoxin Simple binding agents (typically clays). Usually only binding 1-3 mycotoxins, at the risk of also binding useful micronutrients Key Players Biomin (#1), Alltech Biomin (#1), Alltech, Kemin, EWN Bayer, AmLan, Cargill 9 Total mycotoxin detoxifiers market of ~€700m growing around 5%/yr; Biomin sales of ~€150m growing high-single digit DSM

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