This document provides an overview of Royal Wessanen nv for Q4 2011. Key information includes: - Revenue for FY2011 was €706 million. - Normalized EBIT was €23.7 million, up from €19.8 million in FY2010. - The company focuses on organic food in Europe through its Grocery, HFS, and Frozen Foods divisions. - Strategic objectives for 2012-2014 include top-line growth through brand building and acquisitions as well as profitability improvements.

1. Royal Wessanen nv
Q4 2011 roadshow
Q4 published: 23Feb 2012
www.wessanen.com

2. Revenue FY11 - €706 mln
ABC
Revenue €112.6 mln
Normalised EBIT €9.9 mln
WE Grocery
Revenue €243.9 mln
Normalised EBIT €18.0 mln
16%
34%
Frozen Foods 16%
Revenue €113.1 mln
Normalised EBIT €2.3 mln
34%
WE HFS
Revenue €247.5 mln
Normalised EBIT €5.0 mln
Non-allocated & eliminations
Revenue €(11.1) mln
Normalised EBIT €(11.5) mln
2

3. Important dates
Fri 2 March Publication Annual Report 2011 (online)
Tue 20 March Record date AGM
Tue 17 April AGM (Sheraton Schiphol) (14h00 CET)
Thu 19 April Ex-dividend date
Tue 2 May Payment dividend
Fri 27 April Q1 2012 results (7h15 CET)
Wed 25 July Q2 2012 results (7h15 CET)
Thu 25 October Q3 2012 results (7h15 CET)
Fri 22 February Q4/FY 2012 results (7h15 CET)
3

4. Content
Page
5. History
7. Markets
8. Vision, mission, strategy
15. Clipper
17. FY 2011
7. Q4 2011
39. Divisions
4

5. A long and rich history
2015 will mark 250th anniversary of Wessanen
 1765 - Incorporated around river De Zaan
– Adriaan Wessanen started to trade in mustard, canary and other seeds
 Around 1910 introducing first consumer products such as
oatmeal and cocoa
 1913 - Distinguished title Royal
 1959 - Listed on Euronext Amsterdam
 Seventies, eighties, nineties - range of acquisitions, such as
 1993 - Merger Bols and Wessanen (split 1998)
 2000/01 - Acquisition Distriborg, Zonnatura, Natudis
 2010 - Divestment Tree of Life, Inc
 2009 - Strategic reorientation → focus on organic food in Europe
 2012 - To make our organic brands most desired in Europe
5

6. Transformation 2009-2011
In € mln
1,586
1600
KK, LR, Righi
TOL NA
PANOS
1200 ABC
Frozen Foods
Kalisterra
Tree of Life UK
800 712 706 677 HFS
Grocery
400
0
2009 2010 2011 2011 PF
From portfolio approach to focus on the core
6

7. Attractiveness organic food markets
European organic food market is an attractive and growing segment
– €21 bn market, 2011 growth est. 6%
– <3% of total European food market
Increasing consumer appreciation and still low per capita consumption
– European Union <€30> p.a.
– Germany <€75>, France <€55>, NL <€50>, UK <€30>
Consumers increasingly convinced of benefits of organic food regarding
health, taste and environment
Grocery and HFS channels developing at different growth path
– Decline percentage of households shopping in HFS channel in
the Netherlands halted
Wessanen has unique selling points;
– Active in both channels (HFS and Grocery)
– Strong brands in both channels
– Increasingly orchestrating our European businesses
– One of very few with true European presence
7

8. Our Vision
“To make our organic brands most desired in Europe”
GROCERY HEALTH FOOD STORES
8

9. Our Mission
“Our organic food, your natural choice”
9

10. Strategic objectives 2012-2014
Strategic focus Activities
Topline growth • Grow core brands
• Grow core categories
• Build strongholds in new markets
• Country specific growth strategies
• Launch fewer, bigger, better innovations
• Execute acquisitions shortlist
Profitability • Central sourcing savings
improvement • Pricing strategies towards customers
• Improve operational excellence with SAP
• Filling own factories
Enablers • Improve talent performance management / building connected
leadership
• Simplify how we are conducting business
• Activate Organic Expertise Centre, integrate Quality 10

11. Moving to a more integrated,
centrally steered business
Nature of Corporate Guidance
Operational Operator
in
en n
an o
e ss siti
Strategic W ra n Strategic
development t Orchestrator Maximise value creation
by
Strategic Strategic adapting governance model,
guidelines Architect decision rules and
effciency and effectiveness HQ
Financial support functions
Financial
Holding
Stand-alone Shared business Same business
Shared skills
business systems systems
Degree of Business Integration
11

