Buitengewone Algemene Vergadering Amersfoort, 9 februari 2015

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1 Buitengewone Algemene Vergadering 2015 Amersfoort, 9 februari 2015

2 Disclaimer The information contained herein shall not constitute or form any part of any offer or invitation to subscribe for, underwrite or otherwise acquire, or any solicitation of any offer to purchase or subscribe for, securities including in the United States, Australia, Canada or Japan. The information contained herein is not for publication or distribution into the United States, Australia, Canada or Japan. Neither this announcement nor any copy of it may be taken or distributed or published, directly or indirectly, in the United States, Australia, Canada or Japan. The material set forth herein is for informational purposes only and is not intended, and should not be construed, as an offer of securities for sale into the United States or any other jurisdiction. Securities may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, as amended (the Securities Act ) or an exemption from registration. The securities of the company described herein have not been and will not be so registered. There will be no public offer of securities in the United States, Australia, Canada or Japan. Version 9 februari hrs 2

3 Agenda 1. Opening en mededelingen 2. Toelichting op het aanbevolen openbare bod 3. Agendapunten ter besluitvorming 4. Aanvullende agendapunten 3

4 Agendapunt 1: Opening en mededelingen 1.1: Opening 1.2: Mededelingen 4

6 SHV offer for Nutreco 6

7 Attractive offer Full cash offer by SHV of per share (cum dividend) Attractive premium of 60% to closing price of 17 Oct. (last trading day before first offer) Values 100% of the ordinary shares 1 at 3,038 million Implied LTM EV/EBITDA multiple of 10.8x as per 30 Sep SHV supports Nutreco s growth strategy Offer in best interests of all stakeholders Acceptance threshold: at least 66⅔% of outstanding ordinary shares Deal certainty as SHV finances the transaction with cash from own available resources Full support and unanimous recommendation from Supervisory and Executive Board 1. Based on number of outstanding shares as per 20 October

8 The Offer price Full cash offer consisting of per share, representing: % premium over Nutreco's closing price on 17 October % to 60% premium based on selected historical average share price levels and median broker target price; 15% premium to all-time high 60% 51% 45% 39% 15% 29% Offer: Oct-14 3-month avg. price 6-month avg. price 12-month avg. price All-time high Median broker TP 2 1. Since IPO in June 1997; 2. Sourced from Bloomberg as of the Reference Date. Included equity research analyst price targets for the Shares issued after Nutreco s H1 results on 24 July 2014 and up to and including the Reference Date. Research analysts considered comprise ABN AMRO, Alpha Value, Berenberg, Equita SIM, Goldman Sachs, ING, KBC, Kempen & Co, Petercam, Rabobank, SNS Reaal, and Theodoor Gilissen. 1 8

9 Key non-financial details SHV supports the execution of Nutreco's business strategy, including planned capital expenditures and mergers & acquisitions Nutreco will remain prudently financed Head office and key support functions to be maintained in the Netherlands Nutreco will retain its corporate identity, values and culture SHV will respect existing employee rights The Supervisory Board will include two independent members 9

10 In the best interests of all stakeholders Transaction provides shareholders with attractive premium of 60% SHV supports our long-term growth strategy enabling Nutreco to expand SHV will comply with existing commitments to employees, clients and suppliers Commitment to continue developing innovative nutritional solutions for customers on platforms such as feed efficiency, life start and preventive animal health SHV endorses the three core elements of Nutreco s success: strategy execution, innovation and competence of its people 10

11 Process to date September 2014: Nutreco received letter of interest from SHV 19 October 2014: Leonardo & Co. and ING Bank NV issued fairness opinions 2 November 2014: Expression of interest from Cargill Transaction Committee (Executive and Supervisory Board members) extensively assessed the intended offer, including all potential alternatives 20 October 2014: SHV and Nutreco announced a recommended cash offer of 40 per share for all shares of Nutreco 8 November 2014: Expression of interest from Cargill and Permira 11

12 Expression of interest by Cargill Cargill first expressed an interest on 2 November 2014, but at the same time also stated not yet to be sufficiently advanced to provide a clear proposal Between 2 November and 10 December we had several conversations with Cargill Cargill reiterated its interest (this time together with Permira) to pursue a cash offer for Nutreco on 8 November 2014 Cargill required due diligence first to come to a non-binding offer and only referred to a potential price of at least Subsequently SHV raised its offer price to on 9 November 2014 On 22 December Cargill announced it would no longer pursue an interest in Nutreco 12

