NUTRECO Headoffice in Amersfoort, the Netherlands Quoted at Euronext Stock Exchange Amsterdam Production in 20 countries; 7,000 employees Net sales 2005: € 3,002.4 million

NUTRECO - International spread Norway Canada Great-Britain Netherlands Belgium Germany France Central Europe United States Japan Portugal Italy Chile Spain Australia

NUTRECO RESEARCH R&D Centres Norway: Aquaculture Research Centre Spain: Poultry and Rabbit Research Centre Food Research Centre Netherlands: Breeding Research Centre Ruminant Research Centre Swine Research Centre

SKRETTING ORGANISATION Wout Dekker CEO Nutreco ARC (Research) Viggo Halseth Managing Director Business Group Skretting Salmon Feed Knut Nesse Managing Director Business Group Skretting Trout & Marine Feed Viggo Halseth Managing Director Hans Abrahamsen Managing Director Norway Alberto Allodi Managing Director Europe East Med. Graeme Deare Managing Director Great Britain/Ireland Hugues Le Ruz Managing Director Europe West Ron Gowan Managing Director Canada Rik van Westendorp Managing Director Japan Jose Miguel Barriga Managing Director Chile James Rose Managing Director Australia

FEED FOR MORE THAN 50 SPECIES OF FISH Salmonid species - Rainbow trout - Atlantic salmon - Chinook salmon - Coho salmon - Brown trout - Arctic char - Brook trout Marine cold water species - Cod - Halibut - Wolffish - Black cod (Sablefish) Marine warmwater species - Mahi mahi - Green grouper - Tiger grouper - Barramundi - Flathead mullet - Red sea bream - Turbot - Amberjack - Sea bream - Tuna - Large yellow croaker Continental species - Eel - African catfish - Carp - Channel catfish - Hybrid striped bass - Tilapia - Catfish - Pike Perch - Sturgeon - Sole - Sea bass - Japanese flounder - Yellowtail - Blackspot sea bream - Meagre - Common dentex - Sharpsnout sea bream - White seabream - Common sea bream Intensive fish farming has been dominated by salmon and trout species. We now see a growth of the farming of marine species. Especially in Asia there are a large number of warm water marine species that can be farmed. Products from Skretting has been delivered to more than 50 species of farmed-raised fish, though many of them still are raised on a more experimental than commercial scale.

FEED FOR ALL PURPOSES Broodstock feeds Larval feeds Juvenile feeds Transfer diets (freshwater to saltwater) Grower diets Harvest diets Anti stress diets Organic feeds Speciality feeds (for example Label Rouge) Customer specific feeds Certified products (= for supermarket chains) We also have dedicated production of medicated feeds It is not only challenging to produce feed to meet the nutritional requirements of a large number of different species of fish, we must also consider that the nutritional needs are dependent upon life stages and the changing environment. Broodstock is one of the most important, but often overlooked, production stages in fish farming. The yield further down the production chain will be determined to a great extent on the quantity, quality and health of the fry that the broodstock produces. In Skretting we believe broodstock nutrition can often be a neglected area. To ensure healthy and rapid growth of the fish we produce for food, it is of vital importance that the broodstock and subsequently the eggs get the best possible nutritional input. Juvenile feeds are designed for feeding to larvae and fry of fish after hatching. In the early stages of life the nutritional quality of the feed is essential to ensure healthy and normal development of fry. It is important to produce feed particles for these young fish with the right size and physical quality. It is also important that the feed does not worsen water quality in the fry tanks. Juvenile feeds range from tiny particles of 100 microns in size up to large pellets 3 mm in diameter. Juvenile diets are made with special production equipment to ensure excellent nutritional and physical quality. Skretting supplies a comprehensive range of on-growing products well suited to feeding fish after the juvenile stage. Our products target different growth rate and feed conversions depending on the production plan and economic consideration of the farmers. The nutritional composition and raw material composition of all our feeds is carefully balanced to deliver the desired carcass quality at harvest. We also strive to formulate our diets so that the impact on the environment is minimised.   Fish live in a natural environment that changes frequently for example, water temperature, water current and dissolved oxygen content. It is important, therefore, that fish are healthy and fit to cope with this changing environment. In specialised diets we add natural ingredients that research has proven stimulate the general health of the fish. So, through nutrition and feeding we can help fish to be healthy and fit to cope with a changing environment.

SKRETTING AQUACULTURE RESEARCH CENTRE Established January 1989 55 manyears Nutrition researchers Feed technology engineers QA – Food safety Intellectual property Modelling Analytical laboratory Fish trials research station Feed technology plant Annual budget of app.8 mill €

LABORATORY Purpose Perform analyses and laboratory services for R&D projects and production control for Skretting and their customers. Analyses Raw materials, feed and fish – focus on aquaculture Proximate composition, physical and nutritional quality, pigments, amino acids, fatty acids, medicine, etc. Accredited according to ISO 17025 Certified according to ISO 9001 and 14001 Resources 15 manyears EUR 1.2 mill (NOK 9.5 mill) investment

FEED TECHNOLOGY PLANT Purpose Be a state-of-the-art technology plant where Skretting makes Experimental diets for fish Feed technology trials and development Training within feed production Resources 4 manyears EUR 2 mill (NOK 17 mill) investment

FISH TRIALS STATION - LERANG Purpose To perform R&D trials with salmonids and cold water marine species Type of trials offered Fish growth and - quality Digestibility and palatibility Benchmarking Envirnoment and feed interactions Resources 10 manyears EUR 7 mill (NOK 55 mill) investment

Focus areas in nutrition research Defining nutritional needs and response (Protein, amino acids, energy and FAs, vitamins and minerals) Various species Various life stages Various environment (temperature, …) Raw material values “New” and existing RMs Defining quality criteria (Nutrition Processing and food safety) Digestible nutrient content / Nutritional value Anti-nutritional factors (max inclusion) …in various environment (temperature…)

Focus areas in nutrition research Pigmentation of salmonids Pigment cost about 15% of total feed cost Evaluation of pigment sources, retention and optimum pigment regime Functional diets - Feed ingredients that Strengthen immune system Support transfer from fresh to salt water Gut stabilisation ingredients Harvesting diets

It is very much about fish meal and oil substitution

Fish oil substitution Status: Minimum 30% FO Challenges: Max 50% of 1 veg oil source Challenges: It is not about FCR, SGR, Texture or Taste It is not about nutritional needs, when keeping 30% FO But less knowledge when we come closer to 100% substitution Need more knowledge in critical phases like smoltification (a.o. cataract) Research focus: Know nutritional needs in various life stages, to avoid Production Induced Disorders (PID) Know how to optimise a limited source of EPA/DHA

Fish Meal substitution Fish Meal substitution is a jigsaw with 4 puzzles: Availability of concentrated raw materials (>60% protein + fat), and defining their nutritional value. Understanding digestibility of minerals with high inclusion of veg proteins. To avoid Production Induced Disorders Knowledge of salmon’s nutritional needs, and market/legal availability of micronutrients Ensure feed intake /palatability …. At an acceptable cost

Feed production Process ability of new raw materials Interaction between production and nutrition New process technology

How and Why do ARC work with other research institutions? 20-30% of trials are done outside of own facilities Why: Species or environment requirements that make Lerang impossible to use Flexibility, while our facilities are running “100%” Special analyses Competence that we do not have in-house Ensure that we have a large network with various competencies Our task is to implement world class know how, not necessary develop it. Grants When we want to publicise But our own researchers stay very much involved, to be able to do the implementation afterwards