12. OGSM to align our plans and objectives
Corporate
OGSM
County and Functional
OGSM
Performance Feedback
Strategies & Goals Link to Performance Management (Bottom-Up)
(Top-Down)
Align to individual objectives and
development plans
 Linking corporate level goals to the country and functional goals and ultimately to the individual
 Downwards providing clear and definitive direction to supporting functions and employees
 Bottom-up providing feedback on the resources and timing required to accomplish the strategies
12

13. Roadmap focused on 3 business models
Business Description Countries, Brands & Entities
Sourcing/developing, marketing France: Bjorg
Brands and selling of own brands to Benelux: Zonnatura, Biorganic, Merza
in grocery UK: Kallo, Whole Earth
• Including distribution to distribution Germany: Whole Earth, Culinessa, Bjorg
Grocery centers and/or stores Italy: Bjorg
Sourcing/developing, marketing France: Bonneterre, Evernat
and selling of own brands to HFS NL: Ekoland, De Rit, Fertilia
Brands • Via wholesaler in Germany Molenaartje
in HFS • Direct to stores (France, NL) Germany: Allos, Tartex, De Rit
Sourcing, category management, France: Bonneterre, Biodistrifrais
Whole- sales and distribution to HFS stores NL: Natudis, Kroon
sale • Focus on full range (ambient and Belgium: Hagor
fresh) of products and high share of
in HFS products per store
13

14. Driving our brands in 2 channels
Health Food Specialty Stores Grocery Retail
Profile
Profile Small, independent, large exclusively Professional chains, small organic assortment
organic assortment
Developmen
Development Concentration, modern formats Strong organic growth, store in store
Opportunity
Opportunity Attract & activate mainstream consumers, Build credibility and profile through strong
innovative concepts organic ranges, increase frequency, margin
mix improvement
Wessanen
Wessanen Building powerful brands, large ranges, Aggressive growth, powerful in-store marketing
Focus
Focus moving from push to pull marketing Focus on fewer, bigger brands
Wholesale (NL, BEL, FR) All countries
Retail formulas (NL)
Allos, Tartex, De Rit, Ekoland, Bonneterre Bjorg, Zonnatura, Whole Earth, Kallo
14

15. 15

16. Clipper
• UK based tea and coffee company
– Founded in 1984
• 100% branded business
– Tea, coffee, hot chocolate
– Grocery, HFS, food service, export
• Leading position in UK organic & fair trade tea
– Everyday, green, white, infusion, specialties
• Revenue £16mln, ca 90 employees
• Manufacturing plant (incl. blending) in Dorset (UK)
• Tea is one of our core categories
• Clear potential in UK as well as other European markets
16

17. FY 2011
17

18. Wessanen FY11 snapshot
Revenue Normalised EBIT
30
25
20
15
€706 mln 10
5
0
d
-5
s
en
FS
y
C
te
od
r
B
ce
n
H
ca
A
Fo
sa
ro
-10
llo
es
n
G
-a
ze
Grocery HFS TOLUK, KT Frozen Foods ABC
W
on
-15
o
Fr
N
2010 2011
Total assets FTEs (at year end)
€368 mln 1,998
Grocery
HFS
Frozen Foods
ABC
Grocery HFS Frozen Foods ABC Non-allocated Corporate
18

19. Q4/FY 2011 key figures
In € million Q4 2011 Q4 2010 FY 2011 FY 2010
Revenue ¹ 157.2 172.5 706.0 712.2
Autonomous growth 0.8% (1.7)% 2.9% (1.3)%
Normalised EBIT ¹ (1.3) 0.9 23.7 19.8
As % of revenue (0.8)% 0.5% 3.4% 2.8%
EBIT ¹ (39.9) (12.1) (19.0) 5.3
Net result ² (35.1) (8.9) (17.1) (6.1)
Earnings per share (EPS) ² (0.46) (0.12) (0.23) (0.08)
Operating cash flow ¹ 7.9 21.4 8.8 34.3
19
¹ Continuing operations; ² Attributable to Wessanen equity holders

