1. www.biomar.com World Class Fish Feed New York Investment Forum, May 2014 Torben Svejgard Group CEO BioMar 1

2. www.biomar.com World Class Fish Feed BioMar key figures 2013 Turnover 1.6 billion USD* EBIT 73 m USD* ROIC 20% Production volume approx. 1 million tons Approx. 1,000 employees (including JV’s) Production in Norway, Scotland, Denmark, France, Spain, Greece, Chile, and Costa Rica (and planned for Turkey late 2015) * May 2014 exchange rate 2

3. www.biomar.com World Class Fish Feed Owned by listed industrial conglomerate Schouw & Co. 3  135 years of history 125 years in packaging  25 years as conglomerate 5 core businesses today  Consolidated revenue $2.1bn Consolidated EBIT $126m  2,100 employees in more than 20 countries  Listed on Nasdaq OMX Copenhagen since 1954 BioMar 75% of consolidated revenue and 58% of EBIT $1,600m $287m $172m $845m $89m BIOMAR The World’s third largest manufacturer of quality feed for industrialised fish farming FIBERTEX PERSONAL CARE The World’s fifths largest producer of spunbond for hygiene FIBERTEX NONWOVENS Leading European manufacturer of nonwovens for industrial applications KRAMP (20%) The absolute largest supplier in Europe of accessories and parts for farming HYDRA-GRENE Leading in Denmark within hydraulic components and solutions 2013 revenue THE PORTFOLIO AT A GLANCE FY2013 amounts converted at USD/DKK 5.42 Kramp (20% owned) not in consolidated figures

4. www.biomar.com World Class Fish Feed Total Shareholder Return Indexed share price performance adjusted for share splits etc. Any cash dividends are reinvested in the stock (no transaction costs assumed) Danish companies are denominated in DKK, US companies in USD, i.e. the data show no exchange rate effect Percentages show the annual return whereas the y-axis show the total increase over the period Last date is 3 April 2014 Source: Datastream Maersk and Berkshire have multiple share classes, and Maersk B shares and Berkshire Hathaway A shares are used 4

5. www.biomar.com World Class Fish Feed From 2013: A period of 1¼ years 5 Schouw & Co. 64,3% Mærsk 45,8% Berkshire 30,3% GE 22,7% Total Shareholder Return Historical share price developent with dividends reinvested

6. www.biomar.com World Class Fish Feed From 2009: A period of 5¼ years 6 Schouw & Co. 29,4% Mærsk 20,0% Berkshire 13,4% GE 13,4% Total Shareholder Return Historical share price developent with dividends reinvested

7. www.biomar.com World Class Fish Feed Berkshire 8,1% From 2004: A period of 10¼ years 7 Schouw & Co. 18,3% Mærsk 5,9% GE 1,7% Total Shareholder Return Historical share price developent with dividends reinvested

8. www.biomar.com World Class Fish Feed From 1994: A period of 20¼ years 8 10.04.2014Generalforsamling 2014 Schouw & Co. 14,5% Mærsk 9,6% Berkshire 12,8% GE 8,4% Total Shareholder Return Historical share price developent with dividends reinvested

9. www.biomar.com World Class Fish Feed 9

10. www.biomar.com World Class Fish Feed 10 Just a pile of pellets – how difficult can that be??!! Well………………

11. www.biomar.com World Class Fish Feed An example - looking back on fishmeal replacement Late 90’es to late 00’es: High focus on fishmeal replacement in salmon industry Total feed industry R&D spend on this task: up towards 175 million USD +/- (?) Result: Global salmon farming industry saves 1.3 billion USD annually (not only related to fishmeal/oil replacement work, but also generally increased nutritional knowledge) Much higher fishmeal prices if no reduction in usage, so added value much higher Same relative savings in bass & bream and (European) portion trout, etc. – and being transferred to other species, e.g. shrimp 11

12. www.biomar.com World Class Fish Feed Fish feed still early on learning curve 12 Fish feed Poultry feed Pig feed Time Knowledge / sophistication Fish nutrition R&D probably more complex than for terrestrial animals Variation in water temperatures and thereby fish body temperatures

13. www.biomar.com World Class Fish Feed Future feed R&D work Process technology innovation an essential discipline including the link between physical quality and nutrition 13 SRS Still focus on feed performance – optimising and extending raw material basket Increased focus on health and feed nutrition interaction

14. www.biomar.com World Class Fish Feed Conclusions and implications for feed industry A lot of feed R&D work conducted, but we still have a lot to do Further substantial increase in feed R&D investment needed Consequences for feed suppliers Need for continued significant R&D costs increases (BioMar has almost doubled R&D spend last 4 years) Critical size essential for a feed supplier to be able to afford needed R&D investments 14

15. www.biomar.com World Class Fish Feed THANKS FOR YOUR ATTENTION! 15