13 Process to date September 2014: Nutreco received letter of interest from SHV 19 October 2014: Leonardo & Co. and ING Bank NV issued fairness opinions 2 November 2014: Expression of interest from Cargill 9 November 2014: SHV increased its recommended cash offer to per Nutreco share 10 December 2014: Start of Tender Period 30 January 2015: SHV increased its recommended cash offer to per Nutreco share Transaction Committee (Executive and Supervisory Board members) extensively assessed the intended offer, including all potential alternatives 20 October 2014: SHV and Nutreco announced a recommended cash offer of 40 per share for all shares of Nutreco 8 November 2014: Expression of interest from Cargill and Permira 5 December 2014: Launch of Recommended cash offer by SHV for all outstanding ordinary Nutreco shares 22 December 2014: Withdrawal of Cargill 9 February 2015: EGM 13

14 SHV considerations SHV values Nutreco as a very promising and exciting company with good long-term growth opportunities, solid management and similar company values Nutreco is the true global leader in fish feed and animal nutrition SHV fully supports Nutreco s strategy and its focus on innovation and sustainability SHV considers Nutreco as a great opportunity to further broaden its presence within the food and agriculture industries Nutreco has a good fit with SHV given their desired mix of activities and geographies Its long-term investment approach and track record of supporting portfolio companies' international growth make SHV an attractive partner for our next phase 14

15 Support for the offer Full support and unanimous recommendation from Supervisory Board and Executive Board ING Bank N.V. issued a fairness opinion to the Executive and Supervisory Boards and Leonardo & Co. provided a fairness opinion to the Supervisory Board Members of the Executive Board have entered into irrevocable undertakings to tender their shares Positive stance from Works Council Relevant regulatory clearance for the offer mostly received, good progress made in obtaining clearance for Bosnia Herzegovina, China and Ukraine Irrevocable share tender commitments received from significant shareholders APG and Nationale Nederlanden (respectively holding 9.79% and 7.52% of issued share capital) 15

16 Nutreco going forward Current Nutreco strategy fully supported by SHV and hence unchanged Continuation of existing commitments to clients and suppliers Commitment to continue developing innovative nutritional solutions Continue international expansion, including anticipated capital expenditures and mergers and acquisitions 16

17 Process going forward 9 February: EGM Unconditional Date: No later than 3 business days after the Closing Date Post-Closing Acceptance Period: Two weeks from Unconditional Date Closing Date at 17 February: Close of tender period at 17.40h CET Settlement Date: No later than 5 business days after the Closing Date Settlement of tenders in the Post-Closing Acceptance Period: No later than 5 business days after the end of the Post-Closing Acceptance Period 17

18 Our mission 18

19 Total shareholders return since IPO in 1997 AEX Nutreco ( ) 1,200 1, TSR of 885% at a price of 45.25/share As per 30 January

21 Agendapunt 3: Completion bonus voor de Raad van Bestuur Completion bonus voor de Raad van Bestuur Ter besluitvorming zie toelichting 21

22 Agendapunt 4: Voorwaardelijke wijziging van de statuten Voorwaardelijke wijziging van de statuten van Nutreco, per de Dag van Overdracht op de voorwaarde dat Overdracht plaatsvindt en machtiging voor het passeren van de akte tot wijziging van de Statuten Ter besluitvorming zie toelichting 22

23 Agendapunt 5: Voorwaardelijke decharge Voorwaardelijke decharge, per de Dag van Overdracht op de voorwaarde dat Overdracht plaatsvindt, van de heer J.M. de Jong, de heer A. Puri en mevrouw H.W.P.M.A. Verhagen voor hun toezicht tot deze BAVA Ter besluitvorming zie toelichting 23

24 Agendapunt 6: Voorwaardelijke wijziging samenstelling Raad van Commissarissen 6.1: Voorwaardelijk aftreden, per de Dag van Overdracht op de voorwaarde dat Overdracht plaatsvindt, van de heer J.M. de Jong, de heer A. Puri en mevrouw H.W.P.M.A. Verhagen als lid van de Raad van Commissarissen Ter informatie zie toelichting 6.2: Voorwaardelijke benoeming, per de Dag van Overdracht op de voorwaarde dat Overdracht plaatsvindt, van de heer S.R. Nanninga als lid van de Raad van Commissarissen Ter besluitvorming zie toelichting 24

25 Agendapunt 6: Voorwaardelijke wijziging samenstelling Raad van Commissarissen 6.3: Voorwaardelijke benoeming, per de Dag van Overdracht op de voorwaarde dat Overdracht plaatsvindt, van de heer B.L.J.M. Beerkens als lid van de Raad van Commissarissen Ter besluitvorming zie toelichting 6.4: Voorwaardelijke benoeming, per de Dag van Overdracht op de voorwaarde dat Overdracht plaatsvindt, van de heer W. van der Woerd als lid van de Raad van Commissarissen Ter besluitvorming zie toelichting 25

27 Agendapunt 7: Rondvraag 27

28 Agendapunt 8: Sluiting 28

29 Dank u wel