20. FY 2011 highlights
Revenue (in € mln)
• 2011 was an exciting year for all of us at Wessanen
• Grocery and ABC bringing in strong performances on 2.9%
topline and profits
• Sale Tree of Life UK and Kalisterra to focus on higher 712.2
706.0
added value wholesale at HFS
• Dividend per share of €0.08 (fully in cash)
– Pay-out ratio 40% ♦ Autonomous third party revenue growth
EBIT (in € mln)
• We are
… on a multi-year journey
… determined to improve our performance step-by-step
23.7
… building a strong leadership group 19.8
… raising the talent bar 5.3
.. ensuring that the execution of our strategy is
-19.0
progressing
• We ended 2011 stronger than we started FY 10 FY 11
• This will continue during 2012 and the years to come ♦ Reported, ♦ Normalised
20

21. Bridge - revenue growth FY
In € mln
750
1.6% - (1.1)%
(2.7)%
725 1.3%
(0.9)%
700
Autonomous
revenue growth
Reported
revenue growth
675 2.9%
650
2010 Volume Price/mix Trading Currency Divestments 2011
days
21

22. Bridge - normalised EBIT FY11
In € mln
30
€4.6 €8.0 €(1.3)
€(5.1) €23.7 €(3.1)
€(39.6)
€19.8 €(2.3)
20
10
€(19.0)
0
ts
s
s
te
E
y
C
1
FS
0
al
od
IT
r
B
en
01
01
ra
ce
on
H
A
EB
Fo
rm
po
2
2
ro
ti
IT
or
n
G
p
ai
e
ce
EB
p
C
oz
Im
-10
Ex
Fr
-20
22

23. Grocery - Topline growth
Strategic focus Activities
Topline growth • Grow core brands
• Brand activation
• Grow core categories
• Build strongholds in new markets
• Country specific growth strategies
– Bjorg TV commercial, Zonnatura 360º campaign • Launch fewer, bigger, better innovations
Topline growth
• Execute acquisitions shortlist
– Kallo relaunch soy drinks, Whole Earth city campaign
Profitability • Central sourcing savings
improvement • Pricing strategies towards customers
• Improve operational excellence with SAP
• Filling own factories
Enablers • Improve talent performance management / building connected
• In-store presence leadership
• Simplify how we are conducting business
• Activate Organic Expertise Centre, integrate Quality
– Launch Bjorg on German market
– Biobest shelf launched in the Netherlands
– Further distribution expansion Biorganic, Dr Schär
• Innovations
– Bjorg lunch boxes
– Kallo soy drinks
– Zonnatura full range of organic tea
• Execute acquisitions shortlist
23

24. Grocery - Profitability improvement
Strategic focus Activities
Topline growth • Grow core brands
• Central sourcing initiatives
• Grow core categories
• Build strongholds in new markets
• Country specific growth strategies
– Mitigated most of the upward effects on • Launch fewer, bigger, better innovations
Profitability
• Execute acquisitions shortlist
raw material prices
Profitability • Central sourcing savings
improvement • Pricing strategies towards customers
Enablers
improvement
• Improve operational excellence with SAP
• Filling own factories
• Improve talent performance management / building connected
• A cutting the tail programme in the UK leadership
• Simplify how we are conducting business
• Activate Organic Expertise Centre, integrate Quality
– (1.5)% effect on autonomous growth Grocery
– (8)% impact on full year UK sales
• Managed withdrawal from Belgian grocery
• Improved pricing strategies towards customers
24

25. HFS - Topline growth
Strategic focus Activities
Topline growth • Grow core brands
Wholesale / formulas
• Grow core categories
• Build strongholds in new markets
• Country specific growth strategies
• Cooperation fresh wholesaler Kroon and Vroegop-Windig • Launch fewer, bigger, better innovations
Profitability
Topline growth
• Execute acquisitions shortlist
• Central sourcing savings
improvement • Pricing strategies towards customers
• Improve operational excellence with SAP
• Further roll-out GooodyFooods stores Enablers
• Filling own factories
• Improve talent performance management / building connected
– Openings: Almere, Zaandam, Apeldoorn leadership
• Simplify how we are conducting business
• Activate Organic Expertise Centre, integrate Quality
• Store activation
– Little Green Bag activation campaign
Brands
• Innovations
– Allos range of cookies; Bonneterre range extension
• Filling own factories
• Execute acquisitions shortlist
25

26. HFS - Profitability improvement
Strategic focus Activities
Topline growth • Grow core brands
• Central sourcing initiatives
• Grow core categories
• Build strongholds in new markets
• Country specific growth strategies
– Mitigated most of the upward effects on • Launch fewer, bigger, better innovations
Profitability
• Execute acquisitions shortlist
raw material prices
Profitability • Central sourcing savings
improvement
improvement • Pricing strategies towards customers
• Improve operational excellence with SAP
• Filling own factories
Enablers • Improve talent performance management / building connected
• Divestment Kalisterra / Tree of Life UK leadership
• Simplify how we are conducting business
• Activate Organic Expertise Centre, integrate Quality
• Operational excellence improvement
– SAP introduction at Bonneterre
– Upgrade in the Netherlands
26

27. Enablers
Strategic focus Activities
Topline growth • Grow core brands
• Connected leadership
• Grow core categories
• Build strongholds in new markets
• Country specific growth strategies
• Launch fewer, bigger, better innovations
• Execute acquisitions shortlist
• Raising the talent bar Enablers
Profitability • Central sourcing savings
improvement • Pricing strategies towards customers
• Improve operational excellence with SAP
• Filling own factories
Enablers • Improve talent performance management / building connected
• Strategic orchestration leadership
• Simplify how we are conducting business
• Activate Organic Expertise Centre, integrate Quality
– OGSM framework
– Central sourcing, Innovation, ICT, Organic Expertise
Centre (OEC)
– Supply chain
• Operational excellence improvement via SAP
implementations
27

28. Cash flow FY11
In € mln 27.6 (31.0)
Derivatives and
(0.1)
FX
(10.8) Investments
Cash flow (1.3) Dividends paid
from 27.6
earnings
Discontinuation
(10.2) Factoring France
Grocery
Increase
working capital
(8.6)
Sources 3.4
Increase of
net debt
Uses
28

29. Working capital
80
4 quarter average working capital
60
40
20
0
Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11
40
Q-on-q movement working capital
20
*
0
-20
* €9mln impact due to
ending debtor factoring
-40 29
Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11

30. Net debt and leverage ratio
In € mln
200
Net debt
150
100
€32.2 mln
50
0
Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11
5
Leverage ratio
4
3
2
0.8x
1
0
Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11
30

31. Q4 2011
31

32. Revenue Q4 - €157.2 mln
ABC WE Grocery
Revenue €18.0 mln Revenue €58.7 mln
Normalised EBIT €(0.5) mln Normalised EBIT €1.9 mln
11%
37%
18%
Frozen Foods
Revenue €29.1 mln
Normalised EBIT €0.2 mln 34%
WE HFS
Revenue €53.3 mln
Normalised EBIT €1.3 mln
Non-allocated & eliminations
Revenue €(1.9) mln
Normalised EBIT €(4.2) mln
32

33. Bridge - revenue growth Q4
In € mln
180
2.6%
0.5%
170
(1.8)% (2.2)%
Reported
revenue growth
160 (8.9)%
Autonomous
revenue growth (8.0)%
150 0.8%
140
Q4 10 Volume Price/mix Trading Currency Divestments Q4 11
days
33

34. Q4 2011 highlights
Revenue (in € mln)
• Revenue €157.2 mln
– Autonomous revenue growth 0.8% 0.8%
• Autonomous revenue growth Grocery 1.2%
172.5
– All countries reported growth, except the UK
– UK portfolio pruning to enhance profitability
157.2
causing 2.3% negative impact
• Normalised EBIT €(1.3) mln ♦ Autonomous third party revenue growth
– Impacted by lower HFS results and higher
non-allocated expenses EBIT (in € mln)
• Impairment charges and one-offs resulting in a net -12.1
0.9
-1.3
loss of €35.1 mln
-39.9
Q4 10 Q4 11
♦ Reported, ♦ Normalised
34

35. EBIT - from normalised to reported
Q4 2011 Q4 2010
Normalised EBIT (1.3) 0.9
Exceptionals * (1.5) (4.0)
Grocery Impairment Italy (3.0)
HFS Impairment Benelux (19.8)
FF Impairment Favory Group (64.1% owned) (14.3)
Impairment TOL UK / Grocery brand (9.0)
EBIT (39.9) (12.1)
* Exceptionals relate to closing of Distriborg distribution centre (Grocery + HFS) and
severance payments (FF) / impairment reversal ABC
35

36. Cash flow Q4
In € mln
8.3 (4.6)
Derivatives
0.4
and FX
(4.6) Net Investments
Decrease
working 4.7
capital
Cash flow Reduction
3.7
from 3.2 of net debt
earnings
Sources Uses
36

37. 2011 financials
 Net financing costs €3.5 mln (2010: €8.3 mln)
 Interest expenses €1.4 mln (2010: €3.2 mln)
 Other financial income&expenses €2.1 mln (2010: €5.1 mln)
 Capex €13.3 mln
– Property, plant & equipment: €10.1 mln (2010: € 11.2 mln)
– Intangibles: €3.2 mln (2010: € 2.4mln)
 Depreciation and amortisation €13.7 mln
– Depreciation: €11.4 mln (2010: €12.3 mln)
– Amortisation: €2.3 mln (2010: €1.6 mln)
• Impairments pp&e €2.5 mln; intangibles €37.1 mln
 Non-allocated expenses (incl. corporate) (part of EBIT) €11.6 mln
– Normalised 2011: €11.5 mln
– Normalised 2010: €10.2 mln, (reported €12.3 mln)
 Non-controlling interests €4.0 mln
– Partial allocation losses incurred at FavoryFY
• Income tax gain of €1.5 mln
– Mainly result of non-tax deductible expenses (including goodwill impairment losses) incurred
37

38. Financial guidance 2012
 Net financing costs €3-4 mln
 Effective tax rate around 30-40%
 Capex about €15 mln
 Depreciation and amortisation about €15 mln
 Non-allocated expenses (incl. corporate) around €12-13 mln
38

39. Divisions
39

40. Grocery - revenue breakdown per quarter
Q1 2011 Q2 2011
5.1%
5.9%
65.9
61.8
61.1
57.4
♦ Autonomous third party revenue growth ♦ Autonomous third party revenue growth
Q3 2011 Q4 2011
1.2%
7.5%
3.5%
57.5 58.7
60.0
54.6
♦ Autonomous third party revenue growth ♦ Autonomous third party revenue growth 40
♦ Correcting for UK cutting the tail

41. Grocery examples of activation
Kallo soy launch activity
Dairy alternatives key category
Kallo core brand, phased out So Good
Yearly award magazine „Lebensmittel Praxis“
Whole Earth Inka Taler (4 varieties)
Criteria based on:
Quality/Design/Distribution/Communication/Sustainability
Bjorg commercial
Based on success of Q2 airing, repeated in
September
Results: increased awareness, higher sales
41

42. • Rebuilding
42

43. HFS - revenue breakdown per quarter
Q1 2011 Q2 2011
(6.8)%
(6.1)%
70.6 73.2 68.9
71.0
♦ Autonomous third party revenue growth ♦ Autonomous third party revenue growth
Q3 2011 Q4 2011
(7.1)%
(3.1)%
68.3 70.1
54.7 53.3
♦ Autonomous third party revenue growth ♦ Autonomous third party revenue growth 43

44. HFS examples of activation
Allos cookies
New range of cookies launched
Available in German HFS stores
New GooodyFooods store
Opened early October in Zaandam
4th store, new ones in the pipeline 44

45. FF - revenue breakdown per quarter
Q1 2011 Q2 2011
(6.0)%
(7.9)%
29.7
30.7
28.7 27.0
♦ Autonomous third party revenue growth ♦ Autonomous third party revenue growth
Q3 2011 Q4 2011
2.4%
0.8%
29.1
27.3 29.3
27.1
♦ Autonomous third party revenue growth ♦ Autonomous third party revenue growth 45

46. Frozen Food examples of activation
Bicky Double Chicken burger
Introduced in October in Belgian out-of-home
Further extension Bicky range
Newly designed carton box
Supported by TV commercials and online campaign
Online campaign in Flanders (Dutch) and Wallonia (French)
46

47. ABC - US$ revenue breakdown per quarter
Q1 2011 Q2 2011
24.6%
21.6%
49.9
30.9 41.1
25.1
♦ Autonomous third party revenue growth ♦ Autonomous third party revenue growth
Q3 2011 Q4 2011
7.9%
53.5%
53.2
21.6 23.4
34.6
♦ Autonomous third party revenue growth ♦ Autonomous third party revenue growth 47

48. ABC examples of activation
48

49. Royal Wessanen nv
To make our organic brands most desired in Europe
www.wessanen.com

50. Important dates
Fri 2 March Publication Annual Report 2011 (online)
Tue 20 March Record date AGM
Tue 17 April AGM (Sheraton Schiphol) (14h00 CET)
Thu 19 April Ex-dividend date
Tue 2 May Payment dividend
Fri 27 April Q1 2012 results (7h15 CET)
Wed 25 July Q2 2012 results (7h15 CET)
Thu 25 October Q3 2012 results (7h15 CET)
Fri 22 February Q4/FY 2012 results (7h15 CET)
50